Antofagasta 2016 interim results

DividendMax Ltd.

Antofagasta 2016 interim results

Financial performance

Revenue 18.5% lower at $1,448.0 million, on lower copper prices and sales volumes, and the closure of Michilla at the end of 2015

EBITDA increased 2.3% to $571.6 million despite the fall in revenue, reflecting a 24.7% reduction in operating costs and a first time EBITDA contribution from Zaldívar and other associates

EBITDA margin strengthened to 39.5%, up from 31.5% in the same period last year

Operating cost reductions of $124 million achieved, contributing to savings of $0.11/lb in cash costs

Operating profit and earnings per share fell by 9.2% and 3.3% respectively

Operating cash flow generation of $774.1 million in the period, 4.2% less than in the first half of 2015

Capital expenditure of $385.4 million, $276.9 million lower than in the first half of 2015. Full year expenditure expected to be lower than original guidance

Interim dividend of 3.1 cents per share. Dividend policy to pay a minimum pay-out ratio of 35% of net earnings for the full year remains unchanged

Group net debt of $1,039.7 million, almost unchanged since the end of 2015

Companies mentioned