First Impressions on South 32 (S32) FY15 Results

South 32 had an underlying EBITDA up 26% to US$1849m and net operating cash flow up 4.2x to US$670 m on a statutory basis. They are seeking to reduce controllable costs by a further US$350M per annum (including equity accounted investments) or more by the end of FY18. Reducing sustaining capital expenditure by 9% to US$650M (including equity accounted investments) in FY16. They intend to distribute a minimum 40% of Underlying earnings as dividends in each six month reporting period. Read the full summary here: (VIEW LINK) Tomorrow we will release an exclusive report available only to clients.