Glencore (OTCPK:GLCNF, OTCPK:GLNCY) reports a larger loss for 2020, but it swung to a profit for H2 and confirms it will resume its dividend in 2021.

嘉能可(glcpk:GLCNF, OTCPK:GLNCY)公布2020年亏损较大，但今年下半年扭亏一盈，并确认将于2021年恢复派息。

Glencore says it lost $1.9B for the full year, widening from a $404M loss in 2019, but it bounced back in H2 with a $697M net profit from a $2.6B loss for H1, as commodity prices improved.

嘉能可表示，该公司全年亏损19亿美元，高于2019年的4.04亿美元亏损，但随着大宗商品价格的改善，该公司在下半年反弹，从上半年的26亿美元亏损中获得6.97亿美元的净利润。

FY 2020 adjusted EBITDA of $11.56B fell slightly below the $11.6B in 2019 but well above the $10.69B analyst consensus estimate.

2020财年调整后的EBITDA为115.6亿美元，略低于2019年的116亿美元，但远高于分析师普遍预期的106.9亿美元。

FY 2020 adjusted EBIT in the marketing business jumped 41% Y/Y to $3.3B.

营销业务2020财年调整后的息税前利润同比增长41%，达到33亿美元。

Strong H2 cash flows helped cut net debt to $15.84B at Dec. 31, meeting the company's deleveraging target, so the company says it will resume the dividend at $0.12/share in 2021.

截至12月31日，强劲的H2现金流帮助将净债务削减至158.4亿美元，达到了公司的去杠杆目标，因此该公司表示将在2021年恢复每股0.12美元的股息。

"The company's 2020 results are exceptional in light of the fact that it was the year of a global pandemic," Jefferies analyst Chris LaFemina says, adding its shares remain "grossly undervalued."

杰富瑞(Jefferies)分析师克里斯•拉菲米纳(Chris LaFemina)表示:“该公司2020年的业绩非常出色，因为这一年是全球大流行的一年。”他补充称，该公司的股价仍然“严重低估”。

These are the last set of results overseen by CEO Ivan Glasenberg, who is stepping down after 18 years in charge, to be replaced by Gary Nagle.

这是首席执行官伊凡•格拉森伯格(Ivan Glasenberg)领导下的最后一批业绩。在担任首席执行官18年后，伊凡•格拉森伯格将卸任，由加里•内格尔(Gary Nagle)接任。