Document and Entity Information
Document and Entity Information | 12 Months Ended |
Jun. 30, 2018shares | |
Document information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | FY |
Trading Symbol | BHP |
Entity Registrant Name | BHP BILLITON LTD |
Entity Central Index Key | 811,809 |
Current Fiscal Year End Date | --06-30 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
BHP Billiton Limited [Member] | |
Document information [Line Items] | |
Entity Common Stock, Shares Outstanding | 3,211,691,105 |
BHP Billiton Plc [Member] | |
Document information [Line Items] | |
Entity Common Stock, Shares Outstanding | 2,112,071,796 |
Consolidated Income Statement
Consolidated Income Statement - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Continuing operations | |||
Revenue | $ 43,638 | $ 36,135 | $ 28,567 |
Other income | 247 | 662 | 432 |
Expenses excluding net finance costs | (28,036) | (24,515) | (24,091) |
Profit/(loss) from equity accounted investments, related impairments and expenses | 147 | 272 | (2,104) |
Profit from operations | 15,996 | 12,554 | 2,804 |
Financial expenses | (1,567) | (1,560) | (1,150) |
Financial income | 322 | 143 | 137 |
Net finance costs | (1,245) | (1,417) | (1,013) |
Profit before taxation | 14,751 | 11,137 | 1,791 |
Income tax expense | (6,879) | (4,276) | (1,858) |
Royalty-related taxation (net of income tax benefit) | (128) | (167) | (245) |
Total taxation expense | (7,007) | (4,443) | (2,103) |
Profit/(loss) after taxation from Continuing operations | 7,744 | 6,694 | (312) |
Discontinued operations | |||
Loss after taxation from Discontinued operations | (2,921) | (472) | (5,895) |
Profit after taxation | 4,823 | 6,222 | (6,207) |
Attributable to non-controlling interests | 1,118 | 332 | 178 |
Attributable to BHP shareholders | $ 3,705 | $ 5,890 | $ (6,385) |
Basic earnings/(loss) per ordinary share (cents) | $ 0.696 | $ 1.107 | $ (1.200) |
Diluted earnings/(loss) per ordinary share (cents) | 0.694 | 1.104 | (1.200) |
Basic earnings/(loss) from Continuing operations per ordinary share (cents) | 1.250 | 1.198 | (0.102) |
Diluted earnings/(loss) from Continuing operations per ordinary share (cents) | $ 1.246 | $ 1.195 | $ (0.102) |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of comprehensive income [abstract] | |||
Profit/(loss) after taxation from Continuing and Discontinued operations | $ 4,823 | $ 6,222 | $ (6,207) |
Available for sale investments: | |||
Net valuation gains/(losses) taken to equity | 11 | (1) | 2 |
Net valuation losses transferred to the income statement | 1 | ||
Cash flow hedges: | |||
Gains/(losses) taken to equity | 82 | 351 | (566) |
(Gains)/losses transferred to the income statement | (215) | (432) | 664 |
Exchange fluctuations on translation of foreign operations taken to equity | 2 | (1) | (1) |
Exchange fluctuations on translation of foreign operations transferred to income statement | (10) | ||
Tax recognised within other comprehensive income | 36 | 24 | (30) |
Total items that may be reclassified subsequently to the income statement | (84) | (59) | 60 |
Items that will not be reclassified to the income statement: | |||
Remeasurement gains/(losses) on pension and medical schemes | 1 | 36 | (20) |
Tax recognised within other comprehensive income | (14) | (26) | (17) |
Total items that will not be reclassified to the income statement | (13) | 10 | (37) |
Total other comprehensive (loss)/income | (97) | (49) | 23 |
Total comprehensive income/(loss) | 4,726 | 6,173 | (6,184) |
Attributable to non-controlling interests | 1,118 | 332 | 176 |
Attributable to BHP shareholders | $ 3,608 | $ 5,841 | $ (6,360) |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Current assets | ||
Cash and cash equivalents | $ 15,871 | $ 14,153 |
Trade and other receivables | 3,096 | 2,836 |
Other financial assets | 200 | 72 |
Inventories | 3,764 | 3,673 |
Assets held for sale | 11,939 | |
Current tax assets | 106 | 195 |
Other | 154 | 127 |
Total current assets | 35,130 | 21,056 |
Non-current assets | ||
Trade and other receivables | 180 | 803 |
Other financial assets | 999 | 1,281 |
Inventories | 1,141 | 1,095 |
Property, plant and equipment | 67,182 | 80,497 |
Intangible assets | 778 | 3,968 |
Investments accounted for using the equity method | 2,473 | 2,448 |
Deferred tax assets | 4,041 | 5,788 |
Other | 69 | 70 |
Total non-current assets | 76,863 | 95,950 |
Total assets | 111,993 | 117,006 |
Current liabilities | ||
Trade and other payables | 5,977 | 5,551 |
Interest bearing liabilities | 2,736 | 1,241 |
Liabilities held for sale | 1,222 | |
Other financial liabilities | 138 | 394 |
Current tax payable | 1,773 | 2,119 |
Provisions | 2,025 | 1,959 |
Deferred income | 118 | 102 |
Total current liabilities | 13,989 | 11,366 |
Non-current liabilities | ||
Trade and other payables | 3 | 5 |
Interest bearing liabilities | 24,069 | 29,233 |
Other financial liabilities | 1,093 | 1,106 |
Non-current tax payable | 137 | |
Deferred tax liabilities | 3,472 | 3,765 |
Provisions | 8,223 | 8,445 |
Deferred income | 337 | 360 |
Total non-current liabilities | 37,334 | 42,914 |
Total liabilities | 51,323 | 54,280 |
Net assets | 60,670 | 62,726 |
EQUITY | ||
Treasury shares | (5) | (3) |
Reserves | 2,290 | 2,400 |
Retained earnings | 51,064 | 52,618 |
Total equity attributable to BHP shareholders | 55,592 | 57,258 |
Non-controlling interests | 5,078 | 5,468 |
Total equity | 60,670 | 62,726 |
BHP Billiton Limited [Member] | ||
EQUITY | ||
Share capital | 1,186 | 1,186 |
BHP Billiton Plc [Member] | ||
EQUITY | ||
Share capital | $ 1,057 | $ 1,057 |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statement - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Operating activities | |||
Profit before taxation | $ 14,751 | $ 11,137 | $ 1,791 |
Adjustments for: | |||
Depreciation and amortisation expense | 6,288 | 6,184 | 6,210 |
Impairments of property, plant and equipment, financial assets and intangibles | 333 | 193 | 186 |
Net finance costs | 1,245 | 1,417 | 1,013 |
Profit/(loss) from equity accounted investments, related impairments and expenses | (147) | (272) | 2,104 |
Other | 597 | 194 | 467 |
Changes in assets and liabilities: | |||
Trade and other receivables | (662) | 267 | 1,387 |
Inventories | (182) | (687) | 521 |
Trade and other payables | 719 | 512 | (1,272) |
Provisions and other assets and liabilities | 7 | (333) | (316) |
Cash generated from operations | 22,949 | 18,612 | 12,091 |
Dividends received | 709 | 636 | 301 |
Interest received | 290 | 164 | 128 |
Interest paid | (1,177) | (1,148) | (829) |
Settlement of cash management related instruments | (292) | (140) | |
Net income tax and royalty-related taxation refunded | 17 | 337 | 435 |
Net income tax and royalty-related taxation paid | (4,935) | (2,585) | (2,286) |
Net operating cash flows from Continuing operations | 17,561 | 15,876 | 9,840 |
Net operating cash flows from Discontinued operations | 900 | 928 | 785 |
Net operating cash flows | 18,461 | 16,804 | 10,625 |
Investing activities | |||
Purchases of property, plant and equipment | (4,979) | (3,697) | (5,707) |
Exploration expenditure | (874) | (966) | (752) |
Exploration expenditure expensed and included in operating cash flows | 641 | 610 | 419 |
Net investment and funding of equity accounted investments | 204 | (234) | (217) |
Proceeds from sale of assets | 89 | 529 | 93 |
Proceeds from divestment of subsidiaries, operations and joint operations, net of their cash | 187 | 166 | |
Other investing | (141) | (153) | (20) |
Net investing cash flows from Continuing operations | (5,060) | (3,724) | (6,018) |
Net investing cash flows from Discontinued operations | (861) | (437) | (1,227) |
Net investing cash flows | (5,921) | (4,161) | (7,245) |
Financing activities | |||
Proceeds from interest bearing liabilities | 528 | 1,577 | 7,239 |
(Settlements)/proceeds from debt related instruments | (218) | 36 | 156 |
Repayment of interest bearing liabilities | (4,188) | (7,114) | (2,781) |
Purchase of shares by Employee Share Ownership Plan (ESOP) Trusts | (171) | (108) | (106) |
Dividends paid | (5,220) | (2,921) | (4,130) |
Dividends paid to non-controlling interests | (1,582) | (575) | (62) |
Net financing cash flows from Continuing operations | (10,851) | (9,105) | 316 |
Net financing cash flows from Discontinued operations | (40) | (28) | (32) |
Net financing cash flows | (10,891) | (9,133) | 284 |
Net increase in cash and cash equivalents from Continuing operations | 1,650 | 3,047 | 4,138 |
Net (decrease)/increase in cash and cash equivalents from Discontinued operations | (1) | 463 | (474) |
Cash and cash equivalents, net of overdrafts, at the beginning of the financial year | 14,108 | 10,276 | 6,613 |
Foreign currency exchange rate changes on cash and cash equivalents | 56 | 322 | (1) |
Cash and cash equivalents, net of overdrafts, at the end of the financial year | $ 15,813 | $ 14,108 | $ 10,276 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Millions | Total | Share capital [member]BHP Billiton Limited [Member] | Share capital [member]BHP Billiton Plc [Member] | Treasury shares [member]BHP Billiton Limited [Member] | Treasury shares [member]BHP Billiton Plc [Member] | Reserves [member] | Retained earnings [member] | Attributable to BHP shareholders [member] | Non-controlling interests [Member] |
Beginning balance at Jun. 30, 2015 | $ 70,545 | $ 1,186 | $ 1,057 | $ (19) | $ (57) | $ 2,557 | $ 60,044 | $ 64,768 | $ 5,777 |
Total comprehensive income (loss) | (6,184) | 60 | (6,420) | (6,360) | 176 | ||||
Transactions with owners: | |||||||||
Purchase of shares by ESOP Trusts | (106) | (106) | (106) | ||||||
Employee share awards exercised net of employee contributions | 2 | 118 | 31 | (193) | 46 | 2 | |||
Employee share awards forfeited | (26) | 26 | |||||||
Accrued employee entitlement for unexercised awards | 140 | 140 | 140 | ||||||
Dividends | (4,326) | (4,154) | (4,154) | (172) | |||||
Ending balance at Jun. 30, 2016 | 60,071 | 1,186 | 1,057 | (7) | (26) | 2,538 | 49,542 | 54,290 | 5,781 |
Total comprehensive income (loss) | 6,173 | (59) | 5,900 | 5,841 | 332 | ||||
Transactions with owners: | |||||||||
Purchase of shares by ESOP Trusts | (108) | (105) | (3) | (108) | |||||
Employee share awards exercised net of employee contributions | 110 | 28 | (167) | 29 | |||||
Employee share awards forfeited | (18) | 18 | |||||||
Accrued employee entitlement for unexercised awards | 106 | 106 | 106 | ||||||
Distribution to non-controlling interests | (16) | (16) | |||||||
Dividends | (3,472) | (2,871) | (2,871) | (601) | |||||
Divestment of subsidiaries, operations and joint operations | (28) | (28) | |||||||
Ending balance at Jun. 30, 2017 | 62,726 | 1,186 | 1,057 | (2) | (1) | 2,400 | 52,618 | 57,258 | 5,468 |
Total comprehensive income (loss) | 4,726 | (87) | 3,695 | 3,608 | 1,118 | ||||
Transactions with owners: | |||||||||
Purchase of shares by ESOP Trusts | (171) | (159) | (12) | (171) | |||||
Employee share awards exercised net of employee contributions | 156 | $ 13 | (139) | (30) | |||||
Employee share awards forfeited | (2) | 2 | |||||||
Accrued employee entitlement for unexercised awards | 123 | 123 | 123 | ||||||
Distribution to non-controlling interests | (14) | (14) | |||||||
Dividends | (6,720) | (5,221) | (5,221) | (1,499) | |||||
Transfer to non-controlling interests | (5) | (5) | 5 | ||||||
Ending balance at Jun. 30, 2018 | $ 60,670 | $ 1,186 | $ 1,057 | $ (5) | $ 2,290 | $ 51,064 | $ 55,592 | $ 5,078 |
Segment reporting
Segment reporting | 12 Months Ended |
Jun. 30, 2018 | |
Text block1 [abstract] | |
Segment reporting | 1 Segment reporting Reportable segments The Group operated four reportable segments during FY2018, which are aligned with the commodities that are extracted and marketed and reflect the structure used by the Group’s management to assess the performance of the Group. Reportable segment Principal activities Petroleum Exploration, development and production of oil and gas Copper Mining of copper, silver, lead, zinc, molybdenum, uranium and gold Iron Ore Mining of iron ore Coal Mining of metallurgical coal and energy coal Unless otherwise noted, the segment reporting information excludes Discontinued operations, being the Petroleum Onshore US operations comprising the Eagle Ford, Haynesville, Permian and Fayetteville oil and gas assets. Group and unallocated items includes functions and other unallocated operations, including Potash, Nickel West and consolidation adjustments. Revenue not attributable to reportable segments comprises the sale of freight and fuel to third parties, as well as revenues from unallocated operations. Exploration and technology activities are recognised within relevant segments. Year ended 30 June 2018 US$M Petroleum Copper Iron Ore Coal Group and (4) Group Revenue 5,333 13,287 14,797 8,889 1,332 43,638 Inter-segment revenue 75 – 13 – (88 ) – Total revenue 5,408 13,287 14,810 8,889 1,244 43,638 Underlying EBITDA 3,341 6,522 8,930 4,397 (7 ) 23,183 Depreciation and amortisation (1) (1,719 ) (1,920 ) (1,721 ) (686 ) (242 ) (6,288 ) Impairment losses (2) (76 ) (213 ) (14 ) (29 ) (1 ) (333 ) Underlying EBIT 1,546 4,389 7,195 3,682 (250 ) 16,562 Exceptional items (3) – – (539 ) – (27 ) (566 ) Net finance costs (1,245 ) Profit before taxation 14,751 Capital expenditure (cash basis) 656 2,428 1,074 409 412 4,979 Profit/(loss) from equity accounted investments, related impairments and expenses (4 ) 467 (509 ) 192 1 147 Investments accounted for using the equity method 249 1,335 – 883 6 2,473 Total assets 12,938 26,824 22,208 12,257 37,766 111,993 Total liabilities 4,886 3,145 3,888 2,404 37,000 51,323 Year ended 30 June 2017 US$M Petroleum Copper Iron Ore Coal Group and (4) Group Revenue 4,639 8,335 14,606 7,578 977 36,135 Inter-segment revenue 83 – 18 – (101 ) – Total revenue 4,722 8,335 14,624 7,578 876 36,135 Underlying EBITDA 3,117 3,545 9,077 3,784 (173 ) 19,350 Depreciation and amortisation (1) (1,648 ) (1,525 ) (1,828 ) (719 ) (252 ) (5,972 ) Impairment losses (2) (102 ) (14 ) (52 ) (15 ) (5 ) (188 ) Underlying EBIT 1,367 2,006 7,197 3,050 (430 ) 13,190 Exceptional items (3) – (546 ) (203 ) 164 (51 ) (636 ) Net finance costs (1,417 ) Profit before taxation 11,137 Capital expenditure (cash basis) 917 1,484 805 246 245 3,697 Profit/(loss) from equity accounted investments, related impairments and expenses (3 ) 295 (172 ) 152 – 272 Investments accounted for using the equity method 264 1,306 – 873 5 2,448 Total assets 13,726 26,743 22,781 11,996 41,760 117,006 Total liabilities 4,715 2,643 3,606 1,860 41,456 54,280 Year ended 30 June 2016 US$M Petroleum Copper Iron Ore Coal Group and (4) Group Revenue 4,431 8,249 10,516 4,518 853 28,567 Inter-segment revenue 118 – 22 – (140 ) Total revenue 4,549 8,249 10,538 4,518 713 28,567 Underlying EBITDA 3,038 2,619 5,599 635 (171 ) 11,720 Depreciation and amortisation (1) (1,696 ) (1,560 ) (1,817 ) (890 ) (247 ) (6,210 ) Impairment losses (2) (24 ) (17 ) (42 ) (94 ) (9 ) (186 ) Underlying EBIT 1,318 1,042 3,740 (349 ) (427 ) 5,324 Exceptional items (3) – – (2,388 ) – (132 ) (2,520 ) Net finance costs (1,013 ) Loss before taxation 1,791 Capital expenditure (cash basis) 1,278 2,786 1,061 298 284 5,707 Profit/(loss) from equity accounted investments, related impairments and expenses (7 ) 155 (2,244 ) (9 ) 1 (2,104 ) Investments accounted for using the equity method 280 1,388 – 901 6 2,575 Total assets 14,120 26,143 24,330 12,754 41,606 118,953 Total liabilities 4,264 2,299 3,789 2,103 46,427 58,882 (1) Depreciation and amortisation excludes exceptional items of US$ nil (FY2017: US$212 million; FY2016: US$ nil). (2) Impairment losses excludes exceptional items of US$ nil (FY2017: US$5 million; FY2016: US$ nil). (3) Exceptional items reported in Group and unallocated include Samarco dam failure costs of US$(27) million (FY2017: US$(51) million; FY2016: US$(62) million). Refer to note 2 ‘Exceptional items’ for further information. (4) Total assets and total liabilities include balances for the years ended 30 June 2018, 2017 and 2016 relating to Onshore US assets. Geographical information Revenue by location of customer 2018 2017 2016 US$M US$M US$M Australia 2,304 2,037 1,846 Europe 1,886 1,641 1,141 China 22,935 18,875 13,177 Japan 4,709 3,086 2,941 India 2,484 1,938 1,478 South Korea 2,639 2,296 1,919 Rest of Asia 2,620 3,157 2,623 North America 2,715 2,233 2,355 South America 1,106 681 899 Rest of world 240 191 188 43,638 36,135 28,567 Non-current 2018 2017 2016 US$M US$M US$M Australia 45,157 46,949 49,465 North America (1) 8,246 22,860 23,943 South America (2) 18,267 18,899 18,614 Rest of world (2) 154 173 389 Unallocated assets (3) 5,039 7,069 8,828 76,863 95,950 101,239 (1) Balances for the years ended 30 June 2017 and 2016 include non-current (2) Prior periods have been restated to reflect the location of equity accounted investments operations rather than the location of the holding company. (3) Unallocated assets comprise deferred tax assets and other financial assets. Underlying EBITDA Underlying EBITDA is earnings before net finance costs, depreciation, amortisation and impairments, taxation expense, Discontinued operations and any exceptional items. Underlying EBITDA includes BHP’s share of profit/(loss) from investments accounted for using the equity method including net finance costs, depreciation, amortisation and impairments and taxation expense. Underlying EBITDA is the key alternative performance measure that management uses internally to assess the performance of the Group’s segments and make decisions on the allocation of resources and, in the Group’s view, is more relevant to capital intensive industries with long-life assets. We exclude exceptional items from Underlying EBITDA in order to enhance the comparability of such measures from period-to-period Segment assets and liabilities Total segment assets and liabilities of reportable segments represents operating assets and operating liabilities, including the carrying amount of equity accounted investments and predominantly excludes cash balances, loans to associates, interest bearing liabilities and deferred tax balances. The carrying value of investments accounted for using the equity method represents the balance of the Group’s investment in equity accounted investments, with no adjustment for any cash balances, interest bearing liabilities or deferred tax balances of the equity accounted investment. Recognition and measurement Revenue Revenue is measured at the fair value of the consideration received or receivable. Sale of products Revenue is recognised when the risk and rewards of ownership of the goods have passed to the buyer based on agreed delivery terms and it can be measured reliably. Depending on customer terms this can be based on issuance of a bill of lading or when delivery is completed as per the agreement with the customer. Provisionally priced sales Revenue on provisionally priced sales is initially recognised at the estimated fair value of consideration receivable with reference to the relevant forward and/or contractual price and the determined mineral or hydrocarbon specifications. Subsequently, provisionally priced sales are marked to market at each reporting period up until when final pricing and settlement is confirmed with the fair value adjustment recognised in revenue in the period identified. Refer to note 20 ‘Financial risk management’ for details of provisionally priced sales open at reporting period-end. |
Exceptional items
Exceptional items | 12 Months Ended |
Jun. 30, 2018 | |
Text block1 [abstract] | |
Exceptional items | 2 Exceptional items Exceptional items are those gains or losses where their nature, including the expected frequency of the events giving rise to them, and amount is considered material to the Financial Statements. Such items included within the Group’s profit from Continuing operations for the year are detailed below. Exceptional items attributable to Discontinued operations are detailed in note 26 ‘Discontinued operations’. Year ended 30 June 2018 Gross Tax Net US$M US$M US$M Exceptional items by category Samarco dam failure (650 ) – (650 ) US tax reform – (2,320 ) (2,320 ) Total (650 ) (2,320 ) (2,970 ) Attributable to non-controlling – – – Attributable to BHP shareholders (650 ) (2,320 ) (2,970 ) Samarco Mineração S.A. (Samarco) dam failure Year ended 30 June 2018 US$M Expenses excluding net finance costs: Costs incurred directly by BHP Billiton Brasil Ltda and other BHP entities in relation to the Samarco dam failure (57 ) Loss from equity accounted investments, related impairments and expenses: Share of loss relating to the Samarco dam failure (80 ) Samarco dam failure provision (429 ) Net finance costs (84 ) Total (1) (650 ) (1) Refer to note 3 ‘Significant events – Samarco dam failure’ for further information. US tax reform On 22 December 2017, the US President signed the Tax Cuts and Jobs Act (the TCJA) into law. The TCJA (effective 1 January 2018) includes a broad range of tax reforms affecting the Group, including, but not limited to, a reduction in the US corporate tax rate from 35 per cent to 21 per cent and changes to international tax provisions. Following enactment of the TCJA, the Group has recognised an exceptional income tax charge of US$2,320 million, primarily relating to the reduced US corporate income tax rate, which resulted in re-measurement non-US Year ended 30 June 2018 US$M Re-measurement (1,390 ) Impairment of foreign tax credits (834 ) Net impact of tax charges on deemed repatriation of accumulated earnings of non-US (1) (194 ) Recognition of Alternative Minimum Tax Credits 95 Other impacts 3 Total (2) (2,320 ) (1) Includes US$(134) million to be settled over a period greater than 12 months and classified as a non-current (2) Refer to note 5 ‘Income tax expense’ for further information. Year ended 30 June 2017 Gross Tax Net US$M US$M US$M Exceptional items by category Samarco dam failure (381 ) – (381) Escondida industrial action (546 ) 179 (367) Cancellation of the Caroona exploration licence 164 (49 ) 115 Withholding tax on Chilean dividends – (373 ) (373) Total (763 ) (243 ) (1,006) Attributable to non-controlling (232 ) 68 (164) Attributable to BHP shareholders (531 ) (311 ) (842) Samarco Mineração S.A. (Samarco) dam failure The FY2017 exceptional loss of US$381 million related to the Samarco dam failure in November 2015 comprises the following: Year ended 30 June 2017 US$M Expenses excluding net finance costs: Costs incurred directly by BHP Billiton Brasil Ltda and other BHP entities in relation to the Samarco dam failure (82 ) Loss from equity accounted investments, related impairments and expenses: Share of loss relating to the Samarco dam failure (134 ) Samarco dam failure provision (38 ) Net finance costs (127 ) Total (1) (381 ) (1) Refer to note 3 ‘Significant events – Samarco dam failure’ for further information. Escondida industrial action Our Escondida asset in Chile began negotiations with Union N°1 on a new collective agreement in December 2016, as the existing agreement was expiring on 31 January 2017. Negotiations, including government-led 44-day Industrial action through this period resulted in a reduction to FY2017 copper production of 214 kt and gave rise to idle capacity charges of US$546 million, including depreciation of US$212 million. Cancellation of the Caroona exploration licence Following the Group’s agreement with the New South Wales Government in August 2016 to cancel the exploration licence of the Caroona Coal project, a net gain of US$115 million (after tax expense) has been recognised. Withholding tax on Chilean dividends BHP Billiton Chile Inversiones Limitada paid a one-off Year ended 30 June 2016 Gross Tax Net US$M US$M US$M Exceptional items by category Samarco dam failure (2,450 ) 253 (2,197 ) Global taxation matters (70 ) (500 ) (570 ) Total (2,520 ) (247 ) (2,767 ) Attributable to non-controlling – – – Attributable to BHP shareholders (2,520 ) (247 ) (2,767 ) Samarco Mineração S.A. (Samarco) dam failure The FY2016 exceptional loss of US$2,450 million (before tax) related to the Samarco dam failure in November 2015 comprises the following: Year ended 30 June 2016 US$M Expenses excluding net finance costs: Costs incurred directly by BHP Billiton Brasil Ltda and other BHP entities in relation to the Samarco dam failure (70 ) Loss from equity accounted investments, related impairments and expenses: Share of loss relating to the Samarco dam failure (655 ) Impairment of the carrying value of the investment in Samarco (525 ) Samarco dam failure provision (1,200 ) Total (1) (2,450 ) (1) BHP Billiton Brasil Ltda has adjusted its investment in Samarco to US$ nil (resulting from US$(655) million share of loss from Samarco and US$(525) million impairment), recognised a provision of US$(1,200) million for potential obligations under the Framework Agreement and together with other BHP entities incurred US$(70) million of direct costs in relation to the Samarco dam failure. US$(572) million of the US$(1,200) million provision represents an additional share of loss from Samarco with the remaining US$(628) million recognised as provision expense. Refer to note 3 ‘Significant events – Samarco dam failure’ for further information. Global taxation matters Global taxation matters include amounts provided for unresolved tax matters and other claims for which the timing of resolution and potential economic outflow are uncertain. |
Provisions
Provisions | 12 Months Ended |
Jun. 30, 2018 | |
Samarco dam failure [member] | |
Provisions | 3 Significant events – Samarco dam failure On 5 November 2015, the Samarco Mineração S.A. (Samarco) iron ore operation in Minas Gerais, Brazil, experienced a tailings dam failure that resulted in a release of mine tailings, flooding the communities of Bento Rodrigues, Gesteira and Paracatu and impacting other communities downstream (the Samarco dam failure). Refer to section 1.8 ‘Samarco’. Samarco is jointly owned by BHP Billiton Brasil Ltda (BHP Billiton Brasil) and Vale S.A. (Vale). BHP Billiton Brasil’s 50 per cent interest is accounted for as an equity accounted joint venture investment. BHP Billiton Brasil does not separately recognise its share of the underlying assets and liabilities of Samarco, but instead records the investment as one line on the balance sheet. Each period, BHP Billiton Brasil recognises its 50 per cent share of Samarco’s profit or loss and adjusts the carrying value of the investment in Samarco accordingly. Such adjustment continues until the investment carrying value is reduced to US$ nil, with any additional share of Samarco losses only recognised to the extent that BHP Billiton Brasil has an obligation to fund the losses, or when future investment funding is provided. After applying equity accounting, any remaining carrying value of the investment is tested for impairment. Any charges relating to the Samarco dam failure incurred directly by BHP Billiton Brasil or other BHP entities are recognised 100 per cent in the Group’s results. The financial impacts of the Samarco dam failure on the Group’s income statement, balance sheet and cash flow statement for the year ended 30 June 2018 are shown in the table below and have been treated as an exceptional item. The table below does not include BHP Billiton Brasil’s share of the results of Samarco prior to the Samarco dam failure, which is disclosed in note 28 ‘Investments accounted for using the equity method’, along with the summary financial information related to Samarco as at 30 June 2018. Financial impacts of Samarco dam failure 2018 2017 2016 US$M US$M US$M Income statement Expenses excluding net finance costs: Costs incurred directly by BHP Billiton Brasil and other BHP entities in relation to the Samarco dam failure (1)(2) (57 ) (82 ) (70 ) Loss from equity accounted investments, related impairments and expenses: Share of loss relating to the Samarco dam failure (2)(3) (80 ) (134 ) (655 ) Impairment of the carrying value of the investment in Samarco (3) – – (525 ) Samarco dam failure provision (2)(3) (429 ) (38 ) (1,200 ) Loss from operations (566 ) (254 ) (2,450 ) Net finance costs (84 ) (127 ) – Loss before taxation (650 ) (381 ) (2,450 ) Income tax benefit – – 253 Loss after taxation (650 ) (381 ) (2,197 ) Balance sheet movement Trade and other payables 4 (3 ) (11 ) Investments accounted for using the equity method – – (1,180 ) Deferred tax assets – – (158 ) Provisions (228 ) 143 (1,200 ) Deferred tax liabilities – – 411 Net (liabilities)/assets (224 ) 140 (2,138 ) 2018 2017 2016 US$M US$M US$M Cash flow statement Loss before taxation (650 ) (381 ) (2,450 ) Adjustments for: Share of loss relating to the Samarco dam failure (2)(3) 80 134 655 Impairment of the carrying value of the investment in Samarco (3) – – 525 Samarco dam failure provision (2)(3) 429 38 1,200 Net finance costs (2) 84 127 – Changes in assets and liabilities: Trade and other payables (4 ) 3 11 Net operating cash flows (61 ) (79 ) (59 ) Net investment and funding of equity accounted investments (4) (365 ) (442 ) – Net investing cash flows (365 ) (442 ) – Net decrease in cash and cash equivalents (426 ) (521 ) (59 ) (1) Includes legal and advisor costs incurred. (2) Financial impacts of US$(650) million from the Samarco dam failure relates to US$(80) million share of loss from US$(80) million funding provided during the period, US$(57) million direct costs incurred by BHP Billiton Brasil Ltda and other BHP entities, US$(84) million amortisation of discounting impacting net finance costs, US$(560) million change in estimate and US$131 million exchange translation. (3) At 30 June 2016, BHP Billiton Brasil Ltda adjusted its investment in Samarco to US$ nil (resulting from US$(655) million share of loss from Samarco and US$(525) million impairment) and recognised a provision of US$(1,200) million for obligations under the Framework Agreement. US$(572) million of the US$(1,200) million provision represents an additional share of loss from Samarco with the remaining US$(628) million recognised as provision expense. (4) Includes US$(80) million funding provided during the period and US$(285) million utilisation of the Samarco dam failure provision, of which US$(281) million allowed for the continuation of reparatory and compensatory programs in relation to the Framework Agreement and a further US$(4) million for dam stabilisation and expert costs. Equity accounted investment in Samarco BHP Billiton Brasil’s investment in Samarco remains at US$ nil. BHP Billiton Brasil provided US$80 million funding under a working capital facility during the period and recognised additional share of losses of US$80 million. No dividends have been received by BHP Billiton Brasil from Samarco during the period. Samarco currently does not have profits available for distribution and is legally prevented from paying previously declared and unpaid dividends. Provision for Samarco dam failure 2018 2017 US$M US$M At the beginning of the financial year 1,057 1,200 Movement in provision 228 (143 ) Comprising: Utilised (285 ) (308) Adjustments charged to the income statement: Change in estimate 560 60 Amortisation of discounting impacting net finance costs 84 127 Exchange translation (131 ) (22) At the end of the financial year 1,285 1,057 Comprising: Current 313 310 Non-current 972 747 At the end of the financial year 1,285 1,057 Dam failure provisions and contingencies As at 30 June 2018, BHP Billiton Brasil has identified provisions and contingent liabilities arising as a consequence of the Samarco dam failure as follows: Environment and socio-economic remediation Framework Agreement On 2 March 2016, BHP Billiton Brasil, together with Samarco and Vale, entered into a Framework Agreement with the Federal Government of Brazil, the states of EspÃrito Santo and Minas Gerais and certain other public authorities to establish a foundation (Fundação Renova) that will develop and execute environmental and socio-economic programs (Programs) to remediate and provide compensation for damage caused by the Samarco dam failure. A committee (Interfederative Committee) comprising representatives from the Brazilian Federal and State Governments, local municipalities, environmental agencies, impacted communities and Public Defence Office oversees the activities of the Fundação Renova in order to monitor, guide and assess the progress of actions agreed in the Framework Agreement. The term of the Framework Agreement is 15 years, renewable for periods of one year successively until all obligations under the Framework Agreement have been performed. Under the Framework Agreement, Samarco is responsible for funding Fundação Renova’s annual calendar year budget for the duration of the Framework Agreement. The funding amounts for each calendar year will be dependent on the remediation and compensation projects to be undertaken in a particular year. Annual contributions may be reviewed under the Framework Agreement. To the extent that Samarco does not meet its funding obligations under the Framework Agreement, each of Vale and BHP Billiton Brasil has funding obligations under the Framework Agreement in proportion to its 50 per cent shareholding in Samarco. On 29 June 2018, BHP Billiton Brasil announced funding of US$158 million to support Fundação Renova for the six months to 31 December 2018, in the event Samarco does not meet its funding obligations under the Framework Agreement. Any support to Fundação Renova provided by BHP Billiton Brasil will be offset against the provision for the Samarco dam failure. On 25 June 2018 a Governance Agreement (defined below) was entered into providing for the settlement of the R$20 billion (approximately US$5.2 billion) public civil claim, suspension of the R$155 billion (approximately US$40 billion) Federal Public Prosecution Office claim for 24 months, partial ratification of the Framework Agreement and a formal declaration that the Framework Agreement remains valid for the signing parties. On 8 August 2018 the 12th Federal Court of Minas Gerais ratified the Governance Agreement. Mining and processing operations remain suspended following the dam failure. Samarco is currently progressing plans to resume operations, however significant uncertainties surrounding the nature and timing of ongoing future operations remain. In light of these uncertainties and based on currently available information, at 30 June 2018, BHP Billiton Brasil’s provision for its obligations under the Framework Agreement is US$1.3 billion before tax and after discounting (30 June 2017: US$1.1 billion). Key judgements and estimates The measurement of the provision requires the use of significant judgements, estimates and assumptions. The provision reflects the estimated remaining costs to complete Programs under the Framework Agreement, of which 65 per cent are expected to be incurred by December 2020. The provision may be affected by factors including, but not limited to: • potential changes in scope of work and funding amounts required under the Framework Agreement including the impact of the decisions of the Interfederative Committee along with further technical analysis and community participation required under the Preliminary Agreement and Governance Agreement; • the outcome of ongoing negotiations with State and Federal Prosecutors; • actual costs incurred; • resolution of uncertainty in respect of operational restart; • updates to discount and foreign exchange rates; • resolution of existing and potential legal claims; • the status of the Framework Agreement and the renegotiation process established in the Governance Agreement. Given these factors, future actual expenditures may differ from the amounts currently provided and changes to key assumptions and estimates could result in a material impact to the provision in future reporting periods. Preliminary Agreement On 18 January 2017, BHP Billiton Brasil, together with Samarco and Vale, entered into a Preliminary Agreement with the Federal Prosecutors’ Office in Brazil, which outlines the process and timeline for further negotiation towards a settlement regarding the R$20 billion (approximately US$5.2 billion) public civil claim and R$155 billion (approximately US$40 billion) Federal Public Prosecution Office claim relating to the dam failure. The Preliminary Agreement provides for the appointment of experts to advise the Federal Prosecutors in relation to social and environmental remediation and the assessment and monitoring of programs under the Framework Agreement. The expert advisors’ conclusions are not binding on BHP Billiton Brasil, Samarco or Vale but will be considered in the negotiation of a final settlement arrangement with the Federal Prosecutors. Under the Preliminary Agreement, BHP Billiton Brasil, Samarco and Vale agreed interim security (Interim Security) comprising R$1.3 billion (approximately US$335 million) in insurance bonds, R$100 million (approximately US$25 million) in liquid assets, a charge of R$800 million (approximately US$210 million) over Samarco’s assets, and R$200 million (approximately US$50 million) to be allocated within the next four years through existing Framework Agreement programs in the Municipalities of Barra Longa, Rio Doce, Santa Cruz do Escalvado and Ponte Nova. On 24 January 2017, BHP Billiton Brasil, Samarco and Vale provided the Interim Security to the Court, which was to remain in place until the earlier of 30 June 2017 and the date that a final settlement arrangement was agreed between the Federal Prosecutors, and BHP Billiton Brasil, Vale and Samarco. Following a series of extensions, on 25 June 2018, the parties reached an agreement in the form of the Governance Agreement (summarised below). Governance Agreement On 25 June 2018, BHP Billiton Brasil, Samarco, Vale, the other parties to the Framework Agreement, the Public Prosecutors Office and the Public Defence Office agreed an arrangement which settles the R$20 billion (approximately US$5.2 billion) public civil claim, enhances community participation in decisions related to Programs under the Framework Agreement and establishes a process to renegotiate the Programs over two years to progress settlement of the R$155 billion (approximately US$40 billion) Federal Public Prosecution Office claim (Governance Agreement). Renegotiation of the Programs will be based on certain agreed principles such as full reparation consistent with Brazilian law, the requirement for a technical basis for any proposed changes, consideration of findings from experts appointed by BHP Billiton Brasil, Samarco and Vale, consideration of findings from experts appointed by Prosecutors and consideration of feedback from impacted communities. During the renegotiation period and up until revisions to the Programs are agreed, the Fundação Renova will continue to implement the Programs in accordance with the terms of the Framework Agreement and the Governance Agreement. The Governance Agreement was ratified by the 12th Federal Court of Minas Gerais on 8 August 2018 settling the R$20 billion (approximately US$5.2 billion) public civil claim and suspending the R$155 billion (approximately US$40 billion) Federal Public Prosecution Office claim for a period of two years from the date of ratification. Interim Security provided under the Preliminary Agreement is maintained for a period of 30 months under the Governance Agreement, after which BHP Billiton Brasil, Vale and Samarco will be required to provide security of an amount equal to the Fundação Renova’s annual budget up to a limit of R$2.2 billion (approximately US$570 million). Legal The following matters are disclosed as contingent liabilities and given the status of proceedings it is not possible to provide a range of possible outcomes or a reliable estimate of potential future exposures for BHP, unless otherwise stated. Ultimately, all the legal matters disclosed as contingent liabilities could have a material adverse impact on BHP’s business, competitive position, cash flows, prospects, liquidity and shareholder returns. Public civil claim Among the claims brought against BHP Billiton Brasil was a public civil claim commenced by the Federal Government of Brazil, states of EspÃrito Santo, Minas Gerais and other public authorities on 30 November 2015, seeking the establishment of a fund of up to R$20 billion (approximately US$5.2 billion) in aggregate for clean-up Ratification of the Governance Agreement on 8 August 2018 settled this public civil claim, including a R$1.2 billion (approximately US$310 million) injunction order. Federal Public Prosecution Office claim BHP Billiton Brasil is among the defendants named in a claim brought by the Federal Public Prosecution Office on 3 May 2016, seeking R$155 billion (approximately US$40 billion) for reparation, compensation and moral damages in relation to the Samarco dam failure. The 12th Federal Court previously suspended the Federal Public Prosecution Office claim, including a R$7.7 billion (approximately US$2 billion) injunction request. Suspension of the claim continues for a period of two years from the date of ratification of the Governance Agreement on 8 August 2018. United States class action complaint In February 2016, a putative class action complaint (Complaint) was filed in the U.S. District Court for the Southern District of New York on behalf of purchasers of American Depositary Receipts (Plaintiffs) of BHP Billiton Limited and BHP Billiton Plc (Defendants) between 25 September 2014 and 30 November 2015 against BHP Billiton Limited and BHP Billiton Plc and certain of its current and former executive officers and directors. Claims against current and former executive officers were subsequently dismissed. On 6 August 2018 the parties reached an in-principle United States class action complaint – Samarco bond holders On 14 November 2016, a putative class action complaint (Complaint) was filed in the U.S. District Court for the Southern District of New York on behalf of all purchasers of Samarco’s ten-year The Complaint was subsequently amended to include BHP Billiton Limited, BHP Billiton Plc, BHP Billiton Brasil Ltda, Vale S.A. and officers of Samarco, including four of Vale S.A. and BHP Billiton Brasil Ltda’s nominees to the Samarco Board (Defendants). On 5 April 2017, the Plaintiff dismissed the claims against the individuals. The remaining corporate defendants filed a joint motion to dismiss the Plaintiff’s Complaint on 26 June 2017. On 7 March 2018, the District Court granted the Defendants’ motion to dismiss the Complaint, however, the District Court granted the Plaintiff leave to file a second amended Complaint, which it did on 21 March 2018. On 21 May 2018, the Defendants moved to dismiss the Complaint. The Defendants’ motion is pending before the District Court. The amount of damages sought by the Plaintiff on behalf of the putative class is unspecified. Australian class action complaint On 31 May 2018, a shareholder class action was filed in the Federal Court of Australia against BHP Billiton Ltd on behalf of persons who, during the period from 21 October 2013 to 9 November 2015, acquired BHP Billiton Ltd shares on the Australian Securities Exchange or BHP Billiton Plc shares on the London Stock Exchange or Johannesburg Stock Exchange. On 31 August 2018, an additional shareholder class action that makes similar allegations was filed in the Federal Court of Australia against BHP Billiton Ltd on behalf of persons who, during the period from 27 August 2014 to 9 November 2015, entered into a contract to acquire BHP Billiton Ltd shares on the Australian Securities Exchange or BHP Billiton Plc shares on the London Stock Exchange or Johannesburg Stock Exchange. Orders have been made for the Court to consider how to manage the competing shareholder class actions on 29 October 2018. The amount of damages sought in both class actions is unspecified. Criminal charges The Federal Prosecutors’ Office has filed criminal charges against BHP Billiton Brasil, Samarco and Vale and certain employees and former employees of BHP Billiton Brasil (Affected Individuals) in the Federal Court of Ponte Nova, Minas Gerais. On 3 March 2017, BHP Billiton Brasil filed its preliminary defences. BHP Billiton Brasil rejects outright the charges against the company and the Affected Individuals and will defend the charges and fully support each of the Affected Individuals in their defence of the charges. Other claims The civil public actions filed by State Prosecutors in Minas Gerais (claiming damages of approximately R$7.5 billion, US$2 billion), State Prosecutors in EspÃrito Santo (claiming damages of approximately R$2 billion, US$520 million), and public defenders in Minas Gerais (claiming damages of approximately R$10 billion, US$2.6 billion), have been consolidated before the 12th Federal Court and suspended. The Governance Agreement provides for a process to review whether these civil public claims should be terminated or suspended. BHP Billiton Brasil is among the companies named as defendants in a number of legal proceedings initiated by individuals, non-governmental Additional lawsuits and government investigations relating to the Samarco dam failure could be brought against BHP Billiton Brasil and possibly other BHP entities in Brazil or other jurisdictions. BHP insurance BHP has various third party liability insurances for claims related to the Samarco dam failure made directly against BHP Billiton Brasil or other BHP entities, their directors and officers, including class actions. External insurers have been advised of the Samarco dam failure, the third party claims and the class actions referred to above and formal claims have been prepared and submitted. As noted above, BHP expects to recover the majority of the settlement payment relating to the United States class action complaint under its external insurance arrangements. At 30 June 2018, an insurance receivable has not been recognised for any potential recoveries in respect of ongoing matters. Commitments Under the terms of the Samarco joint venture agreement, BHP Billiton Brasil does not have an existing obligation to fund Samarco. For the year ended 30 June 2018, BHP Billiton Brasil has provided US$80 million funding to support Samarco’s operations and a further US$4 million for dam stabilisation and prosecutor experts costs, with undrawn amounts of US$16 million expiring as at 30 June 2018. On 29 June 2018, BHP Billiton Brasil made available a new short-term facility of up to US$53 million to carry out remediation and stabilisation work and support Samarco’s operations. Funds will be released to Samarco only as required and subject to the achievement of key milestones with amounts undrawn expiring at 31 December 2018. Any additional requests for funding or future investment provided would be subject to a future decision, accounted for at that time. The following section includes disclosure required by IFRS of Samarco Mineração S.A.’s provisions, contingencies and other matters arising from the dam failure. Samarco Dam failure related provisions and contingencies As at 30 June 2018, Samarco has identified provisions and contingent liabilities arising as a consequence of the Samarco dam failure as follows: Environment and socio-economic remediation Framework Agreement On 2 March 2016, Samarco, together with Vale and BHP Billiton Brasil, entered into a Framework Agreement with the Federal Government of Brazil, the states of EspÃrito Santo and Minas Gerais and certain other public authorities to establish a foundation (Fundação Renova) that will develop and execute environmental and socio-economic programs (Programs) to remediate and provide compensation for damage caused by the Samarco dam failure. A committee (Interfederative Committee) comprising representatives of the Brazilian Federal and State Governments, local municipalities, environmental agencies, impacted communities and Public Defence Office oversees the activities of the Fundação Renova in order to monitor, guide and assess the progress of actions agreed in the Framework Agreement. The term of the Framework Agreement is 15 years, renewable for periods of one year successively until all obligations under the Framework Agreement have been performed. Under the Framework Agreement, Samarco is responsible for funding Fundação Renova’s annual calendar year budget for the duration of the Framework Agreement. The funding amounts for each calendar year will be dependent on the remediation and compensation projects to be undertaken in a particular year. Annual contributions may be reviewed under the Framework Agreement. It is expected that approximately 65 per cent of the remaining estimated total costs to complete Programs under the Framework Agreement will be incurred by December 2020. On 25 June 2018 a Governance Agreement (defined below), was entered into providing for the settlement of the R$20 billion (approximately US$5.2 billion) public civil claim, suspension of the R$155 billion (approximately US$40 billion) Federal Public Prosecution Office claim for 24 months, partial ratification of the Framework Agreement and a formal declaration that the Framework Agreement remains valid for the signing parties. On 8 August 2018 the 12th Federal Court of Minas Gerais ratified the Governance Agreement. As at 30 June 2018, Samarco has a provision of US$2.6 billion before tax and after discounting (30 June 2017: US$2.1 billion), in relation to its obligations under the Framework Agreement based on currently available information. The measurement of the provision requires the use of significant judgements, estimates and assumptions which may be affected by factors including, but not limited to: • potential changes in scope of work and funding amounts required under the Framework Agreement including the impact of the decisions of the Interfederative Committee along with further technical analysis and community participation required under the Preliminary Agreement and Governance Agreement; • the outcome of ongoing negotiations with State and Federal Prosecutors; • actual costs incurred; • updates to discount and foreign exchange rates; • resolution of existing and potential legal claims; • the status of the Framework Agreement and the renegotiation process established in the Governance Agreement. Given these factors, future actual expenditures may differ from the amounts currently provided and changes to key assumptions and estimates could result in a material impact to the provision in future reporting periods. Preliminary Agreement On 18 January 2017, Samarco, together with Vale and BHP Billiton Brasil, entered into a Preliminary Agreement with the Federal Prosecutors’ Office in Brazil, which outlines the process and timeline for further negotiation towards a settlement regarding the R$20 billion (approximately US$5.2 billion) public civil claim and R$155 billion (approximately US$40 billion) Federal Public Prosecution Office claim relating to the dam failure. The Preliminary Agreement provides for the appointment of experts to advise the Federal Prosecutors in relation to social and environmental remediation and the assessment and monitoring of programs under the Framework Agreement. The expert advisors’ conclusions are not binding on Samarco, Vale or BHP Billiton Brasil but will be considered in the negotiation of a final settlement arrangement with the Federal Prosecutors. Under the Preliminary Agreement, Samarco, Vale and BHP Billiton Brasil agreed interim security (Interim Security) comprising R$1.3 billion (approximately US$335 million) in insurance bonds, R$100 million (approximately US$25 million) in liquid assets, a charge of R$800 million (approximately US$210 million) over Samarco’s assets, and R$200 million (approximately US$50 million) to be allocated within the next four years through existing Framework Agreement programs in the Municipalities of Barra Longa, Rio Doce, Santa Cruz do Escalvado and Ponte Nova. On 24 January 2017, Samarco, Vale and BHP Billiton Brasil provided the Interim Security to the Court which was to remain in place until the earlier of 30 June 2017 and the date that a final settlement arrangement was agreed between the Federal Prosecutors, and Samarco, Vale and BHP Billiton Brasil. Following a series of extensions, on 25 June 2018, the parties reached an agreement in the form of the Governance Agreement (summarised below). Governance Agreement On 25 June 2018 Samarco, Vale, BHP Billiton Brasil, the other parties to the Framework Agreement, the Public Prosecutors Office and the Public Defence Office agreed an arrangement which settles the R$20 billion (approximately US$5.2 billion) public civil claim, enhances community participation in decisions related to Programs under the Framework Agreement and establishes a process to renegotiate the Programs over two years to progress settlement of the R$155 billion (approximately US$40 billion) Federal Public Prosecution Office claim (Governance Agreement). Renegotiation of the Programs will be based on certain agreed principles such as full reparation consistent with Brazilian law, the requirement for a technical basis for any proposed changes, consideration of findings from experts appointed by Samarco, Vale and BHP Billiton Brasil, consideration of findings from experts appointed by Prosecutors and consideration of feedback from impacted communities. During the renegotiation period and up until revisions to the Programs are agreed, the Fundação Renova will continue to implement the Programs in accordance with the terms of the Framework Agreement and the Governance Agreement. The Governance Agreement was ratified by the 12th Federal Court of Minas Gerais on 8 August 2018 settling the R$20 billion (approximately US$5.2 billion) public civil claim and suspending the R$155 billion (approximately US$40 billion) Federal Public Prosecution Office claim for a period of two years from the date of ratification. Interim Security provided under the Preliminary Agreement is maintained for a period of 30 months under the Governance Agreement, after which Samarco, Vale and BHP Billiton Brasil will be required to provide security of an amount equal to the Fundação Renova’s annual budget up to a limit of R$2.2 billion (approximately US$570 million). Other As at 30 June 2018, Samarco has recognised provisions of US$0.2 billion (30 June 2017: US$0.3 billion), in addition to its obligations under the Framework Agreement, based on currently available information. The magnitude, scope and timing of these additional costs are subject to a high degree of uncertainty and Samarco has indicated that it anticipates that it will incur future costs beyond those provided. These uncertainties are likely to continue for a significant period and changes to key assumptions could result in a material change to the amount of the provision in future reporting periods. Any such unrecognised obligations are therefore contingent liabilities and, at present, it is not practicable to estimate their magnitude or possible timing of payment. Accordingly, it is also not possible to provide a range of possible outcomes or a reliable estimate of total potential future exposures at this time. Legal The following matters are disclosed as contingent liabilities and given the status of proceedings it is not possible to provide a range of possible outcomes or a reliable estimate of potential future exposures for Samarco, unless otherwise stated. Ultimately, all the legal matters disclosed as contingent liabilities could have a material adverse impact on Samarco’s business, competitive position, cash flows, prospects, liquidity and shareholder returns. Public civil claim Among the claims brought against Samarco, was a public civil claim commenced by the Federal Government of Brazil, states of EspÃrito Santo, Minas Gerais and other public authorities on 30 November 2015, seeking the establishment of a fund of up to R$20 billion (approximately US$5.2 billion) in aggregate for clean-up Ratification of the Governance Agreement on 8 August 2018 settled this public civil claim, including a R$1.2 billion (approximately US$310 million) injunction order. Federal Public Prosecution Office claim Samarco is among the defendants named in a claim brought by the Federal Public Prosecution Office on 3 May 2016, seeking R$155 billion (approximately US$40 billion) for reparation, compensation and moral damages in relation to the Samarco dam failure. The 12th Federal Court previously suspended the Federal Public Prosecution Office claim, including a R$7.7 billion (approximately US$2 billion) injunction request. Suspension of the claim continues for a period of two years from the date of ratification of the Governance Agreement on 8 August 2018. United Stated class action complaint – Samarco bond holders On 14 November 2016, a putative class action complaint (Complaint) was filed in the U.S. District Court for the Southern District of New York on behalf of all purchasers of Samarco’s ten-year The Complaint was subsequently amended to include BHP Billiton Limited, BHP Billiton Plc, BHP Billiton Brasil Ltda and Vale S.A. and officers of Samarco, including four of Vale S.A. and BHP Billiton Brasil Ltda’s nominees to the Samarco Board (Defendants). On 5 April 2017, the Plaintiff dismissed the claims against the individuals. The remaining corporate defendants filed a joint motion to dismiss the Plaintiff’s Complaint on 26 June 2017. On 7 March 2018, the District Court granted the Defendants’ motion to dismiss the Complaint, however, the District Court granted the Plaintiff leave to file a second amended Complaint, which it did on 21 March 2018. On 21 May 2018, the Defendants moved to dismiss the Complaint. The Defendants’ motion is pending before the District Court. Criminal charges The Federal Prosecutors’ Office has filed criminal charges against Samarco, Vale and BHP Billiton Brasil and certain employees and former employees of Samarco (Affected Individuals) in the Federal Court of Ponte Nova, Minas Gerais. On 2 March 2017, Samarco filed its preliminary defences. Samarco rejects outright the charges again |
Closure and rehabilitation provisions [Member] | |
Provisions | 13 Closure and rehabilitation provisions 2018 2017 US$M US$M At the beginning of the financial year 6,738 6,502 Capitalised amounts for operating sites: Change in estimate 35 71 Exchange translation (122 ) 99 Adjustments charged/(credited) to the income statement: Increases to existing and new provisions 132 127 Exchange translation (11 ) 9 Released during the year (165 ) (120 ) Other adjustments to the provision: Amortisation of discounting impacting net finance costs 352 330 Expenditure on closure and rehabilitation activities (178 ) (132 ) Exchange variations impacting foreign currency translation reserve – (1 ) Divestment and demerger of subsidiaries and operations – (146 ) Transferred to liabilities held for sale (450 ) – Other movements (1 ) (1 ) At the end of the financial year 6,330 6,738 Comprising: Current 274 255 Non-current 6,056 6,483 Operating sites 5,120 5,462 Closed sites 1,210 1,276 The Group is required to rehabilitate sites and associated facilities at the end of, or in some cases, during the course of production, to a condition acceptable to the relevant authorities, as specified in licence requirements and the Group’s environmental performance requirements as set out within Our Charter. The key components of closure and rehabilitation activities are: • the removal of all unwanted infrastructure associated with an operation; • the return of disturbed areas to a safe, stable, productive and self-sustaining condition, consistent with the agreed end land use. Recognition and measurement Provisions for closure and rehabilitation are recognised by the Group when: • it has a present legal or constructive obligation as a result of past events; • it is more likely than not that an outflow of resources will be required to settle the obligation; • the amount can be reliably estimated. Initial recognition Subsequent remeasurement Closure and rehabilitation provisions are initially recognised when an environmental disturbance first occurs. The individual site provisions are an estimate of the expected value of future cash flows required to rehabilitate the relevant site using current restoration standards and techniques and taking into account risks and uncertainties. Individual site provisions are discounted to their present value using country specific discount rates aligned to the estimated timing of cash outflows. When provisions for closure and rehabilitation are initially recognised, the corresponding cost is capitalised as an asset, representing part of the cost of acquiring the future economic benefits of the operation. The closure and rehabilitation asset, recognised within property, plant and equipment, is depreciated over the life of the operations. The value of the provision is progressively increased over time as the effect of discounting unwinds, resulting in an expense recognised in net finance costs. The closure and rehabilitation liability is reviewed at each reporting date to assess if the estimate continues to reflect the best estimate of the obligation. If necessary, the provision is remeasured to account for factors, including: •   revisions to estimated reserves, resources and lives of operations; •   developments in technology; •   regulatory requirements and environmental management strategies; •   changes in the estimated extent and costs of anticipated activities, including the effects of inflation and movements in foreign exchange rates; •   movements in interest rates affecting the discount rate applied. Changes to the closure and rehabilitation estimate are added to, or deducted from, the related asset and amortised on a prospective basis accordingly over the remaining life of the operation, generally applying the units of production method. Costs arising from unforeseen circumstances, such as the contamination caused by unplanned discharges, are recognised as an expense and liability when the event gives rise to an obligation that is probable and capable of reliable estimation. Closed sites Where future economic benefits are no longer expected to be derived through operation, changes to the associated closure and remediation costs are (credited)/charged to the income statement in the period identified. This amounted to a credit of US$(21) million in the year ended 30 June 2018 (2017: charge of US$33 million; 2016: charge of US$18 million). Key judgements and estimates The recognition and measurement of closure and rehabilitation provisions requires the use of significant judgements and estimates, including, but not limited to: • the extent (due to legal or constructive obligations) of potential activities required for the removal of infrastructure and rehabilitation activities; • costs associated with future rehabilitation activities; • applicable real discount rates; • the timing of cash flows and ultimate closure of operations. Rehabilitation activities are generally undertaken at the end of the production life at the individual sites. Remaining production lives range from 2-127 Estimates can also be impacted by the emergence of new restoration techniques and experience at other operations. These uncertainties may result in future actual expenditure differing from the amounts currently provided for in the balance sheet. |
Provision for dividends and other liabilities [Member] | |
Provisions | 17 Provisions for dividends and other liabilities The disclosure below excludes closure and rehabilitation provisions (refer to note 13 ‘Closure and rehabilitation provisions’), employee benefits, restructuring and post-retirement employee benefits provisions (refer to note 23 ‘Employee benefits, restructuring and post-retirement employee benefits provisions’) and the Samarco dam failure provision (refer to note 3 ‘Significant events – Samarco dam failure’). 2018 2017 US$M US$M Movement in provision for dividends and other liabilities At the beginning of the financial year 984 930 Dividends determined 5,221 2,871 Charge/(credit) for the year: Underlying 337 316 Discounting 4 5 Exchange variations 3 53 Released during the year (78 ) (122 ) Utilisation (150 ) (223 ) Dividends paid (5,325 ) (2,921 ) Transferred to liabilities held for sale (39 ) – Transfers and other movements (13 ) 75 At the end of the financial year (1) 944 984 Comprising: Current 290 332 Non-current 654 652 (1) Includes unpaid dividend determined to non-controlling |
