Glencore funds from operations up 49%

0

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.”

Share.

About Author

Bontle Moeng is the Founder and Managing Director of BizNis Africa. Moeng has spent 15 years working in the digital and online media industry across Africa. She applied her trade at True Love magazine prior to discovering her passion for Investment news in key sectors across Africa. Moeng previously worked for ITWeb, Starfish Mobile Technologies, ITNewsAfrica, AVATAR Agency, eNitiate, Global Interface Consulting and Havas Johannesburg. Her primary focus is to provide solid and valuable content on investment opportunities for the ICT, Energy and Mining sectors across Africa. In addition, the online news publication assists global companies to expand their presence in Africa. Email: news@biznisafrica.co.za

Leave A Reply