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Focused Positive Resilient ANNU AL REPORT 2008 ALUMIN A LIMITED ABN 85 004 820 419 Registered Corporate Head Office Level 12, IBM Centre 60 City Road Southbank Victoria 3006 Australia GPO Box 5411 Melbourne Victoria 3001 Australia Telephone +61 (0)3 8699 2600 Facsimile +61 (0)3 8699 2699 Website www.aluminalimited.com S RHARE EGISTRY Computershare Investor Services Pty Limited Yarra Falls 452 Johnston Street Abbotsford Victoria 3067 Australia GPO Box 2975 Melbourne Victoria 3001 Australia Telephone +61 (0)3 9415 4027 or 1300 556 050 (for callers within Australia) Facsimile +61 (0)3 9473 2500 Email [email protected] AMRC E I AN DEPOSITARY RECEIPTS RESILIENT The Bank of New York Mellon Issuer Services P.O. Box 11258, Church Street Station New York, NY 10286-1258 F OCUSED Toll free number (for callers within the USA) 1-888-BNY-ADRs A UMIN LIMI L Telephone (for non-US callers) +1 (212) 815 3700 POSITIVE Website www.stockbny.com A Email [email protected] T E D – ANNU A L REPORT 2008 Some statements in this report are forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements also include those containing such words as ‘anticipate’, ‘estimates’, ‘should’, ‘will’, ‘expects’, ‘plans’ or similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual outcomes to be different from the forward-looking statements. Important factors that could cause actual results to differ from the forward-looking statements include: (a) material adverse changes in global economic, alumina or aluminium industry conditions and the markets served by AWAC; (b) changes in production and development costs and production levels or to sales agreements; (c) changes in laws or regulations or policies; (d) changes in alumina and aluminium prices and currency exchange rates; and (e) the other risk factors summarised in Alumina’s Form 20-F for the year ended 31 December 2007. FN I ANCIAL HISTORY ALUMINA LIMITED AND CONTROLLED ENTITIES 2008 2007 2006 2005 2004 AS AT 31 DECEMBER $ MILLIONS $ MILLIONS $ MILLIONS $ MILLIONS $ MILLIONS Revenue from continuing operations 3.9 2.8 1.4 4.0 8.9 Other income – – – – 44.5 Share of net profits of associates accounted for 242.6 494.6 546.6 337.1 283.5 using the equity method Finance costs (48.8) (45.7) (25.1) (15.3) (8.1) Change in fair value of derivatives (7.9) – – – – General and administrative expenses (19.2) (13.8) (10.7) (10.2) (8.7) Income tax expense (2.6) (1.5) (1.1) – (3.7) Net profit attributable to members of Alumina Limited 168.0 436.4 511.1 315.6 316.4 Non-operating non-cash items1 33.6 (30.8) 58.3 15.7 (0.05) Underlying earnings1 201.6 405.6 569.4 331.3 315.9 Total assets 3,898.6 2,688.6 2,357.6 2,013.5 1,823.2 Total liabilities 1,105.8 1,024.7 603.0 483.3 411.3 Net assets 2,792.8 1,663.9 1,754.6 1,530.2 1,411.9 Shareholders’ funds 2,792.8 1,663.9 1,754.6 1,530.2 1,411.9 Dividends provided for or paid 273.8 275.6 233.2 232.8 232.2 Dividends received from AWAC 356.0 444.9 521.1 95.9 160.4 StatS I TICS Dividends declared per ordinary share 12c 24c 22c 20c 20c Dividend payout ratio (cash dividends) 146% 63% 46% 74% 74% Earnings per ordinary share 12.9c 35.7c 43.8c 27.1c 27.2c Return on equity2 8.5% 25.5% 31.1% 21.5% 23.3% Gearing (net debt to equity) 26.0% 37.0% 19.3% 24.0% 17.1% Net tangible assets backing per share $1.71 $1.21 $1.25 $1.06 $0.96 1 Underlying earnings has been calculated by adjusting reported net profit amounts relating to non-cash entries which do not reflect the operations of the Company. These non-cash entries related to mark-to market valuations of AWAC embedded derivatives, and adjustments resulting from actuarial assessment of market value of assets held in AWAC employee benefit plans. 2 Based on net profit attributable to members of Alumina Limited. 85 ALUMINA FINANCIAL REPORT 2008 >>>>>>>> C ONTENTS AT A GLANCE 2 12 Investments accounted for using the equity method 57 13 Non-current assets – other financial assets 60 CHAIRMAN’S AND CHIEF EXECUTIVE OFFICER’S REPORT 2008 3 14 Non-current assets – property, plant & equipment 61 15 Current liabilities – payables 61 CORPORATE GOVERNANCE 7 16 Interest-bearing liabilities 62 17 Current liabilities – provisions 63 DIRECTORS’ REPORT 16 18 Non-current assets – deferred tax assets 64 REMUNERATION REPORT 19 19 Non-current liabilities – provisions 65 >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> E QUITY >>>>>>> 20 Contributed equity 65 FINANCIAL SUMMARY 35 21 Share-based payments 66 Income statements 38 22 Reserves, retained profits and treasury shares 67 Balance sheets 39 O THER Statements of changes in