Employee benefits, restructuring and post-retirement employee benefits provisions [Member] | |
Provisions | 23 Employee benefits, restructuring and post-retirement employee benefits provisions 2018 2017 US$M US$M Employee benefits (1) 1,232 1,177 Restructuring (2) 8 10 Post-retirement employee benefits 449 438 Total provisions 1,689 1,625 Comprising: Current 1,148 1,062 Non-current 541 563 2018 Employee Restructuring Post- (3) Total US$M US$M US$M US$M At the beginning of the financial year 1,177 10 438 1,625 Charge/(credit) for the year: Underlying 1,073 6 22 1,101 Discounting – – 34 34 Net interest expense – – (15 ) (15 ) Exchange variations (29 ) – 5 (24 ) Released during the year (31 ) (1 ) – (32 ) Remeasurement gains taken to retained earnings – – (1 ) (1 ) Utilisation (958 ) (7 ) (34 ) (999 ) At the end of the financial year 1,232 8 449 1,689 (1) The expenditure associated with total employee benefits will occur in a pattern consistent with when employees choose to exercise their entitlement to benefits. (2) Total restructuring provisions include provisions for terminations and office closures. (3) Refer to note 24 ‘Pension and other post-retirement obligations’. Recognition and measurement Provisions are recognised by the Group when: • there is a present legal or constructive obligation as a result of past events; • it is more likely than not that a permanent outflow of resources will be required to settle the obligation; • the amount can be reliably estimated and measured at the present value of management’s best estimate of the cash outflow required to settle the obligation at reporting date. Provision Description Employee benefits Liabilities for annual leave and any accumulating sick leave accrued up until the reporting date that are expected to be settled within 12 months are measured at the amounts expected to be paid when the liabilities are settled. Liabilities for long service leave are measured as the present value of estimated future payments for the services provided by employees up to the reporting date and disclosed within employee benefits. Liabilities that are not expected to be settled within 12 months are discounted at the reporting date using market yields of high-quality corporate bonds or government bonds for countries where there is no deep market for corporate bonds. The rates used reflect the terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. In relation to industry-based long service leave funds, the Group’s liability, including obligations for funding shortfalls, is determined after deducting the fair value of dedicated assets of such funds. Liabilities for unpaid wages and salaries are recognised in other creditors. Restructuring Restructuring provisions are recognised when: •   the Group has a detailed formal plan identifying the business or part of the business concerned, the location and approximate number of employees affected, a detailed estimate of the associated costs, and an appropriate timeline; •   the restructuring has either commenced or been publicly announced and can no longer be withdrawn. Payments falling due greater than 12 months after the reporting date are discounted to present value. |
Expenses and other income
Expenses and other income | 12 Months Ended |
Jun. 30, 2018 | |
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Expenses and other income | 4 Expenses and other income 2018 2017 2016 US$M US$M US$M Employee benefits expense: Wages, salaries and redundancies 3,653 3,392 3,324 Employee share awards 123 105 140 Social security costs 4 3 2 Pension and other post-retirement obligations 292 273 221 Less employee benefits expense classified as exploration and evaluation expenditure (82 ) (79 ) (82 ) Changes in inventories of finished goods and work in progress (142 ) (743 ) 287 Raw materials and consumables used 4,389 3,830 3,985 Freight and transportation 2,294 1,786 1,648 External services 5,217 4,341 4,370 Third party commodity purchases 1,452 1,151 994 Net foreign exchange (gains)/losses (93 ) 103 (153 ) Government royalties paid and payable 2,168 1,986 1,349 Exploration and evaluation expenditure incurred and expensed in the current period 641 610 419 Depreciation and amortisation expense 6,288 6,184 6,210 Net impairments: Property, plant and equipment 318 160 170 Goodwill and other intangible assets 14 33 16 Available for sale financial assets 1 – – Operating lease rentals 421 391 372 All other operating expenses 1,078 989 819 Total expenses 28,036 24,515 24,091 Losses/(Gains) on disposal of property, plant and equipment 10 (286 ) 20 Other income (257 ) (376 ) (452 ) Total other income (247 ) (662 ) (432 ) Other income is generally income earned from transactions outside the course of the Group’s ordinary activities and may include certain management fees from non-controlling Recognition and measurement Income is recognised when it is probable that the economic benefits associated with a transaction will flow to the Group and they can be reliably measured. Dividends are recognised upon declaration. |
Income tax expense
Income tax expense | 12 Months Ended |
Jun. 30, 2018 | |
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Income tax expense | 5 Income tax expense 2018 2017 2016 US$M US$M US$M Total taxation expense comprises: Current tax expense 5,052 4,412 2,621 Deferred tax expense/(benefit) 1,955 31 (518 ) 7,007 4,443 2,103 2018 2017 2016 US$M US$M US$M Factors affecting income tax expense for the year Income tax expense differs to the standard rate of corporation tax as follows: Profit before taxation 14,751 11,137 1,791 Tax on profit at Australian prima facie tax rate of 30 per cent 4,425 3,341 537 Impact of US tax reform Tax on remitted and unremitted foreign earnings (1) 194 – – Non-tax 834 – – Tax rate changes 1,390 – – Recognition of previously unrecognised tax assets (95 ) – – Other (3 ) – – Subtotal 2,320 – – Other items not related to US tax reform Tax on remitted and unremitted foreign earnings 401 478 (376 ) Non-tax 721 242 457 Tax rate changes (79 ) 25 14 Amounts (over)/under provided in prior years (51 ) 175 (4 ) Foreign exchange adjustments (152 ) 88 125 Investment and development allowance (180 ) (53 ) (36 ) Tax effect of profit/(loss) from equity accounted investments, related impairments and expenses (2) (44 ) (82 ) 631 Recognition of previously unrecognised tax assets (170 ) (21 ) (36 ) Impact of tax rates applicable outside of Australia (484 ) (136 ) 5 Other 172 219 541 Income tax expense 6,879 4,276 1,858 Royalty-related taxation (net of income tax benefit) 128 167 245 Total taxation expense 7,007 4,443 2,103 (1) Comprising US$797 million repatriation tax and US$603 million of previously unrecognised tax credits. (2) The profit/(loss) from equity accounted investments, related impairments and expenses is net of income tax. This item removes the prima facie tax effect on such profits, related impairments and expenses. Income tax recognised in other comprehensive income is as follows: 2018 2017 2016 US$M US$M US$M Income tax effect of: Items that may be reclassified subsequently to the income statement: Available for sale investments: Net valuation gains/(losses) taken to equity (3 ) – (1 ) Cash flow hedges: Gains/(losses) taken to equity (25 ) (105 ) 170 (Gains)/losses transferred to the income statement 64 129 (199 ) Income tax credit/(charge) relating to items that may be reclassified subsequently to the income statement 36 24 (30 ) Items that will not be reclassified to the income statement: Remeasurement gains/(losses) on pension and medical schemes (22 ) (12 ) 5 Employee share awards transferred to retained earnings on exercise 8 (14 ) (22 ) Income tax charge relating to items that will not be reclassified to the income statement (14 ) (26 ) (17 ) Total income tax credit/(charge) relating to components of other comprehensive income (1) 22 (2 ) (47 ) (1) Included within total income tax relating to components of other comprehensive income is US$17 million relating to deferred taxes and US$5 million relating to current taxes (2017: US$12 million and US$(14) million; 2016: US$(25) million and US$(22) million). Recognition and measurement Taxation on the profit/(loss) for the year comprises current and deferred tax. Taxation is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case the tax effect is also recognised in equity. Current tax Deferred tax Royalty-related taxation Current tax is the expected tax on the taxable income for the year, using tax rates and laws enacted or substantively enacted at the reporting date, and any adjustments to tax payable in respect of previous years. Deferred tax is provided in full, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Financial Statements. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax is not recognised for temporary differences relating to: •   initial recognition of goodwill; •   initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit; •   investment in subsidiaries, associates and jointly controlled entities where the Group is able to control the timing of the reversal of the temporary difference and it is probable that they will not reverse in the foreseeable future. Deferred tax is measured at the tax rates that are expected to be applied when the asset is realised or the liability is settled, based on the laws that have been enacted or substantively enacted at the reporting date. Current and deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset and when the tax balances are related to taxes levied by the same tax authority and the Group intends to settle on a net basis, or realise the asset and settle the liability simultaneously. Royalties and resource rent taxes are treated as taxation arrangements (impacting income tax expense/(benefit)) when they are imposed under government authority and the amount payable is calculated by reference to revenue derived (net of any allowable deductions) after adjustment for temporary differences. Obligations arising from royalty arrangements that do not satisfy these criteria are recognised as current provisions and included in expenses. Uncertain tax and royalty matters The Group operates across many tax jurisdictions. Application of tax law can be complex and requires judgement to assess risk and estimate outcomes, particularly in relation to the Group’s cross-border operations and transactions. The evaluation of tax risks considers both amended assessments received and potential sources of challenge from tax authorities. The status of proceedings for these matters will impact the ability to determine the potential exposure and in some cases, it may not be possible to determine a range of possible outcomes or a reliable estimate of the potential exposure. The Group has unresolved tax and royalty matters for which the timing of resolution and potential economic outflow are uncertain. Tax and royalty matters with uncertain outcomes arise in the normal course of business and occur due to changes in tax law, changes in interpretation of tax law, periodic challenges and disagreements with tax authorities and legal proceedings. Tax and royalty obligations assessed as having probable future economic outflows capable of reliable measurement are provided for at 30 June 2018. Matters with a possible economic outflow and/or presently incapable of being measured reliably are contingent liabilities and disclosed in note 32 ‘Contingent liabilities’. Irrespective of whether the potential economic outflow of the matter has been assessed as probable or possible, individually significant matters are included below, to the extent that disclosure does not prejudice the Group. Transfer pricing – Sales of commodities to BHP Billiton Marketing AG in Singapore The Group is currently in dispute with the Australian Taxation Office (ATO) regarding the price at which the Group’s Australian entities sell commodities to the Group’s principal marketing entity in Singapore, BHP Billiton Marketing AG. In April 2014, the Group received amended assessments for 2003–2008 totalling US$267 million (A$362 million) (inclusive of interest and penalties). In May 2016, the Group received further amended assessments totalling US$396 million (A$537 million) (inclusive of interest and penalties) for 2009–2013. The ATO is currently auditing the 2014–2016 income years. The Group has formally objected to the amended assessments. The ATO has yet to advise its decision on the objections to these amended assessments. The Group has made payments of approximately US$221 million (A$276 million) to the ATO in relation to the assessments under dispute pending resolution of the matter. As a consequence of the completion of the transfer pricing audit for 2009–2013, in June 2016, the Group also received an amended assessment in relation to its 2013 MRRT return totalling US$105 million (A$143 million) (inclusive of interest and penalties). The Group has formally objected to the amended assessment and has made a partial payment of US$39 million (A$52 million) in respect of the MRRT amended assessment. Controlled Foreign Companies dispute The Group is currently in dispute with the ATO regarding whether profits earned globally by the Group’s marketing organisation from the on-sale ‘top-up In June 2011 and December 2014, the Group received amended assessments relating to the 2006–2010 income years. The Group has objected to these amended assessments. On 30 June 2016, the Group received the ATO’s decision relating to the Group’s objection against these amended assessments. The objections were allowed in part by the ATO. The ATO also determined that the Group was not liable for any penalties. The dispute concerning the disallowed objections was heard before the full Federal Court in May 2018 and we are awaiting judgement. It is estimated the primary tax subject to dispute for the 2006–2010 income years will total US$32 million (A$43 million). Between May 2016 and May 2017, the Group received amended assessments for primary tax of US$29 million (A$39 million) relating to the 2012–2015 income years. The Group has formally objected to the amended assessments. Samarco tax assessments Details of uncertain tax and royalty matters relating to Samarco are disclosed in note 3 ‘Significant events – Samarco dam failure’. Key judgements and estimates Income tax classification The Group’s accounting policy for taxation, including royalty-related taxation, requires management’s judgement as to the types of arrangements considered to be a tax on income in contrast to an operating cost. Deferred tax Judgement is required to determine the amount of deferred tax assets that are recognised based on the likely timing and the level of future taxable profits. The Group assesses the recoverability of recognised and unrecognised deferred taxes, including losses in Australia, the United States and Canada on a consistent basis, using assumptions and projected cash flows as applied in the Group impairment process for associated operations. Deferred tax liabilities arising from temporary differences in investments, caused principally by retained earnings held in foreign tax jurisdictions, are recognised unless repatriation of retained earnings can be controlled and is not expected to occur in the foreseeable future. Uncertain tax matters Judgements are required about the application of income tax legislation and its interaction with income tax accounting principles. These judgements are subject to risk and uncertainty, hence there is a possibility that changes in circumstances will alter expectations, which may impact the amount of deferred tax assets and deferred tax liabilities recognised on the balance sheet and the amount of other tax losses and temporary differences not yet recognised. Where the final tax outcomes are different from the amounts that were initially recorded, these differences impact the current and deferred tax provisions in the period in which the determination is made. Measurement of uncertain tax and royalty matters considers a range of possible outcomes, including assessments received from tax authorities. Where management is of the view that potential liabilities have a low probability of crystallising, or it is not possible to quantify them reliably, they are disclosed as contingent liabilities (refer to note 32 ‘Contingent liabilities’). US tax reform As per note 2 ‘Exceptional items’, the impact of the TCJA has been included in the Financial Statements. The TCJA includes a number of complex provisions, the application of which are potentially subject to further implementation and regulatory guidance, and possible elections. Judgements are required about the application of the TCJA and its interaction with income tax accounting principles. The Group has made preliminary determinations, based on currently available implementation guidance. However, judgements made are subject to risk and uncertainty, hence there is a possibility that changes in circumstances or future regulatory guidance may alter the judgements made, which may potentially impact the amount of deferred or current taxes recognised on the balance sheet and the amount of other tax balances not yet recognised. The significant judgements and estimates include: • The TCJA requires mandatory deemed repatriation of post-1986 undistributed earnings and profits from specific non-US • The US will continue to tax foreign income from partnerships on a worldwide basis with the ability to offset US tax liabilities on foreign earnings with a credit for taxes paid in foreign jurisdictions. The reduction in the US corporate tax rate and the revised differential in tax rates with other jurisdictions impacts the forecasted utilisation of these foreign tax credits. The Group has made certain assumptions as to the utilisation of available foreign tax credits based on an assessment of probable future US income tax. Where further clarifying regulatory guidance is issued, this may potentially impact the assumptions made and result in a different outcome. |
Earnings per share
Earnings per share | 12 Months Ended |
Jun. 30, 2018 | |
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Earnings per share | 6 Earnings per share 2018 2017 2016 Earnings/(loss) attributable to BHP shareholders (US$M) - Continuing operations 6,652 6,375 (539 ) - Total 3,705 5,890 (6,385 ) Weighted average number of shares (Million) - Basic 5,323 5,323 5,322 - Diluted 5,337 5,336 5,322 Basic earnings/(loss) per ordinary share (US cents) - Continuing operations 125.0 119.8 (10.2 ) - Total 69.6 110.7 (120.0 ) Diluted earnings/(loss) per ordinary share (US cents) - Continuing operations 124.6 119.5 (10.2 ) - Total 69.4 110.4 (120.0 ) Refer to note 26 ‘Discontinued operations’ for basic earnings per share and diluted earnings per share for Discontinued operations. Earnings on American Depositary Shares represent twice the earnings for BHP Billiton Limited or BHP Billiton Plc ordinary shares. Recognition and measurement Diluted earnings attributable to BHP shareholders are equal to the earnings attributable to BHP shareholders. The calculation of the number of ordinary shares used in the computation of basic earnings per share is the aggregate of the weighted average number of ordinary shares of BHP Billiton Limited and BHP Billiton Plc outstanding during the period after deduction of the number of shares held by the Billiton Employee Share Ownership Plan Trust and the BHP Billiton Limited Employee Equity Trust. For the purposes of calculating diluted earnings per share, the effect of 14 million dilutive shares has been taken into account for the year ended 30 June 2018 (2017: 13 million shares; 2016: nil). The Group’s only potential dilutive ordinary shares are share awards granted under the employee share ownership plans for which terms and conditions are described in note 22 ‘Employee share ownership plans’. Diluted earnings per share calculation excludes instruments which are considered antidilutive. The conversion of options and share rights would decrease the loss per share for the year ended 30 June 2016 and therefore its impact has been excluded from the diluted earnings per share calculation. At 30 June 2018, there are no instruments which are considered antidilutive (2017: nil). |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Jun. 30, 2018 | |
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Trade and other receivables | 7 Trade and other receivables 2018 2017 US$M US$M Trade receivables 1,857 1,855 Loans to equity accounted investments 13 644 Other receivables 1,406 1,140 Total 3,276 3,639 Comprising: Current 3,096 2,836 Non-current 180 803 Recognition and measurement Trade receivables are recognised initially at fair value and subsequently at amortised cost using the effective interest method, less an allowance for impairment. The collectability of trade receivables is assessed continuously. At the reporting date, specific allowances are made for any doubtful receivables based on a review of all outstanding amounts at reporting period-end. Credit risk Trade receivables generally have terms of less than 30 days. The Group has no material concentration of credit risk with any single counterparty and is not dominantly exposed to any individual industry. Credit risk can arise from the non-performance Receivables are deemed to be past due or impaired in accordance with the Group’s terms and conditions. These terms and conditions are determined on a case-by-case |
Trade and other payables
Trade and other payables | 12 Months Ended |
Jun. 30, 2018 | |
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Trade and other payables | 8 Trade and other payables 2018 2017 US$M US$M Trade creditors 4,574 3,996 Other creditors 1,406 1,560 Total 5,980 5,556 Comprising: Current 5,977 5,551 Non-current 3 5 |
Inventories
Inventories | 12 Months Ended |
Jun. 30, 2018 | |
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Inventories | 9 Inventories 2018 2017 Definitions US$M US$M Raw materials and consumables 1,266 1,241 Spares, consumables and other supplies yet to be utilised in the production process or in the rendering of services. Work in progress 2,965 2,852 Commodities currently in the production process that require further processing by the Group to a saleable form. Finished goods 674 675 Commodities held-for-sale Total (1) 4,905 4,768 Comprising: Current 3,764 3,673 Non-current 1,141 1,095 Inventories classified as non-current (1) Inventory write-downs of US$18 million were recognised during the year (2017: US$112 million; 2016: US$118 million). Inventory write-downs of US$2 million made in previous periods were reversed during the year (2017: US$19 million; 2016: US$118 million). Recognition and measurement Regardless of the type of inventory and its stage in the production process, inventories are valued at the lower of cost and net realisable value. Cost is determined primarily on the basis of average costs. For processed inventories, cost is derived on an absorption costing basis. Cost comprises costs of purchasing raw materials and costs of production, including attributable mining and manufacturing overheads taking into consideration normal operating capacity. Minerals inventory quantities are assessed primarily through surveys and assays, while petroleum inventory quantities are derived through flow rate or tank volume measurement and the composition is derived via sample analysis. Key judgements and estimates Accounting for inventory involves the use of judgements and estimates, particularly related to the measurement and valuation of inventory on hand within the production process. Certain estimates, including expected metal recoveries and work in progress volumes, are calculated by engineers using available industry, engineering and scientific data. Estimates used are periodically reassessed by the Group taking into account technical analysis and historical performance. Changes in estimates are adjusted for on a prospective basis. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Jun. 30, 2018 | |
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Property, plant and equipment | 10 Property, plant and equipment Land and Plant and Other Assets under Exploration Total US$M US$M US$M US$M US$M US$M Net book value – 30 June 2018 At the beginning of the financial year 8,547 49,427 15,557 5,536 1,430 80,497 Additions (1)(2) (20 ) 110 873 5,423 258 6,644 Depreciation for the year (548 ) (6,467 ) (730 ) – – (7,745 ) Impairments, net of reversals (3) (9 ) (507 ) (260 ) – (62 ) (838 ) Disposals (7 ) (26 ) (36 ) (1 ) (9 ) (79 ) Transferred to assets held for sale (21 ) (4,426 ) (5,563 ) (662 ) – (10,672 ) Exchange variations taken to reserve – 1 – – – 1 Transfers and other movements 210 2,773 (867 ) (2,742 ) – (626 ) At the end of the financial year 8,152 40,885 8,974 7,554 1,617 67,182 – Cost 12,525 91,037 13,212 7,554 2,400 126,728 – Accumulated depreciation and impairments (4,373 ) (50,152 ) (4,238 ) – (783 ) (59,546 ) Net book value – 30 June 2017 At the beginning of the financial year 9,005 47,766 15,942 9,561 1,701 83,975 Additions (1)(2) – 809 416 3,773 314 5,312 Depreciation for the year (552 ) (6,419 ) (765 ) – – (7,736 ) Impairments, net of reversals (8 ) (83 ) – – (69 ) (160 ) Disposals (27 ) (56 ) (25 ) (1 ) (152 ) (261 ) Divestment and demerger of subsidiaries and operations (47 ) (105 ) – (42 ) – (194 ) Exchange variations taken to reserve – – (1 ) – – (1 ) Transfers and other movements 176 7,515 (10 ) (7,755 ) (364 ) (438 ) At the end of the financial year 8,547 49,427 15,557 5,536 1,430 80,497 – Cost 12,387 106,332 31,196 5,538 2,213 157,666 – Accumulated depreciation and impairments (3,840 ) (56,905 ) (15,639 ) (2 ) (783 ) (77,169 ) (1) Includes net foreign exchange gains/(losses) related to the closure and rehabilitation provisions. Refer to note 13 ‘Closure and rehabilitation provisions’. (2) Property, plant and equipment of US$3 million (2017: US$593 million; 2016: US$ nil) was acquired under finance lease. This is a non-cash (3) Includes impairment charges related to Onshore US assets of US$520 million (2017: US$ nil). Refer to note 26 ‘Discontinued operations’. Recognition and measurement Property, plant and equipment Property, plant and equipment is recorded at cost less accumulated depreciation and impairment charges. Cost is the fair value of consideration given to acquire the asset at the time of its acquisition or construction and includes the direct costs of bringing the asset to the location and the condition necessary for operation and the estimated future costs of closure and rehabilitation of the facility. Equipment leases Assets held under lease, which result in the Group receiving substantially all of the risk and rewards of ownership are capitalised as property, plant and equipment at the lower of the fair value of the leased assets or the estimated present value of the minimum lease payments. Leased assets are depreciated on the same basis as owned assets or, where shorter, the lease term. The corresponding finance lease obligation is included within interest bearing liabilities. The interest component is charged to the income statement over the lease term to reflect a constant rate of interest over the remaining balance of the obligation. Operating leases are not capitalised and rental payments are included in the income statement on a straight-line basis over the lease term. Ongoing contracted commitments under finance and operating leases are disclosed within note 31 ‘Commitments’. Exploration and evaluation Exploration costs are incurred to discover mineral and petroleum resources. Evaluation costs are incurred to assess the technical feasibility and commercial viability of resources found. Exploration and evaluation expenditure is charged to the income statement as incurred, except in the following circumstances in which case the expenditure may be capitalised: In respect of minerals activities: • the exploration and evaluation activity is within an area of interest that was previously acquired as an asset acquisition or in a business combination and measured at fair value on acquisition; or • the existence of a commercially viable mineral deposit has been established. In respect of petroleum activities: • the exploration and evaluation activity is within an area of interest for which it is expected that the expenditure will be recouped by future exploitation or sale; or • exploration and evaluation activity has not reached a stage that permits a reasonable assessment of the existence of commercially recoverable reserves. A regular review of each area of interest is undertaken to determine the appropriateness of continuing to carry forward costs in relation to that area. Capitalised costs are only carried forward to the extent that they are expected to be recovered through the successful exploitation of the area of interest or alternatively by its sale. To the extent that capitalised expenditure is no longer expected to be recovered, it is charged to the income statement. Key judgements and estimates Exploration and evaluation expenditure results in certain items of expenditure being capitalised for an area of interest where it is considered likely to be recoverable by future exploitation or sale, or where the activities have not reached a stage that permits a reasonable assessment of the existence of reserves. This policy requires management to make certain estimates and assumptions as to future events and circumstances, in particular whether an economically viable extraction operation can be established. These estimates and assumptions may change as new information becomes available. If, after having capitalised the expenditure under the policy, a judgement is made that recovery of the expenditure is unlikely, the relevant capitalised amount will be written off to the income statement. Development expenditure When proven mineral reserves are determined and development is sanctioned, capitalised exploration and evaluation expenditure is reclassified as assets under construction within property, plant and equipment. All subsequent development expenditure is capitalised and classified as assets under construction, provided commercial viability conditions continue to be satisfied. The Group may use funds sourced from external parties to finance the acquisition and development of assets and operations. Finance costs are expensed as incurred, except where they relate to the financing of construction or development of qualifying assets. Borrowing costs directly attributable to acquiring or constructing a qualifying asset are capitalised during the development phase. Development expenditure is net of proceeds from the saleable material extracted during the development phase. On completion of development, all assets included in assets under construction are reclassified as either plant and equipment or other mineral assets and depreciation commences. Key judgements and estimates Development activities commence after project sanctioning by the appropriate level of management. Judgement is applied by management in determining when a project is economically viable. In exercising this judgement, management is required to make certain estimates and assumptions as to future events and circumstances, including reserve estimates, existence of an accessible market and forecast prices and cash flows. Estimates and assumptions may change as new information becomes available. If, after having commenced the development activity, a judgement is made that a development asset is impaired, the appropriate amount will be written off to the income statement. Other mineral assets Other mineral assets comprise: • capitalised exploration, evaluation and development expenditure for assets in production; • mineral rights and petroleum interests acquired; • capitalised development and production stripping costs. Overburden removal costs The process of removing overburden and other waste materials to access mineral deposits is referred to as stripping. Stripping is necessary to obtain access to mineral deposits and occurs throughout the life of an open-pit Stripping costs are accounted for separately for individual components of an ore body. The determination of components is dependent on the mine plan and other factors, including the size, shape and geotechnical aspects of an ore body. The Group accounts for stripping activities as follows: Development stripping costs These are initial overburden removal costs incurred to obtain access to mineral deposits that will be commercially produced. These costs are capitalised when it is probable that future economic benefits (access to mineral ores) will flow to the Group and costs can be measured reliably. Once the production phase begins, capitalised development stripping costs are depreciated using the units of production method based on the proven and probable reserves of the relevant identified component of the ore body to which the initial stripping activity benefits. Production stripping costs These are post initial overburden removal costs incurred during the normal course of production activity, which commences after the first saleable minerals have been extracted from the component. Production stripping costs can give rise to two benefits, the accounting for which is outlined below: Production stripping activity Benefits of stripping activity Extraction of ore (inventory) in current period. Improved access to future ore extraction. Period benefited Current period Future period(s) Recognition and measurement criteria When the benefits of stripping activities are realised in the form of inventory produced; the associated costs are recorded in accordance with the Group’s inventory accounting policy. When the benefits of stripping activities are improved access to future ore; production costs are capitalised when all the following criteria are met: •   the production stripping activity improves access to a specific component of the ore body and it is probable that economic benefits arising from the improved access to future ore production will be realised; •   the component of the ore body for which access has been improved can be identified; •   costs associated with that component can be measured reliably. Allocation of costs Production stripping costs are allocated between the inventory produced and the production stripping asset using a life-of-component waste-to-ore life-of-component Asset recognised from stripping activity Inventory Other mineral assets within property, plant and equipment. Depreciation basis Not applicable On a component-by-component Key judgements and estimates The identification of components of an ore body, as well as estimation of stripping ratios and mineral reserves by component require critical accounting judgements and estimates to be made by management. Changes to estimates related to life-of-component waste-to-ore Depreciation Depreciation of assets, other than land, assets under construction and capitalised exploration and evaluation that are not depreciated, is calculated using either the straight-line (SL) method or units of production (UoP) method, net of residual values, over the estimated useful lives of specific assets. The depreciation method and rates applied to specific assets reflect the pattern in which the asset’s benefits are expected to be used by the Group. The Group’s reported reserves are used to determine UoP depreciation unless doing so results in depreciation charges that do not reflect the asset’s useful life. Where this occurs, alternative approaches to determining reserves are applied, such as using management’s expectations of future oil and gas prices rather than yearly average prices, to provide a phasing of periodic depreciation charges that better reflects the asset’s expected useful life. Where assets are dedicated to a mine or petroleum lease, the below useful lives are subject to the lesser of the asset category’s useful life and the life of the mine or petroleum lease, unless those assets are readily transferable to another productive mine or lease. Key judgements and estimates The estimation of useful lives, residual values and depreciation methods requires significant management judgement and is reviewed annually. Any changes to useful lives may affect prospective depreciation rates and asset carrying values. The table below summarises the principal depreciation methods and rates applied to major asset categories by the Group. Category Buildings Plant and Mineral rights and Capitalised exploration, Typical depreciation methodology SL SL UoP UoP Depreciation rate 25-50 3-30 Based on the rate of depletion of reserves Based on the rate of depletion of reserves Impairment of non-current Recognition and measurement Impairment tests for all assets are performed when there is an indication of impairment, although goodwill is tested at least annually. If the carrying amount of the asset exceeds its recoverable amount, the asset is impaired and an impairment loss is charged to the income statement so as to reduce the carrying amount in the balance sheet to its recoverable amount. Previously impaired assets (excluding goodwill) are reviewed for possible reversal of previous impairment at each reporting date. Impairment reversal cannot exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset or cash generating units (CGUs). There were no reversals of impairment in the current or prior year. How recoverable amount is calculated The recoverable amount is the higher of an asset’s fair value less cost of disposal (FVLCD) and its value in use (VIU). For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows. Valuation methods Fair value less cost of disposal FVLCD is an estimate of the amount that a market participant would pay for an asset or CGU, less the cost of disposal. Fair value for mineral and petroleum assets is generally determined using independent market assumptions to calculate the present value of the estimated future post-tax post-tax Value in use VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and its eventual disposal. VIU is determined by applying assumptions specific to the Group’s continued use and cannot take into account future development. These assumptions are different to those used in calculating FVLCD and consequently the VIU calculation is likely to give a different result (usually lower) to a FVLCD calculation. Key judgements and estimates In determining the recoverable amount of assets, in the absence of quoted market prices, estimates are made regarding the present value of future post-tax |
Intangible assets
Intangible assets | 12 Months Ended |
Jun. 30, 2018 | |
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Intangible assets | 11 Intangible assets 2018 2017 Goodwill Other Total Goodwill Other Total US$M US$M US$M US$M US$M US$M Net book value At the beginning of the financial year 3,269 699 3,968 3,273 846 4,119 Additions – 50 50 – 81 81 Amortisation for the year – (197 ) (197 ) – (195 ) (195 ) Impairments for the year (1) (2,339 ) (14 ) (2,353 ) – (33 ) (33 ) Disposals (16 ) (7 ) (23 ) (4 ) – (4 ) Transferred to assets held for sale (667 ) – (667 ) – – – At the end of the financial year (2) 247 531 778 3,269 699 3,968 – Cost 247 1,665 1,912 3,269 1,722 4,991 – Accumulated amortisation and impairments – (1,134 ) (1,134 ) – (1,023 ) (1,023 ) (1) Includes impairment charges related to Onshore US assets of US$2,339 million (2017: US$ nil). Refer to note 26 ‘Discontinued operations’. (2) The Group’s aggregate net carrying value of goodwill for Continuing operations is US$247 million (2017: US$247 million), representing less than one per cent of net equity at 30 June 2018 (2017: less than one per cent). The goodwill is allocated across a number of cash-generating units (CGUs). Recognition and measurement Goodwill Where the fair value of the consideration paid for a business acquisition exceeds the fair value of the identifiable assets, liabilities and contingent liabilities acquired, the difference is treated as goodwill. Where consideration is less than the fair value of acquired net assets, the difference is recognised immediately in the income statement. Goodwill is not amortised and is measured at cost less any impairment losses. Other intangibles The Group capitalises amounts paid for the acquisition of identifiable intangible assets, such as software, licences and initial payments for the acquisition of mineral lease assets, where it is considered that they will contribute to future periods through revenue generation or reductions in cost. These assets, classified as finite life intangible assets, are carried in the balance sheet at the fair value of consideration paid less accumulated amortisation and impairment charges. Intangible assets with finite useful lives are amortised on a straight-line basis over their useful lives. The estimated useful lives are generally no greater than eight years. Initial payments for the acquisition of intangible mineral lease assets are capitalised and amortised over the term of the permit. A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area. Capitalised costs are only carried forward to the extent that they are expected to be recovered through the successful exploitation of the area of interest or alternatively by its sale. To the extent that capitalised expenditure is no longer expected to be recovered, it is charged to the income statement. Key judgements and estimates Determining the recoverable amount of intangible assets may require significant management judgement. If a judgement is made that recovery of previously capitalised intangible mineral lease assets is unlikely, the relevant amount will be written off to the income statement. This requires management to make certain estimates and assumptions as to future events and circumstances, in particular whether an economically viable extraction operation can be established. Where indicators of impairment exist for intangible assets, in the absence of quoted market prices, estimates are made regarding the present value of future post-tax |
Deferred tax balances
Deferred tax balances | 12 Months Ended |
Jun. 30, 2018 | |
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Deferred tax balances | 12 Deferred tax balances The movement for the year in the Group’s net deferred tax position is as follows: 2018 2017 2016 US$M US$M US$M Net deferred tax asset/(liability) At the beginning of the financial year 2,023 1,823 (1,681 ) Income tax (charge)/credit recorded in the income statement (1) (1,445 ) 188 3,508 Income tax credit/(charge) recorded directly in equity 17 12 (25 ) Other movements (26 ) – 21 At the end of the financial year 569 2,023 1,823 (1) Includes Discontinued operations income tax credit to the income statement of US$510 million (2017: US$219 million; 2016: US$2,990 million). For recognition and measurement refer to note 5 ‘Income tax expense’. The composition of the Group’s net deferred tax assets and liabilities recognised in the balance sheet and the deferred tax expense charged/(credited) to the income statement is as follows: Deferred tax Deferred tax Charged/(credited) to 2018 2017 2018 2017 2018 2017 2016 US$M US$M US$M US$M US$M US$M US$M Type of temporary difference Depreciation (2,756 ) (3,454 ) 1,356 1,411 (752 ) 391 (2,282 ) Exploration expenditure 492 543 – – 51 (22 ) (3 ) Employee benefits 321 379 (2 ) 3 31 (37 ) 56 Closure and rehabilitation 1,627 1,809 (194 ) (230 ) 218 (151 ) 36 Resource rent tax 468 559 1,328 1,614 (194 ) (189 ) (8 ) Other provisions 141 131 (2 ) (1 ) (11 ) 14 8 Deferred income 21 (2 ) – (10 ) (13 ) 3 (49 ) Deferred charges (374 ) (443 ) 272 322 (119 ) (77 ) 62 Investments, including foreign tax credits 546 1,145 691 648 615 (17 ) (284 ) Foreign exchange gains and losses (120 ) (87 ) 16 69 (20 ) (77 ) (310 ) Tax losses 3,758 5,352 – – 1,595 (381 ) (809 ) Other (83 ) (144 ) 7 (61 ) 44 355 75 Total 4,041 5,788 3,472 3,765 1,445 (188 ) (3,508 ) The Group recognises the benefit of tax losses amounting to US$3,758 million (2017: US$5,352 million) only to the extent of anticipated future taxable income or gains in relevant jurisdictions. The amounts recognised in the Financial Statements in respect of each matter are derived from the Group’s best judgements and estimates as described in note 5 ‘Income tax expense’. The composition of the Group’s unrecognised deferred tax assets and liabilities is as follows: 2018 2017 US$M US$M Unrecognised deferred tax assets Tax losses and tax credits (1) 3,028 2,687 Investments in subsidiaries (2) 1,659 856 Deductible temporary differences relating to PRRT (3) 2,282 2,293 Mineral rights (4) 2,263 2,293 Other deductible temporary differences (5) 437 478 Total unrecognised deferred tax assets 9,669 8,607 Unrecognised deferred tax liabilities Investments in subsidiaries (2) 2,216 2,500 Taxable temporary differences relating to unrecognised deferred tax asset for PRRT (3) 685 694 Total unrecognised deferred tax liabilities 2,901 3,194 (1) At 30 June 2018, the Group had income and capital tax losses with a tax benefit of US$1,946 million (2017: US$1,844 million) and tax credits of US$1,082 million (2017: US$843 million), which are not recognised as deferred tax assets, because it is not probable that future taxable profits or capital gains will be available against which the Group can utilise the benefits. The gross amount of tax losses carried forward that have not been recognised are as follows: Year of expiry Total US$M Income tax losses Not later than one year 363 Later than one year and not later than two years 402 Later than two years and not later than five years 897 Later than five years and not later than 10 years 398 Later than 10 years and not later than 20 years 2,446 Unlimited 1,734 6,240 Capital tax losses Not later than one year – Later than two years and not later than five years 144 Unlimited 3,471 Gross amount of tax losses not recognised 9,855 Tax effect of total losses not recognised 1,946 Of the US$1,082 million of tax credits, US$831 million expires not later than 10 years and US$251 million expires later than 10 years and not later than 20 years. (2) The Group had deferred tax assets of US$1,659 million at 30 June 2018 (2017: US$856 million) and deferred tax liabilities of US$2,216 million (2017: US$2,500 million) associated with undistributed earnings of subsidiaries that have not been recognised because the Group is able to control the timing of the reversal of the temporary differences and it is not probable that these differences will reverse in the foreseeable future. (3) The Group had US$2,282 million of unrecognised deferred tax assets relating to Australian Petroleum Resource Rent Tax (PRRT) at 30 June 2018 (2017: US$2,293 million relating to Australian PRRT), with a corresponding unrecognised deferred tax liability for income tax purposes of US$685 million (2017: US$694 million). Recognition of a deferred tax asset for PRRT depends on benefits expected to be obtained from the deduction against PRRT liabilities. (4) The Group had deductible temporary differences relating to mineral rights for which deferred tax assets of US$2,263 million at 30 June 2018 (2017: US$2,293 million) had not been recognised because it is not probable that future capital gains will be available, against which the Group can utilise the benefits. The deductible temporary differences do not expire under current tax legislation. (5) The Group had deductible temporary differences for which deferred tax assets of US$437 million at 30 June 2018 (2017: US$478 million) had not been recognised because it is not probable that future taxable profits will be available against which the Group can utilise the benefits. The deductible temporary differences do not expire under current tax legislation. |
Share capital
Share capital | 12 Months Ended |
Jun. 30, 2018 | |
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Share capital | 14 Share capital BHP Billiton Limited BHP Billiton Plc 2018 shares 2017 2016 2018 shares 2017 2016 Share capital issued Opening number of shares 3,211,691,105 3,211,691,105 3,211,691,105 2,112,071,796 2,112,071,796 2,112,071,796 Purchase of shares by ESOP Trusts (7,469,236 ) (6,481,292 ) (6,538,404 ) (679,223 ) (225,646 ) (17,000 ) Employee share awards exercised following vesting 7,339,522 6,945,570 6,846,091 711,705 940,070 966,473 Movement in treasury shares under Employee Share Plans 129,714 (464,278 ) (307,687 ) (32,482 ) (714,424 ) (949,473 ) Closing number of shares (1) 3,211,691,105 3,211,691,105 3,211,691,105 2,112,071,796 2,112,071,796 2,112,071,796 Comprising: Shares held by the public 3,211,494,259 3,211,623,973 3,211,159,695 2,112,030,162 2,111,997,680 2,111,283,256 Treasury shares 196,846 67,132 531,410 41,634 74,116 788,540 Other share classes Special Voting share of no par value 1 1 1 – – – Special Voting share of US$0.50 par value – – – 1 1 1 5.5% Preference shares of £1 each – – – 50,000 50,000 50,000 DLC Dividend share 1 1 1 – – – (1) No fully paid ordinary shares in BHP Billiton Limited or BHP Billiton Plc were issued on the exercise of Group Incentive Scheme awards during the period 1 July 2018 to 6 September 2018. Recognition and measurement Share capital of BHP Billiton Limited and BHP Billiton Plc is composed of the following classes of shares: Ordinary shares fully paid Special Voting shares Preference shares BHP Billiton Limited and BHP Billiton Plc ordinary shares fully paid of US$0.50 par value represent 99.99 per cent of the total number of shares. Any profit remaining after payment of preferred distributions is available for distribution to the holders of BHP Billiton Limited and BHP Billiton Plc ordinary shares in equal amounts per share. Each of BHP Billiton Limited and BHP Billiton Plc issued one Special Voting share to facilitate joint voting by shareholders of BHP Billiton Limited and BHP Billiton Plc on Joint Electorate Actions. There has been no movement in these shares. Preference shares have the right to repayment of the amount paid up on the nominal value and any unpaid dividends in priority to the holders of any other class of shares in BHP Billiton Plc on a return of capital or winding up. The holders of preference shares have limited voting rights if payment of the preference dividends are six months or more in arrears or a resolution is passed changing the rights of the preference shareholders. There has been no movement in these shares, all of which are held by JP Morgan Limited. DLC Dividend share Treasury shares The DLC Dividend share supports the Dual Listed Company (DLC) equalisation principles in place since the merger in 2001, including the requirement that ordinary shareholders of BHP Billiton Plc and BHP Billiton Limited are paid equal cash dividends per share. This share enables efficient and flexible capital management across the DLC and was issued on 23 February 2016 at par value of US$10. On 20 September 2017 and on 21 March 2018, BHP Billiton Limited paid dividends of US$1,280 million and US$1,380 million, respectively to BHP Billiton (AUS) DDS Pty Ltd under the DLC dividend share arrangements. These dividends are eliminated on consolidation. Treasury shares are shares of BHP Billiton Limited and BHP Billiton Plc and are held by the ESOP Trusts for the purpose of issuing shares to employees under the Group’s Employee Share Plans. Treasury shares are recognised at cost and deducted from equity, net of any income tax effects. When the treasury shares are subsequently sold or reissued, any consideration received, net of any directly attributable costs and income tax effects, is recognised as an increase in equity. Any difference between the carrying amount and the consideration, if reissued, is recognised in retained earnings. |
Other equity
Other equity | 12 Months Ended |
Jun. 30, 2018 | |
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Other equity | 15 Other equity 2018 2017 2016 Recognition and measurement US$M US$M US$M Share premium account 518 518 518 The share premium account represents the premium paid on the issue of BHP Billiton Plc shares recognised in accordance with the UK Companies Act 2006. Foreign currency translation reserve 42 40 41 The foreign currency translation reserve represents exchange differences arising from the translation of non-US Employee share awards reserve 196 214 293 The employee share awards reserve represents the accrued employee entitlements to share awards that have been charged to the income statement and have not yet been exercised. Once exercised, the difference between the accumulated fair value of the awards and their historical on-market Hedging reserve 58 153 210 The hedging reserve represents hedging gains and losses recognised on the effective portion of cash flow hedges. The cumulative deferred gain or loss on the hedge is recognised in the income statement when the hedged transaction impacts the income statement, or is recognised as an adjustment to the cost of non-financial Financial assets reserve 16 10 11 The financial assets reserve represents the revaluation of available for sale financial assets. Where a revalued financial asset is sold or impaired, the relevant portion of the reserve is transferred to the income statement. Share buy-back 177 177 177 The share buy-back non-distributable Non-controlling 1,283 1,288 1,288 The non-controlling non-controlling Total reserves 2,290 2,400 2,538 Summarised financial information relating to each of the Group’s subsidiaries with non-controlling 2018 2017 US$M Minera Other Total Minera Other Total Group share (per cent) 57.5 57.5 Current assets 2,751 2,107 Non-current 13,389 14,528 Current liabilities (1,781 ) (1,339 ) Non-current (4,352 ) (4,300 ) Net assets 10,007 10,996 Net assets attributable to NCI 4,253 825 5,078 4,673 795 5,468 Revenue 8,775 4,576 Profit after taxation 2,221 516 Other comprehensive income (2 ) – Total comprehensive income 2,219 516 Profit after taxation attributable to NCI 944 174 1,118 219 113 332 Other comprehensive income attributable to NCI (1 ) 1 – – – – Net operating cash flow 5,041 1,964 Net investing cash flow (997 ) (999 ) Net financing cash flow (3,392 ) (968 ) Dividends paid to NCI (1) 1,469 135 1,604 507 74 581 (1) Includes dividends paid to non-controlling interests related to Onshore US of US$22 million (2017: US$6 million). Refer to note 26 ‘Discontinued operations’. While the Group controls Minera Escondida Limitada, the non-controlling non-controlling |
Dividends
Dividends | 12 Months Ended |
Jun. 30, 2018 | |
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Dividends | 16 Dividends Year ended 30 June 2018 Year ended Year ended Per share Total Per share Total Per share Total US cents US$M US cents US$M US cents US$M Dividends paid during the period (1) Prior year final dividend 43 2,291 14 746 62 3,299 Interim dividend 55 2,930 40 2,125 16 855 98 5,221 54 2,871 78 4,154 (1) 5.5 per cent dividend on 50,000 preference shares of £1 each determined and paid annually (2017: 5.5 per cent; 2016: 5.5 per cent). Dividends paid during the period differs from the amount of dividends paid in the Cash Flow Statement as a result of foreign exchange gains and losses relating to the timing of equity distributions between the record date and the payment date. The Dual Listed Company merger terms require that ordinary shareholders of BHP Billiton Limited and BHP Billiton Plc are paid equal cash dividends on a per share basis. Each American Depositary Share (ADS) represents two ordinary shares of BHP Billiton Limited or BHP Billiton Plc. Dividends determined on each ADS represent twice the dividend determined on BHP Billiton Limited or BHP Billiton Plc ordinary shares. Dividends are determined after period-end year-end, BHP Billiton Limited dividends for all periods presented are, or will be, fully franked based on a tax rate of 30 per cent. 2018 2017 2016 US$M US$M US$M Franking credits as at 30 June 10,400 10,155 9,640 Franking credits arising from the payment of current tax 1,330 1,239 81 Total franking credits available (1) 11,730 11,394 9,721 (1) The payment of the final 2018 dividend determined after 30 June 2018 will reduce the franking account balance by US$867 million. |
Net debt
Net debt | 12 Months Ended |
Jun. 30, 2018 | |
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Net debt | 18 Net debt The Group’s corporate purpose is to create long-term shareholder value through the discovery, acquisition, development and marketing of natural resources. The Group will invest capital in assets where they fit its strategy. The Group monitors capital using the net debt balance and the gearing ratio, being the ratio of net debt to net debt plus net assets. 2018 2017 US$M Current Non-current Current Non-current Interest bearing liabilities Bank loans 308 2,247 192 2,089 Notes and debentures 2,228 21,070 771 26,270 Finance leases 77 725 82 815 Bank overdraft and short-term borrowings 58 – 45 – Other 65 27 151 59 Total interest bearing liabilities 2,736 24,069 1,241 29,233 Less cash and cash equivalents Cash 1,065 – 882 – Short-term deposits 14,806 – 13,271 – Total cash and cash equivalents 15,871 – 14,153 – Net debt 10,934 16,321 Net assets 60,670 62,726 Gearing 15.3 % 20.6 % Cash and short-term deposits are disclosed in the cash flow statement net of bank overdrafts and interest bearing liabilities at call. 2018 2017 2016 US$M US$M US$M Total cash and cash equivalents 15,871 14,153 10,319 Bank overdrafts and short-term borrowing (58 ) (45 ) (43 ) Total cash and cash equivalents, net of overdrafts 15,813 14,108 10,276 Recognition and measurement Cash and short-term deposits in the balance sheet comprise cash at bank and on hand and highly liquid cash deposits with short-term maturities and are readily convertible to known amounts of cash with insignificant risk of change in value. The Group considers that the carrying value of cash and cash equivalents approximate fair value due to their short term to maturity. Cash and cash equivalents includes US$98 million (2017: US$180 million) restricted by legal or contractual arrangements. Interest bearing liabilities and cash and cash equivalents include balances denominated in the following currencies: Interest bearing liabilities Cash and cash equivalents 2018 2017 2018 2017 US$M US$M US$M US$M USD 12,981 14,035 7,024 7,980 EUR 9,070 10,324 5,845 4,663 GBP 3,104 3,520 1,560 1,318 AUD 1,077 1,987 9 9 CAD 573 608 1,301 77 Other – – 132 106 Total 26,805 30,474 15,871 14,153 Liquidity risk The Group’s liquidity risk arises from the possibility that it may not be able to settle or meet its obligations as they fall due and is managed as part of the portfolio risk management strategy. Operational, capital and regulatory requirements are considered in the management of liquidity risk, in conjunction with short-term and long-term forecast information. Recognising the cyclical volatility of operating cash flows, the Group has defined minimum target cash and liquidity buffers to be maintained to mitigate liquidity risk and support operations through the cycle. The Group’s strong credit profile, diversified funding sources, its minimum cash buffer and its committed credit facilities ensure that sufficient liquid funds are maintained to meet its daily cash requirements. The Group’s policy on counterparty credit exposure ensures that only counterparties of an investment grade standing are used for the investment of any excess cash. Standard & Poor’s credit rating of the Group remained at the A level with stable outlook throughout FY2018. Moody’s maintained their credit rating for the Group of A3 with positive outlook throughout FY2018. There were no defaults on loans payable during the period. Counterparty risk The Group is exposed to credit risk from its financing activities, including short-term cash deposits with banks and derivative contracts. This risk is managed by Group Treasury in line with the counterparty risk framework, which aims to minimise the exposure to a counterparty and mitigate the risk of financial loss through counterparty failure. Exposure to counterparties is monitored at a Group level across all products and includes exposure with derivatives and short-term cash deposits. Short-term cash deposits and derivatives are transacted with approved counterparties who have been assigned specific limits based on a quantitative credit risk model. The policy is reviewed annually and limits are updated at least bi-annually. Standby arrangements and unused credit facilities The Group’s committed revolving credit facility operates as a back-stop to the Group’s uncommitted commercial paper program. The combined amount drawn under the facility or as commercial paper will not exceed US$6.0 billion. As at 30 June 2018, US$ nil commercial paper was drawn (2017: US$ nil). The revolving credit facility has a five-year maturity ending 7 May 2021. A commitment fee is payable on the undrawn balance and an interest rate comprising an interbank rate plus a margin applies to any drawn balance. The agreed margins are typical for a credit facility extended to a company with the Group’s credit rating. Maturity profile of financial liabilities The maturity profile of the Group’s financial liabilities based on the contractual amounts, taking into account the derivatives related to debt, is as follows: 2018 US$M Bank loans, other loans Expected Derivatives Other Obligations Trade and Total Due for payment: In one year or less or on demand 2,647 682 302 17 127 5,788 9,563 In more than one year but not more than two years 1,545 957 188 1 113 3 2,807 In more than two years but not more than five years 8,019 2,203 823 – 335 – 11,380 In more than five years 13,287 5,519 1,191 – 590 – 20,587 Total 25,498 9,361 2,504 18 1,165 5,791 44,337 Carrying amount 26,003 – 1,213 18 802 5,791 33,827 2017 US$M Bank loans, Expected Derivatives Other Obligations Trade and Total Due for payment: In one year or less or on demand 1,157 686 267 144 135 5,417 7,806 In more than one year but not more than two years 2,471 1,022 245 4 132 5 3,879 In more than two years but not more than five years 8,279 2,611 503 7 343 – 11,743 In more than five years 16,706 6,248 1,975 – 705 – 25,634 Total 28,613 10,567 2,990 155 1,315 5,422 49,062 Carrying amount 29,577 – 1,345 155 897 5,422 37,396 |
Net finance costs
Net finance costs | 12 Months Ended |
Jun. 30, 2018 | |
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Net finance costs | 19 Net finance costs 2018 2017 2016 US$M US$M US$M Financial expenses Interest on bank loans, overdrafts and all other borrowings 1,168 1,130 969 Interest capitalised at 4.24% (2017: 3.25%; 2016: 2.61%) (1) (139 ) (113 ) (123 ) Discounting on provisions and other liabilities 414 450 304 Fair value change on hedged loans (265 ) (1,185 ) 1,444 Fair value change on hedging derivatives 329 1,244 (1,448 ) Exchange variations on net debt (19 ) (23 ) (24 ) Other financial expenses 79 57 28 1,567 1,560 1,150 Financial income Interest income (322 ) (143 ) (137 ) Net finance costs 1,245 1,417 1,013 (1) Interest has been capitalised at the rate of interest applicable to the specific borrowings financing the assets under construction or, where financed through general borrowings, at a capitalisation rate representing the average interest rate on such borrowings. Tax relief for capitalised interest is approximately US$42 million (2017: US$34 million; 2016: US$37 million). Recognition and measurement Interest income is accrued using the effective interest rate method. Finance costs are expensed as incurred, except where they relate to the financing of construction or development of qualifying assets. |
Financial risk management
Financial risk management | 12 Months Ended |
Jun. 30, 2018 | |
