嘉能可公司(Glencore)市场前景及投资研究报告-培训课件外文版2024.6

COMPANIES

&

PRODUCTSGlencoreCHAPTER

01OverviewRevenueoftheleadingminingcompaniesworldwidefrom2005to2022(inbillionU.S.dollars)Combinedrevenueofthetopminingcompanies2005-20221,00090080070060050094392573171671969069268365660053949643540030020010003493253122492222005200620072008200920102011201220132014201520162017201820192020202120223Description:In2022,theminingindustry'sleading40companieshadatotalrevenueofapproximately943billionU.S.dollars,includingtradingrevenues.Asof2022,Glencorewastheworld'sleadingminingcompanybasedonrevenue.

ReadmoreNote(s):Worldwide;2005to2022;Top40miningcompanies;totalfiguresincludetradingrevenues.Source(s):PwCNetprofitoftheleadingminingcompaniesworldwidefrom2002to2022,withaforecastfor2023(inbillionU.S.dollars)Netprofitofthetopminingcompanies2002-20232001501591531331231101005008070686666616157494545282019126-272002

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2023*-504Description:In2022,thenetprofitofthe40leadingcompaniesintheglobalminingindustrywasapproximately153billionU.S.dollars,adecreasewhencomparedtothepreviousyearwhereinthenetprofitwasaround159billionU.S.dollars.

ReadmoreNote(s):Worldwide;2002to2022;Top40miningcompanies;*Forecast.Thisstatisticincludestheaggregatedresultsofthetop40companiesbymarketcapitalization,asreportedinthesource'sminereportineachoftherespectiveyears[...]

ReadmoreSource(s):PwCLeadingminingcompaniesworldwidein2024,basedonrevenue(inbillionU.S.dollars)Globallistofleadingminingcompanies2024,basedonrevenueRevenueinbillionU.S.dollars50

1000150200250Glencore,UKJiangxiCopper,ChinaBHP,Australia/UK217.8672.0755.3454.05RioTinto,Australia/UKZijinMiningGroup,ChinaVale,Brazil40.6240.34AluminumCorporationofChina,ChinaAngloAmerican,UK31.1830.66TataSteel,India27.94CMOC,ChinaHindalco,IndiaFreeport-McMoRan,U.S.Cleveland-Cliffs,U.S.26.0625.8323.7921.921.0318.8JSWSteel,IndiaTonglingNonferrousMetalsGroup,China5Description:MiningcompanyGlencorewasrankedasthenumberoneminingcompanyintheworldasof2024,withanannualrevenuein2023ofapproximately218billionU.S.dollars.InthirdplacewasBHP.BHP’srevenuehasrecoveredinthepastfewyearsfromaslumpinrevenuesin2016and2017.Theirprimaryfocusisonmetalsandmining.ReadmoreNote(s):Worldwide;2023and2024;onlycompanieswithminingactivitieshavebeenincludedSource(s):FinancialTimes;ThomsonReuters;Varioussources(companydata)LeadingnickelcompaniesworldwidebasedonproductionvolumeinQ12021andQ12022(inmetrictons)LeadingcompaniesbasedonnickelproductionworldwideQ12021&Q12022ProductioninmetrictonsQ12022Q1202130,000010,00020,00040,00050,00060,00051,374NorilskNickelGlencore45,55830,70025,20028,273ValeSA31,60218,700BHP20,40013,82715,198ValeIndonesia6Description:RussianminingcompanyNorilskNickel,alsoknownasNornickel,wastheworld'slargestnickelproducerasofthefirstquarter(Q1)of2021andQ12022,with45,558metrictonsand51,374metrictonsproduced,respectively.Nornickelhaslongbeentheworld'slargestnickelproducer.ReadmoreNote(s):Worldwide;Q12021andQ12022Source(s):M;S&PGlobalMarketIntelligence;Varioussources(companydata)Largestzincminesworldwidein2022,basedonproduction(in1,000metrictonsofzincconcentrate)Leadingglobalzincmines2022,basedonproductionProductioninthousandmetrictonsofzincconcentrate01002003004005006007008009001,000GhazaouetMine,Algeria(EntrepriseNationaledeMetallurgie&deTransformationdesMetauxnonFerreux)879.97RedDogMine,UnitedStates(TeckResources)RampuraAguchamine,India(VedantaResources)Vazante,Brazil(NexaResources)555434.24350MountIsaZinc,Australia(Glencore)282.4278.8McArthurRiver,Australia(Glencore)BashkirskayaMedMine,Russia(UralMiningandMetallurgical)GamsbergProject,SouthAfrica(VedantaResources)Pentasquito,Mexico(Newmont)222.31212.16188.69182FankouMine,China(ShenzhenZhongjinLingnanNonfemet)7Description:TheGhazaouetMine,agreenfieldminesituatedinTlemcen,Algeria,producedanestimated879,970metrictonsofzincin2022,therebymakingittheworld'smostproductivezincminethatyear.InsecondplacethatyearwasRedDogMine,locatedinAlaska,U.S.,withaproductionvolumeestimatedtohavebeen555,000metrictonsofzinc.ReadmoreNote(s):Worldwide;2022Source(s):GlobalData;MiningTechnologyBrandvalueofGlencoreworldwidefrom2015to2024(inmillionU.S.dollars)Glencore'sbrandvalue2015-20247,0006,3595,9705,9096,0004,9764,8445,0004,0003,0002,0001,00004,4324,1743,9803,8183,70720152016201720182019202020212022202320248Description:Glencorehadthesecond-highestbrandvalueofallmining,steel,andironcompaniesworldwidein2024,withabrandvalueofsome5.91billionU.S.dollars.In2015,Glencore'sbrandvaluepeakedat6.36billionU.S.dollars.

