Wrap Text
BHP Billiton Republished Financial and Supplementary Information
BHP Billiton Plc
Registration number 3196209
Registered in England and Wales
Share code: BIL
ISIN: GB0000566504
Company Secretariat
BHP Billiton Limited BHP Billiton Plc
171 Collins Street Neathouse Place
Melbourne Victoria 3000 Australia London SW1V 1LH UK
GPO BOX 86 Tel +44 20 7802 4000
Melbourne Victoria 3001 Australia Fax + 44 20 7802 4111
Tel +61 1300 554 757 Fax +61 3 9609 3015 bhpbilliton.com
bhpbilliton.com
22 January 2014
To: Australian Securities Exchange cc: New York Stock Exchange
London Stock Exchange JSE Limited
REPUBLISHED FINANCIAL AND SUPPLEMENTARY INFORMATION
BHP Billiton today republished financial and supplementary information for the year ended 30 June
2013 and half year ended 31 December 2012 to restate for the effects of new accounting standards
and interpretations, and other changes in accounting policy, which came into effect from 1 July 2013.
BHP Billiton’s financial results for the half year ended 31 December 2013 will be reported on
18 February 2014.
Further information on BHP Billiton can be found at: www.bhpbilliton.com.
Nicole Duncan
Company Secretary
BHP Billiton Limited
Sponsor: Absa Bank Limited (acting through its Corporate and Investment Banking Division)
BHP Billiton Limited ABN 49 004 028 077 BHP Billiton Plc Registration number 3196209
Registered in Australia Registered in England and Wales
Registered Office: 171 Collins Street Melbourne Victoria 3000 Australia Registered Office: Neathouse Place London SW1V 1LH United Kingdom
The BHP Billiton Group is headquartered in Australia
BHP Billiton Group
Republished financial information
For the year ended 30 June 2013 and
half year ended 31 December 2012
1
BHP Billiton republished financial information
Basis of preparation of restated financial information
This financial information for the year ended 30 June 2013 and half year ended 31 December 2012 for the BHP Billiton Group (the Group) is not
audited and has been prepared to restate previously published information for the effects of new accounting standards and interpretations which
became effective in the financial year commencing from 1 July 2013; and to restate for the effects of other voluntary changes in accounting
policy. The changes reflected in the attached restated financial information are as follows:
• Consolidation of Minera Escondida Limitada (Escondida). Escondida was previously accounted for on a proportionate consolidation basis
whereby the Group recognised its 57.5 per cent share of Escondida’s revenue, expenses, assets, liabilities and cash flows in its financial
statements. On adoption of IFRS 10/AASB 10 ‘Consolidated Financial Statement’, the replacement for IAS 27/AASB 127 ‘Consolidated and
Separate Financial Statements’, Escondida became a controlled entity of the Group. As a result, the restated financial information
consolidates 100 per cent of Escondida’s revenue, expenses, assets, liabilities and cash flows and recognises a 42.5 per cent
non-controlling interest in Escondida’s profit and net assets. Upon transition to IFRS 10 on 1 July 2011, an increase in Total Equity of
US$2,226 million was recorded on the initial recognition of the non-controlling interests at that date. No other entities which were previously
not consolidated under IAS 27 have been determined to be controlled under IFRS 10.
• The application of equity accounting rather than proportionate consolidation for the following investments in joint ventures and associates:
- Compania Minera Antamina SA;
- Carbones del Cerrejon LLC;
- Newcastle Coal Infrastructure Group Pty Limited;
- Cleopatra Gas Gathering Company LLC;
- Caesar Oil Pipeline Company LLC;
- Samarco Mineracao SA; and
- Richards Bay Minerals.
The application of equity accounting for these entities arises from IFRS 11/AASB 11 ‘Joint Arrangements’, which replaces IAS 31 ‘Joint
Ventures’, and consequential amendments to IAS 28 ‘Investments in Associates and Joint Ventures’. IFRS 11 modifies the accounting for
joint arrangements by changing the definition of joint control; and by creating a distinction between joint ventures and joint operations. Joint
ventures are entities in which the Group has rights only to the net assets of the arrangement, rather than rights to the underlying assets and
obligations for the liabilities of the arrangement. As a result of these changes, the Group no longer has joint control over certain investments,
while other investments are now classified as joint ventures rather than joint operations. In both situations, the investment must be accounted
for using equity accounting and the Group can no longer recognise its proportionate share of the revenue, expenses, assets, liabilities
and cash flows of each entity. Instead the Group recognises:
- its share of net assets on a single line, ‘Investments accounted for using the equity method’, in the Consolidated Balance Sheet;
- its share of net profit on a single line, ‘Share of operating profit/(loss) of equity accounted investments’, in the Consolidated Income
Statement; and
- cash flows as ‘Dividends received from equity accounted investments’ in the Consolidated Cash Flow Statement.
Transition to IFRS 11 and revised IAS 28 on 1 July 2011 has resulted in an increase in net assets of US$480 million, reflecting the
derecognition of the Group’s share of losses of certain equity accounted investments which exceeded the carrying amount of its interests in
those equity accounted investments on transition date. Shares of profits earned after transition date by these loss-making equity accounted
investments are not recognised until the previously unrecognised losses have been recouped.
• Adoption of a “component” approach to the accounting for production stripping costs, rather than a “life of mine” approach, in accordance
with the requirements of IFRIC 20 ‘Stripping Costs in the Production Phase of a Surface Mine’. The Assets affected by the adoption of IFRIC
20 include Escondida, Western Australia Iron Ore, Nickel West and EKATI. IFRIC 20 applies to waste removal (stripping) costs incurred
during the production phase of a surface mine and modifies the accounting for production stripping, compared to life of mine accounting, as
follows:
- requires an entity to recognise a production stripping asset only when:
• It is probable that the future economic benefit (improved access to the ore body) associated with the stripping activity will flow to the
entity;
• The entity can identify the component of the ore body for which access has been improved; and
• The costs relating to the stripping activity associated with that component can be measured reliably.
