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BRIEF-South32 says FY revenue rose 20 pct

Published 24/08/2017, 08:42 am
© Reuters.  BRIEF-South32 says FY revenue rose 20 pct
S32
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Aug 24 (Reuters) - South32 Ltd S32.AX

* fy pro forma revenue $ 6,950 million versus $5,812 million a year ago

* fy pro forma underlying earnings from continuing operations $1,146 million versus $138 million

* Group's production guidance for fy18 is largely unchanged for majority of our operations

* Announced a fully franked final dividend of us$334m, representing 50% of underlying earnings in second half

* Production at cannington and south africa energy coal is, however, expected to decline in FY18

* "increased our capital management program to us$750m, which is 6% of our market capitalisation"

* Are reviewing operating systems and practices, with a specific emphasis on gas drainage and ventilation at Appin colliery

* A staged ramp-up of Appin 707 longwall is expected to commence in early september.

* capital management program has subsequently been increased to us$750m, with 105.8m shares purchased to date for a cash consideration of us$211m

* "depreciation and amortisation (excluding equity accounted investments) is expected to remain largely unchanged at approximately us$760m."

* Group's production guidance for fy18 is largely unchanged for majority of our operations

* production at cannington and south africa energy coal is, however, expected to decline in fy18 in accordance with prior market disclosure

* Expected to see sustaining capital expenditure, excluding equity accounted investments, of us$430m in fy18

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