Wrap Text
Republished Financial and Supplementary Information
BHP Billiton Plc
Registration number 3196209
Registered in England and Wales
Share code: BIL
ISIN: GB0000566504
22 July 2015
To: Australian Securities Exchange cc: New York Stock Exchange
London Stock Exchange JSE Limited
REPUBLISHED FINANCIAL AND SUPPLEMENTARY INFORMATION
BHP Billiton today republished financial information for the year ended 30 June 2014, the year ended 30 June 2013 and
half year ended 31 December 2014 to restate previously published information for the effect of the application of IFRS
5/AASB 5 ‘Non-current Assets Held for Sale and Discontinued Operations’ following the demerger of South32.
Supplementary financial information has been republished for the year ended 30 June 2014 and half year ended 31
December 2014.
BHP Billiton’s financial results for the year ended 30 June 2015 will be reported on 25 August 2015.
Further information on BHP Billiton can be found at: www.bhpbilliton.com.
Rachel Agnew
Company Secretary
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 Registered Office: Neathouse Place, London SW1V 1LH United Kingdom
The BHP Billiton Group is headquartered in Australia
BHP Billiton Group
Restated financial information
For the year ended 30 June 2014, the year ended 30 June 2013 and half
year ended 31 December 2014
Contents
Restated financial information Page
Basis of preparation of restated financial information 3
Consolidated Income Statement – Restated 4
Consolidated Statement of Comprehensive Income 5
Consolidated Balance Sheet 6
Consolidated Cash Flow Statement – Restated 7
Consolidated Statement of Changes in Equity 8
Restated supplementary financial information 11
Basis of preparation of restated financial information
This financial information for the year ended 30 June 2014, the year ended 30 June 2013 and half year ended 31
December 2014 for the BHP Billiton Group (the Group) is not audited and has been prepared to restate previously
published information for the effects of the application of IFRS 5/AASB 5 ‘Non-current Assets Held for Sale and
Discontinued Operations’ following the demerger of South32. The nature of each change reflected in the attached
restated financial information is as follows:
- All income and expense items relating to South32 have been removed from the individual line items in the
Consolidated Income Statement. The post-tax profit or loss of South32 is presented as a single amount in the
line item entitled “Profit/(loss) after taxation from discontinued operations”; and
- All cash flows and other items relating to South32 have been removed from the individual line items in the
Consolidated Cash Flow Statement. The net cash flows attributable to the operating, investing and financing
activities of South32 are each disclosed in single amounts in each section of the Consolidated Cash Flow
Statement.
The Consolidated Balance Sheet, the Consolidated Statement of Comprehensive Income and the Consolidated
Statement of Changes in Equity for these periods are not required to be restated.
Consolidated Income Statement – Restated
Year ended Year ended Half year ended
30 June 2014 30 June 2013 31 Dec 2014
US$M US$M US$M
Continuing operations
Revenue
Group production 55,045 52,637 24,230
Third party products 1,717 1,223 630
Revenue 56,762 53,860 24,860
Other income 1,225 3,804 284
Expenses excluding net finance costs (36,523) (36,829) (17,549)
Share of operating profit of equity accounted investments 1,185 1,142 335
Profit from operations 22,649 21,977 7,930
Comprising:
Group production 22,634 21,913 7,929
Third party products 15 64 1
22,649 21,977 7,930
Financial income 81 80 41
Financial expenses (995) (1,229) (275)
Net finance costs (914) (1,149) (234)
Profit before taxation 21,735 20,828 7,696
Income tax expense (6,266) (5,646) (2,456)
Royalty-related taxation (net of income tax benefit) (514) (1,050) (848)
Total taxation expense (6,780) (6,696) (3,304)
Profit after taxation from continuing operations 14,955 14,132 4,392
Profit/(loss) after taxation from discontinued operations 269 (1,312) 401
Profit after taxation 15,224 12,820 4,793
Attributable to non-controlling interests 1,392 1,597 528
Attributable to members of BHP Billiton Group 13,832 11,223 4,265