ReadmoreNote(s):Worldwide;2015to2024Source(s):BrandFinanceCHAPTER

02FinancialsTotalrevenueofGlencorefrom2010to2023(inmillionU.S.dollars)Glencore'stotalrevenue2010-2023300,000255,984250,000200,000150,000100,00050,0000236,236232,694221,073220,524217,829215,111205,476203,751186,152152,948147,351144,978142,3382010201120122013*201420152016201720182019202020212022202310Description:Glencoreisagloballyoperatingminingcompany,andtheworld'sleadingcommoditiestradingcompany.In2023,Glencore'sannualrevenueamountedto217.83billionU.S.dollars.Glencorehasthehighestrevenueofanyminingcompanyworldwide.GlencoreplcwasnewlyformedinMay2013throughamergerwithXstrata.Thecompany'speakrevenuewasreportedin2022.

ReadmoreNote(s):Worldwide;2010to2023;*CertainamountsshowninthisfigurereflecttherevisedpreviouslyreportedfairvaluesassociatedwiththeXstrataacquisitionmadein2013,andthereforedonotcorrespondtotheconsolidatedstatementof[...]

ReadmoreSource(s):GlencoreDistributionofGlencore'srevenuefrom2012to2023,byregionDistributionofGlencore'srevenuebyregion2012-2023AsiaEuropeTheAmericasAfricaOceania60%50%40%30%20%10%0%201220172022202311Description:Glencoreisagloballyoperatingminingcompany,andtheworld'sleadingcommoditiestradingcompany.In2023,thecompanygenerated5.31percentofitstotalrevenueinAfrica.GlencoreplcwasnewlyformedinMay2013throughamergerofGlencorewithXstrata.ReadmoreNote(s):Worldwide;2012to2023Source(s):Glencore;Glencore'snetincomefrom2010to2023(inmillionU.S.dollars)Glencore'snetincome2010-202320,00015,00010,00017,3205,9705,7774,9744,28520144,28020235,00004,06020113,79920103,66620133,40820181,34220151,3792016-404-1,9032020-5,0002012201720192021202212Description:In2023,theSwiss-basedcompanyGlencorereportedanetincomeofnearly4.2billionU.S.dollars,asignificantdecreasewhencomparedtothesituationfromthepreviousfiscalyears.GlencoreplcwasnewlyformedinMay2013throughamergerwithXstrata.ReadmoreNote(s):Worldwide;2010to2022Source(s):GlencoreGlencore'stotalassetsfrom2010to2023(inmillionU.S.dollars)Glencore'stotalassets2010-2023180,000154,862160,000140,000120,000100,00080,00060,00040,00020,0000152,205135,593132,583128,485128,672127,510124,600124,076123,869118,000105,56486,16579,7872010201120122013201420152016201720182019202020212022202313Description:Glencore,aSwiss-basedcompanyreportedtotalassetsofapproximately123.9billionU.S.dollarsattheendofthefiscalyear2023.GlencoreplcwasnewlyformedinMay2013throughamergerwithXstrata.

