UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE
13a-16
OR
15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
August 22, 2017
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BHP BILLITON LIMITED
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BHP BILLITON PLC
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(ABN 49 004 028 077)
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(REG. NO. 3196209)
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(Exact name of Registrant as specified in its charter)
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(Exact name of Registrant as specified in its charter)
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VICTORIA, AUSTRALIA
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ENGLAND AND WALES
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(Jurisdiction of incorporation
or organisation)
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(Jurisdiction of incorporation
or organisation)
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171 COLLINS STREET, MELBOURNE,
VICTORIA 3000 AUSTRALIA
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NOVA SOUTH, 160 VICTORIA STREET
LONDON, SW1E 5LB
UNITED
KINGDOM
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(Address of principal executive offices)
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(Address of principal executive offices)
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Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F
or
Form 40-F: ☒ Form 20-F ☐ Form
40-F
Indicate by check mark if the registrant is submitting the Form
6-K
in
paper as permitted by Regulation
S-T
Rule 101(b)(1): ☐
Indicate by check mark if the registrant
is submitting the Form
6-K
in paper as permitted by Regulation
S-T
Rule 101(b)(7): ☐
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule
12g3-2(b)
under the Securities Exchange Act of 1934: ☐ Yes ☒ No
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule
12g3-2(b):
n/a
BHP Billiton Limited BHP Billiton Plc 171 Collins Street Nova South, Melbourne Victoria 3000 Australia 160 Victoria Street GPO BOX 86
London SW1E 5LB UK Melbourne Victoria 3001 Australia Tel +44 20 7802 4000 Tel +61 1300 55 47 57 Fax +61 3 9609 3015 Fax + 44 20 7802 4111 bhp.com bhp.com 22 August 2017
Financial resultsYear ended 30 June 2017 Nelson Point
Disclaimer Forward-looking statements This presentation contains forward-looking statements, including
statements regarding: trends in commodity prices and currency exchange rates; demand for commodities; plans, strategies and objectives of management; closure or divestment of certain operations or facilities (including associated costs); anticipated
production or construction commencement dates; capital costs and scheduling; operating costs and shortages of materials and skilled employees; anticipated productive lives of projects, mines and facilities; provisions and contingent liabilities; tax
and regulatory developments. Forward-looking statements can be identified by the use of terminology such as intend, aim, project, anticipate, estimate, plan,
believe, expect, may, should, will, continue, annualised or similar words. These statements discuss future expectations concerning the results of operations or
financial condition, or provide other forward-looking statements. These forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are
beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this presentation. Readers are cautioned not to put undue reliance on forward-looking statements. For example, future
revenues from our operations, projects or mines described in this presentation will be based, in part, upon the market price of the minerals, metals or petroleum produced, which may vary significantly from current levels. These variations, if
materially adverse, may affect the timing or the feasibility of the development of a particular project, the expansion of certain facilities or mines, or the continuation of existing operations. Other factors that may affect the actual construction
or production commencement dates, costs or production output and anticipated lives of operations, mines or facilities include our ability to profitably produce and transport the minerals, petroleum and/or metals extracted to applicable markets; the
impact of foreign currency exchange rates on the market prices of the minerals, petroleum or metals we produce; activities of government authorities in some of the countries where we are exploring or developing these projects, facilities or mines,
including increases in taxes, changes in environmental and other regulations and political uncertainty; labour unrest; and other factors identified in the risk factors discussed in BHPs filings with the US Securities and Exchange Commission
(the SEC) (including in Annual Reports on Form
20-F)
which are available on the SECs website at www.sec.gov. Except as required by applicable regulations or by law, the Group does not
undertake any obligation to publicly update or reviewany forward-looking statements, whether as a result of new information or future events. Past performance cannot be relied on as a guide to future performance.
Non-IFRS
and other financial information BHP results are reported under International Financial Reporting Standards (IFRS). This presentation may also include certainnon-IFRS (also referred to as alternate
performance measures) and other measures including Underlying attributable profit, Underlying EBITDA (all references to EBITDA refer to Underlying EBITDA), Underlying EBIT, Adjusted effective tax rate, Controllable cash costs, Free cash flow,
Gearing ratio, Net debt, Net operating assets, Operating assets free cash flow, Principal factors that affect Underlying EBITDA, Underlying basic earnings/(loss) per share, Underlying EBITDA margin and Underlying return on capital employed (ROCE)
(all references to return on capital employed refer to Underlying return on capital employed). These measures are used internally by management to assess the performance of our business and segments, makedecisions on the allocation of our resources
and assess operational management.
