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Ironmental, Climatic, Natural, Political, Economic, Business, Competitive Or Regulatory Nature VEDANTA RESOURCES PLC Preliminary Results Presentation for the year ended 31 March 2014 15 MAY 2014 Cautionary Statement and Disclaimer The views expressed here may contain information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness, reasonableness or reliability of this information. Any forward looking information in this presentation including, without limitation, any tables, charts and/or graphs, has been prepared on the basis of a number of assumptions which may prove to be incorrect. This presentation should not be relied upon as a recommendation or forecast by Vedanta Resources plc ("Vedanta"). Past performance of Vedanta cannot be relied upon as a guide to future performance. This presentation contains 'forward-looking statements' – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'seeks,' or 'will.' Forward– looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a environmental, climatic, natural, political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements. This presentation is not intended, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in Vedanta or any of its subsidiary undertakings or any other invitation or inducement to engage in investment activities, nor shall this presentation (or any part of it) nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. FY2014 PRELIMINARY RESULTS PRESENTATION - 15 MAY 2014 2 10 Years since Vedanta listing Anil Agarwal Executive Chairman Successful Strategy of Organic Growth and Value-Accretive M&A Cairn India KCM Sesa Goa VS Dempo Zinc Intl Liberia iron ore assets M&A RA Mine: 3.75mt Chanderiya: BALCO: 245kt Al Chanderiya: RA mine:5mt RA mine: 6mt SK Mine: 1.5mt Dariba: 100kt Pb Rajasthan: 200mn boe 170kt Zn and smelter and Addn 170kt Zn Nchanga: 311kt Dariba: 210kt Zn mill smelter Restarted oil & cumulative at 50kt Pb 540MW CPP smelter and Cu smelter smelter Jharsuguda: Silver Refinery: gas exploration Rajasthan smelters, Tuticorin: 400kt 80MW CPP Konkola: 6mt Konkola: Mid- 2,400 MW power 500t Zinc India: BALCO: 325kt Al 154MW CPP smelter Concentrator shaft loading Nchanga: 7.5mt Expansion to 1.2 smelter 1st metal Tuticorin: 300kt Jharsuguda: East mill mtpa started Talwandi Sabo smelter 500kt Al smelter Konkola: Bottom 1,980MW: 1st unit Shaft Loading synchronized Completed Organic growth/Organic OptimizationAsset Mine-life extension across operations FY FY FY FY FY FY FY FY FY FY 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Production Growth (in Copper Equivalent kt)1 1,800 Colour Key 1,600 (kt) Oil & Gas 1,400 Iron Ore 1,200 Power 1,000 Aluminium Production in Production 800 Copper copper equivalent copper 600 Silver 400 Zinc-Lead 200 0 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 Note: 1. All commodity and power capacities rebased to copper equivalent capacity (defined as production x commodity price / copper price) using average commodity prices for FY2014. Power rebased using FY2014 realisations. Copper custom smelting capacities rebased at TC/RC for FY2014. Iron Ore volumes refers to sales, with prices rebased at average 56/58% FOB prices for FY2014. For Oil & Gas, production refers to Working Interest. FY2014 PRELIMINARY RESULTS PRESENTATION - 15 MAY 2014 4 Creating Value over 10 Years Share price Total Share Price Since IPO Shareholder 902p Performance Return Vedanta 131% 200% 390p FTSE-350 Mining 137% 189% FTSE-100 51% 114% At IPO End FY2014 Total Shareholder 200%, $15 billion Government1 Return 12% CAGR (last 3 years) Capital Returned to $1.4 billion Communities: $127 million Shareholders since IPO Social Investment (last 3 years) Direct and Indirect 88,000 Dividend Yield 4% Employment Notes: TSR data sourced from Bloomberg. Dividend Yield based on the 1 month average share price as of 2 May 2014. Employees as of 31 March 2014. Government refers to payments to various governments through direct and indirect taxes, royalty and profit petroleum. Contribution to government and communities includes FY2012 on a pro forma basis with Cairn India for the full year. FY2014 PRELIMINARY RESULTS PRESENTATION - 15 MAY 2014 5 Overview Tom Albanese Chief Executive Officer CEO’s First Impressions Chaired monthly Executive Committee and visited Rajasthan Oil & Gas, India operations since joining the Group in Sep 2013 First Impressions Dynamic teams, welcome to change Significant capabilities – exploration, engineering and project execution, production and operational excellence Strong