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Vedanta Resources plcFY 2016 Interim Results
4 November 2015
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Cautionary Statement and Disclaimer
The views expressed here may contain information derived from publicly available sources that have not been independentlyverified.No representation or warranty is made as to the accuracy, completeness, reasonableness or reliability of this information.Any forward looking information in this presentation including, without limitation, any tables, charts and/or graphs, hasbeen prepared on the basis of a number of assumptions which may prove to be incorrect. This presentation should not berelied upon as a recommendation or forecast by Vedanta Resources plc and Vedanta Limited (formerly known as SesaSterlite Ltd.) and any of their subsidiaries. Past performance of Vedanta Resources plc and Vedanta Limited (formerly knownas Sesa Sterlite Ltd.) and any of their subsidiaries cannot be relied upon as a guide to future performance.This presentation contains 'forward-looking statements' – that is, statements related to future, not past, events. In thiscontext, forward-looking statements often address our expected future business and financial performance, and oftencontain words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'seeks,' or 'will.' Forward–looking statements bytheir nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour offinancial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metalprices; from future integration of acquired businesses; and from numerous other matters of national, regional and globalscale, including those of a environmental, climatic, natural, political, economic, business, competitive or regulatory nature.These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements. We caution you that reliance on anyforward-looking statement involves risk and uncertainties, and that, although we believe that the assumption on which ourforward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate and, as aresult, the forward-looking statement based on those assumptions could be materially incorrect.This presentation is not intended, and does not, constitute or form part of any offer, invitation or the solicitation of an offerto purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in Vedanta Resources plc andVedanta Limited (formerly known as Sesa Sterlite Ltd) and any of their subsidiaries or undertakings or any other invitationor inducement to engage in investment activities, nor shall this presentation (or any part of it) nor the fact of its distributionform the basis of, or be relied on in connection with, any contract or investment decision.
2
OverviewAnil Agarwal
Executive Chairman
Strategic UpdateTom Albanese
Chief Executive Officer
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Talwandi Sabo attempted a world record for planting 200,000saplings in an hour
Safety and Sustainability
5
Safety 7 fatalities in H1 FY2016 LTIFR for H1 at 0.55 compared to 0.46 in FY2015, higher
due to shift to ICMM 2014 Health & Safety methodology:restricted injuries considered as LTI unlike earlier
Focus on bringing in a culture of Zero-Harm Formal risk assessments carried out for critical risk
events at Aluminium, Zinc – India and Oil & Gas Roll out of standards to eliminate fatalities in progress
Environment Implementation of Biodiversity Management Plan in progress Continued implementation of Waste to Wealth approach: Red
Mud, Fly Ash and Gypsum projects Water and Energy savings– Process Innovation and
technological interventions Completed internal sustainability risk assessment for FY 2015
through Vedanta Sustainability Assurance Programme (VSAP)
Society Supporting UN -Women Empowerment Principles and
Sustainable Development Goals Strengthening social “license to operate” by doing community
projects as per need assessment Social impact assessment completed for Zinc India & Oil &
Gas 120+ government and non-government partnerships in place
20 19
8 7
FY2013 FY2014 FY2015 H1 FY2016
Fatal Incidents
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
H1 FY2016 Results Highlights
6
Strong Operational Performance Zinc-India: Strong mined and refined metal production;
integrated silver production up 50%; U/G mine ramping up Oil & Gas: Q2 production up 6% & H1 in line with guidance Aluminium: Stable volumes from existing smelters; cost
reduction initiatives in progress; further pots at Jharsuguda–IIsmelter to commence ramp up in Q3
Copper India: Stable operations at 96% capacity utilization Copper Zambia: Higher integrated metal production; lower
cost of production Iron Ore: Mining commenced in Goa, 1st export shipment
made in October Power: TSPL Unit-I achieved 71% availability; Unit-II
commissioning activities commenced, to be synchronized in Q3
Financial: Strong free cash flow EBITDA of US$1.3 bn, adjusted EBITDA margin 30%2
Free cash flow post capex of US$1.3 bn supporting strongsubsidiary dividends
Underlying Attributable Profit of US$(159) mn3, underlyingEPS of Usc (57.6) 3
Gross Debt reduced by $200 mn and Net Debt reduced by$0.9 bn in H1
No interim dividend in light of current market volatility, boardto review at year-end
Corporate Cairn India merger: Indian stock exchange approvals
received, further steps in progress FY 2016 maturities refinanced at Vedanta plc, progressing on
refinancing FY 2017 maturities
Commodity Prices and EBITDA Margins
H1 FY2015 H1 FY2016
$/ tonne unlessotherwise indicated
Commodityprice
Margin(%)
Commodityprice
Margin(%)
Oil & Gas ($/bbl) 106 72% 56 49%
Zinc India 2,196 50% 2,013 51%
Zinc Intl. 30% 23%
Aluminium 1,896 18% 1,675 3%
Power 35% 27%
Iron Ore1 62 16% 39 5%
Copper Zambia 6,894 3% 5,639 (5)%4
Group- Adjusted2 43% 30%
Notes:1. Mysteel Iron Ore Index Prices for 56% Fe FoB India.2. Excludes custom smelting at Copper and Zinc India operations.3. Based on profit for the period after excluding special items and other gains and losses, and their resultant tax and minority interest effects.4. Includes impact of Kwacha depreciation on VAT receivables; margin would be positive 5% excluding this.
