REG - South32 Limited - Financial Results & Outlook Half Year 31 Dec 2015 <Origin Href="QuoteRef">S32.AX</Origin> - Part 3
25/02/2016 07:12
- Part 3: For the preceding part double click ID:nRSY0824Qb
Discontinued operations
Profit/(loss) from discontinued operations, net of taxation - 7
Profit/(loss) for the period (1,749) (83)
Attributable to:
Equity holders of South32 Limited (1,749) (83)
Profit/(loss) from continuing operations attributable to the ordinary equity holders of South32 Limited
Basic earnings per ordinary share (cents) 6 (32.9) (2.8)
Diluted earnings per ordinary share (cents) 6 (32.9) (2.8)
Profit/(loss) for the period attributable to the ordinary equity holders of South32 Limited
Basic earnings per ordinary share (cents) 6 (32.9) (2.6)
Diluted earnings per ordinary share (cents) 6 (32.9) (2.6)
The accompanying notes form part of the half year financial statements.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the half year ended 31 December 2015
US$M H1 FY16 H1 FY15
Profit/(loss) for the period (1,749) (83)
Other comprehensive income
Items that may be reclassified subsequently to the income statement:
Equity accounted investments - share of other comprehensive income/(loss) - -
Available for sale investments:
Net gain/(loss) taken to equity (28) -
Net (gain)/loss transferred to the income statement 23
Taxation benefit/(expense) recognised within other comprehensive income 5 -
Total items that may be reclassified subsequently to the income statement - -
Items not to be reclassified to the income statement:
Equity accounted investments - share of other comprehensive income/(loss) 1 -
Actuarial gain/(loss) on pension and medical schemes 6 (9)
Taxation benefit/(expense) recognised within other comprehensive income (2) 3
Total items not to be reclassified to the income statement 5 (6)
Total other comprehensive income/(loss) 5 (6)
Total comprehensive income/(loss) (1,744) (89)
Attributable to:
Equity holders of South32 Limited (1,744) (89)
The accompanying notes form part of the half year financial statements.
CONSOLIDATED BALANCE SHEET
as at 31 December 2015
US$M Note H1 FY16 FY15
ASSETS
Current assets
Cash and cash equivalents 8 697 644
Trade and other receivables 8 625 1,162
Other financial assets 8 59 14
Inventories 814 953
Current tax assets 18 77
Other 48 18
Total current assets 2,261 2,868
Non-current assets
Trade and other receivables 8 420 185
Other financial assets 8 282 417
Inventories 60 60
Property, plant and equipment 8,678 9,550
Intangible assets 304 306
Investments accounted for using the equity method 543 1,707
Deferred tax assets 391 376
Other 17 20
Total non-current assets 10,695 12,621
Total assets 12,956 15,489
LIABILITIES
Current liabilities
Trade and other payables 8 613 921
Interest bearing liabilities 8 186 364
Other financial liabilities 8 4 4
Current tax payable 38 11
Provisions 324 398
Deferred income 3 6
Total current liabilities 1,168 1,704
Non-current liabilities
Trade and other payables 8 17 30
Interest bearing liabilities 8 627 682
Other financial liabilities 8 20 -
Deferred tax liabilities 590 554
Provisions 1,214 1,479
Deferred income 17 5
Total non-current liabilities 2,485 2,750
Total liabilities 3,653 4,454
Net assets 9,303 11,035
EQUITY
Share capital 14,958 14,958
Reserves (3,545) (3,557)
Retained earnings/(accumulated losses) (2,109) (365)
Total equity attributable to:
Equity holders of South32 Limited 9,304 11,036
Non-controlling interests (1) (1)
Total equity 9,303 11,035
The accompanying notes form part of the half year financial statements.