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Financial risk management | 20 Financial risk management Financial and capital risk management strategy The financial risks arising from the Group’s operations comprise market, liquidity and credit risk. These risks arise in the normal course of business and the Group manages its exposure to them in accordance with the Group’s portfolio risk management strategy. The objective of the strategy is to support the delivery of the Group’s financial targets, while protecting its future financial security and flexibility by taking advantage of the natural diversification provided by the scale, diversity and flexibility of the Group’s operations and activities. A Cash Flow at Risk (CFaR) framework is used to measure the aggregate and diversified impact of financial risks upon the Group’s financial targets. The principal measurement of risk is CFaR measured on a portfolio basis, which is defined as the worst expected loss relative to projected business plan cash flows over a one-year Market risk The Group’s activities expose it to market risks associated with movements in interest rates, foreign currencies and commodity prices. Under the strategy outlined above, the Group seeks to achieve financing costs, currency impacts, input costs and commodity prices on a floating or index basis. This strategy gives rise to a risk of variability in earnings, which is measured under the CFaR framework. In executing the strategy, financial instruments are potentially employed in three distinct but related activities. The following table summarises these activities and the key risk management processes: Activity Key risk management processes 1   Risk mitigation On an exception basis, hedging for the purposes of mitigating risk related to specific and significant expenditure on investments or capital projects will be executed if necessary to support the Group’s strategic objectives. Execution of transactions within approved mandates. 2   Economic hedging of commodity sales, operating costs, short-term cash deposits and debt instruments Where Group commodity production is sold to customers on pricing terms that deviate from the relevant index target and where a relevant derivatives market exists, financial instruments may be executed as an economic hedge to align the revenue price exposure with the index target. •   Measuring and reporting the exposure in customer commodity contracts and issued debt instruments. •   Executing hedging derivatives to align the total group exposure to the index target. •   Execution of transactions within approved mandates. Where debt is issued in a currency other than the US dollar and/or at a fixed interest rate, fair value and cash flow hedges may be executed to align the debt exposure with the Group’s functional currency of US dollars and/or to swap to a floating interest rate. Where short-term cash deposits are held in a currency other than US dollars, derivative financial instruments may be executed to align the foreign exchange exposure to the Group’s functional currency of US dollars. 3   Strategic financial transactions Opportunistic transactions may be executed with financial instruments to capture value from perceived market over/under valuations. Execution of transactions within approved mandates. Primary responsibility for the identification and control of financial risks, including authorising and monitoring the use of financial instruments for the above activities and stipulating policy thereon, rests with the Financial Risk Management Committee under authority delegated by the Chief Executive Officer. Interest rate risk The Group is exposed to interest rate risk on its outstanding borrowings and short-term cash deposits from the possibility that changes in interest rates will affect future cash flows or the fair value of fixed interest rate financial instruments. Interest rate risk is managed as part of the portfolio risk management strategy. The majority of the Group’s debt is issued at fixed interest rates. The Group has entered into interest rate swaps and cross currency interest rate swaps to convert most of its fixed interest rate exposure to floating US dollar interest rate exposure. As at 30 June 2018, 89 per cent of the Group’s borrowings were exposed to floating interest rates inclusive of the effect of swaps (2017: 90 per cent). The fair value of interest rate swaps and cross currency interest rate swaps in hedge relationships used to hedge both interest rate and foreign currency risks are shown in the valuation hierarchy section of this note. Based on the net debt position as at 30 June 2018, taking into account interest rate swaps and cross currency interest rate swaps, it is estimated that a one percentage point increase in the US LIBOR interest rate will decrease the Group’s equity and profit after taxation by US$54 million (2017: decrease of US$92 million). This assumes the change in interest rates is effective from the beginning of the financial year and the fixed/floating mix and balances are constant over the year. However, interest rates and the net debt profile of the Group may not remain constant over the coming financial year and therefore such sensitivity analysis should be used with care. Currency risk The US dollar is the predominant functional currency within the Group and as a result, currency exposures arise from transactions and balances in currencies other than the US dollar. The Group’s potential currency exposures comprise: • translational exposure in respect of non-functional • transactional exposure in respect of non-functional The Group’s foreign currency risk is managed as part of the portfolio risk management strategy. Translational exposure in respect of non-functional Monetary items, including financial assets and liabilities, denominated in currencies other than the functional currency of an operation are periodically restated to US dollar equivalents and the associated gain or loss is taken to the income statement. The exception is foreign exchange gains or losses on foreign currency denominated provisions for closure and rehabilitation at operating sites, which are capitalised in property, plant and equipment. The principal non-functional Transactional exposure in respect of non-functional Certain operating and capital expenditure is incurred in currencies other than their functional currency. To a lesser extent, certain sales revenue is earned in currencies other than the functional currency of operations and certain exchange control restrictions may require that funds be maintained in currencies other than the functional currency of the operation. These currency risks are managed as part of the portfolio risk management strategy. The Group enters into forward exchange contracts when required under this strategy. Commodity price risk Contracts for the sale and physical delivery of commodities are executed whenever possible on a pricing basis intended to achieve a relevant index target. While the Group has succeeded in transitioning substantially all of the Group commodity production sales to market-based index pricing terms, derivative commodity contracts may from time to time be used to align realised prices with the relevant index. Contracts for the physical delivery of commodities are not typically financial instruments and are carried in the balance sheet at cost (typically at US$ nil); they are therefore excluded from the fair value and sensitivity analysis. Accordingly, the financial instrument exposures set out below do not represent all of the commodity price risks managed according to the Group’s objectives. Movements in the fair value of contracts included are offset by movements in the fair value of the physical contracts; however, only the former movement is recognised in the Group’s income statement prior to settlement. The risk associated with commodity prices is managed as part of the portfolio risk management strategy. Financial instruments with commodity price risk comprise forward commodity and other derivative contracts with a net assets fair value of US$210 million (2017: US$358 million). Significant commodity price risk instruments within other derivative balances include derivatives embedded in physical commodity purchase and sales contracts of gas in Trinidad and Tobago with a net assets fair value of US$216 million (2017: US$370 million). The potential effect of using reasonably possible alternative assumptions in these models, based on a change in the most significant input, such as commodity prices, by an increase/(decrease) of 10 per cent while holding all other variables constant will increase/(decrease) profit after taxation by US$9 million (2017: US$62 million). Provisionally priced commodity sales and purchases contracts Provisionally priced sales or purchases volumes are those for which price finalisation, referenced to the relevant index, is outstanding at the reporting date. Provisional pricing mechanisms embedded within these sales and purchases arrangements have the character of a commodity derivative and are carried at fair value through profit and loss as part of trade receivables or trade payables. The Group’s exposure at 30 June 2018 to the impact of movements in commodity prices upon provisionally invoiced sales and purchases volumes was predominately around copper. The Group had 356 thousand tonnes of copper exposure at 30 June 2018 (2017: 213 thousand tonnes) that was provisionally priced. The final price of these sales or purchases will be determined during the first half of FY2019. A 10 per cent change in the price of copper realised on the provisionally priced sales, with all other factors held constant, would increase or decrease profit after taxation by US$178 million (2017: US$90 million). The relationship between commodity prices and foreign currencies is complex and movements in foreign exchange rates can impact commodity prices. The sensitivities should therefore be used with care. Liquidity risk Refer to note 18 ‘Net debt’ for details on the Group liquidity risk. Credit risk Refer to note 7 ‘Trade and other receivables’ and note 18 ‘Net debt’ for details on the Group credit risk. Financial assets and liabilities The financial assets and liabilities are presented by class in the tables on page F-68 at their carrying amounts, which generally approximate to fair value. Recognition and measurement All financial assets and liabilities, other than derivatives, are initially recognised at the fair value of consideration paid or received, net of transaction costs as appropriate, and subsequently carried at fair value or amortised cost. Derivatives are initially recognised at fair value on the date the contract is entered into and are subsequently remeasured at their fair value. The Group classifies its financial assets and liabilities into: • loans and receivables; • available for sale securities; • held at fair value through profit or loss; • cash flow hedges; • financial assets and liabilities at amortised cost. The classification depends on the purpose for which the financial assets and liabilities are held. Management determines the classification of its financial assets at initial recognition. Loans and receivables Available for sale shares and other investments Loans and receivables are non-derivative non-current Available for sale shares and other investments are measured at fair value. Gains and losses on the remeasurement of other investments are recognised directly in the income statement. Gains and losses on the remeasurement of available for sale shares are recognised directly in equity and subsequently recognised in the income statement when realised by sale or redemption, or when a reduction in fair value is judged to represent an impairment. Other financial liabilities at amortised cost Trade and other payables represents amounts that are non-interest Interest bearing liabilities are initially recognised at fair value of the consideration received, net of transaction costs. Interest bearing liabilities are subsequently measured at amortised cost using the effective interest method. Interest bearing liabilities are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of an interest bearing liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash The Group has finance lease liabilities in relation to certain items of property, plant and equipment. Finance lease liabilities are initially recognised at the fair value of the underlying assets or, if lower, the estimated present value of the minimum lease payments. Each lease payment is allocated between the liability and finance cost, and the finance cost is charged to the income statement over the lease period to reflect a constant periodic rate of interest on the remaining balance of the liability for each period. Derivatives and hedging Derivatives, including embedded derivatives separated from the host contracts, are included within financial assets or liabilities at fair value through profit or loss unless they are designated as effective hedging instruments. Financial instruments in this category are classified as current if they are expected to be settled within 12 months; otherwise they are classified as non-current. The Group uses financial instruments to hedge its exposure to certain market risks arising from operational, financing and investing activities. At the start of the transaction, the Group documents: • the type of hedge; • the relationship between the hedging instrument and hedged items; • its risk management objective and strategy for undertaking various hedge transactions. The documentation also demonstrates, both at hedge inception and on an ongoing basis, that the hedge is expected to continue to be highly effective. The Group has two types of hedges: Fair value hedges Cash flow hedges Exposure As the majority of the Group’s debt is issued at fixed interest rates, the Group has entered into interest rate swaps and cross currency interest rate swaps to mitigate its exposure to changes in the fair value of borrowings. As a portion of the Group’s debt is denominated in currencies other than US dollars, the Group has entered into cross currency interest rate swaps to mitigate currency exposures. Recognition date At the date the instrument is entered into. Measurement Measured at fair value. Fair value approach Based on internal valuations using standard valuation techniques with current market inputs, including interest rates and forward commodity prices; and exchange rates. Quoted market prices or dealer quotes for similar instruments are used for long-term debt instruments held. How are changes in fair value accounted for? The following changes in the fair value are recognised immediately in the income statement: •   the gain or loss relating to the effective portion of interest rate swaps, hedging fixed rate borrowings, together with the gain or loss in the fair value of the hedged fixed rate borrowings attributable to interest rate risk; •   the gain or loss relating to the ineffective portion of the hedge. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used is amortised to the income statement over the period to maturity using a recalculated effective interest rate. •   Changes in the fair value of derivatives designated as cash flow hedges are recognised directly in other comprehensive income and accumulated in equity in the hedging reserve to the extent that the hedge is highly effective. •   To the extent that the hedge is ineffective, changes in fair value are recognised immediately in the income statement. •   Amounts accumulated in equity are transferred to the income statement or the balance sheet for a non-financial •   When a hedging instrument expires or is sold, terminated or exercised, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the underlying forecast transaction occurs. •   When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement. Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognised immediately in the income statement. Valuation hierarchy The carrying amount of financial assets and liabilities measured at fair value is principally calculated based on inputs other than quoted prices that are observable for these financial assets or liabilities, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, fair value is estimated based on the Group’s views on relevant future prices, net of valuation allowances to accommodate liquidity, modelling and other risks implicit in such estimates. The inputs used in fair value calculations are determined by the relevant segment or function. The functions support the assets and operate under a defined set of accountabilities authorised by the Executive Leadership Team. Movements in the fair value of financial assets and liabilities may be recognised through the income statement or in other comprehensive income. For financial assets and liabilities carried at fair value, the Group uses the following to categorise the method used: Fair value hierarchy Level 1 Level 2 Level 3 Valuation method Based on quoted prices (unadjusted) in active markets for identical financial assets and liabilities. Based on inputs other than quoted prices included within Level 1 that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Based on inputs not observable in the market using appropriate valuation models, including discounted cash flow modelling. The financial assets and liabilities are presented by class in the tables below at their carrying amounts, which generally approximate to fair value. In the case of US$3,019 million (2017: US$3,019 million) of fixed rate debt not swapped to floating rate, the fair value at 30 June 2018 was US$3,434 million (2017: US$3,523 million). 2018 US$M Loans and Available Held at fair Cash flow Other at Total Fair value hierarchy (1) Level 3 Levels 1,2 & 3 Level 2 Current cross currency and interest rate swaps – – 12 – – 12 Current other derivative contracts (2) – – 170 – – 170 Current available for sale shares and other investments (3)(4) – – 18 – – 18 Non-current – – 423 (27 ) – 396 Non-current (2) – – 195 – – 195 Non-current (3)(4)(5) – 80 328 – – 408 Total other financial assets – 80 1,146 (27 ) – 1,199 Cash and cash equivalents 15,871 – – – – 15,871 Trade and other receivables (6) 1,799 – 1,126 – – 2,925 Loans to equity accounted investments 13 – – – – 13 Total financial assets 17,683 80 2,272 (27 ) – 20,008 Non-financial 91,985 Total assets 111,993 Current cross currency and interest rate swaps – – 171 (50 ) – 121 Current other derivative contracts (2)(7) – – 17 – – 17 Non-current – – 298 794 – 1,092 Non-current (2)(7) – – 1 – – 1 Total other financial liabilities – – 487 744 – 1,231 Trade and other payables (8) – – 377 – 5,414 5,791 Bank overdrafts and short-term borrowings (9) – – – – 58 58 Bank loans (9) – – – – 2,555 2,555 Notes and debentures (9) – – – – 23,298 23,298 Finance leases – – – – 802 802 Other (9) – – – – 92 92 Total financial liabilities – – 864 744 32,219 33,827 Non-financial 17,496 Total liabilities 51,323 2017 US$M Loans and Available Held at fair Cash Other Total Fair value hierarchy (1) Level 3 Levels 1,2 & 3 Level 2 Current other derivative contracts (2) – – 41 – – 41 Current available for sale shares and other investments (3) (4) – – 31 – – 31 Non-current – – 578 27 – 605 Non-current (2) – – 332 – – 332 Non-current (3) (4) (5) – 70 274 – – 344 Total other financial assets – 70 1,256 27 – 1,353 Cash and cash equivalents 14,153 – – – – 14,153 Trade and other receivables (6) 1,813 – 920 – – 2,733 Loans to equity accounted investments 644 – – – – 644 Total financial assets 16,610 70 2,176 27 – 18,883 Non-financial 98,123 Total assets 117,006 Current cross currency and interest rate swaps – – (4 ) 254 – 250 Current other derivative contracts (2) (7) – – 144 – – 144 Non-current – – 42 1,053 – 1,095 Non-current (2) (7) – – 4 7 – 11 Total other financial liabilities – – 186 1,314 – 1,500 Trade and other payables (8) – – 502 – 4,920 5,422 Bank overdrafts and short-term borrowings (9) – – – – 45 45 Bank loans (9) – – – – 2,281 2,281 Notes and debentures (9) – – – – 27,041 27,041 Finance leases – – – – 897 897 Other (9) – – – – 210 210 Total financial liabilities – – 688 1,314 35,394 37,396 Non-financial 16,884 Total liabilities 54,280 (1) All of the Group’s financial assets and financial liabilities recognised at fair value were valued using market observable inputs categorised as Level 2 with the exception of the specified items in the following footnotes. (2) Includes other derivative contracts of US$213 million (2017: US$365 million) categorised as Level 3. (3) Includes investments held by BHP Billiton Foundation which are restricted and not available for general use by the Group of US$343 million (2017: US$304 million). (4) Includes other investments held at fair value through profit or loss (US Treasury Notes) of US$108 million categorised as Level 1 (2017: US$97 million). (5) Includes shares and other investments available for sale of US$80 million (2017: US$70 million) categorised as Level 3. (6) Excludes input taxes of US$338 million (2017: US$262 million) included in other receivables. Refer to note 7 ‘Trade and other receivables’. (7) Includes US$nil (2017: US$7 million) natural gas futures contracts used by the Group to mitigate price risk designated as cash flow hedges. (8) Excludes input taxes of US$189 million (2017: US$134 million) included in other payables. Refer to note 8 ‘Trade and other payables’. (9) All interest bearing liabilities, excluding finance leases, are unsecured. For financial instruments that are carried at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. There were no transfers between categories during the period. For financial instruments not valued at fair value on a recurring basis, the Group uses a method that can be categorised as Level 2. Offsetting financial assets and liabilities The Group enters into derivative transactions under International Swaps and Derivatives Association Master Agreements that do not meet the criteria for offsetting, but allow for the related amounts to be set-off Interest bearing liabilities and related derivatives The movement in the year in the Group’s interest bearing liabilities and related derivatives is as follows: 2018 US$M Interest bearing liabilities Derivatives liabilities Bank Notes and Finance Bank Other Cross Total At the beginning of the financial year 2,281 27,041 897 45 210 740 Proceeds from interest bearing liabilities 500 – – – 28 – 528 Settlements of debt related instruments – – – – – (218 ) (218 ) Repayment of interest bearing liabilities (221 ) (3,736 ) (81 ) – (150 ) – (4,188 ) Change from Net financing cash flows 279 (3,736 ) (81 ) – (122 ) (218 ) (3,878 ) Other movements: Interest rate impacts – (353 ) – – – 329 Foreign exchange impacts – 245 (9 ) – – (254 ) Other interest bearing liabilities/derivative related changes (5 ) 101 – 13 4 208 Liabilities transferred to held for sale – – (5 ) – – – At the end of the financial year 2,555 23,298 802 58 92 805 Recognition and measurement Financial assets and liabilities are offset and the net amount reported in the balance sheet where the Group currently has a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. |
Key management personnel
Key management personnel | 12 Months Ended |
Jun. 30, 2018 | |
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Key management personnel | 21 Key management personnel Key management personnel compensation comprises: 2018 2017 2016 US$ US$ US$ Short-term employee benefits 13,190,838 16,439,948 14,979,983 Post-employment benefits 1,506,108 1,895,828 2,356,594 Share-based payments 13,356,657 13,747,355 16,837,179 Total 28,053,603 32,083,131 34,173,756 Following the dissolution of the Operations Management Committee (OMC) in FY2018, the Remuneration Committee re-examined Non-executive Transactions and outstanding loans/amounts with key management personnel There were no purchases by key management personnel from the Group during the financial year (2017: US$ nil; 2016: US$ nil). There were no amounts payable by key management personnel at 30 June 2018 (2017: US$ nil; 2016: US$ nil). There were no loans receivable from or payable to key management personnel at 30 June 2018 (2017: US$ nil; 2016: US$ nil). Transactions with personally related entities A number of Directors of the Group hold or have held positions in other companies (personally related entities) where it is considered they control or significantly influence the financial or operating policies of those entities. There were no transactions with those entities and no amounts were owed by the Group to personally related entities at 30 June 2018 (2017: US$ nil; 2016: US$ nil). For more information on remuneration and transactions with key management personnel, refer to section 3. |
Employee share ownership plans
Employee share ownership plans | 12 Months Ended |
Jun. 30, 2018 | |
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Employee share ownership plans | 22 Employee share ownership plans Awards, in the form of the right to receive ordinary shares in either BHP Billiton Limited or BHP Billiton Plc, have been granted under the following employee share ownership plans: Long-Term Incentive Plan (LTIP), Short-Term Incentive Plan (STIP), Management Award Plan (MAP), Group Short-Term Incentive Plan (GSTIP), Transitional Executive KMP awards and the all-employee Some awards are eligible to receive a cash payment, or the equivalent value in shares, equal to the dividend amount that would have been earned on the underlying shares awarded to those participants (the Dividend Equivalent Payment, or DEP). The DEP is provided to the participants once the underlying shares are allocated or transferred to them. Awards under the plans do not confer any rights to participate in a share issue; however, there is discretion under each of the plans to adjust the awards in response to a variation in the share capital of BHP Billiton Limited or BHP Billiton Plc. The table below provides a description of each of the plans. Plan STIP and GSTIP LTIP and MAP Transitional Executive Shareplus Type Short-term incentive Long-term incentive Long-term incentive All-employee Overview The STIP is a plan for the Executive KMP and the GSTIP is a plan for BHP senior management who are not KMP. Under both plans, half of the value of a participant’s short-term incentive amount is awarded as rights to receive BHP Billiton Limited or BHP Billiton Plc shares at the end of the vesting period. The LTIP is a plan for Executive KMP and awards are granted annually. The MAP is a plan for BHP senior management who are not KMP. The number of share rights awarded is determined by a participant’s role and grade. Awards may be granted to new Executive KMP recruited from within the Group to bridge the gap created by the different timeframes of the vesting of MAP awards, granted in their non-KMP Employees may contribute up to US$5,000 to acquire shares in any plan year. On the third anniversary of the start of a plan year, the Group will match the number of acquired shares. Vesting conditions Service condition only. LTIP: Service and performance conditions. For awards granted from December 2013 onwards, BHP’s Total Shareholder Return (TSR) (1) (1) MAP: Service conditions only. Service conditions and performance conditions. The Remuneration Committee has absolute discretion to determine if the performance condition has been met and whether any, all or part of the award will vest (or otherwise lapse), having regard to (but not limited to) the BHP’s TSR (1) Service conditions only. Vesting period 2 years LTIP – 5 years MAP – 1 to 5 years 3 years or 4 years 3 years Dividend Equivalent Payment Yes, except GSTIP awards granted after 1 July 2011 Yes, except MAP granted after 1 July 2011 No No Exercise period None LTIP – None MAP – None None None (1) BHP’s TSR is the weighted average of the TSRs of BHP Billiton Limited and BHP Billiton Plc. Employee share awards 2018 Number Number of Number of Number of Number of Number of Weighted BHP Billiton Limited STIP awards 497,634 274,743 464,349 – 308,028 – 1.0 GSTIP awards 2,001,583 1,422,338 1,383,656 31,810 2,008,455 28,981 0.8 LTIP awards 4,679,513 1,523,309 65,247 156,600 5,980,975 – 2.5 Transitional OMC awards 137,194 – 61,485 28,869 46,840 – 0.7 MAP awards 7,348,428 5,731,891 2,185,614 515,442 10,379,263 60,134 1.5 Shareplus 5,998,517 2,483,091 3,184,545 521,984 4,775,079 – 1.2 Employee Share Plan shares (legacy plan) 338,883 – 338,883 – – – n/a BHP Billiton Plc GSTIP awards 84,250 40,957 59,577 1,762 63,868 – 0.8 LTIP awards 386,912 – 74,988 311,924 – – n/a MAP awards 596,443 133,926 406,783 8,135 315,451 – 1.3 Shareplus 336,108 137,832 165,450 26,331 282,159 – 1.2 Fair value and assumptions in the calculation of fair value for awards issued 2018 Weighted Risk-free Estimated Share Estimated Dividend BHP Billiton Limited STIP awards 20.65 n/a 3 years A$27.97 n/a n/a GSTIP awards 18.83 n/a 3 years A$25.98 n/a 4.30 % LTIP awards 13.11 2.08 % 5 years A$27.97 33.0 % n/a MAP awards 18.37 n/a 1-2-3 years A$25.98 n/a 4.30 % Shareplus 18.12 1.85 % 3 years A$24.00 n/a 4.33 % BHP Billiton Plc GSTIP awards 16.48 n/a 3 years £13.29 n/a 5.10 % MAP awards 15.62 n/a 1-2-3 £13.29 n/a 5.10 % Shareplus 13.48 0.17 % 3 years £12.34 n/a 5.10 % Employee share awards expense is US$123.313 million (2017: US$106.214 million; 2016: US$140.445 million). (1) (1) Total employee share awards expense includes Onshore US. Refer to note 4 ‘Expenses and other income’ employee share awards for continuing operations. Recognition and measurement The fair value at grant date of equity-settled share awards is charged to the income statement over the period for which the benefits of employee services are expected to be derived. The fair values of awards granted were estimated using a Monte Carlo simulation methodology and Black-Scholes option pricing technique and consider the following factors: • exercise price; • expected life of the award; • current market price of the underlying shares; • expected volatility using an analysis of historic volatility over different rolling periods. For the LTIP, it is calculated for all sector comparators and the published MSCI World index; • expected dividends; • risk-free interest rate, which is an applicable government bond rate; • market-based performance hurdles; • non-vesting Where awards are forfeited because non-market-based The tax effect of awards granted is recognised in income tax expense, except to the extent that the total tax deductions are expected to exceed the cumulative remuneration expense. In this situation, the excess of the associated current or deferred tax is recognised in other comprehensive income and forms part of the employee share awards reserve. The fair value of awards as presented in the tables above represents the fair value at grant date. In respect of employee share awards, the Group utilises the Billiton Employee Share Ownership Trust and the BHP Billiton Limited Employee Equity Trust. The trustees of these trusts are independent companies, resident in Jersey. The trusts use funds provided by the Group to acquire ordinary shares to enable awards to be made or satisfied. The ordinary shares may be acquired by purchase in the market or by subscription at not less than nominal value. The BHP Billiton Limited Employee Equity Trust has waived its rights to current and future dividends on shares held to meet future awards under the plans. |
Pension and other post-retireme
Pension and other post-retirement obligations | 12 Months Ended |
Jun. 30, 2018 | |
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Pension and other post-retirement obligations | 24 Pension and other post-retirement obligations The Group operates or participates in a number of pension (including superannuation) schemes throughout the world. The funding of the schemes complies with local regulations. The assets of the schemes are generally held separately from those of the Group and are administered by trustees or management boards. Schemes/ Obligations Description Defined contribution pension schemes and multi-employer pension schemes For defined contribution schemes or schemes operated on an industry-wide basis where it is not possible to identify assets attributable to the participation by the Group’s employees, the pension charge is calculated on the basis of contributions payable. The Group contributed US$277 million during the financial year (2017: US$247 million; 2016: US$232 million) to defined contribution plans and multi-employer defined contribution plans. These contributions are expensed as incurred. Defined benefit pension schemes For defined benefit pension schemes, the cost of providing pensions is charged to the income statement so as to recognise current and past service costs, net interest cost on the net defined benefit obligations/plan assets and the effect of any curtailments or settlements. Remeasurement gains and losses are recognised directly in equity. An asset or liability is consequently recognised in the balance sheet based on the present value of defined benefit obligations less the fair value of plan assets, except that any such asset cannot exceed the present value of expected refunds from and reductions in future contributions to the plan. Defined benefit obligations are estimated by discounting expected future payments using market yields at the reporting date on high-quality corporate bonds in countries that have developed corporate bond markets. However, where developed corporate bond markets do not exist, the discount rates are selected by reference to national government bonds. In both instances, the bonds are selected with terms to maturity and currency that match, as closely as possible, the estimated future cash flows. The Group has closed all defined benefit pension schemes to new entrants. Defined benefit pension schemes remain operating in Australia, the United States, Canada and Europe for existing members. Full actuarial valuations are prepared and updated annually to 30 June by local actuaries for all schemes. The Group operates final salary schemes (that provide final salary benefits only), non-salary Defined benefit post-retirement medical schemes The Group operates a number of post-retirement medical schemes in the United States, Canada and Europe and certain Group companies provide post-retirement medical benefits to qualifying retirees. In some cases, the benefits are provided through medical care schemes to which the Group, the employees, the retirees and covered family members contribute. Full actuarial valuations are prepared by local actuaries for all schemes. These schemes are recognised on the same basis as described for defined benefit pension schemes. All of the post-retirement medical schemes in the Group are unfunded. Defined benefit post-employment obligations The Group has a legal obligation to provide post-employment benefits to employees in Chile. The benefit is a function of an employee’s final salary and years of service. These obligations are recognised on the same basis as described for defined benefit pension schemes. Full actuarial valuations are prepared by local actuaries. These post-employment obligations are unfunded. Risk The Group’s defined benefit schemes/obligations expose the Group to a number of risks, including asset value volatility, interest rate variations, inflation, longevity and medical expense inflation risk. Recognising this, the Group has adopted an approach of moving away from providing defined benefit pensions. The majority of Group-sponsored defined benefit pension schemes have been closed to new entrants for many years. Existing benefit schemes and the terms of employee participation in these schemes are reviewed on a regular basis. Fund assets The Group follows a coordinated strategy for the funding and investment of its defined benefit pension schemes (subject to meeting all local requirements). The Group’s aim is for the value of defined benefit pension scheme assets to be maintained at close to the value of the corresponding benefit obligations, allowing for some short-term volatility. Scheme assets are invested in a diversified range of asset classes, predominantly comprising bonds and equities. The Group’s aim is to progressively shift defined benefit pension scheme assets towards investments that match the anticipated profile of the benefit obligations, as funding levels improve and benefit obligations mature. Over time, this is expected to result in a further reduction in the total exposure of pension scheme assets to equity markets. For pension schemes that pay lifetime benefits, the Group may consider and support the purchase of annuities to back these benefit obligations if it is commercially sensible to do so. Net liability recognised in the Consolidated Balance Sheet The net liability recognised in the Consolidated Balance Sheet is as follows: Defined benefit pension Post-retirement medical 2018 2017 2018 2017 US$M US$M US$M US$M Present value of funded defined benefit obligation 616 665 – – Present value of unfunded defined benefit obligation 274 256 192 204 Fair value of defined benefit scheme assets (633 ) (687 ) – – Scheme deficit 257 234 192 204 Unrecognised surplus – – – – Unrecognised past service credits – – – – Adjustment for employer contributions tax – – – – Net liability recognised in the Consolidated Balance Sheet 257 234 192 204 The Group has no legal obligation to settle these liabilities with any immediate contributions or additional one-off |
Employees
Employees | 12 Months Ended |
Jun. 30, 2018 | |
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Employees | 25 Employees 2018 2017 2016 Number Number Number Average number of employees (1) Australia 16,504 15,906 15,834 South America 6,729 6,361 6,509 North America 1,839 2,072 2,748 Asia 1,368 1,019 822 Europe 70 74 61 Total average number of employees from Continuing operations 26,510 25,432 25,974 Total average number of employees from Discontinued operations 651 714 853 Total average number of employees 27,161 26,146 26,827 (1) Average employee numbers include the Executive Director, 100 per cent of employees of subsidiary companies and our share of employees of joint operations. Employees of equity accounted investments are not included. Part-time employees are included on a full-time equivalent basis. Employees of businesses disposed of during the year are included for the period of ownership. Contractors are not included. Group and related party information |
Discontinued operations
Discontinued operations | 12 Months Ended |
Jun. 30, 2018 | |
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Discontinued operations | 26 Discontinued operations On 27 July 2018 BHP announced that it had entered into agreements for the sale of its entire interests in its Eagle Ford, Haynesville, Permian and Fayetteville Onshore US oil and gas assets for a combined base consideration of US$10.8 billion, payable in cash. BP American Production Company, a wholly owned subsidiary of BP Plc, has agreed to acquire 100 per cent of the issued share capital of Petrohawk Energy Corporation, the BHP subsidiary which holds the Eagle Ford (being Black Hawk and Hawkville), Haynesville and Permian assets, for a consideration of US$10.5 billion (less customary completion adjustments), comprising 50 per cent paid in cash at completion and 50 per cent in deferred consideration, payable in cash over a six month period. MMGJ Hugoton III, LLC, a company owned by Merit Energy Company, has agreed to acquire 100 per cent of the issued share capital of BHP Billiton Petroleum (Arkansas) Inc. and 100 per cent of the membership interests in BHP Billiton Petroleum (Fayetteville) LLC, which hold the Fayetteville assets, for a total consideration of US$0.3 billion (less customary completion adjustments), paid in cash at completion. Both sales are subject to the satisfaction of customary regulatory approvals and conditions precedent and are expected to complete by the end of October 2018. Significant joint operations that have been classified as assets and liabilities held for sale are listed below: Significant joint operations Country of Group interest (1) Principal activity 2018 2017 Eagle Ford US Hydrocarbons exploration and production <1-100 <1-100 Fayetteville US Hydrocarbons exploration and production <1-100 <1-100 Haynesville US Hydrocarbons exploration and production <1-100 <1-100 Permian US Hydrocarbons exploration and production <1-100 <1-100 (1) Ranges reflect the Group’s interest in multiple joint arrangements within the joint operation. The contribution of Discontinued operations included within the Group’s profit and cash flows are detailed below: Income statement – Discontinued operations 2018 2017 2016 US$M US$M US$M Revenue 2,171 2,150 2,345 Other income 34 74 12 Expenses excluding net finance costs (5,790 ) (3,025 ) (11,396 ) Loss from operations (3,585 ) (801 ) (9,039 ) Financial expenses (22 ) (14 ) (11 ) Net finance costs (22 ) (14 ) (11 ) Loss before taxation (3,607 ) (815 ) (9,050 ) Income tax benefit 686 343 3,155 Loss after taxation (2,921 ) (472 ) (5,895 ) Attributable to non-controlling 26 13 (49 ) Attributable to BHP shareholders (2,947 ) (485 ) (5,846 ) Basic loss per ordinary share (cents) (55.4 ) (9.1 ) (109.8 ) Diluted loss per ordinary share (cents) (55.4 ) (9.1 ) (109.8 ) The total comprehensive income attributable to BHP shareholders from Discontinued operations was a loss of US$2,943 million (2017: loss of US$489 million; 2016: loss of US$5,846 million). The conversion of options and share rights would decrease the loss per share for the years ended 30 June 2018, 2017 and 2016 and therefore its impact has been excluded from the diluted earnings per share calculation. Cash flows from Discontinued operations 2018 2017 2016 US$M US$M US$M Net operating cash flows 900 928 785 Net investing cash flows (1) (861 ) (437 ) (1,227 ) Net financing cash flows (2) (40 ) (28 ) (32 ) Net (decrease)/increase in cash and cash equivalents from Discontinued operations (1 ) 463 (474 ) (1) Includes purchases of property, plant and equipment of US$900 million (2017: US$555 million; 2016: US$1,239 million), capitalised exploration of US$ nil (2017: US$ nil; 2016: US$2 million) less proceeds from sale of assets of US$39 million (2017: US$118 million; 2016: US$14 million). (2) Includes net repayment of interest bearing liabilities of US$4 million (2017: US$6 million; 2016: US$7 million), distribution/(contribution) to non-controlling non-controlling Assets and liabilities held for sale The assets and liabilities classified as current assets and liabilities held for sale are presented in the table below: 2018 US$M Assets Trade and other receivables 529 Other financial assets 2 Inventories 36 Property, plant and equipment 10,672 Intangible assets 667 Other 33 Total assets 11,939 Liabilities Trade and other payables 725 Interest bearing liabilities 5 Other financial liabilities 3 Provisions 489 Total liabilities 1,222 Net assets 10,717 Exceptional items – Discontinued operations Exceptional items are those gains or losses where their nature, including the expected frequency of the events giving rise to them, and amount is considered material to the Financial Statements. Such items related to Discontinued operations included within the Group’s profit for the year are detailed below: Year ended 30 June 2018 Gross Tax Net US$M US$M US$M Exceptional items by category US tax reform – 492 492 Impairment of Onshore US assets (2,859 ) 109 (2,750 ) Total (2,859 ) 601 (2,258 ) Attributable to non-controlling – – – Attributable to BHP shareholders (2,859 ) 601 (2,258 ) US tax reform On 22 December 2017, the US President signed the Tax Cuts and Jobs Act (TCJA) into law. The TCJA (effective 1 January 2018) includes a broad range of tax reforms affecting the Group, including, but not limited to, a reduction in the US corporate tax rate from 35 per cent to 21 per cent and changes to international tax provisions. As a result of the TCJA, the Group has recognised an exceptional income tax benefit of US$492 million relating to the re-measurement Impairment of Onshore US assets For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows. At 30 June 2018, the Onshore US assets, including goodwill, have been allocated to two CGUs reflecting the separately identifiable cash flows expected from the divestment of the assets. The Group recognised impairment charges as follows: Cash generating unit Property, Goodwill Total US$M US$M US$M Petrohawk – (2,253 ) (2,253 ) Fayetteville (520 ) (86 ) (606 ) Total impairment of non-current (520 ) (2,339 ) (2,859 ) The charges reflect a robust and competitive exit process with fair value based on the agreed sales consideration (Level 2 of the fair value hierarchy) less expected costs of disposal. In previous reporting periods the Group performed impairment testing of the five individual Onshore US assets as each asset had separately identifiable cash flows. In addition, the goodwill attributable to the Onshore US group of CGUs (2017: US$3,022 million) was tested for impairment after the assessment of the individual CGUs. The recoverable amount determinations for the Onshore US CGUs were based on FVLCD using discounted cash flow techniques. The FVLCD calculations were based primarily on Level 3 inputs and significant assumptions included management’s assessment of a market participant’s perspective of crude oil and natural gas prices, production volumes and discount rates. Year ended 30 June 2017 There were no exceptional items related to Discontinued operations for the year ended 30 June 2017. Year ended 30 June 2016 Gross Tax Net US$M US$M US$M Exceptional items by category Impairment of Onshore US assets (7,184 ) 2,300 (4,884 ) Total (7,184 ) 2,300 (4,884 ) Attributable to non-controlling (80 ) 29 (51 ) Attributable to BHP shareholders (7,104 ) 2,271 (4,833 ) Impairment of Onshore US assets The Group recognised an impairment charge of US$4,884 million (after tax benefit) against the carrying value of its Onshore US assets in the year ended 30 June 2016. The impairment reflects changes to price assumptions, discount rates and development plans. This follows significant volatility and much weaker prices experienced in the oil and gas industry, which have more than offset the Group’s substantial productivity improvements. |
Subsidiaries
Subsidiaries | 12 Months Ended |
Jun. 30, 2018 | |
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Subsidiaries | 27 Subsidiaries Significant subsidiaries of the Group are those with the most significant contribution to the Group’s net profit or net assets. The Group’s interest in the subsidiaries results are listed in the table below. For a complete list of the Group’s subsidiaries, refer to Exhibit 8.1 – List of Subsidiaries. Significant subsidiaries Country of Group interest Principal activity 2018 % 2017 Coal BHP Billiton Mitsui Coal Pty Ltd Australia Coal mining 80 80 Hunter Valley Energy Coal Pty Ltd Australia Coal mining 100 100 Copper BHP Billiton Olympic Dam Corporation Pty Ltd Australia Copper and uranium mining 100 100 Compañia Minera Cerro Colorado Limitada Chile Copper mining 100 100 Minera Escondida Limitada (1) Chile Copper mining 57.5 57.5 Minera Spence S.A. Chile Copper mining 100 100 Iron Ore BHP Billiton Iron Ore Pty Ltd Australia Service company 100 100 BHP Billiton Minerals Pty Ltd Australia Iron ore and coal mining 100 100 BHP Iron Ore (Jimblebar) Pty Ltd (2) Australia Iron ore mining 85 85 BHP Billiton (Towage Service) Pty Ltd Australia Freight services 100 100 Marketing BHP Billiton Freight Singapore Pte Limited Singapore Freight services 100 100 BHP Billiton Marketing AG Switzerland Marketing and trading 100 100 BHP Billiton Marketing Asia Pte Ltd Singapore Marketing support and other services 100 100 Group and Unallocated BHP Billiton Canada Inc. Canada Potash development 100 100 BHP Billiton Finance BV The Finance 100 100 BHP Billiton Finance Limited Australia Finance 100 100 BHP Billiton Finance (USA) Ltd Australia Finance 100 100 BHP Billiton Group Operations Pty Ltd Australia Administrative services 100 100 BHP Billiton International Services Ltd UK Service company 100 100 BHP Billiton Nickel West Pty Ltd Australia Nickel mining, smelting, refining and administrative services 100 100 WMC Finance (USA) Limited Australia Finance 100 100 (1) As the Group has the ability to direct the relevant activities at Minera Escondida Limitada, it has control over the entity. The assessment of the most relevant activity in this contractual arrangement is subject to judgement. The Group establishes the mine plan and the operating budget and has the ability to appoint the key management personnel, demonstrating that the Group has the existing rights to direct the relevant activities of Minera Escondida Limitada. (2) The Group has an effective interest of 92.5 per cent in BHP Iron Ore (Jimblebar) Pty Ltd; however, by virtue of the shareholder agreement with ITOCHU Minerals & Energy of Australia Pty Ltd and Mitsui & Co. Iron Ore Exploration & Mining Pty Ltd, the Group’s interest in the Jimblebar mining operation is 85 per cent, which is consistent with the other respective contractual arrangements at Western Australia Iron Ore. |
Investments accounted for using
Investments accounted for using the equity method | 12 Months Ended |
Jun. 30, 2018 | |
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Investments accounted for using the equity method | 28 Investments accounted for using the equity method Significant interests in equity accounted investments of the Group are those with the most significant contribution to the Group’s net profit or net assets. The Group’s ownership interest in equity accounted investments results are listed in the table below. For a complete list of the Group’s associates and joint ventures, refer to Exhibit 8.1 – List of Subsidiaries. Significant associates and joint ventures Country of Associate or joint Principal Reporting Ownership interest 2018 2017 Cerrejón Anguilla/ Associate Coal mining in Colombia 31 December 33.33 33.33 CompañÃa Minera Antamina S.A. (Antamina) Peru Associate Copper and zinc mining 31 December 33.75 33.75 Samarco Mineração S.A. (Samarco) Brazil Joint Iron ore mining 31 December 50.00 50.00 Voting in relation to relevant activities in Antamina and Cerrejón, determined to be the approval of the operating and capital budgets, does not require unanimous consent of all participants to the arrangement, therefore joint control does not exist. Instead, because the Group has the power to participate in the financial and operating policies of the investee, these investments are accounted for as associates. Samarco is jointly owned by BHP Billiton Brasil and Vale. As the Samarco entity has the rights to the assets and obligations to the liabilities relating to the joint arrangement and not its owners, this investment is accounted for as a joint venture. The Group is restricted in its ability to make dividend payments from its investments in associates and joint ventures as any such payments require the approval of all investors in the associates and joint ventures. The ownership interest at the Group’s and the associates’ or joint ventures’ reporting dates are the same. When the annual financial reporting date is different to the Group’s, financial information is obtained as at 30 June in order to report on an annual basis consistent with the Group’s reporting date. The movement for the year in the Group’s investments accounted for using the equity method is as follows: Year ended 30 June 2018 US$M Investment in Investment in Total equity At the beginning of the financial year 2,448 – 2,448 Profit/(loss) from equity accounted investments, related impairments and expenses (1) 656 (509 ) 147 Investment in equity accounted investments 62 80 142 Dividends received from equity accounted investments (693 ) – (693 ) Other – 429 429 At the end of the financial year 2,473 – 2,473 (1) US$(509) million represents US$(80) million share of loss from US$(80) million funding provided during the period and US$(429) million movement in the Samarco dam failure provision including US$(560) million change in estimate and US$131 million exchange translation. Refer to note 3 ‘Significant events – Samarco dam failure’ for further information. The following table summarises the financial information relating to each of the Group’s significant equity accounted investments. BHP Billiton Brasil’s 50 per cent portion of Samarco’s commitments, for which BHP Billiton Brasil has no funding obligation, is US$550 million (2017: US$750 million). Associates Joint ventures 2018 US$M Antamina Cerrejón Individually (1) Samarco (2) Individually Total Current assets 1,099 1,187 79 (3) Non-current 4,385 2,485 6,023 Current liabilities (532 ) (585 ) (5,811 ) (4) Non-current (1,064 ) (663 ) (4,265 ) (5) Net assets/(liabilities) – 100% 3,888 2,424 (3,974 ) Net assets/(liabilities) – Group share 1,312 808 (1,987 ) Adjustments to net assets related to accounting policy adjustments 1 75 357 (6) Impairment of the carrying value of the investment in Samarco – – (525 ) (7) Additional share of Samarco losses – – 2,092 (8) Unrecognised losses – – 63 (9) Carrying amount of investments accounted for using the equity method 1,313 883 277 – – 2,473 Revenue – 100% 4,262 2,453 30 Profit/(loss) from Continuing operations – 100% 1,613 576 (1,558 ) (10) Share of operating profit/(loss) of equity accounted investments 544 192 (823 ) Additional share of Samarco losses – – 251 Unrecognised losses – – 63 (9) Profit/(loss) from equity accounted investments, related impairments and expenses 544 192 (80 ) (509 ) – 147 Comprehensive income – 100% 1,613 576 (1,558 ) Share of comprehensive income/(loss) – Group share in equity accounted investments 544 192 (80 ) (509 ) – 147 Dividends received from equity accounted investments 496 181 16 – – 693 Associates Joint ventures 2017 US$M Antamina Cerrejón Individually (1) Samarco (2) Individually Total Current assets 995 782 174 (3) Non-current 4,273 2,540 6,128 Current liabilities (530 ) (364 ) (5,236 ) (4) Non-current (993 ) (621 ) (3,482 ) (5) Net assets/(liabilities) – 100% 3,745 2,337 (2,416 ) Net assets/(liabilities) – Group share 1,264 779 (1,208 ) Adjustments to net assets related to accounting policy adjustments 1 80 401 (6) Impairment of the carrying value of the investment in Samarco – – (525 ) (7) Additional share of Samarco losses – – 1,332 Carrying amount of investments accounted for using the equity method 1,265 859 324 – – 2,448 Revenue – 100% 3,317 2,247 28 Profit/(loss) from Continuing operations – 100% 1,010 388 (1,520 ) (10) Share of operating profit/(loss) of equity accounted investments 341 129 (760 ) Additional share of Samarco losses – – 588 Profit/(loss) from equity accounted investments, related impairments and expenses 341 129 (26 ) (172 ) – 272 Comprehensive income – 100% 1,010 388 (1,520 ) Share of comprehensive income/(loss) – Group share in equity accounted investments 341 129 (26 ) (172 ) – 272 Dividends received from equity accounted investments 425 163 32 – – 620 Associates Joint ventures 2016 US$M Antamina Cerrejón Individually Samarco (2) Individually Total Revenue – 100% 2,639 1,575 937 Profit/(loss) from Continuing operations – 100% 606 (73 ) (2,182 ) Share of operating profit/(loss) of equity accounted investments 203 (24 ) (39 ) (1,091 ) (11) – (951 ) Samarco dam failure provision expense – – – (628 ) (7) – (628 ) Impairment of the carrying value of the investment in Samarco – – – (525 ) (7) – (525 ) Profit/(loss) from equity accounted investments, related impairments and expenses 203 (24 ) (39 ) (2,244 ) – (2,104 ) Comprehensive income – 100% 606 (73 ) (2,182 ) Share of comprehensive income/(loss) – Group share in equity accounted investments 203 (24 ) (39 ) (2,244 ) – (2,104 ) Dividends received from equity accounted investments 233 29 31 – – 293 (1) The unrecognised share of losses for the period was US$56 million (2017: unrecognised share of profits for the period was US$21 million), which increased the cumulative losses to US$196 million (2017: decrease to US$140 million). (2) Refer to note 3 ‘Significant events – Samarco dam failure’ for further information regarding the financial impact of the Samarco dam failure in November 2015 on BHP Billiton Brasil’s share of Samarco’s losses. (3) Includes cash and cash equivalents of US$23 million (2017: US$29 million). (4) Includes current financial liabilities (excluding trade and other payables and provisions) of US$5,066 million (2017: US$4,581 million). (5) Includes non-current (6) Relates mainly to dividends declared by Samarco that remain unpaid at balance date and which, in accordance with the Group’s accounting policy, are recognised when received not receivable. (7) BHP Billiton Brasil has adjusted its investment in Samarco to US$ nil (resulting from US$(655) million share of loss from Samarco and US$(525) million impairment) and recognised a provision of US$(1,200) million for obligations under the Framework Agreement. US$(572) million of the US$(1,200) million provision represents an additional share of loss from Samarco with the remaining US$(628) million recognised as provision expense. (8) BHP Billiton Brasil has recognised accumulated additional share of Samarco losses of US($2,092) million resulting from US$(214) million share of loss from funding provided to Samarco and US$(1,878) million relating to obligations under the Framework Agreement, including US$(211) million recognised as net finance costs. (9) Share of Samarco’s losses for which BHP Billiton Brasil does not have an obligation to fund. (10) Includes depreciation and amortisation of US$73 million (2017: US$88 million; 2016: US$148 million), interest income of US$31 million (2017: US$57 million; 2016: US$43 million), interest expense of US$385 million (2017: US$473 million; 2016: US$209 million) and income tax (expense)/benefit of US$(154) million (2017: US$(851) million; 2016: US$564 million). (11) US$(1,091) million represents US$(1,227) million share of loss relating to the Samarco dam failure (exceptional item) and US$136 million share of operating profit prior to the dam failure. |
Interests in joint operations
Interests in joint operations | 12 Months Ended |
Jun. 30, 2018 | |
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Interests in joint operations | 29 Interests in joint operations Significant joint operations of the Group are those with the most significant contributions to the Group’s net profit or net assets. The Group’s interest in the joint operations results are listed in the table below. For a list of significant joint operations of the Group classified as ‘held for sale’ refer to note 26 ‘Discontinued operations’. For a complete list of the Group’s investments in joint operations, refer to Exhibit 8.1 – List of Subsidiaries. Group interest Significant joint operations Country of operation Principal activity 2018 % 2017 Bass Strait Australia Hydrocarbons production 50 50 Greater Angostura Trinidad and Tobago Hydrocarbons production 45 45 Gulf of Mexico US Hydrocarbons exploration and production 23.9–44 23.9–44 Macedon (1) Australia Hydrocarbons exploration and production 71.43 71.43 North West Shelf Australia Hydrocarbons production 12.5–16.67 12.5–16.67 Pyrenees (1) Australia Hydrocarbons exploration and production 40–71.43 40–71.43 ROD Integrated Development (2) Algeria Hydrocarbons exploration and production 29.50 29.50 Mt Goldsworthy (3) Australia Iron ore mining 85 85 Mt Newman (3) Australia Iron ore mining 85 85 Yandi (3) Australia Iron ore mining 85 85 Central Queensland Coal Associates Australia Coal mining 50 50 (1) While the Group holds a greater than 50 per cent interest in these joint operations, all the participants in these joint operations approve the operating and capital budgets and therefore the Group has joint control over the relevant activities of these arrangements. (2) Group interest reflects the working interest and may vary year-on-year (3) These contractual arrangements are controlled by the Group and do not meet the definition of joint operations. However, as they are formed by contractual arrangement and are not entities, the Group recognises its share of assets, liabilities, revenue and expenses arising from these arrangements. Assets held in joint operations subject to significant restrictions are as follows: Group share 2018 2017 US$M US$M (2) Current assets 2,445 2,755 Non-current 36,144 51,446 Total assets (1) 38,589 54,201 (1) While the Group is unrestricted in its ability to sell a share of its interest in these joint operations, it does not have the right to sell individual assets that are used in these joint operations without the unanimous consent of the other participants. The assets in these joint operations are also restricted to the extent that they are only available to be used by the joint operation itself and not by other operations of the Group. (2) Includes US$14,408 million related to Onshore US assets. |
Related party transactions
Related party transactions | 12 Months Ended |
Jun. 30, 2018 | |
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Related party transactions | 30 Related party transactions The Group’s related parties are predominantly subsidiaries, joint operations, joint ventures and associates and key management personnel of the Group. Disclosures relating to key management personnel are set out in note 21 ‘Key management personnel’. Transactions between each parent company and its subsidiaries are eliminated on consolidation and are not disclosed in this note. • All transactions to/from related parties are made at arm’s length, i.e. at normal market prices and rates and on normal commercial terms. • Outstanding balances at year-end co-funding • No guarantees are provided or received for any related party receivables or payables. • No provision for doubtful debts has been recognised in relation to any outstanding balances and no expense has been recognised in respect of bad or doubtful debts due from related parties. • There were no other related party transactions in the year ended 30 June 2018 (2017: US$ nil), other than those with post-employment benefit plans for the benefit of Group employees. These are shown in note 24 ‘Pension and other post-retirement obligations’. Transactions with related parties Further disclosures related to other related party transactions are as follows: Joint operations Joint ventures Associates 2018 2017 2018 2017 2018 2017 US$M US$M US$M US$M US$M US$M Sales of goods/services – – – – – – Purchases of goods/services – – – – 1,358.016 1,052.885 Interest income 1.764 1.850 – – 19.337 34.911 Interest expense – 0.010 – – – 0.006 Dividends received – – – – 693.105 619.894 Net loans made to/(repayments from) related parties 60.566 (82.701 ) – – (599.979 ) (272.276 ) Outstanding balances with related parties Disclosures in respect of amounts owing to/from joint operations represent the amount that does not eliminate on consolidation. Joint operations Joint ventures Associates 2018 2017 2018 2017 2018 2017 US$M US$M US$M US$M US$M US$M Trade amounts owing to related parties – – – – 210.716 217.803 Loan amounts owing to related parties 55.667 118.288 – – 4.097 39.097 Trade amounts owing from related parties – – – – 3.932 3.083 Loan amounts owing from related parties 18.089 20.144 – – 12.939 647.918 |
Commitments
Commitments | 12 Months Ended |
Jun. 30, 2018 | |
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Commitments | 31 Commitments The Group’s commitments for capital expenditure were US$2,110 million as at 30 June 2018 (2017: US$2,084 million). The Group’s other commitments are as follows: Commitments under finance leases Commitments under operating leases 2018 2017 2018 2017 US$M US$M US$M US$M Due not later than one year 127 135 388 420 Due later than one year and not later than five years 448 475 785 672 Due later than five years 590 705 839 660 Total 1,165 1,315 2,012 1,752 Future financing liability (363 ) (418 ) Right to reimbursement from joint operations partner – – Finance lease liability 802 897 Finance leases include leases of power generation and transmission assets. Certain lease payments may be subject to inflation escalation clauses on which contingent rentals are determined. The leases contain extension and renewal options. Operating leases include leases of property, plant and equipment. Rental payments are generally fixed, but with inflation escalation clauses on which contingent rentals are determined. Certain leases contain extension and renewal options. |
