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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  South32 Limited    S32   AU000000S320

SOUTH32 LIMITED

(S32)
  Report
End-of-day quote. End-of-day quote Australian Stock Exchange - 10/26
2.21 AUD   -0.45%
10/19Australia shares end at over 7-mth high as restrictions ease in Victoria
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10/18Australian shares rise as coronavirus curbs ease in Victoria; NZ flat
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10/18SOUTH32 : Quarterly Report September 2020
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South32 Keeps Buyback Suspended, Makes Annual Loss

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08/19/2020 | 06:15pm EDT

By David Winning

SYDNEY--South32 Ltd. said its share buyback would remain suspended but resolved to extend the program by 12 months as it navigates a path through the coronavirus pandemic.

South32 reported a net loss of US$65 million for the 12 months through June, compared to a profit of US$389 million a year ago. The result reflected weaker realized prices for almost all of the commodities that it digs up compared to the 2019 fiscal year. It also booked impairment charges and restructuring charges totalling US$94 million tied to a review of its manganese alloy smelters.

Underlying earnings before interest and taxes fell by 69% to US$446 million.

Directors of the company declared a final dividend of 1.0 U.S. cent a share, below the payout of 2.8 U.S. cents a year earlier.

"While our on-market share buyback remains suspended with US$121 million remaining, it has been extended by 12 months to September 2021, giving us the flexibility to recommence the program as Covid-19 related operational risks subside and our financial performance improves," said Chief Executive Graham Kerr.

South32 had a mixed year of production, with alumina and metallurgical coal output higher than in fiscal 2019, but output of energy coal, nickel and manganese ore lower. Standout performers included the Cannington silver-lead mine, which exceeded annual guidance by 8%. The Brazil Alumina, Hillside Aluminium and Australia Manganese ore divisions also had record production years in fiscal 2020.

Earlier this month, South32 said it had agreed to the sale of the TEMCO smelter in Australia to an entity within GFG Alliance for a nominal payment. South32 and joint venture partner Anglo American PLC will continue to supply ore to the smelter as part of the deal.

The company has also mothballed its Metalloys manganese alloy smelter in South Africa amid concern that it may not be economic viable in future.

 

Write to David Winning at david.winning@wsj.com

 


Stocks mentioned in the article
ChangeLast1st jan.
ANGLO AMERICAN PLC -1.54% 1951.4 Delayed Quote.-10.04%
DOW JONES AFRICA TITANS 50 INDEX -0.62% 480.04 Delayed Quote.-10.78%
DOW JONES SOUTH AFRICA(ZAR) 0.00% 1684.09 Delayed Quote.-6.66%
EURO / BRAZILIAN REAL (EUR/BRL) 0.17% 6.6505 Delayed Quote.47.81%
S&P AFRICA 40 INDEX 0.04% 158.62 Delayed Quote.-6.98%
SILVER 0.79% 24.5151 Delayed Quote.37.21%
SOUTH32 LIMITED -0.45% 2.21 End-of-day quote.-18.15%
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Financials
Sales 2021 8 420 M 6 005 M 6 005 M
Net income 2021 573 M 408 M 408 M
Net cash 2021 995 M 710 M 710 M
P/E ratio 2021 17,7x
Yield 2021 2,59%
Capitalization 10 649 M 7 586 M 7 595 M
EV / Sales 2021 1,15x
EV / Sales 2022 1,08x
Nbr of Employees 13 624
Free-Float 98,8%
Chart SOUTH32 LIMITED
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Technical analysis trends SOUTH32 LIMITED
Short TermMid-TermLong Term
TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 13
Average target price 2,73 AUD
Last Close Price 2,21 AUD
Spread / Highest target 49,3%
Spread / Average Target 23,3%
Spread / Lowest Target -14,0%
EPS Revisions
Managers
NameTitle
Graham Kerr Chief Executive Officer, Executive Director & MD
Karen J. Wood Chairman
Mike Fraser Co-Chief Operating Officer
Jason Economidis Co-Chief Operating Officer
Katie Tovich Chief Financial Officer
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