CONSOLIDATED CASH FLOW STATEMENT
for the half year ended 31 December 2015
US$M H1 FY16 H1 FY15
Operating activities
Profit/(loss) before taxation from continuing operations (1,632) 63
Adjustments for:
Non-cash significant items 37 -
Depreciation and amortisation expense 401 133
Net loss/(gain) on sale of non-current assets 1 -
Impairments of property, plant and equipment, financial assets and intangibles 594 -
Impairments of equity accounted investments 790 -
Employee share awards expense 12 -
Net finance cost 45 24
Share of (profit)/loss of equity accounted investments 356 -
Other non-cash or non-operating items 33 5
Changes in assets and liabilities:
Trade and other receivables 162 9
Inventories 119 -
Trade and other payables (296) (55)
Provisions and other liabilities (196) (21)
Cash generated from continuing operations 426 158
Interest received 12 10
Interest paid (30) (29)
Income tax (paid)/received 37 90
Dividends received 1 4
Dividends received from equity accounted investments 19 -
Net cash flows from continuing operating activities 465 233
Net cash flows from discontinued operating activities - 23
Net cash flows from operating activities 465 256
Investing activities
Purchases of property, plant and equipment (237) (184)
Exploration expenditure (7) (2)
Exploration expenditure expensed and included in operating cash flows 5 2
Purchase of intangibles (14) -
Investment in financial assets (80) (7)
Investment in subsidiaries, operations and joint operations, net of their cash, as part of the Internal Restructure - (1,533)
Cash outflows from investing activities (333) (1,724)
Proceeds from sale of property, plant and equipment 1 -
Proceeds from financial assets 112 -
Proceeds from divestment of subsidiaries, operations and joint operations, net of their cash, as part of the Internal Restructure - 172
Net cash flows from continuing investing activities (220) (1,552)
Net cash flows from discontinued investing activities - (9)
Net cash flows from investing activities (220) (1,561)
Financing activities
Proceeds from interest bearing liabilities 2 -
Repayment of interest bearing liabilities (190) (703)
Deposits with BHP Billiton as part of the Internal Restructure - (5,899)
Proceeds from ordinary shares - 8,000
Net cash flows from continuing financing activities (188) 1,398
Net cash flows from discontinued financing activities - -
Net cash flows from financing activities (188) 1,398
Net increase/(decrease) in cash and cash equivalents 57 93
Cash and cash equivalents, net of overdrafts, at the beginning of the period 644 145
Foreign currency exchange rate changes on cash and cash equivalents (8) (3)
Cash and cash equivalents, net of overdrafts, at the end of the period 693 235
The accompanying notes form part of the half year financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the half year ended 31 December 2015
Attributable to equity holders of South32 Limited
US$M Share capital Reserves Retained earnings/ (accumulated losses) Total Non- controlling interests Total equity
Balance as at 1 July 2015 14,958 (3,557) (365) 11,036 (1) 11,035
Profit/(loss) for the period - - (1,749) (1,749) - (1,749)
Other comprehensive income/(loss) - - 5 5 - 5
Total comprehensive income - - (1,744) (1,744) - (1,744)
Transactions with owners:
Accrued employee entitlement for unexercised awards - 12 - 12 - 12
Balance as at 31 December 2015 14,958 (3,545) (2,109) 9,304 (1) 9,303
Balance as at 1 July 2014 561 - 552 1,113 - 1,113
Profit/(loss) for the period - - (83) (83) - (83)
Other comprehensive income/(loss) - - (6) (6) - (6)
Total comprehensive income - - (89) (89) - (89)
Transactions with owners:
Proceeds from issue of shares 8,000 - - 8,000 - 8,000
Acquisition and divestment of subsidiaries and operations - (451) - (451) - (451)
Balance as at 31 December 2014 8,561 (451) 463 8,573 - 8,573
The accompanying notes form part of the half year financial statements.
NOTES TO FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS - ABOUT THIS REPORT
Reporting entity
Basis of preparation
South32 Limited demerger
NOTES TO FINANCIAL STATEMENTS - RESULTS FOR THE PERIOD
Segment information
Taxation
Earnings per share
NOTES TO FINANCIAL STATEMENTS - CAPITAL STRUCTURE AND FINANCING
Net finance cost
Financial assets and financial liabilities
NOTES TO FINANCIAL STATEMENTS - OTHER NOTES
Employee share ownership plans
Subsequent events
Contingent liabilities
DIRECTORS' DECLARATION
DIRECTORS' REPORT
LEAD AUDITOR'S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001
INDEPENDENT AUDITOR'S REVIEW REPORT TO THE MEMBERS OF SOUTH32 LIMITED
NOTES TO FINANCIAL STATEMENTS - ABOUT THIS REPORT
The consolidated financial statements of South32 Limited referred to as the "Company" and its subsidiaries and joint
operations (collectively, the "South32 Group") for the half year ended 31 December 2015 were authorised for issue in
accordance with a resolution of the Directors on 25 February 2016.
