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1、2022INTERIM REPORTFOR THE SIX-MONTH PERIOD ENDED 31 MARCH 2022 TRAFIGURA GROUP PTE.LTD.Financial and business highlights1Trafigura Group Pte.Ltd.and the companies which it directly or indirectly owns investments in are separate and distinct entities.In this publication,the collective expressions Tra

2、figura,Trafigura Group,the Company and the Group may be used for convenience where reference is made in general to those companies.Likewise,the words we,us,our and ourselves are used in some places to refer to the companies of the Trafigura Group in general.These expressions are also used where no u

3、seful purpose is served by identifying any particular company or companies.1.For the six-month period ended 31 March 2022.2.For the six-month period ended 31 March 2021.3.For the six-month period ended 31 March 2020.4.As at 30 September 2021.5.As at 30 September 2020.6.The Energy segment comprises o

4、il,petroleum products,natural gas,Puma Energy,power,carbon and renewables.Group revenue$170.6bn$98.4bn in 20212$83.0bn in 20203Underlying EBITDA$4.7bn$3.7bn in 20212$2.4bn in 20203Underlying EBITDA margin2.8%3.8%in 202122.9%in 20203Net profit$2.7bn$2.1bn in 20212$0.5bn in 20203Energy segment revenue

5、 as a percentage of Group revenue666%59%in 2021263%in 20203Total non-current assets$16.3bn$15.0bn in 20214$11.1bn in 20205Metals and Minerals revenue as a percentage of Group revenue34%41%in 2021237%in 20203Total assets$105.8bn$90.1bn in 20214$57.0bn in 20205Total Group equity$12.7bn$10.6bn in 20214

6、$7.8bn in 20205Report of the Board of Directors02 Statement from the Executive Chairman and Chief Executive Officer04 Financial review08 Marketplace reviewFinancial statements13 Contents14 Interim consolidated statement of income14 Supplementary statement of income information15 Interim consolidated

7、 statement of other comprehensive income16 Interim consolidated statement of financial position17 Interim consolidated statement of changes in equity18 Interim consolidated statement of cash flows19 Notes to the interim consolidated financial statementsContentsWe ceased all trading of crude oil with

8、 sanctioned Russian organisations in advance of the European Union and Swiss sanctions taking effect on 15 May 2022,and we will continue to comply in full with all applicable subsequent sanctions packages.We also immediately froze our investments in Russia and announced a review of our ten percent n

9、onoperational,passive shareholding in Vostok Oil,with the intention of exiting.At the same time,the derivatives markets on which commodity trading firms,among others,depend to manage index price risk exposures experienced their own disruptions.Extreme volatility,in particular after the outbreak of w

10、ar in Ukraine,brought elevated margin calls and tighter position limits that made hedging activity more expensive and in some cases constrained access to commodities futures markets.Despite these challenging conditions for our customers and for our business in the final weeks of the reporting period

11、,both principal operating segments,Energy*and Metals and Minerals,achieved excellent profitability and handled record volumes.The Group reported a robust financial position for the period amidst challenging market conditions and substantially increased liquidity requirements as commodity prices saw

12、unprecedented volatility,ending the period with a strengthened balance sheet and cash position.Group equity increased to USD12.7 billion,an increase of 20 percent compared to the end of our 2021 financial year.Our industrial assets are also now on a much sounder footing than in recent years.The Nyrs

13、tar metal refining business continued its turnaround plan with improved operational performance,although it is being severely challenged by the strong headwind of high energy prices in Europe.The sixmonth period ending 31 March 2022 was an extremely challenging time in global markets,featuring heigh

14、tened volatility,continued supply chain disruptions and,from 24 February 2022,war in Ukraine.Trafiguras global and diversified business footprint,market knowledge and customer relationships,logistical skills and robust balance sheet were all significantly tested.These qualities are also required mor

15、e than ever by our customers during periods of seismic change in commodity markets,and the last few months have been no exception.I am pleased to report that Trafigura Group successfully navigated these challenges to achieve another strong commercial performance and a record profit for the period.Ru

16、ssias invasion of Ukraine has resulted first and foremost in a humanitarian crisis,but also in substantial dislocations in energy markets and global supply chains,the full impact of which is only beginning to become clear.Trafigura unconditionally condemns the war in Ukraine and we responded rapidly

17、 and effectively to the requirements of Western sanctions,engaging openly and regularly with governments and our customers throughout this turbulent and fastchanging period.Jeremy WeirExecutive Chairman and Chief Executive OfficerStatement from the Executive Chairman and Chief Executive OfficerAnoth

18、er strong performance in challenging times*The Energy segment comprises oil,petroleum products,natural gas,Puma Energy,power,carbon and renewables.2Statement from the Executive Chairman and Chief Executive OfficerPuma Energy,now fully consolidated within the Trafigura Group after the buyout of its A

19、ngolan shareholders,is being streamlined under new management,including agreeing the sale of its infrastructure business during the period.We continued to grow our power,renewables and carbon trading operations,and to invest in projects to support the energy transition.Nala Renewables,our 50/50 join

20、t venture with IFM Investors,acquired a large portfolio of solar projects in Chile and a further four projects to construct battery energy storage systems in the United States.Our growing carbon team completed a landmark transaction,investing in the worlds largest mangrove restoration project in Pak

21、istan for which Trafigura is the anchor offtaker,to deliver high quality carbon removal credits.Through our joint venture with H2 Energy,we are progressing plans to build a 1GW green hydrogen electrolyser in Denmark to fuel trucks and other heavy landbased transport.In addition,we are developing up

22、to 250 green hydrogen retail refuelling stations in Austria,Denmark and Germany together with Phillips 66,the owner of JET branded stations.In Australia,we are progressing a study to develop a commercial scale green hydrogen manufacturing facility at Nyrstars Port Pirie site.And in Norway,Trafigura

23、is part of a consortium together with Hy2gen and Copenhagen Infrastructure Partners to produce green ammonia for the shipping sector in a project that is expected to be operational in 2027.Looking ahead,we see no letup in the challenging market conditions.Global supply chains remain disrupted and th

24、e geopolitical situation will continue to be turbulent.Commodity inventories are at perilously low levels across metals and energy markets as demand continues to outstrip supply,following a sustained period of structural underinvestment in natural resources production over several years.In terms of

25、demand,we are not yet seeing a slowdown in physical demand for oil and metals all of which points to a tight market for commodities and heightened prices for some time to come.Significant investment will be required to produce,process and transport energy,minerals and metals to meet future needs and

26、 support the ongoing energy transition.Whilst we expect another strong performance from the business in the remainder of the financial year,there are a number of growing headwinds.These include ongoing geopolitical tensions and the continued challenges of dysfunctional commodities futures markets.Th

27、e very significant impact of inflation and constrained availability of energy,food and natural resources will also take their toll on global economies with the most vulnerable unfortunately likely to bear the greatest impact.Trafigura proved yet again in the first half of its 2022 financial year tha

28、t its business and global platform are resilient and agile to adapt rapidly to difficult market conditions,and I am confident that this will continue to be the case for the full year.The largescale Delta Blue Carbon mangrove forest restoration project in the Indus Delta in Pakistan,for which Trafigu

29、ra is the anchor offtaker of verified carbon credits.Trafigura Interim Report 20223Trafigura Group registered its highest ever first half year profit in the sixmonth period ending 31 March 2022,as volatile commodity markets put a premium on our ability to move commodities to where they are in highes

30、t demand as efficiently as possible,producing higher margins.Net profit for the period was USD2,659 million,a 27 percent increase over the figure of USD2,095 million recorded in the first half of the 2021 financial year.Higher average commodity prices and traded volumes generated a 73 percent increa

31、se in revenues to USD170,609 million from last years USD98,389 million*.For the same reason,materials,transport,storage and financing costs also rose substantially.Underlying EBITDA rose 26 percent to USD4,713 million from USD3,729 million in the first half of 2021.The key driver of commodity market

32、s volatility and the biggest challenge during the period was the rise in geopolitical tension,culminating in Russias invasion of Ukraine on 24 February and the consequent tightening of western sanctions on Russia.Global commodity inventories were already depleted as a result of the economic rebound

33、from the COVID19 pandemic,tightening the balance between supply and demand.In addition,the Ukraine crisis placed supply chains under unprecedented strain,especially in oil,gas and refined petroleum products as buyers struggled to find alternative sources of supply.As has been regularly observed in r

34、ecent years,market disruption placed a premium on Trafiguras logistical skills and market knowledge in helping customers to reorder their supply chains.As a result,our trading volumes increased across the board.Oil and petroleum products volumes increased by 14 percent compared to the first half of

35、2021,to an average of 7.3 million barrels per day,while nonferrous metals volumes grew by 16 percent and bulk minerals volumes by 13 percent.Adjusted debt to Group equity(0.04)x1 Sixmonth period ended 31 March 2021.2 As at 30 September 2021.3 As from financial yearend 2021 onwards,the Group has chan

36、ged its income statement presentation from a classification based on the function of expense to a classification based on the nature of expense.This change provides readers of our financial statements with a more transparent and clearer analysis of the financial performance.Also,it prepares the Grou

37、p for anticipated future IFRS developments.In addition,the Group replaced the gross profit metric with two new financial performance metrics:operating profit before depreciation and amortisation,and underlying EBITDA.*A USD20 million restatement has been made compared to the number published last ye

38、ar see page 20.Underlying EBITDA3$4.7bn20222021Total assets$105.8bn20222021Non-current assets$16.3bnNet profit$2.7bnUnderlying EBITDA margin2.8%202220222022202222021Group equity$12.7bn20222021Group revenue$170.6bnFinancial reviewFinancial strength in turbulent times underpinned record pro

39、fitabilityTrafigura delivered a strong performance in the first half of its 2022 financial year,1 October 2021 to 31 March 2022,with its highest ever net profit for the period of USD2,659 million,compared to USD2,095 million for the first half of 2021.Christophe SalmonGroup Chief Financial Officer20

40、222021(0.04)x2.8%12.72.716.34.7105.8170.6(0.21)x23.8%110.622.1115.023.7190.1298.414Financial reviewMarket risk management was challenging during the first half year,as market volatility prompted increased margin calls and the imposition of restrictive position limits by clearing brokers on commodity

41、 exchanges which impacted the proper functioning of commodity derivative markets,particularly in natural gas and nickel.This made hedging our commodity inventories,in a highprice environment,more difficult and expensive.Nevertheless,despite the increased need for credit lines generated by higher com

42、modity prices and significant margin calls,our financial position and access to liquidity remained robust.Given the uncertainty triggered by the start of the war in Ukraine and the unprecedented price movements across energy and metals that followed,Trafigura took rapid and decisive actions to build

43、 an ample liquidity buffer at the outset of the crisis.Access to additional funding sources across different markets and instruments was key in providing the Group with adequate liquidity to weather the unprecedented turbulences in both the physical and derivatives commodity markets in late February

44、 and March 2022.The total balance sheet grew by 17 percent during the period to USD105,786 million from USD90,066 million on 30 September 2021.The main drivers of this increase were trade receivables on the asset side and current loans and borrowings as well as trade payables on the liabilities side

