ADR Review: BHP Group ADR (BHP:USD51.07) increases 1.1% - at bullish turning point


Dateline: Friday July 10, 2020
BHP Group Limited (N:BHP), the International Depository Receipt (IDR) market's largest Mining company by market cap, has reached a bullish turning point. The P/MAP [Price/Moving Average Price] was previously below 1 and falling. These were bearish indicators. Both indicators are now bullish with P/MAP greater than 1 and MAP rising. The price to 200-day MAP ratio is 1.09, a bullish indicator. In the past 200 days this ratio has exceeded 1.09 six times suggesting further upside. The ADR is trading above both its MAPs at USD46.90 for the 200-day MAP and USD46.80 for the 50-day MAP, a bullish indicator. The 200-day MAP has increased to USD46.90. An increase is another bullish indicator. BHP Group's ADR price has increased 57.0c (1.1%) from its previous trading session to close at USD51.07. Compared with the Bank of New York Mellon Composite ADR Index which rose 0.8 points (0.6%) in the day, the relative price increase was 0.5%. There were 1,620,700 ADRs worth USD82.8 million traded today.

Bearish Turning Point

Williams % R
The ADR is overbought according to the Williams % R indicator of -9.1, suggesting the price is close to its 14-day high. The Williams % R was previously -24.1.

ADR Summary (traded in USD)
Home ExchangeAustralia% of shares outstanding4.6%
CodeBHPRatio1 ADR equals 2 ordinary shares
ISINUS0886061086TypeSponsored
CUSIP088606108Jul 10 closeUSD51.07
*No. Held by Institutions67,561,933Ave Daily Volume2,530,718 ADRs
Number of shares equivalent135,123,86652-Week Range29.78 - 57.06

*Total ADRs Held by Institutions 67,561,933; equivalent to 135,123,866 BHP Group shares on issue. This represents 4.6% of total shares on issue.

Stock Summary (traded in AUD)
Currency1 AUD = 0.69 USD Dividend Yield5.9%
Jul 10 closeAUD36.19SectorMaterials
Ave Daily Volume7,322,422 sharesShares Outstanding5,070,000,000
52-Week Range24.05 - 40.27Market CapAUD183.5 billion [USD127.2 billion]
P/E15.7EPS Growth (FY2019 vs FY2018)130.3%


Financials Summary: EPS up 130.3% to USD1.60 in FY2019
+ Net profit was up 124.2% from USD3.7 billion in FY2018 to USD8.3 billion in FY2019.
+ Earnings Per Share (EPS) was up 130.3% from 69.60c in FY2018 to USD1.60 in FY2019.
Year ended JunFY2019FY2018FY2017
Sales (USD B)44.343.136.1
Pretax (USD B)1514.811.1
Net (USD B)8.33.75.9
EPS (USD)1.6030.6961.107


LINKS TO FURTHER INFORMATION ON BHP:

EXCEL TABLES ARE AVAILABLE TO EXPORT AS FOLLOWS:

+ LATEST FINANCIALS:
http://www.buysellsignals.net/BuySellSignals/report/Australia/Stock/PDF/quarterly/xls/BHP_Financials.xls
+ CATEGORISED AND COMPLETE LIST OF 327 INSTITUTIONAL SHAREHOLDERS
http://www.buysellsignals.net/BuySellSignals/report/Adr/Stock/PDF/quarterly/xls/BHP_Institutional_Shareholder_Activity.xls
+ NEWS ARCHIVES PAST 4 YEARS IN HTML
http://www.buysellsignals.net/BuySellSignals/report/Australia/Stock/Daily/Html/BHP_Corporate_Wire.html

INDEX

SECTION 1 News In The Past Quarter

SECTION 2 Corporate Profile and Independent Ratings

SECTION 3 Today's Bullish Signals

SECTION 4 Ongoing Bullish Parameters

SECTION 5 Today's Bearish Signals

SECTION 6 Ongoing Bearish Parameters

SECTION 7 BHP Group Board of Directors

SECTION 8 Dividend

SECTION 9 Financials H1/2019, FY 2019, Past 10 Years

SECTION 10 Peer Group Analysis & Ranking

SECTION 11 Q1/2020 INSTITUTIONAL SHAREHOLDER ACTIVITY

SECTION 12 News Archives (Jul 2018 - Feb 2020)

SECTION 13 Snapshot of 16 Australian ADRs

Glossary

SECTION 1 News In The Past Quarter

1.1 Institutional News [Update News: July 10, 2020]

1.1.1 Top 4 Institutions increasing their holdings in BHP Group ADRs [Q2/2020]
Institution Name (CIK)Rank on Mar 31, 2020Mar 31, 2020Jun 30, 2020Increase %*Today's Market Value USD
Envestnet Asset Management (0001407543)7387,78495,6038.94.8 million
Anderson Hoagland & Co (0000791191)11626,21526,4400.861.3 million
Carroll Financial Associates (0001567784)2124,5565,12712.5258,914
Bogart Wealth (0001715740)31210015050.07,575

*Today's Market Value in USD of holdings as at June 30, 2020.

1.1.2 Top Institution decreasing their holdings in BHP Group ADRs [Q2/2020]
Institution Name (CIK)Rank on Mar 31, 2020Mar 31, 2020Jun 30, 2020Decrease %*Today's Market Value USD
Ellevest (0001644128)2694791397.3656

*Today's Market Value in USD of holdings as at June 30, 2020.

1.2 People's News
Wed Jun 17, 2020
BHP will appoint David Lamont as CFO. The appointment takes effect from Dec 01, 2020.

Thu May 07, 2020
BHP Group will appoint Dion Weisler as Independent Non-Executive Director. The appointment takes effect from Jun 01, 2020.

Thu May 07, 2020
BHP Group will appoint Xiaqun Clever as Independent Non-Executive Director. The appointment takes effect from Oct 01, 2020.

1.3 ADR Buzz
News DateHeadlinePublisher
Jul 07, 2020BHP Group (NYSE:BHP) Downgraded to Neutral at Credit Suisse Grouptheenterpriseleader.com
Jun 22, 2020CIBC World Markets Inc. Increases Stock Holdings in BHP Group Ltd (NYSE:BHP)modernreaders.com


1.4 Analyst Recommendations: Past Month
DateBrokerageCurrent RatingPrev TargetPrice Target
Jul 08, 2020Jefferies Financial GroupHold16501700
Jul 08, 2020BarclaysOverweight15501850
Jul 07, 2020Jefferies Financial GroupHold16501700
Jul 07, 2020BarclaysOverweight15501850
Jul 02, 2020Deutsche BankHold17501650


SECTION 2 Corporate Profile and Independent Ratings

2.1 Activities
BHP Group Limited is an international resources company. The Company's principal business lines are mineral exploration and production, including coal, iron ore, gold, titanium, ferroalloys, nickel and copper concentrate, as well as petroleum exploration, production, and refining.
In FY 2019, the top earner of Revenue was Oil and gas 1 [100%] . In FY 2019, the top regional earner of Revenue was Australia [50.9%] followed by the US [40%] at Rank 2 and Other [9.1%] at Rank 3. In FY 2019, revenue growth was highest in Other [44.9%] followed by Australia [5.4%] at Rank 2 .

2.2 Segment Information
 $US $US  
Description2019-06-30% of Total2018-06-30% of TotalGrowth(%)
Oil and gas 16.7 B1007.4 B100-9.6
Total6.7 B1007.4 B100-9.6


1 Includes sales to affiliated companies of USD75 million (2018: USD75 million; 2017: USD83 million).

Top Segments by Revenue and rank
In FY 2019, the top earner of Revenue was Oil and gas 1 [100%] .

Regional Information
 $US $US  
Description2019-06-30% of Total2018-06-30% of TotalGrowth(%)
Australia3.4 B50.93.2 B43.75.4
US2.7 B403.7 B50.7-28.6
Other610 M9.1421 M5.744.9
Total6.7 B1007.4 B100-9.6


Top Revenue Segments by Region and rank
In FY 2019, the top regional earner of Revenue was Australia [50.9%] followed by the US [40%] at Rank 2 and Other [9.1%] at Rank 3.

Top Regional Segments by Revenue growth and rank
In FY 2019, revenue growth was highest in Other [44.9%] followed by Australia [5.4%] at Rank 2 .

2.3 Contact Details
Websitehttp://www.bhpbilliton.com
Physical Address180 Lonsdale Street Melbourne, VIC 3000 Australia
Phone61-1300-554757
Fax61-3-96093015


2.4 Industry & Sector
Classification LevelName of Sector
Business SectorMineral Resources
Industry GroupMetals & Mining
Economic SectorBasic Materials


2.5 Independent Ratings
+ Top 100 Polluters:
According to environmental non-profit Carbon Disclosure Project (CDP) just 100 companies have been the source of more than 70% of the world's greenhouse gas emissions from 1988 to 2015. The CDP ranked BHP Group Limited 20 [rank 1 is worst] in the top 100 polluters. BHP Group Limited contributed .91% of global industrial greenhouse gas emissions in that period.
+ Fortune 500:
It was ranked 350 by total revenues in the Fortune 500 annual list for 2017; a deterioration over a year from rank 168 in 2016.
+ Newsweek 500:
It was ranked 226 by Newsweek and Corporate Knights Capital in the World's 500 Greenest Companies 2016. It had outstanding scores of 7.5% in Waste productivity, 7.3% in Water productivity and 5.2% in Carbon productivity.
+ Industryweek 1000:
It is a new entrant in the Industry Week list of the world's largest 1000 manufacturers by Revenues in 2016, ranked 77.
+ Top 40 Miners:
It is the largest by MCap among the PwC Top 40 Miners.
+ PwC 100:
It was ranked 54 by MCap as at March 31, 2015 by PwC in the Top 100 Global companies; a deterioration over 6 years from rank 19 as at March 31, 2009.
+ FT 500:
It is the 76th largest by revenue in the FT Global 500.
+ Forbes 2000:
It is the 130th largest by revenue in the Forbes Global 2000.
+ IHS Energy 50:
It was ranked 44 in IHS Energy's list of Top 50 Energy Companies 2013; a deterioration over a year from rank 23 in 2012.

SECTION 3 Today's Bullish Signals

3.1 Momentum Up 0.9% Past Week
The price ranged between a low of 49.92 on Tuesday, Jul 07 and a high of 51.11 on Wednesday, Jul 08.
DayBHP Group ADRClose price [USD]Price change %Relative change %Comment
ThursdayLoses USD897 million in MCap50.5-1.2-0.5Steepest Fall
WednesdayIn its biggest weekly gain in 1 month51.112.40.7Week-high of 51.11
Top Rise
TuesdayLoses USD750 million in MCap, steepest heavyweight fall in Mining sector49.92-1.00.7Week-low of 49.92
MondayRises for a second consecutive day, a two-day rise of 1.4%50.430.7-1.7Price/MAP200 above 1 and rising
ThursdayIncreases 1.3%50.071.3-0.4Price/MAP200 above 1 and rising


3.2 Rank in the top 17% by Relative Valuation in the International Depository Receipts market
DescriptionValueRank
Price/Earnings/Growth0.24In Top 17%


3.3 Rank in the top 24% by Price Performance in the International Depository Receipts market
DescriptionValueRank
Price/MAP2001.09In Top 24%


3.4 Uptrend
Price/Moving Average Price of 1.09 and positive MACD:
- The Price/MAP 200 of 1.09 for BHP Group is higher than the Price/MAP 200 for the Bank of New York Mellon Composite ADR Index of 0.67.
- The price to 200-day MAP ratio is 1.09, a bullish indicator. In the past 200 days this ratio has exceeded 1.09, six times suggesting further upside. The ADR is trading above both its MAPs at USD46.90 for the 200-day MAP and USD46.80 for the 50-day MAP, a bullish indicator. The 200-day MAP has increased to USD46.90. An increase is another bullish indicator.
- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 50.11 minus the 26-day EMA of 49.2 is positive, suggesting a bullish signal. Both the 12-day EMA as well as the 26-day EMA are rising, another bullish signal.
- The price to 50-day EMAP ratio is 1.1, a bullish indicator. In the past 50 days this ratio has exceeded 1.1, 22 times suggesting further upside. The 50-day EMAP has increased to USD47.46. An increase is another bullish indicator.

