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Preliminary Results 2019

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Preliminary Results 2019 Preliminary Results 2019 18 February 2020 Important notice concerning this document including forward looking statements This document contains statements that are, or may be deemed to be, “forward looking statements” which are prospective in nature. These forward looking statements may be identified by the use of forward looking terminology, or the negative thereof such as “outlook”, "plans", "expects" or "does not expect", "is expected", "continues", "assumes", "is subject to", "budget", "scheduled", "estimates", "aims", "forecasts", "risks", "intends", "positioned", "predicts", "anticipates" or "does not anticipate", or "believes", or variations of such words or comparable terminology and phrases or statements that certain actions, events or results "may", "could", "should", “shall”, "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements are not based on historical facts, but rather on current predictions, expectations, beliefs, opinions, plans, objectives, goals, intentions and projections about future events, results of operations, prospects, financial condition and discussions of strategy. By their nature, forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond Glencore’s control. Forward-looking statements are not guarantees of future performance and may and often do differ materially from actual results. Important factors that could cause these uncertainties include, but are not limited to, those disclosed in Glencore’s 2018 Annual Report, which will be updated in the 2019 Annual Report that is expected to be published in late February 2020. For example, our future revenues from our assets, projects or mines will be based, in part, on the market price of the commodity products produced, which may vary significantly from current levels. These may materially affect the timing and feasibility of particular developments. Other factors include (without limitation) the ability to produce and transport products profitably, demand for our products, changes to the assumptions regarding the recoverable value of our tangible and intangible assets, the effect of foreign currency exchange rates on market prices and operating costs, and actions by governmental authorities, such as changes in taxation or regulation, and political uncertainty. Neither Glencore nor any of its associates or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this document will actually occur. You are cautioned not to place undue reliance on these forward-looking statements which only speak as of the date of this document. Except as required by applicable regulations or by law, Glencore is not under any obligation and Glencore and its affiliates expressly disclaim any intention, obligation or undertaking, to update or revise any forward looking statements, whether as a result of new information, future events or otherwise. This document shall not, under any circumstances, create any implication that there has been no change in the business or affairs of Glencore since the date of this document or that the information contained herein is correct as at any time subsequent to its date. No statement in this document is intended as a profit forecast or a profit estimate and past performance cannot be relied on as a guide to future performance. This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities. The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document, “Glencore”, “Glencore group” and “Group” are used for convenience only where references are made to Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship between the companies. Likewise, the words “we”, “us” and “our” are also used to refer collectively to members of the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies. Preliminary Results 2019 Highlights Ivan Glasenberg – Chief Executive Officer Preliminary Results 2019 2019 Scorecard 3 Healthy cash generation despite significantly lower commodity prices • 2019 Adj. EBITDA(1) of $11.6bn, down 26% in line with lower prices • Cash generated by operating activities before working capital changes of $10.3bn, down 22% • Shareholder returns of $5bn, including $2.7bn distribution and $2.3bn buyback (including $0.3bn from 2018’s programme) • Net capex cash flow of $5bn(2) Solid margin and cost performance for our key commodities • Impact of lower prices on EBITDA margins somewhat moderated by solid cost performance in our key commodities: • Metals and Minerals EBITDA mining margin (excluding