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Group Cash Flow Statement (Parenthetical)
€ in Millions, $ in Millions
12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2020
EUR (€)
Cash flows from consolidated operations        
Profit after tax for the year $ 13,076 $ 22,575 $ 10,400  
Adjustments for:        
– Taxation 5,586 8,258 4,991  
– Finance items 1,846 26 1,751  
– Share of profit after tax of equity accounted units (777) (1,042) (652)  
– Loss on disposal of interest in subsidiary 105 0 0  
– Impairment charges of investments in equity accounted units after tax 202 0 339  
– Impairment reversal/(charges net of reversals) (150) 269 904  
– Depreciation and amortisation 5,010 4,697 4,279  
– Provisions (including exchange differences on provisions) 1,006 1,903 894  
– Pension settlement 0 (291) 0  
Utilisation of other provisions (176) (128) (139)  
Utilisation of provisions for close-down and restoration (609) (541) (366)  
Utilisation of provisions for post-retirement benefits and other employment costs (254) (231) (269)  
Change in inventories (1,185) (1,397) (281)  
Change in receivables and other assets [1] 20 (367) (562)  
Change in trade and other payables 700 685 558  
Other items [2] (1,242) (480) (25)  
Cash flows from consolidated operations [3] 23,158 33,936 21,822  
Purchases of financial assets 55 45 5  
Sales of financial assets [4],[5] 892 114 63  
Amount held in trust fund 329 388    
Notional amount 1,216 1,377    
Purchase of non-controlling interest [6] 2,961 0 0  
Realised gain (loss)   (131) (179)  
Gains (losses) on available-for-sale financial assets 116 336 0  
Mongolia | Oyu Tolgoi LLC        
Adjustments for:        
Payment for disputed tax matters   $ 356    
Energy Resources of Australia        
Adjustments for:        
Deposits into trust fund     299  
Turquoise Hill        
Adjustments for:        
Purchase of non-controlling interest 2,961      
Diavik        
Adjustments for:        
Group interest (voting %)   60.00%    
Rio Tinto Finance (USA) plc Bonds 2.75% 2051        
Adjustments for:        
Notional amount   $ 1,250    
Borrowings, interest rate   2.75%    
Rio Tinto Finance (USA) plc Bonds 2.75% 2051 | Fixed interest rate        
Adjustments for:        
Borrowings term   30 years    
Rio Tinto Finance (USA) Limited Bonds 3.75% 2025        
Adjustments for:        
Buy-back of bonds   $ 1,200    
Rio Tinto Finance plc Euro Bonds 2.0% due 2020        
Adjustments for:        
Buy-back of bonds | €       € 402
Not Designated As Hedging Instrument        
Adjustments for:        
Realised gain (loss)   (459)    
Cortez Royalty        
Adjustments for:        
Sales of financial assets 525      
Urealised gain on royalty   432    
Fixed Income Instruments        
Adjustments for:        
Purchases of financial assets $ 352 $ 107 $ 58  
[1] 2021, the Mongolian Tax Authority required payment by Oyu Tolgoi of US$356 million in relation to disputed tax matters. Oyu Tolgoi continues to dispute the matters and has classified amounts subject to international arbitration as prepayments pending resolution.
[2] Other items includes the deduction of the US$432 million relating to the gain recognised on sale of the Cortez royalty shown in “Sale of financial assets” and the recognition of realised losses of US$459 million on currency forwards not designated as hedges (2021: realised losses US$131 million, 2020: realised losses US$179 million). In 2021 other items also included US$336 million relating to a gain on recognition of a new wharf at Kitimat, Canada with no associated cash flow.
[3]
Notes to the Group Cash Flow Statement
(a) Cash flows from consolidated operationsNote2022
US$m
2021
US$m
2020
US$m
Profit after tax for the year13,076 22,575 10,400 
Adjustments for:
– Taxation5,586 8,258 4,991 
– Finance items1,846 26 1,751 
– Share of profit after tax of equity accounted units(777)(1,042)(652)
– Loss on disposal of interest in subsidiary5105 — — 
– Impairment charges of investments in equity accounted units after tax4202 — 339 
– Impairment reversal/(charges net of reversals)4(150)269 904 
– Depreciation and amortisation5,010 4,697 4,279 
– Provisions (including exchange differences on provisions)1,006 1,903 894 
– Pension settlement— (291)— 
Utilisation of other provisions 36(176)(128)(139)
Utilisation of provisions for close-down and restoration14(609)(541)(366)
Utilisation of provisions for post-retirement benefits and other employment costs26(254)(231)(269)
Change in inventories(1,185)(1,397)(281)
Change in receivables and other assets(g)
20 (367)(562)
Change in trade and other payables700 685 558 
Other items(h)
(1,242)(480)(25)
23,158 33,936 21,822 
[4] In 2022, we received net proceeds of US$352 million (2021: US$107 million and 2020: US$58 million) from our sales and purchases of investments within a separately managed portfolio of fixed income instruments. Purchases and sales of these securities are reported on a net cash flow basis within “Sales of financial assets” or “Purchases of financial assets” depending on the overall net position at each reporting date.
[5] Sale of financial assets includes US$525 million of cash received from the sale of the gross production royalty at the Cortez Complex in Nevada, USA, refer to note 1 and note 7.
[6] On 16 December 2022 we acquired the remaining 49% share of Turquoise Hill Resources for expected consideration of US$3.2 billion inclusive of transaction fees. At 31 December 2022 US$2,961 million had been paid.