Half Year 2020 South32 Ltd Earnings Call (Australia Investors) Transcript
Ladies and gentlemen, thank you for standing by. And welcome to the South32 Half Year Financial Results and Outlook FY '20 Investor and Analyst Teleconference. (Operator Instructions) Today's call will begin with opening remarks followed by a question-and-answer session. (Operator Instructions) I would now like to hand the conference over to Mr. Graham Kerr, CEO.
Thank you. Good morning, everyone. Thanks for joining our financial results conference call for the half year ended 31st December 2019. I'm joined by our Chief Financial Officer, Katie Tovich; and Chief Operating Officers, Paul Harvey and Mike Fraser. Given there is a video providing an overview of our results available on our website, I'll start with a short introduction.
Volatile markets led to a 21% decline in the average realized prices for our key commodities, and we reported underlying EBITDA of $678 million. Free cash flow from operations was $284 million, and we ended the half with a net cash balance of $277 million. We
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