BHP Billiton Ltd. (BHP) | Equity Method Investments

Selected Financial Data

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BHP Billiton Ltd.'s selected financial data

USD $ in millions

	Jun 30, 2011	Jun 30, 2010	Jun 30, 2009	Jun 30, 2008	Jun 30, 2007	Jun 30, 2006
Share of profits from jointly controlled entities
Investments in jointly controlled entities

ROA (equity method investments only)¹	%	%	%	%	%	%

Source: Based on data from BHP Billiton Ltd. Annual Reports

2011 Calculations

¹ ROA (equity method investments only) = 100 × Share of profits from jointly controlled entities ÷ Investments in jointly controlled entities
= 100 × ÷ = %

Item	Description	The company
Share of profits from jointly controlled entities	This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. Such amount typically reflects adjustments similar to those made in preparing consolidated statements, including adjustments to eliminate intercompany gains and losses, and to amortize, if appropriate, any difference between cost and underlying equity in net assets of the investee at the date of investment.
Investments in jointly controlled entities	This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment losses recognized.
ROA (equity method investments only)	A profitability ratio calculated as share of profits from jointly controlled entities divided by investments in jointly controlled entities.

Summarized Financial Information

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Summarized financial information for BHP Billiton Ltd.'s affiliates, subsidiaries, associates, and joint ventures

USD $ in millions

		Jun 30, 2011	Jun 30, 2010	Jun 30, 2009	Jun 30, 2008	Jun 30, 2007	Jun 30, 2006
	Current assets
	Non-current assets
	Total assets
	Current liabilities
	Non-current liabilities
	Total liabilities
	Net assets
	Total liabilities and equity
	Revenue
	Net operating costs
	Operating profit
	Net finance costs
	Income tax expense
	Profit after taxation

Source: Based on data from BHP Billiton Ltd. Annual Reports

Item	Description	The company
Net assets	This item represents the disclosure of summarized financial information for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. If investments in common stock of corporate joint ventures or other investments accounted for under the equity method are, in the aggregate, material in relation to the financial position or results of operations of an investor, it may be necessary to present summarized information as to assets, liabilities, and results of operations of the investee, or group of investments for which combined disclosure is appropriate, either by individual financial statement caption or in groups, as appropriate. Such summarized financial information may include total equity or capital (as applicable).	Net assets of BHP Billiton Ltd.'s affiliates, subsidiaries, associates, and joint ventures increased from 2009 to 2010 but then slightly declined from 2010 to 2011.
Profit after taxation	This item represents the disclosure of summarized financial information for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. If investments in common stock of corporate joint ventures or other investments accounted for under the equity method are, in the aggregate, material in relation to the financial position or results of operations of an investor, it may be necessary to present summarized information as to assets of the investee, or group of investments for which combined disclosure is appropriate, either by individual financial statement caption or in groups, as appropriate. Such summarized financial information may, at a minimum, include net income or loss.	Profit after taxation of BHP Billiton Ltd.'s affiliates, subsidiaries, associates, and joint ventures increased from 2009 to 2010 and from 2010 to 2011.

Adjustments to Financial Data: Proportionate Consolidation

Recognition of BHP Billiton Ltd.'s proportionate share of affiliates, subsidiaries, associates, and joint ventures assets and liabilities instead of net equity.

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BHP Billiton Ltd., adjustments to financial data

USD $ in millions

	Jun 30, 2011	Jun 30, 2010	Jun 30, 2009	Jun 30, 2008	Jun 30, 2007	Jun 30, 2006
Weighted average percentage interest in affiliates	%	%	%	%	%	%
Adjustment to Current Assets
Current assets (as reported)
Add: Current assets of affiliates (adjustment)
Current assets (adjusted)
Adjustment to Total Assets
Total assets (as reported)
Less: Investments in jointly controlled entities (adjustment)
Add: Total assets of affiliates (adjustment)
Total assets (adjusted)
Adjustment to Current Liabilities
Current liabilities (as reported)
Add: Current liabilities of affiliates (adjustment)
Current liabilities (adjusted)
Adjustment to Total Liabilities
Total liabilities (as reported)
Add: Total liabilities of affiliates (adjustment)
Total liabilities (adjusted)
Adjustment to Revenue
Revenue (as reported)
Add: Revenue of affiliates (adjustment)
Revenue (adjusted)

Adjusted Ratios: Proportionate Consolidation (Summary)

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BHP Billiton Ltd., adjusted ratios

	Jun 30, 2011	Jun 30, 2010	Jun 30, 2009	Jun 30, 2008	Jun 30, 2007	Jun 30, 2006
Current Ratio
Reported current ratio
Adjusted current ratio
Net Profit Margin
Reported net profit margin	%	%	%	%	%	%
Adjusted net profit margin	%	%	%	%	%	%
Total Asset Turnover
Reported total asset turnover
Adjusted total asset turnover
Financial Leverage
Reported financial leverage
Adjusted financial leverage
Return on Assets (ROA)
Reported ROA	%	%	%	%	%	%
Adjusted ROA	%	%	%	%	%	%

Ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	BHP Billiton Ltd.'s adjusted current ratio improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.
Adjusted net profit margin	An indicator of profitability, calculated as net income divided by adjusted revenue.	BHP Billiton Ltd.'s adjusted net profit margin improved from 2009 to 2010 and from 2010 to 2011.
Adjusted total asset turnover	An activity ratio calculated as adjusted total revenue divided by adjusted total assets.	BHP Billiton Ltd.'s adjusted total asset turnover deteriorated from 2009 to 2010 but then improved from 2010 to 2011 exceeding 2009 level.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	BHP Billiton Ltd.'s adjusted financial leverage declined from 2009 to 2010 and from 2010 to 2011.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	BHP Billiton Ltd.'s adjusted ROA improved from 2009 to 2010 and from 2010 to 2011.

