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BHPBill - annual report
BHPBill has filed a Form 2016 20-F/A in accordance with US financial reporting requirements under the US Securities Exchange Act of 1934 (as amended). The Form 2016 20-F/A restates BHPBill’s 2016 report on internal controls over financial reporting. Through the group's Sarbanes Oxley (SOX) Internal Control Evaluation Program, deficiencies were identified in the controls and processes that were used to determine the impairments of certain Onshore US assets.
The control issue that was identified was confined to the valuation of the Onshore US assets and does not require any change to the carrying values of the Company’s Onshore US assets at 31 December 2016 or any prior period. There is no need for a restatement of any of the Company’s consolidated financial statements or any changes to published reserves or taxes paid, however, a Form 20-F/A is required to update the statements from management and the auditor to reflect the identified issue with the internal controls.
The issue with the internal controls is isolated, and involves complex and technical accounting judgements relating to the specific structure of the relevant acquisitions. A remediation plan has been implemented. We expect to confirm the controls are operating effectively as part of 2017 financial year annual reporting process. BHPBill’s broader internal control environment was sound for the purposes of the financial statements issued in respect of the December 2016 interim results.
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BHPBill - operational review
BHPBill released their operational review for the year ended 30 June 2017.
Highlights include:
- Achieved full year production guidance for petroleum and iron ore, with annual production records at Western Australia Iron Ore (WAIO), Spence and two Queensland Coal mines.
- Lower copper production reflected the impact of industrial action at Escondida and the power outage and unplanned maintenance at Olympic Dam. Lower metallurgical coal volumes as a result of damage to third party rail infrastructure caused by Cyclone Debbie.
- BHPBill expects to achieve full year unit cost guidance at WAIO and Conventional petroleum, however industrial action and Cyclone Debbie have impacted unit costs at Escondida and Queensland Coal respectively.
- Group copper equivalent production expected to increase by 7% in the 2018 financial year.
- In Onshore US, development activity is increasing with up to 10 rigs operating in the 2018 financial year.
- Divestment of non-core Onshore US acreage is progressing, with the sale of a portion of the southern Hawkville anticipated in the September 2017 quarter.
- In Petroleum exploration, drilling of the Wildling-2 appraisal well in the Gulf of Mexico is continuing, with results expected in the September 2017 quarter.
- All major projects under development are tracking to plan.
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BHPBill - notice of divined and AGM dates
The proposed dates1 for the 2017 final dividend of BHP Billiton Ltd. and BHP Billiton Plc are as follows:
- Preliminary results announcement and dividend determination - 22 August 2017
- Currency conversion into Rand - 1 September 2017
- Last day to trade cum dividend on JSE Ltd. - 5 September 2017
- Ex-dividend date (Johannesburg stock exchanges) - 6 September 2017
- Ex-dividend date (Australian, London and New York2 stock exchanges) - 7 September 2017
- Record date (including currency conversion and currency election dates for Australian & London stock exchanges) - 8 September 2017
- Payment date - 26 September 2017
BHP Billiton Plc shareholders registered on the South African section of the register will not be able to dematerialise or rematerialise their shareholdings between the dates of 6 September and 8 September 2017 (inclusive), nor will transfers between the UK register and the South African register be permitted, between the dates of 1 September and 8 September 2017 (inclusive).
2017 Annual General Meetings (AGM)
The 2017 AGM of BHP Billiton Plc will be held in London on Thursday, 19 October 2017 at 12 noon (London time).
The 2017 AGM of BHP Billiton Ltd. will be held in Melbourne on Thursday, 16 November 2017 at 11.00am (Melbourne time).
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