Ann: Dividend/Distribution - S32, page-15

Just as a preview of next weeks announcement by S32 of its annual result, here it is (or at least my approximation of it). My basis is the H1FY22 result, plus the production and prices from H2FY22 (as S32 has already told us), then some adjustments to costs (basically H1 costs plus some conservative allowances for increases in H2).
It is all in USDollars per S32 reporting.

Product	ProductionUnit	Price Unit	Production	Price	Revenue	Production	Price	Revenue	Production	Av. Price	Revenue
			H1FY22	H1FY22	H1FY22	H2FY22	H2FY22	H2FY22	FY22	FY22	FY22
				USD$/unit	USD$M			USD$M
Worsley Alumina	kt	USD$/t	1979	389	770	2012	428	861	3991	409	1631
Brazil Alumina	kt	USD$/t	631	387	244	666	419	279	1297	403	523
Brazil Aluminium	kt	USD$/t	0	3000	0	0.5	3000	2	0.5	3000	2
Hillside Aluminium	kt	USD$/t	358	2952	1057	356	3347	1192	714	3149	2248
Mozal Alumium	kt	USD$/t	136	3041	414	142	3591	510	278	3322	923
Sierra Gorda CuEquiv	kt	USD$/lb	0		0	31	3.50	217	31	3.50	217
Cannington Silver	koz	USD$/oz	6710	21	141	6236	21	131	12946	21	272
Cannington Lead	kt	USD$/t	60.2	2180	131	60.4	1902	115	120.6	2041	246
Cannington Zinc	kt	USD$/t	32.7	2988	98	31.8	3473	110	64.5	3227	208
Cerro Matoso Nickel	kt	USD$/lb	20.3	8.39	382	21.4	11.64	558	41.7	10.06	939
Illawarra MetCoal	kt	USD$/t	2767	303	838	2945	457	1346	5712	382	2184
Illawarra EnergyCoal	kt	USD$/t	378	108	41	419	200	84	797	156	125
Aust Manganese	kwmt	USD$/dmtu	1704	4.59	391	1659	6.05	502	3363	5.31	893
South Africa Manganese	kwmt	USD$/dmtu	1053	3.47	183	1016	4.39	223	2069	3.92	406
GROSS PRODUCT REVENUE					4689			6129			10818
less Operating Costs	for H1 use Revenue minus EBITDA				-2818			-2731			-5549
	for H2 add 500 for SG plus extra disruption costs, royalties							-500			-500
EBITDA					1871			2898			4769
less DA					-357			-357			-714
EBIT					1514			2541			4055
less Net Interest	for H1 ~12, , for H2 assume 50 incl SG				-12			-50			-62
PBT					1502			2491			3993
minus tax	based on H1 31.3%	0.313			-470			-780			-1250
PAT					1032			1711			2743
Shares on issue					4650			4650			4650
EPS	USD$				0.222			0.368			0.590
DPS at 40% payout ratio	USD$				0.089			0.147			0.236
	AUD$ at 70c exchange rate

Of course there will be some exceptional accounting adjustments, but the underlying profit etc will be roughly as above.
H2FY22 EPS will be USD$0.368 - ie over AUD 50cps
Full year EPS will be USD$0.59 - ie about AUD 84cps
Final div if paid out per policy at 40% of EPS will be USD$0.147 - ie about AUD 21cps FF
And at AUD$4.12 (todays close) S32 is trading on a PE just less than 5,

It will take the market a little while to accept this phenomenal result.
Let's check back next week to see if my calcs are close to reality.