Adjusted Current Ratio

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		Jun 30, 2011	Jun 30, 2010	Jun 30, 2009	Jun 30, 2008	Jun 30, 2007	Jun 30, 2006
	As Reported
	Current assets (USD $ in millions)
	Current liabilities (USD $ in millions)

	Current ratio¹
	Adjusted: from Equity Method to Proportionate Consolidation
	Adjusted current assets (USD $ in millions)
	Adjusted current liabilities (USD $ in millions)

	Adjusted current ratio²

2011 Calculations

¹ Current ratio = Current assets ÷ Current liabilities
= ÷ =

² Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= ÷ =

Ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	BHP Billiton Ltd.'s adjusted current ratio improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.

Adjusted Net Profit Margin

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	Jun 30, 2011	Jun 30, 2010	Jun 30, 2009	Jun 30, 2008	Jun 30, 2007	Jun 30, 2006
As Reported
Profit after taxation attributable to members of BHP Billiton Group (USD $ in millions)
Revenue (USD $ in millions)

Net profit margin¹	%	%	%	%	%	%
Adjusted: from Equity Method to Proportionate Consolidation
Profit after taxation attributable to members of BHP Billiton Group (USD $ in millions)
Adjusted revenue (USD $ in millions)

Adjusted net profit margin²	%	%	%	%	%	%

2011 Calculations

¹ Net profit margin = 100 × Profit after taxation attributable to members of BHP Billiton Group ÷ Revenue
= 100 × ÷ = %

² Adjusted net profit margin = 100 × Profit after taxation attributable to members of BHP Billiton Group ÷ Adjusted revenue
= 100 × ÷ = %

Ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as net income divided by adjusted revenue.	BHP Billiton Ltd.'s adjusted net profit margin improved from 2009 to 2010 and from 2010 to 2011.

Adjusted Total Asset Turnover

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		Jun 30, 2011	Jun 30, 2010	Jun 30, 2009	Jun 30, 2008	Jun 30, 2007	Jun 30, 2006
	As Reported
	Revenue (USD $ in millions)
	Total assets (USD $ in millions)

	Total asset turnover¹
	Adjusted: from Equity Method to Proportionate Consolidation
	Adjusted revenue (USD $ in millions)
	Adjusted total assets (USD $ in millions)

	Adjusted total asset turnover²

2011 Calculations

¹ Total asset turnover = Revenue ÷ Total assets
= ÷ =

² Adjusted total asset turnover = Adjusted revenue ÷ Adjusted total assets
= ÷ =

Ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as adjusted total revenue divided by adjusted total assets.	BHP Billiton Ltd.'s adjusted total asset turnover deteriorated from 2009 to 2010 but then improved from 2010 to 2011 exceeding 2009 level.

Adjusted Financial Leverage

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		Jun 30, 2011	Jun 30, 2010	Jun 30, 2009	Jun 30, 2008	Jun 30, 2007	Jun 30, 2006
	As Reported
	Total assets (USD $ in millions)
	Equity attributable to members of BHP Billiton Group (USD $ in millions)

	Financial leverage¹
	Adjusted: from Equity Method to Proportionate Consolidation
	Adjusted total assets (USD $ in millions)
	Equity attributable to members of BHP Billiton Group (USD $ in millions)

	Adjusted financial leverage²

2011 Calculations

¹ Financial leverage = Total assets ÷ Equity attributable to members of BHP Billiton Group
= ÷ =

² Adjusted financial leverage = Adjusted total assets ÷ Equity attributable to members of BHP Billiton Group
= ÷ =

Ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	BHP Billiton Ltd.'s adjusted financial leverage declined from 2009 to 2010 and from 2010 to 2011.

Adjusted Return On Assets (ROA)

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	Jun 30, 2011	Jun 30, 2010	Jun 30, 2009	Jun 30, 2008	Jun 30, 2007	Jun 30, 2006
As Reported
Profit after taxation attributable to members of BHP Billiton Group (USD $ in millions)
Total assets (USD $ in millions)

ROA¹	%	%	%	%	%	%
Adjusted: from Equity Method to Proportionate Consolidation
Profit after taxation attributable to members of BHP Billiton Group (USD $ in millions)
Adjusted total assets (USD $ in millions)

Adjusted ROA²	%	%	%	%	%	%

¹ ROA = 100 × Profit after taxation attributable to members of BHP Billiton Group ÷ Total assets
= 100 × ÷ = %

² Adjusted ROA = 100 × Profit after taxation attributable to members of BHP Billiton Group ÷ Adjusted total assets
= 100 × ÷ = %

Ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	BHP Billiton Ltd.'s adjusted ROA improved from 2009 to 2010 and from 2010 to 2011.

BHP Billiton Ltd. (BHP) | Analysis of Equity Method Investment

Selected Financial Data

Summarized Financial Information

Adjustments to Financial Data: Proportionate Consolidation

Adjusted Ratios: Proportionate Consolidation (Summary)

Adjusted Current Ratio

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return On Assets (ROA)

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