The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Major European stock indexes traded below the flatline premarket on Monday with today's batch of corporate earnings and economic data in focus. Philips N.V. reported its revenue rose 6% per annum to €4.23 billion.
The FTSE 100 was down 0.46% at 7:40 am CET, while the DAX dropped 0.60%. The CAC 40 lost 0.47%.
Both the euro and the pound were flat against the greenback at 7:38 am CET, changing hands for $1.17804 and $1.37538 respectively.
Breaking the News / MD
There is the usual mischief and shade of incompetence going on in the Central Banks.
Now we have (again) congressional inaction on the artificial debt ceiling limit and the real (as distinct from rhetorical) budget. This nonsense is limiting how many Treasury bills and short-term government securities can be issued.
For its part, the Fed is ensuring that much of the short-term US government paper that might be available is locked up in accounts where it cannot be used to secure the myriad financial transactions that keep the global economy ticking over. Sort of like the idiot teenage horror victim who loses the keys to the escape car.
Unless you believe in fairies and cross-party goodwill, there will be no resolution of the debt ceiling and budget legislation before October or November, which means November.
At least until then, the collateral shortage will get steadily worse, which will be a drag on growth. And god help us if there is any global margin call – a demand for leveraged traders to place more collateral with counterparties – before then. The required paper won’t be there.
Fairies or gold?
best
the gnome
There is a lot that gets swept under the carpet in the gold industry, and Mining industry in general, Dare we think of WMC's marvellous follies in their move into Nth America.which cost them $0.5+b? plus repuational damage
But the industry buries its past, and does not learn, so in 2019 the Australian gold companies charged out of the starting stalls..so what has happened so far?
Northern Star August 2018 acquisition of Alaska’s Pogo mine cost $351 million…investors initially told that Pogo would immediately deliver about 260,000 ounces of gold a year. Spending on new fleet, exploration and a mill expansion at Pogo has largely offset earnings over the past three years and Pogo is unlikely to be a major cashflow contributor in the year ahead given spending at the site will top $70 million. Northern Star boss Stuart Tonkin (new) says a turning point will come in fiscal 2023 when the mine starts consistently delivering 300,000 ounces a year.
Newcrest March 2019 $US806.5 million ($1.15 billion) acquisition of British Columbia’s Red Chris. It was no surprise to see Red Chris be a net cash drain of about $US40 million in the two years since Newcrest bought it. Analysts have been happy with the exploration results to date and the dream of building a giant block cave at Red Chris remains alive.But doing so won’t be cheap; the Cadia caves cost $2 billion to build, suggesting Newcrest will need to spend billions more to achieve its vision for a mine that has already absorbed well over $1 billion of investment.
St Barbara’s May 2019 acquisition of Nova Scotia’s Atlantic Gold for $780 million. Promises made by St Barbara on the day it acquired Atlantic have also proved to be fools’ gold, most notably the pledge for its Nova Scotia hub to be producing 200,000 ounces by 2023. St Barbara now concedes barely half that volume will be produced in Nova Scotia in fiscal 2023 and even that diminished target is subject to government permits being obtained. The Fifteen Mile Stream project was scheduled to produce gold in 2021 but is now slated for June 2024, while a plan to have the Cochrane Hill project producing gold in 2023 has been pushed beyond 2025. St Barbara has spent about $845 million acquiring Nova Scotia gold assets over the past two years and yielded about $160 million of cash flow after capital, sustaining and exploration spending. Permitting in Nova Scotia in a sensitive watershed area will not happen quickly if at all…
Evolution Mining paid $US375 million ($550 million) for Ontario’s Red Lake in November 2019 and that spend in Ontario is now $895 million after neighbouring assets were bolted on. Capital spending at the site has been roughly equivalent to earnings over the past 18 months and with a further $500 million to be spent in the next three years, Red Lake may not be a cash-flow contributor for Evolution until fiscal 2025…
So CEY value?
best
the gnome
YAAWWWWNNNNNNNNNNNNNNNNNNNNN . same ole thing with you
“Investing…”
I think I’ll retire now
(Until 7am at least)
is a business where you can look very silly for a long period of time before you are proven right."
- Bill Ackman
Hi Red,
What a bunch of crooks we have for a government,, they only care about themselves whilst wasting money at a truly alarming rate, the NHS & social care is starved of funding unless we pay more tax supposedly ring fenced , my rear end, why do people trust the buggers!
