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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Vedanta | LSE:VED | London | Ordinary Share | GB0033277061 | ORD USD0.10 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 832.60 | 834.80 | 835.80 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMVED
RNS Number : 6767W
Vedanta Resources PLC
28 April 2016
Vedanta Resources plc
16 Berkeley Street
London W1J 8DZ
Tel: +44 (0) 20 7499 5900
Fax: +44 (0) 20 7491 8440
www.vedantaresources.com
28 April 2016
Vedanta Resources plc
Vedanta Limited announces Q4 and FY2016 Results
Vedanta Resources plc's subsidiary Vedanta Limited today announced results for the year ended 31 March 2016.
Vedanta Limited
Consolidated Results for the fourth Quarter
and full year ended 31 March 2016
Q4 Attributable Net Profit (pre-exceptional) Rs. 955 crore, up 89% y-o-y
Mumbai, India: Vedanta Limited (formerly known as Sesa Sterlite Ltd) today announced its audited consolidated results for the fourth quarter (Q4) and full year ended 31 March 2016 (FY2016).
Financial Highlights for FY2016
-- Free cash flow post growth capex at Rs. 11,572 crore driven by operating performance and working capital initiatives
-- Net debt reduced by Rs. 6,254 crore; cash and cash equivalents of Rs. 52,666 crore -- Revenues at Rs. 63,931 crore, EBITDA at Rs. 15,012 crore EBITDA margin of 30%(1) -- Attributable PAT (pre-exceptional) at Rs. 2,910 crore
-- Exceptional items include a non-cash impairment charge of Rs. 12,304 crore largely relating to impairment of Cairn India acquisition goodwill
-- Contribution of c. Rs. 20,600 crore to the Indian Exchequer during the year, in the form of taxes, duties, royalties and profit petroleum
Operational Highlights for FY2016
-- Record annual production of Zinc, Lead, Silver at Zinc India, Aluminium, Power and Copper cathodes
-- Commenced ramp-up of capacities at Aluminium, Power and Iron Ore -- Entire Power portfolio of 9,000 MW operational in March 2016 -- Oil and Gas: Successful ramp-up of Mangala Enhanced Oil Recovery Program -- Strong cost performance, with lower cost of production across all businesses 1. Excludes custom smelting at Copper India and Zinc India operations
Tom Albanese, Chief Executive Officer, Vedanta Limited, said: "This year we successfully lowered production costs across all businesses, while achieving record annual production at Zinc India and of Aluminium, Power and Copper cathodes. This is the result of our continued efforts to drive innovation, to optimise our existing low-cost operations across our Tier 1 assets that positions us strategically to benefit from future demand in India and globally. Our focus has been and will continue to remain on deleveraging our balance sheet and maximizing free cash flow."
Consolidated Financial Performance
The consolidated financial performance of the company during the period is as under:
(In Rs. crore, except as stated)
Hot Features
Premium
Particulars Q4 Q3 Full Year
-------------------------------
FY 2016 FY 2015 % Change FY 2016 FY 2016 FY 2015 % Change
--------- --------- --------- -------- -------- --------- ---------
Net Sales/Income from operations 15,829 17,732 (11)% 14,801 63,931 73,364 (13)%
--------- --------- --------- -------- -------- --------- ---------
EBITDA 3,508 4,011 (13)% 3,221 15,012 22,296 (33)%
--------- --------- --------- -------- -------- --------- ---------
EBITDA Margin(1) 29% 29% 26% 30% 41%
--------- --------- --------- -------- -------- --------- ---------
Finance cost 1,538 1,321 16% 1,391 5,704 5,659 1%
--------- --------- --------- -------- -------- --------- ---------
Other Income 1,289 41 579 3,482 2,367 47%
--------- --------- --------- -------- -------- --------- ---------
Forex loss/ (gain) (87) 184 (136) (972) (611)
--------- --------- --------- -------- -------- --------- ---------
Profit before Depreciation and Taxes 3,310 2,575 29% 2,438 13,459 19,433 (31)%
--------- --------- --------- -------- -------- --------- ---------
Depreciation and Amortisation of goodwill 1,563 764 105% 1,770 6,711 7,160 (6)%
--------- --------- --------- -------- -------- --------- ---------
Profit before Exceptional items 1,747 1,812 (4)% 669 6,748 12,274 (45)%
--------- --------- --------- -------- -------- --------- ---------
Exceptional Items(2) 12,312 19,981 8 12,452 22,199
--------- --------- --------- -------- -------- --------- ---------
