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Rio Tinto Annual Report 2014

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Rio Tinto Annual Report 2014 riotinto.com/ar2014 2014 Annual report Delivering sustainable shareholder returns Contents Strategic report Performance highlights 1 Navigating through Rio Tinto’s Annual and Strategic report Group overview 2 As of 2013, the UK’s regulatory reporting framework requires companies to produce a strategic report. The intention is to provide investors with the option of receiving a document which is more concise than the full annual report, and Chairman’s letter 4 which is strategic in its focus. Chief executive’s statement 5 The first 41 pages of Rio Tinto’s 2014 Annual report constitute its 2014 Strategic report. References to page numbers Strategic context 7 beyond 41 are references to pages in the full 2014 Annual report. This is available online at riotinto.com/ar2014 or Group strategy 8 shareholders may obtain a hard copy free of charge by contacting Rio Tinto’s registrars, whose details are set out on page 228. Business model 11 Key performance indicators 12 Please visit Rio Tinto’s website to learn more about the Group’s performance in 2014. Principal risks and uncertainties 14 Capital allocation 18 This Annual report, which includes the Group’s 2014 Strategic report, complies with Australian and UK reporting requirements. Sustainable development 20 Copies of Rio Tinto’s shareholder documents – the 2014 Annual report and 2014 Strategic report, along with the Independent limited assurance report 27 2015 Notices of annual general meeting – are available to view on the Group’s website: riotinto.com Product groups Aluminium 28 Copper 30 Diamonds & Minerals 32 Energy 34 Iron Ore 36 Exploration 38 Technology & Innovation 39 Financial overview 40 Five year review 41 Directors’ report Directors’ report 44 Board of directors 49 Executive Committee 52 Corporate governance 53 Remuneration Report Annual statement by the Remuneration Committee chairman 64 Remuneration Policy 66 Remuneration Implementation Report 74 Financial statements Rio Tinto is reducing the print run of this document to be more environmentally Group income statement 103 friendly. We encourage you to visit: riotinto.com/ar2014 to access a full library of Group statement of comprehensive income 104 PDFs of this Annual report. Group cash flow statement 105 Group balance sheet 106 Group statement of changes in equity 107 Notes to the 2014 financial statements 110 Rio Tinto plc company balance sheet 175 Rio Tinto financial information by business unit 178 Australian Corporations Act – summary of ASIC relief 183 Directors’ declaration 184 Auditor’s independence declaration 185 Cautionary statement about forward-looking statements Independent auditors’ report 186 This document contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Rio Tinto Group. These statements are forward-looking statements within the meaning of Section 27A Financial summary 2005-2014 192 of the US Securities Act of 1933, and Section 21E of the US Securities Exchange Act of 1934. The words “intend”, “aim”, Summary financial data 194 “project”, “anticipate”, “estimate”, “plan”, “believes”, “expects”, “may”, “should”, “will”, “target”, “set to” or similar expressions, commonly identify such forward-looking statements. Production, reserves and operations Examples of forward-looking statements in this Annual report include those regarding estimated ore reserves, anticipated production or construction dates, costs, outputs and productive lives of assets or similar factors. Forward-looking Metals and minerals production 195 statements involve known and unknown risks, uncertainties, assumptions and other factors set forth in this document Ore reserves 199 that are beyond the Group’s control. For example, future ore reserves will be based in part on market prices that may vary Mineral resources 204 significantly from current levels. These may materially affect the timing and feasibility of particular developments. Other factors include the ability to produce and transport products profitably, demand for our products, changes to the Competent Persons 210 assumptions regarding the recoverable value of our tangible and intangible assets, the effect of foreign currency Mines and production facilities 212 exchange rates on market prices and operating costs, and activities by governmental authorities, such as changes in taxation or regulation, and political uncertainty. Additional information In light of these risks, uncertainties and assumptions, actual results could be materially different from projected future results expressed or implied by these forward-looking statements which speak only as to the date of this Annual report. Shareholder information 220 Except as required by applicable regulations or by law, the Group does not undertake any obligation to publicly update or UK Listing Rules cross reference table 226 revise any forward-looking statements, whether as a result of new information or future events. The Group cannot Financial calendar 227 guarantee that its forward-looking statements will not differ materially