45、.We ended the sixmonth period with a level of cash and cash equivalents little changed from six months ago,at USD10,288 million.Group equity,which rose above USD10 billion for the first time to reach USD10,560 million at the end of the 2021 financial year,increased by a further 20 percent to USD12,7

46、04 million as at 31 March 2022.Meanwhile,we continued to optimise our portfolio of industrial assets relevant to our core trading business.This half year income statement incorporates the result of Puma Energy for the first time,following consolidation of the fuel distribution business on Trafiguras

47、 balance sheet on 30 September 2021.Now 96.7 percent owned by Trafigura Group,Puma Energy completed the sale of its Angolan assets in December 2021 and is benefiting from new management and investment in its downstream retail business.In February 2022,we completed the sale of our Spanish mining join

48、t venture Minas de Aguas Tenidas(MATSA).In addition,we made a number of investments in renewable energy and battery energy storage assets throughout the sixmonth period.Puma Energy/Trafigura storage facility at Campana,Argentina.Trafigura Interim Report 20225Income,expenditure and balance sheetReven

49、ue rose 73 percent year on year to USD170,609 million.Operating profit before depreciation and amortisation was USD4,648 million,compared to USD3,659 million a year ago.Of total revenue,the Energy segment contributed USD112,903 million,93 percent more than the USD58,539 million generated in the firs

50、t half of 2021.Operating profit before depreciation and amortisation in the Energy segment was 23 percent higher than a year ago,at USD2,889 million,compared to USD2,344 million.Metals and Minerals segment revenues rose 45 percent to USD57,706 million from USD39,850 million,and divisional operating

51、profit before depreciation and amortisation rose by 34 percent year on year to USD1,779 million from USD1,332 million.Meanwhile,increased traded volumes and prices also pushed up the cost of materials,transportation and storage by 76 percent to USD164,191 million from USD93,182 million a year ago.Ne

52、t finance expense rose by 72 percent to USD689 million from USD401 million following higher funding needs and an increase in base rates.The increase in traded volumes and prices was also reflected in a rise of current assets to USD87,813 million as at 31 March 2022,from USD72,516 million as at 30 Se

53、ptember 2021,mainly driven by increased trade and other receivables to USD36,543 million from USD24,748 million.Total noncurrent assets rose at a much slower pace by nine percent to USD16,296 million from USD15,014 million.Current loans and borrowings rose to USD38,474 million from USD34,270 million

54、 six months ago,reflecting the increased need for financing caused by higher prices and traded volumes.However,the substantial increase in Group equity during the period helped to ensure that our leverage ratio stayed low and well within our target.We assess the Groups financial leverage by calculat

55、ing a ratio of adjusted net debt to equity.Adjusted net debt corresponds to the Companys total noncurrent and current debt less cash,fullyhedged and readily marketable inventories,nonrecourse debt related to the Groups securitisation programme and the nonrecourse portion of loans from financial inst

56、itutions.As at 31 March 2022 the ratio of adjusted net debt to equity stood at negative 0.04x.Liquidity and financingTrafigura secured increased access to liquidity throughout the half year,to support the increased levels of volatility in global markets,in particular after the outbreak of the war in

57、 Ukraine.Total credit lines reached a record level of USD73 billion,excluding Puma Energy,from a network of around 140 financial institutions,of which USD7 billion was raised over the last six months.The majority of our daytoday trading activity is financed through uncommitted,selfliquidating trade

58、finance facilities,while we use corporate credit facilities to finance other shortterm liquidity requirements,such as margin calls or bridge financing.This funding model gives us the necessary flexibility to cope with periods of enhanced price volatility as utilisation of the trade finance facilitie

59、s increases or decreases to reflect the volumes traded and underlying prices.Trafigura also maintains an active debt capital markets presence to secure longerterm finance in support of our investments.During the six months ended 31 March 2022,the Group completed a number of important transactions,de

60、monstrating once again Trafiguras strong access to committed and uncommitted sources of funding from banks,despite unprecedented market conditions and extreme volatility in the global economy,in particular since late February 2022.In October 2021,Trafigura refinanced its Asian Syndicated Revolving C

61、redit Facility(RCF)and Term Loan Facilities(TLF)at USD2.4 billionequivalent,with 36 banks participating in the transaction,including eight new lenders.The new facilities comprised a 365day USD RCF(USD700 million),a oneyear CNH TLF(c.USD890 millionequivalent)and a threeyear USD TLF(USD810 million).In

62、 line with its European RCF from March 2021,Trafigura implemented a sustainabilitylinked loan structure in those new facilities.In March 2022,the Group refinanced two of its core syndicated credit facilities.First,Trafigura announced the closing of its flagship European multicurrency syndicated revo

63、lving credit facilities(ERCF)totalling USD5,295 million,comprised a USD2,025 million 365day RCF and a USD3,270 million threeyear RCF.Similar to the previous year,the facilities include a sustainabilitylinked loan structure,with an updated set of KPIs.The ERCF was initially launched at USD4.5 billion

64、 and closed substantially oversubscribed,with 55 banks joining the transaction.Trafigura also returned to the Japanese domestic syndicated bank loan market for the sixth time and refinanced its Japanese yen term loan credit facility(Samurai loan)with a total value of JPY93.75 billion(USD790 millione

65、quivalent at closing exchange rate).The Samurai Loan comprises a JPY84.75 billion threeyear credit facility(refinanced this year)and a JPY9 billion fiveyear credit facility(amended but not refinanced this year,maturing March 2025).In line with the Groups European and Asian RCFs,and a first for its S

66、amurai loan,the Company structured the threeyear tranche as a sustainabilitylinked loan.Recently installed solar panels on the roof of Impala Terminals storage and distribution facility in Manzanillo,Mexico.Financial review6In addition to those renewals,Trafigura closed the syndication of a ninemont

67、h multicurrency RCF of USD2.3 billionequivalent in March 2022.The transaction was set up following the renewal of the Groups European RCF at a time of major uncertainties in global markets due to the Ukrainian war.It provides an additional funding buffer for the Group in order to proactively anticip

68、ate and mitigate liquidity requirements as a result of the substantial ongoing volatility in global commodity markets.Cash flowAfter adjusting profit before tax for noncash items,the operating cash flow before working capital charges for the first half of the year rose by 26 percent to USD4,677 mill

69、ion from USD3,722 million.Trafigura believes its financial performance is best assessed on the basis of operating cash flow before working capital changes,as the level of working capital is primarily determined by prevailing commodity prices and price variations are financed through the Groups selfl

70、iquidating finance lines.Net cash used in operating activities(after working capital changes)was negative USD3,018 million.Net cash gained from investing activities was USD480 million,compared to a cash usage of USD2,222 million in the first half of 2021.Net cash generated from financing activities

71、was USD3,130 million,financing a portion of the working capital needs of the period.OutlookThe record performance in this first half amidst a period of extreme turbulence is a testament to the resilience of our business model and our financial strength key attributes that have enabled our growth and

72、 profitability over successive years.Importantly,Trafigura continues to benefit from a flight to quality in the banking sector,attracting support from a network of around 140 banks,enabling us to capture market opportunities and build a resilient,global network with an increased equity base.Our comm

73、itments to transparency,open engagement with stakeholders and high standards of ethical and responsible conduct have been prerequisites to achieving this success and support from the financial sector.The lack of depth available in the commodities futures markets looks set to continue to be a challen

74、ge for the industry,as reduced access to derivatives for all participants in turn puts pressure on the ability to move physical commodities.Further headwinds include continued geopolitical turbulence and a more challenging macroeconomic outlook in many of our key markets.Nonetheless,we continue to e

75、xpect robust profitability and strong business performance in the second half of our 2022 financial year.Zinc at Nyrstars smelting plant in Budel,the Netherlands.Trafigura Interim Report 20227Marketplace review A turbulent and volatile time for the global economyAs our fiscal year began in October 2

76、021,most COVID19 restrictions were being eased,and it looked like the world would begin reopening fully,allowing the global economy to return to a modest but sustainable growth path.Instead,the global economy has suffered multiple shocks starting with a gas crisis in Europe shortly after the beginni

77、ng of our fiscal year.This was quickly followed by the outbreak of the Omicron variant of COVID19,the spread of which led to large parts of Chinas economy going into lockdown,exacerbating the supply chain issues and weighing on commodities demand.And then,the end of February saw the largest shock of

78、 all,the Russian invasion of Ukraine,which has disrupted energy and food flows to degrees that are coming in to clear focus,with significant upward pressure on prices and downward pressure on growth only expected to increase further.In no small part due to these disruptions,inflation has reached lev

79、els not seen for 40 years in most regions.This is leading central banks around the world to tighten monetary policy more rapidly and more aggressively than expected only a few months ago.The result has been the strongest US dollar in 20 years,a surge fuelled by fears that disrupted Russian energy fl

80、ows would lead to price spikes and lack of availability of supply in Europe would cause recession.The stronger USD,combined with higher interest rates globally,has been another headwind for the global economy,particularly for emerging markets.The supply disruption from Russia and the demand disrupti

81、on from China have affected our key markets differently.Base metals prices moved upwards initially,reaching alltime highs in some instances,and in the case of London Metal Exchange nickel prices,threatening to upend markets entirely.However,subsequently,prices have faltered as the impact of developm

82、ents in China outweighed that of those in Russia.The pace of postlockdown recovery in China will be a critical factor in determining how metals markets perform in the second half of our fiscal year.In energy markets,however,it has been a different story,as global demand has continued to grow strongl

83、y despite the drop in China,while supplies have been constrained,as a result of a lack of capacity due to underinvestment or by sanctions(Iran,Russia,Venezuela).In both energy and metals markets,inventories are extraordinarily low by historical standards and will struggle to meet any sustained rebou

84、nd in demand.Saad RahimChief Economist 8Marketplace reviewEnergy marketsEven before the Russian invasion of Ukraine disrupted global energy flows,energy markets were facing challenging supply and demand dynamics.For gas markets,Europe entered the winter months with storage at very low levels,while l

85、ow hydropower reserves and constrained coal output in China,combined with a strong sequential yearonyear increase in power demand,meant that Asia,and particularly China,paid recordhigh prices to attract record amounts of liquefied natural gas(LNG).In Europe,already low gas stocks depleted by lower i

86、njection into storage from Russia following lower exports in the summer months were called upon earlier and to a greater extent than expected,due to low wind power output and reduced production in the Netherlands and Norway which reduced domestic supply.On top of those temporary issues,the decline o

87、f coalfired capacity,amounting to an over 40 percent reduction in the last five years,and reduced nuclear capacity,are structural trends that exacerbated the situation.As a result,price pressures in European natural gas markets started to build through August and September,including periods of extre

88、me intraday volatility.At the start of our fiscal year in October saw prices spike sharply upwards,increasing 78 percent(intraday peak)in just four trading days.At their peak,prices were about six times their normal average(EUR120/MWh vs.EUR20/MWh).The problem persisted through most of the European

89、winter as Gazpromowned storage in Europe was effectively empty.Prices spiked again in December,rising 85 percent in just seven days to make an alltime intraday high of EUR185/MWh.A spell of warmer than normal weather from late December through January brought muchneeded respite that allowed a path o