The Tories are just a bunch of spivsters!
A former Tory councillor was given a £120m government contract for personal protective equipment (PPE) which is now lying unused because of concerns about its quality, it has been revealed.
Steve Dechan, who owns medical device manufacturer Platform-14, had his offer to supply protective equipment from China fast-tracked through the government’s controversial “VIP” lane.
The Sunday Times newspaper reports that fewer than 1 in 400 of the face shields procured by the company on behalf of the government have been used, because the regulator does not believe they meet the right standards.
The original order for 120 million shields has delivered just 274,200 into the NHS supply chain, representing 0.23 per cent of the overall stock.
It means the shields used so far have cost the equivalent of £423 each, despite similar ones being available to buy online for less than £1.
The Health and Safety Executive (HSE) has to authorise all PPE that is not CE marked (an EU designation that means it complies with European standards).
But the regulator said: “None of the documentation provided to HSE indicated the product to be CE marked.”
The regulator wrote to officials in September last year saying the shields “cannot enter the NHS supply chain” and repeatedly refused to approve them.
https://www.msn.com/en-gb/news/uknews/former-tory-councillor-got-%c2%a3120m-vip-lane-government-contract-for-face-shields-now-lying-unused/ar-AAMxuZ4?ocid=AVRES000&li=BBoPWjQ&OCID=AVRES000&pc=UE00
I updated my share price chart today, and found my gold, silver and platinum mining shares were all badly down - one as much as 40% (NYSE: PLG). They have all been hugely positive in times past. Do I care? No. And this is the reason why:
https://blog.smartmoneytrackerpremium.com/
Most people do not realize that, in Britain, gold has been in a secular bull market since the 4th August 1914. For well over 100 years we have been taxed just for holding our money. And that secular bull markey isn't over yet. The best is yet to come. So a few pence off the Centamin price and a few pessimists mean nothing in the grand scheme of things. In a few years' time, gold miners will be the new Facebook.
Re liberum it's the bad is good thing
Slowly, slowly does it, I think. Thanks for the link Mr B.
The West is becoming ever more draconian towards its people, in the time honoured fashion of falling empires. We have no statesmen today who have the necessary gravitas to give an opposing view and be listened to and respected by the people. Revolution in France starting 23/24 September this year? That'll raise the price of gold, but I'd rather we got that rise without the conflict.
https://www.armstrongeconomics.com/world-news/civil-unrest/is-a-revolution-coming/
I have spent a lovely afternoon in the garden, and shall sit in the deckchair outside tonight and see if I can catch a glimpse of the Perseid meteor shower. It should be fairly cloud free.
If the shops start having difficulty supplying food, I shall have an all apple diet option for this year. The trees are heaving and I've been thinning the apples on the trees every evening during this last week. Discovery's first at the end of August, with William pears and plums. At least I won't get scurvy.
If I didn't read the news, I'd never know the world was in such a mess.
" we expect production of 430koz at an AISC of
USD1,157/oz." ( For 2021)
I missed that in the RNS.
Looks all good to me!
Thanks for finding that MrTibbles.
Those Part 3 figures just read like telephone numbers to me. Apart from Revenue, 0; which is somewhat disconcerting : )
All I ca say is US Sanctions don't work ,Global Investment and "Belt and Road do.
To boost share of Chinese yuan while reducing U dollar holdings.
Survey by OMFIF . GLOBAL INVESTOR SURVEY.
By London based financial Investors Forum
https://on.rt.com/bcz6
Report authors
Jonathan Guy
Analyst
+44 20 3753 3379
jonathan.guy@berenberg.com
Richard Hatch
Analyst
+44 20 3753 3070
richard.hatch@berenberg.com
Oliver Grew****
Analyst
+44 20 3753 3215
oliver.grew****@berenberg.com
Please its not possibly to post some of he charts that form part of this report , sorry.
Part 7
Source: Company reports, Berenberg estimates
We have updated our ESG matrix for 2020. In the environmental category the combination
of an increase in the gold price and challenges with production drove a pullback in
greenhouse gas emissions to revenue, but an increase in emissions to tonnes processed
and production. Tailings waste to production also increased due to lower grades being
processed. The 26MW solar farm and associated 7.5MW battery storage system that should
be completed in H1 2022 should have a material and positive impact on emissions moving
forward; however, only 29% of water is recycled water drawn from a sea pipeline and is not
depleting aquifers. The main areas for improvement from an environmental perspective
are the external certification of the environmental management system and a policy on the
management of environmental impacts within the supply chain.