Relative Strength (6 months) 83 percentile:
- The ADR has a 6-month relative strength of 83 in the International Depository Receipts market of 404 units which means it is beating 83% of the market.
- A price rise combined with a high relative strength is a bullish signal.

3.5 Undervaluation
MCap/Total Assets:
- Tobin's Q Ratio, defined as MCap divided by Total Assets, is 0.7. Compared with the rest of the market the ADR is undervalued.

3.6 Other Bullish Signals
- Return on Equity of 18.4% versus sector average of 12.4% and market average of 8.1%.
- Total Liabilities/EBITDA of 3 is less than 5, this compares favourably with the Joseph Piotroski benchmark of 5.
- Return on Assets of 9.4% versus sector average of 5.8% and market average of 1.5%.
- Return on Capital Employed of 18.7% versus sector average of 11.4% and market average of 3.6%.
- Interest cover defined by EBIT/I is 11 times. This indicates it is less leveraged.
- Net profit margin has averaged 19.3% in the last 3 years. This is considered superior and suggests a high margin of safety.
- As per the Du Pont analysis, Return on Equity of 18.4% is better than sector average of 12.4%. This is computed as net profit margin of 21.5% times asset turnover [sales/assets] of 0.44 times leverage factor [total assets/shareholders' equity] of 1.9.

SECTION 4 Ongoing Bullish Parameters


4.1 Rank in the top 7% by Size in the International Depository Receipts market
DescriptionValueRank
Ave daily TurnoverUSD82.8 millionIn Top 3%
MCapUSD75.1 billionIn Top 7%


4.2 Rank in the top 5% by Growth in the International Depository Receipts market
DescriptionValueRank
EPS Growth %130.3In Top 5%


4.3 Rank in the top 18% by Performance in the International Depository Receipts market
DescriptionValueRank
EBITDA Margin %37.4In Top 15%
Net Profit Margin %21.5In Top 18%


4.4 Rank in the top 19% by Productivity in the International Depository Receipts market
DescriptionValueRank
Return on Capital Employed [ROCE] %18.7In Top 14%
Return on Assets [ROA] %9.4In Top 16%
Return on Equity [ROE] %18.4In Top 19%


4.5 Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 15.5%
TSR %3 yrs5 yrs
BHP.N24.315.6


4.6 Present Value of USD1000 Invested in the Past [3 Mo, 3 Yrs]; The Best Periods with PVUSD1000 > 1,288
PVUSD1,0003 mo ago3 yrs ago
BHP.NUSD1,289USD1,932
Mining sectorUSD1,307USD1,304
Bank of New York Mellon Composite ADR IndexUSD1,157USD949


4.7 The Best Periods [3 Mo, 3 Yrs] with Price Change % > 28.8
3-Year price change of 61.8% for BHP Group outperformed the change of -4.7% in the The Bank of New York Mellon Composite ADR index for a relative price change of 66.6%.
Price Change %Quarter3 Years
BHP Group28.961.8
Mining sector30.728.7
The Bank of New York Mellon Composite ADR index14.8-4.7


4.8 MCap: 5-Year Increase of USD13 billion
In the past 5 years Market Capitalization has increased by USD13.4 billion (22%) from USD61.7 billion to USD75.1 billion. Based on a dynamic start date of 5 years ago, there have been declines in MCap in 2 out of 5 years.
  PriceMCap (US$ B)
LastUSD51.0775.1
1 Year agoUSD55.6684.4
2 Years agoUSD45.0381.8
3 Years agoUSD31.5659.9
4 Years agoUSD24.045.4
5 Years agoUSD32.5661.7


4.9 Buybacks and 5-Years Decrease of 2.6% in Total Shares on Issue
In the past 5 years total shares on issue have decreased by 141 million (2.6%) from 5.3 billion to 5.2 billion. Buybacks have averaged 23.8 million shares [0.4%] per financial year. Based on a dynamic start date of 5 years ago, there have been declines in issued capital in 2 out of 5 years. A reduction in total shares on issue is a favourable indicator in Joseph Piotroski's 9 indicators.

Year End (Jun 30)Total Shares on IssueFYBuybacksBuyback %
20195,180,000,0002019143,000,0002.7%
20185,323,000,0002018--
20175,323,000,0002017--
20165,322,000,0002016--
20155,318,000,0002015--
20145,321,000,0002014--
Total  143,000,000 
Average per FY  23,833,333 


4.10 P/E/G < 1
The price earnings ratio of 31.9 divided by trailing twelve months eps growth of 130.3% corresponds to an attractive P/E/G of 0.2 times; being less than the value benchmark of 1.0.
EPS Growth (%)130.32
P/E/G0.24
P/E31.86


4.11 Safe Interest Cover and Improving
Interest cover of 11.0 is above a safe benchmark figure of 3. Moreover, it has improved from 10.4 a year ago.
YearsInterest cover
201910.97
201810.41


4.12 Low Debt to Equity (%)
The debt to equity ratio of 48.2% is under a safe benchmark figure of 50%. However, it has deteriorated from 44.4% a year ago.
YearsDebt to Equity (%)
Jun 201948.15
Jun 201844.41
Jun 201747.23
Jun 20168.59
Jun 201548.13


4.13 Increased VWAP, up 88% in 5 years
In the past five years Volume Weighted Average Price (VWAP) has increased by 88.5% to USD45.38. .
Past five years, 12 months ended Jul 10 (USD)
YearHigh PriceVWAPLow Price
202057.0645.3829.78
201957.1946.3339.32
201846.2139.2131.87
201735.4330.0223.6
201634.7724.0715.65


4.14 Increased ADR turnover, up 10% in 5 years
In the past five years, average daily ADR turnover has increased 10.4% to USD107.5 million. This suggests increased liquidity.
Past five years, 12 months ended Jul 10 (USD million)
YearAverage Daily Turnover
2020107.5
2019107.7
201898.1
201793.2
201697.4


4.15 Increase in Institutional Ownership up from 3.8% to 4.6%
As at March 31, 2020 Institutions held 4.6% of total ADRs on issue; an increase from 4.2% as at December 31, 2019 and 3.8% as at March 31, 2019.
Quarter-endMarch 31, 2019December 31, 2019March 31, 2020
Holdings (%)3.84.24.6


4.16 Satisfies one criteria of Benjamin Graham
-"Total debt less than tangible book value"; total debt of USD25 billion is less than tangible book value of USD51.1 billion.-"Earnings growth over the most recent ten years of 7% compounded - that is a doubling of earnings in a five-year period"; the earnings per share have more than doubled in the last 5 years.

4.17 Satisfies 5 out of 9 criteria of Joseph Piotroski [pass mark 5]:
- Positive net income.
- Positive operating cashflow.
- Return on Assets improvement [from 6.9% to 9.4%].
- Good quality of earnings [operating cashflow exceeds net income].
- Reduction in total shares on issue.

SECTION 5 Today's Bearish Signals

5.1 Momentum Down 2.6% Past Month
The past month witnessed the worst 2 weeks in the past quarter. In the past quarter the steepest fall of 4.1% took place in the week beginning Monday June 15.
The Worst 3 weeks in the past quarter:
Mon-FriChange %*Index Change %RPC %Vol Ind [1 is avg]
Jun 15-19-4.11.6-5.70.8
Jun 08-12-2.8-4.11.30.9
Apr 20-24-2.4-1.5-0.91

*The Bank of New York Mellon Composite ADR index Change %

5.2 Rank in the bottom 21% by Relative Valuation in the International Depository Receipts market
DescriptionValueRank
EV/EBITDA6.3In Bottom 21%


5.3 Overvaluation
Price/Earnings of 31.9 > sector avg of 11.6:
- Price/Earnings of 31.9 versus sector average of 11.6 and market average of 12.1.

5.4 Overbought/Bearish Signals:
- The ADR is overbought according to the Williams % R indicator of -9.1, suggesting the price is close to its 14-day high of USD51.35.

SECTION 6 Ongoing Bearish Parameters


6.1 Annualised Period-based Total Shareholder Returns [TSR %]: The Worst Period with TSR < -5.2%
TSR %1 yr
BHP.N-5.3


6.2 Present Value of USD1000 Invested in the Past Year; The Worst Period with PVUSD1000 < 948
PVUSD1,0001 yr ago
BHP.NUSD947
Mining sectorUSD941
Bank of New York Mellon Composite ADR IndexUSD937


BHP Group decreases 7% in 2020
BHP Group Limited (N:BHP), decreased USD4.03 (or 7.4%) year-to-date (YTD) in 2020 to close at USD50.68 today. Compared with the Bank of New York Mellon Composite ADR Index which has fallen 11.5% YTD, this is a relative price increase of 4.2%.

BHP Group decreases 9% in past year
BHP Group Limited (N:BHP), decreased USD4.98 (or 9.0%) in the past year to close at USD50.68 today. Compared with the Bank of New York Mellon Composite ADR Index which has fallen 6.2% over the same period, this is a relative price change of -2.7%.

6.3 Past year: price fall of 8.3%
1-Year price change of -8.3% for BHP Group underperformed the change of -5.8% in the The Bank of New York Mellon Composite ADR index for a relative price change of -2.5%.
Price Change %Year
BHP Group-8.3
Mining sector-5.9
The Bank of New York Mellon Composite ADR index-5.8


6.4 Moving Annual Return of -5.4% in the past year:
Moving Annual Return was -5.4% in the past year. Based on a dynamic start date of 5 years ago, the real rate of return has averaged 18.3%
BHPClose (USD)Dividends (USD)Capital Gain / (Loss) %% YieldAnnual Return %
Jul 1051.071.56(8.3)2.8(5.4)
1 Yr ago55.664.423.69.833.4
2 Yrs ago45.031.9642.76.248.9
3 Yrs ago31.561.0831.54.536.0
4 Yrs ago241.56(26.3)4.8(21.5)


Close 5 years ago USD32.56

6.5 Declining Volume, down 40% in 5 years
In the past five years, Average Daily Volume of Trading (ADVT) has decreased 40.5% to 2.5 million ADRs.
Avg. Daily Volume Traded 12 months ended Jul 10, million ADRs
YearADVT
20202.5
20192.3
20182.5
20173.2
20164.3


SECTION 7 BHP Group Board of Directors

7.1 Board and Management
NameDesignationSince Appointment
Mike HenryChief Executive Officer6 Mos
Ken MacKenzieChairman, Independent Non-Executive Director3 Yrs, 9 Mos
Peter BeavenChief Financial Officer5 Yrs, 9 Mos
Lindsay MaxstedDirector9 Yrs, 4 Mos
Terry BowenDirector2 Yrs, 9 Mos
Malcolm BroomheadDirector10 Yrs, 4 Mos
John MogfordDirector-
Gary GoldbergDirector5 Mos
Anita FrewIndependent Director-
Shriti VaderaIndependent Director9 Yrs, 6 Mos
Ian CockerillIndependent Non-Executive Director1 Yr, 3 Mos
Dion WeislerIndependent Non-Executive Director1 Mo
Susan KilsbyIndependent Non-Executive Director1 Yr, 3 Mos


7.2 Profiles
Mike Henry
CEO
Mike was appointed as a Director of BHP Group Limited and BHP Group Plc in January 2020. He was appointed Chief Executive Officer on 1 January 2020.
Skills and experience:
Mike has over 30 years' experience in the global mining and petroleum industry, spanning operational, commercial, safety, technology and marketing roles. He joined BHP in 2003, initially in business development and then in marketing and trading of a range of mineral and petroleum commodities based in The Hague, where he was also accountable for BHP's ocean freight operations. He went on to hold various positions in the Company, including President Coal, President HSE, Marketing and Technology, and Chief Marketing Officer. Mike was appointed Chief Executive Officer on 1 January 2020 and has been a member of the Executive Leadership Team since 2011. Prior to joining BHP, Mike worked in the resources industry in Canada, Japan and Australia.

