2007 Preliminary Results
Rio Tinto PLC
10 March 2008
Record production, underlying earnings, cash flow and investment
13 February 2008
• Record underlying EBITDA* of $13,920 million, 11 per cent above 2006.
• Record underlying earnings* of $7,443 million, one per cent above
2006.
• Net earnings* were $7,312 million, two per cent below 2006.
• Cash flow from operations up 15 per cent to a record of $12,569
million.
• Annual production records set for iron ore, bauxite, aluminium,
refined gold and refined copper, on a like for like basis.
• Record capital expenditure of $5.0 billion, a 25 per cent rise over
2006, reflected continuing investment in value adding growth projects.
• Record new capital commitments exceeding $8 billion (100% basis)
announced in 2007, including the Yarwun alumina expansion, two new
iron ore mines in the Pilbara and the Cape Lambert port expansion.
• Alcan acquisition successfully completed and Alcan's results included
with effect from 24 October 2007. Rio Tinto established as a global
leader in bauxite and aluminium, with a clear pathway to leadership in
alumina. Integration progresses, with $940 million of post tax
synergies targeted from the end of 2009.
• New milestones in the expansion of the Group's iron ore business
reached: the 24 million tonne per annum Dampier port expansion
completed on time and on budget and first production from Hope Downs
mined three months ahead of schedule.
• Ordinary dividend for the 2007 year increased 31 per cent to 136 US
cents, with a further commitment to increase the 2008 and 2009
dividends by at least 20 per cent in each year.
• First major sale announced from $15 billion divestment target with
Greens Creek sold for $750 million.
Full year to 31 December
(All dollars are US$ millions unless otherwise stated) 2007 2006 Change
Underlying EBITDA* 13,920 12,524 +11%
Underlying earnings* 7,443 7,338 +1%
Net earnings* 7,312 7,438 -2%
Cash flow from operations
(incl. dividends from equity accounted units) 12,569 10,923 +15%
Underlying earnings per share - US cents 578.9 550.3 +5%
Earnings per share - US cents 568.7 557.8 +2%
Ordinary dividends per share - US cents 136.0 104.0 +31%
*Net earnings and underlying earnings relate to profit attributable to equity shareholders of
Rio Tinto. Underlying earnings is defined and reconciled to net earnings on page 4. EBITDA is
defined on page 30. Underlying EBITDA excludes the same items that are excluded from
underlying earnings.
Chairman's comments
Rio Tinto's chairman Paul Skinner said, '2007 was another successful year of
significant achievement for Rio Tinto, with record sales generating our fourth
consecutive year of record underlying earnings and record cash flows. We also
invested at unprecedented levels in the future growth of the business, with the
$38 billion Alcan acquisition and a series of high quality investment projects
from our current portfolio.
'We continued to achieve high prices for our products, and our assessment of the
economic and demand outlook remains very positive, despite recent unsettled
conditions in the financial markets. The strong increases seen in global
minerals demand are driven by demographic and economic fundamentals in
fast-growing countries like China and India, whose large populations continue to
urbanise. These long term trends are driven by domestic developments, and are
therefore largely insulated from any potential near term weakness in western
economies.
'With supply side constraints across the mining industry unlikely to ease in the
near future, commodity prices are expected to stay high by historic standards in
2008 and well beyond.
'Rio Tinto's portfolio positions the Group exceptionally well to benefit from
the growth in demand. In October 2007, the Group completed the acquisition of
Alcan Inc., establishing Rio Tinto as a global leader in the aluminium sector.
Our superior position in the supply of iron ore to Asia was reinforced during
the year with record production and shipments. We have established a pathway to
treble future iron ore production.
'In copper, our foothold in many of the world's best ore bodies was enhanced,
with La Granja in Peru in particular turning out to be an even more valuable
prospect than first envisaged.
'We believe that the Group's pipeline of growth projects is second to none, and
the proven capability of Rio Tinto management in project execution and efficient
operational performance gives the Board great confidence in our ability to
deliver substantial value to shareholders. The smooth transition in executive
leadership during a very busy year was a significant achievement.
'Rio Tinto's confidence in the outlook for its business, growth prospects and
markets, is reflected in the 31 per cent increase in the ordinary dividend for
the 2007 full year, and our forward commitment to increase the dividend by at
least 20 per cent in 2008 and again in 2009.
'As you know, we recently received a pre-conditional offer from BHP Billiton to
acquire all of the shares in Rio Tinto. After careful consideration, our Boards
have unanimously rejected the offer on the basis that it is not in the best
interests of shareholders. BHP Billiton's offer, while improved, still fails to
recognise fully the underlying value of Rio Tinto's quality assets and
prospects.
'Our Boards believe that these strong 2007 annual results illustrate that Rio
Tinto is ideally placed to continue to create substantial future value for
shareholders, which remains its first priority. With our combination of clear
strategy, world class assets and outstanding people we are well positioned to
deliver on this objective.'
Chief executive's comments
Tom Albanese, Rio Tinto's chief executive said, 'Rio Tinto had a stellar year in
2007, ahead of market expectations, and we're aiming for new heights in 2008. In
an era of rising demand and rising prices, the value of our assets stands out,
with their long resource lives, competitive cost positions and options for
value-adding expansions. This is especially clear in products such as iron ore
and aluminium where prices are based on high marginal costs of production in
China.
'Rio Tinto is a great business with excellent prospects. I am firmly committed
to capturing and delivering more value for shareholders as we boost operational
performance and expand our high quality asset base.
'The Group set production records in iron ore, bauxite, aluminium, refined gold
and refined copper on a comparable basis, as our increasing capital investment
programme continued to deliver benefits. I am especially pleased to report that
our excellent safety record improved again for a ninth consecutive year.
'Our acquisition of Alcan in 2007 has enhanced our position in the aluminium
industry from a competitive regional player to the global industry leader with a
unique combination of large resources, sustainable hydro power, and industry
leading technology. We are a leader in the production of aluminium and bauxite
globally, with an established pathway to leadership in alumina through the
development of our competitively positioned Yarwun and Gove projects. During
2007, we approved an investment of $1.8 billion to expand the Yarwun alumina
refinery by two million tonnes per year by 2011.
'Integration of the Alcan assets with Rio Tinto's is going well, and in November
we announced we had increased our targeted synergy benefits up from $600 million
to $940 million after tax annually from the end of 2009.
'In iron ore, we have an outstanding business with exceptional production growth
and demand potential. In the near term, we are on target to reach production
of 220 million tonnes** in 2009. During 2007 we committed an additional $3.6
billion in iron ore projects to expand Cape Lambert port capacity from 55 to 80
million tonnes with associated infrastructure, to expand Hope Downs from 22 to
30 million tonnes per annum, and to bring on the Mesa A and Brockman 4 mine
development projects totalling nearly 50 million tonnes per annum.
'Our large capital projects in the Pilbara in Western Australia remain on
schedule and on budget in a challenging environment.
'Over the longer term, we have outlined our capability to produce 600 million
tonnes** of iron ore annually based on an unrivalled and unconstrained Pilbara
port and rail infrastructure and our extensive global resource and
mineralisation position. In Guinea, our Simandou project represents a major new
iron ore province of high quality ore, which is reminiscent of the Pilbara in
its earliest phases of development.
'Successful exploration activity at La Granja in Peru identified up to eight
billion tonnes of mineralisation, potentially capable of supporting a 500,000
tonne per annum operation, enhancing our copper growth pipeline. We continue to
add resources to Kennecott Utah Copper in Utah, USA, extending the life of an
outstanding asset.
'In our other product groups, our ilmenite project in Madagascar will be
completed on schedule around the end of the year, and we are already studying an
expansion to two million tonnes per annum. The underground block cave
development at the Argyle diamond mine is making good progress, with the value
recovery programme identifying a number of opportunities.
'Cost escalation in the industry continued in 2007. To counter these effects, we
are focused on overhead cost reduction, while also investing in cutting-edge
technology. We recently announced an alliance with Komatsu to develop a
world-leading system to automate our Pilbara iron ore operations.
'Following the Alcan acquisition, our balance sheet has carried more debt, and
our goal is a single A credit rating. This will be achieved by using our strong
organic cash flows, which are running at the rate of over $1 billion per month,
and the proceeds of divestments. We have targeted an overall level of divestment
of at least $15 billion of assets. These are all high quality businesses in
themselves, but lack the scale or fit to be part of the enlarged Rio Tinto
following the Alcan acquisition.
'Rio Tinto has a clear strategy, assets of the highest quality, outstanding
growth options and a proven track record of value creation. Our goal is to make
the business work faster at meeting the world's growing demand, better at
leading and shaping our industry, and smarter at creating value for our
shareholders.'
** 100 per cent basis.
Net earnings and underlying earnings
In order to provide additional insight into the performance of its business, Rio
Tinto presents underlying earnings. The differences between underlying earnings
and net earnings are set out in the following table.
Year ended 31 December 2007 2006
US$m US$m
Underlying earnings 7,443 7,338
Items excluded from underlying earnings
Impairment (charges) less reversals (113) 44
Exchange differences and derivatives 190 14
Other, including non-recurring consequences of Alcan acquisition (208) 42
Net earnings 7,312 7,438
Commentary on the Group financial results
2007 underlying earnings of $7,443 million and 2007 net earnings of $7,312
million were $105 million above and $126 million below the comparable measures
for 2006. The principal factors explaining the movements are set out in the
table below.
