Glencore PlcOTCPK - Current
Mar. 4, 2014, 3:46 AM
- Glencore Xstrata's (GLNCY) FY adjusted EBIT climbed 34% to $5.97B, boosted by the inclusion of eight months of Xstrata's profits and a strong performance at the company's commodities trading operations.
- Adjusted net income rose 20% to $3.67B but missed consensus of $3.81B.
- However, Glencore Xstrata swung to an overall net loss of $7.4B from a net profit of $1B in 2012, due to a $7.5B writedown that the company booked on the Xstrata deal. Still, the firm expects to achieve $2.4B of annual synergies from the purchase, up from a prior forecast of $2B.
- Glencore Xstrata is continuing its talks with a Chinese suitor to sell its $5.9B Las Bambas copper asset in Peru. A group led by China Minmetals was reportedly close to a deal last month.
- Glencore Xstrata is selling the asset in order to meet Chinese conditions for approving the Xstrata transaction.
- Glencore increased its full-year dividend 4.8% to 16.5 cents a share.
- Shares are +2.4% in London. (PR)
Aug. 20, 2013, 2:28 AM
- GlencoreXstrata (GLCNF.PK) H1 Pro forma Adjusted EBITDA -9% to $6B, at the higher end of estimates.
- Adjusted EBIT -28% to $3.18B,
- Revenue -2% to $121.4B
- Reported adjusted EBITDA +14% to $3.64B
- Revenue +4% to 112.48B
- Profit before significant items -34% to $1.21B.
- Loss $8.92B vs profit of $2.275B
- Loss per share $0.99 vs EPS of $0.33
- As expected, takes goodwill impairment of $7.6B related to Xstrata acquisition, reflecting the negative mining-industry environment and the heightened risks of greenfield and large scale expansion.
- Declares interim dividend of $0.054 a share, in line with 2012.
- Progress made in integrating Xstrata "has exceeded our expectations," and synergies will "be materially in excess of previous guidance of $500M per annum." (PR)