Within the social category the company reported no strikes and fatalities and a lost time
injury frequency rate of 0.84, which is low compared to peers. Centamin scores well in this
category with the main outstanding items being setting targets on diversity and opportunity.
The governance category is more mixed with good independent and female board
representation, but with only 9% of executives being female and only 1.5% of the workforce.
Centamin links executive compensation to ESG performance and has policies on bribery
and corruption, but is not a UN global compact signatory
Part 6 Valuation metrics
2019 2020 2021E 2022E 2023E
P / adjusted EPS 22.7 11.8 7.6 8.9 14.4
P / book value 1.3 1.4 1.1 1.1 1.0
FCF yield 4.3% 8.1% 2.6% 6.9% 4.4%
Dividend yield 2.7% 5.6% 5.5% 3.9% 2.6%
EV / sales 2.3 1.9 1.8 1.8 1.9
EV / EBITDA 5.1 3.6 3.6 3.5 4.3
EV / EBIT 8.9 5.1 5.1 5.0 6.9
EV / FCF 9.5 5.1 13.6 6.7 8.8
EV / cap. employed 1.1 1.2 1.0 0.9 0.9
Key risks to our investment thesis
? Gold: With no financial gearing (no debt), Centamin has lower-thanaverage sensitivity to the gold price. Given the strength of the
balance sheet, the Sukari mine will survive a lower price than most.
? Updated mine plan: The updated mine plan, due before the end of
2021, could materially alter our long-term assumptions for both the
open pit and underground mine.
part 5
Growth and margins
2019 2020 2021E 2022E 2023E
Revenue growth 8.1% 27.0% -6.1% 3.2% -6.8%
EBITDA growth 13.7% 49.4% -10.2% 2.9% -20.0%
EBIT growth 13.1% 87.5% -11.2% 1.3% -28.2%
EPS adj growth 14.6% 104.4% 37.5% -13.6% -38.5%
FCF growth 15.3% 102.1% -66.7% 99.1% -23.5%
EBITDA margin 44.9% 52.8% 50.5% 50.4% 43.2%
EBIT margin 25.6% 37.8% 35.8% 35.1% 27.1%
Net income margin 11.8% 18.9% 27.8% 23.3% 15.4%
FCF margin 23.9% 37.9% 13.5% 26.0% 21.4%Key ratios
2019 2020 2021E 2022E 2023E
Net debt / equity -21.5% -22.6% -18.4% -18.5% -18.3%
Net debt / EBITDA -0.9 -0.7 -0.7 -0.7 -0.9
Avg cost of debt - - - - -
Tax rate 0.0% 0.0% 0.0% 0.0% 0.0%
Interest cover - - - - -
Payout ratio 60.6% 66.5% 48.8% 40.0% 43.2%
ROCE 12.8% 23.7% 18.9% 18.0% 12.5%
Capex / sales 14.3% 16.8% 31.1% 25.5% 24.2%
Capex / depreciation 80.7% 111.5% 210.4% 166.7% 149.5%
Part 4
Profit and loss summary
USDm 2019 2020 2021E 2022E 2023E
Revenues 652 829 778 803 748
EBITDA 293 438 393 404 323
EBITA 177 313 278 282 202
EBIT 167 313 278 282 202
Associates contribution - - - - -
Net interest 6 2 1 1 1
Tax - - - - -
Minorities 0 0 0 0 0
Net income adj. 77 157 216 187 115
EPS reported 0.08 0.14 0.19 0.16 0.10
EPS adjusted 0.07 0.14 0.19 0.16 0.10
Year end shares 1,156 1,156 1,156 1,156 1,156
Average shares 1,153 1,153 1,156 1,156 1,156
DPS 0.04 0.09 0.09 0.06 0.04
Cash flow summary
USDm 2019 2020 2021E 2022E 2023E
Net income 173 315 280 283 204
Depreciation 116 125 115 123 121
Working capital changes -25 10 -50 5 14
Other non-cash items -15 4 2 2 2
Operating cash flow 249 453 347 413 341
Capex -93 -139 -242 -204 -181
FCFE 156 314 105 209 160
Acquisitions, disposals 7 7 0 0 0
Other investment CF -159 -313 -103 -207 -158
Dividends paid -81 -139 -70 -95 -66
Buybacks, issuance 0 -3 0 0 0
Change in net debt 4 -13 27 -19 -6
Net debt (cash negative) -278 -291 -265 -284 -290
FCF per share 0.13 0.27 0.09 0.18 0.14
Cont
Part 3
? We retain a Buy recommendation for Centamin, as we bel the recent capital markets day provided clarity about the medium- ieve that
term production profile. Centamin retains a solid balance sheet and
should produce 450k-500koz over the longer term with a
sustainable dividend of at least USD100m/year.
