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BASIC INDUSTRIES: Anglo American (AALLN Baa2/BBB[*-]/BBB+): 1H24 Results

BASIC INDUSTRIES

Marginally credit positive results.

  • Revenue 3% better than expected; -8% YoY on lower prices.
  • Adj. EBITDA beat by 10% helped by cost savings with margins 2% better YoY.
  • FCF around $500mn looks ahead on lower-than-expected capex. Leverage at 1.1x with net debt broadly stable. 
  • The Woodsmith project has been delayed, which was expected, helping preserve cash. Still looking to sell coal assets by year end. Expected recovery in diamonds is pushed back to next year, but Anglo is pushing ahead with sale plans.
  • Webcast replay https://edge.media-server.com/mmc/p/ac88cu93/

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