Underlying EBITDA1 of $6.1 billion2, 47 per cent below first half 2008
Underlying earnings1 of $2.6 billion2, 54 per cent below first half 2008
Net earnings1 of $2.5 billion, 65 per cent below first half 2008
Cash flow from operations down 38 per cent to $5.5 billion
Delivering on commitments made in December 2008:
• Net debt of $39.1 billion at 30 June 2009 was reduced by $14.8 billion following successful completion of the rights issues on 3 July 2009. All of Facilities A and B of the Alcan acquisition facility have now been repaid3
• Operating cost savings of $0.8 billion in first half of 2009. On target to achieve $2.5 billion in 2010
• Achieved global headcount reduction of around 16,000 roles in the first half of 2009, ahead of target of 14,000
• Net capital expenditure of $2.8 billion, 22 per cent lower than first half 2008. 2009 capital expenditure forecast to be approximately $5 billion
• $3.7 billion of divestments announced during 2009. In addition, binding offer of $2.025 billion for the majority of the Alcan Packaging businesses announced on 18 August
No interim dividend, as announced on 5 June 2009
On 5 June 2009, Rio Tinto announced that it had entered a non-binding agreement with BHP Billiton to establish a production joint venture of both companies’ Western Australian iron ore assets.
1 Net earnings and underlying earnings relate to profit attributable to equity shareholders of Rio Tinto.
Underlying earnings is defined and reconciled to net earnings on page 33. EBITDA is defined on page 45.
Underlying EBITDA excludes the same items that are excluded from underlying earnings.
2 Underlying EBITDA and underlying earnings include $816 million and $797 million, respectively, relating to profit on disposal of the undeveloped potash properties.
3 Facility B of the Alcan acquisition facility is a revolving credit facility with $2.4 billion available at the date of this release. Under the terms of the Alcan Acquisition Facility Agreement, 100 per cent of the rights issues proceeds were required to pay down Facility A followed by Facility B. The revolving credit commitment on Facility B was also required to be reduced by the amount repaid of this facility.
About Rio Tinto
Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London and NYSE listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange.
Rio Tinto's business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, energy (coal and uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc) and iron ore. Activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe and southern Africa.
• Operating cost savings of $0.8 billion in first half of 2009. On target to achieve $2.5 billion in 2010
• Achieved global headcount reduction of around 16,000 roles in the first half of 2009, ahead of target of 14,000
• Net capital expenditure of $2.8 billion, 22 per cent lower than first half 2008. 2009 capital expenditure forecast to be approximately $5 billion
• $3.7 billion of divestments announced during 2009. In addition, binding offer of $2.025 billion for the majority of the Alcan Packaging businesses announced on 18 August
No interim dividend, as announced on 5 June 2009
On 5 June 2009, Rio Tinto announced that it had entered a non-binding agreement with BHP Billiton to establish a production joint venture of both companies’ Western Australian iron ore assets.
1 Net earnings and underlying earnings relate to profit attributable to equity shareholders of Rio Tinto.
Underlying earnings is defined and reconciled to net earnings on page 33. EBITDA is defined on page 45.
Underlying EBITDA excludes the same items that are excluded from underlying earnings.
2 Underlying EBITDA and underlying earnings include $816 million and $797 million, respectively, relating to profit on disposal of the undeveloped potash properties.
3 Facility B of the Alcan acquisition facility is a revolving credit facility with $2.4 billion available at the date of this release. Under the terms of the Alcan Acquisition Facility Agreement, 100 per cent of the rights issues proceeds were required to pay down Facility A followed by Facility B. The revolving credit commitment on Facility B was also required to be reduced by the amount repaid of this facility.
About Rio Tinto
Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London and NYSE listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange.
Rio Tinto's business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, energy (coal and uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc) and iron ore. Activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe and southern Africa.
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