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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-614": {
"value": "Basis of preparation The Consolidated Financial Statements (Financial Statements) comprise BHP Group Limited (BHP or the Company) together with its controlled entities (Group) for the year ended 30 June 2023. BHP Group Limited, incorporated and domiciled in Australia, is a for-profit company limited by shares which are publicly traded on the Australian Securities Exchange. BHP Group Limited also has a standard listing on the London Stock Exchange (LSE), a secondary listing on the Johannesburg Stock Exchange and is listed on the New York Stock Exchange (NYSE) in the United States. Prior to 31 January 2022, BHP Group Limited and BHP Group Plc, an incorporated UK-listed company, operated together as a single-for-profit economic entity under a Dual Listed Company (DLC) structure comprising a common Board of Directors, unified management structure and joint objectives. On 31 January 2022, BHP unified its corporate structure under BHP Group Limited. Directors of BHP have included information in the Financial Statements they deem to be material and relevant to the understanding of the Financial Statements. Disclosure may be considered material and relevant if the dollar amount is significant due to its size or nature, or the information is important to understand the: \u2013 Group\u2019s current year results \u2013 impact of significant changes in the Group\u2019s business or \u2013 aspects of the Group\u2019s operations that are important to future performance The Board of Directors resolved to authorise the issue of the financial report on 22 August 2023. Basis of preparation and measurement The Group\u2019s Financial Statements as at and for the year ended 30 June 2023: \u2013 are a consolidated general purpose financial report \u2013 have been prepared in accordance with the requirements of: \u2013 the Australian Corporations Act 2001 (Corporations Act 2001) \u2013 Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board (AASB) and International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB) (collectively referred to as IFRS) \u2013 are prepared on a going concern basis as the Directors: \u2013 have made an assessment of the Group\u2019s ability to continue as a going concern for the 12 months from the date of this report \u2013 consider it appropriate to adopt the going concern basis of accounting in preparing the Group\u2019s Financial Statements \u2013 measure items on the basis of historical cost principles, except for the following items: \u2013 derivative financial instruments and certain other financial assets and liabilities, which are carried at fair value \u2013 non-current assets or disposal groups that are classified as held- for-sale or held-for-distribution, which are measured at the lower of carrying amount and fair value less costs to sell \u2013 include significant accounting policies in the notes to the Financial Statements that summarise the recognition and measurement basis used and are relevant to an understanding of the Financial Statements \u2013 apply a presentation currency of US dollars, consistent with the predominant functional currency of the Group\u2019s operations. Amounts are rounded to the nearest million dollars, unless otherwise stated, in accordance with ASIC (Rounding in Financial/Directors\u2019 Reports) Instrument 2016/191 \u2013 present reclassified comparative information where required for consistency with the current year\u2019s presentation \u2013 adopt all new and amended standards and interpretations under IFRS that are mandatory for application in periods beginning on 1 July 2022. None had a significant impact on the Financial Statements. Refer note 39 \u2018New and amended accounting standards and interpretations and changes to accounting policies\u2019 for details \u2013 have not early adopted any standards and interpretations that have been issued or amended but are not yet effective, other than as outlined in note 39 \u2018New and amended accounting standards and interpretations and changes to accounting policies\u2019 The accounting policies are consistently applied by all entities included in the Financial Statements. In assessing the appropriateness of the going concern assumption over the going concern period, management has stress tested BHP\u2019s most recent financial projections to incorporate a range of potential future outcomes by considering BHP\u2019s principal risks. The Group\u2019s financial forecasts, including downside commodity price and production scenarios, demonstrate that the Group believes that it has sufficient financial resources to meet its obligations as they fall due throughout the going concern period. As such, the Financial Statements continue to be prepared on the going concern basis. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-612": {
"value": "Basis of preparation The Consolidated Financial Statements (Financial Statements) comprise BHP Group Limited (BHP or the Company) together with its controlled entities (Group) for the year ended 30 June 2023. BHP Group Limited, incorporated and domiciled in Australia, is a for-profit company limited by shares which are publicly traded on the Australian Securities Exchange. BHP Group Limited also has a standard listing on the London Stock Exchange (LSE), a secondary listing on the Johannesburg Stock Exchange and is listed on the New York Stock Exchange (NYSE) in the United States. Prior to 31 January 2022, BHP Group Limited and BHP Group Plc, an incorporated UK-listed company, operated together as a single-for-profit economic entity under a Dual Listed Company (DLC) structure comprising a common Board of Directors, unified management structure and joint objectives. On 31 January 2022, BHP unified its corporate structure under BHP Group Limited. Directors of BHP have included information in the Financial Statements they deem to be material and relevant to the understanding of the Financial Statements. Disclosure may be considered material and relevant if the dollar amount is significant due to its size or nature, or the information is important to understand the: \u2013 Group\u2019s current year results \u2013 impact of significant changes in the Group\u2019s business or \u2013 aspects of the Group\u2019s operations that are important to future performance The Board of Directors resolved to authorise the issue of the financial report on 22 August 2023. Basis of preparation and measurement The Group\u2019s Financial Statements as at and for the year ended 30 June 2023: \u2013 are a consolidated general purpose financial report \u2013 have been prepared in accordance with the requirements of: \u2013 the Australian Corporations Act 2001 (Corporations Act 2001) \u2013 Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board (AASB) and International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB) (collectively referred to as IFRS) \u2013 are prepared on a going concern basis as the Directors: \u2013 have made an assessment of the Group\u2019s ability to continue as a going concern for the 12 months from the date of this report \u2013 consider it appropriate to adopt the going concern basis of accounting in preparing the Group\u2019s Financial Statements \u2013 measure items on the basis of historical cost principles, except for the following items: \u2013 derivative financial instruments and certain other financial assets and liabilities, which are carried at fair value \u2013 non-current assets or disposal groups that are classified as held- for-sale or held-for-distribution, which are measured at the lower of carrying amount and fair value less costs to sell \u2013 include significant accounting policies in the notes to the Financial Statements that summarise the recognition and measurement basis used and are relevant to an understanding of the Financial Statements \u2013 apply a presentation currency of US dollars, consistent with the predominant functional currency of the Group\u2019s operations. Amounts are rounded to the nearest million dollars, unless otherwise stated, in accordance with ASIC (Rounding in Financial/Directors\u2019 Reports) Instrument 2016/191 \u2013 present reclassified comparative information where required for consistency with the current year\u2019s presentation \u2013 adopt all new and amended standards and interpretations under IFRS that are mandatory for application in periods beginning on 1 July 2022. None had a significant impact on the Financial Statements. Refer note 39 \u2018New and amended accounting standards and interpretations and changes to accounting policies\u2019 for details \u2013 have not early adopted any standards and interpretations that have been issued or amended but are not yet effective, other than as outlined in note 39 \u2018New and amended accounting standards and interpretations and changes to accounting policies\u2019 The accounting policies are consistently applied by all entities included in the Financial Statements. In assessing the appropriateness of the going concern assumption over the going concern period, management has stress tested BHP\u2019s most recent financial projections to incorporate a range of potential future outcomes by considering BHP\u2019s principal risks. The Group\u2019s financial forecasts, including downside commodity price and production scenarios, demonstrate that the Group believes that it has sufficient financial resources to meet its obligations as they fall due throughout the going concern period. As such, the Financial Statements continue to be prepared on the going concern basis. Principles of consolidation In preparing the Financial Statements, the effects of all intragroup balances and transactions have been eliminated. A list of significant entities in the Group, including subsidiaries, joint arrangements and associates at 30 June 2023 is contained in note 30 \u2018Subsidiaries\u2019, note 31 \u2018Investments accounted for using the equity method\u2019 and note 32 \u2018Interests in joint operations\u2019. Subsidiaries: The Financial Statements of the Group include the consolidation of BHP Group Limited (the Company or parent entity) and its subsidiaries, being the entities controlled by the parent entity during the year (and, in prior periods, BHP Group Plc and its subsidiaries while the DLC was in effect). Control exists where the Group: \u2013 has power over the investee \u2013 is exposed to, or has rights to, variable returns from its involvement with the entity \u2013 has the ability to affect those returns through its power to direct the activities of the entity The ability to approve the operating and capital budget of an entity and the ability to appoint key management personnel are decisions that demonstrate that the Group has the existing rights to direct the relevant activities of an entity. The results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the Company gains control until the date when the Company ceases to control the subsidiary. When the Group loses control of a subsidiary, the gain or loss on disposal is recognised in profit or loss. Where the Group\u2019s interest is less than 100 per cent, the interest attributable to outside shareholders is reflected in non-controlling interests. Changes in the Group\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company. The financial information of subsidiaries is prepared for the same reporting period as the Group. The acquisition method of accounting is used to account for the Group\u2019s business combinations. Joint arrangements: The Group undertakes a number of business activities through joint arrangements, which exist when two or more parties have joint control. Joint arrangements are classified as either joint operations or joint ventures, based on the contractual rights and obligations between the parties to the arrangement: \u2013 Joint operations: A joint operation is an arrangement in which the Group shares joint control, primarily via contractual arrangements with other parties. In a joint operation, the Group has rights to the underlying assets and obligations for the liabilities relating to the arrangement. This includes situations where the parties benefit from the joint activity through a share of the output, rather than by receiving a share of the results of trading. In relation to the Group\u2019s interest in a joint operation, the Group recognises: its assets and liabilities, including its share of any assets and liabilities held or incurred jointly; revenue from the sale of its share of the output and its share of any revenue generated from the sale of the output by the joint operation; and its expenses including its share of expenses incurred jointly. All such amounts are allocated in accordance with the terms of the arrangement, which is usually in proportion to the Group\u2019s interest in the joint operation. The Group accounts for the assets, liabilities, revenue and expenses relating to its interest in a joint operation in accordance with the IFRS Standards applicable to the particular assets, liabilities, revenue and expenses. \u2013 Joint ventures: A joint venture is a joint arrangement in which the parties that share joint control have rights to the net assets of the arrangement. A separate vehicle, not the parties, will have the rights to the assets and obligations for the liabilities relating to the arrangement. More than an insignificant share of output from a joint venture is sold to third parties, which indicates the joint venture is not dependent on the parties to the arrangement for funding, nor do the parties have an obligation for the liabilities of the arrangement. Joint ventures are accounted for using the equity method as outlined below. Associates: The Group accounts for investments in associates using the equity method as outlined below. An entity is considered an associate where the Group is deemed to have significant influence but not control or joint control. Significant influence is presumed to exist where the Group: \u2013 has over 20 per cent but less than 50 per cent of the voting rights of an entity, unless it can be clearly demonstrated that this is not the case or \u2013 holds less than 20 per cent of the voting rights of an entity; however, has the power to participate in the financial and operating policy decisions affecting the entity The Group uses the term \u2018equity accounted investments\u2019 to refer to joint ventures and associates collectively. Under the equity method, an investment in an associate or a joint venture is recognised initially at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the associate or joint venture. When the Group\u2019s share of losses of an associate or a joint venture exceeds the Group\u2019s interest in that associate or joint venture, the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. Foreign currencies Transactions related to the Group\u2019s worldwide operations are conducted in a number of foreign currencies. The majority of the subsidiaries, joint arrangements and associates within each of the operations have assessed US dollars as the functional currency, however, some subsidiaries, joint arrangements and associates have functional currencies other than US dollars. Transactions and monetary items denominated in foreign currencies are translated into US dollars as follows: Foreign currency item Applicable exchange rate Transactions Date of underlying transaction Monetary assets and liabilities Period-end rate Foreign exchange gains and losses resulting from translation are recognised in the income statement, except for qualifying cash flow hedges (which are deferred to equity) and foreign exchange gains or losses on foreign currency provisions for site closure and rehabilitation costs (which are capitalised in property, plant and equipment for operating sites). On consolidation, the assets, liabilities, income and expenses of foreign operations with non-US dollar functional currencies are translated into US dollars using the following applicable exchange rates: Foreign currency amount Applicable exchange rate Income and expenses Date of underlying transaction Assets and liabilities Period-end rate Equity Historical rate Reserves Historical rate Foreign exchange differences resulting from translation are initially recognised in the foreign currency translation reserve and subsequently transferred to the income statement on disposal of a foreign operation. Significant accounting policies, judgements and estimates The Group\u2019s accounting policies require the use of judgement, estimates and assumptions. All judgements, estimates and assumptions are based on the most current facts and circumstances and are reassessed on an ongoing basis. Actual results in future reporting periods may differ for these estimates under different assumptions and conditions. Further information regarding the Group\u2019s significant judgements and key estimates and assumptions, being those where changes may materially affect financial results and the carrying amount of assets and liabilities to be reported in the next reporting period, are embedded within the following notes: Note 4 Significant events \u2013 Samarco dam failure 6 Taxation 11 Overburden removal costs 11 Depreciation of property, plant and equipment 13 Impairment of non-current assets 15 Closure and rehabilitation provisions 22 Leases 29 Business combinations Additional information including sensitivity analysis, where appropriate, has been provided in the relevant notes to enhance an understanding of the impact of key estimates and assumptions on the Group\u2019s financial position and performance. Reserve estimates Reserves are estimates of the amount of product that can be demonstrated to be able to be economically and legally extracted from the Group\u2019s properties. In order to estimate reserves, assumptions are required about a range of technical and economic factors, including quantities, qualities, production techniques, recovery efficiency, production and transport costs, commodity supply and demand, commodity and carbon prices and exchange rates. Estimating the quantity and/or quality of reserves requires the size, shape and depth of ore bodies to be determined by analysing geological data, such as drilling samples and geophysical survey interpretations. Economic assumptions used to estimate reserves change from period- to-period as additional technical and operational data is generated. This process may require complex and difficult geological judgements to interpret the data. Reserve impact on financial reporting Estimates of reserves may change from period-to-period as the economic assumptions used to estimate reserves change and additional geological data is generated during the course of operations. Changes in reserves may affect the Group\u2019s financial results and financial position in a number of ways, including: \u2013 asset carrying values may be affected due to changes in estimated future production levels \u2013 depreciation, depletion and amortisation charged to the income statement may change where such charges are determined on the units of production basis, or where the useful economic lives of assets change \u2013 overburden removal costs recorded on the balance sheet or charged to the income statement may change due to changes in stripping ratios or the units of production basis of depreciation \u2013 closure and rehabilitation provisions may change where changes in estimated reserves affect expectations about the timing or cost of these activities \u2013 the carrying amount of deferred tax assets may change due to changes in estimates of the likely recovery of the tax benefits Underlying EBITDA Underlying EBITDA is earnings before net finance costs, depreciation, amortisation and impairments, taxation expense, Discontinued operations and any exceptional items. Underlying EBITDA includes BHP\u2019s share of profit/(loss) from investments accounted for using the equity method including net finance costs, depreciation, amortisation and impairments and taxation expense/(benefit). Exceptional items are excluded from Underlying EBITDA in order to enhance the comparability of such measures from period-to-period and provide investors with further clarity in order to assess the performance of the Group\u2019s operations. Management monitors exceptional items separately. Refer to note 3 \u2018Exceptional items\u2019 for additional detail. Segment assets and liabilities Total segment assets and liabilities of reportable segments represents operating assets and operating liabilities, including the carrying amount of equity accounted investments and predominantly excludes cash balances, loans to associates, interest bearing liabilities and deferred tax balances. The carrying value of investments accounted for using the equity method represents the balance of the Group\u2019s investment in equity accounted investments, with no adjustment for any cash balances, interest bearing liabilities or deferred tax balances of the equity accounted investment. Recognition and measurement The Group generates revenue from the production and sale of commodities. Revenue is recognised when or as control of the promised goods or services passes to the customer. In most instances, control passes when the goods are delivered to a destination specified by the customer, typically on board the customer\u2019s appointed vessel. Revenue from the provision of services is recognised over time as the services are provided, but does not represent a significant proportion of total revenue and is aggregated with the respective asset and product revenue for disclosure purposes. The amount of revenue recognised reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services. Where the Group\u2019s sales are provisionally priced, the final price depends on future index prices. The amount of revenue initially recognised is based on the relevant forward market price. Adjustments between the provisional and final price are accounted for under IFRS 9/AASB 9 \u2018Financial Instruments\u2019 (IFRS 9), separately recorded as other revenue and presented as part of the total revenue of each asset. The period between provisional pricing and final invoicing is typically between 60 and 120 days. Revenue from the sale of significant by-products is included within revenue. Where a by-product is not significant, revenue is credited against costs. The Group applies the following practical expedients: \u2013 expected consideration is not adjusted for the effects of the time value of money if the period between the delivery and when the customer pays for the promised good or service is one year or less \u2013 no disclosure is provided for information relating to unfulfilled performance obligations, either due to the expected duration of the contract term being one year or less, or for longer term contracts, because the entity has a right to consideration (and can recognise revenue) for goods delivered Exceptional items are those gains or losses where their nature, including the expected frequency of the events giving rise to them, and impact is considered material to the Financial Statements. Such items included within the Group\u2019s profit from Continuing operations for the year are detailed below. Exceptional items attributable to Discontinued operations are detailed in note 28 \u2018Discontinued operations\u2019. Recognition and measurement Other income is recognised when it is probable that the economic benefits associated with a transaction will flow to the Group and can be reliably measured. Dividend income is recognised upon declaration. Recognition and measurement Taxation on the profit/(loss) for the year comprises current and deferred tax. Taxation is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case the tax effect is also recognised in equity or other comprehensive income. Current tax Deferred tax Royalty-related taxation Current tax is the expected tax on the taxable income for the year, using tax rates and laws enacted or substantively enacted at the reporting date, and any adjustments to tax payable in respect of previous years. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for in accordance with IAS 12/AASB 112 \u2018Income Taxes\u2019 (IAS 12). Deferred tax is generally provided on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Financial Statements. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax is not recognised for temporary differences relating to: \u2013 initial recognition of goodwill \u2013 initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit, except where the transaction gives rise to equal and offsetting taxable and deductible temporary differences \u2013 investment in subsidiaries, associates and jointly controlled entities where the Group is able to control the timing of the reversal of the temporary difference and it is probable that they will not reverse in the foreseeable future Deferred tax is measured at the tax rates that are expected to be applied when the asset is realised or the liability is settled, based on the laws that have been enacted or substantively enacted at the reporting date. Current and deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset and when the tax balances are related to taxes levied by the same tax authority and the Group intends to settle on a net basis, or realise the asset and settle the liability simultaneously. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Royalties are treated as taxation arrangements (impacting income tax expense/(benefit)) when they are imposed under government authority and the amount payable is calculated by reference to revenue derived (net of any allowable deductions) after adjustment for temporary differences. Obligations arising from royalty arrangements that do not satisfy these criteria are recognised as current liabilities and included in expenses. International Tax Reform \u2013 Pillar Two Model Rules The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting published the Pillar Two model rules designed to address the tax challenges arising from the digitalisation of the global economy. It is unclear if the Pillar Two model rules create additional temporary differences, whether to remeasure deferred taxes for the Pillar Two model rules and which tax rate to use to measure deferred taxes. In response to this uncertainty, on 23 May 2023 and 27 June 2023, respectively, the IASB and AASB issued amendments to IAS 12 \u2018Income taxes\u2019 introducing a mandatory temporary exception to the requirements of IAS 12 under which a company does not recognise or disclose information about deferred tax assets and liabilities related to the proposed OECD/G20 BEPS Pillar Two model rules. The Group applied the temporary exception at 30 June 2023. Uncertain tax and royalty matters The Group operates across many tax jurisdictions. Application of tax law can be complex and requires judgement to assess risk and estimate outcomes. These judgements are subject to risk and uncertainty, hence there is a possibility that changes in circumstances will alter expectations, which may impact the amount of tax assets and tax liabilities, including deferred tax, recognised on the balance sheet and the amount of other tax losses and temporary differences not yet recognised. The evaluation of tax risks considers both amended assessments received and potential sources of challenge from tax authorities. The status of proceedings for these matters will impact the ability to determine the potential exposure and in some cases, it may not be possible to determine a range of possible outcomes or a reliable estimate of the potential exposure. Tax and royalty matters with uncertain outcomes arise in the normal course of business and occur due to changes in tax law, changes in interpretation of tax law, periodic challenges and disagreements with tax authorities and legal proceedings. Tax and royalty obligations assessed as having probable future economic outflows capable of reliable measurement are provided for as at 30 June 2023. Matters with a possible economic outflow and/or presently incapable of being measured reliably are contingent liabilities and disclosed in note 34 \u2018Contingent liabilities\u2019. Details of uncertain tax and royalty matters relating to Samarco are disclosed in note 4 \u2018Significant events \u2013 Samarco dam failure\u2019. Recognition and measurement Diluted earnings attributable to BHP shareholders are equal to the earnings attributable to BHP shareholders. Prior to the Group\u2019s corporate structure unification, the calculation of the number of ordinary shares used in the computation of basic earnings per share was the aggregate of the weighted average number of ordinary shares of BHP Group Limited and BHP Group Plc outstanding during the period after deduction of the number of shares held by the Billiton Employee Share Ownership Trust and the BHP Group Limited Employee Equity Trust (previously known as \u2018BHP Billiton Limited Employee Equity Trust\u2019). Effective from 31 January 2022, the aggregate of the weighted average number of ordinary shares of only BHP Group Limited is considered in the computation of basic earnings per share. Refer to note 17 \u2018Share capital\u2019 for details on unification. For the purposes of calculating diluted earnings per share, the effect of 9 million dilutive shares has been taken into account for the year ended 30 June 2023 (2022: 10 million shares; 2021: 11 million shares). The Group\u2019s only potential dilutive ordinary shares are share awards granted under the employee share ownership plans for which terms and conditions are described in note 26 \u2018Employee share ownership plans\u2019. Diluted earnings per share calculation excludes instruments which are considered antidilutive. At 30 June 2023, there are no instruments which are considered antidilutive (2022: nil; 2021: nil). Recognition and measurement Trade receivables are recognised initially at their transaction price or, for those receivables containing a significant financing component, at fair value. Trade receivables are subsequently measured at amortised cost using the effective interest method, less an allowance for impairment, except for provisionally priced receivables which are subsequently measured at fair value through profit or loss under IFRS 9. The collectability of trade and other receivables is assessed continuously. At the reporting date, specific allowances are made for any expected credit losses based on a review of all outstanding amounts at reporting period-end. Individual receivables are written off when management deems them unrecoverable. The net carrying amount of trade and other receivables approximates their fair values. Recognition and measurement Regardless of the type of inventory and its stage in the production process, inventories are valued at the lower of cost and net realisable value. Cost is determined primarily on the basis of average costs and involves estimates of expected metal recoveries and work in progress volumes, calculated using available industry, engineering and scientific data. These estimates are periodically reassessed by the Group taking into account technical analysis and historical performance. For processed inventories, cost is derived on an absorption costing basis. Cost comprises costs of purchasing raw materials and costs of production, including attributable mining and manufacturing overheads taking into consideration normal operating capacity. Inventory quantities are assessed primarily through surveys and assays. Recognition and measurement Property, plant and equipment Property, plant and equipment is recorded at cost less accumulated depreciation and impairment charges. Cost is the fair value of consideration given to acquire the asset at the time of its acquisition or construction and includes the direct costs of bringing the asset to the location and the condition necessary for operation and the estimated future costs of closure and rehabilitation of the facility. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. Refer to note 22 \u2018Leases\u2019 for further details. Right-of-use assets are presented within the category of property, plant and equipment according to the nature of the underlying asset leased. Exploration and evaluation Exploration costs are incurred to discover mineral resources. Evaluation costs are incurred to assess the technical feasibility and commercial viability of resources found. Exploration and evaluation expenditure is charged to the income statement as incurred, except in the following circumstances in which case the expenditure may be capitalised: \u2013 the exploration and evaluation activity is within an area of interest that was previously acquired as an asset acquisition or in a business combination and measured at fair value on acquisition or \u2013 the existence of a commercially viable mineral deposit has been established A regular review of each area of interest is undertaken to determine the appropriateness of continuing to carry forward costs in relation to that area. Capitalised costs are only carried forward to the extent that they are expected to be recovered through the successful exploitation of the area of interest or alternatively by its sale. To the extent that capitalised expenditure is no longer expected to be recovered, it is charged to the income statement. Development expenditure When proven mineral reserves are determined and development is sanctioned, capitalised exploration and evaluation expenditure is reclassified as assets under construction within property, plant and equipment. All subsequent development expenditure is capitalised and classified as assets under construction, provided commercial viability conditions continue to be satisfied. The Group may use funds sourced from external parties to finance the acquisition and development of assets and operations. Finance costs are expensed as incurred, except where they relate to the financing of construction or development of qualifying assets. Borrowing costs directly attributable to acquiring or constructing a qualifying asset are capitalised during the development phase. In the instance where saleable material is extracted prior to the commissioning of a project/site, sale proceeds are recognised as revenue, with associated costs also recognised in the income statement. On completion of development, all assets included in assets under construction are reclassified as either plant and equipment or other mineral assets and depreciation commences. Other mineral assets Other mineral assets comprise: \u2013 capitalised exploration, evaluation and development expenditure for assets in production \u2013 mineral rights acquired \u2013 capitalised development and production stripping costs Overburden removal costs The process of removing overburden and other waste materials to access mineral deposits is referred to as stripping. Stripping is necessary to obtain access to mineral deposits and occurs throughout the life of an open-pit mine. Development and production stripping costs are classified as other mineral assets in property, plant and equipment. Stripping costs are accounted for separately for individual components of an ore body. The determination of components is dependent on the mine plan and other factors, including the size, shape and geotechnical aspects of an ore body. The Group accounts for stripping activities as follows: Development stripping costs These are initial overburden removal costs incurred to obtain access to mineral deposits that will be commercially produced. These costs are capitalised when it is probable that future economic benefits (access to mineral ores) will flow to the Group and costs can be measured reliably. Once the production phase begins, capitalised development stripping costs are depreciated using the units of production method based on the proven and probable reserves of the relevant identified component of the ore body which the initial stripping activity benefits. Production stripping costs These are post initial overburden removal costs incurred during the normal course of production activity, which commences after the first saleable minerals have been extracted from the component. Production stripping costs can give rise to two benefits, the accounting for which is outlined below: Production stripping activity Benefits of stripping activity Extraction of ore (inventory) in current period. Improved access to future ore extraction. Period benefited Current period Future period(s) Recognition and measurement criteria When the benefits of stripping activities are realised in the form of inventory produced; the associated costs are recorded in accordance with the Group\u2019s inventory accounting policy. When the benefits of stripping activities are improved access to future ore; production costs are capitalised when all the following criteria are met: \u2013 the production stripping activity improves access to a specific component of the ore body and it is probable that economic benefits arising from the improved access to future ore production will be realised \u2013 the component of the ore body for which access has been improved can be identified \u2013 costs associated with that component can be measured reliably Allocation of costs Production stripping costs are allocated between the inventory produced and the production stripping asset using a life-of- component waste-to-ore (or mineral contained) strip ratio. When the current strip ratio is greater than the estimated life-of- component ratio a portion of the stripping costs is capitalised to the production stripping asset. Asset recognised from stripping activity Inventory Other mineral assets within property, plant and equipment. Depreciation basis Not applicable On a component-by-component basis using the units of production method based on proven and probable reserves. Depreciation Depreciation of assets, other than land, assets under construction and capitalised exploration and evaluation that are not depreciated, is calculated using either the straight-line (SL) method or units of production (UoP) method, net of residual values, over the estimated useful lives of specific assets. The depreciation method and rates applied to specific assets reflect the pattern in which the asset\u2019s benefits are expected to be used by the Group. The Group\u2019s proved and probable reserves for minerals assets are used to determine UoP depreciation unless doing so results in depreciation charges that do not reflect the asset\u2019s useful life. Where this occurs, alternative approaches to determining reserves are applied, to provide a phasing of periodic depreciation charges that better reflects the asset\u2019s expected useful life. Where assets are dedicated to a mine lease, the useful lives below are subject to the lesser of the asset category\u2019s useful life and the life of the mine lease, unless those assets are readily transferable to another productive mine. Assets classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and therefore not depreciated. Recognition and measurement Goodwill Where the fair value of the consideration paid for a business acquisition exceeds the fair value of the identifiable assets, liabilities and contingent liabilities acquired, the difference is treated as goodwill. Where consideration is less than the fair value of acquired net assets, the difference is recognised immediately in the income statement. Goodwill is not amortised and is measured at cost less any impairment losses. Other intangibles The Group capitalises amounts paid for the acquisition of identifiable intangible assets, such as software, licences and initial payments for the acquisition of mineral lease assets, where it is considered that they will contribute to future periods through revenue generation or reductions in cost. These assets, classified as finite life intangible assets, are carried in the balance sheet at the fair value of consideration paid (cost) less accumulated amortisation and impairment charges. Intangible assets with finite useful lives are amortised on a straight-line basis over their useful lives. The estimated useful lives are generally no greater than eight years. Initial payments for the acquisition of intangible mineral lease assets are capitalised and amortised over the term of the permit. A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area. Capitalised costs are only carried forward to the extent that they are expected to be recovered through the successful exploitation of the area of interest or alternatively by its sale. To the extent that capitalised expenditure is no longer expected to be recovered, it is charged to the income statement. Assets classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and therefore not amortised. Recognition and measurement Impairment tests for all non-financial assets (excluding goodwill) are performed when there is an indication of impairment. Goodwill is tested for impairment at least annually. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash generating unit (CGU) to which the asset belongs, being the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. If the carrying amount of the asset or CGU exceeds its recoverable amount, the asset or CGU is impaired and an impairment loss is charged to the income statement so as to reduce the carrying amount in the balance sheet to its recoverable amount. Previously impaired assets (excluding goodwill as impairment losses are not reversed in subsequent periods) are reviewed for possible reversal of previous impairment at each reporting date. Impairment reversal cannot exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset or CGU. Such reversal is recognised in the income statement. There were no reversals of impairment in the current or prior year. How recoverable amount is calculated The recoverable amount is the higher of an asset\u2019s or CGU\u2019s fair value less cost of disposal (FVLCD) and its value in use (VIU). Fair value less cost of disposal FVLCD is an estimate of the amount that a market participant would pay for an asset or CGU, less the cost of disposal. FVLCD for mineral assets is generally determined using independent market assumptions to calculate the present value of the estimated future post-tax cash flows expected to arise from the continued use of the asset, including the anticipated cash flow effects of any capital expenditure to enhance production or reduce cost, and its eventual disposal where a market participant may take a consistent view. Cash flows are discounted using an appropriate post-tax market discount rate to arrive at a net present value of the asset, which is compared against the asset\u2019s carrying value. FVLCD may also take into consideration other market- based indicators of fair value. FVLCD are based primarily on Level 3 inputs as defined in note 24 \u2018Financial risk management\u2019 unless otherwise noted. Value in use VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and its eventual disposal or closure. VIU is determined by applying assumptions specific to the Group\u2019s continued use and cannot take into account future development. These assumptions are different to those used in calculating FVLCD and consequently the VIU calculation is likely to give a different result (usually lower) to a FVLCD calculation. Recognition and measurement Provisions for closure and rehabilitation are recognised by the Group when: \u2013 it has a present legal or constructive obligation as a result of past events \u2013 it is more likely than not that an outflow of resources will be required to settle the obligation \u2013 the amount can be reliably estimated Initial recognition and measurement Subsequent measurement Closure and rehabilitation provisions are initially recognised when an environmental disturbance first occurs. The individual site provisions are an estimate of the expected value of future cash flows required to close the relevant site using current standards and techniques and taking into account risks and uncertainties. Individual site provisions are discounted to their present value using currency specific discount rates aligned to the estimated timing of cash outflows. When provisions for closure and rehabilitation are initially recognised, the corresponding cost is capitalised as an asset, representing part of the cost of acquiring the future economic benefits of the operation. The closure and rehabilitation asset, recognised within property, plant and equipment, is depreciated over the life of the operations. The value of the provision is progressively increased over time as the effect of discounting unwinds, resulting in an expense recognised in net finance costs. The closure and rehabilitation provision is reviewed at each reporting date to assess if the estimate continues to reflect the best estimate of the obligation. If necessary, the provision is remeasured to account for factors such as: \u2013 additional disturbance during the period \u2013 revisions to estimated reserves, resources and lives of operations including any changes to expected operating lives arising from the Group\u2019s latest assessment of the potential impacts of climate change and the transition to a low-carbon economy \u2013 developments in technology \u2013 changes to regulatory requirements and environmental management strategies \u2013 changes in the estimated extent and costs of anticipated activities, including the effects of inflation and movements in foreign exchange rates \u2013 movements in interest rates affecting the discount rate applied Changes to the closure and rehabilitation estimate for operating sites are added to, or deducted from, the related asset and amortised on a prospective basis over the remaining life of the operation, generally applying the units of production method. Costs arising from unforeseen circumstances, such as the contamination caused by unplanned discharges, are recognised as an expense and liability when the event gives rise to an obligation that is probable and capable of reliable estimation. Share capital of BHP Group Limited at 30 June 2023 is composed of the following categories of shares: Ordinary shares fully paid Treasury shares Each fully paid ordinary share of BHP Group Limited carries the right to one vote at a meeting of the Company. Treasury shares are fully paid ordinary shares of BHP Group Limited that are held by the ESOP Trusts for the purpose of issuing shares to employees under the Group\u2019s Employee Share Plans. Treasury shares are recognised at cost and deducted from equity, net of any income tax effects. When the treasury shares are subsequently sold or reissued, any consideration received, net of any directly attributable costs and income tax effects, is recognised as an increase in equity. Any difference between the carrying amount and the consideration, if reissued, is recognised in retained earnings. The following classes of shares existed prior to the Group\u2019s unification on 31 January 2022: Special Voting shares Preference shares DLC Dividend share Each of BHP Group Limited and BHP Group Plc had issued one Special Voting share to facilitate joint voting by shareholders of BHP Group Limited and BHP Group Plc on Joint Electorate Actions. These shares were bought back for nominal value in January 2022 and subsequently cancelled. Preference shares had the right to repayment of the amount paid up on the nominal value and any unpaid dividends in priority to the holders of any other class of shares in BHP Group Plc on a return of capital or winding up. These shares were acquired by way of gift from J.P. Morgan and subsequently cancelled on 31 January 2022. The DLC Dividend share supported the Dual Listed Company (DLC) equalisation principles in place since the merger in 2001, including the requirement that ordinary shareholders of BHP Group Plc and BHP Group Limited were paid equal cash dividends per share. This share enabled efficient and flexible capital management across the DLC and was issued on 23 February 2016 at par value of US$10. This share was bought back for nominal value in January 2022 and subsequently cancelled. 2023 US$M 2022 US$M 2021 US$M Recognition and measurement Share premium account \u2212 \u2212 518 The share premium account represented the premium paid on the issue of BHP Group Plc shares recognised in accordance with the UK Companies Act 2006. It was transferred to the common control reserve as part of the unification of the Group's corporate structure. Capital redemption reserve \u2212 \u2212 177 The capital redemption reserve represented the par value of BHP Group Plc shares that were purchased and subsequently cancelled. It was transferred to the common control reserve as part of unification of the Group's corporate structure. Common control reserve (1,603) (1,603) \u2212 The common control reserve arose on unification of the Group\u2019s corporate structure and represents the residual on consolidation between BHP Group Ltd\u2019s investment in BHP Group Plc (now known as BHP Group (UK) Ltd) and BHP Group Plc\u2019s share capital, share premium and capital redemption reserve at the time of unification. Employee share awards reserve 171 174 268 The employee share awards reserve represents the accrued employee entitlements to share awards that have been charged to the income statement and have not yet been exercised. Once exercised, the difference between the accumulated fair value of the awards and their historical on-market purchase price is recognised in retained earnings. Cash flow hedge reserve 10 41 100 The cash flow hedge reserve represents hedging gains and losses recognised on the effective portion of cash flow hedges. The cumulative deferred gain or loss on the hedge is recognised in the income statement when the hedged transaction impacts the income statement, or is recognised as an adjustment to the cost of non-financial hedged items. The hedging reserve records the portion of the gain or loss on a hedging instrument in a cash flow hedge that is determined to be an effective hedge relationship. Cost of hedging reserve (1) (19) (54) The cost of hedging reserve represents the recognition of certain costs of hedging for example, basis adjustments, which have been excluded from the hedging relationship and deferred in other comprehensive income until the hedged transaction impacts the income statement. Foreign currency translation reserve (14) (14) 43 The foreign currency translation reserve represents exchange differences arising from the translation of non-US dollar functional currency operations within the Group into US dollars. Equity investments reserve 9 (8) 15 The equity investment reserve represents the revaluation of investments in shares recognised through other comprehensive income. Where a revalued financial asset is sold, the relevant portion of the reserve is transferred to retained earnings. Non-controlling interest contribution reserve 1,441 1,441 1,283 The non-controlling interest contribution reserve represents the excess of consideration received over the book value of net assets attributable to equity instruments when acquired by non-controlling interests. Total reserves 13 12 2,350 Recognition and measurement Cash and short-term deposits in the balance sheet comprise cash at bank and on hand and highly liquid cash deposits with short-term maturities that are readily convertible to known amounts of cash with insignificant risk of change in value. The Group considers that the carrying value of cash and cash equivalents approximate fair value due to their short-term to maturity. Refer to note 22 \u2018Leases\u2019 and note 24 \u2018Financial risk management\u2019 for the recognition and measurement principles for lease liabilities and other financial liabilities. Recognition and measurement All leases with the exception of short-term (under 12 months) and low-value leases are recognised on the balance sheet, as a right-of-use asset and a corresponding interest bearing liability. Lease liabilities are initially measured at the present value of the future lease payments from the lease commencement date and are subsequently adjusted to reflect the interest on lease liabilities, lease payments and any remeasurements due to, for example, lease modifications or a change to future lease payments linked to an index or rate. Lease payments are discounted using the interest rate implicit in the lease or, where the rate is not readily determinable, the interest payments are discounted at the Group\u2019s weighted average incremental borrowing rate, adjusted to reflect factors specific to the lease, including where relevant the currency, tenor and location of the lease. In addition to containing a lease, the Group\u2019s contractual arrangements may include non-lease components. For example, certain mining services arrangements involve the provision of additional services, including maintenance, drilling activities and the supply of personnel. The Group has elected to separate these non-lease components from the lease components in measuring lease liabilities. Non-lease components are accounted for in accordance with the accounting policies applied to each underlying good or service received. Low-value and short-term leases continue to be expensed to the income statement. Variable lease payments not dependent on an index or rate are excluded from lease liabilities, and expensed to the income statement. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost will initially correspond to the lease liability, adjusted for initial direct costs, lease payments made prior to lease commencement, capitalised provisions for closure and rehabilitation and any lease incentives received. The lease asset and liability associated with all index-linked freight contracts, including continuous voyage charters (CVCs), are measured at each reporting date based on the prevailing freight index (generally the Baltic C5 index). Lease costs are recognised in the income statement over the lease term in the form of depreciation on the right-of-use asset and the unwinding of finance charges on the lease liability. Where the Group is the operator of an unincorporated joint operation and all investors are parties to a lease, the Group recognises its proportionate share of the lease liability and associated right-of-use asset. In the event the Group is the sole signatory to a lease, and therefore has the sole legal obligation to make lease payments, the lease liability is recognised in full. Where the associated right-of-use asset is sub-leased (under a finance sub-lease) to a joint operation, for instance where it is dedicated to a single operation and the joint operation has the right to direct the use of the asset, the Group (as lessor) recognises its proportionate share of the right-of-use asset and a net investment in the lease, representing amounts to be recovered from the other parties to the joint operation. If the Group is not party to the head lease contract but sub-leases the associated right-of-use asset (as lessee), it recognises its proportionate share of the right-of-use asset and a lease liability which is payable to the operator. Recognition and measurement Interest income is accrued using the effective interest rate method. Finance costs are expensed as incurred, except where they relate to the financing of construction or development of qualifying assets. 