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Taking measures to maximise cash flows and deleverage
Positive FCF at each segment is a top priority
Strong focus on opex Cost in 1st/2nd quartile of the global cost curve across all major businesses Cost restructuring and optimisation at all businesses: Group-wide assessment completed, continued planning &
evaluation in progress and simultaneous implementation underway Significant reduction in C1 cost at Copper-Zambia despite power shortages
Ready to restructure operations to protect free cash flows BALCO rolled product facility temporarily shut One stream at Lanjigarh alumina refinery temporarily shut
Optimising capex for returns at lower commodity price assumptions Reduced FY 2016 capex guidance by 30% Gamsberg: Rephased FY2016 capex, and reduced overall project capex by $100mn
Disciplined approach towards ramp up Jharsuguda-II ramp-up to commence in Q3 FY2016 TSPL Unit-II under commissioning; Unit-III to follow Goa iron ore mining re-commenced, first export shipment made in October BALCO 325kt further ramp-up deferred until costs lowered
7
Achieved c.$200mn of opex, capex, and marketing savings;
reduced net debt by c. $0.9 bn in H1 FY2016
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
0
500
1,000
1,500
2,000
2,500
3,000
FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12PF² FY13 FY14 FY15 NearTerm
Cop
per
Eq
uiv
alen
t P
rod
uct
ion
(kt
)
Zinc-Lead Silver Copper Aluminium Power Iron Ore Oil & Gas
+66%
Well-invested assets to deliver near-term growth with minimal capex
8
FY2016 capex guidance reduced from $1bn to $0.7bn, FY2017 capex at $1bn
8%1
16%
42%
2%
15%
10%
6%
Contribution to copperequivalent production
growth (%)
All commodity and power capacities rebased to copper equivalent capacity (defined as production x commodity price / copper price) using average commodity prices for FY2015. Power rebased using FY2015realisations, copper custom smelting capacities rebased at TC/RC for FY2015, iron ore volumes refers to sales with prices rebased at average 56/58% FOB prices for FY2015.1. Based on O&G announced capex.
Total Production (copper equivalent kt)
Near Term
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
India: Macro and Regulatory Update
9
Strong Macroeconomic Indicators India is the fastest growing major economy (IMF) India was no.1 FDI destination in H1 CY2015 (EY) Capital inflows of US$31 bn in H1 CY2015
Lower inflation, lower energy costs and further interest ratecuts to fuel economic growth
Vedanta – Regulatory Updates Iron Ore: Mining re-commenced in Goa, first export shipment
in Oct Working with government to resolve:
Removal of export duty and Duplication of taxes (GoaPermanent Fund and DMF)
EC limits/mining cap enhancements MMRDA Act passed: Provides for auction of natural resources District Mineral Foundation (DMF) at 30% of royalty, and
National Mineral Exploration Trust at 2% of royalty forexisting mines
Strong incentive for state government given auctionrevenue + DMF + 80% Royalty goes to the states
A total of 185 mining blocks identified 71 mining blocks up for the first phase of auctions
expected in November 2015 O&G: Revenue sharing regime replacing production sharing
model for the auctioning of 69 marginal O&G fields
90
100
110
120
130
140
150
160
2015 2016 2017 2018 2019 2020
World Brazil China
Russia South Africa India
Indian GDP to grow 44% by 2020,highest among the BRICS
Source: IMF estimates as of October 2015
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Strategic Priorities Remain Unchanged
10
Production Growth and Asset optimisation− Disciplined approach towards ramp up: positive FCF at each segment a top priority
Deliver the Balance Sheet− Optimising opex and capex to maximise cash flows− Deliver cost and marketing savings of US$1.3bn− Reduce net gearing and efficiently refinance upcoming maturities
Identify next generation of Resources− Disciplined approach towards exploration
Simplification of the Group structure− Merger with Cairn India improves our ability to allocate capital to highest return projects− Pursue further simplification
Protect and preserve our License to Operate− Achieve zero harm− Obtain local consent prior to accessing resources
Financial UpdateD.D. Jalan
Chief Financial officer
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Financial Highlights
EBITDA at $1.3 bn down 39%, due to lower commodity prices partly offset by higher volume and lower costs Net debt reduced by $1.5 bn over 1 year, driven by strong focus on FCF and working capital initiatives Underlying attributable PAT and EPS impacted by lower EBITDA No interim dividend in light of current market volatility, board to review at year-end
12
$mn or as stated H1 FY2015 H1 FY2016 Change
EBITDA 2,105 1,286 (39)%Adjusted EBITDA margin1 (%) 43% 30%
Free Cash Flow before Growth Capex 986 1,728 75%
Growth Capex 821 432 (47)%
Free Cash Flow after Growth Capex 165 1,296 NA
Gross Debt 17,234 16,451 (5)%
Net Debt 9,055 7,536 (17)%
Gearing (%)2 34.9% 40.3%
Net Debt/EBITDA (LTM) 2.1 2.6
Underlying Attributable PAT3 26 (159)
Underlying EPS (USc/share)3 9.4 (57.6)Total Dividend (USc/share) 23 - -
Notes:1. Excludes custom smelting at Copper and Zinc-India operations.2. Gearing moves higher for H1 FY2016 post $4.6 bn impairment (net of taxes) in March 2015.3. Based on profit for the period after excluding special items and other gains and losses, and their resultant tax and minority interest effects.
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
816
43
205
153
95
2,105
817
1,286
(1,032)
(203)
(105)
EBITDAH1 FY2015
Comm.price /Premiums
InputCommoditydeflation
Currency Regulatory ProfitPetroleum
Adjusted EBITDA
Volume CostInitiative
Marketing Initiative
Others¹ EBITDAH1 FY2016
EBITDA Bridge
H1 FY2016 vs. H1 FY2015 ($mn)
Market & Regulatory$(1,289) mn
Operational$470 mn
Primarily RPO,royalty, electricityduty & energy cess
Primarily ZincIndia, TSPL and
Copper India
13
Notes:1. Others includes one-off of $41m, technology, prior period items, & allied business
Lower premiumsc.$(200) mn
(1,032)
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Cost Savings and Marketing Initiatives
Announced c.$1.3 bn savings program over 4 years in March 2015 $800 mn in cost and $500 mn in marketing
Program commenced in Q4 FY 2015 c. $400 mn in FY2016 Realized $191 mn in H1 FY2016: $153 mn in cost, $17 mn in marketing and $21 mn in eliminated
capex Cost and marketing savings exclude: Input commodity deflation/inflation Impact of regulatory changes Technology-related cost changes Capex deferrals
14
Continued Planning & Evaluation: In Progress
Simultaneous execution underwayGroup-wide Assessment: Completed
Performance Management and Change Management
Approach
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
(1,240)
(574)
8,460
87
432277 94 7,536
Opening Net Debt(1 Apr 2015)
Operational cashflows
Debtors cash cycle² Sustaining Capex Project Capex Shareholder andMinority Dividends
Translation andOthers
Closing Net Debt(30 Sept 2015)
Net Debt Reduction in H1
H1 FY2016 ($mn)
EBITDA: 1,286WC1: 324Net Interest: (244)Tax & Others : (125)
15
Notes:1. One time benefits and timing; likely to unwind.2. Debtors Initiative: Advance on sales, factoring without recourse, to continue through the year.