Year ended 31 December
Underlying Net
earnings earnings
US$m US$m
2006 7,338 7,438
Prices 1,364
Exchange rates (403)
Volumes 516
General inflation (218)
Mining inflation (140)
Freight and demurrage (163)
Energy (82)
Other cash costs (57)
Non-cash costs (201)
Exploration, evaluation and technology costs (309)
Tax/other (202)
105 105
Impairment (charges) less reversals (157)
Exchange differences and derivatives 176
Other, including non-recurring consequences of Alcan acquisition (250)
2007 7,443 7,312
Prices and exchange rates
The effect of price movements on all major commodities was to increase earnings
by $1,364 million. Prices for the major products remained strong throughout the
year and were higher overall than those experienced in 2006: average copper
prices were six per cent higher whilst average aluminium prices were three per
cent higher. The strength of the global iron ore market was reflected in the
9.5 per cent increase in the benchmark price, mainly effective from 1 April
2007. The seaborne thermal and coking coal markets were also strong and
strengthened further in the second half.
Molybdenum prices averaged $30/lb throughout 2007, an increase of 20 per cent
compared with the prior year.
There was significant movement in the US dollar in 2007 relative to the
currencies in which Rio Tinto incurs the majority of its costs. The Australian
dollar was 11 per cent stronger, the Canadian dollar was six per cent stronger
and the South African rand four per cent weaker. The effect of all currency
movements was to decrease underlying earnings relative to 2006 by $403 million.
Volumes
Higher sales volumes predominantly from growth projects increased underlying
earnings by $516 million compared with 2006. The ramp up of new projects in
iron ore (including the Yandicoogina and brownfields expansions), higher volumes
of copper in concentrate at Escondida from improved grades, higher refined
copper sales from the Kennecott Utah Copper smelter operating at close to
capacity and higher diamond grades at Diavik were the main contributors.
Costs
The Group continued to invest further in the future development of the business
with an increased charge to underlying earnings of $309 million from
exploration, evaluation and technology costs. Higher freight and demurrage costs
and increased energy costs reduced underlying earnings by $163 million and $82
million, respectively. Significant shipping congestion at the port of Newcastle
affected coal sales with a resulting impact on costs at Rio Tinto Coal
Australia, through higher demurrage and a higher unit cost of sale. Higher
contractor, maintenance and input costs were experienced throughout the Group,
notably in the iron ore and copper operations, as industry supply constraints
persisted.
An increase in non cash costs reduced 2007 earnings by $201 million compared
with 2006, following the completion of several large capital investment
projects.
Other
The effective tax rate on underlying earnings, excluding equity accounted units,
was 25.7 per cent compared with 24.2 per cent in 2006. The tax charge in 2007
was reduced by $392 million as a result of the impact of the reduction in the
Canadian tax rate enacted in December 2007 on deferred tax provisions. The 2006
tax rate benefited from $335 million of US Alternative Minimum Tax credits,
which were recognised on the balance sheet as a result of improved prospects for
recovery of these from future taxable earnings from our US operations, as well
as the utilisation of $140m of previously unrecognised tax assets.
Alcan's contribution to underlying earnings for the nine weeks to 31 December
2007 was $424 million, including a benefit relating to the change in the
Canadian tax rate as described above. Exploration divestments increased 2007
underlying earnings by $139 million relative to 2006. A higher interest charge
from an increase in net debt following the Alcan acquisition reduced earnings by
$248 million relative to 2006.
Items excluded from underlying earnings
In 2007 an impairment charge of $328 million after tax was recognised at Argyle
following a decline in value from large increases in the estimated capital costs
of the underground project. This was partly offset by the reversal of the
residual impairments of Tarong Coal and Palabora following changes in
circumstances that create good prospects for recovery of the restored carrying
values.
Other exclusions from underlying earnings in 2007, a charge of $208 million,
mainly comprised non-recurring consequences of the Alcan acquisition. Of this
total, $146 million resulted from the sale of Alcan inventories that were
revalued based on selling prices at the date of acquisition. The balance
primarily relates to other Alcan acquisition and integration costs.
Net earnings in 2006 included net impairment reversals totalling $44 million.
Impairments were reversed at Kennecott Utah Copper and the Iron Ore Company of
Canada which more than offset impairment charges at Argyle and Tarong Coal.
Cash flow
Cash flow from operations, including dividends from equity accounted units, was
a record $12,569 million, 15 per cent higher than in 2006.
The Group invested at record levels, in particular in expansion projects. Net
capital expenditure on property, plant and equipment and intangible assets was
$4,968 million in 2007, an increase of $980 million over 2006. This included the
completion of the second phase of the Dampier port and Yandicoogina iron ore
mine expansions, as well as construction of the Hope Downs iron ore mine in
Western Australia, the expansion of the Yarwun alumina refinery, the A418 dike
construction at the Diavik diamond mine and the Madagascar ilmenite mine.
Dividends paid in 2007 of $1,507 million were $1,066 million lower than
dividends paid in 2006 which included a special dividend of $1.5 billion. The
share buy back programme was discontinued after the announcement of the Alcan
acquisition on 12 July 2007: returns to shareholders from the on-market buy back
of Rio Tinto plc shares in 2007 totalled $1,611 million (net of $13 million
proceeds from the exercise of options), compared with $2,339 million in 2006.
Balance sheet
Rio Tinto commissioned expert valuation consultants to advise on the fair values
of Alcan's assets. As required under International Financial Reporting
Standards (IFRS), the tangible and intangible assets of the acquired business
have been uplifted to fair value. The residue of the purchase price not
allocated to specific assets and liabilities has been attributed to goodwill.
The provisional values incorporated in the 2007 financial statements will be
subject to revision within 12 months of the date of acquisition as permitted by
the relevant accounting standard, IFRS 3.
The completion of the Alcan acquisition led to the drawdown of $38 billion of
debt. This, together with the debt held by Alcan on acquisition, resulted in an
increase in net debt of $42.7 billion to $45.2 billion at 31 December 2007.
Debt to total capital duly rose to 63 per cent and interest cover was 20 times.
Profit for the year
IFRS require that the profit for the period reported in the income statement
should also include earnings attributable to outside shareholders in
subsidiaries. For 2007, the profit for the year was $7,746 million (2006 $7,867
million) of which $434 million (2006 $429 million) was attributable to outside
shareholders, leaving $7,312 million (2006 $7,438 million) of net earnings
attributable to Rio Tinto shareholders. Net earnings and underlying earnings,
which are the focus of the commentary in this report, deal with amounts
attributable to equity shareholders of Rio Tinto.
Dividends
The Group has a progressive dividend policy and a multi decade track record of
continual dividend growth over time. Dividends are determined in US dollars.
Rio Tinto plc dividends are declared and paid in pounds sterling and Rio Tinto
Limited dividends are declared and paid in Australian dollars, converted at
exchange rates applicable on 11 February 2008. The interim and final dividends
are summarised below.
Ordinary dividend per share 2007 2006
Rio Tinto Group
Interim (US cents) 52.00 40.00
Final (US cents) 84.00 64.00
Total dividend (US cents) 136.00 104.00
Rio Tinto plc
Interim (pence) 25.59 21.42
Final (pence) 43.13 32.63
Total dividends (pence) 68.72 54.05
Rio Tinto Limited
Interim (Australian cents) 60.69 52.48
Final (Australian cents) 93.02 82.84
Total dividends (Australian cents) 153.71 135.32
The 2007 full year dividend represents a 31 per cent increase on the previous
year. Increases of at least 20 per cent in each year have already been announced
for 2008 and 2009.
Rio Tinto Limited shareholders will be paid dividends which will be fully
franked. The board expects Rio Tinto Limited to be in a position to pay fully
franked dividends for the reasonably foreseeable future.
The respective dividends will be paid on Friday 11 April 2008 to holders of
ordinary shares, with ADR holders to be paid on Monday 14 April 2008. This will
apply to Rio Tinto plc and ADR shareholders on the register at the close of
business on Friday 22 February 2008 and to Rio Tinto Limited shareholders on the
register at the close of business on Tuesday 26 February 2008. The ex-dividend
date for Rio Tinto plc, Rio Tinto Limited and Rio Tinto ADR shareholders will be
Wednesday 20 February 2008.
As usual, Rio Tinto will operate its Dividend Reinvestment Plan, details of
which can be obtained from the Company Secretaries' offices and from the Rio
Tinto website (www.riotinto.com). The last date for receipt of the election
notice for the Dividend Reinvestment Plans is Wednesday 19 March 2008.
