Iluka Resources (ILU) Interim Financial Results

Bell Potter


Iluka's total sales volume was down 12.7% to 435.4kt and the total production was down 1.4% to 472kt. Group EBITDA was up 1.1% to $127.2m and group EBITDA margin 32.7% vs 33% in pcp. Net Debt of $80.2m as compared to 155.2m in 1H14 and gearing (ND/ND+E) of 5.4%. Their outlook: “Overall production is expected to be second half weighted..” Iluka’s balance sheet remains strong, both absolutely and relative to many players in the resources sector, with low net debt and significant funding headroom. This enables Iluka to continue to invest in its business and to consider external investments in a counter cyclical manner where financial merit and strategic rationale are evident. The company has also continued to work towards the satisfaction of pre-conditions to its potential acquisition of Kenmare Resources Plc.” Read our full summary here: (VIEW LINK)

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Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.

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