90、ut of winter without reaching critical storage levels.At the same time,Chinas rampup of coal production and usage freed up LNG imports into Europe.Prices spiked again in the immediate wake of Russias invasion of Ukraine;this time more than tripling from EUR105/MWh to EUR335/MWh between the invasion

91、on 24 February and 7 March.Since then,despite some minor disruptions,Russian flows to Europe have remained largely intact.This is despite some countries being cut off from gas due to noncompliance with Russias condition that gas imports must be paid for in Roubles.In the meantime,Europe has signific

92、antly increased LNG imports from the US,Middle East and elsewhere.This is in no small part due to the fact that high prices have led to a curtailment of pricesensitive imports into India and China,enabling those volumes to flow to Europe instead.Increased supplies and seasonal reductions in demand h

93、ave allowed inventories to build,and have led European benchmark TTF prices to return to preinvasion albeit still historically high levels.Oil markets began our financial year in relatively sedate fashion trading between USD80USD85 per barrel for most of October and November.However,that was before

94、Omicron hit,with the news of a significantly more transmissible variant in South Africa breaking the day after the Thanksgiving holiday in the United States,when market liquidity is substantially lower than normal,exacerbating the sharp selloff.Prices tumbled by almost USD10 per barrel in one day,in

95、 total collapsing about USD20 per barrel(21 percent)between 24 November and 2 December.Initial concerns about the virulence of Omicron kept oil markets under pressure throughout December,but once it became clear by the start of 2022 that the global economy was not returning to widespread lockdowns,t

96、he constrained supply situation became increasingly in focus,with crude oil inventories(excludingChina)at extremely low levels compared with both the fiveyear average and range.For example,in the United States,crude inventories began 2022 at some 40 million barrels below the normal fiveyear level.Se

97、lected commodity prices indexed from 1 October 2021Source:Bloomberg,Trafigura ResearchBrentGasolineDieselAluminiumZincCopper128.7141.4155.1120.8145.5113.4700200010080October 21November 21December 201January 22February 22March 22BrentGasolineDieselAluminiumZincCopperT

98、rafigura Interim Report 20229While prices would usually rise to incentivise increased output in the US and OPEC+,this time US shale producers have exercised significant capital discipline as pressure from shareholders to prioritise cash returns rather than new capital expenditure has significantly s

99、lowed US production growth.As at publication of this report,US production levels had recovered from their postCOVID19 level of approximately 11.0 million barrels per day,reaching back up to 11.9 million barrels per day,but this remains well below the 13.2 million barrels per day level the US was pro

100、ducing at just before the pandemic.Even this recovery has in large part been made possible by the industry drawing down its inventory of halfcompleted wells and by highgrading to focus primarily on the most productive acreage.To highlight the challenge,since the end of 2020,US rig count has increase

101、d by 115 percent but US production has increased only by eight percent indicating the need for significant further spending in order to raise production levels back to prepandemic levels.OPEC+members(including Russia preinvasion of Ukraine),have nominally been adding about 400,000 barrels per day of

102、 production back in to the market each month since last summer,gradually reversing the cuts they had enacted in April 2020.However,due to years of underinvestment and also occasional political flareups in places such as Libya,the group has actually only been adding about half of their agreed amount

103、per month.As such,preinvasion,the group was underproducing its collective quota by at least one million barrels per day.The fact that they were doing so despite high prices(prices at the start of February 2022 were 60 percent higher than a year ago),and despite increasing pressure from oil consumer

104、nations,the United States,the European Union and others,indicates that most countries were already producing at their maximum sustainable capacity well before the invasion.Indeed,it seems that,at the time of writing only Saudi Arabia,Iraq and the United Arab Emirates have meaningful capacity to incr

105、ease.However,to keep adding barrels from here will mean going well below the critical threshold of two million barrels per day of global spare capacity.Should this happen,any unforeseen disruption would lead to a rapid tightening of oil markets.On the day of Russias invasion of Ukraine,oil prices br

106、oke the USD100 per barrel level for the first time since 2014 and reached one of the highest levels ever at USD139 per barrel in early trading on 7 March.Since this date,oil prices have been very volatile,falling over 30 percent in just seven days from their peak,rebounding 30 percent in six days,an

107、d then trading in a range of USD100 to USD115 per barrel.The volatility,not just in oil but gas,food products,freight and base metals,is the direct result of Russia being one of the largest commodity producers in the world any disruption in export flows has further tightened markets that were alread

108、y,in most cases,very tight or in substantial deficit to begin with.So far,outside of food and fertiliser,exports have witnessed less severe disruption than expected,as measures restricting Russian flows of oil have only recently started to come into force.As those measures and other countries restri

109、ctions take effect,Russian authorities are now indicating that oil production is likely to drop by over 15 percent this year,impacting global supplies of both crude oil and refined products such as gasoline and diesel.Meeting increasingly tight supply and increasingly high demand in coming months pr

110、esents a significant challenge.At some point,higher energy prices will start to mitigate demand growth,particularly as inflation is widespread across spending categories.Governments around the world are choosing to cushion demand as much as possible for the time being,via subsidies and tax cuts,so t

111、he full impact of higher prices may not be felt for some time yet.Diesel inventories versus 5-year range and 5-year averageSource:US Department of Energy100,000110,000120,000130,000140,000150,000160,000170,000180,000190,000JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecemberDis

112、tillate inventories(Last Price)High ,029135,288122,428106,392Average 2017-2021Low 2017-2021US distillate stocks10Marketplace reviewMetals marketsWhile Russia is an important producer of many metals,both in terms of widelyused base metals(aluminium,nickel,copper)and more specialised metal

113、s(titanium,palladium),the impact of the war in Ukraine has not been as significant as it has been in the energy markets.The impact of COVID19 in China has had a far greater impact over the period in review.Even beyond China,macroeconomic drivers have affected prices the most,acting as a headwind as

114、microlevel inventory balances for most metals remain historically tight.In general,metals have recovered faster from the initial impact of the pandemic than other markets primarily because the shutdown in China was relatively shortlived compared with other regions.That situation has,of course,revers

115、ed in recent months as China began to struggle with the outbreak of Omicron.For copper markets,the start of our fiscal year in October coincided with rising awareness that inventories were historically very low in the face of robust demand as the world economy tried to replenish low stocks of everyt

116、hing from cars and houses to durable goods,all of which are metals intensive.This tightness was further exacerbated by rapidly expanding demand from the energy transition,in particular for electric vehicles and renewable power generation.In October alone,LME inventories drew by 86,000 tonnes,a 43 pe

117、rcent drop in available stocks.The combination of lack of available supply and strong demand led to LME prices reaching their secondhighest level of USD10,452 per tonne.Even more tellingly,the spread between the first and second contract months spiked sharply upwards,rising to a record level of USD1

118、,086 per tonne(for context,the longterm average is basically just above flat).That severe backwardation,when current month prices are higher than future ones,was a clear indicator that inventories were extremely tight,and that the market wanted as much material out into the physical market as possib

119、le.The contraction in stocks continued through November,reaching the lowest levels recorded since 2005.Backwardation reduced from the October highs,but nonetheless remained very high by historical standards,between USD200USD400 per tonne.Which in turn meant that material was delivered into the LME s

120、ystem,pausing the oneway trajectory of stocks before inventories started to rise again as the West and then China went into their respective holiday(and therefore slower activity)seasons.The seasonal slowdown was compounded by the emergence of Omicron,raising fears of another round of global lockdow

121、ns,as well as a flight to safety in financial markets.This was clear from the fall in yields as investors flocked to the safety of US Treasury(USTs)securities,with the yield on the 10year UST falling rapidly from 1.7 percent to 1.3 percent.On top of this,China had been enacting measures to address t

122、he growing indebtedness of the property sector,and as such real estate activity started to contract significantly.Copper front spreadSource:LME and Bloomberg-20002004006008001,0001,200June2021July2021August2021September2021October2021November2021December2021January2022February2022March2022April2022M

123、ay20222.01,103.5$/tonneTrafigura Interim Report 202211Nevertheless,the tightening micro picture led to a slow grind higher in prices,reaching a preinvasion peak of just under USD10,300 per tonne.The Russian invasion then caused a further spike to an alltime high of USD10,845 per tonne as concerns ov

124、er possible supply disruptions grew.Other metals followed a similar pattern.Zinc prices rose in October to a high of nearly USD4,000 per tonne,levels last reached just before the 2008 financial crisis.Zinc inventories had been drawing in a nearcontinuous fashion since 2012(late 2015 being the except

125、ion),hitting a low in early 2020 before starting to climb through the rest of the year and into 2021 as the auto sector slumped due to supply chain issues.But from October 2021,inventories started to fall again as demand picked up and supply remained constrained.Although mine supply did expand in 20

126、21,those expansions have only just managed to bring global supply back to the same level as 2015,while demand grew by over 0.6 percent annually on average over the same period.Aluminium inventories started 2022 well below their fiveyear range,and about 500,000 tonnes below their fiveyear average,des

127、pite substantial builds during the early stages of the pandemic and again in mid2021.Although auto demand was a drag,consumer demand and construction kept overall demand very strong outside of China,resulting in recordhigh premiums for material delivered into the US and Europe.Here too capacity grow

128、th is constrained,as China had been the only region globally that has added any meaningful smelting capacity since 2008 but has now placed a hard cap on growth in smelters.Aluminium and zinc prices followed a similar pattern,to each other and to copper:higher in October,in all three cases reaching c

129、lose to record highs,before retracing into the end of the calendar year and then starting to move higher as 2022 began,mainly on optimism that COVID19 was finally behind us.Nickel prices followed a similar path initially as well,although they remained well below the previous record high(over USD50,0

130、00 per tonne)for the most part.However,once the Russian invasion of Ukraine occurred,prices of all metals spiked to alltime highs:Aluminium hit close to USD4,100 per tonne,copper to USD10,845 per tonne,zinc to just under USD4,900 per tonne.Nickel was the metal that really surprised markets as prices

131、 rose 60 percent in a single day,and then a further 100 percent the next day.The speed and magnitude of the move meant that many market participants faced significant margin calls,which further exacerbated the volatility.Eventually,the LME cancelled trades made on the second day of the spike to rest

132、ore an orderly market:a consequence has been that the paper market for nickel has until very recently been stuck in limbo as price discovery has been hampered due to the small volumes being traded.The sharp move higher in metals prices in early March was driven by fears that exports from Russia woul

133、d be disrupted,further tightening alreadyconstrained markets.In the event,not much supply has been disrupted so far;but thanks to the emergence of Omicron,China has had to undergo the most serious lockdowns since the early days of the pandemic.After significantly impacting Hong Kong,the spread of th

134、e virus on the mainland has led to an extended lockdown in Shanghai,and in many other provinces and areas.The result overall has been a sharp shock to economic growth,in some ways more severe than the initial 2020 outbreak.Property in particular continues to be hit hard,with slumping sales and const

135、ruction activity,in turn dragging on metals consumption.Furthermore,Shanghai and Jilin,one of the other provinces hit hardest,together produce some 2225 percent of Chinas cars,so the shutting down of manufacturing facilities in those areas has led to another curtailment of auto production,exacerbati

