Alumina Limited

Financial History

Summary of financial history

Alumina Limited and controlled entities

 As at 31 December ($USM)2014201320122011201020091
Revenue from continuing operations

0.1

0.3

0.1 0.2 1.4 4.4
Other income 3.1 140.1 0.6 0.1 2.1 11.5
Share of net profits of associates accounted for using the equity method (73.6) (97.4) (14.0) 173.1 84.5 1.6
Finance costs (13.6) (25.3) (29.4) (28.5) (38.7) (31.0)
General and administrative expenses (13.5) (17.2) (19.0) (17.3) (14.7) (10.5)
Income tax credit/(expenses) (0.8) - (0.4) (1.0) - 0.3
Net profit attributable to members of Alumina Limited (98.3) 0.5 (62.1) 126.6 34.6 (23.7)
Total assets 2,543.2 2,964.0 3,311.4 3,350.4 3,542.5 3,504.2
Total liabilities 119.2 170.6 682.9 496.4 471.0 585.9
Net assets 2,424.0 2,793.4 2,628.5 2,854.0 3,071.5 2,918.3
Shareholders' funds 2,424.0 2,793.4 2,628.5 2,854.0 3,071.5 2,918.3
Dividends provided for or paid - - 73.2
170.8 91.6 -
Dividends received from AWAC 16.0 100.0 86.0 232.2 234.4 135.6
Statistics      
Dividends declared per ordinary share US1.6 - - US 6c US 6c US 1.8c
Dividend payout ratio (Cash dividends) - - - 136% 271% -
Earnings per ordinary share (3.5) 0.02 (2.5) 5.2c 1.4c (1.1c)
Return on equity2 (3.5)% 0.02% Negative 2.2% 4.1% 1.2% Negative 0.9%
Gearing (net debt to equity) 3.4% 4.6% 20.1% 14.1% 10% 8.7%
Net tangible assets backing per share $0.77 $0.91 $0.97 $1.05 $1.15 $1.09

1 Alumina Limited's functional and presentation currency is now US dollars. 2009 results have been restated to present them in US dollars. Prior years are disclosed in Australian dollars.

2 Based on net profit attributable to members of Alumina Limited.

 

2013 half year result

Alumina Limited1H131H12
Underlying Loss US$ million (7.2)  (13.1)
Net Loss After Tax US$ million (2.4)  (3.8)
Underlying earnings per share UScents (0.3)  (0.5)
Interim dividend fully franked US cents Nil Nil
Earnings per share US cents (0.1)  (0.2)
Return on Equity (ROE) (0.2)% (0.3)%
ROE on underlying earnings (0.5)% (0.9)%
Net debt  US$m 197  602
Gearing percentage 6.3% 18.3%
AWAC (100%)  
Loss after tax (US$ million) (26.2) (87.1)
Alumina production ('000) 7,800 7,800
Aluminium production ('000) 174 178
Capital expenditure (US$ million) 178.2 184.2

2012 full year result

Alumina Limited2012
 Underlying (loss)/Earnings US$ million (62.0)
 Net (loss)/Profit After Tax US$ million (55.6)
 AWAC Dividends received US$ million 86
 Final dividend per share    Nil
 Earnings per share cents 2012 (2.3c)
 Underlying Earnings per share cents 2012     (2.5c)
 2012 Return on Equity (2.0)%
 Net debt as at 31 December 2012 US$m 664
Gearing 20.1%
AWAC (100%) 
   
Alumina production ('000) 15,600
Aluminium production ('000) 358
Capital expenditure (US$ million) 375.3

2012 half year result

Alumina Limited1H121H11
 Underlying Earnings US$ million (8.2)  77.7
 Net Profit After Tax US$ million (14.6)  67.7
 Underlying earnings per share UScents (0.4c)  3.2c
Interim dividend fully franked US cents Nil 3 cents
Earnings per share US cents (0.6c)  2.8c
Return on Equity (ROE) (1.0)% 4.4%
ROE on underlying earnings (0.6)% 5.1%
 Net debt  US$m 602  418
Gearing percentage 18% 11%
AWAC (100%)  
Profit after tax (US$ million) (87.1) 278.6
Alumina production ('000) 7,800 7,800
Aluminium production ('000) 178 177
Capital expenditure (US$ million) 184.2 133.5

2011 full year result

Alumina Limited20112010
 Underlying Earnings US$ million 128  36.7
 Net Profit After Tax US$ million 126.6  34.6
 AWAC Dividends received US$ million 232  234.4
 Final dividend per share franked to US$0.03 3 cents  4 cents
 Earnings per share cents 2011 5.2c  1.4c
 Underlying Earnings per share cents 2011 5.3c  1.5c
 2011 Return on Equity 4.1% 1.2%
 Net debt as at 31 December 2011 US$m 472  353
Gearing 14.1% 10.0%
AWAC (100%)  
Profit after tax (US$ million) 469.7 335.3
Alumina production ('000) 15,700 15,200
Aluminium production ('000) 357 356
Capital expenditure (US$ million) 392 298.4