- mandates that stripping activity assets be depreciated on a systematic basis, over the expected useful life of the identified component of
the ore body that becomes more accessible as a result of the stripping activity. The units of production method shall be applied unless
another method is more appropriate; and
- provides principles to follow in the determination of the adjustment on transition.
The Group has determined a component to be that part of the ore body that is directly accessible as a result of the stripping activity.
Depending on the ore body and associated mine plan, each pushback or phase identified in the mine plan will generally constitute a separate
component. Before introduction of IFRIC 20, the Group’s accounting for production stripping costs was based on common industry practice
2
BHP Billiton republished financial information
in compliance with IFRS principles, using life of mine strip ratios to determine the extent to which stripping costs were capitalised or
expensed.
At the Group’s transition date of 1 July 2011, the net book value of deferred stripping balances for all surface mines was US$2,125 million,
after adjusting for the impact of IFRS 10 and 11 as set out above. Application of IFRIC 20 to the Group has resulted in a transition
adjustment to reduce the deferred stripping asset by US$1,797 million with a corresponding decrease in net deferred tax liabilities of
US$524 million and a decrease in opening total equity of US$1,273 million.
• Reclassification of certain acquired exploration properties as intangible assets rather than tangible assets forming part of property, plant and
equipment. The Group has changed its Exploration and Evaluation expenditure policy from 1 July 2013 such that only those acquired
exploration leases which can be reasonably associated with known resources (for mineral leases) or known reserves (for petroleum leases)
are classified as a tangible asset. All other acquired exploration leases are now classified as an intangible asset. This has resulted in
reclassification of capitalised exploration expenditure from Property, plant and equipment to Intangible assets. Prior period comparative
information has been restated for consistent presentation with the current period.
• Changes to the presentation of financial income and financial expenses arising from employee benefit plans following amendments to IAS
19/AASB 119 ‘Employee Benefits’. Previously, ‘Expected return on pension scheme assets’ and ‘Discounting on post-retirement employee
benefits’ were reported as separate components of ‘Financial income’ and ‘Financial expenses’ respectively. They are now replaced by a
single item ‘Net interest expense (income) on post-retirement employee benefits’ which represents the change in the defined benefit
obligation and the plan assets as a result of the passage of time.
3
BHP Billiton republished financial information
Consolidated Income Statement for the year ended 30 June 2013
Year ended Year ended
30 June 2013 Restatements 30 June 2013
As published Restated
US$M IFRS10 IFRS11 IFRIC20 Other US$M
Revenue
Group production 63,203 3,744 (3,880) – – 63,067
Third party products 2,765 (108) 229 – – 2,886
Revenue 65,968 3,636 (3,651) – – 65,953
Other income 4,130 10 (193) – – 3,947
Expenses excluding net finance costs (50,873) (1,889) 1,909 813 – (50,040)
Share of operating profit/(loss) of equity accounted
investments – – 1,065 77 – 1,142
Profit from operations 19,225 1,757 (870) 890 – 21,002
Comprising:
Group production 19,104 1,755 (874) 890 – 20,875
Third party products 121 2 4 – – 127
19,225 1,757 (870) 890 – 21,002
Financial income 169 – 31 – (92) 108
Financial expenses (1,522) (14) 60 – 92 (1,384)
Net finance costs (1,353) (14) 91 – – (1,276)
Profit before taxation 17,872 1,743 (779) 890 – 19,726
Income tax expense (5,641) (384) 518 (207) – (5,714)
Royalty related taxation (net of income tax benefit) (1,156) (85) 55 (6) – (1,192)
Total taxation expense (6,797) (469) 573 (213) – (6,906)
Profit after taxation 11,075 1,274 (206) 677 – 12,820
Attributable to non-controlling interests 199 1,274 (8) 132 – 1,597
Attributable to members of BHP Billiton Group 10,876 – (198) 545 – 11,223
Earnings per ordinary share (basic) (US cents) 204.4 – (3.7) 10.2 – 210.9
Earnings per ordinary share (diluted) (US cents) 203.7 – (3.7) 10.2 – 210.2
Dividends per ordinary share – paid during the period
(US cents) 114.0 – – – – 114.0
Dividends per ordinary share – declared in respect of
the period (US cents) 116.0 – – – – 116.0
4
BHP Billiton republished financial information
Consolidated Balance Sheet as at 30 June 2013
As at As at
30 June 2013 Restatements 30 June 2013
As published Restated
US$M IFRS10 IFRS11 IFRIC20 Other US$M
ASSETS
Current assets
Cash and cash equivalents 6,060 95 (478) – – 5,677
Trade and other receivables 6,728 280 (698) – – 6,310
Other financial assets 159 1 1 – – 161
Inventories 5,822 522 (296) (227) – 5,821
