MinRes Shares Hit Two-year Low
MinRes Shares Hit Two-year Low
Mineral Resources (ASX:MIN) shares were justifiably sold down on Thursday after the company quietly released its 2023-24 results late in the evening, revealing the shocking news that it was dropping its final dividend.
Mineral Resources (ASX:MIN)股票在週四遭到拋售,原因是該公司在晚上悄然發佈了2023-24年度的業績,揭示了一個令人震驚的消息:它取消了最後的股息。
Additionally, the Perth-based lithium, iron ore, and energy group reported an 80% fall in annual profit and announced it was hunkering down to try to slash a significant surge in debt in the year to June.
此外,總部位於珀斯的鋰礦石、鐵礦石和能源集團報告稱,經過劇烈債務增長的一年之後,其年度利潤下滑了80%。該公司宣佈將進行收緊措施,以削減債務。
Shares fell by 12% in early trading and pulled back to a sub-10% slump by just after midday. However, they hit a 52-week low of $38.82 in early trading, which was the lowest the shares had been since late 2021.
在早盤交易中,股票下跌了12%,中午後又回落到不到10%的跌幅。然而,股票在早盤創下了52周的新低,爲38.82美元,這是該股自2021年末以來的最低點。
Statutory profit was $114 million, down from last year's $244 million, despite a 10% increase in revenue to $5.27 billion.
儘管營業收入增長了10%,但法定利潤從去年的2.44億美元下降到了1.14億美元。由於利潤下滑和債務激增,公司放棄了向股東支付最後一筆分紅的任何計劃,股東只能安慰自己,只能拿到每股20美分的中期股息。
Analysts had forecast underlying NPAT as low as $130 million, but regardless, the slump in profit and surge in debt were enough to prompt the company to abandon any plans for a final payment to shareholders, who will have to make do with the 20 cents per share interim dividend.
儘管分析師預計核心淨利潤可能低至1.3億美元,但無論如何,利潤下滑和債務激增已足以促使該公司放棄向股東支付最終股息的任何計劃。股東們將只能得到每股20美分的臨時股息。
The slide in earnings came despite higher lithium production and sales, with output at the Mt Marion and Wodgina mines increasing by 46% and 41%, respectively.
儘管鎳產量和銷售額增加,澳礦和Wodgina礦的產量分別增加了46%和41%,但收益仍有所下降。
However, more pressures lie ahead. MinRes has completed the construction phase of its Onslow Iron project and now aims to ramp up production to 35 million tonnes per annum by June next year.
然而,更大的壓力在前方。MinRes已完成Onslow鐵礦項目的建設階段,現計劃在明年6月之前將產量提高到3500萬噸/年。
This will be a significant challenge in the current oversupplied iron ore market.
在當前鐵礦石市場供過於求的情況下,這將是一個巨大的挑戰。
MinRes needs Onslow to succeed because it plans to use cash flow from the project to reduce its massive $4.43 billion net debt, which more than doubled from $1.90 billion in 2023.
MinRes需要Onslow獲得成功,因爲該公司計劃利用該項目的現金流來減少其巨額44.3億美元的淨債務,該債務從2023年的19億美元翻了一番。
The company expects $1.3 billion early next year from the sale of a 49% stake in its dedicated Onslow haul road, following a deal earlier this year with Morgan Stanley Infrastructure Partners. This should help reduce the debt burden.
該公司預計明年初從出售其專用Onslow運輸道路49%的股份中獲得13億美元,這是今年早些時候與摩根士丹利基礎設施合作伙伴簽署的協議的一部分。這將有助於減輕債務負擔。
Additionally, to keep cash outflow as tight as possible, MinRes has deferred all expansion projects in the lithium division and implemented cost cuts across the board.
此外,爲了儘可能控制現金流出,MinRes推遲了所有鋰礦事業部的擴張項目,並在各個領域實施了成本削減措施。
Justifying this action, CEO Chris Ellison said in Wednesday night's statement: "Given the stubborn lithium price and our remaining investment in Onslow Iron, we will continue to take a conservative approach during FY25, deferring expansion projects and focusing on cost reduction and cash preservation.
在週三晚上的聲明中,CEO Chris Ellison爲此舉辯解道:“鑑於鋰價格固執以及我們在Onslow Iron項目的剩餘投資,我們將在2025財年繼續採取保守的方法,推遲擴張項目,專注於降低成本和保留現金。
"This approach was reflected by the Board's decision to not declare a final dividend for FY24," he said.
他說:「董事會決定不宣佈FY24的最終股息,這一做法反映了這一做法。」
"This was the biggest year of development in our history, culminating in the start-up of the transformational Onslow Iron project. We expect to de-leverage rapidly as Onslow Iron hits nameplate capacity and becomes cashflow positive over the next 12 months."
「這是我們歷史上發展最大的一年,最終實現了轉型性的Onslow Iron項目的啓動。隨着Onslow Iron達到額定產能並在未來12個月內開始產生現金流,我們預計迅速減槓桿。」
In Thursday's briefing, he lamented the current slump, warning that every job was at risk.
在週四的簡報會上,他對目前的經濟低迷感到遺憾,並警告說每個工作崗位都處於危險之中。
But that's the reality of life in the commodities game—booms quickly become busts, which can then linger like a bad smell for much longer than anyone wants.
但這是大宗商品市場的現實——繁榮很快就會變成衰退,而此後的低迷可能會持續得比任何人希望的還要久。