Earnings per ordinary share (basic) (US cents) 260.0 210.9 80.2
Earnings per ordinary share (diluted) (US cents) 259.1 210.2 80.0
Earnings from continuing operations per ordinary share (basic) (US cents) 256.5 238.6 73.6
Earnings from continuing operations per ordinary share (diluted) (US cents) 255.7 237.8 73.4
Dividends per ordinary share – paid during the period (US cents) 118.0 114.0 62.0
Dividends per ordinary share – determined in respect of the period (US cents) 121.0 116.0 62.0
Consolidated Statement of Comprehensive Income
Year ended Year ended Half year ended
30 June 2014 30 June 2013 31 Dec 2014
US$M US$M US$M
Profit after taxation 15,224 12,820 4,793
Other comprehensive income
Items that may be reclassified subsequently to the income statement:
Available for sale investments:
Net valuation losses taken to equity (15) (101) (19)
Net valuation gains transferred to the income statement (14) (1) (1)
Cash flow hedges:
Gains/(losses) taken to equity 681 223 (1,296)
(Gains)/losses transferred to the income statement (678) 73 1,283
Exchange fluctuations on translation of foreign operations taken to equity (1) 2 (2)
Tax recognised within other comprehensive income 3 (76) 6
Total items that may be reclassified subsequently to the income statement (24) 120 (29)
Items that will not be reclassified to the income statement:
Actuarial gains/(losses) on pension and medical schemes 57 61 (29)
Tax recognised within other comprehensive income 12 (16) 13
Total items that will not be reclassified to the income statement 69 45 (16)
Total other comprehensive income/(loss) 45 165 (45)
Total comprehensive income 15,269 12,985 4,748
Attributable to non-controlling interests 1,392 1,599 533
Attributable to members of BHP Billiton Group 13,877 11,386 4,215
Consolidated Balance Sheet
30 June 2014 30 June 2013 31 Dec 2014
US$M US$M US$M
ASSETS
Current assets
Cash and cash equivalents 8,803 5,677 6,130
Trade and other receivables 6,741 6,310 5,584
Other financial assets 87 161 81
Inventories 6,013 5,821 6,149
Assets classified as held for sale - 286 -
Current tax assets 318 267 630
Other 334 431 327
Total current assets 22,296 18,953 18,901
Non-current assets
Trade and other receivables 1,867 1,998 1,716
Other financial assets 2,349 1,719 2,150
Inventories 463 619 476
Property, plant and equipment 108,787 100,565 108,771
Intangible assets 5,439 5,496 5,289
Investments accounted for using the equity method 3,664 3,675 3,550
Deferred tax assets 6,396 6,069 5,080
Other 152 84 148
Total non-current assets 129,117 120,225 127,180
Total assets 151,413 139,178 146,081
LIABILITIES
Current liabilities
Trade and other payables 10,145 10,860 8,338
Interest bearing liabilities 4,262 5,088 2,459
Liabilities classified as held for sale - 220 -
Other financial liabilities 16 210 14
Current tax payable 919 1,158 407
Provisions 2,504 2,372 1,943
Deferred income 218 231 189
Total current liabilities 18,064 20,139 13,350
Non-current liabilities
Trade and other payables 113 286 77
Interest bearing liabilities 30,327 28,099 28,610
Other financial liabilities 303 582 559
Deferred tax liabilities 7,066 6,312 7,493
Provisions 9,891 8,178 9,467
Deferred income 267 291 275
Total non-current liabilities 47,967 43,748 46,481
Total liabilities 66,031 63,887 59,831
Net assets 85,382 75,291 86,250
EQUITY
Share capital – BHP Billiton Limited 1,186 1,186 1,186
Share capital – BHP Billiton Plc 1,069 1,069 1,057
Treasury shares (587) (540) (230)
Reserves 2,927 1,970 2,842
Retained earnings 74,548 66,982 74,990
Total equity attributable to members of BHP Billiton Group 79,143 70,667 79,845
Non-controlling interests 6,239 4,624 6,405
Total equity 85,382 75,291 86,250
Consolidated Cash Flow Statement – Restated
Year ended Year ended Half year ended
30 June 2014 30 June 2013 31 Dec 2014
US$M US$M US$M
Operating activities
Profit before taxation 21,735 20,828 7,696
Adjustments for:
Non-cash or non-operating exceptional items (551) (331) 409
Depreciation and amortisation expense 7,716 6,067 4,401
Net gain on sale of non-current assets (73) (17) (33)
Impairments of property, plant and equipment, financial assets and intangibles 478 344 361
Employee share awards expense 247 210 116
Net finance costs 914 1,149 234
