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Xstrata plc Preliminary Results for the year ended 31st December 2006
Zug, 6 March 2007
Xstrata plc announces preliminary results for the year ended 31st December 2006.
Key financial results
| $m | Year ended 31.12.06 | Year ended 31.12.05 | % Change |
|---|---|---|---|
| Revenue | 26,877 | 17,199 | 56% |
| EBITDA* | 10,441 | 5,843 | 79% |
| EBIT* | 8,340 | 3,932 | 112% |
| Attributable profit | 4,885 | 2,232 | 119% |
| Earnings per share (basic, pre-exceptionals)*** | $5.13 | $2.52 | 104% |
| Cash generated from operations | 9,370 | 4,667 | 101% |
| Net debt to net debt plus equity (%)** | 41% | 24% | 71% |
| Net assets** | 19,722 | 8,137 | 142% |
| Net assets per share** | 20.82 | 13.57 | 53% |
| Dividends per share: | |||
| - interim dividend (paid) | 11.6¢† | 8.1¢‡ | 43% |
| - final dividend (proposed) | 30.0¢ | 22.4¢‡ | 34% |
| * Excludes exceptional items ** Assets and debt relate to the statutory balance sheets at year end ***Pro forma weighted average number of shares of 864.15 million and 925.41 million have been calculated as if the share issues in 2006 had been made on 1 January 2005 and 1 January 2006 respectively † 2006 interim dividend paid was 13¢ per share: adjusted to 11.6¢ for rights issue impact ‡ 2005 dividends have been adjusted for rights issue impact | |||
Highlights
- Three major acquisitions completed in 2006, Cerrejòn coal, Tintaya copper and Falconbridge Limited, transforming Xstrata and creating an exceptional range of organic growth options
- Investment grade credit rating maintained following cash acquisitions of $19.6 billion. Gearing ratio of 41% at year end and pro forma operating cash flow of $9.4 billion
- Falconbridge integration successfully completed at year end, with annual synergies of $545 million confirmed. Work continues to unlock further synergies from the Sudbury basin, in partnership with CVRD
- Prices for key mining inputs continued to climb in 2006, in particular for labour, mining consumables and equipment
- Real cost savings of $56 million achieved by former Xstrata businesses, in a challenging environment
- Increased resources confirmed at Wandoan (thermal coal), Mount Isa, Alumbrera, Antapaccay, Las Bambas and Tampakan (copper), Raglan, Kabanga and Araguaia (nickel)
- New projects commissioned on time and on budget at Rolleston thermal coal, Lion ferrochrome, Wollombi coking coal, Mototolo PGM and Lennard Shelf zinc-lead
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