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Date Source Announcement
28/10/2016 17:05:09 London Stock Exchange TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
26/10/2016 15:16:38 London Stock Exchange BOARD CHANGES
26/10/2016 07:00:04 London Stock Exchange Q3 2016 PRODUCTION REPORT
21/10/2016 13:00:19 London Stock Exchange TR-1: Notification of major interest in shares
16/09/2016 09:57:06 London Stock Exchange INTERIM DIVIDEND PAYABLE
15/08/2016 07:00:10 London Stock Exchange Directorate Change
27/07/2016 07:00:09 London Stock Exchange Q2 2016 PRODUCTION REPORT
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Latest Content

Cost savings delivers an earnings surprise

  • 16 Aug 16

While copper prices have remained weak, effective cost controls clearly helped Antofagasta report much better H1 16 results, which were ahead of AlphaValue’s (and materially ahead of consensus) estimates. Sales came in at $1.4bn (-18% yoy) as the effect of weak prices was compounded by 6.2% lower volumes due to falling grades and recoveries at Centinela (-17%), and lost volumes at Michilla (due its end-of-life). Although, some support came from a gradual ramp-up at Antucoya. Adjusted EBIT declined only 9.2% to $284m, in sharp contrast with an operating loss of $8m in H2 15 and 2015 operating profit of $304m. The majority of this improvement came from $124m of cost savings vs. $160m targeted for 2016. Lower input prices (primarily energy) and forex benefits added to the overall gains. Overall, cash costs were down 15% to $1.6/lb. Further down, last year’s acquisition of Zaldívar (an equity-accounted mining investment) too contributed c.$10m to the bottom-line. Consequentially, net attributable profit from continuing operations was down only 3% yoy to $88m. The interim dividend of 3.1 US cents per share – in line with minimum payout ratio of 35% of net income – was maintained. Despite the operating improvements and $243m of working capital release, higher paid taxes (+35% yoy) ensured that reported OCFs were relatively weak (down 17% to $496m). With most growth investments (organic + inorganic) already through, capex was slashed 42% to $385m. Net debt inched marginally higher (+1.6%) to $1bn, but it is far from being a concern (with Antofagasta’s 2016e gearing of 16% vs. 48% for peers). Antofagasta also announced a resolution of two long pending court cases related to community protests over water supplies to Los Pelambres (at present Antofagasta’s only profit generating mine). Remember, locals had forced a temporary shutdown in early 2015 over alleged misuse of water resources. Management now targets to achieve the lower range of its earlier production guidance of 710-740kt, while the full-year cash cost target has been reduced to $1.6/lb (vs. the earlier target of $1.65/lb).