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Chambishi Metals parent company announces 2010 half year res
Eurasian Natural Resources Corporation PLC (ENRC) acquired 100% of Enya Holdings BV ('Enya') which holds a 90% interest in Chambishi Metals PLC ('Chambishi'), a Zambian copper and cobalt producer. The Group also acquired a 100% interest in Comit Resources FZE ('Comit'), a Dubai-based marketing and sales company that historically has handled Chambishi's copper and cobalt sales. The aggregate cash consideration for the transaction amounted to US$300 million. The acquisition of Enya and Comit was effectively completed and control obtained by the Group in April 2010.
The group said it had a strong financial performance in the period, built on a recovery in its traditional markets and the continued strength of the Chinese economy.
Revenue was up 80% to US$3,045 million, due to the addition of the Other Non-ferrous Division, which included Chambishi Metals Plc, higher commodity prices and improved sales volumes. Like-for-like revenue increased 67%.
Cost of sales increased 45% to US$1,322 million, which included the Other Non-ferrous Division, due to higher sales volumes and rising costs. Like-for-like cost of sales rose 27%.
Underlying EBITDA was up 129%, to US$1,435 million; underlying EBITDA margin was 47%. Earnings per share was up 63%, to US 70 cents. The company proposed an interim dividend of US 12.5 cents per share; with the payout ratio increasing to 18%.
The group said it had a strong balance sheet with gross available funds of US$868 million and borrowings of US$657 million.
Eurasian Natural Resources Corporation PLC
Summary Group Financial Information (Unaudited): In US$mn
H1 2010
H1 2009
%
Revenue
3,045
1,695
79.6%
Cost of sales
(1,322)
(910)
45.3%
Gross profit
1,723
785
119.5%
Operating profit
1,238
702
76.4%
Operating profit margin %
40.7%
41.4%
Profit before income tax
1,228
751
63.5%
Profit before income tax margin %
40.3%
44.3%
Income tax expense
(330)
(189)
74.6%
Effective tax rate %
26.9%
25.2%
Profit for the period
898
562
59.8%
Profit margin %
29.5%
33.2%
Profit attributable to equity holders of the Company
902
553
63.1%
Earnings per share - basic and diluted (US cents)
70
43
62.8%
Interim dividend per share (US cents)
12.5
6.0
108.3%
Net cash generated from operations
929
503
84.7%
Capital expenditure
483
559
(13.6%)
Gross available funds(1)
868
1,952
-55.5%
Net cash(2)
70
1,065
(93.4%)
1. Gross available funds: cash and cash equivalents plus term deposits and other financial assets and less investments in unquoted options, non-current available-for-sale financial assets and other restricted financial assets.
2. Net cash: Cash and cash equivalents less current and non-current borrowings.
Source: http://www.enrc.com.
The company said it is building its commodity and geographical diversification through the acquisitions of:
Chambishi, a Zambian copper and cobalt producer;
A stake in Northam Platinum, a major platinum producer in South Africa; and
The remainder of SMKK, the holder of DRC copper and cobalt mining licenses.
Looking forward, the group said current level of demand in its main commodities markets is sustainable but warned that there is a risk of short term volatility.
It said it has confidence in sustained strong growth in Chinese demand to enable it to maintain full production capacity across its traditional businesses.
The group indicated that capital expenditure projects 'in progress' and 'under review' total US$5.9 billion and that in 2010 capital expenditure is expected to be US$1.5 billion
Other Non-ferrous: the Division is included for the first time and constitutes the Democratic Republic of the Congo ('DRC') businesses for the full period and Chambishi (in Zambia) from Q2 2010. The DRC businesses are on track to achieve production of about 20k tonnes of copper concentrate and 7k tonnes of cobalt concentrate for full year 2010.
In early 2010, the group said it re-evaluated its planned capital expenditure. With the completion of the Chambishi acquisition in Q2 2010 the group added a further US$85 million of approved capital expenditure - http://www.reuters.com; http://www.enrc.com.