Share of operating profit of equity accounted investments (1,185) (1,142) (335)
Other (79) 5 85
Changes in assets and liabilities:
Trade and other receivables (349) 904 1,008
Inventories (158) (276) (189)
Trade and other payables 238 (239) (1,210)
Net other financial assets and liabilities (90) 89 (8)
Provisions and other liabilities 475 (565) (589)
Cash generated from operations 29,318 27,026 11,946
Dividends received 14 6 4
Dividends received from equity accounted investments 1,250 710 476
Interest received 120 112 45
Interest paid (915) (960) (310)
Income tax refunded 848 - 329
Income tax paid (6,123) (6,921) (2,013)
Royalty-related taxation refunded 216 - -
Royalty-related taxation paid (1,088) (956) (861)
Net operating cash flows from continuing operations 23,640 19,017 9,616
Net operating cash flows from discontinued operations 1,724 1,137 807
Net operating cash flows 25,364 20,154 10,423
Investing activities
Purchases of property, plant and equipment (15,224) (21,104) (6,361)
Exploration expenditure (986) (1,321) (409)
Exploration expenditure expensed and included in operating cash flows 698 1,026 350
Purchase of intangibles (192) (380) (64)
Investment in financial assets (1,168) (455) (18)
Investment in equity accounted investments (44) (84) (25)
Cash outflows from investing activities (16,916) (22,318) (6,527)
Proceeds from sale of property, plant and equipment 66 2,274 41
Proceeds from financial assets 904 221 333
Proceeds from divestment of subsidiaries, operations and joint operations, net
of their cash 812 502 251
Proceeds from sale or partial sale of equity accounted investments - 1,700 -
Net investing cash flows from continuing operations (15,134) (17,621) (5,902)
Net investing cash flows from discontinued operations (700) (1,105) (415)
Net investing cash flows (15,834) (18,726) (6,317)
Financing activities
Proceeds from interest bearing liabilities 6,000 9,143 341
Proceeds from debt related instruments 37 14 -
Repayment of interest bearing liabilities (7,048) (1,902) (2,953)
Proceeds from ordinary shares 14 12 3
Contributions from non-controlling interests 1,435 73 46
Purchase of shares by Employee Share Ownership Plan (ESOP) Trusts (368) (445) (338)
Dividends paid (6,387) (6,167) (3,209)
Dividends paid to non-controlling interests (119) (778) (327)
Net financing cash flows from continuing operations (6,436) (50) (6,437)
Net financing cash flows from discontinued operations (32) (148) (322)
Net financing cash flows (6,468) (198) (6,759)
Net increase/(decrease) in cash and cash equivalents 3,062 1,230 (2,653)
Cash and cash equivalents, net of overdrafts, at beginning of period 5,667 4,454 8,752
Effect of foreign currency exchange rate changes on cash and cash equivalents 23 (17) 19
Cash and cash equivalents, net of overdrafts, at end of period 8,752 5,667 6,118
Consolidated Statement of Changes in Equity
For the year ended 30 June 2014 Attributable to members of the BHP Billiton Group
US$M Share Share Treasury Reserves Retained Total equity Non- Total
capital – capital – shares earnings attributable to controlling equity
BHP Billiton BHP Billiton members of interests
Limited Plc BHP Billiton
Group
Balance as at 1 July 2013 1,186 1,069 (540) 1,970 66,982 70,667 4,624 75,291
Profit after taxation - - - - 13,832 13,832 1,392 15,224
Other comprehensive income:
Net valuation losses on available for sale investments taken to equity - - - (15) - (15) - (15)
Net valuation gains on available for sale investments transferred to the income
statement - - - (14) - (14) - (14)
Gains on cash flow hedges taken to equity - - - 681 - 681 - 681
Gains on cash flow hedges transferred to the income statement - - - 678) - (678) - (678)
Exchange fluctuations on translation of foreign operations taken to equity - - - (1) - (1) - (1)
Actuarial gains on pension and medical schemes - - - - 57 57 - 57
Tax recognised within other comprehensive income - - - 3 12 15 - 15
Total comprehensive income - - - (24) 13,901 13,877 1,392 15,269
Transactions with owners:
Purchase of shares by ESOP Trusts - - (368) - - (368) - (368)
Employee share awards exercised net of employee contributions - - 321 (221) (91) 9 - 9
Employee share awards forfeited - - - (32) 32 - - -