Assets classified as held for sale 286 – – – – 286
Current tax assets 327 – (60) – – 267
Other 404 44 (17) – – 431
Total current assets 19,786 942 (1,548) (227) – 18,953
Non-current assets
Trade and other receivables 1,579 (4) 423 – – 1,998
Other financial assets 1,698 1 20 – – 1,719
Investments accounted for using the equity method – – 3,545 130 – 3,675
Inventories 622 – (3) – – 619
Property, plant and equipment 102,927 3,793 (5,452) (430) (273) 100,565
Intangible assets 5,226 1 (4) – 273 5,496
Deferred tax assets 6,136 – (147) 80 – 6,069
Other 135 – (51) – – 84
Total non-current assets 118,323 3,791 (1,669) (220) – 120,225
Total assets 138,109 4,733 (3,217) (447) – 139,178
LIABILITIES
Current liabilities
Trade and other payables 10,881 280 (301) – – 10,860
Interest bearing liabilities 5,303 28 (243) – – 5,088
Liabilities classified as held for sale 220 – – – – 220
Other financial liabilities 217 2 (9) – – 210
Current tax payable 1,148 25 (15) – – 1,158
Provisions 2,395 65 (88) – – 2,372
Deferred income 208 22 1 – – 231
Total current liabilities 20,372 422 (655) – – 20,139
Non-current liabilities
Trade and other payables 293 – (7) – – 286
Interest bearing liabilities 29,862 424 (2,187) – – 28,099
Other financial liabilities 582 – – – – 582
Deferred tax liabilities 6,469 323 (346) (134) – 6,312
Provisions 8,237 123 (182) – – 8,178
Deferred income 259 – 32 – – 291
Total non-current liabilities 45,702 870 (2,690) (134) – 43,748
Total liabilities 66,074 1,292 (3,345) (134) – 63,887
Net assets 72,035 3,441 128 (313) – 75,291
EQUITY
Share capital – BHP Billiton Limited 1,186 – – – – 1,186
Share capital – BHP Billiton Plc 1,069 – – – – 1,069
Treasury shares (540) – – – – (540)
Reserves 1,970 – – – – 1,970
Retained earnings 66,979 – 128 (125) – 66,982
Total equity attributable to members of BHP Billiton Group 70,664 – 128 (125) – 70,667
Non-controlling interests 1,371 3,441 – (188) – 4,624
Total equity 72,035 3,441 128 (313) – 75,291
5
BHP Billiton republished financial information
Consolidated Cash Flow Statement for the year ended 30 June 2013
Year ended Year ended
30 June 2013 Restatements 30 June 2013
As published Restated
US$M IFRS10 IFRS11 IFRIC20 Other US$M
Operating activities
Profit before taxation 17,872 1,743 (779) 890 - 19,726
Adjustments for:
Non-cash exceptional items 1,867 - 161 (135) - 1,893
Depreciation and amortisation expense 6,945 223 (202) 65 - 7,031
Net gain on sale of non-current assets (46) - - - - (46)
Impairments of property, plant and equipment, financial
assets and intangibles 311 19 - - - 330
Employee share awards expense 210 - - - - 210
Net finance costs 1,353 14 (91) - - 1,276
Profit from equity accounted investments - - (1,065) (77) - (1,142)
Other (344) 35 30 258 - (21)
Changes in assets and liabilities:
Trade and other receivables 780 118 139 - - 1,037
Inventories (47) (116) 17 76 - (70)
Trade and other payables (557) (164) (46) - - (767)
Net other financial assets and liabilities 122 (4) 1 - - 119
Provisions and other liabilities (817) 8 26 - - (783)
Cash generated from operations 27,649 1,876 (1,809) 1,077 - 28,793
Dividends received 13 - (2) - - 11
Dividends received from equity accounted investments - - 710 - - 710
Interest received 79 - 61 - - 140
Interest paid (963) (11) 48 - - (926)
Income tax refunded - - - - - -
Income tax paid (7,589) (360) 331 - - (7,618)
Royalty related taxation paid (937) (78) 59 - - (956)
Net operating cash flows 18,252 1,427 (602) 1,077 - 20,154
Investing activities
Purchases of property, plant and equipment (21,573) (940) 1,347 (1,077) - (22,243)
Exploration expenditure (1,326) (30) 6 - - (1,350)
Exploration expenditure expensed and included in operating
cash flows 1,022 30 (7) - - 1,045
Purchase of intangibles (400) - - - - (400)
Investment in financial assets (338) - (136) - - (474)
Investment in subsidiaries, operations and joint operations, net
of their cash – - - - - -
Investment in equity accounted investments – - (84) - - (84)
Cash outflows from investing activities (22,615) (940) 1,126 (1,077) - (23,506)
Proceeds from sale of property, plant and equipment 2,338 - - - - 2,338
Proceeds from financial assets 204 (11) 47 - - 240
Proceeds from divestment of subsidiaries, operations and joint
operations, net of their cash 2,202 - (1,700) - - 502
Proceeds from sale or partial sale of equity accounted
investments – - 1,700 - - 1,700
Net investing cash flows (17,871) (951) 1,173 (1,077) - (18,726)
Financing activities
Proceeds from interest bearing liabilities 9,961 245 (1,049) - - 9,157
Proceeds from debt related instruments 14 - - - - 14
Repayment of interest bearing liabilities (2,580) (28) 594 - - (2,014)
Proceeds from ordinary shares 21 - - - - 21
Contributions from non-controlling interests 73 - - - - 73
Purchase of shares by ESOP Trusts (445) - - - - (445)
Dividends paid (6,167) - - - - (6,167)
Dividends paid to non-controlling interests (55) (782) - - - (837)
Net financing cash flows 822 (565) (455) - - (198)