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
1.1
0.2 0.10.5
0.2
0.1 0.1
0.4
0.3
0.1 0.1
0.1
1.5
2.6
0.4
1.7
0.3
1.0
FY2015 H1 FY2016 H2 2016e FY2017e
Oil & Gas Capex¹ Zinc Capex M&M Capex² Free Cash Flow³ Free Cash Flow post growth Capex
Optimising Capex to drive Cash Flow Generation
Free cash flow post growth capex higher at $1.3bn despite lower commodity prices Prioritising capital to high-return, low-risk projects, to maximise cash flows: Further cut in FY2016 capex to $0.7bn from
$1.0bn Oil & Gas
FY2016 capex further revised to $0.3bn from $0.5bn FY2017 capex at $0.5bn
Gamsberg project rephased based on modular approach FY2016 capex revised to c.$40mn from c.$80mn FY2017 capex in the range of $60mn to $100m
16
FY2016 capex further reduced to $0.7bn
Cash Flow and Growth Capex Profile - $bn
FY 2015 H1 FY2016 H2 FY2016e FY 2017e
Notes:1. Capex net to Cairn India; subject to Government of India approval; O&G refers to Oil & Gas.2. M&M refers to Metals and Mining and Power, excludes Zinc.3. Free Cash Flow after sustaining capex but before growth Capex.
1.1
1.3
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Income Statement
17
Depreciation Lower on account of useful life revision in metals and
mining assets w.e.f 1st Oct 2014
Amortisation Lower on account of lower base, post impairment
Interest Expense Lower due to refinancing at lower rates and lower gross
debt, partly offset by capitalization of new capacities atBALCO & Talwandi Sabo
Investment Revenue Lower compared to H1 FY2015 primarily due to lower
interest rates and mark to market gains in H1 FY2015
Tax Expense Higher effective tax rates at HZL & Cairn India Deferred tax charge ($174 mn) at Copper Zambia due
to change in legislation (not included in U/L PAT)
$mn or as statedH1
FY2015H1
FY2016
EBITDA 2,105 1,286Depreciation (688) (558)
Amortisation (387) (150)
EBIT 1,030 578
Interest Expense (743) (639)
Investment Revenues 444 373
Special Items, FX & Emb. Derivative MTM (92) (68)
Profit Before Tax 640 244
(Tax Expense)/ Tax Credit (145) (397)
Effective Tax Rate1 23% 92%
PAT 494 (154)
Attributable PAT (13) (325)Minorities % 103% NA
Underlying PAT 569 78
Underlying Attributable PAT 26 (159)
Underlying Minorities %2 95% NANotes:1. Excluding special items.2. Excluding special items, FX and embedded derivatives.
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Strong Financial Profile
Credit rating of B+/Ba31 Cash and Liquid Investments of $8.9bn, additional $0.7bn undrawn committed lines of credit FY2016 Maturities Vedanta Plc: $0.4bn refinancing in place Subsidiaries: $0.5bn term loans committed, $0.9bn term loans approved in-principle
FY2017 Vedanta plc Maturities: $0.7-0.9bn: Term Loan proposals in final stages of discussion $1.1-1.3bn: Part repayment of $2.6bn inter-company loan from Vedanta Ltd.
18
Term Debt Maturity Profile 2 (as of 30 September 2015)
0.4
2.01.0
2.6
0.3
1.91.6
1.1
1.7
1.7
0.6
1.22.0
3.22.6
4.3
0.9
3.1
FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 and later
Debt at VED Plc Term Debt at Subsidiaries
Notes:1. Issue Credit rating of B+ (negative outlook) by S&P (revised in October 2015) and Ba3(Negative) by Moody’s.2. Debt numbers shown at face value, exclude one-year rolling working capital facilities of $522mn due in FY 2016.