Ken MacKenzie
Chairman & Independent Non-Executive Director
Ken has been a Director of BHP Billiton Limited and BHP Billiton Plc since September 2016. He was appointed Chairman with effect from 1 September 2017.
Skills and experience:
Ken has extensive global and executive experience, and a deeply strategic approach. From 2005 until 2015, he served as the Managing Director and Chief Executive Officer of Amcor Limited, a global packaging company with operations in over 40 countries. During his 23 year career with Amcor, Ken gained extensive experience across all of Amcor's major business segments in developed and emerging markets in the Americas, Australia, Asia and Europe.
Other directorships and offices (current and recent):
Former Managing Director and Chief Executive Officer of Amcor Limited (from July 2005 to April 2015).
Advisory Board member of American Securities Capital Partners LLC (since January 2016).
Advisory Board member of Adamantem Capital (since September 2016).
Former Senior Adviser to McKinsey & Company (from January 2016 to June 2017).
Board Committee memberships:
Chairman of the Nomination and Governance Committee.
Member of the Sustainability Committee.
Shareholder Value:
Creation of shareholder value in BHP Group:
Since appointment as Independent Non-Executive Director: The present value of USD1,000 invested on the appointment date of September 22, 2016 at close price of USD27.52 is USD2,273, including a capital gain of USD856 and dividend reinvested of USD417.

Peter Beaven
CFO
Experience:
Peter was appointed Chief Financial Officer in October 2014. Previously he was the President of Copper and prior to that appointment in May 2013, President of Base Metals, President of Manganese, and Vice President and Chief Development Officer for Carbon Steel Materials. He has wide experience across a range of regions and businesses in BHP Billiton, UBS Warburg, Kleinwort Benson and PricewaterhouseCoopers. Peter holds a Bachelor of Accountancy from University of Natal, Pietermaritzburg, South Africa and is a Chartered Accountant.
Shareholder Value:
Creation of shareholder value in BHP Group:
Since appointment as CFO: The present value of USD1,000 invested on the appointment date of October 01, 2014 at close price of USD49.56 is USD1,399, including a capital gain of USD30 and dividend reinvested of USD368.

John Mogford
Director
John has been a Director of BHP Group Limited and BHP Group Plc since October 2017.
Skills and experience:
John has extensive oil and gas knowledge and transformational strategy leadership experience, having worked in the oil and gas industry for over forty years. John spent the majority of his career in various leadership, technical and operational roles at BP Plc where he gained significant knowledge of upstream oil and gas assets and activities. More recently, John was the Managing Director and an Operating Partner of First Reserve, a large global energy focused private equity firm, from 2009 until 2015, during which he served on the boards of First Reserve's investee companies, including as Chairman of Amromco Energy LLC and White Rose Energy Ventures LLP. John is currently on the board of ERM Worldwide Group Limited, having retired from the boards of Weir Group Plc and one of First Reserve's portfolio companies, DOF Subsea AS, in 2018.
Other directorships and offices (current and recent):
Non-executive Director of ERM Worldwide Group Limited (since 2015).
Former Non-executive Director of Network Rail Limited (from 2016 to 2017).
Former Managing Director (from 2012 to 2015) and Operating Partner (from 2009 to 2012) of First Reserve Corporation.
Former Non-executive Director of Midstates Petroleum Company Inc. (from 2011 to 2016).
Former Non-executive Director of CHC Group Limited (from 2014 to 2015) and CHC Helicopters SA (from 2012 to 2015).
Former Non-executive Director of DOF Subsea AS (from 2009 to 2018).
Former Non-executive Director of Weir Group Plc (from 2008 to 2018).
Board Committee membership:
Chairman of the Sustainability Committee.

Lindsay Maxsted
Director
Lindsay has been a Director of BHP Billiton Limited and BHP Billiton Plc since March 2011.
Skills and experience:
Lindsay is a corporate recovery specialist who has managed a number of Australia's largest corporate insolvency and restructuring engagements and, until 2011, continued to undertake consultancy work in the restructuring advisory field. He was the Chief Executive Officer of KPMG Australia between 2001 and 2007. Lindsay is the Board's nominated 'audit committee financial expert' for the purposes of the US Securities and Exchange Commission Rules, and the Board is satisfied that he has recent and relevant financial experience for the purposes of the UK Financial Conduct Authority's Disclosure and Transparency Rules and the UK Corporate Governance Code.
Other directorships and offices (current and recent):
Chairman of Westpac Banking Corporation (since December 2011) and a Director (since March 2008).
Chairman of Transurban Group (since August 2010) and a Director (since March 2008).
Director and Honorary Treasurer of Baker IDI Heart and Diabetes Institute (since June 2005).
Board Committee membership:
Chairman of the Risk and Audit Committee.
Shareholder Value:
Creation of shareholder value in BHP Group:
Month of appointment: March 2011
In the last 5 years the average annualized return to shareholders was 15.6%. The present value of USD1,000 (PV1000) invested 5 years ago is now USD2,064, a gain of USD569 and dividend reinvested of USD495.

Gary Goldberg
Director
Gary has been a Director of BHP Group Limited and BHP Group Plc since February 2020.
Skills and experience:
Mr Goldberg has more than 35 years' of global experience in the mining industry, including in executive, operational and strategic roles.
In his most recent role, Gary Goldberg served as Chief Executive Officer of Newmont Goldcorp Corporation, which is one of the world's largest gold producers. Prior to joining Newmont in 2011, Mr Goldberg spent 30 years at Rio Tinto where he held senior executive roles, most recently as President and Chief Executive Officer of Rio Tinto Minerals Inc., and in leadership roles in Rio Tinto's coal, gold, copper and industrial minerals businesses.
Other directorships and offices (current and recent):
Advisor, Newmont Goldcorp Corporation (from October 2019 to March 2020).
Former President and Chief Executive Officer of Newmont Mining Corporation (from 2013 to 2019), and Chief Executive of the merged Newmont Goldcorp Corporation (April 2019 - September 2019).
Former Director (from 2013 to 2019) and Treasurer (from 2017 to 2019) of the International Council on Mining and Metals.
Former Vice Chair of the World Gold Council (from 2017 to 2019).
Former Co-Chair of the World Economic Forum for Mining and Metals Governors (from 2016 to 2017).
Former President and Chief Executive Officer of Rio Tinto Minerals Inc. (from 2006 to 2011).
Former Chairman of the US National Mining Association (from 2008 to 2010).
Former President and Chief Executive Officer of U.S. Borax Inc. (from 2004 to 2006).
Former Managing Director of Coal & Allied Industries Ltd. (from 2001 to 2004).
Former President and Chief Executive Officer of Kennecott Energy Corp. (from 1999 to 2001).
Board Committee membership:
Member of the Remuneration Committee
Member of the Sustainability Committee

Malcolm Broomhead
Director
Malcolm has been a Director of BHP Billiton Limited and BHP Billiton Plc since March 2010.
Skills and experience:
Malcolm has extensive experience in running industrial and mining companies with a global footprint and broad global experience in project development in many of the countries in which BHP Billiton operates. He was Managing Director and Chief Executive Officer of Orica Limited from 2001 until September 2005. Prior to joining Orica, Malcolm held a number of senior positions at North Limited, including Managing Director and Chief Executive Officer and, prior to that, held senior management positions with Halcrow (UK), MIM Holdings, Peko Wallsend and Industrial Equity.
Other directorships and offices (current and recent):
Chairman of Orica Limited (since January 2016).
Chairman of Asciano Limited (since October 2009).
Former Director of Coates Group Holdings Pty Ltd (from January 2008 to July 2013).
Director of the Walter and Eliza Hall Institute of Medical Research (since July 2014).
Board Committee membership:
Member of the Sustainability Committee. Member of the Risk and Audit Committee.
Shareholder Value:
Creation of shareholder value in BHP Group:
Month of appointment: March 2010
In the last 5 years the average annualized return to shareholders was 15.6%. The present value of USD1,000 (PV1000) invested 5 years ago is now USD2,064, a gain of USD569 and dividend reinvested of USD495.

Terry Bowen
Director
Terry has been a Director of BHP Group Limited and BHP Group Plc since October 2017. Skills and experience:
Terry has significant experience across a range of diversified industries, with a very strong background in finance leadership roles. He served as an Executive Director and Finance Director of Wesfarmers Limited from 2009 to 2017, which included chairing a number of Wesfarmers' operating divisions over this time. Prior to this, Terry held various senior executive roles within Wesfarmers, including as Finance Director of Coles, Managing Director of Industrial and Safety and Finance Director of Wesfarmers Landmark. He also served as the inaugural Chief Financial Officer of Jetstar Airways Limited from 2003 to 2005 and before this, held senior finance roles over an 11 year career with Tubemakers of Australia Limited. Mr Bowen is a former Director of Gresham Partners, past President of the National Executive of the Group of 100 Inc. and former Director of the Harry Perkins Institute of Medical Research Incorporated. He is also the Head of the Operations Group at BGH Capital and a Director of Navitas Pty Limited and Transurban Group.
Other directorships and offices (current and recent):
Director of Transurban Group (since 2020).
Director of Navitas Pty Limited (since 2019).
Head of the Operations Group at BGH Capital (since 2018).
Director of West Coast Eagles Football Club (since 2017).
Former Executive Director and Finance Director of Wesfarmers Limited (from 2009 to 2017).
Former Chairman of West Australian Opera Company Incorporated (from 2014 to 2017).
Former Director of Gresham Partners Holdings Limited and Gresham Partners Group Limited (from 2009 to 2017).
Former Director of the Harry Perkins Institute of Medical Research Incorporated (from 2010 to 2013). Former Chief Financial Officer of Jetstar Airways Limited (from 2003 to 2005).
Board Committee memberships:
Member of the Risk and Audit Committee.
Shareholder Value:
Creation of shareholder value in BHP Group:
Month of appointment: October 2017
In the last 3 years the average annualized return to shareholders was 24.3%. The present value of USD1,000 (PV1000) invested 3 years ago is now USD1,932, a gain of USD618 and dividend reinvested of USD314.

Shriti Vadera
Independent Director
Shriti has been a Director of BHP Group Limited and BHP Group Plc since January 2011 and the Senior Independent Director of BHP Group Plc since 14 August 2015.
Skills and experience:
Shriti brings wide-ranging experience in finance, economics and public policy as well as extensive experience of emerging markets and international institutions. Shriti is Chairman of Santander UK and was a Director of AstraZeneca from 2011 to 2018. She was an investment banker with S G Warburg / UBS from 1984 to 1999, on the Council of Economic Advisers, HM Treasury 1999 to 2007, Minister in the UK Department of International Development in 2007, Minister in the Cabinet Office and Business Department 2008 to 2009 with responsibility for dealing with the financial crisis, G20 Adviser 2009 to 2010, and advised Governments, banks and investors on the Eurozone crisis, banking sector, debt restructuring and markets from 2010 to 2014.
Other directorships and offices (current and recent):
Chairman of Santander UK (since March 2015).
Former Director of AstraZeneca Plc (from January 2011 to December 2018).
Former Trustee of Oxfam (from 2000 until 2005).
Board Committee memberships:
Member of the Nomination and Governance Committee.
Member of the Remuneration Committee.
Shareholder Value:
Creation of shareholder value in BHP Group:
Month of appointment: January 2011
In the last 5 years the average annualized return to shareholders was 15.6%. The present value of USD1,000 (PV1000) invested 5 years ago is now USD2,064, a gain of USD569 and dividend reinvested of USD495.