Accrued employee entitlement for unexercised awards - - - 247 - 247 - 247
Distribution to option holders - - - (2) - (2) (2) (4)
Dividends - - - - (6,276) (6,276) (252) (6,528)
Equity contributed - - - 989 - 989 477 1,466
Balance as at 30 June 2014 1,186 1,069 (587) 2,927 74,548 79,143 6,239 85,382
Consolidated Statement of Changes in Equity
For the year ended 30 June 2013 Attributable to members of the BHP Billiton Group
US$M Share Share Treasury Reserves Retained Total equity Non- Total
capital – capital – shares earnings attributable to controlling equity
BHP Billiton BHP Billiton members of interests
Limited Plc BHP Billiton
Group
Balance as at 1 July 2012 1,186 1,069 (533) 1,912 61,892 65,526 3,789 69,315
Profit after taxation - - - - 11,223 11,223 1,597 12,820
Other comprehensive income:
Net valuation (losses)/gains on available for sale investments taken to equity - - - (103) - (103) 2 (101)
Net valuation gains on available for sale investments transferred to the income
statement - - - (1) - (1) - (1)
Gains on cash flow hedges taken to equity - - - 223 - 223 - 223
Losses on cash flow hedges transferred to the income statement - - - 73 - 73 - 73
Exchange fluctuations on translation of foreign operations taken to equity - - - 2 - 2 - 2
Actuarial gains on pension and medical schemes - - - - 60 60 1 61
Tax recognised within other comprehensive income - - - (117) 26 (91) (1) (92)
Total comprehensive income - - - 77 11,309 11,386 1,599 12,985
Transactions with owners:
Purchase of shares by ESOP Trusts - - (445) - - (445) - (445)
Employee share awards exercised net of employee contributions - - 438 (243) (178) 17 - 17
Employee share awards forfeited - - - (17) 17 - - -
Accrued employee entitlement for unexercised awards - - - 210 - 210 - 210
Issue of share options to non-controlling interests - - - 49 - 49 - 49
Dividends - - - - (6,076) (6,076) (837) (6,913)
Equity contributed - - - - - - 73 73
Divestment of equity accounted investment - - - (18) 18 - - -
Balance as at 30 June 2013 1,186 1,069 (540) 1,970 66,982 70,667 4,624 75,291
Consolidated Statement of Changes in Equity
For the half year ended 31 December 2014 Attributable to members of the BHP Billiton Group
US$M Share Share Treasury Reserves Retained Total equity Non- Total
capital – capital – shares earnings attributable to controlling equity
BHP Billiton BHP Billiton members of interests
Limited Plc BHP Billiton
Group
Balance as at 1 July 2014 1,186 1,069 (587) 2,927 74,548 79,143 6,239 85,382
Profit after taxation - - - - 4,265 4,265 528 4,793
Other comprehensive income:
Net valuation (losses)/gains on available for sale investments taken to equity - - - (25) - (25) 6 (19)
Net valuation gains on available for sale investments transferred to the income
statement - - - (1) - (1) - (1)
Losses on cash flow hedges taken to equity - - - (1,296) - (1,296) - (1,296)
Losses on cash flow hedges transferred to the income statement - - - 1,283 - 1,283 - 1,283
Exchange fluctuations on translation of foreign operations taken to equity - - - (2) - (2) - (2)
Actuarial losses on pension and medical schemes - - - - (29) (29) - (29)
Tax recognised within other comprehensive income - - - 7 13 20 (1) 19
Total comprehensive income - - - (34) 4,249 4,215 533 4,748
Transactions with owners:
Shares cancelled - (12) 501 12 (501) – - –
Purchase of shares by ESOP Trusts - - (338) - - (338) - (338)
Employee share awards exercised net of employee contributions - - 194 (174) (18) 2 - 2
Employee share awards forfeited - - - (4) 4 - - –
Accrued employee entitlement for unexercised awards - - - 116 - 116 - 116
Distribution to option holders - - - (1) - (1) (1) (2)
Dividends - - - - (3,292) (3,292) (412) (3,704)
Equity contributed - - - - - – 46 46
Balance as at 31 December 2014 1,186 1,057 (230) 2,842 74,990 79,845 6,405 86,250
Restated supplementary financial information
For the year ended 30 June 2014 and the half year ended 31 December 2014
The following pages present the supplementary financial information for the year ended 30 June 2014 and the half
year ended 31 December 2014 restated for the effect of the application of IFRS 5/AASB 5 ‘Non-current Assets
Held for Sale and Discontinued Operations’ following the demerger of South32.