Contingent liabilities
Contingent liabilities | 12 Months Ended |
Jun. 30, 2018 | |
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Contingent liabilities | 32 Contingent liabilities 2018 2017 US$M US$M Associates and joint ventures (1) 1,588 1,784 Subsidiaries and joint operations (1) 1,915 1,825 Total 3,503 3,609 (1) There are a number of matters, for which it is not possible at this time to provide a range of possible outcomes or a reliable estimate of potential future exposures, and for which no amounts have been included in the table above. A contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by occurrence or non-occurrence When the Group has a present obligation, an outflow of economic resources is assessed as probable and the Group can reliably measure the obligation, a provision is recognised. The Group has entered into various counter-indemnities of bank and performance guarantees related to its own future performance, which are in the normal course of business. The likelihood of these guarantees being called upon is considered remote. The Group presently has tax matters, litigation and other claims, for which the timing of resolution and potential economic outflow are uncertain. Obligations assessed as having probable future economic outflows capable of reliable measurement are provided at reporting date and matters assessed as having possible future economic outflows capable of reliable measurement are included in the total amount of contingent liabilities above. Individually significant matters, including narrative on potential future exposures incapable of reliable measurement, are disclosed below, to the extent that disclosure does not prejudice the Group. Uncertain tax and royalty matters The Group is subject to a range of taxes and royalties across many jurisdictions, the application of which is uncertain in some regards. Changes in tax law, changes in interpretation of tax law, periodic challenges and disagreements with tax authorities, and legal proceedings result in uncertainty of the outcome of the application of taxes and royalties to our business. Areas of uncertainty at reporting date include the application of taxes and royalties (including transfer pricing) to the Group’s cross-border operations and transactions. Details of uncertain tax and royalty matters have been disclosed in note 5 ‘Income tax expense’. To the extent uncertain tax and royalty matters give rise to a contingent liability, an estimate of the potential liability is included within the table above, where it is capable of reliable measurement. Samarco contingent liabilities The table above includes contingent liabilities related to the Group’s equity accounting investment in Samarco to the extent they are capable of reliable measurement. Details of contingent liabilities related to Samarco are disclosed in note 3 ‘Significant events – Samarco dam failure’. Demerger of South32 As part of the demerger of South32 Limited (South32) in May 2015, certain indemnities were agreed under the Separation Deed. Subject to certain exceptions, BHP Billiton Limited indemnifies South32 against claims and liabilities relating to the Group Businesses and former Group Businesses prior to the demerger and South32 indemnifies the Group against all claims and liabilities relating to the South32 Businesses and former South32 Businesses. No material claims have been made pursuant to the Separation Deed as at 30 June 2018. |
Subsequent events
Subsequent events | 12 Months Ended |
Jun. 30, 2018 | |
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Subsequent events | 33 Subsequent events Other than the matters outlined in the Financial Statements, no matters or circumstances have arisen since the end of the financial year that have significantly affected, or may significantly affect, the operations, results of operations or state of affairs of the Group in subsequent accounting periods. |
Acquisitions and disposals of s
Acquisitions and disposals of subsidiaries, operations, joint operations and equity accounted investments | 12 Months Ended |
Jun. 30, 2018 | |
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Acquisitions and disposals of subsidiaries, operations, joint operations and equity accounted investments | 34 Acquisitions and disposals of subsidiaries, operations, joint operations and equity accounted investments Acquisitions There were no material acquisitions made during the years ended 30 June 2018, 2017 and 2016. Divestments The Group disposed of the following subsidiaries, operations, joint operations and equity accounted investments during the year ended: 30 June 2018 There were no divestments completed during the year ended 30 June 2018. 30 June 2017 • BHP Navajo Coal Company • IndoMet Coal 30 June 2016 • Pakistan gas business • San Juan Mine 2018 2017 2016 US$M US$M US$M Net assets disposed – 189 153 Gross cash consideration – 187 168 Less cash and cash equivalents disposed – – (2 ) Total consideration – 187 166 Other effects (1) – – 1 Net (loss)/gain on disposal recognised in other income – (2 ) 14 (1) Other effects include deferred consideration of US$ nil for 30 June 2018 (2017: US$ nil; 2016: US$1 million). |
Auditor's remuneration
Auditor's remuneration | 12 Months Ended |
Jun. 30, 2018 | |
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Auditor's remuneration | 35 Auditor’s remuneration 2018 2017 2016 US$M US$M US$M Fees payable to the Group’s auditors for assurance services Audit of the Group’s Annual Report 3.909 3.381 3.126 Audit of subsidiaries, joint ventures and associates 13.902 7.040 7.715 Audit-related assurance services 4.039 3.597 3.493 Other assurance services 1.343 1.849 1.508 Total assurance services 23.193 15.867 15.842 Fees payable to the Group’s auditors for other services Other services relating to corporate finance 0.104 0.042 0.276 All other services 0.553 0.589 0.815 Total other services 0.657 0.631 1.091 Total fees 23.850 16.498 16.933 All amounts were paid to KPMG or KPMG affiliated firms. Fees are determined in local currencies and are predominantly billed in US dollars based on the exchange rate at the beginning of the relevant financial year. Fees payable to the Group’s auditors for assurance services For all periods disclosed, no fees are payable in respect of the audit of pension funds. Audit of subsidiaries, joint ventures and associates comprise audits of the Group’s subsidiaries, joint ventures and associates including additional non-recurring audits fees in FY2018 in connection with the sale of the Onshore US oil and gas assets. Audit-related assurance services comprise review of half-year reports and audit work in relation to compliance with section 404 of the US Sarbanes-Oxley Act. Other assurance services comprise assurance in respect of the Group’s sustainability reporting. Fees payable to the Group’s auditors for other services Other services relating to corporate finance comprise services in connection with debt raising transactions. All other services comprise non-statutory |
Not required for US reporting
Not required for US reporting | 12 Months Ended |
Jun. 30, 2018 | |
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Not required for US reporting | 36 Not required for US reporting |
Deed of Cross Guarantee
Deed of Cross Guarantee | 12 Months Ended |
Jun. 30, 2018 | |
Text block1 [abstract] | |
Deed of Cross Guarantee | 37 Deed of Cross Guarantee BHP Billiton Limited together with wholly owned subsidiaries identified in Exhibit 8.1 – List of Subsidiaries entered into a Deed of Cross Guarantee (Deed) on 6 June 2016. The effect of the Deed is that BHP Billiton Limited has guaranteed to pay any outstanding liabilities upon the winding up of any wholly owned subsidiary that is party to the Deed. Wholly owned subsidiaries that are party to the Deed have also given a similar guarantee in the event that BHP Billiton Limited or another party to the Deed is wound up. The wholly owned Australian subsidiaries identified in Exhibit 8.1 – List of Subsidiaries are relieved from the requirements to prepare and lodge audited financial reports. A Consolidated Statement of Comprehensive Income and Retained Earnings and Consolidated Balance Sheet, comprising BHP Billiton Limited and the wholly owned subsidiaries that are party to the Deed for the year ended 30 June 2018 and 30 June 2017 are as follows: Consolidated Statement of Comprehensive Income and Retained Earnings 2018 2017 US$M US$M Revenue 20,434 19,394 Other income 3,188 4,988 Expenses excluding net finance costs (12,693 ) (12,085 ) Net finance costs (470 ) (591 ) Income tax expense (2,218 ) (2,351 ) Profit after taxation 8,241 9,355 Total other comprehensive income 12 18 Total comprehensive income 8,253 9,373 Retained earnings at the beginning of the financial year 45,979 40,462 Net effect on retained earnings of entities added to/removed from the Deed 48 (1,699 ) Profit after taxation for the year 8,241 9,355 Transfers to and from reserves (15 ) 33 Dividends (5,811 ) (2,172 ) Retained earnings at the end of the financial year 48,442 45,979 Consolidated Balance Sheet 2018 2017 US$M US$M ASSETS Current assets Cash and cash equivalents 2 1 Trade and other receivables 3,977 3,541 Loans to related parties 16,730 14,081 Inventories 1,649 1,536 Other 90 72 Total current assets 22,448 19,231 Non-current Trade and other receivables 73 76 Loans to related parties 151 335 Inventories 323 278 Property, plant and equipment 31,009 30,579 Intangible assets 444 550 Investments in Group companies 27,354 27,816 Deferred tax assets 329 402 Other 68 59 Total non-current 59,751 60,095 Total assets 82,199 79,326 LIABILITIES Current liabilities Trade and other payables 3,425 2,762 Loans from related parties 15,719 15,978 Interest bearing liabilities 115 202 Current tax payable 1,053 1,318 Provisions 952 683 Deferred income 6 8 Total current liabilities 21,270 20,951 Non-current Trade and other payables 3 3 Loans from related parties 7,870 7,660 Interest bearing liabilities 191 251 Deferred tax liabilities 573 613 Provisions 2,475 2,479 Deferred income 18 21 Total non-current 11,130 11,027 Total liabilities 32,400 31,978 Net assets 49,799 47,348 EQUITY Share capital – BHP Billiton Limited 1,186 1,186 Treasury shares (5 ) (1 ) Reserves 176 184 Retained earnings 48,442 45,979 Total equity 49,799 47,348 |
New and amended accounting stan
New and amended accounting standards and interpretations | 12 Months Ended |
Jun. 30, 2018 | |
Text block1 [abstract] | |
New and amended accounting standards and interpretations | 38 New and amended accounting standards and interpretations The Group adopted the amendment to IAS 7 ‘Statement of Cash Flows: Disclosure Initiative’ in the current year. This amendment requires disclosure about changes in liabilities arising from financing activities, including changes arising from financing cash flows and non-cash There are no other new or amended accounting standards or interpretations adopted for the first time during the year that have a significant impact on these Financial Statements. Issued but not yet effective The following new accounting standards and interpretations will become effective for future reporting periods and may have a significant impact on the income statement or net assets of the Group. Applicable from 1 July 2018 The following accounting standards and interpretations are applicable to the Group from 1 July 2018. The impacts of these are currently expected to be immaterial, although industry application of these standards continues to develop. Title of standard / Summary of impact on the Financial Statements IFRS 15/AASB 15 ‘Revenue from Contracts with Customers’ This standard modifies the determination of when to recognise revenue and how much revenue to recognise. Revenue is recognised when control of the promised goods or services pass to the customer. The amount of revenue recognised should reflect the consideration to which the entity expects to be entitled in exchange for those goods or services. The Group has undertaken a process of understanding the standard contractual arrangements across its principal revenue streams, particularly key terms and conditions which may impact revenue recognition. In addition, detailed reviews of a representative sample of individual contracts across all the Group’s revenue streams have been completed. While no significant changes in accounting arising from the implementation of the new standard have been identified, the following points are noted. •   Certain of the Group’s sales are provisionally priced, where the final price depends on future index prices. Any adjustments between the provisional and final price are accounted for under IFRS 9/AASB 9 ‘Financial Instruments’ and will be recognised as other revenue. Where applicable, system and process changes have been implemented to appropriately measure and capture this data for disclosure. •   A significant proportion of the Group’s products are sold on Cost, Insurance and Freight (CIF) or Cost and Freight (CFR) Incoterms, where the Group is required to provide freight and shipping services after the date at which the goods have transferred to the customer. Revenue from freight and shipping services, currently recognised when the product is loaded onto the ship, should be treated as a separate performance obligation under the new standard and recognised over time. The impact of this is immaterial at 30 June 2018. •   Certain sales contracts require the Group to physically deliver unrefined concentrate. Revenue is currently recognised at the gross value of the final refined metal content delivered with contractually agreed treatment costs and refining charges recorded as an expense. While having no net income statement impact, under the new standard the treatment costs and refining charges must be recognised as a reduction to revenue. The impact of applying this change during the year ended 30 June 2018 would have been to reduce revenue and expenses, respectively by US$509 million with no impact on profit. •   The Group participates in certain arrangements which entitle it to a proportion of the physical output of an operation. Currently, the Group recognises revenue to the extent of its entitlement. Under the new standard, all product sold by the Group to third parties in a period will be recognised as revenue from contracts with customers. Any difference to the Group’s entitlement represents a form of revenue or is closely connected to revenue transactions and will therefore be recognised as other revenue. •   Revenues from the sale of significant by-products The Group expects to apply the full retrospective transition approach, resulting in the restatement of comparative information where applicable. IFRS 9/AASB 9 ‘Financial Instruments’ This standard revises the classification and measurement of financial assets and financial liabilities, introduces a forward looking ‘expected credit loss’ impairment model and modifies the approach to hedge accounting. The Group has undertaken a comprehensive analysis of the impact of the new standard based on the financial instruments it holds and the way in which they are used with no material impact on the face of balance sheet or in the income statement expected. However, there will be presentational changes in some of our note disclosures, as well as additional disclosures around classification and measurement of financial instruments. Adoption impacts include: •   The new standard requires classification and measurement of financial assets based on the business model in which they are managed and their cash flow characteristics. Under the new standard, the Group’s financial assets will be classified as measured at amortised cost, fair value through profit or loss, or fair value through equity. No significant measurement impacts have been identified as a result of reclassifying financial assets into the categories required by the new standard. Equity investments currently classified as available for sale are expected to be carried at fair value with revaluation gains and losses recognised directly in equity with future recycling through the income statement no longer permitted. Gains and losses on this category of financial asset currently recognised in equity are immaterial. Classification of future equity investments will be considered on an instrument by instrument basis. For financial liabilities, the current classification and measurement requirements are largely retained. •   Financial assets carried at amortised cost must be tested for impairment based on expected losses, as opposed to the current policy of recognising impairments only when there is objective evidence that a credit loss is present. This is not expected to have a significant impact given the Group’s counterparty risk framework. •   The new standard amends the rules on hedge accounting to enable closer alignment between the Group’s risk management strategy and the accounting outcomes. The standard broadens the scope of arrangements that may qualify for hedge accounting and allows for simplification of hedge designations. Certain of the Group’s derivatives will be designated into simplified hedging relationships from 1 July 2018, with no material impact to net assets expected. Other changes under the standard mean that hedge effectiveness is only considered on a prospective basis with no set quantitative thresholds, certain costs of hedging, previously taken to the income statement, will be recognised directly in equity and voluntary de-designation The Group will adjust the opening balance sheet as of 1 July 2018, with no restatement of comparatives required. IFRIC 22 ‘Foreign Currency Transactions and Advance Consideration’ This interpretation clarifies the exchange rate to use on initial recognition of the related asset, expense or income when an entity receives or pays advance consideration in a foreign currency. The Group has made some minor changes to processes to comply with this interpretation. Applicable from 1 July 2019 and beyond The following accounting standards and interpretations are applicable to the Group from 1 July 2019 and beyond. Title of standard / Summary of impact on the Financial Statements IFRS 16/AASB 16 ‘Leases’ This standard provides a new model for lessee accounting under which all leases with the exception of short-term (under 12 months) and low value leases, will be accounted for by the recognition on the balance sheet of a right of use asset and a corresponding lease liability. Lease costs will be recognised in the income statement over the lease term in the form of depreciation on the right of use asset and finance charges representing the unwind of the discount on the lease liability. The Group has progressed its implementation project, focusing on a review of contracts, aggregation of data to support the evaluation of the accounting impacts of applying the new standard and assessment of the need for changes to systems and processes. While the Group’s evaluation of the effect of adopting the standard is ongoing, it is expected that it will have a material effect on the Group’s Financial Statements, significantly increasing the Group’s recognised assets and liabilities. Further, compared with the existing accounting for operating leases, the classification and timing of expenses will be impacted and consequently the classification between cash flow from operating activities and cash flow from financing activities. Many commonly used financial ratios and performance metrics, using existing definitions, will also be impacted including net debt, gearing, EBITDA, unit costs and operating cash flows. The Group is considering available options for transition, which include either retrospective with restatement of comparatives or the modified approach with the cumulative impact of application recognised as at 1 July 2019. The Group’s existing operating leases will be the main source of leases under the new standard. The impact of the standard continues to be assessed as it will be impacted by the transition approach selected by the Group and the lease population at the point of transition. Information on the undiscounted amount of the Group’s operating lease commitments under IAS 17/AASB 117 ‘Leases’, the current leasing standard, is disclosed in note 31 ‘Commitments’. IFRIC 23 ‘Uncertainty over Income Tax Treatments’ (1) This interpretation clarifies the application of the recognition and measurement requirements in IAS 12/AASB 112 ‘Income Taxes’ for calculating provisions for uncertain tax positions. The Group is currently assessing the impact of the interpretation on its Financial Statements. Conceptual Framework for Financial Reporting (1) The revised framework may affect the application of IFRS in situations where no standard applies to a specific transaction or event. The Group is currently assessing the impact of the revised framework on its Financial Statements. (1) IFRIC 23 and the Conceptual Framework for Financial Reporting have not been endorsed by the EU and hence are not available for early adoption in the EU. |
Supplementary oil and gas infor
Supplementary oil and gas information | 12 Months Ended |
Jun. 30, 2018 | |
Extractive Industries [Abstract] | |
Supplementary oil and gas information | 5.7 Supplementary oil and gas information – unaudited In accordance with the requirements of the Financial Accounting Standards Board (FASB) Accounting Standard Codification ‘Extractive Activities-Oil S-K, The information set out in this section is referred to as unaudited as it is not included in the scope of the audit opinion of the independent auditor on the Consolidated Financial Statements, refer to section 5.6 ‘Independent Auditors’ reports’. On 27 July 2018, BHP announced that it had entered into agreements for the sale of its entire interests in its Eagle Ford, Haynesville, Permian and Fayetteville Onshore US oil and gas assets. The financial and non-financial impact of the Onshore US assets is included in the supplementary oil and gas information presented below. The financial and non-financial impact of these assets has been footnoted beneath each applicable table. Reserves and production Proved oil and gas reserves and net crude oil and condensate, natural gas, LNG and NGL production information is included in section 6.2.2 ‘Production – Petroleum’ and section 6.3.1 ‘Petroleum reserves’. Capitalised costs relating to oil and gas production activities The following table shows the aggregate capitalised costs relating to oil and gas exploration and production activities and related accumulated depreciation, depletion, amortisation and valuation provisions. Australia United States (1) Other (2) Total US$M US$M US$M US$M Capitalised cost 2018 Unproved properties 10 4,528 202 4,740 Proved properties 16,258 43,885 2,424 62,567 Total costs 16,268 48,413 2,626 67,307 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (9,984 ) (33,437 ) (2,065 ) (45,486 ) Net capitalised costs 6,284 14,976 561 21,821 2017 Unproved properties 94 5,284 165 5,543 Proved properties 16,190 41,837 2,404 60,431 Total costs 16,284 47,121 2,569 65,974 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (9,085 ) (30,969 ) (1,984 ) (42,038 ) Net capitalised costs 7,199 16,152 585 23,936 2016 Unproved properties 338 5,074 119 5,531 Proved properties 15,523 40,929 2,372 58,824 Total costs 15,861 46,003 2,491 64,355 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (8,364 ) (28,664 ) (1,938 ) (38,966 ) Net capitalised costs 7,497 17,339 553 25,389 (1) Net capitalised costs includes Onshore US assets of US$10,672 million (2017: US$11,803 million; 2016: US$12,844 million). (2) Other is primarily comprised of Algeria, Pakistan (divested 31 December 2015), Trinidad and Tobago and the United Kingdom. Costs incurred relating to oil and gas property acquisition, exploration and development activities The following table shows costs incurred relating to oil and gas property acquisition, exploration and development activities (whether charged to expense or capitalised). Amounts shown include interest capitalised. Australia United States (3 ) Other (4) Total US$M US$M US$M US$M 2018 Acquisitions of proved property – – – – Acquisitions of unproved property – 9 – 9 Exploration (1) 25 418 291 734 Development 195 1,548 34 1,777 Total costs (2) 220 1,975 325 2,520 2017 Acquisitions of proved property – – – – Acquisitions of unproved property – 12 62 74 Exploration (1) 32 471 235 738 Development 360 1,034 18 1,412 Total costs (2) 392 1,517 315 2,224 2016 Acquisitions of proved property – – – – Acquisitions of unproved property 22 42 – 64 Exploration (1) 42 385 194 621 Development 412 1,254 200 1,866 Total costs (2) 476 1,681 394 2,551 (1) Represents gross exploration expenditure, including capitalised exploration expenditure, geological and geophysical expenditure and development evaluation costs charged to income as incurred. (2) Total costs include US$1,970 million (2017: US$1,744 million; 2016: US$2,256 million) capitalised during the year. (3) Total costs includes Onshore US assets of US$1,081 million (2017: US$608 million; 2016: US$862 million). (4) Other is primarily comprised of Algeria and Trinidad and Tobago. Results of operations from oil and gas producing activities The following information is similar to the disclosures in note 1 ‘Segment reporting’ in section 5.1, but differs in several respects as to the level of detail and geographic information. Amounts shown in the following table exclude financial income, financial expenses, and general corporate overheads. Income taxes were determined by applying the applicable statutory rates to pre-tax Australia United States (7) Other (8) Total US$M US$M US$M US$M 2018 Oil and gas revenue (1) 3,229 3,747 421 7,397 Production costs (701 ) (1,312 ) (121 ) (2,134 ) Exploration expenses (25 ) (270 ) (254 ) (549 ) Depreciation, depletion, amortisation and valuation provision (2) (1,045 ) (2,842 ) (81 ) (3,968 ) Production taxes (3) (171 ) – (1 ) (172 ) 1,287 (677 ) (36 ) 574 Accretion expense (4) (81 ) (46 ) (14 ) (141 ) Income taxes (418 ) (723 ) (124 ) (1,265 ) Royalty-related taxes (5) (103 ) – – (103 ) Results of oil and gas producing activities (6) 685 (1,446 ) (174 ) (935 ) 2017 Oil and gas revenue (1) 2,876 3,479 356 6,711 Production costs (533 ) (1,515 ) (200 ) (2,248 ) Exploration expenses (32 ) (242 ) (206 ) (480 ) Depreciation, depletion, amortisation and valuation provision (2) (814 ) (2,592 ) (91 ) (3,497 ) Production taxes (3) (158 ) (4 ) – (162 ) 1,339 (874 ) (141 ) 324 Accretion expense (4) (56 ) (32 ) (14 ) (102 ) Income taxes (361 ) 386 (142 ) (117 ) Royalty-related taxes (5) (104 ) – – (104 ) Results of oil and gas producing activities (6) 818 (520 ) (297 ) 1 2016 Oil and gas revenue (1) 2,777 3,487 321 6,585 Production costs (605 ) (1,705 ) (162 ) (2,472 ) Exploration expenses (44 ) (128 ) (124 ) (296 ) Depreciation, depletion, amortisation and valuation provision (2) (720 ) (10,569 ) (90 ) (11,379 ) Production taxes (3) (132 ) (13 ) (2 ) (147 ) 1,276 (8,928 ) (57 ) (7,709 ) Accretion expense (4) (54 ) (23 ) (7 ) (84 ) Income taxes (465 ) 3,047 (143 ) 2,439 Royalty-related taxes (5) (206 ) – (4 ) (210 ) Results of oil and gas producing activities (6) 551 (5,904 ) (211 ) (5,564 ) (1) Includes sales to affiliated companies of US$75 million (2017: US$83 million; 2016: US$118 million). (2) Includes valuation provision of US$596 million (2017: US$102 million; 2016: US$7,232 million). (3) Includes royalties and excise duty. (4) Represents the unwinding of the discount on the closure and rehabilitation provision. (5) Includes petroleum resource rent tax and petroleum revenue tax where applicable. (6) Amounts shown exclude financial income, financial expenses and general corporate overheads and, accordingly, do not represent all of the operations attributable to the Petroleum segment presented in note 1 ‘Segment reporting’ in section 5.1. (7) Results of oil and gas producing activities includes Onshore US assets of US$(465) million (2017: US$(564) million; 2016: US$(5,855) million). (8) Other is primarily comprised of Algeria, Pakistan (divested 31 December 2015), Trinidad and Tobago and the United Kingdom. Standardised measure of discounted future net cash flows relating to proved oil and gas reserves (Standardised measure) The following tables set out the standardised measure of discounted future net cash flows, and changes therein, related to the Group’s estimated proved reserves as presented in section 6.3.1 ‘Petroleum reserves’, and should be read in conjunction with that disclosure. The analysis is prepared in compliance with FASB Oil and Gas Disclosure requirements, applying certain prescribed assumptions under Topic 932 including the use of, unweighted average first-day-of-the-month 12-months, year-end Certain key assumptions prescribed under Topic 932 are arbitrary in nature and may not prove to be accurate. The reserve estimates on which the Standard measure is based are subject to revision as further technical information becomes available or economic conditions change. Discounted future cash flows like those shown below are not intended to represent estimates of fair value. An estimate of fair value would also take into account, among other things, the expected recovery of reserves in excess of proved reserves, anticipated future changes in commodity prices, exchange rates, development and production costs as well as alternative discount factors representing the time value of money and adjustments for risk inherent in producing oil and gas. Australia United States (1) Other (2) Total US$M US$M US$M US$M Standardised measure 2018 Future cash inflows 17,398 28,012 2,124 47,534 Future production costs (5,345 ) (11,182 ) (501 ) (17,028 ) Future development costs (3,842 ) (6,554 ) (189 ) (10,585 ) Future income taxes (1,919 ) (1,236 ) (901 ) (4,056 ) Future net cash flows 6,292 9,040 533 15,865 Discount at 10 per cent per annum (1,713 ) (3,783 ) (129 ) (5,625 ) Standardised measure 4,579 5,257 404 10,240 2017 Future cash inflows 18,407 23,537 1,954 43,898 Future production costs (6,663 ) (11,176 ) (534 ) (18,373 ) Future development costs (3,714 ) (6,451 ) (208 ) (10,373 ) Future income taxes (1,508 ) (18 ) (746 ) (2,272 ) Future net cash flows 6,522 5,892 466 12,880 Discount at 10 per cent per annum (2,104 ) (2,426 ) (108 ) (4,638 ) Standardised measure 4,418 3,466 358 8,242 2016 Future cash inflows 21,902 13,088 2,026 37,016 Future production costs (7,306 ) (6,514 ) (567 ) (14,387 ) Future development costs (3,431 ) (3,063 ) (282 ) (6,776 ) Future income taxes (3,082 ) 800 (668 ) (2,950 ) Future net cash flows 8,083 4,311 509 12,903 Discount at 10 per cent per annum (2,961 ) (834 ) (121 ) (3,916 ) Standardised measure 5,122 3,477 388 8,987 (1) Standardised measure includes Onshore US assets of US$1,932 million (2017: US$1,962 million; 2016: US$1,889 million). (2) Other is primarily comprised of Algeria, Pakistan (divested 31 December 2015), Trinidad and Tobago and the United Kingdom. Changes in the Standardised measure are presented in the following table. 2018 2017 2016 US$M US$M US$M Changes in the Standardised measure Standardised measure at the beginning of the year 8,242 8,987 17,244 Revisions: Prices, net of production costs 5,540 (96 ) (14,146 ) Changes in future development costs (358 ) 275 1,342 Revisions of quantity estimates (1) (166 ) 2,961 (2,870 ) Accretion of discount 1,016 1,147 2,547 Changes in production timing and other 946 (1,611 ) 1,280 15,220 11,663 5,397 Sales of oil and gas, net of production costs (5,091 ) (4,301 ) (3,936 ) Acquisitions of reserves-in-place – – – Sales of reserves-in-place (26 ) (15 ) (114 ) Previously estimated development costs incurred 1,068 718 1,823 Extensions, discoveries, and improved recoveries, net of future costs 502 (401 ) 84 Changes in future income taxes (1,433 ) 578 5,733 Standardised measure at the end of the year (2) 10,240 8,242 8,987 (1) Changes in reserves quantities are shown in the Petroleum reserves tables in section 6.3.1. (2) Standardised measure at the end of the year includes Onshore US assets of US$1,932 million (2017: US$1,962 million; 2016: US$1,889 million). Accounting for suspended exploratory well costs Refer to note 10 ‘Property, plant and equipment’ in section 5.1 for a discussion of the accounting policy applied to the cost of exploratory wells. Suspended wells are also reviewed in this context. The following table provides the changes to capitalised exploratory well costs that were pending the determination of proved reserves for the three years ended 30 June 2018, 30 June 2017 and 30 June 2016. 2018 2017 2016 US$M US$M US$M Movement in capitalised exploratory well costs At the beginning of the year 668 770 484 Additions to capitalised exploratory well costs pending the determination of proved reserves 186 258 304 Capitalised exploratory well costs charged to expense (62 ) (69 ) (18 ) Capitalised exploratory well costs reclassified to wells, equipment, and facilities based on the determination of proved reserves 2 (155 ) – Other – (136 ) – At the end of the year 794 668 770 The following table provides an ageing of capitalised exploratory well costs, based on the date the drilling was completed, and the number of projects for which exploratory well costs has been capitalised for a period greater than one year since the completion of drilling. 2018 2017 2016 US$M US$M US$M Ageing of capitalised exploratory well costs Exploratory well costs capitalised for a period of one year or less 124 120 262 Exploratory well costs capitalised for a period greater than one year 670 548 508 At the end of the year 794 668 770 2018 2017 2016 Number of projects that have been capitalised for a period greater than one year 17 14 23 Drilling and other exploratory and development activities The number of crude oil and natural gas wells drilled and completed for each of the last three years was as follows: Net exploratory wells Net development wells Productive Dry Total Productive Dry Total Total Year ended 30 June 2018 Australia – – – 1 – 1 1 United States (1) 1 1 2 84 1 85 87 Other (2) – – – – – – – Total 1 1 2 85 1 86 88 Year ended 30 June 2017 Australia – – – – – – – United States (1) – – – 80 – 80 80 Other (2) 3 2 5 1 – 1 6 Total 3 2 5 81 – 81 86 Year ended 30 June 2016 Australia – – – 2 – 2 2 United States (1) 1 – 1 137 2 139 140 Other (2) – – – 1 – 1 1 Total 1 – 1 140 2 142 143 (1) Includes Onshore US assets net productive development wells of 84 (2017: 79; 2016: 135) and net dry development wells of 1 (2017: nil; 2016: 2). Onshore US assets had nil net exploratory wells in 2018, 2017 and 2016. (2) Other is primarily comprised of Algeria, Trinidad and Tobago and the United Kingdom. The number of wells drilled refers to the number of wells completed at any time during the respective year, regardless of when drilling was initiated. Completion refers to the installation of permanent equipment for production of oil or gas, or, in the case of a dry well, to reporting to the appropriate authority that the well has been abandoned. An exploratory well is a well drilled to find oil or gas in a new field or to find a new reservoir in a field previously found to be productive of oil or gas in another reservoir. A development well is a well drilled within the limits of a known oil or gas reservoir to the depth of a stratigraphic horizon known to be productive. A productive well is an exploratory, development or extension well that is not a dry well. Productive wells include wells in which hydrocarbons were encountered and the drilling or completion of which, in the case of exploratory wells, has been suspended pending further drilling or evaluation. A dry well (hole) is an exploratory, development, or extension well that proves to be incapable of producing either oil or gas in sufficient quantities to justify completion as an oil or gas well. Oil and gas properties, wells, operations, and acreage The following tables show the number of gross and net productive crude oil and natural gas wells and total gross and net developed and undeveloped oil and natural gas acreage as at 30 June 2018. A gross well or acre is one in which a working interest is owned, while a net well or acre exists when the sum of fractional working interests owned in gross wells or acres equals one. Productive wells are producing wells and wells mechanically capable of production. Developed acreage is comprised of leased acres that are within an area by or assignable to a productive well. Undeveloped acreage is comprised of leased acres on which wells have not been drilled or completed to a point that would permit the production of economic quantities of oil and gas, regardless of whether such acres contain proved reserves. The number of productive crude oil and natural gas wells in which we held an interest at 30 June 2018 was as follows: Crude oil wells Natural gas wells Total Gross Net Gross Net Gross Net Australia 354 178 135 48 489 226 United States (1) 998 547 6,660 2,012 7,658 2,559 Other (2) 59 22 36 8 95 30 Total 1,411 747 6,831 2,068 8,242 2,815 (1) Crude oil wells includes Onshore US assets of 971 Gross and 536 Net. Natural gas wells includes Onshore US assets of 6,660 Gross and 2,012 Net. (2) Other is primarily comprised of Algeria, Trinidad and Tobago and the United Kingdom. Of the productive crude oil and natural gas wells, 20 (net: 9) operated wells had multiple completions. Developed and undeveloped acreage (including both leases and concessions) held at 30 June 2018 was as follows: Developed acreage Undeveloped acreage Thousands of acres Gross Net Gross Net Australia 2,152 823 4,326 2,605 United States (1) 1,137 669 1,313 1,085 Other (2)(3) 175 64 3,029 2,337 Total 3,464 1,556 8,668 6,027 (1) Developed acreage includes Onshore US assets of 1,039 thousand gross acres (633 thousand net acres). Undeveloped acreage includes Onshore US assets of 210 thousand gross acres (162 thousand net acres). (2) Developed acreage in Other primarily consists of Algeria and the United Kingdom. (3) Undeveloped acreage in Other primarily consists of acreage in Brazil and Trinidad and Tobago. It also includes the addition of Trion. Approximately 4,245 thousand gross acres (2,850 thousand net acres), 526 thousand gross acres (278 thousand net acres) and 1,490 thousand gross acres (1,078 thousand net acres) of undeveloped acreage will expire in the years ending 30 June 2019, 2020 and 2021 respectively, if the Group does not establish production or take any other action to extend the terms of the licenses and concessions. |
Provisions (Policies)
Provisions (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Income tax expense | Key judgements and estimates Income tax classification The Group’s accounting policy for taxation, including royalty-related taxation, requires management’s judgement as to the types of arrangements considered to be a tax on income in contrast to an operating cost. Deferred tax Judgement is required to determine the amount of deferred tax assets that are recognised based on the likely timing and the level of future taxable profits. The Group assesses the recoverability of recognised and unrecognised deferred taxes, including losses in Australia, the United States and Canada on a consistent basis, using assumptions and projected cash flows as applied in the Group impairment process for associated operations. Deferred tax liabilities arising from temporary differences in investments, caused principally by retained earnings held in foreign tax jurisdictions, are recognised unless repatriation of retained earnings can be controlled and is not expected to occur in the foreseeable future. Uncertain tax matters Judgements are required about the application of income tax legislation and its interaction with income tax accounting principles. These judgements are subject to risk and uncertainty, hence there is a possibility that changes in circumstances will alter expectations, which may impact the amount of deferred tax assets and deferred tax liabilities recognised on the balance sheet and the amount of other tax losses and temporary differences not yet recognised. Where the final tax outcomes are different from the amounts that were initially recorded, these differences impact the current and deferred tax provisions in the period in which the determination is made. Measurement of uncertain tax and royalty matters considers a range of possible outcomes, including assessments received from tax authorities. Where management is of the view that potential liabilities have a low probability of crystallising, or it is not possible to quantify them reliably, they are disclosed as contingent liabilities (refer to note 32 ‘Contingent liabilities’). US tax reform As per note 2 ‘Exceptional items’, the impact of the TCJA has been included in the Financial Statements. The TCJA includes a number of complex provisions, the application of which are potentially subject to further implementation and regulatory guidance, and possible elections. Judgements are required about the application of the TCJA and its interaction with income tax accounting principles. The Group has made preliminary determinations, based on currently available implementation guidance. However, judgements made are subject to risk and uncertainty, hence there is a possibility that changes in circumstances or future regulatory guidance may alter the judgements made, which may potentially impact the amount of deferred or current taxes recognised on the balance sheet and the amount of other tax balances not yet recognised. The significant judgements and estimates include: • The TCJA requires mandatory deemed repatriation of post-1986 undistributed earnings and profits from specific non-US • The US will continue to tax foreign income from partnerships on a worldwide basis with the ability to offset US tax liabilities on foreign earnings with a credit for taxes paid in foreign jurisdictions. The reduction in the US corporate tax rate and the revised differential in tax rates with other jurisdictions impacts the forecasted utilisation of these foreign tax credits. The Group has made certain assumptions as to the utilisation of available foreign tax credits based on an assessment of probable future US income tax. Where further clarifying regulatory guidance is issued, this may potentially impact the assumptions made and result in a different outcome. |
Inventories | Key judgements and estimates Accounting for inventory involves the use of judgements and estimates, particularly related to the measurement and valuation of inventory on hand within the production process. Certain estimates, including expected metal recoveries and work in progress volumes, are calculated by engineers using available industry, engineering and scientific data. Estimates used are periodically reassessed by the Group taking into account technical analysis and historical performance. Changes in estimates are adjusted for on a prospective basis. |
Property, plant and equipment | Key judgements and estimates Exploration and evaluation expenditure results in certain items of expenditure being capitalised for an area of interest where it is considered likely to be recoverable by future exploitation or sale, or where the activities have not reached a stage that permits a reasonable assessment of the existence of reserves. This policy requires management to make certain estimates and assumptions as to future events and circumstances, in particular whether an economically viable extraction operation can be established. These estimates and assumptions may change as new information becomes available. If, after having capitalised the expenditure under the policy, a judgement is made that recovery of the expenditure is unlikely, the relevant capitalised amount will be written off to the income statement. Key judgements and estimates Development activities commence after project sanctioning by the appropriate level of management. Judgement is applied by management in determining when a project is economically viable. In exercising this judgement, management is required to make certain estimates and assumptions as to future events and circumstances, including reserve estimates, existence of an accessible market and forecast prices and cash flows. Estimates and assumptions may change as new information becomes available. If, after having commenced the development activity, a judgement is made that a development asset is impaired, the appropriate amount will be written off to the income statement. Key judgements and estimates The identification of components of an ore body, as well as estimation of stripping ratios and mineral reserves by component require critical accounting judgements and estimates to be made by management. Changes to estimates related to life-of-component waste-to-ore Key judgements and estimates The estimation of useful lives, residual values and depreciation methods requires significant management judgement and is reviewed annually. Any changes to useful lives may affect prospective depreciation rates and asset carrying values. The table below summarises the principal depreciation methods and rates applied to major asset categories by the Group. Category Buildings Plant and Mineral rights and Capitalised exploration, Typical depreciation methodology SL SL UoP UoP Depreciation rate 25-50 3-30 Based on the rate of depletion of reserves Based on the rate of depletion of reserves Impairment of non-current Recognition and measurement Impairment tests for all assets are performed when there is an indication of impairment, although goodwill is tested at least annually. If the carrying amount of the asset exceeds its recoverable amount, the asset is impaired and an impairment loss is charged to the income statement so as to reduce the carrying amount in the balance sheet to its recoverable amount. Previously impaired assets (excluding goodwill) are reviewed for possible reversal of previous impairment at each reporting date. Impairment reversal cannot exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset or cash generating units (CGUs). There were no reversals of impairment in the current or prior year. How recoverable amount is calculated The recoverable amount is the higher of an asset’s fair value less cost of disposal (FVLCD) and its value in use (VIU). For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows. Valuation methods Fair value less cost of disposal FVLCD is an estimate of the amount that a market participant would pay for an asset or CGU, less the cost of disposal. Fair value for mineral and petroleum assets is generally determined using independent market assumptions to calculate the present value of the estimated future post-tax post-tax Value in use VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and its eventual disposal. VIU is determined by applying assumptions specific to the Group’s continued use and cannot take into account future development. These assumptions are different to those used in calculating FVLCD and consequently the VIU calculation is likely to give a different result (usually lower) to a FVLCD calculation. Key judgements and estimates In determining the recoverable amount of assets, in the absence of quoted market prices, estimates are made regarding the present value of future post-tax |
Intangible assets | Key judgements and estimates Determining the recoverable amount of intangible assets may require significant management judgement. If a judgement is made that recovery of previously capitalised intangible mineral lease assets is unlikely, the relevant amount will be written off to the income statement. This requires management to make certain estimates and assumptions as to future events and circumstances, in particular whether an economically viable extraction operation can be established. Where indicators of impairment exist for intangible assets, in the absence of quoted market prices, estimates are made regarding the present value of future post-tax |
Closure and rehabilitation provisions | Key judgements and estimates The recognition and measurement of closure and rehabilitation provisions requires the use of significant judgements and estimates, including, but not limited to: • the extent (due to legal or constructive obligations) of potential activities required for the removal of infrastructure and rehabilitation activities; • costs associated with future rehabilitation activities; • applicable real discount rates; • the timing of cash flows and ultimate closure of operations. Rehabilitation activities are generally undertaken at the end of the production life at the individual sites. Remaining production lives range from 2-127 Estimates can also be impacted by the emergence of new restoration techniques and experience at other operations. These uncertainties may result in future actual expenditure differing from the amounts currently provided for in the balance sheet. |
Samarco dam failure [member] | |
Significant events | Key judgements and estimates The measurement of the provision requires the use of significant judgements, estimates and assumptions. The provision reflects the estimated remaining costs to complete Programs under the Framework Agreement, of which 65 per cent are expected to be incurred by December 2020. The provision may be affected by factors including, but not limited to: • potential changes in scope of work and funding amounts required under the Framework Agreement including the impact of the decisions of the Interfederative Committee along with further technical analysis and community participation required under the Preliminary Agreement and Governance Agreement; • the outcome of ongoing negotiations with State and Federal Prosecutors; • actual costs incurred; • resolution of uncertainty in respect of operational restart; • updates to discount and foreign exchange rates; • resolution of existing and potential legal claims; • the status of the Framework Agreement and the renegotiation process established in the Governance Agreement. Given these factors, future actual expenditures may differ from the amounts currently provided and changes to key assumptions and estimates could result in a material impact to the provision in future reporting periods. |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Text block1 [abstract] | |
Summary of Reportable Segments | Year ended 30 June 2018 US$M Petroleum Copper Iron Ore Coal Group and (4) Group Revenue 5,333 13,287 14,797 8,889 1,332 43,638 Inter-segment revenue 75 – 13 – (88 ) – Total revenue 5,408 13,287 14,810 8,889 1,244 43,638 Underlying EBITDA 3,341 6,522 8,930 4,397 (7 ) 23,183 Depreciation and amortisation (1) (1,719 ) (1,920 ) (1,721 ) (686 ) (242 ) (6,288 ) Impairment losses (2) (76 ) (213 ) (14 ) (29 ) (1 ) (333 ) Underlying EBIT 1,546 4,389 7,195 3,682 (250 ) 16,562 Exceptional items (3) – – (539 ) – (27 ) (566 ) Net finance costs (1,245 ) Profit before taxation 14,751 Capital expenditure (cash basis) 656 2,428 1,074 409 412 4,979 Profit/(loss) from equity accounted investments, related impairments and expenses (4 ) 467 (509 ) 192 1 147 Investments accounted for using the equity method 249 1,335 – 883 6 2,473 Total assets 12,938 26,824 22,208 12,257 37,766 111,993 Total liabilities 4,886 3,145 3,888 2,404 37,000 51,323 Year ended 30 June 2017 US$M Petroleum Copper Iron Ore Coal Group and (4) Group Revenue 4,639 8,335 14,606 7,578 977 36,135 Inter-segment revenue 83 – 18 – (101 ) – Total revenue 4,722 8,335 14,624 7,578 876 36,135 Underlying EBITDA 3,117 3,545 9,077 3,784 (173 ) 19,350 Depreciation and amortisation (1) (1,648 ) (1,525 ) (1,828 ) (719 ) (252 ) (5,972 ) Impairment losses (2) (102 ) (14 ) (52 ) (15 ) (5 ) (188 ) Underlying EBIT 1,367 2,006 7,197 3,050 (430 ) 13,190 Exceptional items (3) – (546 ) (203 ) 164 (51 ) (636 ) Net finance costs (1,417 ) Profit before taxation 11,137 Capital expenditure (cash basis) 917 1,484 805 246 245 3,697 Profit/(loss) from equity accounted investments, related impairments and expenses (3 ) 295 (172 ) 152 – 272 Investments accounted for using the equity method 264 1,306 – 873 5 2,448 Total assets 13,726 26,743 22,781 11,996 41,760 117,006 Total liabilities 4,715 2,643 3,606 1,860 41,456 54,280 Year ended 30 June 2016 US$M Petroleum Copper Iron Ore Coal Group and (4) Group Revenue 4,431 8,249 10,516 4,518 853 28,567 Inter-segment revenue 118 – 22 – (140 ) Total revenue 4,549 8,249 10,538 4,518 713 28,567 Underlying EBITDA 3,038 2,619 5,599 635 (171 ) 11,720 Depreciation and amortisation (1) (1,696 ) (1,560 ) (1,817 ) (890 ) (247 ) (6,210 ) Impairment losses (2) (24 ) (17 ) (42 ) (94 ) (9 ) (186 ) Underlying EBIT 1,318 1,042 3,740 (349 ) (427 ) 5,324 Exceptional items (3) – – (2,388 ) – (132 ) (2,520 ) Net finance costs (1,013 ) Loss before taxation 1,791 Capital expenditure (cash basis) 1,278 2,786 1,061 298 284 5,707 Profit/(loss) from equity accounted investments, related impairments and expenses (7 ) 155 (2,244 ) (9 ) 1 (2,104 ) Investments accounted for using the equity method 280 1,388 – 901 6 2,575 Total assets 14,120 26,143 24,330 12,754 41,606 118,953 Total liabilities 4,264 2,299 3,789 2,103 46,427 58,882 (1) Depreciation and amortisation excludes exceptional items of US$ nil (FY2017: US$212 million; FY2016: US$ nil). (2) Impairment losses excludes exceptional items of US$ nil (FY2017: US$5 million; FY2016: US$ nil). (3) Exceptional items reported in Group and unallocated include Samarco dam failure costs of US$(27) million (FY2017: US$(51) million; FY2016: US$(62) million). Refer to note 2 ‘Exceptional items’ for further information. (4) Total assets and total liabilities include balances for the years ended 30 June 2018, 2017 and 2016 relating to Onshore US assets. |
Summary of Geographical Information | Geographical information Revenue by location of customer 2018 2017 2016 US$M US$M US$M Australia 2,304 2,037 1,846 Europe 1,886 1,641 1,141 China 22,935 18,875 13,177 Japan 4,709 3,086 2,941 India 2,484 1,938 1,478 South Korea 2,639 2,296 1,919 Rest of Asia 2,620 3,157 2,623 North America 2,715 2,233 2,355 South America 1,106 681 899 Rest of world 240 191 188 43,638 36,135 28,567 Non-current 2018 2017 2016 US$M US$M US$M Australia 45,157 46,949 49,465 North America (1) 8,246 22,860 23,943 South America (2) 18,267 18,899 18,614 Rest of world (2) 154 173 389 Unallocated assets (3) 5,039 7,069 8,828 76,863 95,950 101,239 (1) Balances for the years ended 30 June 2017 and 2016 include non-current (2) Prior periods have been restated to reflect the location of equity accounted investments operations rather than the location of the holding company. (3) Unallocated assets comprise deferred tax assets and other financial assets. |
Discontinued operations (Tables
Discontinued operations (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Summary of Exceptional Items | Exceptional items are those gains or losses where their nature, including the expected frequency of the events giving rise to them, and amount is considered material to the Financial Statements. Such items included within the Group’s profit from Continuing operations for the year are detailed below. Exceptional items attributable to Discontinued operations are detailed in note 26 ‘Discontinued operations’. Year ended 30 June 2018 Gross Tax Net US$M US$M US$M Exceptional items by category Samarco dam failure (650 ) – (650 ) US tax reform – (2,320 ) (2,320 ) Total (650 ) (2,320 ) (2,970 ) Attributable to non-controlling – – – Attributable to BHP shareholders (650 ) (2,320 ) (2,970 ) Year ended 30 June 2017 Gross Tax Net US$M US$M US$M Exceptional items by category Samarco dam failure (381 ) – (381) Escondida industrial action (546 ) 179 (367) Cancellation of the Caroona exploration licence 164 (49 ) 115 Withholding tax on Chilean dividends – (373 ) (373) Total (763 ) (243 ) (1,006) Attributable to non-controlling (232 ) 68 (164) Attributable to BHP shareholders (531 ) (311 ) (842) Year ended 30 June 2016 Gross Tax Net US$M US$M US$M Exceptional items by category Samarco dam failure (2,450 ) 253 (2,197 ) Global taxation matters (70 ) (500 ) (570 ) Total (2,520 ) (247 ) (2,767 ) Attributable to non-controlling – – – Attributable to BHP shareholders (2,520 ) (247 ) (2,767 ) |
Summary of Significant Joint Operations in Classified as Assets and Liabilities Held for Sale | Significant joint operations that have been classified as assets and liabilities held for sale are listed below: Significant joint operations Country of Group interest (1) Principal activity 2018 2017 Eagle Ford US Hydrocarbons exploration and production <1-100 <1-100 Fayetteville US Hydrocarbons exploration and production <1-100 <1-100 Haynesville US Hydrocarbons exploration and production <1-100 <1-100 Permian US Hydrocarbons exploration and production <1-100 <1-100 (1) Ranges reflect the Group’s interest in multiple joint arrangements within the joint operation. |
Summary of Income Statement - Discontinued Operations | The contribution of Discontinued operations included within the Group’s profit and cash flows are detailed below: Income statement – Discontinued operations 2018 2017 2016 US$M US$M US$M Revenue 2,171 2,150 2,345 Other income 34 74 12 Expenses excluding net finance costs (5,790 ) (3,025 ) (11,396 ) Loss from operations (3,585 ) (801 ) (9,039 ) Financial expenses (22 ) (14 ) (11 ) Net finance costs (22 ) (14 ) (11 ) Loss before taxation (3,607 ) (815 ) (9,050 ) Income tax benefit 686 343 3,155 Loss after taxation (2,921 ) (472 ) (5,895 ) Attributable to non-controlling 26 13 (49 ) Attributable to BHP shareholders (2,947 ) (485 ) (5,846 ) Basic loss per ordinary share (cents) (55.4 ) (9.1 ) (109.8 ) Diluted loss per ordinary share (cents) (55.4 ) (9.1 ) (109.8 ) |
Summary of Cash Flows from Discontinued Operations | Cash flows from Discontinued operations 2018 2017 2016 US$M US$M US$M Net operating cash flows 900 928 785 Net investing cash flows (1) (861 ) (437 ) (1,227 ) Net financing cash flows (2) (40 ) (28 ) (32 ) Net (decrease)/increase in cash and cash equivalents from Discontinued operations (1 ) 463 (474 ) (1) Includes purchases of property, plant and equipment of US$900 million (2017: US$555 million; 2016: US$1,239 million), capitalised exploration of US$ nil (2017: US$ nil; 2016: US$2 million) less proceeds from sale of assets of US$39 million (2017: US$118 million; 2016: US$14 million). (2) Includes net repayment of interest bearing liabilities of US$4 million (2017: US$6 million; 2016: US$7 million), distribution/(contribution) to non-controlling non-controlling |
Summary of Assets and Liabilities Classified as Current Assets and Liabilities Held for Sale | The assets and liabilities classified as current assets and liabilities held for sale are presented in the table below: 2018 US$M Assets Trade and other receivables 529 Other financial assets 2 Inventories 36 Property, plant and equipment 10,672 Intangible assets 667 Other 33 Total assets 11,939 Liabilities Trade and other payables 725 Interest bearing liabilities 5 Other financial liabilities 3 Provisions 489 Total liabilities 1,222 Net assets 10,717 |
Summary of Impairment of Non-current Assets | Cash generating unit Property, Goodwill Total US$M US$M US$M Petrohawk – (2,253 ) (2,253 ) Fayetteville (520 ) (86 ) (606 ) Total impairment of non-current (520 ) (2,339 ) (2,859 ) |
Discontinued operations [member] | |
Summary of Exceptional Items | Exceptional items are those gains or losses where their nature, including the expected frequency of the events giving rise to them, and amount is considered material to the Financial Statements. Such items related to Discontinued operations included within the Group’s profit for the year are detailed below: Year ended 30 June 2018 Gross Tax Net US$M US$M US$M Exceptional items by category US tax reform – 492 492 Impairment of Onshore US assets (2,859 ) 109 (2,750 ) Total (2,859 ) 601 (2,258 ) Attributable to non-controlling – – – Attributable to BHP shareholders (2,859 ) 601 (2,258 ) There were no exceptional items related to Discontinued operations for the year ended 30 June 2017. Year ended 30 June 2016 Gross Tax Net US$M US$M US$M Exceptional items by category Impairment of Onshore US assets (7,184 ) 2,300 (4,884 ) Total (7,184 ) 2,300 (4,884 ) Attributable to non-controlling (80 ) 29 (51 ) Attributable to BHP shareholders (7,104 ) 2,271 (4,833 ) |
Samarco dam failure [member] | |
Summary of Exceptional Items | The FY2018 exceptional loss of US$650 million related to the Samarco dam failure in November 2015 comprises the following: Year ended 30 June 2018 US$M Expenses excluding net finance costs: Costs incurred directly by BHP Billiton Brasil Ltda and other BHP entities in relation to the Samarco dam failure (57 ) Loss from equity accounted investments, related impairments and expenses: Share of loss relating to the Samarco dam failure (80 ) Samarco dam failure provision (429 ) Net finance costs (84 ) Total (1) (650 ) (1) Refer to note 3 ‘Significant events – Samarco dam failure’ for further information. The FY2017 exceptional loss of US$381 million related to the Samarco dam failure in November 2015 comprises the following: Year ended 30 June 2017 US$M Expenses excluding net finance costs: Costs incurred directly by BHP Billiton Brasil Ltda and other BHP entities in relation to the Samarco dam failure (82 ) Loss from equity accounted investments, related impairments and expenses: Share of loss relating to the Samarco dam failure (134 ) Samarco dam failure provision (38 ) Net finance costs (127 ) Total (1) (381 ) (1) Refer to note 3 ‘Significant events – Samarco dam failure’ for further information. The FY2016 exceptional loss of US$2,450 million (before tax) related to the Samarco dam failure in November 2015 comprises the following: Year ended 30 June 2016 US$M Expenses excluding net finance costs: Costs incurred directly by BHP Billiton Brasil Ltda and other BHP entities in relation to the Samarco dam failure (70 ) Loss from equity accounted investments, related impairments and expenses: Share of loss relating to the Samarco dam failure (655 ) Impairment of the carrying value of the investment in Samarco (525 ) Samarco dam failure provision (1,200 ) Total (1) (2,450 ) (1) BHP Billiton Brasil Ltda has adjusted its investment in Samarco to US$ nil (resulting from US$(655) million share of loss from Samarco and US$(525) million impairment), recognised a provision of US$(1,200) million for potential obligations under the Framework Agreement and together with other BHP entities incurred US$(70) million of direct costs in relation to the Samarco dam failure. US$(572) million of the US$(1,200) million provision represents an additional share of loss from Samarco with the remaining US$(628) million recognised as provision expense. Refer to note 3 ‘Significant events – Samarco dam failure’ for further information. |
US tax reform [Member] | |
Summary of Exceptional Items | Year ended 30 June 2018 US$M Re-measurement (1,390 ) Impairment of foreign tax credits (834 ) Net impact of tax charges on deemed repatriation of accumulated earnings of non-US (1) (194 ) Recognition of Alternative Minimum Tax Credits 95 Other impacts 3 Total (2) (2,320 ) (1) Includes US$(134) million to be settled over a period greater than 12 months and classified as a non-current (2) Refer to note 5 ‘Income tax expense’ for further information. |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Provision for dividends and other liabilities [Member] | |