24.2 Recognition and measurement All financial assets and liabilities, other than derivatives and trade receivables, are initially recognised at the fair value of consideration paid or received, net of transaction costs as appropriate. Financial assets are initially recognised on their trade date. Financial assets are subsequently carried at fair value or amortised cost based on: \u2013 the Group\u2019s purpose, or business model, for holding the financial asset \u2013 whether the financial asset\u2019s contractual terms give rise to cash flows that are solely payments of principal and interest The resulting Financial Statements classifications of financial assets can be summarised as follows: Contractual cash flows Business model Category Solely principal and interest Hold in order to collect contractual cash flows Amortised cost Solely principal and interest Hold in order to collect contractual cash flows and sell Fair value through other comprehensive income Solely principal and interest Hold in order to sell Fair value through profit or loss Other Any of those mentioned above Fair value through profit or loss Solely principal and interest refers to the Group receiving returns only for the time value of money and the credit risk of the counterparty for financial assets held. The main exceptions for the Group are provisionally priced receivables and derivatives which are measured at fair value through profit or loss under IFRS 9. The Group has the intention of collecting payment directly from its customers in most cases, however the Group also participates in receivables financing programs in respect of selected customers. Receivables in these portfolios which are classified as \u2018hold in order to sell\u2019, are provisionally priced receivables and are therefore held at fair value through profit or loss prior to sale to the financial institution. With the exception of derivative contracts and provisionally priced trade payables which are carried at fair value through profit or loss, the Group\u2019s financial liabilities are classified as subsequently measured at amortised cost. The Group may in addition elect to designate certain financial assets or liabilities at fair value through profit or loss or to apply hedge accounting where they are not mandatorily held at fair value through profit or loss. Fair value measurement The carrying amount of financial assets and liabilities measured at fair value is principally calculated based on inputs other than quoted prices that are observable for these financial assets or liabilities, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, fair value is estimated based on the Group\u2019s views on relevant future prices, net of valuation allowances to accommodate liquidity, modelling and other risks implicit in such estimates. The inputs used in fair value calculations are determined by the relevant segment or function. The functions support the assets and operate under a defined set of accountabilities authorised by the Executive Leadership Team. Movements in the fair value of financial assets and liabilities may be recognised through the income statement or in other comprehensive income according to the designation of the underlying instrument. For financial assets and liabilities carried at fair value, the Group uses the following to categorise the inputs to the valuation method used based on the lowest level input that is significant to the fair value measurement as a whole: IFRS 13 Fair value hierarchy Level 1 Level 2 Level 3 Valuation inputs Based on quoted prices (unadjusted) in active markets for identical financial assets and liabilities. Based on inputs other than quoted prices included within Level 1 that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Based on inputs not observable in the market using appropriate valuation models, including discounted cash flow modelling. 24.4 Derivatives and hedge accounting The Group uses derivatives to hedge its exposure to certain market risks and may elect to apply hedge accounting. Hedge accounting Derivatives are included within financial assets or liabilities at fair value through profit or loss unless they are designated as effective hedging instruments. Financial instruments in this category are classified as current if they are due or expected to be settled within 12 months otherwise they are classified as non-current. Where hedge accounting is applied, at the start of the transaction, the Group documents the type of hedge, the relationship between the hedging instrument and hedged items and its risk management objective and strategy for undertaking various hedge transactions. The documentation also demonstrates that the hedge is expected to be effective. The Group applies the following types of hedge accounting to its derivatives hedging the interest rate and currency risks of its notes and debentures: \u2013 Fair value hedges \u2013 the fair value gain or loss on interest rate and cross currency swaps relating to interest rate risk, together with the change in the fair value of the hedged fixed rate borrowings attributable to interest rate risk are recognised immediately in the income statement. If the hedge no longer meets the criteria for hedge accounting, the fair value adjustment on the note or debenture is amortised to the income statement over the period to maturity using a recalculated effective interest rate. \u2013 Cash flow hedges \u2013 changes in the fair value of cross currency interest rate swaps which hedge foreign currency cash flows on the notes and debentures are recognised directly in other comprehensive income and accumulated in the cash flow hedging reserve. To the extent a hedge is ineffective, changes in fair value are recognised immediately in the income statement. When a hedging instrument expires, or is sold, terminated or exercised, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is amortised to the income statement over the period to the hedged item\u2019s maturity. When hedged, the Group hedges the full notional value of notes or debentures. However, certain components of the fair value of derivatives are not permitted under IFRS 9 to be included in the hedge accounting above. Certain costs of hedging are permitted to be recognised in other comprehensive income. Any change in the fair value of a derivative that does not qualify for hedge accounting, or is ineffective in hedging the designated risk due to contractual differences between the hedged item and hedging instrument, is recognised immediately in the income statement. The table below shows the carrying amounts of the Group\u2019s notes and debentures by currency and the derivatives which hedge them: \u2013 The carrying amount of the notes and debentures includes foreign exchange remeasurement to period-end rates and fair value adjustments when included in a fair value hedge. \u2013 The breakdown of the hedging derivatives includes remeasurement of foreign currency notional values at period-end rates, fair value movements due to interest rate risk, foreign currency cash flows designated into cash flow hedges, costs of hedging recognised in other comprehensive income, ineffectiveness recognised in the income statement and accruals or prepayments. \u2013 The hedged value of notes and debentures includes their carrying amounts adjusted for the offsetting derivative fair value movements due to foreign currency and interest rate risk remeasurement. Recognition and measurement The fair value at grant date of equity-settled share awards is charged to the income statement over the period for which the benefits of employee services are expected to be derived. The fair values of awards granted were estimated using a Monte Carlo simulation methodology and Black-Scholes option pricing technique and consider the following factors: \u2013 exercise price \u2013 expected life of the award \u2013 current market price of the underlying shares \u2013 expected volatility using an analysis of historic volatility over different rolling periods. For the LTIP, it is calculated for all sector comparators and the published MSCI World Index \u2013 expected dividends \u2013 risk-free interest rate, which is an applicable government bond rate \u2013 market-based performance hurdles \u2013 non-vesting conditions Where awards are forfeited because non-market-based vesting conditions are not satisfied, the expense previously recognised is proportionately reversed. The tax effect of awards granted is recognised in income tax expense, except to the extent that the total tax deductions are expected to exceed the cumulative remuneration expense. In this situation, the excess of the associated current or deferred tax is recognised in equity and forms part of the employee share awards reserve. The fair value of awards as presented in the tables above represents the fair value at grant date. In respect of employee share awards, the Group utilises the BHP Group Limited Employee Equity Trust. The trustee of this trust is an independent company, resident in Jersey. The trust uses funds provided by the Group to acquire ordinary shares to enable awards to be made or satisfied. The ordinary shares may be acquired by purchase in the market or by subscription at not less than nominal value. Recognition and measurement Provisions are recognised by the Group when: \u2013 there is a present legal or constructive obligation as a result of past events \u2013 it is more likely than not that a permanent outflow of resources will be required to settle the obligation \u2013 the amount can be reliably estimated and measured at the present value of management\u2019s best estimate of the cash outflow required to settle the obligation at the reporting date Provision Description Employee benefits Liabilities for benefits accruing to employees up until the reporting date in respect of wages and salaries, annual leave and any accumulating sick leave are recognised in the period the related service is rendered. Liabilities recognised in respect of short-term employee benefits expected to be settled within 12 months are measured at the amounts expected to be paid when the liabilities are settled. Liabilities for other long-term employee benefits, including long service leave, are measured as the present value of estimated future payments for the services provided by employees up to the reporting date. Liabilities that are not expected to be settled within 12 months are discounted at the reporting date using market yields of high-quality corporate bonds or government bonds for countries where there is no deep market for corporate bonds. The rates used reflect the terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. In relation to industry-based long service leave funds, the Group\u2019s liability, including obligations for funding shortfalls, is determined after deducting the fair value of dedicated assets of such funds. Liabilities for short and long-term employee benefits (other than unpaid wages and salaries) are disclosed within employee benefits. Other liabilities for unpaid wages and salaries related to the current period are recognised in other creditors. Review of employee allowances and entitlements On 1 June 2023, the Group disclosed the identification of two issues with certain allowances and entitlements affecting a number of current and former employees in Australia. The identified issues relate to rostered employees having leave incorrectly deducted on public holidays since 2010 (Leave issue) and certain employees at Port Hedland being entitled to additional allowances due to an error with the employment entity in their contract (Port Hedland issue). The Group self-reported the issues to the Fair Work Ombudsman in Australia. The Group has applied extensive resources to the review and analysis of its records, with a dedicated team established to investigate and remediate the issues. Since the date of the announcement, the Group has progressed its analysis and has commenced contacting impacted employees. The Group has commenced paying additional allowances to those current employees impacted by the Port Hedland issue. The Group has also corrected the leave balances of current employees impacted by the Leave Issue. The Group\u2019s current best estimate of the cost of remediating the two issues, recognised in employee benefit provisions at 30 June 2023, is US$265 million, incorporating on-costs including associated superannuation and interest payments. The calculation of this provision involved a substantial volume of data and a significant degree of complexity with further detailed modelling and validation required to determine the final cost of remediation. As such, uncertainty remains in the amount and timing of final remediation costs, with the outcomes also subject to continuing engagement with regulatory authorities, including the Fair Work Ombudsman. A further US$15 million of other related costs were recognised in the year ended 30 June 2023, which do not form part of the employee benefit provision. As the Group has applied judgement in determining the provision for 30 June 2023, there is a risk that the provision may be adjusted in future reporting periods as the remediation process continues. The Group has also engaged a global assurance firm to conduct a thorough review of the Group\u2019s payroll systems. As this review is ongoing there is a risk that other instances of non-compliance requiring remediation may be identified and, as such, that associated provisions may be recognised in future reporting periods. Restructuring Restructuring provisions are recognised when: \u2013 the Group has developed a detailed formal plan identifying the business or part of the business concerned, the location and approximate number of employees affected, a detailed estimate of the associated costs, and an appropriate timeline \u2013 the restructuring has either commenced or been publicly announced and can no longer be withdrawn Payments that are not expected to be settled within 12 months of the reporting date are measured at the present value of the estimated future cash payments expected to be made by the Group. Post-retirement employee benefits Defined contribution pension schemes and multi-employer pension schemes For defined contribution schemes or schemes operated on an industry-wide basis where it is not possible to identify assets attributable to the participation by the Group\u2019s employees, the pension charge is calculated on the basis of contributions payable. The Group contributed US$358 million during the financial year (2022: US$324 million; 2021: US$301 million) to defined contribution plans and multi-employer defined contribution plans. These contributions are expensed as incurred. Defined benefit pension and post-retirement medical schemes The Group operates or participates in a number of defined benefit pension schemes throughout the world, all of which are closed to new entrants. The funding of the schemes complies with local regulations. The assets of the schemes are generally held separately from those of the Group and are administered by trustees or management boards. The Group also operates a number of unfunded post-retirement medical schemes in the United States, Canada and Europe. For defined benefit schemes, an asset or liability is recognised in the balance sheet based at the present value of defined benefit obligations less, where funded, the fair value of plan assets, except that any such asset cannot exceed the present value of expected refunds from and reductions in future contributions to the plan. Full actuarial valuations are prepared by local actuaries for all schemes, using discount rates based on market yields at the reporting date on high-quality corporate bonds or by reference to national government bonds if high-quality corporate bonds are not available. Where funded, scheme assets are invested in a diversified range of asset classes, predominantly comprising bonds and equities. 33 Related party transactions The Group\u2019s related parties are predominantly subsidiaries, associates and joint ventures, and key management personnel of the Group. Disclosures relating to key management personnel are set out in note 25 \u2018Key management personnel\u2019. Transactions between each parent company and its subsidiaries are eliminated on consolidation and are not disclosed in this note. \u2013 All transactions to/from related parties are made at arm\u2019s length, i.e. at normal market prices and rates and on normal commercial terms. \u2013 Outstanding balances at year-end are unsecured and settlement occurs in cash. Loan amounts owing from related parties represent secured loans made to associates and joint ventures under co-funding arrangements. Such loans are made on an arm\u2019s length basis. \u2013 No guarantees are provided or received for any related party receivables or payables. \u2013 No provision for expected credit losses has been recognised in relation to any outstanding balances and no expense has been recognised in respect of expected credit losses due from related parties. \u2013 There were no other related party transactions in the year ended 30 June 2023 (2022: US$ nil), other than those with post-employment benefit plans for the benefit of Group employees. These are shown in note 27 \u2018Employee benefits, restructuring and post-retirement employee benefits provisions\u2019. \u2013 Related party transactions with Samarco are described in note 4 \u2018Significant events \u2013 Samarco dam failure\u2019 A contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. A contingent liability may also be a present obligation arising from past events but is not recognised on the basis that an outflow of economic resources to settle the obligation is not viewed as probable, or the amount of the obligation cannot be reliably measured. When the Group has a present obligation, an outflow of economic resources is assessed as probable and the Group can reliably measure the obligation, a provision is recognised. The Group has entered into various counter-indemnities of bank and performance guarantees related to its own future performance, which are in the normal course of business. The likelihood of these guarantees being called upon is considered remote. The Group presently has tax matters, litigation and other claims, for which the timing of resolution and potential economic outflow are uncertain. Obligations assessed as having probable future economic outflows capable of reliable measurement are provided at reporting date and matters assessed as having possible future economic outflows capable of reliable measurement are included in the total amount of contingent liabilities above. Individually significant matters, including narrative on potential future exposures incapable of reliable measurement, are disclosed below, to the extent that disclosure does not prejudice the Group. 39 New and amended accounting standards and interpretations and changes to accounting policies New and amended accounting pronouncements adopted in the current year Amendment to IAS 16/AASB 116 \u2018Property, Plant and Equipment\u2019 (IAS 16) On 1 July 2022, the Group adopted an amendment to IAS 16 that requires an entity to recognise the sales proceeds from selling items produced while preparing property, plant and equipment for its intended use, along with the costs associated with producing that revenue, in profit or loss, instead of deducting the amounts received from the cost of the asset. The amendment applies retrospectively to items of property, plant and equipment made available for use on or after 1 July 2020. However, no significant impacts have been identified in respect of the years ended 30 June 2022 and 30 June 2021 and, as such, comparative period financial information has not been restated. Amendment to IAS 12/AASB112 \u2018Income taxes\u2019 (IAS 12) At 30 June 2023, the Group has adopted amendments to IAS12 issued by the IASB and AASB on 23 May 2023 and 27 June 2023, respectively, in relation to the Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Pillar Two income tax. The amendments introduced a temporary exception to the requirements of IAS 12 under which a company does not recognise or disclose information about deferred tax assets and liabilities related to the proposed Pillar Two model rules. Refer to note 6 \u2018Income tax expense\u2019 for more information. New and amended accounting pronouncements on issue but not yet effective A number of other accounting standards and interpretations have been issued and will be applicable in future periods. While these remain subject to ongoing assessment, no significant impacts have been identified to date. These pronouncements have not been applied in the preparation of these Financial Statements.",
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"fact-611": {
"value": "Basis of preparation The Consolidated Financial Statements (Financial Statements) comprise BHP Group Limited (BHP or the Company) together with its controlled entities (Group) for the year ended 30 June 2023. BHP Group Limited, incorporated and domiciled in Australia, is a for-profit company limited by shares which are publicly traded on the Australian Securities Exchange. BHP Group Limited also has a standard listing on the London Stock Exchange (LSE), a secondary listing on the Johannesburg Stock Exchange and is listed on the New York Stock Exchange (NYSE) in the United States. Prior to 31 January 2022, BHP Group Limited and BHP Group Plc, an incorporated UK-listed company, operated together as a single-for-profit economic entity under a Dual Listed Company (DLC) structure comprising a common Board of Directors, unified management structure and joint objectives. On 31 January 2022, BHP unified its corporate structure under BHP Group Limited. Directors of BHP have included information in the Financial Statements they deem to be material and relevant to the understanding of the Financial Statements. Disclosure may be considered material and relevant if the dollar amount is significant due to its size or nature, or the information is important to understand the: \u2013 Group\u2019s current year results \u2013 impact of significant changes in the Group\u2019s business or \u2013 aspects of the Group\u2019s operations that are important to future performance The Board of Directors resolved to authorise the issue of the financial report on 22 August 2023. Basis of preparation and measurement The Group\u2019s Financial Statements as at and for the year ended 30 June 2023: \u2013 are a consolidated general purpose financial report \u2013 have been prepared in accordance with the requirements of: \u2013 the Australian Corporations Act 2001 (Corporations Act 2001) \u2013 Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board (AASB) and International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB) (collectively referred to as IFRS) \u2013 are prepared on a going concern basis as the Directors: \u2013 have made an assessment of the Group\u2019s ability to continue as a going concern for the 12 months from the date of this report \u2013 consider it appropriate to adopt the going concern basis of accounting in preparing the Group\u2019s Financial Statements \u2013 measure items on the basis of historical cost principles, except for the following items: \u2013 derivative financial instruments and certain other financial assets and liabilities, which are carried at fair value \u2013 non-current assets or disposal groups that are classified as held- for-sale or held-for-distribution, which are measured at the lower of carrying amount and fair value less costs to sell \u2013 include significant accounting policies in the notes to the Financial Statements that summarise the recognition and measurement basis used and are relevant to an understanding of the Financial Statements \u2013 apply a presentation currency of US dollars, consistent with the predominant functional currency of the Group\u2019s operations. Amounts are rounded to the nearest million dollars, unless otherwise stated, in accordance with ASIC (Rounding in Financial/Directors\u2019 Reports) Instrument 2016/191 \u2013 present reclassified comparative information where required for consistency with the current year\u2019s presentation \u2013 adopt all new and amended standards and interpretations under IFRS that are mandatory for application in periods beginning on 1 July 2022. None had a significant impact on the Financial Statements. Refer note 39 \u2018New and amended accounting standards and interpretations and changes to accounting policies\u2019 for details \u2013 have not early adopted any standards and interpretations that have been issued or amended but are not yet effective, other than as outlined in note 39 \u2018New and amended accounting standards and interpretations and changes to accounting policies\u2019 The accounting policies are consistently applied by all entities included in the Financial Statements. In assessing the appropriateness of the going concern assumption over the going concern period, management has stress tested BHP\u2019s most recent financial projections to incorporate a range of potential future outcomes by considering BHP\u2019s principal risks. The Group\u2019s financial forecasts, including downside commodity price and production scenarios, demonstrate that the Group believes that it has sufficient financial resources to meet its obligations as they fall due throughout the going concern period. As such, the Financial Statements continue to be prepared on the going concern basis. Principles of consolidation In preparing the Financial Statements, the effects of all intragroup balances and transactions have been eliminated. A list of significant entities in the Group, including subsidiaries, joint arrangements and associates at 30 June 2023 is contained in note 30 \u2018Subsidiaries\u2019, note 31 \u2018Investments accounted for using the equity method\u2019 and note 32 \u2018Interests in joint operations\u2019. Subsidiaries: The Financial Statements of the Group include the consolidation of BHP Group Limited (the Company or parent entity) and its subsidiaries, being the entities controlled by the parent entity during the year (and, in prior periods, BHP Group Plc and its subsidiaries while the DLC was in effect). Control exists where the Group: \u2013 has power over the investee \u2013 is exposed to, or has rights to, variable returns from its involvement with the entity \u2013 has the ability to affect those returns through its power to direct the activities of the entity The ability to approve the operating and capital budget of an entity and the ability to appoint key management personnel are decisions that demonstrate that the Group has the existing rights to direct the relevant activities of an entity. The results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the Company gains control until the date when the Company ceases to control the subsidiary. When the Group loses control of a subsidiary, the gain or loss on disposal is recognised in profit or loss. Where the Group\u2019s interest is less than 100 per cent, the interest attributable to outside shareholders is reflected in non-controlling interests. Changes in the Group\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company. The financial information of subsidiaries is prepared for the same reporting period as the Group. The acquisition method of accounting is used to account for the Group\u2019s business combinations. Joint arrangements: The Group undertakes a number of business activities through joint arrangements, which exist when two or more parties have joint control. Joint arrangements are classified as either joint operations or joint ventures, based on the contractual rights and obligations between the parties to the arrangement: \u2013 Joint operations: A joint operation is an arrangement in which the Group shares joint control, primarily via contractual arrangements with other parties. In a joint operation, the Group has rights to the underlying assets and obligations for the liabilities relating to the arrangement. This includes situations where the parties benefit from the joint activity
through a share of the output, rather than by receiving a share of the
results of trading. In relation to the Group\u2019s interest in a joint operation,
the Group recognises: its assets and liabilities, including its share of
any assets and liabilities held or incurred jointly; revenue from the sale
of its share of the output and its share of any revenue generated from
the sale of the output by the joint operation; and its expenses including
its share of expenses incurred jointly. All such amounts are allocated
in accordance with the terms of the arrangement, which is usually in
proportion to the Group\u2019s interest in the joint operation.
The Group accounts for the assets, liabilities, revenue and expenses
relating to its interest in a joint operation in accordance with the IFRS
Standards applicable to the particular assets, liabilities, revenue
and expenses.
\u2013 Joint ventures: A joint venture is a joint arrangement in which the parties
that share joint control have rights to the net assets of the arrangement.
A separate vehicle, not the parties, will have the rights to the assets and
obligations for the liabilities relating to the arrangement. More than an
insignificant share of output from a joint venture is sold to third parties,
which indicates the joint venture is not dependent on the parties to the
arrangement for funding, nor do the parties have an obligation for the
liabilities of the arrangement. Joint ventures are accounted for using the
equity method as outlined below.
Associates: The Group accounts for investments in associates using the
equity method as outlined below. An entity is considered an associate
where the Group is deemed to have significant influence but not control or
joint control. Significant influence is presumed to exist where the Group:
\u2013 has over 20 per cent but less than 50 per cent of the voting rights of an
entity, unless it can be clearly demonstrated that this is not the case or
\u2013 holds less than 20 per cent of the voting rights of an entity; however, has
the power to participate in the financial and operating policy decisions
affecting the entity
The Group uses the term \u2018equity accounted investments\u2019 to refer to joint
ventures and associates collectively.
Under the equity method, an investment in an associate or a joint venture
is recognised initially at cost and adjusted thereafter to recognise the
Group\u2019s share of the profit or loss and other comprehensive income of
the associate or joint venture. When the Group\u2019s share of losses of an
associate or a joint venture exceeds the Group\u2019s interest in that associate
or joint venture, the Group discontinues recognising its share of further
losses. Additional losses are recognised only to the extent that the Group
has incurred legal or constructive obligations or made payments on behalf
of the associate or joint venture.
Foreign currencies
Transactions related to the Group\u2019s worldwide operations are conducted
in a number of foreign currencies. The majority of the subsidiaries, joint
arrangements and associates within each of the operations have assessed
US dollars as the functional currency, however, some subsidiaries, joint
arrangements and associates have functional currencies other than US dollars.
Transactions and monetary items denominated in foreign currencies are
translated into US dollars as follows:
Foreign currency item Applicable exchange rate
Transactions Date of underlying transaction
Monetary assets and liabilities Period-end rate
Foreign exchange gains and losses resulting from translation are
recognised in the income statement, except for qualifying cash flow hedges
(which are deferred to equity) and foreign exchange gains or losses on
foreign currency provisions for site closure and rehabilitation costs (which
are capitalised in property, plant and equipment for operating sites).
On consolidation, the assets, liabilities, income and expenses of foreign
operations with non-US dollar functional currencies are translated into US
dollars using the following applicable exchange rates:
Foreign currency amount Applicable exchange rate
Income and expenses Date of underlying transaction
Assets and liabilities Period-end rate
Equity Historical rate
Reserves Historical rate
Foreign exchange differences resulting from translation are initially
recognised in the foreign currency translation reserve and subsequently
transferred to the income statement on disposal of a foreign operation.
Significant accounting policies, judgements and estimates
The Group\u2019s accounting policies require the use of judgement, estimates
and assumptions. All judgements, estimates and assumptions are based
on the most current facts and circumstances and are reassessed on an
ongoing basis. Actual results in future reporting periods may differ for
these estimates under different assumptions and conditions.
Further information regarding the Group\u2019s significant judgements and key
estimates and assumptions, being those where changes may materially
affect financial results and the carrying amount of assets and liabilities
to be reported in the next reporting period, are embedded within the
following notes:
Note
4 Significant events \u2013 Samarco dam failure
6 Taxation
11 Overburden removal costs
11 Depreciation of property, plant and equipment
13 Impairment of non-current assets
15 Closure and rehabilitation provisions
22 Leases
29 Business combinations
Additional information including sensitivity analysis, where appropriate,
has been provided in the relevant notes to enhance an understanding
of the impact of key estimates and assumptions on the Group\u2019s financial
position and performance.
Reserve estimates
Reserves are estimates of the amount of product that can be
demonstrated to be able to be economically and legally extracted from
the Group\u2019s properties. In order to estimate reserves, assumptions are
required about a range of technical and economic factors, including
quantities, qualities, production techniques, recovery efficiency,
production and transport costs, commodity supply and demand,
commodity and carbon prices and exchange rates.
Estimating the quantity and/or quality of reserves requires the size,
shape and depth of ore bodies to be determined by analysing geological
data, such as drilling samples and geophysical survey interpretations.
Economic assumptions used to estimate reserves change from period-
to-period as additional technical and operational data is generated.
This process may require complex and difficult geological judgements to
interpret the data.
Reserve impact on financial reporting
Estimates of reserves may change from period-to-period as the economic
assumptions used to estimate reserves change and additional geological
data is generated during the course of operations. Changes in reserves
may affect the Group\u2019s financial results and financial position in a number
of ways, including:
\u2013 asset carrying values may be affected due to changes in estimated
future production levels
\u2013 depreciation, depletion and amortisation charged to the income
statement may change where such charges are determined on the
units of production basis, or where the useful economic lives of
assets change
\u2013 overburden removal costs recorded on the balance sheet or charged
to the income statement may change due to changes in stripping ratios
or the units of production basis of depreciation
\u2013 closure and rehabilitation provisions may change where changes in
estimated reserves affect expectations about the timing or cost of
these activities
\u2013 the carrying amount of deferred tax assets may change due to
changes in estimates of the likely recovery of the tax benefits
1.6 Notes to the Financial Statements Performance 1 Segment reporting Reportable segments The Group operated three reportable segments during FY2023, which are aligned with the commodities that are extracted and marketed and reflect the structure used by the Group\u2019s management to assess the performance of the Group. Reportable segment Principal activities Copper Mining of copper, silver, zinc, molybdenum, uranium and gold Iron Ore Mining of iron ore Coal Mining of metallurgical coal and energy coal Group and unallocated items includes functions, other unallocated operations including Potash, Nickel West, West Musgrave, legacy assets and consolidation adjustments. Revenue not attributable to reportable segments comprises the sale of freight and fuel to third parties, as well as revenues from unallocated operations. Exploration and technology activities are recognised within relevant segments. Year ended 30 June 2023 US$M Copper Iron Ore Coal Group and unallocated items/ eliminations Group total Revenue 16,027 24,812 10,958 2,020 53,817 Inter-segment revenue \u2013 \u2013 \u2013 \u2013 \u2013 Total revenue 16,027 24,812 10,958 2,020 53,817 Underlying EBITDA 6,653 16,692 4,998 (387) 27,956 Depreciation and amortisation (1,810) (1,993) (697) (561) (5,061) Impairment losses 1 (33) (28) (6) (8) (75) Underlying EBIT 4,810 14,671 4,295 (956) 22,820 Exceptional items 2 471 (295) \u2013 (64) 112 Net finance costs (1,531) Profit before taxation 21,401 Capital expenditure (cash basis) 2,698 1,966 657 1,412 6,733 Profit/(loss) from equity accounted investments, related impairments and expenses 854 (256) \u2013 (4) 594 Investments accounted for using the equity method 1,530 \u2013 \u2013 90 1,620 Total assets 40,366 25,025 11,087 24,818 101,296 Total liabilities 5,824 8,382 3,821 34,739 52,766 Year ended 30 June 2022 US$M Copper Iron Ore Coal Group and unallocated items/ eliminations Group total Revenue 16,849 30,767 15,549 1,933 65,098 Inter-segment revenue \u2212 \u2212 \u2212 \u2212 \u2212 Total revenue 16,849 30,767 15,549 1,933 65,098 Underlying EBITDA 8,565 21,707 9,504 858 40,634 Depreciation and amortisation (1,765) (2,203) (762) (953) (5,683) Impairment losses 1 (470) (33) (9) (3) (515) Underlying EBIT 6,330 19,471 8,733 (98) 34,436 Exceptional items 2 (81) (648) 849 (450) (330) Net finance costs (969) Profit before taxation 33,137 Capital expenditure (cash basis) 2,528 1,848 621 858 5,855 Profit/(loss) from equity accounted investments, related impairments and expenses 577 (595) \u2212 (1) (19) Investments accounted for using the equity method 1,415 \u2212 \u2212 5 1,420 Total assets 32,762 24,613 11,524 26,267 95,166 Total liabilities 5,342 7,790 3,874 29,394 46,400 Year ended 30 June 2021
US$M Copper Iron Ore Coal
Group and
unallocated
items/
eliminations Group total
Revenue 15,726 34,475 5,154 1,566 56,921
Inter-segment revenue \u2212 \u2212 \u2212 \u2212 \u2212
Total revenue 15,726 34,475 5,154 1,566 56,921
Underlying EBITDA 8,489 26,278 288 18 35,073
Depreciation and amortisation (1,608) (1,971) (845) (660) (5,084)
Impairment losses
1
(72) (13) (20) (31) (136)
Underlying EBIT 6,809 24,294 (577) (673) 29,853
Exceptional items
2
(144) (1,319) (1,567) (1,308) (4,338)
Net finance costs (1,223)
Profit before taxation 24,292
Capital expenditure (cash basis) 2,180 2,188 579 665 5,612
Profit/(loss) from equity accounted investments, related impairments
and expenses 692 (1,126) (480) (1) (915)
Investments accounted for using the equity method 1,482 \u2212 \u2212 260 1,742
Total assets
3
31,517 26,171 11,030 40,209 108,927
Total liabilities
3
4,589 7,508 3,518 37,707 53,322
1 Impairment losses exclude exceptional items of US$ nil (2022: US$ nil; 2021: US$2,371 million).
2 Exceptional items reported in Copper and Group and unallocated include fair value changes on Samarco related forward exchange derivatives of US$471 million (2022:
US$(81) million; 2021: US$136 million), Samarco dam failure costs of US$(64) million (2022: US$(13) million; 2021: US$(14) million), and Samarco related other income of
US$ nil (2022: US$ nil ; 2021: US$34 million). Refer to note 3 \u2018Exceptional items\u2019 for further information.
3 Group and unallocated FY2021 total assets and total liabilities include Petroleum assets and liabilities that were disclosed as part of the Petroleum segment before the
merger of the Group\u2019s oil and gas portfolio with Woodside Energy Group Ltd (\u2018Woodside\u2019) in FY2022.
Geographical information
Revenue by location of customer
2023
US$M
2022
US$M
2021
US$M
Australia 1,702 1,649 1,871
Europe 1,961 2,129 886
China 31,205 36,618 39,653
Japan 6,971 8,401 4,387
India 3,447 5,215 2,189
South Korea 2,997 4,786 3,420
Rest of Asia 3,583 4,303 2,934
North America 1,382 1,282 1,147
South America 569 715 426
Rest of world \u2013 \u2212 8
53,817 65,098 56,921
Non-current assets by location of assets
2023
US$M
2022
US$M
2021
US$M
Australia 51,961 43,250 48,612
North America 5,081 3,964 9,701
South America 19,047 18,280 18,548
Rest of world 685 150 1,851
Unallocated assets
1
1,171 858 3,522
77,945 66,502 82,234
1 Unallocated assets comprise deferred tax assets and other financial assets.
Underlying EBITDA
Underlying EBITDA is earnings before net finance costs, depreciation, amortisation and impairments, taxation expense, Discontinued operations and any
exceptional items. Underlying EBITDA includes BHP\u2019s share of profit/(loss) from investments accounted for using the equity method including net finance
costs, depreciation, amortisation and impairments and taxation expense/(benefit).
Exceptional items are excluded from Underlying EBITDA in order to enhance the comparability of such measures from period-to-period and provide
investors with further clarity in order to assess the performance of the Group\u2019s operations. Management monitors exceptional items separately. Refer to
note 3 \u2018Exceptional items\u2019 for additional detail.
Segment assets and liabilities
Total segment assets and liabilities of reportable segments represents operating assets and operating liabilities, including the carrying amount of
equity accounted investments and predominantly excludes cash balances, loans to associates, interest bearing liabilities and deferred tax balances.
The carrying value of investments accounted for using the equity method represents the balance of the Group\u2019s investment in equity accounted
investments, with no adjustment for any cash balances, interest bearing liabilities or deferred tax balances of the equity accounted investment.
2 Revenue
Revenue by segment and asset
2023
US$M
2022
US$M
2021
US$M
Escondida 8,847 9,500 9,470
Pampa Norte 2,491 2,670 1,801
Copper South Australia
1
2,806 1,776 2,211
Third-party products 1,863 2,903 2,244
Other 20 \u2212 \u2212
Total Copper
2
16,027 16,849 15,726
Western Australia Iron Ore 24,678 30,632 34,337
Third-party products 21 19 18
Other 113 116 120
Total Iron Ore 24,812 30,767 34,475
BHP Mitsubishi Alliance 7,652 10,254 3,537
New South Wales Energy Coal 3,306 3,035 839
Other
3
\u2013 2,260 778
Total Coal
4
10,958 15,549 5,154
Group and unallocated items
5
2,020 1,933 1,566
Inter-segment adjustment \u2013 \u2212 \u2212
Total revenue 53,817 65,098 56,921
1 Includes Olympic Dam as well as Prominent Hill and Carrapateena since acquisition on 2 May 2023 as part of the acquisition of OZ Minerals Ltd (OZL).
2 Total Copper revenue includes: copper US$14,902 million (2022: US$15,992 million; 2021: US$14,812 million) and other US$1,125 million
(2022: US$857 million; 2021: US$914 million). Other consists of silver, zinc, molybdenum, uranium and gold.
3 Comparative periods include revenue related to BHP Mitsui Coal (BMC) divested in May 2022.
4 Total Coal revenue includes: metallurgical coal US$7,430 million (2022: US$11,990 million; 2021: US$4,260 million) and energy coal US$3,528 million (2022:
US$3,559 million; 2021: US$894 million).
5 Group and unallocated items revenue includes: Nickel West US$2,009 million (2022: US$1,926 million; 2021: US$1,545 million) and other revenue US$11 million
(2022: US$7 million; 2021: US$21 million).
Revenue consists of revenue from contracts with customers of US$53,910 million (2022: US$65,504 million; 2021: US$55,562 million) and other
revenue predominantly relating to provisionally priced sales of US$(93) million (2022: US$(406) million; 2021: US$1,359 million).
Recognition and measurement
The Group generates revenue from the production and sale of commodities. Revenue is recognised when or as control of the promised goods or services
passes to the customer. In most instances, control passes when the goods are delivered to a destination specified by the customer, typically on board
the customer\u2019s appointed vessel. Revenue from the provision of services is recognised over time as the services are provided, but does not represent a
significant proportion of total revenue and is aggregated with the respective asset and product revenue for disclosure purposes.
The amount of revenue recognised reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services.
Where the Group\u2019s sales are provisionally priced, the final price depends on future index prices. The amount of revenue initially recognised is based on
the relevant forward market price. Adjustments between the provisional and final price are accounted for under IFRS 9/AASB 9 \u2018Financial Instruments\u2019
(IFRS 9), separately recorded as other revenue and presented as part of the total revenue of each asset. The period between provisional pricing and
final invoicing is typically between 60 and 120 days.
Revenue from the sale of significant by-products is included within revenue. Where a by-product is not significant, revenue is credited against costs.
The Group applies the following practical expedients:
\u2013 expected consideration is not adjusted for the effects of the time value of money if the period between the delivery and when the customer pays for the
promised good or service is one year or less
\u2013 no disclosure is provided for information relating to unfulfilled performance obligations, either due to the expected duration of the contract term being
one year or less, or for longer term contracts, because the entity has a right to consideration (and can recognise revenue) for goods delivered
3 Exceptional items
Exceptional items are those gains or losses where their nature, including the expected frequency of the events giving rise to them, and impact is
considered material to the Financial Statements. Such items included within the Group\u2019s profit from Continuing operations for the year are detailed below.
Exceptional items attributable to Discontinued operations are detailed in note 28 \u2018Discontinued operations\u2019.
Year ended 30 June 2023
Gross
US$M
Tax
US$M
Net
US$M
Exceptional items by category
Samarco dam failure (340) 17 (323)
Chilean tax reform \u2013 (283) (283)
Total (340) (266) (606)
Attributable to non-controlling interests \u2013 (107) (107)
Attributable to BHP shareholders (340) (159) (499)
Samarco Minera\u00e7\u00e3o S.A. (Samarco) dam failure
The loss of US$323 million (after tax) relates to the Samarco dam failure, which occurred in November 2015, and comprises the following:
Year ended 30 June 2023 US$M
Other income \u2013
Expenses excluding net finance costs:
Costs incurred directly by BHP Brasil and other BHP entities in relation to the Samarco dam failure (103)
Profit/(loss) from equity accounted investments, related impairments and expenses:
Samarco dam failure provision (256)
Fair value change on forward exchange derivatives 471
Net finance costs (452)
Income tax benefit 17
Total
1
(323)
1 Refer to note 4 \u2018Significant events \u2013 Samarco dam failure\u2019 for further information.
Chilean tax reform
On 17 May 2023, the Chilean Lower House approved a Royalty Bill which will implement a 1 per cent royalty on revenues, a margin based tax with rates
ranging between 8 per cent and 26 per cent, and a 46.5 per cent cap to the overall Chilean tax burden of mining companies.
The President of the Lower House formally declared the legislative process complete on 12 June 2023, following receipt of the Chilean President\u2019s formal
confirmation that he had waived his veto power to oppose any of the provisions of the Royalty Bill. On 13 July 2023, the Constitutional Court finalised its
review of certain aspects of the Royalty Bill, relating only to the distribution of proceeds.
Applying judgement, it was determined that the proposed tax rates were substantively enacted prior to 30 June 2023, as the scope of the Constitutional
Court review did not extend to reviewing the tax rates.
While the timing of when the Group\u2019s operations will be impacted by the reform depends on existing stability agreements, relevant deferred tax positions
have been remeasured by US$283 million in the Group\u2019s FY2023 financial statements.
The exceptional items relating to the years ended 30 June 2022 and 30 June 2021 are detailed below.
30 June 2022
Year ended 30 June 2022
Gross
US$M
Tax
US$M
Net
US$M
Exceptional items by category
Samarco dam failure (1,032) (31) (1,063)
Impairment of US deferred tax assets \u2212 (423) (423)
Corporate structure unification costs (428) \u2212 (428)
BHP Mitsui Coal (BMC) gain on disposal 840 \u2212 840
Total (620) (454) (1,074)
Attributable to non-controlling interests \u2212 \u2212 \u2212
Attributable to BHP shareholders (620) (454) (1,074)
Samarco Minera\u00e7\u00e3o S.A. (Samarco) dam failure
The loss of US$1,063 million related to the Samarco dam failure, which occurred in November 2015, and comprises the following:
Year ended 30 June 2022 US$M
Other income \u2212
Expenses excluding net finance costs:
Costs incurred directly by BHP Brasil and other BHP entities in relation to the Samarco dam failure (66)
Profit/(loss) from equity accounted investments, related impairments and expenses:
Samarco impairment expense \u2212
Samarco dam failure provision (595)
Fair value change on forward exchange derivatives (81)
Net finance costs (290)
Income tax expense (31)
Total
1
(1,063)
1 Refer to note 4 \u2018Significant events \u2013 Samarco dam failure\u2019 for further information.
Impairment of US deferred tax assets
The Group recognised an impairment charge of US$423 million (after tax) in relation to deferred tax assets where the recoverability had historically been
reliant on Petroleum earnings in the same tax group. While these tax assets remained with the Group following the merger of the Group\u2019s oil and gas
portfolio with Woodside, the impairment charge reflected the extent of other forecasted future earnings against which the assets can be recovered.
Corporate structure unification costs
The Group incurred transaction costs associated with the unification of the Group corporate structure under its existing Australian parent company, BHP
Group Limited, which was completed on 31 January 2022.
BHP Mitsui Coal (BMC) gain on disposal
On 3 May 2022 the Group sold its 80 per cent interest in BHP Mitsui Coal Pty Ltd (BMC) to Stanmore SMC Holdings Pty Ltd, a wholly owned subsidiary
of Stanmore Resources Limited (Stanmore Resources).
Stanmore Resources paid US$1.1 billion cash consideration at completion plus a preliminary completion adjustment of US$218 million for working capital.
Deferred consideration of US$222 million comprised US$100 million in cash, outstanding at 30 June 2022 and subsequently received on 3 November
2022, with potential for an additional amount of up to US$150 million (US$122 million discounted) in a price-linked earnout payable in the 2024
calendar year.
Details of the gain on disposal is as follows:
US$M
BHP share of net assets disposed 631
Gross consideration 1,318
Transaction and other directly applicable costs (69)
Income tax expense \u2212
Deferred consideration 222
Gain on disposal 840
30 June 2021
Year ended 30 June 2021
Gross
US$M
Tax
US$M
Net
US$M
Exceptional items by category
Samarco dam failure (1,087) (71) (1,158)
COVID-19 related costs (499) 138 (361)
Impairment of Energy coal assets (1,523) (651) (2,174)
Impairment of Potash assets (1,314) (473) (1,787)
Total (4,423) (1,057) (5,480)
Attributable to non-controlling interests (34) 10 (24)
Attributable to BHP shareholders (4,389) (1,067) (5,456)
Samarco Minera\u00e7\u00e3o S.A. (Samarco) dam failure
The loss of US$1,158 million related to the Samarco dam failure, which occurred in November 2015, and comprises the following:
Year ended 30 June 2021 US$M
Other income 34
Expenses excluding net finance costs:
Costs incurred directly by BHP Brasil and other BHP entities in relation to the Samarco dam failure (46)
Profit/(loss) from equity accounted investments, related impairments and expenses:
Samarco impairment expense (111)
Samarco dam failure provision (1,015)
Fair value change on forward exchange derivatives 136
Net finance costs (85)
Income tax expense (71)
Total
1
(1,158)
1 Refer to note 4 \u2018Significant events \u2013 Samarco dam failure\u2019 for further information.
COVID-19 related costs
The exceptional item reflects the directly attributable COVID-19 pandemic related additional costs for the Group for FY2021, including costs associated
with the increased provision of health and hygiene services, the impacts of maintaining social distancing requirements and demurrage and other standby
charges related to delays caused by COVID-19. At the time, COVID-19 was considered a single protracted globally pervasive event.
However, as the pandemic has continued to evolve, certain impacts that were initially considered to be potentially short-term in nature are now expected
to continue over a number of reporting periods. These activities are now considered to be part of business as usual operations and, as such, from FY2022
any incremental costs have not been classified as an exceptional item.
Impairment of Energy coal assets
The Group recognised an impairment charge of US$1,704 million (after tax) in relation to New South Wales Energy Coal (NSWEC) reflecting the status
of the divestment process and current market conditions for thermal coal, the strengthening Australian dollar and changes to the mine plan. In addition,
the Group recognised an impairment charge of US$470 million (after tax) for Cerrej\u00f3n, reflecting the expected net sales proceeds.
Impairment of Potash assets
The Group recognised an impairment charge of US$1,787 million (after tax) in relation to Potash. The impairment charge reflected an analysis of market
perspectives and the value that we expected a market participant to attribute to our investments to date.
4 Significant events \u2013 Samarco dam failure
On 5 November 2015, the Samarco Minera\u00e7\u00e3o S.A. (Samarco) iron ore operation in Minas Gerais, Brazil, experienced a tailings dam failure that resulted
in a release of mine tailings, flooding the communities of Bento Rodrigues, Gesteira and Paracatu and impacting other communities downstream (the
Samarco dam failure). Refer to section on \u2018Samarco\u2019 in the Operating and Financial Review.
Samarco is jointly owned by BHP Billiton Brasil Ltda (BHP Brasil) and Vale S.A. (Vale). BHP Brasil\u2019s 50 per cent interest is accounted for as an equity
accounted joint venture investment. BHP Brasil does not separately recognise its share of the underlying assets and liabilities of Samarco, but instead
records the investment as one line on the balance sheet. Each period, BHP Brasil recognised its 50 per cent share of Samarco\u2019s profit or loss and
adjusted the carrying value of the investment in Samarco accordingly. Such adjustment continued until the investment carrying value was reduced to US$
nil, with any additional share of Samarco losses only recognised to the extent that BHP Brasil has an obligation to fund the losses. After applying equity
accounting, any remaining carrying value of the investment is tested for impairment.
Any charges relating to the Samarco dam failure incurred directly by BHP Brasil or other BHP entities are recognised 100 per cent in the Group\u2019s results.
The financial impacts of the Samarco dam failure on the Group\u2019s income statement, balance sheet and cash flow statement for the year ended 30 June
2023 are shown in the tables below and have been treated as an exceptional item.
