Financial performance
Revenue at $5,290.4 million was 11.4% lower than in 2013 as realised copper prices fell by 8.5% during the year accompanied by a small decline in sales volumes.
EBITDA fell 17.8% to $2,221.6 million, as a result of lower revenue and an increase in cash costs offset by lower exploration and evaluation costs.
EBITDA margin remains strong at 42.0%, though marginally down on last year's margin of 45.3%.
Net earnings fell 8.7% to $602.0 million, excluding the $142.2 million deferred tax provision resulting from the changes in the Chilean tax law during 2014 (decrease of 30.3% to $459.8 million including this deferred tax provision). The decrease is primarily due to the decrease in EBITDA and a $88.3 million increase in depreciation, principally at Centinela and Michilla.
Earnings per share for the year were 61.0 cents, excluding the deferred tax provision resulting from the changes in the Chilean tax law (1) (46.6 cents including this provision).
Operating cash flow generation was $2,507.8 million in the period, $151.4 million lower than in 2013.
Group balance sheet remains strong with attributable net cash at 31 December of $315.4 million. Group net debt was $1.6 million at 31 December 2014.
Final dividend of 9.8 cents per share, representing a pay-out ratio for the year of 35%.
