Improved operational performance and accelerated cost and capex reductions to mitigate price weakness
á Group underlying EBIT(1) of $1.9 billion, a 36% decrease due to sharply weaker commodity prices ($1.9 billion(2) underlying EBIT impact), partially offset by weaker producer country currencies and cost reductions ($0.6 billion underlying EBIT benefit)(3)
á Commodity price-driven impairments of $3.5 billion after tax, including $2.9 billion at Minas-Rio
á Productivity improvements and indirect and capital cost reductions accelerated, with disposals being progressed:
- $1.5 billion(4) of operating and indirect cost reductions and productivity gains targeted in H2 2015 and 2016 (operating costs $800 million, productivity gains $400 million, indirect costs $300 million)
- Additional capital expenditure reductions of up to $1.0 billion by end 2016
- $1.6 billion of disposal proceeds delivered in July 2015
á Improved operational performance and cash flows delivering net debt of $13.5 billion as at 30 June 2015 (31 December 2014: $12.9 billion), with $15.0 billion of liquidity maintained. Following receipt of Lafarge Tarmac proceeds, net debt is $11.9 billion.
- Production volumes increased by 8% (Cu eq.)(3)
- Unit costs decreased by 5% (local currency) and 14% in US dollar terms(3)
|
Financial highlights US$ million, unless otherwise stated |
6 months ended 30 June 2015 |
|
6 months ended 30 June 2014 |
|
|
Underlying EBIT |
1,883 |
|
2,932 |
(36)% |
|
Underlying earnings |
904 |
1,284 |
(30)% |
|
|
Group revenue |
13,346 |
16,144 |
(17)% |
|
|
Underlying EBITDA |
3,280 |
4,328 |
(24)% |
|
|
(Loss)/profit before tax |
(1,920) |
2,945 |
- |
|
|
(Loss)/profit for the financial period attributable to equity shareholders of the Company |
(3,015) |
1,464 |
- |
|
|
Underlying earnings per share (US$) |
0.70 |
1.00 |
(30)% |
|
|
Dividend per share (US$) |
0.32 |
0.32 |
- |
|
|
Attributable ROCE% |
8% |
10% |
- |
