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Net profit for the year was USD3,075 million, 92 percent higher than USD1,599 million in 2020.

New investments in resources that will be needed during the energy transition, including an interest in Vostok Oil, a low-cost, low carbon intensity oil and gas resource in Russia, and in nickel and cobalt producer, Prony Resources, in New Caledonia.

Continuation of our prudent and disciplined approach to our fixed assets, with a number of impairments recorded to reflect challenging operational performance.

Together with the appointment of new management, this has put Puma Energy on a firmer financial footing and will enable closer alignment between its downstream activities and Trafigura’s oil trading business.

Successful recapitalisation of Puma Energy and its consolidation into the Trafigura Group.

Sale of our stake in the MATSA polymetallic mining operation in Spain, announced in September 2021 and expected to complete in December, realising a pre-tax gain of USD380 million in the current financial year.

This was an excellent result for the new division which was only established in 2020 and represents an important strategic diversification of our portfolio to participate in and benefit from the energy transition.

A strong start for our new Power and Renewables division, which generated underlying EBITDA of USD80 million during the year.

* The Energy segment includes Oil and Petroleum Products and Power and Renewables divisions. This shows once again the strength and resilience of Trafigura’s financing model in enabling business growth, supported by transparent financial communication and our active environmental, social and governance (ESG) programme. Thanks to the strong profitability of the year and our measured dividend pay-out policy, Group equity rose by 36 percent to USD10,560 million, the first time that the Group’s equity value has surpassed USD10 billion.

This predominantly reflected continued strong cash generation and improved working capital. Gross indebtedness increased by 38 percent, driven by the financing needs of our increased inventories and trade receivables however, our net leverage – as measured by the adjusted debt to Group equity ratio – remained close to zero. The balance-sheet grew by 58 percent during the year to USD90,097 million as at 30 September 2021. Non-ferrous metals traded volumes grew by nine percent to 22.8 million metric tonnes and bulk minerals by eight percent to a total of 82.7 million metric tonnes.Ī flight to quality in the banking sector enabled Trafigura to increase its credit facilities to cope with increased working capital needs due to more traded volumes and a higher commodity price environment, in particular in the second half of the year. In 2021, Trafigura traded an average of seven million barrels of oil and petroleum products per day, a significant 25 percent increase over the prior year. Net profit of USD3.1 billion was nearly double the prior year’s result, despite including a one-off, non-cash accounting adjustment which reduced net profit by USD716 million due to IFRS rules on the treatment of a foreign currency translation reserve following the consolidation of Puma Energy. Underlying EBITDA rose 11 percent to USD6.9 billion from USD6.1 billion in 2020 1.

Revenues increased by 57 percent to USD231,308 million, reflecting higher commodity prices and increased trading volumes as we continued to grow our customer base and expand into new markets. The 2021 financial year was the best in Trafigura Group’s 28-year history in terms of trading volumes and profit, continuing the strong performance registered in 2020. Growing customer business and financial liquidity lead to record profit