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BHPBill dividend currency exchange rate
On 19 August 2014 we determined to pay a final dividend for the year ended 30 June 2014 of 62 USD cents per share.
The currency exchange rate applicable for the dividend payable in South African cents to shareholders on the BHPBill branch register is set out below:
- Dividend -- 62 USD cents per share
- Exchange rate -- 10.620135
- Dividend per ordinary share in local currency South African cents -- 658.448370
The exchange rates applicable to the BHPBill dividend being paid in other currencies will be based on the foreign currency exchange rates on the Record Date, being 5 September 2014, and will be announced to the market.
BHPBill shareholders registered on the South African section of the register will not be able to dematerialise or rematerialise their shareholdings between the dates of 1 and 5 September 2014, both dates inclusive, nor will transfers between the UK register and the South African register be permitted between the dates of 29 August and 5 September 2014, both dates inclusive.
The dividend will be paid on 23 September 2014.
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BHPBill results presentation 30 June 2014
The following document has been submitted to the National Storage Mechanism and will shortly be available for inspection at www.hemscott.com/nsm.do:
- BHPBill Results Presentation Year Ended 30 June 2014
The document may also be accessed via BHPBill's website - www.bhpbilliton.com.
The Webcast for this presentation can be accessed at: http://www.media-server.com/m/p/fz6a4nkm
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BHPBill - Unlocking Shareholder Value Presentation
The following document has today been submitted to the National Storage Mechanism and will shortly be available for inspection at www.hemscott.com/nsm.do:
- Unlocking Shareholder Value Presentation
The document may also be accessed via BHPBill's website - www.bhpbilliton.com.
The Webcast for this presentation can be accessed at: http://www.media-server.com/m/p/fz6a4nkm
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BHPBill senior executive changes
BHPBill announced a series of changes to the senior management of the company.
Graham Kerr, currently Chief Financial Officer of BHPBill is appointed Chief Executive Officer designate of the new company that BHPBill plans to form in a demerger. Graham will retire from the Group Management Committee on 1 October 2014 and will be replaced as CFO by Peter Beaven, currently President, Copper. Brendan Harris, currently Head of Group Investor Relations, has been appointed CFO designate of the new company.
An announcement relating to Peter's replacement as President Copper will be made in due course. In the interim Edgar Basto, currently Asset President Escondida, will act in the capacity of President, Copper and, following the appointment of a permanent replacement, will take up a new role within BHPBill.
BHPBill also announced that Karen Wood will retire from the Group Management Committee effective today, 19 August 2014.
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BHPBill creates new global metals & mining company
BHPBill said it plans to create an independent global metals and mining company based on a selection of its high-quality aluminium, coal, manganese, nickel and silver assets. Separating these businesses via a demerger has the potential to unlock shareholder value by significantly simplifying the BHPBill Group ("group") and creating two portfolios of complementary assets.
Once simplified, BHPBill will be almost exclusively focused on its exceptionally large, long-life iron ore, copper, coal, petroleum and potash basins. With fewer assets and a greater upstream focus, the group will be able to reduce costs and improve the productivity of its largest businesses more quickly. As a result, its portfolio is expected to generate stronger growth in free cash flow and a superior return on investment.
Many of the assets selected for the new company ("NewCo") are among the most competitive in their industries. They include BHPBill's Aluminium and Manganese businesses and the Cerro Matoso Nickel, Energy Coal South Africa, Illawarra Metallurgical Coal and Cannington Silver-Lead-Zinc mines. Together they would form a global metals and mining company with assets in five countries and a dedicated board, management team, corporate structure and strategy specifically designed to enhance their performance. BHPBill Ltd. and Plc shareholders would be entitled to 100 per cent of the shares in NewCo through a pro-rata in-specie distribution. It is intended that NewCo would be listed on the Australian Securities Exchange and would have an inward secondary listing on the Johannesburg Stock Exchange.
BHPBill to enhance operating and capital productivity
BHPBill's strategy will remain unchanged. It will continue to own and operate large, long-life, low-cost, expandable, upstream assets diversified by commodity, geography and market. It will remain committed to its solid A credit rating and seek to steadily increase or at least maintain the dividend per share in US dollar terms at each half yearly payment following the demerger, implying a higher payout ratio.
BHPBill has been simplifying its portfolio for over a decade and now has 41 assets world-wide. The proposed demerger would be a significant step towards focusing the group on the 19 core Iron Ore, Copper, Coal, Petroleum and Potash assets that generated 96 per cent of the group's Underlying EBIT in the 2014 financial year. It would not alter BHPBill's position as the largest exporter of metallurgical coal, a top three producer of iron ore, a top four exporter of copper concentrate, the largest overseas investor in United States shale and developer of the world's best undeveloped potash resource in Saskatchewan, Canada. With broad exposure to the steelmaking raw materials, copper, energy and potentially agricultural markets, the group is uniquely positioned to respond to the changing patterns of commodities demand across economic cycles.
BHPBill's minerals portfolio will ultimately be focused on six major operated assets:
Western Australia Iron Ore, Queensland Coal 2, New South Wales Energy Coal and Olympic Dam copper in Australia; and the Escondida and Pampa Norte copper mines in Chile. It is currently investing in a seventh asset in the Saskatchewan potash basin, Canada. The group also retains its non-operated interests in the world class Antamina copper (Peru), Cerrejón energy coal (Colombia) and Samarco iron ore (Brazil) joint ventures.
Petroleum will concentrate on its high-quality assets in the United States and Australia which include: operated facilities such as Pyrenees and Macedon in Western Australia, Shenzi in the deep water Gulf of Mexico and Angostura offshore Trinidad, as well as shale resources in the United States. BHPBill also retains its non-operated interests in Atlantis and Mad Dog in the Gulf of Mexico, and Bass Strait and the North West Shelf offshore Australia, while pursuing other high-value exploration and development opportunities.
