Bhp Group Ltd · ASX:BHP

Bhp — H1 FY2005 Earnings Presentation

44 slides from Bhp's earnings presentation, Feb 16, 2005

1. Slide 1: Interim Results

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2. Slide 2: Slide 2

3. Slide 3: Interim Results

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4. Slide 4: Slide 4

5. Slide 5: Interim Results

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6. Slide 6: Turnover, EBITDA, EBIT and attributable profit

   Turnover EBITDA (11(2(8). EBIT (2) Attrib profit (1)(2) Exceptional items a Attrib profit (incl exceptionals) (") -

7. Slide 7: Earnings by business

   |G) LAC nber_ My) Pe ng Petroleum. Aluminium Base Metals Carbon Steel Materials . Diamonds & Spec P roducts i . i L al il il i 7 7 i co | Exploration & Technology Cg, eh oe aa, — EnergyCoal Stel Materials Mater P Bilito e. es jae Cees as ne oe | 0 i A NNN ANNAN NNANNNN NMA NNN yes ea i) ) IN) I son

8. Slide 8: Total volume variance - US$150 million

   Total volume variance - US$150 million

9. Slide 9: Total cost variance - US$(255) million

   Total cost variance - US$(255 ) million

10. Slide 10: Slide 10

11. Slide 11: EBIT to profit before tax

    <_CTETETETECETTTi i A IIA aii ol on a ‘ibuta ble EBIT.) Net interest expense Exchange impact on debt (* Discounting of provisions/Capitalised interest (35) Profit before tax les . — , 8 n cc. ae, i ae i) Gs Ee) as

12. Slide 12: Operating cash flow and JV dividends

    Operating cash flow and JV dividends _ Net interest paid Tax paid Available cash flow Capital expenditure Exploration expenditure

13. Slide 13: Interim Results

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14. Slide 14: Economic outlook headlines

    “Oil may yet stall US economy” (“Brn outlook for American economy” “Figures reveal China’s “Why real growth economy galloping ahead” ; eludes Europe” “As US economy starts to sneeze, how bad will the world’s cold be? “Jobless drag on German recovery” \. a “UK firms say outlook is bright for 2005”

15. Slide 15: Global growth and commodity demand

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16. Slide 16: Projects

    on projec

17. Slide 17: Ravensthorpe

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18. Slide 18: Hon na

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19. Slide 19: (0

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20. Slide 20: Slide 20

21. Slide 21: Net price impact

    ee tani MMIII i ) ec 0 ie s half ea ec 05 | ae Ace CoG | ae oo oo a u oe a or pili’ Net price impact | US$2,350 million : _ ae oe

22. Slide 22: Slide 22

23. Slide 23: Diamonds & Specialty Products, Energy Coal

    Diamonds Energy &Specially Coa du Carbon

24. Slide 24: Slide 24

25. Slide 25: Aluminium market and currency factors

    | Septem! AV ber _ SA Rand A$ ( nkruptcy | strengthen BEE Charter lea Recovering . global _econom

26. Slide 26: Slide 26

27. Slide 27: Cost savings since July 2001

    acts de {since July2001. 0 y WA Le iy a iF -uss30d million sav

28. Slide 28: pW orcs

    pW orcs 16.9% in | _ : ‘ f : ; = ae il trae @ Bea i - .

29. Slide 29: Projects under development

    Paranam refin 1 )-4 Alumina Q3 CY05 Increase capacity to 2.2 million tpa (100%) n budget. “Ahead of schedule | Capital (Australia) - 86% Alumina 165 Q1 CY06 250,000 tpa (100%) On time and budget WA Iron Ore Rapid Growth | Project 2 (Australia) - 85% Iron ore 489 H2 CY06 Increase system capacity to 4

30. Slide 30: Projects under development (continued)

    | Spence (Chile) - 100% Q4 CY06 200,000 tpa copper cathode On time and budget | Panda Underground | (Canada) - 80% Diamonds Early CY05 4.7 million carats over six years On time and budget Ravensthorpe (Australia) - | 100% Nickel Q2 CY07 Up to 50,000 tpa contained nickel in concentrate On time and bu

