Full Year 2023 Sibanye Stillwater Ltd Earnings Call Transcript
Key Points
- Sibanye Stillwater Ltd (JSE:SSW) achieved a record-low serious injury frequency rate, demonstrating significant progress in their ESG initiatives.
- The company is well advanced with its Noble Energy projects, with 267 megawatts in construction, contributing to renewable energy goals.
- Sibanye Stillwater Ltd (JSE:SSW) ended the year with a net debt to adjusted EBITDA ratio of 0.58 times, indicating a strong balance sheet.
- The South African gold operations saw a significant turnaround, moving from a ZAR3.5 billion adjusted EBITDA loss to a ZAR3.5 billion adjusted EBITDA profit.
- The company has established the Sibanye Stillwater Foundation, which is making its first allocations for social upliftment projects.
- Earnings and cash flow were significantly impacted by a steep decline in PGM prices.
- The company suffered a regression in fatalities year-on-year, with a notable incident at the Burnstone conveyor contractor site resulting in four deaths.
- No final dividend was declared due to losses in the second half of the year.
- The Sandouville nickel refinery in France was severely impacted by the collapse in nickel prices, leading to operational challenges.
- The US operations at Stillwater are still loss-making, with ongoing efforts required to ensure profitability in a lower palladium price environment.
Ladies and gentlemen, welcome to our 2023 H2 and year end presentation. Please take note of the international piggyback. We gave considerable thought as to what would be the appropriate way to signal our focus on the balance sheet. And we thought this was the most appropriate way to indicate our focus for a challenging 2024. We are not trying to create a silk purse out of a sow's ear yet.
And so let's move on. First of all, please take note of the Safe Harbor statement. There are lots of forward-looking statements, especially around what the markets may or may not do. What we intend to cover today is I will go through the salient features of 2023. We want to start with -- it all starts and ends in the market. We really just wanted to focus on the PGM market. I think that is the priority.
We want to share with you our priority focus and our prediction of the balance sheet. That is definitely our priority for 2024. I will also discuss a concept that I introduced at the last presentation, a little bit more
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