Antofagasta announces an interim dividend of 10.7 cents per share, equivalent to a payout ratio of 35% of Net Earnings. An increase of 57.4% on last year's interim.
Other financial highlights include:
Revenue up 19.1% to $2,525.6 million as higher copper sales volumes and by-product revenues were partially offset by a 6.3% lower realised copper price
EBITDA for the first six months of the year was $1,305.9 million, 44.0% higher than in the first half of 2018
EBITDA margin of 51.7%, increased from 42.6% during same period last year as unit production costs decreased
Cost and Competitiveness Programme achieved savings of $61 million in the first half of 2019, equivalent to 7c/lb of unit cash costs
Cash flow from operations of $1,514.5 million, 70% higher than in the same period last year predominantly due to higher EBITDA
Capital expenditure of $465.5 million, 38.8% of full year guidance
Net debt decreased by $78.9 million to $517.4 million during the period, representing a Net Debt to EBITDA ratio of 0.20 times on higher cash flow from operations despite a drawdown of $198.0 million of the Los Pelambres Expansion debt facility, the $131.3 million initial impact of the adoption of IFRS 16, the payment of an increased final dividend and higher taxes
Earnings per share of 30.7 cents, a 55.1% increase on the same period in 2018