136、ng the ongoing issues in that sector globally and weakening metals demand.As such,metals prices(excluding nickel)have been trading some 1530 percent off the highs as the market waits for Chinas next steps in terms of reopening.Chinas strategy has shifted to vastly expanding testing capacity in order

137、 to be able to move to more rapid but more targeted lockdowns.This approach appears to be paying dividends outside of Shanghai,allowing areas such as Shenzhen and others to open back up after a short,sharp lockdown.However,cases in Shanghai and Beijing remained elevated,slowing their full reopenings

138、,although at the time of writing,indications are of an improving situation.In the meantime,China has reversed many of the policies it had put in place last year,designed to prevent certain sectors of the economy from taking on too much debt or overheating,and also to bring costs of living down in or

139、der to foster demographic growth.In addition,the government has undertaken major stimulus efforts,lowering interest rates,encouraging lending,cutting taxes,targeting consumption growth,and boosting infrastructure spending.So far,given the ongoing lockdowns,these measures have failed to kickstart gro

140、wth.The expectation,however,is that once the economy is substantively reopened,these measures,totalling some USD5.5 trillion,will lead to a strong second half of the calendar year.A resurgent China might be good for global economic growth,but given that commodity inventories are already extremely,an

141、d in some cases unprecedently,low,it remains to be seen how prices might react from here.Inflation is already problematically elevated,but Chinese demand for commodity imports could further spur inflationary pressures.12Marketplace reviewUnaudited interim consolidated financial statementsFor the six

142、month period ended 31 March 2022ContentsInterim consolidated statement of income 14Supplementary statement of income information 14Interim consolidated statement of other comprehensive income 15Interim consolidated statement of financial position 16Interim consolidated statement of changes in equity

143、 17Interim consolidated statement of cash flows 18Notes to the interim consolidated financial statements 1913Trafigura Interim Report 2022Interim consolidated statement of income For the sixmonth period ended 31 March 2022Note20222021USDMUSDMRevenue4170,609.1 98,389.2 Materials,transportation and st

144、orage(164,191.0)(93,182.2)Employee benefits32(829.7)(919.9)Services and other(940.4)(628.4)Operating profit or(loss)before depreciation and amortisation44,648.0 3,658.7 Depreciation(rightofuse assets)13(582.7)(525.6)Depreciation and amortisation(PP&E and intangible fixed assets)11/12(286.2)(176.4)Im

145、pairments(fixed assets)7(0.9)(76.3)(Reversal of)Impairments(financial assets and prepayments)719.4(1.3)Operating profit or(loss)3,797.6 2,879.1 Share of profit/(loss)of equityaccounted investees823.4(25.3)Disposal results and impairments of equityaccounted investees8(17.6)(0.3)Income/(expenses)from

146、investments8(2.0)52.4 Result from equity-accounted investees and investments3.8 26.8 Finance income216.2 201.4 Finance expense(905.5)(602.3)Result from financing activities(689.3)(400.9)Profit before tax 3,112.1 2,505.0 Income tax9(452.7)(410.4)Profit for the period2,659.4 2,094.6 Profit attributabl

147、e to:Owners of the Company2,654.3 2,093.2 Noncontrolling interests5.1 1.4 Profit for the period2,659.4 2,094.6 See accompanying notes.Note20222021Reconciliation to underlying EBITDAUSDMUSDMOperating profit or(loss)before depreciation and amortisation44,648.0 3,658.7 Adjustments1064.6 70.2 Underlying

148、 EBITDA104,712.6 3,728.9 See accompanying notes.Supplementary statement of income information For the sixmonth period ended 31 March 2022Financial statements14Interim consolidated statement of other comprehensive income For the sixmonth period ended 31 March 2022Note20222021USDMUSDMProfit for the pe

149、riod2,659.42,094.6Other comprehensive incomeItems that are or may be reclassified to profit or loss:Gain/(loss)on cash flow hedges30108.9(56.6)Effect from hyperinflation adjustment6.89.6 Tax on other comprehensive income(42.8)16.2Exchange gain/(loss)on translation of foreign operations11.655.4Share

150、of comprehensive income/(loss)from associates(1.4)(6.2)Items that will not be reclassified to profit or loss:Net change in fair value through other comprehensive income,net of tax(0.2)(11.4)Defined benefit plan actuarial gains/(losses),net of tax(1.9)(0.3)Other comprehensive income for the period,ne

151、t of tax 81.06.7Total comprehensive income for the period2,740.42,101.3Total comprehensive income attributable to:Owners of the Company2,734.22,099.9Noncontrolling interests6.21.4Total comprehensive income for the period2,740.42,101.3See accompanying notes.Trafigura Interim Report 202215Interim cons

152、olidated statement of financial position As at 31 March 2022Note 31 March 2022 30 September 2021 USDMUSDM AssetsProperty,plant and equipment114,828.94,828.6Intangible assets121,652.41,679.0Rightofuse assets133,068.62,408.1Equityaccounted investees14900.0843.6Prepayments151,691.11,804.6 Loans receiva

153、ble15390.6362.4Other investments15 716.31,586.8Derivatives30531.0331.8Deferred tax assets297.2265.7Other noncurrent assets162,220.2903.6Total non-current assets16,296.315,014.2Inventories1730,050.329,653.5Trade and other receivables1836,543.024,748.1Derivatives30 4,336.6 2,610.3Prepayments152,008.21

154、,736.8Income tax receivable173.0143.7Other current assets203,715.32,486.0Deposits21699.0460.0Cash and cash equivalents2110,287.610,677.5Total current assets87,813.072,515.9Assets classified as held for sale221,676.22,535.6Total assets105,785.590,065.7Note 31 March 2022 30 September 2021 USDMUSDM Equ

155、ity Share capital231,503.71,503.7Capital securities23684.71,173.9Reserves23(214.6)(289.5)Retained earnings2310,578.07,914.8Equity attributable to the owners of the Company12,551.810,302.9Noncontrolling interests152.0257.0Total group equity12,703.810,559.9LiabilitiesLoans and borrowings2411,050.210,9

156、11.2Longterm lease liabilities132,139.71,646.9Derivatives30948.5804.3Provisions453.2449.9Other noncurrent liabilities561.3551.8Deferred tax liabilities447.3393.7Total non-current liabilities15,600.214,757.8Loans and borrowings2438,474.234,269.8Shortterm lease liabilities131,045.7 925.4Trade and othe

157、r payables 2529,095.622,690.0Current tax liabilities823.8648.0Other current liabilities261,323.8 1,430.1Derivatives306,348.04,323.2Total current liabilities77,111.164,286.5Liabilities classified as held for sale22370.4461.5Total group equity and liabilities105,785.590,065.7See accompanying notes.Fin

158、ancial statements16Interim consolidated statement of changes in equity For the sixmonth period ended 31 March 2022 Equity attributable to the owners of the CompanyUSD000NoteShare capitalCurrency translation reserveRevaluation reserveCash flow hedge reserveCapital securitiesRetained earningsProfit fo

159、r the yearTotalNoncontrolling interestsTotal Group equityBalance at 1 October 20211,503,722(79,388)(34,899)(175,168)1,173,8644,814,7693,100,00010,302,900256,93910,559,839Profit for the year2,654,3242,654,3245,0932,659,417Other comprehensive income6,782(173)68,2614,99879,8681,10980,977Total comprehen

160、sive income for the year6,782(173)68,2614,9982,654,3242,734,1926,2022,740,394Profit appropriation3,100,000(3,100,000)Dividend23(12,138)(12,138)Acquisition of noncontrolling interest in subsidiary5(32,435)(32,435)(32,906)(65,341)Sharebased payments3264,59664,59664,596Repayment of capital securities23

161、(479,179)(479,179)(479,179)Capital securities (currency translation)23(12,328)12,328Capital securities dividend23(40,482)(40,482)(40,482)Divestment and deconsolidation of subsidiary(66,096)(66,096)Other2,387(174)2,2132,213Balance at 31 March 20221,503,722(72,606)(35,072)(106,907)684,7447,923,6002,65

162、4,32412,551,805152,00112,703,806Equity attributable to the owners of the CompanyUSD000NoteShare capitalCurrency translation reserveRevaluation reserveCash flow hedge reserveCapital SecuritiesRetained earningsProfit forthe yearTotalNoncontrolling interestsTotal Group equityBalance at 1 October 20201,

163、503,722(822,640)(63,329)(79,442)1,097,6924,224,2021,699,1397,559,344230,6427,789,986Profit for the year2,093,221 2,093,2211,4472,094,668Other comprehensive income59,458(11,389)(50,738)9,3786,7096,709Total comprehensive income for the year59,458(11,389)(50,738)9,3782,093,2212,099,9301,4472,101,377Pro

164、fit appropriation1,699,139(1,699,139)Dividend23(13,000)(13,000)(13,000)Recycling revaluation reserve to retained earnings FVOCI instruments43,482(43,482)Sharebased payments3269,85869,85869,858Reclassification(12,799)12,799Capital securities (currency translation)23657(657)Capital securities dividend

165、23(39,430)(39,430)(39,430)Share of other changes in equity of associates(13,871)(13,871)(13,871)Other(1,265)2,063(2,063)(1,265)(1,265)Balance at 31 March 20211,503,722(775,981)(32,501)(130,180)1,100,4125,902,8732,093,221 9,661,566232,0899,893,655See accompanying notes.Trafigura Interim Report 202217

166、Interim consolidated statement of cash flows For the sixmonth period ended 31 March 2022Note20222021USDMUSDMCash flows from operating activitiesProfit before tax3,112.1 2,505.0 Adjustments for:Depreciation and amortisation11/12/13868.9702.0Impairments(included in operating profit or loss)7(18.5)77.6

167、Result from equityaccounted investees and investments8(3.8)(26.8)Result from financing activities689.3400.9Equitysettled sharebased payment transactions3264.670.2Provisions3.81.2(Gain)/loss on sale of fixed assets(included in Services and Other)(39.2)(8.3)Operating cash flows before working capital

168、changes4,677.23,721.8Changes in:Inventories17(396.6)(7,639.9)Trade and other receivables and derivatives18(17,314.6)(10,062.9)Prepayments15(170.4)3.3Trade and other payables and derivatives2510,186.09,408.6Cash generated from/(used in)operating activities(3,018.4)(4,569.1)Interest paid(893.7)(523.6)

169、Interest received190.4181.5Dividends(paid)/received14.283.8Tax(paid)/received(292.7)(289.0)Net cash flows from/(used in)operating activities(4,000.2)(5,116.4)Cash flows from investing activitiesAcquisition of property,plant and equipment11(551.8)(187.8)Proceeds from sale of property,plant and equipm

170、ent11363.230.9Disposal of assets/liabilities held for sale22609.5Acquisition of intangible assets12(36.4)(26.2)Acquisition of equityaccounted investees14(24.0)(39.6)Disposal of equityaccounted investees18709.60.7Loans receivable and advances granted(6.2)(73.1)Repayment of loans receivable and advanc

171、es granted5.80.5Acquisition of other investments(0.4)(1,927.9)Disposal of other investments10.81.0Acquisition of subsidiaries,net of cash acquired5(600.0)Net cash flows from/(used in)investing activities480.1(2,221.5)Cash flows from financing activitiesPayment of capital securities dividend(34.7)(35