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Focus on reducing net debt and maximising free cash flows
19
Net Debtreduced by $1.5bn
over 1 year
Cash & LiquidInvestments
$8.9 bnFree cash flow
$1.3bn in H1
Optimising opex and capex Cost in 1st/2nd quartile of the cost curve across major businesses FY2016 capex further reduced by $300 mn from $1 bn announced earlier Improved capacity utilisation on invested assets Reviewing high cost operations: Rolled product facility at Balco temporarily shut, Lanjigarh refinery down-sized
Reduction of Net Debt and strong liquidity Reduced net debt by 11% in H1 Reduction of working capital Maintained strong liquidity
Deliver c.$1.3 bn cost savings Delivered $191 mn cost and marketing savings in H1 Target to deliver c. $200 mn in H2 FY2016
Business ReviewTom Albanese
Chief Executive Officer
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Fracking operations at RJ Block, Rajasthan
Central Polymer Facility, Rajasthan
Oil & Gas
21
Results Q2 production up 6% YoY and H1 production in line with guidance
Rajasthan production 3% higher at 168,126 boepd Ravva & Cambay production 19% higher at 37,236 boepd
Gas production from Raag Deep Gas (RDG) field increased to30mmscfd in Q2 from 19 mmscfd in Q1, recording a peak of 34mmscfd
Rajasthan water flood opex remained low at $5.5/boe in H1 Well cost cut by c.15%: Realized better cost efficiency for drilling &
completion of wells at Barmer Hill tight reservoir formation over 1 year Procurement savings of c.13% driven by negotiations & leveraging the
lower service costs
Growth projects Mangala EOR program in full swing: Polymer injection ramped up from
80,000 blpd to 200,000 blpd QoQ; 75% of the planned wells drilled Raag Deep Gas Development: Signed an agreement with GSPL for
pipeline, reduces capex by c.$100mn Significant progress made on key projects:
Aishwariya Infill – 6 new wells brought online increasing wellcount to 12 wells, balance 8 wells will be online in H2
Bhagyam EOR- Contracts awarded for FEED, tendering started forrigs, drilling
Aishwariya Barmer Hill- FDP will be submitted to the JV partnershortly
Outlook Rajasthan FY2016 production expected to remain stable at y-o-y level Routine maintenance shutdown planned at MPT in Q3, rescheduled to
Q1FY2017 FY2016 net capex guidance reduced from $500mn to $300mn
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Rampura Agucha Mine Isometric
Zinc India
22
Results Strong mined and refined metal production
Record quarterly integrated saleable lead & silver production inQ2
Maintained lowest quartile cost position; H1 Zinc CoP lower by 13%at $788/t DMF contribution notified at 30% w.e.f 12 January 2015:
Earlier excess provision of $22 mn reversed in H1
Projects RAM U/G main shaft sunk to 850m out of 950m; mine development
rate at c.1000 meters per month SK mine expansion to 3.75mtpa progressing ahead of schedule:
capacity to reach 3mtpa by end FY2016 Extension of RAM open pit : Environmental clearance received, pre-
stripping underway Substantial production from RAM U/G ramp in H2FY2016
Outlook Significant zinc capacity to go offline globally
Century (500 ktpa) closed in September and Lisheen (160ktpa) to close in November
c.4% of global mined zinc production to reduce by recentlyannounced closures
FY 2016 mined and refined volumes expected to be higher thanFY2015
Silver production expected at 350-400 tonnes (11-13 mn oz.) withhigher grades & volumes at SK mine
RA Underground Mine Development(in meters per month)
0
200
400
600
800
1,000
1,200
Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Blast haul drilling at the greater Gamsberg area
Zinc International
23
Results Production of 133 kt in line with guidance
Lower Lisheen production in line with closure plan; expected toend production in November 2015
Volumes impacted by partial industrial action and a planned30-day maintenance shutdown at Skorpion in Sept 15
COP at $1,439/t in line with guidance
Projects 250kt Gamsberg Project: Modular approach
Pre-stripping commenced in July 2015 and progressing in linewith re-phased plan
Flexibility to adjust pace of development depending on marketconditions: Assessing further re-phasing, which could lead to aslower than planned ramp-up
Skorpion Refinery conversion: Feasibility study ongoing, to becompleted by end FY2016
Skorpion Mine Life Extension: Pre-stripping activities underway toextend pit by 3 years
Capex: FY2016 reduced from $80 mn to c.$40 mn
Outlook FY2016 volume expected at c.220-230kt COP expected to remain at current levels of
c. $1450-$1500/t : cost savings initiatives underway
Production Break-up
31 31
72 60
6042
H1FY2015 H1FY2016
BMM Lisheen Skorpion
163
133
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Mobile Fleet workshops Maintenance improvement 70% + availability
Waste management 950 level debottlenecking Remote control units
403
4
11 60
FY 2015 ShaftRemediation
Other pivotinitiative
Equipment FY 2016e
Current Production run rate 55ktpa
Copper – Zambia
24
Results and Initiatives Higher mined metal production at 62 kt and integrated finished
production at 60 kt in line with guidance Focus on ramping up production at Konkola
Shaft #1 resumed hoisting in Q1 FY2016 Improved partial hoisting capacity at Shaft #4, remediation to
complete in Q3 FY2016 Equipment utilization steadily improved from 56% in Q1 to
61% in Q2 Production at Nchanga affected by power interruptions and
throughput constraints at old east mill; reviewing options to reducecosts
TLP production stable at c.5kt per month of primary copper C1 costs at Usc 199/lb before one-time items (reported C1 cost of
USc 210/lb)
Regulatory Update Reduction in royalty rates from 20% to 9% for open pit and from
8% to 6% for underground w.e.f. 1st July 2015 with re-introductionof corporate tax
30% power cut announced by CEC Energy saving programmes underway High-cost imported power offered at additional price is unviable Engagement with CEC and government continues
VAT refunds: Receipt of VAT refunds commenced March 2015 Refund of past VAT outstandings under discussion
Integrated volumes and C1 cash costs
Konkola Production Ramp up (kt)
8.9 9.9 10.2 10.9 10.9 11.4
227
161
April May June July Aug Sept¹
C1 cash cost in U
S c/lb
Ave
rage
mon
thly
inte
grat
ed p
rodu
ctio
n(k
t)
Integrated Production (kt) C1 cash cost (US c/lb)
H1 avg.: 199c/lb
Notes:1. Sept C1 cash cost excluding impact of one-time items.
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
100 9584
72 73
Q2 FY2015 Q3 FY2015 Q4 FY2015 Q1 FY2016 Q2 FY2016
Spend Base - Indexed²
Notes:1. Includes $20 mn volume related absorption.2. Operational Spend base rebased with Q2 FY2015 as 100.3. Annualised.
Copper – Zambia (contd.)
