Member Info for jange

Financial Highlights: Group EBITDA of $1.1 billion, compared with year-ago quarter's $811.9 million was reported. Group revenue for the latest quarter climbed 39% to $1.76 billion from $1.27 billion in the same period in 2011, mainly reflecting increased copper and gold volumes and increased gold prices. At 31 March the Group had cash, cash equivalents and liquid investments of US$3.5 billion (31 December 2011 - US$3.2 billion). Total Group borrowings at 31 March were US$2 billion (31 December 2011 – US$2.1 billion).

Quarterly results: Chilean miner Antofagasta reported a rise in earnings, largely due to higher copper volumes which more than offset higher costs. Earnings before interest, taxes, depreciation and amortization, or EBITDA, rose 35% in the year to $1.1 billion after revenue rose 39% to $1.76 billion. The company benefited in the first quarter from a 26% rise in copper production to 162,900 tons, largely driven by the ramp up of its Esperanza gold and copper mine. Sales volume reached 158,700 tons, the difference between output and sales being attributed to the timing of shipping and loading schedules. Sales volumes of copper were 158,700 tons, up from 120,800 tons a year earlier. The realised copper price in the period was 429.6 cents per pound, broadly in line with the realised price of 427.7 cents in the first quarter of 2011 (Q1 2011), said the company. Gold production volumes in the reporting period were 63,500 ounces and sales volumes were 63,400 ounces (Q1 2011: 22,100 ounces and 9,800 ounces respectively), reflecting the increased production as a result of the start-up of Esperanza.

The Group's key activities are the operation of 4 major copper mines, (Los Pelambres, Esperanza, El Tesoro and Michilla) the transportation of copper cathodes down from the mines and sulphuric acid back up to the mines by rail and road freight and a concession allowing the distribution of water within the Antofagasta region in Chile. The Group has operations in the United Kingdom, Chile, Peru and Bolivia. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

Positives A group strategy to create and capture significant value through a balanced portfolio of exploration and production assets is being pursued. Management commented "In 2012, we have made an excellent start in establishing that balance with the addition of Agora Oil & Gas" - a significant oil discovery for Agora at its Skarfjell prospect in the Norwegian North Sea was previously announced. Cairn is participating along with consortium partners in the current bid round offshore Cyprus. Management highlighted that Cyprus offered early stage frontier exploration acreage with moderate technical risk. A number of recent discoveries in the region have stimulated industry interest in a potential new source of gas, most likely for European markets. Cairn is currently in the early stages of carrying out frontier exploration in Spain and also expects to participate in the offshore Lebanon bid round, expected later this year. Group investments and operations in India have returned approximately $4.5 billion to shareholders over the past five years. Group cash at 31 March 2012 of US$1.1 billion.The group had no debt at the year end. Cairn retains a 22% interest in Cairn India. The business has the potential to account for more than 30% of India’s oil production. A recent stake sale of assets in Greenland to Statoil of Norway injects its expertise. Exxon Mobil, Chevron and Royal Dutch Shell also own rights to explore Greenland. These are industry giants with long and credible track records.

Negatives Commercial success in Greenland is yet to be realised. Whilst no commercial quantities of hydrocarbons were found during 2010/11, a considerable body of proprietary data was gathered for evaluation. The second exploration phase will be at reduced equity levels with financial exposure shared among partners. A partial asset sale of assets in Greenland reduces the benefit of potential success and profitability. Environmental concerns continue to be raised by the group's move into Greenland. The return of cash to shareholders arguably reduces the company’s investment ability. Unexpected changes to the political and fiscal regimes in the countries within which the company operates could have adverse effects. Oil exploration stocks have historically proved volatile (high risk), with uncertainties regarding both future exploration success and the price of oil shifting sentiment.

Financial highlights: $3.5 billion (£1.60 per share) was returned to shareholders in February. Group cash at 31 March 2012 of US$1.1 billion.

First quarter update: The update saw management announcing a further extension and diversification of its operations. Having recently completed the acquisition of Agora Oil & Gas (Agora), a private Norwegian Company with non-operated exploration, appraisal and development assets in the United Kingdom (UK) and Norwegian North Sea, management today announced a potential interest in Cyprus. Cairn is participating along with consortium partners in the current bid round offshore Cyprus. Bids were recently submitted with awards expected towards the end of the year. Cairn holds a 40% share in the bidding consortium, with other bid partners including US based Marathon Oil Company (40%)

Cairn Energy is an oil and gas exploration and production company headquartered in Edinburgh. In 2006 Cairn split itself into two: Cairn India controls assets in India, 'Capricorn' controls the remainder. Capricorn currently holds assets in Greenland, Spain, Nepal and Albania and is a non-listed subsidiary. Following the sale of 40% of Cairn India to Vedanta for net proceeds of approximately $5.5 billion in cash in December 2011, a 22% stake in Cairn India is now held. Statoil of Norway has also recently acquired a 30.6% stake in its assets in Greenland. Cairn has been listed on the London Stock Exchange since 1988, with recent stake sales and cash returns resulting in its demotion from the FTSE-100 to the FTSE-250.

