Rio Tinto declares interim ordinary dividend of $2.5 billion
29 Julho 2020 - 3:25AM
Business Wire
Rio Tinto Chief Executive J-S Jacques said “We have been agile
and adapted our way of working, to deliver another resilient
performance while navigating the new and ongoing challenges of
dealing with COVID-19. Despite the challenging backdrop, we
generated underlying EBITDA of $9.6 billion, with a margin of 47%,
driven by our strong and stable operations, with all of our assets
continuing to operate throughout the first half. As a result, we
have declared an interim dividend of $2.5 billion, equivalent to
155 US cents per share, and have reconfirmed our 2020 production
guidance across all commodities.
“Our world-class portfolio of high-quality assets and our strong
balance sheet consistently serve us well in all market conditions
and particularly in turbulent times. This, together with our
disciplined capital allocation, underpins our ability to sustain
production, increase our investment in the business, pay taxes and
royalties to governments and continue delivering superior returns
to shareholders.”
Six months ended 30 June
2020
2019
Change
Net cash generated from operating
activities (US$ millions)
5,628
6,389
(12)%
Capital expenditure1 (US$ millions)
2,693
2,391
13%
Free cash flow2 (US$ millions)
2,809
3,879
(28)%
Underlying EBITDA2 (US$ millions)
9,640
10,250
(6)%
Underlying earnings2 (US$ millions)
4,750
4,932
(4)%
Net earnings (US$ millions)
3,316
4,130
(20)%
Underlying earnings2 per share (US
cents)
293.7
301.5
(3)%
Ordinary dividend per share (US cents)
155.0
151.0
3%
Return on capital employed (ROCE)2
21 %
23%
At 30 June 2020
At 31 Dec 2019
Net debt2 (US$ millions)
(4,826)
(3,651)
- Sustained improvement in safety performance, with the all
injury frequency rate declining to 0.37 (0.42 in 2019), a reduction
in the severity rate and fewer process safety incidents.
- We remain committed to our relationship with communities,
following the Juukan Gorge events in the Pilbara. We are engaging
extensively with Traditional Owners, including the Puutu Kunti
Kurrama and Pinikura people, and indigenous leaders in the Pilbara
and across Australia. A board-led review of our heritage management
processes is underway. We will make our submission to the Inquiry
by the Joint Standing Committee on Northern Australia by 31
July.
- $5.6 billion operating cash flow was 12% lower than 2019 first
half, mainly due to lower prices and the effect of timing
differences. In June 2020 we made a final payment of $1.0 billion
in Australian income tax with respect to 2019 profits.
- $2.8 billion free cash flow2 was 28% lower than 2019 first
half, reflecting the lower operating cash flow and a 13% rise in
capital expenditure to $2.7 billion due to an increase in
development capital.
- $9.6 billion underlying EBITDA2 was 6% lower than 2019 first
half, primarily due to lower prices for aluminium and copper. Iron
ore prices were stable, reflected in our underlying EBITDA margin2
of 47%.
- $4.8 billion underlying earnings2 was 4% lower than 2019 first
half. Taking exclusions into account, net earnings of $3.3 billion
mainly reflected $1.0 billion3 of impairments, of four aluminium
smelters and the Diavik diamond mine, and exchange rate
movements.
- Maintained strength in our balance sheet with $4.8 billion of
net debt2, an increase of $1.2 billion, which mainly reflects $3.8
billion of cash returns paid to shareholders in 2020 first half,
partly offset by the free cash flow of $2.8 billion.
- $2.5 billion interim ordinary dividend declared today, with
interim pay-out ratio at 53% of first half underlying earnings,
equivalent to 155 US cents per share, 3% higher than 2019 first
half.
The financial results are prepared in accordance with IFRS and
are unaudited.
The full Rio Tinto 2020 interim results announcement is
available here
Footnotes 1. Capital expenditure is presented gross,
before taking into account any cash received from disposals of
property, plant and equipment (PP&E). 2. This financial
performance indicator is a non-GAAP alternative performance measure
("APM"). It is used internally by management to assess the
performance of the business and is therefore considered relevant to
readers of this document. It is presented here to give more clarity
around the underlying business performance of the Group’s
operations. APMs are reconciled to directly comparable IFRS
financial measures on pages 61 to 66. 3. Refer to page 40 for
pre-tax analysis of impairment charge.
LEI: 213800YOEO5OQ72G2R82 Classification: 1.2 Half year
financial reports and audit reports
This announcement is authorised for release to the market by Rio
Tinto's Group Company Secretary.
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