ramp-up/development assets) of 37% (41% in 2018). • Coal EBITDA mining margin of 36% (46% in 2018) • Full year cost performance in our key commodities: copper (ex African copper) 81c/lb, zinc 13c/lb (47c/lb ex-gold), nickel (ex Koniambo) 277c/lb and thermal coal $45/t ($26/t margin) Marketing underpinned by oil’s performance • Marketing Adjusted EBIT of $2.4 billion, down 2% year-on-year. Strong second half metals’ performance and robust oil results largely offset the cobalt headwinds experienced in the first half Balance sheet / Cash flow coverage in good shape • Available committed liquidity of $10.1bn, bond maturities capped around $3bn in any given year • Net debt of $17.6bn, after $1.25bn of IFRS 16 related lease liabilities • 2020 focus on reducing Net debt/Adjusted EBITDA ratio closer to 1x and net debt towards the $14-$15 billion range(3) • Recommended 2020 base distribution of $0.20 per share ($2.6 billion), payable in two equal instalments, comfortably covered (c.1.5x) by current annualised business free cashflow generation Preliminary Results 2019 Notes: (1) Refer basis of presentation on page 5 of the Preliminary Results 2019 report, refer to note 1 page 31 and Alternative Performance Measures page 112 for definition and reconciliation of Adjusted EBITDA/EBIT. (2) Net capex cash flow refers to Net purchase and sale of property, plant and equipment. (3) Excluding Marketing related finance lease liabilities ($0.6bn as at 31 December 2019). Some return of cash margin calls in respect of Marketing’s hedging activities and monetisation of select non-core long-term assets could aid in this process Sustainability performance 4 16 17 9 13 Fatalities 2016 2017 2018 2019 Lost time injury 1.22 1.02 1.06 0.99 frequency rate (1) Per million hours worked 2016 2017 2018 2019 Total recordable injury 3.72 3.08 3.18 2.86 frequency rate (1) Per million hours worked 2016 2017 2018 2019 34.6 33.4 30.6 29.2 CO2 Scope 2 Scope 1&2 Scope 1 (2) Million tonnes 2016 2017 2018 2019 Environmental Incidents 0 0 0 0 Category 4/5 (number)(3) 2016 2017 2018 2019 Community investment 84 90 95 90 spend US$ million 2016 2017 2018 2019 Preliminary Results 2019 Notes: (1) Lost time incidents (LTIs) are recorded when an employee or contractor is unable to work following an incident. LTIs are recorded when an incident results in lost days from the first rostered day absent after the day of injury. The day of the injury is not included. LTIFR is the total number of LTIs recorded per million working hours. LTIs do not include Restricted Work Injuries (RWI) and fatalities. TRIFR = Total sum of Fatalities, Lost Time Injuries, Restricted Work Injuries and Medical Treatment Injuries per million hours worked. (2) Data subject to final verification and may change. (3) Category 4 and 5 represents major and catastrophic incidents respectively Our commitment to the transition to a low-carbon economy 5 2019 performance against our commitment(1) Our commitment includes: Paris-consistent New 2020 public Review of Alignment strategy / capital Scope 1 and 2 targets progress with TCFD 1 discipline 2 3 4 • Our 2019 capital expenditure(2) • To date we have achieved a • Annual update on • We continue to was weighted towards energy c.10% reduction in performance disclosed implement the transition materials, including: Scope 1 and 2 emissions on our website and in recommendations of • African copper and cobalt intensity since 2016 – vs our our Annual and the TCFD in our Sustainability reports annual reporting. • Nickel in Canada target of 5%(4) • Natural depletion of our coal • New longer-term Scope 1 and resource base in Colombia and 2 targets that support the Corporate to a lesser extent South Africa Paris goals will be released climate change and Australia (and oil), will during 2020 5 lobbying contribute to reduction of our absolute Scope 3 emissions • Review of trade associations over time completed in 2019(5) • We project a c.30% reduction in Scope 3 emissions by 2035(3) Preliminary Results 2019 Notes: (1) RNS Furthering our commitment to the transition to a low-carbon economy, 20 February 2019. (2) Preliminary Results 2019, Industrial activities capital expenditure, page 18. (3) RNS Glencore’s commitment to the transition to a low-carbon economy and Review of 2019 performance and Scope 3 emissions projection, 18 February 2020. (4) Glencore Sustainability Report 2018, page 10. (5) https://www.glencore.com/dam:jcr/6e8173bd-7d2e-494c-bd57-4c23957094ea/2018-sd-membership-review-final.pdf Cobalt: strategic long-term partnerships Glencore
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