Anita Frew
Independent Director
Anita has been a Director of BHP Group Limited and BHP Group Plc since September 2015.
Skills and experience:
Anita Frew has extensive board, strategy, marketing, governance and risk management experience in the chemicals, engineering, water and finance industries. She is the Chairman of Croda International Plc and Deputy Chairman of Lloyds Banking Group. She was until recently the Chairman of Victrex Plc, Senior Independent Director of Aberdeen Asset Management Plc and IMI Plc, and a Non-executive Director of Northumbrian Water.
Other directorships and offices (current and recent):
Director (since March 2015) and Chairman of Croda International Plc (since September 2015).
Director (since 2010), Deputy Chairman (since December 2014) and Senior Independent Director (since May 2017) of Lloyds Banking Group Plc.
Former Senior Independent Director of Aberdeen Asset Management Plc (from October 2004 to September 2014).
Former Senior Independent Director of IMI Plc (from March 2006 to May 2015).
Former Chairman of Victrex Plc (from 2008 to October 2014). Board Committee membership:
Member of the Remuneration Committee.
Member of the Risk and Audit Committee.

Ian Cockerill
Independent Non-Executive Director
Ian has been a Director of BHP Group Limited and BHP Group Plc since 1 April 2019.
Skills and experience:
Ian has extensive global mining operational, project and executive experience having initially trained as a geologist. He was formerly the Chief Executive Officer of Anglo American Coal and Chief Executive Officer and President of Gold Fields Limited, and a senior executive with AngloGold Ashanti and Anglo American Group. Ian is the Chairman of Polymetal International plc.
Ian is the former Chairman of BlackRock World Mining Trust plc and the former Lead Independent Director of Ivanhoe Mines Ltd and former Director of Orica Limited and Endeavour Mining Corporation. Ian is also the former Chairman of the Leadership for Conservation in Africa, a not-for-profit organisation, and is the Chairman of Conservation 360, a Botswanan conservation NGO dealing with anti-poaching initiatives. He is a former Director of Business Leadership South Africa, the South African Business Trust and the World Gold Council.
Other directorships and offices (current and recent):
Chairman of Polymetal International plc (since 2019).
Former Director of Orica Limited (from 2010 to 2019).
Former Director (from 2013 to 2019) and Chairman (from 2016 to 2019) of BlackRock World Mining Trust plc.
Former Director (from 2011 to 2019) and Lead Independent Director (from 2012 to 2019) of Ivanhoe Mines Ltd.
Former Director of Endeavour Mining Corporation (from 2013 to 2019).
Former Executive Director and executive Chairman (from 2010 to 2013) and Non-executive Chairman (from 2013 to 2017) of Petmin Limited.
Former Chairman of Hummingbird Resources plc (from 2009 to 2014). Board Committee memberships:
Member of the Risk and Audit Committee.
Member of the Sustainability Committee.

Dion Weisler
Independent Non-Executive Director
Shareholder Value:
Creation of shareholder value in BHP Group:
Since appointment as Independent Non-Executive Director: The present value of USD1,000 invested on the appointment date of June 01, 2020 at close price of USD47.10 is USD1,084, for a capital gain of USD84.

Susan Kilsby
Independent Non-Executive Director
Susan has been a Director of BHP Group Limited and BHP Group Plc since 1 April 2019.
Skills and experience:
Susan has extensive experience in mergers and acquisitions, and finance and strategy, having held several roles in global investment banking. From 1996 to 2014, she held senior executive roles at Credit Suisse, including as a Senior Advisor, and chairman of EMEA Mergers and Acquisitions. Susan also has non-executive experience across multiple industries. Until recently, Susan was the Chairman of Shire plc and the Senior Independent Director at BBA Aviation plc. She is currently the Senior Independent Director of Diageo plc, and a Non-executive Director of Fortune Brands Home & Security Inc. and Unilever N.V. and Unilever plc.
Other directorships and offices (current and recent):
Director (since 2018) and Senior Independent Director (since October 2019) of Diageo Plc.
Director of Fortune Brands Home & Security Inc. (since 2015).
Director of Unilever N.V and Unilever plc (since August 2019).
Member of the UK Takeover Panel.
Former Director (from 2011 to 2019) and Chairman (from 2014 to 2019) of Shire plc.
Former Director (from 2012 to 2019) and Senior Independent Director (from 2016 to 2019) of BBA Aviation plc.
Former Director of Goldman Sachs International (from 2016 to 2018).
Former Director of Keurig Green Mountain (from 2013 to 2016).
Former Director of Coca-Cola HBC (from 2013 to 2015).
Former Director of L'Occitane International (from 2010 to 2012).
Board Committee memberships:
Chairman of the Remuneration Committee.
Member of the Nomination and Governance Committee.

SECTION 8 Dividend

8.1 Dividend History
In the past 5 years, there has been no change in annual dividends of USD1.6 per share.
DateValue (USD)Type
05 Sep 20191.56Cash
Tr 12 Months1.56 
07 Mar 20191.1Cash
10 Jan 20192.04Special
06 Sep 20181.26Cash
2018 - 20194.4 
08 Mar 20181.1Cash
07 Sep 20170.86Cash
2017 - 20181.96 
28 Mar 20170.8Cash
20 Sep 20160.28Cash
2016 - 20171.08 
31 Mar 20160.32Cash
29 Sep 20151.24Cash
2015 - 20161.56 


SECTION 9 Financials H1/2019, FY 2019, Past 10 Years

9.1 Half-Yearly Report: Key Parameters
BHP Group half year profits hit by 41.4% fall
Release Date: February 18, 2020
BHP Group (ASX:BHP), announced net profit of $US4.9b for the half year-ended 31 December 2019, down 41.4% from the previous corresponding period.

Compared with the previous corresponding period [PCP; H/31 Dec 2018], year-over-year [y.o.y.] Revenue was down 49.7% and Net Profit was down 41.4%.
Half year-ended31 Dec 201931 Dec 2018
EPS96c$US1.6
PCP growth in EPS %-39.9322
Revenue, $US--
PCP growth in Revenue %-49.7116
Net Profit, $US billion4.98.3
PCP growth in Net Profit %-41.4312


9.2 Financial Results as reported (Half Year)

RESULTS OF OPERATIONS AND FINANCIAL CONDITION
(In $US Million, except per share data and shares outstanding)

INCOME STATEMENT AS REPORTED
Description$US Million$US Million 
Dec 3120192018Change %
Continuing operations   
Revenue22,29444,288Down 49.7
Other income209393Down 46.8
Expenses excluding net finance costs-14,315-28,022Improved 48.9
Piofii./(loss) from equity accounted investments related impairments and expenses126-546Recovery
Profit from operations8,31416,113Down 48.4
Financial expenses-741-1,510Improved 50.9
Financial income217446Down 51.3
Net finance costs-524-1,064Improved 50.8
Profit before taxation7,79015,049Down 48.2
Income tax expense-2,525-5,335Improved 52.7
Royalty-related taxation (net of income tax benefit)-75-194Improved 61.3
Total taxation expense-2,600-5,529Improved 53.0
Profit after taxation from Continuing operations5,1909,520Down 45.5
Discontinued operations   
Loss after taxation from Discontinued operations -335 
Profit after taxation from Continuing and Discontinued operations5,1909,185Down 43.5
Attributable to non-controlling interests322879Down 63.4
Attributable to BHP shareholders4,8688,306Down 41.4
Basic earnings per ordinary share (cents)96.30c$US1.60Down 39.9
Diluted earnings per ordinary share (cents)96.0c$US1.60Down 40.0
Basic earnings from Continuing operations per ordinary share (cents)96.30c$US1.67Down 42.3
Diluted earnings from Continuing operations per ordinary share (cents)96.0c$US1.67Down 42.3
Weighted average number of share outstanding Basic5,057,000,0005,303,000,000Down 4.6
Weighted average number of share outstanding Diluted5,070,000,0005,318,000,000Down 4.7


BALANCE SHEET AS REPORTED
Description$US Million$US Million 
 Dec 31, 2019Jun 30, 2019Change %
ASSETS   
Current assets   
Cash and cash equivalents14,32115,613Down 8.3
Trade and other receivables3,5953,462Up 3.8
Other financial assets5487Down 37.9
Inventories3,9393,840Up 2.6
Current tax assets137124Up 10.5
Other200247Down 19.0
Total current assets22,24623,373Down 4.8
Non-current assets   
Trade and other receivables254313Down 18.8
Other financial assets1,2651,303Down 2.9
Inventories1,108768Up 44.3
Property plant and equipment70,19668,041Up 3.2
Intangible assets670675Down 0.7
Investments accounted for using the equity method2,6372,569Up 2.6
DEFERRed tax assets3,8663,764Up 2.7
Other4855Down 12.7
Total non-current assets80,04477,488Up 3.3
Total assets102,290100,861Up 1.4
LIABILITIES Current liabilities   
Trade and other payables5,7986,717Down 13.7
Interest bearing liabilities4,2731,661Up 157.3
Other financial liabilities363127Up 185.8
Current tax payable1,1041,546Down 28.6
Provisions2,1062,175Down 3.2
Deferred income118113Up 4.4
Total current liabilities13,76212,339Up 11.5
Non-current liabilities   
Trade and other payables55Steady
Interest bearing liabilities22,53523,167Down 2.7
Other financial liabilities731896Down 18.4
Non-current tax payable112187Down 40.1
Deferred tax liabilities3,0323,234Down 6.2
Provisions9,4598,928Up 5.9
Deferred income236281Down 16.0
Total non-current liabilities36,11036,698Down 1.6
Total liabilities49,87249,037Up 1.7
Net assets52,41851,824Up 1.1
EQUITY Share capital - BHP Group Limited1,1111,111Steady
?Mare capital - BHP Group Plc1,0571,057Steady
Treasury shares-14-32Improved 56.2
Reserves2,2612,285Down 1.1
Retained earnings43,70742,819Up 2.1
Total equity attributable to BHP shareholders48,12247,240Up 1.9
Non-controlling interests4,2964,584Down 6.3
Total equity52,41851,824Up 1.1


CASH FLOW AS REPORTED
Description$US Million$US Million 
Dec 3120192018Change %
Operating activities   
Profit before taxation7,79015,049Down 48.2
Adjustments for:   
Depreciation and amortisation expense3,0145,829Down 48.3
Impairments of property plant and equipment financial assets and intangibles29264Down 89.0
Net finance costs5241,064Down 50.8
(Profit)/loss from equity accounted investments related impairments and expenses-126546Deterioration
Other401308Up 30.2
Changes in assets and liabilities:   
Trade and other receivables100-211Recovery
Inventories-441298Deterioration
Trade and other payables-710406Deterioration
Provisions and other assets and liabilities436-125Recovery
Cash generated from operations11,01723,428Down 53.0
Dividends received108516Down 79.1
Interest received221443Down 50.1
Interest paid-643-1,346Improved 52.2
Proceeds/(settlements) of cash management related instruments69296Down 76.7
Net income tax and royalty-related taxation refunded559Down 91.5
Net income tax and royalty-related taxation paid-3,335-5,999Improved 44.4
Net operating cash flows from Continuing operations7,44217,397Down 57.2
Net operating cash flows from Discontinued operations 474 
Net operating cash flows7,44217,871Down 58.4
Investing activities   
Purchases of property plant and equipment-3,405-6,250Improved 45.5
Exploration expenditure-390-873Improved 55.3
Exploration expenditure expensed and included in operating cash flows231516Down 55.2
Net investment and funding of equity accounted investments-292-630Improved 53.7
Proceeds from sale of assets172145Up 18.6
Other investing-48-285Improved 83.2
Net investing cash flows from Continuing operations-3,732-7,377Improved 49.4
Net investing cash flows from Discontinued operations -443 
Proceeds from divestment of Onshore US net of its cash 10,427 
Net investing cash flows-3,7322,607Deterioration
Proceeds from interest bearing liabilities300250Up 20.0
(Settlements)/proceeds of debt related instruments -160 
R. epayment of interest bearing liabilities-653-2,604Improved 74.9
Purchase of shares by Employee Share Ownership Plan (ESOP) Trusts-103-188Improved 45.2
Share buy-back - BHP Group Limited -5,220 
Dividends paid-3,934-11,395Improved 65.5
Dividends paid to non-controlling interests-610-1,198Improved 49.1
Net financing cash flows from Continuing operations-5,000-20,515Improved 75.6
Net financing cash flows from Discontinued operations -13 
Net financing cash flows-5,000-20,528Improved 75.6
Net decrease in cash and cash equivalents from Continuing operations-1,290-10,495Improved 87.7
Net increase in cash and cash equivalents from Discontinued operations 18 
Proceeds from divestment of Onshore US net of its cash 10,427 
wash and cash equivalents net of overdrafts at the beginning of the period15,59315,813Down 1.4
Foreign currency exchange rate changes on cash and cash equivalents18-170Recovery
Cash and cash equivalents net of overdrafts at the end of the period14,32115,593Down 8.2


9.3 Annual Report (FY 2019): Key Parameters
BHP Net Profit up 124%
Release Date: April 24, 2020
BHP (ASX:BHP) reported net profit for the year-ended 30 June 2019 [FY2019] of $US8.3b, up 124.2% from $US3.7b in the previous year [FY2018]. Earnings per share (EPS) were up 130.3% from 70.0c in FY2018 to $US1.6 in FY2019.

