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Today Glencore is hosting its 2014 Investor Day in London. In addition to the Group's outlook, senior management will provide an update on our agricultural products, coal, copper, nickel, oil and zinc businesses.
Highlights include:
Unparalleled track record of value creation since 1994, based on material management ownership;
Established portfolio of Tier one industrial assets with a truly diversified footprint by geography and commodity supported by positive market fundamentals;
Robustly profitable industrial operations post merger integration;
expansionary capital geared to the right commodities and opportunities focused on modular/brownfield investment;
sustaining capex confirmed around $4.0bn p.a. expected to fall closer to $3.5bn p.a. by 2017;
Marketing business that is highly cash-flow generative with unique scale, diversification and skills providing a low-risk defensive earnings driver;
Post-integration cost efficiencies and focus now ingrained across the industrial assets, cementing mostly first quartile cost positions;
Clear and consistent framework for capital allocation;
continued optimisation of asset portfolio underpinned by target RoE of 20-25% for incremental industrial capital and a sustainable marketing RoE of 40-65%
Optimal balance sheet structure for equity returns, liquidity and cost of capital;
Strong Baa/BBB target provides such with optimal market access and funding costs;
Glencore will continue to focus on return of excess capital to shareholders;
USD$1bn equity buyback c.65% complete
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- [Editor:sunzhichao]
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