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
February 20, 2013
| BHP BILLITON LIMITED (ABN 49 004 028 077) (Exact name of Registrant as specified in its charter) |
BHP BILLITON PLC (REG. NO. 3196209) (Exact name of Registrant as specified in its charter) |
| VICTORIA, AUSTRALIA (Jurisdiction of incorporation or organisation)
180 LONSDALE STREET, MELBOURNE, VICTORIA 3000 AUSTRALIA (Address of principal executive offices) |
ENGLAND AND WALES (Jurisdiction of incorporation or organisation)
NEATHOUSE PLACE, VICTORIA, LONDON, UNITED KINGDOM (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
|
Port Hedland
Interim results
Half year ended 31 December 2012
Marius Kloppers Chief Executive Officer
Graham Kerr Chief Financial Officer
20 February 2013
bhpbilliton
resourcing the future
|
Disclaimer
bhpbilliton
resourcing the future
Forward-looking statements
This presentation includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 regarding future events, conditions, circumstances and the future financial performance of BHP Billiton, including for capital expenditures, production volumes, project capacity, and schedules for expected production. Often, but not always, forward-looking statements can be identified by the use of the words such as “plans”, “expects”, “expected”, “scheduled”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words and phrases or state that certain actions, events, conditions, circumstances or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. These forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this presentation. For more detail on those risks, you should refer to the sections of our annual report on Form 20-F for the year ended 30 June 2012 entitled “Risk factors”, “Forward looking statements” and “Operating and financial review and prospects” filed with the U.S. Securities and Exchange Commission. All estimates and projections in this presentation are illustrative only. Our actual results may be materially affected by changes in economic or other circumstances which cannot be foreseen. Nothing in this presentation is, or should be relied on as, a promise or representation either as to future results or events or as to the reasonableness of any assumption or view expressly or impliedly contained herein.
Non-IFRS financial information
BHP Billiton results are reported under International Financial Reporting Standards (IFRS) including Underlying EBIT and Underlying EBITDA which are used to measure segment performance. This presentation also includes certain non-IFRS measures including Attributable profit excluding exceptional items, Underlying EBITDA interest coverage, Underlying effective tax rate, Underlying EBIT margin, Underlying EBITDA margin and Underlying return on capital. These measures are used internally by management to assess the performance of our business, make decisions on the allocation of our resources and assess operational management. Non-IFRS measures have not been subject to audit or review.
UK GAAP financial information
Certain historical financial information for periods prior to FY2005 has been presented on the basis of UK GAAP, which is not comparable to IFRS or US GAAP. Readers are cautioned not to place undue reliance on UK GAAP information.
No offer of securities
Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell BHP Billiton securities in any jurisdiction.
Reliance on third party information
The views expressed in this presentation contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by BHP Billiton.
Interim results, 20 February 2013 Slide 2
|
Escondida
Interim results
Half year ended 31 December 2012
Marius Kloppers Chief Executive Officer
20 February 2013
bhpbilliton
resourcing the future
|
Key themes
bhpbilliton
resourcing the future
• We are delivering on our commitments
• Strong and predictable operating performance
• Controllable cash costs reduced by US$1.9 billion on an annualised basis
• Major projects are on schedule and budget
• Ongoing divestment program continues to create substantial value
• We remain confident in the outlook for our business
Interim results, 20 February 2013 Slide 4
|
Solid results despite weaker prices
bhpbilliton
resourcing the future
• Total Recordable Injury Frequency improved to 4.6 per million hours worked
• Underlying EBITDA of US$13.2 billion, down 29%
• Underlying EBIT of US$9.8 billion, down 38%
• Attributable profit (excluding exceptional items) of US$5.7 billion, down 43%
• Attributable profit of US$4.2 billion included exceptional items of US$1.4 billion
• Net operating cash flows of US$6.4 billion, down 48%
• Interim dividend of 57 US cents per share, up 4%
Note: Variance relates to the relative performance of BHP Billiton during H1 FY13 compared with H1 FY12; TRIF variance relative to FY12.