Major changes compared with previous year (FY2019 vs FY2018):
Favourable Changes:
- Sales revenue up 2.7% from $US43.1b to $US44.3b
- Interest cover up 5.4% from 10.4 to 11.0
- EBIT to total assets up from 14.6% to 16.4%
- Interest expenses to Sales down from 3.6% to 3.4%
- Interest revenue to Sales up from 0.7% to 1%
- Total non-current assets to Total Assets up from 68.6% to 76.8%
- Fixed Assets to Total Assets up from 60% to 67.5%
- Long-term investments to Total Assets up from 3.1% to 3.8%
- Total Liabilities to EBITDA of 3.0 compares favourably with the Joseph Piotroski benchmark of <5. This ratio has improved by 6% from the previous year's ratio of 3.1.
- Total Liabilities to Operating Cash Flow of 2.7 compares favourably with the Joseph Piotroski benchmark of <4. Unfavourable Changes:
- Debt to Equity up 9.1% from 0.4 to 0.5
- Current ratio down 24.7% from 2.5 to 1.9
- Working capital to total assets down from 18.9% to 10.9%
- Retained earnings to total assets down from 45.6% to 42.5%
- Total current assets to Total Assets down from 31.4% to 23.2%
- Net tangible assets per share down 12.2% from $US11.22 to $US9.85
Note:
- EBIT Margin steady at 37.4%
- Total revenue to total assets steady at 0.4
- Profit before tax to Sales down from 34.2% to 34%
- Total liabilities to Total assets steady at 0.5
- Current Inventory to Total Assets up from 3.4% to 3.8%

Year-on-year comparison of Performance Ratios [FY2019 vs FY2018]
June 30FY2019FY2018Change (%)
Return on Equity (%)18.412.8Up 43.7
Return on Assets (%)9.46.9Up 36.2
Total debt to net tangible assets (%)48.845Up 8.4
Total Liabilities to Operating Cash Flow2.72.8Down 1.4
Debt/Equity0.50.4Up 9.1
Total Liabilities/Total Assets (Up 6.5% from 0.46 to 0.49)0.50.5Up 6.5
Interest Cover1110.4Up 5.4
Current Ratio1.92.5Down 24.7
Common Size Ratios by Assets %   
Total non-current assets to Total Assets 76.8 68.6 Up 11.9
Fixed Assets to Total Assets 67.5 60.0 Up 12.5
Total current assets to Total Assets 23.2 31.4 Down 26.0
Long-term investments to Total Assets 3.8 3.1 Up 22.6
Current Inventory to Total Assets 3.8 3.4 Up 13.1
Common Size Ratios by Sales %   
Profit before tax to Sales 34.0 34.2 Down 0.6
Interest expenses to Sales 3.4 3.6 Down 6.4
Interest revenue to Sales 1.0 0.7 Up 33.9
Tax expenses to Sales (12.5) (16.2) Up 23.1


Five-year record of growth and performance:
In the last 5 years Total Revenue averaged $US40.9B, EBITDA averaged $US11.2B and Net Profit averaged $US3.9B. Compound Annual Growth Rate (CAGR) averaged -5.7% for Total Revenue, -9.7% for Net Profit and -11.5% for EBITDA.
DescriptionAnnual ($US B)5-year Avg ($US B)5-year CAGR %
Total Revenue44.340.9(5.7)
EBITDA16.611.2(11.5)
Operating Profit16.69.3(6.1)
Net Profit8.33.9(9.7)


Five-year record of EBITDA, Operating Profit, Net Profit, ROE, ROA and ROCE
In 2019 Net Profit Margin of 21.5% was above its 5-year Avg of 8.4% (All Figures in %)
Description20195-year Avg
EBITDA Margin37.425.3
Operating Profit Margin37.421.2
Net Profit Margin21.58.4
Return on Equity18.46.7
Return on Assets9.43.7
Return on Capital Employed18.79.6


9.4 Financial Results as reported (FY 2019)

RESULTS OF OPERATIONS AND FINANCIAL CONDITION
(In $US Million, except per share data and shares outstanding)

INCOME STATEMENT AS REPORTED (FY 2019)
Description$US Million$US Million 
Jun 3020192018Change %
Continuing operations   
Revenue44,28843,129Up 2.7
Other income393247Up 59.1
Expenses excluding net finance costs-28,022-27,527Deterioration 1.8
(Loss)/profit from equity accounted investments related impairments and expenses-546147Deterioration
Profit from operations16,11315,996Up 0.7
Financial expenses-1,510-1,567Improved 3.6
Financial income446322Up 38.5
Net finance costs-1,064-1,245Improved 14.5
Profit before taxation15,04914,751Up 2.0
Income tax expense-5,335-6,879Improved 22.4
Royalty-related taxation (net of income tax benefit)-194-128Deterioration 51.6
Total taxation expense-5,529-7,007Improved 21.1
Profit after taxation from Continuing operations9,5207,744Up 22.9
Discontinued operations   
Loss after taxation from Discontinued operations-335-2,921Improved 88.5
Profit after taxation from Continuing and Discontinued operations9,1854,823Up 90.4
Attributable to non-controlling interests8791,118Down 21.4
Attributable to BHP shareholders8,3063,705Up 124.2
Basic earnings per ordinary share (cents)USD1.6069.60cUp 130.3
Diluted earnings per ordinary share (cents)USD1.6069.40cUp 130.4
Basic earnings from Continuing operations per ordinary share (cents)USD1.67USD1.25Up 33.5
Diluted earnings from Continuing operations per ordinary share (cents)USD1.67USD1.25Up 33.6
NO OF SHARES BASIC5,180,000,0005,323,000,000Down 2.7
NO OF SHARES DILUTED5,193,000,0005,337,000,000Down 2.7


BALANCE SHEET AS REPORTED (FY 2019)
Description$US Million$US Million 
Jun 3020192018Change %
ASSETS   
Current assets   
Cash and cash equivalents15,61315,871Down 1.6
Trade and other receivables3,4623,096Up 11.8
Other financial assets87200Down 56.5
Inventories3,8403,764Up 2.0
Assets held for sale 11,939 
Current tax assets124106Up 17.0
Other247154Up 60.4
Total current assets23,37335,130Down 33.5
Non-current assets   
Trade and other receivables313180Up 73.9
Other financial assets1,303999Up 30.4
Inventories7681,141Down 32.7
Property plant and equipment68,04167,182Up 1.3
Intangible assets675778Down 13.2
Investments accounted for using the equity method2,5692,473Up 3.9
Deferred tax assets3,7644,041Down 6.9
Other5569Down 20.3
Total non-current assets77,48876,863Up 0.8
Total assets100,861111,993Down 9.9
LIABILITIES   
Current liabilities   
Trade and other payables6,7175,977Up 12.4
Interest bearing liabilities1,6612,736Down 39.3
Liabilities held for sale 1,222 
Other financial liabilities127138Down 8.0
Current tax payable1,5461,773Down 12.8
Provisions2,1752,025Up 7.4
Deferred income113118Down 4.2
Total current liabilities12,33913,989Down 11.8
Non-current liabilities   
Trade and other payables53Up 66.7
Interest bearing liabilities23,16724,069Down 3.7
Other financial liabilities8961,093Down 18.0
Non-current tax payable187137Up 36.5
Deferred tax liabilities3,2343,472Down 6.9
Provisions8,9288,223Up 8.6
Deferred income281337Down 16.6
Total non-current liabilities36,69837,334Down 1.7
Total liabilities49,03751,323Down 4.5
Net assets51,82460,670Down 14.6
EQUITY   
Share capital - BHP Group Limited1,1111,186Down 6.3
Share capital - BHP Group Pic1,0571,057Steady
Treasury shares-32-5Deterioration 540.0
Reserves2,2852,290Down 0.2
Retained earnings42,81951,064Down 16.1
Total equity attributable to BHP shareholders47,24055,592Down 15.0
Non-controlling interests4,5845,078Down 9.7
Total equity51,82460,670Down 14.6


CASH FLOW AS REPORTED (FY 2019)
Description$US Million$US Million 
Jun 3020192018Change %
Operating activities   
Profit before taxation15,04914,751Up 2.0
Adjustments for:   
Depreciation and amortisation expense5,8296,288Down 7.3
Impairments of property plant and equipment financial assets and intangibles264333Down 20.7
Net finance costs1,0641,245Down 14.5
Loss/(profit) from equity accounted investments related impairments and expenses546-147Recovery
Other308597Down 48.4
Changes in assets and liabilities:   
Trade and other receivables-211-662Improved 68.1
Inventories298-182Recovery
Trade and other payables406719Down 43.5
Provisions and other assets and liabilities-1257Deterioration
Cash generated from operations23,42822,949Up 2.1
Dividends received516709Down 27.2
Interest received443290Up 52.8
Interest paid-1,346-1,177Deterioration 14.4
Proceeds/(settlements) of cash management related instruments296-292Recovery
Net income tax and royalty-related taxation refunded5917Up 247.1
Net income tax and royalty-related taxation paid-5,999-4,935Deterioration 21.6
Net operating cash flows from Continuing operations17,39717,561Down 0.9
Net operating cash flows from Discontinued operations474900Down 47.3
Net operating cash flows17,87118,461Down 3.2
Investing activities   
Purchases of property plant and equipment-6,250-4,979Deterioration 25.5
Exploration expenditure-873-874Improved 0.1
Exploration expenditure expensed and included in operating cash flows516641Down 19.5
Net investment and funding of equity accounted investments-630204Deterioration
Proceeds from sale of assets14589Up 62.9
Proceeds from divestment of subsidiaries operations and joint operations net of their cash4  
Other investing-289-141Deterioration 105.0
Net investing cash flows from Continuing operations-7,377-5,060Deterioration 45.8
Net investing cash flows from Discontinued operations-443-861Improved 48.5
Proceeds from divestment of Onshore US net of its cash10,427  
Net investing cash flows2,607-5,921Recovery
Financing activities   
Proceeds from interest bearing liabilities250528Down 52.7
(Settlements)/proceeds of debt related instruments-160-218Improved 26.6
Repayment of interest bearing liabilities-2,604-4,188Improved 37.8
Purchase of shares by Employee Share Ownership Plan (ESOP) Trusts-188-171Deterioration 9.9
Share buy-back - BHP Group Limited-5,220  
Dividends paid-11,395-5,220Deterioration 118.3
Dividends paid to non-controlling interests-1,198-1,582Improved 24.3
Net financing cash flows from Continuing operations-20,515-10,851Deterioration 89.1
Net financing cash flows from Discontinued operations-13-40Improved 67.5
Net financing cash flows-20,528-10,891Deterioration 88.5
Net (decrease)/increase in cash and cash equivalents from Continuing operations-10,4951,650Deterioration
Net increase/(decrease) in cash and cash equivalents from Discontinued operations18-1Recovery
Proceeds from divestment of Onshore US net of its cash10,427  
Cash and cash equivalents net of overdrafts at the beginning of the financial year15,81314,108Up 12.1
Foreign currency exchange rate changes on cash and cash equivalents-17056Deterioration
Cash and cash equivalents net of overdrafts at the end of the financial year15,59315,813Down 1.4


