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Group cash flow statement - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Statement of cash flows [abstract]      
Cash flows from consolidated operations [1] $ 21,822 $ 19,705 $ 15,655
Dividends from equity accounted units 594 669 800
Cash flows from operations 22,416 20,374 16,455
Net interest paid (569) (537) (612)
Dividends paid to holders of non-controlling interests in subsidiaries (683) (376) (420)
Tax paid (5,289) (4,549) (3,602)
Net cash generated from operating activities 15,875 14,912 11,821
Cash flows from investing activities      
Purchases of property, plant and equipment and intangible assets (6,189) (5,488) (5,430)
Disposals of subsidiaries, joint ventures, unincorporated joint operations and associates 10 (80) 7,733
Purchases of financial assets [2] (5) (43) (1,572)
Sales of financial assets [2] 63 83 19
Sales of property, plant and equipment and intangible assets 45 49 586
Net funding of equity accounted units (43) (33) (9)
Acquisitions of subsidiaries, joint ventures and associates 0 0 (5)
Other investing cash flows (437) 11 (1)
Net cash (used)/generated in investing activities (6,556) (5,501) 1,321
Cash flows before financing activities 9,319 9,411 13,142
Cash flows from financing activities      
Equity dividends paid to owners of Rio Tinto (6,132) (10,334) (5,356)
Proceeds from additional borrowings 125 80 54
Repayment of borrowings [3] (721) (203) (2,300)
Lease principal payments (324) (315) 0
Proceeds from issue of equity to non-controlling interests 129 101 85
Own shares purchased from owners of Rio Tinto (208) (1,552) (5,386)
Other financing cash flows 1 4 (48)
Net cash flows used in financing activities (7,130) (12,219) (12,951)
Effects of exchange rates on cash and cash equivalents 165 (54) 151
Net increase/(decrease) in cash and cash equivalents 2,354 (2,862) 342
Opening cash and cash equivalents less overdrafts 8,027 10,889 10,547
Closing cash and cash equivalents less overdrafts $ 10,381 $ 8,027 $ 10,889
[1]
(a) Cash flows from consolidated operations
Profit after tax for the year10,400 6,972 13,925 
Adjustments for:
– Taxation4,991 4,147 4,242 
– Finance items1,751 648 33 
– Share of profit after tax of equity accounted units(652)(301)(513)
– Net losses/(gains) on consolidation and disposal of interests in businesses36— 291 (4,622)
– Impairment charges of investments in equity accounted units after tax6339 — — 
– Impairment charges6904 3,487 132 
– Depreciation and amortisation4,279 4,384 4,015 
– Provisions (including exchange differences on provisions)894 753 1,011 
Utilisation of provisions(582)(539)(620)
Utilisation of provision for post-retirement benefits25(192)(205)(219)
Change in inventories(281)28 (587)
Change in receivables and other assets(562)163 (421)
Change in trade and other payables558 (191)476 
Other items(d)
(25)68 (1,197)
21,822 19,705 15,655 
[2] In 2020, the Group received net proceeds of US$58 million (2019 and 2018 net purchase of US$28 million and US$1.6 billion respectively) from its sales and purchases of investments within a separately managed portfolio of fixed income instruments. Purchases and sales of these securities are reported on a net cash flow basis within “Sales of financial assets” or “Purchases of financial assets” depending on the overall net position at each reporting date.
[3] On 11 May 2020, we repaid our €402 million (nominal value) Rio Tinto Finance plc Euro Bonds on their maturity. The cash outflow relating to the repayment of the bonds and the realised loss on the derivatives have been recognised within "Repayment of borrowings and associated derivatives" in the Group cash flow statement and totalled US$526 million.