? Price target and rating: Our price target, based on 1.2x NAV and 6x
EBITDA is GBp138 per share (from GBp137 per share).
? Valuation methodology: We value Centamin on an equally weighted
blend of NPV (10%) and EV/EBITDA methodologies to generate our
GBp138 price target.
Bloomberg CEY LN
Current price Price target
GBp102 GBp138 Market cap (GBPm) 1,364
22/07/2021 London Close EV (GBPm) 1,019
Trading volume 7,350,000
Free float 98.0%
Non-institutional shareholders Share performance
Management: 2% High 52 weeks GBp232
Current price Price target
GBp102 GBp138 Market cap (GBPm) 1,364
22/07/2021 London Close EV (GBPm) 1,019
Trading volume 7,350,000
Free float 98.0%
Non-institutional shareholders Share performance
Management: 2% High 52 weeks GBp232
Low 52 weeks GBp102
Business description Performance relative to
Centamin is a single-asset gold producer
operating the Sukari mine in Egypt. Sukari
has been in operation since 2009 and has a
20-year mine life from today.
SXXP MSCI Metals
& Mining
1mth -1.6% -2.8%
3mth -14.2% -9.5%
12mth -67.7% -81.8%
Part 2Revenues 652 829 778 803 748
EBITDA 293 438 393 404 323
EBIT 167 313 278 282 202
Net income (adjusted) 77 157 216 187 115
EPS (reported) 0.08 0.14 0.19 0.16 0.10
EPS (adjusted) 0.07 0.14 0.19 0.16 0.10
DPS 0.04 0.09 0.09 0.06 0.04
Dividend payout ratio 61% 66% 49% 40% 43%
Dividend yield 2.7% 5.6% 5.5% 3.9% 2.6%
Capex -93 -139 -242 -204 -181
Free cash flow 156 314 105 209 160
FCF yield 4.3% 8.1% 2.6% 6.9% 4.4%
Y/E net debt (net cash) -278 -291 -265 -284 -290
Net debt / EBITDA -0.95 -0.67 -0.67 -0.70 -0.90
Gross margin 30.2% 39.9% 37.4% 36.7% 28.8%
EBITDA margin 44.9% 52.8% 50.5% 50.4% 43.2%
EBIT margin 25.6% 37.8% 35.8% 35.1% 27.1%
ROCE 12.8% 23.7% 18.9% 18.0% 12.5%
P/E 22.7 11.8 7.6 8.9 14.4
EV/EBITDA 5.1 3.6 3.6 3.5 4.3Revenues 652 829 778 803 748
EBITDA 293 438 393 404 323
EBIT 167 313 278 282 202
Net income (adjusted) 77 157 216 187 115
EPS (reported) 0.08 0.14 0.19 0.16 0.10
EPS (adjusted) 0.07 0.14 0.19 0.16 0.10
DPS 0.04 0.09 0.09 0.06 0.04
Dividend payout ratio 61% 66% 49% 40% 43%
Dividend yield 2.7% 5.6% 5.5% 3.9% 2.6%
Capex -93 -139 -242 -204 -181
Free cash flow 156 314 105 209 160
FCF yield 4.3% 8.1% 2.6% 6.9% 4.4%
Y/E net debt (net cash) -278 -291 -265 -284 -290
Net debt / EBITDA -0.95 -0.67 -0.67 -0.70 -0.90
Gross margin 30.2% 39.9% 37.4% 36.7% 28.8%
EBITDA margin 44.9% 52.8% 50.5% 50.4% 43.2%
EBIT margin 25.6% 37.8% 35.8% 35.1% 27.1%
ROCE 12.8% 23.7% 18.9% 18.0% 12.5%
P/E 22.7 11.8 7.6 8.9 14.4
EV/EBITDA 5.1 3.6 3.6 3.5 4.3
Revenues 652 829 778 803 748
EBITDA 293 438 393 404 323
EBIT 167 313 278 282 202
Net income (adjusted) 77 157 216 187 115
EPS (reported) 0.08 0.14 0.19 0.16 0.10
