Financial Highlights
Revenue of US$12.9 billion in line with prior year
EBITDA of US$3.7 billion (FY2014 US$4.5 billion), adjusted EBITDA margin of 38%(2) (FY2014 : 45%)
Underlying Earnings/(Loss) Per Share(3) of (14.2) US cents (FY2014: 14.7 US cents)
Basic Earnings Per Share (EPS) of (654.5) US cents primarily on account of an impairment of US$4.5 billion(net of tax)
Non-cash Impairment reflecting lower commodity price
Free cash flow after growth capex of US$1.0 billion (FY2014 US$1.3 billion)
Gross debt reduced by US$ 0.6 billion in H2 FY2015 and US$0.2 billion in FY2015 with gross debt at US$16.7 billion in FY 2015(FY2014 US$16.9 billion)
Net debt up by US$0.5 billion to US$8.5 billion; US$0.8 billion spent on increasing our stake in subsidiaries, Vedanta Limited and Cairn India Limited
Credit rating changed from BB to BB- by S&P, Moody's retained at Ba1 with change in outlook to negative mainly on account of lower oil prices
Final dividend of 40 US cents per share, full year dividend 63 US cents per share, up 3%
Business Highlights
Record full-year mined metal production at Zinc India; better positioned for underground transition
Copper India: Record production
Copper Zambia: Production for the full year lower; KDMP Shaft # 1 back on line and production improving at Konkola
Record full year Aluminium and Alumina production; started new Jharsuguda-II and Korba-II smelters
Recommenced Iron ore production at Karnataka, final approval awaited at Goa; record annual production of Pig Iron
Iron ore export duty in India reduced from 30% to 10% for less than 58% Fe iron ore, effective 1 June 2015
Oil & Gas production normalised after the planned shutdown in Q2 FY2015
Mr Anil Agarwal, Chairman of Vedanta Resources Plc, said:"In FY2015 we have delivered robust operational performance, achieving record production at Zinc-India, Aluminium and Copper-India while setting the stage for continued ramp up of our new Aluminium smelters and Iron Ore operations in FY2016. We have taken actions to maintain financial strength and flexibility during this period of weak commodity prices through re-phasing of our capex plans, and cost management initiatives. We are focussed on realising the full potential of our long-life, tier-one assets and simplifying our Group structure to generate superior returns for our shareholders in a sustainable manner."
