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GLN - Transaction in own shares
GLENCORE PLC
(Incorporated in Jersey under the Companies (Jersey) Law 1991)
(Registration number 107710)
JSE Share Code: GLN
LSE Share Code: GLEN
HKSE Share Code: 805HK
ISIN: JE00B4T3BW64
Baar, Switzerland
10 December, 2014
Glencore plc – 2014 Investor Day
Today Glencore is hosting its 2014 Investor Day in London. In addition to the Group’s outlook, senior
management will provide an update on our agricultural products, coal, copper, nickel, oil and zinc
businesses.
Highlights include:
- Unparalleled track record of value creation since 1994, based on material management
ownership;
- Established portfolio of Tier one industrial assets with a truly diversified footprint by geography
and commodity supported by positive market fundamentals;
- Robustly profitable industrial operations post merger integration;
o expansionary capital geared to the right commodities and opportunities focused on
modular/brownfield investment;
o sustaining capex confirmed around $4.0bn p.a. expected to fall closer to $3.5bn p.a. by
2017;
- Marketing business that is highly cash-flow generative with unique scale, diversification and
skills providing a low-risk defensive earnings driver;
- Post-integration cost efficiencies and focus now ingrained across the industrial assets,
cementing mostly first quartile cost positions;
- Clear and consistent framework for capital allocation;
o continued optimisation of asset portfolio underpinned by target RoE of 20-25% for
incremental industrial capital and a sustainable marketing RoE of 40-65%
- Optimal balance sheet structure for equity returns, liquidity and cost of capital;
o Strong Baa/BBB target provides such with optimal market access and funding costs;
- Glencore will continue to focus on return of excess capital to shareholders;
o USD$1bn equity buyback c.65% complete
Ivan Glasenberg, CEO, commented:
“Capital misallocation, not a lack of demand, remains a key issue for the sector resulting in a clear need
to differentiate by commodity. Our established portfolio of Tier one industrial assets supported by our
unique marketing business and commodity diversification provides Glencore with superior price
insulation and optionality.
“Our ability to acknowledge and react accordingly to the supply/demand fundamentals across our
markets has played a key role in enabling us to continue to deliver on our main objectives; the efficient
deployment of capital to grow earnings, cashflow and dividend per share.
“Alongside the successful delivery of a handful of key growth projects, these objectives remain
unchanged for 2015. We will continue our disciplined approach to capital allocation, based on the
supply/demand fundamentals, as well as maintaining our focus on operational efficiency. These factors,
underpinned by material management ownership, will enable us to maximise free cash flow growth. This
will provide us with numerous options for delivering ongoing value for shareholders.”
GLENCORE Page 2
The presentations will begin at at 08:00 (UK) and close at 13:00 (UK). All presentations will be available
to watch via a live webcast, details of which can be found on our website:
http://www.glencore.com/investors/investor-day-2014
The webcast can be viewed at: http://www.media-server.com/m/p/eyfo3gqe
Dial in details:
Local - London, United Kingdom: +44(0)20 3427 1912
National free phone - United Kingdom: 0800 279 4992
Local - New York, USA: +1646 254 3364
National free phone - USA: 1877 280 1254
Local - Hong Kong, Hong Kong: +8523071 3092
National free phone - Hong Kong: 800 905 743
Local - Zurich, Switzerland: +41(0)43 547 8000
National free phone - Switzerland: 0800 345 603
Local - Johannesburg, South Africa: +2711 019 7076
National free phone - South Africa: 0800 984 126
Password: 2887291
For further information please contact:
Investor:
Paul Smith Martin Fewings Elisa Morniroli
t: +41 (0) 41 709 2487 t: +41 (0) 41 709 2880 t: +41 (0) 41 709 2818
m: +41 (0) 79 947 1348 m: +41 (0) 79 737 5642 m: +41 (0) 79 833 0508
e: paul.smith@glencore.com e: martin.fewings@glencore.com e: elisa.morniroli@glencore.com
Media:
Charles Watenphul Finsbury
t: +41 (0) 41 709 2462 Guy Lamming / Dorothy Burwell
m: +41 (0) 79 904 3320 t: +44 (0) 20 7251 3801
e: charles.watenphul@glencore.com
www.glencore.com
About Glencore
Glencore is one of the world’s largest global diversified natural resource companies. As a leading
integrated producer and marketer of commodities with a well-balanced portfolio of diverse industrial
assets, we are strongly positioned to capture value at every stage of the supply chain, from sourcing
materials deep underground to delivering products to an international customer base.
Glencore’s industrial and marketing activities are supported by a global network of more than 90 offices
located in over 50 countries. Our diversified operations comprise over 150 mining and met allurgical
sites, offshore oil production assets, farms and agricultural facilities. We employ approximately 200,000
people, including contractors.
Forward looking statements
This document contains statements that are, or may be deemed to be, “forward looking statements”
which are prospective in nature. These forward looking statements may be identified by the use of
forward looking terminology, or the negative thereof such as "plans", "expects" or "does not expect", "is
expected", "continues", "assumes", "is subject to", "budget", "scheduled", "estimates", "aims", "forecasts",
"risks", "intends", "positioned", "predicts", "anticipates" or "does not anticipate", or "believes", or
variations of such words or comparable terminology and phrases or statements that certain actions,
events or results "may", "could", "should", “shall”, "would", "might" or "will" be taken, occur or be achieved.
Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future
expectations. Forward-looking statements are not based on historical facts, but rather on current
predictions, expectations, beliefs, opinions, plans, objectives, goals, intentions and projections about
future events, results of operations, prospects, financial condition and discussions of strategy.
By their nature, forward looking statements involve known and unknown risks and uncertainties, many of
which are beyond Glencore’s control. Forward looking statements are not guarantees of future
performance and may and often do differ materially from actual results. Important factors that could
cause these uncertainties include, but are not limited to, those discussed under “Principal risks and
uncertainties” of Glencore’s Annual Report 2013 and “Risks and uncertainties” in Glencore’s 2014 Half-
Year Report.
Neither Glencore nor any of its associates or directors, officers or advisers, provides any
representation, assurance or guarantee that the occurrence of the events expressed or implied in any
forward-looking statements in this document will actually occur. You are cautioned not to place undue
reliance on these forward-looking statements which only speak as of the date of this document. Other
than in accordance with its legal or regulatory obligations (including under the UK Listing Rules and the
Disclosure and Transparency Rules of the Financial Conduct Authority and the Rules Governing the
Listing of Securities on the Stock Exchange of Hong Kong Limited and the Listing Requirements of the
Johannesburg Stock Exchange Limited), Glencore is not under any obligation and Glencore and its
affiliates expressly disclaim any intention, obligation or undertaking to update or revise any forward
looking statements, whether as a result of new information, future events or otherwise . This document
shall not, under any circumstances, create any implication that there has been no change in the
business or affairs of Glencore since the date of this document or that the information contained herein
is correct as at any time subsequent to its date.
No statement in this document is intended as a profit forecast or a profit estimate and no statement in
this document should be interpreted to mean that earnings per Glencore share for the current or future
financial years would necessarily match or exceed the historical published earnings per Glencore share.
This document does not constitute or form part of any offer or invitation to sell or issue, or any
solicitation of any offer to purchase or subscribe for any securities. The making of this document does
not constitute a recommendation regarding any securities.
SPONSOR
Absa Bank Limited (acting through its Corporate and Investment Banking Division)
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