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Feb 12 (Reuters) - Rio Tinto Ltd ( RIO) :
- Rio Tinto 2015 full year results (RIO)
- FY underlying earnings $4.5 billion versus $9.31 billion a year ago
- Final dividend of 107.5 US cents per share
- Capital expenditure expected to be around $4.0 billion in 2016
- Continuing to target 20 to 30 per cent gearing ratio through the cycle.
- Underlying effective tax rate of approximately 27 to 30 per cent expected in 2016.
- Operating cash cost improvements (including exploration and evaluation savings) of $1 billion (pre-tax) expected in 2016
- Production guidance is unchanged from the fourth quarter operations review.
- Operating cash cost improvements additional goal of $1 billion (pre-tax) in 2017
- Net debt as at December 31, 2015 $13.78 billion versus $12.5 billion a year ago
- FY net loss $866 million versus net earnings of $6.53 billion a year ago
- Sees underlying effective tax rate of approximately 27 to 30 per cent expected in 2016
- Says "for 2016, we intend that the full year dividend will not be less than 110 US cents per share"
- Believes that maintaining the current progressive dividend policy would constrain the business
- Expects total cash returns to shareholders over longer term to be in range of 40 to 60 percent of underlying earnings in aggregate through the cycle
- Believes maintaining the current progressive dividend policy would act against shareholders' long-term interests
- Replacing the progressive dividend policy with a more flexible approach
- Low capital paths being pursued with spend focused around silvergrass and Oyu Tolgoi underground
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