Non-IFRS
and other measures have not been subject to audit or review and should not be considered as an indication of or alternative to an IFRS measure of profitability,
financial performance or liquidity. Presentation of data Unless specified otherwise: variance analysis relates to the relative performance of BHP and/or its operations during the 2017 financial year compared with the 2016 financial year;data is
presented on a continuing operations basis from the 2014 financial year onwards; copper equivalent production based on 2017 financial year average realised prices; references to Underlying EBITDA margin exclude third party trading activities; data
from subsidiaries are shown on a 100 per cent basis and data from equity accounted investments and other operations is presented, with the exception of net operating assets, reflecting BHPs share; medium term refers to our five year plan.
Queensland Coal (QCoal) comprises the BHP Billiton Mitsubishi Alliance (BMA) asset, jointly operated with Mitsubishi, and the BHP Billiton Mitsui Coal (BMC) asset, operated by BHP. Numbers presented may not add up precisely to the totals provided
due to rounding. All footnote content contained on slide 32. No offer of securities Nothing in this presentation should be construed as either an offer or a solicitation of an offer to buy or sell BHP securities in any jurisdiction, or be treated or
relied upon as a recommendation or advice by BHP. Reliance on third party information The views expressed in this presentation contain information that has been derived from publicly available sources that have notbeen independently verified. No
representation or warranty is made as to the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by BHP. Credit rating information A credit rating is not a
recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by an assigning rating agency, and any rating should be evaluated independently of any other information. 22 August 2017
Financial results 2
Financial resultsYear ended 30 June 2017 Andrew Mackenzie Chief Executive Officer BMA
Key messages We are focused on cash flow, capital discipline and value US$12.6 billion 274%free cash flow
US$4.4 billion 175%dividends US$2 billionproductivity gains by
end-FY19
US$16.3 billion $9.8 bnnet debt
US$10-15 billion
net debt range
<US$8 billion p.a.3 year capital and exploration guidance ROCE up to 10% (after tax)further improvement expected Onshore US
non-core,
will exit for value Investing for the futureMad Dog 2 and SGO
approvedWildling oil discovery Maximise cash flow Capital discipline Value and returns22 August 2017 Financial results 4
Tragically two of our colleagues died over the last 14 months TRIF of 4.21 Safety Attributable profit of
US$5.9 billion; Underlying EBITDA of US$20.3 billion, up 64% Free cash flow of US$12.6 billion; net debt of US$16.3 billion Financial highlights FY17 scorecard US$1.3 billion of further productivity gains Unit costs down 4%2
Costs Shareholder returns US$4.4 billion total dividend determined (includes additional US$1.1 billion over minimum 50% payout) Full year dividend of US$0.83 per share, equivalent to 66% payout ratio Approved Mad Dog Phase 2, South Flank
initial funding and Spence Growth Option (Q1 FY18) Multiple latent capacity projects progressing; discoveries at Caicos, LeClerc and Wildling (Q1 FY18) Investing for the future Strong cash generation delivers debt reduction and shareholder returns22
August 2017 5 Financial results
Safety and sustainability We achieve nothing unless we achieve it safely Tragically, we had a fatality at
Escondida (October 2016), and more recently at Goonyella Riverside (August 2017) Reduction in TRIF to 4.21 0 2 4 6 8 10 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 TRIF at operated assets (Number of
recordable injuries per million hours worked3) Committed to social and environmental rehabilitation in Brazil Progress on social and environmental remediation programs Constructive Preliminary Agreement with Federal Prosecutors
Focused on Samarco restart but subject to separate negotiations 22 August 2017 Financial results 6