Rio Tinto financial information by business unit
Year ended 31 December Rio Tinto Gross sales revenue (a) EBITDA (b) Net earnings (c)
US$ millions interest
% 2007 2006 2007 2006 2007 2006
Iron Ore
Hamersley (inc. HIsmelt) 100.0 6,155 4,416 3,427 2,611 2,151 1,673
Robe River (d) 53.0 1,640 1,379 991 902 503 461
Iron Ore Company of Canada 58.7 943 1,051 298 441 104 145
Rio Tinto Brasil 100.0 61 92 (1) 27 (12) 13
Product group operations 8,799 6,938 4,715 3,981 2,746 2,292
Evaluation projects/other - - (98) (45) (95) (41)
8,799 6,938 4,617 3,936 2,651 2,251
Energy
Rio Tinto Energy America 100.0 1,560 1,428 331 302 132 177
Rio Tinto Coal Australia (e) 2,272 2,344 510 920 246 490
Rossing 68.6 486 229 235 71 95 27
Energy Resources of Australia 68.4 303 239 135 79 38 17
Product group operations 4,621 4,240 1,211 1,372 511 711
Evaluation projects/other - - (29) (14) (27) (5)
4,621 4,240 1,182 1,358 484 706
Aluminium
Rio Tinto Aluminium (f) 3,511 3,493 1,314 1,389 695 763
Alcan 3,798 - 415 - 424 -
Product group operations 7,309 3,493 1,729 1,389 1,119 763
Evaluation projects/other - - (28) (24) (22) (17)
7,309 3,493 1,701 1,365 1,097 746
Copper
Kennecott Utah Copper 100.0 3,539 2,829 2,614 2,111 1,649 1,810
Escondida 30.0 3,103 2,575 2,510 2,105 1,525 1,250
Grasberg joint venture (g) 461 373 296 258 159 122
Palabora 57.7 689 588 202 203 58 52
Kennecott Minerals 100.0 338 277 175 139 106 105
Northparkes 80.0 371 437 212 346 137 229
Product group operations 8,501 7,079 6,009 5,162 3,634 3,568
Evaluation projects/other - - (200) (44) (155) (30)
8,501 7,079 5,809 5,118 3,479 3,538
Diamonds & Minerals
Diamonds (h) 1,020 838 539 491 280 211
Iron and Titanium 1,673 1,449 471 428 164 152
Rio Tinto Minerals (i) 1,228 1,174 227 196 84 91
Product group operations 3,921 3,461 1,237 1,115 528 454
Evaluation projects/other - - (46) (54) (40) (48)
3,921 3,461 1,191 1,061 488 406
Other Operations 367 229 30 39 15 33
33,518 25,440 14,530 12,877 8,214 7,680
Other items (635) (252) (526) (241)
Exploration and evaluation 25 (101) 20 (84)
Net interest (265) (17)
Underlying earnings 13,920 12,524 7,443 7,338
Items excluded from underlying earnings (309) 42 (131) 100
Total 33,518 25,440 13,611 12,566 7,312 7,438
Depreciation & amortisation in subsidiaries (2,115) (1,509)
Impairment reversal/(charge) (58) 396
Depreciation & amortisation in equity accounted units (310) (275)
Taxation and finance items in equity accounted units (973) (826)
Profit on ordinary activities before finance items and tax 10,155 10,352
References above are to notes on page 30
Rio Tinto financial information by business unit (continued)
Year ended 31 December Depreciation
US$ millions Rio Capital & Operating
Tinto Expenditure amortisation assets
interest (j) (k)
% 2007 2006 2007 2006 2007 2006
Iron Ore
Hamersley (inc. HIsmelt) 100.0 1,597 1,700 352 231 6,133 4,317
Robe River (d) 53.0 241 104 104 90 1,877 1,593
Iron Ore Company of Canada 58.7 163 151 78 58 869 651
Rio Tinto Brasil 100.0 30 18 9 8 135 97
Other 34 8 3 - 24 4
2,065 1,981 546 387 9,038 6,662
Energy
Rio Tinto Energy America 100.0 226 262 131 116 1,163 1,097
Rio Tinto Coal Australia (e) 226 251 165 170 1,802 1,397
Rossing 68.6 57 38 13 6 151 68
Energy Resources of Australia 68.4 80 31 50 32 296 201
Other - - 3 - 34 -
589 582 362 324 3,446 2,763
Aluminium
Rio Tinto Aluminium (f) 295 236 303 266 4,144 3,607
Alcan 317 - 315 - 44,047 -
612 236 618 266 48,191 3,607
Copper
Kennecott Utah Copper 100.0 282 295 251 151 1,694 1,789
Escondida 30.0 170 155 98 96 1,045 792
Grasberg joint venture (g) 76 45 24 43 410 412
Palabora 57.7 27 18 41 40 84 104
Kennecott Minerals 100.0 84 78 24 26 236 198
Northparkes 80.0 55 16 22 48 151 89
Other 22 57 1 - 498 341
716 664 461 404 4,118 3,725
Diamonds & Minerals
Diamonds (h) 525 257 181 182 1,241 1,058
Iron and Titanium 494 252 119 112 2,202 1,522
Rio Tinto Minerals (i) 71 108 82 77 1,165 1,160
Other 17 - - - 24 4
1,107 617 382 371 4,632 3,744
Other Operations 37 23 2 2 139 208
5,126 4,103 2,371 1,754 69,564 20,709
Other items 144 174 54 30 360 (40)
Less: equity accounted units (302) (289) (310) (275) - -
Total 4,968 3,988 2,115 1,509 69,924 20,669
Less: Net debt (45,152) (2,437)
Total Rio Tinto shareholders' equity 24,772 18,232
References above are to notes on page 30
Review of operations
Comparison of underlying earnings
2007 underlying earnings of $7,443 million were $105 million above 2006
underlying earnings. The table below shows the difference by product group.
All financial amounts in the tables below are US$ millions unless indicated
otherwise.
US$m
2006 underlying earnings 7,338
Iron ore 454
Aluminium 356
Copper 66
Energy (200)
Diamonds & Minerals 74
Product group evaluation projects/other (198)
Other operations (18)
Central exploration, evaluation and technology (61)
Interest (248)
Other (120)
2007 underlying earnings 7,443
All subsequent references to earnings within the business unit section refer to
underlying earnings. Production numbers represent the Rio Tinto share.
Iron ore
2007 2006 Change
Production (million tonnes - Rio Tinto share) 144.7 132.8 +9%
Gross sales revenue ($ millions) 8,799 6,938 +27%
Product group earnings ($ millions) 2,746 2,292 +20%
Evaluation projects/other ($ millions net of tax) (95) (41) +132%
EBITDA ($ millions) 4,617 3,936 +17%
Capital expenditure ($ millions) 2,065 1,981 +4%
Market conditions
In an iron ore market as tight as ever experienced, the success of the Pilbara
Blend product was evidenced by sales achieving the benchmark price throughout
the year. The price outlook for the 2008 contract year remains very positive,
with spot prices in China substantially above prevailing contract prices.
Hamersley
Earnings of $2,151 million were $478 million above 2006. In 2007, Hamersley
achieved record shipments of 109 million tonnes, up 12 per cent on the previous
year, reflecting strong customer demand. Hamersley also achieved record
production following the completion of the second phase mine, port and rail
expansions. The $1 billion Hope Downs mine railed its first production in
November 2007, three months ahead of schedule and the second phase of the
Dampier port and Yandicoogina mine expansions were completed on schedule and on
budget.
Hamersley's 2007 earnings include a net loss of $50 million for the pilot
HIsmelt plant (2006: $30 million net loss). The plant reached operation levels
approaching nameplate capacity in December. This brought the total annual
production of pig iron to 114,870 tonnes for 2007 from 88,733 tonnes in 2006, as
the plant ramps up to 800,000 tonnes per annum nameplate capacity.
Robe River
Earnings of $503 million were $42 million above 2006, with higher prices
compensating for a stronger Australian dollar and higher input costs.
Iron Ore Company of Canada
Earnings of $104 million were $41 million below 2006. 2007 production was
affected by the previously reported seven week strike which occurred in the
first and second quarters of the year and concluded with a five year wage
agreement. These lower volumes together with the impact of the stronger Canadian
dollar were only partly mitigated by higher prices.
Rio Tinto Brasil
Lower sales volumes attributable to low water levels on the Paraguay river and
higher input costs turned earnings of $13 million in 2006 into a loss of $12
million in 2007.
Iron ore projects
Iron ore projects are now reported within the product group. Expenditure at the
Simandou project in Guinea accelerated as the pre-feasibility study moved
forward. Simandou is a world class opportunity to develop a large new high
quality iron ore province facing the Atlantic basin.
Energy
2007 2006 Change
Production (Rio Tinto share)
Coal (million tonnes)
US 125.1 125.3 0%
Hard coking coal 6.2 5.9 +5%
Other Australian 24.4 31.2 -22%
Uranium (000's pounds) 12,616 12,561 0%
Gross sales revenue ($ millions) 4,621 4,240 +9%
Product group earnings ($ millions) 511 711 -28%
Evaluation projects/other ($ millions net of tax) (27) (5) +440%
EBITDA ($ millions) 1,182 1,358 -13%
Capital expenditure ($ millions) 589 582 +1%
US Coal - Rio Tinto Energy America
Earnings of $132 million were $45 million below 2006, with improved prices
offset by higher costs and increased taxes. Production records set at the Spring
Creek and Antelope mines, as expansion projects neared completion, offset lower
production at Jacobs Ranch and Colowyo.
Asia Pacific seaborne coal markets
Asian seaborne thermal coal prices continued to rise sharply throughout 2007
mainly due to supply disruptions from key producing countries. Issues relating
to infrastructure controlled by external parties are likely to maintain market
tightness for the foreseeable future.
Rio Tinto Coal Australia
Earnings of $246 million were $244 million below 2006, with higher demurrage and
energy costs, lower thermal coal sales and lower realised prices.
In general, production at the Australian coal mines continued to be constrained
by rail and port constraints in Queensland and New South Wales and reduced
tonnage of rail and port allotments in Queensland, which curtailed mined
production, despite the generally favourable market conditions.
Uranium markets
Market sentiment continued to be positive during 2007. Supply from a number of
producers fell short of expectations in 2007 while demand rose from new
reactors, notably in China, and higher utilisation rates were experienced in the
nuclear industry. These factors have contributed to tighter markets and an
improvement in the longer term outlook for uranium demand.
