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Research Tree provides access to ongoing research coverage, media content and regulatory news on GLENCORE PLC. We currently have 42 research reports from 4 professional analysts.

Date Source Announcement
09Jan17 05:05 RNS TR-1: Notification of Major Interest in Shares
05Jan17 04:54 RNS Mutanda Mining Sarl ("Mutanda")
03Jan17 04:22 RNS Glencore and QIA partnership relating to Rosneft
15Dec16 04:47 RNS Glencore Announces Pricing of Tender Offers
15Dec16 11:41 RNS Glencore Announces Early Tender Offer Results
12Dec16 07:00 RNS Glencore and QIA partnership with Rosneft
08Dec16 07:00 RNS Rosneft holding statement
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Balance sheet improves further, while operating weakness was (largely) anticipated

  • 25 Aug 16

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 and JVs) came in at $539m – translating into a wafer-thin operating margin of 0.8%, similar to the levels achieved in H2 15 (which were before any divestments/discontinued operations). Marketing (aka trading) continued to be Glencore’s sole shining spot, with an adjusted EBIT of $1.1bn. While industrial (primarily energy) was an operational drag – generating an operating loss of $315m. Besides the operating weakness and despite material deleveraging, H1 interest expenses came in 18% higher at $862m – primarily due to higher interest capitalisation in the comparable period. Net losses shrunk to $615m vs. $4.3bn and $817m in H2 15 and H1 15, respectively. While the pace of working capital efficiencies lost steam (release of $1.7bn vs. $4.7bn in H1 15), which along with weak operations resulted in reported OCFs collapsing 47% to $4bn, conservative capex (down 48% to $1.4bn) ensured that FCFs remained healthy. Net debt (excluding marketable inventories) was reduced further to $35.7bn vs. $41.3bn at 2015-end.