Financial resultsYear ended 30 June 2017 Peter Beaven Chief Financial Officer Spence
Group EBITDA waterfall Prices and productivity underpin EBITDA improvement 12.3 19.7 20.3 (0.5) (0.3) (0.3)
(0.4) 8.2 0.3 1.0 0.0 0.0 0 10 20 FY16 Price Foreignexchange Inflation
Sub-total
Growthvolumes Productivityvolumes Controllablecash costs Fuel &energy
Non-cash
Other FY17 Underlying EBITDA variance(US$ billion) External US$7.4 billion Controllable US$0.6 billion 10 7 9 822 August 2017 Financial results 9
Segment performance Iron Ore 44% of Group EBITDA11 High margins on record volumes Cost12:US$14.60/t
ï,3% EBITDA:US$9.1 bnï,62% EBITDA12margin:63% ROCE12:26% Copper 17% of Group EBITDA11 Strike and power outage impact performance Cost13:Including strikeUS$1.28/lbï,7% Excluding strikeUS$1.15/lbï,4%
EBITDA:US$3.5 bnï,35% EBITDA margin:49% ROCE:6% Petroleum 20% of Group EBITDA11 Over 200% reserve replacement Conventional cost:US$8.82/boeï,2% EBITDA:US$4.1 bnï,11% EBITDA margin:59% ROCE:Conventional12% Onshore
US(3)% Coal 19% of Group EBITDA11 Converting higher prices into cash flow Cost:QCoal US$60/t ï,8% NSWECUS$41/t 0% EBITDA:US$3.8 bnï,496% EBITDA margin:50% ROCE:23% Balanced contribution across the portfolio22 August 2017
Financial results 10
Cash generation Free cash generation (US$
billion)(Index, FY08=100) Productivity and discipline capture rising prices 12.6 (100) 0 100 200 (10) (5) 0 5 10 15 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 Free cash flow Commodity basket index (RHS) Operating cash flow (US$
billion)(Index, FY08=100) 16.8 0 100 200 0 15 30 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 Operating cash flow Commodity basket index (RHS) 14 14 200 200 23522 August 2017 Financial results 11
Capital allocation Relentless focus on
capital discipline, debt reduction and shareholder returns Operating productivity Capital productivity Net operating cash flow Excess cash US$16.8 bn Maintenance capital US$1.2 bn Minimum 50% payout ratio dividend16 US$2.0 bn US$13.0 bn FY17 Less:
dividends to NCIs of US$0.6 bn15
Buy-backs
Acquisitions/ (Divestments) Balance sheet Organic development Additional dividends16 US$8.8 bn US$0.9 bn US$0.0 bn US$4.0 bn US$(0.7) bn IndoMet Caroona
Scarborough H2 FY16 and H1 FY17 $1.8bn improvement $0.3bn latent capacity $0.6bn Onshore US $0.3bn major projects $1.0bn exploration Strong balance sheet ï¼22 August 2017 Financial results 12
Movements in net debt (US$ billion)
Balance sheet Net debt and gearing (Net debt, US$ billion)(Gearing, %) 10 25 40 0 15 30 FY12 FY13 FY14 FY15 FY16 FY17 Net debt Net gearing 26.1 16.3 2.9 0.5 0.6 (12.6) (1.2) 0 15 30 FY16 Free cashflow Dividendspaid Othermovements Kelarfinancelease
Fair valuemovement FY17
Non-cash
Net debt US$16.3 billion; gearing 20.6%; average debt maturity 9.1 years 17 18 We will maintain balance sheet strength through the cycleOver the medium term, this
translates to a net debt range of
US$10-15
billion22 August 2017 Financial results 13
0 10 20 FY12 FY13 FY14 FY15 FY16 FY17 FY18e Investing for the future Capital and exploration expenditure (cash
basis) (US$ billion) $5.2 bn $6.9 bn Expected average returns on FY18 development19capex of over 20% Exploration Major projects Onshore US Latent capacity Improvement Maintenance Capital and exploration expenditure of US$6.9 billion in FY18 and
below US$8 billion per annum in FY19 and FY2022 August 2017 Financial results 14
Jansen Jansen will proceed only if it passes strict capital allocation framework tests
Disciplined capital allocation Long duration security of tenure provides optionality Multiple options to maximise value First quartile producer With unique scale
and technology advantages, Jansen designed to be one of the worlds lowest cost producers Once shafts complete, Jansen offers marketable opportunity and multi-year head start on competing projects Market fundamentals
2-3%
expected annual potash demand growth with demand to outstrip supply in mid 2020s While long-term fundamentals remain robust, Jansen now timed for this later market window Wait postpone and improve
while waiting for market SGO; Mad Dog 2 Partner bring in partner to share capex and reduce risk Scarborough Divest sell to others for value Browse; Yeelirrie Optimise
