Glencore plc

Public consensus   -   Last updated 05/08/19

Reporting currency: USD
Reporting unit: Millions
H1 FY19
CONSENSUS
05/08/19
Financials ($M)
Marketing Adjusted EBITDA
1,098
Marketing Adjusted EBIT
Metals and minerals
647
Energy products
425
Agricultural products
27
Corporate and other
(70)
Total Marketing Adjusted EBIT
1,031
Industrial Adjusted EBITDA
Copper
1,577
Zinc
919
Nickel
251
Ferroalloys
247
Aluminium/Alumina
(6)
Iron ore
-
Coal
1,997
Oil
70
Agri
10
Corporate and other
(224)
Total Industrial Adjusted EBITDA
4,839
Industrial Adjusted EBIT
1,579
Total Adjusted EBITDA
5,937
Total depreciation
3,327
Total Adjusted EBIT (pre JV)
2,610
JV adjustment
(246)
Total Adjusted EBIT - reported measure
2,363
Interest expense - net
(784)
Income tax expense
(388)
Non-controlling interest
170
Income before significant items
1,362
Shares
Shares (M)
13,628
Shares (diluted) (M)
13,812
EPS (Basic, pre other significant items) - $ cent
10.0
EPS (Diluted) - $ cent
10.1
Balance Sheet & Cashflow
Gross debt
34,364
Cash and cash equivalents
(1,209)
Net Funding
32,523
RMI
(17,235)
Net Debt (defined by Glencore)
15,288
Dividend (USc/share)
7.31
Expansion Capex
Total Expansion Capex
675
Sustaining Capex
Total Sustaining Capex
1,794
Marketing capex (incl. capitalised interest)
62
Total Group Capex
2,520
Industrial Production (own sources)
Total group production own sources
Total Copper (kt)
728.6
Total Zinc (kt)
603.4
Total Lead (kt)
174.3
Total Nickel (kt)
62.9
Total Gold (koz)
406
Total Silver (koz)
17,943
Total Cobalt (kt)
25.5
Total Ferrochrome (kt)
918
Total Platinum (koz)
32
Total Palladium (koz)
45
Total Rhodium (koz)
3
Total Vanadium Pentoxide (Mlb)
10.2
Coal production from own sources (Mt)
Australian Coking coal
4.8
Australian Semi-soft coal
3.2
Australian thermal coal (export)
33.8
Australian thermal coal (domestic)
4.2
South African thermal coal (export)
7.9
South African thermal coal (domestic)
8.0
Prodeco
8.0
Cerrejon
4.7
Total Coal department
74.6
Oil production Glencore entitlement (kbbl)
Equatorial Guinea
986
Chad
1,604
Commodity prices and exchange rates
Commodity Prices
Copper price ($/t)
6,175
Zinc price ($/t)
2,718
Lead price ($/t)
1,958
Nickel price ($/t)
12,356
Gold price ($/oz)
1,307
Silver price ($/oz)
15
Cobalt price ($/lb)
16
Ferrochrome (c/lb)
105
Platinum ($/oz)
835
Iron ore price ($/DMT)
91
AU - HCC Realised Export Price ($/t)
179
AU - SS Coal Realised Export Price ($/t)
130
AU - Th Coal Realised Export Price ($/t)
82
AU - Th Coal Realised Domestic Price ($/t)
41
SA - Th Coal Realised Export Price ($/t)
72
SA - Th Coal Realised Domestic Price ($/t)
25
Prodeco - Th Coal Realised Export Price ($/t)
73
Cerrejon - Th Coal Realised Export Price ($/t)
70
Oil price ($/bbl)
65
Exchange rates
AUD:USD
0.71
USD:KZT
379.45
USD:ZAR
12.74
USD:CAD
1.15

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.