EURASIAN NATURAL RESOURCES CORPORATION PLC (ENRC, United Kingdom) announces Y2011 preliminary results
April 4. KASE
Financial Highlights for 2011
– Solid financial performance despite the challenging economic environment.
– Revenue up 17% to US$7,705 million.
– Cost of sales up 24% to US$3,517 million, as a result of rising unit costs across the Group and increased volumes in the Other Non-ferrous and Alumina and Aluminium Divisions.
– Underlying EBITDA up 7% to US$3,413 million; Underlying EBITDA margin of 44%.
– Earnings per share down 10% to US 153 cents due to the one-off gain of US$298 million in 2010. Excluding this one-off gain, EPS would show a 5% increase.
– Final dividend of US 11 cents per share; US 27 cents for the full year. Payout ratio maintained at 18%.
– Gross available funds of US$658 million; borrowings of US$1,594 million. US$3.7 billion of additional facilities obtained since start of 2011.
Business Highlights for 2011
– Strong cash flow generation from assets in Kazakhstan; record sales volumes of high-carbon ferrochrome; Alumina and Aluminium and Energy Divisions produced at full available capacity.
– Cost control and productivity enhancing initiatives kept unit costs for key products in line with expectations.
– Record capital expenditure of US$1.9 billion; focus on development of key strategic projects, notably the new Aktobe ferroalloys plant, power unit 2 at EEC and the expansion of logistics capacity.
– Good progress in Africa: significant increases in both copper and cobalt production; agreement reached with First Quantum Minerals (“FQM”) and announced in January 2012 to acquire its DRC assets and settle all disputes.