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Algemeen advies 29/07/2022 07:39
Portfolio quality supports underlying EBITDA of $8.7 billion

Financial highlights for the six months ended 30 June 2022

Underlying EBITDA* of $8.7 billion
Profit attributable to equity shareholders of $3.7 billion
Net debt* of $4.9 billion (0.3 x annualised underlying EBITDA): cash generation partially offset by investment in asset resilience and growth
$1.5 billion interim dividend, equal to $1.24 per share, consistent with our 40% payout policy
Quellaveco commissioned on time and on budget: multi-decade new copper operation expected to produce 300,000 copper equivalent tonnes per year on average over first 10 years
Duncan Wanblad, Chief Executive of Anglo American, said: “Anglo American’s differentiated combination of portfolio quality and growth optionality, underpinned by our operating model and innovation track record, continues to position us strongly through the current market volatility and longer term cycle. Our unwavering focus is on driving consistent performance across our operations – which starts with the safety and health of our employees – and progress towards our full suite of sustainability ambitions. As we progressed through the first half, we began to regain operational momentum while also adjusting to the considerable challenges posed by Covid-19 related absenteeism, disrupted supply chains and logistics corridors, weather extremes and geopolitically-led economic volatility.

“Against that backdrop, we generated underlying EBITDA of $8.7 billion in the first six months, our second highest for a half year, albeit a 28% decrease compared to the record first half of 2021. Attributable free cash flow of $1.6 billion was driven largely by strong prices in the first quarter that declined towards the end of the period in tandem with increasing cost inflation. Despite those headwinds and our operational challenges, in steelmaking coal and iron ore in particular, that reduced our planned production output, our return on capital employed of 36% stayed well above our targeted 15% through-the-cycle return and our mining EBITDA margin remained at a healthy 52%. Our commitment to capital discipline and to a strong and flexible balance sheet is paramount to remain resilient to the external environment and retain optionality for value-adding growth. At the end of June, net debt of $4.9 billion, or 0.3 x annualised underlying EBITDA, reflects the cash generation of the business, partially offset by our investments in our existing assets and future growth. Our $1.5 billion interim dividend of $1.24 per share is in line with our 40% payout policy.

“We continue to make progress on our long term safety journey. There is no doubt, however, that the operational changes necessary to help protect the health of our employees during the last two years require us to apply additional targeted effort to regain our momentum of continuous improvement. I am also sad to report that we lost one colleague in March in an equipment lifting incident in Australia. It is simply unacceptable to lose a life at work and we are determined to eliminate workplace fatalities once and for all. This is my number one priority.

“Looking ahead, growing the value of our business by progressing asset development options is the foundation of our organic margin-enhancing volume growth potential of 30%(1) over the next decade. More than a third of this growth comes from our newly commissioned Quellaveco copper operation. With our customer proposition almost entirely oriented around future-enabling metals and minerals, we are well positioned to play a critical role in the decarbonisation of global energy and transport systems, alongside good progress in meeting our own ambitious emissions targets, thereby delivering enhanced value for our shareholders and stakeholders across society.”

Six months ended
US$ million, unless otherwise stated 30 June 2022 30 June 2021 Change
Revenue 18,111 21,779 (17) %
Underlying EBITDA* 8,701 12,140 (28) %
Mining EBITDA margin* 52 % 61 %
Attributable free cash flow* 1,564 5,641 (72) %
Profit attributable to equity shareholders of the Company 3,680 5,188 (29) %
Basic underlying earnings per share* ($) 3.11 4.30 (28) %
Basic earnings per share ($) 3.03 4.18 (28) %
Interim dividend per share ($) 1.24 1.71 (27) %
Additional returns per share ($) — 1.60
Total dividend and buyback per share ($) 1.24 3.31 (47) %
Group attributable ROCE* 36 % 49 %
Terms with this symbol * are defined as Alternative Performance Measures (APMs). For more information, refer to page 86.

(1) Copper equivalent volume growth vs. 2021 copper equivalent production.

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