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Today BHP is stronger, simpler and more productive

To meet the challenges of today, we must think in decades and generations

 

BHP plans, works and invests for the long-term
BHP’s ability to plan, work and invest for the long-term has always been our competitive advantage. Over the past five years, we have laid the foundations to significantly improve returns and grow value. The benefits of this deliberate path are clear in our FY2017 results.

We focused on cash flow, capital discipline and value
Our FY2017 financial and operational results were strong. Our attributable profit was US$5.9 billion and underlying EBITDA was US$20.3 billion. All our operated assets were free cash flow positive and delivered a total free cash flow of US$12.6 billion. We used this cash to strengthen the balance sheet and return US$4.4 billion to our shareholders.

Achieving gender balance
The commercial case for action on gender balance is compelling. For the past three years, BHP’s most inclusive and diverse assets have outperformed our average on a range of measures, including lower injury rates, adherence to work plans and meeting of production targets.

That’s why we have set an aspirational goal to achieve gender balance by FY2025. The gender composition of BHP’s employees was 20.5 per cent women as at 30 June 2017; an increase of 2.9 per cent in one year. This result hasn’t been without its challenges and we have much to learn. By sharing this in the Report we may be able to help other companies with their own diversity aspirations.

Today BHP is stronger, simpler and more productive
We will continue to grow long-term shareholder value through achieving cost efficiencies, realising latent capacity, focusing on major projects that are timed for value and returns, exploration, developing new technology, and maximising the value of our Onshore US assets, which we have concluded are non-core.

The past financial year has taught us many things, but especially this – the world needs people who think boldly, think creatively and bring the best of themselves to what they do. It needs people who think big. For corporations like BHP, it is up to us to shape change for the better, through innovation, productivity and technology.

FY2017 financial highlights

We focused on cash flow, capital discipline and value in FY2017

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We have a long-standing commitment to transparency

We are proud of the value we generate and how this contributes to building trust with the communities in which we operate

BHP’s contribution to the global economy is significant
Being open about the taxes and royalties we pay to governments is in the best interests of our shareholders, employees, customers and communities. Transparency allows for an informed debate on the integrity of tax regimes and the contribution we do – and should – make in the countries where we work. We have a long-standing commitment to transparency, having disclosed our aggregate payments of taxes and royalties in 2000.

We are proud of the value we generate and how this contributes to building trust
The scale and long-term nature of our operations enable us to generate considerable value. The significant contribution of taxation and royalty revenue gives governments the opportunity to provide essential services to their citizens and invest in their communities for the future.

We create value for our shareholders and the broader community
Value is created through generating jobs, purchasing goods and services, paying taxes, royalties and other payments to governments and the contributions (such as donations) we make to our host communities. Value is also created for our shareholders, lenders and investors through the returns we provide. In this way, we are aligned with the interests of the communities in which we operate: our success is shared.

Our commitment to transparency
We will continue to be a leader in transparency, which remains a key factor in helping to build public trust. We look forward to presenting this Report to all of our stakeholders and continuing to make a positive contribution.

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Sustainability is a core part of who we are and what we do

We are determined to make a positive difference

At BHP, we don’t only focus on what we achieve, but how we achieve it
We hold ourselves accountable to this commitment by voluntarily disclosing our sustainability performance.

Sustainability is at the heart of everything we do. We put health and safety first, we are environmentally responsible, we respect human rights and we support host communities.

We prioritise health and safety for our people
The safety of our workforce and the communities in which we operate is an essential priority. Tragically, two colleagues died in workplace incidents over the last year. These fatalities have had a profound and permanent impact on families, friends, colleagues and BHP. We enter FY2018 more committed than ever to make sure all our people go home safe.

In FY2017, we carried on our commitment to do what is right in response to the Fundão tailings dam failure at the Samarco operation in Brazil. Our team in Brazil remains focused to rebuild the communities and restore the environment impacted by the dam failure. We will work tirelessly now, and in the long-term, to do the right thing.

As a partner in the communities in which we operate, we share stewardship of the environment, support local cultures and help drive economic development. Many of our operations last for decades, and the maintenance of a social licence to operate them is essential.

We've been setting, meeting and exceeding targets for over 20 years
The passion, expertise and drive of all our people is evident in the results of our FY2013–FY2017 sustainability performance targets. Across the public goals for health, safety, environment and community, we met or exceeded the majority of the benchmarks we set. Importantly, we also made significant contributions to the world we live in.

Through our commitment to our Our Charter values, and dedication to continuously improve how we work, we are confident that BHP will continue to play an integral role in creating a safer and more sustainable future for all.

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