Rossing
Earnings of $95 million, which were $68 million above 2006, benefited from
positive market conditions and improved pricing. There was an increase in
stripping and exploratory drilling in preparation for mine expansion.
Energy Resources of Australia
Earnings of $38 million were $21 million above 2006. Prices continued to benefit
from the gradual replacement of legacy contracts with newer contracts written in
an environment of higher prices. The exploration and evaluation programme
focused on infill drilling to support the previously announced mine extension as
well as the pre-feasibility study into a further mine expansion. In 2008,
attention will be focused on defining the Ranger 3 Deeps deposit.
Energy projects
Energy projects are now reported within the product group. The increased charge
in 2007 relates mainly to Rio Tinto's share of expenditure for the Hydrogen
Energy joint venture.
Aluminium
2007 2006 Change
Production (Rio Tinto share)
Bauxite (000 tonnes) 21,022 16,319 +29%
Alumina (000 tonnes) 3,877 3,247 +19%
Aluminium (000 tonnes) 1,480 845 +75%
Gross sales revenue ($ millions) 7,309 3,493 +109%
Product group earnings ($ millions) 1,119 763 +47%
Evaluation projects/other ($ millions net of tax) (22) (17) +29%
EBITDA ($ millions) 1,701 1,365 +25%
Capital expenditure ($ millions) 612 236 +159%
The $38 billion acquisition of Alcan during 2007 established Rio Tinto Aluminium
as an aluminium sector leader. It is anticipated to be a value accretive
transaction for shareholders based on a very positive demand outlook and growing
supply constraints in China. Alcan's contribution to underlying earnings for the
nine weeks to 31 December 2007 was $424 million. This included a benefit
relating to the change in the Canadian corporate tax rate.
Prices
The average aluminium price of 120 cents per pound was three per cent above the
2006 average price. Global demand growth for 2007 is expected to exceed ten per
cent. Rising LME inventories towards the end of 2007 and strong growth in global
output pushed aluminium prices lower in the second half of the year. The net
effect of price movements increased earnings by $79 million.
Bauxite
Excluding the impact of the Alcan acquisition which accounted for 2,813,000
tonnes, 2007 bauxite production at Weipa was at record levels, 11 per cent
higher than the prior year, reflecting increased capacity from the commissioning
of the second shiploader.
Alumina
The Alcan acquisition contributed 1,144,000 tonnes of alumina production in
2007. At the time of the acquisition, a 1.8 million tonne per annum expansion of
Alcan's Gove refinery was nearing completion, bringing expected total capacity
to 3.8 million tonnes per annum. The final months of the year saw continued
ramping up of the expansion which is expected to reach full nameplate capacity
by the end of 2008.
Aluminium
Excluding the Alcan acquisition, aluminium production was relatively stable
versus the prior year with annual production records achieved at Bell Bay, Boyne
Island and Tiwai Point. The Alcan acquisition accounted for 618,000 tonnes in
2007.
Aluminium projects
Aluminium projects are now reported within the product group. The increased
charge primarily related to the Abu Dhabi and Sarawak projects as they
progressed during the year.
Copper
2007 2006 Change
Production (Rio Tinto share) 737.9 803.5 -8%
Mined copper (000 tonnes) 390.0 299.2 +30%
Refined copper (000 tonnes) 14.9 16.8 -11%
Mined molybdenum (000 tonnes) 1,233 1,003 +23%
Mined gold (000 oz)
Gross sales revenue ($ millions) 8,501 7,079 +20%
Product group earnings ($ millions) 3,634 3,568 +2%
Evaluation projects/other ($ millions net of tax) (155) (30) +417%
EBITDA ($ millions) 5,809 5,118 +14%
Capital expenditure ($ millions) 716 664 +8%
Prices
The average copper price of 324 cents per pound was six per cent above the 2006
average price. The gold price averaged $691 per ounce, an increase of 15 per
cent on the prior year, whilst the average molybdenum price was $30 per pound,
an increase of 20 per cent compared with 2006. The total impact of price
changes, net of the effects of provisional pricing movements, increased earnings
by $397 million.
Kennecott Utah Copper
Earnings of $1,649 million were $161 million lower than 2006. Higher volumes of
refined copper and improved prices were outweighed by the absence of one-off tax
credits of $289 million, following recognition of deferred tax assets in 2006.
Smelter and refinery copper production was 21 per cent higher in 2007 compared
with the prior year when major scheduled maintenance was undertaken on the
smelter.
Molybdenum production was 11 per cent lower than 2006 as a result of lower ore
grade and high limestone levels in the orebody.
Escondida
Earnings of $1,525 million were $275 million above 2006, benefiting from higher
prices and additional volumes from higher copper grades and a full year of
refined copper production from sulphide leaching.
Grasberg joint venture
Earnings of $159 million were $37 million above 2006, mainly attributable to
higher gold volumes. Variances in the metal sharing rates for 2007 were a major
factor in lowering Rio Tinto's share of copper production and increasing its
share of gold production in 2007, compared with 2006.
Kennecott Minerals
Earnings of $106 million were $1 million above 2006. The effects of higher
prices for gold, silver and lead and higher gold volumes compensated for the
absence of one-off tax credits.
Palabora
Earnings of $58 million, which were $6 million above the prior year, benefited
from higher prices and volumes, achieved largely due to a nine per cent increase
in underground production.
Northparkes
Earnings of $137 million were $92 million below 2006 attributable to the absence
of a one-off credit and lower volumes leading to higher unit cash costs. Lower
copper production followed an anticipated decline in grades in the E26 block
cave and the processing of low grade stockpiles, as the mine transitioned
towards production at E48.
Copper projects
Copper projects are now reported within the product group. Higher costs were
incurred as the projects progressed through the various stages of evaluation.
Exploration at the La Granja project in Peru discovered four new bodies of
porphyry copper mineralisation in addition to extensions to the original La
Granja deposit. Targeted mineralisation at the property is now up to eight
billion tonnes of up to half a per cent copper equivalent.
Exploration and evaluation drilling continued at the 55 per cent owned
Resolution copper project in the US. There is significant potential to expand
the deposit as it remains open in several directions. Recent high-grade
intersections suggest further upside on deposit grade.
At the Oyu Tolgoi copper project in Mongolia, Rio Tinto holds a 9.9 per cent
equity interest in property owner Ivanhoe Mines and a 16 per cent interest in
Entree Gold who share the adjacent Javhlant concession with Ivanhoe. Exploration
by Ivanhoe on the Javhlant concession led to discovery of the Heruga porphyry
copper-gold deposit at a depth of over 850 metres. The deposit remains open in
several directions and delineation drilling continues.
Provisional pricing
At the end of 2007 the Group had 270 million pounds of copper sales that were
provisionally priced at 304 cents per pound. The final price of these sales will
be determined in 2008. The net effect of the provisional pricing movements in
2007 resulted in a benefit to earnings of $34 million compared with an earnings
benefit of $224 million in 2006.
Diamonds & Minerals
2007 2006 Change
Production (Rio Tinto share)
Diamonds (000 carats) 26,023 35,162 -26%
Titanium dioxide (000 tonnes) 1,458 1,415 +3%
Borates (000 tonnes) 560 553 +1%
Gross sales revenue ($ millions) 3,921 3,461 +13%
Product group earnings ($ millions) 528 454 +16%
Evaluation projects/other ($ millions net of tax) (40) (48) -17%
EBITDA ($ millions) 1,191 1,061 +12%
Capital expenditure ($ millions) 1,107 617 +79%
Diamond markets
The Christmas holiday period in the U.S. was assessed as generally weak overall,
with many jewellers reporting declines in sales compared with 2006. The tight
supply outlook for rough diamonds is expected to lead to healthy demand in 2008,
especially for better quality rough diamonds. In the cutting centres,
manufacturers' margins are likely to remain under pressure, due to a weak US
dollar and rough price growth outpacing polished prices.
Argyle
Earnings of $87 million were $23 million above 2006, mainly attributable to
higher rough sales, higher polished pink tender prices and a one-off tax
benefit.
Diavik
Earnings of $193 million were $54 million above 2006. The effect of the
stronger Canadian dollar was more than compensated by higher production as
mining was almost exclusively from the higher grade A154S pipe in 2007 compared
with a blend of A154S and A154N pipes in 2006.
Murowa
Earnings from Murowa of $3 million were $7 million below 2006, attributable to
lower volumes arising from a strategy to increase stripping so as to improve pit
stability.
Rio Tinto Iron & Titanium
Earnings of $164 million were $12 million above 2006. Demand for titanium
dioxide chloride feedstock and metallic and zircon co-products remained firm,
leading to improved prices for the year. Higher volumes and the one-off benefit
of a lower Canadian corporate tax rate offset the impact of a stronger Canadian
dollar.
Rio Tinto Minerals
Earnings of $84 million were $7 million below 2006. Pricing momentum was
maintained but was offset by the absence of one-off tax benefits from the prior
year.
Diamonds and Minerals projects
Diamonds and Minerals projects are now reported within the product group.
Expenditure during the year mainly related to the potash project in Argentina.
Other operations
2007 2006 Change
Underlying earnings ($ millions) 15 33 -55%
Closure activities relating to Kelian resulted in a $2 million loss in 2007.
This compared with a $13 million profit in 2006 following the sale of the last
remaining gold inventories.
