2014年 12月 24日
Ralph Lauren Flag Polo levels of classic problems |
Glencore international's ceo considers q4 2012 results Thanks for coming today.Studying the results, you will have look at how the company performed and an important thing that we said at the time of the glencore ipo that the difference of glencore to the other commodity mining companies was we, code one, we had a very varied set, array of commodities which we trade and produce dissimilar to the other mining companies.We have both oil and agricultural products and then it sort of gives us a great variation in these different areas. Another point that we said at the time that we have both the trading division and we have the economic assets.And the advantage of the trading division is not the results are not linear to commodity prices.As you all know that on the economic assets side of the business, when thing prices fall, it's very much linear results on the economic assets.The plus side to the trading, because it's not totally really down to the commodity prices, you probably know this, we trade the premiums of the products.Experts arbitrage.We have the transport side of the work.We have the storage side of professional.It, end result, it's more robust to falling commodity prices. So and as you will find, the outcomes in 2012 clearly demonstrate this and if you compare our profits, the ebit, ebitda to another to our peers in the mining group, you'll find from these figures, our fine-Tuned ebitda overall is down 17%, on the table to$4.5 billion dollars.This is drastically a lower drop between 11% and 12% as to our peers.If you appear at ebit, dozens of our peers, an individual's drop in ebit is 46%, 44% as well as 39%, whilst common, our grouped together trading and the asset is 17% down. A number of, as you understand on the next part of the result, is the sales adjusted ebit is, after all, up 11% compared to 2011.Strong performance in both the metals and agricultures part of this company.The force side did not perform as strong, but again, the variation in that area of the business gave us, in spite of falling commodity prices, 11% growth on the ebit side of the marketing techniques. The aligned ebit, if you look at our combined industrial activities excluding the pickup of the xstrata earning on our own industrial assets, we down 27%.And that compares confidently to our peers.And like i said previously earlier, if you think about the peers, where they might, the main 46%, 44%, so even on our commercial side of our assets, because of the large variation, we only down 27%. For this reason, ever again, during the rpo and during previous considerations with investors, we said that glencore prefers to buy less risky projects on the asset side of the business, construction side of our assets.And we prefer to distance ourselves from greenfield projects which create more risk and more chaos, waiting, etc, which we've seen that a lot of the other mining companies have noticed.We've rarely tailored brownfield, the simpler projects, and our pipeline remains overall on some time to on budget.Therefore, we're performing relatively well on developing kinds assets that we have, and telis will talk in more detail in connection with the major assets we Cheap Ralph Lauren have on the copper side both mutanda and katanga. Continued growth even better is our cash flow is growing continued growth.Driving cash flow is up 17% to $4.5 billion dollars.And as we always said that during falling commodity prices undoubtedly, we have better quality we can deleverage budget, etc, and our ffo to net economic individual has, in general, bigger from 27.2% in 2011 in 35.9% having 2012.The next dividend of 10.35%, So individuals $10.35 will be stated that now, Presents us a total dividend of $15.75 which is up 5% on yr after. The xstrata and viterra contracts represent major advancements for the company during this year during 2012.As you are knowledgeable, the xstrata procedure is progressing.We still have the details to work through with china with mofcom, but hopefully we will reach the date the new date that happen to be set.The viterra acquisition has occurred, which was completed towards the bottom of 2012.Chris will give a full detailed report how important the viterra transaction has been for our company and how it has made us a leading player in the grain part of the business where we were a lot smaller in north america and this for the whole and allows us to grow appreciably in australia, but chris give you the detail how that really affects our grain division. So very, as a whole, good bolt on purchases, good add on easy brownfield type bronze works, very.And as you are able to note, we have not taken any write downs on larger items on any assets group included in the portfolio.Robust 2012 as i reported down on the writing, i pointed out the figures, but we constructed $2.1 billion EBIT on the traffic generation.And like i said previously earlier, it's improve of 11% against 2012.Strong performance despite less expensive costs across base metals and coal, but there's a higher profit was delivered by volume growth and usually higher premiums sitting on the metal side of the business. Researching industrial assets, if you break them down and you exclude the xstrata gains, like i said previously earlier, we are down 27% and this compares positively to our peers.This is reflected tight cost control on our assets and capital efficient growth objectives where we, for a second time, concentrate on the easier brownfield type projects.Looking on the top bar, the profit figure and case the profit overall