Half Year 2020 South32 Ltd Earnings Call (UK and South Africa Investors) Transcript
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. Please go ahead.
Thank you. Good morning, good afternoon, everyone. Thanks for joining us for our financial results conference call for the half year ended 31 December 2019. I'm joined by our Chief Financial Officer, Katie Tovich; our Chief Operating Officer, Paul Harvey; and also our Chief Operating Officer, Mike Fraser, who joins us on the line from South Africa.
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
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