Earnings per share

12 Months Ended

Jun. 30, 2022

7 Earnings per share


	2022		2021		2020
			Restated		Restated
Earnings attributable to BHP shareholders (US$M)
- Continuing operations		20,245		11,529		7,848
- Total		30,900		11,304		7,956
Weighted average number of shares (Million)
- Basic		5,061		5,057		5,057
- Diluted		5,071		5,068		5,069
Basic earnings per ordinary share (US cents)
- Continuing operations		400.0		228.0		155.2
- Total		610.6		223.5		157.3
Diluted earnings per ordinary share (US cents)
- Continuing operations		399.2		227.5		154.8
- Total		609.3		223.0		157.0
Headline earnings per ordinary share (US cents)
- Basic		439.0		284.8		171.1
- Diluted		438.1		284.2		170.7

Refer to note 27 ‘Discontinued operations’ for basic earnings per share and diluted earnings per share for Discontinued operations.

Earnings on American Depositary Shares represent twice the

earnings

for BHP Group Limited ordinary shares.

Headline earnings is a Johannesburg Stock Exchange defined performance measure and is reconciled from earnings attributable to ordinary shareholders as follows:


	2022			2021			2020
	US$M			US$M			US$M
Earnings attributable to BHP shareholders		30,900			11,304			7,956
Adjusted for:
(Gain)/loss on sales of PP&E, Investments and Operations 1		(95	)		(50	)		4
Impairments of property, plant and equipment, financial assets and intangibles		515			2,633			494
Samarco impairment expense		–			111			95
Cerrejón impairment expense		–			466			–
Gain on disposal of BHP Mitsui Coal		(840	)		–			–
Gain on merger of Petroleum		(8,167	)		–			–
Other 2		–			–			48
Tax effect of above adjustments		(97	)		(60	)		54

Subtotal of adjustments		(8,684	)		3,100			695

Headline earnings		22,216			14,404			8,651

Diluted headline earnings		22,216			14,404			8,651

1	Included in other income.

2	Mainly represent BHP share of impairment embedded in the statutory income statement of the Group’s equity accounted investments.

Recognition and measurement

Diluted earnings attributable to BHP shareholders are equal to the earnings attributable to BHP shareholders.

Prior to Group’s corporate structure unification, the calculation of the number of ordinary shares used in the computation of basic earnings per share was the aggregate of the weighted average number of ordinary shares of BHP Group Limited and BHP Group Plc outstanding during the period after deduction of the number of shares held by the Billiton Employee Share Ownership Trust and the BHP Billiton Limited Employee Equity Trust. Effective from 31 January 2022, the aggregate of the weighted average number of ordinary shares of only BHP Group Limited is considered in the computation of basic earnings per share. Refer to note 16 ‘Share capital’ for details on unification.

For the purposes of calculating diluted earnings per share, the effect of 10

million dilutive shares has been taken into account for the year ended 30 June 2022 (2021: 11 million shares; 2020: 12 million shares). The Group’s only potential dilutive ordinary shares are share awards granted under the employee share ownership plans for which terms and conditions are described in note 25 ‘Employee share ownership plans’. Diluted earnings per share calculation excludes instruments which are considered antidilutive.

At 30 June 2022, there are no instruments which are considered antidilutive (2021: nil; 2020: nil).