Financial impacts of Samarco dam failure
2023
US$M
2022
US$M
2021
US$M
Income statement
Other income
1
\u2013 \u2212 34
Expenses excluding net finance costs:
Costs incurred directly by BHP Brasil and other BHP entities in relation to the Samarco dam failure
2
(103) (66) (46)
Profit/(loss) from equity accounted investments, related impairments and expenses:
Samarco impairment expense
3
\u2013 \u2212 (111)
Samarco dam failure provision
4
(256) (595) (1,015)
Fair value change on forward exchange derivatives
5
471 (81) 136
Profit/(loss) from operations 112 (742) (1,002)
Net finance costs
6
(452) (290) (85)
Loss before taxation (340) (1,032) (1,087)
Income tax benefit/(expense)
7
17 (31) (71)
Loss after taxation (323) (1,063) (1,158)
Balance sheet movement
Trade and other payables (6) (1) (5)
Derivatives 337 (160) 136
Tax liabilities 17 (31) (71)
Provisions (260) (629) (741)
Net decrease/(increase) in liabilities 88 (821) (681)
2023
US$M
2022
US$M
2021
US$M
Cash flow statement
Loss before taxation (340) (1,032) (1,087)
Adjustments for:
Samarco impairment expense
3
\u2013 \u2212 111
Samarco dam failure provision
4
256 595 1,015
Fair value change on forward exchange derivatives
5
(471) 81 (136)
Proceeds of cash management related instruments 134 79 \u2013
Net finance costs
6
452 290 85
Changes in assets and liabilities:
Trade and other payables 6 1 5
Net operating cash flows 37 14 (7)
Net investment and funding of equity accounted investments
8
(448) (256) (470)
Net investing cash flows (448) (256) (470)
Net decrease in cash and cash equivalents (411) (242) (477)
1 Proceeds from insurance settlements.
2 Includes legal and advisor costs incurred.
3 Impairment expense from working capital funding provided during the period.
4 US$(33) million (2022: US$691 million; 2021: US$836 million) change in estimate and US$289 million (2022: US$(96) million; 2021: US$179 million) exchange translation.
5 The Group enters into forward exchange contracts to limit the Brazilian reais exposure on the dam failure provision. While not applying hedge accounting, the fair
value changes in the forward exchange instruments are recorded within Profit/(loss) from equity accounted investments, related impairments and expenses in the
Income Statement.
6 Amortisation of discounting of provision.
7 Includes tax on forward exchange derivatives and other taxes incurred during the period.
8 Includes US$ nil (2022: US$ nil; 2021: US$(111) million) funding provided during the period and US$(448) million (2022: US$(256) million; 2021: US$(359) million)
utilisation of the Samarco dam failure provision.
Equity accounted investment in Samarco
BHP Brasil\u2019s investment in Samarco remains at US$ nil. No dividends have been received by BHP Brasil from Samarco during the period and Samarco
currently does not have profits available for distribution.
Provision related to the Samarco dam failure
2023
US$M
2022
US$M
At the beginning of the financial year 3,421 2,792
Movement in provision 260 629
Comprising:
Utilised (448) (256)
Adjustments charged to the income statement:
Change in cost estimate (33) 691
Amortisation of discounting impacting net finance costs 452 290
Exchange translation 289 (96)
At the end of the financial year 3,681 3,421
Comprising:
Current 1,876 1,815
Non-current 1,805 1,606
At the end of the financial year 3,681 3,421
Samarco dam failure provision and contingencies
As at 30 June 2023, BHP Brasil has identified a provision and certain contingent liabilities arising as a consequence of the Samarco dam failure.
The provision only reflects the future cost estimates associated with the delivery of programs set out in the Framework Agreement (see below).
Contingent liabilities will only be resolved when one or more uncertain future events occur or related impacts become capable of reliable measurement
and, as such, determination of contingent liabilities disclosed in the financial statements requires significant judgement regarding the outcome of
future events. A number of the claims below do not specify the amount of damages sought and, where this is specified, amounts could change as the
matter progresses.
Ultimately, future changes in all those matters for which a provision has been recognised or contingent liability disclosed could have a material adverse
impact on BHP\u2019s business, competitive position, cash flows, prospects, liquidity and shareholder returns.
The following table summarises the current status of significant ongoing matters relating to the Samarco dam failure, along with developments during the
financial year, and the associated treatment in the Financial Statements:
Item Provision
Contingent
liability
Samarco dam failure \u2013 Framework Agreement
On 2 March 2016, BHP Brasil, Samarco and Vale entered into a Framework Agreement with the Federal Government of Brazil, the states
of Espirito Santo and Minas Gerais, and certain other public authorities to establish a foundation (Funda\u00e7\u00e3o Renova) that is developing
and executing environmental and socio-economic programs (Programs) to remediate and provide compensation for damage caused by the
Samarco dam failure (the Framework Agreement).
Key programs include those for financial assistance and compensation of impacted persons and those for remediation of impacted areas and
resettlement of impacted communities.
Samarco has primary responsibility for funding Funda\u00e7\u00e3o Renova with each of BHP Brasil and Vale having secondary funding obligations
in proportion to their 50 per cent shareholding in Samarco. While Samarco has recommenced operations, Samarco\u2019s long-term cash
flow generation remains highly sensitive to factors including returning to full production capacity, commodity prices and foreign exchange
rates. Further, under the proposed resolution to the Samarco Judicial Reorganisation (refer to Samarco Judicial Reorganisation below),
Samarco\u2019s funding of Funda\u00e7\u00e3o Renova would be capped at US$1 billion for the period CY2024 to CY2030.
Given the proposed Samarco funding cap and uncertainty associated with Samarco\u2019s long-term cash flow generation, BHP Brasil has recognised a
provision reflecting the Group\u2019s current best estimate of the costs to be incurred in completing the Programs under the Framework Agreement.
Uncertainty exists around the scope and cost of the programs, including as a result of ongoing legal actions in relation to the number
of individuals eligible for compensation and the amount of damages to which they are entitled. Further, the provision reflects only the
estimated cost of completing the Programs as the Group is unable to provide a range of possible outcomes or a reliable estimate of other
existing or future claims (as outlined below).
Federal Public Prosecution Office claim
BHP Brasil is among the defendants named in a claim brought by the Federal Public Prosecution Office on 3 May 2016, seeking R$155
billion (approximately US$32 billion) for reparation, compensation and moral damages in relation to the Samarco dam failure.
Under a Governance Agreement ratified on 8 August 2018, BHP Brasil, Samarco and Vale were to establish a process to renegotiate the
Programs over two years with the Federal and State prosecutors to progress settlement of this claim. The Federal Public Prosecution
Office claim was suspended from the date of ratification of the Governance Agreement and, although the suspension period has formally
elapsed, no material development has occurred.
Since early CY2021, the parties have been engaging in negotiations to seek a settlement of obligations under the Framework Agreement
and Federal Public Prosecution Office claim. Outcomes of the negotiations are highly uncertain, and it is therefore not possible to provide
a reliable estimate of potential outcomes and there is a risk that a negotiated outcome may be materially higher than the cost estimates of
delivering the programs under the Framework Agreement.
BHP Brasil, Samarco and Vale maintain security, as required by the Governance Agreement, with the security currently comprising
insurance bonds and a charge over certain Samarco assets.
Australian class action complaint
BHP Group Limited is named as a defendant in a shareholder class action filed in the Federal Court of Australia on behalf of persons who
acquired shares in BHP Group Limited on the Australian Securities Exchange (ASX) or shares in BHP Group Plc (now BHP Group (UK) Ltd)
on the London Stock Exchange (LSE) and Johannesburg Stock Exchange (JSE) in periods prior to the Samarco dam failure.
The amount of damages sought is unspecified.
Item Provision
Contingent
liability
United Kingdom group action complaint
BHP Group (UK) Ltd (formerly BHP Group Plc) and BHP Group Limited are named as defendants in group action claims for damages filed in
the courts of England. These claims were filed on behalf of certain individuals, governments, businesses and communities in Brazil allegedly
impacted by the Samarco dam failure.
The amount of damages sought in these claims is unspecified. A trial in relation to BHP\u2019s liability for the dam failure is listed for October 2024.
In December 2022, the BHP defendants filed their defence and a contribution claim against Vale. The contribution claims contends that if
BHP\u2019s defence is not successful and the BHP defendants are ordered to pay damages to the claimants, Vale should contribute to any amount
payable. Vale contested the jurisdiction of the English courts to determine this contribution claim, with the court dismissing Vale\u2019s application
on 7 August 2023. Subject to the outcome of any appeals by Vale in relation to jurisdiction and directions from the Court, the contribution
claim will proceed in the UK.
Criminal charges
The Federal Prosecutors\u2019 Office has filed criminal charges against BHP Brasil, Samarco and Vale and certain employees and former
employees of BHP Brasil (Affected Individuals) in the Federal Court of Ponte Nova, Minas Gerais.
BHP Brasil rejects outright the charges against the company and the Affected Individuals and is defending itself from all charges while fully
supporting each of the Affected Individuals in their defence of the charges.
Civil public action commenced by Associations concerning the use of TANFLOC for water treatment
The Vila Lenira Residents Association, State of Espirito Santo Rural Producers and Artisans Association, Colatina Velha Neighbourhood
Residents Association, and United for the Progress of Palmeiras Neighbourhood Association have filed a lawsuit against Samarco, BHP
Brasil and Vale and others, including the State of Minas Gerais, the State of Espirito Santo and the Federal Government.
The plaintiffs allege that the defendants carried out a clandestine study on the citizens of the locations affected by the Fund\u00e3o Dam Failure,
using TANFLOC \u2013 a tannin-based flocculant/coagulant \u2013 that is currently used for wastewater treatment applications. The plaintiffs claim that
this product allegedly put the population at risk due to its alleged experimental qualities.
The plaintiffs are seeking multiple kinds of relief \u2013 material damages, moral damages, loss of profits \u2013 and that the defendants should pay for
water supply in all locations where there is no water source other than the Doce River.
The defendants have presented their defences and the Court\u2019s decision is still pending.
Other claims
BHP Brasil is among the companies named as defendants in a number of legal proceedings initiated by individuals, non-governmental
organisations, corporations and governmental entities in Brazilian Federal and State courts following the Samarco dam failure. The other
defendants include Vale, Samarco and Funda\u00e7\u00e3o Renova.
The lawsuits include claims for compensation, environmental reparation and violations of Brazilian environmental and other laws, among
other matters. The lawsuits seek various remedies including reparation costs, compensation to injured individuals and families of the
deceased, recovery of personal and property losses, moral damages and injunctive relief.
In addition, government inquiries and investigations relating to the Samarco dam failure have been commenced by numerous agencies of
the Brazilian government and are ongoing.
Additional lawsuits and government investigations relating to the Samarco dam failure could be brought against BHP Brasil and other BHP
entities in Brazil or other jurisdictions.
Commitments
Under the terms of the Samarco joint venture agreement, BHP Brasil does
not have an existing obligation to fund Samarco.
However, BHP Brasil has agreed to fund a total of up to US$915 million for
the Funda\u00e7\u00e3o Renova programs during calendar year 2023. Any additional
requests for funding or future investment provided would be subject to a
future decision by BHP Brasil, accounted for at that time.
Samarco judicial reorganisation
Samarco filed for Judicial Reorganisation (JR) in April 2021, with the
Second Business State Court for the Belo Horizonte District of Minas
Gerais, State of Minas Gerais, Brazil (JR Court), after multiple enforcement
actions taken by certain financial creditors of Samarco which threatened
Samarco\u2019s operations.
The JR is an insolvency proceeding that provides a means for Samarco
to seek to restructure its financial debts and establish a stable financial
position that allows Samarco to continue to rebuild its operations
and strengthen its ability to meet its Funda\u00e7\u00e3o Renova related
funding obligations. Samarco\u2019s operations have continued during the
JR proceeding.
On 31 May 2023, Samarco, BHP Brasil and Vale entered into a
Restructuring Support Agreement (RSA) with certain Samarco financial
creditors. The RSA outlines the proposed parameters for a restructure
of Samarco\u2019s financial debts, to be implemented through a consensual
judicial reorganisation plan (Consensual Plan), subject to approval by the
creditors of Samarco and ratification by the JR Court.
On 28 July 2023, Samarco and one of the financial creditors jointly filed
the Consensual Plan with the JR Court, that aims at implementing and is
consistent with the transactions contemplated in the RSA. Concurrent with
the filing of the Consensual Plan, the parties also filed terms of adhesion
that demonstrate approval of the Consensual Plan by the majority of
Samarco\u2019s creditors as required under Brazilian Bankruptcy Law.
Once ratified by the JR Court and confirmed by the United States
Bankruptcy Court for the Southern District of New York, the Samarco debt
restructure, including payments to Samarco employees and suppliers as
stipulated in the Plan and the issuance of new debt instruments to financial
creditors is expected to be executed in the first half of FY2024.
The proposed terms of the Plan are not expected to impact Funda\u00e7\u00e3o
Renova\u2019s ability to undertake the remediation and compensation
Programs. Samarco\u2019s funding of Renova is proposed to be capped at
US$1 billion for the period CY2024 to CY2030. BHP Brasil has considered
this proposed cap, along with Samarco\u2019s long-term forecast cash flows,
when determining the dam failure related provision at 30 June 2023.
Key judgements and estimates
Judgements: The outcomes of litigation are inherently difficult to
predict and significant judgement has been applied in assessing the
likely outcome of legal claims and determining which legal claims
require recognition of a provision or disclosure of a contingent liability.
The facts and circumstances relating to these cases are regularly
evaluated in determining whether a provision for any specific claim
is required.
Management has determined that a provision can only be recognised
for obligations under the Framework Agreement as at 30 June 2023.
It is not yet possible to provide a range of possible outcomes or a
reliable estimate of potential future exposures to BHP in connection to
the contingent liabilities noted above, given their status.
Estimates: The provision for the Samarco dam failure reflects the
Group\u2019s estimate of the remaining costs to complete Programs
under the Framework Agreement and requires the use of significant
judgements, estimates and assumptions. Based on current estimates,
it is expected that approximately 85 per cent of remaining costs for
Programs under the Framework Agreement will be incurred by June
2025, largely attributable to the finalisation of the resettlement program
and closure of the Novel system (application system for impacted
individuals to lodge compensation claims).
While the provision has been measured based on the latest information
available as at 30 June 2023, changes in facts and circumstances are
likely in future reporting periods and may lead to material revisions
to these estimates. However, it is currently not possible to determine
what facts and circumstances may change, therefore revisions in future
reporting periods due to the key estimates and factors outlined below
cannot be reliably measured.
The key estimates that may have a material impact upon the provision
in the next and future reporting periods include the:
\u2013 number of people eligible for financial assistance and compensation
and the corresponding amount of expected compensation; and
\u2013 costs to complete key infrastructure programs.
The provision may also be affected by factors including but not
limited to:
\u2013 potential changes in scope of work and funding amounts required
under the Framework Agreement including the impact of further
technical analysis, community participation required under the
Governance Agreement and rulings made by the Federal Court;
\u2013 the outcome of ongoing negotiations with State and Federal
Prosecutors, including review of Funda\u00e7\u00e3o Renova\u2019s Programs as
provided in the Governance Agreement;
\u2013 actual costs incurred;
\u2013 updates to discount and foreign exchange rates; and
\u2013 the outcomes of Samarco\u2019s judicial reorganisation and resolution
of uncertainty in respect of the nature and extent of Samarco\u2019s
long-term cash generation.
In addition, the provision may be impacted by decisions in, or resolution
of, existing and potential legal claims in Brazil and other jurisdictions,
including the outcome of the United Kingdom group action and the
negotiations seeking a definitive and substantive settlement of the
obligations under the Framework Agreement and the R$155 billion
(approximately US$32 billion) Federal Public Prosecution Office claim.
Outcomes of the negotiations are highly uncertain and it is therefore not
possible to provide a reliable estimate of potential outcomes.
Given these factors, future actual cash outflows may differ from the
amounts currently provided and changes to any of the key assumptions
and estimates outlined above could result in a material impact to the
provision in the next and future reporting periods.
The following section includes disclosure of amounts recognised or disclosed by Samarco in its financial statements for matters to which Samarco (and not the
Group) is a party.
Samarco
Dam failure related provision and contingencies
In addition to its obligations under the Framework Agreement as at 30 June
2023, Samarco has recognised a provision of US$0.4 billion (30 June 2022:
US$0.3 billion), based on currently available information. The magnitude,
scope and timing of these additional costs are subject to a high degree of
uncertainty and Samarco has indicated that it anticipates that it will incur future
costs beyond those provided. These uncertainties are likely to continue for a
significant period and changes to key assumptions could result in a material
change to the amount of the provision in future reporting periods. Any such
unrecognised obligations are therefore contingent liabilities and, at present, it
is not practicable to estimate their magnitude or possible timing of payment.
Accordingly, it is also not possible to provide a range of possible outcomes
or a reliable estimate of total potential future exposures at this time.
Samarco is also named as a defendant in a number of other legal proceedings
initiated by individuals, non-governmental organisations, corporations
and governmental entities in Brazilian Federal and State courts following
the Samarco dam failure. The lawsuits include claims for compensation,
environmental rehabilitation and violations of Brazilian environmental and other
laws, among other matters. The lawsuits seek various remedies including
rehabilitation costs, compensation to injured individuals and families of
the deceased, recovery of personal and property losses, moral damages
and injunctive relief. In addition, government inquiries and investigations
relating to the Samarco dam failure have been commenced by numerous
agencies of the Brazilian government and are ongoing. Given the status of
proceedings it is not possible to provide a range of possible outcomes or a
reliable estimate of total potential future exposures to Samarco.
Additional lawsuits and government investigations relating to the Samarco
dam failure could be brought against Samarco.
Samarco insurance
Samarco has standalone insurance policies in place with Brazilian
and global insurers. Insurers\u2019 loss adjusters or claims representatives
continue to investigate and assist with the claims process for matters not
yet settled. As at 30 June 2023, an insurance receivable has not been
recognised by Samarco in respect of ongoing matters.
Samarco commitments
At 30 June 2023, Samarco has commitments of US$1.0 billion (30 June
2022: US$0.7 billion). Following the dam failure, Samarco invoked force
majeure clauses in a number of long-term contracts with suppliers and
service providers to suspend contractual obligations.
Samarco non-dam failure related provisions and
contingent liabilities
The following non-dam failure related matters pre-date and are unrelated
to the Samarco dam failure. Samarco is currently contesting both of
these matters in the Brazilian courts. Given the status of these tax
matters, the timing of resolution and potential economic outflow for
Samarco is uncertain.
Brazilian Social Contribution Levy
Samarco has received tax assessments for the alleged non-payment
of Brazilian Social Contribution Levy for the calendar years 2007-
2014. Based on its assessment of currently available information as at
30 June 2023, Samarco recognised gross provisions of US$1.1 billion,
US$0.9 billion net of US$0.2 billion court deposits paid (30 June 2022:
nil) and disclosed contingent liabilities of US$0.2 billion (30 June 2022:
US $1.2 billion). As at 30 June 2023, BHP Brasil\u2019s 50% share of the
impact of the provision recognised by Samarco is reflected in the Group\u2019s
equity accounting for Samarco.
Brazilian corporate income tax rate
Samarco has received tax assessments, and disclosed contingent
liabilities, for alleged incorrect calculation of Corporate Income Tax
(IRPJ) in respect of the 2000-2003 and 2007-2014 income years totalling
approximately US$1.1 billion (30 June 2022: US$0.9 billion).
5 Expenses and other income
2023
US$M
2022
US$M
2021
US$M
Employee benefits expense:
Wages and salaries 4,539 4,197 4,018
Employee share awards 97 109 88
Social security costs 4 4 3
Pension and other post-retirement obligations 339 338 274
Less employee benefits expense classified as exploration and evaluation expenditure (35) (30) (26)
Changes in inventories of finished goods and work in progress 301 (774) (321)
Raw materials and consumables used 6,710 5,991 4,899
Freight and transportation 2,299 2,319 1,900
External services 4,768 4,525 4,640
Third-party commodity purchases 1,878 2,959 2,220
Net foreign exchange (gains)/losses (197) (326) 293
Fair value change on derivatives
1
135 (29) 87
Government royalties paid and payable 3,841 4,014 3,080
Exploration and evaluation expenditure incurred and expensed in the current period 294 199 134
Depreciation and amortisation expense 5,061 5,683 5,084
Net impairments:
Property, plant and equipment 73 515 2,474
Goodwill and other intangible assets 2 \u2212 33
All other operating expenses 1,764 2,677 1,991
Total expenses 31,873 32,371 30,871
Insurance recoveries \u2013 (4) (46)
(Gain)/loss on disposal of subsidiaries and operations
2
(8) (840) 2
Dividend income
3
(19) (241) (2)
Other income
4
(367) (313) (334)
Total other income (394) (1,398) (380)
1 Fair value change on derivatives is principally related to commodity price contracts, foreign exchange contracts and embedded derivatives used in the ordinary course of
business as well as derivatives used as part of the funding of dividends.
2 Mainly relates to the divestment of BMC in FY2022. Refer to note 3 \u2018Exceptional items\u2019 for further information.
3 During FY2022, the Group received dividends of US$238 million from Cerrej\u00f3n, which reduced completion proceeds net of transaction costs to US$50 million.
On 11 January 2022, BHP completed the sale of its 33.33 per cent interest in Cerrej\u00f3n to joint venture partner, Glencore plc.
4 Other income is generally income earned from transactions outside the course of the Group\u2019s ordinary activities and may include certain management fees from
non-controlling interests and joint arrangements, royalties and commission income.
Recognition and measurement
Other income is recognised when it is probable that the economic benefits associated with a transaction will flow to the Group and can be reliably
measured. Dividend income is recognised upon declaration.
6 Income tax expense
2023
US$M
2022
US$M
2021
US$M
Total taxation expense comprises:
Current tax expense 6,690 10,673 9,018
Deferred tax expense 387 64 1,598
Total taxation expense 7,077 10,737 10,616
2023
US$M
2022
US$M
2021
US$M
Factors affecting income tax expense for the year
Income tax expense differs to the standard rate of corporation tax as follows:
Profit before taxation 21,401 33,137 24,292
Tax on profit at Australian prima facie tax rate of 30 per cent 6,420 9,941 7,288
Derecognition of deferred tax assets and current year tax losses
1
526 1,087 2,640
Tax on remitted and unremitted foreign earnings 137 441 485
Foreign exchange adjustments 94 (233) (33)
Tax rate changes \u2013 \u2212 (1)
Amounts (over)/under provided in prior years (18) (80) (57)
Tax effect of profit/(loss) from equity accounted investments, related impairments and expenses
2
(37) (19) 315
Recognition of previously unrecognised tax assets (109) (3) (28)
Impact of tax rates applicable outside of Australia (558) (801) (669)
Other 236 97 436
Income tax expense 6,691 10,430 10,376
Royalty-related taxation (net of income tax benefit)
3
386 307 240
Total taxation expense 7,077 10,737 10,616
1 Includes the tax impacts related to the exceptional impairments of US deferred tax assets in the year ended 30 June 2022 and, NSWEC and Potash in the year ended
30 June 2021, as presented in note 3 \u2018Exceptional items\u2019.
2 The loss from equity accounted investments, related impairments and expenses is net of income tax, with the exception of the Samarco forward exchange derivatives
described in note 4 \u2018Significant events \u2013 Samarco dam failure\u2019. This item removes the prima facie tax effect on such loss, related impairments and expenses, excluding the
impact of the Samarco forward exchange derivatives which are taxable.
3 Includes the revaluation of deferred tax balances in the year ended 30 June 2023, following the substantive enactment of the Chilean Royalty Bill, as presented in note 3
\u2018Exceptional items\u2019.
Income tax recognised in other comprehensive income is as follows:
2023
US$M
2022
US$M
2021
US$M
Income tax effect of:
Items that may be reclassified subsequently to the income statement:
Hedges:
Gains/(losses) taken to equity (29) 274 (259)
(Gains)/losses transferred to the income statement 45 (264) 252
Others (11) \u2212 (1)
Income tax credit/(charge) relating to items that may be reclassified subsequently to the income statement 5 10 (8)
Items that will not be reclassified to the income statement:
Re-measurement gains/(losses) on pension and medical schemes 7 (9) (21)
Others \u2013 \u2212 1
Income tax credit/(charge) relating to items that will not be reclassified to the income statement 7 (9) (20)
Total income tax credit/(charge) relating to components of other comprehensive income
1
12 1 (28)
1 Included within total income tax relating to components of other comprehensive income is US$12 million relating to deferred taxes and US$ nil relating to current taxes
(2022: US$1 million and US$ nil; 2021: US$(28) million and US$ nil).
Recognition and measurement
Taxation on the profit/(loss) for the year comprises current and deferred tax. Taxation is recognised in the income statement except to the extent
that it relates to items recognised directly in equity or other comprehensive income, in which case the tax effect is also recognised in equity or other
comprehensive income.
Current tax Deferred tax Royalty-related taxation
Current tax is the
expected tax on the
taxable income for the
year, using tax rates
and laws enacted or
substantively enacted
at the reporting
date, and any
adjustments to tax
payable in respect of
previous years.
Deferred tax is the tax expected to be payable or recoverable on differences between the
carrying amounts of assets and liabilities in the financial statements and the corresponding
tax bases used in the computation of taxable profit, and is accounted for in accordance
with IAS 12/AASB 112 \u2018Income Taxes\u2019 (IAS 12).
Deferred tax is generally provided on temporary differences arising between the tax
bases of assets and liabilities and their carrying amounts in the Financial Statements.
Deferred tax assets are recognised to the extent that it is probable that future taxable
profits will be available against which the temporary differences can be utilised.
Deferred tax is not recognised for temporary differences relating to:
\u2013 initial recognition of goodwill
\u2013 initial recognition of assets or liabilities in a transaction that is not a business combination and
that affects neither accounting nor taxable profit, except where the transaction gives rise to
equal and offsetting taxable and deductible temporary differences
\u2013 investment in subsidiaries, associates and jointly controlled entities where the Group is able
to control the timing of the reversal of the temporary difference and it is probable that they will
not reverse in the foreseeable future
Deferred tax is measured at the tax rates that are expected to be applied when the
asset is realised or the liability is settled, based on the laws that have been enacted or
substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are offset when the Group has a legally
enforceable right to offset and when the tax balances are related to taxes levied by the
same tax authority and the Group intends to settle on a net basis, or realise the asset and
settle the liability simultaneously.
The carrying amount of deferred tax assets is reviewed at each reporting date and
reduced to the extent that it is no longer probable that sufficient taxable profits will be
available to allow all or part of the asset to be recovered.
Royalties are treated as taxation
arrangements (impacting
income tax expense/(benefit))
when they are imposed under
government authority and the
amount payable is calculated
by reference to revenue derived
(net of any allowable deductions)
after adjustment for temporary
differences. Obligations arising
from royalty arrangements that
do not satisfy these criteria are
recognised as current liabilities
and included in expenses.
International Tax Reform \u2013 Pillar Two Model Rules
The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting published the Pillar
Two model rules designed to address the tax challenges arising from the digitalisation of the global economy.
It is unclear if the Pillar Two model rules create additional temporary differences, whether to remeasure deferred taxes for the Pillar Two model rules and
which tax rate to use to measure deferred taxes. In response to this uncertainty, on 23 May 2023 and 27 June 2023, respectively, the IASB and AASB
issued amendments to IAS 12 \u2018Income taxes\u2019 introducing a mandatory temporary exception to the requirements of IAS 12 under which a company does
not recognise or disclose information about deferred tax assets and liabilities related to the proposed OECD/G20 BEPS Pillar Two model rules. The Group
applied the temporary exception at 30 June 2023.
Uncertain tax and royalty matters
The Group operates across many tax jurisdictions. Application of tax law can be complex and requires judgement to assess risk and estimate outcomes.
These judgements are subject to risk and uncertainty, hence there is a possibility that changes in circumstances will alter expectations, which may impact the
amount of tax assets and tax liabilities, including deferred tax, recognised on the balance sheet and the amount of other tax losses and temporary differences not
yet recognised. The evaluation of tax risks considers both amended assessments received and potential sources of challenge from tax authorities. The status
of proceedings for these matters will impact the ability to determine the potential exposure and in some cases, it may not be possible to determine a range of
possible outcomes or a reliable estimate of the potential exposure.
Tax and royalty matters with uncertain outcomes arise in the normal course of business and occur due to changes in tax law, changes in interpretation of tax law,
periodic challenges and disagreements with tax authorities and legal proceedings.
Tax and royalty obligations assessed as having probable future economic outflows capable of reliable measurement are provided for as at 30 June 2023.
Matters with a possible economic outflow and/or presently incapable of being measured reliably are contingent liabilities and disclosed in note 34 \u2018Contingent
liabilities\u2019. Details of uncertain tax and royalty matters relating to Samarco are disclosed in note 4 \u2018Significant events \u2013 Samarco dam failure\u2019.
Key judgements and estimates
Income tax classification
Judgements: The Group\u2019s accounting policy for taxation, including royalty-related taxation, requires management\u2019s judgement as to the types of
arrangements considered to be a tax on income in contrast to an operating cost.
Deferred tax
Judgements: Judgement is required in:
\u2013 determining the amount of deferred tax assets to be recognised based on the likely timing and the level of future taxable profits;
\u2013 assessing whether changes in tax regimes or applicable tax rates are substantively enacted at the reporting date;
\u2013 recognising deferred tax liabilities arising from temporary differences in investments. These deferred tax liabilities caused principally by retained
earnings held in foreign tax jurisdictions are recognised unless repatriation of retained earnings can be controlled and is not expected to occur in the
foreseeable future.
In FY2023, judgement was applied in determining the Chilean Royalty Bill was substantively enacted at the reporting date. It was considered that the
process of enactment was complete and the remaining steps for enactment would not change the outcome of the tax rates to be applied in measuring
the deferred tax assets and liabilities.
Estimates: The Group assesses the recoverability of recognised and unrecognised deferred taxes, including losses in Australia, the United States and
Canada on a consistent basis. Estimates and assumptions relating to projected earnings and cash flows as applied in the Group impairment process
are used for operating assets.
These forecasts are also used to estimate the royalty related tax rates to apply when the deferred tax assets are realised and deferred tax liabilities
are settled, in revaluing the deferred tax balances following the substantive enactment of the Chilean Royalty Bill.
7 Earnings per share
2023 2022 2021
Earnings attributable to BHP shareholders (US$M)
\u2013 Continuing operations 12,921 20,245 11,529
\u2013 Total 12,921 30,900 11,304
Weighted average number of shares (Million)
\u2013 Basic 5,064 5,061 5,057
\u2013 Diluted 5,073 5,071 5,068
Basic earnings per ordinary share (US cents)
\u2013 Continuing operations 255.2 400.0 228.0
\u2013 Total 255.2 610.6 223.5
Diluted earnings per ordinary share (US cents)
\u2013 Continuing operations 254.7 399.2 227.5
\u2013 Total 254.7 609.3 223.0
Headline earnings per ordinary share (US cents)
\u2013 Basic 256.1 439.0 284.8
\u2013 Diluted 255.7 438.1 284.2
Refer to note 28 \u2018Discontinued operations\u2019 for basic earnings per share and diluted earnings per share for Discontinued operations.
Earnings on American Depositary Shares represent twice the earnings for BHP Group Limited ordinary shares.
Headline earnings is a Johannesburg Stock Exchange defined performance measure and is reconciled from earnings attributable to ordinary
shareholders as follows:
2023
US$M
2022
US$M
2021
US$M
Earnings attributable to BHP shareholders 12,921 30,900 11,304
Adjusted for:
(Gain)/loss on sales of PP&E, Investments and Operations
1
(9) (95) (50)
Impairments of property, plant and equipment, financial assets and intangibles 75 515 2,633
Samarco impairment expense \u2013 \u2212 111
Cerrej\u03ccn impairment expense \u2013 \u2212 466
Gain on disposal of BHP Mitsui Coal \u2013 (840) \u2212
Gain on merger of Petroleum \u2013 (8,167) \u2212
Tax effect of above adjustments (17) (97) (60)
Subtotal of adjustments 49 (8,684) 3,100
Headline earnings 12,970 22,216 14,404
Diluted headline earnings 12,970 22,216 14,404
1 Included in other income.
Recognition and measurement
Diluted earnings attributable to BHP shareholders are equal to the earnings attributable to BHP shareholders.
Prior to the Group\u2019s corporate structure unification, the calculation of the number of ordinary shares used in the computation of basic earnings per share
was the aggregate of the weighted average number of ordinary shares of BHP Group Limited and BHP Group Plc outstanding during the period after
deduction of the number of shares held by the Billiton Employee Share Ownership Trust and the BHP Group Limited Employee Equity Trust (previously
known as \u2018BHP Billiton Limited Employee Equity Trust\u2019). Effective from 31 January 2022, the aggregate of the weighted average number of ordinary
shares of only BHP Group Limited is considered in the computation of basic earnings per share. Refer to note 17 \u2018Share capital\u2019 for details on unification.
For the purposes of calculating diluted earnings per share, the effect of 9 million dilutive shares has been taken into account for the year ended 30 June
2023 (2022: 10 million shares; 2021: 11 million shares). The Group\u2019s only potential dilutive ordinary shares are share awards granted under the employee
share ownership plans for which terms and conditions are described in note 26 \u2018Employee share ownership plans\u2019. Diluted earnings per share calculation
excludes instruments which are considered antidilutive.
At 30 June 2023, there are no instruments which are considered antidilutive (2022: nil; 2021: nil).
Working capital
8 Trade and other receivables
2023
US$M
2022
US$M
Trade receivables 3,418 4,411
Other receivables
1
1,324 1,168
Total 4,742 5,579
Comprising:
Current 4,594 5,426
Non-current 148 153
1 Other receivables mainly relate to indirect tax refunds and receivables from joint venture partners.
Recognition and measurement
Trade receivables are recognised initially at their transaction price or, for those receivables containing a significant financing component, at fair value.
Trade receivables are subsequently measured at amortised cost using the effective interest method, less an allowance for impairment, except for
provisionally priced receivables which are subsequently measured at fair value through profit or loss under IFRS 9.
The collectability of trade and other receivables is assessed continuously. At the reporting date, specific allowances are made for any expected credit
losses based on a review of all outstanding amounts at reporting period-end. Individual receivables are written off when management deems them
unrecoverable. The net carrying amount of trade and other receivables approximates their fair values.
Credit risk
Trade receivables generally have terms of less than 30 days. The Group has no material concentration of credit risk with any single counterparty and is
not dominantly exposed to any individual industry.
Credit risk can arise from the non-performance by counterparties of their contractual financial obligations towards the Group. To manage credit risk, the
Group maintains Group-wide procedures covering the application for credit approvals, granting and renewal of counterparty limits, proactive monitoring
of exposures against these limits and requirements triggering secured payment terms. As part of these processes, the credit exposures with all
counterparties are regularly monitored and assessed on a timely basis. The credit quality of the Group\u2019s customers is reviewed and the solvency of each
debtor and their ability to pay the receivable is considered in assessing receivables for impairment.
The 10 largest customers represented 31 per cent (2022: 34 per cent) of total credit risk exposures managed by the Group.
Receivables are deemed to be past due or impaired in accordance with the Group\u2019s terms and conditions. These terms and conditions are determined on
a case-by-case basis with reference to the customer\u2019s credit quality, payment performance and prevailing market conditions. As at 30 June 2023, trade
receivables of US$8 million (2022: US$103 million) were past due but not impaired. The majority of these receivables were less than 30 days overdue.
At 30 June 2023, trade receivables are stated net of provisions for expected credit losses of US$9 million (2022: US$3 million).
9 Trade and other payables
2023
US$M
2022
US$M
Trade payables 4,893 5,360
Other payables 1,407 1,327
Total 6,300 6,687
Comprising:
Current 6,296 6,687
Non-current 4 \u2212
10 Inventories
2023
US$M
2022
US$M Definitions
Raw materials and consumables 2,106 1,713 Spares, consumables and other supplies yet to be utilised in the production process or
in the rendering of services.
Work in progress 3,514 3,827 Commodities currently in the production process that require further processing by the
Group to a saleable form.
Finished goods 1,003 710 Commodities ready-for-sale and not requiring further processing by the Group.
Total
1
6,623 6,250
Comprising: Inventories classified as non-current are not expected to be utilised or sold within
12 months after the reporting date or within the operating cycle of the business.
Current 5,220 4,935
Non-current 1,403 1,315
1 Inventory write-downs of US$100 million were recognised during the year (2022: US$163 million; 2021: US$58 million). Inventory write-downs of US$37 million made in
previous periods were reversed during the year (2022: US$23 million; 2021: US$26 million).
Recognition and measurement
Regardless of the type of inventory and its stage in the production process, inventories are valued at the lower of cost and net realisable value. Cost is
determined primarily on the basis of average costs and involves estimates of expected metal recoveries and work in progress volumes, calculated using
available industry, engineering and scientific data. These estimates are periodically reassessed by the Group taking into account technical analysis and
historical performance.
For processed inventories, cost is derived on an absorption costing basis. Cost comprises costs of purchasing raw materials and costs of production,
including attributable mining and manufacturing overheads taking into consideration normal operating capacity.
Inventory quantities are assessed primarily through surveys and assays.
Resource assets
11 Property, plant and equipment
Land and
buildings
US$M
Plant and
equipment
US$M
Other mineral
assets
US$M
Assets under
construction
US$M
Exploration
and evaluation
US$M
Total
US$M
Net book value \u2013 30 June 2023
At the beginning of the financial year 8,079 35,500 8,494 9,031 191 61,295
Additions
1
194 1,024 842 6,332 56 8,448
Acquisition of subsidiaries and operations
2
88 2,256 4,612 720 \u2013 7,676
Remeasurements of index-linked freight contracts
3
\u2013 53 \u2013 \u2013 \u2013 53
Depreciation for the year (586) (4,156) (225) \u2013 \u2013 (4,967)
Impairments for the year
4
\u2013 (73) \u2013 \u2013 \u2013 (73)
Disposals (2) (6) \u2013 \u2013 \u2013 (8)
Transfers and other movements 367 2,056 (419) (2,602) (8) (606)
At the end of the financial year
5
8,140 36,654 13,304 13,481 239 71,818
\u2013 Cost 15,258 85,394 19,420 14,245 1,029 135,346
\u2013 Accumulated depreciation and impairments (7,118) (48,740) (6,116) (764) (790) (63,528)
Net book value \u2013 30 June 2022
At the beginning of the financial year 8,072 44,682 8,941 10,432 1,686 73,813
Additions
1
41 1,935 792 5,872 137 8,777
Remeasurements of index-linked freight contracts
3
\u2212 (369) \u2212 \u2212 \u2212 (369)
Depreciation for the year (663) (5,564) (276) \u2212 \u2212 (6,503)
Impairments for the year
4
(14) (499) (2) \u2212 \u2212 (515)
Disposals (3) (22) \u2212 \u2212 \u2212 (25)
Divestment and demerger of subsidiaries and operations
6
(448) (8,007) (545) (3,549) (842) (13,391)
Transfers and other movements 1,094 3,344 (416) (3,724) (790) (492)
At the end of the financial year
5
8,079 35,500 8,494 9,031 191 61,295
\u2013 Cost 14,823 81,218 14,353 9,755 981 121,130
\u2013 Accumulated depreciation and impairments (6,744) (45,718) (5,859) (724) (790) (59,835)
1 Includes change in estimates and net foreign exchange gains/(losses) related to the closure and rehabilitation provisions for operating sites. Refer to note 15 \u2018Closure and
rehabilitation provisions\u2019.
2 Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 \u2018Business combinations\u2019 for more information.
3 Relates to remeasurements of index-linked freight contracts including continuous voyage charters (CVCs). Refer to note 22 \u2018Leases\u2019.
4 Refer to note 13 \u2018Impairment of non-current assets\u2019 for information on impairments.
5 Includes the carrying value of the Group\u2019s right-of-use assets relating to land and buildings and plant and equipment of US$2,809 million (2022: US$2,361 million).
Refer to note 22 \u2018Leases\u2019 for the movement of the right-of-use assets.
6 BMC and Petroleum were disposed in May 2022 and June 2022 respectively. Refer to notes 3 \u2018Exceptional items\u2019 and 28 \u2018Discontinued operations\u2019 for more information.
Recognition and measurement
Property, plant and equipment
Property, plant and equipment is recorded at cost less accumulated depreciation and impairment charges. Cost is the fair value of consideration given
to acquire the asset at the time of its acquisition or construction and includes the direct costs of bringing the asset to the location and the condition
necessary for operation and the estimated future costs of closure and rehabilitation of the facility.
Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease
liabilities. Refer to note 22 \u2018Leases\u2019 for further details. Right-of-use assets are presented within the category of property, plant and equipment according to
the nature of the underlying asset leased.
Exploration and evaluation
Exploration costs are incurred to discover mineral resources. Evaluation costs are incurred to assess the technical feasibility and commercial viability of
resources found.
Exploration and evaluation expenditure is charged to the income statement as incurred, except in the following circumstances in which case the
expenditure may be capitalised:
\u2013 the exploration and evaluation activity is within an area of interest that was previously acquired as an asset acquisition or in a business combination
and measured at fair value on acquisition or
\u2013 the existence of a commercially viable mineral deposit has been established
A regular review of each area of interest is undertaken to determine the appropriateness of continuing to carry forward costs in relation to that area.
Capitalised costs are only carried forward to the extent that they are expected to be recovered through the successful exploitation of the area of interest or
alternatively by its sale. To the extent that capitalised expenditure is no longer expected to be recovered, it is charged to the income statement.
Development expenditure
When proven mineral reserves are determined and development is sanctioned, capitalised exploration and evaluation expenditure is reclassified as
assets under construction within property, plant and equipment. All subsequent development expenditure is capitalised and classified as assets under
construction, provided commercial viability conditions continue to be satisfied.
The Group may use funds sourced from external parties to finance the acquisition and development of assets and operations. Finance costs are
expensed as incurred, except where they relate to the financing of construction or development of qualifying assets. Borrowing costs directly attributable
to acquiring or constructing a qualifying asset are capitalised during the development phase.
In the instance where saleable material is extracted prior to the commissioning of a project/site, sale proceeds are recognised as revenue, with associated
costs also recognised in the income statement. On completion of development, all assets included in assets under construction are reclassified as either
plant and equipment or other mineral assets and depreciation commences.
Other mineral assets
Other mineral assets comprise:
\u2013 capitalised exploration, evaluation and development expenditure for assets in production
\u2013 mineral rights acquired
\u2013 capitalised development and production stripping costs
Overburden removal costs
The process of removing overburden and other waste materials to access mineral deposits is referred to as stripping. Stripping is necessary to obtain
access to mineral deposits and occurs throughout the life of an open-pit mine. Development and production stripping costs are classified as other mineral
assets in property, plant and equipment.
Stripping costs are accounted for separately for individual components of an ore body. The determination of components is dependent on the mine plan
and other factors, including the size, shape and geotechnical aspects of an ore body. The Group accounts for stripping activities as follows:
Development stripping costs
These are initial overburden removal costs incurred to obtain access to mineral deposits that will be commercially produced. These costs are capitalised
when it is probable that future economic benefits (access to mineral ores) will flow to the Group and costs can be measured reliably.
Once the production phase begins, capitalised development stripping costs are depreciated using the units of production method based on the proven
and probable reserves of the relevant identified component of the ore body which the initial stripping activity benefits.