Taxes(3) (284) 549 161 433 1,448 (70)%
--------- --------- --------- -------- -------- --------- ---------
Profit After Taxes (10,281) (18,718) 500 (6,137) (11,373)
--------- --------- --------- -------- -------- --------- ---------
Profit After Taxes before Exceptional
items 1,934 1,195 62% 508 6,216 10,250 (39)%
--------- --------- --------- -------- -------- --------- ---------
Minority Interest 900 514 75% 482 3,187 4,276 (25)%
--------- --------- --------- -------- -------- --------- ---------
Minority Interest excl. Exceptional
Items % 51% 58% 95% 53% 50%
--------- --------- --------- -------- -------- --------- ---------
Attributable PAT after exceptional items (11,181) (19,228) 18 (9,323) (15,646)
--------- --------- --------- -------- -------- --------- ---------
Attributable PAT before exceptional items 955 505 89% 24 2,910 5,097 (43)%
--------- --------- --------- -------- -------- --------- ---------
Basic Earnings per Share (Rs./share) (37.71) (64.85) 0.06 (31.44) (52.77)
--------- --------- --------- -------- -------- --------- ---------
Basic EPS before Exceptional Items 3.22 1.70 89% 0.08 9.81 17.19 (43)%
--------- --------- --------- -------- -------- --------- ---------
Exchange rate (Rs./$) - Average 67.50 62.25 8% 65.93 65.46 61.15 7%
--------- --------- --------- -------- -------- --------- ---------
Exchange rate (Rs./$) - Closing 66.33 62.59 6% 66.33 66.33 62.59 6%
--------- --------- --------- -------- -------- --------- ---------
1. Excludes custom smelting at Copper India and Zinc India operations
2. Exceptional Items Gross of Tax
3. Tax includes, tax credit of Rs. 97 crore in Q4 FY2016, Rs. 75 crore in Q4 FY2015, Rs. 99 crore in FY2016 and Rs. 575 crore in FY2015 on exceptional items
4. Previous period figures have been regrouped / rearranged wherever necessary to conform to current period presentation
Revenues
Revenues in Q4 were 7% higher sequentially driven by higher volumes at Copper India, Iron Ore and Power segments.
However on y-o-y basis, revenues in Q4 were 11% lower, on account of the fall in oil and metal prices, which were partially offset by higher volumes.
Revenues for the year were at Rs. 63,931 crore, 13% lower y-o-y on account of a fall in oil and metal prices, partially offset by higher volumes at Zinc India, Iron Ore, Copper and Power segments.
EBITDA and EBITDA Margins
EBITDA in Q4 was 9% higher sequentially, primarily due to strong volumes and cost efficiency across segments.
However on a y-o-y basis, EBITDA in Q4 was lower by 13% primarily due to a steep fall in oil and metal prices and premia; partly offset by cost saving initiatives and strong volumes.
The Company maintained a strong EBITDA margin of 29% during the quarter driven by optimisation of operating costs, despite a challenging commodity price environment.
EBITDA for the full year declined by 33% to Rs. 15,012 crore, driven by weaker commodity prices and premiums and regulatory headwinds primarily renewable power obligations and contributions to the district mineral fund. These were partially offset by higher volumes and ramp up across Zinc India, Iron Ore, Aluminium and Power segments as well as cost and marketing efficiencies.
Depreciation and Amortisation
(MORE TO FOLLOW) Dow Jones Newswires
April 28, 2016 06:40 ET (10:40 GMT)
During the quarter, the Company with effect from April 1, 2015, has revalued all its existing fixed assets comprising of freehold land and plant and equipment to reflect the current market value for these assets. Pursuant to the same, the Company has recorded a revaluation gain of Rs. 5,400 crore in equity with a corresponding increase in the gross block.
Depreciation and amortisation in Q4 at Rs. 1,563 crore, was lower by 12% sequentially.This was due to a decrease in depreciation at the Oil and Gas segment on an increase in proved and developed reserves. This was partly offset by capitalization of assets primarily at the Aluminium and Power segments and revaluation of assets during Q4 FY2016.
Depreciation and amortisation during Q4 almost doubled y-o-y due to revaluation of assets and capitalization of Aluminium and Power assets. In addition, revision in the estimated useful lives of various assets in the metals, mining and power businesses resulted in lower depreciation in Q4 FY2015. The increase was partially offset by lower amortization of goodwill in the Oil and Gas segment post impairment of goodwill during Q4 FY2015.