community programs Some areas for improvement Safety performance – fatalities need to be eliminated Rampura Agucha Zinc-Lead mine, India Underground mining skills Some businesses are generating significant free cash flows, while others have opportunities to improve Diversified portfolio of world class assets FY2014 PRELIMINARY RESULTS PRESENTATION - 15 MAY 2014 7 India: Strong Fundamentals for Demand and Supply Low Per Capita Consumption India: Shared geology and mineral potential with (Metals - CY 2013 per capita consumption in kg; Africa & Australia and Abundant Natural Resources Oil - CY2012 per capita consumption in barrels) Global Ranking¹ th 15.4 India World China 5 Coal R&R: 295 bn tonnes 6th Zinc R&R: 50 mn tonnes 6.6 7.2 4.2 4.6 7th Iron Ore 3.5 R&R: 29 bn tonnes 1.9 2.7 1.5 1.0 0.4 0.5 8th Bauxite Aluminum Copper Zinc Oil R&R: 3.5 bn tonnes Urbanization increasing Increasing Labour Force Vedanta - Strong Market Positioning in India but below World average (% of Total Population) FY2014 India Market Shares² Vedanta Other Producers Imports India World China India World China 60% 60% 45% 45% 89% 49% 38% 30% 30% 29% 5% 5% 15% 15% Zinc Lead³ Silver Copper Aluminium Oil 1990 2000 2010 2020 2030 2000 2010 2020 2030 2040 Sources: Wood Mackenzie, BP Statistical Report, Global Insight, Indian Ministry of Petroleum and Natural Gas, IBIS, Aluminium Association of India, ILZDA, company sources. Total estimated Reserves and Resources based upon public sources including GSI, GOI, Wood Mackenzie, UNFC & IBM. Notes: 1. Ranking based on Reserves. 2. Based on domestic Consumption, except Aluminium which is based on primary production. 3. Based on Primary lead. FY2014 PRELIMINARY RESULTS PRESENTATION - 15 MAY 2014 8 CEO’s Priorities Operational excellence Konkola Deeps mine, Zambia Improve business performance: Copper Zambia: Deliver an operational turnaround Aluminium: Operationalise remaining smelter capacity and work on bauxite sourcing Iron Ore: Restart operations in Goa Enhance performance of well-performing assets Zinc-India: Transition to underground mining, and expansion to 1.2mtpa of mined zinc-lead Oil & Gas: Maximize exploration and optimize production ramp-up at the Rajasthan block Iron Ore mine, Goa, India Corporate Vedanta brand, communication and stakeholder engagement, safety and CSR Group structure: Realize synergies of the Sesa Sterlite merger Pursue minority buyouts FY2014 PRELIMINARY RESULTS PRESENTATION - 15 MAY 2014 9 FY2014 Results Highlights Operations Record oil & gas production at Rajasthan: Achieved 200kboepd during the year and cumulative production of 200 million barrels till end FY2014; 100% reserve replacement during the year Record production of mined and integrated metal at Zinc India Continued strong operating performance at Aluminium and begun commissioning new pot-lines Continued cost control and efficiency improvements across businesses Goa mining ban lifted1 Financial EBITDA of $4.5bn, EBITDA margin 45%2 Underlying Attributable Profit of $93mn3, Underlying EPS of $0.343 Free Cash Flow of $3.0bn4 (67% of EBITDA), FCF after Growth Capex of $1.6bn Net Debt reduced by c.$0.7bn over the last 12 months and by c.$2.1bn over the last 24 months Final Dividend of 39 US cents per share, up 5% Corporate Sesa Sterlite merger completed c.$900mn buyback program at Cairn India Note: 1. Restart of mining is subject to conditions laid out by the Supreme Court. 2. Excludes custom smelting at Copper and Zinc-India operations. 3. Based on profit for the period after excluding special items and other gains and losses, and their resultant tax and minority interest effects. 4. Free Cash Flow before Growth Capex. FY2014 PRELIMINARY RESULTS PRESENTATION - 15 MAY 2014 10 Financials D.D. Jalan Chief Financial Officer Financial Highlights Consistent and strong EBITDA margin driven by diversified portfolio Strong FCF after growth capex and continued reduction in net debt and gearing $mn or as stated FY2013¹ FY2014 change EBITDA 4,909 4,491 (9)% EBITDA margin² (%) 45% 45% Free Cash Flow before Growth Capex 3,535 3,017 (15)% Growth Capex 2,091 1,425 (32)% Free Cash Flow after Growth Capex 1,516 1,592 5% Net Debt 8,616 7,920 (8)% Gearing (%) 31.4% 30.6% Net Debt/EBITDA 1.8 1.8 Underlying Attributable PAT³ 368 93 (75)% Underlying EPS (USc/share)³ 135 34 (75)% Total Dividend (USc/share) 58 61 5% Notes: 1. The comparative information has been restated so as to reflect the adoption of new accounting standards. 2. Excludes custom smelting at Copper and Zinc-India operations.
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