Production stripping costs
These are post initial overburden removal costs incurred during the normal course of production activity, which commences after the first saleable
minerals have been extracted from the component. Production stripping costs can give rise to two benefits, the accounting for which is outlined below:
Production stripping activity
Benefits of stripping activity Extraction of ore (inventory) in current period. Improved access to future ore extraction.
Period benefited Current period Future period(s)
Recognition and
measurement criteria
When the benefits of stripping activities are realised in
the form of inventory produced; the associated costs
are recorded in accordance with the Group\u2019s inventory
accounting policy.
When the benefits of stripping activities are improved access
to future ore; production costs are capitalised when all the
following criteria are met:
\u2013 the production stripping activity improves access to a specific
component of the ore body and it is probable that economic
benefits arising from the improved access to future ore
production will be realised
\u2013 the component of the ore body for which access has been
improved can be identified
\u2013 costs associated with that component can be
measured reliably
Allocation of costs Production stripping costs are allocated between the inventory produced and the production stripping asset using a life-of-
component waste-to-ore (or mineral contained) strip ratio. When the current strip ratio is greater than the estimated life-of-
component ratio a portion of the stripping costs is capitalised to the production stripping asset.
Asset recognised from
stripping activity
Inventory Other mineral assets within property, plant and equipment.
Depreciation basis Not applicable On a component-by-component basis using the units of
production method based on proven and probable reserves.
Key judgements and estimates
Judgements: Judgement is applied by management in determining the components of an ore body.
Estimates: Estimates are used in the determination of stripping ratios and mineral reserves by component. Changes to estimates related to life-
of-component waste-to-ore (or mineral contained) strip ratios and the expected ore production from identified components are accounted for
prospectively and may affect depreciation rates and asset carrying values.
Depreciation
Depreciation of assets, other than land, assets under construction and capitalised exploration and evaluation that are not depreciated, is calculated
using either the straight-line (SL) method or units of production (UoP) method, net of residual values, over the estimated useful lives of specific assets.
The depreciation method and rates applied to specific assets reflect the pattern in which the asset\u2019s benefits are expected to be used by the Group.
The Group\u2019s proved and probable reserves for minerals assets are used to determine UoP depreciation unless doing so results in depreciation charges
that do not reflect the asset\u2019s useful life. Where this occurs, alternative approaches to determining reserves are applied, to provide a phasing of periodic
depreciation charges that better reflects the asset\u2019s expected useful life.
Where assets are dedicated to a mine lease, the useful lives below are subject to the lesser of the asset category\u2019s useful life and the life of the mine
lease, unless those assets are readily transferable to another productive mine.
Assets classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and therefore not depreciated.
Key estimates
The determination of useful lives, residual values and depreciation methods involves estimates and assumptions and is reviewed annually.
Any changes to useful lives or any other estimates or assumptions, including the expected impact of climate change and the transition to a lower
carbon economy, may affect prospective depreciation rates and asset carrying values. The table below summarises the principal depreciation methods
and rates applied to major asset categories by the Group.
Category Buildings
Plant and
equipment Mineral rights
Capitalised exploration, evaluation and
development expenditure
Typical depreciation methodology SL SL UoP UoP
Depreciation rate 25-50 years 3-30 years
Based on the rate of
depletion of reserves
Based on the rate of
depletion of reserves
Commitments
The Group\u2019s commitments for capital expenditure were US$3,975 million as at 30 June 2023 (2022: US$2,820 million). The Group\u2019s commitments related
to leases are included in note 22 \u2018Leases\u2019.
12 Intangible assets
2023 2022
Goodwill
US$M
Other
intangibles
US$M
Total
US$M
Goodwill
US$M
Other
intangibles
US$M
Total
US$M
Net book value
At the beginning of the financial year 1,197 172 1,369 1,197 240 1,437
Additions \u2013 51 51 \u2212 36 36
Acquisition of subsidiaries and operations
1
192 \u2013 192 \u2212 \u2212 \u2212
Amortisation for the year \u2013 (94) (94) \u2212 (60) (60)
Impairments for the year
2
\u2013 (2) (2) \u2212 \u2212 \u2212
Disposals \u2013 (15) (15) \u2212 (16) (16)
Divestment and demerger of subsidiaries and operations
3
\u2013 \u2212 \u2013 \u2212 (66) (66)
Transfers and other movements \u2013 109 109 \u2212 38 38
At the end of the financial year 1,389 221 1,610 1,197 172 1,369
\u2013 Cost 1,389 1,529 2,918 1,197 1,363 2,560
\u2013 Accumulated amortisation and impairments \u2013 (1,308) (1,308) \u2212 (1,191) (1,191)
1 Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 \u2018Business combinations\u2019 for more information.
2 Refer to note 13 \u2018Impairment of non-current assets\u2019 for information on impairments.
3 Relates to the merger of Petroleum with Woodside in FY2022. Refer to note 28 \u2018Discontinued operations\u2019 for more information.
Recognition and measurement
Goodwill
Where the fair value of the consideration paid for a business acquisition exceeds the fair value of the identifiable assets, liabilities and contingent liabilities
acquired, the difference is treated as goodwill. Where consideration is less than the fair value of acquired net assets, the difference is recognised
immediately in the income statement. Goodwill is not amortised and is measured at cost less any impairment losses.
Other intangibles
The Group capitalises amounts paid for the acquisition of identifiable intangible assets, such as software, licences and initial payments for the acquisition
of mineral lease assets, where it is considered that they will contribute to future periods through revenue generation or reductions in cost. These assets,
classified as finite life intangible assets, are carried in the balance sheet at the fair value of consideration paid (cost) less accumulated amortisation and
impairment charges. Intangible assets with finite useful lives are amortised on a straight-line basis over their useful lives. The estimated useful lives are
generally no greater than eight years.
Initial payments for the acquisition of intangible mineral lease assets are capitalised and amortised over the term of the permit. A regular review is
undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area. Capitalised costs are
only carried forward to the extent that they are expected to be recovered through the successful exploitation of the area of interest or alternatively by its
sale. To the extent that capitalised expenditure is no longer expected to be recovered, it is charged to the income statement.
Assets classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and therefore not amortised.
13 Impairment of non-current assets
Cash generating unit Segment
2023
Property, plant
and equipment
US$M
Goodwill
and other
intangibles
US$M
Equity-
accounted
investment
US$M
Total
US$M
Other Various 73 2 \u2013 75
Total impairment of non-current assets 73 2 \u2013 75
Reversal of impairment \u2013 \u2013 \u2013 \u2013
Net impairment of non-current assets \u2013 Continuing operations 73 2 \u2013 75
Net impairment of non-current assets \u2013 Discontinued operations \u2013 \u2013 \u2013 \u2013
Net impairment of non-current assets 73 2 \u2013 75
Cash generating unit Segment
2022
Property, plant
and equipment
US$M
Goodwill
and other
intangibles
US$M
Equity-
accounted
investment
US$M
Total
US$M
Cerro Colorado Copper 455 \u2212 \u2212 455
Other Various 60 \u2212 \u2212 60
Total impairment of non-current assets 515 \u2212 \u2212 515
Reversal of impairment \u2212 \u2212 \u2212 \u2212
Net impairment of non-current assets \u2013 Continuing operations 515 \u2212 \u2212 515
Net impairment of non-current assets \u2013 Discontinued operations \u2212 \u2212 \u2212 \u2212
Net impairment of non-current assets 515 \u2212 \u2212 515
Recognition and measurement
Impairment tests for all non-financial assets (excluding goodwill) are performed when there is an indication of impairment. Goodwill is tested for impairment
at least annually. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount
of the cash generating unit (CGU) to which the asset belongs, being the smallest identifiable group of assets that generates cash inflows that are largely
independent of the cash inflows from other assets or groups of assets. If the carrying amount of the asset or CGU exceeds its recoverable amount, the
asset or CGU is impaired and an impairment loss is charged to the income statement so as to reduce the carrying amount in the balance sheet to its
recoverable amount.
Previously impaired assets (excluding goodwill as impairment losses are not reversed in subsequent periods) are reviewed for possible reversal of previous
impairment at each reporting date. Impairment reversal cannot exceed the carrying amount that would have been determined (net of depreciation) had no
impairment loss been recognised for the asset or CGU. Such reversal is recognised in the income statement. There were no reversals of impairment in the
current or prior year.
How recoverable amount is calculated
The recoverable amount is the higher of an asset\u2019s or CGU\u2019s fair value less cost of disposal (FVLCD) and its value in use (VIU).
Fair value less cost of disposal
FVLCD is an estimate of the amount that a market participant would pay for an asset or CGU, less the cost of disposal. FVLCD for mineral assets is
generally determined using independent market assumptions to calculate the present value of the estimated future post-tax cash flows expected to arise
from the continued use of the asset, including the anticipated cash flow effects of any capital expenditure to enhance production or reduce cost, and its
eventual disposal where a market participant may take a consistent view. Cash flows are discounted using an appropriate post-tax market discount rate to
arrive at a net present value of the asset, which is compared against the asset\u2019s carrying value. FVLCD may also take into consideration other market-
based indicators of fair value. FVLCD are based primarily on Level 3 inputs as defined in note 24 \u2018Financial risk management\u2019 unless otherwise noted.
Value in use
VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and
its eventual disposal or closure. VIU is determined by applying assumptions specific to the Group\u2019s continued use and cannot take into account future
development. These assumptions are different to those used in calculating FVLCD and consequently the VIU calculation is likely to give a different result
(usually lower) to a FVLCD calculation.
Impairment of non-current assets (excluding goodwill)
No material impairment of non-current assets for the year ended 30 June 2023.
Impairment of non-current assets relating to the year ended 30 June 2022 are detailed below.
Impairment of Cerro Colorado
The Group recognised a pre-tax impairment charge of US$455 million. The impairment charge primarily related to an increase in closure and rehabilitation
provision at Cerro Colorado due to additional work required to re-profile waste dumps for closure and an increase in scope for the closure activities.
Impairment test for goodwill
The carrying amount of goodwill has been allocated to the CGUs, or groups of CGUs, as follows:
Cash generating unit
2023
US$M
2022
US$M
Olympic Dam 1,010 1,010
OZ Minerals Limited provisional goodwill 192 \u2013
Other 187 187
Total goodwill 1,389 1,197
For the purpose of impairment testing, goodwill has been allocated to CGUs or groups of CGUs, that are expected to benefit from the synergies of
previous business combinations, which represent the level at which management will monitor and manage goodwill.
The Olympic Dam goodwill has been tested for impairment at 31 December 2022, as part of the Olympic Dam CGU. Details of the goodwill impairment
test are provided below.
On 2 May 2023, the Group acquired OZ Minerals Limited (OZL) (refer to note 29 \u2018Business combination\u2019 for details). The goodwill arising from the
acquisition of US$192 million represents the provisional amount, which could not be reliably allocated to a CGU or group of CGUs at 30 June 2023.
There were no indicators of impairment during the period from acquisition date to 30 June 2023 to suggest that the provisional goodwill had been
impaired. Therefore, as at 30 June 2023, this goodwill has not yet been subject to any impairment testing.
Goodwill held by other CGUs is US$187 million (2022: US$187 million). This represents less than one per cent of net assets at 30 June 2023
(2022: less than one per cent). There was no impairment of other goodwill in the year to 30 June 2023 (2022: US$ nil).
Olympic Dam goodwill
Impairment test conclusion The Group performed an impairment test of the Olympic Dam CGU, including goodwill, as at 31 December 2022
and an impairment charge was not required. A goodwill impairment test was not required at 30 June 2023 as there
were no indicators of impairment.
How did the goodwill arise? Goodwill arose on the acquisition of WMC Resources Ltd in June 2005.
Segment Olympic Dam is part of the Copper reportable segment.
How were the
valuations calculated?
FVLCD methodology using DCF techniques has been applied in determining the recoverable amount of
Olympic Dam.
Significant assumptions
and sensitivities
The valuation of Olympic Dam exceeded its carrying amount by approximately US$4.2 billion (2022: US$2.4 billion)
and is most sensitive to changes in copper and gold commodity prices, production volumes, operating costs and
discount rates. The valuation applied a post-tax real discount rate of 6.5 per cent (2022: 6.5 per cent).
Changes in copper and gold commodity price forecasts, estimated production volumes and operating costs and
discount rates in the period between 31 December 2022 and 30 June 2023, including an increase to the discount
rate applied to Olympic Dam to 7.0 per cent, did not result in an indicator of impairment.
Further, it is considered that there are no reasonably possible changes in copper and gold price forecasts,
operating cost estimates or the discount rate that would, in isolation, result in the estimated recoverable amount
being equal to the carrying amount.
A production volume decrease of 9.9 per cent (2022: 6 per cent) across all commodities (copper, gold, silver
and uranium) would, in isolation, result in the estimated recoverable amount being equal to the carrying amount.
Typically, changes in any one of the aforementioned assumptions (including operating performance) would be
accompanied by a change in another assumption which may have an offsetting impact. Action is usually taken to
respond to adverse changes in assumptions to mitigate the impact of any such change.
Key judgements and estimates that have been applied in the FVLCD valuation are disclosed further below.
Key judgements and estimates Judgements: Assessment of indicators of impairment or impairment reversal and the determination of CGUs for impairment purposes require significant management judgement. Indicators of impairment may include changes in the Group\u2019s operating and economic assumptions, including those arising from changes in reserves or mine planning, updates to the Group\u2019s commodity supply, demand and price forecasts, or the possible additional impacts from emerging risks including those related to climate change and the transition to a low-carbon economy. Climate change The Group\u2019s impairment assessments may be impacted by climate change and the transition to a low-carbon economy. Further detail is provided in note 16 \u2018Climate Change\u2019. Estimates: The Group performs a recoverable amount determination for an asset or CGU when there is an indication of impairment or impairment reversal. When the recoverable amount is measured by reference to FVLCD, in the absence of quoted market prices or binding sale agreement, estimates are made regarding the present value of future post-tax cash flows. These estimates are made from the perspective of a market participant and include prices, future production volumes, operating costs, capital expenditure, closure and rehabilitation costs, taxes, risking factors applied to cash flows and discount rates. The cash flow forecasts may include net cash flows expected from the extraction, processing and sale of material that does not currently qualify for inclusion in ore reserves. Reserves and resources are included in the assessment of FVLCD to the extent that it is considered probable that a market participant would attribute value to them. When recoverable amount is measured using VIU, estimates are made regarding the present value of future cash flows based on internal budgets and forecasts and life of asset plans. Key estimates are similar to those identified for FVLCD, although some assumptions and values may differ as they reflect the perspective of management rather than a market participant. All estimates require judgements and assumptions and are subject to risk and uncertainty that may be beyond the control of the Group; hence, there is a possibility that changes in circumstances will materially alter projections, which may impact the recoverable amount of an asset or CGU at each reporting date. While no indicators of impairment, or impairment reversal, were identified across the Group\u2019s CGUs at 30 June 2023, the carrying value of the Spence and Nickel West CGUs are the most susceptible to changes in the significant estimates outlined below in the next reporting period. The significant estimates impacting the Group\u2019s recoverable amount determinations are: Commodity prices Commodity prices were based on latest internal forecasts which assume short-term market prices will revert to the Group\u2019s assessment of long-term price. These price forecasts reflect management\u2019s long-term views of global supply and demand, built upon past experience of the commodity markets and are benchmarked with external sources of information such as analyst forecasts. Prices are adjusted based upon premiums or discounts applied to global price markers to reflect the location, nature and quality of the Group\u2019s production, or to take into account contracted prices. Future production volumes Estimated production volumes were based on detailed data and took into account development plans established by management as part of the Group\u2019s long-term planning process. When estimating FVLCD, assumptions reflect all reserves and resources that a market participant would consider when valuing the respective CGU, which in some cases are broader in scope than the reserves that would be used in a VIU test. In determining FVLCD, risk factors may be applied to reserves and resources which do not meet the criteria to be treated as proved. Cash outflows (including operating costs, capital expenditure, closure and rehabilitation costs and taxes) Cash outflows are based on internal budgets and forecasts and life of asset plans. Cost assumptions reflect management experience and expectations. Tax assumptions reflect existing and substantively enacted tax and royalty regimes and rates applicable in the jurisdiction of the CGU. In the case of FVLCD, cash flow projections include the anticipated cash flow effects of any capital expenditure to enhance production or reduce cost where a market participant may take a consistent view. VIU does not take into account future development. Discount rates The Group uses real post-tax discount rates applied to real post-tax cash flows. The discount rates are derived using the weighted average cost of capital methodology. Adjustments to the rates are made for any risks that are not reflected in the underlying cash flows, including country risk. 14 Deferred tax balances The movement for the year in the Group\u2019s net deferred tax position is as follows: 2023 US$M 2022 US$M 2021 US$M Net deferred tax (liability)/asset At the beginning of the financial year (3,007) (1,402) (91) Acquisition of subsidiaries and operations 1 (867) \u2212 \u2212 Income tax charge recorded in the income statement 2,3 (387) (125) (1,325) Income tax credit/(charge) recorded directly in equity 6 (42) 42 Divestment and demerger of subsidiaries and operations 4 \u2013 (1,439) \u2212 Other movements 12 1 (28) At the end of the financial year (4,243) (3,007) (1,402) 1 Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 \u2018Business combinations\u2019 for more information. 2 Includes Discontinued operations income tax (charge)/credit to the income statement in 2022 of US$(61) million (2021: US$273 million). 3 Includes US$(283) million revaluation of deferred tax balances in the year ended 30 June 2023, following the substantive enactment of the Chilean Royalty Bill. Refer to note 3 \u2018Exceptional items\u2019 for more information. 4 Relates to the divestment of BMC and merger of Petroleum with Woodside. Refer to notes 3 \u2018Exceptional items\u2019 and 28 \u2018Discontinued operations\u2019 for more information. For recognition and measurement refer to note 6 \u2018Income tax expense\u2019 The composition of the Group\u2019s net deferred tax assets and liabilities recognised in the balance sheet and the deferred tax expense charged/(credited)
to the income statement is as follows:
Deferred tax assets Deferred tax liabilities Charged/(credited) to the income statement
2023
US$M
2022
US$M
2023
US$M
2022
US$M
2023
US$M
2022
US$M
2021
US$M
Type of temporary difference
Depreciation
1
(629) (526) 6,259 4,844 452 554 488
Exploration expenditure 11 9 (1) \u2212 (2) 13 347
Employee benefits 27 21 (425) (322) (94) 20 (68)
Closure and rehabilitation 143 104 (1,753) (1,448) (296) 24 (515)
Resource rent tax \u2013 \u2212 \u2013 \u2212 \u2013 (129) (309)
Other provisions 64 70 (210) (192) 4 49 77
Deferred income 14 51 \u2013 (1) 37 (31) (31)
Deferred charges (82) (57) 644 584 85 7 68
Investments, including foreign tax credits 225 139 370 365 (54) (298) 414
Foreign exchange gains and losses (14) (13) 190 154 42 33 63
Tax losses 276 225 (214) (307) 37 28 678
Lease liability
1
18 17 (767) (594) (83) (10) 67
Other 3 16 206 (20) 259 (135) 46
Total 56 56 4,299 3,063 387 125 1,325
1 Includes deferred tax associated with the recognition of right-of-use assets and lease liabilities on adoption of IFRS 16. Refer to note 22 \u2018Leases\u2019.
The composition of the Group\u2019s unrecognised deferred tax assets and liabilities is as follows:
2023
US$M
2022
US$M
Unrecognised deferred tax assets
Tax losses and tax credits
1
8,572 8,462
Investments in subsidiaries
2
1,661 1,597
Mineral rights
3
3,287 2,781
Other deductible temporary differences
4
1,912 1,777
Total unrecognised deferred tax assets 15,432 14,617
Unrecognised deferred tax liabilities
Investments in subsidiaries
2
2,179 2,099
Total unrecognised deferred tax liabilities 2,179 2,099
1 At 30 June 2023, the Group had income and capital tax losses with a tax benefit of US$5,709 million (2022: US$5,777 million) and tax credits of US$2,863 million (2022:
US$2,685 million), which are not recognised as deferred tax assets, because it is not probable that future taxable profits or capital gains will be available against which the
Group can utilise the benefits.
The gross amount of tax losses carried forward that have not been recognised is as follows:
Year of expiry
2023
US$M
2022
US$M
Income tax losses
Not later than one year 22 \u2212
Later than one year and not later than two years 5 \u2212
Later than two years and not later than five years 47 43
Later than five years and not later than 10 years 549 248
Later than 10 years and not later than 20 years 1,317 1,290
Unlimited 4,889 4,157
6,829 5,738
Capital tax losses
Not later than one year \u2013 \u2212
Later than two years and not later than five years \u2013 \u2212
Unlimited 13,870 14,173
Gross amount of tax losses not recognised 20,699 19,911
Tax effect of total losses not recognised 5,709 5,777
Of the US$2,863 million of tax credits, US$2,405 million expires not later than 10 years (2022: US$2,129 million) and US$458 million expires later than 10 years and not later
than 20 years (2022: US$556 million).
2 The Group has deferred tax assets and deferred tax liabilities associated with undistributed earnings of subsidiaries that have not been recognised because the Group is
able to control the timing of the reversal of the temporary differences and it is not probable that these differences will reverse in the foreseeable future. Where the Group has
undistributed earnings held by associates and joint interests, the deferred tax liability will be recognised as there is no ability to control the timing of the potential distributions.
3 The Group has deductible temporary differences relating to mineral rights for which deferred tax assets have not been recognised because it is not probable that future capital
gains will be available against which the Group can utilise the benefits. The deductible temporary differences do not expire under current tax legislation.
4 The Group has other deductible temporary differences for which deferred tax assets have not been recognised because it is not probable that future taxable profits will be
available against which the Group can utilise the benefits. The deductible temporary differences do not expire under current tax legislation.
15 Closure and rehabilitation provisions
2023
US$M
2022
US$M
At the beginning of the financial year 8,689 11,910
Capitalised amounts for operating sites:
Change in estimate 510 1,579
Exchange translation (50) (694)
Adjustments charged/(credited) to the income statement:
Increases to existing and new provisions 47 174
Exchange translation (8) (58)
Released during the year (35) (42)
Other adjustments to the provision:
Amortisation of discounting impacting net finance costs 839 554
Acquisition of subsidiaries and operations
1
168 \u2212
Divestment and demerger of subsidiaries and operations \u2013 (4,477)
Expenditure on closure and rehabilitation activities (273) (316)
Exchange variations impacting foreign currency translation reserve \u2013 (3)
Other movements \u2013 62
At the end of the financial year 9,887 8,689
Comprising:
Current 520 475
Non-current 9,367 8,214
Operating sites 7,366 6,198
Closed sites 2,521 2,491
1 Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 \u2018Business combinations\u2019 for more information.
Profile of closure and rehabilitation cash flows
The table below indicates the estimated profile of the Group\u2019s closure and rehabilitation provisions. The profile reflects the undiscounted forecast cash
flows that underpin the provisions. In some instances, the Group has an obligation to rehabilitate and maintain a closed site for an indefinite period.
For the purpose of this analysis, the cashflow period has been restricted to 100 years.
Proportion of the Group\u2019s undiscounted forecast cashflows
2023
%
2022
%
In one year or less 3 3
In more than one year but not more than two years 4 3
In more than two years but not more than five years 8 9
In more than five years but not more than ten years 14 15
In more than ten years 71 70
Total 100 100
The Group is required to close and rehabilitate sites and associated facilities at the end of or, in some cases, during the course of production to a
condition acceptable to the relevant authorities, as specified in licence requirements and the Group\u2019s closure performance requirements.
The key components of closure and rehabilitation activities are:
\u2013 the removal of all unwanted infrastructure associated with an operation
\u2013 the return of disturbed areas to a safe, stable and self-sustaining condition, consistent with the agreed post-closure land use
Recognition and measurement
Provisions for closure and rehabilitation are recognised by the Group when:
\u2013 it has a present legal or constructive obligation as a result of past events
\u2013 it is more likely than not that an outflow of resources will be required to settle the obligation
\u2013 the amount can be reliably estimated
Initial recognition and measurement Subsequent measurement
Closure and rehabilitation provisions are
initially recognised when an environmental
disturbance first occurs. The individual site
provisions are an estimate of the expected
value of future cash flows required to close
the relevant site using current standards
and techniques and taking into account risks
and uncertainties. Individual site provisions
are discounted to their present value using
currency specific discount rates aligned to
the estimated timing of cash outflows.
When provisions for closure and
rehabilitation are initially recognised, the
corresponding cost is capitalised as an
asset, representing part of the cost of
acquiring the future economic benefits
of the operation.
The closure and rehabilitation asset, recognised within property, plant and equipment, is depreciated over
the life of the operations. The value of the provision is progressively increased over time as the effect of
discounting unwinds, resulting in an expense recognised in net finance costs.
The closure and rehabilitation provision is reviewed at each reporting date to assess if the estimate continues
to reflect the best estimate of the obligation. If necessary, the provision is remeasured to account for factors
such as:
\u2013 additional disturbance during the period
\u2013 revisions to estimated reserves, resources and lives of operations including any changes to expected
operating lives arising from the Group\u2019s latest assessment of the potential impacts of climate change and
the transition to a low-carbon economy
\u2013 developments in technology
\u2013 changes to regulatory requirements and environmental management strategies
\u2013 changes in the estimated extent and costs of anticipated activities, including the effects of inflation
and movements in foreign exchange rates
\u2013 movements in interest rates affecting the discount rate applied
Changes to the closure and rehabilitation estimate for operating sites are added to, or deducted from,
the related asset and amortised on a prospective basis over the remaining life of the operation, generally
applying the units of production method.
Costs arising from unforeseen circumstances, such as the contamination caused by unplanned discharges,
are recognised as an expense and liability when the event gives rise to an obligation that is probable and
capable of reliable estimation.
Closed sites
Where future economic benefits are no longer expected to be derived through operation, changes to the associated closure and remediation costs are
charged to the income statement in the period identified. This amounted to US$4 million in the year ended 30 June 2023 (2022: US$74 million; 2021:
US$483 million).
Key estimates
Closure cost estimates are generally based on conceptual level studies
early in the operating life of an asset with more detailed studies and
planning performed as closure risks (including those related to climate
change) are identified and/or as an asset, or parts thereof, near closure.
As such, the recognition and measurement of closure and rehabilitation
provisions requires the use of significant estimates and assumptions,
including, but not limited to:
\u2013 the extent (due to legal or constructive obligations) of potential activities
required for the removal of infrastructure, decharacterisation of tailings
storage facilities and rehabilitation activities
\u2013 costs associated with future closure activities
\u2013 the extent and period of post-closure monitoring and maintenance,
including water management
\u2013 applicable discount rates
\u2013 the timing of cash flows and ultimate closure of operations
The extent, cost and timing of future closure activities may also be
impacted by the potential physical impacts of climate change and the
transition to a low-carbon economy. Further detail is provided in note 16
\u2018Climate Change\u2019.
Estimates for post-closure monitoring and maintenance reflect the
Group\u2019s strategies for individual sites, which may include possible
relinquishment. The period of monitoring and maintenance included in
the provision requires judgement and considers regulatory and licencing
requirements, the outcomes of studies and management\u2019s current
assessment of stakeholder expectations.
While progressive closure is performed across a number of operations,
significant activities are generally undertaken at the end of the production
life at the individual sites, the estimated timing of which is informed by
the Group\u2019s current assumptions relating to demand for commodities and
carbon pricing, and their impact on the Group\u2019s long-term price forecasts.
Approximately 51 per cent (2022: 48 per cent) of the Group\u2019s total
undiscounted forecast cashflows are expected to be incurred after more
than 30 years, reflecting the long-lived nature of many of the Group\u2019s
operations which have remaining production lives ranging from 1-103
years (2022: 2-104 years). The discount rates applied to the Group\u2019s
closure and rehabilitation provisions are determined by reference to the
currency of the closure cash flows, the period over which the cash flows
will be incurred and prevailing market interest rates (where available).
The Group continues to monitor current market conditions with no change
made to the Group\u2019s discount rates in the current year.
While the closure and rehabilitation provisions reflect management\u2019s
best estimates based on current knowledge and information, further
studies, trials and detailed analysis of relevant knowledge and resultant
closure activities for individual assets continue to be performed
throughout the life of asset. Such studies and analysis can impact the
estimated costs of closure activities. Estimates can also be impacted by
the emergence of new closure and rehabilitation techniques, changes
in regulatory requirements and stakeholder expectations for closure
(including costs associated with equitable transition), development of
new technologies, risks relating to climate change and the transition
to a low-carbon economy, and experience at other operations.
These uncertainties may result in future actual expenditure differing
from the amounts currently provided for in the balance sheet.
Sensitivity
A 0.5 per cent increase in the discount rates applied at 30 June 2023
would result in a decrease to the closure and rehabilitation provision
of approximately US$758 million, a decrease in property, plant and
equipment of approximately US$568 million in relation to operating sites
and an income statement credit of approximately US$190 million in respect
of closed sites. In addition, the change would result in a decrease of
approximately US$44 million to depreciation expense and a US$26 million
increment in net finance costs for the year ending 30 June 2024.
Given the long-lived nature of the majority of the Group\u2019s assets, the
majority of final closure activities are generally not expected to occur for
a significant period of time.
However, a one-year acceleration in forecast cash flows of the Group\u2019s
closure and rehabilitation provisions, in isolation, would result in an
increase to the provision of approximately US$209 million, an increase in
property, plant and equipment of US$148 million in relation to operating
sites and an income statement charge of US$61 million in respect of
closed sites.
16 Climate change
The Group recognises that warming of the climate is unequivocal, the human influence is clear and physical impacts are unavoidable. Identifying,
monitoring and assessing the actual and potential impacts of climate change is complex and the Group continues to develop its assessment of the actual
and potential financial impacts of climate-related risks and opportunities, including the transition to a low-carbon economy and physical risk impacts.
The Group\u2019s current climate change strategy focuses on:
\u2013 building a portfolio to support the megatrends shaping our world, including future-facing commodities (copper, nickel and potash) and steelmaking
materials (iron ore and metallurgical coal)
\u2013 reducing operational greenhouse gas (GHG) emissions
\u2013 investing in low GHG emissions technologies
\u2013 supporting GHG emissions reductions in our value chain and promoting product stewardship
\u2013 managing climate-related risks (threats and opportunities)
\u2013 working with others to enhance the global policy and market response
Areas of the financial statements that may potentially be impacted in connection with this strategy throughout the value creation and delivery cycle of the
Group\u2019s operations, include:
Phase Areas of potential financial statement impact
Exploration and acquisition \u2013 Financial impact of portfolio decisions
Development and mining /
Process and logistics
\u2013 Impact of transition risks (threats and opportunities) on asset carrying values
\u2013 Physical risk impacts on asset carrying values
\u2013 Acquisition of carbon credits, and application of carbon pricing assumptions
\u2013 Useful economic lives of property, plant and equipment
\u2013 Expenditure on operational decarbonisation
\u2013 Expenditure to support value chain decarbonisation
Sales, marketing and procurement \u2013 Key transition materials and future-facing commodities and the revenue they generate
\u2013 Expenditure to support value chain decarbonisation
Closure and rehabilitation \u2013 Physical risk impacts on asset carrying values
\u2013 Timing, scope and expected cost of closure and rehabilitation activities
At the date of issue of these Financial Statements, indicators show the appropriate measures are not in place globally to drive decarbonisation at the
pace or scale required for the aims of the Paris Agreement to be achieved as the most likely future outcome. As such, the significant judgements and key
estimates used in the preparation of these financial statements reflect the Group\u2019s current operational planning cases (described below) which are not
currently aligned with a 1.5\u00b0C temperature outcome.
However, while not the basis of preparation of these financial statements, the Group continues to assess the potential financial statement impacts of the
1.5\u00b0C temperature outcome goal of the Paris Agreement under the Group\u2019s 1.5\u00b0C scenario
1
.
Future changes to the Group\u2019s climate change strategy or global decarbonisation signposts may impact the Group\u2019s significant judgements and key
estimates, and result in material changes to financial results and the carrying values of certain assets and liabilities in future reporting periods.
Financial impact of portfolio decisions
During FY2023, the Group completed the acquisition of OZ Minerals Limited (OZL) and announced the proposed divestment of its interest in the
Daunia and Blackwater lower-quality metallurgical coal mines, currently part of the BHP Mitsubishi Alliance (BMA). Further information in respect of the
acquisition of OZL is included in note 29 \u2018Business combinations\u2019. Given the timing of the acquisition, the OZL assets will be incorporated into the Group\u2019s
climate-related assessments, and associated disclosures, in FY2024 as integration of the business continues.
These activities support the continued reshaping of the Group\u2019s portfolio to focus on future-facing commodities, iron ore and higher quality metallurgical
coal. They follow the completion, in FY2022, of the merger of the Group\u2019s Petroleum business with Woodside and the divestment of the Group\u2019s interests
in BHP Mitsui Coal Pty Ltd (BMC) and the Cerrej\u00f3n non-operated energy coal joint venture.
Also in FY2022, the Group announced that it would retain New South Wales Energy Coal (NSWEC) in its portfolio, seek the relevant approvals to
continue mining beyond the current consent that expires at the end of FY2026 and proceed with a managed process to cease mining at the asset by the
end of FY2030.
Following impairments recognised in previous periods, the net carrying value of NSWEC at 30 June 2023 is approximately negative US$220 million
comprising property, plant and equipment (PP&E) of approximately US$530 million and closure provisions and other liabilities of approximately
US$750 million. As at 30 June 2023, the potential exposure to further impairment for NSWEC is limited to the book value of PP&E of US$530 million, with
the forecast cash flows over the proposed operating period supporting the current carrying value. Further, the useful lives of NSWEC PP&E do not exceed
the remaining proposed operating period.
Impact of transition risks (threats and opportunities) on asset carrying values
Significant judgements and key estimates in relation to the preparation of the Financial Statements are impacted by the Group\u2019s current assessment of
the range of economic and climate-related conditions that could exist in the world\u2019s transition to a low-carbon economy, considering the current trajectory
of society and the global economy as a whole.
For example, demand for the Group\u2019s commodities may decrease due to policy, regulatory (including carbon pricing mechanisms), legal, technological,
market or societal responses to climate change, resulting in a proportion of a cash generating unit\u2019s (CGU) reserves becoming incapable of extraction in
an economically viable fashion.
1 This scenario requires steep global annual emissions reduction, sustained for decades, to stay within a 1.5\u00b0C carbon budget. 1.5\u00b0C is above pre-industrial levels. For more
information about the assumptions, outputs and limitations of our 1.5\u00b0C scenario refer to the BHP Climate Change Report 2020 available at bhp.com. The Group is preparing
an updated 1.5\u00b0C scenario in FY2024.
To support strategic decision making, the Group develops a number of divergent climate scenarios and pathways. In FY2023, the Group\u2019s One Energy
View, being the Group\u2019s current estimates of the most likely future states for the global economy and associated sub-systems, was updated to reflect
three different pathways under which most developed economies would reach net zero around 2050, with other large economies reaching net zero in
2060 and 2070. While the global gross domestic product assumptions and the pace and drivers of decarbonisation vary across the pathways, each
pathway results in a global average temperature increase of around 2\u00b0C by 2100.
The Group uses the One Energy View pathways as inputs to the Group\u2019s operational planning cases as they reflect the Group\u2019s current best estimates of the most
likely range of future states for the global economy and associated sub-systems. These pathways inform updates to the Group\u2019s commodity supply and demand
outlooks and are used, in conjunction with other market sources of information, to determine the Group\u2019s short and long-term price outlooks. Other sources of
information include commodity price forward curves, consensus price outlooks and commodity specific price outlooks sourced from industry analysts.
Given the complexity and inherent uncertainty of climate modelling, these pathways are reviewed periodically to reflect new information, with a process in
place to assess the need to update internal long-term price outlooks for developments in the periods between pathway updates.
The Group reflects the operational planning cases and associated price outlooks in the internal valuations used as the basis for the Group\u2019s
impairment assessments.
The discount rate used in the internal valuations reflects a real post-tax weighted average cost of capital (WACC), including country and state risk premia
where appropriate, and ranges from 7.0 per cent to 9.5 per cent across the Group (FY2022: 6.0 per cent to 8.5 per cent). Cash flow forecasts used as the
basis for impairment testing include asset specific risks, including climate-related risks such as operational interruptions as a result of physical climate-
related risks, and therefore the Group does not include a separate climate-related risk adjustment in the Group\u2019s WACC.
Physical risk impacts on asset carrying values
The Group\u2019s operations are exposed to physical climate-related risks. In FY2023, the Group progressed impact evaluations of physical climate-related
risks to better understand the potential impacts to site operations, safety, productivity and cost, with these assessments to continue in FY2024.
The Group\u2019s consideration of potential physical climate-related risk impacts when developing the Group\u2019s operating plans, including factors such as
operational interruptions caused by extreme weather events, therefore considers only the Group\u2019s current best estimates of the potential financial impacts
of certain climate-related physical risks.
Given the complexity of physical risk modelling and the ongoing nature of the Group\u2019s physical risk assessment process, the identification of additional
risks and/or the detailed development of the Group\u2019s response may result in material changes to financial results and the carrying values of assets and
liabilities in future reporting periods.
Acquisition of carbon credits and application of carbon pricing assumptions
The Group\u2019s carbon credits and offsetting strategy is currently being managed at a consolidated Group level. However, individual investment decisions
and asset valuations used for the purposes of impairment testing, consider carbon price assumptions for major Group operational, competitor and
customer countries by applying a carbon price to estimated unmitigated Scopes 1 and 2 GHG emissions over the life of the respective operation.
In determining the Group\u2019s forecast, factors including a country\u2019s current and announced climate policies, targets and societal factors, such as public
acceptance and demographics, are considered. As at the date of these Financial Statements, the carbon price used in asset valuations reflects the
following ranges:
US$ real (January 2022) per tCO
2
FY2030
Low
FY2030
High
FY2050
Low
FY2050
High
Australia 25 75 150 225
Brazil 5 50 125 200
Chile 8 41 150 225
Canada 65 102 200 225
Key customer countries \u2212 175 25 250
The Group acquires carbon credits for the purposes of both compliance and possible voluntary surrender or retirement to achieve the Group\u2019s net zero
operational GHG emissions long-term goal by CY2050. The Group may also sell to optimise carbon credits depending on internal use requirements or
originate carbon credits through project development or direct investment.
Expenditure on carbon credits during FY2023 amounted to approximately US$15 million. The Group did not voluntarily surrender or retire any carbon
credits during FY2023.
From FY2024, the Group will be subject to the reforms made to Australia\u2019s Safeguard Mechanism in FY2023 which, in effect, levy a carbon price for
large facilities by requiring the surrender of eligible credits when their Scope 1 emissions exceed a progressively declining legislated limit (known as a
baseline). As such, in future reporting periods, the Group may recognise liabilities where an obligation to purchase eligible carbon credits exists and/or
intangible assets for carbon credits acquired or generated to meet those obligations.
Useful economic lives of property, plant and equipment
The determination of useful lives of the Group\u2019s PP&E requires judgement, including consideration of the Group\u2019s climate change strategy, targets and
goals, decarbonisation plans and the possible impact of transition risks on demand for the Group\u2019s commodities.
Useful lives are reviewed each reporting period, including to ensure they do not exceed the remaining expected operating life of the operation in which
they are utilised, and are updated as required. The remaining lives of the Group\u2019s operations reflect the Group\u2019s operational planning cases and their
underlying climate-related assumptions.
A key component of the Group\u2019s operational decarbonisation strategy is the displacement of diesel within the Group\u2019s operations, particularly the haul
truck fleet. The Group is supporting the development of new equipment by original equipment manufacturers, including entering into partnerships focused
on the development and trialling of electrical locomotives and haul trucks.
While technical and commercial development of the technology needed is progressing, the Group\u2019s operating plans generally assume replacement of haul
trucks, and other diesel powered equipment, at the end of their useful lives in line with the Group\u2019s regular fleet renewal programs. For example, a significant
proportion of the Group\u2019s current WAIO mining fleet is due for replacement prior to the expected availability of battery electric vehicle solutions. As such, the
Group\u2019s decarbonisation plans have not had a material impact on the estimated remaining useful lives of the Group\u2019s existing fleet of assets in FY2023.
Expenditure on operational decarbonisation
The Group has set a target to reduce its operational GHG emissions
(Scopes 1 and 2 from our operated assets) by at least 30 per cent from the
Group\u2019s FY2020 baseline levels by FY2030 and a goal to achieve net zero
operational GHG emissions by CY2050.
Given the timing of the OZ Minerals Limited acquisition, the Group plans
to update the baseline for both the Group\u2019s medium-term target and long-
term goal in FY2024.
The Group\u2019s operational decarbonisation activities during FY2023 largely
focused on the transition of the Group\u2019s electricity supply to renewable
sources. The Group also continued to progress projects in relation
to displacement of diesel and managing fugitive methane, however
expenditure in these areas is expected to increase towards the second half
of the decade.
A significant proportion of the Group\u2019s renewable electricity is currently
sourced through power purchase agreements and judgement is required in
determining the appropriate accounting treatment of such arrangements.
Depending on the specific terms and conditions, power purchase
agreements may be recognised as:
\u2013 an expense when incurred
\u2013 a financial derivative; or
\u2013 a lease liability, with an associated right of use asset
At 30 June 2023, the Group recognised derivatives associated with
renewable power purchase agreements (including those signed
arrangements in which supply will commence in future periods) with a
fair value of approximately US$50 million. No significant leases have
been recognised by the Group in relation to renewable power purchase
agreements at 30 June 2023.
Capital expenditure associated with renewable power purchase
agreements is generally limited and, given the early stage of development
of diesel displacement and management of fugitive methane, capital
expenditure on decarbonisation in FY2023 was not material.
Capital and operating expenditures associated with projects aimed at
contributing to the achievement of the Group\u2019s operational GHG emissions
medium-term target and long-term goal have been incorporated into
the estimated future cash flows of the Group\u2019s assets. These cash flow
estimates form the basis of the Group\u2019s impairment assessments as
outlined in further detail in note 13 \u2018Impairment of non-current assets\u2019.
Of the total future capital expenditure on operational decarbonisation, the
Group expects to spend around US$4 billion (nominal terms) by FY2030,
with the majority of decarbonisation capital over this period being spent on
diesel-displacement projects
2
.
Many of the projects planned to commence before FY2030 are likely to
extend beyond the Group\u2019s medium-term target period, and are expected
to make a substantial contribution towards the Group\u2019s long-term goal of
net zero operational GHG emissions by CY2050. Significant expenditure
on fleet renewal at certain assets, for example Olympic Dam, is expected
to occur after FY2030.
As the Group\u2019s climate response is further integrated into business-
as-usual planning, the spending on climate initiatives is expected
to increasingly form part of ordinary course business expenditures.