1. Reporting entity
South32 Limited is a for-profit company limited by shares incorporated in Australia with a primary listing on the
Australian Securities Exchange, a standard listing on the London Stock Exchange and a secondary listing on the Johannesburg
Stock Exchange. The nature of the operations and principal activities of the South32 Group are described in note 4 Segment
information.
2. Basis of preparation
The half year financial statements are a general purpose condensed financial report which:
· Have been prepared in accordance with AASB 134 Interim Financial Reporting, IAS 34 Interim Financial Reporting and the
Corporations Act 2001
· Have been prepared on a historical cost basis, except for derivative financial instruments and certain other
financial assets and liabilities which are required to be measured at fair value
· Are presented in US dollars, which is the functional currency of the majority of the Group's operations, and all
values are rounded to the nearest million dollars (US$M or US$ million) unless otherwise stated, in accordance with ASIC
Class Order 98/100
· Present reclassified comparative information where required for consistency with the current period's presentation
and
· Have been prepared on the basis of accounting policies and methods of computation consistent with those applied in the
30 June 2015 annual financial statements.
In preparing these half year financial statements, management has made judgements, estimates and assumptions that affect
the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual
results may differ from these estimates. The significant judgements made by management in applying the Group's accounting
policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial
statements as at and for the year ended 30 June 2015.
For a full understanding of the financial performance and financial position of the South32 Group it is recommended that
the half year financial statements be read in conjunction with the annual financial statements for the year ended 30 June
2015. Consideration should also be given to any public announcements made by the Company during the half year ended 31
December 2015 in accordance with the continuous disclosure obligations of the ASX Listing Rules.
The following exchange rates relative to the US dollar have been applied in the financial statements.
Average for the half year ended 31 December 2015 Average for the half year ended 31 December 2014 As at 31 December 2015 As at 30 June 2015 As at 31 December 2014
Australian dollar(a) 0.72 0.89 0.73 0.77 0.82
Brazilian real 3.69 2.40 3.90 3.14 2.66
Colombian peso 2,999 2,037 3,149 2,585 2,392
South African rand 13.60 10.99 15.56 12.28 11.55
(a) Displayed as US$ to A$ based on common convention.
3. South32 Limited demerger
Effective 15 May 2015, BHP Billiton shares ceased trading with an entitlement to South32 shares. On 18 May 2015 South32
Limited was listed as a separate standalone entity on the Australian Securities Exchange on a deferred settlement basis, on
the London Stock Exchange on a when-issued basis and on the Johannesburg Stock Exchange on a normal settlement basis. The
demerger resulted in economic separation at the close of business London time on 22 May 2015 (being 23 May 2015 Melbourne
time) with the settlement of intercompany balances between the South32 Group and the BHP Billiton Group. South32 shares
were transferred to eligible BHP Billiton Limited and BHP Billiton Plc shareholders on 24 May 2015 and 25 May 2015,
respectively. Economic separation and distribution of South32 shares to shareholders became effective from 25 May 2015.
Further information on businesses acquired and disposed, as well as the change in control with respect to the manganese
operations is disclosed in the South32 Group's 2015 Annual Report.
NOTES TO FINANCIAL STATEMENTS - RESULTS FOR THE PERIOD
4. Segment information
(i) Description of segments
The operating segments (also referred to as "operations") are organised and managed separately according to the nature of
products produced.
The members of the executive management team (the "chief operating decision maker") and the Board of Directors monitor the
segment results regularly for the purpose of making decisions about resource allocation and performance assessment.
The segment information reflects South32's interest in the manganese operations and is presented on a proportional
consolidation basis, which is the measure used by South32's management to assess the performance of the manganese
operations. The manganese operations are equity accounted in the consolidated financial statements. The statutory
adjustment column reconciles the proportional consolidation to the equity accounting position.
