37 Deed of Cross Guarantee

BHP Billiton Limited together with wholly owned subsidiaries identified in Exhibit 8.1 – List of Subsidiaries entered into a Deed of Cross Guarantee (Deed) on 6 June 2016. The effect of the Deed is that BHP Billiton Limited has guaranteed to pay any outstanding liabilities upon the winding up of any wholly owned subsidiary that is party to the Deed. Wholly owned subsidiaries that are party to the Deed have also given a similar guarantee in the event that BHP Billiton Limited or another party to the Deed is wound up.

The wholly owned Australian subsidiaries identified in Exhibit 8.1 – List of Subsidiaries are relieved from the requirements to prepare and lodge audited financial reports.

A Consolidated Statement of Comprehensive Income and Retained Earnings and Consolidated Balance Sheet, comprising BHP Billiton Limited and the wholly owned subsidiaries that are party to the Deed for the year ended 30 June 2018 and 30 June 2017 are as follows:


Consolidated Statement of Comprehensive Income and Retained Earnings	2018			2017
	US$M			US$M
Revenue		20,434			19,394
Other income		3,188			4,988
Expenses excluding net finance costs		(12,693	)		(12,085	)
Net finance costs		(470	)		(591	)
Income tax expense		(2,218	)		(2,351	)

Profit after taxation		8,241			9,355
Total other comprehensive income		12			18

Total comprehensive income		8,253			9,373

Retained earnings at the beginning of the financial year		45,979			40,462
Net effect on retained earnings of entities added to/removed from the Deed		48			(1,699	)
Profit after taxation for the year		8,241			9,355
Transfers to and from reserves		(15	)		33
Dividends		(5,811	)		(2,172	)

Retained earnings at the end of the financial year		48,442			45,979


Consolidated Balance Sheet	2018			2017
	US$M			US$M
ASSETS
Current assets
Cash and cash equivalents		2			1
Trade and other receivables		3,977			3,541
Loans to related parties		16,730			14,081
Inventories		1,649			1,536
Other		90			72

Total current assets		22,448			19,231

Non-current assets
Trade and other receivables		73			76
Loans to related parties		151			335
Inventories		323			278
Property, plant and equipment		31,009			30,579
Intangible assets		444			550
Investments in Group companies		27,354			27,816
Deferred tax assets		329			402
Other		68			59

Total non-current assets		59,751			60,095

Total assets		82,199			79,326

LIABILITIES
Current liabilities
Trade and other payables		3,425			2,762
Loans from related parties		15,719			15,978
Interest bearing liabilities		115			202
Current tax payable		1,053			1,318
Provisions		952			683
Deferred income		6			8

Total current liabilities		21,270			20,951

Non-current liabilities
Trade and other payables		3			3
Loans from related parties		7,870			7,660
Interest bearing liabilities		191			251
Deferred tax liabilities		573			613
Provisions		2,475			2,479
Deferred income		18			21

Total non-current liabilities		11,130			11,027

Total liabilities		32,400			31,978

Net assets		49,799			47,348

EQUITY
Share capital – BHP Billiton Limited		1,186			1,186
Treasury shares		(5	)		(1	)
Reserves		176			184
Retained earnings		48,442			45,979

Total equity		49,799			47,348