The following notes and definitions are relevant to the tables on the following pages:
- All information is reported on a continuing operations basis;
- Revenue is based on BHP Billiton Group (“Group”) realised prices and includes third party products;
- Underlying EBIT is earnings before net finance costs, taxation expense, discontinued operations and any
exceptional items;
- Underlying EBITDA is Underlying EBIT before depreciation, amortisation and impairments (D&A);
- Group and Business level information is reported on a statutory basis which, in relation to Underlying EBIT,
includes net finance costs and taxation expense related to equity accounted investments;
- Within each Business table, equity accounted investments are reported on a proportionate consolidation basis
(with the exception of net operating assets);
- Capital expenditure is presented on a cash basis and excludes capitalised interest and capitalised exploration;
- Net operating assets represents operating assets net of operating liabilities including the carrying value of equity
accounted investments and predominantly excludes cash balances, interest bearing liabilities and deferred tax
balances. The carrying value of investments accounted for using the equity accounted method represents the
balance of the Group’s investment in equity accounted investments, with no adjustment for any cash balances,
interest bearing liabilities and deferred tax balances of the equity accounted investment; and
- Group and unallocated items, as disclosed in the Business summary table, includes Nickel West information
previously disclosed in the former Aluminium, Manganese and Nickel Business table.
Business summary(i)
A summary of the performance of the Businesses for the December 2014 half year and the June 2014 financial
year is presented below.
Half year ended Profit from Net
31 December 2014 Underlying Exceptional operations operating Capital Exploration Exploration
US$ million Revenue(ii) EBIT(iii) items (EBIT) assets expenditure(iv) gross(v) to profit(vi)
Petroleum and Potash 6,936 2,144 - 2,144 38,989 2,825 269 257
Copper 5,781 2,046 - 2,046 23,035 1,897 41 41
Iron Ore 8,418 4,200 - 4,200 24,433 1,104 71 16
Coal 3,143 139 - 139 12,241 478 12 12
Group and unallocated items(vii) 820 (190) (409) (599) 845 57 16 16
Inter-segment adjustment (238) - - - - - - -
BHP Billiton Group 24,860 8,339 (409) 7,930 99,543 6,361 409 342
Year ended Profit from Net
30 June 2014 Underlying Exceptional operations operating Capital Exploration Exploration
US$ million Revenue(ii) EBIT(iii) items (EBIT) assets expenditure(iv) gross(v) to profit(vi)
Petroleum and Potash 14,833 5,287 - 5,287 39,514 6,423 647 544
Copper 12,789 4,668 551 5,219 21,997 3,697 111 111
Iron Ore 21,356 12,102 - 12,102 23,390 2,949 169 56
Coal 6,563 575 - 575 11,909 1,971 29 29
Group and unallocated items(vii) 1,696 (534) - (534) 1,232 184 30 30
Inter-segment adjustment (475) - - - - - - -
BHP Billiton Group 56,762 22,098 551 22,649 98,042 15,224 986 770
(i) Group and business level information is reported on a statutory basis which, in relation to Underlying EBIT, includes net finance costs and
taxation expense related to equity accounted investments.
(ii) Revenue is based on Group realised prices and includes third party products. Sale of third party products by the Group contributed
revenue of US$630 million and Underlying EBIT of US$1 million (30 June 2014: US$1,717 million and US$15 million).
(iii)Underlying EBIT is earnings before net finance costs, taxation expense, discontinued operations and any exceptional items. Underlying
EBIT includes the Group’s share of net finance costs and taxation expense of US$270 million related to equity accounted investments (30
June 2014: net finance costs and taxation expense of US$528 million).
(iv) Capital expenditure is presented on a cash basis and excludes capitalised interest and capitalised exploration.