The principal activities of each reporting segment, as the South32 Group is currently structured, are summarised as
follows:
Operating segment Principal activities
Worsley Alumina Integrated bauxite mine and alumina refinery in Western Australia
South Africa Aluminium Aluminium smelter in Richards Bay
Brazil Alumina Alumina refinery in Brazil
Mozal Aluminium Aluminium smelter in Mozambique
South Africa Energy Coal Open-cut and underground energy coal mines and processing operations in South Africa
Illawarra Metallurgical Coal Underground metallurgical coal mines in New South Wales
Australia Manganese Producer of manganese ore in the Northern Territory and manganese alloys in Tasmania
South Africa Manganese Integrated producer of manganese ore and alloy in South Africa
Cerro Matoso Integrated laterite ferronickel mining and smelting complex in Colombia
Cannington Silver, lead and zinc mine in Queensland
The South32 Group separately discloses sales of group production from sales of third party products because of the
significant difference in profit margin earned on these sales.
Group and unallocated items/eliminations represent group centre functions and consolidation adjustments. Group financing
(including finance cost and finance income) and income taxes are managed on a South32 Group basis and are not allocated to
operating segments.
It is the South32 Group's policy that inter-segment transactions are made on a commercial basis.
The following tables present revenue and profit information about the operations for the half year ended 31 December 2015
and 2014, respectively.
NOTES TO FINANCIAL STATEMENTS - RESULTS FOR THE PERIOD
4. Segment information (continued)
Half year ended31 December 2015 US$M Worsley Alumina South Africa Aluminium Mozal Aluminium Brazil Alumina South Africa Energy Coal Illawarra Metallurgical Coal Australia Manganese(a) South Africa Manganese(a) Cerro Matoso Cannington Group and unallocated items/ elimination Statutory adjustment (a) Group
Revenue
Group production 286 596 208 186 542 284 226 110 166 423 - (336) 2,691
Third party products(b) - - - - - - - - - - 291 (1) 290
Inter-segment revenue 254 - - - - - - 4 - - (254) (4) -
Total revenue 540 596 208 186 542 284 226 114 166 423 37 (341) 2,981
Underlying EBITDA 108 53 8 110 116 50 72 (28) (5) 169 (7) (104) 542
Depreciation and amortisation (75) (32) (18) (36) (70) (87) (62) (23) (43) (28) (12) 85 (401)
Underlying EBIT 33 21 (10) 74 46 (37) 10 (51) (48) 141 (19) (19) 141
Comprising:
Group Production 33 21 (10) 74 44 (37) 10 (51) (48) 141 (19) 41 199
Third party products - - - - - - - - - - - - -
Share of profit/(loss) of equity accounted investments(e) - - - - 2 - - - - - - (60) (58)
Underlying EBIT 33 21 (10) 74 46 (37) 10 (51) (48) 141 (19) (19) 141
Net finance cost (71)
Income tax (expense)/benefit (44)
Underlying earnings 26
Earnings adjustments(c) (1,775)
Profit/(loss) after taxation from continuing operations (1,749)
Capital expenditure(f) 22 8 5 9 42 111 41 7 12 15 13 (48) 237
Investments accounted for using the equity method(d) - - - - 15 - - - - - - 528 543
Total assets(d) 3,627 1,347 687 890 697 1,751 631 537 921 391 2,163 (686) 12,956
Total liabilities(d) 334 285 94 101 735 211 255 182 172 153 1,817 (686) 3,653
(a) The segment information reflects South32's interest in the manganese operations and is presented on a proportional
consolidation basis, which is the measure used by South32's management to assess the performance of the manganese
operations. The manganese operations are equity accounted in the consolidated financial statements. The statutory
adjustment column reconciles the proportional consolidation to the equity accounting position.
(b) Third party product sold comprises US$138 million for aluminium, US$50 million for freight services, US$28 million
for coal, US$11 million for alumina and US$63 million for other.
(c) Refer to note 4(ii) Earnings adjustments.
(d) Total segment assets and liabilities represent operating assets and liabilities which predominately exclude the
carrying amount of equity accounted investments, cash, interest bearing liabilities and tax balances.
