Ann: Full Year Statutory Accounts and Appendix 4E, page-43

MinRes (ASX: MIN): Slight beat, dividends up 90%

One liner: Slight double beat on analyst expectations for revenue and earnings, record lithium volumes boosts top and bottom line.

• Revenue of $4.78 billion in FY23 was up 40% on last year and ahead of consensus of $4.72 billion

• EBITDA of $1.75bn, up 71% and in-line with consensus $1.74bn

• Fully franked final dividend of $0.70, bringing the FY23 total dividend to $1.90, a 90% increase on last year’s dividend

MinRes managing director Chris Ellison highlighted the role record lithium earnings and strong iron ore earnings played in the result, but called out the “operational challenges” faced in the second half.

In particular, he said statutory NPAT of $244 millon was knocked by non-cash impairment charges linked to its Yilgarn and Utah Point iron ore assets.

“These operations continue to play a part in our transition to a lower-cost, longer-life iron ore portfolio. We are investing in exploration to maximise the value potential,” he said.He also alluded to further capex required for its energy division, “but the significant capital investment required to maximise this potential is being held back by the current WA domestic gas policy.”

Outlook

• Little guidance was provided for FY24, but Ellison called out the mining services division as “the heart of our business”

• “The division will benefit from the ramp up of activities across our operations and the deployment of its world-leading innovations."