Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 31

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 31
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 18 | riotinto.com |

Strategic report | Financial review

Items excluded from underlying earnings The differences between underlying earnings and net earnings are set out in this table (all numbers are after tax and exclude amounts attributable to non-controlling interests).

| Year ended 31 December                                                                                                                | US$bn |  2024 
 US$bn |
|:--------------------------------------------------------------------------------------------------------------------------------------|------:|------:|
| Underlying earnings                                                                                                                   |  10.9 |  11.8 |
| Items excluded from underlying earnings                                                                                               |       |       |
| Net gains on consolidation and disposal of interests in businesses                                                                    |   0.9 |     – |
| Impairment charges net of reversals                                                                                                   |  -0.5 |  -0.7 |
| Foreign exchange and derivative gains/(losses) on net debt and intragroup balances and derivatives not qualifying for hedgeaccounting |   0.2 |  -0.3 |
| Change in closure estimates (non-operating and fully impaired sites)                                                                  |  -0.1 |  -1.1 |
| Other                                                                                                                                 |   0.2 |   0.4 |
| Total items excluded from underlying earnings                                                                                         |   0.7 |  -1.7 |
| Net earnings                                                                                                                          |  11.6 |  10.1 |

Financial figures are rounded to the nearest $100 million, hence small differences may result in the totals. On page 270 there is a detailed reconciliation from net earnings to underlying earnings, including pre-tax amounts and additional explanatory notes. The differences between profit after tax and underlying EBITDA are set out in the table on page 168 . Net gains on consolidation and disposal of interests in businesses of $0.9 billion primarily related to a gain following the increase in ownership of Tiwai Point Smelter (NZAS), New Zealand, the sale of Sweetwater, a former uranium legacy site in Wyoming, United States, and the sale of Dampier Salt’s Lake MacLeod operation in Western Australia. We recognised impairment charges net of reversals of $0.5 billion (after tax), mainly related to our alumina refineries in Queensland: a review was triggered by studies for the double digestion project indicating increased capital costs. In 2023, we recognised impairment charges net of reversals of $0.7 billion (after tax), also mainly related to our alumina refineries. The full analysis is set out in note 4