(e) Share of profit/(loss) of equity accounted investments includes the impacts of earnings adjustments to Underlying
EBIT.
(f) Capital expenditure excludes the purchase of intangibles and capitalised exploration expenditure.
NOTES TO FINANCIAL STATEMENTS - RESULTS FOR THE PERIOD
4. Segment information (continued)
Half year ended31 December 2014 US$M Worsley Alumina South Africa Aluminium Mozal Aluminium Brazil Alumina South Africa Energy Coal Illawarra Metallurgical Coal Australia Manganese (d) South Africa Manganese (d) Cerro Matoso Cannington New Mexico Coal (a) Group and unallocated items/ elimination Statutory adjustment Group
Revenue
Group production - - - 230 - 411 - - - - 133 - - 774
Third party products(b) - - - - - - - - - - - 8 - 8
Inter-segment revenue - - - - - - - - - - - - - -
Total revenue - - - 230 - 411 - - - - 133 8 - 782
Underlying EBITDA - - - 120 - 105 - - - - 22 (1) - 246
Depreciation and amortisation - - - (33) - (100) - - - - (12) - - (145)
Underlying EBIT - - - 87 - 5 - - - - 10 (1) - 101
Comprising:
Group Production - - - 87 - 5 - - - - 10 - - 102
Third party products - - - - - - - - - - - (1) - (1)
Share of profit/(loss) of equity accounted investments - - - - - - - - - - - - - -
Underlying EBIT - - - 87 - 5 - - - - 10 (1) - 101
Underlying EBIT from discontinued operations (10)
Underlying EBIT from continuing operations 91
Net finance cost (18)
Income tax (expense)/benefit (16)
Underlying earnings from continuing operations 57
Earnings adjustments(c) (147)
Profit/(loss) after taxation from continuing operations (90)
Capital expenditure - - - 5 - 179 - - - - 9 - - 193
Investments accounted for using the equity method(d) - - - - 12 - - - - - - - 1,695 1,707
Total assets(d) 3,720 1,475 730 1,039 1,414 1,782 1,649 748 997 453 - 2,271 (789) 15,489
Total liabilities(d) 359 324 104 111 1,019 264 265 218 234 173 - 2,202 (819) 4,454
(a) The New Mexico Coal segment was transferred from the South32 Group to the BHP Billiton Group as part of the demerger
process during the year ended 30 June 2015.
(b) Third party product sold comprises US$8 million for aluminium.
(c) Refer to note 4(ii) Earnings adjustments.
(d) Total segment assets and liabilities are as at 30 June 2015 and represent operating assets and liabilities which
predominately exclude the carrying amount of equity accounted investments, cash, interest bearing liabilities and tax
balances. Information for manganese operations is presented on a proportional consolidation basis.
NOTES TO FINANCIAL STATEMENTS - RESULTS FOR THE PERIOD
4. Segment information (continued)
(ii) Earnings adjustments
The following table shows earnings adjustments in determining Underlying earnings:
Earnings adjustments
US$M H1 FY16 H1 FY15
Adjustments to Underlying EBIT
Significant items(a) 92 -
Exchange rate (gains)/losses on restatement of monetary items(b) (87) (3)
Impairment losses(b) 1,384 -
Fair value (gains)/losses on derivative instruments(b) 36 7
Major corporate restructures(b) 5 -
Impairment losses included in profit/(loss) of equity accounted investments (c) 287 -
Earnings adjustments included in profit/(loss) of equity accounted investments (c) 11 -
Total adjustments to Underlying EBIT 1,728 4
Adjustments to net finance cost
Exchange rate variations on net debt (26) 6
Total adjustments to net finance cost (26) 6
Adjustments to income tax expense
Significant items(a) 39 96
Tax effect of earnings adjustments to Underlying EBIT (152) (1)
Tax effect of earnings adjustments to net finance cost 8 (2)
Exchange rate variations on tax balances 178 44
Total adjustments to income tax expense 73 137
Total earnings adjustments 1,775 147
(a) Refer to note 4(iii) Significant items.
(b) The amount was recognised in "expenses excluding net finance cost" in the consolidated income statement.
