Results African Barrick Gold PLC - Half-yearly Results
Financial
Highlights:
·
Revenue of $424 million,
up 64% year-on-year principally due to a 23% increase in production and a 28%
increase in average realised gold prices to $1,155 per
ounce
·
EBITDA of $196 million, up
120% year-on-year
·
Operational cash flow of
$158 million, an increase of $142 million
year-on-year
·
Net income of $99 million,
with an EPS of 24.2 cents, up 217% year-on-year and greater than the full year
2009 result
·
Net cash position of $334
million
·
Interim dividend of 1.6
cents per share
BP PLC - Half Yearly Report
|
BP p.l.c.
Group
results
Second quarter
and half year 2010(a)
London 27 July
2010 |
Top of page
1 |
|
Second |
First |
Second |
|
|
|
|
quarter |
quarter |
quarter |
|
First half
|
|
2009 |
2010 |
2010 |
|
2010 |
2009 |
|
|
|
|
$
million |
|
|
|
4,385 |
6,079 |
(17,150) |
Profit (loss) for the
period(b) |
(11,071) |
6,947 |
|
|
|
|
Inventory holding (gains)
|
|
|
|
(1,245) |
(481) |
177 |
losses, net of
tax |
(304) |
(1,420) |
|
3,140 |
5,598 |
(16,973) |
Replacement cost profit
(loss) |
(11,375) |
5,527 |
|
|
|
|
|
|
|
|
16.76 |
29.82 |
(90.35) |
- per ordinary share
(cents) |
(60.58) |
29.51 |
|
1.01 |
1.79 |
(5.42) |
- per ADS
(dollars) |
(3.63) |
1.77 |
·
Following the explosion
and subsequent sinking of the Transocean Holdings LLC operated Deepwater Horizon
drilling rig in the Gulf of Mexico in April
2010, BP and US Government authorities have been conducting unprecedented oil
spill response activities. These ongoing efforts have sought to halt the flow of
hydrocarbons from the well, capture and contain oil that has been leaking,
protect the shores and clean up oil that has reached the shores. BP's own
investigation, as well as several independent investigations, into the cause of
the accident are ongoing.
·
BP's second quarter
replacement cost loss was $16,973 million, compared with a profit of $3,140
million a year ago. For the half year, replacement cost loss was $11,375 million
compared with a profit of $5,527 million a year ago.
·
The group income statement
for the second quarter reflects a pre-tax charge of $32.2 billion related to the
Gulf of Mexico oil spill. This includes $2.9
billion which has been charged for costs incurred to 30 June 2010. All charges
relating to the incident have been treated as non-operating items. For further
information on the Gulf of Mexico oil spill and its consequences see pages 2 -
5, Note 2 on pages 25 - 28, Principal risks and uncertainties on pages 33 -39
and Legal proceedings on pages 40 - 43. Further information on BP's second
quarter results is provided below.
·
Non-operating items and
fair value accounting effects for the second quarter, on a post-tax basis, had a
net unfavourable impact of $21,953 million compared with a net favourable impact
of $202 million in the second quarter of 2009. For the half year, the respective
amounts were $22,002 million unfavourable and $8 million favourable. See pages
6, 21 and 22 for further details.
·
Finance costs and net
finance income or expense relating to pensions and other post-retirement
benefits were $214 million for the second quarter, compared with $321 million
for the same period last year. For the half year, the respective amounts were
$442 million and $689 million.
·
The effective tax rate on
replacement cost profit or loss for the second quarter and half year was 30% and
27% respectively, compared with 35% and 36% a year ago. Excluding the impact of
the Gulf of Mexico oil spill, the effective tax
rate for the second quarter was 35% and for the half year was
34%.
·
Net cash provided by
operating activities for the quarter and half year was $6.8 billion and $14.4
billion, including a $2.1-billion cash outflow relating to the Gulf of Mexico oil spill response, compared with $6.8
billion and $12.3 billion respectively a year ago.
·
Total capital expenditure
for the second quarter and half year was $6.2 billion and $10.9 billion
respectively. Organic capital expenditure(c) in the second quarter and
half year was $4.4 billion and $8.2 billion respectively. Organic capital
expenditure for 2010 and 2011 is expected to be around $18 billion a year.
Disposal proceeds were $0.7 billion for the quarter and $0.8 billion for the
half year. The group plans to dispose of assets with a value of up to $30
billion over the next 18 months, including $7 billion from the recently
announced disposals to Apache Corporation.
·
Net debt at the end of the
quarter was $23.2 billion, compared with $27.1 billion a year ago. The ratio of
net debt to net debt plus equity was 21% compared with 22% a year ago. The net
debt ratio at the end of the second quarter 2010 was impacted by the reduction
in equity arising from the liabilities we have recognized in relation to the
Gulf of Mexico oil spill. The group intends to
reduce net debt to $10-15 billion within the next 18
months.
·
Cash
costs(d) for the second quarter
and half year were slightly lower than a year ago. Cash costs do not include
amounts relating to the Gulf of Mexico oil
spill.
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