Resultados preliminares 2023
COMUNICADO DE PRENSA
Baar, 21 de febrero de 2024
Resultados preliminares 2023
Destacados
El director ejecutivo de Glencore, Gary Nagle, comentó:
"Against the backdrop of a rebalancing and normalisation of international energy trade flows, our Marketing and Industrial segments posted a lower, albeit healthy, earnings performance in 2023, delivering Group Adjusted EBITDA of $17.1 billion, cash generated by operating activities of $15.1 billion and Net income attributable to equity holders of $4.3 billion.
"Aided by healthy operational cash generation, after funding $5.6 billion of net capex and $10.1 billion of shareholder returns, the 2023 year-end Net debt outturn was contained to $4.9 billion vs $0.1 billion in 2022. With a Net debt/Adjusted EBITDA of 0.29x, we continue to enjoy significant financial headroom and strength.
"For 2024, basis 2023 cash flows, we are recommending to shareholders a $0.13 per share (c.$1.6 billion) base cash distribution, comprising $1 billion from Marketing cash flows and 25% ($0.6 billion) of Industrial attributable cash flows.
This distribution, along our shareholder return journey, must be contextualised by the significant announcement in November 2023 that we had entered into a binding agreement with Teck Resources Limited (Teck) to acquire a 77% effective interest in its steelmaking coal business, Elk Valley Resources (EVR) for $6.93 billion in cash. These are world-class assets, expected to meaningfully complement our existing thermal and steelmaking coal production in Australia, Colombia, and South Africa. EVR also supports the transition as an input into steel production needed for certain renewable energy infrastructure. The transaction is subject to mandatory regulatory approvals and, while closing could occur earlier, it is expected no later than Q3 2024. The acquisition of EVR unlocks the potential, subject to shareholder approval, for a value accretive demerger of our combined coal and carbon steel materials business and, in support thereof, we advised that Glencore could demerge the combined company, only once Glencore had sufficiently delevered towards a revised $5 billion Net debt cap, expected to occur within 24 months from close.
Over the past few years, our capital structure and credit profile has been managed around a $10 billion Net debt cap, with sustainable deleveraging (after base distribution) below the cap periodically returned to shareholders via special distributions and buybacks. Under this framework, we announced $20.3 billion of shareholder returns since 2020, comprising $10 billion of base distributions and $10.3 billion of "top-up" returns. Following the EVR announcement, we are now managing the balance sheet around a revised $5 billion Net Debt cap, alongside our continued commitment to minimum strong BBB/Baa ratings.
Although there are no "top-up" returns at this point, the business is expected to be highly cash generative at current spot commodity prices (spot illustrative annualised free cash flow generation of c.$5.2 billion from Adjusted EBITDA of c.$15.0 billion), which augers well for top-up returns to recommence in the future.
"As the world moves towards a low-carbon economy, we remain focused on supporting the energy needs of today whilst investing in our transition commodities portfolio. During 2023, we acquired a 30% equity stake in Alunorte alongside a 45% equity stake in Mineracao Rio do Norte S.A., securing low carbon and cost alumina units for our Marketing business. In copper, we acquired the remaining 56.25% interest in the MARA brownfield copper project in Argentina that we did not already own, as well as the balance of Polymet shares (c.18%). Polymet formed a 50:50 JV with Teck, establishing the New Range Copper Nickel venture in Minnesota. These additions, along with a near doubling of El Pachon's resource, added more than 5 billion tonnes of resource to our copper resource inventory in 2023.
"While we continue to remain focused on operating safely, responsibly and ethically and creating sustainable long-term value for all our stakeholders, the strength of our diversified business model, across industrial and marketing, focusing on metals and energy, has again in 2023 proved itself adept in a range of market conditions."
Millones de dólares | 2023 | 2022 | Cambiar% |
Resumen clave del estado de resultados y flujo de caja1: | |||
Ingresos | 217,829 | 255,984 | (15) |
EBITDA ajustado? | 17,102 | 34,060 | (50) |
EBIT ajustado? | 10,392 | 26,657 | (61) |
Resultado neto del ejercicio atribuible a los accionistas | 4,280 | 17,320 | (75) |
Ganancias por acción (Básico) (US $) | 0.34 | 1.33 | (74) |
Fondos de operaciones (FFO)2? | 9,452 | 28,938 | (67) |
Distributions to equity holders and purchase of own shares | 10,130 | 7,539 | 34 |
1 Consulte la base de la presentación en la página 7.
2 Significantly impacted in 2023, having absorbed the lag effect of settlement in H1 2023 of $2.7 billion of 2022 final income tax payments in Australia and Colombia.