Any change to the Group\u2019s climate change strategy could impact the
expected level of expenditure on operational decarbonisation and the
associated financial statement significant judgements and key estimates.
Capex spend FY24 \u2013 FY30 by asset
2
WAIO 40%
Escondida 31%
BMA 12%
Pampa Norte and Potash 11%
Olympic Dam and Nickel West 6%
Expenditure to support value chain decarbonisation
The Group continues to invest, including in partnership with others,
in potential GHG emissions reduction opportunities in its value chain
through technology innovation and development to support reductions to
its total reported Scope 3 emissions inventory, with a particular focus on
steelmaking and maritime emissions.
However, while we seek to influence reduction opportunities, Scope 3
emissions occur outside of our direct control. Reduction pathways are
dependent on the development, and upstream or downstream deployment
of, solutions and/or supportive policy. Where possible, the financial
impact of the Group\u2019s activities in support of the development of Scope 3
reduction pathways is reflected in the financial statements. For example,
the Group recognised additional lease liabilities, and associated right
of use assets, of US$90 million during FY2023 when chartering of the
Group\u2019s new dual-fuelled LNG vessels. Further detail of the Group\u2019s leases
is provided in note 22 \u2018Leases\u2019.
It is, however, currently not possible to reliably estimate or measure the full
potential financial statement impacts of the Group\u2019s pursuit of its Scope 3
goals and targets.
Key transition materials and future-facing commodities, and the
revenue they generate
There is no agreed or established approach to defining revenue from
commodities that are key to the transition to a low-carbon economy.
The investor-led initiative Climate Action 100+ is developing a Diversified
Mining Net Zero Standard with the draft Standard defining key transition
materials. The FTSE Green Revenues Classification System is a taxonomy
designed by FTSE Russell to better identify products and services
contributing to the transition to a low-carbon economy.
Applying the Climate Action 100+ draft Standard definitions and the
FTSE Russel taxonomy would result in the Group classifying copper,
nickel and uranium as key transition materials. FY2023 revenue for these
commodities was US$14.9 billion, US$1.9 billion (comprised of Battery-
suitable
3
US$1.0 billion and Other US$0.9 billion) and US$0.4 billion
respectively. (FY2022: US$16.0 billion, US$1.7 billion and US$0.2 billion,
respectively).
2 Based on latest business plans and excluding recently acquired OZL assets.
In respect of diesel-displacement, amounts included in the US$4 billion reflect
incremental estimated spend above internal combustion engine replacement costs
and supporting site infrastructure.
3 Battery-suitable nickel is defined as nickel briquettes, nickel powder and nickel
sulphate. It does not include off-specification nickel metal. Calculated based on
gross revenue from battery suitable nickel multiplied by percentage of BHP\u2019s
sales of battery-suitable nickel, as applicable to battery material suppliers.
Where a customer\u2019s planned end use is not known with certainty to be for battery
supply, assumptions of usage have been made using historical nickel usage for
those customers.
Timing and expected cost of closure and rehabilitation activities
The extent, cost and timing of the Group\u2019s future closure activities may
be impacted by potential physical climate-related impacts. In estimating
the potential cost of closure activities, the Group considers factors such
as long-term weather outlooks, for example forecast changes in rainfall
patterns. Closure cost estimates also consider the impact of the Group\u2019s
climate change strategy on the costs and timing of performing closure
activities and the impact of new technology where appropriately developed
and tested. For example, closure cost estimates largely continue to reflect
the use of existing fuel sources for the Group\u2019s equipment while the Group
continues to invest in the development of alternative fuel sources and
fleet electrification.
The estimated cost of closure activities includes management\u2019s current
best estimate in relation to post-closure monitoring and maintenance,
which may be required for significant periods beyond the completion of
other closure activities and is therefore exposed to potential long-term
climate-related impacts. While reflecting management\u2019s current best
estimate, the cost of post-closure monitoring and maintenance may
change in future reporting periods as the understanding of, and potential
long-term impacts from, climate change continue to evolve.
Given the long-lived nature of the majority of the Group\u2019s assets, the
majority of final closure activities are not expected to occur for a significant
period of time. However, acknowledging the wide range of potential
energy transition impacts for metallurgical coal demand, and for illustrative
purposes only, a five-year acceleration in forecast cash flows relating to
the Group\u2019s metallurgical coal closure and rehabilitation provisions, in
isolation, would be estimated to result in an increase to the provision of
approximately 15 per cent, which approximates to US$250 million.
Further, while the Group\u2019s NSWEC closure provision remains subject to
estimation and assumptions, the timing of closure is no longer considered
materially susceptible to potential long-term climate-related impacts.
More detail on the key judgements and estimates impacting the Group\u2019s
closure and rehabilitation provisions is presented in note 15 \u2018Closure and
rehabilitation provisions\u2019.
Paris Agreement and 1.5\u00b0C scenarios
As governments, institutions, companies, and society increasingly focus
on addressing climate change, the potential for a non-linear and/or more
rapid transition and the subsequent impact on climate-related threats and
opportunities increases.
Accordingly, in addition to the operational planning cases, the Group
utilises a range of scenarios, including its 1.5\u00b0C scenario, when
testing the resilience of its portfolio, forming strategy and making
investment decisions.
The Group continues to monitor global decarbonisation signposts and
updates its operational planning cases, price outlooks and cost of carbon
assumptions and assessments relating to strategy and capital allocation
accordingly. When such signposts indicate the appropriate measures are
in place for achievement of a 1.5\u00baC scenario, this will be reflected in the
Group\u2019s operational planning cases.
Capital allocation
While a 1.5\u00b0C scenario does not currently represent one of the inputs to
the Group\u2019s operational planning cases, the Group has systematically
integrated its 1.5\u00b0C scenario into the Group\u2019s strategy and capital
allocation process to test the extent to which its capital allocation is aligned
with a rapidly decarbonising global economy.
Specifically, in addition to consideration of the Group\u2019s operational planning
cases, the Group applies its 1.5\u00b0C scenario to assess whether future
demand for the Group\u2019s products supports ongoing capital investment.
The internal allocation of capital under the Group\u2019s Capital Allocation
Framework and all major investment decisions continue to require an
assessment of investment viability under the Group\u2019s 1.5\u00b0C scenario.
Integration of the Group\u2019s 1.5\u00b0C scenario into the capital allocation
process is intended to mitigate the risk of stranded assets, and associated
impairments, should the appropriate global measures to achieve a 1.5\u00b0C
outcome be adopted.
Demand for the Group\u2019s commodities impacting price outlooks
The Group acknowledges that there are a range of possible energy
transition scenarios, including those that are aligned with the aims of
the Paris Agreement, that may indicate different outcomes for individual
commodities. The Group examines the resilience of its portfolio to a 1.5\u00b0C
scenario (the Group\u2019s 1.5\u00b0C scenario) on an ongoing basis by considering
the impact of commodity price estimates under that scenario using the
Group\u2019s latest operating plans.
There are inherent limitations with scenario analysis and it is difficult to
predict which, if any, of the scenarios might eventuate and none of the
scenarios considered constitutes a definitive outcome for the Group.
However, the long-term commodity price estimates under the Group\u2019s
1.5\u00b0C scenario reflect the world needing more steel, copper, potash and
nickel in the next 30 years when compared to the last 30 years. In addition,
the Group\u2019s portfolio is transitioning towards higher quality iron ore and
metallurgical coal that enable steelmakers to be more efficient and operate
with a lower GHG emissions intensity.
The Group considers that is it currently impracticable to fully assess all
potential Financial Statement impacts under the Group\u2019s 1.5\u00b0C scenario.
However, the Group has carried out analysis which indicates that the
long-term commodity price outlooks under this scenario for iron ore,
copper, metallurgical coal, nickel and potash are either largely consistent
with or favourable to the price outlooks in the Group\u2019s current operational
planning cases. Given these positive long-term price outlooks, price-only
sensitivities to the Group\u2019s long-term 1.5\u00b0C price outlook indicate that there
would not be any asset impairments for those commodities.
Further, acknowledging the wide range of potential energy transition
impacts for metallurgical coal demand, the Group has also performed
additional price-only sensitivities for the Group\u2019s metallurgical coal
assets. These price-only sensitivities reflect different price outlooks
while assuming that all other factors in the asset valuations, such as
production and sales volumes, capital and operating expenditures, carbon
pricing and the discount rate, remain unchanged from those used in the
Group\u2019s FY2023 metallurgical coal impairment assessments. As such,
the sensitivities do not attempt to assess all potential financial statement
impacts, including impacts on asset valuations, that may arise under the
Group\u2019s 1.5\u00b0C scenario.
Under the Group\u2019s operational planning case assumptions, headroom in
excess of US$6.5 billion currently exists between the carrying value of the
Group\u2019s metallurgical coal assets and their estimated valuation. As such,
these sensitivities indicate that adverse movements in long-term price
assumptions, in isolation, would reduce the current headroom on the
Group\u2019s metallurgical coal assets but, given the current headroom, may not
result in an impairment.
Price-only sensitivities reflect the following price outlooks published in
August 2022 by Wood Mackenzie, a research and consultancy business
for the global energy, power and renewables, subsurface, chemicals, and
metals and mining industries:
Price source
CY2030 Price
(real, US$/
tonne)
CY2050 Price
(real, US$/
tonne)
Base case 159 170
1.5\u00b0C scenario 127 135
No impairment is indicated by these price-only sensitivities.
The Group does not disclose the Group\u2019s internally generated long-term
price outlooks for individual commodities, including those under the
Group\u2019s 1.5\u00b0C scenario, given their commercial sensitivity.
Capital structure
17 Share capital
BHP Group Limited BHP Group Plc
2023
shares
2022
shares
2021
shares
2022
shares
2021
shares
Share capital issued
Opening number of shares 5,062,323,190 2,945,851,394 2,945,851,394 2,112,071,796 2,112,071,796
Issue of shares 3,497,366 4,400,000 \u2212 \u2212 \u2212
Corporate structure unification \u2212 2,112,071,796 \u2212 (2,112,071,796) \u2212
Purchase of shares by ESOP Trusts (6,442,571) (8,704,669) (7,587,353) (63,567) (185,054)
Employee share awards exercised following vesting 6,081,843 8,522,684 6,948,683 77,748 173,644
Movement in treasury shares under Employee Share Plans 360,728 181,985 638,670 (14,181) 11,410
Closing number of shares 5,065,820,556 5,062,323,190 2,945,851,394 \u2212 2,112,071,796
Comprising:
Shares held by the public 5,064,408,782 5,061,272,144 2,944,982,333 \u2212 2,112,057,615
Treasury shares 1,411,774 1,051,046 869,061 \u2212 14,181
Other share classes
5.5% Preference shares of \u00a31 each \u2013 \u2212 \u2212 \u2212 50,000
Special Voting share of no par value \u2013 \u2212 1 \u2212 \u2212
Special Voting share of US$0.50 par value \u2013 \u2212 \u2212 \u2212 1
DLC Dividend share \u2013 \u2212 1 \u2212 \u2212
During FY2023, BHP Group Limited issued 3,497,366 fully paid ordinary shares to the BHP Group Limited Employee Equity Trust and to Solium Capital
(Australia) Pty Ltd at A$40.51 per share (2022: 4,400,000 fully paid ordinary shares at A$52.99 per share), to satisfy the vesting of employee share awards
and related dividend equivalent entitlements under those employee share plans.
Share capital of BHP Group Limited at 30 June 2023 is composed of the following categories of shares:
Ordinary shares fully paid Treasury shares
Each fully paid ordinary share of BHP Group
Limited carries the right to one vote at a meeting
of the Company.
Treasury shares are fully paid ordinary shares of BHP Group Limited that are held by the ESOP Trusts for
the purpose of issuing shares to employees under the Group\u2019s Employee Share Plans. Treasury shares are
recognised at cost and deducted from equity, net of any income tax effects. When the treasury shares are
subsequently sold or reissued, any consideration received, net of any directly attributable costs and income
tax effects, is recognised as an increase in equity. Any difference between the carrying amount and the
consideration, if reissued, is recognised in retained earnings.
As a result of the corporate structure unification on 31 January 2022, 2,112,071,796 fully paid ordinary shares in BHP Group Limited were issued to BHP
Group Plc shareholders in a one for one exchange of their BHP Group Plc ordinary shares, resulting in BHP Group Limited becoming the sole parent
company of the Group with a single set of shareholders.
The following classes of shares existed prior to the Group\u2019s unification on 31 January 2022:
Special Voting shares Preference shares DLC Dividend share
Each of BHP Group Limited and BHP Group Plc
had issued one Special Voting share to facilitate
joint voting by shareholders of BHP Group Limited
and BHP Group Plc on Joint Electorate Actions.
These shares were bought back for nominal value
in January 2022 and subsequently cancelled.
Preference shares had the right to repayment of
the amount paid up on the nominal value and any
unpaid dividends in priority to the holders of any
other class of shares in BHP Group Plc on a return
of capital or winding up.
These shares were acquired by way of gift from
J.P. Morgan and subsequently cancelled on
31 January 2022.
The DLC Dividend share supported the Dual Listed
Company (DLC) equalisation principles in place since
the merger in 2001, including the requirement that
ordinary shareholders of BHP Group Plc and BHP
Group Limited were paid equal cash dividends per
share. This share enabled efficient and flexible capital
management across the DLC and was issued on
23 February 2016 at par value of US$10.
This share was bought back for nominal value in
January 2022 and subsequently cancelled.
18 Other equity
2023
US$M
2022
US$M
2021
US$M Recognition and measurement
Share premium account \u2212 \u2212 518 The share premium account represented the premium paid on the issue of BHP
Group Plc shares recognised in accordance with the UK Companies Act 2006. It was
transferred to the common control reserve as part of the unification of the Group's
corporate structure.
Capital redemption reserve \u2212 \u2212 177 The capital redemption reserve represented the par value of BHP Group Plc shares
that were purchased and subsequently cancelled. It was transferred to the common
control reserve as part of unification of the Group's corporate structure.
Common control reserve (1,603) (1,603) \u2212 The common control reserve arose on unification of the Group\u2019s corporate structure
and represents the residual on consolidation between BHP Group Ltd\u2019s investment
in BHP Group Plc (now known as BHP Group (UK) Ltd) and BHP Group Plc\u2019s share
capital, share premium and capital redemption reserve at the time of unification.
Employee share awards reserve 171 174 268 The employee share awards reserve represents the accrued employee entitlements to
share awards that have been charged to the income statement and have not yet been
exercised.
Once exercised, the difference between the accumulated fair value of the awards and
their historical on-market purchase price is recognised in retained earnings.
Cash flow hedge reserve 10 41 100 The cash flow hedge reserve represents hedging gains and losses recognised on
the effective portion of cash flow hedges. The cumulative deferred gain or loss on the
hedge is recognised in the income statement when the hedged transaction impacts
the income statement, or is recognised as an adjustment to the cost of non-financial
hedged items. The hedging reserve records the portion of the gain or loss on a
hedging instrument in a cash flow hedge that is determined to be an effective hedge
relationship.
Cost of hedging reserve (1) (19) (54) The cost of hedging reserve represents the recognition of certain costs of hedging for
example, basis adjustments, which have been excluded from the hedging relationship
and deferred in other comprehensive income until the hedged transaction impacts the
income statement.
Foreign currency translation
reserve
(14) (14) 43 The foreign currency translation reserve represents exchange differences arising from
the translation of non-US dollar functional currency operations within the Group into
US dollars.
Equity investments reserve 9 (8) 15 The equity investment reserve represents the revaluation of investments in shares
recognised through other comprehensive income. Where a revalued financial asset is
sold, the relevant portion of the reserve is transferred to retained earnings.
Non-controlling interest
contribution reserve
1,441 1,441 1,283 The non-controlling interest contribution reserve represents the excess of
consideration received over the book value of net assets attributable to equity
instruments when acquired by non-controlling interests.
Total reserves 13 12 2,350
Summarised financial information relating to each of the Group\u2019s subsidiaries with non-controlling interests (NCI) that are material to the Group before any
intra-group eliminations is shown below:
US$M
2023 2022
Minera
Escondida
Limitada
Other individually
immaterial
subsidiaries
(incl. intra-group
eliminations) Total
Minera
Escondida
Limitada
Other individually
immaterial
subsidiaries
(incl. intra-group
eliminations) Total
Group share (per cent) 57.5 57.5
Current assets 3,144 2,929
Non-current assets 12,160 11,636
Current liabilities (1,598) (2,192)
Non-current liabilities (5,413) (4,762)
Net assets 8,293 7,611
Net assets attributable to NCI 3,525 509 4,034 3,235 574 3,809
Revenue 8,847 9,500
Profit after taxation 2,365 3,522
Other comprehensive income (8) 11
Total comprehensive income 2,357 3,533
Profit after taxation attributable to NCI 1,005 398 1,403 1,497 658 2,155
Other comprehensive income attributable to NCI (3) \u2212 (3) 5 \u2212 5
Net operating cash flow 3,168 4,519
Net investing cash flow (1,351) (860)
Net financing cash flow (1,620) (4,029)
Dividends paid to NCI 712 463 1,175 1,760 780 2,540
While the Group controls Minera Escondida Limitada, the non-controlling interests hold certain protective rights that restrict the Group\u2019s ability to sell
assets held by Minera Escondida Limitada, or use the assets in other subsidiaries and operations owned by the Group. Minera Escondida Limitada is also
restricted from paying dividends without the approval of the non-controlling interests.
19 Dividends
Year ended 30 June 2023 Year ended 30 June 2022 Year ended 30 June 2021
Per share
US cents
Total
US$M
Per share
US cents
Total
US$M
Per share
US cents
Total
US$M
Dividends paid during the period
1
Prior year final dividend 175 8,858 200 10,119 55 2,779
Interim dividend 90 4,562 150 7,601 101 5,115
265 13,420 350 17,720 156 7,894
1 5.5 per cent dividend on 50,000 preference shares of \u00a31 each determined and paid for financial year 2021. No dividend paid for the financial year 2022. These preference
shares were cancelled on 31 January 2022.
Dividends paid during the period differs from the amount of dividends paid in the Consolidated Cash Flow Statement as a result of foreign exchange gains
and losses relating to the timing of equity distributions between the record date and the payment date. Additional derivative settlements of US$161 million
were made as part of the funding of the dividend paid during the period and is disclosed in Proceeds/(settlements) of cash management related
instruments in the Consolidated Cash Flow Statement.
Each American Depositary Share (ADS) represents two ordinary shares of BHP Group Limited. Dividends determined on each ADS represent twice the
dividend determined on each BHP Group Limited ordinary share.
Dividends are determined after period-end and announced with the results for the period. Interim dividends are determined in February and paid in March.
Final dividends are determined in August and paid in September. Dividends determined are not recorded as a liability at the end of the period to which
they relate. Subsequent to year-end, on 22 August 2023, BHP Group Limited determined a final dividend of 80 US cents per share (US$4,052 million),
which will be paid on 28 September 2023 (30 June 2022: final dividend of 175 US cents per share \u2013 US$8,857 million; 30 June 2021: final dividend of 200
US cents per share \u2013 US$10,114 million).
BHP Group Limited dividends for all periods presented are, or will be, fully franked based on a tax rate of 30 per cent.
2023
US$M
2022
US$M
2021
US$M
Franking credits as at 30 June 7,953 7,007 14,302
Franking credits arising on the future payment/(refund) of taxes relating to the period (261) 2,043 1,799
Total franking credits available
1
7,692 9,050 16,101
1 The payment of the final 2023 dividend determined after 30 June 2023 will reduce the franking account balance by US$1,737 million.
20 Provisions for dividends and other liabilities
The disclosure below excludes closure and rehabilitation provisions (refer to note 15 \u2018Closure and rehabilitation provisions\u2019), employee benefits, restructuring
and post-retirement employee benefits provisions (refer to note 27 \u2018Employee benefits, restructuring and post-retirement employee benefits provisions\u2019) and
provisions related to the Samarco dam failure (refer to note 4 \u2018Significant events \u2013 Samarco dam failure\u2019).
2023
US$M
2022
US$M
At the beginning of the financial year 674 581
Acquisition of subsidiaries and operations
1
61 \u2013
Dividends determined 13,420 17,720
Charge/(credit) for the year:
Underlying 156 493
Discounting 2 1
Exchange variations (161) 122
Released during the year (62) (48)
Utilisation (35) (96)
Dividends paid (13,268) (17,851)
Divestment and demerger of subsidiaries and operations \u2212 (146)
Transfers and other movements (18) (102)
At the end of the financial year 769 674
Comprising:
Current 384 356
Non-current 385 318
1 Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 \u2018Business combinations\u2019 for more information.
Financial management
21 Net debt
The Group seeks to maintain a strong balance sheet and deploys its capital with reference to the Capital Allocation Framework.
The Group monitors capital using the net debt balance and the gearing ratio, being the ratio of net debt to net debt plus net assets.
The net debt definition includes the fair value of derivative financial instruments used to hedge cash and borrowings which reflects the Group\u2019s risk
management strategy of reducing the volatility of net debt caused by fluctuations in foreign exchange and interest rates.
Under IFRS 16/AASB16 \u2018Leases\u2019, vessel lease contracts are required to be remeasured at each reporting date to the prevailing freight index. While these
liabilities are included in the Group interest bearing liabilities, they are excluded from the net debt calculation as they do not align with how the Group
assesses net debt for decision making in relation to the Capital Allocation Framework. In addition, the freight index has historically been volatile which
creates significant short-term fluctuation in these liabilities.
US$M
2023 2022
Current Non-current Current Non-current
Interest bearing liabilities
Bank loans 5,310 2,192 397 2,075
Notes and debentures 1,337 10,482 1,690 9,673
Lease liabilities 521 2,498 519 2,057
Bank overdraft and short-term borrowings 5 \u2212 \u2212 \u2212
Other \u2212 \u2212 16 1
Total interest bearing liabilities 7,173 15,172 2,622 13,806
Less: Lease liability associated with index-linked freight contracts 114 173 113 161
Less: Cash and cash equivalents
Cash 7,206 \u2212 5,728 \u2212
Short-term deposits 5,222 \u2212 11,508 \u2212
Less: Total cash and cash equivalents 12,428 \u2212 17,236 \u2212
Less: Derivatives included in net debt
Net debt management related instruments
1
(113) (1,459) (358) (1,330)
Net cash management related instruments
2
36 \u2212 273 \u2212
Less: Total derivatives included in net debt (77) (1,459) (85) (1,330)
Net debt 11,166 333
Net assets 48,530 48,766
Gearing 18.7% 0.7%
1 Represents the net cross currency and interest rate swaps designated as effective hedging instruments included within current and non-current other financial assets
and liabilities.
2 Represents the net forward exchange contracts included within current and non-current other financial assets and liabilities.
Cash and short-term deposits are disclosed in the cash flow statement net of bank overdrafts and interest bearing liabilities at call.
2023
US$M
2022
US$M
2021
US$M
Total cash and cash equivalents 12,428 17,236 15,246
Bank overdrafts and short-term borrowings (5) \u2212 \u2212
Total cash and cash equivalents, net of overdrafts 12,423 17,236 15,246
Cash and cash equivalents includes US$95 million (2022: US$127 million) restricted by legal or contractual arrangements.
Recognition and measurement
Cash and short-term deposits in the balance sheet comprise cash at bank and on hand and highly liquid cash deposits with short-term maturities that
are readily convertible to known amounts of cash with insignificant risk of change in value. The Group considers that the carrying value of cash and
cash equivalents approximate fair value due to their short-term to maturity. Refer to note 22 \u2018Leases\u2019 and note 24 \u2018Financial risk management\u2019 for the
recognition and measurement principles for lease liabilities and other financial liabilities.
Interest bearing liabilities and cash and cash equivalents include balances denominated in the following currencies:
Interest bearing liabilities Cash and cash equivalents
2023
US$M
2022
US$M
2023
US$M
2022
US$M
USD 16,289 8,813 5,925 7,654
EUR 3,050 3,463 544 2,656
GBP 1,587 2,621 674 30
AUD 1,233 783 1,797 3,360
CAD 7 584 3,362 3,437
Other 179 164 126 99
Total 22,345 16,428 12,428 17,236
The Group enters into derivative transactions to convert the majority of its exposures above into US dollars. Further information on the Group\u2019s risk
management activities relating to these balances is provided in note 24 \u2018Financial risk management\u2019.
Liquidity risk
The Group\u2019s liquidity risk arises from the possibility that it may not be able to settle or meet its obligations as they fall due and is managed as part of the
portfolio risk management strategy. Operational, capital and regulatory requirements are considered in the management of liquidity risk, in conjunction
with short-term and long-term forecast information.
Recognising the cyclical volatility of operating cash flows, the Group has defined minimum target cash and liquidity buffers to be maintained to mitigate
liquidity risk and support operations through the cycle.
The Group\u2019s strong credit profile, diversified funding sources, its minimum cash buffer and its committed credit facilities ensure that sufficient liquid funds
are maintained to meet its daily cash requirements.
The Group\u2019s Moody\u2019s credit rating changed from A2/P-1 to A1/P-1 outlook stable (long-term/short-term). The Group\u2019s Standard & Poor\u2019s rating has
remained at A-/A-1 outlook stable (long-term/short-term).
There were no defaults on the Group\u2019s liabilities during the period.
Counterparty risk
The Group is exposed to credit risk from its financing activities, including short-term cash investments such as deposits with banks and derivative
contracts. This risk is managed by Group Treasury in line with the counterparty risk framework, which aims to minimise the exposure to a counterparty
and mitigate the risk of financial loss through counterparty failure.
Exposure to counterparties is monitored at a Group level across all products and includes exposure with derivatives and cash investments.
Investments and derivatives are only transacted with approved counterparties who have been assigned specific limits based on a quantitative credit risk
model. These limits are updated at least bi-annually. Additionally, derivatives are subject to tenor limits and investments are subject to concentration limits
by rating.
Derivative fair values are inclusive of valuation adjustments that take into account both the counterparty and the Group\u2019s risk of default.
Standby arrangements and unused credit facilities
The Group\u2019s committed revolving credit facility operates as a back-stop to the Group\u2019s uncommitted commercial paper program. The combined amount
drawn under the facility or as commercial paper will not exceed US$5.5 billion. As at 30 June 2023, US$ nil commercial paper was drawn (2022:
US$ nil). The facility is due to mature on 10 October 2026. A commitment fee is payable on the undrawn balance and interest is payable on any
drawn balance comprising a reference rate plus a margin. The agreed margins are typical for a credit facility extended to a company with the Group\u2019s
credit rating.
Maturity profile of financial liabilities
The maturity profile of the Group\u2019s financial liabilities based on the undiscounted contractual amounts, taking into account the derivatives related to debt,
is as follows:
2023
US$M
Bank loans,
debentures and
other loans
Expected
future interest
payments
Derivatives
related to
debentures
Other
derivatives
Obligations
under lease
liabilities
Trade
and other
payables
1
Total
Due for payment:
In one year or less or on demand 6,659 757 536 257 658 6,175 15,042
In more than one year but not more than two years 1,399 595 388 126 538 4 3,050
In more than two years but not more than five years 4,058 1,410 399 267 1,031 \u2212 7,165
In more than five years 8,093 3,693 1,020 211 1,846 \u2212 14,863
Total 20,209 6,455 2,343 861 4,073 6,179 40,120
Carrying amount 19,326 \u2212 1,755 804 3,019 6,179 31,083
2022
US$M
Bank loans,
debentures and
other loans
Expected
future interest
payments
Derivatives
related to
debentures
Other
derivatives
Obligations
under lease
liabilities
Trade
and other
payables
1
Total
Due for payment:
In one year or less or on demand 2,109 492 525 221 579 6,608 10,534
In more than one year but not more than two years 1,634 427 300 112 443 \u2212 2,916
In more than two years but not more than five years 2,609 1,032 492 246 936 \u2212 5,315
In more than five years 7,550 3,705 1,467 245 1,470 \u2212 14,437
Total 13,902 5,656 2,784 824 3,428 6,608 33,202
Carrying amount 13,852 \u2212 1,824 752 2,576 6,608 25,612
1 Excludes input taxes of US$121 million (2022: US$79 million) included in other payables. Refer to note 9 \u2018Trade and other payables\u2019.
22 Leases
Movements in the Group\u2019s lease liabilities during the year are as follows:
2023
US$M
2022
US$M
At the beginning of the financial year 2,576 3,896
Additions 542 866
Acquisition of subsidiaries and operations
1
423 \u2212
Remeasurements of index-linked freight contracts 53 (369)
Lease payments
2
(706) (1,288)
Foreign exchange movement 12 (126)
Amortisation of discounting 130 125
Divestment and demerger of subsidiaries and operations
3
\u2212 (492)
Transfers and other movements (11) (36)
At the end of the financial year 3,019 2,576
Comprising:
Current liabilities 521 519
Non-current liabilities 2,498 2,057
1 Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 \u2018Business combinations\u2019 for more information.
2 Includes US$ nil (2022: US$39 million) related to Discontinued operations.
3 Relates to the divestment of BMC and merger of Petroleum with Woodside in FY2022. Refer to notes 3 \u2018Exceptional items\u2019 and 28 \u2018Discontinued operations\u2019 for
more information.
A significant proportion by value of the Group\u2019s lease contracts relate to plant facilities, office buildings and vessels. Lease terms for plant facilities and
office buildings typically run for over 10 years and vessels from four to 10 years. Other leases include port facilities, various equipment and vehicles.
The lease contracts contain a wide range of different terms and conditions including extension and termination options and variable lease payments.
The Group\u2019s lease obligations are included in the Group\u2019s Interest bearing liabilities and, with the exception of vessel lease contracts that are priced with
reference to a freight index, form part of the Group\u2019s net debt.
The maturity profile of lease liabilities based on the undiscounted contractual amounts is as follows:
Lease liability
2023
US$M
2022
US$M
Due for payment:
In one year or less or on demand 658 579
In more than one year but not more than two years 538 443
In more than two years but not more than five years 1,031 936
In more than five years
1
1,846 1,470
Total 4,073 3,428
Carrying amount 3,019 2,576
1 Includes US$808 million (2022: US$707 million) due for payment in more than ten years.
At 30 June 2023, commitments for leases not yet commenced based on undiscounted contractual amounts were US$1,271 million (2022: US$928 million).
Movements in the Group\u2019s right-of-use assets during the year are as follows:
2023 2022
Land and
buildings
US$M
Plant and
equipment
US$M
Total
US$M
Land and
buildings
US$M
Plant and
equipment
US$M
Total
US$M
Net book value
At the beginning of the financial year 452 1,909 2,361 638 2,712 3,350
Additions 192 350 542 41 825 866
Acquisition of subsidiaries and operations
1
\u2212 423 423 \u2212 \u2212 \u2212
Remeasurements of index-linked freight contracts \u2212 53 53 \u2212 (369) (369)
Depreciation expensed during the period (71) (462) (533) (103) (872) (975)
Depreciation classified as exploration \u2212 \u2212 \u2212 \u2212 (3) (3)
Impairments for the year \u2212 \u2212 \u2212 (7) \u2212 (7)
Divestment and demerger of subsidiaries and operations
2
\u2212 \u2212 \u2212 (116) (313) (429)
Transfers and other movements \u2212 (37) (37) (1) (71) (72)
At the end of the financial year 573 2,236 2,809 452 1,909 2,361
\u2013 Cost 758 4,088 4,846 745 4,307 5,052
\u2013 Accumulated depreciation and impairments (185) (1,852) (2,037) (293) (2,398) (2,691)
1 Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 \u2018Business combinations\u2019 for more information.
2 Relates to the divestment of BMC and merger of Petroleum with Woodside in FY2022. Refer to notes 3 \u2018Exceptional items\u2019 and 28 \u2018Discontinued operations\u2019 for
more information.
Right-of-use assets are included within the underlying asset classes in Property, plant and equipment. Refer to note 11 \u2018Property, plant and equipment\u2019.
Amounts recorded in the income statement and the cash flow statement for the year were:
2023
US$M
2022
US$M
2021
US$M Included within
Income statement
Depreciation of right-of-use assets 533 964 753 Profit from operations
Short-term, low-value and variable lease costs
1
795 847 834 Profit from operations
Interest on lease liabilities 130 119 102 Financial expenses
Cash flow statement
Principal lease payments 576 1,130 732 Cash flows from financing activities
Lease interest payments 130 119 102 Cash flows from operating activities
1 Relates to US$714 million of variable lease costs (2022: US$585 million; 2021: US$510 million), US$47 million of short-term lease costs (2022: US$222 million; 2021:
US$294 million) and US$34 million of low-value lease costs (2022: US$40 million; 2021: US$30 million). Variable lease costs include contracts for hire of mining service
equipment, drill rigs and transportation services. These contracts contain variable lease payments based on usage and asset performance.
Recognition and measurement
All leases with the exception of short-term (under 12 months) and low-value leases are recognised on the balance sheet, as a right-of-use asset
and a corresponding interest bearing liability. Lease liabilities are initially measured at the present value of the future lease payments from the lease
commencement date and are subsequently adjusted to reflect the interest on lease liabilities, lease payments and any remeasurements due to, for
example, lease modifications or a change to future lease payments linked to an index or rate. Lease payments are discounted using the interest rate
implicit in the lease or, where the rate is not readily determinable, the interest payments are discounted at the Group\u2019s weighted average incremental
borrowing rate, adjusted to reflect factors specific to the lease, including where relevant the currency, tenor and location of the lease.
In addition to containing a lease, the Group\u2019s contractual arrangements may include non-lease components. For example, certain mining services
arrangements involve the provision of additional services, including maintenance, drilling activities and the supply of personnel. The Group has elected to
separate these non-lease components from the lease components in measuring lease liabilities. Non-lease components are accounted for in accordance
with the accounting policies applied to each underlying good or service received.
Low-value and short-term leases continue to be expensed to the income statement. Variable lease payments not dependent on an index or rate are
excluded from lease liabilities, and expensed to the income statement.
Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease
liabilities. The cost will initially correspond to the lease liability, adjusted for initial direct costs, lease payments made prior to lease commencement,
capitalised provisions for closure and rehabilitation and any lease incentives received.
The lease asset and liability associated with all index-linked freight contracts, including continuous voyage charters (CVCs), are measured at each
reporting date based on the prevailing freight index (generally the Baltic C5 index).
Lease costs are recognised in the income statement over the lease term in the form of depreciation on the right-of-use asset and the unwinding of finance
charges on the lease liability.
Where the Group is the operator of an unincorporated joint operation and all investors are parties to a lease, the Group recognises its proportionate share
of the lease liability and associated right-of-use asset. In the event the Group is the sole signatory to a lease, and therefore has the sole legal obligation to
make lease payments, the lease liability is recognised in full. Where the associated right-of-use asset is sub-leased (under a finance sub-lease) to a joint
operation, for instance where it is dedicated to a single operation and the joint operation has the right to direct the use of the asset, the Group (as lessor)
recognises its proportionate share of the right-of-use asset and a net investment in the lease, representing amounts to be recovered from the other parties
to the joint operation. If the Group is not party to the head lease contract but sub-leases the associated right-of-use asset (as lessee), it recognises its
proportionate share of the right-of-use asset and a lease liability which is payable to the operator.
Key judgements and estimates
Judgements: Certain contractual arrangements not in the form of a
lease require the Group to apply significant judgement in evaluating
whether the Group controls the right to direct the use of assets and
therefore whether the contract contains a lease. Management considers
all facts and circumstances in determining whether the Group or the
supplier has the rights to direct how, and for what purpose, the underlying
assets are used in certain mining contracts and other arrangements,
including outsourcing and shipping arrangements. Judgement is used to
assess which decision-making rights mostly affect the benefits of use of
the assets for each arrangement.
Where a contract includes the provision of non-lease services, judgement
is required to identify the lease and non-lease components.
Estimates: Where the Group cannot readily determine the interest rate
implicit in the lease, estimation is involved in the determination of the
weighted average incremental borrowing rate to measure lease liabilities.
The incremental borrowing rate reflects the rates of interest a lessee
would have to pay to borrow over a similar term, with similar security, the
funds necessary to obtain an asset of similar value to the right-of-use
asset in a similar economic environment. Under the Group\u2019s portfolio
approach to debt management, the Group does not specifically borrow for
asset purchases. Therefore, the incremental borrowing rate is estimated
referencing the Group\u2019s corporate borrowing portfolio and other similar
rated entities, adjusted to reflect the terms and conditions of the lease
(including the impact of currency, credit rating of subsidiary entering
into the lease and the term of the lease), at the inception of the lease
arrangement or the time of lease modification.
The Group estimates stand-alone prices, where such prices are not readily
observable, in order to allocate the contractual payments between lease
and non-lease components.
23 Net finance costs
2023
US$M
2022
US$M
2021
US$M
Financial expenses
Interest expense using the effective interest rate method:
Interest on bank loans, overdrafts and all other borrowings 997 491 607
Interest capitalised at 5.71% (2022: 2.90%; 2021: 2.83%)
1
(271) (113) (204)
Interest on lease liabilities 130 119 102
Discounting on provisions and other liabilities 1,293 645 353
Other gains and losses:
Fair value change on hedged loans (803) (1,286) (779)
Fair value change on hedging derivatives 691 1,277 704
Loss on bond repurchase
2
\u2212 \u2212 395
Exchange variations on net debt 9 (99) 99
Other 14 16 13
Total financial expenses 2,060 1,050 1,290
Financial income
Interest income (529) (81) (67)
Net finance costs 1,531 969 1,223
1 Interest has been capitalised at the rate of interest applicable to the specific borrowings financing the assets under construction or, where financed through general
borrowings, at a capitalisation rate representing the average interest rate on such borrowings. Tax relief for capitalised interest is approximately US$81 million (2022:
US$34 million; 2021: US$61 million).
2 Relates to the additional cost on settlement of two multi-currency hybrid debt repurchase programs and the unwind of the associated hedges, included in a total cash
payment of US$3,402 million disclosed in repayment of interest bearing liabilities in the Consolidated Cash Flow Statement.
Recognition and measurement
Interest income is accrued using the effective interest rate method. Finance costs are expensed as incurred, except where they relate to the financing of
construction or development of qualifying assets.
24 Financial risk management
24.1 Financial risks
Financial and capital risk management strategy
The financial risks arising from the Group\u2019s operations comprise market, liquidity and credit risk. These risks arise in the normal course of business and
the Group manages its exposure to them in accordance with the Group\u2019s portfolio risk management strategy. The objective of the strategy is to support
the delivery of the Group\u2019s financial targets, while protecting its future financial security and flexibility by taking advantage of the natural diversification
provided by the scale, diversity and flexibility of the Group\u2019s operations and activities.
As part of the risk management strategy, the Group monitors target gearing levels and credit rating metrics under a range of different stress test scenarios
incorporating operational and macroeconomic factors.
Market risk management
The Group\u2019s activities expose it to market risks associated with movements in interest rates, foreign currencies and commodity prices. Under the strategy
outlined above, the Group seeks to achieve financing costs, currency impacts, input costs and commodity prices on a floating or index basis.
In executing the strategy, financial instruments are potentially employed in three distinct but related activities. The following table summarises these
activities and the key risk management processes:
Activity Key risk management processes
1 Risk mitigation
On an exception basis, hedging for the purposes of mitigating risk related to specific and significant
expenditure on investments or capital projects will be executed if necessary to support the Group\u2019s
strategic objectives.
Execution of transactions within
approved mandates.
2 Economic hedging of commodity sales, operating costs, short-term cash deposits,
other monetary items and debt instruments
Where Group commodity production is sold to customers on pricing terms that deviate from the
relevant index target and where a relevant derivatives market exists, financial instruments may
be executed as an economic hedge to align the revenue price exposure with the index target and
US dollars.
Where debt is issued in a currency other than the US dollar and/or at a fixed interest rate, fair value
and cash flow hedges may be executed to align the debt exposure with the Group\u2019s functional
currency of US dollars and/or to swap to a floating interest rate.
Where short-term cash deposits and other monetary items are denominated in a currency other than
US dollars, derivative financial instruments may be executed to align the foreign exchange exposure to
the Group\u2019s functional currency of US dollars.
Measuring and reporting the exposure in
customer commodity contracts and issued
debt instruments.
Executing hedging derivatives to align the
total group exposure to the index target.
Execution of transactions within
approved mandates.
3 Strategic financial transactions
Opportunistic transactions may be executed with financial instruments to capture value from perceived
market over/under valuations.
Execution of transactions within
approved mandates.
Primary responsibility for the identification and control of financial risks, including authorising and monitoring the use of financial instruments for the above
activities and stipulating policy thereon, rests with the Financial Risk Management Committee under authority delegated by the Chief Executive Officer.
Interest rate risk
The Group is exposed to interest rate risk on its outstanding borrowings and short-term cash deposits from the possibility that changes in interest rates will affect
future cash flows or the fair value of fixed interest rate financial instruments. Interest rate risk is managed as part of the portfolio risk management strategy.
The majority of the Group\u2019s debt is issued at fixed interest rates. The Group has also drawn on a facility of US$5.0 billion to fund the acquisition of OZL
that was referenced to floating rates. The Group has entered into interest rate swaps and cross currency interest rate swaps to convert most of its fixed
interest rate exposure to floating US dollar interest rate exposure. As at 30 June 2023, 98 per cent of the Group\u2019s borrowings were exposed to floating
interest rates inclusive of the effect of swaps (2022: 80 per cent).
The fair value of interest rate swaps and cross currency interest rate swaps in hedge relationships used to hedge both interest rate and foreign currency
risks are shown in the valuation hierarchy in section 24.4 \u2018Derivatives and hedge accounting\u2019.
Based on the net debt position as at 30 June 2023, taking into account interest rate swaps and cross currency interest rate swaps, it is estimated that a
one percentage point increase in the Secured Overnight Financing Rate (SOFR) interest rate will decrease the Group\u2019s equity and profit after taxation by
US$58 million (2022: increase of US$29 million). This assumes the change in interest rates is effective from the beginning of the financial year and the
fixed/floating mix and balances are constant over the year.
Interest Rate Benchmark Reform
The London Interbank Offered Rate (LIBOR) and other benchmark interest rates are being replaced by alternative risk-free rates (ARR) as part of inter-
bank offer rate (IBOR) reform. Sterling LIBOR ceased to be published on 1 January 2022 and USD LIBOR will no longer be published after 30 June 2023.
Amendments to IFRS 9/AASB 9 \u2018Financial Instruments\u2019, IFRS 7/AASB 7 \u2018Financial Instruments: Disclosures\u2019 and IFRS 16/AASB 16 \u2018Leases\u2019 in relation
to IBOR reform early adopted by the Group in previous periods impact the Group\u2019s cross currency and interest rate swaps, which prior to IBOR reform
referenced the US LIBOR benchmark, and the associated hedge accounting.
These amendments provide relief from applying certain hedge accounting requirements to hedging arrangements directly impacted by IBOR reform.
