RTZ-CRA announces 1996 full-year results.LONDON--(BUSINESS WIRE)-- Feb. 27, 1997--RTZ-CRA (NYSE NYSE See: New York Stock Exchange : RTZ RTZ Rio Tinto Zinc RTZ Return To Zero RTZ Return to Zork (game) RTZ Retail Trade Zone ; OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : CRADY) today announced results for the year ended December 31, 1996. -- Production increased significantly across almost all the Group's products. -- Nevertheless, 1996 earnings fell as a consequence of lower metal prices, adverse exchange rates and difficulties in certain operations. -- Industrial minerals earnings increased, with Iron & Titanium titanium (tītā`nēəm, tĭ–) [from Titan], metallic chemical element; symbol Ti; at. no. 22; at. wt. 47.88; m.p. 1,675°C;; b.p. 3,260°C;; sp. gr. 4.54 at 20°C;; valence +2, +3, or +4. up 40 percent and Borax borax or sodium tetraborate decahydrate (sō`dēəm tĕ'trəbôr`āt dĕk'əhī`drāt), chemical compound, Na2B4O7·10H2O; sp. gr. 1. up 7 percent. -- Prospects remain good with strong long term growth in demand for metals and minerals. -- RTZ-CRA's investment program continued - three projects were commissioned and approached full capacity in 1996; further projects are coming on line in 1997. Robert Wilson Robert Wilson may refer to:
adj. 1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant. 2. of a temporary nature, in Comalco and at the Kennecott smelter. Remedial action A remedial action is a change made to a nonconforming product or service to address the deficiency. Rework and repair are generally the remedial actions taken on products, while services usually require additional services to be performed to ensure satisfaction. has been taken and substantial improvement will become evident during 1997." Full Year to December 31 - 1996 1995 Change (US dollars millions) Group sales Group sales Block sale (of large amounts) of securities to institutional investors. group sales The distribution of a new security issue to institutional clients. revenue (continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the ) $8,448 $8,901 -5% Profit before tax and exceptional items $1,731 $2,462 -30% Net attributable profit $1,096 $1,286 -15% Adjusted earnings $1,096 $1,441 -24% Earnings per share (US cents) 78.3 92.2 -15% Adjusted earnings per share (US cents) 78.3 103.3 -24% Final dividends equivalent to 34.50 US cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. (21.11 pence pence n. Chiefly British A plural of penny. pence Noun a plural of penny USAGE: Since the decimalization of British currency and the introduction of the abbreviation p, per share and 44.40 Australian cents per share) have been declared, making the total dividends for the year 51.00 US cents (31.71 pence per share and 65.05 Australian cents per share for 1996 compared with 31.50 pence and 60.47 Australian cents in 1995 after taking into account the CRA See Community Reinvestment Act. bonus shares issued in January 1996, or 65.00 Australian cents before adjusting for the bonus issue). REVIEW OF 1996 Leon Davis Leon Davis may refer to:
"The significant increase in volumes, however, was not apparent in earnings. Overall, lower prices reduced earnings by $311 million and adverse exchange rates cost the Group $38 million. In addition, the new Bingham Canyon Bingham Canyon or Bingham, uninc. village, N central Utah, near Tooele, in a canyon of the Oquirrh Mts. SW of Salt Lake City. At first (1848) a farm of the Mormons Thomas and Sanford Bingham, it became in the 1860s a roaring mining town, dealing copper smelting smelting, in metallurgy, any process of melting or fusion, especially to extract a metal from its ore. Smelting processes vary in detail depending on the nature of the ore and the metal involved, but they are typified in the use of the blast furnace. facility in the US did not achieve its scheduled production target. "The smelter development is the culmination of a $2 billion investment program since 1989 at Bingham Canyon. Expansion and state of the art technology will make it one of the lowest cost major copper producers with the environmentally cleanest smelting facility in the world. Significant progress on smelter operation was achieved in 1996 but the performance of the anode anode (ăn`ōd), electrode through which current enters an electric device. In electrolysis, it is the positive electrode in the electrolytic cell. anode Terminal or electrode from which electrons leave a system. furnace furnace, enclosed space for the burning of fuel. There are many kinds of furnaces, the type depending upon the fuel and