Wednesday, October 29, 2025
24*7 News World
  • Home
  • World
    IBM Corporation logo. (PRNewsfoto/IBM)

    IBM Report: Two-Thirds of UK Firms Gain from AI–Reskilling Key to Unlocking Greater Productivity

    Caption : Eurostar Celestia train arriving in London St Pancras. CGI picture. Colours and livery not final. ©ALSTOM SA ©SPEEDINNOV SAS 2025. Advanced & Creative Design | Avelia Horizon™.

    “We’re particularly proud to bring double-decker trains to the UK for the very first time.”- Gwendoline Cazenave, CEO, Eurostar

    Tobacco industry targets WHO FCTC COP and MOP negotiations, Parties urged to stay vigilant

    Ministry of Steel to hold Open House on Steel Import Issues on 27th October

    DHL Express India Lights up Diwali with up to 60 Percent off for International and Domestic Shipments

    Government of Botswana and De Beers Group announce first cohort of graduates for International Graduate Development Programme

  • National
    • All
    • Economy & Politics
    • Election

    “Work more efficiently in your career” – Chief Minister Siddaramaiah

    Justice Smt.Tara Vitasta Ganju Sworn-In As Judge of Karnataka High Court

    “There is an urgent need to declare the month of November as “Children’s Month”- Dr. Thippeswamy K.T.

    Rashtriya Ekta Diwas to commemorate the birth anniversary of the Iron Man of India, Sardar Vallabhbhai Patel, is celebrated every year on 31st October

    NITI Aayog National Workshop on Purified Water Reuse in Bengaluru on November 6th & 7th -Hosted by Bangalore Water Supply and Sewerage Board

    Hyatt Hotels Logo

    Hyatt Launches a New World of Hyatt Campaign in India with Bollywood Actor Karisma Kapoor

  • Business
    Georges Elhedery
Group CEO
PHOTO CREDIT-HSBC

    “We are becoming a simple, more agile, focused bank, built on our core strengths”-Georges Elhedery, Group CEO

    Maritime India

    India Maritime Week 2025 Set to Launch in Mumbai: World’s Largest Maritime Gathering Begins 27th October

  • Health

    Tobacco industry targets WHO FCTC COP and MOP negotiations, Parties urged to stay vigilant

    Cautious Deepavali – Take Care of Your Eyes – Play Safe

    FDA approves Roche’s Gazyva/Gazyvaro for the treatment of lupus nephritis

    Fiji becomes the 26th country to eliminate trachoma as a public health problem

    Rotary Bangalore Midtown’s Free Eye and Health Camp Benefits 300+ Auto Drivers

    Happiest Health Logo

    Happiest Health launches Happiest Ayurveda clinic in Jayanagar, Bengaluru.

  • Technology
    • All
    • Environment
    • Science
    IBM Corporation logo. (PRNewsfoto/IBM)

    IBM Report: Two-Thirds of UK Firms Gain from AI–Reskilling Key to Unlocking Greater Productivity

    Building a Viksit Bharat with 6G

    ISRO organised Curtain Raiser on ESTIC 2025

    India Must Harness AI as a Force for Social Good to Drive Inclusive and Transformative Growth: S. Krishnan, Secretary, MeitY

    Fable Fintech’s new platform to transform operations of 500 exchange houses globally

    PSA Prof. Ajay Kumar Sood launched ‘AI Playbooks for Agriculture and SMEs’ and ‘AI Sandbox White Paper’ to accelerate Responsible AI Adoption across India

  • Auto

    Bolt.Earth and Atul Greentech Private Limited to Launch Nationwide Home Charging Program, Redefining EV Ownership in India

    Renault Group 2025 Q3 revenue up +6.8%  2025 financial outlook confirmed

    Cosmic Logo

    Cosmic Solar Becomes the First Solar Company to Gift Cars and 2-Wheelers to Its Employees This Diwali

    Electric Car Insurance Trends

  • Sports

    #GoRedforDyslexia Campaign goes global to mark the Dyslexia Awareness Month

    PVL 2025: Stage set for epic clash as Mumbai Meteors and Bengaluru Torpedoes gear up for grand finale showdown

    Call for Nominations: Rotary Bangalore Abilities Brings Back the ‘Unsung Hero Awards’ for a 7th Year