re-design
to improve capital efficiency
Outer Harbour to 290Mt; OD Open Pit to BFX Important that we develop future options to create long-term shareholder value, but we will be disciplined22 August 2017 Financial results 15
(5) 5 15 25 0 10 20 30 40 50 60 70 80 We expect our detailed asset-level plans to drive significant medium-term
ROCE improvement Return on Capital Employed FY17 ROCE improves to 10% (after tax) Productivity and technology to further improve performance Detailed plans to improve, optimise or exit Average capital employed (US$ billion) ROCE by asset (%) WAIO
QCoal NSWEC Pampa Norte Escondida Olympic Dam Potash Onshore US Antamina20 Cerrejón20 Conventional Petroleum Onshore US Exploration21 No strike and
ramp-up
of LCE, EWS Reliability, SMA, BFX22 August
2017 Financial results 16
Financial resultsYear ended 30 June 2017 Andrew Mackenzie Chief Executive Officer Neptune
Market outlook
Near-term
uncertainty, attractive long-term fundamentals
Short term Medium term Long term
Growth in
Uncertainty Modest Steeper New demand New supply population, high
growth cost curves centres wealth
Balanced Petroleum Sustainable Emerging
Decarbonisation Technology risks rebalancing productivity Asia
Financial
results
22 August 2017 18
Our strategy Distinctive enablers Simple portfolio Shareholder value and returns Tier 1 upstream assets
Diversified exposure to preferred commodities Capital discipline, balance sheet strength and shareholder returns Attractive geographies Valuable options Technology and systems to optimise resource and capital Safety, productivity andoperational
excellence Charter Values and culture of connectivity Licence to operate Value and returns are at the centre of everything we do22 August 2017 Financial results 19
Strategy execution We continued to make strong progress on our plans in FY17 Productivity Additional
productivity gains of US$1.3 billion 4% reduction in unit costs2 Latent capacity Spence Recovery Optimisation and Jimblebar crusher completed Los Colorados Extension
ramping-up
and Caval Ridge Southern
Circuit progressing Onshore US Free cash flow of US$0.3 billion Acreage sales; swaps in Permian; hedges in Haynesville Major projects Mad Dog Phase 2 approved; Spence Growth Option approved in Q1 FY18 Longford Gas Conditioning Plant and
Escondida Water Supply project completed Exploration Discoveries at Caicos, LeClerc and Wildling Successful Trion bid Technology Coal IROC operational; autonomous blast hole drills; full truck automation at Jimblebar by
end-CY17
Rail scheduling automation implemented; ongoing Olympic Dam leaching trials22 August 2017 Financial results 20
Onshore US Onshore US assets are
non-core
and we are actively looking
to exit for value As we progress these alternatives, our ongoing well trials, acreage swaps and
mid-stream
solutions will add to the value, profitability and marketability of our acreage Alternatives Trade
sale Asset swap22 Demerger IPO Retainprepared to be patient if value not realised but capital recycled to carry at zero cost Considerations Valuation and marketability Impact on shareholders Clean exit Funding requirements Certainty of completion
Exposure to price and resource upside22 August 2017 Financial results 21
We delivered against our plans in FY17
Maximise cash flow Free cash flow of US$12.6 billion All
operating assets free cash flow positive Capital discipline US$9.8 billion reduction in net debt Capital productivity underpins ~30% capex reduction Value and returns ROCE up to 10% US$4.4 billion dividends23(US$1.1 billion over
minimum 50% payout) ROCE (%) 0 10 20 FY16 FY17 FY18e(FY17prices) FY22e(FY17prices)22 August 2017 Financial results 22
and will further deliver in FY18
Maximise cash flow >7% copper equivalent volume growth Free
cash flow of >US$10 billion at spot prices24 Capital discipline Average returns of over 20% on FY18 development capex19 SGO, Mad Dog Phase 2 and three latent capacity projects progressing Value and returns ROCE improvement to >11% at FY17
prices Onshore US is
non-core,
value-based exit process initiated 0 10 20 FY16 FY17 FY18e(FY17prices) FY22e(FY17prices) ROCE (%)22 August 2017 Financial results 23