A significant tightening of the US mortgage market impacted Kennecott Land's
Project Daybreak. During 2007, 550 residential lots were sold compared with
sales of just over 900 lots during 2006. This project is one of the biggest
privately owned land developments in the US and is located in a fast growing
region with positive demographic trends. It is anticipated to add substantial
value to shareholders over time.
Exploration and Evaluation
2007 2006 Change
Post-tax credit / (charge) ($ millions) 20 (84) +124%
The post-tax centrally reported exploration charge is presented net of the
profit on disposal of exploration properties.
There was a significant step up in exploration and evaluation expenditure
(pre-disposals) with a post-tax charge in 2007 of $175 million, compared with
$140 million in 2006. As part of Rio Tinto's continuing focus on optimising its
portfolio, $195 million (post-tax earnings) was realised from exploration
divestments in 2007 compared with $56 million in 2006.
Two greenfield discoveries, the Chapudi thermal coal deposit in South Africa and
the Kintyre uranium deposit in Western Australia, were transferred to product
group evaluation teams. Chapudi is an open-pittable resource in excess of one
billion tonnes. Kintyre is now being offered for sale. One brownfield discovery,
the Caliwingina North channel iron deposit, was transferred to Pilbara Iron
adding 875Mt to Rio Tinto's Pilbara resource base.
Greenfield order of magnitude studies continued at the Bunder project (diamonds,
India) and commenced at the Chilubane and Mutamba (ilmenite, Mozambique),
Jarandol and Jadar (borates, Serbia) and Namekara (vermiculite, Uganda)
deposits. All are scheduled for completion in early to mid 2008. Negotiations
continued with the Government of Indonesia on the Contract of Work for the
Sulawesi nickel project.
Significant progress at early stage greenfield projects in Australia (zircon),
Brazil (bauxite), Canada (potash), Colombia (bauxite) and the US (nickel) is
expected to lead to commencement of new order of magnitude studies in the second
half of 2008. Several other projects are showing early encouragement and could
be fast tracked to this stage.
Capital projects
Project Estimated Status/Milestones
cost
(100%)
Completed in 2007
Iron ore - Expansion of Hamersley's (Rio Tinto $226m Project completed in March 2007.
share 100%) Mount Tom Price mine to 28 million
tonnes per annum capacity.
Iron ore - Brownfields mine expansion of $530m First ore was produced in May 2007, with
Hamersley's (Rio Tinto 100%) Yandicoogina mine the project completed at the end of the
from 36 million tonnes per annum to 52 million third quarter of 2007 on time and on
tonnes per annum. budget.
Iron ore - Expansion of Hamersley's (Rio Tinto $803m This project was completed at the end of
100%) Dampier port (Phase B) from 116 million 2007 on schedule and on budget.
tonnes per annum to 140 million tonnes per annum
capacity and additional rolling stock and
infrastructure.
Iron ore - Hope Downs development (Rio Tinto $980m First production occurred in November
share: 50% of mine and 100% of infrastructure). 2007, three months ahead of schedule. The
Construction of 22 million tonnes per annum mine first train load took place in December
and related infrastructure. 2007.
Ongoing
Copper - Kennecott Utah Copper (Rio Tinto 100%) $170m The project was approved in February 2005
East 1 pushback. The project extends the life of and work on the pushback continues. The
the open pit to 2017 while retaining options for pebble crushing unit was commissioned in
further underground or open pit mining thereafter. the third quarter of 2006.
Titanium dioxide - Construction by QMM (Rio Tinto $1.0bn Construction is underway. The budget was
80%) of a greenfield ilmenite operation in revised in 2007. First production is
Madagascar and associated upgrade of processing expected at the end of 2008.
facilities at QIT.
Alumina -Expansion of the Gove Alumina Refinery $2.3bn Approved in September 2004, the expansion
(Rio Tinto 100%) from 2.0 to 3.8 million tonnes is expected to reach full nameplate
per annum. capacity by the end of 2008.
Aluminium - Development of the 370,000 tonne per $1.7bn Approved in February 2005, first
annum greenfield Sohar smelter in Oman (Rio Tinto production is expected in the third
20%). quarter of 2008.
Aluminium - Aluminium spent pot lining recycling $180m Approved in September 2006, the plant is
plant in Quebec (Rio Tinto 100%). expected to begin pot lining treatment
operations in the second quarter of 2008.
Gold - Development of Cortez Hills (Rio Tinto $504m Approved in September 2005, the project
40%). continues to focus on permitting
requirements. The project is on time and
on budget.
Uranium - Rossing (Rio Tinto 68.6%) uranium mine $112m Approved in December 2005, works are on
life extension to 2016. schedule and on budget to prolong the life
of the mine to 2016 and beyond. The mine
life extension estimate remains at $82m
with $30m of sustaining capital
expenditure.
Project Estimated Status/Milestones
cost
(100%)
Ongoing (continued)
Diamonds - Argyle (Rio Tinto 100%) development of < $1.5bn Approved in December 2005, the underground
underground mine and open pit cutback, extending development consisting of 34 km of tunnels
the life of the mine to 2018. and excavations is currently 40% complete.
Construction of the major underground
infrastructure will commence in February
2008. Full production from the
underground mine is on schedule to be
achieved by December 2010.
Copper - Northparkes (Rio Tinto 80%) E48 block $160m Approved in November 2006.
cave project extending mine life to 2016. Underground development has
commenced and is on schedule for
May 2009 production start.
Energy - Clermont (Rio Tinto 50.1%) will produce $750m Approved in January 2007, first
12.2 million tonnes per annum, replacing Blair shipments are expected in the
Athol. second quarter of 2010 with full
capacity being reached in 2013.
Iron ore - Cape Lambert port expansion (Rio Tinto $952m Approved in January 2007, the
53%) from 55 to 80 million tonnes per annum and project is forecast to be complete
additional rolling stock and infrastructure. by the end of 2008, with
progressive capacity ramp up in the
first half of 2009. The estimated
capital cost now includes $92m for
additional rolling stock and
infrastructure.
Iron ore - Wharf upgrade and shiploader $65m The project is in progress and is
replacement at East Intercourse Island (Rio Tinto expected to be complete by May
100%). 2009.
Alumina - Expansion of Yarwun Alumina Refinery $1.8bn Approved in July 2007, the
from 1.4 to 3.4 million tonnes per annum. expansion will more than double
annual production at Yarwun and is
expected to come onstream by 2011.
Iron ore - Expansion of Hope Downs Stage 2 (Rio $350m Approved in August 2007, the
Tinto 50%) from 22 to 30 million tonnes per annum. expansion will be complete by early
2009.
Recently approved
Diamonds - Construction at Diavik (Rio Tinto 60%) $787m Capital investment of $563 million
of the underground mining. was approved in November 2007 in
addition to $224 million invested
in 2006-2007 for the feasibility
studies and related capital
projects. First production from the
underground mine is expected to
commence in 2009.
Iron ore - Mesa A development (Rio Tinto 53%): $901m Approved in November 2007, the mine
construction of a 25 million tonne per annum mine is forecast to be complete by 2010
and related infrastructure. with a progressive ramp up to 25
million tonnes per annum by 2011.
Iron ore - Brockman 4 development (Rio Tinto $1,521m Approved in November 2007, Phase A
100%): construction of a 22 million tonne per of the project, to 22 million
annum mine (Phase A) and related infrastructure. tonnes is forecast to be complete
by 2010, with scope to expand
further to 36 million tonnes per
annum by 2012.
Project Estimated Status/Milestones
cost
(100%)
Recently approved (continued)
Coking coal - extension and expansion of Kestrel $991m Approved in December 2007, the investment
mine (Rio Tinto share 80%). will extend the life of the mine to 2031
and increase production to an average of
5.7mtpa.
Nickel - Development of Eagle nickel mine in $300m Approved in December 2007, this high grade
Michigan, US. nickel and copper mine is expected to
commence production in late 2009,
delivering 16,000 tonnes of nickel per
annum over a seven year period.
Aluminium - Replacement of overhead cranes and $270m Approved in January 2008, the mobile
upgrade of crane runways on Lines 1 and 2 at Boyne cranes and associated runways on reduction
Smelters (Rio Tinto 59.4%). Lines 1 and 2 will be replaced. The
project is estimated to be completed by
late 2010.
Aluminium - Replacement of Lines 1 and 2 carbon $347m Approved in January 2008, the carbon
bake furnace at Boyne Smelters (Rio Tinto 59.4%). baking furnace that supplies anodes to
Lines 1and 2 will be replaced. The project
is estimated to be completed by mid 2011.
Price & exchange rate sensitivities
The following sensitivities give the estimated effect on underlying earnings
assuming that each individual price, exchange rate or interest rate moved in
isolation. The relationship between currencies and commodity prices is a complex
one and movements in exchange rates can cause movements in commodity prices and
vice versa. The exchange rate sensitivities quoted below include the effect on
operating costs of movements in exchange rates but exclude the effect of the
revaluation of foreign currency working capital. They should therefore be used
with care.
Average price/exchange Change Effect on full year
rate for 2007 underlying earnings
US$m
Copper 324c/lb +/- 32c/lb 360
Aluminium1 120c/lb +/-12c/lb 678
Gold $691/oz +/- $69/oz 64
Molybdenum $30/lb +/- $3/lb 69
Australian dollar1 84USc +/-8.4USc 494
Canadian dollar1 93USc +/-9.3USc 203
South African rand 14USc +/-1.4USc 55
US$ 3 month LIBOR2 +/-0.5% 158
1 Includes the full year effect of Alcan
2 Net interest sensitivity is the full year impact based on net debt at 31
December 2007.