31. Slide 31: Projects under development (continued)

    Alumar refinery expansion (Brazil) - 36% H2 CY07 2 million tonnes per annum (100%) Escondida Course Particle Recovery (Chile) — 57.5% Copper Q3 CY07 50,000 tpa (100%) Western Australia iron ore long term expansion (Australia) - 85% fron Ore Mid CY08 >150 million tonnes per annum (100%) Samarco (Braz

32. Slide 32: Projects under development (continued)

    1.1 b Neptune (USA) - 35% Oil/Gas Q3 CY07 50,000 barrels per day (100%) North West Shelf 5" Train LNG (Australia) — 16.67% Q4 CY08 LNG processing capacity 4.2 mtpa (100%) North West Shelf Angel (Australia) Gas — 16.67% Q4 CY08 Production platform with gas exported via tie-back to 1s NWS trunkline. A

33. Slide 33: Completed projects

    Mozal 2 (Mozambique) - 47.1% Q4 CY03 Q2 CY03 Zamzama (Pakistan) — 38.5% Q3 CY03 Q2 CY03 Bream Gas Pipeline (Australia) - 50% Q2 CY03 Q4 CY02 | Escondida Phase IV (Chile) - 57.5% Q3 CY02 Q3 CY02 | San Juan underground (USA) — 100% Q3 CY02 Q3 CY02 { Tintaya Oxide (Peru) - 99.9% Q2 CY02 Q2 CY02 | Typho

34. Slide 34: Completed projects (continued)

    NWS Train 4 (Australia) - 16.7% Mid CY04 Mid CY04 Products & Capacity Expansion (Australia) — 85% Q2 CY04 Q1 CY04 Area C (Australia) — 85% 171 Q4 CY03 Q3 CY03 Mt Arthur North (Australia) — 100% 380") Q4 CY03 Q4 CY03 Hillside 3 (South Africa) - 100% 411 Q2 CY04 Q4 CY03 Ohanet (Algeria) ~ 45% 46400 Q4

35. Slide 35: Completed projects (continued)

    ROD (Algeria) - 36% Budd il Q4 CY04 Q4 CY04 GoM Pipelines Infrastructure (US) - 22/25% C4 CY04 Q4 CY04 Mad Dog (US) - 23.9% End CY04 Jan 05 Minerva (Australia) — 90% Q4 CY04 Jan 05 Angostura (Trinidad) — 45% End CY04 Jan 05 WA Iron Ore Rapid Growth Project (Australia) - 85% Q4 CY04 Q4 CY04

36. Slide 36: Target gearing range

    Target gearing range wil

37. Slide 37: Slide 37

38. Slide 38: Net debt movement and provisions

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39. Slide 39: Commodity price sensitivities

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40. Slide 40: Currency sensitivities

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41. Slide 41: Statutory results summary

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42. Slide 42: Turnover and EBIT by half year

    FY2005 FY2004 FY2003 FY2001 Hi Hi H2 H1 H2 FY 4,258 2,183 3,305 1,659 1,822 3,605 954 945 1,073 876 4,006 5,212 3,128 4,378 2,535 2,828 US$ million Ht FY2005 FY2004 5,409 Turnover 15,521 24,943 EBIT 4,258 5,488 EBIT margin (%) 27.4 22.0 Turnover from third party product activities 4,067 6,660 EBIT f

43. Slide 43: Turnover and EBIT by business

    Petroleum Aluminium Turnover 3,171 2,615 EBIT 909 458 1,041 1,007 317 308 340 EBIT margin (%) 28.7 17.5 44.2 31.2 279 18.8 33.6 Turnover from third party product activities 4,224 4,108 375 95 §23 344 2 EBIT from third party product activities {3} Turnover excluding third party product activities 4,9

44. Slide 44: Slide 44

BHP Group — H1 FY2005 Earnings Presentation on 6ix