ReadmoreNote(s):Worldwide;2010to2023Source(s):GlencoreGlencore'sEBITfrom2010to2023(inmillionU.S.dollars)Glencore'sEBIT2010-202330,00025,00020,00015,00026,65714,49510,3929,143201810,0005,00008,59120128,45920176,70620145,97020135,29020105,39820114,41620204,15120193,93020162,172201520212022202314Description:In2023,theSwiss-basedcompanyGlencorereportedadjustedearningsbeforeinterestsandtaxes(EBIT)ofapproximately10.4billionU.S.dollars,asignificantdecreasecomparedtothepreviousyear.GlencoreplcwasnewlyformedinMay2013afteramergerwithXstrata.ReadmoreNote(s):Worldwide;2010to2023;AdjustedEBITSource(s):GlencoreGlencore'scashflowfrom2010to2023(inmillionU.S.dollars)Glencore'scashflow2010-202335,00030,00025,00020,00032,91516,72515,11715,00010,0005,000013,21011,86610,978201410,34620198,67620138,56820207,86820167,45420154,78220124,23420104,10120112017201820212022202315Description:Inthefiscalyear2023,theSwiss-basedcompanyGlencorereportedacashflowofapproximately15.12billionU.S.dollars,adecreaseofaround54percentwhencomparedtothepreviousfiscalyear.GlencoreplcwasnewlyformedinMay2013throughamergerwithXstrata.ReadmoreNote(s):Worldwide;2010to2023Source(s):GlencoreGlencore'snumberofemployeesfrom2015to2023Glencore'snumberofemployees2015-2023180,000160,000158,000156,468155,708154,832160,000140,000120,000100,00080,00060,00040,00020,0000145,977144,122141,625134,8782015201620172018*2019*202020212022202316Description:Asof2023,therewerenearly156thousandemployeesandcontractorsgloballyworkingforGlencore.Thisrepresentsadeclinefrom2018,whentherewereabout158thousandemployeesworkingforthemultinationalcommoditytradingandminingcompany.Despitegeneraldecreasingemploymentnumbers,Glencoreremainstheꢀsecondlargestminingcompanyworldwidebasedonemployment.GlencoreCompanyOverviewGlencoreisanaturalresourcecompanywithmining,[...]

ReadmoreNote(s):Worldwide;2015to2023;*Approximatevalue.InMay2013,GlencoreXstratawasnewlyformed.

Thisstatisticwasassembledfromseveralannualreports.

ReadmoreSource(s):GlencoreCHAPTER

03SegmentsRevenueofGlencorefrom2010to2023,bysegment(inmillionU.S.dollars)Glencore'srevenuebysegment2010-2023EnergyproductsMetalsandmineralsAgriculturalproducts*Corporateandother300,000250,000200,000150,000100,00050,000020102015202020212022202318Description:Glencoreplcisagloballyoperatingminingcompany,andtheworld'sleadingcommoditiestradingcompany.In2023,Glencore'srevenuefromthemetalsandmineralssegmenttotaledaround82billionU.S.dollars.GlencoreplcwasnewlyformedinMay2013throughamergerwithXstrata.ReadmoreNote(s):Worldwide;2010to2023;*Duringthe2018businessyear,GlencoreAgritransitionedtoafullyindependentstand-alonegroup.

InMay2013,GlencoreXstratawasnewlyformed.Therefore,yearspriorto2012includeGlencore-onlydata.

[...]

ReadmoreSource(s):GlencoreGlencore'ssalesofenergyproductsfrom2010to2023Glencore'ssalesofenergyproducts2010-2023Energy

products201092.28201593.92.52016105.72.42017106.32.3201894.43.6201986.76.5202067.11.3202167.74.6202278.42.5202373Thermalcoal(inmillionmetrictons)Metallurgicalcoal(inmillionmetrictons)Coke(inmillionmetrictons)Oilproducts(inmillionbarrels)Crudeoil(inmillionbarrels)1.90.30.70.90.60.60.3522.9375634566844853760944779973738791704706544535558645911120919Description:Glencoreisagloballyoperatingminingcompany,andtheworld'sleadingcommoditiestradingcompany.In2023,some73millionmetrictonsofthermalcoalweresold.GlencoreplcwasnewlyformedinMay2013afteramergerwithXstrata.