and will continue to deliver over the medium term Maximise cash flow Productivity gains of
US$2 billion by
end-FY19
Focused on unit cost reductions (e.g. <US$13/t at WAIO) Capital discipline Net debt range of
US$10-15 billion
<US$8 billion
p.a. capital and exploration expenditure over next 3 years Value and returns Significant further ROCE improvement expected Shareholder returns focus, with investments tested against
buy-backs
ROCE (%) 0 10 20
FY16 FY17 FY18e(FY17prices) FY22e(FY17prices)22 August 2017 Financial results 24
BHP
Appendix
Samarco and Renova Foundation Committed to social and environmental rehabilitation Legal developments
Constructive Preliminary Agreement with Federal Prosecutors Settlement negotiation extended until 30 October 2017
Bottom-up,
community-focused, cost-based approach Samarco mine restart
Restart important but must be safe and economically viable Require state and federal approvals, municipal conformity declarations and community support Debtholder negotiations October 2016 February 2017 December 2016 January 2017
Rehabilitation (Renova Foundation) Dams stabilised, tailing releases controlled last wet season Erosion control in priority areas almost complete Turbidity returned to
pre-dam
failure levels
Over 82,000 compensation recipients Communities chosen resettlement locations Rio Gualaxo do Norte22 August 2017 Financial results 27
BHP guidance Financial results Group FY18e Capital and exploration expenditure(US$bn) 6.9 Cashbasis. Including:
Maintenance 2.0 Includes
non-discretionary
capital expenditure to maintain asset integrity, reduce risks, and meet compliance requirements. Alsoincludes deferred development and production stripping of US$886m
for FY18. Improvement 1.5 IncludesNorth West Shelf Greater Western
Flank-B,
Conventional Petroleum infill drilling, Escondida Water Supply. Latent capacity 0.3 Includes Caval Ridge SouthernCircuit, Olympic Dam
Southern Mining Area, Western Australia Iron Ore to 290 Mtpa. Onshore US 1.2 Includes upto five additional rigs, subject to market conditions (total rigs in FY18 up to 10). Major projects 1.0 IncludesSpence Growth Option, Mad Dog Phase 2, Jansen.
Exploration 0.9 Includes: US$715m Petroleum and ~US$60m Copper exploration program planned for FY18. Petroleum FY18e Total petroleum production (MMboe) 180 190 Onshore US Capital expenditure (US$bn) 1.2 Developmentactivity tailored to market
conditions. Production (MMboe) 61 67 Production from the phased ramp up of development activity is more than offset by natural field decline. ConventionalPetroleum Capital expenditure (US$bn) 0.8 Investment in Mad Dog Phase 2 project,
high-return infill drilling in the Gulf of Mexico and a life extension project at North West Shelf. Production (MMboe) 119 123 Infill drilling and brownfield projects are more than offset by planned maintenance at Mad Dog and natural field
decline across the portfolio. Unit cost (US$/barrel) 10 Excludes inventory movements, embedded derivatives movements, freight, third party product purchases and exploration expense. Exploration (US$bn) 0.7 Focused on Mexico, the Gulf of Mexico, and
the Caribbean. 22 August 2017 28
BHP guidance (continued) Financial results Copper FY18e Total copper production (Mt) 1.66 1.79 Escondida
at 1.130
-1.230
Mt, Pampa Norte production is expected to increase, Olympic Dam at 150 kt and Antamina production at 125 kt and zinc at 100 kt. Operated copper assets unit cash costs (US$/lb) ~1.15 Includes
Escondida, Pampa Norte and Olympic Dam. Escondida Production (Mt, 100% basis) 1.1301.230 Supportedby the
ramp-up
of the Los Colorados Extension in September 2017 quarter, enabling the utilisation of the
three concentrators. Unit cash costs (US$/lb) ~1.00 Excludes freight and treatment and refining charges; net of
by-product
credits; based on an exchange rate of USD/CLP 663. Iron Ore FY18e Total iron
oreproduction (Mt) 239 243 Excludes production from Samarco. Western Australia Iron Ore Production (Mt, 100% basis) 275 280 Unitcash costs (US$/t) <14 Excludes freight and royalties; based on an exchange rate of AUD/USD 0.75.
