Please find attached the ASX Release and 4E Preliminary Financial Report.
Key features of the full year results:
� Iluka met and exceeded its earlier earnings guidance with a NPAT (pre significant items) of $61.7 million (2007: $51.1m)
This NPAT includes the previously advised $30m NPAT from the sale of the Narama asset, plus a number of negative impacts including a $13m adverse NPAT associated with operating costs for WA gas outage in June and July
� Reported NPAT of $77.5m is inclusive of significant items of $15.8m
� The year end review of the carrying value of assets led to the write-up of assets by $55.1m before tax, which is partially offset by negative adjustments (mainly related to lower value ore bodies, prior period study costs)
� Net write-up is $5.5m with a $10.3m tax benefit associated with prior year tax losses. Details are provided in the 4E
� Strong full year EBITDA of $222.3m, with 197% 2nd half vs 1st half increase in EBITDA
� Net debt at year end of $215.7m; gearing of 17.4%; debt facilities drawn of $313m; $97m of cash on hand
� Adequate bank facilities to comfortably fund capital requirements in 2009 - expected to be peak capex year, as Murray Basin Stage 2 is completed and Jacinth-Ambrosia is progressed
� Favourable performance on cash costs of production, total costs essentially flat (up 1.0%) to $656.0m, which includes $12.6m in cash costs directly attributable to WA gas outage
� Price increases achieved across main products based on contracted volumes to date (refer ASX releases for further details). Summary on volumes contracted to date below:
Pricing Outcomes to Date - refer to ASX Release for details on level of volumes contracted
|
TZMI 2008 Pricing
US$/t |
Average Broker
2009 Forecast
US$/t |
Iluka Prices Contracted Relative to Broker 2009 Average |
Zircon |
750 |
850 |
Higher |
Rutile |
500 |
525 |
Higher |
Synthetic Rutile |
425 |
452 |
Higher |
� New projects (Murray Basin and Jacinth-Ambrosia) on schedule and within budgeted capital amounts
The teleconference for the results is being held at 10.00am AEDT today.
Dial in numbers: |
Australia |
1800 555 616 |
Please let me know if I can assist with any further information.
Regards
Rob
Robert Porter | General Manager Investor Relations and Corporate Affairs
Iluka Resources Limited | Level 23, 140 St Georges Terrace | Perth WA 6000
Phone +61 8 9360 4751 | Mobile 0407 391 829 | Fax + 61 8 9360 4336
robert.porter@iluka.com