2011 half year result

Alumina Limited1H11H110
 Underlying Earnings US$ million 77.7  22.2
 Net Profit After Tax US$ million 67.7  44.2
 Underlying earnings per share UScents 3.2c  0.9c
Interim dividend fully franked US cents 3 cents  2 cents
Earnings per share US cents 2.8c  1.8c
Return on Equity (ROE) 4.4% 3.0%
ROE on underlying earnings 5.1% 1.5%
 Net debt  US$m 418  321
Gearing percentage 11.3% 9.5%
AWAC (100%)  
Profit after tax (US$ million) 278.6 125.4
Alumina production ('000) 7,800 7,400
Aluminium production ('000) 177 175
Capital expenditure (US$ million) 133.5 145.8

2010 full year result

Alumina Limited20102009
 Underlying Earnings US$ million 36.7  0.3
 Net Profit After Tax US$ million 35.6  (23.7)
 AWAC Dividends received US$ million 234.4  135.6
 Final dividend per share franked to US$0.02 4 cents  1.8 cents
 Earnings per share cents 2010 1.4c  (1.1c)
 Underlying Earnings per share cents 2010 1.5c  0
 2010 Return on Equity 1.2%  (0.9%)
 Net debt as at 31 December 2010 US$m 353  307
AWAC (100%)  
Profit after tax (US$ million) 335.3 106.4
Alumina production ('000) 15,200 13,500
Aluminium production ('000) 354 374
Capital expenditure (US$ million) 298.4 665.6

2009 full year result

Alumina Limited20092008
 Underlying Earnings A$ million  (2.2)  201.6
 Net Profit After Tax A$ million  (26)  168
 AWAC Dividends received A$ million  176  356
 Final dividend per share franked to A$0.02  2 cents  Nil
 Earnings per share cents 2009  (1.2)  11.3
 Underlying Earnings per share cents 2009  (0.1)  15.5
 2009 Return on Equity  (0.8%)  8.5%
 Net debt as at 31 December 2009 A$m  342  1,044
AWAC (100%)  
Profit after tax (US$ million) 106.4 592
Alumina production ('000) 13,500 14,400
Aluminium production ('000) 368 388
Capital expenditure (US$ million) 763 1,530.5

2009 half year result

Alumina Limited1H091H08
 Net profit attributable to members ($ million) 6  44
 Underlying earnings after tax ($ million)  (15)  152
 Interim dividend fully franked ($ million)  Nil  12 cents
 Earnings per share (cents)  0.3  3.11
 Return on equity  0.4%  5.2%
 Return on equity underlying earnings  (1.0%)  17.9%

1 Prior period EPS adjusted for rights issues

2008 full year result

Alumina Limited20082007
 Net profit attributable to members of Alumina Limited ($ million)  168  436.4
 Cash Dividends received from AWAC ($ million)  356  444.9
 Dividends paid by Alumina Limited ($ million)  273.8  275.6
 Final dividend per share franked to 7.5 cents  Nil  12 cents
 Earnings per share cents for 2007  12.9  35.7
 Underlying earnings per share cents for 2007  15.5  33.2
 2007 return on equity (ROE)  8.5%  25.5%
 Borrowings as at 31 December 2007 (A$ million)  1047.8  1006.4
AWAC (100%)  
Profit after tax (US$ million) 592 953.3
Alumina production ('000) 14,400 14,300
Aluminium production ('000) 389 377
2007 return on capital (ROC) (%)    
Capital expenditure (US$ million) 1530.5 1235.7

2008 half year result

Alumina Limited1H081H07
 Net profit attributable to members ($ million)  44  284
 Underlying earnings after tax ($ million)  152  271
 Interim dividend fully franked ($ million)  12 cents  12 cents
 Earnings per share (cents)  3.8  24.6
 Underlying earnings per share (cents)  13.3  23.5
 Return on equity underlying earnings  18%  33%

2007 full year result

Alumina Limited20072006
Net profit attributable to members of Alumina Limited ($ million) 436.4 511
Cash Dividends received from AWAC ($ million)  444.9 521
Dividends paid by Alumina Limited ($ million) 275.6 233.2
Final dividend per share franked to 7.5 cents 12 cents  12 cents
Earnings per share cents for 2007 35.7 43.8
Underlying earnings per share cents for 2007 33.2 48.8
2007 return on equity (ROE) 25.5% 29.1%
Borrowings as at 31 December 2007 (A$ million) 1006.4 588.1
AWAC (100%)  
Profit after tax (US$ million) 953.3 1,121.9
Alumina production ('000) 14,300 14,300
Aluminium production ('000) 377  
2007 return on capital (ROC) (%)    26%
Capital expenditure (US$ million) 1235.7 836
Market prices for 2007
LME aluminium price (US$/lb) 1.21 1.17
US$/A$ exchange rate 0.84 0.75