EPS (adjusted) 0.07 0.14 0.19 0.16 0.10
DPS 0.04 0.09 0.09 0.06 0.04
Dividend payout ratio 61% 66% 49% 40% 43%
Dividend yield 2.7% 5.6% 5.5% 3.9% 2.6%
Capex -93 -139 -242 -204 -181
Free cash flow 156 314 105 209 160
FCF yield 4.3% 8.1% 2.6% 6.9% 4.4%
Y/E net debt (net cash) -278 -291 -265 -284 -290
Net debt / EBITDA -0.95 -0.67 -0.67 -0.70 -0.90
Gross margin 30.2% 39.9% 37.4% 36.7% 28.8%
EBITDA margin 44.9% 52.8% 50.5% 50.4% 43.2%
EBIT margin 25.6% 37.8% 35.8% 35.1% 27.1%
ROCE 12.8% 23.7% 18.9% 18.0% 12.5%
P/E 22.7 11.8 7.6 8.9 14.4
EV/EBITDA 5.1 3.6 3.6 3.5 4.3
Cont
Q2 in line, guidance maintained
? Q2 production in line: Centamin has released Q2 production figures of
240kt of gold to be mined from the underground at 5.45g/t. The waste
stripping programme at the pit is progressing ahead of schedule with both
the company’s own fleet and the Capital Drilling fleet ahead of plan. The
plant processed 2.8Mt at an average grade of 1.19g/t versus our expectation
of 2.9Mt at 1.17g/t, with throughput affected by bringing forward a planned
change of the girth gear in the SAG mill. AISC for the period was
USD1,290/oz, above our expectation of USD1,234/oz. Production guidance
of 400koz-430koz/t at an AISC of USD1,150/oz-1,250/oz for the year has
been maintained; we expect production of 430koz at an AISC of
USD1,157/oz. Centamin has agreed terms for 3,164km2 of exploration
concessions across 19 licences in Egypt, with final contracts due to be
signed in Q3. We view this as a material positive as it gives the company
growth options that could leverage off Sukari, including potential satellites
for the mine.
? Balance sheet remains strong: Centamin finished the period with
USD312.1m of cash and liquid assets and with no debt. Revenues for the
period were USD177.5m (Berenberg: USD183m) with an average received
gold price of USD1,822/oz and gold sold of 97.2koz. We expect Q2 EBITDA
of USD78m and NPAT (and post-profit share) of USD28.8m. Capex for the
year has been maintained at USD225m, with 65% now guided for H2 due to
delays.
? Maintain Buy: These are an in-line set of results with guidance
maintained, which we view as a positive after the operational challenges
faced by the company. We increase our price target to GBp138 based on a
blend of 1.2x NAV and 6x EV/EBITDA. We view Centamin as a turnaround
story, with a solid balance sheet that should underpin the ongoing
payment of a dividend – with a 5.5% yield – for 2021, which is at the upper
end of the gold peer group. The main catalyst should be the publication of
the second phase of the Sukari life of mine plan expected in Q4. We have
also updated our ESG matrix for Centamin (see Figure 2).