ReadmoreNote(s):Worldwide;2010to2023Source(s):GlencoreGlencore'ssalesofmetalsandmineralsfrom2015to2023Glencore'ssalesofmetalandmineralproducts2015-2023201520162017201820192020202120222023Coppermetalandconcentrates(inmillionmetrictons)*3.13.544.54.13.43.13.63.3Zincmetalandconcentrates(inmillionmetrictons)*3.11.122.813.20.93.11.12.812.71.12.40.82.50.7Leadmetalandconcentrates(inmillionmetrictons)*0.9Gold(inmillionounces)1.989.323152.192.12217.6289.12048.7281.419992.168.31819.5264.91498.51.865.52029.31.9692.150.92349.6Silver(inmillionounces)Nickel(inthousandmetrictons)2638.4Ferroalloysincl.agency(inmillionmetrictons)Cobalt(inthousandmetrictons)Alumina/aluminium(inmillionmetrictons)Ironore(inmillionmetrictons)3911.447.14210.747.7-10.278.413.641.210.279.6117.28.9107165.567.149.920/statistics/314958/metal-and-mineral-products-sold-by-glencore-xstrataGlencoreisagloballyoperatingcompany,andtheworld'sleadingcommoditiestradingcompany.In2023,some2.5millionmetrictonsofzincmetalandconcentratesweresold.GlencoreplcwasformedinMay2013throughamergerwithXstrata.

ReadmoreNote(s):Worldwide;2015to2023;*Estimatedmetalunitcontained.InMay2013,GlencoreXstratawasnewlyformed.

Thisstatisticwasassembledfromseveralannualreports.Cobaltsalesdatafor2015,and2018to2022notavailable.

ReadmoreSource(s):GlencoreCHAPTER

04ProductionGlencore'ssilverandgoldproductionfrom2015to2023(in1,000ounces)Glencore'sproductionofgoldandsilver2015-2023GoldSilver45,00040,00035,00030,00025,00020,00015,00010,0005,00039,06937,74336,59234,87932,76632,01831,51923,75020,01196420151,02720161,03320171,003201888620199162020809202174720236612022022Description:Duringthefiscalyear2023,theSwiss-basedcompanyGlencorereportedagoldproductionofapproximately747thousandounces.GlencoreplcwasnewlyformedinMay2013throughamergerofGlencorewithXstrata.

ReadmoreNote(s):Worldwide;2015to2023Source(s):GlencoreGlencore'sproductionofplatinumgroupmetalsfrom2015to2023,bytype(in1,000ounces)Glencore'splatinumgroupmetalsproductionbytype2015-2023PalladiumPlatinumRhodium25020920220015010050161158148119116112101838365585140333224181613444443020152016201720182019202020212022202323/statistics/591178/glencores-platinum-productionGlencoreplcisagloballyoperatingminingcompany,andtheworld'sleadingcommoditiestradingcompany.In2023,Glencoreproducedsome24,000ouncesofplatinum.GlencoreplcwasnewlyformedinMay2013throughamergerwithXstrata.

ReadmoreNote(s):Worldwide;2015to2023Source(s):GlencoreGlencore'scopperproductionfrom2015to2023(in1,000metrictons)ProductionofcopperbyGlencore2015-20231,6001,5021,4541,4261,3711,4001,2001,00080060040020001,3101,2581,1961,0581,01020152016201720182019202020212022202324Description:TheSwiss-basedmultinationalminingcompanyGlencorereportedacopperproductionof1.01millionmetrictonsin2023.ThatwasGlencore'slowestcopperproductioninanyyearduringtheperiodinconsideration.

ReadmoreNote(s):Worldwide;2015to2023Source(s):GlencoreGlencore'snickelproductionfrom2015to2023(in1,000metrictons)Glencore'sproductionofnickel2015-2023140123.8120.6115.1120100806040200110.2109.1107.5102.397.696.220152016201720182019202020212022202325Description:Duringthefiscalyear2023,theSwiss-basedcompanyGlencorereportedanickelproductionofsome97.6ꢀthousandmetrictons.GlencoreplcwasnewlyformedinMay2013throughamergerofGlencorewithXstrata.

