The following table summarises the financial information relating to each of the Group’s significant equity accounted investments. BHP Billiton Brasil’s 50 per cent portion of Samarco’s commitments, for which BHP Billiton Brasil has no funding obligation, is US$550 million (2017: US$750 million).

Associates

Joint ventures

2018

US$M

Antamina

Cerrejón

Individually
immaterial ⁽¹⁾

Samarco ⁽²⁾

Individually
immaterial

Total

Current assets

1,099

1,187

⁽³⁾

Non-current assets

4,385

2,485

6,023

Current liabilities

(532

)

(585

)

(5,811

)⁽⁴⁾

Non-current liabilities

(1,064

)

(663

)

(4,265

)⁽⁵⁾

Net assets/(liabilities) – 100%

3,888

2,424

(3,974

)

Net assets/(liabilities) – Group share

1,312

808

(1,987

)

Adjustments to net assets related to accounting policy adjustments

357

⁽⁶⁾

Impairment of the carrying value of the investment in Samarco

–

(525

)⁽⁷⁾

Additional share of Samarco losses

–

2,092

⁽⁸⁾

Unrecognised losses

–

⁽⁹⁾

Carrying amount of investments accounted for using the equity method

1,313

883

277

–

2,473

Revenue – 100%

4,262

2,453

Profit/(loss) from Continuing operations – 100%

1,613

576

(1,558

)⁽¹⁰⁾

Share of operating profit/(loss) of equity accounted investments

544

192

(823

)

Additional share of Samarco losses

–

251

Unrecognised losses

–

⁽⁹⁾

Profit/(loss) from equity accounted investments, related impairments and expenses

544

192

(80

)

(509

)

–

147

Comprehensive income – 100%

1,613

576

(1,558

)

Share of comprehensive income/(loss) – Group share in equity accounted investments

544

192

(80

)

(509

)

–

147

Dividends received from equity accounted investments

496

181

–

693


	Associates									Joint ventures
2017 US$M	Antamina			Cerrejón			Individually immaterial ⁽¹⁾			Samarco ⁽²⁾			Individually immaterial		Total
Current assets		995			782						174	⁽³⁾
Non-current assets		4,273			2,540						6,128
Current liabilities		(530	)		(364	)					(5,236	)⁽⁴⁾
Non-current liabilities		(993	)		(621	)					(3,482	)⁽⁵⁾

Net assets/(liabilities) – 100%		3,745			2,337						(2,416	)

Net assets/(liabilities) – Group share		1,264			779						(1,208	)
Adjustments to net assets related to accounting policy adjustments		1			80						401	⁽⁶⁾
Impairment of the carrying value of the investment in Samarco		–			–						(525	)⁽⁷⁾
Additional share of Samarco losses		–			–						1,332

Carrying amount of investments accounted for using the equity method		1,265			859			324			–			–		2,448

Revenue – 100%		3,317			2,247						28
Profit/(loss) from Continuing operations – 100%		1,010			388						(1,520	)⁽¹⁰⁾

Share of operating profit/(loss) of equity accounted investments		341			129						(760	)
Additional share of Samarco losses		–			–						588

Profit/(loss) from equity accounted investments, related impairments and expenses		341			129			(26	)		(172	)		–		272

Comprehensive income – 100%		1,010			388						(1,520	)

Share of comprehensive income/(loss) – Group share in equity accounted investments		341			129			(26	)		(172	)		–		272

Dividends received from equity accounted investments		425			163			32			–			–		620


	Associates								Joint ventures
2016 US$M	Antamina		Cerrejón			Individually immaterial			Samarco ⁽²⁾			Individually immaterial		Total
Revenue – 100%		2,639		1,575						937
Profit/(loss) from Continuing operations – 100%		606		(73	)					(2,182	)

Share of operating profit/(loss) of equity accounted investments		203		(24	)		(39	)		(1,091	) ⁽¹¹⁾		–		(951	)
Samarco dam failure provision expense		–		–			–			(628	) ⁽⁷⁾		–		(628	)
Impairment of the carrying value of the investment in Samarco		–		–			–			(525	) ⁽⁷⁾		–		(525	)

Profit/(loss) from equity accounted investments, related impairments and expenses		203		(24	)		(39	)		(2,244	)		–		(2,104	)

Comprehensive income – 100%		606		(73	)					(2,182	)

Share of comprehensive income/(loss) – Group share in equity accounted investments		203		(24	)		(39	)		(2,244	)		–		(2,104	)

Dividends received from equity accounted investments		233		29			31			–			–		293

⁽¹⁾	The unrecognised share of losses for the period was US$56 million (2017: unrecognised share of profits for the period was US$21 million), which increased the cumulative losses to US$196 million (2017: decrease to US$140 million).

⁽²⁾	Refer to note 3 ‘Significant events – Samarco dam failure’ for further information regarding the financial impact of the Samarco dam failure in November 2015 on BHP Billiton Brasil’s share of Samarco’s losses.

⁽³⁾	Includes cash and cash equivalents of US$23 million (2017: US$29 million).

⁽⁴⁾	Includes current financial liabilities (excluding trade and other payables and provisions) of US$5,066 million (2017: US$4,581 million).

⁽⁵⁾	Includes non-current financial liabilities (excluding trade and other payables and provisions) of US$nil (2017: US$1 million).

⁽⁶⁾	Relates mainly to dividends declared by Samarco that remain unpaid at balance date and which, in accordance with the Group’s accounting policy, are recognised when received not receivable.

⁽⁷⁾

BHP Billiton Brasil has adjusted its investment in Samarco to US$ nil (resulting from US$(655) million share of loss from Samarco and US$(525) million impairment) and recognised a provision of US$(1,200) million for obligations under the Framework Agreement. US$(572) million of the US$(1,200) million provision represents an additional share of loss from Samarco with the remaining US$(628) million recognised as provision expense.

⁽⁸⁾

BHP Billiton Brasil has recognised accumulated additional share of Samarco losses of US($2,092) million resulting from US$(214) million share of loss from funding provided to Samarco and US$(1,878) million relating to obligations under the Framework Agreement, including US$(211) million recognised as net finance costs.

⁽⁹⁾	Share of Samarco’s losses for which BHP Billiton Brasil does not have an obligation to fund.

⁽¹⁰⁾

Includes depreciation and amortisation of US$73 million (2017: US$88 million; 2016: US$148 million), interest income of US$31 million (2017: US$57 million; 2016: US$43 million), interest expense of US$385 million (2017: US$473 million; 2016: US$209 million) and income tax (expense)/benefit of US$(154) million (2017: US$(851) million; 2016: US$564 million).

⁽¹¹⁾	US$(1,091) million represents US$(1,227) million share of loss relating to the Samarco dam failure (exceptional item) and US$136 million share of operating profit prior to the dam failure.