    India A squad for four-day matches against South Africa A announced

  • Entertainment

    UNDP Goodwill Ambassador and ‘Game of Thrones’ star Nikolaj Coster-Waldau highlights Odisha’s mangrove restoration story in global documentary series

    House of McDowell’s Soda Yaari Jam, India’s Biggest Branded Live IP, Touches down in Kolkata

    “Virgin Boys” – A Bold Telugu Youth Drama Captures Hearts Across Theatres

    Vogue Wedding Atelier presented by HSBC India at Taj Palace, New Delhi, from 8-10 August 2025

    A New Era in Luxury Weddings – Vogue Wedding Atelier Debuts in India

    GenS Life and Dowith Lit Present ‘Senior Spotlight’: Bengaluru’s Open Mic Celebration for the 55+

    PMJ Jewels Launches PMJ SuperStar Bracelet and ‘Celebrating Daughters’ Campaign

  • Lifestyle
    • All
    • Food
    • Travel

    Jockey Expands Women’s Innerwear Category with the Launch of New Collection as part of ‘Designed to Disappear’ Campaign

    Special Train from Bengaluru to Visakhapatnam for Deepavali

    Malabar Gold & Diamonds Opens its Showroom at Vaishali Enclave, Pitampura, Inaugurated By Bollywood Star Anil Kapoor

    Coffee Island Debuts in Mumbai with Its First Café at the Iconic Eros Building, Churchgate

    Eugenix Hair Sciences Founders addressing the media with Sonu Nigam

    Eugenix Hair Sciences Unveils Its Global Facility for Hair Restoration in Gurgaon

    Jockey India marks a milestone — 1500th Exclusive Brand Store in India

    Jockey Marks Retail Milestone with Launch of 1500th Exclusive Brand store in India

No Result
View All Result
24*7 News World
  • Home
  • World
    IBM Corporation logo. (PRNewsfoto/IBM)

    IBM Report: Two-Thirds of UK Firms Gain from AI–Reskilling Key to Unlocking Greater Productivity

    Caption : Eurostar Celestia train arriving in London St Pancras. CGI picture. Colours and livery not final. ©ALSTOM SA ©SPEEDINNOV SAS 2025. Advanced & Creative Design | Avelia Horizon™.

    “We’re particularly proud to bring double-decker trains to the UK for the very first time.”- Gwendoline Cazenave, CEO, Eurostar

    Tobacco industry targets WHO FCTC COP and MOP negotiations, Parties urged to stay vigilant

    Ministry of Steel to hold Open House on Steel Import Issues on 27th October

    DHL Express India Lights up Diwali with up to 60 Percent off for International and Domestic Shipments

    Government of Botswana and De Beers Group announce first cohort of graduates for International Graduate Development Programme

  • National
    • All
    • Economy & Politics
    • Election

    “Work more efficiently in your career” – Chief Minister Siddaramaiah

    Justice Smt.Tara Vitasta Ganju Sworn-In As Judge of Karnataka High Court

    “There is an urgent need to declare the month of November as “Children’s Month”- Dr. Thippeswamy K.T.

    Rashtriya Ekta Diwas to commemorate the birth anniversary of the Iron Man of India, Sardar Vallabhbhai Patel, is celebrated every year on 31st October

    NITI Aayog National Workshop on Purified Water Reuse in Bengaluru on November 6th & 7th -Hosted by Bangalore Water Supply and Sewerage Board

    Hyatt Hotels Logo

    Hyatt Launches a New World of Hyatt Campaign in India with Bollywood Actor Karisma Kapoor

  • Business
    Georges Elhedery
Group CEO
PHOTO CREDIT-HSBC

    “We are becoming a simple, more agile, focused bank, built on our core strengths”-Georges Elhedery, Group CEO

    Maritime India

    India Maritime Week 2025 Set to Launch in Mumbai: World’s Largest Maritime Gathering Begins 27th October

  • Health

    Tobacco industry targets WHO FCTC COP and MOP negotiations, Parties urged to stay vigilant

    Cautious Deepavali – Take Care of Your Eyes – Play Safe

    FDA approves Roche’s Gazyva/Gazyvaro for the treatment of lupus nephritis

    Fiji becomes the 26th country to eliminate trachoma as a public health problem

    Rotary Bangalore Midtown’s Free Eye and Health Camp Benefits 300+ Auto Drivers

    Happiest Health Logo

    Happiest Health launches Happiest Ayurveda clinic in Jayanagar, Bengaluru.