172、.5)Repayment of capital securities(479.2)Increase in longterm loans and borrowings1,742.37,446.4(Decrease)in longterm loans and borrowings(123.5)(5,171.1)Net payment of leases13(579.9)(499.4)Net increase/(decrease)in shortterm bank financing2,605.26,673.9Net cash flows from/(used in)financing activi

173、ties3,130.28,414.3Net increase/(decrease)in cash and cash equivalents(389.9)1,076.4Cash and cash equivalents at start of the period10,677.55,757.0Cash and cash equivalents at end of the period10,287.66,833.4See accompanying notes.Financial statements181.Corporate informationThe principal business ac

174、tivities of Trafigura Group Pte.Ltd.(Trafigura or the Company)and together with its subsidiaries(the Group)are trading in crude and petroleum products,power and renewables,nonferrous concentrates,refined metals and bulk commodities such as coal and iron ore.The Group also invests in assets,including

175、 through investments in associates,which have strong synergies with its core trading activities.These include storage terminals,service stations,metal warehouses,industrial facilities and mines.The Company is incorporated in Singapore and its principal business office is at 10 Collyer Quay,Ocean Fin

176、ancial Centre,#2901/05,Singapore,049315.The Companys immediate holding company is Trafigura Beheer B.V.,a company incorporated in the Netherlands.Trafigura Beheer B.V.is ultimately controlled by Farringford Foundation,which is established under the laws of Panama.The interim consolidated financial s

177、tatements for the sixmonth period ended 31 March 2022 were authorised for issue by the Board of Directors on 10 June 2022.2.Basis of preparation2.1 Statement of complianceThe Companys interim consolidated financial statements have been prepared in accordance with International Financial Reporting St

178、andards(IFRS)as issued by the International Accounting Standards Board(IASB).The interim consolidated financial statements have not been audited.2.2 Basis of measurementThe interim consolidated financial statements have been prepared under the historical cost convention except for inventories,deriva

179、tives and certain other financial instruments that have been measured at fair value.The consolidated financial statements have been prepared on a goingconcern basis.2.3 Functional and presentation currency The Groups presentation currency is the US dollar(USD)and all values are rounded to the neares

180、t tenth of a million(USDM 0.1)unless otherwise indicated.The US dollar is the functional currency of most of the Groups principal operating subsidiaries.Most of the markets in which the Group is involved are USD denominated.2.4 Accounting policies The interim consolidated financial statements for th

181、e first half of the 2022 financial year follow the same accounting policies the Groups consolidated financial statements for the financial year ended 30 September 2021,except for any new,amended or revised accounting standard and interpretations endorsed by the IASB,effective for the accounting peri

182、od beginning on 1 October 2021.Any new or amended standards and interpretations that may impact Trafigura are presented in the next section.These interim financial statements contain selected accounting policies and should therefore be read in conjunction with the Groups consolidated financial state

183、ments for the financial year ended 30 September 2021.Notes to the interim consolidated financial statements Trafigura Interim Report 2022192.5 Key accounting estimates and judgementsPreparing the interim consolidated financial statements in compliance with IFRS requires management to make judgements

184、,estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the interim consolidated financial statements,and the reported amounts of revenues and expenses during the reporting period.Uncertainty about t

185、hese assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonab

186、le under the circumstances,and are used to judge the carrying amount of assets and liabilities that are not readily apparent from other sources.Actual outcomes could differ from these estimates.Existing circumstances and assumptions about future developments,however,may change as a result of market

187、changes or circumstances arising beyond the control of the Group.Such changes are reflected in the assumptions when they occur.For the areas the Group identified as being critical to understanding its financial position,reference is made to the 2021 annual report.2.6 Going concernTrafigura assessed

188、the goingconcern assumptions,during the preparation of the Groups consolidated financial statements.The Group believes that no events or conditions,including those related to the current COVID19 pandemic and the Ukraine war,give rise to doubt about the ability of the Group to continue to operate in

189、the next reporting period.This conclusion is drawn based on the knowledge of the Group,the estimated economic outlook and identified risks and uncertainties in relation thereto.Furthermore,this conclusion is based on review of the current cash balance and expected developments in liquidity and capit

190、al.The Group has sufficient cash and headroom in its credit facilities.Therefore,it expects that it will be able to meet contractual and expected maturities and covenants.Consequently,it has been concluded that it is reasonable to apply the goingconcern concept as the underlying assumption for the f

191、inancial statements.Notes to the interim consolidated financial statements Restatements for first half of the 2021 financial yearAs from financial yearend 2021 onwards the Group has changed the presentation of the Consolidated Statement of Income from a classification based on the function of expens

192、e to a classification based on the nature of expense in order to provide a clearer analysis of the Groups financial performance.The income statement and notes on the comparison period have been restated accordingly.In addition,the Group has reclassified its bank charges and other financial expenses,

193、such as L/C charges,from services and other to result from financing activities.The income statement and notes on the comparison period have been restated accordingly.The reclassifications for the first half of the 2021 financial year amounted to USD66.6 million.Reconciliation from presentation base

194、d on a byfunction classification to presentation based on a bynature classification for the comparative period.The first half of the 2021 financial year,can be summarised as follows:RevenueCost of salesGeneral and administrative expensesImpairments of PP&E and intangible fixed assetsImpairments of f

195、inancial assets and prepaymentsImpairments of equityaccounted investeesOther income/(expenses)netShare of profit/(loss)of equityaccounted investeesFinance incomeFinance expenseIncome tax expenseProfit for the periodFirst half of financial year 2021USDMUSDMUSDMUSDMUSDMUSDMUSDMUSDMUSDMUSDMUSDMUSDMReve

196、nue98,369.220.098,389.2Materials,transportation and storage(92,136.7)(1,045.5)(93,182.2)Employee benefits(212.9)(707.0)(919.9)Services and other(1,651.4)987.335.7(628.4)Depreciation(rightofuse assets)(525.6)(525.6)Depreciation and amortisation (PP&E and intangible fixed assets)(103.8)(72.6)(176.4)Im

197、pairments (PP&E and intangible fixed assets)(76.3)(76.3)Impairments (financial assets and prepayments)57.1(58.4)(1.3)Share of profit/(loss)of equityaccounted investees(25.3)(25.3)Impairments on and disposal results of equityaccounted investees(0.2)(0.1)(0.3)Income/(expenses)from investments52.452.4F

198、inance income201.4201.4Finance expense(66.5)(0.1)(535.7)(602.3)Income tax(410.4)(410.4)Profit for the period98,369.2(94,094.2)(1,363.5)(76.3)(58.4)(0.2)88.0(25.3)201.4(535.7)(410.4)2,094.6Financial statements203.Adoption of new and revised standards3.1 New and amended standards or interpretations ad

199、optedIn the current period,the Group adopted the following new and amended standards or interpretations:Standard/InterpretationName of standard/interpretation or amendmentsDate of publicationExpected date of initial application(financial years starting as of)Amendments to IFRS 3Business Combinations

200、27 August 202013 January 2021Amendments to IAS 39Financial Instruments:Recognition and Measurement27 August 202013 January 2021Amendments to IFRS 7Financial Instruments:Disclosures27 August 202013 January 2021Amendments to IFRS 4Insurance contracts27 August 2020 13 January 2021Amendments to IFRS 16L

201、eases(Interest Rate Benchmark Reform Phase 2)27 August 202013 January 2021The amendments shown in the table had no material effect on the interim consolidated financial statements.3.2 New standard and interpretations not yet adoptedCertain new accounting standards and interpretations have been publi

202、shed that are not mandatory for the 2022 financial year reporting periods and have not been early adopted by the Group:Standard/InterpretationName of standard/interpretation or amendmentsDate of publicationExpected date of initial application(financial years starting as of)Amendments to IFRS 3Busine

203、ss Combinations(Amendment to References to the Conceptual Framework)14 May 20201 January 2022Amendments to IAS 16Property,Plant and Equipment(Proceeds before Intended Use)14 May 20201 January 2022Amendments to IAS 37Provisions,Contingent Liabilities and Contingent Assets(Onerous Contracts,Settlement

204、 Costs from Contracts)14 May 20201 January 2022Annual improvements to IFRS 20182020Amendments to:IFRS 1(Subsidiary as a FirstTime Adopter)IFRS 9(Fees in the“10%Test”Regarding Derecognition of Financial Liabilities)IFRS 16(Lease Incentives)IAS 41(Taxation in Fair Value Measurements)14 May 20201 Janua

205、ry 2022Amendments to IFRS 17Insurance Contracts(including amendments to the standard)25 June 20201 January 2022Amendments to IAS 1Presentation of Financial Statements(Classification of Liabilities as Current or Noncurrent)(including Deferral of Effective Date)23 January 2020(15 July 2020)1 January 2

206、022Amendments to IAS 1 and IFRS Practice Statement 2Presentation of Financial Statements and Making Materiality Judgements (Presentation of Key Accounting Policies)12 February 20211 January 2022Amendments to IAS 8Accounting Policies,Changes in Accounting Estimates and Errors(Definition of Changes in

207、 Accounting Policies and Accounting Estimates)12 February 20211 January 2022Amendments to IAS 12Income Taxes(Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction)7 May 20211 January 2022Trafigura currently assumes that the amendments shown in the table are unlikely to hav

208、e a material impact on its reporting.4.Operating segmentsThe basis of the segmentation of the Company has not changed compared to the annual consolidated financial statements.EnergyMetals and MineralsCorporate and OtherTotal First half of financial year 2022 USDMUSDMUSDMUSDMSales revenue from extern

209、al customers112,156.557,420.3169,576.8Service revenue from external customers746.6285.71,032.3Revenue112,903.1 57,706.0 170,609.1 Operating profit or(loss)before depreciation and amortisation2,888.81,778.7(19.5)4,648.0EnergyMetals and MineralsCorporate and OtherTotalFirst half of financial year 2021

210、 USDMUSDMUSDMUSDMSales revenue from external customers58,106.3 39,753.6 97,859.9 Service revenue from external customers433.1 96.2 529.3 Revenue58,539.4 39,849.8 98,389.2 Operating profit or(loss)before depreciation and amortisation2,343.6 1,331.5(16.4)3,658.7 Trafigura Interim Report 2022215.Busine

211、ss combinations and non-controlling interests5.1 H1 FY2022Trafiguras share in Puma Energy increased to 96.7 percent as per 31 March 2022 as Cochan Holdings ceased to be a shareholder in Puma Energy in December 2021.The exit was undertaken in accordance with applicable laws and regulations.5.2 FY2021

212、Acquisition of Puma EnergyOn 30 September 2021,through a series of linked transactions,the Group acquired control over Puma Energy Holdings Pte.Ltd.(Puma Energy),a nonlisted company incorporated in Singapore.On this date,the Group obtained a majority in Puma Energys Board of Directors.Following the

213、conversion of debt into equity and purchase of shares from minority shareholders,the Groups shareholding increased from 55.5 percent as at 30 September 2020 to 72.8 percent as at 30 September 2021.Puma Energys main activities include ownership,operation and the management of storage and retail facil