(v) Includes US$59 million capitalised exploration (30 June 2014: US$288 million).
(vi) Includes a net reversal of US$8 million exploration expenditure previously capitalised, written off as impaired (included in depreciation and
amortisation) (30 June 2014: US$72 million exploration expenditure previously capitalised, written off as impaired).
(vii)Includes Group Functions, Nickel West (previously disclosed in the former Aluminium, Manganese and Nickel Business), other unallocated
operations, consolidation adjustments and external sales of freight and fuel to third parties. Includes Nickel West revenue US$792 million
(30 June 2014: US$1,605 million), Underlying EBIT US$6 million (30 June 2014: (US$208) million) including depreciation and amortisation
US$65 million (30 June 2014: US$117 million), exceptional items (US$409) million (30 June 2014: nil), Profit from operations (EBIT)
(US$403) million (30 June 2014: (US$208) million), net operating assets US$80 million (30 June 2014: US$534 million), capital
expenditure US$55 million (30 June 2014: US$163 million).
Financial information for the Petroleum and Potash Business for the December 2014 half year and the June 2014
financial year is presented below.
Half year ended Net
31 December 2014 Underlying Underlying operating Capital Exploration Exploration
US$ million Revenue(i) EBITDA D&A EBIT assets expenditure gross(ii) to profit(iii)
Bass Strait 860 719 72 647 3,040 191
North West Shelf 1,157 860 101 759 1,892 71
Atlantis 701 641 192 449 2,196 174
Shenzi 611 555 147 408 1,435 97
Mad Dog 105 51 15 36 578 48
Onshore US(iv) 2,380 1,385 1,747 (362) 26,329 1,923
Algeria 203 171 19 152 106 11
UK 21 14 32 (18) (89) -
Exploration - (244) 43 (287) 531 -
Other(v) 862 699 246 453 1,466 89
Total Petroleum 6,900 4,851 2,614 2,237 37,484 2,604 268 256
Potash - (109) 3 (112) 2,507 221 1 1
Other(vi) - 19 - 19 (1,002) - - -
Total Petroleum and
Potash from Group
production 6,900 4,761 2,617 2,144 38,989 2,825 269 257
Third party products 44 - - - - -
Total Petroleum and
Potash 6,944 4,761 2,617 2,144 38,989 2,825 269 257
Statutory adjustments(vii) (8) (2) (2) - - - - -
Total Petroleum and
Potash statutory result 6,936 4,759 2,615 2,144 38,989 2,825 269 257
Year ended Net
30 June 2014 Underlying Underlying operating Capital Exploration Exploration
US$ million Revenue(i) EBITDA D&A EBIT assets expenditure gross(ii) to profit(iii)
Bass Strait 1,885 1,555 132 1,423 2,864 259
North West Shelf(viii) 2,432 1,599 175 1,424 1,691 193
Atlantis 1,535 1,407 335 1,072 2,272 409
Shenzi 1,430 1,281 243 1,038 1,598 306
Mad Dog 217 171 16 155 461 83
Onshore US 4,264 2,270 2,426 (156) 26,945 4,226
Algeria 465 396 30 366 104 19
UK(ix) 155 70 52 18 (38) 15
Exploration - (369) 113 (482) 464 -
Other(v) 2,027 1,744 735 1,009 1,907 369
Total Petroleum 14,410 10,124 4,257 5,867 38,268 5,879 600 497
Potash - (211) 74 (285) 2,255 544 47 47
Other(vi) - (298) - (298) (1,009) - - -
Total Petroleum and
Potash from Group
production 14,410 9,615 4,331 5,284 39,514 6,423 647 544
Third party products 437 3 - 3 - -
Total Petroleum and
Potash 14,847 9,618 4,331 5,287 39,514 6,423 647 544
Statutory adjustments(vii) (14) (3) (3) - - - - -
Total Petroleum and
Potash statutory result 14,833 9,615 4,328 5,287 39,514 6,423 647 544
(i) Petroleum revenue from Group production includes: crude oil US$4,001 million (30 June 2014: US$8,645 million), natural gas US$1,439
million (30 June 2014: US$3,119 million), LNG US$833 million (30 June 2014: US$1,614 million), NGL US$429 million (30 June 2014:
US$916 million) and other US$190 million (30 June 2014: US$102 million).
