Finding better ways to provide the materials the world needs
Purpose & Values
The drive for innovation and continuous improvement is at the heart of our purpose
Business Strategy
Climate change is at the heart of our business strategy
Innovation
Finding better ways to do things is in our DNA
We supply the metals and minerals used to help the world grow and decarbonise
Iron Ore
The primary raw material used to make steel, which is strong, long-lasting and cost-efficient
Lithium
The lightest of all metals, it is a key element needed for low-carbon technologies
Copper
Tough but malleable, corrosion-resistant and recyclable, and an excellent conductor of heat and transmitter of electricity
Bringing to market materials critical to urbanisation and the transition to a low-carbon economy
Oyu Tolgoi
One of the most modern, safe and sustainable operations in the world
Rincon Project
A long-life, low-cost and low-carbon lithium source
Simandou Project
The world’s largest untapped high-grade iron ore deposit
Providing materials the world needs in a responsible way
Climate Change
We’re targeting net zero emissions by 2050
Tailings
Details of our tailings facilities can be found on our interactive tailings disclosure map
Communities
The strength of our relationships with the communities where we operate, and broader society, is fundamental to our business
We aim to deliver superior returns to our shareholders while safeguarding the environment and meeting our obligations to wider society
2024 Half year results
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Things you can't live without
Our podcast discussing what needs to happen to create a sustainable future for the everyday items we have come to rely on
Investment in high integrity ACCUs
While prioritising our decarbonisation programmes, we are investing in high quality carbon credits
Reducing titanium oxide's carbon footprint
Our BlueSmelting technology could drastically reduce carbon emissions during ore processing
Discover more about life at Rio Tinto
Graduates and students
If you want to drive real change, we have just the place to do it
Empowering families with flexibility
Supporting new parents of any gender with equal access to parental leave
Available jobs
Join our team
LONDON--(BUSINESS WIRE)--Rio Tinto Chief Executive J-S Jacques said “We have again delivered strong financial results with underlying EBITDA of $21.2 billion, underlying EBITDA margin of 47% and return on capital employed of 24%. This performance allows us to return a record final ordinary dividend of $3.7 billion, resulting in a full-year ordinary dividend of $6.2 billion and total cash returns of $7.2 billion.
“In line with our disciplined approach to capital allocation, we invested $2.6 billion in development projects, including high-return iron ore and copper. Longer term, our $624 million exploration and evaluation expenditure in 2019 adds to our pipeline of attractive options.
"Our world-class portfolio and strong balance sheet serve us well in all market conditions, and are particularly valuable in the current volatile environment. We are closely monitoring the impact of the Covid-19 virus and are prepared for some short-term impacts, such as supply-chain issues. Our products are currently reaching our customers.
"Our resilience and value over volume strategy mean we can invest in our business and deliver superior returns to shareholders in the short, medium and long term."
At year end
2019
2018
Change
Net cash generated from operating activities (US$ millions)
14,912
11,821
26
%
Capital expenditure1 (US$ millions)
5,488
5,430
1
Free cash flow2 (US$ millions)
9,158
6,977
31
Underlying EBITDA3 (US$ millions)
21,197
18,136
17
Underlying earnings3 (US$ millions)
10,373
8,808
18
Net earnings (US$ millions)
8,010
13,638
(41
)%
Underlying earnings3 per share (US cents)
636.3
512.3
24
Ordinary dividend per share (US cents)
382.0
307.0
Total dividend per share (US cents)
443.0
550.0
(19
Net (debt)/cash4 (US$ millions)
(3,651)
255
Return on capital employed (ROCE)6
19
Our financial results are prepared in accordance with International Financial Reporting Standards (IFRS).
1 Capital expenditure is presented gross, before taking into account any cash received from disposals of property, plant and equipment (PP&E) and excludes capital expenditure for equity accounted units.
The following financial performance indicators - which are non-GAAP measures - are those management uses internally to assess performance. We therefore consider them relevant to readers of this document and present them here to give more clarity around the underlying business performance of our operations.
2 Free cash flow is defined as net cash generated from operating activities less purchase of PP&E, plus sales of PP&E less lease principal payments, following the adoption of IFRS 16 "Leases" in 2019.
3 Net and underlying earnings relate to profit attributable to the owners of Rio Tinto. Underlying EBITDA and earnings are defined on
page 15. Underlying earnings is reconciled to net earnings on page 10.
4 Net debt / cash is defined and reconciled to the balance sheet on page 46.
5 Net gearing ratio is defined as net debt divided by the sum of net debt and total equity at the end of each period.
6 Return on capital employed (ROCE) is defined as underlying earnings excluding net interest divided by average capital employed (operating assets before net debt).
7 Underlying EBITDA margin is defined as the Group's underlying EBITDA divided by Product Group total revenues per the financial information by business unit on page 13. Product Group total revenues is defined as consolidated sales revenue plus share of equity accounted unit sales and intra-subsidiary/equity accounted unit sales.
8 See page 42 for a pre-tax analysis of impairment charge.
The full Rio Tinto 2019 full year results announcement is available here
This announcement is authorised for release to the market by Rio Tinto’s Group Company Secretary.
LEI: 213800YOEO5OQ72G2R82
Classification: 3.1 Additional regulated information required to be disclosed under the laws of a Member State
Category: General
media.enquiries@riotinto.comriotinto.comFollow @RioTinto on TwitterMedia Relations, United KingdomIlltud HarriM +44 7920 503 600David OuthwaiteT +44 20 7781 1623M +44 7787 597 493Media Relations, AmericasMatthew KlarT +1 514 608 4429Media Relations, AsiaGrant DonaldT +65 6679 9290M +65 9722 6028Media Relations, AustraliaJonathan RoseT +61 3 9283 3088M +61 447 028 913Matt ChambersT +61 3 9283 3087M +61 433 525 739Jesse RiseboroughT +61 8 6211 6013M +61 436 653 412Investor Relations, United KingdomMenno SanderseT: +44 20 7781 1517M: +44 7825 195 178David OvingtonT +44 20 7781 2051M +44 7920 010 978Investor Relations, AustraliaNatalie WorleyT +61 3 9283 3063M +61 409 210 462Rio Tinto plc6 St James’s SquareLondon SW1Y 4ADUnited KingdomT +44 20 7781 2000Registered in EnglandNo. 719885Rio Tinto LimitedLevel 7, 360 Collins StreetMelbourne 3000AustraliaT +61 3 9283 3333Registered in AustraliaABN 96 004 458 404
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With the exception of the use of cookies (explained below), Rio Tinto generally does not seek to collect personal data through this website. However if you choose to provide personal data to Rio Tinto through this website (for example, by sending us an email), we will process that personal data to answer your query and if relevant, to manage our business relationship with you or your company. We won't process that personal data for other purposes except where required to meet our legal obligations or otherwise as authorised by law and notified to you.
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