from actual results. Contact details 228 Performance highlights STRATEGIC REPORT 2014 results demonstrate clear delivery against our commitments In 2014, Rio Tinto made a commitment to materially increase cash returns to shareholders. The Group delivered this through a 12 per cent increase in the full year dividend and announced a US$2.0 billion share buy-back. These represent a total cash return to shareholders, in respect of 2014, of almost US$6.0 billion. During 2014, Rio Tinto’s continued financial and operating discipline enabled the Group to offset much of the impact of lower commodity prices. By increasing volumes and reducing costs, Rio Tinto achieved underlying earnings(a) of US$9.3 billion and maintained the EBITDA margin(b) at 39 per cent. Free cash flow was assisted by a further reduction in capital expenditure(c) and a successful programme to release working capital. As a consequence, net debt(d) reduced by US$5.6 billion to US$12.5 billion. Decisive early action taken throughout the Group delivered the strong balance sheet, enabling the additional material cash return to shareholders. With lower commodity prices and uncertain global economic trends, the operating environment remains tough. However, in these conditions Rio Tinto’s qualities and DIRECTORS’ REPORT FINANCIAL STATEMENTS PRODUCTION, RESERVES competitive advantages deliver superior value. The Group’s combination of world-class assets, disciplined capital allocation, balance sheet strength, operating and commercial excellence, and a culture of safety and integrity gives Rio Tinto confidence in its ability to continue generating sustainable returns for shareholders. Year to 31 December 2014 2013 Change Pg 12 Underlying earnings (US$ millions) (a) 9,305 10,217 -9% Net earnings (US$ millions) (a) 6,527 3,665 +78% Pg 12 Net cash generated from operating activities (US$ millions) 14,286 15,078 -5% Pg 13 Capital expenditure (US$ millions) (c) 8,162 13,001 -37% Underlying earnings per share (US cents) 503.4 553.1 -9% Basic earnings per share (US cents) 353.1 198.4 +78% Ordinary dividends per share (US cents) 215.0 192.0 +12% At 31 December 2014 2013 Change Pg 13 Net debt (US$ millions) (d) 12,495 18,055 -31% Gearing ratio (e) 19% 25% -6% The financial results are prepared in accordance with IFRS and are audited. (a) Underlying earnings is the key financial performance indicator which management uses internally to assess performance. It is presented here to provide greater understanding of the underlying business performance of the Group’s operations. Net and underlying earnings relate to profit attributable to the owners of Rio Tinto. Underlying earnings is defined and reconciled to net earnings on pages 124 and 125. (b) EBITDA margin is defined as Group underlying EBITDA divided by product group total revenues as per the Financial information by business unit on pages 178 and 179 where it is reconciled to profit on ordinary activities before finance items and taxation. (c) Capital expenditure is presented gross, before taking into account any disposals of property, plant and equipment. (d) Net debt is defined and reconciled to the balance sheet on page 41. (e) Gearing ratio is defined as net debt divided by the sum of net debt and total equity at each period end. AND OPERATIONS Revenues and earnings Cash flow and balance sheet – Achieved consolidated sales revenues of US$47.7 billion, as a – Achieved US$4.8 billion of sustainable operating cash cost US$5.4 billion (pre-tax) decline in pricing was partially offset by improvements and exploration and evaluation savings since 2012, of US$3.0 billion from higher volumes. which US$1.5 billion were in 2014. – Sustained the EBITDA margin at 39 per cent, unchanged from 2013, – Generated net cash from operating activities of US$14.3 billion, with volume gains and cost improvements offsetting the impact of including working capital improvements of US$1.5 billion, principally lower prices. from lower inventories and lower receivables. – Achieved underlying earnings of US$9.3 billion, nine per cent lower than – Reduced capital expenditure by US$4.8 billion to US$8.2 billion in 2013 despite the US$4.1 billion (post-tax) impact of lower prices. 2014, reflecting completion of existing major projects and continued – Delivered underlying earnings per share of 503.4 US cents. capital discipline. – Generated net earnings of US$6.5 billion, reflecting non-cash exchange – Decreased net debt by US$5.6 billion in 2014 to US$12.5 billion at rate losses of US$1.9 billion, a US$0.4 billion charge following the repeal 31 December 2014, with gearing of 18.6 per cent. This compares with ADDITIONAL INFORMATION of the Minerals Resource Rent Tax and other charges of US$0.5 billion. An US$18.1 billion and 25.2 per cent gearing at 31 December 2013. impairment charge of US$1.2 billion mainly related to the Kitimat project Capital returns as reported at the half year was mostly offset by an impairment reversal of US$1.0 billion in the second half of 2014 related to an uplift in carrying – Increased full year dividend by 12 per cent to 215 US cents per share.
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