Rio Tinto Chief Executive Jakob Stausholm said: “We are building a stronger Rio Tinto and delivering against our four objectives. Our operational performance has improved, as evidenced by a number of second half records being set at our Pilbara iron ore mine and rail system. We are also investing for the future, doubling our stake in the Oyu Tolgoi copper-gold project in Mongolia through the acquisition of Turquoise Hill Resources, progressing the Rincon Lithium Project in Argentina and reaching milestone agreements that underpin the long-term success of our Pilbara iron ore business.
“We continue to focus on making lasting change to strengthen our workplace culture and to building better relationships with Indigenous peoples, communities and other partners. At all times we will seek to find better ways, in line with our purpose. We clearly have more to do but I am encouraged by the progress we are making.
“Despite challenging market conditions, we remain resilient because of the quality of our assets, our great people and the strength of our balance sheet. That is why we delivered strong financial results with underlying EBITDA of $26.3 billion, free cash flow of $9.0 billion and underlying earnings of $13.3 billion, after taxes and government royalties of $8.4 billion. This enables us to continue to invest in strengthening the business while also paying a total dividend of $8.0 billion, a 60% payout, in line with our policy.
“The uplift in our operational performance, strengthening of external relationships and investment in the long-term strength of the business ensure we will be able to continue to pay attractive dividends and invest in sustaining and growing our portfolio, while contributing to society’s drive to net zero.”
At year end | 2022 | 2021 | 2020 | Change vs 2021 | Change vs 2020 | ||||
Net cash generated from operating activities (US$ millions) | 16,134 | 25,345 | 15,875 | (36)% | 2% | ||||
Purchases of property, plant and equipment and intangible assets (US$ millions) | 6,750 | 7,384 | 6,189 | (9)% | 9% | ||||
Free cash flow1 (US$ millions) | 9,010 | 17,664 | 9,407 | (49)% | (4)% | ||||
Consolidated sales revenue (US$ millions) | 55,554 | 63,495 | 44,611 | (13)% | 25% | ||||
Underlying EBITDA1 (US$ millions) | 26,272 | 37,720 | 23,902 | (30)% | 10% | ||||
Profit after tax attributable to owners of Rio Tinto (net earnings) (US$ millions) | 12,420 | 21,094 | 9,769 | (41)% | 27% | ||||
Underlying earnings per share (EPS)1 (US cents) | 819.6 | 1,321.1 | 769.6 | (38)% | 6% | ||||
Ordinary dividend per share (US cents) | 492.0 | 793.0 | 464.0 | (38)% | 6% | ||||
Special dividend per share (US cents) | – | 247.0 | 93.0 | (100)% | (100)% | ||||
Total dividend per share (US cents) | 492.0 | 1,040.0 | 557.0 | (53)% | (12)% | ||||
Net (debt)/cash1 (US$ millions) | (4,188) | 1,576 | (664) | ||||||
Underlying return on capital employed (ROCE)1 | 25% | 44% | 27% | ||||||
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