Positive Points: British Land confirmed that 347,000 sq ft of UK retail developments had been committed in the year with 72% let/under offer with a further 960,000 sq ft of retail developments with planning secured or pending. Footfall across the group's UK retail portfolio was up 0.3%, with occupancy levels remaining high at 98.3%. Leasing activity within the group's investment portfolio generated £10 million of new annual rent. The group intends to reshape its portfolio more swiftly than in the past as it seeks to reinvest in higher growth opportunities. The company strengthened its financial position by arranging £2 billion (British Land share £1.4 billion) of new financing since April 2011. The group's dividend yield is currently over 5%.

Negative Points: Management remained cautious about the overall economic environment and against this background, British Land expect property capital values in the UK to be variable in the near term. A key downside risk for the group's City of London office exposure would be a major setback in the financial markets, and hence a demand for space. A reduction in investment market liquidity due to a lack of debt funding could lead to a fall in values, which would negatively affect loan to value (LTV) ratios. An increased regulatory environment and potentially higher taxes could see financial businesses moving elsewhere in the world. As a Real Estate Investment Trust (REIT), the group lacks the geographical diversification which competitors such as Hammerson enjoy.

Financial Highlights: British Land posted underlying profits before tax of £269 million, up 5.1% on the £256 million seen in 2010/2011 and ahead of consensus forecasts. Net asset value (NAV) grew 4.9% to £5.1 billion. The group's total portfolio value gained 2.6% to £10.3 billion. The board have recommended a quarterly dividend for 2012/13 of 6.6 pence, resulting in a total of 26.4 pence.

Full year results: Real estate investment trust, British Land reported a 5.1% rise in underlying profits to 269 million pounds that surpassed market expectations. In the 12 months to the end of March, British Land's net asset value (NAV) grew 4.9% to 5.1 billion pounds, while the total portfolio value gained 2.6% to 10.3 billion pounds. The group benefited from an early commitment to its London developments and increased its retail development pipeline. 50% of office developments under construction were reported as pre-let to UBS, Aon and Debenhams, securing 34 million pounds of annual income. The group saw 167 million pounds of valuation uplift from office developments to date, with a further 192 million pounds to come. Management highlighted that last year had been much more challenging, reflecting the emergence of economic and political tensions in the Eurozone and, closer to home, faltering economic growth in the UK. Nevertheless, group profits, NAV and total portfolio were all up. The firm said that market trends favoured its business mix, mindful of its focus on London.

British Land is one of Europe's largest Real Estate Investment Trusts (REITs) with total assets, owned or managed, of £15.2 billion (British Land share £9.9 billion), as valued at 30 June 2011. The group's property portfolio is focused on prime central London offices and out-of-town retail developments and is home to over 1000 different organisations. Retail assets account for 64% of its portfolio, around 80% of which are located at prime out-of-town sites. Central London offices currently comprise 33% of the portfolio - rising to an estimated 38% on completion of current developments. British Land is headquartered in London, listed on the London Stock Exchange and is currently a constituent of the FTSE 100 Index.

Panmure Gordon thinks the key issues in the results statement will be: an update on UK telesales; growth in North America; the impact of Eurozone uncertainty. "Management has been working hard to rebuild confidence but uncertainty still exists. Ongoing dialogue with the FSA leaves the door open for a full investigation, and therefore, a potential fine, while the impact of its international growth aspirations is unknown. It has reiterated its desire to maintain a progressive dividend and we believe that yield will be the valuation driver. We target a 6% yield, implying 190p target price, so stay cautious," Panmure Gordon said.

HomeServe, the struggling home emergency insurance and repairs group, has already revealed that full year figures will be in line with market expectations, albeit those market expectations have lowered as a result of the company's travails with the Financial Services Authority (FSA) this year.

As for Future, Northland notes that the company "continues its shift from print to digital and retrenchment to the UK that now represents 75% if group revenue."

Publishers Bloomsbury (books) and Future (magazines) are both set to announce results. Northland Capital Partners expects the Harry Potter publisher to present an update on its One Global Bloomsbury strategy that focuses on publishing (trade and specialist) in the English language, and the associated acquisitions and disposals.

The broker reckons sales might just limp over the £10bn mark at £10.1bn, while its forecast for earnings before interest, tax and amortisation is £800m, down from £825m the year before.

"An update is expected to be provided by Chief Executive, Marc Bolland, on his strategic plan covering the three years to March 2014. Many of the initiatives remain at the implementation stage, although good progress appears to be being made in refreshing the store network, strengthening product ranges, improving operational efficiency and more fully exploiting the international opportunity," Hart said.

"M&S is set to report a soft set of full year results, reflecting a combination of subdued sales, gross margin pressure and operating cost inflation," reckons Charles Stanley analyst Sam Hart. Sales data has already been released with the fourth quarter trading update so the focus of investor attention will, therefore, be on outlook comments and guidance for 2012/13, along with any update on strategy, Hart asserts.