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Segment reporting | 12 Months Ended
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Jun. 30, 2020
Text block [abstract] |
Segment reporting | 1 Segment reporting Reportable segments The Group operated four reportable segments during FY2020, which are aligned with the commodities that are extracted and marketed and reflect the structure used by the Group’s management to assess the performance of the Group.
Reportable segment |  | Principal activities
Petroleum |  | Exploration, development and production of oil and gas
Copper |  | Mining of copper, silver, zinc, molybdenum, uranium and gold
Iron Ore |  | Mining of iron ore
Coal |  | Mining of metallurgical coal and energy coal
Unless otherwise noted, the segment reporting information for the years ended 30 June 2019 and 30 June 2018 excludes Discontinued operations, being the Petroleum Onshore US operations comprising the Eagle Ford, Haynesville, Permian and Fayetteville oil and gas assets. Group and unallocated items includes functions, other unallocated operations including Potash, Nickel West and legacy assets (previously disclosed as closed mines in the Petroleum reportable segment), and consolidation adjustments. Comparative information for the years ended 30 June 2019 and 30 June 2018 have been restated to reflect the inclusion of legacy assets in Group and unallocated items. Revenue not attributable to reportable segments comprises the sale of freight and fuel to third parties, as well as revenues from unallocated operations. Exploration and technology activities are recognised within relevant segments.
Year ended 30 June 2020 US$M |  | Petroleum |  |  | Copper |  |  | Iron Ore |  |  | Coal |  |  | Group and unallocated items/ eliminations |  |  | Group total |
Revenue |  |  | 4,008 |  |  |  | 10,666 |  |  |  | 20,797 |  |  |  | 6,241 |  |  |  | 1,219 |  |  |  | 42,931 |
Inter-segment revenue |  |  | 62 |  |  |  | – |  |  |  | – |  |  |  | 1 |  |  |  | (63 | ) |  |  | – |
Total revenue |  |  | 4,070 |  |  |  | 10,666 |  |  |  | 20,797 |  |  |  | 6,242 |  |  |  | 1,156 |  |  |  | 42,931 |
Underlying EBITDA |  |  | 2,207 |  |  |  | 4,347 |  |  |  | 14,554 |  |  |  | 1,632 |  |  |  | (669 | ) |  |  | 22,071 |
Depreciation and amortisation |  |  | (1,445 | ) |  |  | (1,740 | ) |  |  | (1,608 | ) |  |  | (807 | ) |  |  | (512 | ) |  |  | (6,112 | )
Impairment losses (1) |  |  | (12 | ) |  |  | (17 | ) |  |  | (22 | ) |  |  | (14 | ) |  |  | (20 | ) |  |  | (85 | )
Underlying EBIT |  |  | 750 |  |  |  | 2,590 |  |  |  | 12,924 |  |  |  | 811 |  |  |  | (1,201 | ) |  |  | 15,874 |
Exceptional items (2) |  |  | (6 | ) |  |  | (1,228 | ) |  |  | (614 | ) |  |  | (18 | ) |  |  | 413 |  |  |  | (1,453 | )
Net finance costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (911 | )
Profit before taxation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,510 |
Capital expenditure (cash basis) |  |  | 909 |  |  |  | 2,434 |  |  |  | 2,328 |  |  |  | 603 |  |  |  | 626 |  |  |  | 6,900 |
(Loss)/profit from equity accounted investments, related impairments and expenses |  |  | (4 | ) |  |  | 67 |  |  |  | (508 | ) |  |  | (68 | ) |  |  | 1 |  |  |  | (512 | )
Investments accounted for using the equity method |  |  | 245 |  |  |  | 1,558 |  |  |  | – |  |  |  | 776 |  |  |  | 6 |  |  |  | 2,585 |
Total assets |  |  | 13,071 |  |  |  | 27,942 |  |  |  | 23,841 |  |  |  | 12,110 |  |  |  | 27,819 |  |  |  | 104,783 |
Total liabilities |  |  | 4,824 |  |  |  | 3,535 |  |  |  | 5,441 |  |  |  | 2,601 |  |  |  | 36,136 |  |  |  | 52,537 |
Year ended 30 June 2019 US$M Restated |  | Petroleum |  |  | Copper |  |  | Iron Ore |  |  | Coal |  |  | Group and unallocated items/ eliminations |  |  | Group total |
