The Antofagasta plc Board has recommended a final dividend for 2022 of 50.5 cents per share, to be approved by shareholders at the AGM, which together with the interim dividend of 9.2 cents per share amounts to a total dividend of 59.7 cents per share. This is equal to a 100% pay-out ratio of underlying net earnings and is consistent with the Company's dividend policy.
Other financial highlights include:
Revenue for the full year was $5,862 million, 22% lower than in 2021 reflecting a 12% decrease in copper sales and a 12% decrease in realised copper prices
EBITDA was $2,930 million, 39% lower than the previous year on lower revenue and operating costs that increased by 10% mainly due to inflation and higher input prices
EBITDA margin decreased to 50.0% from 64.7% in 2021
Cost and Competitiveness Programme (CCP) generated benefits of $124 million in 2022, above the original target of $50 million, through improved plant utilisation and more efficient use of inputs
Profit before tax including exceptional items decreased by 26% to $2,559 million
Cash flow from operations was $2,738 million, 39% lower than in 2021 due largely to lower EBITDA
Continuing strong balance sheet with a net debt to EBITDA ratio at the end of the period of 0.3 times.Net debt was $886 million at the end of the period compared with net cash of $540 million 12 months previously. This movement largely reflects the $1,172 million payment of the 2021 final dividend
Capital expenditure increased modestly to $1,879 million, $102 million higher than in 2021 partly reflecting higher prices for construction inputs with increased capital expenditure on sustaining projects at Centinela, and higher mine development expenditure at Los Pelambres and Centinela
Underlying earnings per share from continuing operations and excluding exceptional items of 59.7 cents, 82.8 cents lower than in 2021
Exceptional gain of $945 million, following the completion of the definitive agreements for the Company to exit its indirect interest in the Reko Diq project
Earnings per share from continuing operations including exceptional items were 155.5 cents, 19% higher than in 2021