25
Cost Reduction Initiatives driving turnaround Rigorous cost saving initiatives being implemented:
Reduction of power usage, fuel and chemicals consumption,and repair & maintenance costs
Power usage reduced by 5%, targeting 10% Dedicated team working on identified initiatives Realized $61mn1 savings in H1 FY2016 compared to H1 FY2015
Outlook Vision of 25-50 years of mining at world-class asset
Turnaround well underway, still work to be done FY2016 volumes and costs in line with earlier guidance
Production expected to be 190-210 kt with integratedproduction of 120-130 kt
C1 cash cost of c. USc 180/lb – USc 200/lb
Declining Trend of Spend Base
46 40 55
27 2419
56 5259
5352
60
181168
193190-210
FY2014 FY2015 Q2 FY2016³ FY 2016
Konkola Nchanga TLP Custom
Integrated120-130kt
Custom70-80kt
Volumes
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Casting Machine at Jharsuguda
Aluminium
26
Results Stable volumes at 500kt Jharsuguda-I & 245kt Korba-I smelters Higher production of 541kt at Lanjigarh alumina refinery Aluminium COP at $1,668/t Jharsuguda COP at $1,598/t, down 5% due to lower prices for imported
alumina and coal, and INR depreciation BALCO COP at $1,722/t¹ lower due to currency depreciation, lower
alumina COP and power costs Ingot premium remained low; focus on value added products
Vedanta - pragmatic decisions in low price environment & lack ofcaptive bauxite:BALCO High cost rolled product facility shutdown; one time impact of c.$18 mn ($12
mn in H1), c.$10 mn annual savings from FY2017 High cost 270MW CPP on standby post start up of 300MW CPP in Q3 Start up of additional pots on hold until visibility of positive cash flowJharsuguda-II Ramp up of 1st line of 312kt to commence in Q3Lanjigarh Shut one of two streams to reduce fixed costs & capacity from 1mtpa to
c.800ktpa. COP was $299/t in Sept’15 as against $340/t in Q1 Decline in Alumina Price Index by 13% in H1 (avg price $315 in H1 over H1
exit of $273)
Outlook FY 2016 Production expected to be c.0.9 mn tonnes; H2 COP $1,500 –
1,550/t BALCO CPPs: 2 units of 300MW of the 1200 MW power plant: Generation to commence in Q3 & Q4
Commence production from laterite mines in FY2016 post receipt of ML
Aluminium Costs and Margins(in $/t, for H1 FY2016)
1,675160 75 1,910
158
(666)
(671)
(332)
(44) (38) (2)
LME IngotPremium
ValueAddition
TotalRealisation
AluminaCost
Power Cost Other HotMetalCosts
IngotConversion
Costs
ValueAddition -Conversion
Costs
Others² EBITDA
Value addedproduction at 47%
Reduction in seabornealumina prices to materiallyreduce alumina cost Q2 FY2016:
c.$99/t
Notes:1. COP pertaining to 245kt Korba I smelter.2. Excludes $45 million on account of Voluntary Retirement charge at BALCO and prior period reversal of Renewable power obligation.
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Power
27
Results Jharsuguda 2400 MW: 40% PLF due to lower demand & softer
power rates TSPL: Unit-I availability of 86% in Q2 as per guidance, Unit-II
commissioning activities commenced, to be synchronized in Q3 300MW IPP unit of 1200MW plant at BALCO commenced
operations; Unit-II synchronized in October 2015
Outlook Jharsuguda 2400MW: PLF to increase as Jharsuguda-II aluminium
smelter ramps up in Q3 TSPL: Unit-I availability to be maintained at 80%, Unit-II
commissioning activities commenced, to be synchronized in Q3 Unit-II of 300MW at BALCO expected to be commissioned in Q3
Coal Outlook FY2016 est. coal requirement of 28 mt; 45 mt at full capacity Chotia coal block (1 mtpa) to commence mining in FY2016 Gare Palma IV/1: Filed writ petition in High Court Coal supply scenario
Coal available for IPPs with PPA; CPPs still facing shortages 8%-12% reduction in imported coal prices; import volumes
increased from 18% of coal mix in Q1 to 25% in Q2 E-auction prices for CPPs remain high: higher demand as
production yet to re-commence at auctioned mines
CaptivePower
c. 3 GW
Power Generation Capacity:c. 9 GW
80%commencedoperations
70%commencedoperations
41%
34%
25%
Linkage E-auction Imports
Q2 FY2016 Coal Mix (6 mt)
Landed Coal Cost - Indexed (Rs./t)¹
85
90
95
100
105
110
Q1 FY 2016 Jul'15 Aug'15 Sep'15
Linkage Auction Imports
Notes:1. For CPPs and IPPs at Jharsuguda, Lanjigarh and BALCO (Q1 FY2016 = 100).
CommercialPowerc.6 GW
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Copper India
Hon. Chief Minister of Goaflags off Vedanta’s 1st shipment of Iron Ore in October
Tuticorin Smelter: Q2 production was impacted by maintenance shut down
90%+ utilisation going forward
Positioned in the lowest cost quartile
Strong TCRC outlook and acid realisation
Karnataka: Sales at 1.2million tonnes
Goa Approvals in place for production of 5.5mtpa saleable ore
Mining resumed in Q2 with first export shipment made on 19 Oct2015
Progressive ramp up of production in Q3 FY2016
Cost reduction initiatives being pursued
Working closely with Government to resolve:
Duplication of taxes: Goa Permanent Fund and DMF
Removal of export duty
EC limits/mining cap enhancements
Pig iron production at c.300kt impacted by planned maintenanceactivities
Other Assets: Iron Ore and Copper - India
Iron Ore
Copper India
28
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Strategic Priorities Remain Unchanged
29
Production Growth and Asset optimisation− Disciplined approach towards ramp up: positive FCF at each segment a top priority
Deliver the Balance Sheet− Optimising opex and capex to maximise cash flows− Deliver cost and marketing savings of US$1.3bn− Reduce net gearing and efficiently refinance upcoming maturities
Identify next generation of Resources− Disciplined approach towards exploration
Simplification of the Group structure− Merger with Cairn India improves our ability to allocate capital to highest return projects− Pursue further simplification
Protect and preserve our License to Operate− Achieve zero harm− Obtain local consent prior to accessing resources
Appendix
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Segment Wise Summary
Oil & Gas H1 FY2015 H1 FY2016
Average Daily Gross Operated
Production (boepd) 206,125 207,538
Rajasthan 173,158 170,164
Ravva 22,259 27,303
Cambay 10,708 10,071
Average Daily Working Interest
Production (boepd) 130,502 129,286
Rajasthan 121,211 119,115
Ravva 5,008 6,143
Cambay 4,283 4,028
Average Brent (US$/bbl) 105.7 56.0
Average realizations Oil & gas (US$/boe) 94.3 49.9
EBITDA ($mn) 1,012 374
Zinc-India H1 FY2015 H1 FY2016
Mined Metal (kt) 376 472
Refined Zinc – Integrated (kt) 312 398
Refined Lead – Integrated (kt)1 47 67
Saleable Silver – Integrated (moz)1 3.952 5.920
Average Zinc LME ($/t) 2,196 2,013
Zinc CoP2 ($/t) 906 788
EBITDA ($mn) 551 5821. Excludes captive consumption.2. Revenues from silver not credited to CoP and with IFRIC adjustment. Without IFRIC adjustment,
the COP was $944/t in H1 FY2015 and $787/t in H1 FY2016.
