Glencore plc

Public consensus   -   Last updated 06/02/20

Reporting currency: USD
Reporting unit: Millions
FY19
CONSENSUS
06/02/20
Financials ($M)
Marketing Adjusted EBITDA
2,526
Marketing Adjusted EBIT
Metals and minerals
1,186
Energy products
1,165
Agricultural products
20
Corporate and other
(131)
Total Marketing Adjusted EBIT
2,245
Industrial Adjusted EBITDA
Copper
2,740
Zinc
1,914
Nickel
621
Ferroalloys
381
Aluminium/Alumina
(33)
Iron ore
(1)
Coal
3,376
Oil
170
Agri
-
Corporate and other
(449)
Total Industrial Adjusted EBITDA
8,720
Industrial Adjusted EBIT
2,184
Total Adjusted EBITDA
11,246
Total depreciation
6,816
Total Adjusted EBIT (pre JV)
4,429
JV adjustment
(342)
Total Adjusted EBIT - reported measure
4,088
Interest expense - net
(1,676)
Income tax expense
(697)
Non-controlling interest
511
Income before significant items
2,226
Shares
Shares (M)
13,484
Shares (diluted) (M)
13,680
EPS (Basic, pre other significant items) - $ cent
16.5
EPS (Diluted) - $ cent
16.0
Balance Sheet & Cashflow
Gross debt
35,728
Cash and cash equivalents
(1,834)
Net Funding
33,681
RMI
(16,559)
Net Debt (defined by Glencore)
17,122
Dividend (USc/share)
18.64
Expansion Capex
Total Expansion Capex
1,434
Sustaining Capex
Total Sustaining Capex
3,618
Marketing capex (incl. capitalised interest)
219
Total Group Capex
5,046
Industrial Production (own sources)
Total group production own sources
Total Copper (kt)
1,363.6
Total Zinc (kt)
1,113.3
Total Lead (kt)
308.9
Total Nickel (kt)
124.0
Total Gold (koz)
795
Total Silver (koz)
32,439
Total Cobalt (kt)
43.8
Total Ferrochrome (kt)
1,357
Total Platinum (koz)
59
Total Palladium (koz)
90
Total Rhodium (koz)
4
Total Vanadium Pentoxide (Mlb)
17.9
Coal production from own sources (Mt)
Australian Coking coal
8.5
Australian Semi-soft coal
6.7
Australian thermal coal (export)
64.7
Australian thermal coal (domestic)
8.1
South African thermal coal (export)
13.8
South African thermal coal (domestic)
14.3
Prodeco
15.1
Cerrejon
8.5
Total Coal department
139.7
Oil production Glencore entitlement (kbbl)
Equatorial Guinea
1,851
Chad
3,331
Commodity prices and exchange rates
Commodity Prices
Copper price ($/t)
6,014
Zinc price ($/t)
2,526
Lead price ($/t)
2,003
Nickel price ($/t)
13,996
Gold price ($/oz)
1,394
Silver price ($/oz)
16
Cobalt price ($/lb)
16
Ferrochrome (c/lb)
105
Platinum ($/oz)
875
Iron ore price ($/DMT)
94
AU - HCC Realised Export Price ($/t)
162
AU - SS Coal Realised Export Price ($/t)
112
AU - Th Coal Realised Export Price ($/t)
77
AU - Th Coal Realised Domestic Price ($/t)
35
SA - Th Coal Realised Export Price ($/t)
67
SA - Th Coal Realised Domestic Price ($/t)
25
Prodeco - Th Coal Realised Export Price ($/t)
56
Cerrejon - Th Coal Realised Export Price ($/t)
59
Oil price ($/bbl)
64
Exchange rates
AUD:USD
0.78
USD:KZT
379.20
USD:ZAR
14.49
USD:CAD
1.23

Disclaimer

Glencore invites registered sell-side analysts that monitor Glencore’s shares to submit their forecasts to an external web-based tool independently managed by Vuma Financial Limited (VUMA), a company independent of Glencore.

The consensus figures are an aggregation of publicly available forecasts collated exclusively by VUMA, but only on the basis of information submitted by those analysts who choose to participate. The consensus figure for a particular item represents the arithmetic average of all figures for that item submitted to VUMA by analysts. VUMA has no access to Glencore’s internal forecasts, budgets or any other information which is not publicly available.

The consensus figures are not based on Glencore’s own opinions, estimates or forecasts and are compiled and published without comment from, or endorsement or verification by Glencore. The consensus figures do not necessarily reflect guidance provided from time to time by Glencore where given in relation to equivalent metrics, which to the extent available can be found on the Glencore website.

By enabling publication of the consensus figures and referencing the same on its website, Glencore does not imply that it endorses, confirms or expresses a view on the consensus figures. The consensus figures are provided for informational purposes only and are not intended to, nor do they, constitute investment advice or any solicitation to buy, hold or sell securities or other financial instruments. No warranty or representation, either express or implied, is made by Glencore or its affiliates, or their respective directors, officers and employees, in relation to the accuracy, completeness or achievability of the consensus figures and, to the fullest extent permitted by law, no responsibility or liability is accepted by any of those persons in respect of those matters. Glencore assumes no obligation to update, revise or supplement the consensus figures to reflect circumstances existing after the date hereof.

Glencore does not accept any liability whatsoever for reliance upon, or actions taken based on, any of the information set out in these consensus figures. The consensus figures are forward-looking and as such are speculative and rely on assumptions and events in the future (some or all of which may not be satisfied or may not occur).

The consensus figures do not take into consideration the investment objectives, financial situation or particular needs of any particular investor. Before making an investment decision, a prospective investor should consider its particular investment needs, objectives and financial circumstances, and should seek appropriate professional advice, tailored to the investor's circumstances. Any investment in securities is subject to investment risks.

Ahead of the release of each of Glencore’s Quarterly Production Reports, sell-side analysts who follow the Company are requested to submit their estimates to VUMA. The consensus figures therefore represent only the estimates of these analysts who contribute (not necessarily being the same analysts that contributed to consensus figures for previous quarters). Analyst estimates can change significantly from time to time, as commodity prices and foreign exchange rates, among other things, can change rapidly. Any such changes in analysts’ estimates will not be reflected in the consensus figures published on VUMA’s website until these analysts submit their updated forecasts ahead of the release of Glencore’s next Quarterly Production Report. No analyst who has entered its estimates into VUMA after the end of the prior reporting period has been excluded from the aggregate consensus figures for that reporting period.