RCOP profit up on continued Marketing growth, strong Lytton performance and favourable externalities

23 February 2015

Key points:

  • Full year historic cost profit after tax (HCOP) of $20 million, including significant items, as a result of inventory losses due to the significant fall in crude oil prices
  • Full year RCOP1 NPAT of $493 million, excluding significant items
  • Another record Marketing result, with EBIT up approximately 6% to $812 million
  • Strong Lytton refinery operational performance and net favourable externalities underpin profitable Refining & Supply RCOP result
  • Significant items of $112 million (loss after tax), relating to the previously announced company-wide cost and efficiency review ("Tabula Rasa")
  • Net debt at 31 December 2014 of $639 million, reflecting working capital reductions following the closure of Kurnell and the favourable impact of lower crude oil prices
  • Final dividend of 50 cents per share (fully franked) (full year 70 cps, fully franked). Increased payout ratio reflects successful closure of Kurnell and associated working capital reductions

The full ASX release is attached.

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