the use to which the heat produced within it is put. Most familiar are the furnaces used in the heating of buildings. and casting facilities, the last section of the smelter, was poor. Steps are in hand to remedy this situation. "In 1997, the Group will also benefit from the first full year of production at the Greens Creek silver/zinc/gold mine in the US, the expanded Tiwai Point Coordinates: Tiwai Point lies at the entrance to Bluff Harbour on the southern coast of the South Island of New Zealand. A spit which extends from the western end of the Awarua Plain, it lies between Awarua Bay to the north and Foveaux Strait to the aluminum smelter in New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. and the Escondida copper mine Phase III Noun 1. phase III - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the FDA expansion in Chile. We will see initial production from the gold projects at Lihir in Papua New Guinea Papua New Guinea (păp`  ə, –y and
Pipeline in the US and commissioning will begin at QIT's upgraded
titanium dioxide slag facility in Canada. In Australia, the Boyne Island
aluminum smelter expansion will make it one of the largest in the world
by the year end."OUTLOOK Mr. Wilson said: "The outlook for the world economy in 1997 is for steady, if unspectacular, growth accompanied by low inflation and interest rates. Demand for most raw materials should advance, assisted by the ending of destocking that suppressed sup·press tr.v. sup·pressed, sup·press·ing, sup·press·es 1. To put an end to forcibly; subdue. 2. To curtail or prohibit the activities of. 3. buying during the previous two years. Stocks of most metals are at relatively modest levels and, while production of many metals and minerals is set to grow during 1997, there is little to suggest that significant imbalances will result. "Such conditions provide a healthy backdrop Backdrop may refer to:
A price or interest rate change. in market prices, we believe the Group will be a beneficiary beneficiary Person or entity (e.g., a charity or estate) that receives a benefit from something (e.g., a trust, life-insurance policy, or contract). A primary beneficiary receives proceeds from a trust or insurance policy before any other. of the strong growth in demand for our products which is in prospect over the years ahead. 1996 FINANCIAL RESULTS Sales Revenues Group sales revenues in 1996 from continuing operations were 5 percent lower at $8,448 million (1995: $8,901 million), primarily reflecting lower metal prices. Copper revenue was down $465 million to $1,433 million reflecting lower prices, the impact of provisional Temporary; not permanent. Tentative, contingent, preliminary. A provisional civil service appointment is a temporary position that fills a vacancy until a test can be properly administered and statutory requirements can be fulfilled to make a permanent appointment. pricing and lower volumes from Bingham Canyon, offset by increased volumes from Escondida and Grasberg. Aluminum revenue was also down, by $54 million to $1,511 million, because lower prices offset volume improvements. Industrial minerals revenue was $1,648 million, down $49 million, with overall volume improvements being offset by the absence of revenues from US Silica silica or silicon dioxide, chemical compound, SiO2. It is insoluble in water, slightly soluble in alkalies, and soluble in dilute hydrofluoric acid. Pure silica is colorless to white. which was sold in February 1996. Revenue from iron ore was virtually unchanged at $967 million with price improvements balanced by volume reduction. Coal revenue increased by $117 million to $1,541 million in 1996, largely due to higher prices and volumes for internationally traded coal. Gold revenue rose from $671 million to $718 million, mainly as a result of higher volumes. Profit Profit before tax at $1,731 million was down by 30 percent on 1995's equivalent of $2,462 million. The 1995 figure was before exceptional items of which there were none in 1996. Before interest charges, the margin on sales was 21 percent compared with 26 percent in 1995. The effective tax rate at 32 percent was lower than the 34 percent in 1995. The lower rate reflected the absence of the 1995 deferred tax charge due to a change in the Australian corporate tax rate, and in 1996 the reduction in the South African tax rate and a high level of Advanced Corporation Tax recoveries in the UK. Adjusted earnings were $1,096 million, 24 percent lower than the $1,441 million in 1995. Cash Flow Although below the 1995 level, cash flow from operating activities of $2,002 million in 1996 remained strong, notwithstanding lower metal prices and the temporary increase in working capital at Kennecott, due to higher inventories resulting from the slower than anticipated build up of throughput The speed with which a computer processes data. It is a combination of internal processing speed, peripheral speeds (I/O) and the efficiency of the operating system and other system software all working together. 