About Rio Tinto
Rio Tinto is a leading international mining group headquartered in the UK,
combining Rio Tinto plc, a London and NYSE listed company, and Rio Tinto
Limited, which is listed on the Australian Securities Exchange.
Rio Tinto's business is finding, mining, and processing mineral resources. Major
products are aluminium, copper, diamonds, energy (coal and uranium), gold,
industrial minerals (borax, titanium dioxide, salt, talc) and iron ore.
Activities span the world but are strongly represented in Australia and North
America with significant businesses in South America, Asia, Europe and southern
Africa.
Forward-Looking Statements
This announcement includes forward-looking statements. All statements other than
statements of historical facts included in this announcement, including, without
limitation, those regarding Rio Tinto's financial position, business strategy,
plans and objectives of management for future operations (including development
plans and objectives relating to Rio Tinto's products, production forecasts and
reserve and resource positions), are forward-looking statements. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
Rio Tinto, or industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements.
Such forward-looking statements are based on numerous assumptions regarding Rio
Tinto's present and future business strategies and the environment in which Rio
Tinto will operate in the future. Among the important factors that could cause
Rio Tinto's actual results, performance or achievements to differ materially
from those in the forward-looking statements include, among others, levels of
actual production during any period, levels of demand and market prices, the
ability to produce and transport products profitably, the impact of foreign
currency exchange rates on market prices and operating costs, operational
problems, political uncertainty and economic conditions in relevant areas of the
world, the actions of competitors, activities by governmental authorities such
as changes in taxation or regulation and such other risk factors identified in
Rio Tinto's most recent Annual Report on Form 20-F filed with the United States
Securities and Exchange Commission (the 'SEC') or Form 6-Ks furnished to the
SEC. Forward-looking statements should, therefore, be construed in light of such
risk factors and undue reliance should not be placed on forward-looking
statements. These forward-looking statements speak only as of the date of this
announcement. Rio Tinto expressly disclaims any obligation or undertaking
(except as required by applicable law, the City Code on Takeovers and Mergers
(the 'Takeover Code'), the UK Listing Rules, the Disclosure and Transparency
Rules of the Financial Services Authority and the Listing Rules of the
Australian Securities Exchange) to release publicly any updates or revisions to
any forward-looking statement contained herein to reflect any change in Rio
Tinto's expectations with regard thereto or any change in events, conditions or
circumstances on which any such statement is based.
Nothing in this announcement should be interpreted to mean that future earnings
per share of Rio Tinto plc or Rio Tinto Limited will necessarily match or exceed
its historical published earnings per share.
Subject to the requirements of the Takeover Code, none of Rio Tinto, any of its
officers or any person named in this announcement with their consent or any
person involved in the preparation of this announcement makes any representation
or warranty (either express or implied) or gives any assurance that the implied
values, anticipated results, performance or achievements expressed or implied in
forward-looking statements contained in this announcement will be achieved.
For further information, please contact:
Media Relations, London Media Relations, Australia
Christina Mills Amanda Buckley
Office: +44 (0) 20 7781 1154 Office: +61 (0) 3 9283 3627
Mobile: +44 (0) 7825 275 605 Mobile: +61 (0) 419 801 349
Nick Cobban Ian Head
Office: +44 (0) 20 7781 1138 Office: +61 (0) 3 9283 3620
Mobile: +44 (0) 7920 041 003 Mobile: +61 (0) 408 360 101
Media Relations, Americas
Nancy Ives
Mobile: +1 619 540 3751
Investor Relations, London Investor Relations, Australia
Nigel Jones Dave Skinner
Office: +44 (0) 20 7781 2049 Office: +61 (0) 3 9283 3628
Mobile: +44 (0) 7917 227365 Mobile: +61 (0) 408 335 309
David Ovington Simon Ellinor
Office: +44 (0) 20 7781 2051 Office: +61 (0) 7 3867 1068
Mobile: +44 (0) 7920 010 978 Mobile: +61 (0) 439 102 811
Investor Relations, North America
Jason Combes
Office: +1 (0) 801 685 4535
Mobile: +1 (0) 801 558 2645
Email: questions@riotinto.com
Website: www.riotinto.com
High resolution photographs available at: www.newscast.co.uk
Group income statement
Years ended 31 December
2007 2006
US$m US$m
Gross sales revenue (including share of equity accounted units) (a) 33,518 25,440
Consolidated sales revenue 29,700 22,465
Net operating costs (excluding items shown separately) (20,750) (13,650)
Impairment (charges)/reversals (58) 396
Exploration and evaluation costs (b) (321) (237)
Operating profit 8,571 8,974
Share of profit after tax of equity accounted units 1,584 1,378
Profit before finance items and taxation 10,155 10,352
Finance items
Net exchange gains on external debt and intragroup balances 194 46
Net gains on currency and interest rate derivatives not qualifying for hedge accounting 57 35
Interest receivable and similar income 134 106
Interest payable and similar charges (538) (160)
Amortisation of discount related to provisions (166) (139)
(319) (112)
Profit before taxation 9,836 10,240
Taxation (2,090) (2,373)
Profit for the year 7,746 7,867
- attributable to outside equity shareholders 434 429
- attributable to equity shareholders of Rio Tinto (Net earnings) 7,312 7,438
Basic earnings per ordinary share (c) 568.7c 557.8c
Diluted earnings per ordinary share 566.3c 555.6c
Dividends paid during the year (US$m) 1,507 2,573
Dividends per share: paid during the year
- regular dividends 116.0c 81.5c
- special dividend - 110.0c
Dividends per share: proposed in the announcement of the results for the year
- final dividend 84.0c 64.0c
(a) Gross sales revenue includes the sales revenue of equity accounted units
of US$3,818 million (2006: US$2,975 million) in addition to Consolidated sales
revenue, which relates only to subsidiary companies.
(b) Exploration and evaluation costs are stated net of gains on disposal of
undeveloped properties totalling US$253 million (2006: US$46 million).
(c) For the purposes of calculating basic earnings per share, the weighted
average number of Rio Tinto plc and Rio Tinto Limited shares outstanding during
the year was 1,285.8 million (2006: 1,333.4 million), being the average number
of Rio Tinto plc shares outstanding of 1,000.1 million (2006: 1,047.7 million),
plus the average number of Rio Tinto Limited shares outstanding not held by Rio
Tinto plc of 285.7 million (2006: 285.7 million).
Group cash flow statement
Years ended 31 December
2007 2006
US$m US$m
Cash flow from consolidated operations 10,805 9,196
Dividends from equity accounted units 1,764 1,727
Cash flows from operations 12,569 10,923
Net interest paid (489) (128)
Dividends paid to outside shareholders of subsidiaries (168) (193)
Tax paid (3,421) (2,799)
Cash flow from operating activities 8,491 7,803
Cash used in investing activities
Net acquisitions of subsidiaries, joint ventures & associates (37,526) (279)
Purchase of property, plant & equipment and intangible assets (5,000) (3,992)
Sales of financial assets 49 293
Purchases of financial assets (273) (167)
Other investing cash flows 8 56
Cash used in investing activities (42,742) (4,089)
Cash flow before financing activities (34,251) 3,714
Cash from/(used in) financing activities
Equity dividends paid to Rio Tinto shareholders (1,507) (2,573)
Own shares purchased from Rio Tinto shareholders (1,624) (2,370)
Proceeds from issue of ordinary shares in Rio Tinto 13 31
Proceeds from additional borrowings 39,195 483
Repayment of borrowings (1,034) (1,102)
Other financing cash flows 54 142
Cash from/(used in) financing activities 35,097 (5,389)
Effects of exchange rates on cash and cash equivalents (27) 30
Net increase/(decrease) in cash and cash equivalents 819 (1,645)
Opening cash and cash equivalents 722 2,367
Closing cash and cash equivalents 1,541 722
Cash flow from consolidated operations
Profit for the year 7,746 7,867
Adjustments for:
Taxation 2,090 2,373
Finance items 319 112
Share of profit after tax of equity accounted units (1,584) (1,378)
Impairment charges/(reversals) 58 (396)
Depreciation and amortisation 2,115 1,509
Provisions 308 60
Utilisation of provisions (162) (194)
Utilisation of provision for post retirement benefits (121) (77)
Change in inventories 130 (454)
Change in trade and other receivables (385) (394)
Change in trade and other payables 375 116
Other items (84) 52
10,805 9,196
Group balance sheet
At 31 December
2007 2006
US$m US$m
Non-current assets
Goodwill 15,497 841
Intangible assets 7,910 384
Property, plant and equipment 45,647 22,207
Investments in equity accounted units 7,038 2,235
Loans to equity accounted units 245 136
Inventories 178 99
Trade and other receivables 1,862 983
Deferred tax assets 585 225
Tax recoverable 6 135
Other financial assets 580 374
79,548 27,619
Current assets
Inventories 5,382 2,540
Trade and other receivables 6,479 2,938
Assets held for sale 7,024 -
Loans to equity accounted units 117 15
Tax recoverable 250 79
Other financial assets 946 567
Cash and cash equivalents 1,645 736
21,843 6,875
Current liabilities
Bank overdrafts repayable on demand (104) (14)
Borrowings (8,109) (1,490)
Trade and other payables (6,667) (2,693)
Liabilities of disposal groups held for sale (2,632) -
Other financial liabilities (878) (193)
Tax payable (494) (1,024)
Provisions (783) (366)
(19,667) (5,780)
Net current assets 2,176 1,095
Non-current liabilities
Borrowings (38,614) (2,007)
Trade and other payables (503) (362)
Other financial liabilities (496) (233)
Tax payable (66) (86)
Deferred tax liabilities (6,486) (2,339)
Provision for post retirement benefits (3,195) (770)
Other provisions (6,040) (3,532)
(55,400) (9,329)
Net assets 26,324 19,385
Capital and reserves
Share capital
- Rio Tinto plc 172 172
- Rio Tinto Limited (excluding Rio Tinto plc interest) 1,219 1,099
Share premium account 1,932 1,919
Other reserves 2,416 641
Retained earnings 19,033 14,401
Equity attributable to Rio Tinto shareholders 24,772 18,232
Attributable to outside equity shareholders 1,552 1,153
Total equity 26,324 19,385
At 31 December 2007, Rio Tinto plc had 997.2 million ordinary shares in issue
and Rio Tinto Limited had 285.7 million shares in issue, excluding those held by
Rio Tinto plc. Net tangible assets per share was US$1.06 (2006: US$12.99).