ReadmoreNote(s):Worldwide;2015to2023Source(s):GlencoreGlencore'scobaltproductionfrom2015to2023(in1,000metrictons)Glencore'sproductionofcobalt2015-20235046.343.84540353025201510542.241.331.328.327.427.423020152016201720182019202020212022202326/statistics/915558/cobalt-production-glencoreIn2023,theSwiss-basedcompanyreportedacobaltproductionofsome41.3thousandmetrictons.Glencoreisoneoftheleadingproducersofcobaltworldwide.GlencoreplcwasnewlyformedinMay2013throughamergerofGlencorewithXstrata.ReadmoreNote(s):Worldwide;2015to2023Source(s):GlencoreGlencore'sleadproductionfrom2015to2023(in1,000metrictons)Glencore'sproductionoflead2015-2023350297.7294.230025020015010050280272.5273.3259.4222.3191.6182.7020152016201720182019202020212022202327Description:Duringthefiscalyear2023,theSwiss-basedcompanyGlencorereportedaleadproductionofsome182.7thousandmetrictons.GlencoreplcwasnewlyformedinMay2013throughamergerofGlencorewithXstrata.

ReadmoreNote(s):Worldwide;2015to2023Source(s):GlencoreGlencore'scarbonemissionsworldwidefrom2015to2023(inmillionmetrictonsofcarbondioxide)Glencore'scarbonemissions2015-2023Scope

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emissions)*Scope

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location-based**2015201620172018201920202021202220232323.121.818.81914.311.911.511.713.911.61315.21616.416.712.810.328Description:In2023,theSwiss-basedcompanyreportedemissionsamountingto16.7millionmetrictonsofscope1carbondioxideemissions,and10.3millionmetrictonsofscope2carbondioxideemissions.GlencoreplcwasnewlyformedinMay2013throughamergerwithXstrata.ReadmoreNote(s):Worldwide;2015to2023;*IncludesemissionsfromreductantsusedinGlencore'smetallurgicalsmelters.ItalsoincludesCO₂eofmethaneemissionsfromGlencore'soperations,whichisaround20%ofScope1emissions.**Glencore[...]

ReadmoreSource(s):GlencoreCHAPTER

05CompetitorsBrandvalueoftopminingcompaniesworldwidein2024(inmillionU.S.dollars)Leadingminingcompaniesworldwide2024,bybrandvalueBrandvalueinmillionU.S.dollars2,000

3,00001,0004,0005,0006,0007,000BHP(Australia)Glencore(Switzerland)ArcelorMittal(Luxembourg)JiangxiCopper(China)NipponSteel(Japan)RioTinto(Australia)Vale(Brazil)6,0985,9094,6494,1283,8233,3993,0012,8902,6922,616TataSteel(India)ChinaShenhua(China)BAOWUSteel(China)30Description:BHPhadtheleadingbrandvalueofallmining,steel,andironcompaniesworldwidein2024,withabrandvalueofnearly6.1billionU.S.dollars.Glencoretooksecondplaceinthe2024ranking,withabrandvalueof5.9billionU.S.dollars.

ReadmoreNote(s):Worldwide;2024;Themostvaluablemining,iron,andsteelcompanies/brandsSource(s):BrandFinanceLeadingminingcompaniesworldwidebasedonmarketcapitalizationinMay2024(inbillionU.S.dollars)Globalleadingminingcompaniesbasedonmarketcapitalization2024MarketcapitalizationinbillionU.S.dollars40

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80020100120140160BHP,AustraliaRioTinto,UK145.86120.37SouthernCopperCorp,U.S.Freeport-McMoRan,U.S.Glencore,SwitzerlandZijinMiningGroup,ChinaVale,Brazil89.8973.8171.7362.4257.8154.4FortescueMetalsGroup,AustraliaGrupoMexico,MexicoNewmontCorporation,U.S.AngloAmerican,UK48.0847.7945.0344.18AmmanMineral,IndonesiaAgnicoEagleMines,CanadaBarrickGold,Canada33.0229.4127.22Antofagasta,UK31Description:AsofMay2024,miningcompanyBHPreachedamarke