1. at the Bingham Canyon smelter. Net capital expenditure increased by $425 million to $1,770 million, reflecting RTZ-CRA's ongoing and substantial development program. 1996 expenditure related mainly to upgrades and expansions at Comalco's aluminum smelters, reopening Reopening Treasury offerings of additional amounts of outstanding issues, rather than an entirely new issue. A reopened issue will always have the same maturity date, CUSIP number, and interest rate as the original issue. of the Greens Creek silver/zinc/gold mine in the US, and progress on the Fortaleza nickel nickel, metallic chemical element; symbol Ni; at. no. 28; at. wt. 58.69; m.p. about 1,453°C;; b.p. about 2,732°C;; sp. gr. 8.902 at 25°C;; valence 0, +1, +2, +3, or +4. mine in Brazil, the Pipeline gold mine in the US and QIT's upgraded slag (UGS UGS In currencies, this is the abbreviation for the Uganda Shilling. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) project in Canada, as well as first steps towards the expansion of Freeport-McMoRan Copper & Gold's Grasberg mine The Grasberg mine is the largest gold mine and the third largest copper mine in the world. It is located in the province of Papua in Indonesia near , and is owned by the Freeport-McMoRan company based out of the United States (90. in Indonesia. Balance Sheet Net debt increased to $2,403 million in 1996 as a result of the higher capital expenditure and working capital levels referred to above. Net debt as a percentage of total capital rose to the still comfortable level of 22 percent (1995: 16 percent). Interest was covered 21 times by pre-interest profit and 31 times by operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. from continuing operations. Dividends 1996 final dividends equivalent to 34.50 US cents per share have been declared by RTZ and CRA. These, together with the interim dividend equivalent to 16.50 US cents per share, makes a total for the year of 51.00 US cents per share. As previously announced, dividends will be determined in US currency but CRA dividends will still be declared and paid in Australian dollars Noun 1. Australian dollar - the basic unit of money in Australia and Nauru dollar - the basic monetary unit in many countries; equal to 100 cents and RTZ dividends declared and paid in pounds sterling, converted at the exchange rates applicable two days prior to the announcement of dividends. For RTZ shareholders, a final dividend of 21.11 pence per ordinary share will be paid, of which 13.11 pence per ordinary share (1995: 13.00p) will be as a Foreign Income Dividend (FID) and 8.00 pence per ordinary share (1995: 8.00p) as a conventional dividend. Together with the interim FID of 10.60 pence per share paid on October 21, 1996, dividends for 1996 total 31.71 pence per share (1995: 31.50p). For CRA shareholders, a final dividend of 44.40 Australian cents per ordinary share (1995: 32.56 cents after taking into account the CRA bonus shares issued in January 1996) will be paid as a fully franked dividend. Together with the interim dividend of 20.65 Australian cents per share paid on October 21, 1996, the dividends for 1996 total 65.05 cents per share (1995: 60.47 cents as restated). The respective dividends will be paid on April 21, 1997 to RTZ shareholders registered at the close of business on March 21, 1997, and to CRA shareholders registered at close of business on March 25, 1997 and to RTZ bearer One who is the holder or possessor of an instrument that is negotiable—for example, a check, a draft, or a note—and upon which a specific payee is not designated. shareholders on or after April 21, 1997, against coupon 76. The ex-dividend date Ex-dividend date The first day of trading when the buyer of a stock is no longer entitled to the most recently announced dividend payment ( i.e. the trade will settle the day after the record date, too late for the buyer to appear on the shareholder record and receive the dividend. will be March 17, 1997 for both RTZ and CRA. Dividends to RTZ and CRA ADR ADR - Astra Digital Radio holders will be paid on April 22, 1997. Dividends of 1.6625 pence