  • Technology
    • All
    • Environment
    • Science
    IBM Corporation logo. (PRNewsfoto/IBM)

    IBM Report: Two-Thirds of UK Firms Gain from AI–Reskilling Key to Unlocking Greater Productivity

    Building a Viksit Bharat with 6G

    ISRO organised Curtain Raiser on ESTIC 2025

    India Must Harness AI as a Force for Social Good to Drive Inclusive and Transformative Growth: S. Krishnan, Secretary, MeitY

    Fable Fintech’s new platform to transform operations of 500 exchange houses globally

    PSA Prof. Ajay Kumar Sood launched ‘AI Playbooks for Agriculture and SMEs’ and ‘AI Sandbox White Paper’ to accelerate Responsible AI Adoption across India

  • Auto

    Bolt.Earth and Atul Greentech Private Limited to Launch Nationwide Home Charging Program, Redefining EV Ownership in India

    Renault Group 2025 Q3 revenue up +6.8%  2025 financial outlook confirmed

    Cosmic Logo

    Cosmic Solar Becomes the First Solar Company to Gift Cars and 2-Wheelers to Its Employees This Diwali

    Electric Car Insurance Trends

  • Sports

    #GoRedforDyslexia Campaign goes global to mark the Dyslexia Awareness Month

    PVL 2025: Stage set for epic clash as Mumbai Meteors and Bengaluru Torpedoes gear up for grand finale showdown

    Call for Nominations: Rotary Bangalore Abilities Brings Back the ‘Unsung Hero Awards’ for a 7th Year

    India A squad for four-day matches against South Africa A announced

  • Entertainment

    UNDP Goodwill Ambassador and ‘Game of Thrones’ star Nikolaj Coster-Waldau highlights Odisha’s mangrove restoration story in global documentary series

    House of McDowell’s Soda Yaari Jam, India’s Biggest Branded Live IP, Touches down in Kolkata

    “Virgin Boys” – A Bold Telugu Youth Drama Captures Hearts Across Theatres

    Vogue Wedding Atelier presented by HSBC India at Taj Palace, New Delhi, from 8-10 August 2025

    A New Era in Luxury Weddings – Vogue Wedding Atelier Debuts in India

    GenS Life and Dowith Lit Present ‘Senior Spotlight’: Bengaluru’s Open Mic Celebration for the 55+

    PMJ Jewels Launches PMJ SuperStar Bracelet and ‘Celebrating Daughters’ Campaign

  • Lifestyle
    • All
    • Food
    • Travel

    Jockey Expands Women’s Innerwear Category with the Launch of New Collection as part of ‘Designed to Disappear’ Campaign

    Special Train from Bengaluru to Visakhapatnam for Deepavali

    Malabar Gold & Diamonds Opens its Showroom at Vaishali Enclave, Pitampura, Inaugurated By Bollywood Star Anil Kapoor

    Coffee Island Debuts in Mumbai with Its First Café at the Iconic Eros Building, Churchgate

    Eugenix Hair Sciences Founders addressing the media with Sonu Nigam

    Eugenix Hair Sciences Unveils Its Global Facility for Hair Restoration in Gurgaon

    Jockey India marks a milestone — 1500th Exclusive Brand Store in India

    Jockey Marks Retail Milestone with Launch of 1500th Exclusive Brand store in India

No Result
View All Result
24*7 News World
No Result
View All Result
Home Business

“We remain focussed on creating sustainable long-term value for all stakeholders while operating in a responsible manner across all aspects of our business” Ivan Glasenberg, Glencore’s Chief Executive Officer

Preliminary Results 2020

FWM by FWM
February 16, 2021
in Business
0
Glencore Baar Head Office

Glencore Baar Head Office

Baar, Switzerland 16 February 2021

Highlights

Glencore’s Chief Executive Officer, Ivan Glasenberg, commented:

“The Covid-19 pandemic is an extraordinary challenge that continues to impact many aspects of day-to-day life. Against this backdrop, the strength of our 2020 underlying performance is a credit to our highly skilled and dedicated employees, and also reflects our unique business model and ability to quickly adapt to changing market conditions and customer needs.