Group statement of recognised income and expense
Years ended 31 December
Attributable to Outside 2007 2006
shareholders of interests Total Total
Rio Tinto US$m US$m US$m US$m
Currency translation adjustment 1,886 135 2,021 866
Cash flow hedge fair value losses (201) (223) (424) (378)
Gains on available for sale securities 49 2 51 19
Cash flow hedge losses transferred to the
income statement 89 76 165 137
Gains on revaluation of available for sale securities
transferred to the income statement (16) - (16) (4)
Actuarial gains on post retirement benefit plans 135 6 141 373
Tax recognised directly in equity 153 40 193 102
Net income recognised directly in equity 2,095 36 2,131 1,115
Profit after tax for the year 7,312 434 7,746 7,867
Total recognised income for the year 9,407 470 9,877 8,982
Group statement of changes in equity
Years ended 31 December
Attributable to Outside 2007 2006
shareholders of interests Total Total
Rio Tinto US$m US$m US$m US$m
Opening balance 18,232 1,153 19,385 15,739
Total recognised income for the year 9,407 470 9,877 8,982
Dividends (1,507) (164) (1,671) (2,766)
Own shares purchased from Rio Tinto shareholders
-Under capital management programme (1,348) - (1,348) (2,658)
-To satisfy share options (64) - (64) (49)
Ordinary shares issued 13 - 13 31
Outside interests in acquired companies - 55 55 -
Shares issued to outside interests - 38 38 69
Employee share options charged to income statement 39 - 39 23
Other movements - - - 14
Closing balance 24,772 1,552 26,324 19,385
Reconciliation with Australian IFRS
The Group's financial statements have been prepared in accordance with IFRS as
adopted by the European Union ('EU IFRS'), which differs in certain respects
from the version of IFRS that is applicable in Australia ('Australian IFRS').
Prior to 1 January 2004, the Group's financial statements were prepared in
accordance with UK GAAP. Under EU IFRS goodwill on acquisitions prior to 1998,
which was eliminated directly against equity in the Group's UK GAAP financial
statements, has not been reinstated. This was permitted under the rules
governing the transition to EU IFRS set out in IFRS 1. The equivalent
Australian Standard, AASB 1, does not provide for the netting of goodwill
against equity. As a consequence, shareholders' funds under Australian IFRS
include the residue of such goodwill, which amounted to US$736 million at 31
December 2007 (2006: US$740 million).
Save for the exception described above, the Group's financial statements drawn
up in accordance with EU IFRS are consistent with the requirements of Australian
IFRS.
Reconciliation of Net earnings to Underlying earnings
Outside
Pre-tax Taxation interests Net amount Net amount
2007 2007 2007 2007 2006
US$m US$m US$m US$m US$m
Exclusions from Underlying earnings
Profits less losses on disposal of interests in
businesses (a) 2 (1) - 1 3
Impairment (charges)/reversals (b) (58) 18 (73) (113) 44
Exchange differences and derivatives:
- Exchange gains/(losses) on external debt and
intragroup balances (c) 201 (37) (8) 156 (16)
- Gains/(losses) on currency and interest rate
derivatives not qualifying for hedge
accounting (d), (e) 52 (19) 1 34 30
Other exclusions (f) (308) 99 - (209) 39
Total excluded from Underlying earnings (111) 60 (80) (131) 100
Net earnings 9,836 (2,090) (434) 7,312 7,438
Underlying earnings 9,947 (2,150) (354) 7,443 7,338
'Underlying earnings' is an alternative measure of earnings, which is reported
by Rio Tinto to provide greater understanding of the underlying business
performance of its operations. Underlying earnings and Net earnings both
represent amounts attributable to Rio Tinto shareholders. Items (a) to (f) below
are excluded from Net earnings in arriving at Underlying earnings.
(a) Gains and losses arising on the disposal of interests in businesses.
(b) Charges and credits relating to impairment of non-current assets other
than undeveloped properties.
(c) Exchange gains and losses on US dollar debt and intragroup balances.
(d) Valuation changes on currency and interest rate derivatives which are
ineligible for hedge accounting, other than those embedded in commercial
contracts.
(e) The currency revaluation of embedded US dollar derivatives contained in
contracts held by entities whose functional currency is not the US dollar.
(f) Other credits and charges that, individually, or in aggregate if of a
similar type, are of a nature or size to require exclusion in order to provide
additional insight into underlying business performance.
Other charges excluded from underlying earnings, in 2007, primarily resulted
from the acquisition of Alcan. These include the non-recurring impact of US$213
million on pre-tax profit of revaluing inventories on acquisition based on
selling price, together with integration costs.
Consolidated net debt
2007 2006
US$m US$m
Analysis of changes in consolidated net debt
Opening balance (2,437) (1,313)
Adjustment on currency translation (223) (56)
Exchange gains credited to the
income statement 136 38
Gains on derivatives related to net debt 11 44
Debt of acquired companies (5,465) -
Cash movement excluding exchange movements (37,332) (1,146)
Other movements 158 (4)
Closing balance (45,152) (2,437)
Analysis of closing balance
Borrowings (46,723) (3,497)
Bank overdrafts repayable on demand (104) (14)
Cash and cash equivalents 1,645 736
Other liquid resources 6 6
Derivatives related to net debt 24 332
Consolidated net debt (45,152) (2,437)
Geographical analysis (by destination)
Years ended 31 December
2007 2006 2007 2006
% % US$m US$m
Gross sales revenue
22.6 21.9 North America 7,582 5,575
19.8 17.2 Europe 6,641 4,378
16.8 19.6 Japan 5,633 4,986
18.0 16.0 China 6,021 4,062
12.2 13.5 Other Asia 4,105 3,438
5.6 5.8 Australia and New Zealand 1,892 1,477
5.0 6.0 Other 1,644 1,524
100.0 100.0 Total 33,518 25,440
Prima facie tax reconciliation
2007 2006
US$m US$m
Profit before taxation 9,836 10,240
Deduct: share of profit after tax of equity accounted units (1,584) (1,378)
Parent companies' and subsidiaries' profit before tax 8,252 8,862
Prima facie tax payable at UK and Australian rate of 30% 2,476 2,659
Impact of items excluded from Underlying earnings (28) 201
Other permanent differences
Additional recognition of deferred tax assets (a) - (335)
Utilisation of previously unrecognised deferred tax assets - (140)
Adjustments to deferred tax liabilities following changes in tax rates (b) (392) (46)
Other tax rates applicable outside the UK and Australia 271 242
Resource depletion and other depreciation allowances (173) (187)
Research, development and other investment allowances (81) (21)
Other items 17 -
(358) (487)
Total taxation charge (c) (d) 2,090 2,373
(a) The 'Additional recognition of deferred tax assets' of US$335 million in
2006 reflected improved prospects for future earnings from the Group's US
operations.
(b) The 'Adjustments to deferred tax liabilities following changes in tax
rates', totalling US$392 million (2006: US$46 million) result from a reduction
in Canadian tax rates.
(c) This tax reconciliation relates to the parent companies and subsidiaries
and proportionally consolidated units. The Group's share of profit of equity
accounted units is net of tax charges of US$917 million (2006: US$770 million).
(d) The total taxation charge includes UK - US$150 million (credit),
Australia - US$1,378 million and Other - US$862 million (2006: UK - US$41
million, Australia - US$1,420 million and Other - US$912 million).
Acquisitions
On 23 October 2007, the Rio Tinto Group acquired a controlling 79.42% interest
in the issued share capital of Alcan Inc. The remaining 20.58% was acquired by
14 November 2007.
The total purchase price to acquire Alcan Inc amounted to US$38.7 billion, which
comprised US$38.5 billion of cash and US$0.2bn of liabilities assumed.
Alcan Inc. is the parent company of an international group of companies involved
in bauxite mining, alumina refining, aluminium smelting, engineered products,
flexible and specialty packaging, as well as related research and development.
The Group has decided to dispose of Alcan Packaging, which is presented in the
balance sheet in the lines: 'Assets held for sale' and 'Liabilities of disposal
groups held for sale'. Therefore, the income and cash flow statements for the
year exclude amounts relating to Alcan Packaging.