(c) The amount was recognised in "share of profit/(loss) of equity accounted investments" in the consolidated income
statement.
NOTES TO FINANCIAL STATEMENTS - RESULTS FOR THE PERIOD
4. Segment information (continued)
(ii) Earnings adjustments (continued)
Impairments recognised
As a result of significant and continued weakening of commodity markets, the Group recognised the following impairments and
associated tax effect at 31 December 2015. The forecast weakening of commodity prices has also impacted the probability of
generating longer term taxable income for certain South32 operations and therefore resulted in the derecognition of
specific deferred tax asset balances in the half year ended 31 December 2015. An impairment at Brazil Alumina recognised at
31 December 2015 was as a result of the continued and indefinite suspension of smelting operations. The following table
shows the categorisation of the amounts within earnings adjustments:
Adjustments to Underlying EBIT Adjustments to income tax expense
31 December 2015US$M Impairments Significant items Earnings adjustments included in (profit)/loss of equity accounted investments Total Significant items Tax effect of earnings adjustments to Underlying EBIT
Australia Manganese equity accounted investment 726 - 190 916 - -
South Africa Manganese equity accounted investment - - 97 97 - -
Manganese Marketing equity accounted investment 64 - - 64 - -
South Africa Energy Coal - Wolvekrans Middelburg Complex 322 - - 322 - (89)
South Africa Energy Coal - Klipspruit 120 - - 120 - (33)
Available for sale investments 76 - - 76 - (18)
South Africa Energy Coal deferred tax asset derecognition - - - - 126 -
Brazil Alumina smelter 65 32 - 97 (11) (22)
Other 11 - - 11 - (1)
Total 1,384 32 287 1,703 115 (163)
Australia Manganese (equity accounted investment)
The Australia Manganese equity accounted investment impairment of US$916 million includes full impairment of the remaining
fair value uplift applied in advance of the demerger of US$726 million, impairment of the Group's share of property, plant
and equipment of US$228 million and the recognition of an associated tax benefit of US$91 million. The Group's share of
deferred tax assets of US$53 million associated with provisions for future restoration and rehabilitation were derecognised
as utilisation is no longer probable. The recoverable amount of the equity accounted investment was determined as US$376
million based on its fair value less cost of disposal ("FVLCD").
South Africa Manganese (equity accounted investment)
The South Africa Manganese equity accounted investment impairment of US$97 million includes impairment of the Group's share
of property, plant and equipment of the equity accounted investment of US$45 million, impairment of the Group's share of
available for sale investments of the equity accounted investment of US$36 million and recognition of an associated tax
benefit on the impairments of US$10 million. The Group's share of deferred tax assets of US$26 million associated with
provisions for future restoration and rehabilitation were derecognised as utilisation is no longer probable. The
recoverable amount of the equity accounted investment was determined as US$321 million based on its FVLCD.
NOTES TO FINANCIAL STATEMENTS - RESULTS FOR THE PERIOD
4. Segment information (continued)
(ii) Earnings adjustments (continued)
Manganese Marketing (equity accounted investment)
The Manganese Marketing equity accounted investment (Samancor AG) impairment of US$64 million relates to impairment of the
fair value uplift. The recoverable amount of the equity accounted investment was determined as US$81 million based on its
FVLCD.
South Africa Energy Coal
The South Africa Energy Coal impairment of US$442 million includes US$322 million for property, plant and equipment at the
Wolvekrans Middelburg Complex (tax benefit of US$89 million) and US$120 million for property, plant and equipment at the
Klipspruit Colliery (tax benefit of US$33 million). The recoverable amount of the Wolvekrans Middelburg Complex and
Klipspruit Colliery cash generating units were determined as -US$57 million and US$77 million respectively, and were
determined based on the FVLCD of each cash generating unit.
The available for sale investments impairment of US$76 million is associated with South African coal activities (tax
benefit of US$18 million). A charge has been recognised in the income statement rather than in Other Comprehensive Income
as a prolonged reduction in fair value is judged to represent an impairment.
South Africa Energy Coal deferred tax assets of US$126 million associated with provisions for future restoration and
rehabilitation were derecognised as
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