Net increase/(decrease) in cash and cash equivalents 1,203 (89) 116 - - 1,230
Cash and cash equivalents, net of overdrafts, at beginning of
period 4,881 186 (613) - - 4,454
Effect of foreign currency exchange rate changes on cash and
cash equivalents (34) (2) 19 - - (17)
Cash and cash equivalents, net of overdrafts, at end of
period 6,050 95 (478) - - 5,667
6
BHP Billiton republished financial information
Consolidated Income Statement for the half year ended 31 December 2012
Half year Half year
ended Restatements ended
31 Dec 2012 30 Dec 2012
As published Restated
US$M IFRS10 IFRS11 IFRIC20 Other US$M
Revenue
Group production 30,735 1,918 (2,167) – – 30,486
Third party products 1,469 (33) 144 – – 1,580
Revenue 32,204 1,885 (2,023) – – 32,066
Other income 2,110 5 (169) – – 1,946
Expenses excluding net finance costs (27,309) (914) 984 536 – (26,703)
Share of operating profit/(loss) of equity accounted
investments – – 621 40 – 661
Profit from operations 7,005 976 (587) 576 – 7,970
Comprising:
Group production 6,946 974 (588) 576 – 7,908
Third party products 59 2 1 – – 62
7,005 976 (587) 576 – 7,970
Financial income 77 1 22 – (42) 58
Financial expenses (621) (16) 21 – 42 (574)
Net finance costs (544) (15) 43 – – (516)
Profit before taxation 6,461 961 (544) 576 – 7,454
Income tax expense (1,629) (236) 336 (127) – (1,656)
Royalty related taxation (net of income tax benefit) (533) (50) 33 (3) – (553)
Total taxation expense (2,162) (286) 369 (130) – (2,209)
Profit after taxation 4,299 675 (175) 446 – 5,245
Attributable to non-controlling interests 61 675 (8) 84 – 812
Attributable to members of BHP Billiton Group 4,238 – (167) 362 – 4,433
Earnings per ordinary share (basic) (US cents) 79.6 – (3.1) 6.8 – 83.3
Earnings per ordinary share (diluted) (US cents) 79.4 – (3.1) 6.7 – 83.0
Dividends per ordinary share – paid during the period
(US cents) 57.0 – – – – 57.0
Dividends per ordinary share – declared in respect of
the period (US cents) 57.0 – – – – 57.0
7
BHP Billiton republished financial information
Consolidated Balance Sheet as at 31 December 2012
As at As at
31 Dec 2012 Restatements 31 Dec 2012
As published Restated
US$M IFRS10 IFRS11 IFRIC20 Other US$M
ASSETS
Current assets
Cash and cash equivalents 5,086 195 (502) – – 4,779
Trade and other receivables 7,719 313 (733) – – 7,299
Other financial assets 183 7 – – – 190
Inventories 6,571 471 (300) (194) – 6,548
Assets classified as held for sale 1,089 – – – – 1,089
Current tax assets 211 – (43) – – 168
Other 499 101 (11) – – 589
Total current assets 21,358 1,087 (1,589) (194) – 20,662
Non-current assets
Trade and other receivables 1,498 (5) 384 – – 1,877
Other financial assets 2,135 5 34 – – 2,174
Investments accounted for using the equity method – – 3,425 92 – 3,517
Inventories 431 – (4) – – 427
Property, plant and equipment 97,540 3,404 (5,018) (739) (348) 94,839
Intangible assets 5,207 1 (4) – 348 5,552
Deferred tax assets 5,347 – (115) 123 – 5,355
Other 169 – (54) – – 115
Total non-current assets 112,327 3,405 (1,352) (524) – 113,856
Total assets 133,685 4,492 (2,941) (718) – 134,518
LIABILITIES
Current liabilities
Trade and other payables 10,740 194 (262) – – 10,672
Interest bearing liabilities 3,650 76 (218) – – 3,508
Liabilities classified as held for sale 425 – – – – 425
Other financial liabilities 112 12 (16) – – 108
Current tax payable 1,145 53 (48) – – 1,150
Provisions 2,505 91 (83) – – 2,513
Deferred income 293 3 2 – – 298
Total current liabilities 18,870 429 (625) – – 18,674
Non-current liabilities
Trade and other payables 402 – (12) – – 390
Interest bearing liabilities 31,835 178 (2,010) – – 30,003
Other financial liabilities 101 3 – – – 104
Deferred tax liabilities 5,177 353 (296) (174) – 5,060
Provisions 8,837 117 (186) – – 8,768
Deferred income 286 – 30 – – 316
Total non-current liabilities 46,638 651 (2,474) (174) – 44,641
Total liabilities 65,508 1,080 (3,099) (174) – 63,315
Net assets 68,177 3,412 158 (544) – 71,203
EQUITY
Share capital – BHP Billiton Limited 1,186 – – – – 1,186
Share capital – BHP Billiton Plc 1,069 – – – – 1,069
Treasury shares (549) – – – – (549)
Reserves 1,929 – – – – 1,929
Retained earnings 63,299 – 158 (308) – 63,149
Total equity attributable to members of BHP Billiton Group 66,934 – 158 (308) – 66,784
Non-controlling interests 1,243 3,412 – (236) – 4,419
Total equity 68,177 3,412 158 (544) – 71,203
8
BHP Billiton republished financial information
Consolidated Cash Flow Statement for the half year ended 31 December 2012
Half year Half year
ended Restatements ended
31 Dec 2012 31 Dec 2012
As published Restated
US$M IFRS10 IFRS11 IFRIC20 Other US$M
Operating activities
Profit before taxation 6,461 961 (544) 576 - 7,454
Adjustments for:
Non-cash exceptional items 2,742 - 161 (135) - 2,768
Depreciation and amortisation expense 3,365 104 (115) 8 - 3,362
Net gain on sale of non-current assets (23) - - - - (23)
Impairments of property, plant and equipment, financial
assets and intangibles 97 - - - - 97