Summary of Provisions | 2018 2017 US$M US$M Movement in provision for dividends and other liabilities At the beginning of the financial year 984 930 Dividends determined 5,221 2,871 Charge/(credit) for the year: Underlying 337 316 Discounting 4 5 Exchange variations 3 53 Released during the year (78 ) (122 ) Utilisation (150 ) (223 ) Dividends paid (5,325 ) (2,921 ) Transferred to liabilities held for sale (39 ) – Transfers and other movements (13 ) 75 At the end of the financial year (1) 944 984 Comprising: Current 290 332 Non-current 654 652 (1) Includes unpaid dividend determined to non-controlling |
Employee benefits, restructuring and post-retirement employee benefits provisions [Member] | |
Summary of Provisions | 2018 2017 US$M US$M Employee benefits (1) 1,232 1,177 Restructuring (2) 8 10 Post-retirement employee benefits 449 438 Total provisions 1,689 1,625 Comprising: Current 1,148 1,062 Non-current 541 563 (1) The expenditure associated with total employee benefits will occur in a pattern consistent with when employees choose to exercise their entitlement to benefits. (2) Total restructuring provisions include provisions for terminations and office closures. |
Summary of Reconciliation of Employee Benefits, Restructuring and Post-retirement Employee Benefits | 2018 Employee Restructuring Post- (3) Total US$M US$M US$M US$M At the beginning of the financial year 1,177 10 438 1,625 Charge/(credit) for the year: Underlying 1,073 6 22 1,101 Discounting – – 34 34 Net interest expense – – (15 ) (15 ) Exchange variations (29 ) – 5 (24 ) Released during the year (31 ) (1 ) – (32 ) Remeasurement gains taken to retained earnings – – (1 ) (1 ) Utilisation (958 ) (7 ) (34 ) (999 ) At the end of the financial year 1,232 8 449 1,689 (3) Refer to note 24 ‘Pension and other post-retirement obligations’. |
Closure and rehabilitation provisions [Member] | |
Summary of Provisions | 2018 2017 US$M US$M At the beginning of the financial year 6,738 6,502 Capitalised amounts for operating sites: Change in estimate 35 71 Exchange translation (122 ) 99 Adjustments charged/(credited) to the income statement: Increases to existing and new provisions 132 127 Exchange translation (11 ) 9 Released during the year (165 ) (120 ) Other adjustments to the provision: Amortisation of discounting impacting net finance costs 352 330 Expenditure on closure and rehabilitation activities (178 ) (132 ) Exchange variations impacting foreign currency translation reserve – (1 ) Divestment and demerger of subsidiaries and operations – (146 ) Transferred to liabilities held for sale (450 ) – Other movements (1 ) (1 ) At the end of the financial year 6,330 6,738 Comprising: Current 274 255 Non-current 6,056 6,483 Operating sites 5,120 5,462 Closed sites 1,210 1,276 |
Samarco dam failure [member] | |
Summary of Financial Impacts of Samarco Dam Failure | The table below does not include BHP Billiton Brasil’s share of the results of Samarco prior to the Samarco dam failure, which is disclosed in note 28 ‘Investments accounted for using the equity method’, along with the summary financial information related to Samarco as at 30 June 2018. Financial impacts of Samarco dam failure 2018 2017 2016 US$M US$M US$M Income statement Expenses excluding net finance costs: Costs incurred directly by BHP Billiton Brasil and other BHP entities in relation to the Samarco dam failure (1)(2) (57 ) (82 ) (70 ) Loss from equity accounted investments, related impairments and expenses: Share of loss relating to the Samarco dam failure (2)(3) (80 ) (134 ) (655 ) Impairment of the carrying value of the investment in Samarco (3) – – (525 ) Samarco dam failure provision (2)(3) (429 ) (38 ) (1,200 ) Loss from operations (566 ) (254 ) (2,450 ) Net finance costs (84 ) (127 ) – Loss before taxation (650 ) (381 ) (2,450 ) Income tax benefit – – 253 Loss after taxation (650 ) (381 ) (2,197 ) Balance sheet movement Trade and other payables 4 (3 ) (11 ) Investments accounted for using the equity method – – (1,180 ) Deferred tax assets – – (158 ) Provisions (228 ) 143 (1,200 ) Deferred tax liabilities – – 411 Net (liabilities)/assets (224 ) 140 (2,138 ) 2018 2017 2016 US$M US$M US$M Cash flow statement Loss before taxation (650 ) (381 ) (2,450 ) Adjustments for: Share of loss relating to the Samarco dam failure (2)(3) 80 134 655 Impairment of the carrying value of the investment in Samarco (3) – – 525 Samarco dam failure provision (2)(3) 429 38 1,200 Net finance costs (2) 84 127 – Changes in assets and liabilities: Trade and other payables (4 ) 3 11 Net operating cash flows (61 ) (79 ) (59 ) Net investment and funding of equity accounted investments (4) (365 ) (442 ) – Net investing cash flows (365 ) (442 ) – Net decrease in cash and cash equivalents (426 ) (521 ) (59 ) (1) Includes legal and advisor costs incurred. (2) Financial impacts of US$(650) million from the Samarco dam failure relates to US$(80) million share of loss from US$(80) million funding provided during the period, US$(57) million direct costs incurred by BHP Billiton Brasil Ltda and other BHP entities, US$(84) million amortisation of discounting impacting net finance costs, US$(560) million change in estimate and US$131 million exchange translation. (3) At 30 June 2016, BHP Billiton Brasil Ltda adjusted its investment in Samarco to US$ nil (resulting from US$(655) million share of loss from Samarco and US$(525) million impairment) and recognised a provision of US$(1,200) million for obligations under the Framework Agreement. US$(572) million of the US$(1,200) million provision represents an additional share of loss from Samarco with the remaining US$(628) million recognised as provision expense. (4) Includes US$(80) million funding provided during the period and US$(285) million utilisation of the Samarco dam failure provision, of which US$(281) million allowed for the continuation of reparatory and compensatory programs in relation to the Framework Agreement and a further US$(4) million for dam stabilisation and expert costs. |
Summary of Provisions | Provision for Samarco dam failure 2018 2017 US$M US$M At the beginning of the financial year 1,057 1,200 Movement in provision 228 (143 ) Comprising: Utilised (285 ) (308) Adjustments charged to the income statement: Change in estimate 560 60 Amortisation of discounting impacting net finance costs 84 127 Exchange translation (131 ) (22) At the end of the financial year 1,285 1,057 Comprising: Current 313 310 Non-current 972 747 At the end of the financial year 1,285 1,057 |
Expenses and other income (Tabl
Expenses and other income (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Text block1 [abstract] | |
Summary of Expenses and Other Income | 2018 2017 2016 US$M US$M US$M Employee benefits expense: Wages, salaries and redundancies 3,653 3,392 3,324 Employee share awards 123 105 140 Social security costs 4 3 2 Pension and other post-retirement obligations 292 273 221 Less employee benefits expense classified as exploration and evaluation expenditure (82 ) (79 ) (82 ) Changes in inventories of finished goods and work in progress (142 ) (743 ) 287 Raw materials and consumables used 4,389 3,830 3,985 Freight and transportation 2,294 1,786 1,648 External services 5,217 4,341 4,370 Third party commodity purchases 1,452 1,151 994 Net foreign exchange (gains)/losses (93 ) 103 (153 ) Government royalties paid and payable 2,168 1,986 1,349 Exploration and evaluation expenditure incurred and expensed in the current period 641 610 419 Depreciation and amortisation expense 6,288 6,184 6,210 Net impairments: Property, plant and equipment 318 160 170 Goodwill and other intangible assets 14 33 16 Available for sale financial assets 1 – – Operating lease rentals 421 391 372 All other operating expenses 1,078 989 819 Total expenses 28,036 24,515 24,091 Losses/(Gains) on disposal of property, plant and equipment 10 (286 ) 20 Other income (257 ) (376 ) (452 ) Total other income (247 ) (662 ) (432 ) |
Income tax expense (Tables)
Income tax expense (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Text block1 [abstract] | |
Summary of Income Tax Expense | 2018 2017 2016 US$M US$M US$M Total taxation expense comprises: Current tax expense 5,052 4,412 2,621 Deferred tax expense/(benefit) 1,955 31 (518 ) 7,007 4,443 2,103 |
Summary of Factors Affecting Income Tax Expense | 2018 2017 2016 US$M US$M US$M Factors affecting income tax expense for the year Income tax expense differs to the standard rate of corporation tax as follows: Profit before taxation 14,751 11,137 1,791 Tax on profit at Australian prima facie tax rate of 30 per cent 4,425 3,341 537 Impact of US tax reform Tax on remitted and unremitted foreign earnings (1) 194 – – Non-tax 834 – – Tax rate changes 1,390 – – Recognition of previously unrecognised tax assets (95 ) – – Other (3 ) – – Subtotal 2,320 – – Other items not related to US tax reform Tax on remitted and unremitted foreign earnings 401 478 (376 ) Non-tax 721 242 457 Tax rate changes (79 ) 25 14 Amounts (over)/under provided in prior years (51 ) 175 (4 ) Foreign exchange adjustments (152 ) 88 125 Investment and development allowance (180 ) (53 ) (36 ) Tax effect of profit/(loss) from equity accounted investments, related impairments and expenses (2) (44 ) (82 ) 631 Recognition of previously unrecognised tax assets (170 ) (21 ) (36 ) Impact of tax rates applicable outside of Australia (484 ) (136 ) 5 Other 172 219 541 Income tax expense 6,879 4,276 1,858 Royalty-related taxation (net of income tax benefit) 128 167 245 Total taxation expense 7,007 4,443 2,103 (1) Comprising US$797 million repatriation tax and US$603 million of previously unrecognised tax credits. (2) The profit/(loss) from equity accounted investments, related impairments and expenses is net of income tax. This item removes the prima facie tax effect on such profits, related impairments and expenses. |
Summary of Income Tax Recognised in Other Comprehensive Income | Income tax recognised in other comprehensive income is as follows: 2018 2017 2016 US$M US$M US$M Income tax effect of: Items that may be reclassified subsequently to the income statement: Available for sale investments: Net valuation gains/(losses) taken to equity (3 ) – (1 ) Cash flow hedges: Gains/(losses) taken to equity (25 ) (105 ) 170 (Gains)/losses transferred to the income statement 64 129 (199 ) Income tax credit/(charge) relating to items that may be reclassified subsequently to the income statement 36 24 (30 ) Items that will not be reclassified to the income statement: Remeasurement gains/(losses) on pension and medical schemes (22 ) (12 ) 5 Employee share awards transferred to retained earnings on exercise 8 (14 ) (22 ) Income tax charge relating to items that will not be reclassified to the income statement (14 ) (26 ) (17 ) Total income tax credit/(charge) relating to components of other comprehensive income (1) 22 (2 ) (47 ) (1) Included within total income tax relating to components of other comprehensive income is US$17 million relating to deferred taxes and US$5 million relating to current taxes (2017: US$12 million and US$(14) million; 2016: US$(25) million and US$(22) million). |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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Summary of Earnings Per Share | 2018 2017 2016 Earnings/(loss) attributable to BHP shareholders (US$M) - Continuing operations 6,652 6,375 (539 ) - Total 3,705 5,890 (6,385 ) Weighted average number of shares (Million) - Basic 5,323 5,323 5,322 - Diluted 5,337 5,336 5,322 Basic earnings/(loss) per ordinary share (US cents) - Continuing operations 125.0 119.8 (10.2 ) - Total 69.6 110.7 (120.0 ) Diluted earnings/(loss) per ordinary share (US cents) - Continuing operations 124.6 119.5 (10.2 ) - Total 69.4 110.4 (120.0 ) |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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Summary of Trade and Other Receivables | 2018 2017 US$M US$M Trade receivables 1,857 1,855 Loans to equity accounted investments 13 644 Other receivables 1,406 1,140 Total 3,276 3,639 Comprising: Current 3,096 2,836 Non-current 180 803 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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Summary of Trade and Other Payables | 2018 2017 US$M US$M Trade creditors 4,574 3,996 Other creditors 1,406 1,560 Total 5,980 5,556 Comprising: Current 5,977 5,551 Non-current 3 5 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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Summary of Inventories | 2018 2017 Definitions US$M US$M Raw materials and consumables 1,266 1,241 Spares, consumables and other supplies yet to be utilised in the production process or in the rendering of services. Work in progress 2,965 2,852 Commodities currently in the production process that require further processing by the Group to a saleable form. Finished goods 674 675 Commodities held-for-sale Total (1) 4,905 4,768 Comprising: Current 3,764 3,673 Non-current 1,141 1,095 Inventories classified as non-current (1) Inventory write-downs of US$18 million were recognised during the year (2017: US$112 million; 2016: US$118 million). Inventory write-downs of US$2 million made in previous periods were reversed during the year (2017: US$19 million; 2016: US$118 million). |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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Summary of Property, Plant and Equipment | Land and Plant and Other Assets under Exploration Total US$M US$M US$M US$M US$M US$M Net book value – 30 June 2018 At the beginning of the financial year 8,547 49,427 15,557 5,536 1,430 80,497 Additions (1)(2) (20 ) 110 873 5,423 258 6,644 Depreciation for the year (548 ) (6,467 ) (730 ) – – (7,745 ) Impairments, net of reversals (3) (9 ) (507 ) (260 ) – (62 ) (838 ) Disposals (7 ) (26 ) (36 ) (1 ) (9 ) (79 ) Transferred to assets held for sale (21 ) (4,426 ) (5,563 ) (662 ) – (10,672 ) Exchange variations taken to reserve – 1 – – – 1 Transfers and other movements 210 2,773 (867 ) (2,742 ) – (626 ) At the end of the financial year 8,152 40,885 8,974 7,554 1,617 67,182 – Cost 12,525 91,037 13,212 7,554 2,400 126,728 – Accumulated depreciation and impairments (4,373 ) (50,152 ) (4,238 ) – (783 ) (59,546 ) Net book value – 30 June 2017 At the beginning of the financial year 9,005 47,766 15,942 9,561 1,701 83,975 Additions (1)(2) – 809 416 3,773 314 5,312 Depreciation for the year (552 ) (6,419 ) (765 ) – – (7,736 ) Impairments, net of reversals (8 ) (83 ) – – (69 ) (160 ) Disposals (27 ) (56 ) (25 ) (1 ) (152 ) (261 ) Divestment and demerger of subsidiaries and operations (47 ) (105 ) – (42 ) – (194 ) Exchange variations taken to reserve – – (1 ) – – (1 ) Transfers and other movements 176 7,515 (10 ) (7,755 ) (364 ) (438 ) At the end of the financial year 8,547 49,427 15,557 5,536 1,430 80,497 – Cost 12,387 106,332 31,196 5,538 2,213 157,666 – Accumulated depreciation and impairments (3,840 ) (56,905 ) (15,639 ) (2 ) (783 ) (77,169 ) (1) Includes net foreign exchange gains/(losses) related to the closure and rehabilitation provisions. Refer to note 13 ‘Closure and rehabilitation provisions’. (2) Property, plant and equipment of US$3 million (2017: US$593 million; 2016: US$ nil) was acquired under finance lease. This is a non-cash (3) Includes impairment charges related to Onshore US assets of US$520 million (2017: US$ nil). Refer to note 26 ‘Discontinued operations’. |
Summary of Principal Depreciation Methods and Rates Applied to Major Asset Categories | The table below summarises the principal depreciation methods and rates applied to major asset categories by the Group. Category Buildings Plant and Mineral rights and Capitalised exploration, Typical depreciation methodology SL SL UoP UoP Depreciation rate 25-50 3-30 Based on the rate of depletion of reserves Based on the rate of depletion of reserves |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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Summary of Intangible Assets | 2018 2017 Goodwill Other Total Goodwill Other Total US$M US$M US$M US$M US$M US$M Net book value At the beginning of the financial year 3,269 699 3,968 3,273 846 4,119 Additions – 50 50 – 81 81 Amortisation for the year – (197 ) (197 ) – (195 ) (195 ) Impairments for the year (1) (2,339 ) (14 ) (2,353 ) – (33 ) (33 ) Disposals (16 ) (7 ) (23 ) (4 ) – (4 ) Transferred to assets held for sale (667 ) – (667 ) – – – At the end of the financial year (2) 247 531 778 3,269 699 3,968 – Cost 247 1,665 1,912 3,269 1,722 4,991 – Accumulated amortisation and impairments – (1,134 ) (1,134 ) – (1,023 ) (1,023 ) (1) Includes impairment charges related to Onshore US assets of US$2,339 million (2017: US$ nil). Refer to note 26 ‘Discontinued operations’. (2) The Group’s aggregate net carrying value of goodwill for Continuing operations is US$247 million (2017: US$247 million), representing less than one per cent of net equity at 30 June 2018 (2017: less than one per cent). The goodwill is allocated across a number of cash-generating units (CGUs). |
Deferred tax balances (Tables)
Deferred tax balances (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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Summary of Movement in Net Deferred Tax Position | The movement for the year in the Group’s net deferred tax position is as follows: 2018 2017 2016 US$M US$M US$M Net deferred tax asset/(liability) At the beginning of the financial year 2,023 1,823 (1,681 ) Income tax (charge)/credit recorded in the income statement (1) (1,445 ) 188 3,508 Income tax credit/(charge) recorded directly in equity 17 12 (25 ) Other movements (26 ) – 21 At the end of the financial year 569 2,023 1,823 (1) Includes Discontinued operations income tax credit to the income statement of US$510 million (2017: US$219 million; 2016: US$2,990 million). |
Summary of Composition of Net Deferred Tax Assets and Liabilities and Deferred Tax Expense Charged/(Credited) to Income Statement | The composition of the Group’s net deferred tax assets and liabilities recognised in the balance sheet and the deferred tax expense charged/(credited) to the income statement is as follows: Deferred tax Deferred tax Charged/(credited) to 2018 2017 2018 2017 2018 2017 2016 US$M US$M US$M US$M US$M US$M US$M Type of temporary difference Depreciation (2,756 ) (3,454 ) 1,356 1,411 (752 ) 391 (2,282 ) Exploration expenditure 492 543 – – 51 (22 ) (3 ) Employee benefits 321 379 (2 ) 3 31 (37 ) 56 Closure and rehabilitation 1,627 1,809 (194 ) (230 ) 218 (151 ) 36 Resource rent tax 468 559 1,328 1,614 (194 ) (189 ) (8 ) Other provisions 141 131 (2 ) (1 ) (11 ) 14 8 Deferred income 21 (2 ) – (10 ) (13 ) 3 (49 ) Deferred charges (374 ) (443 ) 272 322 (119 ) (77 ) 62 Investments, including foreign tax credits 546 1,145 691 648 615 (17 ) (284 ) Foreign exchange gains and losses (120 ) (87 ) 16 69 (20 ) (77 ) (310 ) Tax losses 3,758 5,352 – – 1,595 (381 ) (809 ) Other (83 ) (144 ) 7 (61 ) 44 355 75 Total 4,041 5,788 3,472 3,765 1,445 (188 ) (3,508 ) |
Summary of Composition of Unrecognised Deferred Tax Assets and Liabilities | The composition of the Group’s unrecognised deferred tax assets and liabilities is as follows: 2018 2017 US$M US$M Unrecognised deferred tax assets Tax losses and tax credits (1) 3,028 2,687 Investments in subsidiaries (2) 1,659 856 Deductible temporary differences relating to PRRT (3) 2,282 2,293 Mineral rights (4) 2,263 2,293 Other deductible temporary differences (5) 437 478 Total unrecognised deferred tax assets 9,669 8,607 Unrecognised deferred tax liabilities Investments in subsidiaries (2) 2,216 2,500 Taxable temporary differences relating to unrecognised deferred tax asset for PRRT (3) 685 694 Total unrecognised deferred tax liabilities 2,901 3,194 (1) At 30 June 2018, the Group had income and capital tax losses with a tax benefit of US$1,946 million (2017: US$1,844 million) and tax credits of US$1,082 million (2017: US$843 million), which are not recognised as deferred tax assets, because it is not probable that future taxable profits or capital gains will be available against which the Group can utilise the benefits. The gross amount of tax losses carried forward that have not been recognised are as follows: Year of expiry Total US$M Income tax losses Not later than one year 363 Later than one year and not later than two years 402 Later than two years and not later than five years 897 Later than five years and not later than 10 years 398 Later than 10 years and not later than 20 years 2,446 Unlimited 1,734 6,240 Capital tax losses Not later than one year – Later than two years and not later than five years 144 Unlimited 3,471 Gross amount of tax losses not recognised 9,855 Tax effect of total losses not recognised 1,946 Of the US$1,082 million of tax credits, US$831 million expires not later than 10 years and US$251 million expires later than 10 years and not later than 20 years. (2) The Group had deferred tax assets of US$1,659 million at 30 June 2018 (2017: US$856 million) and deferred tax liabilities of US$2,216 million (2017: US$2,500 million) associated with undistributed earnings of subsidiaries that have not been recognised because the Group is able to control the timing of the reversal of the temporary differences and it is not probable that these differences will reverse in the foreseeable future. (3) The Group had US$2,282 million of unrecognised deferred tax assets relating to Australian Petroleum Resource Rent Tax (PRRT) at 30 June 2018 (2017: US$2,293 million relating to Australian PRRT), with a corresponding unrecognised deferred tax liability for income tax purposes of US$685 million (2017: US$694 million). Recognition of a deferred tax asset for PRRT depends on benefits expected to be obtained from the deduction against PRRT liabilities. (4) The Group had deductible temporary differences relating to mineral rights for which deferred tax assets of US$2,263 million at 30 June 2018 (2017: US$2,293 million) had not been recognised because it is not probable that future capital gains will be available, against which the Group can utilise the benefits. The deductible temporary differences do not expire under current tax legislation. (5) The Group had deductible temporary differences for which deferred tax assets of US$437 million at 30 June 2018 (2017: US$478 million) had not been recognised because it is not probable that future taxable profits will be available against which the Group can utilise the benefits. The deductible temporary differences do not expire under current tax legislation. |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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Summary of Share Capital | 14 Share capital BHP Billiton Limited BHP Billiton Plc 2018 shares 2017 2016 2018 shares 2017 2016 Share capital issued Opening number of shares 3,211,691,105 3,211,691,105 3,211,691,105 2,112,071,796 2,112,071,796 2,112,071,796 Purchase of shares by ESOP Trusts (7,469,236 ) (6,481,292 ) (6,538,404 ) (679,223 ) (225,646 ) (17,000 ) Employee share awards exercised following vesting 7,339,522 6,945,570 6,846,091 711,705 940,070 966,473 Movement in treasury shares under Employee Share Plans 129,714 (464,278 ) (307,687 ) (32,482 ) (714,424 ) (949,473 ) Closing number of shares (1) 3,211,691,105 3,211,691,105 3,211,691,105 2,112,071,796 2,112,071,796 2,112,071,796 Comprising: Shares held by the public 3,211,494,259 3,211,623,973 3,211,159,695 2,112,030,162 2,111,997,680 2,111,283,256 Treasury shares 196,846 67,132 531,410 41,634 74,116 788,540 Other share classes Special Voting share of no par value 1 1 1 – – – Special Voting share of US$0.50 par value – – – 1 1 1 5.5% Preference shares of £1 each – – – 50,000 50,000 50,000 DLC Dividend share 1 1 1 – – – (1) No fully paid ordinary shares in BHP Billiton Limited or BHP Billiton Plc were issued on the exercise of Group Incentive Scheme awards during the period 1 July 2018 to 6 September 2018. |
Other equity (Tables)
Other equity (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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Summary of Reserves | 2018 2017 2016 Recognition and measurement US$M US$M US$M Share premium account 518 518 518 The share premium account represents the premium paid on the issue of BHP Billiton Plc shares recognised in accordance with the UK Companies Act 2006. Foreign currency translation reserve 42 40 41 The foreign currency translation reserve represents exchange differences arising from the translation of non-US Employee share awards reserve 196 214 293 The employee share awards reserve represents the accrued employee entitlements to share awards that have been charged to the income statement and have not yet been exercised. Once exercised, the difference between the accumulated fair value of the awards and their historical on-market Hedging reserve 58 153 210 The hedging reserve represents hedging gains and losses recognised on the effective portion of cash flow hedges. The cumulative deferred gain or loss on the hedge is recognised in the income statement when the hedged transaction impacts the income statement, or is recognised as an adjustment to the cost of non-financial Financial assets reserve 16 10 11 The financial assets reserve represents the revaluation of available for sale financial assets. Where a revalued financial asset is sold or impaired, the relevant portion of the reserve is transferred to the income statement. Share buy-back 177 177 177 The share buy-back non-distributable Non-controlling 1,283 1,288 1,288 The non-controlling non-controlling Total reserves 2,290 2,400 2,538 |
Summary of Financial Information Relating to Subsidiaries with Non-controlling Interests | Summarised financial information relating to each of the Group’s subsidiaries with non-controlling 2018 2017 US$M Minera Other Total Minera Other Total Group share (per cent) 57.5 57.5 Current assets 2,751 2,107 Non-current 13,389 14,528 Current liabilities (1,781 ) (1,339 ) Non-current (4,352 ) (4,300 ) Net assets 10,007 10,996 Net assets attributable to NCI 4,253 825 5,078 4,673 795 5,468 Revenue 8,775 4,576 Profit after taxation 2,221 516 Other comprehensive income (2 ) – Total comprehensive income 2,219 516 Profit after taxation attributable to NCI 944 174 1,118 219 113 332 Other comprehensive income attributable to NCI (1 ) 1 – – – – Net operating cash flow 5,041 1,964 Net investing cash flow (997 ) (999 ) Net financing cash flow (3,392 ) (968 ) Dividends paid to NCI (1) 1,469 135 1,604 507 74 581 (1) Includes dividends paid to non-controlling interests related to Onshore US of US$22 million (2017: US$6 million). Refer to note 26 ‘Discontinued operations’. |
Dividends (Tables)
Dividends (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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Summary of Dividends Paid | Year ended 30 June 2018 Year ended Year ended Per share Total Per share Total Per share Total US cents US$M US cents US$M US cents US$M Dividends paid during the period (1) Prior year final dividend 43 2,291 14 746 62 3,299 Interim dividend 55 2,930 40 2,125 16 855 98 5,221 54 2,871 78 4,154 (1) 5.5 per cent dividend on 50,000 preference shares of £1 each determined and paid annually (2017: 5.5 per cent; 2016: 5.5 per cent). |
Summary of Franking Credits | 2018 2017 2016 US$M US$M US$M Franking credits as at 30 June 10,400 10,155 9,640 Franking credits arising from the payment of current tax 1,330 1,239 81 Total franking credits available (1) 11,730 11,394 9,721 (1) The payment of the final 2018 dividend determined after 30 June 2018 will reduce the franking account balance by US$867 million. |
Net debt (Tables)
Net debt (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Summary of Net Debt Balance and Gearing Ratio | The Group monitors capital using the net debt balance and the gearing ratio, being the ratio of net debt to net debt plus net assets. 2018 2017 US$M Current Non-current Current Non-current Interest bearing liabilities Bank loans 308 2,247 192 2,089 Notes and debentures 2,228 21,070 771 26,270 Finance leases 77 725 82 815 Bank overdraft and short-term borrowings 58 – 45 – Other 65 27 151 59 Total interest bearing liabilities 2,736 24,069 1,241 29,233 Less cash and cash equivalents Cash 1,065 – 882 – Short-term deposits 14,806 – 13,271 – Total cash and cash equivalents 15,871 – 14,153 – Net debt 10,934 16,321 Net assets 60,670 62,726 Gearing 15.3 % 20.6 % |
Summary of Cash and Cash Equivalents, Net of Overdrafts | Cash and short-term deposits are disclosed in the cash flow statement net of bank overdrafts and interest bearing liabilities at call. 2018 2017 2016 US$M US$M US$M Total cash and cash equivalents 15,871 14,153 10,319 Bank overdrafts and short-term borrowing (58 ) (45 ) (43 ) Total cash and cash equivalents, net of overdrafts 15,813 14,108 10,276 |
Summary of Maturity Profile of Financial Liabilities Based on the Contractual Amounts | The maturity profile of the Group’s financial liabilities based on the contractual amounts, taking into account the derivatives related to debt, is as follows: 2018 US$M Bank loans, other loans Expected Derivatives Other Obligations Trade and Total Due for payment: In one year or less or on demand 2,647 682 302 17 127 5,788 9,563 In more than one year but not more than two years 1,545 957 188 1 113 3 2,807 In more than two years but not more than five years 8,019 2,203 823 – 335 – 11,380 In more than five years 13,287 5,519 1,191 – 590 – 20,587 Total 25,498 9,361 2,504 18 1,165 5,791 44,337 Carrying amount 26,003 – 1,213 18 802 5,791 33,827 2017 US$M Bank loans, Expected Derivatives Other Obligations Trade and Total Due for payment: In one year or less or on demand 1,157 686 267 144 135 5,417 7,806 In more than one year but not more than two years 2,471 1,022 245 4 132 5 3,879 In more than two years but not more than five years 8,279 2,611 503 7 343 – 11,743 In more than five years 16,706 6,248 1,975 – 705 – 25,634 Total 28,613 10,567 2,990 155 1,315 5,422 49,062 Carrying amount 29,577 – 1,345 155 897 5,422 37,396 |
Currency risk [member] | |
Summary of Interest Bearing Liabilities and Cash and Cash Equivalents Denominated by Currency | Interest bearing liabilities and cash and cash equivalents include balances denominated in the following currencies: Interest bearing liabilities Cash and cash equivalents 2018 2017 2018 2017 US$M US$M US$M US$M USD 12,981 14,035 7,024 7,980 EUR 9,070 10,324 5,845 4,663 GBP 3,104 3,520 1,560 1,318 AUD 1,077 1,987 9 9 CAD 573 608 1,301 77 Other – – 132 106 Total 26,805 30,474 15,871 14,153 |
Net finance costs (Tables)
Net finance costs (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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Summary of Net Finance Costs | 2018 2017 2016 US$M US$M US$M Financial expenses Interest on bank loans, overdrafts and all other borrowings 1,168 1,130 969 Interest capitalised at 4.24% (2017: 3.25%; 2016: 2.61%) (1) (139 ) (113 ) (123 ) Discounting on provisions and other liabilities 414 450 304 Fair value change on hedged loans (265 ) (1,185 ) 1,444 Fair value change on hedging derivatives 329 1,244 (1,448 ) Exchange variations on net debt (19 ) (23 ) (24 ) Other financial expenses 79 57 28 1,567 1,560 1,150 Financial income Interest income (322 ) (143 ) (137 ) Net finance costs 1,245 1,417 1,013 (1) Interest has been capitalised at the rate of interest applicable to the specific borrowings financing the assets under construction or, where financed through general borrowings, at a capitalisation rate representing the average interest rate on such borrowings. Tax relief for capitalised interest is approximately US$42 million (2017: US$34 million; 2016: US$37 million). |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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Summary of Financial Assets and Liabilities by Class | 2018 US$M Loans and Available Held at fair Cash flow Other at Total Fair value hierarchy (1) Level 3 Levels 1,2 & 3 Level 2 Current cross currency and interest rate swaps – – 12 – – 12 Current other derivative contracts (2) – – 170 – – 170 Current available for sale shares and other investments (3)(4) – – 18 – – 18 Non-current – – 423 (27 ) – 396 Non-current (2) – – 195 – – 195 Non-current (3)(4)(5) – 80 328 – – 408 Total other financial assets – 80 1,146 (27 ) – 1,199 Cash and cash equivalents 15,871 – – – – 15,871 Trade and other receivables (6) 1,799 – 1,126 – – 2,925 Loans to equity accounted investments 13 – – – – 13 Total financial assets 17,683 80 2,272 (27 ) – 20,008 Non-financial 91,985 Total assets 111,993 Current cross currency and interest rate swaps – – 171 (50 ) – 121 Current other derivative contracts (2)(7) – – 17 – – 17 Non-current – – 298 794 – 1,092 Non-current (2)(7) – – 1 – – 1 Total other financial liabilities – – 487 744 – 1,231 Trade and other payables (8) – – 377 – 5,414 5,791 Bank overdrafts and short-term borrowings (9) – – – – 58 58 Bank loans (9) – – – – 2,555 2,555 Notes and debentures (9) – – – – 23,298 23,298 Finance leases – – – – 802 802 Other (9) – – – – 92 92 Total financial liabilities – – 864 744 32,219 33,827 Non-financial 17,496 Total liabilities 51,323 2017 US$M Loans and Available Held at fair Cash Other Total Fair value hierarchy (1) Level 3 Levels 1,2 & 3 Level 2 Current other derivative contracts (2) – – 41 – – 41 Current available for sale shares and other investments (3) (4) – – 31 – – 31 Non-current – – 578 27 – 605 Non-current (2) – – 332 – – 332 Non-current (3) (4) (5) – 70 274 – – 344 Total other financial assets – 70 1,256 27 – 1,353 Cash and cash equivalents 14,153 – – – – 14,153 Trade and other receivables (6) 1,813 – 920 – – 2,733 Loans to equity accounted investments 644 – – – – 644 Total financial assets 16,610 70 2,176 27 – 18,883 Non-financial 98,123 Total assets 117,006 Current cross currency and interest rate swaps – – (4 ) 254 – 250 Current other derivative contracts (2) (7) – – 144 – – 144 Non-current – – 42 1,053 – 1,095 Non-current (2) (7) – – 4 7 – 11 Total other financial liabilities – – 186 1,314 – 1,500 Trade and other payables (8) – – 502 – 4,920 5,422 Bank overdrafts and short-term borrowings (9) – – – – 45 45 Bank loans (9) – – – – 2,281 2,281 Notes and debentures (9) – – – – 27,041 27,041 Finance leases – – – – 897 897 Other (9) – – – – 210 210 Total financial liabilities – – 688 1,314 35,394 37,396 Non-financial 16,884 Total liabilities 54,280 (1) All of the Group’s financial assets and financial liabilities recognised at fair value were valued using market observable inputs categorised as Level 2 with the exception of the specified items in the following footnotes. (2) Includes other derivative contracts of US$213 million (2017: US$365 million) categorised as Level 3. (3) Includes investments held by BHP Billiton Foundation which are restricted and not available for general use by the Group of US$343 million (2017: US$304 million). (4) Includes other investments held at fair value through profit or loss (US Treasury Notes) of US$108 million categorised as Level 1 (2017: US$97 million). (5) Includes shares and other investments available for sale of US$80 million (2017: US$70 million) categorised as Level 3. (6) Excludes input taxes of US$338 million (2017: US$262 million) included in other receivables. Refer to note 7 ‘Trade and other receivables’. (7) Includes US$nil (2017: US$7 million) natural gas futures contracts used by the Group to mitigate price risk designated as cash flow hedges. (8) Excludes input taxes of US$189 million (2017: US$134 million) included in other payables. Refer to note 8 ‘Trade and other payables’. (9) All interest bearing liabilities, excluding finance leases, are unsecured. |
Summary of Movement of Interest Bearing Liabilities and Related Derivatives | The movement in the year in the Group’s interest bearing liabilities and related derivatives is as follows: 2018 US$M Interest bearing liabilities Derivatives liabilities Bank Notes and Finance Bank Other Cross Total At the beginning of the financial year 2,281 27,041 897 45 210 740 Proceeds from interest bearing liabilities 500 – – – 28 – 528 Settlements of debt related instruments – – – – – (218 ) (218 ) Repayment of interest bearing liabilities (221 ) (3,736 ) (81 ) – (150 ) – (4,188 ) Change from Net financing cash flows 279 (3,736 ) (81 ) – (122 ) (218 ) (3,878 ) Other movements: Interest rate impacts – (353 ) – – – 329 Foreign exchange impacts – 245 (9 ) – – (254 ) Other interest bearing liabilities/derivative related changes (5 ) 101 – 13 4 208 Liabilities transferred to held for sale – – (5 ) – – – At the end of the financial year 2,555 23,298 802 58 92 805 |
Key management personnel (Table
Key management personnel (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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Summary of Key Management Personnel | Key management personnel compensation comprises: 2018 2017 2016 US$ US$ US$ Short-term employee benefits 13,190,838 16,439,948 14,979,983 Post-employment benefits 1,506,108 1,895,828 2,356,594 Share-based payments 13,356,657 13,747,355 16,837,179 Total 28,053,603 32,083,131 34,173,756 |
Employee share ownership plans
Employee share ownership plans (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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Summary of Description of Plans | The table below provides a description of each of the plans. Plan STIP and GSTIP LTIP and MAP Transitional Executive Shareplus Type Short-term incentive Long-term incentive Long-term incentive All-employee Overview The STIP is a plan for the Executive KMP and the GSTIP is a plan for BHP senior management who are not KMP. Under both plans, half of the value of a participant’s short-term incentive amount is awarded as rights to receive BHP Billiton Limited or BHP Billiton Plc shares at the end of the vesting period. The LTIP is a plan for Executive KMP and awards are granted annually. The MAP is a plan for BHP senior management who are not KMP. The number of share rights awarded is determined by a participant’s role and grade. Awards may be granted to new Executive KMP recruited from within the Group to bridge the gap created by the different timeframes of the vesting of MAP awards, granted in their non-KMP Employees may contribute up to US$5,000 to acquire shares in any plan year. On the third anniversary of the start of a plan year, the Group will match the number of acquired shares. Vesting conditions Service condition only. LTIP: Service and performance conditions. For awards granted from December 2013 onwards, BHP’s Total Shareholder Return (TSR) (1) (1) MAP: Service conditions only. Service conditions and performance conditions. The Remuneration Committee has absolute discretion to determine if the performance condition has been met and whether any, all or part of the award will vest (or otherwise lapse), having regard to (but not limited to) the BHP’s TSR (1) Service conditions only. Vesting period 2 years LTIP – 5 years MAP – 1 to 5 years 3 years or 4 years 3 years Dividend Equivalent Payment Yes, except GSTIP awards granted after 1 July 2011 Yes, except MAP granted after 1 July 2011 No No Exercise period None LTIP – None MAP – None None None (1) BHP’s TSR is the weighted average of the TSRs of BHP Billiton Limited and BHP Billiton Plc. |
Summary of Employee Share Awards | Employee share awards 2018 Number Number of Number of Number of Number of Number of Weighted BHP Billiton Limited STIP awards 497,634 274,743 464,349 – 308,028 – 1.0 GSTIP awards 2,001,583 1,422,338 1,383,656 31,810 2,008,455 28,981 0.8 LTIP awards 4,679,513 1,523,309 65,247 156,600 5,980,975 – 2.5 Transitional OMC awards 137,194 – 61,485 28,869 46,840 – 0.7 MAP awards 7,348,428 5,731,891 2,185,614 515,442 10,379,263 60,134 1.5 Shareplus 5,998,517 2,483,091 3,184,545 521,984 4,775,079 – 1.2 Employee Share Plan shares (legacy plan) 338,883 – 338,883 – – – n/a BHP Billiton Plc GSTIP awards 84,250 40,957 59,577 1,762 63,868 – 0.8 LTIP awards 386,912 – 74,988 311,924 – – n/a MAP awards 596,443 133,926 406,783 8,135 315,451 – 1.3 Shareplus 336,108 137,832 165,450 26,331 282,159 – 1.2 |
Summary of Fair Value and Assumptions in the Calculation of Fair Value for Awards Issued | Fair value and assumptions in the calculation of fair value for awards issued 2018 Weighted Risk-free Estimated Share Estimated Dividend BHP Billiton Limited STIP awards 20.65 n/a 3 years A$27.97 n/a n/a GSTIP awards 18.83 n/a 3 years A$25.98 n/a 4.30 % LTIP awards 13.11 2.08 % 5 years A$27.97 33.0 % n/a MAP awards 18.37 n/a 1-2-3 years A$25.98 n/a 4.30 % Shareplus 18.12 1.85 % 3 years A$24.00 n/a 4.33 % BHP Billiton Plc GSTIP awards 16.48 n/a 3 years £13.29 n/a 5.10 % MAP awards 15.62 n/a 1-2-3 £13.29 n/a 5.10 % Shareplus 13.48 0.17 % 3 years £12.34 n/a 5.10 % Employee share awards expense is US$123.313 million (2017: US$106.214 million; 2016: US$140.445 million). (1) (1) Total employee share awards expense includes Onshore US. Refer to note 4 ‘Expenses and other income’ employee share awards for continuing operations. |
Pension and other post-retire64
Pension and other post-retirement obligations (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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Summary of Net Liability Recognised in Consolidated Balance Sheet | The net liability recognised in the Consolidated Balance Sheet is as follows: Defined benefit pension Post-retirement medical 2018 2017 2018 2017 US$M US$M US$M US$M Present value of funded defined benefit obligation 616 665 – – Present value of unfunded defined benefit obligation 274 256 192 204 Fair value of defined benefit scheme assets (633 ) (687 ) – – Scheme deficit 257 234 192 204 Unrecognised surplus – – – – Unrecognised past service credits – – – – Adjustment for employer contributions tax – – – – Net liability recognised in the Consolidated Balance Sheet 257 234 192 204 |
Employees (Tables)
Employees (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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Summary of Employees | 2018 2017 2016 Number Number Number Average number of employees (1) Australia 16,504 15,906 15,834 South America 6,729 6,361 6,509 North America 1,839 2,072 2,748 Asia 1,368 1,019 822 Europe 70 74 61 Total average number of employees from Continuing operations 26,510 25,432 25,974 Total average number of employees from Discontinued operations 651 714 853 Total average number of employees 27,161 26,146 26,827 (1) Average employee numbers include the Executive Director, 100 per cent of employees of subsidiary companies and our share of employees of joint operations. Employees of equity accounted investments are not included. Part-time employees are included on a full-time equivalent basis. Employees of businesses disposed of during the year are included for the period of ownership. Contractors are not included. |
Subsidiaries (Tables)
Subsidiaries (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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Summary of Significant Subsidiaries | The Group’s interest in the subsidiaries results are listed in the table below. For a complete list of the Group’s subsidiaries, refer to Exhibit 8.1 – List of Subsidiaries. Significant subsidiaries Country of Group interest Principal activity 2018 % 2017 Coal BHP Billiton Mitsui Coal Pty Ltd Australia Coal mining 80 80 Hunter Valley Energy Coal Pty Ltd Australia Coal mining 100 100 Copper BHP Billiton Olympic Dam Corporation Pty Ltd Australia Copper and uranium mining 100 100 Compañia Minera Cerro Colorado Limitada Chile Copper mining 100 100 Minera Escondida Limitada (1) Chile Copper mining 57.5 57.5 Minera Spence S.A. Chile Copper mining 100 100 Iron Ore BHP Billiton Iron Ore Pty Ltd Australia Service company 100 100 BHP Billiton Minerals Pty Ltd Australia Iron ore and coal mining 100 100 BHP Iron Ore (Jimblebar) Pty Ltd (2) Australia Iron ore mining 85 85 BHP Billiton (Towage Service) Pty Ltd Australia Freight services 100 100 Marketing BHP Billiton Freight Singapore Pte Limited Singapore Freight services 100 100 BHP Billiton Marketing AG Switzerland Marketing and trading 100 100 BHP Billiton Marketing Asia Pte Ltd Singapore Marketing support and other services 100 100 Group and Unallocated BHP Billiton Canada Inc. Canada Potash development 100 100 BHP Billiton Finance BV The Finance 100 100 BHP Billiton Finance Limited Australia Finance 100 100 BHP Billiton Finance (USA) Ltd Australia Finance 100 100 BHP Billiton Group Operations Pty Ltd Australia Administrative services 100 100 BHP Billiton International Services Ltd UK Service company 100 100 BHP Billiton Nickel West Pty Ltd Australia Nickel mining, smelting, refining and administrative services 100 100 WMC Finance (USA) Limited Australia Finance 100 100 (1) As the Group has the ability to direct the relevant activities at Minera Escondida Limitada, it has control over the entity. The assessment of the most relevant activity in this contractual arrangement is subject to judgement. The Group establishes the mine plan and the operating budget and has the ability to appoint the key management personnel, demonstrating that the Group has the existing rights to direct the relevant activities of Minera Escondida Limitada. (2) The Group has an effective interest of 92.5 per cent in BHP Iron Ore (Jimblebar) Pty Ltd; however, by virtue of the shareholder agreement with ITOCHU Minerals & Energy of Australia Pty Ltd and Mitsui & Co. Iron Ore Exploration & Mining Pty Ltd, the Group’s interest in the Jimblebar mining operation is 85 per cent, which is consistent with the other respective contractual arrangements at Western Australia Iron Ore. |
Investments accounted for usi67
Investments accounted for using the equity method (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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Summary of Ownership Interest in Equity Accounted Investments | The Group’s ownership interest in equity accounted investments results are listed in the table below. For a complete list of the Group’s associates and joint ventures, refer to note 13 ‘Related undertakings of the Group’ in section 5.2. Significant associates and joint ventures Country of Associate or joint Principal Reporting Ownership interest 2018 2017 Cerrejón Anguilla/ Associate Coal mining in Colombia 31 December 33.33 33.33 CompañÃa Minera Antamina S.A. (Antamina) Peru Associate Copper and zinc mining 31 December 33.75 33.75 Samarco Mineração S.A. (Samarco) Brazil Joint Iron ore mining 31 December 50.00 50.00 |
Summary of Movements of Investments Accounted for using the Equity Method | The movement for the year in the Group’s investments accounted for using the equity method is as follows: Year ended 30 June 2018 US$M Investment in Investment in Total equity At the beginning of the financial year 2,448 – 2,448 Profit/(loss) from equity accounted investments, related impairments and expenses (1) 656 (509 ) 147 Investment in equity accounted investments 62 80 142 Dividends received from equity accounted investments (693 ) – (693 ) Other – 429 429 At the end of the financial year 2,473 – 2,473 (1) US$(509) million represents US$(80) million share of loss from US$(80) million funding provided during the period and US$(429) million movement in the Samarco dam failure provision including US$(560) million change in estimate and US$131 million exchange translation. Refer to note 3 ‘Significant events – Samarco dam failure’ for further information. |
Summary of Financial Information of Significant Equity Accounted Investments | The following table summarises the financial information relating to each of the Group’s significant equity accounted investments. BHP Billiton Brasil’s 50 per cent portion of Samarco’s commitments, for which BHP Billiton Brasil has no funding obligation, is US$550 million (2017: US$750 million). Associates Joint ventures 2018 US$M Antamina Cerrejón Individually (1) Samarco (2) Individually Total Current assets 1,099 1,187 79 (3) Non-current 4,385 2,485 6,023 Current liabilities (532 ) (585 ) (5,811 ) (4) Non-current (1,064 ) (663 ) (4,265 ) (5) Net assets/(liabilities) – 100% 3,888 2,424 (3,974 ) Net assets/(liabilities) – Group share 1,312 808 (1,987 ) Adjustments to net assets related to accounting policy adjustments 1 75 357 (6) Impairment of the carrying value of the investment in Samarco – – (525 ) (7) Additional share of Samarco losses – – 2,092 (8) Unrecognised losses – – 63 (9) Carrying amount of investments accounted for using the equity method 1,313 883 277 – – 2,473 Revenue – 100% 4,262 2,453 30 Profit/(loss) from Continuing operations – 100% 1,613 576 (1,558 ) (10) Share of operating profit/(loss) of equity accounted investments 544 192 (823 ) Additional share of Samarco losses – – 251 Unrecognised losses – – 63 (9) Profit/(loss) from equity accounted investments, related impairments and expenses 544 192 (80 ) (509 ) – 147 Comprehensive income – 100% 1,613 576 (1,558 ) Share of comprehensive income/(loss) – Group share in equity accounted investments 544 192 (80 ) (509 ) – 147 Dividends received from equity accounted investments 496 181 16 – – 693 Associates Joint ventures 2017 US$M Antamina Cerrejón Individually (1) Samarco (2) Individually Total Current assets 995 782 174 (3) Non-current 4,273 2,540 6,128 Current liabilities (530 ) (364 ) (5,236 ) (4) Non-current (993 ) (621 ) (3,482 ) (5) Net assets/(liabilities) – 100% 3,745 2,337 (2,416 ) Net assets/(liabilities) – Group share 1,264 779 (1,208 ) Adjustments to net assets related to accounting policy adjustments 1 80 401 (6) Impairment of the carrying value of the investment in Samarco – – (525 ) (7) Additional share of Samarco losses – – 1,332 Carrying amount of investments accounted for using the equity method 1,265 859 324 – – 2,448 Revenue – 100% 3,317 2,247 28 Profit/(loss) from Continuing operations – 100% 1,010 388 (1,520 ) (10) Share of operating profit/(loss) of equity accounted investments 341 129 (760 ) Additional share of Samarco losses – – 588 Profit/(loss) from equity accounted investments, related impairments and expenses 341 129 (26 ) (172 ) – 272 Comprehensive income – 100% 1,010 388 (1,520 ) Share of comprehensive income/(loss) – Group share in equity accounted investments 341 129 (26 ) (172 ) – 272 Dividends received from equity accounted investments 425 163 32 – – 620 Associates Joint ventures 2016 US$M Antamina Cerrejón Individually Samarco (2) Individually Total Revenue – 100% 2,639 1,575 937 Profit/(loss) from Continuing operations – 100% 606 (73 ) (2,182 ) Share of operating profit/(loss) of equity accounted investments 203 (24 ) (39 ) (1,091 ) (11) – (951 ) Samarco dam failure provision expense – – – (628 ) (7) – (628 ) Impairment of the carrying value of the investment in Samarco – – – (525 ) (7) – (525 ) Profit/(loss) from equity accounted investments, related impairments and expenses 203 (24 ) (39 ) (2,244 ) – (2,104 ) Comprehensive income – 100% 606 (73 ) (2,182 ) Share of comprehensive income/(loss) – Group share in equity accounted investments 203 (24 ) (39 ) (2,244 ) – (2,104 ) Dividends received from equity accounted investments 233 29 31 – – 293 (1) The unrecognised share of losses for the period was US$56 million (2017: unrecognised share of profits for the period was US$21 million), which increased the cumulative losses to US$196 million (2017: decrease to US$140 million). (2) Refer to note 3 ‘Significant events – Samarco dam failure’ for further information regarding the financial impact of the Samarco dam failure in November 2015 on BHP Billiton Brasil’s share of Samarco’s losses. (3) Includes cash and cash equivalents of US$23 million (2017: US$29 million). (4) Includes current financial liabilities (excluding trade and other payables and provisions) of US$5,066 million (2017: US$4,581 million). (5) Includes non-current (6) Relates mainly to dividends declared by Samarco that remain unpaid at balance date and which, in accordance with the Group’s accounting policy, are recognised when received not receivable. (7) BHP Billiton Brasil has adjusted its investment in Samarco to US$ nil (resulting from US$(655) million share of loss from Samarco and US$(525) million impairment) and recognised a provision of US$(1,200) million for obligations under the Framework Agreement. US$(572) million of the US$(1,200) million provision represents an additional share of loss from Samarco with the remaining US$(628) million recognised as provision expense. (8) BHP Billiton Brasil has recognised accumulated additional share of Samarco losses of US($2,092) million resulting from US$(214) million share of loss from funding provided to Samarco and US$(1,878) million relating to obligations under the Framework Agreement, including US$(211) million recognised as net finance costs. (9) Share of Samarco’s losses for which BHP Billiton Brasil does not have an obligation to fund. (10) Includes depreciation and amortisation of US$73 million (2017: US$88 million; 2016: US$148 million), interest income of US$31 million (2017: US$57 million; 2016: US$43 million), interest expense of US$385 million (2017: US$473 million; 2016: US$209 million) and income tax (expense)/benefit of US$(154) million (2017: US$(851) million; 2016: US$564 million). (11) US$(1,091) million represents US$(1,227) million share of loss relating to the Samarco dam failure (exceptional item) and US$136 million share of operating profit prior to the dam failure. |
Interests in joint operations (
Interests in joint operations (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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Summary of Significant Interests in Joint Operations | The Group’s interest in the joint operations results are listed in the table below. For a list of significant joint operations of the Group classified as ‘held for sale’ refer to note 26 ‘Discontinued operations’. For a complete list of the Group’s investments in joint operations, refer to Exhibit 8.1 – List of Subsidiaries. Group interest Significant joint operations Country of operation Principal activity 2018 % 2017 Bass Strait Australia Hydrocarbons production 50 50 Greater Angostura Trinidad and Tobago Hydrocarbons production 45 45 Gulf of Mexico US Hydrocarbons exploration and production 23.9–44 23.9–44 Macedon (1) Australia Hydrocarbons exploration and production 71.43 71.43 North West Shelf Australia Hydrocarbons production 12.5–16.67 12.5–16.67 Pyrenees (1) Australia Hydrocarbons exploration and production 40–71.43 40–71.43 ROD Integrated Development (2) Algeria Hydrocarbons exploration and production 29.50 29.50 Mt Goldsworthy (3) Australia Iron ore mining 85 85 Mt Newman (3) Australia Iron ore mining 85 85 Yandi (3) Australia Iron ore mining 85 85 Central Queensland Coal Associates Australia Coal mining 50 50 (1) While the Group holds a greater than 50 per cent interest in these joint operations, all the participants in these joint operations approve the operating and capital budgets and therefore the Group has joint control over the relevant activities of these arrangements. (2) Group interest reflects the working interest and may vary year-on-year (3) These contractual arrangements are controlled by the Group and do not meet the definition of joint operations. However, as they are formed by contractual arrangement and are not entities, the Group recognises its share of assets, liabilities, revenue and expenses arising from these arrangements. |
Summary of Assets Held in Joint Operations | Assets held in joint operations subject to significant restrictions are as follows: Group share 2018 2017 US$M US$M (2) Current assets 2,445 2,755 Non-current 36,144 51,446 Total assets (1) 38,589 54,201 (1) While the Group is unrestricted in its ability to sell a share of its interest in these joint operations, it does not have the right to sell individual assets that are used in these joint operations without the unanimous consent of the other participants. The assets in these joint operations are also restricted to the extent that they are only available to be used by the joint operation itself and not by other operations of the Group. (2) Includes US$14,408 million related to Onshore US assets. |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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Summary of Transactions with Related Parties | Further disclosures related to other related party transactions are as follows: Joint operations Joint ventures Associates 2018 2017 2018 2017 2018 2017 US$M US$M US$M US$M US$M US$M Sales of goods/services – – – – – – Purchases of goods/services – – – – 1,358.016 1,052.885 Interest income 1.764 1.850 – – 19.337 34.911 Interest expense – 0.010 – – – 0.006 Dividends received – – – – 693.105 619.894 Net loans made to/(repayments from) related parties 60.566 (82.701 ) – – (599.979 ) (272.276 ) |
Summary of Outstanding Balances with Related Parties | Joint operations Joint ventures Associates 2018 2017 2018 2017 2018 2017 US$M US$M US$M US$M US$M US$M Trade amounts owing to related parties – – – – 210.716 217.803 Loan amounts owing to related parties 55.667 118.288 – – 4.097 39.097 Trade amounts owing from related parties – – – – 3.932 3.083 Loan amounts owing from related parties 18.089 20.144 – – 12.939 647.918 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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Summary of Other Commitments | The Group’s other commitments are as follows: Commitments under finance leases Commitments under operating leases 2018 2017 2018 2017 US$M US$M US$M US$M Due not later than one year 127 135 388 420 Due later than one year and not later than five years 448 475 785 672 Due later than five years 590 705 839 660 Total 1,165 1,315 2,012 1,752 Future financing liability (363 ) (418 ) Right to reimbursement from joint operations partner – – Finance lease liability 802 897 |
Contingent liabilities (Tables)
Contingent liabilities (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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Summary of Contingent Liabilities | 2018 2017 US$M US$M Associates and joint ventures (1) 1,588 1,784 Subsidiaries and joint operations (1) 1,915 1,825 Total 3,503 3,609 (1) There are a number of matters, for which it is not possible at this time to provide a range of possible outcomes or a reliable estimate of potential future exposures, and for which no amounts have been included in the table above. |
Acquisitions and disposals of72
Acquisitions and disposals of subsidiaries, operations, joint operations and equity accounted investments (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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Summary of Divestments | 2018 2017 2016 US$M US$M US$M Net assets disposed – 189 153 Gross cash consideration – 187 168 Less cash and cash equivalents disposed – – (2 ) Total consideration – 187 166 Other effects (1) – – 1 Net (loss)/gain on disposal recognised in other income – (2 ) 14 (1) Other effects include deferred consideration of US$ nil for 30 June 2018 (2017: US$ nil; 2016: US$1 million). |
Auditor's remuneration (Tables)
Auditor's remuneration (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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Summary of Auditors' Remuneration | 2018 2017 2016 US$M US$M US$M Fees payable to the Group’s auditors for assurance services Audit of the Group’s Annual Report 3.909 3.381 3.126 Audit of subsidiaries, joint ventures and associates 13.902 7.040 7.715 Audit-related assurance services 4.039 3.597 3.493 Other assurance services 1.343 1.849 1.508 Total assurance services 23.193 15.867 15.842 Fees payable to the Group’s auditors for other services Other services relating to corporate finance 0.104 0.042 0.276 All other services 0.553 0.589 0.815 Total other services 0.657 0.631 1.091 Total fees 23.850 16.498 16.933 |
Deed of Cross Guarantee (Tables
Deed of Cross Guarantee (Tables) - Parent [Member] | 12 Months Ended |
Jun. 30, 2018 | |
Summary of Consolidated Statement of Comprehensive Income and Retained Earnings | Consolidated Statement of Comprehensive Income and Retained Earnings 2018 2017 US$M US$M Revenue 20,434 19,394 Other income 3,188 4,988 Expenses excluding net finance costs (12,693 ) (12,085 ) Net finance costs (470 ) (591 ) Income tax expense (2,218 ) (2,351 ) Profit after taxation 8,241 9,355 Total other comprehensive income 12 18 Total comprehensive income 8,253 9,373 Retained earnings at the beginning of the financial year 45,979 40,462 Net effect on retained earnings of entities added to/removed from the Deed 48 (1,699 ) Profit after taxation for the year 8,241 9,355 Transfers to and from reserves (15 ) 33 Dividends (5,811 ) (2,172 ) Retained earnings at the end of the financial year 48,442 45,979 |
Summary of Consolidated Balance Sheet | Consolidated Balance Sheet 2018 2017 US$M US$M ASSETS Current assets Cash and cash equivalents 2 1 Trade and other receivables 3,977 3,541 Loans to related parties 16,730 14,081 Inventories 1,649 1,536 Other 90 72 Total current assets 22,448 19,231 Non-current Trade and other receivables 73 76 Loans to related parties 151 335 Inventories 323 278 Property, plant and equipment 31,009 30,579 Intangible assets 444 550 Investments in Group companies 27,354 27,816 Deferred tax assets 329 402 Other 68 59 Total non-current 59,751 60,095 Total assets 82,199 79,326 LIABILITIES Current liabilities Trade and other payables 3,425 2,762 Loans from related parties 15,719 15,978 Interest bearing liabilities 115 202 Current tax payable 1,053 1,318 Provisions 952 683 Deferred income 6 8 Total current liabilities 21,270 20,951 Non-current Trade and other payables 3 3 Loans from related parties 7,870 7,660 Interest bearing liabilities 191 251 Deferred tax liabilities 573 613 Provisions 2,475 2,479 Deferred income 18 21 Total non-current 11,130 11,027 Total liabilities 32,400 31,978 Net assets 49,799 47,348 EQUITY Share capital – BHP Billiton Limited 1,186 1,186 Treasury shares (5 ) (1 ) Reserves 176 184 Retained earnings 48,442 45,979 Total equity 49,799 47,348 |
Supplementary oil and gas inf75
Supplementary oil and gas information (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Extractive Industries [Abstract] | |
Capitalised costs relating to oil and gas production activities | Capitalised costs relating to oil and gas production activities The following table shows the aggregate capitalised costs relating to oil and gas exploration and production activities and related accumulated depreciation, depletion, amortisation and valuation provisions. Australia United States (1) Other (2) Total US$M US$M US$M US$M Capitalised cost 2018 Unproved properties 10 4,528 202 4,740 Proved properties 16,258 43,885 2,424 62,567 Total costs 16,268 48,413 2,626 67,307 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (9,984 ) (33,437 ) (2,065 ) (45,486 ) Net capitalised costs 6,284 14,976 561 21,821 2017 Unproved properties 94 5,284 165 5,543 Proved properties 16,190 41,837 2,404 60,431 Total costs 16,284 47,121 2,569 65,974 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (9,085 ) (30,969 ) (1,984 ) (42,038 ) Net capitalised costs 7,199 16,152 585 23,936 2016 Unproved properties 338 5,074 119 5,531 Proved properties 15,523 40,929 2,372 58,824 Total costs 15,861 46,003 2,491 64,355 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (8,364 ) (28,664 ) (1,938 ) (38,966 ) Net capitalised costs 7,497 17,339 553 25,389 (1) Net capitalised costs includes Onshore US assets of US$10,672 million (2017: US$11,803 million; 2016: US$12,844 million). (2) Other is primarily comprised of Algeria, Pakistan (divested 31 December 2015), Trinidad and Tobago and the United Kingdom. |