profit figure of the group excluding xstrata, and as you can see net income on the net income side of the company, simply just down 25%.And looking at where our peers are on the net income, it is a fairly good result which, as mentioned earlier, is highlighted, as mentioned on the ebit figures, because of the variation of the different commodities and having the trading side of the business which contributed the growth part of the profit. Turning to another slide, relative to activities, contemplating our industrial assets and how our industrial assets performed, as you will find, absolute ebit just once again purely focusing on industrial assets control by in charge of glencore, we're down 27% on absolute ebit as against our peers and our ebit margins have not dropped to the same effect as our peers and is fairly on a base point 340 as opposed to some of our peers, which i presented over there. Exploring the growth of the company going forward between 2012 to 2016, the main growth to 2014, repeatedly, focusing a growth of our assets on our brownfield, easy spreading projects, all over again, bit of risk in it.We have revealed in the past, punctual, on value.We continue we will hold the same in the years ahead.As you will see in a lot of these projects, our brownfield undertakings, kazzinc, katanga, mopani, mutanda, prodeco, and they both have good cagr growth between 2012 and 2014, 19% from a 3% expansion.And if you appear overall between 2012 and 2016, 11% from a 2% cagr advancement and, far more, putting an emphasis on non risky projects, un greenfield, easy projects to produce, with little risk on file format. This, that gives you an inkling of glencore, where we see ourselves dissimilar to our peers in the mining group, having this leak situation at this time whilst the ipo, that it will hold us in good stead going Polo Shirts UK forward and will show us different to our peers in the marketplace.And i believe 2012 is a good year.We had falling stock options prices.And the effect it had on our peers construction business and how the diversification really affected glencore and once again displayed the model worked.Accordingly, i think 2012 was a good year to look at how that diversity worked. And that which, i hand over to steve to take you more information into Cheap Polo Ralph Lauren the numbers. Many thanks, ivan.And good morning to all those in the room and those that are listening either by phone or by the site as well.Four or five pages on the fiscal side, and then we'll get started on a few meaty business areas to tell us and then chris here as well. I think ivan explained the relative stances at a headline level, at an ebitda and an ebit value, with reductions reflecting in excess of what we had a stronger 10% or so up on the marketing part of the business.There will be some slides later on.And unmistakably, a reduction in the economic side both through our own operations, combined more associates and equally throughout 35% pick up or so in xstrata.And we'll construct a waterfall slide later on, which does think that.So, the net income level pre extremely good is $3 billion to $4 billion, a 25% discount. What is worth spending just a few momemts on is how we get from $3 billion net income pre exceptionals down to the statutory net income, there's a few accounting areas that we'll leave some in the room scratching their heads around what we've done predominantly on rusal and on rosneft.I think those are the two that simply deserve a few comments.But the technical impairment category in the $2 billion exceptionals, as well as being $1.6 thousand.Of the particular, $1.2 billion reflects a charge affiliated with a stake in Rusal.For individuals been following rusal, it is a listed entity on the hong kong stock market.We now have around a 9% stake.Since their listing inevitably of 2009, we have always mark to market their stake.As a community stake, we plan to try this.On the previous accounting varieties, that mark to market has flowed directly through which our equity position. Such a year, we've had to recycle that just as an inside and out back out of equity as it's counted as a technical impairment, but it's not in the classic sense that there is an asset that we've run or control that you have a new sense on value.It is usually had a value.It's always been visible by virtue of trading stocks.And any previous mark to market movements have been reported in the past years in glencore. I think a telling slide if we look at or on page 51 of the fiscal reports, sit-Ups and crunches where we specifically note what our carrying value of rusal, which is just refractive of the stock price, and we have $840 million when they get home of 2012 and was $842 in the bottom of 2011.Which means that, there's been no change to the carrying value throughout the course of 2012 and there has been no change to the methodology that we had used to account for our rusal stake.Quite, commercially this has come under an impairment no change to net assets.No change to equity of business and i think, tellingly, such things as our net assets and, you can discover it later on or our equity at that bottom of that slide has actually gone up by 7% after paying the dividends, reflects that there was no change to recognition or assessment of glencore's carrying values around its assets. Then, you may notice on page 28.You can find that recycling of that announced, my $1.2 billion out of previous it's called other comprehensive income if you are more technically minded but certainly something to ponder over, But no impact whichever, Just obviously an information systems