214、ities for the sale and distribution of petroleum products.The Group acquired Puma Energy as part of a strategy to recapitalise and strengthen the business.One of the linked transactions,the acquisition of the Puma Energy shares held by Sonangol,was signed in conjunction with another transaction,thro

215、ugh which Sonangol acquired Puma Energys business in Angola for a consideration of USD600.0 million.Completion of this transaction was dependent on the approval of Sonangols filing with antitrust authorities in Angola,which was received in the first quarter of the 2022 financial year.As the amount p

216、ayable to Sonangol was fixed and management expected approval to be received in the first quarter of the 2022 financial year,the(economic)risk and rewards of Sonangols shares in Puma Energy economically increase the Groups share in Puma Energy to 93.4 percent as per 30 September 2021,and this has be

217、en accounted as such in the business combination.As at 31 March 2022,the net assets recognised with regard to the acquisition of Puma Energy are based on a provisional assessment of their fair values,while the Group continued to work with independent valuators on determining more precise values for

218、the acquired tangible and intangible fixed assets,and continued to evaluate certain deferred tax positions.These procedures were not complete by the date that the interim consolidated financial statements were approved for issue by the Board of Directors.6.Deconsolidation of subsidiariesThere was no

219、 significant deconsolidation of subsidiaries and noncontrolling interest during the sixmonth period ended 31 March 2022,and the financial year ended 30 September 2021.7.Impairments20222021USDMUSDM(Reversal of)Impairments of property,plant and equipment(0.4)76.3Impairments of intangible assets1.3Impa

220、irments of fixed assets0.976.3(Reversal of)Impairments of financial assets(15.5)20.6(Reversal of)Impairments of prepayments(3.9)(19.3)(Reversal of)Impairments of financial assets and prepayments(19.4)1.3Total(reversal of)impairments included in operating profit or loss(18.5)77.6Impairments of equity

221、accounted investees0.20.2Impairments of equity-accounted investees0.20.2Total(Reversal of)impairments(18.3)77.87.1 H1 FY2022There were no significant impairments or reversals of impairments during the sixmonth period ended 31 March 2022.7.2 H1 FY20217.2.1 Impairments of fixed assets Property,plant a

222、nd equipmentBurnside logistics export terminalOil and oil product demand destruction,largely a result of the COVID19 global pandemic,coupled with the continued suppression of coal export opportunities have limited nearterm opportunities for bulk export,resulting in a trigger to perform an impairment

223、 test for the Burnside logistics export terminal on the Mississippi River in Louisiana,US.The identifiable assets were combined into one CGU with independent cash flows to assess the potential impairment.The valueinuse calculation includes projections over the period from 2021 to and including 2025,

224、and results in an estimated recoverable amount of USD36 million.Consequently,the related operational fixed assets were impaired by USD55 million.7.2.2 Impairments of financial assets and prepaymentsReference is made to this in Note 15.Notes to the interim consolidated financial statements Financial

225、statements228.Result from equity-accounted investees and investments20222021USDMUSDMShare of profit/(loss)of equity-accounted investees23.4(25.3)Disposal result of equityaccounted investees(17.4)(0.1)Impairments of equityaccounted investees(0.2)(0.2)Disposal results and impairments of equity-account

226、ed investees(17.6)(0.3)Income/(expenses)from equity-accounted investees5.8(25.6)Gain/(loss)on fair value through profit and loss instruments2.450.3Gain/(loss)on divestment of subsidiaries(4.1)Dividend income(1.2)1.8Other0.90.3Income/(expenses)from investments(2.0)52.4Result from equity-accounted inv

227、estees and investments3.826.88.1 H1 FY2022In September 2021,the Group sold its 50 percent stake in Minas de Aguas Tenidas SA(MATSA)to Sandfire Resources Limited for a total expected consideration of USD777.8 million.The sale was agreed in partnership with the Groups former jointventure partner,Mubad

228、ala Investment Company PJSC,which received the same corresponding consideration,making Sandfire Spain Holdings Limited the new sole owner of MATSA.In the first half of the 2022 financial year,an adjustment has been made to the contingent consideration,which was recorded under the disposal result of

229、equityaccounted investees.8.2 H1 FY2021The gain on fair value through profit and loss instruments includes various fair value movements on other investments,including a USD22.2 million positive fair value movement of the debt securities related to the investment in Porto Sudeste.9.Income tax9.1 Tax

230、expenseIncome tax expense recognised in the Consolidated Statement of Income consists of the following:20222021USDMUSDMCurrent income tax expense467.6397.9Adjustments in relation to current income tax of previous periods10.05.1Deferred tax expense/(income)(33.8)1.1Withholding tax in the current peri

231、od8.96.3Total452.7410.410.Underlying EBITDA20222021USDMUSDMOperating profit or(loss)before depreciation and amortisation4,648.03,658.7AdjustmentsSharebased payments64.670.2Adjustments64.670.2Underlying EBITDA4,712.63,728.9As percentage of revenue2.8%3.8%Sharebased payments have been excluded as a re

232、sult of their noncash nature.Accounting policyThe Group believes that the supplemental presentation of underlying EBITDA provides useful information on the Groups financial performance,its ability to service debt and to fund capital expenditures,and provides a helpful measure for comparing its opera

233、ting performance with that of other companies.Underlying EBITDA,when used by Trafigura,means operating profit or loss before depreciation and amortisation excluding sharebased payments and other adjustments.In addition to sharebased payments,the adjustments made to arrive at underlying EBITDA are co

234、nsidered exceptional and/or nonoperational from a management perspective based on their size or nature.They can be either favourable or unfavourable.These items include for example:Significant restructuring costs and other associated costs arising from significant strategy changes that are not consi

235、dered by the Group to be part of the normal operating costs of the business;Significant acquisition and similar costs related to business combinations such as transaction costs;Provisions that are considered to be exceptional and/or nonoperational in nature and/or size to the financial performance o

236、f the business;and Various legal settlements that are significant to the result of the Group.From time to time,it may be appropriate to disclose further items as exceptional or nonoperational items in order to reflect the underlying performance of the Group.Underlying EBITDA is not a defined term un

237、der IFRS and therefore may not be comparable with similarly titled profit measures and disclosures reported by other companies.It is not intended to be a substitute for or superior to GAAP measures.Trafigura Interim Report 20222311.Property,plant and equipmentUSDM Land and buildings Machinery and eq

238、uipment Barges and vessels Mine property and development Other fixed assets Total CostBalance at 1 October 20212,594.52,839.5611.564.61,031.07,141.1Additions19.433.8275.78.0215.2552.1 Provisional purchase price allocation movements*(17.4)0.828.712.1Reclassifications(712.6)142.23.611.5530.9(24.4)Effe

239、ct of movements in exchange rates,including hyperinflation adjustment(13.3)13.2(0.3)0.6(5.5)(5.3)Divestment of subsidiaries(31.7)(20.4)(9.2)(61.3)Disposals(47.5)(27.7)(282.8)(11.9)(369.9)Balance at 31 March 20221,791.42,981.4607.784.71,779.27,244.4Depreciation and impairment lossesBalance at 1 Octob

240、er 2021593.1 973.1295.4450.92,312.5 Depreciation37.7117.914.76.452.4229.1 Impairment losses0.1(0.6)0.1(0.4)Reclassifications(44.1)19.9(0.8)(5.7)(30.7)Effect of movements in exchange rates,including hyperinflation adjustment(7.6)(2.5)(0.3)0.1(0.2)(10.5)Divestment of subsidiaries(8.2)(8.4)(6.9)(23.5)D

241、isposals(22.1)(24.9)(3.2)(10.8)(61.0)Balance at 31 March 2022548.9 1,074.5305.86.5479.82,415.5Net book value at 31 March 20221,242.51,906.9301.978.21,299.44,828.9*Movements are resulting from provisional remeasurements in relation to the purchase price allocation related to the acquisition of Puma E

242、nergy.Total additions for the period(USD552.1 million)mainly relate to investments in the Nyrstar industrial facilities(USD127.3 million),vessels(USD264.0 million),and various individual smaller projects.The investments in Nyrstar were made across its global operations,with the main investments rela

243、ting to neglected maintenance that had occurred prior to acquisition and to sustaining capital investments to maintain the current asset base.The USD369.9 million disposals mainly relate to the sale of vessels,which were subsequently leased back for a period of between five and seven years.Included

244、in the Other fixed assets category are assets under construction,which relates to assets not yet in use,and some Nyrstarrelated assets.Net book value as at 31 March 2022 amounted to USD432.6 million(30 September 2021:USD383.1 million).Once the assets under construction come into operation they are r

245、eclassified to the appropriate asset category and from that point they are depreciated.Depreciation is included in depreciation and amortisation.Impairment charges are separately disclosed in the Consolidated Statement of Income.Refer to note 7 for details on impairments.Notes to the interim consoli

246、dated financial statements Financial statements2412.Intangible fixed assetsUSDM Goodwill Licences Other intangible assets Total CostBalance at 1 October 20211,152.852.31,021.62,226.7Additions3.629.332.9Provisional purchase price allocation movements*(33.3)45.412.1Reclassifications(0.4)(4.5)(4.9)Effe

247、ct of movements in exchange rates,including hyperinflation adjustment0.4(6.5)(6.1)Divestment of subsidiaries(0.1)(0.1)Disposals(0.2)(0.2)Balance at 31 March 20221,119.555.61,085.32,260.4Amortisation and impairment lossesBalance at 1 October 2021108.423.7415.6547.7Amortisation8.748.256.9Impairment lo

248、sses1.3 1.3Effect of movements in exchange rates,including hyperinflation adjustment0.41.51.9Reclassifications(0.3)0.70.4Disposals(0.2)(0.2)Balance at 31 March 2022109.732.3466.0608.0Net book value at 31 March 20221,009.823.3619.31,652.4*Movements are resulting from provisional remeasurements in rel

249、ation to the purchase price allocation related to the acquisition of Puma Energy.Additions in the sixmonth period ended 31 March 2022 amounted to USD32.9 million,mainly relating to investments in IT development.Trafigura Interim Report 20222513.LeasesThe Group leases various assets,including land an

250、d buildings,storage facilities,vessels and service stations.Leases are negotiated on an individual basis and contain a wide range of different terms and conditions,including termination and renewal rights.The Group,as a lessor,only has finance leases.The lease agreements do not impose any covenants,

251、but leased assets may not be used as security for borrowing purposes.13.1 Right-of-use assets 20222021USDMUSDMFreight2,282.6 1,588.1 Storage148.0 114.3 Land and buildings303.2 338.6 Service stations164.9174.9Other169.9192.2Total undiscounted lease receivables3,068.6 2,408.1 USDMFreightStorageLand an

252、d buildingsService stationsOther Total Balance at 1 October 20211,588.1114.3338.6174.9192.22,408.1Additions/remeasurements1,446.956.55.98.129.41,546.8Reclassification to AHFS(0.1)(2.3)(22.7)(0.2)(25.3)Disposals(258.6)0.1(1.2)(0.1)(259.8)Depreciation(468.6)(22.8)(23.1)(15.9)(52.3)(582.7)Effect of mov

