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LATEST RESULTS 24 Jul 2015

2015 Interim Results

Chief Executive, Mark Cutifani and Finance Director, René Médori

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Results highlights

Improved operational performance and accelerated cost and capex reductions to mitigate price weakness

  • Group underlying EBIT of $1.9 billion, a 36% decrease due to sharply weaker commodity prices ($1.9 billion underlying EBIT impact), partially offset by weaker producer country currencies and cost reductions ($0.6 billion underlying EBIT benefit)
  • Commodity price-driven impairments of $3.5 billion after tax, including $2.9 billion at Minas-Rio
  • Productivity improvements and indirect and capital cost reductions accelerated, with disposals being progressed:
    • $1.5 billion of operating and indirect cost reductions and productivity gains targeted in H2 2015 and 2016 (operating costs $800 million, productivity gains $400 million, indirect costs $300 million)
    • Additional capital expenditure reductions of up to $1.0 billion by end 2016
    • $1.6 billion of disposal proceeds delivered in July 2015
  • Improved operational performance and cash flows delivering net debt of $13.5 billion as at 30 June 2015 (31 December 2014: $12.9 billion), with $15.0 billion of liquidity maintained. Following receipt of Lafarge Tarmac proceeds, net debt is $11.9 billion.
    • Production volumes increased by 8% (Cu eq.)
    • Unit costs decreased by 5% (local currency) and 14% in US dollar terms

 

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