Interim results, 20 February 2013 Slide 5
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Strong and consistent performance
bhpbilliton
resourcing the future
• Production records achieved across five operations
• Unchanged guidance for our major, high margin businesses
• Copper equivalent production1 on track to grow at a CAGR of 10% to end FY14
• Decisive action taken to arrest cost inflation will support margins and returns
• We continue to deliver on the factors that we can control – safety, volume and costs
Strong growth in our high margin businesses
(sales volumes, % change, H1 FY13 versus H1 FY12)
Copper
Alumina
Manganese ore
Petroleum
Metallurgical coal
Iron ore
Nickel
Energy coal
Aluminium
Manganese alloy2
(20) (10) 0 10 20
1. Copper equivalent production based on FY12 average prices.
2. Manganese alloy sales volumes variance truncated relative to actual decline of 26%.
Interim results, 20 February 2013 Slide 6
|
Newman
Interim results
Half year ended 31 December 2012
Graham Kerr Chief Financial Officer
20 February 2013
bhpbilliton
resourcing the future
|
Key themes
bhpbilliton
resourcing the future
• We are delivering on our commitments
• Strong and predictable operating performance
• Controllable cash costs reduced by US$1.9 billion on an annualised basis
• Major projects are on schedule and budget
• Ongoing divestment program continues to create substantial value
• We remain confident in the outlook for our business
Interim results, 20 February 2013 Slide 8
|
Underlying EBIT analysis
bhpbilliton
resourcing the future
EBIT variance (H1 FY13 versus H1 FY12, US$ billion)
18.0
12.0
6.0
0.0
15.9 (5.7) (0.4) (0.3) 9.5 0.4 0.7 0.3 (0.1) (0.2) (0.4) (0.4) 9.8
H1 FY12
Price
Exchange
Inflation
Sub-total
Volume
Controllable cash costs1
Price linked costs
Fuel & energy
Non-cash & one-off items
New & acquired/ceased & sold
Other
H1 FY13
1. Controllable cash costs comprise operating, overhead and volume related efficiencies, and exploration and business development activity; excludes non-cash and one-off items, price linked costs and fuel and energy.
Interim results, 20 February 2013 Slide 9
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Delivering strong growth in our high margin businesses
bhpbilliton
resourcing the future
Volume variance
(H1 FY13 versus H1 FY12, US$ million)
900
600
300
0
456 141 101 62 44 5 (131) 678 (243) 435
Iron Ore
Base Metals
Metallurgical Coal
Energy Coal
Manganese
Aluminium & Nickel
D&SP1
Sub-total Minerals
Petroleum1
Total
1. Excludes new and acquired/ceased and sold operations.
Note: Volume variance calculated on Underlying EBIT using previous period margin.
Interim results, 20 February 2013 Slide 10
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Controllable cash costs reduced by US$1.9 billion on an annualised basis
bhpbilliton
resourcing the future
Cash cost savings
(US$ million)
Controllable
Uncontrollable
US$1.9 billion annualised controllable cash cost saving
1,500
1,200
900
600
300
0
397 87 (97) 387 299 686 258 944 287 (98) 1,133
Operating
Overheads
Volume related1
Sub-total
Exploration & business development
Sub-total (P&L)
Exploration capitalised
Controllable cash costs2
Price linked costs
Fuel & energy
Total cash cost variance
1. Volume related efficiencies were offset by increased costs at WAIO that were incurred prior to the full ramp-up of expanded capacity.
2. Controllable cash costs exclude non-cash and one-off items.
Interim results, 20 February 2013 Slide 11
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A weaker US dollar has ‘hidden’ implications for profitability
bhpbilliton
resourcing the future
Foreign exchange gain/(loss) on balance sheet monetary items
(US$ million)
0
(200)
(400)
(600)
(169) (95) (79) (65) (32) (30) (14) (7) (83) (574)
Iron Ore
Metallurgical Coal
Base Metals
Energy Coal
Petroleum
Aluminium & Nickel
Manganese
D&SP
Group & unallocated
Total
Note: Difference in exchange variance calculated on Underlying EBIT; excludes exchange impact on net costs.