technical issue, Which we needed deal with in 2012. The other amount that is in there is even arguably more in the planning to get your head around, which is $230 million charge according of our carrying value of our loans in russneft.For those long term blanca we've had loans close to $2 billion after a large oil company, which has been built up by a duration of even going back to 2003, that link started with russneft.We had long term loans that's getting serviced in lots of people of cash and various deferrals.It's a business that's engaging in very well.It's a business that leverage has been decreasing markedly, not surprisingly, in a surrounding where you've got the $100 plus oil prices.It's in existance $1.5 thousand EBITDA.We have equity exposure to the organization.But the loan counter factor has never been better apropos glencore's visibility and its comfort in net carrying value loan.But what we did do on end of 2012, there was a i wouldn't call it the restructuring surely of those loans, but there was clearly a modest change to the terms, which we felt were actually great to us. There once was 9% interest accruing on those loans, 3% hard, 6% deferred, which changed a person's eye on those loans to 7.75%, Keeping the cash portion precisely the same, And a lower deferred portion. But nevertheless, we're getting faster interest and principal payments.Thereby, from year to year now, you will find an additional $50 million in cash that is contractually coming through in servicing net debt.And the repayment profile of your debt is more visible in how we expect that cash to also flow back to back to glencore.Yet, construction standards, and promptly may follow banks, it's more economic quirk around their loan portfolios.And ias 39 is any time you've got adjustments to rates, it's important go in effectively present value, the new cash flows at the historical costs, or the yield that you expected from that one transaction. Incredibly, we were human resources for a stake and 8.4% effectual yield.We lowered the headline rate of.And then you just got to map anticipated profile of those particular cash flows.And there was a technical impairment charge against that again of $230 million on that one loan. Around the other hand, from our perspective cheaply, and i'm confident in that loan and the serviceability and the underlying performance of that one project is arguably never been better in terms of the visibility and transparency around that. Nevertheless, a couple of questions have gone into the impairment side of our balance sheet, which very well makes up the full $1.6 billion that was only small of what I would call classic problems of around $150 million, Which is with the multitude of taking the charge against one of our Bolivian operations during the year, I think treatment Colquiri tin, The truth is, In that area was nationalized.You could possibly have seen some commentary and some statements that we made and disclosed it in our interim report.Now we have taken, without a doubt, a provision against a few of the carrying value there.And on the garden side, in the ecu biodiesel market as well, where we have two plants with an increase of as well, and we've taken some impairment resistant to the natural element of those.Quite, very low Ralph Lauren Flag Polo levels of classic problems and reflecting a company now in our balance sheet and where the prospects hold. As a result, that's how we achieve the $1 billion.There's no doubt, tellingly, an area that we focus a lot is the cash from surgical procedures or the ffo which was at $4 billion, an increase of 17% and that would make us quite a standout in terms of headline operating cash generation and it's reflective of both the marketing income which was up 14% and the ebitda which is ultimately your cash and similarly the commercial part of our business excluding xstrata which clearly our cash flow historically has been by dividends received rather than any control of those cash flows.We put a chart in the appendix which was just like the one ivan went through, that showed the relative ebit movements across the commercial space.We also have the ebitda movements which is even a healthier comparing, when out ebitda, in accordance with 2011 excluding xstrata, was in truth down only 3%.For that reason, that's what's developing cash flows, and this with $4.1 billion with underpinned good debt coverage ratios.We'll talk a brief summary about that. And inevitably, what will be a deleveraging year, but for the viterra acquisition i'm not sure if you can say but for, but it still shows the underlying core business in a surplus cash generating deleveraging phase cycle even without the other opportunities to deploy some of that cash.Indeed, various items below the line was the equity up to 31.26, That's taking out minority interest, And as you can watch, It 7%, So not depending any revisions to asset carrying values. The internet debt number prima facie of 19% to $15.6 million, But what we have done is show some ratios and it's not quite a features.It's almost as if the viterra proposal had happened into 2013 because the actual close of that business was 17th of december.The debt effect of that was an equity webpage piece of $3.6 billion dollars.That was more that was our share excluding that was our share included in the consortium.You probably know this, we parted with agrium and richardson in that one transaction and there was around $359 million of debt that was already assumed net debt within that one company.
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by arnnold
| 2014-12-24 10:19