Employee share awards expense 103 - - - - 103
Net finance costs 544 15 (43) - - 516
Profit from equity accounted investments - - (621) (40) - (661)
Other (198) - 34 109 - (55)
Changes in assets and liabilities:
Trade and other receivables (75) (2) 168 - - 91
Inventories (584) (66) 21 44 - (585)
Trade and other payables (552) (275) (11) - - (838)
Net other financial assets and liabilities 28 - (1) - - 27
Provisions and other liabilities (434) 11 15 - - (408)
Cash generated from operations 11,474 748 (936) 562 - 11,848
Dividends received 10 - (1) - - 9
Dividends received from equity accounted investments - - 349 - - 349
Interest received 36 1 40 - - 77
Interest paid (436) (3) 5 - - (434)
Income tax refunded - - - - - -
Income tax paid (4,318) (162) 203 - - (4,277)
Royalty related taxation paid (364) (35) - - - (399)
Net operating cash flows 6,402 549 (340) 562 - 7,173
Investing activities
Purchases of property, plant and equipment (11,522) (342) 796 (562) - (11,630)
Exploration expenditure (671) (9) 3 - - (677)
Exploration expenditure expensed and included in operating
cash flows 548 9 (3) - - 554
Purchase of intangibles (234) - - - - (234)
Investment in financial assets (210) - (86) - - (296)
Investment in subsidiaries, operations and joint operations, net
of their cash – - - - - -
Investment in equity accounted investments – - (48) - - (48)
Cash outflows from investing activities (12,089) (342) 662 (562) - (12,331)
Proceeds from sale of property, plant and equipment 523 1 (9) - - 515
Proceeds from financial assets 190 (6) 47 - - 231
Proceeds from divestment of subsidiaries, operations and joint
operations, net of their cash 1,700 - (1,700) - - -
Proceeds from sale or partial sale of equity accounted
investments – - 1,700 - - 1,700
Net investing cash flows (9,676) (347) 700 (562) - (9,885)
Financing activities
Proceeds from interest bearing liabilities 7,770 127 (902) - - 6,995
Proceeds from debt related instruments 11 - - - - 11
Repayment of interest bearing liabilities (945) (109) 660 - - (394)
Proceeds from ordinary shares 8 - - - - 8
Contributions from non-controlling interests 42 - - - - 42
Purchase of shares by ESOP Trusts (348) - - - - (348)
Dividends paid (3,065) - - - - (3,065)
Dividends paid to non-controlling interests (11) (212) - - - (223)
Net financing cash flows 3,462 (194) (242) - - 3,026
Net increase in cash and cash equivalents 188 8 118 - - 314
Cash and cash equivalents, net of overdrafts, at beginning of
period 4,881 186 (613) - - 4,454
Effect of foreign currency exchange rate changes on cash and
cash equivalents (1) 1 (7) - - (7)
Cash and cash equivalents, net of overdrafts, at end of
period 5,068 195 (502) - - 4,761
9
BHP Billiton Group
Republished supplementary information
For the year ended 30 June 2013 and
half year ended 31 December 2012
1
BHP Billiton republished supplementary financial information
Republished supplementary financial information for the year ended 30 June 2013 and
the half year ended 31 December 2012
This supplementary financial information for the year ended 30 June 2013 and half year ended 31 December 2012
for the BHP Billiton Group (the Group) is not audited and has been prepared to restate previously published
information for the effects of new accounting standards and interpretations which became effective in the financial
year commencing from 1 July 2013; and to restate for the effects of other voluntary changes in accounting policy.
The following notes and definitions are applicable to the tables disclosed in subsequent pages:
- Revenue is based on Group realised prices.
- Underlying EBIT is defined as earnings before net finance costs, taxation and any exceptional items. Underlying
EBITDA is Underlying EBIT before depreciation, amortisation and impairments (D&A).
- Group level information is reported on a statutory basis which, in relation to Underlying EBIT, includes net
finance costs and taxation for equity accounted investments.
- Within each business table, asset level information for equity accounted investments is reported on a
proportionate consolidation basis (with the exception of net operating assets).
- The statutory adjustment in each business table reconciles the proportionately consolidated business total to the
statutory result.
- Net operating assets represent operating assets net of operating liabilities and predominantly exclude cash
balances, interest bearing liabilities and deferred tax balances. Net operating assets of equity accounted entities
represent the balance of the Groups' investment in equity accounted entities, and therefore include cash
balances, interest bearing liabilities and deferred tax balances.
- Capex includes accrued capital expenditure and excludes capitalised interest and capitalised exploration.
- Other, as disclosed within each business, predominantly comprises divisional activities, greenfield exploration,
business development and ceased and sold operations, where applicable.
