Half Year 2019 Glencore PLC Earnings Call Transcript
Good morning. Welcome to our first half results for 2019. Thank you for joining us here today and by webcast. This morning, we have our CEO, Ivan Glasenberg; our CFO, Steven Kalmin; and our Head of Industrial Assets, Peter Freyberg.
I'll hand over to Ivan to commence the presentation.
Thanks, Martin. Okay. Good morning.
Okay. To give you a summary of the results for the first half, as you can see, EBITDA is $5.6 billion, which is down 32% from the previous half last year; would be $5.9 billion, pre the $350 million, which we mentioned during the production results in respect of the cobalt loss on the mark-to-market on the noncash part of that. Cash generated by operating activities before working capital changes is $5.4 billion, which is down 21% from the previous half, previous first half of last year. And net CapEx cash flow is $2.2 billion.
The ramp-up/development assets, which we all know about and talk about, which
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