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Research Tree provides access to ongoing research coverage, media content and regulatory news on BHP BILLITON PLC. We currently have 41 research reports from 5 professional analysts.

Date Source Announcement
14Dec16 07:00 RNS Notification of PDMR shareholdings
05Dec16 04:16 RNS Submission of winning bid for Trion in Mexico
23Nov16 07:00 RNS Notice of Final Interests of Director - J Schubert
17Nov16 11:39 RNS BHP Billiton Limited 2016 AGM Presentation
17Nov16 07:00 RNS BHP Billiton 2016 AGM Results
17Nov16 07:00 RNS BHP Billiton Limited 2016 AGM Speeches
20Oct16 06:27 RNS Samarco - Rejection of Charges
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Performance, leverage and strategy concerns remain unaddressed

  • 17 Aug 16

BHP Billiton posted its worst full-year performance since the beginning of this century. Profitability slumped to record lows, with management’s strategic decisions (so far) failing to mitigate the impact of the commodity market rout. FY16 (Jun-ending) sales were down 31% to $30.9bn (vs. AV’s estimate of $32.2bn) – with iron ore, copper, oil and coal sales correcting by 29%, 28%, 40% and 23%, respectively. Other than feeble prices (resulting in an $11bn impact), lower volumes (even though not targeted) were partly responsible for the top-line pressure. What has been a major disappointment is the pace of BHP’s profitability erosion – with FY16 reported EBIT plummeting 71% to $3.5bn (vs. AV’s estimate of $3.9bn). Moreover, the H2 profitability rebound (EBIT up 58% hoh to $2.1bn; which looks impressive at a quick glance) is wafer-thin compared with BHP’s historical profit levels. Further down, >$7bn of oil asset impairments (mostly recognised in H1 FY16) and $2.5bn of charges (including share of loss, impairments and provisions) associated with the Samarco disaster weighed on the bottom-line. Full-year net loss came in at $6.2bn. Unsurprisingly, full-year dividends were cut 76% to USc30 per share (vs. AV’s estimate of USc32). Despite massive capex rationalisation (slashed 42% to $7bn), BHP’s net debt was up 7% (compared with FY15) to $26bn. This is in sharp contrast with peers, some of which have managed to achieve impressive deleveraging since the latter half of 2015. Barring oil and thermal coal, management targets volume growth (in varying degrees) across divisions in FY17. What is unnerving is management’s oil unit cost guidance – which they expect to increase by 17% in FY17, effectively ruling out any material rebound in the division’s near-term profitability. In a nutshell, FY16 witnessed $10bn of shareholder funds being wiped-out, with the decision to scrap its progressive dividends being the only sensible management decision.