Newcrest, Half Year Results & Update 1

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Algemeen advies 15/02/2018 09:42
Newcrest has reported a half year Statutory profit2 of $98 million and an Underlying profit3 of $116 million, with gold production of 1.14 million ounces.
Key Points for Half Year • Gold production of 1.14 million ounces at a Group All-In Sustaining Cost3 of $860 per ounce • Free Cash Flow3 of $134 million enabling a 4% reduction in net debt to $1.4 billion • Interim dividend of US 7.5 cents per share, fully franked • Progressive ramp-up of Cadia Panel Cave 1 and Panel Cave 2 proceeded to plan post seismic event • Continued portfolio optimisation with divestment of Bonikro
Key Milestones for the Near Term • Cadia East Mine Prefeasibility Study in August 2018 • Cadia Plant Expansion Prefeasibility Study in August 2018 • Cadia targeting 30mtpa annualised production rate by end June 20184 • Golpu Feasibility Study Update by end March 2018 • Lihir targeting 15mtpa sustainable annualised mill throughput by end June 20194 • Forging a stronger Newcrest - our aspirations by end of 2020: o Zero fatalities and industry leading TRIFR o First quartile Group AISC per ounce o Exposure to five tier 1 orebodies (operations, development projects or equity investments) o First quartile Organisational Health o Five breakthrough Technology & Innovation successes
Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas, said: “The commitment of Newcrest’s people to safety and operational discipline has delivered solid results for the half year. We remain on track to achieve our annual guidance, with production expected to be stronger in the second half of the year and AISC spend potentially being below the guidance range. Cadia is targeting 30mtpa annualised production rate by June 2018 and Lihir is targeting 15mtpa sustainable annualised mill throughput by end of June 2019”. All but one operation was cash flow positive in the period (Telfer was negative $9 million), allowing us to reduce our net debt position to $1.4 billion. The strong balance sheet and outlook for production, capital investment and cashflow generation has underpinned the determination of an interim dividend of US 7.5 cents per share.
Newcrest Mining Limited – www.newcrest.com.au 2
Our near, medium and longer term growth options remain on track. We expect the Golpu Feasibility Study update to be completed by the end of March 2018. We are targeting the completion of the Cadia Mining and Cadia Plant Expansion Prefeasibility Studies by the end of this financial year with results released in August. At the same time, Cadia continues to progress the plant process enhancements to increase processing capacity to 30mtpa by the end of the current financial year. At Lihir we have set a target of 15mtpa sustainable annualised mill throughput by the end of June 2019 and expect to exceed the previous 14mtpa target early in the 2018 calendar year4. Today we announce our updated Forging a Stronger Newcrest, which includes a new five pillar framework and aspirations we would like to achieve by the end of calendar year 2020. These comprise: • Safety & Sustainability – with an aspiration being fatality-free and having an industry leading low TRIFR • People – with an aspiration of having first quartile Organisational Health • Operating Performance – safely operating our assets to their full potential, measured by having a first quartile Group AISC per ounce • Technology & Innovation – delivering five breakthrough successes • Profitable Growth – growing the value of our business, measured by having exposure to five tier 1 orebodies through operations, development projects or equity investments
We have also released our 2017 Sustainability Report today, detailing progress and achievements in applying sustainable practices across all aspects of our business. Specifically, the Sustainability Report details our commitments and outcomes in relation to the safety, health and diversity of our workforce, our efforts to minimise the impact on the environment, and our work with local communities and engagement with other stakeholders in our pursuit to be the Miner of Choice.
Newcrest Mining Limited – www.newcrest.com.au 3
Summarised Financial and Operating Results For the 6 months ended 31 December
Endnote Metric 2017 2016 Change Change %
Revenu $m 1,717 1,807 (90)
(5%) Statutory profit 2 $m 98 187 (89) (48%)
Underlying profit 3 $m 116 273 (157)
(58%) EBITDA 3 $m 624 783 (159) (20%)
EBIT 3 $m 230 463 (233)
(50%) Cash flow from operating activities $m 453 601 (148) (25%)
Free Cash Flow 3 $m 134 258 (124)
(48%) EBITDA margin 3 % 36.3 43.3 (7.0) (16%)
EBIT margin 3 % 13.4 25.6 (12.2)
(48%) Group production - gold oz 1,135,613 1,230,213 (94,600) (8%)
- copper t 39,002 48,899 (9,897)
(20%) All-In Sustaining Cost 3 $/oz 860 770 90 12%
All-in Sustaining Cost Margin 3 $/oz 435 507 (72)
(14%) Realised gold price $/oz 1,295 1,277 18 1%
Realised copper price $/lb 3.01 2.30 0.71
31% Average exchange rate AUD:USD 0.7790 0.7543 0.0247 3%
Average exchange rate PGK:USD 0.3131 0.3155 (0.0024)
(1%) Closing exchange rate AUD:USD 0.7800 0.7236 0.0564 8%

Endnote Metric As at 31 Dec 2017 As at 30 June 2017 Change Change %
Total equity $m 7,610 7,534 76
1% Net debt $m 1,436 1,499 (63) (4%)
Net debt to EBITDA 3 times 1.2 1.1 0.1
9% Gearing % 15.9 16.6 (0.7) (4%)
Cash and cash equivalents 5 $m 556 492 64 13%

Please refer to the Company’s “ASX Appendix 4D and Financial Report” released on 15 February 2018, and the Management Discussion and Analysis in particular, for more detail on the Company’s financial results.

Half Year Financial Results Statutory profit of $98 million was $89 million lower than the prior period. The current period Statutory profit includes significant items (after tax and non-controlling interests) with a net expense of $18 million. The current period significant items comprise a write-down of non-current assets at Bonikro totalling $12 million following the divestment announcement made in December 2017 and $6 million attributable to the write-down of a tax asset at Gosowong following an adverse verdict in the Indonesian Tax Court with respect to a FY13 tax rate dispute. Both of these write-downs are non-cash items. Underlying profit in the current period of $116 million was $157 million lower than the prior period, primarily driven by lower gold and copper sales volumes related to the effects of the Cadia seismic event, higher depreciation expense and the unfavourable impact on costs from the strengthening of the Australian dollar against the US dollar. This was partially offset by higher realised gold and copper prices and lower income tax expense.

read and see more on
http://www.newcrest.com.au/media/financial_reports/2018/HY18_Market_Release.PDF



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