(ii) Includes US$24 million of capitalised exploration (30 June 2014: US$231 million).
(iii) Includes US$12 million of exploration expenditure previously capitalised, written off as impaired (included in depreciation and amortisation)
(30 June 2014: US$128 million).
(iv) Includes US$328 million of impairments as a result of the divestment of assets in North Louisiana and the Pecos field in the Permian.
(v) Includes Macedon, Pyrenees, Stybarrow, Neptune, Minerva, Angostura, Genesis, Pakistan, divisional activities and business
development. Also includes the Caesar oil pipeline and the Cleopatra gas pipeline which are equity accounted investments and are
reported on a proportionate consolidation basis (with the exception of net operating assets).
(vi) Includes closed mining and smelting operations in Canada and the United States.
(vii) Includes statutory adjustments for the Caesar oil pipeline and the Cleopatra gas pipeline to reconcile the proportionately consolidated
business total to the statutory result.
(viii)Includes an expense of US$143 million incurred in May 2014 related to the purchase price adjustment for the Browse Asset sale
completed in the 2013 financial year.
(ix) Includes an expense of US$112 million incurred in November 2013 related to the closure of the UK pension plan. Also includes a gain of
US$120 million related to the sale of the Liverpool Bay Asset in March 2014.
Financial information for the Copper Business for the December 2014 half year and the June 2014 financial year is
presented below.
Half year ended Net
31 December 2014 Underlying Underlying operating Capital Exploration Exploration
US$ million Revenue EBITDA D&A EBIT assets expenditure gross to profit
Escondida(i) 3,720 2,127 418 1,709 12,862 1,671
Pampa Norte(ii) 794 447 222 225 2,400 95
Antamina(iii) 467 250 52 198 1,391 101
Olympic Dam 797 138 132 6 6,408 131
Other(iii) (iv) - (58) 4 (62) (26) -
Total Copper from
Group production 5,778 2,904 828 2,076 23,035 1,998
Third party products 470 11 - 11 - -
Total Copper 6,248 2,915 828 2,087 23,035 1,998 42 42
Statutory adjustments(v) (467) (94) (53) (41) - (101) (1) (1)
Total Copper
statutory result 5,781 2,821 775 2,046 23,035 1,897 41 41
Year ended Net
30 June 2014 Underlying Underlying operating Capital Exploration Exploration
US$ million Revenue EBITDA D&A EBIT assets expenditure gross o profit
Escondida(i) 8,085 4,754 760 3,994 11,779 3,186
Pampa Norte(ii) 1,796 785 429 356 2,575 336
Antamina(iii) 1,261 818 84 734 1,341 262
Olympic Dam 1,777 299 265 34 6,320 167
Other(iii) (iv) 101 (193) 7 (200) (18) 13
Total Copper from
Group production 13,020 6,463 1,545 4,918 21,997 3,964
Third party products 1,030 8 - 8 - -
Total Copper 14,050 6,471 1,545 4,926 21,997 3,964 113 113
Statutory adjustments(v) (1,261) (344) (86) (258) - (267) (2) (2)
Total Copper
statutory result 12,789 6,127 1,459 4,668 21,997 3,697 111 111
(i) Escondida is consolidated under IFRS 10 and reported on a 100 per cent basis.
(ii) Includes Spence and Cerro Colorado.
(iii)Antamina and Resolution are equity accounted investments and are reported on a proportionate consolidation basis (with the exception of
net operating assets).
(iv) Predominantly comprises divisional activities, greenfield exploration, business development and ceased and sold operations. Includes
Pinto Valley and Resolution. Pinto Valley was sold effective 11 October 2013.
(v) Includes statutory adjustments for Antamina and Resolution to reconcile the proportionately consolidated business total to the statutory
result. Statutory Underlying EBIT includes net finance costs and taxation expense of US$41 million (30 June 2014: net finance costs and
taxation expense of US$258 million).
Financial information for the Iron Ore Business for the December 2014 half year and the June 2014 financial year is
presented below.
