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BHP reports latest operating results

Published by , Assistant Editor
World Coal,

Leading Anglo-Australian metals and mining company BHP Billiton (BHP) has shared its results for the year ended 30 June 2018. 

Key highlights of the company's operating results include: 

  • BHP reported attributable profit of US$3.7 billion, underlying attributable profit of US$8.9 billion, which is up 33%, supported by 8% Group copper equivalent volume growth.
  • The company reported underlying EBITDA of US$23.2 billion at a margin of 55% for continuing operations.
  • The company also reported net operating cash flow of US$18.5 billion and free cash flow of US$12.5 billion reflect higher prices and volumes, with annual production records at nine operations across iron ore, coal, copper and petroleum.
  • Productivity was also up by US$374 million in the second half to negative US$96 million from continuing operations for the full year.
  • BHP reported net debt of US$10.9 billion for the year, down US$15 billion in two years. This reportedly reflects the company’s capital discipline and strong free cash flow.

BHP CEO, Andrew Mackenzie, commented: “We have announced a record final dividend for shareholders which reflects strong operating performance, solid prices and capital discipline. Our relentless focus on safety and productivity has released additional volumes across our supply chain, with eight per cent volume growth for the year. Our balance sheet is strong, with net debt now at the lower end of our target range, and our investment plans on track across iron ore, copper, coal and petroleum. We have started the new year with the sale of our Onshore US business for US$10.8 billion, and once completed we expect to return the net proceeds to shareholders. Across our dramatically simplified portfolio of tier one assets, we see this year’s strong momentum carried into the medium term as our leadership, technology and culture drive further increases in productivity, value and returns. Our rich suite of options coupled with our rigorous Capital Allocation Framework will make sure we get the most out of every dollar we invest.”

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