Revenue |  |  | 5,853 |  |  |  | 10,838 |  |  |  | 17,251 |  |  |  | 9,121 |  |  |  | 1,225 |  |  |  | 44,288 |
Inter-segment revenue |  |  | 77 |  |  |  | – |  |  |  | 4 |  |  |  | – |  |  |  | (81 | ) |  |  | – |
Total revenue |  |  | 5,930 |  |  |  | 10,838 |  |  |  | 17,255 |  |  |  | 9,121 |  |  |  | 1,144 |  |  |  | 44,288 |
Underlying EBITDA |  |  | 4,061 |  |  |  | 4,550 |  |  |  | 11,129 |  |  |  | 4,067 |  |  |  | (649 | ) |  |  | 23,158 |
Depreciation and amortisation |  |  | (1,560 | ) |  |  | (1,835 | ) |  |  | (1,653 | ) |  |  | (632 | ) |  |  | (149 | ) |  |  | (5,829 | )
Impairment losses (1) |  |  | (21 | ) |  |  | (128 | ) |  |  | (79 | ) |  |  | (35 | ) |  |  | (1 | ) |  |  | (264 | )
Underlying EBIT |  |  | 2,480 |  |  |  | 2,587 |  |  |  | 9,397 |  |  |  | 3,400 |  |  |  | (799 | ) |  |  | 17,065 |
Exceptional items (2) |  |  | – |  |  |  | – |  |  |  | (971 | ) |  |  | – |  |  |  | 19 |  |  |  | (952 | )
Net finance costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,064 | )
Profit before taxation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15,049 |
Capital expenditure (cash basis) |  |  | 645 |  |  |  | 2,735 |  |  |  | 1,611 |  |  |  | 655 |  |  |  | 604 |  |  |  | 6,250 |
(Loss)/profit from equity accounted investments, related impairments and expenses |  |  | (2 | ) |  |  | 303 |  |  |  | (945 | ) |  |  | 103 |  |  |  | (5 | ) |  |  | (546 | )
Investments accounted for using the equity method |  |  | 239 |  |  |  | 1,472 |  |  |  | – |  |  |  | 853 |  |  |  | 5 |  |  |  | 2,569 |
Total assets |  |  | 12,434 |  |  |  | 27,428 |  |  |  | 22,592 |  |  |  | 12,124 |  |  |  | 26,283 |  |  |  | 100,861 |
Total liabilities |  |  | 4,102 |  |  |  | 3,340 |  |  |  | 5,106 |  |  |  | 2,450 |  |  |  | 34,039 |  |  |  | 49,037 |
Year ended 30 June 2018 US$M Restated |  | Petroleum |  |  | Copper |  |  | Iron Ore |  |  | Coal |  |  | Group and unallocated items/ eliminations (3) |  |  | Group total |
Revenue |  |  | 5,333 |  |  |  | 12,781 |  |  |  | 14,797 |  |  |  | 8,889 |  |  |  | 1,329 |  |  |  | 43,129 |
Inter-segment revenue |  |  | 75 |  |  |  | – |  |  |  | 13 |  |  |  | – |  |  |  | (88 | ) |  |  | – |
Total revenue |  |  | 5,408 |  |  |  | 12,781 |  |  |  | 14,810 |  |  |  | 8,889 |  |  |  | 1,241 |  |  |  | 43,129 |
Underlying EBITDA |  |  | 3,393 |  |  |  | 6,522 |  |  |  | 8,930 |  |  |  | 4,397 |  |  |  | (59 | ) |  |  | 23,183 |
Depreciation and amortisation |  |  | (1,719 | ) |  |  | (1,920 | ) |  |  | (1,721 | ) |  |  | (686 | ) |  |  | (242 | ) |  |  | (6,288 | )
Impairment losses (1) |  |  | (76 | ) |  |  | (213 | ) |  |  | (14 | ) |  |  | (29 | ) |  |  | (1 | ) |  |  | (333 | )
Underlying EBIT |  |  | 1,598 |  |  |  | 4,389 |  |  |  | 7,195 |  |  |  | 3,682 |  |  |  | (302 | ) |  |  | 16,562 |
Exceptional items (2) |  |  | – |  |  |  | – |  |  |  | (539 | ) |  |  | – |  |  |  | (27 | ) |  |  | (566 | )
Net finance costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,245 | )
Profit before taxation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,751 |
Capital expenditure (cash basis) |  |  | 656 |  |  |  | 2,428 |  |  |  | 1,074 |  |  |  | 409 |  |  |  | 412 |  |  |  | 4,979 |
(Loss)/profit from equity accounted investments, related impairments and expenses |  |  | (4 | ) |  |  | 467 |  |  |  | (509 | ) |  |  | 192 |  |  |  | 1 |  |  |  | 147 |
Investments accounted for using the equity method |  |  | 249 |  |  |  | 1,335 |  |  |  | – |  |  |  | 883 |  |  |  | 6 |  |  |  | 2,473 |
Total assets |  |  | 12,896 |  |  |  | 26,824 |  |  |  | 22,208 |  |  |  | 12,257 |  |  |  | 37,808 |  |  |  | 111,993 |
Total liabilities |  |  | 3,977 |  |  |  | 3,145 |  |  |  | 3,888 |  |  |  | 2,404 |  |  |  | 37,909 |  |  |  | 51,323 |
(1) | Impairment losses exclude exceptional items of US$409 million (FY2019: US$ nil; FY2018: US$ nil).
