Last checked at 22 Jul 2015 07:00
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 3196209Registered in Australia Registered in England and WalesRegistered 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
ContentsRestated 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 30 June 2014 US$M | Year ended 30 June 2013 US$M | Half year ended 31 Dec 2014 US$M | |
Continuing operations | |||
Revenue | |||
Group production | 55,045 | 52,637 | 24,230 |
Third party products | 1,717 | 1,223 | 630 |
Revenue | 56,762 | 53,860 | 24,860 |
Other income | 1,225 | 3,804 | 284 |
Expenses excluding net finance costs | (36,523) | (36,829) | (17,549) |
Share of operating profit of equity accounted investments | 1,185 | 1,142 | 335 |
Profit from operations | 22,649 | 21,977 | 7,930 |
Comprising: | |||
Group production | 22,634 | 21,913 | 7,929 |
Third party products | 15 | 64 | 1 |
22,649 | 21,977 | 7,930 | |
Financial income | 81 | 80 | 41 |
Financial expenses | (995) | (1,229) | (275) |
Net finance costs | (914) | (1,149) | (234) |
Profit before taxation | 21,735 | 20,828 | 7,696 |
Income tax expense | (6,266) | (5,646) | (2,456) |
Royalty-related taxation (net of income tax benefit) | (514) | (1,050) | (848) |
Total taxation expense | (6,780) | (6,696) | (3,304) |
Profit after taxation from continuing operations | 14,955 | 14,132 | 4,392 |
Profit/(loss) after taxation from discontinued operations | 269 | (1,312) | 401 |
Profit after taxation | 15,224 | 12,820 | 4,793 |
Attributable to non-controlling interests | 1,392 | 1,597 | 528 |
Attributable to members of BHP Billiton Group | 13,832 | 11,223 | 4,265 |
Earnings per ordinary share (basic) (US cents) | 260.0 | 210.9 | 80.2 |
Earnings per ordinary share (diluted) (US cents) | 259.1 | 210.2 | 80.0 |
Earnings from continuing operations per ordinary share (basic) (US cents) | 256.5 | 238.6 | 73.6 |
Earnings from continuing operations per ordinary share (diluted) (US cents) | 255.7 | 237.8 | 73.4 |
Dividends per ordinary share - paid during the period (US cents) | 118.0 | 114.0 | 62.0 |
Dividends per ordinary share - determined in respect of the period (US cents) | 121.0 | 116.0 | 62.0 |
Year ended 30 June 2014 US$M | Year ended 30 June 2013 US$M | Half year ended 31 Dec 2014 US$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 US$M | 30 June 2013 US$M | 31 Dec 2014 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 30 June 2014 US$M | Year ended 30 June 2013 US$M | Half year ended 31 Dec 2014 US$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 |
For the year ended 30 June 2014 | Attributable to members of the BHP Billiton Group | |||||||
US$M | Share capital - BHP Billiton Limited | Share capital - BHP Billiton Plc | Treasury shares | Reserves | Retained earnings | Total equity attributable to members of BHP Billiton Group | Non-controlling interests | Total equity |
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 capital - BHP Billiton Limited | Sharecapital - BHP BillitonPlc | Treasury shares | Reserves | Retained earnings | Total equity attributable to members of BHP Billiton Group | Non-controlling interests | Total equity |
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 capital - BHP Billiton Limited | Share capital - BHP BillitonPlc | Treasury shares | Reserves | Retained earnings | Total equity attributable to members of BHP Billiton Group | Non-controlling interests | Total equity |
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 |
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 31 December 2014 US$ million |
Revenue | (ii) |
Underlying EBIT | (iii) | Exceptional items | Profit from operations (EBIT) | Net operating assets | Capital expenditure | (iv) | Exploration gross | (v) | Exploration 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 30 June 2014 US$ million |
Revenue | (ii) |
Underlying EBIT | (iii) |
Exceptional items | Profit from operations (EBIT) | Net operating assets | Capital expenditure | (iv) |
Exploration gross | (v) |
Exploration 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$163 million).
Financial information for the Petroleum and Potash Business for the December 2014 half year and the June 2014 financial year is presented below.
Half year ended 31 December 2014 US$ million |
Revenue | (i) | Underlying EBITDA |
D&A | Underlying EBIT | Net operating assets |
Capital expenditure |
| Exploration gross | (ii) | Exploration 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 30 June 2014 US$ million |
Revenue | (i) | Underlying EBITDA |
D&A | Underlying EBIT | Net operating assets |
Capital expenditure |
| Exploration gross | (ii) | Exploration 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$120 million related to the sale of the Liverpool Bay Asset in March 2014.
Financial information for the Copper Business for the December 2014 half year and the June 2014 financial year is presented below.
Half year ended 31 December 2014 US$ million | Revenue | Underlying EBITDA | D&A | Underlying EBIT | Net operating assets | Capital expenditure |
| Exploration gross | Exploration 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 fromGroup 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 30 June 2014 US$ million | Revenue | Underlying EBITDA | D&A | Underlying EBIT | Net operating assets | Capital expenditure |
| Exploration gross | Exploration to 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 fromGroup 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$258 million).
Financial information for the Iron Ore Business for the December 2014 half year and the June 2014 financial year is presented below.
Half year ended 31 December 2014 US$ million | Revenue |
| Underlying EBITDA | D&A | Underlying EBIT | Net operating assets | Capital expenditure |
| Exploration gross |
| Exploration 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 fromGroup 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 30 June 2014 US$ million | Revenue |
| Underlying EBITDA | D&A | Underlying EBIT | Net operating assets | Capital expenditure |
| Exploration gross |
| Exploration 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 fromGroup 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$190 million).
(v) The 30 June 2014 period has been restated to reallocate towage services from West Australia Iron Ore to Other.
Financial information for the Coal Business for the December 2014 half year and the June 2014 financial year is presented below.
Half year ended 31 December 2014 US$ million | Revenue |
| Underlying EBITDA | D&A | Underlying EBIT | Net operating assets | Capital expenditure |
| Exploration gross |
| Exploration 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 30 June 2014 US$ million | Revenue |
| Underlying EBITDA | D&A | Underlying EBIT | Net operating assets | Capital expenditure |
| Exploration gross |
| Exploration 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).