Zinc-International H1 FY2015 H1 FY2016
Mined Metal – Lisheen & BMM (kt) 103 91
- Lisheen 72 60
- BMM 31 31
Refined Zinc – Skorpion (kt) 60 42
Total Zinc-Lead Metal 163 133
CoP ($/t) 1,331 1,439
EBITDA ($mn) 93 57
31
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Segment Wise Summary contd.
Copper-India/Australia H1 FY2015 H1 FY2016
Mined Metal – Australia (kt) - -
Copper Cathodes– India (kt) 166 193
Tuticorin Power Plant (mu) 319 293
Average Copper LME ($/t) 6,894 5,639
Copper Tc/Rc 20.0 24.1
Conversion cost – India (c/lb) 4.8 2.4
EBITDA ($mn) 110 170
Copper-Zambia H1 FY2015 H1 FY2016
Mined Metal (kt) 59 62
Finished Metal – Total (kt) 76 90
Integrated (kt) 56 60
Custom Smelting (kt) 20 30
Copper LME ($/t) 6,894 5,639
C1 Cash Cost – Integrated1 (USc/lb) 273 210
Total Cash Cost– Integrated2 (USc/lb) 356 274
EBITDA ($mn) 16 (24)
PAT ($mn)3 (77) (312)1. C1 cash cost, excludes royalty, logistics, depreciation, interest, sustaining capex.2. Total Cash Cost includes C1 cash cost, royalty, interest and sustaining capex.3. Includes special items – deferred tax charge of $174mn in H1 FY2016.
Aluminium H1 FY2015 H1 FY2016
Aluminium Production (kt) 424 464
Jharsuguda-I 270 262
Jharsuguda-II - 38
Korba-I 245kt 125 127
Korba-II 325kt 29 37
Aluminium LME ($/t) 1,896 1,675
Aluminium COP ($/t) 1,775 1,639
BALCO – I 1,964 1,722
Jharsuguda-I 1,688 1,598
Alumina Production (kt) 460 541
Alumina COP ($/t) 366 331
EBITDA ($mn) 180 22
32
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Segment Wise Summary contd.
Iron Ore and Pig Iron H1 FY2015 H1 FY2016
Sales (mt) 1.1 1.2
Goa - -
Karnataka 1.1 1.2
Production 0.3 1.0
Goa - 0.0
Karnataka 0.3 1.0
Average Net Sales Realizations ($/t) 28.5 18.2
Pig iron - Production (kt) 300 320
Met coke – Production (kt) 250 248
EBITDA ($mn) 28 7
Power H1 FY2015 H1 FY2016
Power Sales (mu) 4,627 5,789
Jharsuguda 2,400MW 3,807 3,820
BALCO 270MW 71 128
BALCO 600MW - 158
MEL 433 320
Talwandi Sabo - 1,077
HZL Wind Power 316 286
Power Realisation (Rs/u)1 3.35 3.12
Power Cost of generation (Rs/u)1 2.09 2.21
EBITDA ($mn) 109 93
1. Excluding Talwandi Sabo.
33
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Entity Wise Financials
($mn or as stated)VED plcConsol KCM
plcCos Elim
VED LtdConsol
VED Ltdstand-alone
CairnIndia HZL ZI BALCO CMT MEL TS TSMHL Others¹ Elim
Group Revenue 5,699 525 - (5) 5,179 2,350 755 1,168 244 370 - 30 92 - 455 (286)
EBITDA 1,286 (24) (2) 1 1,311 298 374 602 57 (40) (7) 9 24 (0) (5) 1
Depreciation (558) (95) (0) 1 (464) (72) (283) (50) (25) (15) (2) (0) (12) - (6) -
Amortisation (150) - - - (150) (6) (124) (12) (5) (2) (1) - - - - -
Operating Profit 578 (119) (2) 1 697 220 (33) 540 27 (57) (9) 8 12 (0) (11) 1
Investment Revenue 373 0 173 (161) 360 175 112 217 9 2 0 0 - 41 38 (234)
Finance Cost (639) (34) (262) 106 (448) (281) (5) (0) (2) (15) (0) (0) (21) (154) (27) 57
Other Net Gains / (Losses) - Net (68) - (2) - (66) (14) (34) - - (7) (2) 0 (9) - (1) -
Profit Before Taxation 244 (153) (93) (54) 545 101 41 757 34 (77) (12) 8 (17) (114) 0 (177)
Current Tax (206) (0) - (36) (170) (1) (9) (161) (4) - - (2) - - 6 -
Deferred Tax (191) (159) - 2 (34) 2 (60) 14 (0) 11 - - - - (1) (0)
Profit after tax (154) (312) (93) (88) 340 102 (29) 610 30 (66) (12) 6 (17) (114) 5 (177)
Attributable to equity holders (324) (248) (93) (88) 105 64 (11) 249 17 (21) (7) 4 (11) (231) 3 49
Underlying PAT (before non-controlling interests) 78 (139) (91) (88) 396 108 5 610 30 (61) (10) 6 (9) (114) 5 (177)
Underlying Attributable PAT (159) (110) (91) (88) 130 68 2 249 17 (20) (6) 4 (5) (71) 3 (111)
Property Plant and Equipment² 14,915 1,816 0 - 13,099 5,820 1,616 1,831 320 1,752 12 22 1,626 - 100 -
Mining Reserve 2,099 - - - 2,099 647 1,082 49 74 19 - - - - 228 -
Exploratory Assets 5,475 - - - 5,475 31 5,218 - - - - - - - 226 -
Notes:1. Includes Fujairah Gold, Sesa Resources Ltd, SMCL, VGCB, WCL and other Vedanta Ltd Investment companies.2. Includes Capital Work in Progress.
