Rio Tinto announces underlying earnings of $2.6 billion
Underlying EBITDA of $6.1 billion, 47 per cent below first half 2008
Underlying earnings of $2.6 billion, 54 per cent below first half 2008
Net earnings 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 repaid
. 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.
Full report on the above can be found at: http://clientfiles.msgfocus.com/files/amf_rio_tinto/project_37/PR756g_Rio_Tinto_announces_underlying_earnings_of_2_6_billion.pdf
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