equity 40 23 Notes to the statements of cash flows 69 Cash flow statements 41 24 Financing facilities 69 N OTES 25 Financial instruments 70 1 Summary of significant accounting policies 42 26 Investments in controlled entities 72 2 Financial risk management 49 27 Contingent liabilities 74 3 Critical accounting estimates and judgements 51 28 Commitments for expenditure 74 4 Revenue 52 29 Related party transactions 75 5 Other income 52 30 Key management personnel disclosures 76 6 Expenses 52 31 Remuneration of auditors 79 7 Income tax expense 53 32 Events occurring after the balance sheet date 79 8 Earnings per share 54 33 Financial reporting by segment 80 9 Dividends 55 Directors’ declaration 81 BA LANCE SHEET Independent audit report to the members 82 10 Current assets – cash and cash equivalents 56 Shareholder information 84 11 Current assets – receivables 56 Financial history 85 The financial report covers both Alumina Limited as an individual entity and the consolidated entity of Alumina Limited and its subsidiaries. The financial report is presented in Australian currency. Alumina Limited is a Company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Alumina Limited, Level 12, IBM Centre, 60 City Road, Southbank Victoria 3006. A description of the nature of the consolidated entity’s operations and its principal activities is included in the review of operations and activities on pages 2–6 and in the directors’ report on page 17, both of which are not part of this financial report. The financial report was authorised for issue by the directors on 11 March 2009. The Company has the power to amend and reissue the financial report. Through the use of the internet, we have ensured that our corporate reporting is timely, complete, and available globally at minimum cost to the Company. All press releases, financial reports and other information are available at our Shareholders’ Centre on our website: www.aluminalimited.com. ////////////// A T A GL NCE STREY AT G ///// To provide long-term capital growth and substantial dividends for shareholders. RESULTS _ Net profit $168 million _ Underlying earnings of $241 million before $39 million write off _ Annual dividend of 12 cents per share or 82% of 2008 profit _ Capital Management Initiatives 02 18 03 20 _ US$350 million convertible bond attractively priced 04 20 _ A$910 million rights issue – fully subscribed 05 17.5 2.5 _ Return on equity based on underlying earnings 10.2% 06 22 _ Gearing reduced to 29% 07 24 >08 12 ///// Generate profitable growth for Alumina ALUMINA DIVIDENDS DECLARED CENTS shareholders from sustainable expansion of the FULLY FRANKED UNFRANKED AWAC enterprise 02 175175 _ AWAC development of the 2.6 million mtpy Juruti bauxite 03 237237 mine in Brazil nearing completion 04 316 _ Construction of the 2.1 million metric tonne per year (mtpy) 05 331 expansion of the jointly owned Alumar alumina refinery in 06 569 Brazil nearing completion 07 406 >08 202 _ AWAC cash from operating activities after sustaining capital ALUMINA UNDERLYING EARNINGS A$ MILLION expenditure US$651 million UNDERLYING EARNING _ AWAC cash dividends of $356 million received _ Decisive response to changes in market demand – curtailed 02 18.2 1.5 million mtpy of higher cost production 03 17.9 04 22.4 05 21.7 06 34.7 AWAC PARTNERSHIP — A GLOBAL JOINT VENTURE 07 24.0 Alumina Limited is a leading Australian company listed on the >08 10.2 Australian Securities Exchange (ASX) and the New York Stock ALUMINA LIMITED RETURN ON EQUITY PER CENT UNDERLYING EARNING Exchange (NYSE). We invest worldwide in bauxite mining, alumina refining 02 12.3 and selected aluminium smelting operations through our 03 13.1 40 per cent ownership of Alcoa World Alumina and Chemicals 04 13.6 (AWAC), the world’s largest alumina business. 05 13.7 06 Our partner, Alcoa, owns the remaining 60 per cent of AWAC, 14.3 07 14.3 and is the manager. The AWAC joint venture was formed in >08 14.4 1994 and our partnership with Alcoa dates back to 1961. AWAC ALUMINA PRODUCTION MILLION OF TONNES 2 2008 RESULT Alumina Limited’s net profit after tax for 2008 was $168 million, a 62% decline compared to the previous year. Underlying earnings after tax declined 50 per cent to $201 million. Earnings in the first half of 2008 were negatively impacted by higher alumina production costs and a weaker US dollar, while second half earnings were eroded by sharply falling aluminium and alumina prices brought about by the global economic contraction, only partially offset by a stronger US dollar and lower input costs.
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