“Navigating from recessionary conditions in the first half to a strong price recovery for most commodities in the second, Adjusted EBITDA finished the year flat at $11.6 billion. An outstanding Marketing performance lifted EBIT by 41% to $3.3 billion, while Industrial Adjusted EBITDA fell 13% to $7.8 billion, primarily reflecting weaker coal prices. A notable improvement was seen at our Katanga operation in the DRC, where its successful ramp-up lifted Africa copper EBITDA to $712 million from a loss of $349 million in 2019. Strong second half cash flows repositioned Net debt of $15.8 billion within our target range, allowing for the resumption of distributions. We are recommending to shareholders a distribution of $0.12 per share.

“As the world focuses on the pathway to recovery from Covid-19, it is clear that meeting the goals of the Paris Agreement has taken on even greater urgency. While innovation and technological advances have transformed how we live and work, the commodities needed to enable this have not. Our commodities are essential in developing all facets of infrastructure needed to deliver the goals of energy and mobility transition.

ADVERTISEMENT

“We are focused on playing our part in supporting the Paris goals and have set out a clear strategy to address our total emissions footprint – being Scope 1, 2 and 3 emissions.

“Glencore has been transforming the global commodities industry for nearly half a century, growing from a trader of ferrous and non-ferrous metals, minerals and crude oil, into one of the world’s largest natural resource companies. Today, the business and its portfolio of commodities is uniquely positioned for the needs of the future. It is ready to support the transition to a low-carbon economy and realise its ambition of net-zero by 2050. We remain focussed on creating sustainable long-term value for all stakeholders while operating in a responsible manner across all aspects of our business”

US$ million 2020 2019 Change %
Key statement of income and cash flows highlights1:
Revenue               142,338                  215,111                      (34)
Adjusted EBITDA◊                  11,560                   11,601                          –
Adjusted EBIT◊                   4,416                    4,151                          6
Net loss attributable to equity holders                  (1,903)                    (404)                     (371)
Loss per share (Basic) (US$)                    (0.14)                   (0.03)                    (380)
Funds from operations (FFO)2◊                  8,325                  7,865                          6
Cash generated by operating activities before working capital changes                  8,568                 10,346                       (17)
Net purchase and sale of property, plant and equipment2◊                   3,921                  4,966                       (21)

 

US$ million 31.12.2020 31.12.2019 Change %
Key financial position highlights:
Total assets               118,000              124,076                         (5)
Net funding2,3◊                35,428                34,366                          3
Net debt2,3◊                15,844                 17,556                       (10)
Ratios:
FFO to Net debt2◊ 52.5% 44.8%                        17
Net debt to Adjusted EBITDA◊                      1.37                       1.51                         (9)

1      Refer to basis of presentation on page 7.
2      Refer to page 11, also noting that 2019 FFO was materially impacted by the lag of income taxes paid in 2019, in respect of 2018 profitability.
3      Includes $652 million (2019: $607 million) of Marketing related lease liabilities.
◊      Adjusted measures referred to as Alternative performance measures (APMs) which are not defined or specified under the requirements of International Financial Reporting Standards; refer to APMs section on page 110 for definitions and reconciliations and to note 2 of the financial statements for reconciliation of Adjusted EBIT/EBITDA.

Healthy RESULTS

  • $11.6bn Adjusted EBITDA, flat year over year (y/y), with stronger Marketing and Industrial metals offset by weaker coal prices
  • Net income pre-significant items: $2.5bn, in line with 2019
  • Significant items are mainly non-cash impairment charges amounting to $5.9bn (2019: $2.4bn), primarily in respect of Mopani, Colombian coal and the African oil portfolio. Resulting statutory loss of $1.9bn
  • Net purchase and sale of PP&E: $3.9bn, down 21%
  • Proposed $0.12/share ($1.6bn) 2021 distribution

Resilient industrial asset performance

  • Industrial Assets Adjusted EBITDA $7.8bn, down 13%. Strong metals performance outweighed by weaker coal prices
  • Metals $7.3bn (+31%), Energy $1.0bn (-73%); balance is Corporate and other
  • Early Covid-19 impacts followed by multi-year highs for base metals. Energy complex also recovered into year-end
  • Cost/margin performance: Cu 94¢/lb (-15¢/lb y/y); Zn -7¢/lb (-35¢/lb y/y); Ni 376¢/lb (-22¢/lb y/y); coal $45.90/t ($11/t margin)