per RTZ 'A' preference share and 1.75 pence per RTZ 'B' preference share for the first half of 1997 will be paid on July 1, 1997 to holders registered on June 6, 1997, and to 'B' preference bearer shareholders on or after July 1 against coupon 70. The ex-dividend date will be June 2, 1997. RTZ shareholders will also be offered the option to receive fully paid ordinary shares instead of the conventional dividend under the RTZ Scrip Dividend scrip dividend An unusual type of dividend involving the distribution of promissory notes that call for some type of payment at a future date. Scrip dividends generally signal that a firm is short of cash. Compare liability dividend. Plan. Details will be sent to shareholders on February 28, 1997. Annual Report The Annual Report will be sent to all shareholders on March 27, 1997. Disposals A number of non-core assets or businesses have been sold. These divestments included the US Silica business, the Hidden Valley gold resource in Papua New Guinea, and the Southern Copper smelter and the Tahmoor coal mine in Australia. A decision was also taken to sell the West Cliff coal mine in Australia. In January 1997, the Group announced the $275 million sale of the Century zinc zinc, metallic chemical element; symbol Zn; at. no. 30; at. wt. 65.38; m.p. 419.58°C;; b.p. 907°C;; sp. gr. 7.133 at 25°C;; valence +2. Zinc is a lustrous bluish-white metal. It is found in Group 12 of the periodic table. project and Dugald River zinc deposit in Australia, contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent the Queensland Government issuing secure leases for Century to proceed. The value to be received recognizes the greater strategic value to the acquirer. Developments and Acquisitions Good progress was made on the many new projects in hand and on strategic acquisitions in coal. By the year end, engineering at the $700 million Lihir gold project in Papua New Guinea was 99 percent complete with construction 67 percent complete. Processing of oxide oxide, chemical compound containing oxygen and one other chemical element. Oxides are widely and abundantly distributed in nature. Water is the oxide of hydrogen. Silicon dioxide is the major component of sand and quartz. ore is on schedule to start in mid 1997 and sulphide sulphide: see sulfide. ore processing will follow in the last quarter of the year. Annual total output is expected to average 600,000 ounces of gold for the first 15 years. Work is also on schedule for the $47 million project to expand output at Morro do Ouro in Brazil by an average of 21 percent to 210,000 ounces of gold per year with first new production expected in late 1997. In the US, construction of a mill and related facilities progressed at the Pipeline gold deposit near the Cortez mine in Nevada. The $280 million project produced its first gold in February 1997 and will treat 3.5 million ounces of recoverable reserves during its 10 year life to produce an average of 368,000 ounces of gold annually. An additional 1.9 million ounces of recoverable gold has been identified at South Pipeline and permit approvals are expected in 1998. Engineering and construction activities began on the $960 million expansion at Grasberg, Indonesia, to increase production to the presently permitted throughput rate Throughput rate is an obsolete term[1] in the terminology of automated chemical analysis. It may mean either:
1. ^ International Union of Pure and Applied Chemistry. "throughput rate". of 160,000 tonnes of ore per day. The project includes the construction of a $300 million coal fired power plant and related facilities. Completion is expected in mid 1998. The full expansion in hand will allow a further increase in throughput to around 190,000 to 200,000 tonnes of ore per day subject to environmental and other permitting. The civil works have been completed and major process reactors and buildings installed for QIT's $260 million UGS facility in Canada. The 200,000 tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. per year plant is due to begin commissioning in late 1997 with scope for further significant expansion to its initial capacity. The $750 million Boyne Island aluminum smelter expansion in Australia is on schedule to boost capacity by 230,000 tonnes to 490,000 tonnes by the year end. The smelter will then rank as one of the largest in the world. The $440 million Palabora, South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. , underground mine development project progressed well in the early stages of construction. Work began in mid year with