253、ement in exchange rates2.32.9(0.3)(0.1)4.8Other(25.1)(0.1)2.8(1.8)0.9(23.3)Balance at 31 March 20222,282.6148.0303.2164.9169.93,068.6During the first half of FY2022,the Group entered into various new lease contracts for vessels for a total amount of USD1.4 billion.The disposals of USD258.6 million r

254、elate to vessels of which the lease was ended before the contract end date.The Other category mainly includes assets located in Corpus Christi,Texas,which enable transportation,storing,processing and vessel loading of crude oil and crude oil products.Notes to the interim consolidated financial state

255、ments Financial statements2613.2 Lease liabilitiesHY2022FY2021USDMUSDMOpening balance2,572.32,389.0Interest62.491.1Additions/remeasurements1,548.31,159.6Effect of business combination373.4Reclassification to AHFS(25.3)Disposals(273.4)(184.6)Payments(698.1)(1,253.0)Effect of movement in exchange rate

256、1.5(0.8)Other(2.3)(2.4)Closing balance3,185.42,572.3Current1,045.7925.4Noncurrent2,139.71,646.9Closing balance3,185.42,572.3The following table sets out a maturity analysis of the lease liabilities at 31 March 2022 and 30 September 2021,indicating the undiscounted lease amounts to be paid.20222021US

257、DMUSDMLess than one year1,162.31,033.7Later than one year and less than five years1,926.51,528.3Later than five years499.81,186.7Total undiscounted lease payable3,588.63,748.7Future finance costs(403.2)(1,176.4)Lease liabilities included in the statement of financial position3,185.42,572.314.Equity-

258、accounted investeesHY2022FY2021USDMUSDMOpening balance 843.62,438.6Acquisition through business combination51.4Effect of movements in exchange rates(6.3)26.0Additions24.0155.5Disposals(5.9)(414.4)Impairments(0.2)(26.3)Share of net profit/(loss)23.4(110.8)Dividends received(13.4)(164.3)Effect of busi

259、ness combination(956.4)Reclassification to assets held for sale(141.0)Other34.8(14.7)Total900.0843.6Corporate guarantees in favour of associates and joint ventures as at 31 March 2022 amounted to USD160.4 million(30 September 2021:USD93.7 million).14.1 H1 FY2022Additions for the first half of the 20

260、22 financial year consist of various small investments.14.2 FY2021The additions to equityaccounted investees amounted to USD155.5 million.In the financial year,the Group participated for its share in an equity contribution in Tendril Ventures Pte.Ltd.(Tendril Ventures)resulting in an additional inve

261、stment(USD52.3 million).Other additions include investments in Sawtooth Caverns LLC(USD49.6 million),Liaoning Port(USD30.8 million)and various other investments.For the disposals of equityaccounted investees during the financial year ended 30 September 2021,such as Minas de Aguas Tenidas SA(MATSA),r

262、efer to note 8.The share of net loss from investments amounted to USD110.8 million.This is predominantly the result of losses in Puma Energy(USD165.9 million)and Porto Sudeste do Brasil(USD69.6 million),partly offset by USD108.2 million profits from MATSA,Atalaya Mining PLC,and Impala Terminals Grou

263、p S.r.l.During FY2021,the Group received USD164.3 million in dividends from its investments in equityaccounted investees,which mainly related to MATSA(USD136.4 million)and Sawtooth Caverns LLC(USD24.3 million).Trafigura Interim Report 20222715.Prepayments and financial assets15.1 Prepayments20222021

264、USDMUSDMCurrent2,008.2 1,736.8 Noncurrent1,691.1 1,804.6 Total3,699.3 3,541.4 Prepayments relate to prepayments of commodity deliveries and are split into noncurrent prepayments(due 1 year)and current prepayments(due 1 year).A significant portion of the noncurrent prepayments,as well as current prep

265、ayments,are either financed on a nonrecourse basis or insured.Under the prepayments category,the Group accounts for the prepayments of commodity deliveries.Of the total current prepayments balance,an amount of USD1.2 billion(30 September 2021:USD0.9 billion)relates to prepayments that are made for s

266、pecifically identified cargos.The contractually outstanding prepayments amount decreases in size with each cargo that is delivered,until maturity.Once the contractually agreed total cargo has been fully delivered,the prepayment agreement falls away leaving no remaining contractual obligations on Tra

267、figura or the supplier.The Group monitors the commodity prices in relation to the prepayment contracts and manages the credit risk together with its financial assets as described in note 29.A portion of the longterm prepayments,as well as shortterm prepayments,is on a limited recourse basis.Interest

268、 on the prepayments is added to the prepayment balance.The Group has calculated expected credit losses on the outstanding prepayments as from FY2020 onwards.The methodology of the expected credit loss calculation is similar to the methodology used in the expected credit loss calculations on loans re

269、ceivable.Based on the individual analysis of the prepayments,the cumulated expected credit losses on these prepayments recorded by the Group amount to USD118.3 million(30 September 2021:USD124.1 million).The following table explains the movements of the expected credit loss between the beginning and

270、 the end of the reporting period and the gross carrying amounts of the prepayments by credit risk category.31 March 202230 September 2021PerformingUnderperformingTotalPerformingUnderperformingTotal12-months ECLLife-time ECL12months ECLLifetime ECLUSDMUSDMUSDMUSDMUSDMUSDMExpected credit loss(ECL)prov

271、isionOpening balance 1 October24.799.4124.140.3103.5143.8Transfer to underperforming(0.3)0.3ECL on prepayments recognised during the period1.211.612.80.421.622.0ECL on prepayments derecognised during the period(12.5)(12.5)(13.7)(25.6)(39.3)Changes in PD/LGD/EAD8.8(15.0)(6.2)(2.0)(0.4)(2.4)Closing ba

272、lance34.783.5118.224.799.4124.1Carrying amountCurrent1,738.7269.52,008.21,434.5302.31,736.8Noncurrent546.11,145.01,691.1687.71,116.91,804.6Total2,284.81,414.53,699.32,122.21,419.23,541.4Notes to the interim consolidated financial statements Financial statements2815.2 Loans and other receivables20222

273、021USDMUSDMLoans to associates and related parties68.362.9Other noncurrent loans receivable322.3299.5Total390.6362.4Loans to associates and related parties include a loan receivable to a Galena investment fund of USD40.3 million(30 September 2021:USD39.8 million).Other noncurrent loans receivables i

274、nclude various loans which are granted to counterparties which the Group trades with.This line also includes the debt agreement with the Angolan Ministry of Finance which relates to compensation for iron ore investments made by the Group following the liquidation of a consolidated Angolan subsidiary

275、 in 2016.In 2019,the original debt agreement has been renegotiated with a new redemption schedule in place.Over the years,as a result of the economic situation in Angola,with collapsing oil prices in 2020,a lack of liquidity and COVID19,it has not been possible for the Angolan Ministry of Finance to

276、 honour all of its obligations.The Angolan Ministry of Finance has made regular debt payments since October 2021.Based upon the individual analysis of these loans,the recorded expected credit losses on these loans amount to USD147.2 million(30 September 2021:USD136.6 million).The following table exp

277、lains the movements of the expected credit loss between the beginning and the end of the reporting period and the gross carrying amounts of the loan receivables by credit risk category:31 March 202230 September 2021PerformingUnder-performingTotalPerformingUnderperformingTotal12-months ECLLife-time E

278、CL12months ECLLifetime ECLUSDMUSDMUSDMUSDMUSDMUSDMExpected credit loss(ECL)provisionOpening balance 1 October2.4134.2136.64.6117.4122.0Transfer to underperforming(0.3)0.3ECL on new loans originated during the period0.70.7 1.41.4ECL on loans derecognised during the period(3.3)(3.0)(6.3)Changes in PD/

279、LGD/EAD(0.1)10.110.019.519.5Closing balance at 30 September3.0144.3147.32.4134.2136.6Carrying amountCurrent18.7132.5151.2107.1166.0273.1Noncurrent109.6281.0390.688.3274.1362.4Total128.3413.5541.8195.4440.1635.515.3 Other investments20222021USDMUSDMListed equity securities Fair value through OCI2.82.

280、7Listed equity securities Fair value through profit or loss63.368.7Listed debt securities Fair value through profit or loss253.7 277.3Unlisted equity investments Fair value through profit or loss154.4133.5Unlisted equity investments Fair value through OCI242.1242.4Other investments Fair value throug

281、h profit or loss862.2Total716.31,586.8The Groups longterm investments consist of listed equity securities,listed debt securities and unlisted equity securities.The listed equity securities have no fixed maturity or coupon rate.The fair values of listed equity investments are based on quoted market p

282、rices,while the fair value of the unlisted equity securities is determined based on a Level 3 valuation as prepared by Management.The decrease in the listed debt securities was mainly caused by a sale of debt securities of USD10.6 million,and a negative adjustment to the value of the FPOR11 securiti

283、es of USD14.6 million.The increase in the unlisted equity investments(fair value through profit or loss)has primarily resulted from a fair value gain on investments held in the Galena Multistrategy Fund.Trafigura Interim Report 20222915.3.1 Participatory equity interest in Vostok Oil LLC(10%)On 24 D

284、ecember 2020,the Group entered into a transaction consisting of an investment in a 100 percent owned structured entity(SE)that subsequently acquired a 10 percent participatory equity interest in Vostok Oil LLC from Rosneft,and other contractual agreements.Vostok Oil LLC is an oil and gas company inc

285、orporated in the Russian Federation.The SE is governed by an independent board of directors and as a result the Group does not have the ability to use its power to influence the variable returns from the SE.As a consequence,the SE is not consolidated in the Groups consolidated financial statements.T

286、he Group made an initial contribution of EUR1.5 billion of equity to the SE in cash.Additional debt funding was attracted by the SE to finance the acquisition of the 10 percent participatory equity interest in Vostok Oil LLC for a total consideration of EUR7.0 billion.The principal activity of the S

287、E is that of a holding and trading company.The debt financing attracted by the SE is nonrecourse to the Group.The initial equity investment in the SE and the associated agreements are considered as a single unitofaccount and was classified under Other Investments on the Consolidated Statement of Fin

288、ancial Position in previous financial year.As the Group does not control the SE,the Other investment qualifies as a financial instrument classified as fair value through profit or loss.The main level 3 inputs used by the Group are derived as follows:Discount rate reflecting the Groups own capital st

289、ructure and time value of money;Risk adjustment to factor in exposures relating to the counterparties,as well as the specific terms of the contractual agreements;Market volatility in oil price estimated based on the Groups knowledge of the business.The net value of the unit of account as at 31 March

290、 2022 amounts to USD610.1 million negative(30 September 2021:USD862.2 million positive),and accounts for value of the investment and associated agreements.The negative fair value of the unitofaccount is presented under trade and other payables on the Consolidated Statement of Financial Position.Subs

291、equent to 31 March 2022,the Group has terminated commercial agreements in the unit of account.The Group is reviewing its investment in the SE with the intention of divesting.Notes to the interim consolidated financial statements 16.Other non-current assets20222021USDMUSDMNonfinancial hedged items1,7

292、23.0605.6Restricted deposits357.1133.3Other140.1164.7Total2,220.2903.6For further information on the nonfinancial hedged items,refer to note 30.2.The restricted deposits mainly represent amounts placed on deposit accounts relating to repurchase agreements of crude oil and Puma Energy.17.Inventories2

