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Southern Africa Site visit - November 2016

Financial results centre

Financial Highlights

Net debt decreased to


Disposals agreed


Group underlying EBIT


Attributable free cash flow


Results Highlights


Balance sheet strengthened through capital and cost discipline – expected to deliver net debt of less than $10 billion at end 2016.

  • Net debt at 30 June 2016 decreased to $11.7 billion (vs. $12.9 billion as at 31 December 2015) through cost discipline and working capital and capex reductions:
    • Attributable free cash flow of $1.1 billion (vs. $0.2 billion in H1 2015)
    • Disposal proceeds of $1.5 billion agreed and expect to be completed in H2 2016
  • Group underlying EBIT of $1.4 billion, a 27% decrease, due to lower commodity prices ($1.2 billion underlying EBIT impact), partially offset by weaker producer country currencies ($0.9 billion underlying EBIT benefit) and incremental cost reductions
  • Operating performance and associated cost and capex reductions mitigating headwinds:
  • Unit costs decreased by 19% (vs. H1 2015) in US dollar terms (Cu eq.)
  • Expect to deliver $1.6 billion of cost and volume improvements in 2016
    • $1.9 billion target included $300 million now reclassified as capex and working capital reduction
    • $0.3 billion of cost and volume improvements delivered in H1 2016
  • Commodity price-driven impairment of $1.2 billion relating to Moranbah and Grosvenor coal assets contributing to a loss before tax of $364 million

Replay Passcode:

United Kingdom:
0800 358 7735 /
(0)20 3427 0598

South Africa:
11 019 7025

United Kingdom:
(0)20 3427 0598

(0)2 8014 7928

1866 932 5017


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