Antofagasta cuts its 2015 final dividend

DividendMax Ltd.

Antofagasta cuts its 2015 final dividend

Financial performance

Revenue 34.0% lower at $3,394.6 million, with realised copper prices falling almost 24% during the period and sales volumes down by 9.5%, following a challenging year for the Group.

Operating cost savings of $245 million, higher than targeted reducing unit cash costs by 11c/lb and mining division operating costs by 8%.

EBITDA from continuing operations fell 58.4% to $890.7 million, as revenues declined

Net earnings from continuing operations fell to $5.5 million, from $422.4 million following lower prices  and, lower taxes and minority interests. Including the profit from the water division net earnings were $608.2 million.

Consistent with the Group's dividend policy, 35% minimum payout achieved. Given the 3.1 cents per share interim dividend and the minimum payout of full year earnings policy, the Board is not recommending a final dividend.

Cash flow from operations decreased by 65.8% to $858.3 million, compared with $2,507.8 million in 2014.

Capital expenditure for the year was $1,048.5 million, $591.8 million lower than in 2014 and some $250 million less than originally planned driven by savings identified to protect cash flow.

Attributable net debt at the end of 2015 was $525.4 million from a net cash position of $315.4 million at the end of the previous year, following the acquisition of a 50% interest in the Zaldívar mine.


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