- Profit reflects strong performance by Marketing business
- Interim dividend 36 cents per share
- Growth in transport fuels sales volumes, margins and market share
- Diesel, jet and premium petrol growth outstrips the market
- Strong debt management and cost control
- Earnings reduced as a result of unplanned refinery outages
| Results summary (millions of dollars) | 2008 | 2007[1] | |
|---|---|---|---|
| Replacement cost of sales operating profit (RCOP)[2] after tax |  |
196 | 294 |
| RCOP earnings before interest and tax | |
302 | 445 |
| RCOP earnings per share | |
72.7c | 108.9c |
| RCOP earnings per litre | |
1.9c | 2.6c |
| Net debt |  |
645 | 490 |
| Dividend | |
36c | 47c |
| Statutory net profit after tax (including inventory gains/losses) | |
354 | 368 |
| Earnings per share | |
131.3c | 136.2c |
- In 2H07, Caltex changed its RCOP accounting methodology to include the impact of exchange rate movements on the crude oil price. The reported RCOP result at 30 June 2007, which excluded the impact of exchange rate movements, was $255 million. The RCOP EBIT was $389 million.
- The replacement cost of sales operating profit (RCOP) excludes the impact of the rise or fall in oil prices (a key external factor) and presents a clearer picture of the company’s underlying business performance. It is calculated by restating the cost of sales using the replacement cost of goods sold rather than the historical cost, including the effect of contract based revenue lags.