293、0222021USDMUSDMStorage inventories18,858.918,126.5Floating inventories10,438.110,906.3Workinprogress inventories723.2592.2Supplies30.128.5Total30,050.329,653.5Trafigura policy provides that the inventory(except the item Supplies)has either been presold or hedged.Workinprogress inventories predominan

294、tly relate to intermediate processing inventories located at the Nyrstar smelters.Financial statements3018.Trade and other receivables20222021USDMUSDMTrade debtors14,613.811,917.9Provision for bad and doubtful debts(78.6)(110.9)Accrued turnover12,391.78,220.1Broker balances4,157.61,707.1Other debtor

295、s2,880.31,888.2Loans to third parties151.2273.1Other taxes575.5619.0Related parties1,851.5233.6Total36,543.024,748.1All financial instruments included in trade and other receivables are held to collect the contractual cash flows.Furthermore,the cash flows that the Group receives on these instruments

296、 are solely payments of principal and interest except for trade and other receivables related to contracts including provisional pricing features.The Group entered into a number of dedicated financing facilities,which finance a portion of its receivables.Part of these facilities meet the criteria of

297、 derecognition of the receivables according to IFRS.As at 31 March 2022,an amount of USD9,289.4 million(30 September 2021:USD7,690.6 million)of trade debtors has been discounted.Of this amount,USD7,457 million(30 September 2021:USD7,152.4 million)has been derecognised,as the Group has transferred su

298、bstantially all the risks and rewards of ownership of the financial asset with nonrecourse.The remaining part of discounted receivables which does not meet the criteria for derecognition amounting to USD1,832.4 million(30 September 2021:USD538.2 million),continues to be recognised as trade debtors.F

299、or the received amount of cash of these items the Group has recognised a liability under current loans and borrowings.Of USD14,613.8 million trade debtors(30 September 2021:USD11,917.9 million),USD5,975.0 million had been sold on a non recourse basis under the receivables securitisation programmes(3

300、0 September 2021:USD5,069.6 million).Of the USD1,851.5 million receivables on related parties(30 September 2021:USD233.8 million),USD60.2 million had been sold on a nonrecourse basis under the receivables securitisation programmes(30 September 2021:USD103.8 million).Refer to Note 19.As at 31 March 2

301、022,11.8 percent(30 September 2021:8.4%)of receivables were between 160 days overdue,and 4.8 percent(30 September 2021:5.4%)were greater than 60 days overdue.Trafigura applied the simplified method in assessing expected credit losses.The accounts receivables have been divided in aging buckets and ba

302、sed on an analysis on historical defaults and recovery rates,and considering forward looking information,a percentage for expected credit losses has been determined.Trafigura manages to limit credit losses by renegotiating contracts in the case of a default.From the above analysis,an expected credit

303、 loss as at 31 March 2022 amounting to USD4.2 million(30 September 2021:USD4.2 million)has been recorded.The loss allowance provision as at 31 March 2022 amounts to USD78.6 million(30 September 2021:USD110.9 million).The provision mostly relates to demurrage claims and commercial disputes with our c

304、lients.Accrued turnover represents receivable balances for sales which have not yet been invoiced.They have similar risks and characteristics as trade debtors.Trade debtors and accrued turnover have similar cash flow characteristics and are therefore considered to be a homogeneous group of financial

305、 assets.Total trade and other receivables related to contracts including provisional pricing features amount to USD12.6 billion(30 September 2021:USD8.0 billion).Other debtors mainly consist of swap margin payments of USD2.4 billion(30 September 2021:USD0.7 billion).The 30 September 2021 balance als

306、o included the amount due from Sandfire Resources Limited in relation to the sale of MATSA,which was fully received in the first half of the 2022 financial year.Trafigura Interim Report 20223119.Securitisation programmesThe Group operates various securitisation programmes:Trafigura Securitisation Fi

307、nance plc.(TSF)and Argonaut Receivables Company S.A.(Argo)enable the Group to sell eligible receivables,and an inventory securitisation programme,through Trafigura Commodities Funding Pte.Ltd.(TCF),and Trafigura Global Commodities Funding Pte.Ltd.(TGCF),enables Trafigura to sell and repurchase eligi

308、ble inventories.Those securitisation vehicles are consolidated and consequently the securitised receivables and inventories are included within the consolidated trade debtor and inventory balances.19.1 Receivables securitisationOver time the external funding of TSF has increased significantly in siz

309、e,mostly through Variable Funding Notes(VFN)purchased by bank sponsored conduits,while incorporating a longerterm committed funding element,in the form of Medium Term Notes(MTN).Argonaut receivables was launched in May 2020 and is funded through shortterm VFN only.The available external funding of t

310、he receivables securitisation programmes consists of:20222021Interest rateMaturityUSDMUSDMTSF AAA MTNLibor+0.53%2024 July139.5139.5TSF AAA MTN1.08%2024 July139.5139.5TSF BBB MTN1.78%2024 July21.021.0TSF AAA VFNSee noteVarious throughout the year4,798.34,170.6TSF BBB VFNSee noteVarious throughout the

311、 year361.2313.8Argonaut Receivables Securitisation2022 April300.0300.0TSF senior subordinated debt2023 March193.8119.1Total5,953.35,203.5As at 31 March 2022,the maximum available amount of external funding was USD5,953.2 million(30 September 2021:USD5,203.5 million)for the receivables securitisation

312、 programmes.The rate of interest applied to the TSF AAA VFN is principally determined by the demand for commercial paper issued by 10 banksponsored conduits.The Group benchmarks the rate provided against Libor and SOFR rates.In the case of the rate of interest applicable to the TSF BBB VFN,the rate

313、of interest is principally determined by the liquidity of the interbank market.The maturity of the TSF AAA and BBB VFNs have been staggered to diversify the maturity profile of the notes.This aims to mitigate the liquidity wall risk associated with a single maturity date for a significant funding am

314、ount.19.2 Inventory securitisationThe available external funding of the inventory securitisation programme consists of:20222021Interest rateMaturityUSDMUSDMTCF/TGCF VFN See note2022 November465.0455.0TCF/TGCF MLF See note2022 November50.045.0Total515.0500.0As at 31 March 2022,the maximum available a

315、mount of external funding was USD515.0 million(30 September 2021:USD500.0 million)for the inventory securitisation programme.The rate of interest applied to the VFN and Margin Liquidity Facilities(MLF)under the inventories securitisation is defined in the facility documentation.20.Other current asse

316、ts20222021USDMUSDMNonfinancial hedged items3,353.42,154.7Prepaid expenses340.5322.4Other21.48.9Total3,715.32,486.0Refer to note 30.2 for further information on the nonfinancial hedged items.Prepaid expenses relate to prepayments other than those made for physical commodities.Notes to the interim con

317、solidated financial statements Financial statements3221.Cash and cash equivalents and deposits20222021USDMUSDMCash at bank and in hand8,289.0 9,234.9 Shortterm deposits1,998.6 1,442.6 Cash and cash equivalents10,287.6 10,677.5 Cash at bank earns interest at floating rates based on daily bank deposit

318、 rates.Shortterm deposits are made for varying periods between one day and three months depending on the immediate cash requirements of the Group and earn interest at the respective shortterm deposit rates.The fair value of cash and cash equivalents approximates the carrying value.An amount of USD11

319、0.1 million(30 September 2021:USD158.1 million)of cash at bank is restricted,including restrictions that require the funds to be used for a specified purpose and restrictions that limit the purpose for which the funds can be used,unless fixed asset construction invoices are presented to the banks.As

320、 at 31 March 2022,the Group had USD12.3 billion(30 September 2021:USD11.4 billion)of committed unsecured syndicated loans,of which USD3.3 billion(30 September 2021:USD2.5 billion)remained unutilised.The Group had USD4.4 billion(30 September 2021:USD5.4 billion)of immediately(same day)available cash

321、in liquidity funds.Therefore,the Group had immediate access to available liquidity balances from liquidity funds and corporate facilities in excess of USD7.7 billion(30 September 2021:USD7.9 billion).21.1 DepositsShortterm deposits made for periods longer than three months are shown separately in th

322、e Consolidated Statement of Financial Position and earn interest at the respective shortterm deposit rates.22.Assets classified as held for sale and discontinued operations20222021USDMUSDMAssets classified as held for sale1,676.2 2,535.6 Liabilities classified as held for sale(370.4)(461.5)Net asset

323、s classified as held for sale1,305.8 2,074.1 As at 31 March 2022,net assets held for sale primarily consists of the Groups equity investment in Tendril Ventures Pte.Ltd.and Puma Energys Infrastructure division.Puma Energy decided to divest its Infrastructure division as part of its strategy to strea

324、mline the business and focus on its core downstream retail business.Completion is expected to happen within the next 12 months.Measurement is based on the fair value less cost of disposal as part of the provisional purchase price allocation.The decrease compared to September 2021 results from the sa

325、le of Puma Energys business in Angola to Sonangol.Trafigura Interim Report 20223323.Capital and reserves23.1 Share capitalAs at 31 March 2022,the Company has 25,000,000 ordinary shares outstanding and a capital of USD1,504 million.During the sixmonth period ended 31 March 2022,no changes took place

326、in the outstanding share capital.The holders of ordinary shares are entitled to receive dividends as and when declared by the Company.All ordinary shares carry one vote per share without restriction.The ordinary shares have no par value.23.2 Capital securitiesAs part of the financing of the Company

327、and its subsidiaries,the Company has two capital securities instruments with a total carrying value of USD684.7 million as at 31 March 2022(30 September 2021:three capital securities instruments amounting to USD1,173.9 million).These two capital securities have a par value of EUR262.5 million and US

328、D400.0 million respectively(30 September 2021:USD479.2 million,EUR262.5 million and USD400.0 million respectively).These two capital securities are perpetual in respect of which there is no fixed redemption date.The distribution on the capital securities is payable semiannually in arrears every six

329、months from the date of issue.The Company may elect to defer(in whole but not in part except for the USD400.0 million capital security where partial interest deferral is allowed)any distribution in respect of these capital securities by providing no more than 30 or less than five business days notic

330、e,unless a compulsory interest payment event has occurred,including amongst others the occurrence of a dividend payment in respect of subordinated obligations of the Company.Any interest deferred shall constitute arrears of interest and shall bear interest.In the event of a windingup,the rights and

331、claims of the holders in respect of the capital securities shall rank ahead of claims in respect of the Companys shareholders,but shall be subordinated in right of payment to the claims of all present and future senior obligations,except for obligations of the Company that are expressed to rank pari

332、 passu with,or junior to,its obligations under the capital securities.On 21 March 2022,USD479.2 million of the outstanding amount of the USD800.0 million capital security has been fully repaid.Initially the capital security was issued as at 21 March 2017 for USD600.0 million,and reopened as at 21 No

333、vember 2017 for USD200.0 million,This capital security was listed on the Singapore Stock Exchange and had a distribution on the capital security of 6.875 percent per annum.The EUR262.5 million capital security was issued on 31 July 2019 and is listed on the Singapore Stock Exchange.The distribution on the capital security is 7.5 percent per annum until the distribution payment date in July 2024.Th