2006 full year result - NPAT $511m up 62%

Alumina Limited 
Net profit attributable to members of Alumina Limited ($ million) 511
Cash Dividends received from AWAC ($ million)  521
Dividends paid by Alumina Limited ($ million) 233.2
Final dividend per share franked to 7.5 cents 12 cents
Earnings per share cents for 2006 43.8
Underlying earnings per share cents for 2006 48.8
2006 return on equity (ROE) 29.1%
Borrowings as at 31 December 2007 (A$ million) 588.1
AWAC (100%) 
Profit after tax (US$ million) 1,121.9
Alumina production ('000) 14,300
Aluminium production ('000)  
2006 return on capital (ROC) (%)  26%
Capital expenditure (US$ million) 836
Market prices for 2007
LME aluminium price (US$/lb) 1.17
US$/A$ exchange rate 0.75

2005 full year result - NPAT $316m

Alumina Limited 
Net profit attributable to members of Alumina Limited ($ million) 315.16
Cash Dividends received from AWAC ($ million)  95.9
Dividends paid by Alumina Limited ($ million) 232.8
Final dividend per share franked to 7.5 cents 10 cents
Earnings per share cents for 2005 27.1
Underlying earnings per share cents for 2005 28.4
2006 return on equity (ROE) 20.6%
Borrowings as at 31 December 2005 (A$ million) 478.7
AWAC (100%) 
Profit after tax (US$ million) 644.6
Alumina production ('000) 13,700
Aluminium production ('000) 377
2005 return on capital (ROC) (%) 19.1%
Capital expenditure (US$ million) 608
Market prices for 2005
LME aluminium price (US$/lb) 0.86
US$/A$ exchange rate 0.76

2005 half year result - first half profit in line - AWAC advances expansion projects

Alumina Limited 
Net profit attributable to members of Alumina Limited ($ million) 163.3
Interim dividend (franking to be advised)  10 cents
Dividends received from AWAC ($ million) 94.2
Earnings per share cents for first six months 14 cents
Return on equity (annualised) 23%
Net profit attributable to members of Alumina Limited ($ million) 168.0
Interim fully franked dividend 10 cents
Dividends received from AWAC ($ million) 110.4
Earnings per share cents for first six months 14.4 cents

2004 full year - 2004 NPAT up 36%

Alumina Limited 
Net profit attributable to members of Alumina Limited ($ million) 322.1
Dividends received from AWAC ($ million)  160.4
Dividends paid by Alumina Limited ($ million) 233.1
Final dividend per share franked to 7.5 cents 10 cents
Earnings per share cents for 2004 27.7
2004 return on equity (ROE) 23%
Borrowings as at 31 December 2004 (A$ million) 398
AWAC (100%) 
Profit after tax (US$ million) 588.5
Alumina production ('000) 13,600
Aluminium production ('000) 386
2004 return on capital (ROC) (%) 22%
Market prices for 2004
LME aluminium price (US$/lb) 0.78
US$/A$ exchange rate 0.736

2004 half year result - first half NPAT up 41% - AWAC studying 4m tonne expansion

Alumina Limited 
 Net profit attributable to members of Alumina Limited ($ million) 168.0 
 Interim fully franked dividend  10 cents
 Dividends received from AWAC ($ million)  110.4
 Earnings per share cents for first six months  14.4 cents

2003 full year - increases full year profit and dividend

Alumina Limited 
 Net profit attributable to members of Alumina Limited ($ million) 236.9 
 Dividends received from AWAC ($ million)  284.2
 Dividends paid by Alumina Limited ($ million)  259.6
 Final fully franked dividend per share  10 cents
 Earnings per share cents for 2003  20.9
 2003 return on equity (ROE)  18%
 Borrowings as at 31 December 2003 (A$ million)  467
AWAC (100%) 
 Profit after tax (US$ million)  445.8
 Alumina production (‘000)  13,100
 Aluminium production (‘000)  384
 2003 return on capital (ROC) (%)  19%
Market prices for 2003
LME aluminium price (US$/lb)  0.65 
 US$/A$ exchange rate  0.653

2003 half year result - increased profits and strong dividend

Alumina Limited 
Net profit attributable to members of Alumina Limited ($ million) 117.9
Interim fully franked dividend 10 cents
 Dividends received from AWAC ($ million) 129.5
 Earnings per share cents for first six months 10.4 cents

2002 full year - strong consistent performance in a low price market

Alumina Limited 
 Net profit attributable to members of Alumina Limited ($ million) 209.7 
 Dividends received from AWAC ($ million)  281.0
 Dividends paid by Alumina Limited ($ million)  199.7
 Final fully franked dividend per share  13 cents
 Earnings per share cents for 2002  15.7
 2002 return on equity (ROE)  15%
 Borrowings as at 31 December 2002 (A$ million)  535
AWAC (100%) 
Profit after tax (US$ million)  363.6 
 Alumina production (‘000)  12,312
 Aluminium production (‘000)  378
 2002 return on capital (ROC) (%)  19%
Market prices for 2002
 LME aluminium price (US$/lb) 0.61
 US$/A$ exchange rate  0.544