Sustaining capital expenditure (US$/t) 4 FY18eFY22e average;
+/-50%
in any given year. Coal FY18e Total metallurgical coalproduction (Mt) 44 46 Total energy coalproduction (Mt) 29 30
Queensland Coal Production (Mt) 44 46 Unit cash costs (US$/t) 59 Excludes freight and royalties; based on an exchange rate of AUD/USD 0.75. Sustaining capital expenditure (US$/t) 8 FY18eFY22e average;
+/-50%
in any given year. NSW Energy Coal Unit cash costs (US$/t) 46 Excludes freight and royalties; based on an exchange rate of AUD/USD 0.75. Sustaining capital expenditure (US$/t) 5 FY18eFY22e
average;
+/-50%
in any given year. 22 August 2017 29
Key Underlying EBITDA sensitivities Financial results Approximate impact25on FY18 Underlying EBITDA of changes
of: US$ million US$1/t on iron ore price26 241 US$1/bbl on oil price27 64 US¢10/MMbtu on US gas price 23 US$1/t on metallurgical coal price 43 US¢1/lb on copper price26 39 US$1/t on energy coal price26 18 US¢1/lb on nickel price 2 AUD
(US¢1/A$) operations28 110 22 August 2017 30
Debt maturity profile Debt balances29,30 (US$ billion) 0 2 4 6 8 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
FY27 FY28 Post FY28
Footnotes 1.BHP operated assets. 2.Operating cost per copper equivalent tonne presented on a continuing
operations basis excluding royaltiesand BHPs share of volumes from equity accounted investments; copper equivalent production based on FY17 average realised prices. 3.FY06 to FY14 presented on a total operations basis. 4.Excludes the influence
of exchange rate movements and exceptional items. 5.Excludes amount attributable to
non-controlling
interests (net expense of US$164 million). 6.BHP data for FY14 presented on a total operations basis. Peer
group comprises Anglo American, Rio Tinto and Vale. 7.Net of price-linked costs. 8.Includes a benefit related to the increase in estimated recoverable copper contained in the Escondida sulphide leach pad and favourable inventory movements and a
decrease in labour and contractor cost at Western Australia Iron Ore.
9.Non-cash
includes net deferred stripping costs. 10.Other includes ceased and sold operations, asset sales,
one-off
items and other items (including profit/loss from equity accounted investments). 11.Percentage contribution to Group Underlying EBITDA, excluding Group and unallocated items. 12.Unit cost, EBITDA
margin and ROCE refer to Western Australia Iron Ore. 13.Operated copper assets (Escondida, Pampa Norte and Olympic Dam). Unit cost including strike includes idle capacity and other strike-related costs as a result of the industrial action at
Escondida. 14.Commodity basket index: represents an EBITDA weighted average of key commodity prices, reweighted each financial year. 15.Dividends paid to
non-controlling
interests of US$581 million.
16.Related to final dividend determined by the Board for FY16 and paid in September 2016 and dividend determined by the Board for H1 FY17 and paid in March 2017. 17.Other movements include dividend paid to
non-controlling
interest, purchase of shares by Employee Share Ownership Plan Trusts, and other items.
18.Non-cash
movement includes foreign exchange variance due to the
revaluation of local currency denominated debt to USD and
mark-to-market
interest rate on bonds. 19.Development expenditure of approximately US$2.5 billion relates
to Onshore US, latent capacity and major projects. 20.Antamina and Cerrejón are equity accounted investments; average capital employed represents BHPs equity interest. 21.Conventional Petroleum exploration; ROCE truncated for
illustrative purposes. 22.Refers to asset swap of onshore unconventional assets for conventional assets. 23.Refers to total dividends determined for FY17. 24.Spot prices as of 7 August 2017. 25.Assumes total volume exposed to price; determined
on the basis of the BHPs existing portfolio. 26.Excludes impact of equity accounted investments. 27.Excludes impact of change in input costs across the Group. 28.Based on average exchange rate for the period. 29.All debt balances are
represented in notional USD values and based on financial years; as at 30 June 2017. 30.Subsidiary debt is presented in accordance with IFRS 10 and IFRS 11. 31.Includes hybrid bonds (21% of portfolio: 11% in USD, 7% in Euro, 3% in Sterling)
with maturity shown at first call date. 22 August 2017 Financial results 32
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
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BHP Billiton Limited and BHP Billiton Plc
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Date: August 22, 2017
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By:
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/s/ Rachel Agnew
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Name:
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Rachel Agnew
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Title:
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Company Secretary
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