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NEWS RELEASE Baar , 16 February 2021 Preliminary Results 2020 Highlights Glencore's Chief Executive Officer , Ivan Glasenberg , commented : " The Covid - 19 pandemic is an extraordinary challenge that continues to impact many aspects of day - to - day life . Against this backdrop , the strength of our 2020 underlying performance is a credit to our highly skilled and dedicated employees , and also reflects our unique business model and ability to quickly adapt to changing market conditions and customer needs . " Navigating from recessionary conditions in the first half to a strong price recovery for most commodities in the second , Adjusted EBITDA finished the year flat at $ 11.6 billion . An outstanding Marketing performance lifted EBIT by 41 % to $ 3.3 billion , while Industrial Adjusted EBITDA fell 13 % to $ 7.8 billion , primarily reflecting weaker coal prices . A notable improvement was seen at our Katanga operation in the DRC , where its successful ramp - up lifted Africa copper EBITDA to $ 712 million from a loss of $ 349 million in 2019. Strong second half cash flows repositioned Net debt of $ 15.8 billion within our target range , allowing for the resumption of distributions . We are recommending to shareholders a distribution of $ 0.12 per share . " As the world focuses on the pathway to recovery from Covid - 19 , it is clear that meeting the goals of the Paris Agreement has taken on even greater urgency . While innovation and technological advances have transformed how we live and work , the commodities needed to enable this have not . Our commodities are essential in developing all facets of infrastructure needed to deliver the goals of energy and mobility transition . GLENCORE " We are focused on playing our part in supporting the Paris goals and have set out a clear strategy to address our total emissions footprint - being Scope 1 , 2 and 3 emissions . " Glencore has been transforming the global commodities industry for nearly half a century , growing from a trader of ferrous and non - ferrous metals , minerals and crude oil , into one of the world's largest natural resource companies . Today , the business and its portfolio of commodities is uniquely positioned for the needs of the future . It is ready to support the transition to a low carbon economy and realise its ambition of net - zero by 2050. We remain focussed on creating sustainable long - term value for all stakeholders while operating in a responsible manner across all aspects of our business " US $ million Key statement of income and cash flows highlights : Revenue Adjusted EBITDA Adjusted EBIT Net loss attributable to equity holders Loss per share ( Basic ) ( US $ ) Funds from operations ( FFO ) ²⁰ Cash generated by operating activities before working capital changes Net purchase and sale of property , plant and equipment²⁰ US $ million Key financial position highlights : Total assets Net funding 230 Net debt2,30 Ratios : FFO to Net debt²⁰ Net debt to Adjusted EBITDA * 2020 Glencore Preliminary Results 2020 142,338 11,560 4,416 ( 1,903 ) ( 0.14 ) 8,325 8,568 3,921 31.12.2020 118,000 35,428 15,844 52.5 % 1.37 1 Refer to basis of presentation on page 7 . 2 Refer to page 11 , also noting that 2019 FFO was materially impacted by the lag of income taxes paid in 2019 , in respect of 2018 profitability . 3 Includes $ 652 million ( 2019 : $ 607 million ) of Marketing related lease liabilities . 2019 215,111 11,601 4,151 ( 404 ) ( 0.03 ) 7,865 10,346 4,966 31.12.2019 124,076 34,366 17,556 44.8 % 1.51 Change % 0 Adjusted measures referred to as Alternative performance measures ( APMS ) which are not defined or specified under the requirements of International Financial Reporting Standards ; refer to APMS section on page 110 for definitions and reconciliations and to note 2 of the financial statements for reconciliation of Adjusted EBIT / EBITDA . ( 34 ) 6 ( 371 ) ( 380 ) 6 ( 17 ) ( 21 ) Change % ( 5 ) 3 ( 10 ) 17 ( 9 ) 1