Antofagasta PLC announce final dividend of 48.5 cents per share declared

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Antofagasta PLC announce final dividend of 48.5 cents per share declared

The Antofagasta Board has declared a final dividend for 2020 of 48.5 cents per share, which together with the interim dividend of 6.2 cents per share amounts to a total dividend of 54.7 cents per share. This is equal to a 100% pay-out ratio.

Other financial highlights include:

Revenue for the full year was $5,129 million, 3.3% higher than in 2019 reflecting increases in copper and gold realised prices, partially offset by the decrease in sales volumes

EBITDA was $2,739 million, 12.3% higher than the previous year on higher revenue and lower unit costs due to the weaker Chilean peso, lower input costs and continued tight cost control

EBITDA margin increased to 53.4% from 49.1% in 2019

Cost and Competitiveness Programme generated benefits of $197 million, nearly double the original target of $100 million

Cash flow from operations was $2,431 million, 5.4% lower than in 2019 as the higher copper price increased working capital

Strong balance sheet with net debt of $82 million at the end of 2020, equivalent to a Net Debt/EBITDA ratio of 0.03 times

Capital expenditure increased to $1,307 million, $229 million higher than in 2019 due to increased capital expenditure on the Los Pelambres Expansion project

Underlying earnings per share from continuing operations and excluding exceptional items of 54.7 cents, 7.5% higher than in 2019 with higher EBITDA offset by higher depreciation and amortisation, and tax

Earnings per share from continuing and discontinued operations including exceptional items were 50.6 cents, 0.4 cents lower than in 2019

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