Interim results, 20 February 2013 Slide 12
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Our projects remain on schedule and budget
bhpbilliton
resourcing the future
NWS CWLH
Worsley E&G
WAIO Inner Harbour
Escondida Ore Access
Macedon
NWS North Rankin B
Broad- meadow
WAIO Jimblebar
Caval Ridge
HPX3
EKATI Misery2
NWS GWF-A
Bass Strait LGCP
FY12 FY13 FY14 FY15 FY16
WAIO RGP 5
Antamina Exp
MAC RX1
Kipper1
WAIO Orebody 24
Turrum
Daunia
Cerrejon P40
NTP Exp 3
Escondida OLAP
Samarco 4
WAIO Port and Rail
Escondida OGP1
Appin Area 9
Iron Ore
Petroleum
Base Metals
Metallurgical Coal
Energy Coal
Manganese
D&SP
Aluminium & Nickel
First
production
£ US$500m
> US$500m
1. Facilities ready for first production pending resolution of mercury content.
2. The sale of the diamonds business was announced on 13 November 2012. The transaction is subject to regulatory approval and completion is expected in H1 CY13.
Interim results, 20 February 2013 Slide 13
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Ongoing divestment program continues to create substantial value
bhpbilliton
resourcing the future
Good progress on our strategic commitment to simplify the portfolio
Asset sales totalling US$4.3 billion either announced or completed during the period
– sold the Yeelirrie uranium deposit and our interest in Richards Bay Minerals
– announced the sale of our diamonds business and our interests in Browse
Divestments priced at a premium to ascribed market value with minimal impact to earnings
Our capital structure remains within the parameters defined by our solid A credit rating
Significant increase in prospective divestment proceeds1
(US$ billion)
5.0
2.5
0.0
FY08 FY09 FY10 FY11 FY12 FY13
H22
H1
Continued growth of the progressive dividend
(US cents per share)
60
30
0
H1 H2
FY08 FY09 FY10 FY11 FY12 FY13
1. Includes proceeds from sale or partial sale of subsidiaries, operations and jointly controlled entities, net of their cash; and proceeds from sale of property, plant and equipment.
2. Projected proceeds from announced transactions which are yet to be completed.
Interim results, 20 February 2013 Slide 14
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Royalties, taxes and exceptional items
bhpbilliton
resourcing the future
US$6.1 billion paid in the form of federal taxes, state taxes and production royalties
Underlying effective tax rate, including royalty related taxation, was 38%
We have voluntarily donated 1% (US$1 billion) of our pre-tax profit to community programs since FY08
MRRT and carbon tax in effect from 1 July 2012
Exceptional items totalling US$1.4 billion reduced Attributable profit to US$4.2 billion
Newman Primary School
Interim results, 20 February 2013 Slide 15
|
BMA
Interim results
Half year ended 31 December 2012
Marius Kloppers Chief Executive Officer
20 February 2013
bhpbilliton
resourcing the future
|
Key themes
bhpbilliton
resourcing the future
We are delivering on our commitments
Strong and predictable operating performance
Controllable cash costs reduced by US$1.9 billion on an annualised basis
Major projects are on schedule and budget
Ongoing divestment program continues to create substantial value
We remain confident in the outlook for our business
Interim results, 20 February 2013 Slide 17
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Global growth is strengthening, Chinese commodities demand is moderating
bhpbilliton
resourcing the future
The global economy looks set to benefit from a period of improving economic growth
China will remain the primary driver of commodities demand and its cyclical recovery is in place
Rebalancing of the Chinese economy suggests resource intensity will consolidate at a fraction of GDP
Demand growth rates for many of our core products within China are expected to remain in the range of 2% to 4% per annum
Contribution to global GDP growth
(% YoY)
5
4
3
2
1
0
(1)
CY10 CY11 CY12 CY13e CY14e
China United States Eurozone
Asia (ex-China) Rest of the world
Chinese commodity consumption growth rates
(% YoY)
40
30
20
10
0
CY02 CY04 CY06 CY08 CY10 CY12
Finished steel Copper Aluminium
Note: Real growth rates weighted for share of world GDP; 2005 US$ (market exchange rates).