? Adjusted measures referred to as Alternative performance measures (APMs) which are not defined or specified under the requirements of International Financial Reporting Standards; refer to APMs section on page 122 for definitions and reconciliations and to note 2 of the financial statements for reconciliation of Adjusted EBIT/EBITDA.
Millones de dólares | 31.12.2023 | 31.12.2022 | Cambiar% |
Puntos clave de la posición financiera: | |||
los activos totales | 123,869 | 132,583 | (7) |
Equidad total | 38,237 | 45,219 | (15) |
Financiamiento neto? | 31,062 | 27,500 | 13 |
Deuda neta? | 4,917 | 75 | Nuevo Méjico |
relaciones: | |||
Deuda neta a EBITDA ajustado? | 0.29 | 0.00 | Nuevo Méjico |
? Adjusted measures referred to as Alternative performance measures (APMs) which are not defined or specified under the requirements of International Financial Reporting Standards; refer to APMs section on page 122 for definitions and reconciliations and to note 2 of the financial statements for reconciliation of Adjusted EBIT/EBITDA.
Fuerte desempeño financiero
- $17.1 billion Adjusted EBITDA, down 50% year-on-year (y/y), primarily reflecting the rebalancing and normalisation of international energy trade flows, with coal and LNG, and to a lesser extent, oil prices materially declining
- Net income, pre-significant items (see page 9): $6.7 billion, down 65%
- Post significant items, Net income attributable to equity holders was $4.3 billion, down 75%. Significant items, mainly comprising impairments, reflect lower cobalt price assumptions impacting Mutanda and macro assumption revisions at several zinc assets
- Compra y venta neta en efectivo de PP&E: $5.6 millones, un 22 % más
- Proposed $0.13/share base distribution ($1.6 billion), in respect of 2023 cash flows
industrial asset results
- Industrial Assets Adjusted EBITDA $13.2 billion, down 52%, primarily reflecting lower coal earnings with the significant reduction in energy prices in 2023
- Metals $5.4 billion, down 41%, reflecting lower realised cobalt, nickel and zinc prices, and reduced volumes; Energy $8.5 billion, down 55%, mainly due to significantly lower coal prices
- Unit cash costs: Cu 163¢/lb (+83¢ y/y), with c.50c/lb of reduced by-product credits (cobalt being the largest contributor) and a 10c/lb non-cash inventory adjustment; Zn 49¢/lb (-11¢ y/y); Ni 871¢/lb (+240¢ y/y), including 24c/lb of Koniambo expensed capex; coal $70.5/t (-$12.1/t) at a $70.2/t margin. 2024 unit cash costs projected to be lower across all of Cu, Zn, Ni, and coal
marketing RESULTS
- Marketing Adjusted EBIT $3.5 billion, down 46% y/y
- Energy Adjusted EBIT: $1.7 billion (-67%), in a return to a more stable market environment, following the extreme market volatility levels, dislocations and complexities exhibited during 2022
- Metals Adjusted EBIT: $1.7 billion (+5%), reflecting broadly consistent physical marketing conditions for many of our most important commodities
- Viterra EBITDA was $2.1 billion (2022: $2.0 billion), while Glencore's equity accounted share of Viterra declined to $321 million ($494 million in 2022).
balance sólido
- Deuda neta a EBITDA ajustado de 0.29x
- Available committed liquidity of $12.9 billion; executed additional $3 billion 1 year committed liquidity facility in February 2024. Bond maturities capped at c.$3 billion in any given year
ambición climática
- Extensive engagement with shareholders during the year on a range of climate matters, including seeking investors' views on anticipated changes in our updated Climate Action Transition Plan that will be put to shareholders at the 2024 AGM.
- There was broad support for our climate strategy, recognising the importance of maintaining a strategy that remains resilient to the risks and opportunities of the evolving energy transition, and encouragement to continue making progress towards our ambition of achieving net zero industrial emissions by 2050, subject to a supportive policy environment.
