Vedanta Resources plc Annual Report & Accounts 2013

2013 Highlights

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Financial
  • Revenue of US$15.0 billion, up 7%
  • EBITDA of US$4.9 billion, up 21%; EBITDA margin of 45%2
  • Underlying EPS3 of US$1.33, down 6%
  • Free cash flow of US$3.5 billion before growth capex, and US$1.5 billion after growth capex
  • Net Debt reduced by US$1.5 billion, gearing ratio reduced to 31% from 35%
  • Strong balance sheet with Cash and Liquid Investments of US$8.0 billion
  • Final dividend of 37 US cents per share, up 6%

 

Consolidated Group Results

(in US$ millions, except as stated)

  FY 2012–13 FY 2011–12 % change
Revenue 14,989.8 14,005.3 7.0
EBITDA 4,888.3 4,026.2 21.4
  EBITDA margin 32.6% 28.7%
  EBITDA margin excluding custom smelting (%)2 44.9% 40.6%
Operating profit 2,512.0 2,387.7 5.2
Attributable profit 157.4 59.8 163.2
Underlying attributable profit3 363.3 387.2 (6.2)
Basic earnings per share (US cents) 57.7 21.9 163.6
Earnings per share on underlying profit (US cents)3 133.1 142.0 (46.0)
ROCE (excluding project capital work in progress) 17.5% 11.3%
Total dividend (US cents per share) 58.0 55.0 5.5
Business
  • Significant production growth across the portfolio
    • – Record production of mined zinc-lead and integrated silver at Zinc India
    • – Record oil & gas production driven by 32% higher output at Rajasthan block
  • Strong cost performance despite industry-wide inflationary trends
  • Recommenced oil & gas exploration drilling in Rajasthan and achieved a successful discovery in April 2013
  • Mine life extensions at Zinc India, Copper and Iron Ore operations
  • Karnataka iron ore mining restrictions lifted in April; continued state-wide restriction on mining in Goa
  • Group simplification received approval from High Court of Bombay at Goa; Madras High Court Order awaited

Sustainability
  • LTFIR rate reduced by 62% over the last 5 years
  • Over the past year, invested $47 million in community programmes benefiting 3.7 million people



Diversified portfolio delivering growth and consistent margins

1 Free cash flow after sustaining capex but before growth capex.
2 Excludes custom smelting at Copper and Zinc India operations.
3 Based on profit for the period after adding back special items and other gains and losses, and their resultant tax and minority interest effects
 (refer to note 13 of the consolidated financial statements).

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