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Overview

A solid operating performance, capital discipline and higher prices produced strong operating cash flows in FY2019, allowing us to invest in attractive long-term growth projects and return a record amount to shareholders.

Ken MacKenzie

“Our relentless focus on strengthening our portfolio, capital discipline, culture and productivity delivered a solid set of financial results.”

Read our Chairman's Review

“We are confident in the long-term outlook, with significant opportunities ahead to further transform our business and deliver value and returns for our shareholders.”

Read our Chief Executive Officer's Report

At a glance

Annual Report 2019

BHP has been around for 134 years

Annual Report 2019

We employ over 72,000 employees and contractors 1

We work in over 90 locations worldwide 1

We paid US$9.1 billion globally in taxes, royalties and other payments 1

Our total economic contribution was US$46.2 billion

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FY2019 financial results

Our commitment to simplification, capital discipline and culture laid the groundwork for a solid performance.

 

Higher prices and record production from several of our operations offset resource headwinds and unplanned outages in FY2019. This contributed to our higher underlying attributable profit of US$9.1 billion (FY2018: US$8.9 billion).

We delivered a record return to shareholders of US$17 billion in FY2019, including US$10.4 billion through a combination of an off-market buy-back and special dividend following completion of the Onshore US sales process on 31 October 2018.     

Over the past five years BHP has increased volumes by 10 per cent and reduced unit costs by over 20 per cent across our major assets. We have invested in projects that can generate significant shareholder value over the long term, and our transformation programs have the potential to unlock further value as we embrace new ways of working and harness new technology.

More on our financial results or our sustainability performance.

Annual Results 2019

Annual Report 2019

Attributable Profit of US$8.3 billion 4

Annual Report 2019

Underlying EBITDA of $US23.2 billion 5, 6

Free cash flow of US$10.0 billion in FY19 4, 6

Paid a total dividend of US$2.35 a share 7, 4

We’ve reduced our net debt to US$9.2 billion 6

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Productivity

Strong cost discipline over the past five years has reduced unit costs by over 20 per cent across our major assets.

Cost efficiencies: Further gains to come


Significant resource headwinds and some unplanned production outages offset improvements in underlying operational performance in FY2019. We expect underlying efficiency gains to continue in FY2020. 

Latent capacity: Attractive returns, limited risk


Our three major latent capacity projects, at Escondida, West Barracouta and WAIO, are tracking to plan. This latent capacity program will mean we can achieve more production, or replace production, from our existing infrastructure with minimal risk.

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Olympic Dam in South Australia is a multi-mineral orebody containing uranium oxide, copper, gold and silver.

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Future options

Major development projects in petroleum, copper, iron ore and potash are all on schedule and budget.

Project pipeline

At the end of FY2019 we had five major development projects with a combined budget of US$11.1 billion, and approved our sixth in August 2019 with the US$283 million (BHP share) Ruby oil and gas development in Trinidad and Tobago. The Spence Growth Option project is due to achieve first production in the first half of FY2021. These developments can create significant shareholder value over the long-term.

Transformation: unlocking value

Our transformation programs will simplify the way we work, increase our workforce capability, establish innovative partnerships and create more stable and predictable operations. They aim to build capability and a culture that empowers our frontline to act on their ideas and harness their ingenuity.

Read more about transformation at BHP here

Exploration: focused on petroleum and copper

Seven out of nine petroleum wells drilled in FY2019, across Trinidad and Tobago, Mexico and the US Gulf of Mexico, encountered hydrocarbons. We also added petroleum acreage in the Orphan Basin (offshore Canada). We made three copper optionality investments in Canada, Mexico and Ecuador, and acquired a stake in SolGold (Ecuador).

Read more about our future options

Annual Report 2019

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Economic Contribution Report 2019

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Inclusion and diversity

We believe our people should have the opportunity to fulfil their potential and thrive in an inclusive and diverse workplace. Inclusion and diversity promotes safety, productivity and wellbeing and underpins our ability to attract new employees.

Gender balance1


We have an aspirational goal to achieve gender balance globally by CY2025. In FY2019 we increased the representation of women working at BHP by 2.1 percent, resulting in 1,156 more female employees than the same time in FY2018. Our overall representation of women is 24.5 per cent. In FY2019, the percentage of people newly hired to work for BHP was 62.3 per cent male and 37.7 per cent female. This female representation outcome is a marked increase when compared to FY2015 (10.4 per cent).

Respectful Behaviours campaign


In FY2019 we began a Group-wide Respectful Behaviours campaign to create greater awareness and build understanding of what disrespectful behaviour is and how it affects our people. We shared real-life examples from within BHP to highlight the initiative and generate conversations. Further development of a ‘culture of care’ within our business is a fundamental element of our FY2020 business plan.

Flexible working


Flexible work supports greater workforce diversity. Some 41 per cent of our people worked flexibly in FY2019 and we continue to educate our workforce about flexible working at BHP.

For example, the Crib Relief Program at BMA changed the existing approach to truck crib relief by reducing the shift length to better align with school hours. This helped unlock a new and more diverse talent pool that also increased the workforce’s local community representation. It helped improve workforce culture and morale as employees shared skills and knowledge with those new to the industry.

Indigenous employment


In communities in which we operate, we aim to provide employment opportunities that contribute to sustainable social and economic benefits for Indigenous peoples. In Minerals Australia, Indigenous employment within our overall workforce increased from 4.4 per cent to 5 per cent (1,090 to 1,168) as we aim to achieve 5.75 per cent by the end of FY2020. Twenty per cent of all apprentices were Aboriginal and Torres Strait Islander people.

In North America, we have focused on working with our contracting partners to support the employment of First Nations and Métis peoples, who now comprise 9 per cent of our workforce at the Jansen Potash Project. Chile has implemented a number of initiatives that will result in formal performance reporting in FY2020.

Read more about our people

Footnote:

1 Based on a ‘point in time’ snapshot of employees as at 30 June 2019, as used in internal management reporting for the purposes of monitoring progress against our goals. This does not include contractors. This methodology differs from the data reported in section 1.9.2, which is calculated based on the average of the number of employees at the last day of each calendar month for a 10-month period from July through to April and in accordance with our reporting requirement under the UK Companies Act 2006.

Annual Reporting 2019

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Sustainability Report 2019

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Economic Contribution Report 2019

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