Half year ended Net
31 December 2014 Underlying Underlying operating Capital Exploration Exploration
US$ million Revenue EBITDA D&A EBIT assets expenditure gross to profit
Western Australia Iron Ore 8,193 4,778 791 3,987 23,289 1,090
Samarco(i) 828 420 54 366 1,036 165
Other(ii) 73 4 1 3 108 14
Total Iron Ore from
Group production 9,094 5,202 846 4,356 24,433 1,269
Third party products(iii) 152 (5) - (5) - -
Total Iron Ore 9,246 5,197 846 4,351 24,433 1,269 71 16
Statutory adjustments(iv) (828) (205) (54) (151) - (165) - -
Total Iron Ore
statutory result 8,418 4,992 792 4,200 24,433 1,104 71 16
Year ended Net
30 June 2014 Underlying Underlying operating Capital Exploration Exploration
US$ million Revenue EBITDA D&A EBIT assets expenditure gross to profit
Western Australia Iron Ore(v) 20,883 12,966 1,427 11,539 22,223 2,947
Samarco(i) 1,634 846 56 790 1,072 424
Other(ii) (v) 130 (32) 2 (34) 95 -
Total Iron Ore from
Group production 22,647 13,780 1,485 12,295 23,390 3,371
Third party products(iii) 343 (3) - (3) - -
Total Iron Ore 22,990 13,777 1,485 12,292 23,390 3,371 169 56
Statutory adjustments(iv) (1,634) (246) (56) (190) - (422) - -
Total Iron Ore
statutory result 21,356 13,531 1,429 12,102 23,390 2,949 169 56
(i) Samarco is an equity accounted investment and is reported on a proportionate consolidation basis (with the exception of net operating
assets).
(ii) Predominantly comprises divisional activities, towage services, business development and ceased operations.
(iii)Includes inter-segment and external sales of contracted gas purchases.
(iv) Includes statutory adjustments for Samarco to reconcile the proportionately consolidated business total to the statutory result. Statutory
Underlying EBIT includes net finance costs and taxation expense of US$151 million (30 June 2014: net finance costs and taxation
expense of US$190 million).
(v) The 30 June 2014 period has been restated to reallocate towage services from West Australia Iron Ore to Other.
Financial information for the Coal Business for the December 2014 half year and the June 2014 financial year is
presented below.
Half year ended Net
31 December 2014 Underlying Underlying operating Capital Exploration Exploration
US$ million Revenue EBITDA D&A EBIT assets expenditure gross to profit
Queensland Coal 2,251 478 331 147 9,450 369
New Mexico 298 86 23 63 250 13
New South Wales Energy Coal(i) 640 136 78 58 1,419 108
Colombia(i) 383 121 56 65 938 54
Other(ii) - (64) 1 (65) 183 8
Total Coal from Group
production 3,572 757 489 268 12,240 552
Third party products 7 - - - 1 -
Total Coal 3,579 757 489 268 12,241 552 12 12
Statutory adjustments(iii) (436) (199) (70) (129) - (74) - -
Total Coal
statutory result 3,143 558 419 139 12,241 478 12 12
Year ended Net
30 June 2014 Underlying Underlying operating Capital Exploration Exploration
US$ million Revenue EBITDA D&A EBIT assets expenditure gross to profit
Queensland Coal 4,666 949 514 435 9,115 1,790
New Mexico 520 105 46 59 202 26
New South Wales Energy Coal(i) 1,350 324 150 174 1,392 170
Colombia(i) 814 305 85 220 1,037 133
Other(ii) - (166) 2 (168) 162 34
Total Coal from Group
production 7,350 1,517 797 720 11,908 2,153
Third party products 27 - - - 1 -
Total Coal 7,377 1,517 797 720 11,909 2,153 29 29
Statutory adjustments(iii) (814) (259) (114) (145) - (182) - -
Total Coal
statutory result 6,563 1,258 683 575 11,909 1,971 29 29
(i) Cerrejón and Newcastle Coal Infrastructure Group are equity accounted investments and are reported on a proportionate consolidation
basis (with the exception of net operating assets).
(ii) Predominantly comprises divisional activities and greenfield projects.
(iii)Includes statutory adjustments for Cerrejón and Newcastle Coal Infrastructure Group to reconcile the proportionately consolidated
business total to the statutory result. Statutory Underlying EBIT includes net finance costs and taxation expense of US$78 million (30 June
2014: net finance costs and taxation expense of US$80 million).
Sponsor: Merrill Lynch South Africa Proprietary Limited
Date: 22/07/2015 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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