preparation for sinking two large shafts from the surface and deepening deep·en tr. & intr.v. deep·ened, deep·en·ing, deep·ens To make or become deep or deeper. Noun 1. deepening - a process of becoming deeper and more profound the existing exploration shaft shaft (shaft) a long slender part, such as the diaphysis of a long bone. shaft n. 1. An elongated rodlike structure, such as the midsection of a long bone. 2. . Full production from this project will coincide with closure of the main pit in 2002, extending Palabora's life by 20 years. Capital works are progressing on schedule at the $233 million Fortaleza nickel mine in Brazil. Designed to produce at the rate of 10,000 tonnes of nickel per year, first production is planned by mid 1998. In January 1997, Kennecott Energy acquired the Caballo Rojo mine located adjacent to Kennecott's existing Cordero mine in Wyoming, US. The $99 million acquisition (subject to approvals) will enable Cordero and Caballo Rojo to be run as one operation gaining substantial efficiencies and cost improvements. This, combined with planned expansions and improvements at the Cordero, Antelope antelope, name applied to a large number of hoofed, ruminant mammals of the cattle family (Bovidae), which also includes the sheep and goats. The North American pronghorn is sometimes called an antelope, but belongs to a separate, related family (Antilocapridae). and Spring Creek A spring creek is a stream that flows from a spring. Spring Creek may refer to any of the following specific places:
At the Escondida copper mine in Chile, permit applications have been submitted for a $470 million project to treat oxide ore and produce 125,000 tonnes of refined copper per year. If as expected approvals are received by the end of March 1997, the first copper cathode should be produced in September 1998. Promising results continued at the Diavik diamond project in the Northwest Territories Northwest Territories, territory (2001 pop. 37,360), 532,643 sq mi (1,379,028 sq km), NW Canada. The Northwest Territories lie W of Nunavut, N of lat. 60°N, and E of Yukon. of Canada. Mining of the bulk samples for both the A-154 South and A-418 pipes was completed. Further valuations of samples from A-154 South have been carried out by recognized industry experts, implying an estimated average value of approximately $63 per carat CARAT, weights. A carat is a weight equal to three and one-sixth grains, in diamonds, and the like. Jac. L. Dict. See Weight. , $4 per carat above earlier estimates. Preliminary modelling indicates that the resource grade of the A-154 South pipe is 4.2 carats per tonne, 0.3 carats per tonne below the drill hole grade reported earlier, while the resource volume is 12 million tonnes, 1 million tonnes above earlier estimates. Valuation of the A-418 sample is scheduled for 1997 although a small sample collected from the large diameter core drilling program on A-418 indicated a value of approximately $64 per carat. The A-418 pipe contains an estimated 9 million tonnes of ore at an average drill hole grade of 4.0 carats per tonne. Exploration RTZ-CRA's exploration charge to earnings was $166 million after tax in 1996, $12 million less than the previous year. An exploration review was completed during the year leading to a significant refocusing Noun 1. refocusing - focusing again focalisation, focalization, focusing - the act of bringing into focus on the most prospective areas worldwide and resulting in annual pre-tax savings of over $50 million from 1997 onwards on·ward adj. Moving or tending forward. adv. also on·wards In a direction or toward a position that is ahead in space or time; forward. Adv. 1. . As part of the joint venture agreement with Freeport-McMoRan Copper & Gold (FCX FCX French Connexion (gaming site) FCX Freeport-McMoran Copper & Gold Inc (stock symbol) FCX Fuel Cell Experiment (Honda) FCX Fire Coordination Exercise FCX Fire Control Exercise ), RTZ-CRA is funding $100 million of exploration expenditure in return for a 40 percent stake in all discoveries by the joint venture in Irian Jaya Irian Jaya, province, Indonesia: see Papua. , including around the Grasberg mine. At the year end the Group had spent 70 percent of this commitment. Since the beginning of 1995, FCX has announced reserve increases for Grasberg of approximately 900 million tonnes, to give total reserves at the end of 1996 of 2 billion tonnes at 1.19 percent copper and 1.18 grammes per tonne gold. This represents an increase in recoverable metal of approximately 8 million tonnes of copper and 19 million