Outstanding marketing results

  • Marketing Adjusted EBIT $3.3bn, c. +$1bn y/y (+41%)
  • Energy $1.8bn (+33%) driven by exceptional price movements/dislocations and logistics/storage demand
  • Metals $1.7bn (+53%) reflects supportive market conditions and absence of cobalt market challenges experienced in 2019
  • Viterra agricultural business contributed $211m (2019: $58m) share of net earnings
  • Unchanged longer-term guidance range of $2.2-3.2bn Adjusted EBIT

Strong balance sheet

  • Net debt $15.8bn, successfully repositioned in our $10-16bn target range; targeting below the middle of the range by end 2021
  • Net debt / Adjusted EBITDA down to 1.37x
  • RMI $19.6bn, near the top end of our $15-20bn target range, reflecting higher metal prices and carry-trade opportunities
  • Available committed liquidity of $10.3bn; bond maturities capped at c.$3bn in any given year
  • Spot illustrative free cash flow generation of c.$7.2bn from Adjusted EBITDA of $16bn, using end of January 2021 prices

Sector-leading climate strategy

  • Medium-term Paris aligned total C02e emissions reduction targets and 2050 net zero ambition for Scope 1+2+3
  • Responsible stewardship of declining coal business over time as industry decarbonises
  • Climate strategy to be put to shareholders for an advisory vote at our AGM in April

Portfolio optimisation continuing

  • Finalised agreement for sale of Mopani, with completion expected in Q2 2021
  • Informed the Colombian government of our intention to relinquish Prodeco’s mining licences
  • Contributed our share of Alumbrera into the larger MARA joint venture
Tags: GlencoreResults 2020
FWM

FWM

Related Posts

Georges Elhedery
Group CEO
PHOTO CREDIT-HSBC
Business

“We are becoming a simple, more agile, focused bank, built on our core strengths”-Georges Elhedery, Group CEO

by FWM
October 28, 2025
Business

Maritime India

by FWM
October 26, 2025
Business

India Maritime Week 2025 Set to Launch in Mumbai: World’s Largest Maritime Gathering Begins 27th October

by FWM
October 26, 2025
Business

ORKLA INDIA LIMITED IPO TO OPEN ON WEDNESDAY 29 OCTOBER 2025

by FWM
October 26, 2025
Business

PNB Offers Online PPF Account Opening Through a seamless Do-it- Yourself (DIY) Journey

by FWM
October 25, 2025

Stay Connected

Georges Elhedery
Group CEO
PHOTO CREDIT-HSBC

“We are becoming a simple, more agile, focused bank, built on our core strengths”-Georges Elhedery, Group CEO

October 28, 2025

“Work more efficiently in your career” – Chief Minister Siddaramaiah

October 29, 2025

Justice Smt.Tara Vitasta Ganju Sworn-In As Judge of Karnataka High Court

October 28, 2025

Recent News

Georges Elhedery
Group CEO
PHOTO CREDIT-HSBC

“We are becoming a simple, more agile, focused bank, built on our core strengths”-Georges Elhedery, Group CEO

October 28, 2025

“Work more efficiently in your career” – Chief Minister Siddaramaiah

October 29, 2025

Justice Smt.Tara Vitasta Ganju Sworn-In As Judge of Karnataka High Court

October 28, 2025
IBM Corporation logo. (PRNewsfoto/IBM)

IBM Report: Two-Thirds of UK Firms Gain from AI–Reskilling Key to Unlocking Greater Productivity

October 28, 2025
ADVERTISEMENT

© 2018 | Fortune World Media | MEDIA & ENTERTAINMENT CO. IN | Powered by Raja's Digital

error: Content is protected !!
No Result
View All Result
  • Home
  • World
  • National
  • Business
  • Economy & Politics
  • Election
  • Health
  • Technology
  • Auto
  • Sports
  • Entertainment
  • Lifestyle

© 2018 | Fortune World Media | MEDIA & ENTERTAINMENT CO. IN | Powered by Raja's Digital

Go to mobile version