CE is a nice guy letting his JV partners use his balance sheet to the tune of $820m. That combined with $300m in unfavourable FX movements are the difference in net debt being above $5bn vs below $4bn.
Funnily enough, those two things will drive the rapid deleveraging over the next 12-18 months.
The production downgrade is the only disappointment in my eyes, on a post tax basis this represents a ~140m (2.5%) reduction in enterprise value.
Well and truly over the capex hill ~$700m in H2, relative to $1.3bn in H1. The $700m also includes $140m of capex minres will be funding on behalf of JV partners.
Ann: FY25 Half Year Financial Report and Appendix 4D, page-25
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