ounces of gold in the two years. RTZ-CRA's share of Grasberg's recoverable reserves, including the proportion attributable to its 12 percent interest in FCX, is approximately 5 million tonnes of copper and 12 million ounces of gold. Further underground drilling will be conducted in 1997. In Kalimantan, Indonesia, the Group was granted a licence to conduct initial exploration on a large land position under application, contiguous Adjacent or touching. Contrast with fragmentation. See contiguous file. to the Busang gold deposit. Work will commence in the near future. New diamond and nickel programs are under way and base metal exploration has also been stepped up in Australia. Opportunities for iron ore are being evaluated in a number of countries including Australia, where exploration focused on the search for lump iron ore deposits in the Hamersley Ranges The Hamersley Range is a mountainous region of the Pilbara, Western Australia. The range runs from the Fortescue River in the northeast, 460km south. The range contains Western Australia's highest point, Mount Meharry, which reaches approximately 1,249 m AHD. . The Group entered a joint venture to earn up to a 51 percent interest in a three million acre property position in the Northwest Territories of Canada, to the north of the Diavik diamond prospect. A property position has also been gained in the recently recognized Lac Volant vo·lant adj. 1. Flying or capable of flying. 2. Moving quickly or nimbly; agile. 3. Heraldry Depicted with the wings extended as in flying. nickel province in Quebec. Drilling continued to yield good results on gold in Ecuador, Brazil and South East Asia East Asia A region of Asia coextensive with the Far East. East Asian adj. & n. . Diamond exploration efforts in Brazil and Zimbabwe also showed promise. -0-
RTZ-CRA
PROFIT AND LOSS ACCOUNT
Years ended December 31
1996 1995 1996 1995 1996 1995
A$m A$m mps mps US$m US$m
Group turnover
10,797 12,012 5,408 5,637 Continuing operations 8,448 8,901
Discontinued
- 584 - 274 operations - 433
Share of associates
(1,753)(1,611) (878) (756) turnover (1,372)(1,194)
9,044 10,985 4,530 5,155 Turnover 7,076 8,140
(7,495)(8,279)(3,755)(3,885) Operating costs (5,865)(6,136)
Operating profit
1,549 2,738 775 1,285 Continuing operations 1,211 2,028
- (32) - (15) Discounted operations - (24)
Share of associates
707 627 354 294 profit 553 464
Profit before
2,256 3,333 1,129 1,564 exceptional items 1,764 2,468
Exceptional items
Profit on sale of
- 77 - 36 fixed assets - 56
- (299) - (140) Asset write-downs - (221)
Dual listed companies
- (37) - (17) structuring - (27)
Loss on disposal of
- (31) - (15) discontinued operations - (23)
- (290) - (136) - (215)
Profit on ordinary
activities before
2,256 3,043 1,129 1,428 interest 1,764 2,253
(42) (9) (21) (4) Net interest payable (33) (6)
Profit on ordinary
activities before
2,214 3,034 1,108 1,424 taxation 1,731 2,247
Taxation
Before
(700)(1,123) (351) (527) exceptional items (548) (832)
- 81 - 38 Exceptional items - 60
Profit on ordinary
activities after
1,514 1,992 757 935 taxation 1,183 1,475
Attributable to
outside shareholders
(111) (256) (56) (120) (equity) (87) (189)
Profit for the
1,403 1,736 701 815 financial year 1,096 1,286
Dividends to
(887) (916) (444) (430) shareholders (694) (679)
Retained profit for
516 820 257 385 the financial year 402 607
Earnings per
100.2c 124.5c 50.1p 58.4p ordinary share 78.3c 92.2c
1,403 1,945 701 913 Adjusted earnings 1,096 1,441
Adjusted earnings
100.2c 139.4c 50.1p 65.4p per share 78.3c 103.3c
Dividends per share
- - 31.71p 31.50p RTZ 51.0c
65.05c 60.47c - - CRA 51.0c
Financial ratios
Profit before
exceptional items/
turnover 20.9% 26.4%
Interest cover (times) 21 35
Tax rate (before
exceptional items) 31.7% 33.8%
Net profit/average
shareholders funds 15.1% 18.2%
Net debt to total
capital 22.4% 16.1%
(a) For the purpose of calculating earnings per share, the
weighted average number of RTZ and CRA shares outstanding during the
period was 1,398.9 million, being the average number of RTZ shares
outstanding (1,070.2 million) plus the average number of CRA shares
outstanding excluding those held by RTZ (328.7 million). The average
number of CRA shares for 1995 was adjusted for the bonus share issue
made on January 15, 1996.
(b) CRA s dividends per share for 1995 have been restated in
respect of the 7.5% bonus issue at 60.47 Australian cents, as shown
above. The CRA bonus shares issued on January 15, 1996 did not
qualify for the 1995 dividends of 65 Australian cents actually paid
in respect of each qualifying share.