Source: Global Insight.
Interim results, 20 February 2013 Slide 18
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Copper long term fundamentals remain compelling
bhpbilliton
resourcing the future
Robust supply growth is expected to result in a more balanced market in the near term
Longer term outlook continues to be underpinned by structural challenges on the supply side
There is a scarcity of advanced, high quality development opportunities, while grades are declining at existing operations
On average, 1 million tonnes of new supply is required each year to keep pace with demand
Prices will need to remain high enough to induce development of lower grade, higher cost supply
Large supply deficit in the longer term
(primary copper, million tonnes)
30
20
10
0
Demand 2025
Demand 2020
Supply gap
CY13e CY17e CY21e CY25e
Existing supply Highly probable projects
Source: Wood Mackenzie, Q4 CY12 update.
Interim results, 20 February 2013 Slide 19
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Iron ore prices will remain volatile in the short term
bhpbilliton
resourcing the future
Over the last decade, Chinese demand for seaborne iron ore overwhelmed the capacity of the low cost supply basins
Prices responded to induce high cost supply, which led to a steepening of the cost curve
With the addition of low cost supply, customer inventory cycles now significantly impact the market price
Substantially more low cost supply is either planned or in construction
This will ultimately lead to a flattening of the cost curve and prices will mean revert
Schematic iron ore cost curve
(US$/t, CIF China)
Current cost curve
Iron ore price volatility
Future cost curve
Cumulative volume (million tonnes)
2012 stocking cycle
Iron ore spot prices (US$/t, 62% Fe, CIF China)
Steel mill inventory
(days of inventory)
200
150
100
50
0
Seaborne iron ore inventory (RHS)
Price (LHS)
Jun 12 Aug 12 Oct 12 Dec 12
60
45
30
15
0
Source: BHP Billiton analysis; Platts; Mysteel survey of 55 small steel mills.
Interim results, 20 February 2013 Slide 20
|
Metallurgical coal prices to remain range bound
bhpbilliton
resourcing the future
Supply behaviour is important given the low demand growth rates of traditional markets
The sharp price increase in CY11 induced a substantial supply response from high cost US producers
As a result, the market rebalanced and prices mean reverted
The market is currently well supported by the cost of high quality Australian supply
Any sustained increase in price will draw US supply back into the market
In the absence of a major supply disruption, the price of metallurgical coal will be range bound
Seaborne exports of US metallurgical coal (US$/t, FOB)
(million tonnes)
400
300
200
100
0
Hard coking coal price (LHS)
US exports (RHS)
CY08 CY09 CY10 CY11 Q1 CY12 Q2 CY12 Q3 CY12 Q4 CY121
80
60
40
20
0
Source: Platts; Global Trade Information Services; IHS McCloskey.
1. 2012 quarterly data annualised.
Interim results, 20 February 2013 Slide 21
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Aluminium to remain in over capacity
bhpbilliton
resourcing the future
Long term fundamentals for copper and aluminium present a stark contrast
Aluminium is expected to remain in over capacity
Chinese aluminium producers continue to expand aggressively
Captive low cost power in the Western Provinces has enabled Chinese capacity to shift down the cost curve
The cost curve will further flatten and the price is expected to remain below the marginal cash cost of production
Chinese primary aluminium capacity and demand (million tonnes)
40
30
20
10
0
Capacity
Demand
CY03 CY04 CY05 CY06 CY07 CY08 CY09 CY10 CY11 CY12 CY18e
Cash cost curve for primary aluminium
(US$/t, nominal)
China
CY12
CY18e
0
10
20
30
40
50
60
Cumulative volume
(million tonnes)
Source: Wood Mackenzie, Q4 CY12, cost curve reflects the 90th percentile of production.
Interim results, 20 February 2013 Slide 22
|
Strong momentum underpinned by growth in our major basins
bhpbilliton
resourcing the future
FY12 to FY14 production growth contribution
Other 10%
Copper 12%
Metallurgical coal 25%
Petroleum 27%
Iron ore 26%
WAIO
(Iron ore)
Queensland Coal (Metallurgical coal)
Onshore US
(Oil & gas)
Gulf of Mexico
(Oil & gas)
FY12 to FY14 forecast production growth
<5% >5%
Escondida
(Copper)
Note: Bubble size represents FY12 copper equivalent production from continuing operations; excludes diamonds.