In the 2014 financial year this core portfolio would have delivered an average Underlying EBIT margin of 42 per cent 3. With a suite of development options in its core portfolio expected to generate an average rate of return of greater than 20 per cent 4, BHPBill is well placed to create significant shareholder value.
Beyond this proposal, BHPBill will continue to simplify and, as part of that process, continues to review Nickel West, New Mexico Coal and its smaller petroleum assets. Each of these assets is subject to its own study and the group will only pursue options that maximise value for its shareholders.
A new global metals and mining company
The proposed demerger would create a new global metals and mining company that is well positioned to create value for shareholders while benefiting its employees and their communities.
The assets selected for NewCo include some of the most attractive operations in their industries. Cannington (Australia) is the world's largest producer of silver. The Manganese business is the world's largest producer of manganese ore with mines at GEMCO (Australia) and Hotazel (South Africa) and a top global producer of alloy through its TEMCO (Australia) and Metalloys (South Africa) assets. The Aluminium business includes one of the largest and lowest cost global alumina refineries in Worsley (Australia), competitive smelters in Hillside (South Africa) and Mozal (Mozambique) and a non-operated interest in bauxite, alumina and aluminium assets in Brazil. Illawarra Coal (Australia) is a significant exporter of metallurgical coal into the Pacific Basin and Energy Coal South Africa is the third largest South African exporter of thermal coal. Cerro Matoso (Colombia) is a high-quality ferro-nickel operation. This portfolio is cash flow positive today with assets competitively positioned in the first or second quartile of their industry cost curves. In the 2014 financial year, its Underlying
EBITDA margin was 21 per cent and over the last decade it generated robust earnings through the cycle with an average Underlying EBITDA margin of 34 per cent. 5 NewCo will benefit from a dedicated board and management team with a broad range of mining, commercial, exploration and financial experience who will develop a strategy, operating model and culture to further enhance the competitive position of its assets. By tailoring its approach, and retaining elements of BHPBill's common systems and processes, it would be designed to operate safely, reduce overheads and deliver improved performance. This would allow NewCo to increase earnings and cash flow even in the absence of higher commodity prices.
Over the medium term, the company would be well placed to take advantage of the expected improvement in its commodity markets as reflected in consensus estimates. Over time, it would have the flexibility to consider a broader set of options, including low-risk brownfield investment opportunities, as it develops a proven track record as a strong operator and disciplined manager of capital.
On formation NewCo is expected to have a strong balance sheet with minimal net debt (before finance leases). The company will target an investment grade credit rating and have the flexibility to consider a dividend policy that reflects its cash generating capacity. NewCo's head office is expected to be in Perth, Australia, with its African operations and global shared services centre managed from a regional head office in Johannesburg, South Africa.
It would be committed to responsible environmental management, the safe operation of its assets and to making a positive contribution to its host communities and nations. BHPBill's existing community commitments will be fulfilled, while NewCo would foster its own partnerships and establish its own community programs.
Approximately 24 000 employees and contractors are employed at NewCo's assets. Minimal changes are expected for operational employees as a result of the demerger. Employees who join NewCo would have similar employment conditions that honour existing contractual obligations and all collective agreements would remain in place.
Structure, approvals and timing
BHPBill has a strong track record having delivered a total shareholder return of 394 per cent 6 over the last decade, including dividends and share buybacks of US$64 billion 7. This proposal would create a platform from which the group can extend that record as it is expected to unlock shareholder value by supporting a further improvement in the performance of both BHPBill's core assets and those chosen for separation. BHPBill Ltd. and Plc shareholders would receive an in-specie distribution of shares in the new listed company on a pro-rata basis, as well as retaining their existing shares in the group. In addition, BHPBill will seek to steadily increase or at least maintain the dividend per share in US dollar terms at each half yearly payment following the demerger, implying a higher payout ratio.
It is intended that NewCo would be an Australian incorporated company listed on the Australian Securities Exchange and would have an inward secondary listing on the Johannesburg Stock Exchange. It is also proposed that a sponsored, Level 1 American Depositary Receipt (ADR) program would be established, with those ADRs traded in the United States over-the-counter market.
In selecting this structure, the board carefully considered a range of alternatives and believes this proposal will deliver more value for shareholders than other options taking into account: certainty of outcome; associated costs; the time to implement; risks associated with third party approvals; and the requirement to treat all shareholders equally under the group's dual-listed companies structure. In addition, this proposal provides shareholders with investment choice and an opportunity to benefit from the potential value created by two high-quality resources companies.
A final board decision will only be made once the necessary government, taxation, regulatory and other third party approvals are secured on satisfactory terms. Once the necessary approvals are in place, shareholders will have the opportunity to vote on the proposed demerger.
BHPBill will keep the market informed of relevant developments. Subject to final board approval to proceed, shareholder approval and the receipt of satisfactory third party approvals, the demerger is expected to be completed in the first half of the 2015 calendar year.
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BHPBill update on portfolio simplification
BHPBill has been simplifying its portfolio for over a decade and is pursuing options to make the Company simpler and more productive. As BHPBill announced on 1 April 2014, they are actively studying the next phase of simplification, including structural options. BHPBill believes that a portfolio focused on their major iron ore, copper, coal and petroleum assets would retain the benefits of diversification, generate stronger growth in cash flow and a superior return on investment.
By increasing their focus on these four pillars, with potash as a potential fifth, the company will be able to more quickly improve the productivity and performance of their largest businesses. Since then, the Board has continued to study various structural alternatives including at its meeting this week. A demerger of a selection of assets is their preferred option. The Board expects to consider this, and other matters, when it reconvenes next week. If any material decisions are made, they will be announced immediately.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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