Our performance in 2017 was our strongest on record, driven by our leading Marketing and Industrial asset businesses.
This is according to Ivan Glasenberg, Glencore Chief Executive Officer.
“Marketing Adjusted EBIT exceeded $3 billion for the first time since 2008 and Industrial Adjusted EBITDA rose 60% to $11.5 billion. The benefit of higher commodity prices combined with a continued strong unit cost performance is reflected in enhanced mining margins within our metals and energy operations.
“Our strong cash flow generation is reflected in a 49% increase in funds from operations to $11.6 billion, while our balance sheet is conservatively positioned with net debt of $10.7 billon. We have recommended a 2018 distribution of $2.9 billion or $0.20/share, to be paid in two equal payments.
“We look to the future with confidence. We believe our unrivalled positioning in “Tier 1” commodities and “Tier 1” assets will continue to create compelling value for all stakeholders.”