In particular, where changes to the Group\u2019s instruments arise solely as a result of IBOR reform and do not change the economic substance of the Group\u2019s
arrangements, the Group is able to maintain its existing hedge relationships and accounting.
During the year ended 30 June 2023, the Group actively transitioned all impacted cross currency and interest rate swaps from US LIBOR to the
alternative, widely adopted SOFR benchmark. As the transition resulted solely from IBOR reform, the Group has applied the relief available in IFRS 9 and
continues to apply hedge accounting to its hedging arrangements, including accounting for ineffectiveness. Refer to section 24.4 \u2018Derivatives and hedge
accounting\u2019 for further information.
The Group does not hold any material lease arrangements that contain reference to the existing benchmarks and as a result there is no material impact
on lease liabilities or right-of-use assets at 30 June 2023.
The Group\u2019s revolving credit facility was restructured to reference to Alternative Reference Rates (ARRs) and remains undrawn. Furthermore, in the
period, Escondida has executed new SOFR linked loans and has amended existing US LIBOR linked loans with lenders, so that the applicable floating
interest rate reference 3M or 6M Term SOFR rates.
Currency risk
The US dollar is the predominant functional currency within the Group and as a result, currency exposures arise from transactions and balances in
currencies other than the US dollar. The Group\u2019s potential currency exposures comprise:
\u2013 translational exposure in respect of non-functional currency monetary items
\u2013 transactional exposure in respect of non-functional currency expenditure and revenues
The Group\u2019s foreign currency risk is managed as part of the portfolio risk management strategy.
Translational exposure in respect of non-functional currency monetary items
Monetary items, including financial assets and liabilities, denominated in currencies other than the functional currency of an operation are restated at the end
of each reporting period to US dollar equivalents and the associated gain or loss is taken to the income statement. The exception is foreign exchange gains
or losses on foreign currency denominated provisions for closure and rehabilitation at operating sites, which are capitalised in property, plant and equipment.
The Group has entered into cross currency interest rate swaps and foreign exchange forwards to convert its significant foreign currency exposures in respect
of monetary items into US dollars. Fluctuations in foreign exchange rates are therefore not expected to have a significant impact on equity and profit after tax.
The following table shows the carrying values of financial assets and liabilities at the end of the reporting period denominated in currencies other than the
US dollar that are exposed to foreign currency risk:
Net financial (liabilities)/assets \u2013 by currency of denomination
2023
US$M
2022
US$M
AUD (4,168) (3,649)
CLP (74) (602)
GBP 353 388
EUR 217 280
Other 43 187
Total (3,629) (3,396)
The principal non-functional currencies to which the Group is exposed are the Australian dollar, the Chilean peso, the Pound sterling and the Euro. Based on
the Group\u2019s net financial assets and liabilities as at 30 June 2023, a weakening of the US dollar against these currencies (one cent strengthening in
Australian dollar, 10 pesos strengthening in Chilean peso, one penny strengthening in Pound sterling and one cent strengthening in Euro), with all other
variables held constant, would decrease the Group\u2019s equity and profit after taxation by US$15 million (2022: decrease of US$16 million).
Transactional exposure in respect of non-functional currency expenditure and revenues Certain operating and capital expenditure is incurred in currencies other than an operation\u2019s functional currency. To a lesser extent, certain sales revenue is earned in currencies other than the functional currency of operations and certain exchange control restrictions may require that funds be maintained in currencies other than the functional currency of the operation. These currency risks are managed as part of the portfolio risk management strategy. The Group may enter into forward exchange contracts when required under this strategy. Commodity price risk The risk associated with commodity prices is managed as part of the portfolio risk management strategy. Substantially all of the Group\u2019s commodity production is sold on market-based index pricing terms, with derivatives used from time to time to achieve a specific outcome. Financial instruments with commodity price risk comprise forward commodity and other derivative contracts with net liabilities at fair value of US$20 million (2022: net liabilities of US$56 million). Provisionally priced commodity sales and purchases contracts Provisionally priced sales or purchases volumes are those for which price finalisation, referenced to the relevant index, is outstanding at the reporting date. Provisional pricing mechanisms within these sales and purchases arrangements have the character of a commodity derivative. Trade receivables or payables under these contracts are carried at fair value through profit or loss using Level 2 valuation inputs based on forecast selling prices in the quotation period. The Group\u2019s exposure at 30 June 2023 to the impact of movements in commodity prices upon provisionally invoiced sales and purchases volumes was predominately around copper. The Group had 314 thousand tonnes of copper exposure as at 30 June 2023 (2022: 289 thousand tonnes) that was provisionally priced. The final price of these sales and purchases volumes will be determined during the first half of FY2024. A 10 per cent change in the price of copper realised on the provisionally priced sales, with all other factors held constant, would increase or decrease profit after taxation by US$184 million (2022: US$162 million). The relationship between commodity prices and foreign currencies is complex and movements in foreign exchange rates can impact commodity prices. Liquidity risk Refer to note 21 \u2018Net debt\u2019 for details on the Group\u2019s liquidity risk. Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily from customer receivables) and from its financing activities, including deposits with banks and financial institutions, other short-term investments, interest rate and currency derivative contracts and other financial instruments. Refer to note 8 \u2018Trade and other receivables\u2019 and note 21 \u2018Net debt\u2019 for details on the Group credit risk. 24.2 Recognition and measurement All financial assets and liabilities, other than derivatives and trade receivables, are initially recognised at the fair value of consideration paid or received, net of transaction costs as appropriate. Financial assets are initially recognised on their trade date. Financial assets are subsequently carried at fair value or amortised cost based on: \u2013 the Group\u2019s purpose, or business model, for holding the financial asset \u2013 whether the financial asset\u2019s contractual terms give rise to cash flows that are solely payments of principal and interest The resulting Financial Statements classifications of financial assets can be summarised as follows: Contractual cash flows Business model Category Solely principal and interest Hold in order to collect contractual cash flows Amortised cost Solely principal and interest Hold in order to collect contractual cash flows and sell Fair value through other comprehensive income Solely principal and interest Hold in order to sell Fair value through profit or loss Other Any of those mentioned above Fair value through profit or loss Solely principal and interest refers to the Group receiving returns only for the time value of money and the credit risk of the counterparty for financial assets held. The main exceptions for the Group are provisionally priced receivables and derivatives which are measured at fair value through profit or loss under IFRS 9. The Group has the intention of collecting payment directly from its customers in most cases, however the Group also participates in receivables financing programs in respect of selected customers. Receivables in these portfolios which are classified as \u2018hold in order to sell\u2019, are provisionally priced receivables and are therefore held at fair value through profit or loss prior to sale to the financial institution. With the exception of derivative contracts and provisionally priced trade payables which are carried at fair value through profit or loss, the Group\u2019s financial liabilities are classified as subsequently measured at amortised cost. The Group may in addition elect to designate certain financial assets or liabilities at fair value through profit or loss or to apply hedge accounting where they are not mandatorily held at fair value through profit or loss. Fair value measurement The carrying amount of financial assets and liabilities measured at fair value is principally calculated based on inputs other than quoted prices that are observable for these financial assets or liabilities, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, fair value is estimated based on the Group\u2019s views on relevant future prices, net of valuation allowances to accommodate liquidity, modelling and other risks implicit in such estimates. The inputs used in fair value calculations are determined by the relevant segment or function. The functions support the assets and operate under a defined set of accountabilities authorised by the Executive Leadership Team. Movements in the fair value of financial assets and liabilities may be recognised through the income statement or in other comprehensive income according to the designation of the underlying instrument. For financial assets and liabilities carried at fair value, the Group uses the following to categorise the inputs to the valuation method used based on the lowest level input that is significant to the fair value measurement as a whole: IFRS 13 Fair value hierarchy Level 1 Level 2 Level 3 Valuation inputs Based on quoted prices (unadjusted) in active markets for identical financial assets and liabilities. Based on inputs other than quoted prices included within Level 1 that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Based on inputs not observable in the market using appropriate valuation models, including discounted cash flow modelling. 24.3 Financial assets and liabilities The financial assets and liabilities are presented by class in the table below at their carrying amounts. IFRS 13 Fair value hierarchy Level 1 IFRS 9 Classification 2023 US$M 2022 US$M Current cross currency and interest rate swaps 2 2 Fair value through profit or loss 34 \u2212 Current other derivative contracts 3 2,3 Fair value through profit or loss 407 326 Current other financial assets Amortised cost \u2212 100 Current other investments 4 1,2 Fair value through profit or loss 29 203 Non-current cross currency and interest rate swaps 2 2 Fair value through profit or loss 149 136 Non-current other derivative contracts 3 2,3 Fair value through profit or loss 228 16 Non-current other financial assets 5 3 Fair value through profit or loss 246 273 Non-current investment in shares 1,3 Fair value through other comprehensive income 224 138 Non-current other investments 4 1,2 Fair value through profit or loss 268 239 Total other financial assets 1,585 1,431 Cash and cash equivalents Amortised cost 12,428 17,236 Trade and other receivables 6 Amortised cost 1,506 1,674 Provisionally priced trade receivables 2 Fair value through profit or loss 2,705 3,478 Total financial assets 18,224 23,819 Non-financial assets 83,072 71,347 Total assets 101,296 95,166 Current cross currency and interest rate swaps 2 2 Fair value through profit or loss 147 358 Current other derivative contracts 2 Fair value through profit or loss 176 118 Current other financial liabilities 7 Amortised cost 79 103 Non-current cross currency and interest rate swaps 2 2 Fair value through profit or loss 1,608 1,466 Non-current other derivative contracts 3 2,3 Fair value through profit or loss 82 31 Non-current other financial liabilities 7 Amortised cost 467 500 Total other financial liabilities 2,559 2,576 Trade and other payables 8 Amortised cost 5,338 5,223 Provisionally priced trade payables 2 Fair value through profit or loss 841 1,385 Bank overdrafts and short-term borrowings 9 Amortised cost 5 \u2212 Bank loans 9 Amortised cost 7,502 2,472 Notes and debentures 9 Amortised cost 11,819 11,363 Lease liabilities 10 3,019 2,576 Other 9 Amortised cost \u2212 17 Total financial liabilities 31,083 25,612 Non-financial liabilities 21,683 20,788 Total liabilities 52,766 46,400 1 All of the Group\u2019s financial assets and financial liabilities recognised at fair value were valued using market observable inputs categorised as Level 2 unless specified otherwise in the following footnotes. 2 Cross currency and interest rate swaps are valued using market data including interest rate curves and foreign exchange rates. A discounted cash flow approach is used to derive the fair value of cross currency and interest rate swaps at the reporting date. 3 Includes net other derivative assets of US$46 million related to power purchase contract agreements that are categorised as Level 3 (2022: US$ nil). 4 Includes investments held by BHP Foundation which are restricted and not available for general use by the Group of US$290 million (2022: US$252 million) of which other investments (mainly US Treasury Notes) of US$138 million categorised as Level 1 (2022: US$119 million). 5 Includes receivables contingent on outcome of future events relating to mining and regulatory approvals of US$246 million (2022: US$233 million). 6 Excludes input taxes of US$531 million (2022: US$427 million) included in other receivables. 7 Includes the discounted settlement liability in relation to the cancellation of power contracts at the Group\u2019s Escondida operations. 8 Excludes input taxes of US$121 million (2022: US$79 million) included in other payables. 9 All interest bearing liabilities, excluding lease liabilities, are unsecured. 10 Lease liabilities are measured in accordance with IFRS 16/AASB 16 \u2018Leases\u2019. The carrying amounts in the table above generally approximate to fair value. In the case of US$534 million (2022: US$3,018 million) of fixed rate debt not swapped to floating rate, the fair value at 30 June 2023 was US$538 million (2022: US$3,126 million). The fair value is determined using a method that can be categorised as Level 2 and uses inputs based on benchmark interest rates, alternative market mechanisms or recent comparable transactions. For financial instruments that are carried at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the fair value hierarchy by reassessing categorisation at the end of each reporting period. There were no transfers between categories during the period. Offsetting financial assets and liabilities The Group enters into money market deposits and derivative transactions under International Swaps and Derivatives Association master netting agreements that do not meet the offsetting criteria in IAS 32/AASB 132 \u2018Financial Instruments: Presentation\u2019, but allow for the related amounts to be set- off in certain circumstances. The amounts set out as cross currency and interest rate swaps in the table above represent the derivative financial assets and liabilities of the Group that may be subject to the above arrangements and are presented on a gross basis. 24.4 Derivatives and hedge accounting The Group uses derivatives to hedge its exposure to certain market risks and may elect to apply hedge accounting. Hedge accounting Derivatives are included within financial assets or liabilities at fair value through profit or loss unless they are designated as effective hedging instruments. Financial instruments in this category are classified as current if they are due or expected to be settled within 12 months otherwise they are classified as non-current. Where hedge accounting is applied, at the start of the transaction, the Group documents the type of hedge, the relationship between the hedging instrument and hedged items and its risk management objective and strategy for undertaking various hedge transactions. The documentation also demonstrates that the hedge is expected to be effective. The Group applies the following types of hedge accounting to its derivatives hedging the interest rate and currency risks of its notes and debentures: \u2013 Fair value hedges \u2013 the fair value gain or loss on interest rate and cross currency swaps relating to interest rate risk, together with the change in the fair value of the hedged fixed rate borrowings attributable to interest rate risk are recognised immediately in the income statement. If the hedge no longer meets the criteria for hedge accounting, the fair value adjustment on the note or debenture is amortised to the income statement over the period to maturity using a recalculated effective interest rate. \u2013 Cash flow hedges \u2013 changes in the fair value of cross currency interest rate swaps which hedge foreign currency cash flows on the notes and debentures are recognised directly in other comprehensive income and accumulated in the cash flow hedging reserve. To the extent a hedge is ineffective, changes in fair value are recognised immediately in the income statement. When a hedging instrument expires, or is sold, terminated or exercised, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is amortised to the income statement over the period to the hedged item\u2019s maturity. When hedged, the Group hedges the full notional value of notes or debentures. However, certain components of the fair value of derivatives are not permitted under IFRS 9 to be included in the hedge accounting above. Certain costs of hedging are permitted to be recognised in other comprehensive income. Any change in the fair value of a derivative that does not qualify for hedge accounting, or is ineffective in hedging the designated risk due to contractual differences between the hedged item and hedging instrument, is recognised immediately in the income statement. The table below shows the carrying amounts of the Group\u2019s notes and debentures by currency and the derivatives which hedge them: \u2013 The carrying amount of the notes and debentures includes foreign exchange remeasurement to period-end rates and fair value adjustments when included in a fair value hedge. \u2013 The breakdown of the hedging derivatives includes remeasurement of foreign currency notional values at period-end rates, fair value movements due to interest rate risk, foreign currency cash flows designated into cash flow hedges, costs of hedging recognised in other comprehensive income, ineffectiveness recognised in the income statement and accruals or prepayments. \u2013 The hedged value of notes and debentures includes their carrying amounts adjusted for the offsetting derivative fair value movements due to foreign currency and interest rate risk remeasurement. 2023 US$M Carrying amount of notes and debentures Fair value of derivatives Hedged value of notes and debentures 2 Foreign exchange notional at spot rates Interest rate risk Recognised in cash flow hedging reserve Recognised in cost of hedging reserve Recognised in the income statement 1 Accrued cash flows Total A B C D E F G B to G A + B + C USD 7,245 \u2212 214 \u2212 \u2212 32 23 269 7,459 GBP 1,566 522 274 24 (9) (69) 35 777 2,362 EUR 3,008 434 302 (39) 10 (49) (132) 526 3,744 Total 11,819 956 790 (15) 1 (86) (74) 1,572 13,565 2022 US$M Carrying amount of notes and debentures Fair value of derivatives Hedged value of notes and debentures 2 Foreign exchange notional at spot rates Interest rate risk Recognised in cash flow hedging reserve Recognised in cost of hedging reserve Recognised in the income statement 1 Accrued cash flows Total A B C D E F G B to G A + B + C USD 4,740 \u2212 (16) \u2212 \u2212 (7) 86 63 4,724 GBP 2,599 796 (115) (35) 13 26 42 727 3,280 EUR 3,449 585 112 (16) 8 (4) 45 730 4,146 CAD 575 167 5 (8) 6 (3) 1 168 747 Total 11,363 1,548 (14) (59) 27 12 174 1,688 12,897 1 Predominantly related to ineffectiveness. 2 Includes US$534 million (2022: US$3,018 million) of fixed rate debt not swapped to floating rate that is not in a hedging relationship. The weighted average interest rate payable is USD SOFR +1.54 per cent (2022: USD LIBOR + 1.74 per cent). Refer to note 23 \u2018Net finance costs\u2019 for details of net finance costs for the year. Movements in reserves relating to hedge accounting
The following table shows a reconciliation of the components of equity and an analysis of the movements in reserves for all hedges. For a description of
these reserves, refer to note 18 \u2018Other equity\u2019.
2023
US$M
Cash flow hedging reserve Cost of hedging reserve
Gross Tax Net Gross Tax Net Total
At the beginning of the financial year 59 (18) 41 (27) 8 (19) 22
Add: Change in fair value of hedging
instrument recognised in OCI 95 (29) 66 \u2212 \u2212 \u2212 66
Less: Reclassified from reserves to financial
expenses \u2013 recognised through OCI (174) 53 (121) 26 (8) 18 (103)
Less: Loss/(gain) transferred to balance sheet
related items 35 (11) 24 \u2212 \u2212 \u2212 24
At the end of the financial year 15 (5) 10 (1) \u2212 (1) 9
2022
US$M
Cash flow hedging reserve Cost of hedging reserve
Gross Tax Net Gross Ta x Net Total
At the beginning of the financial year 142 (42) 100 (77) 23 (54) 46
Add: Change in fair value of hedging
instrument recognised in OCI (914) 274 (640) \u2212 \u2212 \u2212 (640)
Less: Reclassified from reserves to financial
expenses \u2013 recognised through OCI 831 (250) 581 50 (15) 35 616
At the end of the financial year 59 (18) 41 (27) 8 (19) 22
Changes in interest bearing liabilities and related derivatives resulting from financing activities
The movement in the year in the Group\u2019s interest bearing liabilities and related derivatives are as follows:
2023
US$M
Interest bearing liabilities
Derivatives
liabilities/
(assets)
Bank
loans
Notes and
debentures
Lease
liabilities
Bank
overdraft and
short-term
borrowings Other
Cross
currency and
interest rate
swaps Total
At the beginning of the financial year 2,472 11,363 2,576 \u2212 17 1,688
Proceeds from interest bearing liabilities 5,450 2,732 \u2212 \u2212 \u2212 \u2212 8,182
Settlements of debt related instruments \u2212 \u2212 \u2212 \u2212 \u2212 (677) (677)
Repayment of interest bearing liabilities (1,087) (1,610) (576) \u2212 (16) \u2212 (3,289)
Change from Net financing cash flows 4,363 1,122 (576) \u2212 (16) (677) 4,216
Other movements:
Acquisition of subsidiaries and operations 688 \u2212 423 \u2212 \u2212 \u2212
Interest rate impacts \u2212 (803) \u2212 \u2212 \u2212 691
Foreign exchange impacts (23) 128 12 \u2212 \u2212 (127)
Lease additions \u2212 \u2212 542 \u2212 \u2212 \u2212
Remeasurement of index-linked freight contracts \u2212 \u2212 53 \u2212 \u2212 \u2212
Other interest bearing liabilities/derivative related changes 2 9 (11) 5 (1) (3)
At the end of the financial year 7,502 11,819 3,019 5 \u2212 1,572
2022
US$M
Interest bearing liabilities
Derivatives
(assets)/
liabilities
Bank loans
Notes and
debentures
Lease
liabilities
Bank overdraft
and short-term
borrowings Other
Cross
currency and
interest rate
swaps Total
At the beginning of the financial year 2,260 14,769 3,896 \u2212 58 (557)
Proceeds from interest bearing liabilities 1,150 \u2212 \u2212 \u2212 14 \u2212 1,164
Settlements of debt related instruments \u2212 \u2212 \u2212 \u2212 \u2212 \u2212 \u2212
Repayment of interest bearing liabilities
1
(941) (1,232) (1,163) \u2212 (55) \u2212 (3,391)
Change from Net financing cash flows 209 (1,232) (1,163) \u2212 (41) \u2212 (2,227)
Other movements:
Divestment and demerger of subsidiaries and operations \u2212 \u2212 (492) \u2212 \u2212 \u2212
Interest rate impacts \u2212 (1,286) \u2212 \u2212 \u2212 1,277
Foreign exchange impacts 3 (894) (126) \u2212 (2) 898
Lease additions \u2212 \u2212 866 \u2212 \u2212 \u2212
Remeasurement of index-linked freight contracts \u2212 \u2212 (369) \u2212 \u2212 \u2212
Other interest bearing liabilities/derivative related changes \u2212 6 (36) \u2212 2 70
At the end of the financial year 2,472 11,363 2,576 \u2212 17 1,688
1 FY2022 includes US$33 million of Discontinued operations cash flows.
Employee matters
25 Key management personnel
Key management personnel compensation comprises:
2023
US$
2022
US$
2021
US$
Short-term employee benefits 13,599,217 13,979,139 14,081,625
Post-employment benefits 659,020 634,363 744,951
Share-based payments 11,455,666 11,165,439 11,601,866
Total 25,713,903 25,778,941 26,428,442
Key Management Personnel (KMP) includes the roles which have the authority and responsibility for planning, directing and controlling the activities
of BHP. These are Non-executive Directors, the CEO, the Chief Financial Officer, the Chief Operating Officer, the President Australia and the
President Americas.
Transactions and outstanding loans/amounts with key management personnel
There were no purchases by key management personnel from the Group during FY2023 (2022: US$ nil; 2021: US$ nil).
There were no amounts payable by key management personnel at 30 June 2023 (2022: US$ nil; 2021: US$ nil).
There were no loans receivable from or payable to key management personnel at 30 June 2023 (2022: US$ nil; 2021: US$ nil).
Transactions with personally related entities
A number of Directors of the Group hold or have held positions in other companies (personally related entities) where it is considered they control or
significantly influence the financial or operating policies of those entities. There were no reportable transactions with those entities and no amounts were
owed by the Group to personally related entities at 30 June 2023 (2022: US$ nil; 2021: US$ nil).
For more information on remuneration and transactions with key management personnel, refer to the Remuneration Report under Governance.
26 Employee share ownership plans
Awards, in the form of the right to receive ordinary shares in BHP Group Limited have been granted under the following employee share ownership plans:
Cash and Deferred Plan (CDP), Short-Term Incentive Plan (STIP), Long-Term Incentive Plan (LTIP), Management Award Plan (MAP), Commencement
awards and the all-employee share plan, Shareplus.
Some awards are eligible to receive a cash payment, or the equivalent value in shares, equal to the dividend amount that would have been earned on the
underlying shares awarded to those participants (the Dividend Equivalent Payment, or DEP). The DEP is provided to the participants once the underlying
shares are allocated or transferred to them. Awards under the plans do not confer any rights to participate in a share issue; however, there is discretion
under each of the plans to adjust the awards in response to a variation in the share capital of BHP Group Limited.
The table below provides a description of each of the plans.
Plan CDP and STIP LTIP and MAP Commencement awards Shareplus
Type Short-term incentive Long-term incentive Long-term incentive All-employee share
purchase plan
Overview
The CDP was implemented
in FY2020 as a replacement
for the STIP, both of which are
generally plans for Executive KMP
and members of the Executive
Leadership Team who are not
Executive KMP.
Under the CDP, two thirds of the
value of a participant\u2019s short-term
incentive amount is awarded
as rights to receive BHP Group
Limited shares at the end of the
vesting period (and the remaining
one third is delivered in cash).
Two awards of deferred shares are
granted, each of the equivalent
value to the cash award, vesting in
two and five years respectively.
Under the STIP, half of the value of
a participant\u2019s short-term incentive
amount was awarded as rights
to receive BHP Group Limited
shares at the end of the two-year
vesting period.
The LTIP is a plan for Executive KMP and
members of the Executive Leadership Team
who are not Executive KMP, and awards are
granted annually.
The MAP is a plan for BHP senior
management who are not Executive KMP.
The number of share rights awarded is
determined by a participant\u2019s role and grade.
Awards may be granted
to new members of the
Executive Leadership
Team recruited into
the Group to replace
awards foregone from a
previous company.
Employees may
contribute up to
US$5,000 to acquire
shares in any plan
year. On the third
anniversary of
the start of a plan
year, the Group will
match the number of
acquired shares.
Vesting
conditions
CDP: Service conditions only for
the two-year award. Vesting of the
five-year award is subject to service
conditions and also to holistic
review of performance at the end
of the five-year vesting period,
including a five-year view on Safety
and Sustainability (previously
HSEC) performance, profitability,
cash flow, balance sheet health,
returns to shareholders, corporate
governance and conduct.
STIP: Service conditions only.
LTIP: Service and performance conditions.
From FY2023 BHP\u2019s Total Shareholder
Return
1
(TSR) performance relative to two
Morgan Stanley Capital International (MSCI)
market indices, the MSCI World Metals and
Mining Index (\u201cSector Group TSR\u201d) and the
MSCI World Index (\u201cWorld TSR\u201d). The Sector
Group TSR over a five-year performance
period determines the vesting of 67 per cent
of the awards, while performance relative to
the World TSR determines the vesting of 33
per cent of the awards. For awards granted
prior to FY2023, TSR performance relative
to a bespoke sector peer group and the
MSCI World Index determines the vesting
of 67 per cent and 33 per cent of the award,
respectively.
25 per cent of the award will vest where
BHP\u2019s TSR is equal to the median TSR
of the relevant comparator group(s), as
measured over the performance period.
Where TSR is below the median, awards
will not vest. Vesting occurs on a sliding
scale when BHP\u2019s TSR measured over the
performance period is between the median
TSR of the relevant comparator group(s) up
to a nominated level of TSR outperformance
over the relevant comparator group(s), as
determined by the Committee, above which
100 per cent of the award will vest.
MAP: Service conditions only.
Service and
performance conditions.
The People and
Remuneration
Committee has absolute
discretion to determine
if the performance
condition has been
met and whether any,
all or part of the award
will vest (or otherwise
lapse), having regard to
personal performance
and the underlying
financial performance
of the Group during the
performance period.
To the extent the
performance condition
is not achieved,
awards will lapse.
There is no retesting
of the performance
condition.
Vested awards may be
subject to a holding lock.
Service conditions only.
Vesting
period
CDP \u2013 2 and 5 years
STIP \u2013 2 years
LTIP \u2013 5 years
MAP \u2013 1 to 5 years
2 years 3 years
Dividend
Equivalent
Payment
CDP \u2013 Yes
STIP \u2013 Yes
LTIP \u2013 Yes
MAP \u2013 Varies
Yes No
Exercise
period
None None None None
1 For LTIP awards granted prior to unification and where the five-year performance period ends after unification, the TSR at the start of the performance period is based on the
weighted average of the TSRs of BHP Group Limited and BHP Group Plc and the TSR at the end of the performance period is based on the TSR of BHP Group Limited.
Employee share awards
2023
Number of
awards at the
beginning of the
financial year
Number of
awards issued
during the year
Number of
awards vested
and exercised
Number of
awards
lapsed
Number of
awards at the
end of the
financial year
Weighted
average
remaining
contractual
life (years)
Weighted
average share
price at exercise
date
BHP Group Limited
CDP awards 707,994 435,244 155,158 19,499 968,581 2.1 A$41.62
STIP awards 83,810 \u2212 83,810 \u2212 \u2212 \u2212 A$41.55
LTIP awards 3,143,477 622,992 1,175,882 31,791 2,558,796 2.2 A$41.59
MAP awards
1
7,094,173 2,404,671 2,353,273 491,845 6,653,726 1.2 A$41.74
Commencement awards
86,279 \u2212 69,025 17,254 \u2212 \u2212 A$41.55
Shareplus 4,914,470 3,089,822 2,330,077 550,364 5,123,851 1.3 A$44.88
1 There were no awards vested and exercisable at the end of the financial year.
Fair value and assumptions in the calculation of fair value for awards issued
2023
Weighted average
fair value of
awards granted
during the year
US$
Risk-free
interest rate
Estimated
life of awards
Share price at
grant date
Estimated
volatility of
share price Dividend yield
BHP Group Limited
CDP awards 28.88 n/a 2 and 5 years A$43.48 n/a n/a
LTIP awards 20.22 3.33% 5 years A$43.48 34.0% n/a
MAP awards
1
21.17 n/a 1-3 years A$37.96/A$46.97 n/a
7.5% up to 30 June 2024 and
5.0% per annum thereafter
Shareplus 18.94 2.35% 3 years A$52.39 n/a
7.5% up to 30 June 2024 and
5.0% per annum thereafter
1 Includes MAP awards granted on 21 September 2022 and 3 April 2023.
Recognition and measurement
The fair value at grant date of equity-settled share awards is charged to the income statement over the period for which the benefits of employee services
are expected to be derived. The fair values of awards granted were estimated using a Monte Carlo simulation methodology and Black-Scholes option
pricing technique and consider the following factors:
\u2013 exercise price
\u2013 expected life of the award
\u2013 current market price of the underlying shares
\u2013 expected volatility using an analysis of historic volatility over different rolling periods. For the LTIP, it is calculated for all sector comparators and the
published MSCI World Index
\u2013 expected dividends
\u2013 risk-free interest rate, which is an applicable government bond rate
\u2013 market-based performance hurdles
\u2013 non-vesting conditions
Where awards are forfeited because non-market-based vesting conditions are not satisfied, the expense previously recognised is
proportionately reversed.
The tax effect of awards granted is recognised in income tax expense, except to the extent that the total tax deductions are expected to exceed the
cumulative remuneration expense. In this situation, the excess of the associated current or deferred tax is recognised in equity and forms part of the
employee share awards reserve. The fair value of awards as presented in the tables above represents the fair value at grant date.
In respect of employee share awards, the Group utilises the BHP Group Limited Employee Equity Trust. The trustee of this trust is an independent
company, resident in Jersey. The trust uses funds provided by the Group to acquire ordinary shares to enable awards to be made or satisfied.
The ordinary shares may be acquired by purchase in the market or by subscription at not less than nominal value.
27 Employee benefits, restructuring and post-retirement employee benefits provisions
2023
US$M
2022
US$M
Employee benefits
1
1,749 1,351
Restructuring
2
28 27
Post-retirement employee benefits
3
373 281
Total provisions 2,150 1,659
Comprising:
Current 1,734 1,319
Non-current 416 340
2023
Employee
benefits
US$M
Restructuring
US$M
Post-retirement
employee
benefits
3
US$M
Total
US$M
At the beginning of the financial year 1,351 27 281 1,659
Acquisition of subsidiaries and operations
4
25 \u2212 \u2212 25
Charge/(credit) for the year:
Underlying 1,675 26 75 1,776
Discounting \u2212 \u2212 19 19
Net interest expense \u2212 \u2212 (5) (5)
Exchange variations (21) \u2212 34 13
Released during the year (66) \u2212 (2) (68)
Remeasurement gains taken to retained earnings \u2212 \u2212 18 18
Utilisation (1,204) (25) (47) (1,276)
Transfers and other movements (11) \u2212 \u2212 (11)
At the end of the financial year 1,749 28 373 2,150
1 The expenditure associated with total employee benefits will occur in a pattern consistent with when employees choose to exercise their entitlement to benefits.
2 Total restructuring provisions include provisions for terminations and office closures.
3 The net liability recognised in the Consolidated Balance Sheet includes US$151 million present value of funded defined benefits pension obligation (2022: US$165 million)
offset by fair value of defined benefit scheme assets US$(159) million (2022: US$(169) million), US$79 million present value of unfunded defined pension and post-retirement
medical benefits obligation (2022: US$85 million) and US$302 million unfunded post-employment benefits obligation in Chile (2022: US$200 million).
4 Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 \u2018Business combinations\u2019 for more information.
Recognition and measurement
Provisions are recognised by the Group when:
\u2013 there is a present legal or constructive obligation as a result of past events
\u2013 it is more likely than not that a permanent outflow of resources will be required to settle the obligation
\u2013 the amount can be reliably estimated and measured at the present value of management\u2019s best estimate of the cash outflow required to settle the
obligation at the reporting date
Provision Description
Employee
benefits
Liabilities for benefits accruing to employees up until the reporting date in respect of wages and salaries, annual leave and any
accumulating sick leave are recognised in the period the related service is rendered.
Liabilities recognised in respect of short-term employee benefits expected to be settled within 12 months are measured at the
amounts expected to be paid when the liabilities are settled.
Liabilities for other long-term employee benefits, including long service leave, are measured as the present value of estimated future
payments for the services provided by employees up to the reporting date.
Liabilities that are not expected to be settled within 12 months are discounted at the reporting date using market yields of high-quality
corporate bonds or government bonds for countries where there is no deep market for corporate bonds. The rates used reflect the
terms to maturity and currency that match, as closely as possible, the estimated future cash outflows.
In relation to industry-based long service leave funds, the Group\u2019s liability, including obligations for funding shortfalls, is determined
after deducting the fair value of dedicated assets of such funds.
Liabilities for short and long-term employee benefits (other than unpaid wages and salaries) are disclosed within employee benefits.
Other liabilities for unpaid wages and salaries related to the current period are recognised in other creditors.
Review of employee allowances and entitlements
On 1 June 2023, the Group disclosed the identification of two issues with certain allowances and entitlements affecting a number of
current and former employees in Australia. The identified issues relate to rostered employees having leave incorrectly deducted on public
holidays since 2010 (Leave issue) and certain employees at Port Hedland being entitled to additional allowances due to an error with the
employment entity in their contract (Port Hedland issue). The Group self-reported the issues to the Fair Work Ombudsman in Australia.
The Group has applied extensive resources to the review and analysis of its records, with a dedicated team established to investigate
and remediate the issues. Since the date of the announcement, the Group has progressed its analysis and has commenced
contacting impacted employees. The Group has commenced paying additional allowances to those current employees impacted
by the Port Hedland issue. The Group has also corrected the leave balances of current employees impacted by the Leave Issue.
The Group\u2019s current best estimate of the cost of remediating the two issues, recognised in employee benefit provisions at 30 June
2023, is US$265 million, incorporating on-costs including associated superannuation and interest payments. The calculation of this
provision involved a substantial volume of data and a significant degree of complexity with further detailed modelling and validation
required to determine the final cost of remediation. As such, uncertainty remains in the amount and timing of final remediation costs,
with the outcomes also subject to continuing engagement with regulatory authorities, including the Fair Work Ombudsman.
A further US$15 million of other related costs were recognised in the year ended 30 June 2023, which do not form part of the
employee benefit provision.
As the Group has applied judgement in determining the provision for 30 June 2023, there is a risk that the provision may be adjusted
in future reporting periods as the remediation process continues.
The Group has also engaged a global assurance firm to conduct a thorough review of the Group\u2019s payroll systems. As this review is
ongoing there is a risk that other instances of non-compliance requiring remediation may be identified and, as such, that associated
provisions may be recognised in future reporting periods.
Restructuring Restructuring provisions are recognised when:
\u2013 the Group has developed a detailed formal plan identifying the business or part of the business concerned, the location and
approximate number of employees affected, a detailed estimate of the associated costs, and an appropriate timeline
\u2013 the restructuring has either commenced or been publicly announced and can no longer be withdrawn
Payments that are not expected to be settled within 12 months of the reporting date are measured at the present value of the
estimated future cash payments expected to be made by the Group.
Post-retirement
employee
benefits
Defined contribution pension schemes and multi-employer pension schemes
For defined contribution schemes or schemes operated on an industry-wide basis where it is not possible to identify assets
attributable to the participation by the Group\u2019s employees, the pension charge is calculated on the basis of contributions payable.
The Group contributed US$358 million during the financial year (2022: US$324 million; 2021: US$301 million) to defined contribution
plans and multi-employer defined contribution plans. These contributions are expensed as incurred.
Defined benefit pension and post-retirement medical schemes
The Group operates or participates in a number of defined benefit pension schemes throughout the world, all of which are closed to
new entrants. The funding of the schemes complies with local regulations. The assets of the schemes are generally held separately
from those of the Group and are administered by trustees or management boards. The Group also operates a number of unfunded
post-retirement medical schemes in the United States, Canada and Europe.
For defined benefit schemes, an asset or liability is recognised in the balance sheet based at the present value of defined benefit
obligations less, where funded, the fair value of plan assets, except that any such asset cannot exceed the present value of
expected refunds from and reductions in future contributions to the plan. Full actuarial valuations are prepared by local actuaries
for all schemes, using discount rates based on market yields at the reporting date on high-quality corporate bonds or by reference
to national government bonds if high-quality corporate bonds are not available. Where funded, scheme assets are invested in a
diversified range of asset classes, predominantly comprising bonds and equities.
Group and related party information
28 Discontinued operations
On 1 June 2022 (Completion date) BHP completed the merger of the Group\u2019s oil and gas portfolio with Woodside Energy Group Limited (\u2018Woodside\u2019).
Woodside acquired the entire share capital of BHP Petroleum International Pty Ltd (\u2018BHP Petroleum\u2019) in exchange for 914,768,948 newly issued
Woodside ordinary shares.
On the Completion Date, the Group paid a fully franked in specie dividend in the form of Woodside shares to eligible BHP shareholders. Eligible BHP
shareholders received one Woodside share for every 5.5340 BHP shares they held on the Group\u2019s register at the record date of 26 May 2022.
As part of completion and in order to reflect the economic effective date of 1 July 2021, the Group made a net cash payment of US$0.7 billion (net of
completion adjustments) to Woodside in addition to US$0.4 billion in cash that was left in the BHP Petroleum bank accounts to fund ongoing operations.
The total cash transfer of US$1.1 billion reflected the net cash flows generated by BHP Petroleum between 1 July 2021 and Completion Date adjusted for
dividends Woodside would have paid on the newly issued Woodside ordinary shares, had the Merger completed on 1 July 2021.
There was no contribution of Discontinued operations to the Group\u2019s profit and cash flows for the year ended 30 June 2023. The contribution of
Discontinued operations for the years ended 30 June 2022 and 30 June 2021 is detailed below:
Income statement \u2013 Discontinued operations
2022
US$M
2021
US$M
Profit/(loss) after taxation from operating activities 2,496 (225)
Net gain on Petroleum merger with Woodside (after tax) 8,159 \u2212
Profit/(loss) after taxation 10,655 (225)
Attributable to non-controlling interests \u2212 \u2212
Attributable to BHP shareholders 10,655 (225)
Basic earnings/(loss) per ordinary share (cents) 210.5 (4.5)
Diluted earnings/(loss) per ordinary share (cents) 210.1 (4.5)
The total comprehensive income attributable to BHP shareholders from Discontinued operations was a gain of US$10,596 million for the year ended
30 June 2022 (2021: US$231 million loss).
The conversion of options and share rights would decrease the loss per share for the year ended 30 June 2021, therefore its impact has been excluded
from the diluted earnings per share calculation.
Cash flows from Discontinued operations
2022
US$M
2021
US$M
Net operating cash flows 2,889 1,351
Net investing cash flows
1
(904) (1,520)
Net financing cash flows
2
(33) (38)
Net increase/(decrease) in cash and cash equivalents from Discontinued operations 1,952 (207)
Net cash completion payment on merger of Petroleum with Woodside (683) \u2212
Cash and cash equivalents disposed (399) \u2212
Total cash impact 870 (207)
1 Includes purchases of property, plant and equipment and capitalised exploration related to drilling and development expenditure of US$1,144 million for FY2022
(2021:US$1,020 million), proceeds from sale of subsidiaries, operations and joint operations, net of cash of US$91 million for FY2022 (2021: investment of US$480 million),
proceeds from sale of assets of US$151 million for FY2022 (2021: US$39 million) and other investing outflows of US$2 million for FY2022 (2021: outflow of US$59 million).
2 Represents net repayment of interest bearing liabilities of US$33 million for FY2022 (2021: US$38 million).
Exceptional items \u2013 Discontinued operations
Exceptional items are those gains or losses where their nature, including the expected frequency of the events giving rise to them, and impact is
considered material to the Financial Statements.
There were no exceptional items related to Discontinued operations for the year ended 30 June 2023.
Exceptional items related to Discontinued operations included within the Group\u2019s profits for the years ended 30 June 2022 and 30 June 2021 are
detailed below.
Year ended 30 June 2022
Gross
US$M
Tax
US$M
Net
US$M
Exceptional items by category
Net gain on Petroleum merger with Woodside
1
8,167 (8) 8,159
Total 8,167 (8) 8,159
Attributable to non-controlling interests \u2212 \u2212 \u2212
Attributable to BHP shareholders 8,167 (8) 8,159
1 The tax expense associated with the exceptional item reflects the tax impact of transaction costs and other restructuring related activities undertaken pre-merger. There were
no further tax impacts arising on the net gain on merger of our Petroleum business with Woodside as generated tax losses were either offset with capital gains in other
entities in the Group, or not recognised on the basis that it is not probable that future capital gains will be available against which the Group can utilise the tax losses.
Net gain on disposal of Discontinued operations
Details of the net gain on Petroleum merger with Woodside is presented below:
2022
US$M
Net assets disposed 10,172
Fair value of Woodside shares
1
19,566
Net cash completion payment on merger of Petroleum with Woodside
2
(683)
Foreign currency translation reserve transferred to the income statement 54
Other provisions and related indemnities recognised at completion (353)
Transaction and other directly attributable costs (245)
Income tax expense (8)
Net gain on Petroleum merger with Woodside 8,159
1 Represents the consideration received being the fair value of 914,768,948 Woodside ordinary shares received using the closing ASX share price of A$29.76 on 31 May 2022
(US$21.39 equivalent based on an exchange rate of AUD/USD 0.7187).
2 Reflects the net cash flows generated by BHP Petroleum between 1 July 2021 and Completion Date adjusted for dividends Woodside would have paid on the newly issued
Woodside ordinary shares, had the Merger completed on 1 July 2021.
Year ended 30 June 2021
Gross
US$M
Tax
US$M
Net
US$M
Exceptional items by category
Impairment of Potash assets
1
\u2212 (278) (278)
COVID-19 related costs (47) 8 (39)
Total (47) (270) (317)
Attributable to non-controlling interests \u2212 \u2212 \u2212
Attributable to BHP shareholders (47) (270) (317)
1 The exceptional item reflects the impairment of tax losses originally expected to be recoverable against taxable profits from the Group\u2019s Potash assets. The impairment is
included in Discontinued operations as the entity with the losses transferred to Woodside and therefore the losses are no longer available to the Group.
29 Business combinations
OZ Minerals Limited
On 2 May 2023 (Acquisition Date), the Group acquired 100 per cent of the issued share capital of OZ Minerals Limited (OZL) for a net cash consideration
of US$5.9 billion. The terms of the acquisition did not include any contingent consideration.
OZL is a mining and exploration company with a portfolio of operating, development and exploration stage projects both in Australia and internationally.
