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http://www.south32.net/CMSPages/GetFile.aspx?guid=58cfb6c2-e817-4ed1-b893-18b0536d0c4a ‘ Extract ‘ “The continuing optimisation of our high quality operations and balance sheet has enabled us to reduce net debt by almost US$300M, despite continued weakness in commodity markets. Our low financial gearing and operational leverage is a powerful combination and the decisive action we are taking across our portfolio will strengthen short term cash flow.” Graham Kerr, South32 CEO ‘ PERFORMANCE SUMMARY ‘ - Statutory loss of US$1.7B includes non-cash impairment related charges of US$1.7B. - Underlying EBITDA of US$542M for an operating margin of 20%. - Underlying EBIT and Underlying earnings of US$141M and US$26M, respectively. - Controllable costs(1) reduced by US$182M. - Total capital expenditure(2), including equity accounted investments, reduced by 22% or US$85M to US$301M. - Closing net debt reduced by US$286M to US$116M. - Underlying return on invested capital (ROIC) of 1.4%. - No dividend declared for H1 FY16. ‘ OUTLOOK ‘ - FY16 production guidance maintained for the majority of our upstream operations. - Major restructuring initiatives underpin targeted US$300M reduction in controllable costs in FY16. - Redundancy and restructuring charges(3) of US$37M anticipated in the June 2016 half year. - FY16 Capital expenditure(2) guidance, including equity accounted investments, lowered by US$150M to US$550M. - Well positioned to significantly exceed our US$350M controllable costs savings target.
Impressive ... as the tall dude in Black, used to say :) And what about M&A prospects?
Probably not but adding a few more today with a long term view.
Yep, and if the Fed raises rates next week all the commodity miners could see another big drop as the USD supposedly rises. Wonder how low this can go?
Glencore losing 80% of its Collinsville mine workers due to the coal price collapse. Mining SPs really in meltdown mainly due to them not taking enough action sooner. Anglo American losing 85,000 workers and hoping to sell half its businesses It is not just bad ..it is horrendous However only taking out production will turn things round
South32 Ltd (OTCMKTS:SOUHY) Announces Financial Results For FY 2015, EBIT Rises By 56% By Aaron Lyons on October 26, 2015 - The volume pattern is very proper for a corrective state, especially when the stock is building a base. The bulls can wait for their opportunity and take any breakout of the upper boundary as the entry signal. Financial Numbers - South32 has performed well over the past twelve months, thereby generating second to none revenues and sales figures. According to reports, pro forma underlying earnings before interest and tax for the year rose by 56% and touched an unbelievable $1 billion level. Overall underlying earnings of the company increased 41% to $575 million. - South32 reported PAT (profit after tax) of $28 million, better than last year’s performance. The senior management thinks that South32 can take its profitability to the next level by reducing cost. It seeks to cut down controllable cost by $350 million annually latest by the end of FY2018. Apart from this, South32 also plans to reduce sustainable capital expenditure by 9% to $650 million in FY2016. - http://www.financialstrend.com/south32-ltd-otcmktssouhy-announces-financial-results-for-fy-2015-ebit-rises-by-56-23252.html I maintain the entry at 64p on China jitters was a good opportunity and will continue to gradually build a long term holding here each time it drops below 69p with a 2-5 year view and dividend possibility.
they've all started cutting costs m8,ved,kaz,glen,blt,vale,arcellor mittal,tata steel,mining support comps,seems it was long overdue,they don't have government support,like the banks did. a good thing in the long term,supply wise.
If the Chinese economy is so poor that a major Chinese miner is firing 100,000 miners then you have to wonder what demand other leading coal miners are going to have? I fear this news will take down all the major UK mining stocks on Monday when the FTSE opens. http://www.zerohedge.com/news/2015-09-27/chinas-hard-landing-has-arrived-chinese-coal-company-fires-100000
Apology but Meant to say; and were pretty good with earnings up 41% (barring delisting write downs) and strong production results.
Financial year just ended June 2015 results issued today ad were pretty good. Currently rumoured they could be looking at Rio Tinto's Pacific Aluminium assets? Dividend Policy Bi Annual - Possibly this current 2016 financial year just commenced if they don't find a good growth asset to acquire or invest in? DIVIDEND: As indicated in the South32 Listing Documents, the Board has not declared a final dividend for FY15. The Group's simple capital management framework prioritises investment in safe and reliable operations, and an investment grade credit rating through the cycle. Once those core priorities have been satisfied, South32 intends to distribute a minimum 40% of Underlying earnings as dividends to its shareholders in each six month reporting period. "South32's strong balance sheet is a key point of differentiation and we value it highly. Our simple capital management framework and dividend policy ensures our shareholders will be rewarded as financial performance improves." Brendan Harris, South32 CFO
is this share to pay a dividend this year?
tawse57, I'm not inclined to agree with that assessment. The upside of S32 is that it's not dependant on trade with China unlike it's parent which is almost wholly tied to Chinese markets. Today will show another large impairement from BHP for that reason. If you observed the late declared trades after each close were bulky buys taking up some of the many smaller sells over the past weeks since touching 75p, one may be inclined to deduce that fund managers have been adding S32 to their portfolios. Yesterday's turmoil (panic) opened a new window to add with a long term view. I added at 64p which I believe is now well below valuation. The current commodity rout lows should make this somewhat interesting in a long term portfolio if one is not in any rush and felt that yesterday allowed opportunity? Are you looking with a view to enter/add at some stage? ATB
With all the other big miners crashing I am amazed that this is holding up so well - must be some big pension funds refusing to dump it?
Odd that this is up today when the likes of RIO and BLT are down.
Anyone seen any news re likely EPS and dividends. I went on digital look and it says a P/E of over 1000 -???
Does anyone know when the proceeds of the sale of S32 under the Share Sale Facility will be credited to bank accounts?
Was it opened at 108p on the 18th so far as trading is concerned?
massive vol here today,180mill and two trades of 35 and 25 mill at 4.15pm.?
EPIC is S32 ' South32 Trading on "when issued basis" today 18th May ' South32 Trading with LSE on normal basis 26th May at 8.00am ' Issued price was A$2.13 or 108.69p ‘ IF in a Crest Nominee Account you may get SHARES or CASH dividend. Check with your broker. ‘ From RNS Demerger Dividend 7 May 2015 ' A share sale facility has been established for certain eligible shareholders who hold 10,000 or fewer BHP Billiton shares. These shareholders may elect to have all the South32 Limited shares they receive sold by the sale agent with the proceeds remitted to them following the demerger. ; South32 Limited shares will not be distributed to ineligible shareholders. Instead, South32 Limited shares which these shareholders would otherwise have been entitled to receive will be transferred to the sale agent to be sold with the proceeds remitted to them following the demerger.
http://www.ft.com/cms/s/0/31477586-fd0c-11e4-ae31-00144feabdc0.html#ixzz3aSmQWQPM May 18, 2015 4:49 am ' BHP-Billiton spin-off receives lukewarm reception on debut ' ‘South32 opened at A$2.13 a share and rose to A$2.20, giving the mining company a market capitalisation of A$11.3bn (US$9bn) on the Australian Stock Exchange.… ' Shares in BHP, the world’s biggest miner by market capitalisation, fell $1.97 to $30.52 in early action, but once adjusted to account for the absence of the South32 assets the stock was down 0.5 per cent at A$30.21. ' South32 will list in London and South Africa later on Monday. ' By my Calc to UK ' BHP @ A$30.21 = 1504.08p S32 _@ A$2.20 = 122.00p