Depreciation and amortisation for FY2016 was 6,711 crore, a 6% decline over FY2015.
Finance Cost and Other Income
Finance cost during quarter at Rs. 1,538 crore, was higher by 11% sequentially and 16% y-o-y primarily due to capitalization of capacities at the Aluminium and Power segments.
Finance cost for FY2016 at Rs. 5,704 crore was marginally higher as compared to Rs. 5,659 crore in FY2015 on account of capitalization of capacities mainly at Aluminium and Power segments partially offset by lower cost re-financing executed during the year.
Other income at Rs. 1,289 crore in Q4 was significantly higher both sequentially and y-o-y largely due to timing differences wherein income earned on certain investments are
recognized at maturity. During the quarter, a substantial portion of investments were liquidated at HZL on account of an announcement of special dividend and at Cairn India.
Other income for the year at Rs. 3,482 crore was 47% over FY2015 for the reasons mentioned above.
Exceptional Items, including Impairment of Goodwill
Exceptional items in Q4 were Rs. 12,312 crore, of which Rs. 12,304 crore pertained to impairment. Rs. 10,074 crore of the same was incurred on account of impairment of goodwill created on acquisition of Cairn India and Rs. 284 crore due to write off in exploratory assets in the Oil and Gas segment. The impairment was triggered by the continued fall in oil prices during the year. Further, in light of the declining iron ore prices, both the acquisition goodwill and carrying value of the exploratory assets in West Africa (Western Cluster, Liberia) have also been impaired to the extent of Rs. 1,490 crore.
In addition to the above, certain unused fixed assets and goodwill at Copper Mines of Tasmania and Bellary, Karnataka (Iron Ore) incurred an impairment charge of Rs. 456 crore.
Taxes
Tax has been lower in the quarter largely on account of substantial liquidation of investments at year end for payment of special dividend at HZL; the corresponding realised profits were set off by carried forward tax losses, significantly lowering the tax during the quarter and full year.
Tax rate for FY2016 (without exceptional items) is 8% (FY2015 Tax rate without exceptional items 16%).
Attributable Profit after Tax and EPS (before Exceptional Items)
During FY2016, the attributable profit after tax was Rs. 2,910 (before exceptional items) compared to Rs. 5,097 crore in FY2015 due to lower commodity prices and premiums, partially offset by reduced cost and improved volumes.
Attributable profit after tax (before exceptional items) for Q4 FY2016 was higher at Rs. 955 crore y-o-y because of higher other income and tax credit offsetting lower EBITDA.
Balance Sheet Management
The Company is actively managing its balance sheet in light of the current commodity price environment, with a focus on maximizing free cash flow; refinancing and terming out maturing debt; and simplifying the group structure. Our financial position remains strong with cash and liquid investments of Rs. 52,666 crore, which is invested in debt related mutual funds, bank deposits and bonds, and undrawn committed facilities of c. Rs. 6,500 crore as on March 31, 2016.
As on 31 March 2016, net debt reduced by Rs. 6,254 crore during the year to Rs. 25,286 crore on account of continued optimisation of opex, capex and working capital. Gross debt was stable at Rs. 77,952 crore.
The company has strong credit metrics with Net Debt/EBITDA of 1.7x and Debt/Equity ratio of 1.0x.
Corporate
Merger - Vedanta Limited and Cairn India Limited
The Cairn Vedanta merger remains strategically important for simplification of the group and would consolidate our portfolio of Tier-I assets, improve financial flexibility to allocate capital and deliver superior returns for all shareholders. We are committed to the transaction and continue to work towards completion.