The fair values of the identifiable assets and liabilities of Alcan Inc. as at
the date of acquisition were provisionally estimated as follows:
Fair Provisional
IFRS carrying value fair
values adjustments values
US$m US$m US$m
Intangible assets 804 6,663 7,467
Property, Plant & Equipment 11,579 6,703 18,282
Equity method investments 1,415 2,770 4,185
Inventories 2,643 213 2,856
Assets held for sale 6,984 - 6,984
Cash 991 - 991
Deferred tax assets 223 5 228
Other assets 4,353 231 4,584
Loans and borrowings (5,580) 115 (5,465)
Liabilities of disposal group held for sale (2,642) - (2,642)
Deferred tax liabilities (461) (3,721) (4,182)
Provisions for liabilities and charges (4,581) (57) (4,638)
Other liabilities (4,265) (211) (4,476)
Minority interest (55) - (55)
Goodwill 2,055 12,478 14,533
Net attributable assets including goodwill 13,463 25,189 38,652
Total consideration:
Cost of shares 37,996
Acquisition costs 74
Liabilities assumed 132
Loan to acquired subsidiary 450
Total Consideration - Alcan 38,652
Other subsidiaries and EAUs acquired 54
Total Consideration 38,706
Cash outflow on acquisitions:
Total consideration 38,706
Net cash of acquired companies (991)
Liabilities assumed (132)
Other (57)
Net acquisitions per cash flow statement 37,526
The future economic benefits represented by the goodwill include those
associated with synergies, future development and expansion projects and the
assembled workforce. As a result of the size of the acquisition and complexity
of the valuation process, the above fair values are provisional. These will be
subject to further review during the 12 months from the acquisition date.
For the period since acquisition, sales revenue of US$3,544 million (excluding
equity accounted units) and profit after tax of US$294 million attributable to
continuing operations are included in the Group income statement.
Accounting policies
The financial information included in this report has been prepared on the basis
of all IFRSs and Interpretations adopted by the European Union that are
mandatory for periods ending 31 December 2007 and in accordance with: applicable
United Kingdom law, applicable Australian law as amended by the Australian
Securities and Investments Commission Order dated 27 January 2006 (as amended on
22 December 2006); and Article 4 of the European Union IAS regulation.
The EU IFRS financial information has been drawn up on the basis of accounting
policies consistent with those applied in the financial statements for the year
to 31 December 2006, except as follows:
- the Group has adopted weighted average cost as its method of
inventory valuation. This method of inventory valuation is more widely used by
companies in the mining industry. Previously, the Group valued its inventories
on the basis of First In, First Out ('FIFO'). The effect of this adjustment is
not material to Group earnings or to shareholders' funds in the current or prior
periods. Therefore, prior period information has not been restated.
- The Group has also applied other new accounting standards and
interpretations in the year. These affect disclosure only, and have no impact on
this financial information. Therefore, full details will be included in the 2007
Annual Report and Financial Statements.
Certain prior year information has been reclassified to conform with the current
year presentation. Exploration and evaluation costs charged against income were
previously included in 'Cash used in investing activities' but are now included
within 'Cash flow from operating activities'. As a result, exploration and
evaluation costs expensed of US$273 million have been reclassified in the
comparative figures for the full year 2006, within the Cash flow statement.
Status of financial information
This preliminary announcement does not constitute the Group's full financial
statements for 2007, which will be approved by the Board and reported on by the
auditors on 5 March 2008 and subsequently filed with the Registrar of Companies
and the Australian Securities and Investments Commission. Accordingly, the
financial information for 2007 is unaudited and does not have the status of
statutory accounts within the meaning of Section 240 of the Companies Act 1985.
Financial information for the year to 31 December 2006 has been extracted from
the full financial statements prepared under the historical cost convention, as
modified by the revaluation of certain derivative contracts and financial
assets, as filed with the Registrar of Companies. The Auditors' report on the
full financial statements for the year to 31 December 2006 was unqualified and
did not contain statements under section 237(2) of the United Kingdom Companies
Act 1985 (regarding adequacy of accounting records and returns), or under 237(3)
(regarding provision of necessary information and explanations).
Notes to financial information by business unit (Pages 8 and 9)
The following changes have been made to the presentation of this information.
Full year 2006 results have been reclassified accordingly.
Product groups/business segments
During 2007, Industrial Minerals and Diamonds were combined to form the Diamonds
and Minerals product group.
Other
Project evaluation and other costs specifically attributable to product groups
are now reported as part of product group earnings. Previously, these were
reported centrally in 'Exploration and evaluation' and 'Other items',
respectively.
Capitalised evaluation costs
Capital expenditure by product group now includes capitalised evaluation costs.
Business units have been classified according to the Group's management
structure. Generally, this structure has regard to the primary product of each
business unit but there are exceptions. For example, the Copper group includes
certain gold operations.
(a) Gross sales revenue includes 100 per cent of subsidiaries' sales revenue
and the Group's share of the sales revenue of equity accounted units.
(b) EBITDA of subsidiaries and the Group's share of EBITDA relating to
equity accounted units represents profit before: tax, net finance items,
depreciation and amortisation.
(c) Net earnings represent profit after tax for the period attributable to
the Rio Tinto Group. Earnings of subsidiaries are stated before finance items
but after the amortisation of the discount related to provisions. Earnings
attributable to equity accounted units include interest charges and amortisation
of discount. Earnings attributed to business units do not include amounts that
are excluded in arriving at Underlying earnings.
(d) The Group holds 65 per cent of Robe River Iron Associates, of which 30
per cent is held through a 60 per cent owned subsidiary. The Group's net
beneficial interest is therefore 53 per cent, net of amounts attributable to
outside equity shareholders.
(e) Includes Rio Tinto's 75.7 per cent interest in Coal and Allied, which is
managed by Rio Tinto Coal Australia, a 100 per cent subsidiary of Rio Tinto.
(f) Includes Rio Tinto's interests in Rio Tinto Aluminum (100 per cent)
and Anglesey Aluminium (51 per cent).
(g) Under the terms of a joint venture agreement, Rio Tinto is entitled to
40 per cent of additional material mined as a consequence of expansions and
developments of the Grasberg facilities since 1998.
(h) Diamonds includes Rio Tinto's interests in Argyle (100 per cent), Diavik
(60 per cent) and Murowa (77.8 per cent).
(i) Includes Rio Tinto's interests in Rio Tinto Borax (100 per cent),
Dampier Salt (68.4 per cent) and Luzenac Talc (100 per cent).
(j) Capital expenditure comprises the net cash outflow on purchases less
disposals of property, plant and equipment, capitalised evaluation costs and
purchases less disposals of other intangible assets. The details provided
include 100 per cent of subsidiaries' capital expenditure and Rio Tinto's share
of the capital expenditure of equity accounted units. Amounts relating to equity
accounted units not specifically funded by Rio Tinto are deducted before
arriving at total capital expenditure for the Group.
(k) Operating assets of subsidiaries comprise net assets before deducting
net debt, less outside shareholders' interests which are calculated by reference
to the net assets of the relevant companies (i.e. net of such companies' debt).
For equity accounted units, Rio Tinto's net investment is shown.
Summary financial data in Australian dollars, Sterling and US dollars
2007 2006 2007 2006 2007 2006
A$m A$m £m £m US$m US$m
39,957 33,810 16,741 13,818 Gross sales revenue 33,518 25,440
35,405 29,856 14,834 12,203 Consolidated sales revenue 29,700 22,465
11,725 13,609 4,913 5,562 Profit before taxation 9,836 10,240
9,234 10,455 3,869 4,273 Profit for the year 7,746 7,867
Net earnings attributable to Rio
8,717 9,885 3,652 4,040 Tinto shareholders 7,312 7,438
8,873 9,752 3,718 3,986 Underlying earnings (a) 7,443 7,338
677.9c 741.3c 284.0p 303.0p Basic earnings per ordinary share 568.7c 557.8c
690.1c 731.3c 289.1p 298.9p Basic Underlying earnings per 578.9c 550.3c
ordinary share (a)
Dividends per share to
Rio Tinto shareholders
143.5c 107.3c 58.2p 44.8p - paid (regular) 116.0c 81.5c
- 145.4c - 61.9p - paid (special) - 110.0c
93.0c 82.8c 43.1p 32.6p - proposed final dividend 84.0c 64.0c
(40,830) 4,936 (17,107) 2,017 Cash flow before financing (34,251) 3,714
activities
(51,426) (3,084) (22,683) (1,241) Net debt (45,152) (2,437)
28,214 23,069 12,444 9,283 Equity attributable to 24,772 18,232
Rio Tinto shareholders
(a) Underlying earnings exclude net expenses of US$131 million (2006: US$100
million net income), which are analysed on page 26.
(b) The financial data above has been extracted from the financial
information set out on pages 22 to 27.
The Australian dollar and Sterling amounts are based on the US dollar amounts,
retranslated at average or closing rates as appropriate, except for the
dividends which are the actual amounts payable.
Metal prices and exchange rates
Increase/
2007 2006 (Decrease)
Metal prices - average for the period
Copper - US cents/lb 324c 306c 6%
Aluminium - US cents/lb 120c 116c 3%
Gold - US$/troy oz US$691 US$602 15%
Molybdenum - US$/lb US$30 US$25 20%
Average exchange rates in US$
Sterling 2.00 1.84 9%
Australian dollar 0.84 0.75 11%
Canadian dollar 0.93 0.88 6%
South African rand 0.14 0.15 (4%)
Period end exchange rates in US$
Sterling 1.99 1.96 1%
Australian dollar 0.88 0.79 11%
Canadian dollar 1.01 0.86 18%
South African rand 0.15 0.14 2%
Availability of this report
This report is available on the Rio Tinto website.
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