- The principal areas of shareholder interest included a comparison of our targets and ambition to various relevant IEA scenarios, understanding progress on industrial emissions reduction between our short-term 2026 target and medium-term 2035 target and integration of the recently announced EVR acquisition into the climate strategy.
- We will, among other actions, maintain our commitment to reducing our total industrial emissions footprint and report on progress against our targets and ambition, update our assessment of the resilience of our portfolio and expand analysis of our targets and ambition against a range of climate policy scenarios.
- We intend to publish our updated Climate Action Transition Plan in March 2024 and report on progress against our industrial emission reduction targets and ambition in our 2023 Annual Report.
To view the full report please click here: https://www.glencore.com/.rest/api/v1/documents/static/7e55cef8-54b5-47c5-8a48-171d685e319d/GLEN-2023-Preliminary-Results.pdf
Para más información, póngase en contacto con:
Inversionistas | ||||||
Martin Fewings | t: + 421 917 252 978 | m: + 41 79 737 5642 | ||||
Medios | ||||||
Charles Watenphul | t: + 421 917 252 978 | m: + 41 79 904 3320 | ||||
www.glencore.com
LEI de Glencore: 2138002658CPO9NBH955
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Notas para los editores
Glencore es una de las empresas de recursos naturales diversificados más grandes del mundo y un importante productor y comercializador de más de 60 productos básicos que mejoran la vida cotidiana. A través de una red de activos, clientes y proveedores que se extiende por todo el mundo, producimos, procesamos, reciclamos, obtenemos, comercializamos y distribuimos los productos básicos que respaldan la descarbonización mientras satisfacemos las necesidades energéticas de hoy.
Con alrededor de 140,000 35 empleados y contratistas y una presencia sólida en más de 40 países en regiones establecidas y emergentes de recursos naturales, nuestras actividades industriales y de marketing cuentan con el respaldo de una red global de más de XNUMX oficinas.
Los clientes de Glencore son consumidores industriales, como los de los sectores automotriz, siderúrgico, generación de energía, fabricación de baterías y petróleo. También brindamos financiamiento, logística y otros servicios a productores y consumidores de productos básicos.
Glencore se enorgullece de ser miembro de los Principios Voluntarios de Seguridad y Derechos Humanos y del Consejo Internacional de Minería y Metales. Somos un participante activo en la Iniciativa de Transparencia de las Industrias Extractivas.
Reconocemos nuestra responsabilidad de contribuir al esfuerzo global para lograr los objetivos del Acuerdo de París mediante la descarbonización de nuestra propia huella operativa. Creemos que debemos adoptar un enfoque holístico y hemos considerado nuestro compromiso a través de la lente de nuestras emisiones industriales globales. Con respecto a una línea de base de 2019, estamos comprometidos a reducir nuestras emisiones industriales de Alcance 1, 2 y 3 en un 15 % para fines de 2026, un 50 % para fines de 2035 y tenemos la ambición de lograr cero emisiones industriales netas para fines de 2050. Para obtener más detalles, consulte nuestro Informe climático de 2022 en la página de publicación de nuestro sitio web en glencore.com/publications.
Aviso importante
Este documento no constituye ni forma parte de ninguna oferta o invitación para vender o emitir, ni ninguna solicitud de oferta para comprar o suscribir valores.
Declaración de precaución con respecto a la información prospectiva
Certain descriptions in this document are oriented towards future events and therefore contains statements that are, or may be deemed to be, "forward-looking statements" which are prospective in nature. Such statements may include, without limitation, statements in respect of trends in commodity prices and currency exchange rates; demand for commodities; reserves and resources and production forecasts; expectations, plans, strategies and objectives of management; expectations regarding financial performance, results of operations and cash flows, climate scenarios; sustainability performance (including, without limitation, environmental, social and governance) related goals, ambitions, targets, intentions, visions, milestones and aspirations; approval of certain projects and consummation of certain transactions (including, without limitation, acquisitions and disposals, in particular the proposed acquisition of a majority stake of EVR from Teck Resources Limited and potential subsequent demerger of the combined coal and carbon steel materials business); closures or divestments of certain assets, operations or facilities (including, without limitation, associated costs); capital costs and scheduling; operating costs and supply of materials and skilled employees; financings; anticipated productive lives of projects, mines and facilities; provisions and contingent liabilities; and tax, legal and regulatory developments.
