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FY23 full year financial results released

24 AUGUST 2023

Today we’ve released our full year financial results for FY23 – delivering a strong financial performance underpinned by our recent portfolio improvements in commodities that are critical in a low-carbon future.

Here are the key highlights of our full year results: 

  • We delivered strong production growth in aluminium, base metals, and manganese during the year, and achieved annual production records at Hillside Aluminium, Australia Manganese and South Africa Manganese; 
  • Our results were underpinned by our recent portfolio improvements in commodities that are critical in a low-carbon future; 
  • Our production growth, coupled with our ongoing focus on cost efficiencies, has resulted in one of our largest underlying financial results to date, with Underlying EBITDA of US$2.53 billion;US$1.2 billion was returned to shareholders during the year and today we have announced a fully-franked final ordinary dividend of 3.2 US cents per share in respect of the June 2023 half year. 

Watch: full year financial results and safety performance update from Graham Kerr, South32 CEO

Reflecting our strong balance sheet and confidence in the business outlook, we have increased our flexible capital management program by US$50m to US$2.3 billion, leaving US$158 million to be returned by 1 September 2023.

Production guidance for the second half of the financial year is unchanged, with a forecast 6 per cent increase in production as we realise the benefit of recently completed improvement projects and ramp-up of the Brazil Aluminium smelter.

We also provided an update on the Hermosa project in Arizona, where the feasibility study for Hermosa’s zinc-lead-silver Taylor deposit remains on-track to support a final investment decision in mid-calendar year 2023. We have also confirmed the potential for Hermosa’s Clark deposit to produce battery-grade manganese for the growing North American electric vehicle supply chain.

We also progressed programs to deliver on our climate change commitments and we remain focused on our medium-term target to halve our operational greenhouse emissions by 2035, from our FY21 baseline.

See the full results and results presentation here