Costs incurred relating to oil and gas property acquisition, exploration and development activities | Costs incurred relating to oil and gas property acquisition, exploration and development activities The following table shows costs incurred relating to oil and gas property acquisition, exploration and development activities (whether charged to expense or capitalised). Amounts shown include interest capitalised. Australia United States (3 ) Other (4) Total US$M US$M US$M US$M 2018 Acquisitions of proved property – – – – Acquisitions of unproved property – 9 – 9 Exploration (1) 25 418 291 734 Development 195 1,548 34 1,777 Total costs (2) 220 1,975 325 2,520 2017 Acquisitions of proved property – – – – Acquisitions of unproved property – 12 62 74 Exploration (1) 32 471 235 738 Development 360 1,034 18 1,412 Total costs (2) 392 1,517 315 2,224 2016 Acquisitions of proved property – – – – Acquisitions of unproved property 22 42 – 64 Exploration (1) 42 385 194 621 Development 412 1,254 200 1,866 Total costs (2) 476 1,681 394 2,551 (1) Represents gross exploration expenditure, including capitalised exploration expenditure, geological and geophysical expenditure and development evaluation costs charged to income as incurred. (2) Total costs include US$1,970 million (2017: US$1,744 million; 2016: US$2,256 million) capitalised during the year. (3) Total costs includes Onshore US assets of US$1,081 million (2017: US$608 million; 2016: US$862 million). (4) Other is primarily comprised of Algeria and Trinidad and Tobago. |
Results of operations from oil and gas producing activities | Results of operations from oil and gas producing activities The following information is similar to the disclosures in note 1 ‘Segment reporting’ in section 5.1, but differs in several respects as to the level of detail and geographic information. Amounts shown in the following table exclude financial income, financial expenses, and general corporate overheads. Income taxes were determined by applying the applicable statutory rates to pre-tax Australia United States (7) Other (8) Total US$M US$M US$M US$M 2018 Oil and gas revenue (1) 3,229 3,747 421 7,397 Production costs (701 ) (1,312 ) (121 ) (2,134 ) Exploration expenses (25 ) (270 ) (254 ) (549 ) Depreciation, depletion, amortisation and valuation provision (2) (1,045 ) (2,842 ) (81 ) (3,968 ) Production taxes (3) (171 ) – (1 ) (172 ) 1,287 (677 ) (36 ) 574 Accretion expense (4) (81 ) (46 ) (14 ) (141 ) Income taxes (418 ) (723 ) (124 ) (1,265 ) Royalty-related taxes (5) (103 ) – – (103 ) Results of oil and gas producing activities (6) 685 (1,446 ) (174 ) (935 ) 2017 Oil and gas revenue (1) 2,876 3,479 356 6,711 Production costs (533 ) (1,515 ) (200 ) (2,248 ) Exploration expenses (32 ) (242 ) (206 ) (480 ) Depreciation, depletion, amortisation and valuation provision (2) (814 ) (2,592 ) (91 ) (3,497 ) Production taxes (3) (158 ) (4 ) – (162 ) 1,339 (874 ) (141 ) 324 Accretion expense (4) (56 ) (32 ) (14 ) (102 ) Income taxes (361 ) 386 (142 ) (117 ) Royalty-related taxes (5) (104 ) – – (104 ) Results of oil and gas producing activities (6) 818 (520 ) (297 ) 1 2016 Oil and gas revenue (1) 2,777 3,487 321 6,585 Production costs (605 ) (1,705 ) (162 ) (2,472 ) Exploration expenses (44 ) (128 ) (124 ) (296 ) Depreciation, depletion, amortisation and valuation provision (2) (720 ) (10,569 ) (90 ) (11,379 ) Production taxes (3) (132 ) (13 ) (2 ) (147 ) 1,276 (8,928 ) (57 ) (7,709 ) Accretion expense (4) (54 ) (23 ) (7 ) (84 ) Income taxes (465 ) 3,047 (143 ) 2,439 Royalty-related taxes (5) (206 ) – (4 ) (210 ) Results of oil and gas producing activities (6) 551 (5,904 ) (211 ) (5,564 ) (1) Includes sales to affiliated companies of US$75 million (2017: US$83 million; 2016: US$118 million). (2) Includes valuation provision of US$596 million (2017: US$102 million; 2016: US$7,232 million). (3) Includes royalties and excise duty. (4) Represents the unwinding of the discount on the closure and rehabilitation provision. (5) Includes petroleum resource rent tax and petroleum revenue tax where applicable. (6) Amounts shown exclude financial income, financial expenses and general corporate overheads and, accordingly, do not represent all of the operations attributable to the Petroleum segment presented in note 1 ‘Segment reporting’ in section 5.1. (7) Results of oil and gas producing activities includes Onshore US assets of US$(465) million (2017: US$(564) million; 2016: US$(5,855) million). (8) Other is primarily comprised of Algeria, Pakistan (divested 31 December 2015), Trinidad and Tobago and the United Kingdom. |
Standardised measure of discounted future net cash flows relating to proved oil and gas reserves (standardised measure) | Australia United States (1) Other (2) Total US$M US$M US$M US$M Standardised measure 2018 Future cash inflows 17,398 28,012 2,124 47,534 Future production costs (5,345 ) (11,182 ) (501 ) (17,028 ) Future development costs (3,842 ) (6,554 ) (189 ) (10,585 ) Future income taxes (1,919 ) (1,236 ) (901 ) (4,056 ) Future net cash flows 6,292 9,040 533 15,865 Discount at 10 per cent per annum (1,713 ) (3,783 ) (129 ) (5,625 ) Standardised measure 4,579 5,257 404 10,240 2017 Future cash inflows 18,407 23,537 1,954 43,898 Future production costs (6,663 ) (11,176 ) (534 ) (18,373 ) Future development costs (3,714 ) (6,451 ) (208 ) (10,373 ) Future income taxes (1,508 ) (18 ) (746 ) (2,272 ) Future net cash flows 6,522 5,892 466 12,880 Discount at 10 per cent per annum (2,104 ) (2,426 ) (108 ) (4,638 ) Standardised measure 4,418 3,466 358 8,242 2016 Future cash inflows 21,902 13,088 2,026 37,016 Future production costs (7,306 ) (6,514 ) (567 ) (14,387 ) Future development costs (3,431 ) (3,063 ) (282 ) (6,776 ) Future income taxes (3,082 ) 800 (668 ) (2,950 ) Future net cash flows 8,083 4,311 509 12,903 Discount at 10 per cent per annum (2,961 ) (834 ) (121 ) (3,916 ) Standardised measure 5,122 3,477 388 8,987 (1) Standardised measure includes Onshore US assets of US$1,932 million (2017: US$1,962 million; 2016: US$1,889 million). (2) Other is primarily comprised of Algeria, Pakistan (divested 31 December 2015), Trinidad and Tobago and the United Kingdom. |
Changes in the Standardised measure | Changes in the Standardised measure are presented in the following table. 2018 2017 2016 US$M US$M US$M Changes in the Standardised measure Standardised measure at the beginning of the year 8,242 8,987 17,244 Revisions: Prices, net of production costs 5,540 (96 ) (14,146 ) Changes in future development costs (358 ) 275 1,342 Revisions of quantity estimates (1) (166 ) 2,961 (2,870 ) Accretion of discount 1,016 1,147 2,547 Changes in production timing and other 946 (1,611 ) 1,280 15,220 11,663 5,397 Sales of oil and gas, net of production costs (5,091 ) (4,301 ) (3,936 ) Acquisitions of reserves-in-place – – – Sales of reserves-in-place (26 ) (15 ) (114 ) Previously estimated development costs incurred 1,068 718 1,823 Extensions, discoveries, and improved recoveries, net of future costs 502 (401 ) 84 Changes in future income taxes (1,433 ) 578 5,733 Standardised measure at the end of the year (2) 10,240 8,242 8,987 (1) Changes in reserves quantities are shown in the Petroleum reserves tables in section 6.3.1. (2) Standardised measure at the end of the year includes Onshore US assets of US$1,932 million (2017: US$1,962 million; 2016: US$1,889 million). |
Capitalised exploratory well costs | The following table provides the changes to capitalised exploratory well costs that were pending the determination of proved reserves for the three years ended 30 June 2018, 30 June 2017 and 30 June 2016. 2018 2017 2016 US$M US$M US$M Movement in capitalised exploratory well costs At the beginning of the year 668 770 484 Additions to capitalised exploratory well costs pending the determination of proved reserves 186 258 304 Capitalised exploratory well costs charged to expense (62 ) (69 ) (18 ) Capitalised exploratory well costs reclassified to wells, equipment, and facilities based on the determination of proved reserves 2 (155 ) – Other – (136 ) – At the end of the year 794 668 770 |
Ageing of capitalised exploratory well costs | The following table provides an ageing of capitalised exploratory well costs, based on the date the drilling was completed, and the number of projects for which exploratory well costs has been capitalised for a period greater than one year since the completion of drilling. 2018 2017 2016 US$M US$M US$M Ageing of capitalised exploratory well costs Exploratory well costs capitalised for a period of one year or less 124 120 262 Exploratory well costs capitalised for a period greater than one year 670 548 508 At the end of the year 794 668 770 2018 2017 2016 Number of projects that have been capitalised for a period greater than one year 17 14 23 |
Number of crude oil and natural gas wells drilled and completed | The number of crude oil and natural gas wells drilled and completed for each of the last three years was as follows: Net exploratory wells Net development wells Productive Dry Total Productive Dry Total Total Year ended 30 June 2018 Australia – – – 1 – 1 1 United States (1) 1 1 2 84 1 85 87 Other (2) – – – – – – – Total 1 1 2 85 1 86 88 Year ended 30 June 2017 Australia – – – – – – – United States (1) – – – 80 – 80 80 Other (2) 3 2 5 1 – 1 6 Total 3 2 5 81 – 81 86 Year ended 30 June 2016 Australia – – – 2 – 2 2 United States (1) 1 – 1 137 2 139 140 Other (2) – – – 1 – 1 1 Total 1 – 1 140 2 142 143 (1) Includes Onshore US assets net productive development wells of 84 (2017: 79; 2016: 135) and net dry development wells of 1 (2017: nil; 2016: 2). Onshore US assets had nil net exploratory wells in 2018, 2017 and 2016. (2) Other is primarily comprised of Algeria, Trinidad and Tobago and the United Kingdom. |
Number of productive crude oil and natural gas wells in which we held an interest | The number of productive crude oil and natural gas wells in which we held an interest at 30 June 2018 was as follows: Crude oil wells Natural gas wells Total Gross Net Gross Net Gross Net Australia 354 178 135 48 489 226 United States (1) 998 547 6,660 2,012 7,658 2,559 Other (2) 59 22 36 8 95 30 Total 1,411 747 6,831 2,068 8,242 2,815 (1) Crude oil wells includes Onshore US assets of 971 Gross and 536 Net. Natural gas wells includes Onshore US assets of 6,660 Gross and 2,012 Net. (2) Other is primarily comprised of Algeria, Trinidad and Tobago and the United Kingdom. |
Developed and undeveloped acreage (including both leases and concessions) held | Developed and undeveloped acreage (including both leases and concessions) held at 30 June 2018 was as follows: Developed acreage Undeveloped acreage Thousands of acres Gross Net Gross Net Australia 2,152 823 4,326 2,605 United States (1) 1,137 669 1,313 1,085 Other (2)(3) 175 64 3,029 2,337 Total 3,464 1,556 8,668 6,027 (1) Developed acreage includes Onshore US assets of 1,039 thousand gross acres (633 thousand net acres). Undeveloped acreage includes Onshore US assets of 210 thousand gross acres (162 thousand net acres). (2) Developed acreage in Other primarily consists of Algeria and the United Kingdom. (3) Undeveloped acreage in Other primarily consists of acreage in Brazil and Trinidad and Tobago. It also includes the addition of Trion. |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Jun. 30, 2018Segment | |
Disclosure of reportable segments [Line Items] | |
Number of reportable segment | 4 |
Bottom of range [Member] | |
Disclosure of reportable segments [Line Items] | |
Period between provisional pricing and final invoicing | 60 days |
Top of range [Member] | |
Disclosure of reportable segments [Line Items] | |
Period between provisional pricing and final invoicing | 120 days |
Segment Reporting - Summary of
Segment Reporting - Summary of Reportable Segments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of reportable segments [Line Items] | |||
Revenue | $ 43,638 | $ 36,135 | $ 28,567 |
Underlying EBITDA | 23,183 | 19,350 | 11,720 |
Depreciation and amortisation | (6,288) | (5,972) | (6,210) |
Impairment losses | (333) | (188) | (186) |
Underlying EBIT | 16,562 | 13,190 | 5,324 |
Exceptional items | (566) | (636) | (2,520) |
Net finance costs | (1,245) | (1,417) | (1,013) |
Profit (loss) before taxation | 14,751 | 11,137 | 1,791 |
Capital expenditure (cash basis) | 4,979 | 3,697 | 5,707 |
Profit/(loss) from equity accounted investments, related impairments and expenses | 147 | 272 | (2,104) |
Investments accounted for using the equity method | 2,473 | 2,448 | 2,575 |
Total assets | 111,993 | 117,006 | 118,953 |
Total liabilities | 51,323 | 54,280 | 58,882 |
Revenue [member] | |||
Disclosure of reportable segments [Line Items] | |||
Revenue | 43,638 | 36,135 | 28,567 |
Reportable segments [member] | Petroleum [member] | |||
Disclosure of reportable segments [Line Items] | |||
Revenue | 5,408 | 4,722 | 4,549 |
Underlying EBITDA | 3,341 | 3,117 | 3,038 |
Depreciation and amortisation | (1,719) | (1,648) | (1,696) |
Impairment losses | (76) | (102) | (24) |
Underlying EBIT | 1,546 | 1,367 | 1,318 |
Capital expenditure (cash basis) | 656 | 917 | 1,278 |
Profit/(loss) from equity accounted investments, related impairments and expenses | (4) | (3) | (7) |
Investments accounted for using the equity method | 249 | 264 | 280 |
Total assets | 12,938 | 13,726 | 14,120 |
Total liabilities | 4,886 | 4,715 | 4,264 |
Reportable segments [member] | Petroleum [member] | Revenue [member] | |||
Disclosure of reportable segments [Line Items] | |||
Revenue | 5,333 | 4,639 | 4,431 |
Reportable segments [member] | Petroleum [member] | Inter-segment revenue [member] | |||
Disclosure of reportable segments [Line Items] | |||
Revenue | 75 | 83 | 118 |
Reportable segments [member] | Copper [member] | |||
Disclosure of reportable segments [Line Items] | |||
Revenue | 13,287 | 8,335 | 8,249 |
Underlying EBITDA | 6,522 | 3,545 | 2,619 |
Depreciation and amortisation | (1,920) | (1,525) | (1,560) |
Impairment losses | (213) | (14) | (17) |
Underlying EBIT | 4,389 | 2,006 | 1,042 |
Exceptional items | (546) | ||
Capital expenditure (cash basis) | 2,428 | 1,484 | 2,786 |
Profit/(loss) from equity accounted investments, related impairments and expenses | 467 | 295 | 155 |
Investments accounted for using the equity method | 1,335 | 1,306 | 1,388 |
Total assets | 26,824 | 26,743 | 26,143 |
Total liabilities | 3,145 | 2,643 | 2,299 |
Reportable segments [member] | Copper [member] | Revenue [member] | |||
Disclosure of reportable segments [Line Items] | |||
Revenue | 13,287 | 8,335 | 8,249 |
Reportable segments [member] | Iron Ore [member] | |||
Disclosure of reportable segments [Line Items] | |||
Revenue | 14,810 | 14,624 | 10,538 |
Underlying EBITDA | 8,930 | 9,077 | 5,599 |
Depreciation and amortisation | (1,721) | (1,828) | (1,817) |
Impairment losses | (14) | (52) | (42) |
Underlying EBIT | 7,195 | 7,197 | 3,740 |
Exceptional items | (539) | (203) | (2,388) |
Capital expenditure (cash basis) | 1,074 | 805 | 1,061 |
Profit/(loss) from equity accounted investments, related impairments and expenses | (509) | (172) | (2,244) |
Total assets | 22,208 | 22,781 | 24,330 |
Total liabilities | 3,888 | 3,606 | 3,789 |
Reportable segments [member] | Iron Ore [member] | Revenue [member] | |||
Disclosure of reportable segments [Line Items] | |||
Revenue | 14,797 | 14,606 | 10,516 |
Reportable segments [member] | Iron Ore [member] | Inter-segment revenue [member] | |||
Disclosure of reportable segments [Line Items] | |||
Revenue | 13 | 18 | 22 |
Reportable segments [member] | Coal [member] | |||
Disclosure of reportable segments [Line Items] | |||
Revenue | 8,889 | 7,578 | 4,518 |
Underlying EBITDA | 4,397 | 3,784 | 635 |
Depreciation and amortisation | (686) | (719) | (890) |
Impairment losses | (29) | (15) | (94) |
Underlying EBIT | 3,682 | 3,050 | (349) |
Exceptional items | 164 | ||
Capital expenditure (cash basis) | 409 | 246 | 298 |
Profit/(loss) from equity accounted investments, related impairments and expenses | 192 | 152 | (9) |
Investments accounted for using the equity method | 883 | 873 | 901 |
Total assets | 12,257 | 11,996 | 12,754 |
Total liabilities | 2,404 | 1,860 | 2,103 |
Reportable segments [member] | Coal [member] | Revenue [member] | |||
Disclosure of reportable segments [Line Items] | |||
Revenue | 8,889 | 7,578 | 4,518 |
Group and unallocated items/eliminations [member] | |||
Disclosure of reportable segments [Line Items] | |||
Revenue | 1,244 | 876 | 713 |
Underlying EBITDA | (7) | (173) | (171) |
Depreciation and amortisation | (242) | (252) | (247) |
Impairment losses | (1) | (5) | (9) |
Underlying EBIT | (250) | (430) | (427) |
Exceptional items | (27) | (51) | (132) |
Capital expenditure (cash basis) | 412 | 245 | 284 |
Profit/(loss) from equity accounted investments, related impairments and expenses | 1 | 1 | |
Investments accounted for using the equity method | 6 | 5 | 6 |
Total assets | 37,766 | 41,760 | 41,606 |
Total liabilities | 37,000 | 41,456 | 46,427 |
Group and unallocated items/eliminations [member] | Revenue [member] | |||
Disclosure of reportable segments [Line Items] | |||
Revenue | 1,332 | 977 | 853 |
Group and unallocated items/eliminations [member] | Inter-segment revenue [member] | |||
Disclosure of reportable segments [Line Items] | |||
Revenue | $ (88) | $ (101) | $ (140) |
Segment Reporting - Summary o78
Segment Reporting - Summary of Reportable Segments (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of reportable segments [Line Items] | |||
Exceptional items excluded from depreciation and amortisation | $ 212 | ||
Exceptional items excluded from impairment losses | 5 | ||
Exceptional items | 566 | 636 | 2,520 |
Group and unallocated items/eliminations [member] | |||
Disclosure of reportable segments [Line Items] | |||
Exceptional items | 27 | 51 | 132 |
Group and unallocated items/eliminations [member] | Samarco dam failure [member] | |||
Disclosure of reportable segments [Line Items] | |||
Exceptional items | $ (27) | $ (51) | $ (62) |
Segment Reporting - Summary o79
Segment Reporting - Summary of Geographical Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of geographical areas [Line Items] | |||
Revenue | $ 43,638 | $ 36,135 | $ 28,567 |
Non-current assets | 76,863 | 95,950 | 101,239 |
Unallocated assets [member] | |||
Disclosure of geographical areas [Line Items] | |||
Non-current assets | 5,039 | 7,069 | 8,828 |
Australia [member] | |||
Disclosure of geographical areas [Line Items] | |||
Revenue | 2,304 | 2,037 | 1,846 |
Non-current assets | 45,157 | 46,949 | 49,465 |
Europe [member] | |||
Disclosure of geographical areas [Line Items] | |||
Revenue | 1,886 | 1,641 | 1,141 |
China [member] | |||
Disclosure of geographical areas [Line Items] | |||
Revenue | 22,935 | 18,875 | 13,177 |
Japan [member] | |||
Disclosure of geographical areas [Line Items] | |||
Revenue | 4,709 | 3,086 | 2,941 |
India [member] | |||
Disclosure of geographical areas [Line Items] | |||
Revenue | 2,484 | 1,938 | 1,478 |
South Korea [member] | |||
Disclosure of geographical areas [Line Items] | |||
Revenue | 2,639 | 2,296 | 1,919 |
Rest of Asia [member] | |||
Disclosure of geographical areas [Line Items] | |||
Revenue | 2,620 | 3,157 | 2,623 |
North America [member] | |||
Disclosure of geographical areas [Line Items] | |||
Revenue | 2,715 | 2,233 | 2,355 |
Non-current assets | 8,246 | 22,860 | 23,943 |
South America [member] | |||
Disclosure of geographical areas [Line Items] | |||
Revenue | 1,106 | 681 | 899 |
Non-current assets | 18,267 | 18,899 | 18,614 |
Rest of world [member] | |||
Disclosure of geographical areas [Line Items] | |||
Revenue | 240 | 191 | 188 |
Non-current assets | $ 154 | $ 173 | $ 389 |
Exceptional Items - Summary of
Exceptional Items - Summary of Exceptional Items by Category (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of exceptional items [Line Items] | |||
Exceptional items gross | $ (650) | $ (763) | $ (2,520) |
Exceptional items tax | (2,320) | (243) | (247) |
Exceptional gain (loss), after tax | (2,970) | (1,006) | (2,767) |
Samarco dam failure [member] | |||
Disclosure of exceptional items [Line Items] | |||
Exceptional items gross | (650) | (381) | (2,450) |
Exceptional items tax | 253 | ||
Exceptional gain (loss), after tax | (650) | (381) | (2,197) |
US tax reform [Member] | |||
Disclosure of exceptional items [Line Items] | |||
Exceptional items gross | (2,320) | ||
Exceptional items tax | (2,320) | ||
Exceptional gain (loss), after tax | (2,320) | ||
Escondida industrial action [member] | |||
Disclosure of exceptional items [Line Items] | |||
Exceptional items gross | (546) | ||
Exceptional items tax | 179 | ||
Exceptional gain (loss), after tax | (367) | ||
Cancellation of the Caroona exploration licence [member] | |||
Disclosure of exceptional items [Line Items] | |||
Exceptional items gross | 164 | ||
Exceptional items tax | (49) | ||
Exceptional gain (loss), after tax | 115 | ||
Withholding tax on Chilean dividends [member] | |||
Disclosure of exceptional items [Line Items] | |||
Exceptional items tax | (373) | ||
Exceptional gain (loss), after tax | (373) | ||
Global taxation matters [Member] | |||
Disclosure of exceptional items [Line Items] | |||
Exceptional items gross | (70) | ||
Exceptional items tax | (500) | ||
Exceptional gain (loss), after tax | (570) | ||
Non-controlling interests [Member] | |||
Disclosure of exceptional items [Line Items] | |||
Exceptional items gross | (232) | ||
Exceptional items tax | 68 | ||
Exceptional gain (loss), after tax | (164) | ||
Attributable to BHP shareholders [member] | |||
Disclosure of exceptional items [Line Items] | |||
Exceptional items gross | (650) | (531) | (2,520) |
Exceptional items tax | (2,320) | (311) | (247) |
Exceptional gain (loss), after tax | $ (2,970) | $ (842) | $ (2,767) |
Exceptional Items - Additional
Exceptional Items - Additional Information (Detail) $ in Millions | Jan. 01, 2018 | Dec. 31, 2017 | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($)kt | Jun. 30, 2016USD ($) |
Disclosure of exceptional items [Line Items] | |||||
Exceptional gain (loss), before tax | $ 650 | $ 763 | $ 2,520 | ||
US corporate tax rate | 30.00% | 30.00% | 30.00% | ||
Taxation (income) charges related to exceptional items | $ 2,320 | $ 243 | $ 247 | ||
Exceptional gain (loss), after tax | (2,970) | (1,006) | (2,767) | ||
One-off dividend to parent | 6,720 | 3,472 | 4,326 | ||
Samarco dam failure [member] | |||||
Disclosure of exceptional items [Line Items] | |||||
Exceptional gain (loss), before tax | 650 | 381 | 2,450 | ||
Taxation (income) charges related to exceptional items | (253) | ||||
Exceptional gain (loss), after tax | (650) | (381) | $ (2,197) | ||
US tax reform [Member] | |||||
Disclosure of exceptional items [Line Items] | |||||
Exceptional gain (loss), before tax | 2,320 | ||||
US corporate tax rate | 21.00% | 35.00% | |||
Taxation (income) charges related to exceptional items | 2,320 | ||||
Exceptional gain (loss), after tax | $ (2,320) | ||||
Escondida industrial action [member] | |||||
Disclosure of exceptional items [Line Items] | |||||
Exceptional gain (loss), before tax | 546 | ||||
Taxation (income) charges related to exceptional items | $ (179) | ||||
Reduction in copper production | kt | 214 | ||||
Depreciation | $ 212 | ||||
Exceptional gain (loss), after tax | (367) | ||||
Cancellation of the Caroona exploration licence [member] | |||||
Disclosure of exceptional items [Line Items] | |||||
Exceptional gain (loss), before tax | (164) | ||||
Taxation (income) charges related to exceptional items | 49 | ||||
Exceptional gain (loss), after tax | 115 | ||||
Withholding tax on Chilean dividends [member] | |||||
Disclosure of exceptional items [Line Items] | |||||
Taxation (income) charges related to exceptional items | 373 | ||||
Exceptional gain (loss), after tax | (373) | ||||
BHP Billiton Chile Inversiones Limitada [member] | Withholding tax on Chilean dividends [member] | |||||
Disclosure of exceptional items [Line Items] | |||||
One-off dividend to parent | $ 2,300 |
Exceptional Items - Summary o82
Exceptional Items - Summary of Exceptional Items Related to the Samarco Dam Failure (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Expenses excluding net finance costs: | |||
Costs incurred directly by BHP Billiton Brasil and other BHP entities in relation to the Samarco dam failure | $ (28,036) | $ (24,515) | $ (24,091) |
Loss from equity accounted investments, related impairments and expenses: | |||
Net finance costs | (1,245) | (1,417) | (1,013) |
Loss before taxation | (650) | (763) | (2,520) |
Costs incurred directly by BHP Billiton Brasil and other BHP entities in relation to the Samarco dam failure | (28,036) | (24,515) | (24,091) |
Samarco dam failure [member] | |||
Expenses excluding net finance costs: | |||
Costs incurred directly by BHP Billiton Brasil and other BHP entities in relation to the Samarco dam failure | (57) | (82) | (70) |
Loss from equity accounted investments, related impairments and expenses: | |||
Share of loss relating to the Samarco dam failure | (80) | (134) | (655) |
Samarco dam failure provision | (429) | (38) | (1,200) |
Impairment of the carrying value of the investment in Samarco | (525) | ||
Net finance costs | (84) | (127) | |
Loss before taxation | (650) | (381) | (2,450) |
Share of loss from Samarco | (80) | (134) | (655) |
Impairment | (525) | ||
Other movements | (429) | (38) | (1,200) |
Costs incurred directly by BHP Billiton Brasil and other BHP entities in relation to the Samarco dam failure | $ (57) | $ (82) | (70) |
Additional share of loss from Samarco | (572) | ||
Provision expense | $ (628) |
Exceptional Items - Summary o83
Exceptional Items - Summary of Exceptional Items Related to the US Tax Reform (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of exceptional items [Line Items] | |||
Loss before taxation | $ (650) | $ (763) | $ (2,520) |
Non-current tax payable | 137 | ||
US tax reform [Member] | |||
Disclosure of exceptional items [Line Items] | |||
Re-measurement of deferred taxes as a result of reduced US corporate income tax rate | (1,390) | ||
Impairment of foreign tax credits | (834) | ||
Net impact of tax charges on deemed repatriation of accumulated earnings of non-US subsidiaries | (194) | ||
Recognition of Alternative Minimum Tax Credits | 95 | ||
Other impacts | 3 | ||
Loss before taxation | (2,320) | ||
Non-current tax payable | $ (134) |
Significant Events - Additional
Significant Events - Additional Information (Detail) | Aug. 08, 2018 | Aug. 06, 2018USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2018BRL (R$) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2018BRL (R$) | Jun. 29, 2018USD ($) | Jun. 25, 2018USD ($) | Jun. 25, 2018BRL (R$) |
Disclosure of significant events [Line items] | ||||||||||
Funding provided during the period | $ 142,000,000 | |||||||||
Settlement claim | $ 3,503,000,000 | $ 3,609,000,000 | ||||||||
Samarco dam failure [member] | ||||||||||
Disclosure of significant events [Line items] | ||||||||||
Percentage of charges recognised in Group's results | 100.00% | 100.00% | ||||||||
Funding provided during the period | $ 80,000,000 | |||||||||
Additional share of losses | 80,000,000 | 134,000,000 | $ 655,000,000 | |||||||
Provision before tax and after discounting in respect of its obligations under the Framework Agreement | 1,285,000,000 | 1,057,000,000 | 1,200,000,000 | |||||||
Provision paid | 285,000,000 | $ 308,000,000 | ||||||||
Samarco dam failure [member] | Dam Stabilisation and Expert Costs [member] | ||||||||||
Disclosure of significant events [Line items] | ||||||||||
Provision paid | 4,000,000 | |||||||||
Samarco dam failure [member] | State Prosecutors in Minas Gerais [member] | ||||||||||
Disclosure of significant events [Line items] | ||||||||||
Settlement claim | 2,000,000,000 | R$ 7500000000 | ||||||||
Samarco dam failure [member] | State Prosecutors in Esprito Santo [member] | ||||||||||
Disclosure of significant events [Line items] | ||||||||||
Settlement claim | 520,000,000 | 2,000,000,000 | ||||||||
Samarco dam failure [member] | Public defenders in Minas Gerais [member] | ||||||||||
Disclosure of significant events [Line items] | ||||||||||
Settlement claim | 2,600,000,000 | 10,000,000,000 | ||||||||
Samarco dam failure [member] | Preliminary Agreement [member] | Federal public prosecution office claim [member] | ||||||||||
Disclosure of significant events [Line items] | ||||||||||
Preliminary agreement suspended amount | $ 2,000,000,000 | R$ 7700000000 | ||||||||
Samarco dam failure [member] | Framework agreement [member] | ||||||||||
Disclosure of significant events [Line items] | ||||||||||
Term of agreement | 15 years | 15 years | ||||||||
Samarco dam failure [member] | Governance Agreement [member] | Public civil claim [member] | ||||||||||
Disclosure of significant events [Line items] | ||||||||||
Settlement claim | $ 5,200,000,000 | R$ 20000000000 | ||||||||
Preliminary agreement suspended amount | $ 310,000,000 | R$ 1200000000 | ||||||||
Samarco dam failure [member] | Governance Agreement [member] | Federal public prosecution office claim [member] | ||||||||||
Disclosure of significant events [Line items] | ||||||||||
Settlement claim | $ 40,000,000,000 | R$ 155000000000 | ||||||||
Suspension period of claim | 2 years | |||||||||
Settlement agreement [member] | United States class action complaint [member] | ||||||||||
Disclosure of significant events [Line items] | ||||||||||
In-principle settlement agreement amount | $ 50,000,000 | |||||||||
Samarco Mineracao S.A. [member] | ||||||||||
Disclosure of significant events [Line items] | ||||||||||
Percentage of interest in joint venture investment | 50.00% | 50.00% | 50.00% | |||||||
Additional share of losses | $ 655,000,000 | |||||||||
Samarco Mineracao S.A. [member] | Framework agreement [member] | ||||||||||
Disclosure of significant events [Line items] | ||||||||||
Commitments | $ 1,878,000,000 | |||||||||
Samarco Mineracao S.A. [member] | Samarco dam failure [member] | ||||||||||
Disclosure of significant events [Line items] | ||||||||||
Provision paid | 200,000,000 | $ 300,000,000 | ||||||||
Commitments | 1,100,000,000 | 1,500,000,000 | ||||||||
Samarco Mineracao S.A. [member] | Samarco dam failure [member] | Brazilian Social Contribution Levy [Member] | ||||||||||
Disclosure of significant events [Line items] | ||||||||||
Settlement claim | 1,400,000,000 | 5,400,000,000 | ||||||||
Samarco Mineracao S.A. [member] | Samarco dam failure [member] | Brazilian corporate income tax rate [Member] | ||||||||||
Disclosure of significant events [Line items] | ||||||||||
Settlement claim | 1,100,000,000 | R$ 4200000000 | ||||||||
Samarco Mineracao S.A. [member] | Samarco dam failure [member] | Framework agreement [member] | ||||||||||
Disclosure of significant events [Line items] | ||||||||||
Provision before tax and after discounting in respect of its obligations under the Framework Agreement | 2,600,000,000 | 2,100,000,000 | ||||||||
BHP Billiton Brasil Ltda [member] | Samarco dam failure [member] | Preliminary Agreement [member] | Insurance bonds [Member] | ||||||||||
Disclosure of significant events [Line items] | ||||||||||
Interim security amount preliminary agreement | 335,000,000 | R$ 1300000000 | ||||||||
BHP Billiton Brasil Ltda [member] | Samarco dam failure [member] | Preliminary Agreement [member] | Liquid assets [Member] | ||||||||||
Disclosure of significant events [Line items] | ||||||||||
Interim security amount preliminary agreement | 25,000,000 | 100,000,000 | ||||||||
BHP Billiton Brasil Ltda [member] | Samarco dam failure [member] | Preliminary Agreement [member] | Charge over assets [Member] | ||||||||||
Disclosure of significant events [Line items] | ||||||||||
Interim security amount preliminary agreement | 210,000,000 | 800,000,000 | ||||||||
BHP Billiton Brasil Ltda [member] | Samarco dam failure [member] | Preliminary Agreement [member] | Allocated within next four years [Member] | ||||||||||
Disclosure of significant events [Line items] | ||||||||||
Interim security amount preliminary agreement | $ 50,000,000 | R$ 200000000 | ||||||||
Allocation period | 4 years | 4 years | ||||||||
BHP Billiton Brasil Ltda [member] | Samarco dam failure [member] | Framework agreement [member] | ||||||||||
Disclosure of significant events [Line items] | ||||||||||
Announced funding obligations under the Framework Agreement | $ 158,000,000 | |||||||||
Provision before tax and after discounting in respect of its obligations under the Framework Agreement | $ 1,300,000,000 | $ 1,100,000,000 | ||||||||
Percentage of remaining costs expected to be incurred by December 2020 | 65.00% | 65.00% | ||||||||
BHP Billiton Brasil Ltda [member] | Samarco dam failure [member] | Governance Agreement [member] | ||||||||||
Disclosure of significant events [Line items] | ||||||||||
Term of agreement | 30 months | 30 months | ||||||||
BHP Billiton Brasil Ltda [member] | Samarco dam failure [member] | Governance Agreement [member] | Top of range [Member] | ||||||||||
Disclosure of significant events [Line items] | ||||||||||
Interim security amount preliminary agreement | $ 570,000,000 | R$ 2200000000 | ||||||||
BHP Billiton Brasil Ltda [member] | Samarco Mineracao S.A. [member] | ||||||||||
Disclosure of significant events [Line items] | ||||||||||
Percentage of interest in joint venture investment | 50.00% | 50.00% | ||||||||
Adjustment in joint venture investment | ||||||||||
Funding provided during the period | 80,000,000 | |||||||||
Additional share of losses | 80,000,000 | |||||||||
Dividends received | 0 | |||||||||
Profits available for distribution | 0 | |||||||||
BHP Billiton Brasil Ltda [member] | Samarco Mineracao S.A. [member] | Samarco dam failure [member] | ||||||||||
Disclosure of significant events [Line items] | ||||||||||
Undrawn amount | 16,000,000 | |||||||||
BHP Billiton Brasil Ltda [member] | Samarco Mineracao S.A. [member] | Samarco dam failure [member] | Dam Stabilisation and Expert Costs [member] | ||||||||||
Disclosure of significant events [Line items] | ||||||||||
Provision paid | 4,000,000 | |||||||||
BHP Billiton Brasil Ltda [member] | Samarco Mineracao S.A. [member] | Samarco dam failure [member] | Short-term facility [Member] | ||||||||||
Disclosure of significant events [Line items] | ||||||||||
Commitments | $ 53,000,000 |
Significant Events - Summary of
Significant Events - Summary of Financial Impacts of Samarco Dam Failure (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Expenses excluding net finance costs: | |||
Costs incurred directly by BHP Billiton Brasil and other BHP entities in relation to the Samarco dam failure | $ (28,036) | $ (24,515) | $ (24,091) |
Loss from equity accounted investments, related impairments and expenses: | |||
Loss from operations | 566 | 636 | 2,520 |
Net finance costs | (1,245) | (1,417) | (1,013) |
Loss before taxation | (650) | (763) | (2,520) |
Income tax benefit | (2,320) | (243) | (247) |
Loss after taxation | (2,970) | (1,006) | (2,767) |
Balance sheet movement | |||
Movement in Trade and other payables | (719) | (512) | 1,272 |
Cash flow statement | |||
Loss before taxation | (650) | (763) | (2,520) |
Net finance costs | 1,245 | 1,417 | 1,013 |
Changes in assets and liabilities | |||
Trade and other payables | 719 | 512 | (1,272) |
Net operating cash flows | 18,461 | 16,804 | 10,625 |
Net investing cash flows | (5,921) | (4,161) | (7,245) |
Net decrease in cash and cash equivalents | 1,650 | 3,047 | 4,138 |
Samarco dam failure [member] | |||
Expenses excluding net finance costs: | |||
Costs incurred directly by BHP Billiton Brasil and other BHP entities in relation to the Samarco dam failure | (57) | (82) | (70) |
Loss from equity accounted investments, related impairments and expenses: | |||
Share of loss relating to the Samarco dam failure | (80) | (134) | (655) |
Impairment of the carrying value of the investment in Samarco | (525) | ||
Samarco dam failure provision | (429) | (38) | (1,200) |
Loss from operations | (566) | (254) | (2,450) |
Net finance costs | (84) | (127) | |
Loss before taxation | (650) | (381) | (2,450) |
Income tax benefit | 253 | ||
Loss after taxation | (650) | (381) | (2,197) |
Balance sheet movement | |||
Movement in Trade and other payables | 4 | (3) | (11) |
Movement in Investments accounted for using the equity method | (1,180) | ||
Movement in Deferred tax assets | (158) | ||
Movement in Provisions | (228) | 143 | (1,200) |
Movement in Deferred tax liabilities | 411 | ||
Net (liabilities)/assets | (224) | 140 | (2,138) |
Cash flow statement | |||
Loss before taxation | (650) | (381) | (2,450) |
Share of loss relating to the Samarco dam failure | 80 | 134 | 655 |
Impairment of the carrying value of the investment in Samarco | (525) | ||
Samarco dam failure provision | 429 | 38 | 1,200 |
Net finance costs | 84 | 127 | |
Changes in assets and liabilities | |||
Trade and other payables | (4) | 3 | 11 |
Net operating cash flows | (61) | (79) | (59) |
Net investment and funding of equity accounted investments | (365) | (442) | |
Net investing cash flows | (365) | (442) | |
Net decrease in cash and cash equivalents | $ (426) | $ (521) | $ (59) |
Significant Events - Summary 86
Significant Events - Summary of Financial Impacts of Samarco Dam Failure (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of exceptional items [Line Items] | |||
Exceptional gain (loss), after tax | $ (2,970) | $ (1,006) | $ (2,767) |
Costs incurred directly by BHP Billiton Brasil and other BHP entities in relation to the Samarco dam failure | (28,036) | (24,515) | (24,091) |
Amortisation of discounting impacting net finance costs | (1,245) | (1,417) | (1,013) |
Funding provided during the period | (142) | ||
Samarco dam failure [member] | |||
Disclosure of exceptional items [Line Items] | |||
Exceptional gain (loss), after tax | (650) | (381) | (2,197) |
Share of loss | (80) | (134) | (655) |
Costs incurred directly by BHP Billiton Brasil and other BHP entities in relation to the Samarco dam failure | (57) | (82) | (70) |
Amortisation of discounting impacting net finance costs | (84) | (127) | |
Change in estimate | 560 | 60 | |
Exchange translation | (131) | (22) | |
Impairment | (525) | ||
Other movements | (429) | (38) | (1,200) |
Additional share of loss from Samarco | (572) | ||
Provision expense | $ (628) | ||
Funding provided during the period | (80) | ||
Utilisation of the Samarco dam failure provision | (285) | $ (308) | |
Continuation of reparatory and compensatory programs [member] | Samarco dam failure [member] | |||
Disclosure of exceptional items [Line Items] | |||
Utilisation of the Samarco dam failure provision | (281) | ||
Dam Stabilisation and Expert Costs [member] | Samarco dam failure [member] | |||
Disclosure of exceptional items [Line Items] | |||
Utilisation of the Samarco dam failure provision | $ (4) |
Significant Events - Summary 87
Significant Events - Summary of Provision for Samarco Dam Failure (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of other provisions [Line Items] | ||
Current | $ 2,025 | $ 1,959 |
Non-current | 8,223 | 8,445 |
Samarco dam failure [member] | ||
Disclosure of other provisions [Line Items] | ||
At the beginning of the financial year | 1,057 | 1,200 |
Movement in provision | 228 | (143) |
Utilised | (285) | (308) |
Change in estimate | 560 | 60 |
Amortisation of discounting impacting net finance costs | 84 | 127 |
Exchange translation | (131) | (22) |
At the end of the financial year | 1,285 | 1,057 |
Current | 313 | 310 |
Non-current | $ 972 | $ 747 |
Expenses and Other Income - Sum
Expenses and Other Income - Summary of Expenses and Other Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Employee benefits expense: | |||
Wages, salaries and redundancies | $ 3,653,000 | $ 3,392,000 | $ 3,324,000 |
Employee share awards | 123,313 | 106,214 | 140,445 |
Social security costs | 4,000 | 3,000 | 2,000 |
Pension and other post-retirement obligations | 292,000 | 273,000 | 221,000 |
Less employee benefits expense classified as exploration and evaluation expenditure | (82,000) | (79,000) | (82,000) |
Changes in inventories of finished goods and work in progress | (142,000) | (743,000) | 287,000 |
Raw materials and consumables used | 4,389,000 | 3,830,000 | 3,985,000 |
Freight and transportation | 2,294,000 | 1,786,000 | 1,648,000 |
External services | 5,217,000 | 4,341,000 | 4,370,000 |
Third party commodity purchases | 1,452,000 | 1,151,000 | 994,000 |
Net foreign exchange (gains)/losses | (93,000) | 103,000 | (153,000) |
Government royalties paid and payable | 2,168,000 | 1,986,000 | 1,349,000 |
Exploration and evaluation expenditure incurred and expensed in the current period | 641,000 | 610,000 | 419,000 |
Depreciation and amortisation expense | 6,288,000 | 6,184,000 | 6,210,000 |
Net impairments: | |||
Property, plant and equipment | 838,000 | 160,000 | |
Goodwill and other intangible assets | 2,353,000 | 33,000 | |
Available for sale financial assets | 1,000 | ||
Operating lease rentals | 421,000 | 391,000 | 372,000 |
All other operating expenses | 1,078,000 | 989,000 | 819,000 |
Total expenses | 28,036,000 | 24,515,000 | 24,091,000 |
Losses/(Gains) on disposal of property, plant and equipment | 10,000 | (286,000) | 20,000 |
Other income | (257,000) | (376,000) | (452,000) |
Total other income | (247,000) | (662,000) | (432,000) |
Continuing operations [member] | |||
Net impairments: | |||
Property, plant and equipment | 318,000 | 160,000 | 170,000 |
Goodwill and other intangible assets | $ 14,000 | $ 33,000 | $ 16,000 |
Income Tax Expense - Summary of
Income Tax Expense - Summary of Income Tax Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Major components of tax expense (income) [abstract] | |||
Current tax expense | $ 5,052 | $ 4,412 | $ 2,621 |
Deferred tax expense/(benefit) | 1,955 | 31 | (518) |
Total taxation expense/(benefit) | $ 7,007 | $ 4,443 | $ 2,103 |
Income Tax Expense - Summary 90
Income Tax Expense - Summary of Factors Affecting Income Tax Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income tax expense differs to the standard rate of corporation tax as follows: | |||
Profit before taxation | $ 14,751 | $ 11,137 | $ 1,791 |
Income tax expense | 6,879 | 4,276 | 1,858 |
Tax on profit at Australian prima facie tax rate of 30 per cent | 4,425 | 3,341 | 537 |
Royalty-related taxation (net of income tax benefit) | 128 | 167 | 245 |
Total taxation expense | 7,007 | 4,443 | 2,103 |
US tax reform [Member] | |||
Income tax expense differs to the standard rate of corporation tax as follows: | |||
Tax on remitted and unremitted foreign earnings | 194 | ||
Non-tax effected operating losses and capital gains | 834 | ||
Tax rate changes | 1,390 | ||
Recognition of previously unrecognised tax assets | (95) | ||
Other | (3) | ||
Total taxation expense | 2,320 | ||
Items not related to US tax reform [member] | |||
Income tax expense differs to the standard rate of corporation tax as follows: | |||
Tax on remitted and unremitted foreign earnings | 401 | 478 | (376) |
Non-tax effected operating losses and capital gains | 721 | 242 | 457 |
Tax rate changes | (79) | 25 | 14 |
Amounts (over)/under provided in prior years | (51) | 175 | (4) |
Foreign exchange adjustments | (152) | 88 | 125 |
Investment and development allowance | (180) | (53) | (36) |
Tax effect of profit/(loss) from equity accounted investments, related impairments and expenses | (44) | (82) | 631 |
Recognition of previously unrecognised tax assets | (170) | (21) | (36) |
Impact of tax rates applicable outside of Australia | (484) | (136) | 5 |
Other | $ 172 | $ 219 | $ 541 |
Income Tax Expense - Summary 91
Income Tax Expense - Summary of Factors Affecting Income Tax Expense (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income tax expense benefits [Line Items] | |||
Australian prima facie tax rate | 30.00% | 30.00% | 30.00% |
US tax reform [Member] | |||
Income tax expense benefits [Line Items] | |||
Repatriation tax | $ 797 | ||
Previously unrecognised tax credits | $ 603 |
Income Tax Expense - Summary 92
Income Tax Expense - Summary of Income Tax Recognised in Other Comprehensive Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Available for sale investments: | |||
Net valuation gains/(losses) taken to equity | $ (3) | $ (1) | |
Cash flow hedges: | |||
Gains/(losses) taken to equity | (25) | $ (105) | 170 |
(Gains)/losses transferred to the income statement | 64 | 129 | (199) |
Income tax credit/(charge) relating to items that may be reclassified subsequently to the income statement | 36 | 24 | (30) |
Items that will not be reclassified to the income statement: | |||
Remeasurement gains/(losses) on pension and medical schemes | (22) | (12) | 5 |
Employee share awards transferred to retained earnings on exercise | 8 | (14) | (22) |
Income tax charge relating to items that will not be reclassified to the income statement | (14) | (26) | (17) |
Total income tax credit/(charge) relating to components of other comprehensive income | $ 22 | $ (2) | $ (47) |
Income Tax Expense - Summary 93
Income Tax Expense - Summary of Income Tax Recognised in Other Comprehensive Income (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Major components of tax expense (income) [abstract] | |||
Income tax relating to components of other comprehensive income, deferred taxes | $ 17 | $ 12 | $ (25) |
Income tax relating to components of other comprehensive income, current taxes | $ 5 | $ (14) | $ (22) |
Income Tax Expense - Additional
Income Tax Expense - Additional Information (Detail) $ in Millions, $ in Millions | 12 Months Ended | ||||||||||||
Jun. 30, 2017AUD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016AUD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2018AUD ($) | Jun. 30, 2018USD ($) | May 31, 2017AUD ($) | May 31, 2017USD ($) | Jun. 30, 2016USD ($) | May 31, 2016AUD ($) | May 31, 2016USD ($) | Apr. 30, 2014AUD ($) | Apr. 30, 2014USD ($) | |
Income tax expense benefits [Line Items] | |||||||||||||
Assessed tax amount | $ 3,609 | $ 3,503 | |||||||||||
Tax and other matters [member] | Transfer pricing [member] | |||||||||||||
Income tax expense benefits [Line Items] | |||||||||||||
Assessed tax amount | $ 143 | $ 105 | $ 537 | $ 396 | $ 362 | $ 267 | |||||||
Payments for assessments | $ 52 | $ 39 | $ 276 | $ 221 | |||||||||
Tax and other matters [member] | Controlled foreign companies [member] | |||||||||||||
Income tax expense benefits [Line Items] | |||||||||||||
Assessed tax amount | $ 43 | $ 32 | $ 39 | $ 29 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings/(loss) attributable to BHP shareholders | |||
Continuing operations | $ 6,652 | $ 6,375 | $ (539) |
Total | $ 3,705 | $ 5,890 | $ (6,385) |
Weighted average number of shares | |||
Basic | 5,323 | 5,323 | 5,322 |
Diluted | 5,337 | 5,336 | 5,322 |
Basic earnings/(loss) per ordinary share | |||
Continuing operations | $ 1.250 | $ 1.198 | $ (0.102) |
Total | 0.696 | 1.107 | (1.200) |
Diluted earnings/(loss) per ordinary share | |||
Continuing operations | 1.246 | 1.195 | (0.102) |
Total | $ 0.694 | $ 1.104 | $ (1.200) |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings per share [abstract] | |||
Effect of dilutive shares | 14,000,000 | 13,000,000 | |
Antidilutive shares | 0 |
Trade and Other Receivables - S
Trade and Other Receivables - Summary of Trade and Other Receivables (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Trade and other receivables [abstract] | ||
Trade receivables | $ 1,857 | $ 1,855 |
Loans to equity accounted investments | 13 | 644 |
Other receivables | 1,406 | 1,140 |
Total | 3,276 | 3,639 |
Current | 3,096 | 2,836 |
Non-current | $ 180 | $ 803 |
Trade and Other Receivables - A
Trade and Other Receivables - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of financial assets [Line Items] | ||
Term receivables terms | 30 days | |
Provisions for doubtful debts | $ 1 | |
Trade receivables | 1,857 | 1,855 |
Past due but not impaired [member] | ||
Disclosure of financial assets [Line Items] | ||
Trade receivables | $ 32 | $ 19 |
Trade and Other Payables - Summ
Trade and Other Payables - Summary of Trade and Other Payables (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Trade and other payables [abstract] | ||
Trade creditors | $ 4,574 | $ 3,996 |
Other creditors | 1,406 | 1,560 |
Total | 5,980 | 5,556 |
Current | 5,977 | 5,551 |
Non-current | $ 3 | $ 5 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Classes of current inventories [abstract] | ||
Raw materials and consumables | $ 1,266 | $ 1,241 |
Work in progress | 2,965 | 2,852 |
Finished goods | 674 | 675 |
Total | 4,905 | 4,768 |
Current | 3,764 | 3,673 |
Non-current | $ 1,141 | $ 1,095 |
Inventories - Summary of Inv101
Inventories - Summary of Inventories (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Classes of current inventories [abstract] | |||
Inventory write-downs | $ 18 | $ 112 | $ 118 |
Inventory write-downs, made in previous periods that were reversed | $ 2 | $ 19 | $ 118 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
At the beginning of the financial year | $ 80,497 | $ 83,975 |
Additions | 6,644 | 5,312 |
Depreciation for the year | (7,745) | (7,736) |
Impairments, net of reversals | (838) | (160) |
Disposals | (79) | (261) |
Transferred to assets held for sale | (10,672) | |
Exchange variations taken to reserve | 1 | (1) |
Transfers and other movements | (626) | (438) |
At the end of the financial year | 67,182 | 80,497 |
Divestment and demerger of subsidiaries and operations | (194) | |
Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
At the beginning of the financial year | 157,666 | |
At the end of the financial year | 126,728 | 157,666 |
Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
At the beginning of the financial year | (77,169) | |
At the end of the financial year | (59,546) | (77,169) |
Land and buildings [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
At the beginning of the financial year | 8,547 | 9,005 |
Additions | (20) | |
Depreciation for the year | (548) | (552) |
Impairments, net of reversals | (9) | (8) |
Disposals | (7) | (27) |
Transferred to assets held for sale | (21) | |
Transfers and other movements | 210 | 176 |
At the end of the financial year | 8,152 | 8,547 |
Divestment and demerger of subsidiaries and operations | (47) | |
Land and buildings [Member] | Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
At the beginning of the financial year | 12,387 | |
At the end of the financial year | 12,525 | 12,387 |
Land and buildings [Member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
At the beginning of the financial year | (3,840) | |
At the end of the financial year | (4,373) | (3,840) |
Plant and equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
At the beginning of the financial year | 49,427 | 47,766 |
Additions | 110 | 809 |
Depreciation for the year | (6,467) | (6,419) |
Impairments, net of reversals | (507) | (83) |
Disposals | (26) | (56) |
Transferred to assets held for sale | (4,426) | |
Exchange variations taken to reserve | 1 | |
Transfers and other movements | 2,773 | 7,515 |
At the end of the financial year | 40,885 | 49,427 |
Divestment and demerger of subsidiaries and operations | (105) | |
Plant and equipment [Member] | Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
At the beginning of the financial year | 106,332 | |
At the end of the financial year | 91,037 | 106,332 |
Plant and equipment [Member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
At the beginning of the financial year | (56,905) | |
At the end of the financial year | (50,152) | (56,905) |
Other mineral assets [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
At the beginning of the financial year | 15,557 | 15,942 |
Additions | 873 | 416 |
Depreciation for the year | (730) | (765) |
Impairments, net of reversals | (260) | |
Disposals | (36) | (25) |
Transferred to assets held for sale | (5,563) | |
Exchange variations taken to reserve | (1) | |
Transfers and other movements | (867) | (10) |
At the end of the financial year | 8,974 | 15,557 |
Other mineral assets [Member] | Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
At the beginning of the financial year | 31,196 | |
At the end of the financial year | 13,212 | 31,196 |
Other mineral assets [Member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
At the beginning of the financial year | (15,639) | |
At the end of the financial year | (4,238) | (15,639) |
Assets under construction [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
At the beginning of the financial year | 5,536 | 9,561 |
Additions | 5,423 | 3,773 |
Disposals | (1) | (1) |
Transferred to assets held for sale | (662) | |
Transfers and other movements | (2,742) | (7,755) |
At the end of the financial year | 7,554 | 5,536 |
Divestment and demerger of subsidiaries and operations | (42) | |
Assets under construction [Member] | Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
At the beginning of the financial year | 5,538 | |
At the end of the financial year | 7,554 | 5,538 |
Assets under construction [Member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
At the beginning of the financial year | (2) | |
At the end of the financial year | (2) | |
Exploration and evaluation [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
At the beginning of the financial year | 1,430 | 1,701 |
Additions | 258 | 314 |
Impairments, net of reversals | (62) | (69) |
Disposals | (9) | (152) |
Transfers and other movements | (364) | |
At the end of the financial year | 1,617 | 1,430 |
Exploration and evaluation [Member] | Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
At the beginning of the financial year | 2,213 | |
At the end of the financial year | 2,400 | 2,213 |
Exploration and evaluation [Member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
At the beginning of the financial year | (783) | |
At the end of the financial year | $ (783) | $ (783) |
Property, Plant and Equipmen103
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Property, plant and equipment acquired under finance lease | $ 6,644 | $ 5,312 | |
Impairment charges related to Onshore US assets | 838 | 160 | |
Property, plant and equipment acquired under finance lease [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Property, plant and equipment acquired under finance lease | 3 | 593 | |
Impairment of Onshore US assets [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Impairment charges related to Onshore US assets | $ 520 |
Property, Plant and Equipmen104
Property, Plant and Equipment - Summary of Principal Depreciation Methods and Rates Applied to Major Asset Categories (Detail) | 12 Months Ended |
Jun. 30, 2018 | |
Buildings [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Typical depreciation methodology | SL |
Buildings [Member] | Bottom of range [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Depreciation rate | 25 years |
Buildings [Member] | Top of range [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Depreciation rate | 50 years |
Plant and equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Typical depreciation methodology | SL |
Plant and equipment [Member] | Bottom of range [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Depreciation rate | 3 years |
Plant and equipment [Member] | Top of range [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Depreciation rate | 30 years |
Other mineral assets [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Typical depreciation methodology | UoP |
Depreciation rate | Based on the rate of depletion of reserves |
Capitalised exploration, evaluation and development expenditure [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Typical depreciation methodology | UoP |
Depreciation rate | Based on the rate of depletion of reserves |
Property, Plant and Equipmen105
Property, Plant and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of detailed information about property, plant and equipment [abstract] | ||
Reversals of impairment | $ 0 | $ 0 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
At the beginning of the financial year | $ 3,968 | $ 4,119 |
Additions | 50 | 81 |
Amortisation for the year | (197) | (195) |
Impairments for the year | (2,353) | (33) |
Disposals | (23) | (4) |
Transferred to assets held for sale | (667) | |
At the end of the financial year | 778 | 3,968 |
Cost [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
At the beginning of the financial year | 4,991 | |
At the end of the financial year | 1,912 | 4,991 |
Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
At the beginning of the financial year | (1,023) | |
At the end of the financial year | (1,134) | (1,023) |
Goodwill [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
At the beginning of the financial year | 3,269 | 3,273 |
Impairments for the year | (2,339) | |
Disposals | (16) | (4) |
Transferred to assets held for sale | (667) | |
At the end of the financial year | 247 | 3,269 |
Goodwill [member] | Cost [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
At the beginning of the financial year | 3,269 | |
At the end of the financial year | 247 | 3,269 |
Other intangibles [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
At the beginning of the financial year | 699 | 846 |
Additions | 50 | 81 |
Amortisation for the year | (197) | (195) |
Impairments for the year | (14) | (33) |
Disposals | (7) | |
At the end of the financial year | 531 | 699 |
Other intangibles [member] | Cost [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
At the beginning of the financial year | 1,722 | |
At the end of the financial year | 1,665 | 1,722 |
Other intangibles [member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
At the beginning of the financial year | (1,023) | |
At the end of the financial year | $ (1,134) | $ (1,023) |
Intangible Assets - Summary 107
Intangible Assets - Summary of Intangible Assets (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | |||
Impairment charges related to Onshore US | $ 2,353 | $ 33 | |
Continuing operations [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | |||
Impairment charges related to Onshore US | 14 | 33 | $ 16 |
Net carrying value of goodwill | $ 247 | $ 247 | |
Net carrying value of goodwill, per cent of net equity | 1.00% | 1.00% | |
Impairment of Onshore US assets [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | |||
Impairment charges related to Onshore US | $ 2,339 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) | 12 Months Ended |
Jun. 30, 2018 | |
Top of range [Member] | |
Disclosure of detailed information about intangible assets [Line Items] | |
Estimated useful lives | 8 years |
Deferred Tax Balances - Summary
Deferred Tax Balances - Summary of Movement in Net Deferred Tax Position (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net deferred tax asset/(liability) | |||
At the beginning of the financial year | $ 2,023 | $ 1,823 | $ (1,681) |
Income tax (charge)/credit recorded in the income statement | (1,445) | 188 | 3,508 |
Income tax credit/(charge) recorded directly in equity | 17 | 12 | (25) |
Other movements | (26) | 21 | |
At the end of the financial year | $ 569 | $ 2,023 | $ 1,823 |
Deferred Tax Balances - Summ110
Deferred Tax Balances - Summary of Movement in Net Deferred Tax Position (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Income tax (charge)/credit recorded in the income statement | $ (1,445) | $ 188 | $ 3,508 |
Discontinued operations [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Income tax (charge)/credit recorded in the income statement | $ 510 | $ 219 | $ 2,990 |
Deferred Tax Balances - Summ111
Deferred Tax Balances - Summary of Composition of Net Deferred Tax Assets and Liabilities and Deferred Tax Expense Charged/(Credited) to Income Statement (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Deferred tax assets | $ 4,041 | $ 5,788 | |
Deferred tax liabilities | 3,472 | 3,765 | |
Charged/(credited) to the income statement | 1,445 | (188) | $ (3,508) |
Depreciation [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Deferred tax assets | (2,756) | (3,454) | |
Deferred tax liabilities | 1,356 | 1,411 | |
Charged/(credited) to the income statement | (752) | 391 | (2,282) |
Exploration expenditure [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Deferred tax assets | 492 | 543 | |
Deferred tax liabilities | |||
Charged/(credited) to the income statement | 51 | (22) | (3) |
Employee benefits [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Deferred tax assets | 321 | 379 | |
Deferred tax liabilities | (2) | 3 | |
Charged/(credited) to the income statement | 31 | (37) | 56 |
Closure and rehabilitation provisions [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Deferred tax assets | 1,627 | 1,809 | |
Deferred tax liabilities | (194) | (230) | |
Charged/(credited) to the income statement | 218 | (151) | 36 |
Resource rent tax [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Deferred tax assets | 468 | 559 | |
Deferred tax liabilities | 1,328 | 1,614 | |
Charged/(credited) to the income statement | (194) | (189) | (8) |
Other provisions [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Deferred tax assets | 141 | 131 | |
Deferred tax liabilities | (2) | (1) | |
Charged/(credited) to the income statement | (11) | 14 | 8 |
Deferred income [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Deferred tax assets | 21 | (2) | |
Deferred tax liabilities | (10) | ||
Charged/(credited) to the income statement | (13) | 3 | (49) |
Deferred charges [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Deferred tax assets | (374) | (443) | |
Deferred tax liabilities | 272 | 322 | |
Charged/(credited) to the income statement | (119) | (77) | 62 |
Investments, including foreign tax credits [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Deferred tax assets | 546 | 1,145 | |
Deferred tax liabilities | 691 | 648 | |
Charged/(credited) to the income statement | 615 | (17) | (284) |
Foreign exchange gains and losses [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Deferred tax assets | (120) | (87) | |
Deferred tax liabilities | 16 | 69 | |
Charged/(credited) to the income statement | (20) | (77) | (310) |
Tax losses [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Deferred tax assets | 3,758 | 5,352 | |
Deferred tax liabilities | |||
Charged/(credited) to the income statement | 1,595 | (381) | (809) |
Other [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Deferred tax assets | (83) | (144) | |
Deferred tax liabilities | 7 | (61) | |
Charged/(credited) to the income statement | $ 44 | $ 355 | $ 75 |
Deferred Tax Balances - Additio
Deferred Tax Balances - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Unrecognized Deferred Tax Assets And Liabilities [Line Items] | ||
Recognises the benefit of tax losses only to the extent of anticipated future taxable income or gains in relevant jurisdictions | $ 4,041 | $ 5,788 |
Tax losses [Member] | ||
Unrecognized Deferred Tax Assets And Liabilities [Line Items] | ||
Recognises the benefit of tax losses only to the extent of anticipated future taxable income or gains in relevant jurisdictions | $ 3,758 | $ 5,352 |
Deferred Tax Balances - Summ113
Deferred Tax Balances - Summary of Composition of Unrecognised Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Unrecognised deferred tax assets | ||
Tax losses and tax credits | $ 3,028 | $ 2,687 |
Total unrecognised deferred tax assets | 9,669 | 8,607 |
Unrecognised deferred tax liabilities | ||
Total unrecognised deferred tax liabilities | 2,901 | 3,194 |
Investments, including foreign tax credits [Member] | ||
Unrecognised deferred tax assets | ||
Temporary differences | 1,659 | 856 |
Unrecognised deferred tax liabilities | ||
Investments in subsidiaries | 2,216 | 2,500 |
Australian petroleum resource rent tax [Member] | ||
Unrecognised deferred tax assets | ||
Temporary differences | 2,282 | 2,293 |
Unrecognised deferred tax liabilities | ||
Taxable temporary differences relating to unrecognised deferred tax asset for PRRT | 685 | 694 |
Mineral rights [Member] | ||
Unrecognised deferred tax assets | ||
Temporary differences | 2,263 | 2,293 |
Other [Member] | ||
Unrecognised deferred tax assets | ||
Temporary differences | $ 437 | $ 478 |
Deferred Tax Balances - Summ114
Deferred Tax Balances - Summary of Composition of Unrecognised Deferred Tax Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Income and capital tax losses with a tax benefit, which are not recognised as deferred tax assets | $ 1,946 | $ 1,844 |
Tax credits, which are not recognised as deferred tax assets | 1,082 | 843 |
Gross amount of income tax losses | 6,240 | |
Gross amount of tax losses not recognised | 9,855 | |
Investments, including foreign tax credits [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Temporary difference for which no deferred tax asset is recognised | 1,659 | 856 |