Estas declaraciones prospectivas pueden identificarse mediante el uso de terminología prospectiva, o sus términos negativos, incluidos, entre otros, "perspectivas", "orientaciones", "tendencias", "planes", "espera", "continúa", "asume", "está sujeto a", "presupuesta", "programa", "estima", "objetiva", "prevé", "arriesga", "pretende", "posiciona", "predice", "proyecta", "anticipa", "cree" o variaciones de dichas palabras o terminología y frases o declaraciones comparables de que ciertas acciones, eventos o resultados "podrían", "podrían", "deberían", "deberán", "podrían" o "será" tomada, ocurrirá o se logrará. La información contenida en este documento proporciona una idea de cómo pretendemos dirigir actualmente la gestión de nuestros negocios y activos y desplegar nuestro capital para ayudarnos a implementar nuestra estrategia. Los asuntos divulgados en este documento son solo una divulgación de un "punto en el tiempo". Las declaraciones a futuro no se basan en hechos históricos, sino más bien en predicciones, expectativas, creencias, opiniones, planes, objetivos, metas, intenciones y proyecciones actuales sobre eventos futuros, resultados de operaciones, perspectivas, condiciones financieras y discusiones de estrategia, y reflejan juicios, suposiciones, estimaciones y otra información disponible a la fecha de este documento o la fecha del correspondiente proceso de planificación o análisis de escenarios.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from any future event, results, performance, achievements or other outcomes expressed or implied by such forward-looking statements. Important factors that could impact these uncertainties include (without limitation) those disclosed in the risk management section of our latest Annual Report and Half-Year Report (which can each be found on our website). These risks and uncertainties may materially affect the timing and feasibility of particular developments. Other factors which impact risks and uncertainties include, without limitation: the ability to produce and transport products profitably; demand for our products and commodity prices; development, efficacy and adoption of new or competing technologies; changing or divergent preferences of our stakeholders; changes to the assumptions regarding the recoverable value of our tangible and intangible assets; changes in environmental scenarios and related regulations, including, without limitation, transition risks and the evolution and development of the global transition to a low carbon economy; recovery rates and other operational capabilities; timing, quantum and nature of certain acquisitions and divestments; health, safety, environmental or social performance incidents; labor shortages or workforce disruptions; natural catastrophes or adverse geological conditions, including, without limitation, the physical risks associated with climate change; effects of global pandemics and outbreaks of infectious disease; the outcome of litigation or enforcement or regulatory proceedings; the effect of foreign currency exchange rates on market prices and operating costs; actions by governmental authorities, such as changes in taxation or regulation or changes in the decarbonisation policies and plans of other countries; changes in economic and financial market conditions generally or in various counties or regions; political or geopolitical uncertainty; and wars, political or civil unrest, acts of terrorism, cyber attacks or sabotage.
Los lectores, incluidos, entre otros, inversores y posibles inversores, deben revisar y considerar estos riesgos e incertidumbres (así como los otros riesgos identificados en este documento) al considerar la información contenida en este documento. Los lectores también deben tener en cuenta que el alto grado de incertidumbre en torno a la naturaleza, el momento y la magnitud de los riesgos relacionados con el clima, y la incertidumbre sobre cómo evolucionará la transición energética, hace que sea difícil determinar todos los riesgos y oportunidades potenciales y divulgar estos y cualquier impactos potenciales con precisión. Ni Glencore ni ninguno de sus afiliados, asociados, empleados, directores, funcionarios o asesores brindan ninguna representación, garantía o garantía en cuanto a la exactitud, integridad o corrección, probabilidad de logro o razonabilidad de cualquier información prospectiva contenida en este documento o que los eventos, resultados, desempeño, logros u otros resultados expresados o implícitos en cualquier declaración prospectiva en este documento realmente ocurrirán. Glencore advierte a los lectores contra la confianza en cualquier declaración prospectiva contenida en este documento, particularmente a la luz del horizonte temporal a largo plazo que este documento analiza en ciertos casos y la incertidumbre inherente en posibles desarrollos políticos, de mercado y tecnológicos en el futuro.
