H1 FY21 Finance and Cost Analysis

H1 FY20 Underlying EBIT Sales price 293 233 Royalties and price-linked costs (US$M) 35 55 Controllable costs 121 EARNINGS ANALYSIS Lower controllable costs and higher sales volumes helped to offset weaker prices Foreign exchange 50 Uncontrollable (-US$207M) Inflation 59 59 Sales volume Inventory Cost efficiencies 31 Controllable costs Other⁹ 194 29 Interest & tax (equity accounted investments) 29 Lower marketing and corporate functions controllable costs 20 H1 FY21 Underlying EBIT 15 Production volume 60 282 Underlying net finance costs Underlying income tax expense Net finance costs and income tax expense¹0 SLIDE 14 98 86 H1 FY21 Underlying earnings 136 EIII SOUTH32

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