Interim results, 20 February 2013 Slide 23
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Allocating capital in a disciplined manner to maximise returns
bhpbilliton
resourcing the future
Capital is being deployed to our highest EBITDA margin1 CSGs
<40%
Capital expenditure for major projects in execution (US$ billion)
EBITDA margin 40-50%
EBITDA margin >50%
FY13e FY14e FY15e FY16e
North West Shelf
(Oil & gas)
WAIO
(Iron ore)
Queensland Coal (Metallurgical coal)
Macedon
(Oil & gas)
Bass Strait
(Oil & gas)
NSWEC
(Energy coal)
Illawarra Coal (Metallurgical coal)
Onshore US (Oil & gas)
Cerrejón
(Energy coal)
Samarco
(Iron ore)
Escondida
(Copper)
1. Major project capital allocation based on average CSG Underlying EBITDA margin over the last five financial years; excludes diamonds.
Note: Bubble size represents capital expenditure for major projects in execution and forecast FY13 Onshore US drilling and development expenditure.
Interim results, 20 February 2013 Slide 24
|
Strong growth at a lower unit cost
bhpbilliton
resourcing the future
WAIO run rate of +220 mtpa1 is anticipated before end FY15
Escondida copper production of over 1.3 mt1 is forecast in FY15
Queensland Coal projects in execution will increase capacity to 66 mtpa1 by end CY14
Eagle Ford production to increase to over 200 Mboe/day in FY15
Escondida
(index, FY12 production = 100)
200
100
0
CAGR 14%
FY12 FY13e FY15e
Western Australia Iron Ore
(index, FY12 production = 100)
200
100
0
CAGR 8%
FY12 FY13e FY15e
Queensland Coal2 (index, FY12 production = 100)
200
100
0
CAGR 15%
FY12 FY13e FY15e
Eagle Ford
(index, FY12 production = 100)
600
300
0
CAGR 66%
FY12 FY13e FY15e
1. 100% basis.
2. FY15 estimated capacity excludes Norwich Park and Gregory nominal capacity.
Source: BHP Billiton analysis.
Interim results, 20 February 2013 Slide 25
|
Positioned to sustain superior shareholder returns
bhpbilliton
resourcing the future
Consistent execution of our proven strategy has delivered sector leading results
Total shareholder return of 47% since FY08
We have returned US$56.9 billion1 to shareholders since FY03
We remain confident in the outlook for our company given our low cost, high quality, diversified portfolio and our tangible cost reduction program
Total shareholder returns2
(%)
50
25
0
(25)
(50)
BHP Billiton Peer 1 Peer 2 Peer 3
1. Includes buy-backs and dividends. Calculated over the period from FY03 to H1 FY13 inclusive.
2. Peer group based on LSE constituents: Rio Tinto, Anglo American and Xstrata. TSR assumptions include: US dollar terms; calculated over the period from FY08 to H1 FY13 inclusive.
Source: Datastream; BHP Billiton analysis.
Interim results, 20 February 2013 Slide 26
|
Key themes
bhpbilliton
resourcing the future
We are delivering on our commitments
Strong and predictable operating performance
Controllable cash costs reduced by US$1.9 billion on an annualised basis
Major projects are on schedule and budget
Ongoing divestment program continues to create substantial value
We remain confident in the outlook for our business
Interim results, 20 February 2013 Slide 27
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bhpbilliton
resourcing the future
|
Appendix
bhpbilliton
resourcing the future
|
Impact of commodity price movements
bhpbilliton
resourcing the future
Total price variance1
(H1 FY13 versus H1 FY12, US$ million)
1,000
316
0
(28) (58) (62) (385) (439)
(1,602)
(3,169)
(1,000)
(2,000)
(3,000)
(4,000)
