Half Year 2024 Anglo American PLC Earnings Call Transcript
Key Points
- Anglo American PLC (AAUKF) achieved a resilient performance with an EBITDA of ZAR12 billion and a mining margin of 28%, despite challenging market conditions.
- The company implemented a ZAR5 billion cost-saving program for 2024, achieving ZAR2.9 billion in operational and overhead cost savings in H1.
- Refined PGM production increased by 5% to 1.78 million ounces, and sales volumes rose by 9% to 1.97 million ounces due to inventory drawdown.
- The company maintained a strong balance sheet with net cash of ZAR15 billion, including customer prepayments, and declared an interim dividend of ZAR2.6 billion.
- Anglo American PLC (AAUKF) is progressing well with its demerger process, aiming to become a standalone entity with a strong platform for future growth.
- Total PGM production was down 5% compared to the prior period, indicating operational challenges.
- The company faced significant cost pressures and geopolitical tensions, requiring decisive actions to maintain sustainability.
- The tragic loss of two colleagues at the Amandelbult's Dishaba mine in June highlighted ongoing safety challenges.
- Revenue dropped by 19% to ZAR52 billion due to a 24% decrease in the PGM basket price, partially offset by increased sales volumes.
- The company had to implement a difficult organizational restructure, impacting both employees and contracting companies, to improve productivity and sustainability.
Good morning once again, ladies and gentlemen. I'm Theto Maake, Head of Investor Relations for Anglo American Platinum. Thank you for taking the time to join us for our 2024 interim results, both in person and online. For those in person, welcome back to our offices.
I would like to draw your attention to the cautionary statement and would appreciate if you could read this in full in your own time. We have also allocated time for Q&As at the end -- at the end of the presentation. I am going to hand over to our Chairman, Norman Mbazima, who is actually Chairman of our Board, as well as of the newly constituted independent board for some brief opening remarks before Craig and Sayurie. Norman, over to you.
Thank you, Theto. Good morning and welcome to the presentation of our 2024 interim results. Before I do that, let me start by acknowledging my fellow Board members, both in the room and online now
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