Current price Price target
GBp102 GBp138
22/07/2021 London Close
Market cap (GBPm) 1,364
Reuters CEY.L
Bloomberg CEY LN
Changes made in this note
Rating: Buy (no change)
Price target: GBp138 (137)
Estimates changes
2021E 2022E 2023E
old ? % old ? % old ? %
Sales 785 -0.8 803 0 748 0
EBITDA 404 -2.8 404 0.0 323 0.0
EPS 0.18 0.6 0.16 0.0 0.10 -0.1
Source: Berenberg estimates
Share data
Shares outstanding (m) 1,156
Enterprise value (GBPm) 1,019
Daily trading volume 7,350,000
Final
Author Yuen Low
+44 (0)20 3100 2091
yuen.low@liberum.com
Market Making
Giles Johnston (Head of Trading)
+44 (0)20 3100 2203
giles.johnston@liberum.com
David O’Gram
+44 (0)20 3100 2201
david.ogram@liberum.com
Marc Wilkinson
+44 (0)20 3100 2206
marc.wilkinson@liberum.com
Part 4
Figure 3: Balance sheet ($m)
December year-end 2020A 2021E 2022E 2023E
Goodwill 0 0 0 0
Other intangible assets 64 74 84 94
PPE 830 917 957 1,050
Trade and other LT receivables 0 0 0 0
Deferred tax asset 0 0 0 0
Investments in JVs / Associates 0 0 0 0
Retirement benefit asset 0 0 0 0
Other non-current assets 65 69 72 89
Fixed assets 959 1,060 1,113 1,233
Inventories 119 124 133 140
Trade and other receivables 18 19 21 22
Cash & cash equivalents 291 182 99 66
Financial assets 0 0 0 0
Other current assets 9 9 9 9
Current assets 437 333 262 237
Total Assets 1,396 1,393 1,375 1,470
Trade payables 64 73 74 76
Borrowings 0 0 0 70
Tax liabilities 0 0 0 0
Provisions 7 7 7 7
Other current liabilities 0 0 0 0
Current liabilities 72 81 81 153
Total assets less current liabilities 1,324 1,312 1,293 1,317
Net current assets 365 252 180 84
Long-term borrowings and finance leases 0 0 0 0
Retirement benefit obligations 0 0 0 0
Provisions 0 0 0 0
Other payables 0 0 0 0
Other non-current liabilities 33 33 33 33
Non-current liabilities 34 34 34 34
Net Assets 1,289 1,278 1,259 1,283
Total equity 1,289 1,278 1,259 1,283
Minority interests 17 17 17 17
Shareholders’ equity 1,307 1,295 1,276 1,300
Source: Liberum
Part 3
Figure 1: Income statement ($m)
December year-end 2020A 2021E 2022E 2023E
Total sales 829 734 732 761
Sales growth (%) 27 (11) (0) 4
Gross margin (%) 46 32 28 26
Cost of sales (449) (499) (529) (562)
Gross profit 379 235 203 199
Operating expenses (55) (36) (35) (36)
Administrative expenses 0 0 0 0
Share based payments 0 0 0 0
Underlying EBITDA 439 329 312 329
Depreciation (124) (135) (163) (184)
Amortisation (not acquired) 0 0 0 0
Underlying EBIT (pre JVs) 307 194 149 144
EBIT (pre JVs) margin (%) 37 26 20 19
Revenue 0 0 0 0
PBT 0 0 0 0
Tax 0 0 0 0
JV post tax profit 0 0 0 0
JV contribution 0 0 0 0
Profit on disposal 0 0 0 0
Underlying EBIT 307 194 149 144
EBIT Margin (%) 37 26 20 19
Amortisation of acquired intangibles 0 0 0 0
Exceptional / extraordinary costs (1) 0 0 0
Reported EBIT 307 194 149 144
Non-operating exceptional costs 0 0 0 0
Interest income 2 3 1 1
Interest costs 7 0 0 0
Pension credit / (cost) 0 0 0 0
Net Interest 8 3 1 1
Underlying PBT 316 197 150 145
Reported PBT 316 197 150 145
Underlying tax rate (%) 0 0 0 0
Exceptional tax rate (%) 0 0 0 0
Reported tax rate (%) 0 0 0 0
Underlying tax (0) 0 0 0
Exceptional tax 0 0 0 0
Reported tax (0) 0 0 0
Underlying PAT 315 197 150 145
Discontinued operations (net) 0 0 0 0
Profit on disposal 0 0 0 0
Reported PAT 315 197 150 145
Share of profit attributable to minorities (159) (104) (83) (80)
Preference dividends 0 0 0 0
Minorities (159) (104) (83) (80)
Underlying net income 157 93 68 65
Reported net income 156 93 68 65
Weighted average number of shares (basic) (m) 1,153 1,156 1,156 1,156
Weighted average number of shares (diluted) (m) 1,153 1,156 1,156 1,156
Number of shares at period end (basic) (m) 1,153 1,156 1,156 1,156
Reported EPS (basic) ($) 0 0 0 0
Reported EPS (diluted) ($) 0 0 0 0
Underlying EPS (basic) ($) 0 0 0 0
Underlying EPS (basic) growth (%) 79 (41) (27) (4)
Underlying EPS (diluted) ($) 0 0 0 0
Underlying EPS (diluted) growth (%) 79 (41) (27) (4)
Pro-forma EPS (diluted) ($) 0 0 0 0
DPS (Ordinary) ($) 0 0 0 0
DPS (Total) ($) 0 0 0 0
Dividend growth (%) 20 (25) (65) 17
Dividend cover (x)