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

January 22, 2014

 

 

 

BHP BILLITON LIMITED		BHP BILLITON PLC
(ABN 49 004 028 077)		(REG. NO. 3196209)
(Exact name of Registrant as specified in its charter)		(Exact name of Registrant as specified in its charter)

 

VICTORIA, AUSTRALIA		ENGLAND AND WALES
(Jurisdiction of incorporation or organisation)		(Jurisdiction of incorporation or organisation)
171 COLLINS STREET, MELBOURNE, VICTORIA 3000 AUSTRALIA		NEATHOUSE PLACE, LONDON, UNITED KINGDOM
(Address of principal executive offices)		(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:  x 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    x No

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a

 

 

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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

 

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

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bhpbilliton
resourcing the future
BHP Billiton Group
Republished financial information
For the year ended 30 June 2013 and
half year ended 31 December 2012

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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.

 

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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 in compliance with IFRS principles, using life of mine strip ratios to determine the extent to which stripping costs were capitalised or expensed.

 

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BHP Billiton republished financial information

 

 

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.

 

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BHP Billiton republished financial information

 

 

Consolidated Income Statement for the year ended 30 June 2013

 

		Year ended 30 June 2013 As published				Restatements																Year ended 30 June 2013 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

 

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BHP Billiton republished financial information

 

 

Consolidated Balance Sheet as at 30 June 2013

 

		As at 30 June 2013 As published				Restatements																As at 30 June 2013 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

 

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BHP Billiton republished financial information

 

 

Consolidated Cash Flow Statement for the year ended 30 June 2013

 

		Year ended 30 June 2013 As published				Restatements																Year ended 30 June 2013 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

 

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BHP Billiton republished financial information

 

 

Consolidated Income Statement for the half year ended 31 December 2012

 

		Half year ended 31 Dec 2012 As published				Restatements																Half year ended 30 Dec 2012 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

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BHP Billiton republished financial information

 

 

Consolidated Balance Sheet as at 31 December 2012

 

		As at 31 Dec 2012 As published				Restatements																As at 31 Dec 2012 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

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BHP Billiton republished financial information

 

 

Consolidated Cash Flow Statement for the half year ended 31 December 2012

 

		Half year ended 31 Dec 2012 As published				Restatements																Half year ended 31 Dec 2012 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

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bhpbilliton
resourcing the future
BHP Billiton Group
Republished supplementary information
For the year ended 30 June 2013 and
half year ended 31 December 2012

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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

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BHP Billiton republished supplementary financial information

 

 

BHP Billiton Group

 

Year ended 30 June 2013 (Republished) US$ million		Revenue (1)				Underlying EBIT (1) (2)				Exceptional items				Profit from operations				Net operating assets				Capex (3)				Exploration gross (4)				Exploration 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 (Republished) US$ million		Revenue (1)				Underlying EBIT (1) (2)				Exceptional items				Profit from operations				Net operating assets				Capex (3)				Exploration gross (4)				Exploration 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

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BHP Billiton republished supplementary financial information

 

 

Petroleum and Potash

 

Year ended 30 June 2013 (Republished) US$ million		Revenue (1)				Underlying EBITDA				D&A				Underlying EBIT				Net operating assets				Capex (2)				Exploration gross (3)				Exploration 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 (Republished) US$ million		Revenue (1)				Underlying EBITDA				D&A				Underlying EBIT				Net operating assets				Capex (2)				Exploration gross (3)				Exploration 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

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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

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BHP Billiton republished supplementary financial information

 

 

Copper

 

Year ended 30 June 2013 (Republished) US$ million		Revenue				Underlying EBITDA				D&A				Underlying EBIT				Net operating assets				Capex (1)				Exploration gross				Exploration 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 (Republished) US$ million		Revenue				Underlying EBITDA				D&A				Underlying EBIT				Net operating assets				Capex (1)				Exploration gross				Exploration 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

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BHP Billiton republished supplementary financial information

 

 

Iron Ore

 

Year ended 30 June 2013 (Republished) US$ million		Revenue (1)				Underlying EBITDA				D&A				Underlying EBIT				Net operating assets				Capex (2)				Exploration gross (3)				Exploration 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 (Republished) US$ million		Revenue (1)				Underlying EBITDA				D&A				Underlying EBIT				Net operating assets				Capex (2)				Exploration gross (3)				Exploration 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

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BHP Billiton republished supplementary financial information

 

 

Coal

 

Year ended 30 June 2013 (Republished) US$ million		Revenue				Underlying EBITDA				D&A				Underlying EBIT				Net operating assets				Capex (1)				Exploration gross				Exploration 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 (Republished) US$ million		Revenue				Underlying EBITDA				D&A				Underlying EBIT				Net operating assets				Capex (1)				Exploration gross				Exploration 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

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BHP Billiton republished supplementary financial information

 

 

Aluminium, Manganese and Nickel

 

Year ended 30 June 2013 (Republished) US$ million		Revenue (1)				Underlying EBITDA				D&A				Underlying EBIT				Net operating assets				Capex (2) (3)				Exploration gross (4)				Exploration 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 (Republished) US$ million		Revenue (1)				Underlying EBITDA				D&A				Underlying EBIT				Net operating assets				Capex (2) (3)				Exploration gross (4)				Exploration to profit (5)
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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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.

 

						BHP Billiton Limited and BHP Billiton Plc
Date: January 22, 2014				By:		/s/ Jane McAloon
				Name:		Jane McAloon
				Title:		Group Company Secretary