2
BHP Billiton republished supplementary financial information
BHP Billiton Group
Year ended
30 June 2013 Net
(Republished) Underlying Exceptional Profit from operating Exploration Exploration
US$ million Revenue (1) EBIT (1)(2) items operations assets Capex(3) gross(4) to profit(5)
Petroleum and Potash 13,224 5,636 1,273 6,909 37,525 7,730 764 709
Copper 14,537 5,639 355 5,994 20,074 3,687 274 274
Iron Ore 18,593 11,109 (827) 10,282 22,126 5,732 217 74
Coal 9,895 595 (79) 516 13,225 3,508 39 39
Aluminium, Manganese
and Nickel 9,278 158 (3,923) (3,765) 8,809 762 57 53
Group and unallocated
items (6) 502 (207) 1,273 1,066 328 120 - -
Inter-segment
adjustment (76) - - - - - - -
BHP Billiton Group 65,953 22,930 (1,928) 21,002 102,087 21,539 1,351 1,149
Half year ended
31 December 2012 Net
(Republished) Underlying Exceptional Profit from operating Exploration Exploration
US$ million Revenue (1) EBIT (1)(2) items operations assets Capex(3) gross(4) to profit(5)
Petroleum and Potash 6,658 2,985 - 2,985 35,861 3,639 381 446
Copper 7,347 3,089 336 3,425 19,431 1,789 124 124
Iron Ore 8,374 4,792 (736) 4,056 20,214 3,130 129 41
Coal 4,941 79 (79) - 11,856 1,804 24 24
Aluminium, Manganese
and Nickel 4,497 (108) (3,397) (3,505) 9,879 441 26 23
Group and unallocated
items(6) 288 (64) 1,073 1,009 626 11 - -
Inter-segment
adjustment (39) - - - - - - -
BHP Billiton Group 32,066 10,773 (2,803) 7,970 97,867 10,814 684 658
(1) Total third party revenue for the Group is US$2,886 million and EBIT is US$127 million at 30 June 2013 (31 December 2012: US$1,580
million and US$62 million).
(2) Underlying EBIT includes net finance costs of US$24 million and taxation expenses of US$616 million for equity accounted investments at
30 June 2013 (31 December 2012: net finance costs of US$10 million and taxation expense of US$364 million).
(3) Capex in aggregate comprises US$18,287 million growth and US$3,252 million other at 30 June 2013 (31 December 2012: US$9,075
million growth and US$1,739 million other).
(4) Includes US$304 million capitalised exploration at 30 June 2013 (31 December 2012: US$123 million).
(5) Includes US$102 million exploration expenditure previously capitalised, written off as impaired (included in depreciation and amortisation)
at 30 June 2013 (31 December 2012: US$97 million).
(6) Includes the Group's diamonds business (divested effective 10 April 2013), interest in titanium minerals (divested effective 3 September
2012), non-Potash corporate costs incurred by the former Diamonds and Specialty Products business, consolidation adjustments,
unallocated items and external sales of freight and fuel via the Group's transport and logistics operations.
3
BHP Billiton republished supplementary financial information
Petroleum and Potash
Year ended
30 June 2013 Net
(Republished) Underlying Underlying operating Exploration Exploration
US$ million Revenue(1) EBITDA D&A EBIT assets Capex(2) gross(3) to profit(4)
Bass Strait 1,921 1,564 119 1,445 2,834 457
North West Shelf 2,578 1,913 234 1,679 1,880 218
Atlantis 853 710 147 563 2,166 391
Shenzi 1,614 1,519 283 1,236 1,524 265
Mad Dog 276 233 98 135 420 121
Onshore US 2,987 1,508 1,795 (287) 25,019 4,816
Algeria 533 460 18 442 90 24
UK 244 95 46 49 45 8
Exploration - (522) 230 (752) 529 -
Other(5)(6) 2,032 1,746 282 1,464 1,973 772
Total Petroleum 13,038 9,226 3,252 5,974 36,480 7,072 675 620
Potash - (309) 25 (334) 1,758 658 89 89
Other(7) 18 (15) - (15) (713) - - -
Total Petroleum and
Potash from Group
production 13,056 8,902 3,277 5,625 37,525 7,730 764 709
Third party products 175 11 - 11 - -
Total Petroleum and
Potash 13,231 8,913 3,277 5,636 37,525 7,730 764 709
Statutory
adjustments(8) (7) (3) (3) - - - - -
Total Petroleum and
Potash statutory
result 13,224 8,910 3,274 5,636 37,525 7,730 764 709
Half year ended
31 December 2012 Net
(Republished) Underlying Underlying operating Exploration Exploration
US$ million Revenue(1) EBITDA &A EBIT assets Capex(2) gross(3) to profit(4)
Bass Strait 1,033 851 64 787 2,627 267
North West Shelf 1,375 1,034 131 903 2,091 146
Atlantis 411 331 63 268 1,494 207
Shenzi 837 771 157 614 1,485 58
Mad Dog 132 120 6 114 336 69
Onshore US 1,323 663 810 (147) 24,587 2,071
Algeria 267 216 9 207 150 10
UK 119 50 14 36 (48) 4
Exploration - (276) 131 (407) 769 -
Other(5)(6) 1,112 980 198 782 1,640 426
Total Petroleum 6,609 4,740 1,583 3,157 35,131 3,258 308 373
Potash - (154) 5 (159) 1,500 381 73 73
Other(7) 7 (17) - (17) (770) - - -
Total Petroleum and
Potash from Group
production 6,616 4,569 1,588 2,981 35,861 3,639 381 446
Third party products 45 4 - 4 - -
Total Petroleum and
Potash 6,661 4,573 1,588 2,985 35,861 3,639 381 446
Statutory
adjustments(8) (3) (2) (2) - - - - -
Total Petroleum and
Potash statutory
result 6,658 4,571 1,586 2,985 35,861 3,639 381 446
4
BHP Billiton republished supplementary financial information
(1) Petroleum revenue from Group production at 30 June 2013 includes: crude oil US$7,604 million (31 December 2012: US$3,746 million),
natural gas US$2,842 million (31 December 2012: US$1,396 million), LNG US$1,686 million (31 December 2012: US$907 million), NGL
US$823 million (31 December 2012: US$403 million) and other US$76 million (31 December 2012: US$154 million).
(2) Capex in aggregate at 30 June 2013 comprises Petroleum US$6,926 million growth and US$146 million other (31 December 2012:
US$3,193 million growth and US$65 million other) and Potash US$646 million growth and US$12 million other (31 December 2012:
US$381 million growth and US$ nil million other).
