De Beers Société Anonyme: Interim Results for the six months ended 30 June 2012
20 July, 2012
De Beers Société Anonyme: Interim Results for the six months ended 30 June 2012
Positive Consumer Demand Growth and Strong Long-term Fundamentals Despite Challenging Trading Conditions
| Financial Summary – US Dollar millions | |||
|---|---|---|---|
| H1 2012 | H2 2011 | H1 2011 | |
| Total sales | 3 346 | 3 491 | 3 887 |
| EBITDA | 626 | 538 | 1 183 |
| Profit before finance charges and taxation | 502 | 403 | 1 019 |
| Free cash flow | 326 | 265 | 469 |
| Net interest bearing debt (excluding shareholders’ loans) |
980 | 1 259 | 1 450 |
2012 Interim Operating Performance
- Total sales decreased 14 per cent to US$3.3 billion (2011: US$3.9 billion).
- Sales of rough diamonds by the Diamond Trading Company (DTC) in H1 2012 were US$3.1 billion (including those through joint ventures)
- Despite challenging trading conditions, DTC price levels remained relatively stable
- Diamond production totalled 13.4 million carats (2011: 15.5 million carats)
- EBITDA of US$626 million decreased 47 per cent vs H1 2011 (US$1,183 million) and is 16 per cent ahead of H2 2011
- De Beers’ third party debt reduced significantly to US$980 million (December 2011: US$1.259 billion), and third party gearing to 16 per cent (December 2011: 21 per cent)
- Free cash flow of US$326 million decreased 30 per cent vs H1 2011 (US$469 million) and is 23 per cent ahead of H2 2011