RTZ-CRA
BALANCE SHEET
At December 31
1996 1995 1996 1995 1996 1995
A$m A$m mps mps US$m US$m
Fixed assets
Property, plant
11,281 10,790 5,237 5,170 and equipment 8,960 8,029
Exploration & evalua-
369 401 171 192 tion properties 293 298
Fixed asset
2,784 2,231 1,292 1,069 investments 2,211 1,660
14,434 13,422 6,700 6,431 11,464 9,987
Current assets
1,761 1,590 818 762 Inventories 1,399 1,183
Accounts receivable
2,962 2,995 1,375 1,435 and prepayments 2,353 2,229
636 829 295 397 Investments 505 617
Cash at bank and
2,192 2,369 1,018 1,135 in hand 1,741 1,763
7,551 7,783 3,506 3,729 5,998 5,792
Creditors due within
one year
Short term
(2,776) (2,150) (1,289) (1,030) borrowings (2,205) (1,600)
Accounts payable
(2,764) (2,755) (1,283) (1,320) & accruals (2,195) (2,050)
(5,540) (4,905) (2,572) (2,350) (4,400) (3,650)
2,011 2,878 934 1,379 Net current assets 1,598 2,142
Total assets less
current liab-
16,445 16,300 7,634 7,810 ilities 13,062 12,129
Creditors due after
one year
Provisions for liab-
(2,965) (2,964) (1,376) (1,420) ilities & charges (2,355) (2,205)
Medium & long term
(3,017) (2,966) (1,400) (1,421) borrowings (2,396) (2,207)
Outside shareholders
(957) (958) (445) (459) interests (equity) (760) (713)
9,506 9,412 4,413 4,510 7,551 7,004
Capital and reserves
Share capital
-- The RTZ Corporation
254 246 118 118 PLC 202 183
-- CRA Limited (excluding
657 657 306 315 RTZ interest) 523 489
Share premium
3,032 2,943 1,407 1,410 account 2,408 2,190
161 159 75 76 Other reserves 128 118
Profit and loss
5,402 5,407 2,507 2,591 account 4,290 4,024
Shareholders funds
9,506 9,412 4,413 4,510 (incl. non-equity) 7,551 7,004
(a) In accordance with Financial Reporting Standard No. 4 at
December 31, 1996 commercial paper of US$1,509 million is classified
as short term borrowings though backed by medium term facilities. In
the USA and Australia, such commercial paper would be shown as medium
and long term borrowings.
(b) At December 31, 1996, The RTZ Corporation PLC and CRA Limited had
1,070.8 million and 642.4 million ordinary shares respectively in issue.
PRODUCT ANALYSIS
1996 1995 1996 1995
% % US$m US$m
TURNOVER
17.0 21.3 Copper 1,433 1,898
8.5 7.5 Gold 718 671
11.4 10.8 Iron ore 967 963
18.2 16.0 Coal 1,541 1,424
17.9 17.6 Aluminum 1,511 1,565
19.5 19.1 Industrial Minerals 1,648 1,697
7.5 7.7 Other products 630 683
100.0 100.0 Continuing operations 8,448 8,901
Discontinued operations - 433
TOTAL 8,448 9,334
NET ATTRIBUTABLE PROFIT
33.6 41.9 Copper, gold and
by-products 422 703
17.1 14.6 Iron ore 215 245
14.2 12.0 Coal 178 202
4.5 11.7 Aluminum 56 197
25.3 16.1 Industrial Minerals 318 270
5.3 3.7 Other products 67 60
100.0 100.0 1,256 1,677
Exploration and
evaluation (166) (178)
Other items (b) 6 (49)
Discontinued operations - (9)
Adjusted earnings 1,096 1,441
Exceptional items - (155)
TOTAL 1,096 1,286
(a) The above analyses include the RTZ-CRA Group s share of the
results of associated companies including interest. Earnings of
associated companies for 1995 have been restated to include interest.
(b) Financing costs of subsidiaries (net of tax) are included in
other items in the product analysis.
(c) 1995 copper turnover has been restated to exclude by-products
which are now shown in other products .
CONTACT: RTZ-CRA George Naylor 011-44-171-753-2401 Adriana Vellar 011-44-171-753-2274 Fraser Hardie 011-44-171-753-2355 or Cameron King Gavin Anderson & Co. 212-373-0218 |
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