Ninguna declaración contenida en este documento pretende ser ningún tipo de pronóstico (incluido, entre otros, un pronóstico de ganancias o una estimación de ganancias), garantía o predicción de eventos o desempeño futuros, y no se puede confiar en el desempeño pasado como guía para el desempeño futuro.
Salvo que lo exijan las reglamentaciones aplicables o la ley, Glencore no tiene ninguna obligación, y Glencore y sus afiliadas renuncian expresamente a cualquier intención, obligación o compromiso, de actualizar o revisar cualquier declaración prospectiva, ya sea como resultado de nueva información, futuras eventos o de otra manera. Este documento no creará, bajo ninguna circunstancia, ninguna implicación de que no ha habido cambios en los negocios o asuntos de Glencore desde la fecha de este documento o que la información contenida en el mismo es correcta en cualquier momento posterior a su fecha.
Declaración de advertencia sobre la estrategia climática
Glencore operates in a dynamic and uncertain market and external environment. Plans and strategies can and must adapt in response to dynamic market conditions, changing preference of our stakeholders, joint venture decisions, changing weather and climate patterns, new opportunities that might arise or other changing circumstances. Investors should not assume that our climate strategy will not evolve and be updated as time passes. Additionally, a number of aspects of our strategy involve developments or workstreams that are complex and may be delayed, more costly than anticipated or unsuccessful for many reasons, including, without limitation, reasons that are outside of Glencore's control. Our strategy will also necessarily be impacted by changes in our business, such as the proposed acquisition of EVR and potential demerger of the combined coal and carbon steel materials business.
Existen limitaciones inherentes al análisis de escenarios y es difícil predecir cuál de los escenarios, si alguno, podría ocurrir. El análisis de escenarios se basa en supuestos que pueden o no ser, o resultar ser, correctos y que pueden ocurrir o no, y los escenarios también pueden verse afectados por factores adicionales a los supuestos revelados. Dadas estas limitaciones, tratamos estos escenarios como uno de varios insumos que consideramos en nuestra estrategia climática.
Debido a la incertidumbre y las limitaciones inherentes a la medición de las emisiones de gases de efecto invernadero (GEI) y el consumo operativo de energía según las metodologías de cálculo utilizadas en la preparación de dichos datos, todo el CO2e emissions and operational energy consumption data or volume references (including, without limitation, ratios and/or percentages) in this document are estimates. GHG emissions calculation and reporting methodologies may change or be progressively refined over time resulting in the need to restate previously reported data. There may also be differences in the manner that third parties calculate or report such data compared to Glencore, which means that third-party data may not be comparable to Glencore's data. For information on how we calculate our emissions and operational energy consumption data, see our latest Basis of Reporting, Climate Report and Extended ESG Data, which is available on our website.
Fuentes
Certain statistical and other information included in this document is sourced from publicly available third-party sources. This information has not been independently verified and presents the view of those third parties, and may not necessarily correspond to the views held by Glencore and Glencore expressly disclaims any responsibility for, or liability in respect of, and makes no representation or guarantee in relation to, such information (including, without limitation, as to its accuracy, completeness or whether it is current). Glencore cautions readers against reliance on any of the industry, market or other third-party data or information contained in this document.
Preparación de la información
Al preparar este documento, Glencore ha realizado ciertas estimaciones y suposiciones que pueden afectar la información presentada. Cierta información se deriva de cuentas de gestión, no está auditada y se basa en la información que Glencore tiene disponible en ese momento. Las cifras de este documento están sujetas a ajustes de redondeo. La información presentada está sujeta a cambios en cualquier momento sin previo aviso y no tenemos la intención de actualizar esta información excepto cuando sea necesario.
This document contains alternative performance measures which reflect how Glencore's management assesses the performance of the Group, including results that exclude certain items included in our reported results. Further details and information needed to reconcile such information to our reported results can be found in the section of this report entitled "Alternative Performance Measures". For further information on how we calculate certain non-financial metrics such as fatalities at our industrial operations, please refer to our latest Basis of Reporting, which is available on our website.
Sujeto a los términos implícitos por ley que no pueden excluirse, Glencore no acepta responsabilidad por ninguna pérdida, daño, costo o gasto (ya sea directo o indirecto) incurrido por cualquier persona como resultado de cualquier error, omisión o tergiversación en la información de este documento. .
Más información (opcional – piso, bloque edificio, puerta, etc.)
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