OZL\u2019s primary activities consist of Prominent Hill and Carrapateena copper-gold mines in South Australia, West Musgrave copper-nickel development
project in Western Australia and Caraj\u00e1s East copper-gold hub in Brazil. This acquisition provides the Group with further exposure to copper, nickel
and uranium.
Acquisition related costs of US$107 million and integration costs of US$24 million have been expensed and included in other operating expenses in the
income statement.
The provisional fair values of the identifiable assets and liabilities acquired as of the date of acquisition were:
2023
US$M
Assets
Cash and cash equivalents 104
Trade and other receivables
1
77
Other financial assets 7
Inventories 329
Property, plant and equipment 7,676
Intangible assets \u2013 goodwill 192
Current tax receivable 36
Other assets 25
Total assets 8,446
Liabilities
Trade and other payables 242
Interest bearing liabilities 1,111
Deferred tax liabilities
2
867
Provisions 254
Total liabilities 2,474
Identifiable net assets acquired 5,972
Total consideration paid
3,4
5,972
Cash and cash equivalents acquired (104)
Net cash consideration paid 5,868
1 This represents the gross contractual amount for trade and other receivables all of which is expected to be collected.
2 This primarily represents the difference between the provisional fair value of the mineral rights acquired and the corresponding tax base.
3 The Group executed a forward exchange contract to hedge the foreign exchange exposure on the consideration made in AUD. On maturity of the hedging instrument, a
hedge loss of US$35 million was capitalised to the cost of the acquisition.
4 The consideration paid by the Group was A$26.50 (at the average hedged exchange rate of AUD/USD 0.6681) per OZL share over 337,314,920 shares and excluded a
special dividend of A$1.75 per OZL share which was paid by OZL to its shareholders immediately prior to acquisition.
The fair values disclosed are provisional as at 30 June 2023. Due to the size, complexity and timing of the acquisition, the valuation process is ongoing
and will be completed within 12 months of the acquisition.
Goodwill of US$192 million has been provisionally recognised, representing the excess of consideration paid above the provisional fair value of the
acquired assets and liabilities. The goodwill primarily arises from the deferred tax liability recognised at acquisition due to a difference between the
provisional fair value of mineral rights acquired and the corresponding tax base. The goodwill represents the provisional amount, which could not be
reliably allocated to a CGU or group of CGUs at 30 June 2023.
None of the goodwill recognised is expected to be deductible for tax purposes.
OZL contributed revenue of US$315 million and profit after taxation of US$17 million to the Group from acquisition date to 30 June 2023. The estimated
OZL contribution to revenue and profit after taxation of the combined Group for the year ended 30 June 2023, had the acquisition occurred on 1 July
2022, would have been US$1,410 million and US$114 million, respectively.
There were no business combinations entered into by the Group in the previous financial year.
Key judgements and estimates
Judgements: Judgement is required to determine the fair value of assets acquired and liabilities assumed at acquisition date in a business
combination, which could have a material impact on goodwill.
Estimates: The Group used the discounted cash-flow method to measure the fair value of mineral rights. Key assumptions used included commodity
prices, production volumes, life of mine, cash outflows (including operating costs, capital expenditure, closure and rehabilitation costs and taxes),
discount rates and risking factors.
30 Subsidiaries
Significant subsidiaries of the Group are those with the most significant contribution to the Group\u2019s net profit or net assets. The Group\u2019s interest in the
subsidiaries\u2019 results are listed in the table below.
Significant subsidiaries
Country of
incorporation
Principal activity
Group\u2019s interest
2023
%
2022
%
Coal
Hunter Valley Energy Coal Pty Ltd Australia Coal mining 100 100
Copper
BHP Olympic Dam Corporation Pty Ltd Australia Copper and uranium mining 100 100
Compa\u00f1ia Minera Cerro Colorado Limitada Chile Copper mining 100 100
Minera Escondida Ltda
1
Chile Copper mining 57.5 57.5
Minera Spence SA Chile Copper mining 100 100
OZ Minerals Carrapateena Pty Ltd
2
Australia Copper, gold and silver mining 100 \u2013
OZ Minerals Prominent Hill Operations Pty Ltd
2
Australia Copper, gold and silver mining 100 \u2013
Iron Ore
BHP Iron Ore (Jimblebar) Pty Ltd
3
Australia Iron ore mining 85 85
BHP Iron Ore Pty Ltd Australia Service company 100 100
BHP (Towage Service) Pty Ltd Australia Towing services 100 100
Marketing
BHP Billiton Freight Singapore Pte Limited Singapore Freight services 100 100
BHP Billiton Marketing AG Switzerland Marketing and trading 100 100
BHP Billiton Marketing Asia Pte Ltd Singapore Marketing support and other services 100 100
Group and Unallocated
BHP Billiton Finance B.V. The Netherlands Finance 100 100
BHP Billiton Finance Limited Australia Finance 100 100
BHP Billiton Finance (USA) Limited Australia Finance 100 100
BHP Canada Inc. Canada Potash development 100 100
BHP Group Operations Pty Ltd Australia Administrative services 100 100
BHP Nickel West Pty Ltd Australia Nickel mining, smelting, refining and administrative services 100 100
OZ Minerals Musgrave Operations Pty Ltd
2
Australia Copper and nickel mining 100 \u2013
WMC Finance (USA) Limited Australia Finance 100 100
1 As the Group has the ability to direct the relevant activities at Minera Escondida Ltda, it has control over the entity. The assessment of the most relevant activity in this
contractual arrangement is subject to judgement. The Group establishes the mine plan and the operating budget and has the ability to appoint the key management
personnel, demonstrating that the Group has the existing rights to direct the relevant activities of Minera Escondida Ltda.
2 The acquisition of BHP\u2019s 100 per cent interest in OZ Minerals Limited completed on 2 May 2023. Refer to note 29 \u2018Business combinations\u2019 for further information.
3 The Group has an effective interest of 92.5 per cent in BHP Iron Ore (Jimblebar) Pty Ltd; however, by virtue of the shareholder agreement with ITOCHU Iron Ore Australia Pty
Ltd and Mitsui & Co. Iron Ore Exploration & Mining Pty Ltd, the Group\u2019s interest in the Jimblebar mining operation is 85 per cent, which is consistent with the other respective
contractual arrangements at Western Australia Iron Ore.
31 Investments accounted for using the equity method
Significant interests in equity accounted investments of the Group are those with the most significant contribution to the Group\u2019s net profit or net assets.
The Group\u2019s ownership interest in significant equity accounted investments results are listed in the table below.
Significant associates
and joint ventures
Country of incorporation/
principal place of business
Associate or
joint venture Principal activity Reporting date
Ownership interest
2023
%
2022
%
Compa\u00f1\u00eda Minera Antamina S.A.
(Antamina)
Peru Associate Copper and zinc mining 31 December 33.75 33.75
Samarco Minera\u00e7\u00e3o S.A.
(Samarco)
Brazil Joint venture Iron ore mining 31 December 50.00 50.00
Voting in relation to relevant activities in Antamina, determined to be the approval of the operating and capital budgets, does not require unanimous
consent of all participants to the arrangement, therefore joint control does not exist. Instead, because the Group has the power to participate in the
financial and operating policies of the investee, this investment is accounted for as an associate.
Samarco is jointly owned by BHP Billiton Brasil Ltda (BHP Brasil) and Vale S.A. (Vale). As the Samarco entity has the rights to the assets and obligations
to the liabilities relating to the joint arrangement and not its owners, this investment is accounted for as a joint venture.
The Group is restricted in its ability to make dividend payments from its investments in associates and joint ventures as any such payments require the
approval of all investors in the associates and joint ventures. The ownership interest at the Group\u2019s and the associates\u2019 or joint ventures\u2019 reporting dates
are the same. When the annual financial reporting date is different to the Group\u2019s, financial information is obtained as at 30 June in order to report on an
annual basis consistent with the Group\u2019s reporting date.
The movement for the year in the Group\u2019s investments accounted for using the equity method is as follows:
Year ended 30 June 2023
US$M
Investment in
associates
Investment in
joint ventures
Total equity
accounted
investments
At the beginning of the financial year 1,420 \u2212 1,420
Profit/(loss) from equity accounted investments, related impairments and expenses
1
379 215 594
Investment in equity accounted investments 149 \u2212 149
Dividends received from equity accounted investments (328) \u2212 (328)
Other
1
\u2212 (215) (215)
At the end of the financial year 1,620 \u2212 1,620
1 Represents financial impacts of Samarco dam failure in the Group\u2019s loss from equity accounted investments, related impairments and expenses. Refer to note 4 \u2018Significant
events \u2013 Samarco dam failure\u2019 for further information.
The following table summarises the financial information relating to each of the Group\u2019s significant equity accounted investments. BHP Brasil\u2019s 50 per cent
portion of Samarco\u2019s commitments, for which BHP Brasil has no funding obligation, is US$500 million (2022: US$350 million).
2023
US$M
Associates Joint ventures
TotalAntamina
Individually
immaterial
1
Samarco
2
Individually
immaterial
Current assets 1,519 537
3
Non-current assets 5,670 5,739
Current liabilities (774) (11,167)
4
Non-current liabilities (1,944) (10,614)
Net assets/(liabilities) \u2013 100% 4,471 (15,505)
Net assets/(liabilities) \u2013 Group share 1,509 (7,753)
Adjustments to net assets related to accounting policy adjustments (79) 291
5
Investment in Samarco \u2212 516
6
Impairment of the carrying value of the investment in Samarco \u2212 (1,041)
7
Additional share of Samarco losses \u2212 6,034
8
Unrecognised losses \u2212 1,953
9
Carrying amount of investments accounted for using the equity method 1,430 190 \u2212 \u2212 1,620
Revenue \u2013 100% 4,350 1,554
Profit/(loss) from Continuing operations \u2013 100% 1,571 (3,018)
10
Share of profit/(loss) of equity accounted investments 530 (1,509)
Adjustments to share of profit/(loss) related to accounting policy adjustments (79) 23
11
Impairment of the carrying value of the investment in Samarco \u2212 \u2212
Additional share of Samarco losses \u2212 452
Fair value change on forward exchange derivatives \u2212 471
Unrecognised losses \u2212 778
9
Profit/(loss) from equity accounted investments, related impairments and expenses 451 (72) 215 \u2212 594
Comprehensive income \u2013 100% 1,571 (3,018)
Share of comprehensive income/(loss) \u2013 Group share in equity
accounted investments 451 (72) 215 \u2212 594
Dividends received from equity accounted investments 327 1 \u2212 \u2212 328
2022 US$M Associates Joint ventures Individually immaterial 1 Samarco 2 Individually immaterial Current assets 1,275 499 3 Non-current assets 5,293 5,717 Current liabilities (847) (10,830) 4 Non-current liabilities (1,851) (7,873) Net assets/(liabilities) \u2013 100% 3,870 (12,487) Net assets/(liabilities) \u2013 Group share 1,306 (6,244) Adjustments to net assets related to accounting policy adjustments \u2212 268 5 Investment in Samarco \u2212 516 6 Impairment of the carrying value of the investment in Samarco \u2212 (1,041) 7 Additional share of Samarco losses \u2212 5,326 Unrecognised losses \u2212 1,175 9 Carrying amount of investments accounted for using the equity method 1,306 114 \u2212 \u2212 1,420 Revenue \u2013 100% 5,264 1,670 Profit/(loss) from Continuing operations \u2013 100% 2,133 (528) 10 Share of profit/(loss) of equity accounted investments 720 (276) 11 Impairment of the carrying value of the investment in Samarco \u2212 \u2212 Additional share of Samarco losses \u2212 290 Fair value change on forward exchange derivatives \u2212 (81) Unrecognised losses \u2212 (609) 9 Profit/(loss) from equity accounted investments, related impairments and expenses 720 (63) (676) \u2212 (19) Comprehensive income \u2013 100% 2,133 (528) Share of comprehensive income/(loss) \u2013 Group share in equity accounted investments 720 (63) (676) \u2212 (19) Dividends received from equity accounted investments 776 11 \u2212 \u2212 787 2021 US$M Associates Joint ventures Antamina Cerrej\u00f3n Individually immaterial Samarco 2 Individually immaterial Revenue \u2013 100% 4,822 844 814 Profit/(loss) from Continuing operations \u2013 100% 1,847 (43) (2,202) 10 Share of profit/(loss) of equity accounted investments 623 (14) (1,076) 11 Impairment of the carrying value of the investment in Cerrej\u00f3n \u2212 (466) \u2212 Impairment of the carrying value of the investment in Samarco \u2212 \u2212 (111) 7 Additional share of Samarco losses \u2212 \u2212 85 Fair value change on forward exchange derivatives \u2212 \u2212 136 Unrecognised losses \u2212 \u2212 (24) 9 Profit/(loss) from equity accounted investments, related impairments and expenses 623 (480) (68) (990) \u2212 (915) Comprehensive income/(loss) \u2013 100% 1,847 (43) (2,202) Share of comprehensive income/(loss) \u2013 Group share in equity accounted investments 623 (480) (68) (990) \u2212 (915) Dividends received from equity accounted investments 714 13 10 \u2212 \u2212 737 1 The unrecognised share of gain for the period was US$76 million (2022: unrecognised share of gain for the period was US$16 million), which decreased the cumulative losses to US$141 million (2022: decrease to US$217 million). 2 Refer to note 4 \u2018Significant events \u2013 Samarco dam failure\u2019 for further information regarding the financial impact of the Samarco dam failure which occurred in November 2015 on BHP Brasil\u2019s share of Samarco\u2019s losses. 3 Includes cash and cash equivalents of US$138 million (2022: US$106 million). 4 Includes current financial liabilities (excluding trade and other payables and provisions) of US$7,154 million (2022: US$6,837 million). 5 Relates mainly to dividends declared by Samarco that remain unpaid at balance date and which, in accordance with the Group\u2019s accounting policy, are recognised when received not receivable. 6 Working capital funding provided to Samarco during the period is capitalised as part of the Group\u2019s investments in joint ventures and disclosed as an impairment included within the Samarco impairment expense line item. 7 In the year ended 30 June 2016 BHP Brasil adjusted its investment in Samarco to US$ nil (resulting from US$(655) million share of loss from Samarco and US$(525) million impairment). Additional cumulative impairment losses relating to working capital funding of US$(516) million have also been recognised. 8 BHP Brasil has recognised accumulated additional share of Samarco losses of US$(6,034) million resulting from US$(4,795) million provisions relating to the Samarco dam failure, including US$(1,239) million recognised as net finance costs. 9 Share of Samarco\u2019s losses for which BHP Brasil does not have an obligation to fund. 10 Includes depreciation and amortisation of US$144 million (2022: US$205 million; 2021: US$154 million), interest income of US$42 million (2022: US$19 million; 2021: US$1 million), interest expense of US$1,384 million (2022: US$628 million; 2021: US$492 million) and income tax (expense)/benefit of US$(213) million (2022: US$(7) million; 2021: US$(303) million). 11 Includes accounting policy adjustments mainly related to the removal of foreign exchange gains on excluded dividends payable. 32 Interests in joint operations
Significant joint operations of the Group are those with the most significant contributions to the Group\u2019s net profit or net assets. The Group\u2019s interest in the
joint operations results are listed in the table below.
Significant joint operations Country of operation Principal activity
Group\u2019s interest
2023
%
2022
%
Mt Goldsworthy
1
Australia Iron ore mining 85 85
Mt Newman
1
Australia Iron ore mining 85 85
Yandi
1
Australia Iron ore mining 85 85
Central Queensland Coal Associates Australia Coal mining 50 50
1 These contractual arrangements are controlled by the Group and do not meet the definition of joint operations. However, as they are formed by contractual arrangement and
are not entities, the Group recognises its share of assets, liabilities, revenue and expenses arising from these arrangements.
Assets held in joint operations subject to significant restrictions are as follows:
Group\u2019s share
2023
US$M
2022
US$M
Current assets 1,561 1,928
Non-current assets 26,370 26,256
Total assets
1
27,931 28,184
1 While the Group is unrestricted in its ability to sell a share of its interest in these joint operations, it does not have the right to sell individual assets that are used in these joint
operations without the unanimous consent of the other participants. The assets in these joint operations are also restricted to the extent that they are only available to be used
by the joint operation itself and not by other operations of the Group.
33 Related party transactions
The Group\u2019s related parties are predominantly subsidiaries, associates and joint ventures, and key management personnel of the Group.
Disclosures relating to key management personnel are set out in note 25 \u2018Key management personnel\u2019. Transactions between each parent company and
its subsidiaries are eliminated on consolidation and are not disclosed in this note.
\u2013 All transactions to/from related parties are made at arm\u2019s length, i.e. at normal market prices and rates and on normal commercial terms.
\u2013 Outstanding balances at year-end are unsecured and settlement occurs in cash. Loan amounts owing from related parties represent secured loans
made to associates and joint ventures under co-funding arrangements. Such loans are made on an arm\u2019s length basis.
\u2013 No guarantees are provided or received for any related party receivables or payables.
\u2013 No provision for expected credit losses has been recognised in relation to any outstanding balances and no expense has been recognised in respect of
expected credit losses due from related parties.
\u2013 There were no other related party transactions in the year ended 30 June 2023 (2022: US$ nil), other than those with post-employment benefit plans
for the benefit of Group employees. These are shown in note 27 \u2018Employee benefits, restructuring and post-retirement employee benefits provisions\u2019.
\u2013 Related party transactions with Samarco are described in note 4 \u2018Significant events \u2013 Samarco dam failure\u2019 .
Further disclosures related to related party transactions are as follows:
Transactions with related parties
Joint ventures Associates
2023
US$M
2022
US$M
2023
US$M
2022
US$M
Sales of goods/services \u2212 \u2212 \u2212 \u2212
Purchases of goods/services \u2212 \u2212 1,589.094 1,852.132
Interest income \u2212 \u2212 \u2212 0.398
Interest expense \u2212 \u2212 \u2212 0.005
Dividends received \u2212 \u2212 327.679 787.208
Net loans made to/(repayments from) related parties \u2212 \u2212 \u2212 (23.554)
Outstanding balances with related parties
Joint ventures Associates
2023
US$M
2022
US$M
2023
US$M
2022
US$M
Trade amounts owing to related parties \u2013 \u2212 246.239 351.607
Loan amounts owing to related parties \u2212 \u2212 \u2212 \u2212
Trade amounts owing from related parties \u2013 \u2212 6.730 6.855
Loan amounts owing from related parties \u2212 \u2212 \u2212 \u2212
Unrecognised items and uncertain events
34 Contingent liabilities
2023
US$M
2022
US$M
Associates and joint ventures
1
1,094 1,541
Subsidiaries and joint operations
1
1,184 925
Total 2,278 2,466
1 There are a number of matters, for which it is not possible at this time to provide a range of possible outcomes or a reliable estimate of potential future exposures, and for
which no amounts have been included in the table above.
A contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by occurrence or non-occurrence of one
or more uncertain future events not wholly within the control of the Group. A contingent liability may also be a present obligation arising from past events
but is not recognised on the basis that an outflow of economic resources to settle the obligation is not viewed as probable, or the amount of the obligation
cannot be reliably measured.
When the Group has a present obligation, an outflow of economic resources is assessed as probable and the Group can reliably measure the obligation,
a provision is recognised.
The Group has entered into various counter-indemnities of bank and performance guarantees related to its own future performance, which are in the
normal course of business. The likelihood of these guarantees being called upon is considered remote.
The Group presently has tax matters, litigation and other claims, for which the timing of resolution and potential economic outflow are uncertain.
Obligations assessed as having probable future economic outflows capable of reliable measurement are provided at reporting date and matters
assessed as having possible future economic outflows capable of reliable measurement are included in the total amount of contingent liabilities above.
Individually significant matters, including narrative on potential future exposures incapable of reliable measurement, are disclosed below, to the extent that
disclosure does not prejudice the Group.
Uncertain tax and
royalty matters
The Group is subject to a range of taxes and royalties across many jurisdictions, the application of which is uncertain
in some regards. Changes in tax law, changes in interpretation of tax law, periodic challenges and disagreements with
tax authorities, and legal proceedings result in uncertainty of the outcome of the application of taxes and royalties to the
Group\u2019s business.
To the extent uncertain tax and royalty matters give rise to a contingent liability, an estimate of the potential liability is
included within the table above, where it is capable of reliable measurement.
Samarco
contingent liabilities
The table above includes contingent liabilities related to the Group\u2019s equity accounted investment in Samarco to the extent
they are capable of reliable measurement. Details of contingent liabilities related to Samarco are disclosed in note 4
\u2018Significant events \u2013 Samarco dam failure\u2019.
Divestments
and demergers
Where the Group divests or demerges entities, it is generally agreed to provide certain indemnities to the acquiring or
demerged entity. Such indemnities include those provided as part of the demerger of South32 Ltd in May 2015, divestment
of Group\u2019s Onshore US assets in September 2018 and October 2018, divestment of BMC in May 2022 and the merger
of the Group\u2019s Petroleum business with Woodside in June 2022. No material claims have been made pursuant to these
indemnities as at 30 June 2023.
35 Subsequent events
On 14 August 2023, an application to commence a class action was filed in the High Court of South Africa on behalf of current and former mineworkers,
and the dependants of certain mineworkers, who have contracted coal mine dust lung disease and who work or have worked on specified coal mines
in South Africa between 1965 to date. \u2018BHP Billiton Plc Incorporated\u2019 was named as one of four respondents, alongside South32 SA Holdings Limited,
South32 Coal SA (Pty) Limited, and Seriti Power (Proprietary) Limited. The amount of damages sought by the Applicants on behalf of the putative class
is unspecified. Given the preliminary status of this matter, it is not possible at this time to provide a range of possible outcomes or a reliable estimate of
potential future exposures for the Group. However, the Group anticipates that claims for indemnification may be made under the terms of the Separation
Deed agreed as part of the demerger of South32 Limited in 2015.
Other than the matters outlined above or elsewhere in the Financial Statements, no matters or circumstances have arisen since the end of the financial
year that have significantly affected, or may significantly affect, the operations, results of operations or state of affairs of the Group in subsequent
accounting periods.
Other items
36 Auditor\u2019s remuneration
2023
US$M
2022
US$M
2021
US$M
Fees payable to the Group\u2019s auditors for assurance services
Audit of the Group\u2019s Annual Report 9.700 9.816 10.642
Audit of the accounts of subsidiaries, joint ventures and associates 0.551 0.605 1.234
Audit-related assurance services required by legislation to be provided by the auditor 1.808 1.933 1.770
Other assurance and agreed-upon procedures under legislation or contractual arrangements 1.991 7.938 1.867
Total assurance services 14.050 20.292 15.513
Fees payable to the Group\u2019s auditors for non-assurance services
Other services 0.180 \u2212 \u2212
Total other services 0.180 \u2212 \u2212
Total fees 14.230 20.292 15.513
All amounts were paid to EY or EY affiliated firms with fees determined, and predominantly billed, in US dollars.
Fees payable to the Group\u2019s auditors for assurance services
Audit of the Group\u2019s Annual Report comprises fees for auditing the statutory financial report of the Group and includes audit work in relation to compliance
with section 404 of the US Sarbanes-Oxley Act.
Audit-related assurance services required by legislation to be provided by the auditors mainly comprises review of the half-year report.
Other assurance services comprise assurance in respect of the Group\u2019s sustainability reporting, economic contribution reporting, and other non-
statutory reporting.
Fees payable to the Group\u2019s auditors for other services
Other services provided in FY2023 relate to an independent assessment of technology project governance. No amounts were payable for other services
in FY2022 or FY2021.
37 BHP Group Limited
BHP Group Limited does not present unconsolidated parent company Financial Statements. Selected financial information of the BHP Group Limited
parent company is as follows:
2023
US$M
2022
US$M
Income statement information for the financial year
Profit after taxation for the year 10,924 22,871
Total comprehensive income 10,925 22,868
Balance sheet information as at the end of the financial year
Current assets 3,579 4,778
Total assets 39,232 43,565
Current liabilities 1,476 3,176
Total liabilities 1,637 3,517
Share capital 4,449 4,350
Treasury shares (41) (31)
Reserves 165 168
Retained earnings 33,022 35,561
Total equity 37,595 40,048
Parent company guarantees
BHP Group Limited has guaranteed certain financing arrangements available to subsidiaries of US$5,499 million at 30 June 2023 (2022:
US$6,980 million).
BHP Group Limited and its wholly owned subsidiary BHP Group (UK) Ltd (formerly BHP Group Plc) have severally, fully and unconditionally guaranteed
the payment of the principal and premium, if any, and interest, including certain additional amounts that may be payable in respect of the notes issued
by 100 per cent owned finance subsidiary, BHP Billiton Finance (USA) Ltd. BHP Group Limited and BHP Group (UK) Ltd have guaranteed the payment
of such amounts when they become due and payable, whether on an interest payment date, at the stated maturity of the notes, by declaration or
acceleration, call for redemption or otherwise. The guaranteed liabilities at 30 June 2023 amounted to US$4,234 million (2022: US$4,234 million).
In addition, BHP Group Limited and BHP Group (UK) Ltd have severally guaranteed a Group Revolving Credit Facility of US$5,500 million (2022:
US$5,500 million), which remains undrawn.
In FY2023, BHP Group Limited has severally, fully and unconditionally guaranteed the payment of principal and premium, if any, and interest related to
US$2,750 million of US Global bonds issued by BHP Billiton Finance (USA) Ltd. In addition, BHP Group Limited has severally, fully and unconditionally
guaranteed a US$5,000 million acquisition facility drawn in FY2023 by its wholly owned subsidiary, BHP Lonsdale Investments Pty Ltd.
38 Deed of Cross Guarantee
BHP Group Limited together with certain wholly owned subsidiaries set out below have entered into a Deed of Cross Guarantee (Deed) dated 6 June
2016 or have subsequently joined the Deed by way of an Assumption Deed. The effect of the Deed is that BHP Group Limited has guaranteed to pay any
outstanding liabilities upon the winding up of any wholly owned subsidiary that is party to the Deed. Wholly owned subsidiaries that are party to the Deed
have also given a similar guarantee in the event that BHP Group Limited or another party to the Deed is wound up.
The wholly owned subsidiaries that are identified below are relieved from the requirements to prepare and lodge audited financial statements.
The following companies are parties to the Deed and members of the Closed Group as at 30 June 2023:
BHP (Towage Services) Pty Ltd
1
OS ACPM Pty Ltd
1
BHP Direct Reduced Iron Pty Limited OS MCAP Pty Ltd
1
BHP Iron Ore Pty Ltd
1
UMAL Consolidated Pty Ltd
1
BHP Minerals Pty Ltd
1
BHP Freight Pty Ltd
BHP WAIO Pty Ltd
1
BHP Group Operations Pty Ltd
1
Pilbara Gas Pty Limited BHP Innovation Pty Ltd
BHP Coal Pty Ltd
1
BHP Lonsdale Investments Pty Ltd
BHP MetCoal Holdings Pty Ltd
1
BHP Minerals Holdings Proprietary Limited
1
Broadmeadow Mine Services Pty Ltd BHP Nickel West Pty Ltd
1
Central Queensland Services Pty Ltd BHP Olympic Dam Corporation Pty Ltd
1
Hay Point Services Pty Limited The Broken Hill Proprietary Company Pty Ltd
1
BHP Yakabindie Nickel Pty Ltd
1
1 These companies are parties to the Deed and are relieved from the Corporations Act 2001 requirements for preparation, audit and lodgement of financial reports and
Directors\u2019 reports.
A Consolidated Statement of Comprehensive Income and Retained Earnings and Consolidated Balance Sheet, comprising BHP Group Limited and the
wholly owned subsidiaries that are party to the Deed for the years ended 30 June 2023 and 30 June 2022 are as follows:
Consolidated Statement of Comprehensive Income and Retained Earnings
2023
US$M
2022
US$M
Revenue 32,649 38,159
Other income 5,553 6,077
Expenses excluding net finance costs (21,703) (15,293)
Net finance costs (1,002) (172)
Total taxation expense (3,562) (5,651)
Profit after taxation 11,935 23,120
Total other comprehensive income \u2212 (3)
Total comprehensive income 11,935 23,117
Retained earnings at the beginning of the financial year 40,196 50,277
Net effect on retained earnings of entities added to/removed from the Deed \u2212 (62)
Profit after taxation for the year 11,935 23,120
Transfers to and from reserves (44) (84)
Dividends (13,420) (33,055)
Retained earnings at the end of the financial year 38,667 40,196
Consolidated Balance Sheet
2023
US$M
2022
US$M
ASSETS
Current assets
Cash and cash equivalents 3 13
Trade and other receivables 1,678 1,527
Loans to related parties 6,123 8,697
Other financial assets 4 284
Inventories 2,344 2,582
Current tax assets 79 \u2013
Other 113 75
Total current assets 10,344 13,178
Non-current assets
Trade and other receivables 34 43
Other financial assets 326 234
Inventories 546 456
Property, plant and equipment 37,069 36,199
Intangible assets 1,140 1,120
Investments in Group companies 33,176 26,800
Other 6 \u2013
Total non-current assets 72,297 64,852
Total assets 82,641 78,030
LIABILITIES
Current liabilities
Trade and other payables 3,574 3,919
Loans from related parties 19,564 9,966
Interest bearing liabilities 5,168 213
Other financial liabilities \u2212 26
Current tax payable \u2212 1,783
Provisions 1,961 1,611
Deferred income 4 8
Total current liabilities 30,271 17,526
Non-current liabilities
Trade and other payables 5 \u2013
Loans from related parties 2,800 10,014
Interest bearing liabilities 657 586
Other financial liabilities 38 \u2013
Deferred tax liabilities 773 874
Provisions 4,408 3,896
Deferred income 3 5
Total non-current liabilities 8,684 15,375
Total liabilities 38,955 32,901
Net assets 43,686 45,129
EQUITY
Share capital \u2013 BHP Group Limited 4,737 4,638
Treasury shares (41) (31)
Reserves 323 326
Retained earnings 38,667 40,196
Total equity 43,686 45,129
39 New and amended accounting standards and interpretations and changes to accounting policies
New and amended accounting pronouncements adopted in the current year
Amendment to IAS 16/AASB 116 \u2018Property, Plant and Equipment\u2019 (IAS 16)
On 1 July 2022, the Group adopted an amendment to IAS 16 that requires an entity to recognise the sales proceeds from selling items produced while
preparing property, plant and equipment for its intended use, along with the costs associated with producing that revenue, in profit or loss, instead of
deducting the amounts received from the cost of the asset.
The amendment applies retrospectively to items of property, plant and equipment made available for use on or after 1 July 2020. However, no significant
impacts have been identified in respect of the years ended 30 June 2022 and 30 June 2021 and, as such, comparative period financial information has
not been restated.
Amendment to IAS 12/AASB112 \u2018Income taxes\u2019 (IAS 12)
At 30 June 2023, the Group has adopted amendments to IAS12 issued by the IASB and AASB on 23 May 2023 and 27 June 2023, respectively, in
relation to the Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS)
Pillar Two income tax. The amendments introduced a temporary exception to the requirements of IAS 12 under which a company does not recognise or
disclose information about deferred tax assets and liabilities related to the proposed Pillar Two model rules.
Refer to note 6 \u2018Income tax expense\u2019 for more information.
New and amended accounting pronouncements on issue but not yet effective
A number of other accounting standards and interpretations have been issued and will be applicable in future periods. While these remain subject to
ongoing assessment, no significant impacts have been identified to date.
These pronouncements have not been applied in the preparation of these Financial Statements.