9.5 Download BHP GROUP Financials Past 10 Years

Description (June 30)2019201820172016201520142013201220112010
Income Statement          
Revenue per share 8.538.086.795.818.511.1413.3713.7813.169.58
EBITDA (B)    17.930.428.130.437.124.8
Depreciation (B)    9.27.776.454.8
EBIT (B)16.616.3 (6.1)8.822.721.12432.120
Interest 1.5 B1.6 B 1.2 B702 M995 M1.4 B955 M806 M459 M
Profit before tax (B)1514.8 (7.3)8.121.719.72331.319.6
Tax (B)(5.5)(7)(4.4)(1.1)3.76.86.97.57.36.6
Net profit (B)8.33.75.9(6.4)1.913.811.215.423.612.7
EPS 1.60.71.11(1.2)0.362.592.12.884.272.28
Balance Sheet          
Equity Share Capital (B)47.255.662.754.364.879.170.765.956.848.5
Retained Earnings 42.8 B51.1 B52.6 B49.5 B60 B74.5 B67 B62.2 B680 M557 M
Total Debt (B)2526.929.64.731.234.633.228.315.915.8
Total Assets (B)100.9112117119124.6151.4139.2129.3102.988.9
Current Asset (B)23.435.121.117.716.422.31920.525.325.1
Fixed Asset (B)6867.280.58494.1108.8100.695.267.955.6
Working Capital (B)1121.19.75.43.54.2(1.2)(1.6)5.512.1
Cash Flow          
Operating Cash Flow (B)17.918.516.810.619.325.420.224.430.116.9
Investing Cash Flow (B)2.6(5.9)(4.2)(7.2)(13.2)(15.8)(18.7)(32.4)(16.7)(10)
Financing Cash Flow (20.5 B)(10.9 B)(9.1 B)284 M(8.3 B)(6.5 B)(198 M)2.5 B(16 B)(5.3 B)
Net Cash Flow (50 M)1.6 B3.5 B3.7 B(2.1 B)3.1 B1.2 B(5.5 B)(2.6 B)1.6 B


SECTION 10 Peer Group Analysis & Ranking

10.1 BuySellSignals Fundamentals Valuation Ranking: BHP Group vs IDR Market
Out of 404 units in the International Depository Receipts Market, BHP Group is ranked Twenty-fourth by Market Cap US$, Thirty-eighth by P/Earnings Growth, Eighty-fourth by Revenue and Eighty-seventh by Price/Net Tangible Assets.
 IDR AvgBHPRankRank 1Rank 2Rank 3Lowest Rank
Market Cap US$56.4 B75.1 B24 329.9 B TSM214.5 B NVS6.3 M MTP
P/Earnings Growth-0.2x380.1x CS0.1x RBS0.1x ALIZY-
Revenue US$14.1 B44.3 B84423.4 B SNP359.3 B PTR352.1 B RDS/A17,639 GENE
Price/Net Tangible Assets1.9x1.5x870.1x CHA0.1x CUK0.1x BACHY-
EPS Growth YOY (%)-130.390973.03 APNHY691.2 AKZOY686.7 DRD-
P/Earnings12.1x31.9x1281.6x ACSAY1.7x BOSSY1.9x AOZOY-
EBITDA Margin12.437.416288.6 CS87.2 DBSDY74.3 IHG(40.5) HCM
ROA (%)1.59.424844.6 BBSEY34.9 NVO30.4 CLPBY0.2 BCS
ROE (%)8.118.4327 126.9 BBSEY110.2 GSK-
Yield (%)2.63.0542119.3 PUK18.1 RC14.5 XIN0.1 GOL
Free Cash Flow(2.9 B)133 M46335.4 B ALIZY32.1 B BHKLY15.2 B PBR 
Net Profit970.6 million8.3 B46632,351.1 B BKRKY18,663 B TLK7,178.5 B EC(2,829.7 B) LPL
Total Debt/Equity (the lower the better)0.7x0.5x8270.001x GOLD0.004x DRD0.005x CLVLY7.3x GSK
Premium to 52-Wk Low (%)30.271.58290.7 CCOJY1.9 CAJ1.9 CLCGY1299.1 KTOVW
Discount to 52-Wk High (%)12.310.585090.2 MTP77.7 CIG/C77.4 IMRN0.1 BNTGY

Negative values are shown in brackets.

10.2 Rank of BHP Group in the Bank of New York Mellon Composite ADR Index [out of 216 ADRs], in the Total International Depository Receipts [IDR] Market [out of 1373 IDRs] and in the Mining sector [out of 23 IDRs]
DescriptionValueIn BKADR*In Total IDR MarketIn Mining sector
MCap (USD)75.1B23431
Total Assets (USD)100.9B471532
Revenue (USD)44.3B331032
Net Profit (USD)8.3B9281
Return on Equity %18.4302625
Net Profit Margin %21.5292487
Price to Book1.55755415
Price/Earnings31.97670411
Yield %3.07860912
PV1000 (1Year) USD9476329310


*The Bank of New York Mellon Composite ADR Index

10.3 Long-Term Fundamental Ranking: 5 out of 5 [5 is best]
BHP Group is ranked number 1 out of 39 listed mining companies in the Global with a market capitalization of USD75.1 billion.
In the mining companies it has the 2nd highest total assets and 2nd highest revenues.

It has a strong relative ROE of 18.4% and ROA of 9.4%. Finally, its earnings growth in the past 12 months has been a comparatively high 130.3%.
Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1.

SECTION 11 Q1/2020 INSTITUTIONAL SHAREHOLDER ACTIVITY

11.1 Top 99 Institutional Shareholders of BHP Group as at March 31, 2020
As at March 31, 2020, 327 Institutions held investments in BHP Group. Institutions had increased their holdings to 4.6% of issued capital, up from 4.03% nine months ago. The top 99 institutional shareholders held 4.5% ADRs of BHP Group. The largest shareholder was Fisher Asset Management with 0.5% of BHP Group. The second largest shareholder was UBS Group with 0.41%.
*Note: Minimum Core Shareholding is computed on the basis of SEC filings over the last 12 quarters (3 years). A higher % of shareholding above the minimum core holding may be indicative of a potential positioning by the institution to overweight.

Institution (CIK)ADRsHolding %Value $USDMinimum Core Holding*% Above Min Core Holding*
Fisher Asset Management (0000850529)7,337,1190.5269.2 M5,473,98834.0
UBS Group (0001610520)6,075,3150.41222.9 M622,561876
Citigroup (0000831001)5,607,8560.38205.8 M207,9452,597
Bank of America (0000070858)4,575,2230.31167.9 M2,499,01783
FMR (0000315066)4,494,6820.31164.9 M22,52519,854
Goldman Sachs Group (0000886982)4,419,6610.3162.2 M3,025,03946.1
Arrowstreet Capital (0001164508)3,125,7450.21114.7 M1,746,11679
Parametric Portfolio Associates (0000932859)1,904,0160.1369.9 M1,183,29361
Neuberger Berman Group (0001465109)1,754,4640.1264.4 M161,275988
Morgan Stanley (0000895421)1,620,8640.1159.5 M582,699178
Northern Trust (0000073124)1,568,3480.1157.5 M1,551,3751.1
Lazard Asset Management (0001207017)1,520,8010.155.8 M1,520,8010
Earnest Partners (0001102578)1,393,0860.0951.1 M1,393,0860
SG Americas Securities (0001313360)1,071,3170.0739.3 M4,22925,233
Aperio Group (0001364615)981,5200.0736 M631,53155
Royal Bank of Canada (0001000275)920,8820.0633.8 M263,350250
Dimensional Fund Advisors (0000354204)903,7780.0633.2 M808,62511.8
Connor, Clark & Lunn Investment Management (0001596800)877,1190.0632.2 M4,20020,784
JP Morgan Chase & Co (0000019617)623,1510.0422.9 M221,563181
Waddell & Reed (0001052100)621,6710.0422.8 M272,820128
Westwood Global Investments (0001356513)600,0010.0422 M260,469130
Willis Investment Counsel (0001310929)586,5050.0421.5 M73,135702
Wellington Management Group (0000902219)540,3660.0419.8 M47,7961,031
D. E. Shaw & Co. (0001009207)506,4300.0318.6 M247,749104
Wells Fargo & Co (0000072971)495,3580.0318.2 M495,3580
SEI Investments Co (0000350894)482,7030.0317.7 M322,31049.8
Athos Capital (0001681662)476,5920.0317.5 M23,5981,920
AllianceBernstein (0001109448)432,9110.0315.9 M203,728112
Ameriprise Financial (0000820027)404,9650.0314.9 M116,583247
Parallax Volatility Advisers (0001521001)401,4870.0314.7 M316126,953
Van Eck Associates (0000869178)366,4000.0213.4 M366,4000
Scout Investments (0001161927)355,5370.0213 M268,20732.6
Jennison Associates (0000053417)339,5350.0212.5 M337,1260.71
Two Sigma Advisers (0001478735)319,8000.0211.7 M308,8003.6
Atlantic Trust Group (0001298088)314,8360.0211.6 M71,715339
Bank of Montreal (0000927971)296,0770.0210.9 M54,721441
Capital Fund Management (0001323645)281,9750.0210.3 M38,239637
Manufacturers Life Insurance (0000928047)278,7430.0210.2 M4,2966,388
CQS (US) (0001447946)276,0640.0210.1 M276,0640
Pacific Heights Asset Management (0001323414)255,0000.029.4 M200,00027.5
South Street Advisors (0001399706)240,0900.028.8 M193,76023.9
Tocqueville Asset Management (0000883961)236,2380.028.7 M236,2380
Carillon Tower Advisers (0001715163)226,5360.028.3 M190,43119.0
Price T Rowe Associates (0000080255)224,0880.028.2 M150,20049.2
Gabelli Funds (0001081407)219,1000.018 M8,0002,639
Vicus Capital (0001544806)182,2670.016.7 M88,991105
Greenline Partners (0001697323)181,6640.016.7 M181,6640
Bollard Group (0001556218)180,6240.016.6 M4,1334,270
Raymond James (0001084208)176,7240.016.5 M176,7240
Guardian Capital Advisors (0001512652)161,6470.015.9 M161,6470
Two Sigma Investments (0001179392)158,1660.015.8 M10,9121,349
Ferguson Wellman Capital Management (0000869353)156,7800.015.8 M122,97027.5
Eaton Vance Management (0001076598)148,8510.015.5 M148,8510
Callahan Advisors (0001395055)127,8350.014.7 M39,160226
Old Mission Capital (0001455915)123,7360.014.5 M85,43344.8
Violich Capital Management (0001326766)120,4680.014.4 M119,3680.92
Thomas White International (0001092351)116,6390.014.3 M111,0545.0
HSBC Holdings (0000873630)116,4450.014.3 M5,8881,878
Ngam Advisors (0001018331)113,9410.014.2 M113,9410
Shelter Mutual Insurance Co (0001455288)109,3000.014 M109,3000
Hourglass Capital (0001442573)104,3330.013.8 M104,3330
Natixis (0001274981)102,6760.013.8 M39,797158
Sensato Investors (0001605826)101,2000.013.7 M4,8311,995
Banque Pictet & Cie SA (0001535602)100,0000.013.7 M13,800625
Pictet North America Advisors SA (0001599576)100,0000.013.7 M13,800625
Credit Suisse (0000824468)96,6290.013.5 M38,807149
Polygon Management (0001515070)94,7000.013.5 M94,7000
SPX Equities Gestao de Recursosa (0001589176)94,5330.013.5 M28,233235
Crossmark Global Holdings (0001539204)92,0550.013.4 M87,2875.5
Jane Street Group (0001595888)90,6830.013.3 M6,9951,196
Associated Banc-Corp (0000007789)88,5650.013.2 M82,8326.9
Envestnet Asset Management (0001407543)87,7840.013.2 M5,0451,640
Barclays (0000312069)83,7320.013.1 M36,242131
Blackrock (0001364742)81,6440.013 M81,6440
CSat Investment Advisory (0001483801)79,6470.012.9 M2,1723,567
Toroso Investments (0001600064)79,6470.012.9 M9,257760
Bank of New York Mellon (0001390777)78,6660.012.9 M66,60118.1
Renaissance Technologies (0001037389)77,7000.012.9 M77,7000
Commonwealth of Pennsylvania Public School Empls Retrmt Sys (0001083190)75,5890.012.8 M4,8651,454
Comerica Bank (0000901541)75,4880.012.8 M75,4880
Manning & Napier Group (0001725248)74,0120.012.7 M74,0120
Stifel Financial (0000720672)73,6450.012.7 M60,41921.9
First Republic Investment Management (0001418204)72,913-2.7 M72,9130
Bluefin Trading (0001532351)65,757-2.4 M4,9201,237
Macquarie Group (0001418333)62,141-2.3 M52,45418.5
LPL Financial (0001403438)61,385-2.3 M61,3850
Freestone Capital Holdings (0001470876)59,574-2.2 M18,666219
Shelton Capital Management (0001002784)56,300-2.1 M3,0831,726
Citadel Advisors (0001423053)55,568-2 M14,129293
Fiduciary Trust (0000035442)53,981-2 M53,9810
Stonebridge Capital Advisors (0001600035)53,614-2 M33,01662
Covington Capital Management (0001323119)52,560-1.9 M2,0002,528
Meritage Portfolio Management (0000881432)51,235-1.9 M11,557343
King Luther Capital Management (0000310051)50,300-1.8 M50,3000
Pioneer Investment Management (0001102598)47,574-1.7 M47,5740
Raymond James Financial Services Advisors (0001462284)43,709-1.6 M31,96636.7
PNC Financial Services Group (0000713676)43,033-1.6 M43,0330
Brinker Capital (0001502976)42,778-1.6 M42,7780
Ingalls & Snyder (0001041885)42,444-1.6 M42,4440
Held by Top 9965,576,8364.472.4 billion - -


