The Rio Tinto announce a $8.0 billion full-year dividend, equivalent to 492 US cents per share
Other financial highlights include:
• $16.1 billion net cash generated from operating activities, 36% lower than 2021. This included items of a non-recurring nature which were not representative of the underlying strength of the performance of the business, which, in aggregate, reduced operating cash flow by around $2 billion. Free cash flow of $9.0 billion included capital expenditure of $6.8 billion, which decreased 9% as we commissioned their current programme of Pilbara replacement projects, notably Gudai-Darri.
• $12.4 billion of net earnings, 41% lower than 2021, reflected the movement in commodity prices, the impact of higher energy and raw materials prices on their operations, and higher rates of inflation on their operating costs and closure liabilities. Effective tax rate on net earnings of 30.9% compared with 27.7% in 2021, with the increase being primarily due to the $0.8 billion write down of deferred tax assets in the US.
• $26.3 billion underlying EBITDA was 30% below 2021, with an underlying EBITDA margin of 45%.
• $13.3 billion underlying earnings (underlying EPS of 819.6 US cents) were 38% below 2021.
• $4.2 billion of net debt at year end, compared with net cash of $1.6 billion at the start of the year, primarily reflected the free cash flow of $9.0 billion, offset by $11.7 billion of cash returns to shareholders and $3.8 billion for the acquisitions of Turquoise Hill Resources (TRQ) and Rincon Lithium Project.