H1 FY2016
34
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Entity Wise Cash and Debt
Notes:Debt numbers at Book Values. Since the table above shows only external debt, it does not include the following:- $2.6bn inter-company receivable at Vedanta plc from TSMHL. There was an accrued interest of $81mn on the inter-company receivable, as of 30 Sep 2015.- $1.25bn two-year intercompany facility from Cairn India Limited to a wholly owned overseas subsidiary of Vedanta Ltd. at arm’s length terms and conditions with an annual interest rate of LIBOR+300bps.- $319mn receivable at plc from KCM.1. Includes Investment Companies.2. Twin Star Mauritius Holdings Limited (SPV holding the 34.4% stake in Cairn India as on 30 Sep 2015).3. Others include: CMT, Fujairah Gold, MEL, VGCB, Sesa Resources Ltd, other Iron Ore companies, and Vedanta Ltd. Investment companies.4. Includes $8mn debt related derivative asset.5. Includes $2mn debt related derivative liability.
Net Debt Summary ($mn)
30 Sept 2014 31 March 2015 30 Sept 2015
Company Debt Cash & LI Net Debt Debt Cash & LI Net Debt Debt Cash & LI Net Debt
Vedanta plc1 7,532 59 7,473 7,707 34 7,673 8,053 17 8,036
KCM 813 0 813 802 65 738 728 38 690
Vedanta Ltd. Standalone 5,407 519 4,889 4,574 139 4,435 4,422 334 4,088
Zinc International - 189 (189) - 137 (137) - 158 (158)
Zinc India - 4,478 (4,478) - 4,937 (4,937) - 5,306 (5,306)
Cairn India - 2,732 (2,732) - 2,857 (2,857) - 2,976 (2,976)
BALCO 739 5 734 767 0 766 769 12 757
Talwandi Sabo 940 2 939 1,037 24 1,013 1,032 30 1,002
TSMHL2 1,680 166 1,514 1,679 9 1,670 1,382 30 1,352
Others3 123 23 100 102 8 94 65 16 49
Vedanta Ltd. Consolidated 8,889 8,112 777 8,159 8,111 48 7,670 8,862 (1,192)
Total (in $mn) 17,234 8,171 9,0554 16,668 8,210 8,4605 16,451 8,917 7,5365
35
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Debt Profile
53% of the debt is fixed interest rate, 47% floating rate 67% of the debt is USD-denominated, 33% is INR-denominated
Diversified Funding Sources for Term Debt(as of 30 September 2015)
BondsUSD25%
BondsINR13%
Convertible BondsUSD7%
Term LoanINR12%
Term LoanUSD34%
Short Term Loans9%
36
Numbers based on face value.
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Inter-company Debt
Vedanta Ltd.(excluding Cairn India) 31 March 2015 30 Sept 2015
AnnualizedInterest Cost
Gross External Debt 8,202 7,711 c.600
Intercompany Payable to Vedanta 2,590 2,611 200
Intercompany Payable to Cairn India 1,250 1,250 40
Debt Service Liability 12,042 11,572 840
Vedanta Resources plc 31 March 2015 30 Sept 2015Annualized
Interest Cost
Gross External Debt 7,891 8,216 c.500
Intercompany Receivable at Plc from Vedanta Ltd (2,590) (2,611) (200)
Debt Service Liability 5,301 5,605 300
Cairn India Ltd. 31 March 2015 30 Sept 2015Annualized
Interest Cost
Intercompany Receivable at Cairn India fromVedanta Ltd (1,250) (1,250) (40)
Debt Service Liability(in $mn)
Notes:Debt numbers at Face Values. Annualized interest cost represents an approximate annual interest cost based on debt levels as of 30 September 2015, and excludes accretive interest on convertible bonds andamortisation of borrowing costs.
37
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Credit Metrics
FY2015 LTM Sept’15 Covenant
Net Debt/EBITDA (LTM) 2.3x 2.6x < 2.75x
EBITDA/Net Interest Expense1 6.8x 5.1x > 4.0x
Net Assets/Debt 1.9x 1.9x > 1.75x
Gearing2 40.8% 40.3%
Gearing – pre-impairment2 33.5% NA
Notes:1. Interest includes Capitalized Interest.2. Gearing is calculated as Net Debt divided by the sum of Net Debt and Equity.
