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Investor Presentaiton

OUR CAPITAL MANAGEMENT FRAMEWORK Capital management framework Our capital management framework supports investments in our business and rewards shareholders as performance improves Capital allocation since FY16(a) (US$M) Maximise cash flow Notes: a. ROIC Competition for excess capital - Investment in our business - Acquisitions - Greenfield exploration - Share buy-backs - Special dividends Distribute a minimum 40% of Underlying earnings as ordinary dividends Maintain safe and reliable operations and an investment grade credit rating through the cycle Cash flow priorities 24% 16% 2% 1% US$14.0B allocated 22% 35% Net cash added to balance sheet Capital expenditure (including EAI) Ordinary dividends Capital management program Acquisitions Greenfield exploration Includes actual capital allocation from FY16 to H1 FY23, plus committed returns to shareholders (ordinary dividends and capital management program). US$5.2B invested to optimise, unlock and identify value in our business? āœ“ US$5.4B returned to shareholders8 US$3.3B directed to acquisitions to create value by improving our portfolio āœ“ US$0.1B retained to strengthen our balance sheet SLIDE 10 SOUTH32
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