11.2 Major Increases in Top 99 institutional shareholders March 31, 2020 vs December 31, 2019
UBS Group increased their shareholding in BHP Group by 2.7 million ADRs worth USD 111.8 million. Bank of America increased their shareholding by 2.1 million ADRs worth USD 87.5 million.
Institution (CIK)Increase in ADRsIncrease Value, $USD
UBS Group (0001610520)2,651,783111.8 M
Bank of America (0000070858)2,076,20687.5 M
FMR (0000315066)1,872,83879 M
Goldman Sachs Group (0000886982)431,22718.2 M
Royal Bank of Canada (0001000275)421,65017.8 M
Wellington Management Group (0000902219)418,69417.7 M
D. E. Shaw & Co. (0001009207)258,68110.9 M
Bank of Montreal (0000927971)237,36810 M
AllianceBernstein (0001109448)188,7258 M
JP Morgan Chase & Co (0000019617)82,9143.5 M
Dimensional Fund Advisors (0000354204)79,5753.4 M
HSBC Holdings (0000873630)56,5552.4 M
Pacific Heights Asset Management (0001323414)55,0002.3 M
SPX Equities Gestao de Recursosa (0001589176)41,6171.8 M
Waddell & Reed (0001052100)33,7711.4 M
Scout Investments (0001161927)21,545908,254
Atlantic Trust Group (0001298088)16,205683,140
Carillon Tower Advisers (0001715163)13,031549,337
Gabelli Funds (0001081407)10,500442,640
Price T Rowe Associates (0000080255)8,633363,934
Bank of New York Mellon (0001390777)7,215304,157
Willis Investment Counsel (0001310929)7,125300,363
Ferguson Wellman Capital Management (0000869353)6,185260,736
Thomas White International (0001092351)5,585235,442
Macquarie Group (0001418333)5,389227,179
Envestnet Asset Management (0001407543)5,276222,416
Crossmark Global Holdings (0001539204)4,768201,001
Total9,018,061 


11.3 Major Decreases in Top 99 institutional shareholders March 31, 2020 vs December 31, 2019
Arrowstreet Capital reduced their shareholding in BHP Group by 3.3 million ADRs worth USD 141 million. Morgan Stanley reduced their shareholding by 459,004 ADRs worth USD 19.3 million.
Institution (CIK)Decrease in ADRsDecrease Value, $USD
Arrowstreet Capital (0001164508)3,345,838(141 M)
Morgan Stanley (0000895421)459,004(19.3 M)
Two Sigma Advisers (0001478735)238,900(10.1 M)
Earnest Partners (0001102578)208,928(8.8 M)
Manning & Napier Group (0001725248)179,206(7.6 M)
Renaissance Technologies (0001037389)167,600(7.1 M)
Parametric Portfolio Associates (0000932859)130,826(5.5 M)
Aperio Group (0001364615)122,956(5.2 M)
Northern Trust (0000073124)107,987(4.6 M)
First Republic Investment Management (0001418204)104,096(4.4 M)
Ameriprise Financial (0000820027)88,033(3.7 M)
Blackrock (0001364742)85,983(3.6 M)
Citadel Advisors (0001423053)69,255(2.9 M)
Bollard Group (0001556218)58,387(2.5 M)
Capital Fund Management (0001323645)47,392(2 M)
SEI Investments Co (0000350894)42,440(1.8 M)
Ngam Advisors (0001018331)34,014(1.4 M)
Stifel Financial (0000720672)28,194(1.2 M)
Lazard Asset Management (0001207017)27,884(1.2 M)
Wells Fargo & Co (0000072971)24,232(1 M)
Jennison Associates (0000053417)18,371(774,451)
Stonebridge Capital Advisors (0001600035)14,007(590,481)
Eaton Vance Management (0001076598)12,603(531,294)
Jane Street Group (0001595888)11,061(466,289)
PNC Financial Services Group (0000713676)8,794(370,721)
Pioneer Investment Management (0001102598)8,206(345,933)
Brinker Capital (0001502976)5,279(222,542)
Meritage Portfolio Management (0000881432)3,811(160,657)
South Street Advisors (0001399706)3,620(152,605)
Callahan Advisors (0001395055)3,283(138,399)
Barclays (0000312069)3,064(129,166)
Natixis (0001274981)2,726(114,918)
Vicus Capital (0001544806)2,429(102,397)
Freestone Capital Holdings (0001470876)2,204(92,912)
LPL Financial (0001403438)1,840(77,567)
Comerica Bank (0000901541)1,623(68,419)
Sensato Investors (0001605826)1,600(67,450)
Guardian Capital Advisors (0001512652)1,240(52,274)
Covington Capital Management (0001323119)575(24,240)
Tocqueville Asset Management (0000883961)500(21,078)
Total5,677,991 


11.4 New Entrants in Top 99 institutional shareholders as at March 31, 2020
Institution (CIK)ADRsValue, $USD
Fisher Asset Management (0000850529)7,337,119269.2 M
Citigroup (0000831001)5,607,856205.8 M
Neuberger Berman Group (0001465109)1,754,46464.4 M
SG Americas Securities (0001313360)1,071,31739.3 M
Connor, Clark & Lunn Investment Management (0001596800)877,11932.2 M
Athos Capital (0001681662)476,59217.5 M
Parallax Volatility Advisers (0001521001)401,48714.7 M
Van Eck Associates (0000869178)366,40013.4 M
CQS (US) (0001447946)276,06410.1 M
Greenline Partners (0001697323)181,6646.7 M
Raymond James (0001084208)176,7246.5 M
Two Sigma Investments (0001179392)158,1665.8 M
Old Mission Capital (0001455915)123,7364.5 M
Hourglass Capital (0001442573)104,3333.8 M
Credit Suisse (0000824468)96,6293.5 M
Polygon Management (0001515070)94,7003.5 M
Associated Banc-Corp (0000007789)88,5653.2 M
CSat Investment Advisory (0001483801)79,6472.9 M
Toroso Investments (0001600064)79,6472.9 M
Commonwealth of Pennsylvania Public School Empls Retrmt Sys (0001083190)75,5892.8 M
Bluefin Trading (0001532351)65,7572.4 M
King Luther Capital Management (0000310051)50,3001.8 M
Raymond James Financial Services Advisors (0001462284)43,7091.6 M
Ingalls & Snyder (0001041885)42,4441.6 M
Total19,630,028 


11.5 Drop Outs from Top 99 institutional shareholders as at March 31, 2020
Institution (CIK)ADRsValue, $USD
Canal Insurance Co (0001313473)40,0001.5 M
U.S. Bancorp (DE) (0000036104)38,9421.4 M
Bridgewater Associates, LP (0001350694)29,2961.1 M
Deutsche Bank AG (0000948046)22,387821,379
Puplava Financial Services, Inc. (0001358828)21,149775,957
Autus Asset Management, LLC (0001513865)16,692612,429
Two Sigma Securities, LLC (0001450144)15,773578,711
Verdence Capital Advisors LLC (0001719305)10,844397,866
Scotia Capital Inc. (0001335644)10,332379,081
Russell Investments Group, Ltd. (0001692234)10,312378,347
Alpha Cubed Investments, LLC (0001580830)7,675281,596
Hammer Asset Management, LLC (0001749890)7,387271,029
Twin Tree Management, LP (0001535588)4,688172,003
Quantbot Technologies LP (0001512991)3,959145,256
Total239,436 

11.6 Reported holdings of institutions as at March 31, 2020
Quarter EndedMar 31Dec 31, 2019Sep 30, 2019Jun 30, 2019
Market Value ($ Million)    
Reported Holdings of Institutions2,4793,3642,9193,338
% of issued capital4.64.184.024.03

As at March 31, 2020 institutions had increased their holdings to 4.6% of issued capital, up from 4.03% nine months ago.

SECTION 12 News Archives (Jul 2018 - Feb 2020)

12.1 Dividends
August 29 2019: BHP Group announces dividend
BHP Group today announced a cash dividend of $US1.56 per share. The ex dividend date is Thursday, September 05, 2019 and the record date is Friday, September 06, 2019 and it is payable on Wednesday, September 25.

January 08 2019: BHP Billiton announces dividend
BHP Billiton today announced a special dividend of $US2.04 per share. The ex dividend date is Thursday, January 10, 2019 and the record date is Friday, January 11, 2019 and it is payable on Wednesday, January 30.

