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Improved operational performance with 5% volume uplift supports underlying EBITDA of $11.7 billion and interim dividend of 177 US cents per share

  • Net cash generated from operating activities of $7.0 billion.
  • Profit after tax attributable to owners of Rio Tinto (referred to as "net earnings" throughout this release) of $5.1 billion, after $0.8 billion of impairments relating to our Australian alumina refineries.
  • Underlying EBITDA of $11.7 billion and underlying earnings of $5.7 billion, leading to an interim dividend of $2.9 billion, a 50% payout, in line with our practice.

Rio Tinto (LSE:RIO) (ASX:RIO):

Six months ended 30 June

2023

 

2022

 

Change

Net cash generated from operating activities (US$ millions)

6,975

 

10,474

 

(33)%

Purchases of property, plant and equipment and intangible assets (US$ millions)

3,001

 

3,146

 

(5)%

Free cash flow1 (US$ millions)

3,769

 

7,146

 

(47)%

Consolidated sales revenue (US$ millions)

26,667

 

29,775

 

(10)%

Underlying EBITDA1 (US$ millions)

11,728

 

15,597

 

(25)%

Profit after tax attributable to owners of Rio Tinto (net earnings)2 (US$ millions)

5,117

 

8,943

 

(43)%

Underlying earnings per share (EPS)1 2 (US cents)

352.9

 

534.9

 

(34)%

Ordinary dividend per share (US cents)

177.0

 

267.0

 

(34)%

Underlying return on capital employed (ROCE)1

20%

 

34%

 

 

 

 

At 30 June

2023

 

 

At 31 Dec

2022

 

 

Net debt1 (US$ millions)

4,350

 

4,188

 

 

 

Rio Tinto Chief Executive Jakob Stausholm said: "We have a clear pathway to building an even stronger Rio Tinto and continue to gain momentum in our strategy to set the business up for long-term success. We are making good progress on pursuing our four objectives as we build further momentum in our Pilbara iron ore business, mindful that we need to raise our game across many of our other operations.

"Our disciplined investment in lifting the health of our assets and focus on culture, mindset and relationships is delivering results, with our Pilbara iron ore business consistently improving its performance with five consecutive quarters of year-on-year growth. We are taking real steps to shape our portfolio for the future, with first sustainable production from Oyu Tolgoi underground, just as we doubled our exposure through the acquisition of Turquoise Hill Resources. Last week we signed an agreement to form the Matalco aluminium joint venture to enter the exciting and fast growing aluminium recycling industry in North America. And the Simandou iron ore project in Guinea is advancing at pace, with final approvals expected later this year.

"Our robust financials, despite softer market conditions, are driven by the quality of our assets and our great people, delivering underlying EBITDA of $11.7 billion, free cash flow of $3.8 billion and underlying earnings of $5.7 billion, after taxes and government royalties of $4.1 billion. Our balance sheet strength enables us to continue to invest with discipline while also paying an interim ordinary dividend of $2.9 billion, a 50% payout, in line with our practice.

"We will continue paying attractive dividends and investing in the long-term strength of our business as we sustain and grow our portfolio, while contributing to society's drive to net zero."

The 2023 Half Year Results release is available here.

1 This financial performance indicator is a non-IFRS (as defined below) measure, which is reconciled to directly comparable IFRS financial measures (non-IFRS measures). 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. For more information on our use of non-IFRS financial measures in this report, see the section entitled “Alternative performance measures” (APM) and the detailed reconciliations on pages 71 to 80. Our financial results are prepared in accordance with IFRS — see page 39 for further information. Footnotes are set out in full on page 25.

2 Comparative information has been restated to reflect the adoption of narrow scope amendments to IAS12 'Income Taxes', refer to page 41 for details.

Contacts

Please direct all enquiries to media.enquiries@riotinto.com

Media Relations,

United Kingdom

Matthew Klar

M +44 7796 630 637

David Outhwaite

M +44 7787 597 493

Media Relations,

Americas

Simon Letendre

M +1 514 796 4973

Malika Cherry

M +1 418 592 7293



Media Relations,

Australia

Matt Chambers

M +61 433 525 739

Jesse Riseborough

M +61 436 653 412

Alyesha Anderson

M +61 434 868 118



Investor Relations,

United Kingdom

Menno Sanderse

M +44 7825 195 178

David Ovington

M +44 7920 010 978

Laura Brooks

M +44 7826 942 797

Investor Relations,

Australia

Tom Gallop

M +61 439 353 948

Amar Jambaa

M +61 472 865 948



Rio Tinto plc

6 St James’s Square

London SW1Y 4AD

United Kingdom

T +44 20 7781 2000

Registered in England

No. 719885



Rio Tinto Limited

Level 43, 120 Collins Street

Melbourne 3000

Australia

T +61 3 9283 3333

Registered in Australia

ABN 96 004 458 404

riotinto.com

Category - GENERAL

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