FY22 Overview & Safety Program Update
IMPORTANT NOTICES
III
SOUTH32
EARNINGS RECONCILIATION
The Group's statutory profit after tax increased by US$2,864M from a loss of US$195M to a record US$2,669M in FY22.
Consistent with our accounting policies, various items are excluded from the Group's statutory profit/(loss) to derive Underlying earnings. The total adjustments to derive Underlying EBIT (US$243M) shown in the table below include the recognition of indirect
tax assets following the restart of the Brazil Aluminium smelter (US$77M pre-tax) and a net impairment loss of non-financial assets (US$145M pre-tax) primarily related to our Eagle Downs Metallurgical Coal development option (US$183M pre-tax) partially
offset by an impairment reversal for Brazil Aluminium (US$42M pre-tax).
Profit/(loss) to Underlying EBITDA reconciliation1,2
Profit/(loss) before tax and net finance costs
Adjustments to derive Underlying EBIT:
Significant items
Sierra Gorda joint venture adjustments
Manganese joint venture adjustments
(Gains)/losses on the consolidation or disposal of interests in operations
Net impairment loss of financial assets
Net impairment loss of non-financial assets
FY22
FY213
3,724
(94)
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(77)
(55)
44
216
210
(9)
Exchange rate (gains)/losses on the restatement of monetary items
(50)
26
145
764
(Gains)/losses on non-trading derivative instruments, contingent consideration and other investments measured at fair value through profit and loss
Major corporate restructures
(52)
(37)
23
Total adjustments to derive Underlying EBIT
243
1,133
Underlying EBIT
3,967
1,039
788
817
4,755
1,856
Underlying depreciation and amortisation
Underlying EBITDA
Profit/(loss) to Underlying earnings reconciliation1,2
Profit/(loss) after tax
Total adjustments to derive Underlying EBIT
Total adjustments to derive Underlying net finance costs
Total adjustments to derive Underlying income tax expense
Underlying earnings
FY22
FY213
2,669
(195)
243
1,133
(124)
34
(186)
(483)
2,602
489
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