Ann: Rio Tinto 2018 half year results, page-2

My thoughts on the results.
The Good
a) 43% EBITDA Margin - is excellent
b) $4B (after tax) to be returned to shareholders - expect anothe off market buyback in Aust
c) Excellent interim dividend - bodes well for the Full year
d) Increased share buyback of $1B in the UK
e) EPS is growing faster than earnings due to share buybacks (4% delta)
f) Capex is being managed so that there are only a few projects being worked on at any one time

The Bad
a) $1.2B in tax payment. Ouch - I was not expecting that.
b) Cost pressures are being felt
c) P8 of the presentation - M & A always scares me now. I would be much happier if they continued on t heir current CAPEX spend rather than pursue M&A
d) Even after all these years Alum is still not kicking goals. Half the margin of I Ore ansd still capital hungry. (P7 in the presentation)

The Ugly
Nothing jumps out - if other posters have any, please add.

The result missed analyst expectations so expect some strong selling over the next few days.

HT1