Message Jeu 13 Nov 2014 23:31

Résultats H1 2015

http://www.vedantaresources.com/media/1 ... _final.pdf

Copper Zambia
Production Performance
Six months to
30.09.14
Six months to
30.09.13 % Change
Year ended
31.03.14
Production(kt)
Mined metal 59 70 (15)% 128
Cathode 76 94 (19)% 177
Integrated 56 65 (14)% 124
Custom 20 29 (30)% 53
During H1 FY 2015, mined metal production was at 59,000 tonnes, 15% lower that the
corresponding prior year period.
At the Konkola mine operational issues driven by shaft interruptions and low equipment
availability affected production. At Nchanga, production was affected primarily by lower
grades. The Upper ore body project remains suspended, pending further review. Mined metal
production also included Tailings Leach Plant (TLP) primary copper production of 26,400
tonnes which was 10% lower due to lower feed grades.
The Nchanga smelter undertook a one-month planned maintenance shutdown during Q2 of FY
2015. The shutdown has been successfully completed and the smelter has restarted and is
ramping up.
Unit Costs
Six months to
30.09.14
Six months to
30.09.13 % Change
Year ended
31.03.14
Unit costs (US cents per lb) 272.9 227.9 20% 238.4
Unit cash costs of integrated production in H1 FY 2015 were 273 US cents per lb, and increased
by 20% mainly due to lower volumes as a result of operational issues referred above.
Financial Performance
(in US$ million, except as stated)
Six months to
30.09.14
Six months to
30.09.13 % Change
Year ended
31.03.14
Revenue 524.7 686.7 (24)% 1,271.4
EBITDA 16.2 101.3 (84)% 156.3
EBITDA margin (%) 3.1% 14.8% - 12.3%
Depreciation and amortisation 93.5 86.2 8% 171.5
Operating Profit before Special items (77.3) 15.1 - (15.2)
Share in Group Operating Profit
before Special items (%)
(7.5)% 1.4% - (0.7)%
Capital expenditure 37.7 105.5 (64)% 150.9
Sustaining 37.7 85.9 (56)% 114.2
Growth - 19.6 - 36.7
EBITDA in H1 FY 2015 was US$16.2 million, significantly lower than the corresponding
previous year, primarily due to lower volumes, LME prices and higher costs.
Vedanta Resources plc Page 33 of 67
Interim Results For The Six Months Ended 30 September 2014
Outlook
We have been implementing various interventions to improve the overall operating
performance, drive higher equipment availability, utilization and skill transfer. We have also
progressed on recruitment with several key roles now filled. Following this, we expect to rampup
production at Konkola and maximize throughput at our Nchanga TP operations. We also
continue to engage the Zambian Government on VAT and the proposed new tax regime.
We expect to deliver 120,000 tonnes of integrated production in the current financial year and
achieve costs of around 270 US c/lb in H2 FY 2015.