Deferred tax liabilities associated with undistributed earnings of subsidiaries that have not been recognised | 2,216 | 2,500 |
Australian petroleum resource rent tax [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Temporary difference for which no deferred tax asset is recognised | 2,282 | 2,293 |
Temporary difference for which no deferred tax liability is recognised | 685 | 694 |
Mineral rights [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Temporary difference for which no deferred tax asset is recognised | 2,263 | 2,293 |
Other [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Temporary difference for which no deferred tax asset is recognised | 437 | $ 478 |
Due not later than one year [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Gross amount of income tax losses | 363 | |
In more than one year but not more than two years [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Gross amount of income tax losses | 402 | |
In more than two years but not more than five years [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Gross amount of income tax losses | 897 | |
Gross amount of capital tax losses | 144 | |
Later than five years and not later than 10 years [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Tax credits, which are not recognised as deferred tax assets | 831 | |
Gross amount of income tax losses | 398 | |
Later than 10 years and not later than 20 years [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Tax credits, which are not recognised as deferred tax assets | 251 | |
Gross amount of income tax losses | 2,446 | |
Unlimited [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Gross amount of income tax losses | 1,734 | |
Gross amount of capital tax losses | $ 3,471 |
Closure and Rehabilitation Prov
Closure and Rehabilitation Provisions - Summary of Closure and Rehabilitation Provisions (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of other provisions [Line Items] | |||
Current | $ 2,025 | $ 1,959 | |
Non-current | 8,223 | 8,445 | |
Closure and rehabilitation provisions [Member] | |||
Disclosure of other provisions [Line Items] | |||
At the beginning of the financial year | 6,738 | 6,502 | |
Increases to existing and new provisions | 132 | 127 | |
Exchange translation | (11) | 9 | |
Released during the year | (165) | (120) | |
Amortisation of discounting impacting net finance costs | 352 | 330 | |
Utilised | (178) | (132) | |
Exchange variations impacting foreign currency translation reserve | (1) | ||
Divestment and demerger of subsidiaries and operations | (146) | ||
Transferred to liabilities held for sale | (450) | ||
Other movements | (1) | (1) | |
At the end of the financial year | 6,330 | 6,738 | $ 6,502 |
Current | 274 | 255 | |
Non-current | 6,056 | 6,483 | |
Closure and rehabilitation provisions [Member] | Operating sites [Member] | |||
Disclosure of other provisions [Line Items] | |||
At the beginning of the financial year | 5,462 | ||
Change in estimate | 35 | 71 | |
Exchange translation | (122) | 99 | |
At the end of the financial year | 5,120 | 5,462 | |
Closure and rehabilitation provisions [Member] | Closed sites [Member] | |||
Disclosure of other provisions [Line Items] | |||
At the beginning of the financial year | 1,276 | ||
Increases to existing and new provisions | (21) | 33 | $ 18 |
At the end of the financial year | $ 1,210 | $ 1,276 |
Closure and Rehabilitation P116
Closure and Rehabilitation Provisions - Additional Information (Detail) - Closure and rehabilitation provisions [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of other provisions [Line Items] | |||
Increases to existing and new provisions associated closure and remediation costs charged to the income statement | $ 132 | $ 127 | |
Percentage of reasonably possible decrease in real discount rates | 0.50% | ||
Increase in closure and rehabilitation provision due to reasonably possible decrease in real discount rates | $ 604 | ||
Increase in depreciation expense due to reasonably possible decrease in real discount rates | $ 46 | ||
Bottom of range [Member] | |||
Disclosure of other provisions [Line Items] | |||
Remaining production life | 2 years | ||
Top of range [Member] | |||
Disclosure of other provisions [Line Items] | |||
Remaining production life | 127 years | ||
Weighted average [Member] | |||
Disclosure of other provisions [Line Items] | |||
Remaining production life | 29 years | ||
Closed sites [Member] | |||
Disclosure of other provisions [Line Items] | |||
Increases to existing and new provisions associated closure and remediation costs charged to the income statement | $ (21) | $ 33 | $ 18 |
Increase in income statement charge due to reasonably possible decrease in real discount rates | 80 | ||
Operating sites [Member] | |||
Disclosure of other provisions [Line Items] | |||
Increase in property, plant and equipment due to reasonably possible decrease in real discount rates | $ 524 |
Share Capital - Summary of Shar
Share Capital - Summary of Share Capital (Detail) - shares | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
5.5% Preference shares [Member] | |||
Share capital issued | |||
Opening number of shares | 50,000 | 50,000 | |
Closing number of shares | 50,000 | 50,000 | 50,000 |
BHP Billiton Limited [Member] | |||
Share capital issued | |||
Opening number of shares | 3,211,691,105 | 3,211,691,105 | 3,211,691,105 |
Purchase of shares by ESOP Trusts | (7,469,236) | (6,481,292) | (6,538,404) |
Employee share awards exercised following vesting | 7,339,522 | 6,945,570 | 6,846,091 |
Movement in treasury shares under Employee Share Plans | 129,714 | (464,278) | (307,687) |
Closing number of shares | 3,211,691,105 | 3,211,691,105 | 3,211,691,105 |
BHP Billiton Limited [Member] | Shares held by the public [member] | |||
Share capital issued | |||
Opening number of shares | 3,211,623,973 | 3,211,159,695 | |
Closing number of shares | 3,211,494,259 | 3,211,623,973 | 3,211,159,695 |
BHP Billiton Limited [Member] | Treasury shares [member] | |||
Share capital issued | |||
Opening number of shares | 67,132 | 531,410 | |
Closing number of shares | 196,846 | 67,132 | 531,410 |
BHP Billiton Limited [Member] | Special Voting share of no par value [Member] | |||
Share capital issued | |||
Opening number of shares | 1 | 1 | |
Closing number of shares | 1 | 1 | 1 |
BHP Billiton Limited [Member] | DLC Dividend share [Member] | |||
Share capital issued | |||
Opening number of shares | 1 | 1 | |
Closing number of shares | 1 | 1 | 1 |
BHP Billiton Plc [Member] | |||
Share capital issued | |||
Opening number of shares | 2,112,071,796 | 2,112,071,796 | 2,112,071,796 |
Purchase of shares by ESOP Trusts | (679,223) | (225,646) | (17,000) |
Employee share awards exercised following vesting | 711,705 | 940,070 | 966,473 |
Movement in treasury shares under Employee Share Plans | (32,482) | (714,424) | (949,473) |
Closing number of shares | 2,112,071,796 | 2,112,071,796 | 2,112,071,796 |
BHP Billiton Plc [Member] | Shares held by the public [member] | |||
Share capital issued | |||
Opening number of shares | 2,111,997,680 | 2,111,283,256 | |
Closing number of shares | 2,112,030,162 | 2,111,997,680 | 2,111,283,256 |
BHP Billiton Plc [Member] | Treasury shares [member] | |||
Share capital issued | |||
Opening number of shares | 74,116 | 788,540 | |
Closing number of shares | 41,634 | 74,116 | 788,540 |
BHP Billiton Plc [Member] | Special Voting share of par value [Member] | |||
Share capital issued | |||
Opening number of shares | 1 | 1 | |
Closing number of shares | 1 | 1 | 1 |
BHP Billiton Plc [Member] | 5.5% Preference shares [Member] | |||
Share capital issued | |||
Opening number of shares | 50,000 | 50,000 | |
Closing number of shares | 50,000 | 50,000 | 50,000 |
Share Capital - Summary of S118
Share Capital - Summary of Share Capital (Parenthetical) (Detail) | 2 Months Ended | 12 Months Ended | |||||
Sep. 07, 2018shares | Jun. 30, 2018$ / sharesshares | Jun. 30, 2017$ / sharesshares | Jun. 30, 2016$ / sharesshares | Jun. 30, 2018£ / shares | Jun. 30, 2017£ / shares | Jun. 30, 2016£ / shares | |
5.5% Preference shares [Member] | |||||||
Disclosure of classes of share capital [Line Items] | |||||||
Par value | £ / shares | £ 1 | £ 1 | £ 1 | ||||
Dividend rate percentage | 5.50% | 5.50% | 5.50% | ||||
BHP Billiton Limited [Member] | |||||||
Disclosure of classes of share capital [Line Items] | |||||||
Par value | $ / shares | $ 0.50 | ||||||
Number of ordinary shares issued on the exercise of awards | 7,339,522 | 6,945,570 | 6,846,091 | ||||
BHP Billiton Limited [Member] | Major ordinary share transactions [Member] | |||||||
Disclosure of classes of share capital [Line Items] | |||||||
Number of ordinary shares issued on the exercise of awards | 0 | ||||||
BHP Billiton Plc [Member] | |||||||
Disclosure of classes of share capital [Line Items] | |||||||
Par value | $ / shares | $ 0.50 | ||||||
Number of ordinary shares issued on the exercise of awards | 711,705 | 940,070 | 966,473 | ||||
BHP Billiton Plc [Member] | Major ordinary share transactions [Member] | |||||||
Disclosure of classes of share capital [Line Items] | |||||||
Number of ordinary shares issued on the exercise of awards | 0 | ||||||
BHP Billiton Plc [Member] | Special Voting share of par value [Member] | |||||||
Disclosure of classes of share capital [Line Items] | |||||||
Par value | $ / shares | $ 0.5 | $ 0.5 | $ 0.5 | ||||
BHP Billiton Plc [Member] | 5.5% Preference shares [Member] | |||||||
Disclosure of classes of share capital [Line Items] | |||||||
Par value | £ / shares | £ 1 | £ 1 | £ 1 | ||||
Dividend rate percentage | 5.50% | 5.50% | 5.50% |
Share Capital - Additional Info
Share Capital - Additional Information (Detail) $ / shares in Units, $ in Millions | Mar. 21, 2018USD ($) | Sep. 20, 2017USD ($) | Jun. 30, 2018$ / sharesshares | Jun. 30, 2018£ / sharesshares | Jun. 30, 2017$ / shares | Jun. 30, 2017£ / shares | Jun. 30, 2016$ / shares | Jun. 30, 2016£ / shares | Feb. 23, 2016$ / shares |
Disclosure of classes of share capital [Line Items] | |||||||||
Ordinary shares, per cent of total number of shares | 99.99% | 99.99% | |||||||
BHP Billiton Limited [Member] | |||||||||
Disclosure of classes of share capital [Line Items] | |||||||||
Shares, par value | $ / shares | $ 0.50 | ||||||||
BHP Billiton Plc [Member] | |||||||||
Disclosure of classes of share capital [Line Items] | |||||||||
Shares, par value | $ / shares | $ 0.50 | ||||||||
Special Voting share of no par value [Member] | BHP Billiton Limited [Member] | |||||||||
Disclosure of classes of share capital [Line Items] | |||||||||
Number of shares issued | 1 | 1 | |||||||
Movement in shares | 0 | ||||||||
Special Voting share of par value [Member] | BHP Billiton Plc [Member] | |||||||||
Disclosure of classes of share capital [Line Items] | |||||||||
Shares, par value | $ / shares | $ 0.5 | $ 0.5 | $ 0.5 | ||||||
Number of shares issued | 1 | 1 | |||||||
Movement in shares | 0 | ||||||||
5.5% Preference shares [Member] | |||||||||
Disclosure of classes of share capital [Line Items] | |||||||||
Shares, par value | £ / shares | £ 1 | £ 1 | £ 1 | ||||||
5.5% Preference shares [Member] | BHP Billiton Plc [Member] | |||||||||
Disclosure of classes of share capital [Line Items] | |||||||||
Shares, par value | £ / shares | £ 1 | £ 1 | £ 1 | ||||||
Movement in shares | 0 | ||||||||
DLC Dividend share [Member] | BHP Billiton Limited [Member] | |||||||||
Disclosure of classes of share capital [Line Items] | |||||||||
Shares, par value | $ / shares | $ 10 | ||||||||
Dividend paid | $ | $ 1,380 | $ 1,280 |
Other Equity - Summary of Reser
Other Equity - Summary of Reserves (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Other reserves [abstract] | |||
Share premium account | $ 518 | $ 518 | $ 518 |
Foreign currency translation reserve | 42 | 40 | 41 |
Employee share awards reserve | 196 | 214 | 293 |
Hedging reserve | 58 | 153 | 210 |
Financial assets reserve | 16 | 10 | 11 |
Share buy-back reserve | 177 | 177 | 177 |
Non-controlling interest contribution reserve | 1,283 | 1,288 | 1,288 |
Total reserves | $ 2,290 | $ 2,400 | $ 2,538 |
Other Equity - Summary of Finan
Other Equity - Summary of Financial Information Relating to Subsidiaries with Non-controlling Interests (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of significant subsidiaries [Line Items] | |||
Current assets | $ 35,130 | $ 21,056 | |
Non-current assets | 76,863 | 95,950 | $ 101,239 |
Current liabilities | (13,989) | (11,366) | |
Non-current liabilities | (37,334) | (42,914) | |
Net assets | 60,670 | 62,726 | |
Net assets attributable to NCI | 5,078 | 5,468 | |
Revenue | 43,638 | 36,135 | 28,567 |
Profit after taxation | 4,823 | 6,222 | (6,207) |
Other comprehensive income | (97) | (49) | 23 |
Total comprehensive income | 4,726 | 6,173 | (6,184) |
Profit after taxation attributable to NCI | 1,118 | 332 | 178 |
Net operating cash flow | 18,461 | 16,804 | 10,625 |
Net investing cash flow | (5,921) | (4,161) | (7,245) |
Net financing cash flow | (10,891) | (9,133) | 284 |
Dividends paid to NCI | $ 1,582 | $ 575 | $ 62 |
Minera Escondida Limitada [Member] | |||
Disclosure of significant subsidiaries [Line Items] | |||
Group share (per cent) | 57.50% | 57.50% | |
Current assets | $ 2,751 | $ 2,107 | |
Non-current assets | 13,389 | 14,528 | |
Current liabilities | (1,781) | (1,339) | |
Non-current liabilities | (4,352) | (4,300) | |
Net assets | 10,007 | 10,996 | |
Net assets attributable to NCI | 4,253 | 4,673 | |
Revenue | 8,775 | 4,576 | |
Profit after taxation | 2,221 | 516 | |
Other comprehensive income | (2) | ||
Total comprehensive income | 2,219 | 516 | |
Profit after taxation attributable to NCI | 944 | 219 | |
Other comprehensive income attributable to NCI | (1) | ||
Net operating cash flow | 5,041 | 1,964 | |
Net investing cash flow | (997) | (999) | |
Net financing cash flow | (3,392) | (968) | |
Dividends paid to NCI | 1,469 | 507 | |
Other individually immaterial subsidiaries [Member] | |||
Disclosure of significant subsidiaries [Line Items] | |||
Net assets attributable to NCI | 825 | 795 | |
Profit after taxation attributable to NCI | 174 | 113 | |
Other comprehensive income attributable to NCI | 1 | ||
Dividends paid to NCI | 135 | 74 | |
Subsidiaries with material non-controlling interests [member] | |||
Disclosure of significant subsidiaries [Line Items] | |||
Net assets attributable to NCI | 5,078 | 5,468 | |
Profit after taxation attributable to NCI | 1,118 | 332 | |
Dividends paid to NCI | $ 1,604 | $ 581 |
Other Equity - Summary of Fi122
Other Equity - Summary of Financial Information Relating to Subsidiaries with Non-controlling Interests (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of significant subsidiaries [Line Items] | |||
Dividends paid to non-controlling interests | $ 1,582 | $ 575 | $ 62 |
Discontinued Operations - Onshore US Cash Generating Units [Member] | |||
Disclosure of significant subsidiaries [Line Items] | |||
Dividends paid to non-controlling interests | $ 22 | $ 6 |
Dividends - Summary of Dividend
Dividends - Summary of Dividends Paid (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of Dividends [abstract] | |||
Prior year final dividend, Per share | $ 0.43 | $ 0.14 | $ 0.62 |
Interim dividend, Per share | 0.55 | 0.40 | 0.16 |
Dividends paid during the period, Per share | $ 0.98 | $ 0.54 | $ 0.78 |
Prior year final dividend, Total | $ 2,291 | $ 746 | $ 3,299 |
Interim dividend, Total | 2,930 | 2,125 | 855 |
Dividends paid during the period, Total | $ 5,221 | $ 2,871 | $ 4,154 |
Dividends - Summary of Divid124
Dividends - Summary of Dividends Paid (Parenthetical) (Detail) - 5.5% Preference shares [Member] - £ / shares | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of dividends [Line Items] | |||
Per cent dividend | 5.50% | 5.50% | 5.50% |
Preference shares | 50,000 | 50,000 | 50,000 |
Par value | £ 1 | £ 1 | £ 1 |
Dividends - Additional Informat
Dividends - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Aug. 21, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Disclosure of dividends [Line Items] | ||||
Dividend per share, after period-end | $ 0.43 | $ 0.14 | ||
Dividend amount, after period-end | $ 2,289 | $ 746 | ||
Tax rate | 30.00% | 30.00% | 30.00% | |
Major ordinary share transactions [Member] | ||||
Disclosure of dividends [Line Items] | ||||
Dividend per share, after period-end | $ 0.63 | |||
Dividend amount, after period-end | $ 3,354 | |||
BHP Billiton Limited [Member] | ||||
Disclosure of dividends [Line Items] | ||||
Number of ordinary shares represented by each American Depositary Share | 2 | |||
Tax rate | 30.00% | |||
BHP Billiton Plc [Member] | ||||
Disclosure of dividends [Line Items] | ||||
Number of ordinary shares represented by each American Depositary Share | 2 |
Dividends - Summary of Franking
Dividends - Summary of Franking Credits (Detail) - BHP Billiton Limited [Member] - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Disclosure of dividends [Line Items] | |||
Franking credits | $ 10,400 | $ 10,155 | $ 9,640 |
Franking credits arising from the payment of current tax | 1,330 | 1,239 | 81 |
Total franking credits available | $ 11,730 | $ 11,394 | $ 9,721 |
Dividends - Summary of Frank127
Dividends - Summary of Franking Credits (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Jun. 30, 2018USD ($) | |
BHP Billiton Limited [Member] | |
Disclosure of dividends [Line Items] | |
Decrease in franking account balance due to payment of final dividend | $ 867 |
Provisions for Dividends and Ot
Provisions for Dividends and Other Liabilities - Summary of Provisions for Dividends and Other Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Charge/(credit) for the year: | |||
Dividends paid | $ (5,220) | $ (2,921) | $ (4,130) |
Current | 2,025 | 1,959 | |
Non-current | 8,223 | 8,445 | |
Provision for dividends and other liabilities [Member] | |||
Disclosure of other provisions [Line Items] | |||
At the beginning of the financial year | 984 | 930 | |
Dividends determined | 5,221 | 2,871 | |
Charge/(credit) for the year: | |||
Underlying | 337 | 316 | |
Discounting | 4 | 5 | |
Exchange variations | 3 | 53 | |
Released during the year | (78) | (122) | |
Utilised | (150) | (223) | |
Dividends paid | (5,325) | (2,921) | |
Transferred to liabilities held for sale | (39) | ||
Transfers and other movements | (13) | 75 | |
At the end of the financial year | 944 | 984 | $ 930 |
Current | 290 | 332 | |
Non-current | $ 654 | $ 652 |
Provisions for Dividends and129
Provisions for Dividends and Other Liabilities - Summary of Provisions for Dividends and Other Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Non-controlling interests [Member] | ||
Disclosure of other provisions [Line Items] | ||
Unpaid dividend determined to non-controlling interest | $ 105 |
Net Debt - Summary of Net Debt
Net Debt - Summary of Net Debt Balance and Gearing Ratio (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Interest bearing liabilities, Current | |||
Bank loans | $ 308 | $ 192 | |
Notes and debentures | 2,228 | 771 | |
Finance leases | 77 | 82 | |
Bank overdraft and short-term borrowings | 58 | 45 | $ 43 |
Other | 65 | 151 | |
Total interest bearing liabilities | 2,736 | 1,241 | |
Less cash and cash equivalents | |||
Cash | 1,065 | 882 | |
Short-term deposits | 14,806 | 13,271 | |
Total cash and cash equivalents | 15,871 | 14,153 | $ 10,319 |
Interest bearing liabilities, Non-current | |||
Bank loans | 2,247 | 2,089 | |
Notes and debentures | 21,070 | 26,270 | |
Finance leases | 725 | 815 | |
Bank overdraft and short-term borrowings | 0 | 0 | |
Other | 27 | 59 | |
Total interest bearing liabilities | 24,069 | 29,233 | |
Net debt | 10,934 | 16,321 | |
Net assets | $ 60,670 | $ 62,726 | |
Gearing | 15.30% | 20.60% |
Net Debt - Summary of Cash and
Net Debt - Summary of Cash and Cash Equivalents, Net of Overdrafts (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Cash and cash equivalents if different from statement of financial position [abstract] | ||||
Total cash and cash equivalents | $ 15,871 | $ 14,153 | $ 10,319 | |
Bank overdrafts and short-term borrowing | (58) | (45) | (43) | |
Total cash and cash equivalents, net of overdrafts | $ 15,813 | $ 14,108 | $ 10,276 | $ 6,613 |
Net Debt - Additional Informati
Net Debt - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of net debt [Line Items] | ||
Cash and cash equivalents restricted by legal or contractual arrangements | $ 98,000,000 | $ 180,000,000 |
Defaults on loans payable | 0 | |
Revolving credit facility [Member] | ||
Disclosure of net debt [Line Items] | ||
Revolving credit facility, maximum amount | 6,000,000,000 | |
Revolving credit facility, amount drawn | ||
Revolving credit facility, maturity period | P5Y |
Net Debt - Summary of Interest
Net Debt - Summary of Interest Bearing Liabilities and Cash and Cash Equivalents Denominated by Currency (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | |||
Interest bearing liabilities | $ 26,805 | $ 30,474 | |
Cash and cash equivalents | 15,871 | 14,153 | $ 10,319 |
USD [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | |||
Interest bearing liabilities | 12,981 | 14,035 | |
Cash and cash equivalents | 7,024 | 7,980 | |
EUR [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | |||
Interest bearing liabilities | 9,070 | 10,324 | |
Cash and cash equivalents | 5,845 | 4,663 | |
GBP [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | |||
Interest bearing liabilities | 3,104 | 3,520 | |
Cash and cash equivalents | 1,560 | 1,318 | |
AUD [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | |||
Interest bearing liabilities | 1,077 | 1,987 | |
Cash and cash equivalents | 9 | 9 | |
CAD [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | |||
Interest bearing liabilities | 573 | 608 | |
Cash and cash equivalents | 1,301 | 77 | |
Other [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | |||
Cash and cash equivalents | $ 132 | $ 106 |
Net Debt - Summary of Maturity
Net Debt - Summary of Maturity Profile of Financial Liabilities Based on the Contractual Amounts (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Disclosure of financial liabilities [Line Items] | ||
Bank loans, debentures and other loans, contractual amount | $ 25,498 | $ 28,613 |
Expected future interest payments, contractual amount | 9,361 | 10,567 |
Derivatives related to net debt, contractual amount | 2,504 | 2,990 |
Other derivatives, contractual amount | 18 | 155 |
Obligations under finance leases, contractual amount | 1,165 | 1,315 |
Trade and other payables, contractual amount | 5,791 | 5,422 |
Total, contractual amount | 44,337 | 49,062 |
Bank loans, debentures and other loans, carrying amount | 26,003 | 29,577 |
Derivatives related to net debt, carrying amount | 1,213 | 1,345 |
Other derivatives, carrying amount | 18 | 155 |
Obligations under finance leases, carrying amount | 802 | 897 |
Trade and other payables, carrying amount | 5,791 | 5,422 |
Total financial liabilities | 33,827 | 37,396 |
Due not later than one year [Member] | ||
Disclosure of financial liabilities [Line Items] | ||
Bank loans, debentures and other loans, contractual amount | 2,647 | 1,157 |
Expected future interest payments, contractual amount | 682 | 686 |
Derivatives related to net debt, contractual amount | 302 | 267 |
Other derivatives, contractual amount | 17 | 144 |
Obligations under finance leases, contractual amount | 127 | 135 |
Trade and other payables, contractual amount | 5,788 | 5,417 |
Total, contractual amount | 9,563 | 7,806 |
In more than one year but not more than two years [Member] | ||
Disclosure of financial liabilities [Line Items] | ||
Bank loans, debentures and other loans, contractual amount | 1,545 | 2,471 |
Expected future interest payments, contractual amount | 957 | 1,022 |
Derivatives related to net debt, contractual amount | 188 | 245 |
Other derivatives, contractual amount | 1 | 4 |
Obligations under finance leases, contractual amount | 113 | 132 |
Trade and other payables, contractual amount | 3 | 5 |
Total, contractual amount | 2,807 | 3,879 |
In more than two years but not more than five years [Member] | ||
Disclosure of financial liabilities [Line Items] | ||
Bank loans, debentures and other loans, contractual amount | 8,019 | 8,279 |
Expected future interest payments, contractual amount | 2,203 | 2,611 |
Derivatives related to net debt, contractual amount | 823 | 503 |
Other derivatives, contractual amount | 7 | |
Obligations under finance leases, contractual amount | 335 | 343 |
Total, contractual amount | 11,380 | 11,743 |
Due later than five years [member] | ||
Disclosure of financial liabilities [Line Items] | ||
Bank loans, debentures and other loans, contractual amount | 13,287 | 16,706 |
Expected future interest payments, contractual amount | 5,519 | 6,248 |
Derivatives related to net debt, contractual amount | 1,191 | 1,975 |
Obligations under finance leases, contractual amount | 590 | 705 |
Total, contractual amount | $ 20,587 | $ 25,634 |
Net Finance Costs - Summary of
Net Finance Costs - Summary of Net Finance Costs (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Financial expenses | |||
Interest on bank loans, overdrafts and all other borrowings | $ 1,168 | $ 1,130 | $ 969 |
Interest capitalised at 4.24% (2017: 3.25%; 2016: 2.61%) | (139) | (113) | (123) |
Discounting on provisions and other liabilities | 414 | 450 | 304 |
Fair value change on hedged loans | (265) | (1,185) | 1,444 |
Fair value change on hedging derivatives | 329 | 1,244 | (1,448) |
Exchange variations on net debt | (19) | (23) | (24) |
Other financial expenses | 79 | 57 | 28 |
Finance costs | 1,567 | 1,560 | 1,150 |
Financial income | |||
Interest income | (322) | (143) | (137) |
Net finance costs | $ 1,245 | $ 1,417 | $ 1,013 |
Net Finance Costs - Summary 136
Net Finance Costs - Summary of Net Finance Costs (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of finance income costs [abstract] | |||
Interest capitalised | 4.24% | 3.25% | 2.61% |
Tax relief for capitalised interest | $ 42 | $ 34 | $ 37 |
Financial Risk Management - Add
Financial Risk Management - Additional Information (Detail) t in Thousands, $ in Millions | 12 Months Ended | |||||||||
Jun. 30, 2018AUD ($)t | Jun. 30, 2017AUD ($)t | Jun. 30, 2018USD ($)t | Jun. 30, 2018CLP ($)t | Jun. 30, 2018EUR (€)t | Jun. 30, 2018GBP (£)t | Jun. 30, 2017USD ($)t | Jun. 30, 2017CLP ($)t | Jun. 30, 2017EUR (€)t | Jun. 30, 2017GBP (£)t | |
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||||||||||
Cash Flow at Risk period of worst expected loss relative to projected business plan cash flows | 1 year | |||||||||
Principal measurement of risk, confidence level | 90.00% | |||||||||
Percentage of borrowings exposed to floating interest rate | 89.00% | 90.00% | ||||||||
Borrowings | $ 26,003 | $ 29,577 | ||||||||
Fixed interest rate not swapped to floating rate [member] | ||||||||||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||||||||||
Borrowings | 3,019 | 3,019 | ||||||||
Fixed interest rate not swapped to floating rate [member] | At fair value [member] | ||||||||||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||||||||||
Borrowings | $ 3,434 | $ 3,523 | ||||||||
Interest rate risk [member] | ||||||||||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||||||||||
Reasonable possible change in risk, percentage | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Effect on equity and profit after taxation, due to reasonable possible change in risk | $ 54 | $ 92 | ||||||||
Currency risk [member] | ||||||||||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||||||||||
Effect on equity and profit after taxation, due to reasonable possible change in risk | $ 10 | $ 16 | ||||||||
Percentage of net financial liabilities denominated in currency | 88.00% | 86.00% | ||||||||
Reasonable possible change in risk, amount | $ 0.01 | $ 0.01 | $ 10 | € 0.01 | £ 0.01 | $ 10 | € 0.01 | £ 0.01 | ||
Commodity price risk [member] | ||||||||||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||||||||||
Reasonable possible change in risk, percentage | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% |
Effect on equity and profit after taxation, due to reasonable possible change in risk | $ 9 | $ 62 | ||||||||
Commodity price risk [member] | Forward commodity and other derivative contracts [member] | ||||||||||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||||||||||
Net asset fair value | 210 | 358 | ||||||||
Commodity price risk [member] | Significant financial instruments [member] | ||||||||||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||||||||||
Net asset fair value | $ 216 | $ 370 | ||||||||
Commodity price risk [member] | Provisionally priced contract [member] | ||||||||||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||||||||||
Reasonable possible change in risk, percentage | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% |
Effect on equity and profit after taxation, due to reasonable possible change in risk | $ 178 | $ 90 | ||||||||
Tonnes of copper exposure | t | 356 | 213 | 356 | 356 | 356 | 356 | 213 | 213 | 213 | 213 |
Financial Risk Management - Sum
Financial Risk Management - Summary of Financial Assets and Liabilities by Class (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial assets | $ 1,199 | $ 1,353 | |
Cash and cash equivalents | 15,871 | 14,153 | $ 10,319 |
Trade and other receivables | 2,925 | 2,733 | |
Loans to equity accounted investments | 13 | 644 | |
Total financial assets | 20,008 | 18,883 | |
Non-financial assets | 91,985 | 98,123 | |
Total assets | 111,993 | 117,006 | 118,953 |
Other financial liabilities | 1,231 | 1,500 | |
Trade and other payables | 5,791 | 5,422 | |
Bank overdrafts and short-term borrowings | 58 | 45 | 43 |
Bank loans | 2,555 | 2,281 | |
Notes and debentures | 23,298 | 27,041 | |
Finance leases | 802 | 897 | |
Other | 92 | 210 | |
Total financial liabilities | 33,827 | 37,396 | |
Non-financial liabilities | 17,496 | 16,884 | |
Total liabilities | 51,323 | 54,280 | $ 58,882 |
Current cross currency and interest rate swaps [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial liabilities | 121 | 250 | |
Current other derivative contracts [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial liabilities | 17 | 144 | |
Non-current cross currency and interest rate swaps [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial liabilities | 1,092 | 1,095 | |
Non-current other derivative contracts [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial liabilities | 1 | 11 | |
Current cross currency and interest rate swaps [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial assets | 12 | ||
Current other derivative contracts [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial assets | 170 | 41 | |
Current available for sale shares and other investments [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial assets | 18 | 31 | |
Non-current cross currency and interest rate swaps [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial assets | 396 | 605 | |
Non-current other derivative contracts [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial assets | 195 | 332 | |
Non-current available for sale shares and other investments [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial assets | 408 | 344 | |
Loans and receivables [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Cash and cash equivalents | 15,871 | 14,153 | |
Trade and other receivables | 1,799 | 1,813 | |
Loans to equity accounted investments | 13 | 644 | |
Total financial assets | 17,683 | 16,610 | |
Available for sale securities [member] | Level 3 [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial assets | 80 | 70 | |
Total financial assets | 80 | 70 | |
Available for sale securities [member] | Level 3 [member] | Non-current available for sale shares and other investments [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial assets | 80 | 70 | |
Held at fair value through profit or loss [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial assets | 1,146 | 1,256 | |
Trade and other receivables | 1,126 | 920 | |
Total financial assets | 2,272 | 2,176 | |
Other financial liabilities | 487 | 186 | |
Trade and other payables | 377 | 502 | |
Total financial liabilities | 864 | 688 | |
Held at fair value through profit or loss [member] | Current cross currency and interest rate swaps [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial liabilities | 171 | (4) | |
Held at fair value through profit or loss [member] | Current other derivative contracts [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial liabilities | 17 | 144 | |
Held at fair value through profit or loss [member] | Non-current cross currency and interest rate swaps [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial liabilities | 298 | 42 | |
Held at fair value through profit or loss [member] | Non-current other derivative contracts [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial liabilities | 1 | 4 | |
Held at fair value through profit or loss [member] | Current cross currency and interest rate swaps [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial assets | 12 | ||
Held at fair value through profit or loss [member] | Current other derivative contracts [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial assets | 170 | 41 | |
Held at fair value through profit or loss [member] | Current available for sale shares and other investments [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial assets | 18 | 31 | |
Held at fair value through profit or loss [member] | Non-current cross currency and interest rate swaps [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial assets | 423 | 578 | |
Held at fair value through profit or loss [member] | Non-current other derivative contracts [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial assets | 195 | 332 | |
Held at fair value through profit or loss [member] | Non-current available for sale shares and other investments [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial assets | 328 | 274 | |
Cash flow hedges [member] | Level 2 [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial assets | (27) | 27 | |
Total financial assets | (27) | 27 | |
Other financial liabilities | 744 | 1,314 | |
Total financial liabilities | 744 | 1,314 | |
Cash flow hedges [member] | Level 2 [member] | Current cross currency and interest rate swaps [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial liabilities | (50) | 254 | |
Cash flow hedges [member] | Level 2 [member] | Non-current cross currency and interest rate swaps [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial liabilities | 794 | 1,053 | |
Cash flow hedges [member] | Level 2 [member] | Non-current other derivative contracts [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial liabilities | 7 | ||
Cash flow hedges [member] | Level 2 [member] | Non-current cross currency and interest rate swaps [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial assets | (27) | 27 | |
Other financial assets and liabilities at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Trade and other payables | 5,414 | 4,920 | |
Bank overdrafts and short-term borrowings | 58 | 45 | |
Bank loans | 2,555 | 2,281 | |
Notes and debentures | 23,298 | 27,041 | |
Finance leases | 802 | 897 | |
Other | 92 | 210 | |
Total financial liabilities | $ 32,219 | $ 35,394 |
Financial Risk Management - 139
Financial Risk Management - Summary of Financial Assets and Liabilities by Class (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Disclosure of detailed information about financial instruments [Line Items] | ||
Other financial assets | $ 1,199 | $ 1,353 |
Input taxes receivable | 338 | 262 |
Input taxes payable | 189 | 134 |
Available for sale securities [member] | Level 3 [member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Other financial assets | 80 | 70 |
Other derivative contracts [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Other financial assets and liabilities | 7 | |
Other derivative contracts [member] | Level 3 [member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Other financial assets and liabilities | 213 | 365 |
Non-current available for sale shares and other investments [member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Other financial assets | 408 | 344 |
Non-current available for sale shares and other investments [member] | Available for sale securities [member] | Level 3 [member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Other financial assets | 80 | 70 |
US Treasury Notes [member] | Financial assets held at fair value through profit or loss [member] | Level 1 [member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Other financial assets | 108 | 97 |
BHP Billiton Foundation [member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Investments held which are restricted and not available for general use by the Group | $ 343 | $ 304 |
Financial Risk Management - 140
Financial Risk Management - Summary of Movement of Interest Bearing Liabilities and Related Derivatives (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of reconciliation of liabilities arising from financing activities [Line Items] | |||
Proceeds from interest bearing liabilities | $ 528 | $ 1,577 | $ 7,239 |
Settlements of debt related instruments | (218) | 36 | 156 |
Repayment of interest bearing liabilities | (4,188) | (7,114) | $ (2,781) |
Change from Net financing cash flows | (3,878) | ||
Bank loans [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [Line Items] | |||
At the beginning of the financial year | 2,281 | ||
Proceeds from interest bearing liabilities | 500 | ||
Repayment of interest bearing liabilities | (221) | ||
Change from Net financing cash flows | 279 | ||
Other movements: | |||
Other interest bearing liabilities/derivative related changes | (5) | ||
At the end of the financial year | 2,555 | 2,281 | |
Notes and debentures [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [Line Items] | |||
At the beginning of the financial year | 27,041 | ||
Repayment of interest bearing liabilities | (3,736) | ||
Change from Net financing cash flows | (3,736) | ||
Other movements: | |||
Interest rate impacts | (353) | ||
Foreign exchange impacts | 245 | ||
Other interest bearing liabilities/derivative related changes | 101 | ||
At the end of the financial year | 23,298 | 27,041 | |
Finance leases [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [Line Items] | |||
At the beginning of the financial year | 897 | ||
Repayment of interest bearing liabilities | (81) | ||
Change from Net financing cash flows | (81) | ||
Other movements: | |||
Foreign exchange impacts | (9) | ||
Liabilities transferred to held for sale | (5) | ||
At the end of the financial year | 802 | 897 | |
Bank overdraft and short-term borrowings [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [Line Items] | |||
At the beginning of the financial year | 45 | ||
Other movements: | |||
Other interest bearing liabilities/derivative related changes | 13 | ||
At the end of the financial year | 58 | 45 | |
Other interest bearing liabilities [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [Line Items] | |||
At the beginning of the financial year | 210 | ||
Proceeds from interest bearing liabilities | 28 | ||
Repayment of interest bearing liabilities | (150) | ||
Change from Net financing cash flows | (122) | ||
Other movements: | |||
Other interest bearing liabilities/derivative related changes | 4 | ||
At the end of the financial year | 92 | 210 | |
Cross currency and interest rate swaps [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [Line Items] | |||
At the beginning of the financial year | 740 | ||
Settlements of debt related instruments | (218) | ||
Change from Net financing cash flows | (218) | ||
Other movements: | |||
Interest rate impacts | 329 | ||
Foreign exchange impacts | (254) | ||
Other interest bearing liabilities/derivative related changes | 208 | ||
At the end of the financial year | $ 805 | $ 740 |
Key Management Personnel - Summ
Key Management Personnel - Summary of Key Management Personnel (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of transactions between related parties [abstract] | |||
Short-term employee benefits | $ 13,190,838 | $ 16,439,948 | $ 14,979,983 |
Post-employment benefits | 1,506,108 | 1,895,828 | 2,356,594 |
Share-based payments | 13,356,657 | 13,747,355 | 16,837,179 |
Total | $ 28,053,603 | $ 32,083,131 | $ 34,173,756 |
Key Management Personnel - Addi
Key Management Personnel - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Key management personnel [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Purchases | $ 0 | $ 0 | $ 0 |
Amounts payable | 0 | 0 | 0 |
Key management personnel [member] | Loans [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Amounts payable | 0 | 0 | 0 |
Amounts receivable | 0 | 0 | 0 |
Director related entities [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Purchases | 0 | 0 | 0 |
Amounts payable | $ 0 | $ 0 | $ 0 |
Employee Share Ownership Pla143
Employee Share Ownership Plans - Summary of Description of Plans (Detail) | 12 Months Ended |
Jun. 30, 2018 | |
STIP and GSTIP [member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Type | Short-term incentive |
Overview | The STIP is a plan for the Executive KMP and the GSTIP is a plan for BHP senior management who are not KMP. Under both plans, half of the value of a participant's short-term incentive amount is awarded as rights to receive BHP Billiton Limited or BHP Billiton Plc shares at the end of the vesting period. |
Vesting conditions | Service condition only. |
Vesting period | 2 years |
Dividend Equivalent Payment | Yes, except GSTIP awards granted after 1 July 2011 |
Exercise period | None |
LTIP and MAP [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Type | Long-term incentive |
Overview | The LTIP is a plan for Executive KMP and awards are granted annually. The MAP is a plan for BHP senior management who are not KMP. The number of share rights awarded is determined by a participant's role and grade. |
Vesting conditions | LTIP: Service and performance conditions. For awards granted from December 2013 onwards, BHP’s Total Shareholder Return (TSR)(1) performance relative to the Peer Group TSR over a five-year performance period determines the vesting of 67 per cent of the awards, while performance relative to the Index TSR (being the index value where the comparator group is a market index) determines the vesting of 33 per cent of the awards. For the awards to vest in full, BHP’s TSR must exceed the Peer Group TSR and Index TSR (if applicable) by a specified percentage per year, determined for each grant by the Remuneration Committee. Since the establishment of the LTIP in 2004, this percentage has been set at 5.5 per cent per year. MAP: Service conditions only. |
Vesting period | LTIP - 5 years MAP - 1 to 5 years |
Dividend Equivalent Payment | Yes, except MAP granted after 1 July 2011 |
Exercise period | LTIP - None MAP - None |
Transitional OMC awards [member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Type | Long-term incentive |
Overview | Awards may be granted to new Executive KMP recruited from within the Group to bridge the gap created by the different timeframes of the vesting of MAP awards, granted in their non-KMP role, and LTIP awards, granted to Executive KMP. No Transitional awards were granted to Executive KMP in FY2018. |
Vesting conditions | Service conditions and performance conditions. The Remuneration Committee has absolute discretion to determine if the performance condition has been met and whether any, all or part of the award will vest (or otherwise lapse), having regard to (but not limited to) the BHP’s TSR(1) over the three- or four-year performance period (respectively), the participant’s contribution to Group outcomes and the participant’s personal performance (with guidance on this assessment from the CEO). |
Vesting period | 3 years or 4 years |
Dividend Equivalent Payment | No |
Exercise period | None |
Shareplus [member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Type | All-employee share purchase plan |
Overview | Employees may contribute up to US$5,000 to acquire shares in any plan year. On the third anniversary of the start of a plan year, the Group will match the number of acquired shares. |
Vesting conditions | Service conditions only. |
Vesting period | 3 years |
Dividend Equivalent Payment | No |
Exercise period | None |
Employee Share Ownership Pla144
Employee Share Ownership Plans - Summary of Description of Plans (Parenthetical) (Detail) | 12 Months Ended |
Jun. 30, 2018USD ($) | |
STIP and GSTIP [member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Vesting period | 2 years |
Shareplus [member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Vesting period | 3 years |
Maximum employee contributions to acquire shares | $ 5,000 |
Long-Term Incentive Plan [member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Vesting percentage per year | 5.50% |
Vesting period | 5 years |
Long-Term Incentive Plan [member] | Peer Group Total Shareholder Return [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Vesting percentage | 67.00% |
Long-Term Incentive Plan [member] | Index Total Shareholder Return [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Vesting percentage | 33.00% |
Bottom of range [Member] | Transitional OMC awards [member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Vesting period | 3 years |
Bottom of range [Member] | MAP awards [member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Vesting period | 1 year |
Top of range [Member] | Transitional OMC awards [member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Vesting period | 4 years |
Top of range [Member] | MAP awards [member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Vesting period | 5 years |
Employee Share Ownership Pla145
Employee Share Ownership Plans - Summary of Employee Share Awards (Detail) | 12 Months Ended |
Jun. 30, 2018sharesyr | |
BHP Billiton Limited [Member] | STIP awards [member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Number of awards at the beginning of the financial year | 497,634 |
Number of awards issued during the year | 274,743 |
Number of awards vested and exercised | 464,349 |
Number of awards at the end of the financial year | 308,028 |
Weighted average remaining contractual life (years) | yr | 1 |
BHP Billiton Limited [Member] | GSTIP awards [member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Number of awards at the beginning of the financial year | 2,001,583 |
Number of awards issued during the year | 1,422,338 |
Number of awards vested and exercised | 1,383,656 |
Number of awards lapsed | 31,810 |
Number of awards at the end of the financial year | 2,008,455 |
Number of awards vested and exercisable at the end of the financial year | 28,981 |
Weighted average remaining contractual life (years) | yr | 0.8 |
BHP Billiton Limited [Member] | Long-Term Incentive Plan [member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Number of awards at the beginning of the financial year | 4,679,513 |
Number of awards issued during the year | 1,523,309 |
Number of awards vested and exercised | 65,247 |
Number of awards lapsed | 156,600 |
Number of awards at the end of the financial year | 5,980,975 |
Weighted average remaining contractual life (years) | yr | 2.5 |
BHP Billiton Limited [Member] | Transitional OMC awards [member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Number of awards at the beginning of the financial year | 137,194 |
Number of awards vested and exercised | 61,485 |
Number of awards lapsed | 28,869 |
Number of awards at the end of the financial year | 46,840 |
Weighted average remaining contractual life (years) | yr | 0.7 |
BHP Billiton Limited [Member] | MAP awards [member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Number of awards at the beginning of the financial year | 7,348,428 |
Number of awards issued during the year | 5,731,891 |
Number of awards vested and exercised | 2,185,614 |
Number of awards lapsed | 515,442 |
Number of awards at the end of the financial year | 10,379,263 |
Number of awards vested and exercisable at the end of the financial year | 60,134 |
Weighted average remaining contractual life (years) | yr | 1.5 |
BHP Billiton Limited [Member] | Shareplus [member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Number of awards at the beginning of the financial year | 5,998,517 |
Number of awards issued during the year | 2,483,091 |
Number of awards vested and exercised | 3,184,545 |
Number of awards lapsed | 521,984 |
Number of awards at the end of the financial year | 4,775,079 |
Weighted average remaining contractual life (years) | yr | 1.2 |
BHP Billiton Limited [Member] | Employee Share Plan shares (legacy plan) [member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Number of awards at the beginning of the financial year | 338,883 |
Number of awards vested and exercised | 338,883 |
BHP Billiton Plc [Member] | GSTIP awards [member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Number of awards at the beginning of the financial year | 84,250 |
Number of awards issued during the year | 40,957 |
Number of awards vested and exercised | 59,577 |
Number of awards lapsed | 1,762 |
Number of awards at the end of the financial year | 63,868 |
Weighted average remaining contractual life (years) | yr | 0.8 |
BHP Billiton Plc [Member] | Long-Term Incentive Plan [member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Number of awards at the beginning of the financial year | 386,912 |
Number of awards vested and exercised | 74,988 |
Number of awards lapsed | 311,924 |
BHP Billiton Plc [Member] | MAP awards [member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Number of awards at the beginning of the financial year | 596,443 |
Number of awards issued during the year | 133,926 |
Number of awards vested and exercised | 406,783 |
Number of awards lapsed | 8,135 |
Number of awards at the end of the financial year | 315,451 |
Weighted average remaining contractual life (years) | yr | 1.3 |
BHP Billiton Plc [Member] | Shareplus [member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Number of awards at the beginning of the financial year | 336,108 |
Number of awards issued during the year | 137,832 |
Number of awards vested and exercised | 165,450 |
Number of awards lapsed | 26,331 |
Number of awards at the end of the financial year | 282,159 |
Weighted average remaining contractual life (years) | yr | 1.2 |
Employee Share Ownership Pla146
Employee Share Ownership Plans - Summary of Fair Value and Assumptions in the Calculation of Fair Value for Awards Issued (Detail) | 12 Months Ended | ||
Jun. 30, 2018AUD ($)yr | Jun. 30, 2018GBP (£)yr | Jun. 30, 2018USD ($) | |
BHP Billiton Limited [Member] | STIP awards [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Weighted average fair value of awards granted during the year | $ 20.65 | ||
Estimated life of awards | yr | 3 | 3 | |
Share price at grant date | $ 27.97 | ||
BHP Billiton Limited [Member] | GSTIP awards [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Weighted average fair value of awards granted during the year | 18.83 | ||
Estimated life of awards | yr | 3 | 3 | |
Share price at grant date | $ 25.98 | ||
Dividend yield | 4.30% | 4.30% | |
BHP Billiton Limited [Member] | Long-Term Incentive Plan [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Weighted average fair value of awards granted during the year | 13.11 | ||
Risk-free interest rate | 2.08% | 2.08% | |
Estimated life of awards | yr | 5 | 5 | |
Share price at grant date | $ 27.97 | ||
Estimated volatility of share price | 33.00% | 33.00% | |
BHP Billiton Limited [Member] | MAP awards [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Weighted average fair value of awards granted during the year | 18.37 | ||
Share price at grant date | $ 25.98 | ||
Dividend yield | 4.30% | 4.30% | |
BHP Billiton Limited [Member] | MAP awards [member] | Bottom of range [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Estimated life of awards | yr | 1 | 1 | |
BHP Billiton Limited [Member] | MAP awards [member] | Weighted average [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Estimated life of awards | yr | 2 | 2 | |
BHP Billiton Limited [Member] | MAP awards [member] | Top of range [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Estimated life of awards | yr | 3 | 3 | |
BHP Billiton Limited [Member] | Shareplus [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Weighted average fair value of awards granted during the year | 18.12 | ||
Risk-free interest rate | 1.85% | 1.85% | |
Estimated life of awards | yr | 3 | 3 | |
Share price at grant date | $ 24 | ||
Dividend yield | 4.33% | 4.33% | |
BHP Billiton Plc [Member] | GSTIP awards [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Weighted average fair value of awards granted during the year | 16.48 | ||
Estimated life of awards | yr | 3 | 3 | |
Share price at grant date | £ | £ 13.29 | ||
Dividend yield | 5.10% | 5.10% | |
BHP Billiton Plc [Member] | MAP awards [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Weighted average fair value of awards granted during the year | 15.62 | ||
Share price at grant date | £ | £ 13.29 | ||
Dividend yield | 5.10% | 5.10% | |
BHP Billiton Plc [Member] | MAP awards [member] | Bottom of range [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Estimated life of awards | yr | 1 | 1 | |
BHP Billiton Plc [Member] | MAP awards [member] | Weighted average [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Estimated life of awards | yr | 2 | 2 | |
BHP Billiton Plc [Member] | MAP awards [member] | Top of range [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Estimated life of awards | yr | 3 | 3 | |
BHP Billiton Plc [Member] | Shareplus [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Weighted average fair value of awards granted during the year | $ 13.48 | ||
Risk-free interest rate | 0.17% | 0.17% | |
Estimated life of awards | yr | 3 | 3 | |
Share price at grant date | £ | £ 12.34 | ||
Dividend yield | 5.10% | 5.10% |
Employee Share Ownership Pla147
Employee Share Ownership Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |||
Employee share awards expense | $ 123,313 | $ 106,214 | $ 140,445 |
Employee Benefits, Restructurin
Employee Benefits, Restructuring and Post-retirement Employee Benefits Provisions - Summary of Employee Benefits, Restructuring and Post-retirement Employee Benefits Provisions (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Provisions [abstract] | ||
Employee benefits | $ 1,232 | $ 1,177 |
Restructuring | 8 | 10 |
Post-retirement employee benefits | 449 | 438 |
Total provisions | 1,689 | 1,625 |
Current | 1,148 | 1,062 |
Non-current | $ 541 | $ 563 |
Employee Benefits, Restructu149
Employee Benefits, Restructuring and Post-retirement Employee Benefits Provisions - Summary of Reconciliation of Employee Benefits, Restructuring and Post-retirement Employee Benefits (Detail) $ in Millions | 12 Months Ended |
Jun. 30, 2018USD ($) | |
Disclosure of employee benefits restructuring and post retirement employee benefits provisions [Line Items] | |
At the beginning of the financial year | $ 1,625 |
Charge/(credit) for the year: | |
Underlying | 1,101 |
Discounting | 34 |
Net interest expense | (15) |
Exchange variations | (24) |
Released during the year | (32) |
Remeasurement gains taken to retained earnings | (1) |
Utilisation | (999) |
At the end of the financial year | 1,689 |
Employee benefits [member] | |
Disclosure of employee benefits restructuring and post retirement employee benefits provisions [Line Items] | |
At the beginning of the financial year | 1,177 |
Charge/(credit) for the year: | |
Underlying | 1,073 |
Exchange variations | (29) |
Released during the year | (31) |
Utilisation | (958) |
At the end of the financial year | 1,232 |
Restructuring [member] | |
Disclosure of employee benefits restructuring and post retirement employee benefits provisions [Line Items] | |
At the beginning of the financial year | 10 |
Charge/(credit) for the year: | |
Underlying | 6 |
Released during the year | (1) |
Utilisation | (7) |
At the end of the financial year | 8 |
Post-retirement employee benefits [member] | |
Disclosure of employee benefits restructuring and post retirement employee benefits provisions [Line Items] | |
At the beginning of the financial year | 438 |
Charge/(credit) for the year: | |
Underlying | 22 |
Discounting | 34 |
Net interest expense | (15) |
Exchange variations | 5 |
Remeasurement gains taken to retained earnings | (1) |
Utilisation | (34) |
At the end of the financial year | $ 449 |
Pension and Other Post-retir150
Pension and Other Post-retirement Obligations - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of defined contribution plans [Abstract] | |||
Contributions paid | $ 277 | $ 247 | $ 232 |
Pension and Other Post-retir151
Pension and Other Post-retirement Obligations - Summary of Net Liability Recognised in Consolidated Balance Sheet (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Defined benefit pension schemes/post-employment obligations [member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Fair value of defined benefit scheme assets | $ (633) | $ (687) |
Scheme deficit | 257 | 234 |
Unrecognised surplus | 0 | 0 |
Unrecognised past service credits | 0 | 0 |
Adjustment for employer contributions tax | 0 | 0 |
Net liability recognised in the Consolidated Balance Sheet | 257 | 234 |
Defined benefit pension schemes/post-employment obligations [member] | Funded defined benefit obligation [member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Present value of defined benefit obligation | 616 | 665 |
Defined benefit pension schemes/post-employment obligations [member] | Unfunded defined benefit obligation [member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Present value of defined benefit obligation | 274 | 256 |
Post-retirement medical schemes [member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Scheme deficit | 192 | 204 |
Unrecognised surplus | 0 | 0 |
Unrecognised past service credits | 0 | 0 |
Adjustment for employer contributions tax | 0 | 0 |
Net liability recognised in the Consolidated Balance Sheet | 192 | 204 |
Post-retirement medical schemes [member] | Unfunded defined benefit obligation [member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Present value of defined benefit obligation | $ 192 | $ 204 |
Employees - Summary of Employee
Employees - Summary of Employees (Detail) - Employees | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of average number of employees [Line Items] | |||
Average number of employees | 27,161 | 26,146 | 26,827 |
Continuing operations [member] | |||
Disclosure of average number of employees [Line Items] | |||
Average number of employees | 26,510 | 25,432 | 25,974 |
Continuing operations [member] | Australia [member] | |||
Disclosure of average number of employees [Line Items] | |||
Average number of employees | 16,504 | 15,906 | 15,834 |
Continuing operations [member] | South America [member] | |||
Disclosure of average number of employees [Line Items] | |||
Average number of employees | 6,729 | 6,361 | 6,509 |
Continuing operations [member] | North America [member] | |||
Disclosure of average number of employees [Line Items] | |||
Average number of employees | 1,839 | 2,072 | 2,748 |
Continuing operations [member] | Asia 1 [member] | |||
Disclosure of average number of employees [Line Items] | |||
Average number of employees | 1,368 | 1,019 | 822 |
Continuing operations [member] | Europe [member] | |||
Disclosure of average number of employees [Line Items] | |||
Average number of employees | 70 | 74 | 61 |
Discontinued operations [member] | |||
Disclosure of average number of employees [Line Items] | |||
Average number of employees | 651 | 714 | 853 |
Employees - Summary of Emplo153
Employees - Summary of Employees (Parenthetical) (Detail) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure Of Average Number Of Employees [Abstract] | |||
Percentage of employees of subsidiary companies | 100.00% | 100.00% | 100.00% |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) $ in Millions | Jul. 27, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Disclosure of discontinued operations [line items] | ||||||
Total comprehensive income (loss) attributable to BHP shareholders | $ 3,608 | $ 5,841 | $ (6,360) | |||
US corporate tax rate | 30.00% | 30.00% | 30.00% | |||
Taxation (income) charges related to exceptional items | $ (2,320) | $ (243) | $ (247) | |||
Exceptional gain (loss), after tax | 2,970 | 1,006 | 2,767 | |||
US tax reform [Member] | ||||||
Disclosure of discontinued operations [line items] | ||||||
US corporate tax rate | 21.00% | 35.00% | ||||
Taxation (income) charges related to exceptional items | (2,320) | |||||
Exceptional gain (loss), after tax | 2,320 | |||||
Impairment of Onshore US assets [member] | ||||||
Disclosure of discontinued operations [line items] | ||||||
Exceptional gain (loss), after tax | 4,884 | |||||
Discontinued Operations - Onshore US Cash Generating Units [Member] | ||||||
Disclosure of discontinued operations [line items] | ||||||
Goodwill | 3,022 | |||||
Discontinued operations [member] | ||||||
Disclosure of discontinued operations [line items] | ||||||
Total comprehensive income (loss) attributable to BHP shareholders | (2,943) | $ (489) | (5,846) | |||
Taxation (income) charges related to exceptional items | 601 | 2,300 | ||||
Exceptional gain (loss), after tax | 2,258 | 4,884 | ||||
Discontinued operations [member] | US tax reform [Member] | ||||||
Disclosure of discontinued operations [line items] | ||||||
Taxation (income) charges related to exceptional items | 492 | |||||
Exceptional gain (loss), after tax | (492) | |||||
Discontinued operations [member] | Impairment of Onshore US assets [member] | ||||||
Disclosure of discontinued operations [line items] | ||||||
Taxation (income) charges related to exceptional items | 109 | 2,300 | ||||
Exceptional gain (loss), after tax | $ 2,750 | $ 4,884 | ||||
Announcement of plan to discontinue operation [member] | Discontinued Operations - Onshore US Cash Generating Units [Member] | ||||||
Disclosure of discontinued operations [line items] | ||||||
Agreement purchase price | $ 10,800 | |||||
Announcement of plan to discontinue operation [member] | Petrohawk [member] | ||||||
Disclosure of discontinued operations [line items] | ||||||
Agreement purchase price | $ 10,500 | |||||
Percentage of issued share capital to be sold | 100.00% | |||||
Percentage of consideration to be paid in cash at completion | 50.00% | |||||
Percentage of deferred consideration | 50.00% | |||||
Announcement of plan to discontinue operation [member] | BHP Billiton Petroleum (Arkansas) Inc. [member] | ||||||
Disclosure of discontinued operations [line items] | ||||||
Percentage of issued share capital to be sold | 100.00% | |||||
Announcement of plan to discontinue operation [member] | BHP Billiton Petroleum (Fayetteville) LLC [member] | ||||||
Disclosure of discontinued operations [line items] | ||||||
Percentage of issued share capital to be sold | 100.00% | |||||
Announcement of plan to discontinue operation [member] | BHP Billiton Petroleum (Arkansas) Inc. and BHP Billiton Petroleum (Fayetteville) LLC [member] | ||||||
Disclosure of discontinued operations [line items] | ||||||
Agreement purchase price | $ 300 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Significant Joint Operations in Classified as Assets and Liabilities Held for Sale (Detail) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Eagle Ford United States [member] | ||
Disclosure of discontinued operations [line items] | ||
Country of operation | US | |
Principal activity | Hydrocarbons exploration and production | |
Eagle Ford United States [member] | Bottom of range [Member] | ||
Disclosure of discontinued operations [line items] | ||
Group interest | <1 | <1 |
Eagle Ford United States [member] | Top of range [Member] | ||
Disclosure of discontinued operations [line items] | ||
Group interest | 100.00% | 100.00% |
