HY 2023 Results and Growth Prospects
For personal use only
Balance sheet remains strong
Disciplined approach is unchanged, we intend to maintain
it throughout the cycle
Balance sheet strength is an asset. Offers resilience and
creates optionality
Principles-based approach to anchor balance sheet
around a single A credit rating
Moody's: A2 (stable), S&P: A (stable)
No net debt target
Our financial strength allows us to simultaneously:
Reinvest for growth (up to $10bn per year in total capex in 2024
and 2025 depending on opportunities)
Accelerate our own decarbonisation
Continue to pay attractive dividends in line with our policy
(consistent seven-year track record)
Rio Tinto
©2023, Rio Tinto, All Rights Reserved
$bn
2023
2022
2021
Net cash generated from operating
activities
7.0
16.1
25.3
Capital expenditure
3.0
6.8
7.4
Dividends paid
3.7
11.7
15.4
Net (debt)/cash
(4.4)
(4.2)
1.6
Cash and liquid resources
10.4
8.8
15.2
Revolving credit facility (5 year
maturity)
7.5
7.5
7.5
Net debt (cash)/Underlying EBITDA
0.19x
0.16x
-0.04x
Gearing
8%
7%
-3%
Weighted average debt maturity
12 yrs
11 yrs
11 yrs
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