(3) Includes US$153 million of Petroleum capitalised exploration at 30 June 2013 (31 December 2012: US$32 million).
(4) Includes US$98 million of Petroleum exploration expenditure previously capitalised, written off as impaired (included in depreciation and
amortisation) at 30 June 2013 (31 December 2012: US$97 million).
(5) Includes the following fields – Macedon, Pyrenees, Stybarrow, Neptune, Minerva, Angostura, Genesis and Pakistan. Also includes the
Caesar oil pipeline and the Cleopatra gas pipeline which are equity accounted investments.
(6) Includes an unrealised loss of US$84 million related to Angostura embedded derivative at 30 June 2013 (31 December 2012: US$9 million
unrealised loss).
(7) Includes closed mining and smelting operations in Canada and the United States.
(8) Includes statutory adjustments for the Caesar oil pipeline and the Cleopatra gas pipeline.
5
BHP Billiton republished supplementary financial information
Copper
Year ended
30 June 2013 Net
(Republished) Underlying Underlying operating Exploration Exploration
US$ million Revenue EBITDA D&A EBIT assets Capex(1) gross to profit
Escondida(2) 8,596 5,175 649 4,526 9,450 2,853
Pampa Norte(3) 1,913 841 291 550 2,643 352
Antamina(4) 1,295 901 80 821 1,311 326
Cannington 1,365 646 40 606 206 35
Olympic Dam 1,873 245 249 (4) 6,418 225
Other(4)(5) 90 (554) 19 (573) 46 226
Total Copper from
Group production 15,132 7,254 1,328 5,926 20,074 4,017
Third party products 700 3 - 3 - -
Total Copper 15,832 7,257 1,328 5,929 20,074 4,017 277 277
Statutory
adjustments(6) (1,295) (372) (82) (290) - (330) (3) (3)
Total Copper
statutory result 14,537 6,885 1,246 5,639 20,074 3,687 274 274
Half year ended
31 December 2012 Net
(Republished) Underlying Underlying operating Exploration Exploration
US$ million Revenue EBITDA D&A EBIT assets Capex(1) gross to profit
Escondida(2) 4,457 2,748 247 2,501 8,737 1,212
Pampa Norte(3) 861 386 112 274 2,612 179
Antamina(4) 795 582 42 540 1,292 178
Cannington 716 334 17 317 240 10
Olympic Dam 859 53 119 (66) 6,564 161
Other(4)(5) 25 (289) 4 (293) (14) 226
Total Copper from
Group production 7,713 3,814 541 3,273 19,431 1,966
Third party products 429 3 - 3 - -
Total Copper 8,142 3,817 541 3,276 19,431 1,966 126 126
Statutory
adjustments(6) (795) (230) (43) (187) - (177) (2) (2)
Total Copper
statutory result 7,347 3,587 498 3,089 19,431 1,789 124 124
(1) Capex in aggregate comprises US$2,167 million growth and US$1,520 million other at 30 June 2013 (31 December 2012: US$1,062
million growth and US$727 million other).
(2) Escondida is consolidated under IFRS10 and reported on a 100% basis.
(3) Includes Spence and Cerro Colorado.
(4) Antamina and Resolution are equity accounted investments.
(5) Includes Pinto Valley and Resolution. Pinto Valley was sold effective 11 October 2013.
(6) Includes statutory adjustments for Antamina and Resolution. Underlying EBIT includes taxation expense of US$290 million at 30 June
2013 (31 December 2012: taxation expense of US$187 million).
6
BHP Billiton republished supplementary financial information
Iron Ore
Year ended
30 June 2013 Net
(Republished) Underlying Underlying operating Exploration Exploration
US$ million Revenue(1) EBITDA D&A EBIT assets Capex(2) gross(3) to profit
Western Australia
Iron Ore 18,452 11,668 1,004 10,664 21,074 5,732
Samarco(4) 1,622 811 61 750 1,037 772
Other - (84) - (84) 15 -
Total Iron Ore from
Group production 20,074 12,395 1,065 11,330 22,126 6,504
Third party products(5) 141 31 - 31 - -
Total Iron Ore 20,215 12,426 1,065 11,361 22,126 6,504 217 74
Statutory
adjustments(6) (1,622) (313) (61) (252) - (772) - -
Total Iron Ore
statutory result 18,593 12,113 1,004 11,109 22,126 5,732 217 74
Half year ended
31 December 2012 Net
(Republished) Underlying Underlying operating Exploration Exploration
US$ million Revenue(1) EBITDA D&A EBIT assets Capex(2) gross(3) to profit
Western Australia
Iron Ore 8,309 5,021 409 4,612 19,332 3,130
Samarco(4) 792 390 30 360 885 468
Other - (52) - (52) (3) -
Total Iron Ore from
Group production 9,101 5,359 439 4,920 20,214 3,598
Third party products(5) 65 14 - 14 - -
Total Iron Ore 9,166 5,373 439 4,934 20,214 3,598 129 41
Statutory
adjustments(6) (792) (172) (30) (142) - (468) - -
Total Iron Ore
statutory result 8,374 5,201 409 4,792 20,214 3,130 129 41
(1) Includes inter-segment revenue of US$55 million at 30 June 2013 (31 December 2012: US$29 million).
(2) Capex in aggregate comprises US$5,601 million growth and US$131 million other at 30 June 2013 (31 December 2012: US$3,026 million
growth and US$104 million other).
(3) Includes US$143 million capitalised exploration at 30 June 2013 (31 December 2012: US$88 million).
(4) Samarco is an equity accounted investment.
(5) Includes Boodarie Iron sales of contracted gas purchases and US$15 million mark to market gain on an embedded derivative at 30 June
2013 (31 December 2012: US$6 million gain).
