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20 July 2012

De Beers Société Anonyme: Interim Results for the six months ended 30 June 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

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