Modernising Agreements and Transition to Renewables
We are in very robust financial health
Strong balance sheet
Net debt (cash) $bn
10.0
14.1
19.4
11.3
15.9
-19%
14.9
13.9
11.8
9.5
-11%
8.5
9.2
9.4
7.0
5.8
-
ROCE (post-tax) – outperforming our peers
Attractive cash flows
$bn
26.6
30%
15%
■Operating cash flow
■Free cash flow
0%
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
2021*
Jun-16
9.3 9.3
8.0
5.6
Dec-16
Jun-17
Dec-17
Jun-18
4.9
4.8
Dec-18
Jun-19
Dec-19
Jun-20
Pro-forma net debt*
**
1.6
Dec-20
Jun-21
-3.1
Investing consistently and with
discipline through the cycle
Maintain a strong balance sheet. Focus
on "Single A" credit metrics
We can grow and invest in decarbonisation whilst
continuing to pay attractive dividends to shareholders -
in line with our policy
Peers: BHP, Vale, Anglo American and Glencore | *Consensus (Visible Alpha, 15 October 2021) | **Pro-forma net debt (cash) adjusts for the remainder of previously announced buy-backs from operations, lags in shareholder
returns from disposal proceeds, Australian tax lag (December only) and disposal-related tax lag and the impact of IFRS 16 Leases accounting change for the prior periods. This lease accounting change is reflected in the June
and December 2019 reported net debt
Rio Tinto
Peers
---Rio Tinto average
- Peers average
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