Presentation To North American Fixed Income Investors 29 31 March 2010
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Presentation to North American Fixed Income Investors, 29-31 March 2010
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Semelhante a Presentation To North American Fixed Income Investors 29 31 March 2010
Semelhante a Presentation To North American Fixed Income Investors 29 31 March 2010 (20)
Presentation To North American Fixed Income Investors 29 31 March 2010
- 1. Presentation to North American Fixed Income Investors 29-31 March 2010
- 8. 2009 Achievements Delivering against our commitments Target Achieved Reduce controllable operating costs by at least $2.5 Bn per annum in 2010 Controllable operating costs reduced by $2.6 Bn in 2009 Reduction in global headcount of 14,000 roles Global headcount reduced by around 16,000 in first half 2009 Reduce net debt by $10 Bn by end of 2009 Net debt reduced by $20 Bn by the end of 2009 through divestments, operating cash flows and rights issues proceeds Alcan post-tax synergies of $1.1 Bn after the end of 2009 Alcan post-tax synergy run-rate at $1.1 Bn at the end of 2009 Capital expenditure of $4 Bn in 2009 Strengthened balance sheet and improved outlook has allowed capital expenditure of $5.4 Bn in 2009
- 9. Net debt at end of period ($ Bn) The balance sheet has been recapitalised and refinancing risk has been mitigated Leverage and Liquidity Note: Debt maturity profile is as at 31 December 2009. $4 Bn of the 2012 maturity was repaid in January and February 2010 Gross debt maturity profile ($ Bn) $4bn repaid in Jan & Feb 2010
- 10. 2009 – Sources & Uses of Cash Interest – $1.1 Bn 2009 full year cash flows ($ Bn) Rights issue proceeds – $14.8 Bn Disposal proceeds and other inflows – $2.4 Bn Cash flow from operations – $13.8 Bn Reduction in net debt – $19.8 Bn Tax – $3.1 Bn Dividends – $0.9 Bn Other – $0.7 Bn Capex – $5.4 Bn $20 Bn used to strengthen the balance sheet of which a net $14.8 Bn was raised from rights issues
- 11. Progress on Divestments Significant cash generation from divestment of non-core assets 2010 2.0 Alcan Packaging global pharma, tobacco, food Europe and Asia, Vickery, Asset Price ($ Bn) Completed Greens Creek, Cortez, Kintyre, other 3.1 2008 Ningxia, sundry exploration properties 0.2 Corumbá and potash assets 1.7 Jacobs Ranch 0.8 2009 Cloud Peak Energy (52%) 0.7 Alcan Engineered Products Composites 0.3 Alcan Packaging Food Americas, Maules Creek 1.5 Total completed 10.3 Note: All amounts represent gross proceeds before tax and costs of sale
- 13. Economic Outlook
- 16. 2010 Priorities
- 19. Key Mines and mining projects Smelters, refineries and processing plants remote from mine Aluminium Copper Diamonds Energy Iron ore Minerals Growth opportunities We have preserved our growth options
Notas do Editor
- Our corporate aim has been to always remain investment grade and despite recent downgrades our aim is to improve to an A rating in the near future We are always speaking to ratings agencies to ensure they are aware of our ability to generate cash via our quality operations
- The current global downturn is the most severe since the Second World War. Yet the longer term drivers of industrialisation, urbanisation and productivity remain intact. Over the next fifteen years, consumption trends will lead to a doubling in iron ore, aluminium, and copper demand and will require a significant supply response. To put this in perspective by 2030 this will be equivalent to adding one Pilbara system every 5 years, one Saguenay system every nine months, and one Escondida every year. With Rio Tinto’s large suite of low cost, large scale, long life assets and expansion options along with core skills in operating excellence, exploration, technology and innovation, we are very well positioned to meet these challenges
- Rio Tinto’s core strategy remains to invest in and operating large, long life, low cost mines and assets Quality of asset not choice of commodity Superior profits delivered by high quality assets Strong performance sustainable over long term To deliver Group will continue to concentrate on Tier 1 assets that will operate profitably at every stage of the commodity cycle. Strengthening our balance sheet and striving toward a single ‘A’ credit rating is key, tempered by our need to grow to meet future demand Operate in an ethical and socially responsible matter putting sustainable development at the heart of everything we do