38
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Currency and Commodity Sensitivities
Commodity prices – Impact of a 10% increase in Commodity Prices
CommodityH1 FY2016
Average price
Impact onH1 FY2016
EBITDA ($mn)
Oil ($/bbl) 56 58.5
Zinc ($/t) 2,013 93.7
Aluminium ($/t) 1,675 59.3
Copper ($/t) 5,639 51.6
Lead ($/t) 1,824 13.9
Silver ($/oz) 15.6 10.0
Foreign Currency - Impact of a 10% depreciation in FX Rate
CurrencyH1 FY2016
Average FX rate
Impact onH1 FY2016
EBITDA ($mn)
INR/USD 64.2304 101.4
39
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Project Capex
Capex in Progress StatusCapex
(US$mn)Spent up toMarch 2015
Spent inH1 FY16
Unspent as at 30Sep 2015
Cairn India Phase wise Completion (c$180 mn to bespent in H2 FY16 and retain theflexibility to invest balance $1 billion asoil prices improve and cost bottom out)
3,030 1,080 211 1,739
Total Capex in Progress - Oil & Gas 3,030 1,080 211 1,739Aluminium SectorBALCO – Korba-II 325ktpa Smelter and1200MW power plant(4x300MW)
Smelter: 84 post capitalised in Sep 2014300MW unit capitalized in August 2015 1,872 1,818 37 17
Jharsuguda 1.25mtpa smelter Potline-wise commissioning: 1st phase of50 pots started 2,920 2,535 26 359
Power SectorTalwandi 1980MW IPP 2nd & 3rd unit expected in H2 FY 2016 2,150 2,011 46 93Zinc SectorZinc India (Mines Expansion) Phase-wise by FY2017 1,500 602 102 796Zinc InternationalGamsberg Mining Project To be completed by 2018-19 524 5 7 512Skorpion Refinery Conversion 156 4 3 149Total Capex in Progress –Metals & Mining 9,122 6,976 221 1,925
Capex Flexibility
Metals and MiningLanjigarh Refinery (Phase II) – 4mtpa Awaiting approval 1,570 809 - 761Iron ore, Liberia 237 226 11Tuticorin Smelter 400ktpa EC awaited 367 129 - 239Total Capex Flexibility 2,174 1,163 - 1,011
Total Capex (Excluding Cairn) 11,296 8,139 221 2,936Total Capex (Including Cairn) 14,326 9,219 432 4,675
40
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Sales Summary
Sales volume H1 FY2015 H1 FY2016Copper-India SalesCopper Cathodes (kt) 87 86Copper Rods (kt) 79 102Sulphuric Acid (kt) 241 229Phosphoric Acid (kt) 83 97Copper-Zambia SalesCopper Cathodes (kt) 75 91Power Sales (mu)Jharsuguda 2,400MW 3,807 3,820TSPL 1,077BALCO 270MW 71 128BALCO 300MW 158MALCO 433 320HZL Wind power 316 286Total sales 4,627 5,789Power Realisations (INR/kWh)Jharsuguda 2,400MW 3.1 2.8TSPL 5.5BALCO 270MW 2.8 3.3BALCO 300MW 3.3MALCO 5.6 5.7HZL Wind power 4.0 4.0Average Realisations1 3.4 3.1Power Costs (INR/kWh)Jharsuguda 2,400MW 2.0 2.2TSPL 4.0BALCO 270MW 3.9 3.8BALCO 300MW 2.9MALCO 3.9 3.9HZL Wind power 0.4 (0.2)2
Average costs1 2.1 2.2
Sales volume H1 FY2015 H1 FY2016Zinc-India SalesRefined Zinc (kt) 320 398Refined Lead (kt) 62 70Zinc Concentrate (DMT) - -Lead Concentrate (DMT) - -Total Zinc (Refined+Conc) kt 320 398Total Lead (Refined+Conc) kt 62 70Total Zinc-Lead (kt) 381 467Silver (moz) 5.2 6.1Zinc-International SalesZinc Refined (kt) 52 48Zinc Concentrate (MIC) 79 70Total Zinc (Refined+Conc) 131 118Lead Concentrate (MIC) 22 23Total Zinc-Lead (kt) 153 141Aluminium SalesSales - Wire rods (kt) 149 165Sales - Rolled products (kt) 24 19Sales - Busbar and Billets (kt) 57 47Total Value added products (kt) 229 231Sales - Ingots (kt) 182 229Total Aluminium sales (kt) 411 460Iron-Ore SalesGoa (mn DMT) - -Karnataka (mn DMT) 1.1 1.2Total (mn DMT) 1.1 1.2MetCoke (kt) 243 249Pig Iron (kt) 303 304
Notes:1. Excluding TSPL.2. Post reversal of one-off items; normalised cost was 0.57 INR/kWh.
41
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Case Studies – Cost Savings & Marketing Initiatives
42
Polishing Filter Package Alternate methodology of modifying existing
infrastructure and using new media for treatment oftertiary water
Cost savings due to new methodology
Using technology to drive efficiency (Cairn)
Single stream operation at Lanjigarh Run one line at 100% capacity instead of two lines at
part capacity Reduce overhead and improve efficiency Drive Aluminium cost down by $35/tonne
Better utilisation of production line
Aluminium premium improvement strategy Continuous effort to optimise premium by improving
product mix and different sales strategy Focus on higher domestic sales
Better price realisation (Aluminium)
Rolled Product facility at BALCO Temporarily suspended with effect in H2 FY2016 Negative contribution due to higher cost – To be fixed
through restructuring in H2 Leaner & more effective operation
Strategy around high cost operations
Impact: Annualised Cost Saving of c. $10 mnImpact: Capex Saving of c. $15 mn
Impact: Annualised Cost Saving of c. $35 mn Impact: Annualized benefit of c. $70 mn
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Timeline: Merger of Vedanta Ltd and Cairn India Ltd
Event Completion
BSE, NSE and SEBI approvals sought Q2 CY2015
BSE, NSE and SEBI approvals Q3 CY2015
Vedanta plc posting of UK Circular Q4 CY2015
Application to High Court in India Q4 CY2015
Vedanta plc EGM Q4 CY2015
Vedanta Limited and Cairn India shareholder meetings Q1 CY2016
Foreign Investment Promotion Board approval Q1 CY2016
High Court of India approval Q2 CY2016
MoPNG approval Q2 CY2016
Transaction Completion Q2 CY2016
43
VEDANTA RESOURCES PLC - FY2016 INTERIM RESULTS PRESENTATION
Group Structure
44
KonkolaCopper
Mines (KCM)
62.9%
VedantaResources Plc
100%64.9%
Zinc India(HZL)
AustralianCopperMines
Vedanta Ltd
Cairn India
59.9%
79.4%
Subsidiaries of Vedanta Ltd
Sesa Iron Ore
Sterlite Copper (Tuticorin)
Power (2,400 MW Jharsuguda)
Aluminium(Odisha aluminium and power assets)
Divisions of Vedanta Limited
Unlisted entitiesListed entities
TalwandiSabo Power(1,980 MW)
100%
MALCOPower
(100 MW)
100%
Skorpion &Lisheen -
100%BMM -74%
100%
ZincInternational
51%
BharatAluminium(BALCO)
100%
WesternCluster
(Liberia)
Notes:Shareholding based on basic shares outstanding as on 30 September 2015.
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