re: Ann: 2012 half year financial results ann...
from a broker:
1. Revenue Line: Production declined 1.8% or 1000t. Prices: US$ and A$ copper price declined ~14%, but by-product gold increased 13%. Costs: increased 18%. On a consolidated P/L basis of costs=revenue-EBITDA, costs were well contained increasing ~4.1%. 2. Cash Flow: Gross cash flow was very poor declining -58% from A$402mn to A$168.45mn partly due to the timing of shipments with receivables increasing ~A$80mn. This is exacerbated by the current waste stripping programme which is required to enable access to the deeper parts of the ore body. 3. Balance Sheet: OZL has a strong balance sheet with net cash of A$651mn, again impacted by the timing of shipments, as well as an extra A$50 mn spent on CAPEX than we were estimating.
OZL Price at posting:
$7.31 Sentiment: None Disclosure: Held