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?
ā US$5.4B returned
to shareholders8
US$3.3B directed to acquisitions
to create value by improving our portfolio
ā US$0.1B retained
to strengthen our balance sheet
SLIDE 10
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