12.2 Meetings
November 07 2019: BHP 2019 AGM Results
As required by the Dual Listed Compan y Structure, a poll was conducted on each of the proposed resolutions. Each resolution is a Joint Electorate Action. The poll results for BHP Group Limited and BHP Group Plc are attached.
Source: Australian Securities Exchange

12.3 Press Releases
February 18: BHP Group: Half Yearly Report and Accounts
This statement includes the consolidated results of BHP for the half year ended 3 1 December 2019 compared with the half year ended 3 1 December 2018.
This page and the following 64 pages comprise the half year end information given to the ASX under Listing Rule 4. 2 A and released to the market under UK Disclosure and Transparency Rule 4.2.2R and should be read in conjunction with the 2019 BHP Group annual financial report.
Source: Australian Securities Exchange

January 21: BHP Group: Quarterly Activities Report
All production and unit cost guidance (1) (based on exchange rates of AUD/USD 0.70 and USD/CLP 683) remains unchanged for the 2020 financial year. Escondida unit costs tracking below full year guidance at the December 2019 half year largely as a result of higher by - product credits.
Group copper e quivalent production was broadly unchanged in the Dec ember 2019 half year, with v olumes for the full year expected to be slightly higher than last year.
Source: Australian Securities Exchange

October 17 2019: BHP Group: Quarterly Activities Report
Group copper equivalent production de creased by 3 % in the September 2019 quarter largely due to planned maintenance across a number of operations and natural field decline in Petroleum. Volumes for the 2020 financial year are expected to be slightly higher than last year.
Source: Australian Securities Exchange

September 17 2019: BHP Group: 2019 US Annual Report (Form 20-F)
Please find attached a copy of BHP's 201 9 US Annual Report (Form 20 - F), which has been filed with the United States Securities and Exchange Commission.
This document has been prepared in accordance with the requirements of the United States Securities and Exchange Commission and, as such, does n ot comply with the reporting requirements under the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition).
Source: Australian Securities Exchange

August 20 2019: BHP Group: Preliminary Final Report
This statement includes the consolidated results of BHP for the year ended 30 June 2019 compared with the year ended 30 June 2018.
This page and the following 54 pages comprise the year end information given to the ASX under Listing Rule 4. 3 A and released to the market under UK Listing Rule 9.7A. The 2019 BHP Group annual financial report will be released in September.
Source: Australian Securities Exchange

July 17 2019: BHP Group: Quarterly Activities Report
Exceeded full year production guidance for petroleum and met revised guidance for copper and iron ore. Metallurgical coal and energy coal production marginally below guidance predominantly as a result of lower than expected wash plant yield s and adverse weather impacts during the June 2019 quarter.
Source: Australian Securities Exchange

June 07 2019: BHP Group: Tailings Facilities Management Presentation
BHP will be hosting an investor briefing today on the management of tailings storage facilities across the portfolio.
The purpose of the briefing is to provide an update on BHP's approach to tailings storage facilities ' management and to give further information on the number, design and classification of tailings faci lities.
Source: Australian Securities Exchange

April 17 2019: BHP Group: Quarterly Activities Report
Production guidance for the 2019 financial year remains unchanged for petroleum, copper, metallurgical coal and energy coal. Iron ore production guidance decreased to between 26 5 and 27 0 Mt (100% basis), reflecting impacts of Tropical Cyclone Veronica.
Source: Australian Securities Exchange

February 13 2019: BHP Group: Conventional petroleum update
The BHP Board has today approved US$696 million (BHP share) in funding to develop the Atlantis Phase 3 p roject in the US Gulf of Mexico. This follows sanction by BP, as the O perator, of the Atlantis Phase 3 project, announced in January 2019.
Source: Australian Securities Exchange

January 22 2019: BHP Group: Quarterly Activities Report
Production guidance for the 2019 financial year remains unchanged for petroleum, iron o re, metallurgical coal and e nergy c oal. Total copper production guidance increased to between 1,645 and 1,740 kt and reflects the retention of Cerro Colorado.
Source: Australian Securities Exchange

November 27 2018: BHP copper exploration program update
BHP today confirmed identification of a potential new iron oxide, copper, gold ( IOCG ) mineralised system, located 65 kilometres to the south east of BHP's operations at Olympic Dam in South Australia
Source: Australian Securities Exchange

November 21 2018: BHP Billiton: Capital Allocation Briefing
BHP will be holding an investor and analyst briefing today in Melbourne on BHP's Capital Allocation Framework.
The purpose of the briefing is to provide greater detail in relation to BHP's capital allocation processes, and greater transparency on BHP's approach to capital allocation and investment decisions.
Source: Australian Securities Exchange

November 01 2018: BHP completes sale of Onshore US assets
BHP has completed the sale of its intere sts in the Eagle Ford, Haynesville and Permian Onshore US oil and gas assets to BP America Production Company (a subsidiary of BP Plc) ( BP ) for a gross considerat ion of US$10.5 billion.
Source: Australian Securities Exchange

October 17 2018: BHP Billiton: Quarterly Activities Report
Group copper equivalent production increased by 2 % in the September 2018 quarter despite maintenance across a number of operations. Volumes for the 2019 financial year are expected to be broadly in line with last year (1).
Full year production guidance remains unchanged for petroleum, iron ore, metallurgical coal and energy coal. Total copper production guidance reduced by approximately 3% to between 1,62 0 and 1,705 kt reflecting lower volumes now expected at Spence ( electro - winning plant outage ) and Olympic Dam ( acid plant outage).
Source: Australian Securities Exchange

October 04 2018: BHP Billiton: Samarco Compensation Programs
BHP notes recent media reports concerni ng an agreement with the State Prosecutor of Mariana in the State of Minas Gerais in relation to compensation for the impacts of the Samarco dam failure on 5 November 2015.
The agreement outlines the process and principles for the negotiation and implementation by the Renova Foundation of the formal compensation program for impacted people in Mariana, Minas Gerais.
Source: Australian Securities Exchange

September 18 2018: BHP US Annual Report (Form 20-F) 2018
Please find attached a copy of BHP's 2018 US Annual Report (Form 20-F), which has been filed with the United States Securi ties and Exchange Commission.
This document has been prepared in accordance with t he requirements of the Un ited States Securities and Exchange Commission and, as such, does not co mply with the reporting requirements under the Australasian Code for Reporting of Exploration Resu lts, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition).
Source: Australian Securities Exchange

September 05 2018: BHP Billiton: Copper Update - Agreement with Guyana Goldfields
BHP has entered into an agreement with Guyana Goldfields Inc. ( Guyana ) to acquire its 6.1 per cent interest in SolGold Plc ( SolGold ), the majority owner and operator of the Cascabel porphyry copper - gold project in Ecuador.
BHP Chief Executive Officer, Andrew Mackenzie, said the investmen t in SolGold would give BHP exposure to a high quality copper exploration project in Ecuador, which is a highly prospective location for BHP.
Source: Australian Securities Exchange

August 21 2018: BHP Billiton: Preliminary Final Report
This statement includes the consolidated results of BHP for the year ended 30 June 2018 compared with the year ended 30 June 2017.
This page and the following 57 pages comprise the year end information given to the ASX under Listing Rule 4.3A and released to the market under UK Listing Rule 9.7A. The 2018 BHP Group annual financial report will be released in September.
Source: Australian Securities Exchange

August 09 2018: BHP Billiton: Samarco Update
BHP has reached an agreement to settle t he class action complaint filed in the US District Court of the Southern District of New York on behalf of purchasers of American Depositary Receipts of BHP Billiton Limited and BHP Billiton Plc between 25 September 2014 and 30 November 2015 1 in relation to t he Samarco dam failure on 5 November 2015. Under the terms of the agreement, BHP has agreed to pay the plaintiffs US$ 50 million, with no admission of liability. The agreement is subject to approval by the District Court.
Source: Australian Securities Exchange

July 27 2018: BHP Billiton: Sale of Onshore US Assets
BHP today announced that it has entered into agreements for the sale of its entire interests in the Eagle Ford, Haynesville, Permian and Fayetteville Onshore US oil and gas assets for a combined base consideration of US$10.8 billion, payable in cash.
BP American Production Company, a wholly owned subsidiary of BP Plc, has agreed to acquire 100% of the issued share capital of Petrohawk Energy Corporation, the BHP subsidiary which holds the Eagle Ford, Haynesville and Permian assets, for a consideration of US$10.5 billion (less customary completion adjustments). One - half of the consideration is payable at completion, with the balance (deferred consideration) being payable in six equal instalments over a six month period, the first instalment to be paid one month after completion. Payment of the deferred considera tion is not subject to any conditions
Source: Australian Securities Exchange

July 23 2018: BHP to defend Samarco Class Action
BHP notes the media reports today concerning the Australian class action in relation to the Samarco dam failure.
BHP confirms it has been served with a class action proceeding filed in the Federal Court of Australia in Victoria.
BHP intends to defend the claim.
Source: Australian Securities Exchange

SECTION 13 Snapshot of 16 Australian ADRs

Total MCap of 16 Australian ADRs = USD186.2 billion
BHP Group MCap as % of Total MCap of Australian ADRs = 40.3%

*ADR Ratio: The number of shares in Australia represented by one American Depositary Receipt (ADR). For example, a Ratio of 1:60 for Alterity Therapeutics means 1 ADR is equivalent to 60 ordinary shares traded in Australia.

CompanyCodeClose (USD)MCap (US$ M)Change (% YTD)P/EYield (%)PV1000 (1Yr)*Ratio
Alterity TherapeuticsATHE1.425- -1,1681:60
AluminaAWCMY4.52,733-28.1-7.17871:4
AnsellANSLY104.03,34227.2-1.81,4571:4
Australia & New Zealand BankingANZBY12.836,494-25.48.83.06981:1
Benitec BiopharmaBNTC7.1839.1--9591:200
BHP GroupBHP51.175,073-6.731.93.09471:2
Clinuvel PharmaceuticalsCLVLY16.5814-16.763.20.16821:1
Coca-Cola AmatilCCLAY6.04,315-21.716.65.79001:1
CochlearCHEOY65.78,426-15.819.81.78862:1
Genetic TechnologiesGENE2.42018.1 -9321:600
ImmuronIMRN6.62980.7 -2,2011:40
ImmutepIMMP1.142-40.2 -6651:100
James Hardie IndustriesJHX18.98,351-4.034.30.51,4381:1
Kazia TherapeuticsKZIA3.528-18.7 -1,3281:10
MesoblastMESO13.11,52877.5 -2,4451:5
Westpac BankingWBK12.544,981-26.69.24.46791:1


Glossary

ADVT: Average Daily Volume of shares Traded
Annual Return: Dividends Paid In a 12-Month Period/Price at the Beginning of the Period + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)
Capital Gain/Loss from n Years Ago to n-1 Years Ago: Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)
Current Ratio: Current Assets/Current Liabiliites (times)
Debt/Equity: Net Debt/Net Assets %
Dividend Yield: Dividend Per Share/Share Price (%)
EBIT Margin : Earnings Before Interest and Tax/Revenue (%)
Income during the n years (3/2/1): Dividends received during the Period
Interest Cover: Earnings Before Interest and Tax/Interest (times)
Moving Average Price (n periods): Sum of Prices for each Period/Number of Periods
PCP: Previous Corresponding Period
PV1000: Present value of 1000 invested 1 year/'n' years ago
Price Close/Moving Avg Price: Latest Price/Moving Average Price
Price/Earnings: Share Price/Earnings Per Share (times)
Price/NTA: Closing Share Price/Net Tangible Assets Per Share (times)
Relative Price Change [RPC]: Relative price change is price change of stock with respect to Benchmark Index
Relative Strength (6 Months): Price close today/Price close 6 months ago, then ranked by percentile within the entire market.
Return on Assets: Net Profit/Total Assets (%)
Return on Equity (Shareholders' Funds): Net Profit/Net Assets (%)
TSR: Total Shareholder Returns is expressed as an annualized rate of return for shareholders after allowing for capital appreciation and dividend
Total Liabilities/Total Assets: Total Liabilities/Total Assets
Volatility: Highest Price minus Lowest Price/Lowest Price (%)
Volume Weighted Average Price (VWAP): The Volume Weighted Average Price (VWAP) is the summation of turnover divided by total volume in the same period.

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