Fayetteville United States [member] | ||
Disclosure of discontinued operations [line items] | ||
Country of operation | US | |
Principal activity | Hydrocarbons exploration and production | |
Fayetteville United States [member] | Bottom of range [Member] | ||
Disclosure of discontinued operations [line items] | ||
Group interest | <1 | <1 |
Fayetteville United States [member] | Top of range [Member] | ||
Disclosure of discontinued operations [line items] | ||
Group interest | 100.00% | 100.00% |
Haynesville United States [member] | ||
Disclosure of discontinued operations [line items] | ||
Country of operation | US | |
Principal activity | Hydrocarbons exploration and production | |
Haynesville United States [member] | Bottom of range [Member] | ||
Disclosure of discontinued operations [line items] | ||
Group interest | <1 | <1 |
Haynesville United States [member] | Top of range [Member] | ||
Disclosure of discontinued operations [line items] | ||
Group interest | 100.00% | 100.00% |
Premian United States [member] | ||
Disclosure of discontinued operations [line items] | ||
Country of operation | US | |
Principal activity | Hydrocarbons exploration and production | |
Premian United States [member] | Bottom of range [Member] | ||
Disclosure of discontinued operations [line items] | ||
Group interest | <1 | <1 |
Premian United States [member] | Top of range [Member] | ||
Disclosure of discontinued operations [line items] | ||
Group interest | 100.00% | 100.00% |
Discontinued Operations - Su156
Discontinued Operations - Summary of Income Statement - Discontinued Operations (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Discontinued Operations [abstract] | |||
Revenue | $ 2,171 | $ 2,150 | $ 2,345 |
Other income | 34 | 74 | 12 |
Expenses excluding net finance costs | (5,790) | (3,025) | (11,396) |
Loss from operations | (3,585) | (801) | (9,039) |
Financial expenses | (22) | (14) | (11) |
Net finance costs | (22) | (14) | (11) |
Loss before taxation | (3,607) | (815) | (9,050) |
Income tax benefit | 686 | 343 | 3,155 |
Loss after taxation | (2,921) | (472) | (5,895) |
Attributable to non-controlling interests | 26 | 13 | (49) |
Attributable to BHP shareholders | $ (2,947) | $ (485) | $ (5,846) |
Basic loss per ordinary share (cents) | $ (0.554) | $ (0.091) | $ (1.098) |
Diluted loss per ordinary share (cents) | $ (0.554) | $ (0.091) | $ (1.098) |
Discontinued Operations - Su157
Discontinued Operations - Summary of Cash Flows from Discontinued Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from continuing and discontinued operations [abstract] | |||
Net operating cash flows | $ 900 | $ 928 | $ 785 |
Net investing cash flows | (861) | (437) | (1,227) |
Net financing cash flows | (40) | (28) | (32) |
Net (decrease)/increase in cash and cash equivalents from Discontinued operations | $ (1) | $ 463 | $ (474) |
Discontinued Operations - Su158
Discontinued Operations - Summary of Cash Flows from Discontinued Operations (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of discontinued operations [line items] | |||
Purchases of property, plant and equipment | $ 4,979 | $ 3,697 | $ 5,707 |
Capitalised exploration | 641 | 610 | 419 |
Proceeds from sale of assets | 89 | 529 | 93 |
Net repayment of interest bearing liabilities | 4,188 | 7,114 | 2,781 |
Dividends paid to non-controlling interests | 1,582 | 575 | 62 |
Discontinued operations [member] | |||
Disclosure of discontinued operations [line items] | |||
Purchases of property, plant and equipment | 900 | 555 | 1,239 |
Capitalised exploration | 2 | ||
Proceeds from sale of assets | 39 | 118 | 14 |
Net repayment of interest bearing liabilities | 4 | 6 | 7 |
Distribution (contribution) to non-controlling interests | 14 | 16 | (1) |
Dividends paid to non-controlling interests | $ 22 | $ 6 | $ 26 |
Discontinued Operations - Su159
Discontinued Operations - Summary of Assets and Liabilities Classified as Current Assets and Liabilities Held for Sale (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
ASSETS | |||
Trade and other receivables | $ 3,276 | $ 3,639 | |
Other financial assets | 1,199 | 1,353 | |
Inventories | 3,764 | 3,673 | |
Property, plant and equipment | 67,182 | 80,497 | $ 83,975 |
Intangible assets | 778 | 3,968 | $ 4,119 |
Total assets | 11,939 | ||
LIABILITIES | |||
Trade and other payables | 5,980 | 5,556 | |
Interest bearing liabilities | 26,805 | 30,474 | |
Other financial liabilities | 1,231 | 1,500 | |
Total liabilities | 1,222 | ||
Net assets | 60,670 | $ 62,726 | |
Assets and liabilities held for sale [member] | |||
ASSETS | |||
Trade and other receivables | 529 | ||
Other financial assets | 2 | ||
Inventories | 36 | ||
Property, plant and equipment | 10,672 | ||
Intangible assets | 667 | ||
Other | 33 | ||
LIABILITIES | |||
Trade and other payables | 725 | ||
Interest bearing liabilities | 5 | ||
Other financial liabilities | 3 | ||
Provisions | 489 | ||
Net assets | $ 10,717 |
Discontinued Operations - Su160
Discontinued Operations - Summary of Exceptional Items - Discontinued Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of discontinued operations [line items] | |||
Exceptional items gross | $ (650) | $ (763) | $ (2,520) |
Exceptional items tax | (2,320) | (243) | (247) |
Exceptional items net | (2,970) | (1,006) | (2,767) |
US tax reform [Member] | |||
Disclosure of discontinued operations [line items] | |||
Exceptional items gross | (2,320) | ||
Exceptional items tax | (2,320) | ||
Exceptional items net | (2,320) | ||
Impairment of Onshore US assets [member] | |||
Disclosure of discontinued operations [line items] | |||
Exceptional items net | (4,884) | ||
Non-controlling interests [Member] | |||
Disclosure of discontinued operations [line items] | |||
Exceptional items gross | (232) | ||
Exceptional items tax | 68 | ||
Exceptional items net | (164) | ||
Attributable to BHP shareholders [member] | |||
Disclosure of discontinued operations [line items] | |||
Exceptional items gross | (650) | (531) | (2,520) |
Exceptional items tax | (2,320) | (311) | (247) |
Exceptional items net | (2,970) | $ (842) | (2,767) |
Discontinued operations [member] | |||
Disclosure of discontinued operations [line items] | |||
Exceptional items gross | (2,859) | (7,184) | |
Exceptional items tax | 601 | 2,300 | |
Exceptional items net | (2,258) | (4,884) | |
Discontinued operations [member] | US tax reform [Member] | |||
Disclosure of discontinued operations [line items] | |||
Exceptional items tax | 492 | ||
Exceptional items net | 492 | ||
Discontinued operations [member] | Impairment of Onshore US assets [member] | |||
Disclosure of discontinued operations [line items] | |||
Exceptional items gross | (2,859) | (7,184) | |
Exceptional items tax | 109 | 2,300 | |
Exceptional items net | (2,750) | (4,884) | |
Discontinued operations [member] | Non-controlling interests [Member] | |||
Disclosure of discontinued operations [line items] | |||
Exceptional items gross | (80) | ||
Exceptional items tax | 29 | ||
Exceptional items net | (51) | ||
Discontinued operations [member] | Attributable to BHP shareholders [member] | |||
Disclosure of discontinued operations [line items] | |||
Exceptional items gross | (2,859) | (7,104) | |
Exceptional items tax | 601 | 2,271 | |
Exceptional items net | $ (2,258) | $ (4,833) |
Discontinued Operations - Su161
Discontinued Operations - Summary of Impairment of Non-current Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of discontinued operations [line items] | |||
Impairment charges | $ (333) | $ (193) | $ (186) |
Impairment of Onshore US assets [member] | |||
Disclosure of discontinued operations [line items] | |||
Impairment charges | (2,859) | ||
Impairment of Onshore US assets [member] | Property, plant and equipment [member] | |||
Disclosure of discontinued operations [line items] | |||
Impairment charges | (520) | ||
Impairment of Onshore US assets [member] | Goodwill and other intangibles [member] | |||
Disclosure of discontinued operations [line items] | |||
Impairment charges | (2,339) | ||
Impairment of Onshore US assets [member] | Petrohawk [member] | |||
Disclosure of discontinued operations [line items] | |||
Impairment charges | (2,253) | ||
Impairment of Onshore US assets [member] | Petrohawk [member] | Goodwill and other intangibles [member] | |||
Disclosure of discontinued operations [line items] | |||
Impairment charges | (2,253) | ||
Impairment of Onshore US assets [member] | Fayetteville [member] | |||
Disclosure of discontinued operations [line items] | |||
Impairment charges | (606) | ||
Impairment of Onshore US assets [member] | Fayetteville [member] | Property, plant and equipment [member] | |||
Disclosure of discontinued operations [line items] | |||
Impairment charges | (520) | ||
Impairment of Onshore US assets [member] | Fayetteville [member] | Goodwill and other intangibles [member] | |||
Disclosure of discontinued operations [line items] | |||
Impairment charges | $ (86) |
Subsidiaries - Summary of Signi
Subsidiaries - Summary of Significant Subsidiaries (Detail) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
BHP Billiton Mitsui Coal Pty Ltd [member] | ||
Disclosure of significant subsidiaries [Line Items] | ||
Country of incorporation | Australia | |
Principal activity | Coal mining | |
Group interest | 80.00% | 80.00% |
Hunter Valley Energy Coal Pty Ltd [member] | ||
Disclosure of significant subsidiaries [Line Items] | ||
Country of incorporation | Australia | |
Principal activity | Coal mining | |
Group interest | 100.00% | 100.00% |
BHP Billiton Olympic Dam Corporation Pty Ltd [member] | ||
Disclosure of significant subsidiaries [Line Items] | ||
Country of incorporation | Australia | |
Principal activity | Copper and uranium mining | |
Group interest | 100.00% | 100.00% |
Compania Minera Cerro Colorado Limitada [member] | ||
Disclosure of significant subsidiaries [Line Items] | ||
Country of incorporation | Chile | |
Principal activity | Copper mining | |
Group interest | 100.00% | 100.00% |
Minera Escondida Limitada [Member] | ||
Disclosure of significant subsidiaries [Line Items] | ||
Country of incorporation | Chile | |
Principal activity | Copper mining | |
Group interest | 57.50% | 57.50% |
Minera Spence S.A. [member] | ||
Disclosure of significant subsidiaries [Line Items] | ||
Country of incorporation | Chile | |
Principal activity | Copper mining | |
Group interest | 100.00% | 100.00% |
BHP Billiton Iron Ore Pty Ltd [member] | ||
Disclosure of significant subsidiaries [Line Items] | ||
Country of incorporation | Australia | |
Principal activity | Service company | |
Group interest | 100.00% | 100.00% |
BHP Billiton Minerals Pty Ltd [member] | ||
Disclosure of significant subsidiaries [Line Items] | ||
Country of incorporation | Australia | |
Principal activity | Iron ore and coal mining | |
Group interest | 100.00% | 100.00% |
BHP Iron Ore (Jimblebar) Pty Ltd [member] | ||
Disclosure of significant subsidiaries [Line Items] | ||
Country of incorporation | Australia | |
Principal activity | Iron ore mining | |
Group interest | 85.00% | 85.00% |
BHP Billiton (Towage Service) Pty Ltd [member] | ||
Disclosure of significant subsidiaries [Line Items] | ||
Country of incorporation | Australia | |
Principal activity | Freight services | |
Group interest | 100.00% | 100.00% |
BHP Billiton Freight Singapore Pte Limited [member] | ||
Disclosure of significant subsidiaries [Line Items] | ||
Country of incorporation | Singapore | |
Principal activity | Freight services | |
Group interest | 100.00% | 100.00% |
BHP Billiton Marketing AG [member] | ||
Disclosure of significant subsidiaries [Line Items] | ||
Country of incorporation | Switzerland | |
Principal activity | Marketing and trading | |
Group interest | 100.00% | 100.00% |
BHP Billiton Marketing Asia Pte Ltd [member] | ||
Disclosure of significant subsidiaries [Line Items] | ||
Country of incorporation | Singapore | |
Principal activity | Marketing support and other services | |
Group interest | 100.00% | 100.00% |
BHP Billiton Canada Inc. [member] | ||
Disclosure of significant subsidiaries [Line Items] | ||
Country of incorporation | Canada | |
Principal activity | Potash development | |
Group interest | 100.00% | 100.00% |
BHP Billiton Finance BV [member] | ||
Disclosure of significant subsidiaries [Line Items] | ||
Country of incorporation | The Netherlands | |
Principal activity | Finance | |
Group interest | 100.00% | 100.00% |
BHP Billiton Finance Limited [member] | ||
Disclosure of significant subsidiaries [Line Items] | ||
Country of incorporation | Australia | |
Principal activity | Finance | |
Group interest | 100.00% | 100.00% |
BHP Billiton Finance (USA) Ltd [member] | ||
Disclosure of significant subsidiaries [Line Items] | ||
Country of incorporation | Australia | |
Principal activity | Finance | |
Group interest | 100.00% | 100.00% |
BHP Billiton Group Operations Pty Ltd [member] | ||
Disclosure of significant subsidiaries [Line Items] | ||
Country of incorporation | Australia | |
Principal activity | Administrative services | |
Group interest | 100.00% | 100.00% |
BHP Billiton International Services Ltd [member] | ||
Disclosure of significant subsidiaries [Line Items] | ||
Country of incorporation | UK | |
Principal activity | Service company | |
Group interest | 100.00% | 100.00% |
BHP Billiton Nickel West Pty Ltd [member] | ||
Disclosure of significant subsidiaries [Line Items] | ||
Country of incorporation | Australia | |
Principal activity | Nickel mining, smelting, refining and administrative services | |
Group interest | 100.00% | 100.00% |
WMC Finance (USA) Limited [member] | ||
Disclosure of significant subsidiaries [Line Items] | ||
Country of incorporation | Australia | |
Principal activity | Finance | |
Group interest | 100.00% | 100.00% |
Subsidiaries - Summary of Si163
Subsidiaries - Summary of Significant Subsidiaries (Parenthetical) (Detail) - BHP Iron Ore (Jimblebar) Pty Ltd [member] | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of significant subsidiaries [Line Items] | ||
Effective Group interest | 92.50% | 92.50% |
Group interest | 85.00% | 85.00% |
Investments Accounted for Us164
Investments Accounted for Using the Equity Method - Summary of Ownership Interest in Equity Accounted Investments (Detail) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of significant investments in associates and joint ventures [Line Items] | ||
Reporting date | --06-30 | |
Carbones del Cerrejon LLC [member] | ||
Disclosure of significant investments in associates and joint ventures [Line Items] | ||
Country of incorporation | Anguilla | |
Principal place of business | Colombia/Ireland | |
Principal activity | Coal mining in Colombia | |
Reporting date | --12-31 | |
Ownership interest | 33.33% | 33.33% |
Compania Minera Antamina S.A. [member] | ||
Disclosure of significant investments in associates and joint ventures [Line Items] | ||
Country of incorporation | Peru | |
Principal place of business | Peru | |
Principal activity | Copper and zinc mining | |
Reporting date | --12-31 | |
Ownership interest | 33.75% | 33.75% |
Samarco Mineracao S.A. [member] | ||
Disclosure of significant investments in associates and joint ventures [Line Items] | ||
Country of incorporation | Brazil | |
Principal place of business | Brazil | |
Principal activity | Iron ore mining | |
Reporting date | --12-31 | |
Ownership interest | 50.00% | 50.00% |
Investments Accounted for Us165
Investments Accounted for Using the Equity Method - Summary of Movements of Investments Accounted for using the Equity Method (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of significant investments in associates and joint ventures [Line Items] | |||
At the beginning of the financial year | $ 2,448 | $ 2,575 | |
Profit/(loss) from equity accounted investments, related impairments and expenses | 147 | 272 | $ (2,104) |
Investment in equity accounted investments | 142 | ||
Dividends received from equity accounted investments | (693) | ||
Other | 429 | ||
At the end of the financial year | 2,473 | 2,448 | $ 2,575 |
Joint ventures [member] | |||
Disclosure of significant investments in associates and joint ventures [Line Items] | |||
Profit/(loss) from equity accounted investments, related impairments and expenses | (509) | ||
Investment in equity accounted investments | 80 | ||
Other | 429 | ||
Associates [member] | |||
Disclosure of significant investments in associates and joint ventures [Line Items] | |||
At the beginning of the financial year | 2,448 | ||
Profit/(loss) from equity accounted investments, related impairments and expenses | 656 | ||
Investment in equity accounted investments | 62 | ||
Dividends received from equity accounted investments | (693) | ||
At the end of the financial year | $ 2,473 | $ 2,448 |
Investments Accounted for Us166
Investments Accounted for Using the Equity Method - Summary of Movements of Investments Accounted for using the Equity Method (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of significant investments in associates and joint ventures [Line Items] | |||
Profit/(loss) from equity accounted investments, related impairments and expenses | $ 147 | $ 272 | $ (2,104) |
Funding provided during the period | (142) | ||
Joint ventures [member] | |||
Disclosure of significant investments in associates and joint ventures [Line Items] | |||
Profit/(loss) from equity accounted investments, related impairments and expenses | (509) | ||
Funding provided during the period | (80) | ||
Joint ventures [member] | Samarco dam failure [member] | |||
Disclosure of significant investments in associates and joint ventures [Line Items] | |||
Share of loss | (80) | ||
Funding provided during the period | (80) | ||
Other movements | (429) | ||
Change in estimate | (560) | ||
Exchange translation | $ 131 |
Investments Accounted for Us167
Investments Accounted for Using the Equity Method - Additional Information (Detail) - BHP Billiton Brasil Ltda [member] - Samarco Mineracao S.A. [member] - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of significant investments in associates and joint ventures [Line Items] | ||
Commitment percentage | 50.00% | 50.00% |
Commitments in relation to joint ventures | $ 550 | $ 750 |
Investments Accounted for Us168
Investments Accounted for Using the Equity Method - Summary of Financial Information of Significant Equity Accounted Investments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of significant investments in associates and joint ventures [Line Items] | |||
Carrying amount of investments accounted for using the equity method | $ 2,473 | $ 2,448 | $ 2,575 |
Profit/(loss) from equity accounted investments, related impairments and expenses | 147 | 272 | (2,104) |
Dividends received from equity accounted investments | 693 | ||
Compania Minera Antamina S.A. [member] | |||
Disclosure of significant investments in associates and joint ventures [Line Items] | |||
Current assets | 1,099 | 995 | |
Non-current assets | 4,385 | 4,273 | |
Current liabilities | (532) | (530) | |
Non-current liabilities | (1,064) | (993) | |
Net assets/(liabilities) - 100% | 3,888 | 3,745 | |
Net assets/(liabilities) - Group share | 1,312 | 1,264 | |
Adjustments to net assets related to accounting policy adjustments | 1 | 1 | |
Carrying amount of investments accounted for using the equity method | 1,313 | 1,265 | |
Revenue - 100% | 4,262 | 3,317 | 2,639 |
Profit/(loss) from Continuing operations - 100% | 1,613 | 1,010 | 606 |
Share of operating profit/(loss) of equity accounted investments | 544 | 341 | 203 |
Profit/(loss) from equity accounted investments, related impairments and expenses | 544 | 341 | 203 |
Comprehensive income - 100% | 1,613 | 1,010 | 606 |
Share of comprehensive income/(loss) - Group share in equity accounted investments | 544 | 341 | 203 |
Dividends received from equity accounted investments | 496 | 425 | 233 |
Carbones del Cerrejon LLC [member] | |||
Disclosure of significant investments in associates and joint ventures [Line Items] | |||
Current assets | 1,187 | 782 | |
Non-current assets | 2,485 | 2,540 | |
Current liabilities | (585) | (364) | |
Non-current liabilities | (663) | (621) | |
Net assets/(liabilities) - 100% | 2,424 | 2,337 | |
Net assets/(liabilities) - Group share | 808 | 779 | |
Adjustments to net assets related to accounting policy adjustments | 75 | 80 | |
Carrying amount of investments accounted for using the equity method | 883 | 859 | |
Revenue - 100% | 2,453 | 2,247 | 1,575 |
Profit/(loss) from Continuing operations - 100% | 576 | 388 | (73) |
Share of operating profit/(loss) of equity accounted investments | 192 | 129 | (24) |
Profit/(loss) from equity accounted investments, related impairments and expenses | 192 | 129 | (24) |
Comprehensive income - 100% | 576 | 388 | (73) |
Share of comprehensive income/(loss) - Group share in equity accounted investments | 192 | 129 | (24) |
Dividends received from equity accounted investments | 181 | 163 | 29 |
Individually immaterial, associates [member] | |||
Disclosure of significant investments in associates and joint ventures [Line Items] | |||
Carrying amount of investments accounted for using the equity method | 277 | 324 | |
Share of operating profit/(loss) of equity accounted investments | (39) | ||
Profit/(loss) from equity accounted investments, related impairments and expenses | (80) | (26) | (39) |
Share of comprehensive income/(loss) - Group share in equity accounted investments | (80) | (26) | (39) |
Dividends received from equity accounted investments | 16 | 32 | 31 |
Samarco Mineracao S.A. [member] | |||
Disclosure of significant investments in associates and joint ventures [Line Items] | |||
Current assets | 79 | 174 | |
Non-current assets | 6,023 | 6,128 | |
Current liabilities | (5,811) | (5,236) | |
Non-current liabilities | (4,265) | (3,482) | |
Net assets/(liabilities) - 100% | (3,974) | (2,416) | |
Net assets/(liabilities) - Group share | (1,987) | (1,208) | |
Adjustments to net assets related to accounting policy adjustments | 357 | 401 | |
Impairment of the carrying value of the investment in Samarco | (525) | (525) | |
Additional share of Samarco losses | 2,092 | 1,332 | |
Unrecognised losses | 63 | ||
Revenue - 100% | 30 | 28 | 937 |
Profit/(loss) from Continuing operations - 100% | (1,558) | (1,520) | (2,182) |
Share of operating profit/(loss) of equity accounted investments | (823) | (760) | (1,091) |
Additional share of Samarco losses | 251 | 588 | |
Unrecognised losses | 63 | ||
Profit/(loss) from equity accounted investments, related impairments and expenses | (509) | (172) | (2,244) |
Comprehensive income - 100% | (1,558) | (1,520) | (2,182) |
Share of comprehensive income/(loss) - Group share in equity accounted investments | (509) | (172) | (2,244) |
Samarco dam failure provision expense | (628) | ||
Impairment of the carrying value of the investment in Samarco | (525) | ||
Investments accounted for using equity method [member] | |||
Disclosure of significant investments in associates and joint ventures [Line Items] | |||
Carrying amount of investments accounted for using the equity method | 2,473 | 2,448 | |
Share of operating profit/(loss) of equity accounted investments | (951) | ||
Profit/(loss) from equity accounted investments, related impairments and expenses | 147 | 272 | (2,104) |
Share of comprehensive income/(loss) - Group share in equity accounted investments | 147 | 272 | (2,104) |
Dividends received from equity accounted investments | $ 693 | $ 620 | 293 |
Samarco dam failure provision expense | (628) | ||
Impairment of the carrying value of the investment in Samarco | $ (525) |
Investments Accounted for Us169
Investments Accounted for Using the Equity Method - Summary of Financial Information of Significant Equity Accounted Investments (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of significant investments in associates and joint ventures [Line Items] | |||
Cash and cash equivalents | $ 15,871 | $ 14,153 | $ 10,319 |
Investment | 2,473 | 2,448 | 2,575 |
Net finance costs | (1,245) | (1,417) | (1,013) |
Depreciation and amortisation | 6,288 | 6,184 | 6,210 |
Interest income | 322 | 143 | 137 |
Interest expense | 1,567 | 1,560 | 1,150 |
Income tax (expense)/benefit | (7,007) | (4,443) | (2,103) |
Samarco dam failure [member] | |||
Disclosure of significant investments in associates and joint ventures [Line Items] | |||
Share of loss | (80) | (134) | (655) |
Impairment | (525) | ||
Other movements | (429) | (38) | (1,200) |
Provision expense | (628) | ||
Net finance costs | (84) | (127) | |
Samarco Mineracao S.A. [member] | |||
Disclosure of significant investments in associates and joint ventures [Line Items] | |||
Cash and cash equivalents | 23 | 29 | |
Current financial liabilities (excluding trade and other payables and provisions) | 5,066 | 4,581 | |
Non-current financial liabilities (excluding trade and other payables and provisions) | 1 | ||
Investment | |||
Share of loss | (655) | ||
Impairment | (525) | ||
Other movements | (1,200) | ||
Additional share of loss | (2,092) | (572) | |
Provision expense | (628) | ||
Loss from funding provided to Samarco | (214) | ||
Net finance costs | (211) | ||
Depreciation and amortisation | 73 | 88 | 148 |
Interest income | 31 | 57 | 43 |
Interest expense | 385 | 473 | 209 |
Income tax (expense)/benefit | (154) | (851) | 564 |
Share of operating profit/(loss) of equity accounted investments | (1,091) | ||
Samarco Mineracao S.A. [member] | Samarco dam failure [member] | |||
Disclosure of significant investments in associates and joint ventures [Line Items] | |||
Obligations under the Framework Agreement | (1,100) | (1,500) | |
Share of operating profit/(loss) of equity accounted investments | (1,227) | ||
Samarco Mineracao S.A. [member] | Before Samarco dam failure [member] | |||
Disclosure of significant investments in associates and joint ventures [Line Items] | |||
Share of operating profit/(loss) of equity accounted investments | $ 136 | ||
Samarco Mineracao S.A. [member] | Framework agreement [member] | |||
Disclosure of significant investments in associates and joint ventures [Line Items] | |||
Obligations under the Framework Agreement | (1,878) | ||
Individually immaterial, associates [member] | |||
Disclosure of significant investments in associates and joint ventures [Line Items] | |||
Unrecognised share of profits (losses) | (56) | 21 | |
Cumulative losses | 196 | 140 | |
Investment | $ 277 | $ 324 |
Interests in Joint Operations -
Interests in Joint Operations - Summary of Significant Interests in Joint Operations (Detail) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Bass Strait Australia [member] | ||
Disclosure of significant joint operations [Line Items] | ||
Country of operation | Australia | |
Principal activity | Hydrocarbons production | |
Group interest | 50.00% | 50.00% |
Greater Angostura Trinidad and Tobago [member] | ||
Disclosure of significant joint operations [Line Items] | ||
Country of operation | Trinidad and Tobago | |
Principal activity | Hydrocarbons production | |
Group interest | 45.00% | 45.00% |
Gulf of Mexico United States [member] | ||
Disclosure of significant joint operations [Line Items] | ||
Country of operation | US | |
Principal activity | Hydrocarbons exploration and production | |
Gulf of Mexico United States [member] | Bottom of range [Member] | ||
Disclosure of significant joint operations [Line Items] | ||
Group interest | 23.90% | 23.90% |
Gulf of Mexico United States [member] | Top of range [Member] | ||
Disclosure of significant joint operations [Line Items] | ||
Group interest | 44.00% | 44.00% |
Macedon Australia [member] | ||
Disclosure of significant joint operations [Line Items] | ||
Country of operation | Australia | |
Principal activity | Hydrocarbons exploration and production | |
Group interest | 71.43% | 71.43% |
North West Shelf Australia [member] | ||
Disclosure of significant joint operations [Line Items] | ||
Country of operation | Australia | |
Principal activity | Hydrocarbons production | |
North West Shelf Australia [member] | Bottom of range [Member] | ||
Disclosure of significant joint operations [Line Items] | ||
Group interest | 12.50% | 12.50% |
North West Shelf Australia [member] | Top of range [Member] | ||
Disclosure of significant joint operations [Line Items] | ||
Group interest | 16.67% | 16.67% |
Pyrenees Australia [member] | ||
Disclosure of significant joint operations [Line Items] | ||
Country of operation | Australia | |
Principal activity | Hydrocarbons exploration and production | |
Pyrenees Australia [member] | Bottom of range [Member] | ||
Disclosure of significant joint operations [Line Items] | ||
Group interest | 40.00% | 40.00% |
Pyrenees Australia [member] | Top of range [Member] | ||
Disclosure of significant joint operations [Line Items] | ||
Group interest | 71.43% | 71.43% |
ROD Integrated Development Algeria [member] | ||
Disclosure of significant joint operations [Line Items] | ||
Country of operation | Algeria | |
Principal activity | Hydrocarbons exploration and production | |
Group interest | 29.50% | 29.50% |
Mt Goldsworthy Australia [member] | ||
Disclosure of significant joint operations [Line Items] | ||
Country of operation | Australia | |
Principal activity | Iron ore mining | |
Group interest | 85.00% | 85.00% |
Mt Newmen Australia [member] | ||
Disclosure of significant joint operations [Line Items] | ||
Country of operation | Australia | |
Principal activity | Iron ore mining | |
Group interest | 85.00% | 85.00% |
Yandi Australia [member] | ||
Disclosure of significant joint operations [Line Items] | ||
Country of operation | Australia | |
Principal activity | Iron ore mining | |
Group interest | 85.00% | 85.00% |
Central Queensland Coal Associates Australia [member] | ||
Disclosure of significant joint operations [Line Items] | ||
Country of operation | Australia | |
Principal activity | Coal mining | |
Group interest | 50.00% | 50.00% |
Interests in Joint Operation171
Interests in Joint Operations - Summary of Assets Held in Joint Operations (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Disclosure of significant joint operations [Line Items] | |||
Current assets | $ 35,130 | $ 21,056 | |
Non-current assets | 76,863 | 95,950 | $ 101,239 |
Total assets | 111,993 | 117,006 | $ 118,953 |
Joint operations [member] | |||
Disclosure of significant joint operations [Line Items] | |||
Current assets | 2,445 | 2,755 | |
Non-current assets | 36,144 | 51,446 | |
Total assets | $ 38,589 | $ 54,201 |
Interests in Joint Operation172
Interests in Joint Operations - Summary of Assets Held in Joint Operations (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Disclosure of significant joint operations [Line Items] | |||
Assets | $ 111,993 | $ 117,006 | $ 118,953 |
Discontinued Operations - Onshore US Cash Generating Units [Member] | |||
Disclosure of significant joint operations [Line Items] | |||
Assets | $ 14,408 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of transactions between related parties [abstract] | ||
Guarantees provided for related party receivables or payables | $ 0 | |
Guarantees received for related party receivables or payables | 0 | |
Provision for doubtful debts | 0 | |
Expense for bad or doubtful debts due from related parties | 0 | |
Other related party transactions | $ 0 | $ 0 |
Related Party Transactions - Su
Related Party Transactions - Summary of Transactions with Related Parties (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Joint operations [member] | ||
Disclosure of transactions between related parties [Line Items] | ||
Sales of goods/services | $ 0 | $ 0 |
Interest income | 1,764 | 1,850 |
Interest expense | 10 | |
Net loans made to/(repayments from) related parties | 60,566 | (82,701) |
Joint ventures [member] | ||
Disclosure of transactions between related parties [Line Items] | ||
Sales of goods/services | 0 | 0 |
Associates [member] | ||
Disclosure of transactions between related parties [Line Items] | ||
Sales of goods/services | 0 | 0 |
Purchases of goods/services | 1,358,016 | 1,052,885 |
Interest income | 19,337 | 34,911 |
Interest expense | 6 | |
Dividends received | 693,105 | 619,894 |
Net loans made to/(repayments from) related parties | $ (599,979) | $ (272,276) |
Related Party Transactions -175
Related Party Transactions - Summary of Outstanding Balances with Related Parties (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Joint operations [member] | Loan [member] | ||
Disclosure of transactions between related parties [Line Items] | ||
Amounts owing to related parties | $ 55,667 | $ 118,288 |
Amounts owing from related parties | 18,089 | 20,144 |
Associates [member] | Trade payables [member] | ||
Disclosure of transactions between related parties [Line Items] | ||
Amounts owing to related parties | 210,716 | 217,803 |
Associates [member] | Loan [member] | ||
Disclosure of transactions between related parties [Line Items] | ||
Amounts owing to related parties | 4,097 | 39,097 |
Amounts owing from related parties | 12,939 | 647,918 |
Associates [member] | Trade receivables [member] | ||
Disclosure of transactions between related parties [Line Items] | ||
Amounts owing from related parties | $ 3,932 | $ 3,083 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Capital commitments [abstract] | ||
Commitments for capital expenditure | $ 2,110 | $ 2,084 |
Commitments - Summary of Other
Commitments - Summary of Other Commitments (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Commitments under finance leases | ||
Commitments under finance leases | $ 1,165 | $ 1,315 |
Future financing liability | (363) | (418) |
Right to reimbursement from joint operations partner | 0 | 0 |
Finance lease liability | 802 | 897 |
Commitments under operating leases | ||
Commitments under operating leases | 2,012 | 1,752 |
Due not later than one year [Member] | ||
Commitments under finance leases | ||
Commitments under finance leases | 127 | 135 |
Commitments under operating leases | ||
Commitments under operating leases | 388 | 420 |
Due later than one year and not later than five years [member] | ||
Commitments under finance leases | ||
Commitments under finance leases | 448 | 475 |
Commitments under operating leases | ||
Commitments under operating leases | 785 | 672 |
Due later than five years [member] | ||
Commitments under finance leases | ||
Commitments under finance leases | 590 | 705 |
Commitments under operating leases | ||
Commitments under operating leases | $ 839 | $ 660 |
Contingent Liabilities - Summar
Contingent Liabilities - Summary of Contingent Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Disclosure of contingent liabilities [Line Items] | ||
Contingent liabilities | $ 3,503 | $ 3,609 |
Associates and joint ventures [member] | ||
Disclosure of contingent liabilities [Line Items] | ||
Contingent liabilities | 1,588 | 1,784 |
Subsidiaries and joint operations [member] | ||
Disclosure of contingent liabilities [Line Items] | ||
Contingent liabilities | $ 1,915 | $ 1,825 |
Acquisitions and Disposals o179
Acquisitions and Disposals of Subsidiaries, Operations, Joint Operations and Equity Accounted Investments - Summary of Divestments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Gains (losses) on disposals of investments [abstract] | |||
Net assets disposed | $ 189 | $ 153 | |
Gross cash consideration | 187 | 168 | |
Less cash and cash equivalents disposed | (2) | ||
Total consideration | 187 | 166 | |
Other effects | 1 | ||
Net (loss)/gain on disposal recognised in other income | $ 0 | $ (2) | $ 14 |
Acquisitions and Disposals o180
Acquisitions and Disposals of Subsidiaries, Operations, Joint Operations and Equity Accounted Investments - Summary of Divestments (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Gains (losses) on disposals of investments [abstract] | |||
Deferred consideration | $ 1 |
Auditor's Remuneration - Summar
Auditor's Remuneration - Summary of Auditors' Remuneration (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Auditors remuneration [Line Items] | |||
Other assurance services | $ 1,343 | $ 1,849 | $ 1,508 |
Total assurance services | 23,193 | 15,867 | 15,842 |
Other services | 657 | 631 | 1,091 |
Total fees | 23,850 | 16,498 | 16,933 |
Parent [Member] | |||
Auditors remuneration [Line Items] | |||
Audit | 3,909 | 3,381 | 3,126 |
Subsidiaries, joint ventures and associates [member] | |||
Auditors remuneration [Line Items] | |||
Audit | 13,902 | 7,040 | 7,715 |
Audit-related assurance services [member] | |||
Auditors remuneration [Line Items] | |||
Audit | 4,039 | 3,597 | 3,493 |
Corporate finance [member] | |||
Auditors remuneration [Line Items] | |||
Other services | 104 | 42 | 276 |
Other services [member] | |||
Auditors remuneration [Line Items] | |||
Other services | $ 553 | $ 589 | $ 815 |
Auditor's Remuneration - Additi
Auditor's Remuneration - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Auditors remuneration [Line Items] | |||
Tax compliance services | $ 657 | $ 631 | $ 1,091 |
Tax compliance services [member] | |||
Auditors remuneration [Line Items] | |||
Tax compliance services | $ 0 | $ 27 | $ 89 |
Deed of Cross Guarantee - Summa
Deed of Cross Guarantee - Summary of Consolidated Statement of Comprehensive Income and Retained Earnings (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of comprehensive income and retained earnings [Line Items] | |||
Revenue | $ 43,638 | $ 36,135 | $ 28,567 |
Other income | 247 | 662 | 432 |
Expenses excluding net finance costs | (28,036) | (24,515) | (24,091) |
Net finance costs | (1,245) | (1,417) | (1,013) |
Income tax expense | (7,007) | (4,443) | (2,103) |
Profit after taxation | 4,823 | 6,222 | (6,207) |
Total other comprehensive income | (97) | (49) | 23 |
Total comprehensive income | 4,726 | 6,173 | (6,184) |
Retained earnings at the beginning of the financial year | 52,618 | ||
Profit after taxation for the year | 4,823 | 6,222 | (6,207) |
Dividends | (6,720) | (3,472) | (4,326) |
Retained earnings at the end of the financial year | 51,064 | 52,618 | |
Deed of Cross Guarantee [member] | |||
Disclosure of comprehensive income and retained earnings [Line Items] | |||
Revenue | 20,434 | 19,394 | |
Other income | 3,188 | 4,988 | |
Expenses excluding net finance costs | (12,693) | (12,085) | |
Net finance costs | (470) | (591) | |
Income tax expense | (2,218) | (2,351) | |
Profit after taxation | 8,241 | 9,355 | |
Total other comprehensive income | 12 | 18 | |
Total comprehensive income | 8,253 | 9,373 | |
Retained earnings at the beginning of the financial year | 45,979 | 40,462 | |
Net effect on retained earnings of entities added to/removed from the Deed | 48 | (1,699) | |
Profit after taxation for the year | 8,241 | 9,355 | |
Transfers to and from reserves | (15) | 33 | |
Dividends | (5,811) | (2,172) | |
Retained earnings at the end of the financial year | $ 48,442 | $ 45,979 | $ 40,462 |
Deed of Cross Guarantee - Su184
Deed of Cross Guarantee - Summary of Consolidated Balance Sheet (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Current assets | ||||
Cash and cash equivalents | $ 15,871 | $ 14,153 | $ 10,319 | |
Trade and other receivables | 3,096 | 2,836 | ||
Inventories | 3,764 | 3,673 | ||
Total current assets | 35,130 | 21,056 | ||
Non-current assets | ||||
Trade and other receivables | 180 | 803 | ||
Inventories | 1,141 | 1,095 | ||
Property, plant and equipment | 67,182 | 80,497 | 83,975 | |
Intangible assets | 778 | 3,968 | 4,119 | |
Deferred tax assets | 4,041 | 5,788 | ||
Total non-current assets | 76,863 | 95,950 | 101,239 | |
Total assets | 111,993 | 117,006 | 118,953 | |
Current liabilities | ||||
Trade and other payables | 5,977 | 5,551 | ||
Interest bearing liabilities | 2,736 | 1,241 | ||
Current tax payable | 1,773 | 2,119 | ||
Provisions | 2,025 | 1,959 | ||
Deferred income | 118 | 102 | ||
Total current liabilities | 13,989 | 11,366 | ||
Non-current liabilities | ||||
Trade and other payables | 3 | 5 | ||
Interest bearing liabilities | 24,069 | 29,233 | ||
Deferred tax liabilities | 3,472 | 3,765 | ||
Provisions | 8,223 | 8,445 | ||
Deferred income | 337 | 360 | ||
Total non-current liabilities | 37,334 | 42,914 | ||
Total liabilities | 51,323 | 54,280 | 58,882 | |
Net assets | 60,670 | 62,726 | ||
EQUITY | ||||
Treasury shares | (5) | (3) | ||
Reserves | 2,290 | 2,400 | 2,538 | |
Retained earnings | 51,064 | 52,618 | ||
Total equity | 60,670 | 62,726 | 60,071 | $ 70,545 |
BHP Billiton Limited [Member] | ||||
EQUITY | ||||
Share capital - BHP Billiton Limited | 1,186 | 1,186 | ||
Deed of Cross Guarantee [member] | ||||
Current assets | ||||
Cash and cash equivalents | 2 | 1 | ||
Trade and other receivables | 3,977 | 3,541 | ||
Loans to related parties | 16,730 | 14,081 | ||
Inventories | 1,649 | 1,536 | ||
Other | 90 | 72 | ||
Total current assets | 22,448 | 19,231 | ||
Non-current assets | ||||
Trade and other receivables | 73 | 76 | ||
Loans to related parties | 151 | 335 | ||
Inventories | 323 | 278 | ||
Property, plant and equipment | 31,009 | 30,579 | ||
Intangible assets | 444 | 550 | ||
Investments in Group companies | 27,354 | 27,816 | ||
Deferred tax assets | 329 | 402 | ||
Other | 68 | 59 | ||
Total non-current assets | 59,751 | 60,095 | ||
Total assets | 82,199 | 79,326 | ||
Current liabilities | ||||
Trade and other payables | 3,425 | 2,762 | ||
Loans from related parties | 15,719 | 15,978 | ||
Interest bearing liabilities | 115 | 202 | ||
Current tax payable | 1,053 | 1,318 | ||
Provisions | 952 | 683 | ||
Deferred income | 6 | 8 | ||
Total current liabilities | 21,270 | 20,951 | ||
Non-current liabilities | ||||
Trade and other payables | 3 | 3 | ||
Loans from related parties | 7,870 | 7,660 | ||
Interest bearing liabilities | 191 | 251 | ||
Deferred tax liabilities | 573 | 613 | ||
Provisions | 2,475 | 2,479 | ||
Deferred income | 18 | 21 | ||
Total non-current liabilities | 11,130 | 11,027 | ||
Total liabilities | 32,400 | 31,978 | ||
Net assets | 49,799 | 47,348 | ||
EQUITY | ||||
Treasury shares | (5) | (1) | ||
Reserves | 176 | 184 | ||
Retained earnings | 48,442 | 45,979 | $ 40,462 | |
Total equity | 49,799 | 47,348 | ||
Deed of Cross Guarantee [member] | BHP Billiton Limited [Member] | ||||
EQUITY | ||||
Share capital - BHP Billiton Limited | $ 1,186 | $ 1,186 |
New and Amended Accounting S185
New and Amended Accounting Standards and Interpretations - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||
Revenue | $ 43,638 | $ 36,135 | $ 28,567 |
Expenses | 28,036 | 24,515 | 24,091 |
Profit | 4,823 | $ 6,222 | $ (6,207) |
Increase (decrease) due to application of IFRS 15 [member] | |||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||
Revenue | (509) | ||
Expenses | (509) | ||
Profit |
Capitalised Costs Relating to O
Capitalised Costs Relating to Oil and Gas Production Activities (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Capitalized costs relating to oil and gas producing activities, by geographic area [Line Items] | |||
Unproved properties | $ 4,740 | $ 5,543 | $ 5,531 |
Proved properties | 62,567 | 60,431 | 58,824 |
Total costs | 67,307 | 65,974 | 64,355 |
Less: Accumulated depreciation, depletion, amortisation and valuation provisions | (45,486) | (42,038) | (38,966) |
Net capitalised costs | 21,821 | 23,936 | 25,389 |
Australia [member] | |||
Capitalized costs relating to oil and gas producing activities, by geographic area [Line Items] | |||
Unproved properties | 10 | 94 | 338 |
Proved properties | 16,258 | 16,190 | 15,523 |
Total costs | 16,268 | 16,284 | 15,861 |
Less: Accumulated depreciation, depletion, amortisation and valuation provisions | (9,984) | (9,085) | (8,364) |
Net capitalised costs | 6,284 | 7,199 | 7,497 |
United States [member] | |||
Capitalized costs relating to oil and gas producing activities, by geographic area [Line Items] | |||
Unproved properties | 4,528 | 5,284 | 5,074 |
Proved properties | 43,885 | 41,837 | 40,929 |
Total costs | 48,413 | 47,121 | 46,003 |
Less: Accumulated depreciation, depletion, amortisation and valuation provisions | (33,437) | (30,969) | (28,664) |
Net capitalised costs | 14,976 | 16,152 | 17,339 |
Other countries [member] | |||
Capitalized costs relating to oil and gas producing activities, by geographic area [Line Items] | |||
Unproved properties | 202 | 165 | 119 |
Proved properties | 2,424 | 2,404 | 2,372 |
Total costs | 2,626 | 2,569 | 2,491 |
Less: Accumulated depreciation, depletion, amortisation and valuation provisions | (2,065) | (1,984) | (1,938) |
Net capitalised costs | $ 561 | $ 585 | $ 553 |
Capitalised Costs Relating t187
Capitalised Costs Relating to Oil and Gas Production Activities (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Capitalized costs relating to oil and gas producing activities, by geographic area [Line Items] | |||
Net capitalised costs | $ 21,821 | $ 23,936 | $ 25,389 |
United States [member] | |||
Capitalized costs relating to oil and gas producing activities, by geographic area [Line Items] | |||
Net capitalised costs | 14,976 | 16,152 | 17,339 |
United States [member] | Discontinued Operations - Onshore US Cash Generating Units [Member] | |||
Capitalized costs relating to oil and gas producing activities, by geographic area [Line Items] | |||
Net capitalised costs | $ 10,672 | $ 11,803 | $ 12,844 |
Costs Incurred Relating to Oil
Costs Incurred Relating to Oil and Gas Property Acquisition, Exploration and Development Activities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Costs incurred, oil and gas property acquisition, exploration, and development activities [Line Items] | |||
Acquisitions of proved property | $ 0 | $ 0 | $ 0 |
Acquisitions of unproved property | 9 | 74 | 64 |
Exploration | 734 | 738 | 621 |
Development | 1,777 | 1,412 | 1,866 |
Total costs | 2,520 | 2,224 | 2,551 |
Australia [member] | |||
Costs incurred, oil and gas property acquisition, exploration, and development activities [Line Items] | |||
Acquisitions of proved property | 0 | 0 | 0 |
Acquisitions of unproved property | 22 | ||
Exploration | 25 | 32 | 42 |
Development | 195 | 360 | 412 |
Total costs | 220 | 392 | 476 |
United States [member] | |||
Costs incurred, oil and gas property acquisition, exploration, and development activities [Line Items] | |||
Acquisitions of proved property | 0 | 0 | 0 |
Acquisitions of unproved property | 9 | 12 | 42 |
Exploration | 418 | 471 | 385 |
Development | 1,548 | 1,034 | 1,254 |
Total costs | 1,975 | 1,517 | 1,681 |
Other countries [member] | |||
Costs incurred, oil and gas property acquisition, exploration, and development activities [Line Items] | |||
Acquisitions of proved property | 0 | 0 | 0 |
Acquisitions of unproved property | 62 | ||
Exploration | 291 | 235 | 194 |
Development | 34 | 18 | 200 |
Total costs | $ 325 | $ 315 | $ 394 |
Costs Incurred Relating to O189
Costs Incurred Relating to Oil and Gas Property Acquisition, Exploration and Development Activities (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Costs incurred, oil and gas property acquisition, exploration, and development activities [Line Items] | |||
Total costs capitalised during the year | $ 1,970 | $ 1,744 | $ 2,256 |
Total costs | 2,520 | 2,224 | 2,551 |
United States [member] | |||
Costs incurred, oil and gas property acquisition, exploration, and development activities [Line Items] | |||
Total costs | 1,975 | 1,517 | 1,681 |
United States [member] | Discontinued Operations - Onshore US Cash Generating Units [Member] | |||
Costs incurred, oil and gas property acquisition, exploration, and development activities [Line Items] | |||
Total costs | $ 1,081 | $ 608 | $ 862 |
Results of Operations from Oil
Results of Operations from Oil and Gas Producing Activities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Results of operations for oil and gas producing activities, by geographic area [Line Items] | |||
Oil and gas revenue | $ 7,397 | $ 6,711 | $ 6,585 |
Production costs | (2,134) | (2,248) | (2,472) |
Exploration expenses | (549) | (480) | (296) |
Depreciation, depletion, amortisation and valuation provision | (3,968) | (3,497) | (11,379) |
Production taxes | (172) | (162) | (147) |
Results of operations, income before accretion expense, income taxes, and royalty-related taxes, Total | 574 | 324 | (7,709) |
Accretion expense | (141) | (102) | (84) |
Income taxes | (1,265) | (117) | 2,439 |
Royalty-related taxes | (103) | (104) | (210) |
Results of oil and gas producing activities | (935) | 1 | (5,564) |
Australia [member] | |||
Results of operations for oil and gas producing activities, by geographic area [Line Items] | |||
Oil and gas revenue | 3,229 | 2,876 | 2,777 |
Production costs | (701) | (533) | (605) |
Exploration expenses | (25) | (32) | (44) |
Depreciation, depletion, amortisation and valuation provision | (1,045) | (814) | (720) |
Production taxes | (171) | (158) | (132) |
Results of operations, income before accretion expense, income taxes, and royalty-related taxes, Total | 1,287 | 1,339 | 1,276 |
Accretion expense | (81) | (56) | (54) |
Income taxes | (418) | (361) | (465) |
Royalty-related taxes | (103) | (104) | (206) |
Results of oil and gas producing activities | 685 | 818 | 551 |
United States [member] | |||
Results of operations for oil and gas producing activities, by geographic area [Line Items] | |||
Oil and gas revenue | 3,747 | 3,479 | 3,487 |
Production costs | (1,312) | (1,515) | (1,705) |
Exploration expenses | (270) | (242) | (128) |
Depreciation, depletion, amortisation and valuation provision | (2,842) | (2,592) | (10,569) |
Production taxes | (4) | (13) | |
Results of operations, income before accretion expense, income taxes, and royalty-related taxes, Total | (677) | (874) | (8,928) |
Accretion expense | (46) | (32) | (23) |
Income taxes | (723) | 386 | 3,047 |
Results of oil and gas producing activities | (1,446) | (520) | (5,904) |
Other countries [member] | |||
Results of operations for oil and gas producing activities, by geographic area [Line Items] | |||
Oil and gas revenue | 421 | 356 | 321 |
Production costs | (121) | (200) | (162) |
Exploration expenses | (254) | (206) | (124) |
Depreciation, depletion, amortisation and valuation provision | (81) | (91) | (90) |
Production taxes | (1) | (2) | |
Results of operations, income before accretion expense, income taxes, and royalty-related taxes, Total | (36) | (141) | (57) |
Accretion expense | (14) | (14) | (7) |
Income taxes | (124) | (142) | (143) |
Royalty-related taxes | (4) | ||
Results of oil and gas producing activities | $ (174) | $ (297) | $ (211) |
Results of Operations from O191
Results of Operations from Oil and Gas Producing Activities (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Results of operations for oil and gas producing activities, by geographic area [Line Items] | |||
Sales to affiliated companies | $ 75 | $ 83 | $ 118 |
Valuation provision | 596 | 102 | 7,232 |
Results of oil and gas producing activities | (935) | 1 | (5,564) |
United States [member] | |||
Results of operations for oil and gas producing activities, by geographic area [Line Items] | |||
Results of oil and gas producing activities | (1,446) | (520) | (5,904) |
United States [member] | Discontinued Operations - Onshore US Cash Generating Units [Member] | |||
Results of operations for oil and gas producing activities, by geographic area [Line Items] | |||
Results of oil and gas producing activities | $ (465) | $ (564) | $ (5,855) |
Standardised Measure of Discoun
Standardised Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves (Standardised Measure) (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Discounted future net cash flows relating to proved oil and gas reserves [Line Items] | ||||
Future cash inflows | $ 47,534 | $ 43,898 | $ 37,016 | |
Future production costs | (17,028) | (18,373) | (14,387) | |
Future development costs | (10,585) | (10,373) | (6,776) | |
Future income taxes | (4,056) | (2,272) | (2,950) | |
Future net cash flows | 15,865 | 12,880 | 12,903 | |
Discount at 10 per cent per annum | (5,625) | (4,638) | (3,916) | |
Standardised measure | 10,240 | 8,242 | 8,987 | $ 17,244 |
Australia [member] | ||||
Discounted future net cash flows relating to proved oil and gas reserves [Line Items] | ||||
Future cash inflows | 17,398 | 18,407 | 21,902 | |
Future production costs | (5,345) | (6,663) | (7,306) | |
Future development costs | (3,842) | (3,714) | (3,431) | |
Future income taxes | (1,919) | (1,508) | (3,082) | |
Future net cash flows | 6,292 | 6,522 | 8,083 | |
Discount at 10 per cent per annum | (1,713) | (2,104) | (2,961) | |
Standardised measure | 4,579 | 4,418 | 5,122 | |
United States [member] | ||||
Discounted future net cash flows relating to proved oil and gas reserves [Line Items] | ||||
Future cash inflows | 28,012 | 23,537 | 13,088 | |
Future production costs | (11,182) | (11,176) | (6,514) | |
Future development costs | (6,554) | (6,451) | (3,063) | |
Future income taxes | (1,236) | (18) | 800 | |
Future net cash flows | 9,040 | 5,892 | 4,311 | |
Discount at 10 per cent per annum | (3,783) | (2,426) | (834) | |
Standardised measure | 5,257 | 3,466 | 3,477 | |
Other countries [member] | ||||
Discounted future net cash flows relating to proved oil and gas reserves [Line Items] | ||||
Future cash inflows | 2,124 | 1,954 | 2,026 | |
Future production costs | (501) | (534) | (567) | |
Future development costs | (189) | (208) | (282) | |
Future income taxes | (901) | (746) | (668) | |
Future net cash flows | 533 | 466 | 509 | |
Discount at 10 per cent per annum | (129) | (108) | (121) | |
Standardised measure | $ 404 | $ 358 | $ 388 |
Standardised Measure of Disc193
Standardised Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves (Standardised Measure) (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Discounted future net cash flows relating to proved oil and gas reserves [Line Items] | ||||
Standardised measure | $ 10,240 | $ 8,242 | $ 8,987 | $ 17,244 |
United States [member] | ||||
Discounted future net cash flows relating to proved oil and gas reserves [Line Items] | ||||
Standardised measure | 5,257 | 3,466 | 3,477 | |
United States [member] | Discontinued Operations - Onshore US Cash Generating Units [Member] | ||||
Discounted future net cash flows relating to proved oil and gas reserves [Line Items] | ||||
Standardised measure | $ 1,932 | $ 1,962 | $ 1,889 |
Changes in the Standardised Mea
Changes in the Standardised Measure (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Increase (Decrease) in Standardized Measure of Discounted Future Net Cash Flow Relating to Proved Oil and Gas Reserves [Roll Forward] | |||
Standardised measure at the beginning of the year | $ 8,242 | $ 8,987 | $ 17,244 |
Revisions: | |||
Prices, net of production costs | 5,540 | (96) | (14,146) |
Changes in future development costs | (358) | 275 | 1,342 |
Revisions of quantity estimates | (166) | 2,961 | (2,870) |
Accretion of discount | 1,016 | 1,147 | 2,547 |
Changes in production timing and other | 946 | (1,611) | 1,280 |
Revisions | 15,220 | 11,663 | 5,397 |
Sales of oil and gas, net of production costs | (5,091) | (4,301) | (3,936) |
Acquisitions of reserves-in-place | 0 | 0 | 0 |
Sales of reserves-in-place | (26) | (15) | (114) |
Previously estimated development costs incurred | 1,068 | 718 | 1,823 |
Extensions, discoveries, and improved recoveries, net of future costs | 502 | (401) | 84 |
Changes in future income taxes | (1,433) | 578 | 5,733 |
Standardised measure at the end of the year | $ 10,240 | $ 8,242 | $ 8,987 |
Changes in the Standardised 195
Changes in the Standardised Measure (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Discounted future net cash flows relating to proved oil and gas reserves [Line Items] | ||||
Standardised measure | $ 10,240 | $ 8,242 | $ 8,987 | $ 17,244 |
United States [member] | ||||
Discounted future net cash flows relating to proved oil and gas reserves [Line Items] | ||||
Standardised measure | 5,257 | 3,466 | 3,477 | |
United States [member] | Discontinued Operations - Onshore US Cash Generating Units [Member] | ||||
Discounted future net cash flows relating to proved oil and gas reserves [Line Items] | ||||
Standardised measure | $ 1,932 | $ 1,962 | $ 1,889 |
Movement in Capitalised Explora
Movement in Capitalised Exploratory Well Costs (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Increase (Decrease) in Capitalized Exploratory Well Costs that are Pending Determination of Proved Reserves [Roll Forward] | |||
At the beginning of the year | $ 668 | $ 770 | $ 484 |
Additions to capitalised exploratory well costs pending the determination of proved reserves | 186 | 258 | 304 |
Capitalised exploratory well costs charged to expense | (62) | (69) | (18) |
Capitalised exploratory well costs reclassified to wells, equipment, and facilities based on the determination of proved reserves | 2 | (155) | |
Other | (136) | ||
At the end of the year | $ 794 | $ 668 | $ 770 |
Ageing of Capitalised Explorato
Ageing of Capitalised Exploratory Well Costs (Detail) $ in Millions | Jun. 30, 2018USD ($)Project | Jun. 30, 2017USD ($)Project | Jun. 30, 2016USD ($)Project | Jun. 30, 2015USD ($) |
Capitalized Exploratory Well Costs [Abstract] | ||||
Exploratory well costs capitalised for a period of one year or less | $ 124 | $ 120 | $ 262 | |
Exploratory well costs capitalised for a period greater than one year | 670 | 548 | 508 | |
At the end of the year | $ 794 | $ 668 | $ 770 | $ 484 |
Number of projects that have been capitalised for a period greater than one year | Project | 17 | 14 | 23 |
Number of Crude Oil and Natural
Number of Crude Oil and Natural Gas Wells Drilled and Completed (Detail) - Wells | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of net productive wells and dry wells drilled [Line Items] | |||
Net exploratory wells, Productive | 1 | 3 | 1 |
Net exploratory wells, Dry | 1 | 2 | |
Net exploratory wells, Total | 2 | 5 | 1 |
Net development wells, Productive | 85 | 81 | 140 |
Net development wells, Dry | 1 | 2 | |
Net development wells, Total | 86 | 81 | 142 |
Total | 88 | 86 | 143 |
Australia [member] | |||
Disclosure of net productive wells and dry wells drilled [Line Items] | |||
Net development wells, Productive | 1 | 2 | |
Net development wells, Total | 1 | 2 | |
Total | 1 | 2 | |
United States [member] | |||
Disclosure of net productive wells and dry wells drilled [Line Items] | |||
Net exploratory wells, Productive | 1 | 1 | |
Net exploratory wells, Dry | 1 | ||
Net exploratory wells, Total | 2 | 1 | |
Net development wells, Productive | 84 | 80 | 137 |
Net development wells, Dry | 1 | 2 | |
Net development wells, Total | 85 | 80 | 139 |
Total | 87 | 80 | 140 |
Other countries [member] | |||
Disclosure of net productive wells and dry wells drilled [Line Items] | |||
Net exploratory wells, Productive | 3 | ||
Net exploratory wells, Dry | 2 | ||
Net exploratory wells, Total | 5 | ||
Net development wells, Productive | 1 | 1 | |
Net development wells, Total | 1 | 1 | |
Total | 6 | 1 |
Number of Crude Oil and Natu199
Number of Crude Oil and Natural Gas Wells Drilled and Completed (Parenthetical) (Detail) - Wells | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of net productive wells and dry wells drilled [Line Items] | |||
Net development wells, Productive | 85 | 81 | 140 |
Net development wells, Dry | 1 | 2 | |
United States [member] | |||
Disclosure of net productive wells and dry wells drilled [Line Items] | |||
Net development wells, Productive | 84 | 80 | 137 |
Net development wells, Dry | 1 | 2 | |
United States [member] | Discontinued Operations - Onshore US Cash Generating Units [Member] | |||
Disclosure of net productive wells and dry wells drilled [Line Items] | |||
Net development wells, Productive | 84 | 79 | 135 |
Net development wells, Dry | 1 | 2 |
Number of Productive Crude Oil
Number of Productive Crude Oil and Natural Gas Wells in which we Held an Interest (Detail) | Jun. 30, 2018Wells |
Productive wells [Line Items] | |
Crude oil wells, Gross | 1,411 |
Crude oil wells, Net | 747 |
Natural gas wells, Gross | 6,831 |
Natural gas wells, Net | 2,068 |
Total, Gross | 8,242 |
Total, Net | 2,815 |
Australia [member] | |
Productive wells [Line Items] | |
Crude oil wells, Gross | 354 |
Crude oil wells, Net | 178 |
Natural gas wells, Gross | 135 |
Natural gas wells, Net | 48 |
Total, Gross | 489 |
Total, Net | 226 |
United States [member] | |
Productive wells [Line Items] | |
Crude oil wells, Gross | 998 |
Crude oil wells, Net | 547 |
Natural gas wells, Gross | 6,660 |
Natural gas wells, Net | 2,012 |
Total, Gross | 7,658 |
Total, Net | 2,559 |
Other countries [member] | |
Productive wells [Line Items] | |
Crude oil wells, Gross | 59 |
Crude oil wells, Net | 22 |
Natural gas wells, Gross | 36 |
Natural gas wells, Net | 8 |
Total, Gross | 95 |
Total, Net | 30 |
Number of Productive Crude O201
Number of Productive Crude Oil and Natural Gas Wells in which we Held an Interest (Parenthetical) (Detail) | Jun. 30, 2018Wells |
Productive wells [Line Items] | |
Crude oil wells, Gross | 1,411 |
Crude oil wells, Net | 747 |
Natural gas wells, Gross | 6,831 |
Natural gas wells, Net | 2,068 |
United States [member] | |
Productive wells [Line Items] | |
Crude oil wells, Gross | 998 |
Crude oil wells, Net | 547 |
Natural gas wells, Gross | 6,660 |
Natural gas wells, Net | 2,012 |
United States [member] | Discontinued Operations - Onshore US Cash Generating Units [Member] | |
Productive wells [Line Items] | |
Crude oil wells, Gross | 971 |
Crude oil wells, Net | 536 |
Natural gas wells, Gross | 6,660 |
Natural gas wells, Net | 2,012 |
Supplementary Oil and Gas In202
Supplementary Oil and Gas Information - Additional Information (Detail) a in Thousands | Jun. 30, 2018aWells |
Gas and oil acreage [Line Items] | |
Operated wells that had multiple completions, gross | Wells | 20 |
Operated wells that had multiple completions, net | Wells | 9 |
Expiring June 2019 [member] | |
Gas and oil acreage [Line Items] | |
Approximately acres of undeveloped acreage that will expire, gross | 4,245 |
Approximately acres of undeveloped acreage that will expire, net | 2,850 |
Expiring June 2020 [member] | |
Gas and oil acreage [Line Items] | |
Approximately acres of undeveloped acreage that will expire, gross | 526 |
Approximately acres of undeveloped acreage that will expire, net | 278 |
Expiring June 2021 [member] | |
Gas and oil acreage [Line Items] | |
Approximately acres of undeveloped acreage that will expire, gross | 1,490 |
Approximately acres of undeveloped acreage that will expire, net | 1,078 |
Developed and Undeveloped Acrea
Developed and Undeveloped Acreage (Including Both Leases and Concessions) Held (Detail) a in Thousands | Jun. 30, 2018a |
Gas and oil acreage [Line Items] | |
Developed acreage, Gross | 3,464 |
Developed acreage, Net | 1,556 |
Undeveloped acreage, Gross | 8,668 |
Undeveloped acreage, Net | 6,027 |
Australia [member] | |
Gas and oil acreage [Line Items] | |
Developed acreage, Gross | 2,152 |
Developed acreage, Net | 823 |
Undeveloped acreage, Gross | 4,326 |
Undeveloped acreage, Net | 2,605 |
United States [member] | |
Gas and oil acreage [Line Items] | |
Developed acreage, Gross | 1,137 |
Developed acreage, Net | 669 |
Undeveloped acreage, Gross | 1,313 |
Undeveloped acreage, Net | 1,085 |
Other countries [member] | |
Gas and oil acreage [Line Items] | |
Developed acreage, Gross | 175 |
Developed acreage, Net | 64 |
Undeveloped acreage, Gross | 3,029 |
Undeveloped acreage, Net | 2,337 |
Developed and Undeveloped Ac204
Developed and Undeveloped Acreage (Including Both Leases and Concessions) Held (Parenthetical) (Detail) a in Thousands | Jun. 30, 2018a |
Gas and oil acreage [Line Items] | |
Developed acreage, Gross | 3,464 |
Developed acreage, Net | 1,556 |
Undeveloped acreage, Gross | 8,668 |
Undeveloped acreage, Net | 6,027 |
United States [member] | |
Gas and oil acreage [Line Items] | |
Developed acreage, Gross | 1,137 |
Developed acreage, Net | 669 |
Undeveloped acreage, Gross | 1,313 |
Undeveloped acreage, Net | 1,085 |
United States [member] | Discontinued Operations - Onshore US Cash Generating Units [Member] | |
Gas and oil acreage [Line Items] | |
Developed acreage, Gross | 1,039 |
Developed acreage, Net | 633 |
Undeveloped acreage, Gross | 210 |
Undeveloped acreage, Net | 162 |