(6) Includes statutory adjustments for Samarco. Underlying EBIT includes net finance costs of US$25 million and taxation expense of US$227
million at 30 June 2013 (31 December 2012: net finance costs of US$11 million and taxation expense of US$131 million).
7
BHP Billiton republished supplementary financial information
Coal
Year ended
30 June 2013 Net
(Republished) Underlying Underlying operating Exploration Exploration
US$ million Revenue EBITDA D&A EBIT assets Capex(1) gross to profit
Queensland Coal 4,452 627 376 251 7,988 2,651
Illawarra 1,287 311 148 163 1,238 409
South Africa Coal 1,457 177 211 (34) 1,334 101
New Mexico 588 95 49 46 164 28
New South Wales
Energy Coal (2) 1,526 314 120 194 1,372 348
Colombia (2) 828 307 65 242 997 265
Other - (158) 2 (160) 111 85
Total Coal from
Group production 10,138 1,673 971 702 13,204 3,887
Third party products 585 44 - 44 21 -
Total Coal 10,723 1,717 971 746 13,225 3,887 42 42
Statutory
adjustments (3) (828) (237) (86) (151) - (379) (3) (3)
Total Coal statutory
result 9,895 1,480 885 595 13,225 3,508 39 39
Half year ended
31 December 2012 Net
(Republished) Underlying Underlying operating Exploration Exploration
US$ million Revenue EBITDA D&A EBIT assets Capex(1) gross to profit
Queensland Coal 2,125 78 166 (88) 6,807 1,355
Illawarra 692 115 72 43 1,087 185
South Africa Coal 770 98 106 (8) 1,407 50
New Mexico 303 46 23 23 203 16
New South Wales
Energy Coal(2) 758 132 56 76 1,326 229
Colombia(2) 455 178 31 147 935 140
Other - (66) - (66) 91 46
Total Coal from
Group production 5,103 581 454 127 11,856 2,021
Third party products 293 18 - 18 - -
Total Coal 5,396 599 454 145 11,856 2,021 25 25
Statutory
adjustments(3) (455) (107) (41) (66) - (217) (1) (1)
Total Coal statutory
result 4,941 492 413 79 11,856 1,804 24 24
(1) Capex in aggregate comprises US$2,741 million growth and US$767 million other at 30 June 2013 (31 December 2012: US$1,303 million
growth and US$501 million other).
(2) Newcastle Coal Infrastructure Group and Colombia are equity accounted investments.
(3) Includes statutory adjustments for Newcastle Coal Infrastructure Group and Colombia. Underlying EBIT includes net finance income of
US$1 million and taxation expense of US$99 million at 30 June 2013 (31 December 2012: net finance income of US$1 million and taxation
expense of US$46 million).
8
BHP Billiton republished supplementary financial information
Aluminium, Manganese and Nickel
Year ended
30 June 2013 Net
(Republished) Underlying Underlying operating Exploration Exploration
US$ million Revenue(1) EBITDA D&A EBIT assets Capex(2)(3) gross(4) to profit(5)
Alumina 1,422 119 239 (120) 3,850 98
Aluminium 2,620 92 127 (35) 2,157 27
Intra-divisional
adjustment (638) - - - - -
3,404 211 366 (155) 6,007 125
Manganese 2,113 580 102 478 1,712 322
Nickel West 1,773 (104) 210 (314) 123 267
Cerro Matoso 803 235 79 156 955 44
Other - (45) - (45) 12 4
Total Aluminium,
Manganese and
Nickel from Group
production 8,093 877 757 120 8,809 762
Third party products 1,185 38 - 38 - -
Total Aluminium,
Manganese and
Nickel 9,278 915 757 158 8,809 762 57 53
Statutory adjustments - - - - - - - -
Total Aluminium,
Manganese and
Nickel statutory
result 9,278 915 757 158 8,809 762 57 53
Half year ended
31 December 2012 Net
(Republished) Underlying Underlying operating Exploration Exploration (4) (5)
US$ million Revenue(1) EBITDA D&A EBIT assets Capex(2)(3) gross to profit
Alumina 649 14 143 (129) 3,967 47
Aluminium 1,274 25 64 (39) 2,349 10
Intra-divisional
adjustment (289) - - - - -
1,634 39 207 (168) 6,316 57
Manganese 977 225 48 177 1,660 182
Nickel West 782 (58) 147 (205) 913 172
Cerro Matoso 407 125 39 86 984 26
Other - (20) - (20) 6 4
Total Aluminium,
Manganese and
Nickel from Group
production 3,800 311 441 (130) 9,879 441
Third party products 697 22 - 22 - -
Total Aluminium,
Manganese and
Nickel 4,497 333 441 (108) 9,879 441 26 23
Statutory adjustments - - - - - - - -
Total Aluminium,
Manganese and
Nickel statutory
result 4,497 333 441 (108) 9,879 441 26 23
(1) Includes inter-segment revenue of US$20 million at 30 June 2013 (31 December 2012: US$9 million).
(2) Capex in aggregate comprises US$206 million growth and US$556 million other at 30 June 2013 (31 December 2012: US$110 million
growth and US$331 million other).
(3) Capex includes US$4 million of expenditure in relation to centralising offices at 30 June 2013 (31 December 2012: US$4 million).
(4) Includes US$8 million capitalised exploration at 30 June 2013 (31 December 2012: US$3 million).
(5) Includes US$4 million exploration expenditure previously capitalised, written off as impaired (included in depreciation and amortisation) at
30 June 2013 (31 December 2012: US$ nil million).
9
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