[PDF] Glencore Annual Report 2016

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ANNUAL REPORT 2016

Highlights 2016

Adjusted EBIT

US$ million

3,930 6,706 2,172 3,930

2014 20152016

Capital expenditure

US$ million

3,497 8,566 5,957

3,4972014 20152016

Adjusted EBITDA

US$ million

10,268

12,764

8,694

10,268

2014 20152016

Funds from operations

US$ million

7,770

10,169

6,615 7,770

2014 201520161.40

1.60 1.34 1.40

2014 20152016

Lost time injury

frequency rate per million hours workedNet debt/FFO to net debt

US$ million

15,526

30,532

25,889

15,526

2014 20152016

FFO to net debt60

50
40
30
20 10 0

Net funding

US$ million

32,619

49,758

41,245

32,619

2014 201520161,379

2,308 (4,964) 1,379

2014 20152016

Net income attributable

to equity holders

US$ million

For full contents list please see under ?ap

Contents

04 Chief Executive Ofcers review

06 Positioned for the future

08 Who we are

10 Our presence

12 Our business model

16 Our strategy

20 Sustainable development

30 Delivering on our commitments

on climate change

34 Key performance indicators

36 Principal risks and uncertainties

45 Financial review

52 Business review

... Metals and minerals ... Energy products ... Agricultural productsStrategic report

80 Chairmans introduction

81 DirectorsandOfcers

84 Corporate governance report

99 Directors remuneration report

109 Directors report

Governance116 Independent Auditors Report126 Consolidated statement of income/(loss)

127 Consolidated statement of

comprehensive income/(loss)

128 Consolidated statement of

nancial position

129 Consolidated statement of cash ows

131 Consolidated statement of changes

of equity

132 Notes to the nancial statements

Financial statements

201 Glossary

206 Production by quarter ...

Q4 2015to Q4 2016

213 Resources and reserves

222 Shareholder information

IBC Forward looking statementsAdditional information Further details on our sustainability approach and performance can be found in our annual sustainability report and on our website www.glencore.com/sustainability One of the world"s largest diversi?ed natural resource companies + 90 commodities 50
countries

155,000

people

01Glencore Annual Report 2016

Strategic report

04 Chief Executive Of?cers review

06 Positioned for the future

08 Who we are

10 Our presence

12 Our business model

16 Our strategy

20 Sustainable development

30 Delivering on our commitments on climate change

34 Key performance indicators

36 Principal risks and uncertainties

45 Financial review

52 Business review

... Metals and minerals ... Energy products ... Agricultural products " Our ?nancial performance during 2016 reects the quality of our industrial assets and the resilience of our marketing business."

IVAN GLASENBERG

Chief Executive Of?cer (see page 04)

02Glencore Annual Report 2016

03Glencore Annual Report 2016

Chief Executive Of?cer"s review

Improving market conditions

Despite an uncertain start to 2016,

commodities ?nally started reversing ?ve years of underperformance compared to other asset classes.

In thisenvironment, the mining sector

has been a signi?cant outperformer, with the SXPP basic resources index uparound 70% over the year, compared to a 17% increase for theFTSE 100 Index.

China"s willingness and ability to

reate caught markets somewhat by surprise, given widespread scepticism over the sustainability of Chinese demand for commodities. This was then compounded by increasingly supportive economic conditions in other regions.

Looking ahead, political events

across the globe have coincided with the expectation of higher ination and with it, higher interest rates, a backdrop, which is generally inuenced by and/or supportive of higher commodity prices.

The increasing likelihood of various

regionally signalled ?scal economic stimulus programmes should also promote improved physical demand for and positive sentiment towards commodities.

Robust ?nancial performance

Our robust ?nancial performance

during 2016 (Adjusted EBITDA of $10.3 billion, up 18% on 2015) reects the quality of our industrial asset portfolio and the resilience of our large scale diversi?ed marketing business.

Marketing Adjusted EBIT was

$2.8 billion in 2016, 14% higher than

2015 and above the $2.7 billion top-end

of our Q4 2016 narrowed guidance range, reecting strong second half contributions from all three business segments. These activities continue to generate a consistent, high cash return on equity, underpinned by competitive funding rates, a stable cost base and low capex requirements.

Following the sale of a 50% interest

in Glencore Agriculture in late 2016, our 2017 Marketing Adjusted EBIT guidance range is $2.2 to $2.5 billion

Creating long-term, sustainable returns

for shareholders € Debt reduction programme completed: net funding at $32.6 billion and net debt $15.5 billion by year end € Strong free cash ow generation, underpinned by the resilience of the marketing business and quality of the industrial assets € Capital allocation maximises value creation for shareholders: a ?xed $1 billion distribution that reects the resilience, predictability and stability of cash ows from the marketing business

€ The right commodity mix to meet the changing

needs of key maturing economies: leading, low-cost supply positions in mid- and late-cycle commodities and signi?cant operational leverage to improving fundamentals in key commodities, as well as substantial volumes of low-cost latent capacity

Ivan Glasenberg, Chief Executive Ofcer

04Glencore Annual Report 2016

Strategic report

(up from $2.1 to $2.4 billion in our

December 2016 update), while also

reecting such sale, our longer-term guidance range has been lowered to $2.2 to $3.2 billion.

Our various industrial teams

responded to the challenges of low prices, delivering robust cost structures and margins within our key commodities. The industrial assets"

Adjusted EBITDA of $7.3 billion in

2016 was almost 22% higher than 2015,

reecting improving commodity prices in the latter part of the year, but mostly the delivery of material cost reductions and operational improvements.

Since 2009, over $38 billion has been

spent on our industrial assets, which are now extremely well positioned, with largely Tier 1 costs, scale, diversi?cation and optionality.

Debt reduction programme

delivered

The plan of action we initiated in

September 2015 to sensibly bring down

our ?nancial leverage and strengthen our balance sheet is now complete; at the end of 2016, net funding and net debt of $32.6 billion and $15.5 billion respectively, were around or better than target levels, with debt coverage ratios already comfortably below our recently reduced target levels.

This debt reduction was partly

achieved through a highly successful divestment programme that raised $6.2 billion since September

2015, including the following

2016 transactions:

€ Antapaccay silver streaming

transaction, raising $500 million

€ Sale of 50% of our agriculture

business for $3.1 billion

€ Disposal of a 30% economic interest

plus gold stream in Ernest Henry, delivering $670 million and

€ Sale of our Hunter Valley coal

rail haulage business (GRail), for $840 million.

The disposal programme underpinned

a $14.7 billion reduction in net funding in just 18 months.The success of our deleveraging programme and capital structure/credit repositioning is now well understood and recognised by credit markets with public funding spreads and default

As previously communicated, we are

now targeting maximum through the cycle leverage of 2x Net debt/EBITDA (previously <3x). This lower gearing target is aimed at sustainably reducing risk and providing greater exibility and stability in the future. We believe our commitment to secure and thereafter maintain a strong Baa/BBB credit rating is well on track.

Capital allocation to maximise

value creation for shareholders

In December 2016, we announced

the reinstatement of shareholder distributions, following a one-year suspension period. Initially we will return $1 billion to shareholders in 2017, to be paid in equal tranches, following the full-year and interim ?nancial results, subject to shareholders" approvalquotesdbs_dbs20.pdfusesText_26