Group results
Group operating results for FY 2009 are set out below.
| (In US$ million, except as stated) | FY 2009 | FY 2008 | % change | ||
| Revenue | 6,578.9 | 8,203.7 | (19.8) | ||
| EBITDA | 1,612.2 | 3,010.4 | (46.4) | ||
| EBITDA margin (%) | 24.6 | 36.7 | |||
| Operating special items | (31.9) | 11.1 | |||
| Depreciation and amortisation | (473.3) | (429.1) | 10.3 | ||
| Operating profit | 1,107.0 | 2,592.4 | (57.3) | ||
| Net interest income | 73.9 | 170.8 | (56.7) | ||
| Profit before taxation | 1,180.9 | 2,763.2 | (57.3) | ||
| Income tax expense | (280.5) | (757.7) | (63.0) | ||
| Tax rate (%) | 23.8 | 27.4 | |||
| Minority interest | 681.1 | 1,126.5 | (39.5) | ||
| Minority interest rate (%) | 75.6 | 56.2 | |||
| Attributable to equity shareholders in parent | 219.3 | 879.0 | (75.1) | ||
| Basic earning per share (US cents per share) | 76.4 | 305.4 | (75.0) | ||
| Underlying earning per share (US cents per share) | 119.7 | 303.9 | (60.6) | ||
We recorded revenues and EBITDA during the year of approximately US$6.6 billion and US$1.6 billion, respectively. Revenues and EBITDA have been discussed in detail in the Business Review.
During the year we decided to discontinue our high cost aluminium operations. Furthermore, due to the non-renewal of the mining lease at one of the third-party mines in Sesa Goa, we have impaired the entire carrying value of the mining property value in that location. Impairment losses recognised in the income statement of FY 2009 are US$28.9 million and are shown as part of special items.
Net interest income in FY 2009 was US$73.9 million compared with US$170.8 million in FY 2008. Investment income increased to US$456.2 million in FY 2009 from US$321.4 million in FY 2008 as a result of better yield on investments and also due to higher cash generated by many of our Indian subsidiaries. Average cash and cash equivalents and liquid investments increased in FY 2009 to US$5,226.7 million up from US$4,572.0 million in FY 2008.
Finance costs have also increased to US$250.2 million in FY 2009, up from US$150.6 million in FY 2008 due to an increase in average debt levels. Average debt was US$4,370 million in FY 2009, up from US$3,198 million in FY 2008. During the year, we raised new debt of US$2,208 million mainly to meet our project finance requirements. We had also secured short-term funding facilities from banks to meet working capital requirements of some of our businesses. Our alumina refinery at Lanjigarh was commissioned during the year and the interest expense incurred after commissioning is reflected in the income statement, having been capitalised prior to that date.
During the year, there was unprecedented volatility in foreign currency exchange rates particularly between the Indian rupee and the US dollar. The Indian rupee depreciated against the US dollar by c.27.5%. Financial liabilities restated at the closing exchange rates in our Indian subsidiaries resulted in an exchange loss of US$132.0 million in the income statement.