Base Metals
D&SP
Manganese
Petroleum
Aluminium & Nickel
Energy Coal
Metallurgical Coal
Iron Ore
1. Includes impact of price linked costs.
Interim results, 20 February 2013 Slide 30
|
Summary of key exchange rate components in tax expense/(income)
bhpbilliton
resourcing the future
Restatement of
H1 FY13 expense/(income) US$ million
H1 FY12 expense/(income) US$ million
Current tax payable
17
(123)
Deferred tax balances on fixed assets
43
82
Deferred tax balances on US$ debt
12
151
Deferred tax balances on timing differences
56
(2)
Other items
(9)
(38)
Total
119
70
Interim results, 20 February 2013 Slide 31
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Capital and exploration expenditure
bhpbilliton
resourcing the future
Minerals and conventional oil and gas capital and exploration expenditure
US$ billion
FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13e
Growth 2.0 1.7 2.6 4.0 5.5 6.1 7.3 8.1 9.2 14.4
Sustaining and other 0.7 0.9 1.3 2.1 1.6 1.8 2.0 1.7 2.2 2.5
Exploration 0.3 0.5 0.5 0.8 0.8 1.4 1.3 1.3 1.2 2.1
Total 3.0 3.1 4.4 6.9 7.9 9.3 10.6 11.1 12.6 19.0 18.0
Onshore US capital and exploration expenditure
US$ billion FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13e
Growth 0.2 3.3
Exploration 0.4
Total 0.2 3.7 4.0
Note: Capital and exploration expenditure presented on an accruals basis.
Interim results, 20 February 2013 Slide 32
|
Maturity profile analysis
bhpbilliton
resourcing the future
Debt balances1 (US$ billion2)
6
4
2
0
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 Post FY28
US$ Bonds
Euro Bonds
Sterling Bonds
A$ Bonds
% of portfolio
56%
22%
8%
3%
Capital Markets 89%
Bank Debt
CP Issuance
Jointly Controlled Entities3
Subsidiaries4
0%
4%
6%
1%
Bank Supported 4%
Asset Financing 7%
1. Based on debt balances as at 31 December 2012.
2. All debt balances are represented in notional US$ values and based on financial years.
3. Jointly Controlled Entity debt represents BHP Billiton share subject to governing contractual arrangements.
4. Subsidiary debt represents BHP Billiton share of subsidiary debt based on BHP Billiton effective interest.
Interim results, 20 February 2013 Slide 33
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Key net profit sensitivities
bhpbilliton
resourcing the future
Approximate impact1 on FY13 net profit after tax of changes of
US$ million
US$1/t on iron ore price 110
US$1/bbl on oil price 45
US¢10/MMbtu on US gas price 25
US$1/t on metallurgical coal price 25
US¢1/lb on aluminium price 25
US¢1/lb on copper price 20
US$1/t on energy coal price 25
US¢1/lb on nickel price 2
AUD (US¢1/A$) operations2 110
RAND (0.2 Rand/US$) operations2 35
1. Assumes total volume exposed to price.
2. Impact based on average exchange rate for the period.
Interim results, 20 February 2013 Slide 34
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Strength in diversity
bhpbilliton
resourcing the future
EBIT margin1
(%)
75
50
25
0
FY03 FY04 FY05 FY06 FY07 FY08 FY092 FY10 FY11 FY122 H1 FY132
Petroleum
Aluminium & Nickel
Base Metals
D&SP
Iron Ore
Manganese
Metallurgical Coal
Energy Coal
Total
1. Calculated on the basis of UKGAAP for periods prior to FY05, except for the exclusion of PRRT from Petroleum’s and BHP Billiton Group’s results for all periods. All periods exclude third party trading activities. The Exploration and Technology business has been included in BHP Billiton Group’s results from FY02 to FY05 and excluded from Diamonds and Specialty Products.
2. Negative margins are not shown as the y-axis is set at zero.
Interim results, 20 February 2013 Slide 35
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bhpbilliton
resourcing the future
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: February 20, 2013 | By: | /s/ Jane McAloon | ||
| Name: | Jane McAloon | |||
| Title: | Group Company Secretary | |||