Even though Glencore’s H1 16 results came materially behind consensus estimates, we were not very surprised as our estimates were on the cautious side. Continuation of the group’s deleveraging plan was again the key highlight. H1 sales came in at $69.4bn (-19% yoy), with weakness in metals and energy industrials being most pronounced. But, if the impact of divestments/discontinued operations was excluded, sales were down only 6% yoy. Adjusted EBIT (excluding income from associates
25 Aug 2016
Balance sheet improves further, while operating weakness was (largely) anticipated
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Balance sheet improves further, while operating weakness was (largely) anticipated
Glencore plc (GLEN:LON) | 476 -3.3 (-0.1%) | Mkt Cap: 58,036m
- Published:
25 Aug 2016 -
Author:
Varun Sikka -
Pages:
4
Even though Glencore’s H1 16 results came materially behind consensus estimates, we were not very surprised as our estimates were on the cautious side. Continuation of the group’s deleveraging plan was again the key highlight. H1 sales came in at $69.4bn (-19% yoy), with weakness in metals and energy industrials being most pronounced. But, if the impact of divestments/discontinued operations was excluded, sales were down only 6% yoy. Adjusted EBIT (excluding income from associates