(2) | Exceptional items reported in Group and unallocated include Samarco dam failure costs of US$(32) million (FY2019: US$(31) million; FY2018: US$(27) million) and Samarco related other income of US$489 million (FY2019: US$50 million; FY2018: US$ nil). Refer to note 3 ‘Exceptional items’ for further information.
(3) | Total assets and total liabilities include balances for the year ended 30 June 2018 relating to Onshore US assets.
Geographical information
|  | Revenue by location of customer |
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | US$M |  |  | US$M |  |  | US$M |
Australia |  |  | 2,232 |  |  |  | 2,568 |  |  |  | 2,304 |
Europe |  |  | 1,156 |  |  |  | 1,875 |  |  |  | 1,886 |
China |  |  | 26,576 |  |  |  | 24,274 |  |  |  | 22,660 |
Japan |  |  | 3,904 |  |  |  | 4,193 |  |  |  | 4,628 |
India |  |  | 1,475 |  |  |  | 2,479 |  |  |  | 2,439 |
South Korea |  |  | 2,666 |  |  |  | 2,550 |  |  |  | 2,588 |
Rest of Asia |  |  | 2,583 |  |  |  | 2,940 |  |  |  | 2,620 |
North America |  |  | 1,827 |  |  |  | 2,442 |  |  |  | 2,715 |
South America |  |  | 315 |  |  |  | 662 |  |  |  | 1,054 |
Rest of world |  |  | 197 |  |  |  | 305 |  |  |  | 235 |
|  |  | 42,931 |  |  |  | 44,288 |  |  |  | 43,129 |
|  | Non-current assets by location of assets |
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | US$M |  |  | US$M |  |  | US$M |
Australia |  |  | 47,286 |  |  |  | 45,013 |  |  |  | 45,157 |
North America |  |  | 9,682 |  |  |  | 8,633 |  |  |  | 8,246 |
South Americ a |  |  | 18,179 |  |  |  | 18,404 |  |  |  | 18,267 |
Rest of world |  |  | 1,955 |  |  |  | 371 |  |  |  | 154 |
Unallocated assets (1) |  |  | 6,210 |  |  |  | 5,067 |  |  |  | 5,039 |
|  |  | 83,312 |  |  |  | 77,488 |  |  |  | 76,863 |
(1) | Unallocated assets comprise deferred tax assets and other financial assets.
Underlying EBITDA Underlying EBITDA is earnings before net finance costs, depreciation, amortisation and impairments, taxation expense, Discontinued operations and any exceptional items. Underlying EBITDA includes BHP’s share of profit/(loss) from investments accounted for using the equity method including net finance costs, depreciation, amortisation and impairments and taxation expense. Exceptional items are excluded from Underlying EBITDA in order to enhance the comparability of such measures from period-to-period and provide investors with further clarity in order to assess the underlying performance of the Group’s operations. Management monitors exceptional items separately. Refer to note 3 ‘Exceptional items’ for additional detail. Segment assets and liabilities Total segment assets and liabilities of reportable segments represents operating assets and operating liabilities, including the carrying amount of equity accounted investments and predominantly excludes cash balances, loans to associates, interest bearing liabilities and deferred tax balances. The carrying value of investments accounted for using the equity method represents the balance of the Group’s investment in equity accounted investments, with no adjustment for any cash balances, interest bearing liabilities or deferred tax balances of the equity accounted investment.

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