Annexure
Debt and Cash
(in Rs. Crore)
Company 31 Mar 2016 31 Dec 2015
Debt Cash & LI Net Debt Debt Cash & LI Net Debt
------- ---------- --------- ------- ---------- ---------
Vedanta Ltd Standalone 42,448 1,341 41,107 42,645 3,055 39,590
------- ---------- --------- ------- ---------- ---------
HZL - 30,798 (30,798) - 28,214 (28,214)
------- ---------- --------- ------- ---------- ---------
Zinc International - 642 (642) 64 673 (609)
------- ---------- --------- ------- ---------- ---------
Cairn India - 19,779 (19,779) - 18,643 (18,643)
------- ---------- --------- ------- ---------- ---------
BALCO 5,810 12 5,798 5,949 25 5,924
------- ---------- --------- ------- ---------- ---------
Talwandi Sabo 7,361 40 7,321 7,440 8 7,432
------- ---------- --------- ------- ---------- ---------
Twinstar Mauritius Holdings Ltd(1) and Others(2) 22,333 54 22,279 24,854 67 24,787
------- ---------- --------- ------- ---------- ---------
Vedanta Ltd Consolidated 77,952 52,666 25,286 80,952 50,685 30,267
------- ---------- --------- ------- ---------- ---------
1. Debt at TSMHL comprised Rs.9,121 crore of bank debt and Rs. 12,383 crore of debt from Vedanta Resources Plc
2. Others includes MALCO Energy, CMT, VGCB, Sesa Resources, Fujairah Gold, and Vedanta Ltd.'s investment companies.
Debt Maturity Profile for Term Debt(1)
(in Rs. Crore)
Particulars FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Total
& Later
Vedanta Ltd
Standalone 8,125 5,990 6,204 3,079 3,962 3,955 31,315
-------- -------- -------- -------- -------- --------- -------
Vedanta Ltd
Subsidiaries 6,807 4,365 4,325 1,900 1,417 2,750 21,564
-------- -------- -------- -------- -------- --------- -------
Total 14,932 10,355 10,529 4,979 5,379 6,705 52,879
-------- -------- -------- -------- -------- --------- -------
(1)Maturity profile excludes working capital facilities of Rs.12,690 crore and debt from Vedanta Resources Plc of
Rs. 12,383crore.
Note: Debt numbers in the tables above are at book value, and exclude inter-company eliminations
Results Conference Call
Please note that the results presentation is available in the Investor Relations section of the company website www.vedantalimited.com
Following the announcement, there will be a conference call at 6:00 PM (IST) on Thursday, 28(th) April 2016, where senior management will discuss the company's results and performance. The dial-in numbers for the call are as below:
Event Telephone Number
Earnings conference Mumbai main access
call on +91 22 3938 1017
28 April 2016 India - 6:00 PM (IST) Mumbai standby
access
+91 22 6746 8333
----------------------------------------------- -----------------------------------
Toll free number
Singapore - 8:30 PM 800 101 2045
(Singapore Time)
----------------------------------------------- -----------------------------------
(MORE TO FOLLOW) Dow Jones Newswires
April 28, 2016 06:40 ET (10:40 GMT)
Toll free number
Hong Kong - 8:30 PM 800 964 448
(Hong Kong Time)
----------------------------------------------- -----------------------------------
Toll free number
UK - 1:30 PM (UK Time) 0 808 101 1573
----------------------------------------------- -----------------------------------
Toll free number
US - 8:30 AM (Eastern 1 866 746 2133
Time)
----------------------------------------------- -----------------------------------
For online http://services.choruscall.in/diamondpass/registration?confirmationNumber=5267915
registration
------------------------------------------------------------------------------------
Mumbai
Replay of Conference +91 22 3065 2322
Call +91 22 6181 3322
(28 April 2016 Passcode: 63835#
to 2 May 2016)
----------------------------------------------- -----------------------------------
For further information, please contact:
Communications Finsbury
Roma Balwani Daniela Fleischmann
President - Group Communications, Tel: +44 20 7251 3801
Sustainability
and CSR
Tel: +91 22 6646 1000
gc@vedanta.co.in
Investors
Ashwin Bajaj Tel: +44 20 7659 4732
Director - Investor Relations Tel: +91 22 6646 1531
ir@vedanta.co.in
Radhika Arora
Associate General Manager
- Investor Relations
Ravindra Bhandari
Manager - Investor Relations
About Vedanta Resources
Vedanta Resources plc ("Vedanta") is a London listed diversified global natural resources company. The group produces aluminium, copper, zinc, lead, silver, iron ore, oil & gas and commercial energy. Vedanta has operations in India, Zambia, Namibia, South Africa, Ireland, Liberia and Australia. With an empowered talent pool globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of trust, sustainability, growth, entrepreneurship, integrity, respect and care. For more information, please visit www.vedantaresources.com.
Disclaimer
This press release 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," "should" 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 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 information is provided by RNS
The company news service from the London Stock Exchange
END
FR BVLFLQZFXBBQ
(END) Dow Jones Newswires
April 28, 2016 06:40 ET (10:40 GMT)
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