",
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},
"fact-5": {
"value": "Prior to 31 January 2022, BHP Group Limited and BHP Group Plc, an incorporated UK-listed company, operated together as a single-for-profit economic entity under a Dual Listed Company (DLC) structure comprising a common Board of Directors, unified management structure and joint objectives. On 31 January 2022, BHP unified its corporate structure under BHP Group Limited. ",
"dimensions": {
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"fact-694": {
"value": "\u2013 Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board (AASB) and International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB) (collectively referred to as IFRS) ",
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}
},
"fact-654": {
"value": "In assessing the appropriateness of the going concern assumption over the going concern period, management has stress tested BHP\u2019s most recent financial projections to incorporate a range of potential future outcomes by considering BHP\u2019s principal risks. The Group\u2019s financial forecasts, including downside commodity price and production scenarios, demonstrate that the Group believes that it has sufficient financial resources to meet its obligations as they fall due throughout the going concern period. As such, the Financial Statements continue to be prepared on the going concern basis. ",
"dimensions": {
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"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-615": {
"value": "Principles of consolidation In preparing the Financial Statements, the effects of all intragroup balances and transactions have been eliminated. A list of significant entities in the Group, including subsidiaries, joint arrangements and associates at 30 June 2023 is contained in note 30 \u2018Subsidiaries\u2019, note 31 \u2018Investments accounted for using the equity method\u2019 and note 32 \u2018Interests in joint operations\u2019. Subsidiaries: The Financial Statements of the Group include the consolidation of BHP Group Limited (the Company or parent entity) and its subsidiaries, being the entities controlled by the parent entity during the year (and, in prior periods, BHP Group Plc and its subsidiaries while the DLC was in effect). Control exists where the Group: \u2013 has power over the investee \u2013 is exposed to, or has rights to, variable returns from its involvement with the entity \u2013 has the ability to affect those returns through its power to direct the activities of the entity The ability to approve the operating and capital budget of an entity and the ability to appoint key management personnel are decisions that demonstrate that the Group has the existing rights to direct the relevant activities of an entity. The results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the Company gains control until the date when the Company ceases to control the subsidiary. When the Group loses control of a subsidiary, the gain or loss on disposal is recognised in profit or loss. Where the Group\u2019s interest is less than 100 per cent, the interest attributable to outside shareholders is reflected in non-controlling interests. Changes in the Group\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company. The financial information of subsidiaries is prepared for the same reporting period as the Group. The acquisition method of accounting is used to account for the Group\u2019s business combinations. Joint arrangements: The Group undertakes a number of business activities through joint arrangements, which exist when two or more parties have joint control. Joint arrangements are classified as either joint operations or joint ventures, based on the contractual rights and obligations between the parties to the arrangement: \u2013 Joint operations: A joint operation is an arrangement in which the Group shares joint control, primarily via contractual arrangements with other parties. In a joint operation, the Group has rights to the underlying assets and obligations for the liabilities relating to the arrangement. This includes situations where the parties benefit from the joint activity through a share of the output, rather than by receiving a share of the results of trading. In relation to the Group\u2019s interest in a joint operation, the Group recognises: its assets and liabilities, including its share of any assets and liabilities held or incurred jointly; revenue from the sale of its share of the output and its share of any revenue generated from the sale of the output by the joint operation; and its expenses including its share of expenses incurred jointly. All such amounts are allocated in accordance with the terms of the arrangement, which is usually in proportion to the Group\u2019s interest in the joint operation. The Group accounts for the assets, liabilities, revenue and expenses relating to its interest in a joint operation in accordance with the IFRS Standards applicable to the particular assets, liabilities, revenue and expenses. \u2013 Joint ventures: A joint venture is a joint arrangement in which the parties that share joint control have rights to the net assets of the arrangement. A separate vehicle, not the parties, will have the rights to the assets and obligations for the liabilities relating to the arrangement. More than an insignificant share of output from a joint venture is sold to third parties, which indicates the joint venture is not dependent on the parties to the arrangement for funding, nor do the parties have an obligation for the liabilities of the arrangement. Joint ventures are accounted for using the equity method as outlined below. Associates: The Group accounts for investments in associates using the equity method as outlined below. An entity is considered an associate where the Group is deemed to have significant influence but not control or joint control. Significant influence is presumed to exist where the Group: \u2013 has over 20 per cent but less than 50 per cent of the voting rights of an entity, unless it can be clearly demonstrated that this is not the case or \u2013 holds less than 20 per cent of the voting rights of an entity; however, has the power to participate in the financial and operating policy decisions affecting the entity The Group uses the term \u2018equity accounted investments\u2019 to refer to joint ventures and associates collectively. Under the equity method, an investment in an associate or a joint venture is recognised initially at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the associate or joint venture. When the Group\u2019s share of losses of an associate or a joint venture exceeds the Group\u2019s interest in that associate or joint venture, the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. ",
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},
"fact-727": {
"value": "Subsidiaries: The Financial Statements of the Group include the consolidation of BHP Group Limited (the Company or parent entity) and its subsidiaries, being the entities controlled by the parent entity during the year (and, in prior periods, BHP Group Plc and its subsidiaries while the DLC was in effect). Control exists where the Group: \u2013 has power over the investee \u2013 is exposed to, or has rights to, variable returns from its involvement with the entity \u2013 has the ability to affect those returns through its power to direct the activities of the entity The ability to approve the operating and capital budget of an entity and the ability to appoint key management personnel are decisions that demonstrate that the Group has the existing rights to direct the relevant activities of an entity. The results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the Company gains control until the date when the Company ceases to control the subsidiary. When the Group loses control of a subsidiary, the gain or loss on disposal is recognised in profit or loss. Where the Group\u2019s interest is less than 100 per cent, the interest attributable to outside shareholders is reflected in non-controlling interests. Changes in the Group\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company. The financial information of subsidiaries is prepared for the same reporting period as the Group. The acquisition method of accounting is used to account for the Group\u2019s business combinations. ",
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"fact-728": {
"value": "Joint arrangements: The Group undertakes a number of business activities through joint arrangements, which exist when two or more parties have joint control. Joint arrangements are classified as either joint operations or joint ventures, based on the contractual rights and obligations between the parties to the arrangement: \u2013 Joint operations: A joint operation is an arrangement in which the Group shares joint control, primarily via contractual arrangements with other parties. In a joint operation, the Group has rights to the underlying assets and obligations for the liabilities relating to the arrangement. This includes situations where the parties benefit from the joint activity through a share of the output, rather than by receiving a share of the results of trading. In relation to the Group\u2019s interest in a joint operation, the Group recognises: its assets and liabilities, including its share of any assets and liabilities held or incurred jointly; revenue from the sale of its share of the output and its share of any revenue generated from the sale of the output by the joint operation; and its expenses including its share of expenses incurred jointly. All such amounts are allocated in accordance with the terms of the arrangement, which is usually in proportion to the Group\u2019s interest in the joint operation. The Group accounts for the assets, liabilities, revenue and expenses relating to its interest in a joint operation in accordance with the IFRS Standards applicable to the particular assets, liabilities, revenue and expenses. \u2013 Joint ventures: A joint venture is a joint arrangement in which the parties that share joint control have rights to the net assets of the arrangement. A separate vehicle, not the parties, will have the rights to the assets and obligations for the liabilities relating to the arrangement. More than an insignificant share of output from a joint venture is sold to third parties, which indicates the joint venture is not dependent on the parties to the arrangement for funding, nor do the parties have an obligation for the liabilities of the arrangement. Joint ventures are accounted for using the equity method as outlined below. ",
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},
"fact-756": {
"value": "Joint arrangements: The Group undertakes a number of business activities through joint arrangements, which exist when two or more parties have joint control. Joint arrangements are classified as either joint operations or joint ventures, based on the contractual rights and obligations between the parties to the arrangement: \u2013 Joint operations: A joint operation is an arrangement in which the Group shares joint control, primarily via contractual arrangements with other parties. In a joint operation, the Group has rights to the underlying assets and obligations for the liabilities relating to the arrangement. This includes situations where the parties benefit from the joint activity through a share of the output, rather than by receiving a share of the results of trading. In relation to the Group\u2019s interest in a joint operation, the Group recognises: its assets and liabilities, including its share of any assets and liabilities held or incurred jointly; revenue from the sale of its share of the output and its share of any revenue generated from the sale of the output by the joint operation; and its expenses including its share of expenses incurred jointly. All such amounts are allocated in accordance with the terms of the arrangement, which is usually in proportion to the Group\u2019s interest in the joint operation. The Group accounts for the assets, liabilities, revenue and expenses relating to its interest in a joint operation in accordance with the IFRS Standards applicable to the particular assets, liabilities, revenue and expenses. \u2013 Joint ventures: A joint venture is a joint arrangement in which the parties that share joint control have rights to the net assets of the arrangement. A separate vehicle, not the parties, will have the rights to the assets and obligations for the liabilities relating to the arrangement. More than an insignificant share of output from a joint venture is sold to third parties, which indicates the joint venture is not dependent on the parties to the arrangement for funding, nor do the parties have an obligation for the liabilities of the arrangement. Joint ventures are accounted for using the equity method as outlined below. Associates: The Group accounts for investments in associates using the equity method as outlined below. An entity is considered an associate where the Group is deemed to have significant influence but not control or joint control. Significant influence is presumed to exist where the Group: \u2013 has over 20 per cent but less than 50 per cent of the voting rights of an entity, unless it can be clearly demonstrated that this is not the case or \u2013 holds less than 20 per cent of the voting rights of an entity; however, has the power to participate in the financial and operating policy decisions affecting the entity The Group uses the term \u2018equity accounted investments\u2019 to refer to joint ventures and associates collectively. Under the equity method, an investment in an associate or a joint venture is recognised initially at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the associate or joint venture. When the Group\u2019s share of losses of an associate or a joint venture exceeds the Group\u2019s interest in that associate or joint venture, the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-729": {
"value": "Associates: The Group accounts for investments in associates using the equity method as outlined below. An entity is considered an associate where the Group is deemed to have significant influence but not control or joint control. Significant influence is presumed to exist where the Group: \u2013 has over 20 per cent but less than 50 per cent of the voting rights of an entity, unless it can be clearly demonstrated that this is not the case or \u2013 holds less than 20 per cent of the voting rights of an entity; however, has the power to participate in the financial and operating policy decisions affecting the entity ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-616": {
"value": "Foreign currencies Transactions related to the Group\u2019s worldwide operations are conducted in a number of foreign currencies. The majority of the subsidiaries, joint arrangements and associates within each of the operations have assessed US dollars as the functional currency, however, some subsidiaries, joint arrangements and associates have functional currencies other than US dollars. Transactions and monetary items denominated in foreign currencies are translated into US dollars as follows: Foreign currency item Applicable exchange rate Transactions Date of underlying transaction Monetary assets and liabilities Period-end rate Foreign exchange gains and losses resulting from translation are recognised in the income statement, except for qualifying cash flow hedges (which are deferred to equity) and foreign exchange gains or losses on foreign currency provisions for site closure and rehabilitation costs (which are capitalised in property, plant and equipment for operating sites). On consolidation, the assets, liabilities, income and expenses of foreign operations with non-US dollar functional currencies are translated into US dollars using the following applicable exchange rates: Foreign currency amount Applicable exchange rate Income and expenses Date of underlying transaction Assets and liabilities Period-end rate Equity Historical rate Reserves Historical rate Foreign exchange differences resulting from translation are initially recognised in the foreign currency translation reserve and subsequently transferred to the income statement on disposal of a foreign operation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-656": {
"value": "The majority of the subsidiaries, joint arrangements and associates within each of the operations have assessed US dollars as the functional currency, however, some subsidiaries, joint arrangements and associates have functional currencies other than US dollars. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-613": {
"value": "Significant accounting policies, judgements and estimates The Group\u2019s accounting policies require the use of judgement, estimates and assumptions. All judgements, estimates and assumptions are based on the most current facts and circumstances and are reassessed on an ongoing basis. Actual results in future reporting periods may differ for these estimates under different assumptions and conditions. Further information regarding the Group\u2019s significant judgements and key estimates and assumptions, being those where changes may materially affect financial results and the carrying amount of assets and liabilities to be reported in the next reporting period, are embedded within the following notes: Note 4 Significant events \u2013 Samarco dam failure 6 Taxation 11 Overburden removal costs 11 Depreciation of property, plant and equipment 13 Impairment of non-current assets 15 Closure and rehabilitation provisions 22 Leases 29 Business combinations Additional information including sensitivity analysis, where appropriate, has been provided in the relevant notes to enhance an understanding of the impact of key estimates and assumptions on the Group\u2019s financial position and performance. Reserve estimates Reserves are estimates of the amount of product that can be demonstrated to be able to be economically and legally extracted from the Group\u2019s properties. In order to estimate reserves, assumptions are required about a range of technical and economic factors, including quantities, qualities, production techniques, recovery efficiency, production and transport costs, commodity supply and demand, commodity and carbon prices and exchange rates. Estimating the quantity and/or quality of reserves requires the size, shape and depth of ore bodies to be determined by analysing geological data, such as drilling samples and geophysical survey interpretations. Economic assumptions used to estimate reserves change from period- to-period as additional technical and operational data is generated. This process may require complex and difficult geological judgements to interpret the data. Reserve impact on financial reporting Estimates of reserves may change from period-to-period as the economic assumptions used to estimate reserves change and additional geological data is generated during the course of operations. Changes in reserves may affect the Group\u2019s financial results and financial position in a number of ways, including: \u2013 asset carrying values may be affected due to changes in estimated future production levels \u2013 depreciation, depletion and amortisation charged to the income statement may change where such charges are determined on the units of production basis, or where the useful economic lives of assets change \u2013 overburden removal costs recorded on the balance sheet or charged to the income statement may change due to changes in stripping ratios or the units of production basis of depreciation \u2013 closure and rehabilitation provisions may change where changes in estimated reserves affect expectations about the timing or cost of these activities \u2013 the carrying amount of deferred tax assets may change due to changes in estimates of the likely recovery of the tax benefits Key judgements and estimates Judgements: The outcomes of litigation are inherently difficult to predict and significant judgement has been applied in assessing the likely outcome of legal claims and determining which legal claims require recognition of a provision or disclosure of a contingent liability. The facts and circumstances relating to these cases are regularly evaluated in determining whether a provision for any specific claim is required. Management has determined that a provision can only be recognised for obligations under the Framework Agreement as at 30 June 2023. It is not yet possible to provide a range of possible outcomes or a reliable estimate of potential future exposures to BHP in connection to the contingent liabilities noted above, given their status. Estimates: The provision for the Samarco dam failure reflects the Group\u2019s estimate of the remaining costs to complete Programs under the Framework Agreement and requires the use of significant judgements, estimates and assumptions. Based on current estimates, it is expected that approximately 85 per cent of remaining costs for Programs under the Framework Agreement will be incurred by June 2025, largely attributable to the finalisation of the resettlement program and closure of the Novel system (application system for impacted individuals to lodge compensation claims). While the provision has been measured based on the latest information available as at 30 June 2023, changes in facts and circumstances are likely in future reporting periods and may lead to material revisions to these estimates. However, it is currently not possible to determine what facts and circumstances may change, therefore revisions in future reporting periods due to the key estimates and factors outlined below cannot be reliably measured. The key estimates that may have a material impact upon the provision in the next and future reporting periods include the: \u2013 number of people eligible for financial assistance and compensation and the corresponding amount of expected compensation; and \u2013 costs to complete key infrastructure programs. The provision may also be affected by factors including but not limited to: \u2013 potential changes in scope of work and funding amounts required under the Framework Agreement including the impact of further technical analysis, community participation required under the Governance Agreement and rulings made by the Federal Court; \u2013 the outcome of ongoing negotiations with State and Federal Prosecutors, including review of Funda\u00e7\u00e3o Renova\u2019s Programs as provided in the Governance Agreement; \u2013 actual costs incurred; \u2013 updates to discount and foreign exchange rates; and \u2013 the outcomes of Samarco\u2019s judicial reorganisation and resolution of uncertainty in respect of the nature and extent of Samarco\u2019s long-term cash generation. In addition, the provision may be impacted by decisions in, or resolution of, existing and potential legal claims in Brazil and other jurisdictions, including the outcome of the United Kingdom group action and the negotiations seeking a definitive and substantive settlement of the obligations under the Framework Agreement and the R$155 billion (approximately US$32 billion) Federal Public Prosecution Office claim. Outcomes of the negotiations are highly uncertain and it is therefore not possible to provide a reliable estimate of potential outcomes. Given these factors, future actual cash outflows may differ from the amounts currently provided and changes to any of the key assumptions and estimates outlined above could result in a material impact to the provision in the next and future reporting periods. Key judgements and estimates Income tax classification Judgements: The Group\u2019s accounting policy for taxation, including royalty-related taxation, requires management\u2019s judgement as to the types of arrangements considered to be a tax on income in contrast to an operating cost. Deferred tax Judgements: Judgement is required in: \u2013 determining the amount of deferred tax assets to be recognised based on the likely timing and the level of future taxable profits; \u2013 assessing whether changes in tax regimes or applicable tax rates are substantively enacted at the reporting date; \u2013 recognising deferred tax liabilities arising from temporary differences in investments. These deferred tax liabilities caused principally by retained earnings held in foreign tax jurisdictions are recognised unless repatriation of retained earnings can be controlled and is not expected to occur in the foreseeable future. In FY2023, judgement was applied in determining the Chilean Royalty Bill was substantively enacted at the reporting date. It was considered that the process of enactment was complete and the remaining steps for enactment would not change the outcome of the tax rates to be applied in measuring the deferred tax assets and liabilities. Estimates: The Group assesses the recoverability of recognised and unrecognised deferred taxes, including losses in Australia, the United States and Canada on a consistent basis. Estimates and assumptions relating to projected earnings and cash flows as applied in the Group impairment process are used for operating assets. These forecasts are also used to estimate the royalty related tax rates to apply when the deferred tax assets are realised and deferred tax liabilities are settled, in revaluing the deferred tax balances following the substantive enactment of the Chilean Royalty Bill. Key judgements and estimates Judgements: Judgement is applied by management in determining the components of an ore body. Estimates: Estimates are used in the determination of stripping ratios and mineral reserves by component. Changes to estimates related to life- of-component waste-to-ore (or mineral contained) strip ratios and the expected ore production from identified components are accounted for prospectively and may affect depreciation rates and asset carrying values. Key estimates The determination of useful lives, residual values and depreciation methods involves estimates and assumptions and is reviewed annually. Any changes to useful lives or any other estimates or assumptions, including the expected impact of climate change and the transition to a lower carbon economy, may affect prospective depreciation rates and asset carrying values. The table below summarises the principal depreciation methods and rates applied to major asset categories by the Group. Category Buildings Plant and equipment Mineral rights Capitalised exploration, evaluation and development expenditure Typical depreciation methodology SL SL UoP UoP Depreciation rate 25-50 years 3-30 years Based on the rate of depletion of reserves Based on the rate of depletion of reserves Key judgements and estimates Judgements: Assessment of indicators of impairment or impairment reversal and the determination of CGUs for impairment purposes require significant management judgement. Indicators of impairment may include changes in the Group\u2019s operating and economic assumptions, including those arising from changes in reserves or mine planning, updates to the Group\u2019s commodity supply, demand and price forecasts, or the possible additional impacts from emerging risks including those related to climate change and the transition to a low-carbon economy. Climate change The Group\u2019s impairment assessments may be impacted by climate change and the transition to a low-carbon economy. Further detail is provided in note 16 \u2018Climate Change\u2019. Estimates: The Group performs a recoverable amount determination for an asset or CGU when there is an indication of impairment or impairment reversal. When the recoverable amount is measured by reference to FVLCD, in the absence of quoted market prices or binding sale agreement, estimates are made regarding the present value of future post-tax cash flows. These estimates are made from the perspective of a market participant and include prices, future production volumes, operating costs, capital expenditure, closure and rehabilitation costs, taxes, risking factors applied to cash flows and discount rates. The cash flow forecasts may include net cash flows expected from the extraction, processing and sale of material that does not currently qualify for inclusion in ore reserves. Reserves and resources are included in the assessment of FVLCD to the extent that it is considered probable that a market participant would attribute value to them. When recoverable amount is measured using VIU, estimates are made regarding the present value of future cash flows based on internal budgets and forecasts and life of asset plans. Key estimates are similar to those identified for FVLCD, although some assumptions and values may differ as they reflect the perspective of management rather than a market participant. All estimates require judgements and assumptions and are subject to risk and uncertainty that may be beyond the control of the Group; hence, there is a possibility that changes in circumstances will materially alter projections, which may impact the recoverable amount of an asset or CGU at each reporting date. While no indicators of impairment, or impairment reversal, were identified across the Group\u2019s CGUs at 30 June 2023, the carrying value of the Spence and Nickel West CGUs are the most susceptible to changes in the significant estimates outlined below in the next reporting period. The significant estimates impacting the Group\u2019s recoverable amount determinations are: Commodity prices Commodity prices were based on latest internal forecasts which assume short-term market prices will revert to the Group\u2019s assessment of long-term price. These price forecasts reflect management\u2019s long-term views of global supply and demand, built upon past experience of the commodity markets and are benchmarked with external sources of information such as analyst forecasts. Prices are adjusted based upon premiums or discounts applied to global price markers to reflect the location, nature and quality of the Group\u2019s production, or to take into account contracted prices. Future production volumes Estimated production volumes were based on detailed data and took into account development plans established by management as part of the Group\u2019s long-term planning process. When estimating FVLCD, assumptions reflect all reserves and resources that a market participant would consider when valuing the respective CGU, which in some cases are broader in scope than the reserves that would be used in a VIU test. In determining FVLCD, risk factors may be applied to reserves and resources which do not meet the criteria to be treated as proved. Cash outflows (including operating costs, capital expenditure, closure and rehabilitation costs and taxes) Cash outflows are based on internal budgets and forecasts and life of asset plans. Cost assumptions reflect management experience and expectations. Tax assumptions reflect existing and substantively enacted tax and royalty regimes and rates applicable in the jurisdiction of the CGU. In the case of FVLCD, cash flow projections include the anticipated cash flow effects of any capital expenditure to enhance production or reduce cost where a market participant may take a consistent view. VIU does not take into account future development. Discount rates The Group uses real post-tax discount rates applied to real post-tax cash flows. The discount rates are derived using the weighted average cost of capital methodology. Adjustments to the rates are made for any risks that are not reflected in the underlying cash flows, including country risk. Key estimates Closure cost estimates are generally based on conceptual level studies early in the operating life of an asset with more detailed studies and planning performed as closure risks (including those related to climate change) are identified and/or as an asset, or parts thereof, near closure. As such, the recognition and measurement of closure and rehabilitation provisions requires the use of significant estimates and assumptions, including, but not limited to: \u2013 the extent (due to legal or constructive obligations) of potential activities required for the removal of infrastructure, decharacterisation of tailings storage facilities and rehabilitation activities \u2013 costs associated with future closure activities \u2013 the extent and period of post-closure monitoring and maintenance, including water management \u2013 applicable discount rates \u2013 the timing of cash flows and ultimate closure of operations The extent, cost and timing of future closure activities may also be impacted by the potential physical impacts of climate change and the transition to a low-carbon economy. Further detail is provided in note 16 \u2018Climate Change\u2019. Estimates for post-closure monitoring and maintenance reflect the Group\u2019s strategies for individual sites, which may include possible relinquishment. The period of monitoring and maintenance included in the provision requires judgement and considers regulatory and licencing requirements, the outcomes of studies and management\u2019s current assessment of stakeholder expectations. While progressive closure is performed across a number of operations, significant activities are generally undertaken at the end of the production life at the individual sites, the estimated timing of which is informed by the Group\u2019s current assumptions relating to demand for commodities and carbon pricing, and their impact on the Group\u2019s long-term price forecasts. Approximately 51 per cent (2022: 48 per cent) of the Group\u2019s total undiscounted forecast cashflows are expected to be incurred after more than 30 years, reflecting the long-lived nature of many of the Group\u2019s operations which have remaining production lives ranging from 1-103 years (2022: 2-104 years). The discount rates applied to the Group\u2019s closure and rehabilitation provisions are determined by reference to the currency of the closure cash flows, the period over which the cash flows will be incurred and prevailing market interest rates (where available). The Group continues to monitor current market conditions with no change made to the Group\u2019s discount rates in the current year. While the closure and rehabilitation provisions reflect management\u2019s best estimates based on current knowledge and information, further studies, trials and detailed analysis of relevant knowledge and resultant closure activities for individual assets continue to be performed throughout the life of asset. Such studies and analysis can impact the estimated costs of closure activities. Estimates can also be impacted by the emergence of new closure and rehabilitation techniques, changes in regulatory requirements and stakeholder expectations for closure (including costs associated with equitable transition), development of new technologies, risks relating to climate change and the transition to a low-carbon economy, and experience at other operations. These uncertainties may result in future actual expenditure differing from the amounts currently provided for in the balance sheet. Sensitivity A 0.5 per cent increase in the discount rates applied at 30 June 2023 would result in a decrease to the closure and rehabilitation provision of approximately US$758 million, a decrease in property, plant and equipment of approximately US$568 million in relation to operating sites and an income statement credit of approximately US$190 million in respect of closed sites. In addition, the change would result in a decrease of approximately US$44 million to depreciation expense and a US$26 million increment in net finance costs for the year ending 30 June 2024. Given the long-lived nature of the majority of the Group\u2019s assets, the majority of final closure activities are generally not expected to occur for a significant period of time. However, a one-year acceleration in forecast cash flows of the Group\u2019s closure and rehabilitation provisions, in isolation, would result in an increase to the provision of approximately US$209 million, an increase in property, plant and equipment of US$148 million in relation to operating sites and an income statement charge of US$61 million in respect of closed sites. Key judgements and estimates Judgements: Certain contractual arrangements not in the form of a lease require the Group to apply significant judgement in evaluating whether the Group controls the right to direct the use of assets and therefore whether the contract contains a lease. Management considers all facts and circumstances in determining whether the Group or the supplier has the rights to direct how, and for what purpose, the underlying assets are used in certain mining contracts and other arrangements, including outsourcing and shipping arrangements. Judgement is used to assess which decision-making rights mostly affect the benefits of use of the assets for each arrangement. Where a contract includes the provision of non-lease services, judgement is required to identify the lease and non-lease components. Estimates: Where the Group cannot readily determine the interest rate implicit in the lease, estimation is involved in the determination of the weighted average incremental borrowing rate to measure lease liabilities. The incremental borrowing rate reflects the rates of interest a lessee would have to pay to borrow over a similar term, with similar security, the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment. Under the Group\u2019s portfolio approach to debt management, the Group does not specifically borrow for asset purchases. Therefore, the incremental borrowing rate is estimated referencing the Group\u2019s corporate borrowing portfolio and other similar rated entities, adjusted to reflect the terms and conditions of the lease (including the impact of currency, credit rating of subsidiary entering into the lease and the term of the lease), at the inception of the lease arrangement or the time of lease modification. The Group estimates stand-alone prices, where such prices are not readily observable, in order to allocate the contractual payments between lease and non-lease components. Key judgements and estimates Judgements: Judgement is required to determine the fair value of assets acquired and liabilities assumed at acquisition date in a business combination, which could have a material impact on goodwill. Estimates: The Group used the discounted cash-flow method to measure the fair value of mineral rights. Key assumptions used included commodity prices, production volumes, life of mine, cash outflows (including operating costs, capital expenditure, closure and rehabilitation costs and taxes), discount rates and risking factors. ",
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"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-730": {
"value": "Reserve estimates Reserves are estimates of the amount of product that can be demonstrated to be able to be economically and legally extracted from the Group\u2019s properties. In order to estimate reserves, assumptions are required about a range of technical and economic factors, including quantities, qualities, production techniques, recovery efficiency, production and transport costs, commodity supply and demand, commodity and carbon prices and exchange rates. Estimating the quantity and/or quality of reserves requires the size, shape and depth of ore bodies to be determined by analysing geological data, such as drilling samples and geophysical survey interpretations. Economic assumptions used to estimate reserves change from period- to-period as additional technical and operational data is generated. This process may require complex and difficult geological judgements to interpret the data. Reserve impact on financial reporting Estimates of reserves may change from period-to-period as the economic assumptions used to estimate reserves change and additional geological data is generated during the course of operations. Changes in reserves may affect the Group\u2019s financial results and financial position in a number of ways, including: \u2013 asset carrying values may be affected due to changes in estimated future production levels \u2013 depreciation, depletion and amortisation charged to the income statement may change where such charges are determined on the units of production basis, or where the useful economic lives of assets change \u2013 overburden removal costs recorded on the balance sheet or charged to the income statement may change due to changes in stripping ratios or the units of production basis of depreciation \u2013 closure and rehabilitation provisions may change where changes in estimated reserves affect expectations about the timing or cost of these activities \u2013 the carrying amount of deferred tax assets may change due to changes in estimates of the likely recovery of the tax benefits ",
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"concept": "bhp:DescriptionOfAccountingPolicyForMineralReserve",
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"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-617": {
"value": "1 Segment reporting Reportable segments The Group operated three reportable segments during FY2023, which are aligned with the commodities that are extracted and marketed and reflect the structure used by the Group\u2019s management to assess the performance of the Group. Reportable segment Principal activities Copper Mining of copper, silver, zinc, molybdenum, uranium and gold Iron Ore Mining of iron ore Coal Mining of metallurgical coal and energy coal Group and unallocated items includes functions, other unallocated operations including Potash, Nickel West, West Musgrave, legacy assets and consolidation adjustments. Revenue not attributable to reportable segments comprises the sale of freight and fuel to third parties, as well as revenues from unallocated operations. Exploration and technology activities are recognised within relevant segments. Year ended 30 June 2023 US$M Copper Iron Ore Coal Group and unallocated items/ eliminations Group total Revenue 16,027 24,812 10,958 2,020 53,817 Inter-segment revenue \u2013 \u2013 \u2013 \u2013 \u2013 Total revenue 16,027 24,812 10,958 2,020 53,817 Underlying EBITDA 6,653 16,692 4,998 (387) 27,956 Depreciation and amortisation (1,810) (1,993) (697) (561) (5,061) Impairment losses 1 (33) (28) (6) (8) (75) Underlying EBIT 4,810 14,671 4,295 (956) 22,820 Exceptional items 2 471 (295) \u2013 (64) 112 Net finance costs (1,531) Profit before taxation 21,401 Capital expenditure (cash basis) 2,698 1,966 657 1,412 6,733 Profit/(loss) from equity accounted investments, related impairments and expenses 854 (256) \u2013 (4) 594 Investments accounted for using the equity method 1,530 \u2013 \u2013 90 1,620 Total assets 40,366 25,025 11,087 24,818 101,296 Total liabilities 5,824 8,382 3,821 34,739 52,766 Year ended 30 June 2022 US$M Copper Iron Ore Coal Group and unallocated items/ eliminations Group total Revenue 16,849 30,767 15,549 1,933 65,098 Inter-segment revenue \u2212 \u2212 \u2212 \u2212 \u2212 Total revenue 16,849 30,767 15,549 1,933 65,098 Underlying EBITDA 8,565 21,707 9,504 858 40,634 Depreciation and amortisation (1,765) (2,203) (762) (953) (5,683) Impairment losses 1 (470) (33) (9) (3) (515) Underlying EBIT 6,330 19,471 8,733 (98) 34,436 Exceptional items 2 (81) (648) 849 (450) (330) Net finance costs (969) Profit before taxation 33,137 Capital expenditure (cash basis) 2,528 1,848 621 858 5,855 Profit/(loss) from equity accounted investments, related impairments and expenses 577 (595) \u2212 (1) (19) Investments accounted for using the equity method 1,415 \u2212 \u2212 5 1,420 Total assets 32,762 24,613 11,524 26,267 95,166 Total liabilities 5,342 7,790 3,874 29,394 46,400 Year ended 30 June 2021 US$M Copper Iron Ore Coal Group and unallocated items/ eliminations Group total Revenue 15,726 34,475 5,154 1,566 56,921 Inter-segment revenue \u2212 \u2212 \u2212 \u2212 \u2212 Total revenue 15,726 34,475 5,154 1,566 56,921 Underlying EBITDA 8,489 26,278 288 18 35,073 Depreciation and amortisation (1,608) (1,971) (845) (660) (5,084) Impairment losses1 (72) (13) (20) (31) (136) Underlying EBIT 6,809 24,294 (577) (673) 29,853 Exceptional items2 (144) (1,319) (1,567) (1,308) (4,338) Net finance costs (1,223) Profit before taxation 24,292 Capital expenditure (cash basis) 2,180 2,188 579 665 5,612 Profit/(loss) from equity accounted investments, related impairments and expenses 692 (1,126) (480) (1) (915) Investments accounted for using the equity method 1,482 \u2212 \u2212 260 1,742 Total assets3 31,517 26,171 11,030 40,209 108,927 Total liabilities3 4,589 7,508 3,518 37,707 53,322 1 Impairment losses exclude exceptional items of US$ nil (2022: US$ nil; 2021: US$2,371 million). 2 Exceptional items reported in Copper and Group and unallocated include fair value changes on Samarco related forward exchange derivatives of US$471 million (2022: US$(81) million; 2021: US$136 million), Samarco dam failure costs of US$(64) million (2022: US$(13) million; 2021: US$(14) million), and Samarco related other income of US$ nil (2022: US$ nil ; 2021: US$34 million). Refer to note 3 \u2018Exceptional items\u2019 for further information. 3 Group and unallocated FY2021 total assets and total liabilities include Petroleum assets and liabilities that were disclosed as part of the Petroleum segment before the merger of the Group\u2019s oil and gas portfolio with Woodside Energy Group Ltd (\u2018Woodside\u2019) in FY2022. Geographical information Revenue by location of customer 2023 US$M 2022 US$M 2021 US$M Australia 1,702 1,649 1,871 Europe 1,961 2,129 886 China 31,205 36,618 39,653 Japan 6,971 8,401 4,387 India 3,447 5,215 2,189 South Korea 2,997 4,786 3,420 Rest of Asia 3,583 4,303 2,934 North America 1,382 1,282 1,147 South America 569 715 426 Rest of world \u2013 \u2212 8 53,817 65,098 56,921 Non-current assets by location of assets 2023 US$M 2022 US$M 2021 US$M Australia 51,961 43,250 48,612 North America 5,081 3,964 9,701 South America 19,047 18,280 18,548 Rest of world 685 150 1,851 Unallocated assets1 1,171 858 3,522 77,945 66,502 82,234 1 Unallocated assets comprise deferred tax assets and other financial assets. Underlying EBITDA Underlying EBITDA is earnings before net finance costs, depreciation, amortisation and impairments, taxation expense, Discontinued operations and any exceptional items. Underlying EBITDA includes BHP\u2019s share of profit/(loss) from investments accounted for using the equity method including net finance costs, depreciation, amortisation and impairments and taxation expense/(benefit). Exceptional items are excluded from Underlying EBITDA in order to enhance the comparability of such measures from period-to-period and provide investors with further clarity in order to assess the performance of the Group\u2019s operations. Management monitors exceptional items separately. Refer to note 3 \u2018Exceptional items\u2019 for additional detail. Segment assets and liabilities Total segment assets and liabilities of reportable segments represents operating assets and operating liabilities, including the carrying amount of equity accounted investments and predominantly excludes cash balances, loans to associates, interest bearing liabilities and deferred tax balances. The carrying value of investments accounted for using the equity method represents the balance of the Group\u2019s investment in equity accounted investments, with no adjustment for any cash balances, interest bearing liabilities or deferred tax balances of the equity accounted investment. ",
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},
"fact-657": {
"value": "Geographical information Revenue by location of customer 2023 US$M 2022 US$M 2021 US$M Australia 1,702 1,649 1,871 Europe 1,961 2,129 886 China 31,205 36,618 39,653 Japan 6,971 8,401 4,387 India 3,447 5,215 2,189 South Korea 2,997 4,786 3,420 Rest of Asia 3,583 4,303 2,934 North America 1,382 1,282 1,147 South America 569 715 426 Rest of world \u2013 \u2212 8 53,817 65,098 56,921 Non-current assets by location of assets 2023 US$M 2022 US$M 2021 US$M Australia 51,961 43,250 48,612 North America 5,081 3,964 9,701 South America 19,047 18,280 18,548 Rest of world 685 150 1,851 Unallocated assets1 1,171 858 3,522 77,945 66,502 82,234 1 Unallocated assets comprise deferred tax assets and other financial assets. ",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-731": {
"value": "Underlying EBITDA Underlying EBITDA is earnings before net finance costs, depreciation, amortisation and impairments, taxation expense, Discontinued operations and any exceptional items. Underlying EBITDA includes BHP\u2019s share of profit/(loss) from investments accounted for using the equity method including net finance costs, depreciation, amortisation and impairments and taxation expense/(benefit). Exceptional items are excluded from Underlying EBITDA in order to enhance the comparability of such measures from period-to-period and provide investors with further clarity in order to assess the performance of the Group\u2019s operations. Management monitors exceptional items separately. Refer to note 3 \u2018Exceptional items\u2019 for additional detail. Segment assets and liabilities Total segment assets and liabilities of reportable segments represents operating assets and operating liabilities, including the carrying amount of equity accounted investments and predominantly excludes cash balances, loans to associates, interest bearing liabilities and deferred tax balances. The carrying value of investments accounted for using the equity method represents the balance of the Group\u2019s investment in equity accounted investments, with no adjustment for any cash balances, interest bearing liabilities or deferred tax balances of the equity accounted investment. ",
"dimensions": {
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"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-618": {
"value": "2 Revenue Revenue by segment and asset 2023 US$M 2022 US$M 2021 US$M Escondida 8,847 9,500 9,470 Pampa Norte 2,491 2,670 1,801 Copper South Australia 1 2,806 1,776 2,211 Third-party products 1,863 2,903 2,244 Other 20 \u2212 \u2212 Total Copper 2 16,027 16,849 15,726 Western Australia Iron Ore 24,678 30,632 34,337 Third-party products 21 19 18 Other 113 116 120 Total Iron Ore 24,812 30,767 34,475 BHP Mitsubishi Alliance 7,652 10,254 3,537 New South Wales Energy Coal 3,306 3,035 839 Other3 \u2013 2,260 778 Total Coal4 10,958 15,549 5,154 Group and unallocated items5 2,020 1,933 1,566 Inter-segment adjustment \u2013 \u2212 \u2212 Total revenue 53,817 65,098 56,921 1 Includes Olympic Dam as well as Prominent Hill and Carrapateena since acquisition on 2 May 2023 as part of the acquisition of OZ Minerals Ltd (OZL). 2 Total Copper revenue includes: copper US$14,902 million (2022: US$15,992 million; 2021: US$14,812 million) and other US$1,125 million (2022: US$857 million; 2021: US$914 million). Other consists of silver, zinc, molybdenum, uranium and gold. 3 Comparative periods include revenue related to BHP Mitsui Coal (BMC) divested in May 2022. 4 Total Coal revenue includes: metallurgical coal US$7,430 million (2022: US$11,990 million; 2021: US$4,260 million) and energy coal US$3,528 million (2022: US$3,559 million; 2021: US$894 million). 5 Group and unallocated items revenue includes: Nickel West US$2,009 million (2022: US$1,926 million; 2021: US$1,545 million) and other revenue US$11 million (2022: US$7 million; 2021: US$21 million). Revenue consists of revenue from contracts with customers of US$53,910 million (2022: US$65,504 million; 2021: US$55,562 million) and other revenue predominantly relating to provisionally priced sales of US$(93) million (2022: US$(406) million; 2021: US$1,359 million). Recognition and measurement The Group generates revenue from the production and sale of commodities. Revenue is recognised when or as control of the promised goods or services passes to the customer. In most instances, control passes when the goods are delivered to a destination specified by the customer, typically on board the customer\u2019s appointed vessel. Revenue from the provision of services is recognised over time as the services are provided, but does not represent a significant proportion of total revenue and is aggregated with the respective asset and product revenue for disclosure purposes. The amount of revenue recognised reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services. Where the Group\u2019s sales are provisionally priced, the final price depends on future index prices. The amount of revenue initially recognised is based on the relevant forward market price. Adjustments between the provisional and final price are accounted for under IFRS 9/AASB 9 \u2018Financial Instruments\u2019 (IFRS 9), separately recorded as other revenue and presented as part of the total revenue of each asset. The period between provisional pricing and final invoicing is typically between 60 and 120 days. Revenue from the sale of significant by-products is included within revenue. Where a by-product is not significant, revenue is credited against costs. The Group applies the following practical expedients: \u2013 expected consideration is not adjusted for the effects of the time value of money if the period between the delivery and when the customer pays for the promised good or service is one year or less \u2013 no disclosure is provided for information relating to unfulfilled performance obligations, either due to the expected duration of the contract term being one year or less, or for longer term contracts, because the entity has a right to consideration (and can recognise revenue) for goods delivered ",
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"fact-658": {
"value": "Revenue consists of revenue from contracts with customers of US$53,910 million (2022: US$65,504 million; 2021: US$55,562 million) and other revenue predominantly relating to provisionally priced sales of US$(93) million (2022: US$(406) million; 2021: US$1,359 million). ",
"dimensions": {
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-732": {
"value": "Recognition and measurement The Group generates revenue from the production and sale of commodities. Revenue is recognised when or as control of the promised goods or services passes to the customer. In most instances, control passes when the goods are delivered to a destination specified by the customer, typically on board the customer\u2019s appointed vessel. Revenue from the provision of services is recognised over time as the services are provided, but does not represent a significant proportion of total revenue and is aggregated with the respective asset and product revenue for disclosure purposes. The amount of revenue recognised reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services. Where the Group\u2019s sales are provisionally priced, the final price depends on future index prices. The amount of revenue initially recognised is based on the relevant forward market price. Adjustments between the provisional and final price are accounted for under IFRS 9/AASB 9 \u2018Financial Instruments\u2019 (IFRS 9), separately recorded as other revenue and presented as part of the total revenue of each asset. The period between provisional pricing and final invoicing is typically between 60 and 120 days. Revenue from the sale of significant by-products is included within revenue. Where a by-product is not significant, revenue is credited against costs. The Group applies the following practical expedients: \u2013 expected consideration is not adjusted for the effects of the time value of money if the period between the delivery and when the customer pays for the promised good or service is one year or less \u2013 no disclosure is provided for information relating to unfulfilled performance obligations, either due to the expected duration of the contract term being one year or less, or for longer term contracts, because the entity has a right to consideration (and can recognise revenue) for goods delivered ",
"dimensions": {
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"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-619": {
"value": "3 Exceptional items Exceptional items are those gains or losses where their nature, including the expected frequency of the events giving rise to them, and impact is considered material to the Financial Statements. Such items included within the Group\u2019s profit from Continuing operations for the year are detailed below. Exceptional items attributable to Discontinued operations are detailed in note 28 \u2018Discontinued operations\u2019. Year ended 30 June 2023 Gross US$M Tax US$M Net US$M Exceptional items by category Samarco dam failure (340) 17 (323) Chilean tax reform \u2013 (283) (283) Total (340) (266) (606) Attributable to non-controlling interests \u2013 (107) (107) Attributable to BHP shareholders (340) (159) (499) Samarco Minera\u00e7\u00e3o S.A. (Samarco) dam failure The loss of US$323 million (after tax) relates to the Samarco dam failure, which occurred in November 2015, and comprises the following: Year ended 30 June 2023 US$M Other income \u2013 Expenses excluding net finance costs: Costs incurred directly by BHP Brasil and other BHP entities in relation to the Samarco dam failure (103) Profit/(loss) from equity accounted investments, related impairments and expenses: Samarco dam failure provision (256) Fair value change on forward exchange derivatives 471 Net finance costs (452) Income tax benefit 17 Total1 (323) 1 Refer to note 4 \u2018Significant events \u2013 Samarco dam failure\u2019 for further information. Chilean tax reform On 17 May 2023, the Chilean Lower House approved a Royalty Bill which will implement a 1 per cent royalty on revenues, a margin based tax with rates ranging between 8 per cent and 26 per cent, and a 46.5 per cent cap to the overall Chilean tax burden of mining companies. The President of the Lower House formally declared the legislative process complete on 12 June 2023, following receipt of the Chilean President\u2019s formal confirmation that he had waived his veto power to oppose any of the provisions of the Royalty Bill. On 13 July 2023, the Constitutional Court finalised its review of certain aspects of the Royalty Bill, relating only to the distribution of proceeds. Applying judgement, it was determined that the proposed tax rates were substantively enacted prior to 30 June 2023, as the scope of the Constitutional Court review did not extend to reviewing the tax rates. While the timing of when the Group\u2019s operations will be impacted by the reform depends on existing stability agreements, relevant deferred tax positions have been remeasured by US$283 million in the Group\u2019s FY2023 financial statements. The exceptional items relating to the years ended 30 June 2022 and 30 June 2021 are detailed below. 30 June 2022 Year ended 30 June 2022 Gross US$M Tax US$M Net US$M Exceptional items by category Samarco dam failure (1,032) (31) (1,063) Impairment of US deferred tax assets \u2212 (423) (423) Corporate structure unification costs (428) \u2212 (428) BHP Mitsui Coal (BMC) gain on disposal 840 \u2212 840 Total (620) (454) (1,074) Attributable to non-controlling interests \u2212 \u2212 \u2212 Attributable to BHP shareholders (620) (454) (1,074) Samarco Minera\u00e7\u00e3o S.A. (Samarco) dam failure The loss of US$1,063 million related to the Samarco dam failure, which occurred in November 2015, and comprises the following: Year ended 30 June 2022 US$M Other income \u2212 Expenses excluding net finance costs: Costs incurred directly by BHP Brasil and other BHP entities in relation to the Samarco dam failure (66) Profit/(loss) from equity accounted investments, related impairments and expenses: Samarco impairment expense \u2212 Samarco dam failure provision (595) Fair value change on forward exchange derivatives (81) Net finance costs (290) Income tax expense (31) Total 1 (1,063) 1 Refer to note 4 \u2018Significant events \u2013 Samarco dam failure\u2019 for further information. Impairment of US deferred tax assets The Group recognised an impairment charge of US$423 million (after tax) in relation to deferred tax assets where the recoverability had historically been reliant on Petroleum earnings in the same tax group. While these tax assets remained with the Group following the merger of the Group\u2019s oil and gas portfolio with Woodside, the impairment charge reflected the extent of other forecasted future earnings against which the assets can be recovered. Corporate structure unification costs The Group incurred transaction costs associated with the unification of the Group corporate structure under its existing Australian parent company, BHP Group Limited, which was completed on 31 January 2022. BHP Mitsui Coal (BMC) gain on disposal On 3 May 2022 the Group sold its 80 per cent interest in BHP Mitsui Coal Pty Ltd (BMC) to Stanmore SMC Holdings Pty Ltd, a wholly owned subsidiary of Stanmore Resources Limited (Stanmore Resources). Stanmore Resources paid US$1.1 billion cash consideration at completion plus a preliminary completion adjustment of US$218 million for working capital. Deferred consideration of US$222 million comprised US$100 million in cash, outstanding at 30 June 2022 and subsequently received on 3 November 2022, with potential for an additional amount of up to US$150 million (US$122 million discounted) in a price-linked earnout payable in the 2024 calendar year. Details of the gain on disposal is as follows: US$M BHP share of net assets disposed 631 Gross consideration 1,318 Transaction and other directly applicable costs (69) Income tax expense \u2212 Deferred consideration 222 Gain on disposal 840 30 June 2021 Year ended 30 June 2021 Gross US$M Tax US$M Net US$M Exceptional items by category Samarco dam failure (1,087) (71) (1,158) COVID-19 related costs (499) 138 (361) Impairment of Energy coal assets (1,523) (651) (2,174) Impairment of Potash assets (1,314) (473) (1,787) Total (4,423) (1,057) (5,480) Attributable to non-controlling interests (34) 10 (24) Attributable to BHP shareholders (4,389) (1,067) (5,456) Samarco Minera\u00e7\u00e3o S.A. (Samarco) dam failure The loss of US$1,158 million related to the Samarco dam failure, which occurred in November 2015, and comprises the following: Year ended 30 June 2021 US$M Other income 34 Expenses excluding net finance costs: Costs incurred directly by BHP Brasil and other BHP entities in relation to the Samarco dam failure (46) Profit/(loss) from equity accounted investments, related impairments and expenses: Samarco impairment expense (111) Samarco dam failure provision (1,015) Fair value change on forward exchange derivatives 136 Net finance costs (85) Income tax expense (71) Total1 (1,158) 1 Refer to note 4 \u2018Significant events \u2013 Samarco dam failure\u2019 for further information. COVID-19 related costs The exceptional item reflects the directly attributable COVID-19 pandemic related additional costs for the Group for FY2021, including costs associated with the increased provision of health and hygiene services, the impacts of maintaining social distancing requirements and demurrage and other standby charges related to delays caused by COVID-19. At the time, COVID-19 was considered a single protracted globally pervasive event. However, as the pandemic has continued to evolve, certain impacts that were initially considered to be potentially short-term in nature are now expected to continue over a number of reporting periods. These activities are now considered to be part of business as usual operations and, as such, from FY2022 any incremental costs have not been classified as an exceptional item. Impairment of Energy coal assets The Group recognised an impairment charge of US$1,704 million (after tax) in relation to New South Wales Energy Coal (NSWEC) reflecting the status of the divestment process and current market conditions for thermal coal, the strengthening Australian dollar and changes to the mine plan. In addition, the Group recognised an impairment charge of US$470 million (after tax) for Cerrej\u00f3n, reflecting the expected net sales proceeds. Impairment of Potash assets The Group recognised an impairment charge of US$1,787 million (after tax) in relation to Potash. The impairment charge reflected an analysis of market perspectives and the value that we expected a market participant to attribute to our investments to date. ",
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"fact-733": {
"value": "Exceptional items are those gains or losses where their nature, including the expected frequency of the events giving rise to them, and impact is considered material to the Financial Statements. Such items included within the Group\u2019s profit from Continuing operations for the year are detailed below. Exceptional items attributable to Discontinued operations are detailed in note 28 \u2018Discontinued operations\u2019. ",
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"fact-620": {
"value": "4 Significant events \u2013 Samarco dam failure On 5 November 2015, the Samarco Minera\u00e7\u00e3o S.A. (Samarco) iron ore operation in Minas Gerais, Brazil, experienced a tailings dam failure that resulted in a release of mine tailings, flooding the communities of Bento Rodrigues, Gesteira and Paracatu and impacting other communities downstream (the Samarco dam failure). Refer to section on \u2018Samarco\u2019 in the Operating and Financial Review. Samarco is jointly owned by BHP Billiton Brasil Ltda (BHP Brasil) and Vale S.A. (Vale). BHP Brasil\u2019s 50 per cent interest is accounted for as an equity accounted joint venture investment. BHP Brasil does not separately recognise its share of the underlying assets and liabilities of Samarco, but instead records the investment as one line on the balance sheet. Each period, BHP Brasil recognised its 50 per cent share of Samarco\u2019s profit or loss and adjusted the carrying value of the investment in Samarco accordingly. Such adjustment continued until the investment carrying value was reduced to US$ nil, with any additional share of Samarco losses only recognised to the extent that BHP Brasil has an obligation to fund the losses. After applying equity accounting, any remaining carrying value of the investment is tested for impairment. Any charges relating to the Samarco dam failure incurred directly by BHP Brasil or other BHP entities are recognised 100 per cent in the Group\u2019s results. The financial impacts of the Samarco dam failure on the Group\u2019s income statement, balance sheet and cash flow statement for the year ended 30 June 2023 are shown in the tables below and have been treated as an exceptional item. Financial impacts of Samarco dam failure 2023 US$M 2022 US$M 2021 US$M Income statement Other income1 \u2013 \u2212 34 Expenses excluding net finance costs: Costs incurred directly by BHP Brasil and other BHP entities in relation to the Samarco dam failure2 (103) (66) (46) Profit/(loss) from equity accounted investments, related impairments and expenses: Samarco impairment expense3 \u2013 \u2212 (111) Samarco dam failure provision 4 (256) (595) (1,015) Fair value change on forward exchange derivatives5 471 (81) 136 Profit/(loss) from operations 112 (742) (1,002) Net finance costs6 (452) (290) (85) Loss before taxation (340) (1,032) (1,087) Income tax benefit/(expense) 7 17 (31) (71) Loss after taxation (323) (1,063) (1,158) Balance sheet movement Trade and other payables (6) (1) (5) Derivatives 337 (160) 136 Tax liabilities 17 (31) (71) Provisions (260) (629) (741) Net decrease/(increase) in liabilities 88 (821) (681) 2023 US$M 2022 US$M 2021 US$M Cash flow statement Loss before taxation (340) (1,032) (1,087) Adjustments for: Samarco impairment expense3 \u2013 \u2212 111 Samarco dam failure provision4 256 595 1,015 Fair value change on forward exchange derivatives5 (471) 81 (136) Proceeds of cash management related instruments 134 79 \u2013 Net finance costs6 452 290 85 Changes in assets and liabilities: Trade and other payables 6 1 5 Net operating cash flows 37 14 (7) Net investment and funding of equity accounted investments8 (448) (256) (470) Net investing cash flows (448) (256) (470) Net decrease in cash and cash equivalents (411) (242) (477) 1 Proceeds from insurance settlements. 2 Includes legal and advisor costs incurred. 3 Impairment expense from working capital funding provided during the period. 4 US$(33) million (2022: US$691 million; 2021: US$836 million) change in estimate and US$289 million (2022: US$(96) million; 2021: US$179 million) exchange translation. 5 The Group enters into forward exchange contracts to limit the Brazilian reais exposure on the dam failure provision. While not applying hedge accounting, the fair value changes in the forward exchange instruments are recorded within Profit/(loss) from equity accounted investments, related impairments and expenses in the Income Statement. 6 Amortisation of discounting of provision. 7 Includes tax on forward exchange derivatives and other taxes incurred during the period. 8 Includes US$ nil (2022: US$ nil; 2021: US$(111) million) funding provided during the period and US$(448) million (2022: US$(256) million; 2021: US$(359) million) utilisation of the Samarco dam failure provision. Equity accounted investment in Samarco BHP Brasil\u2019s investment in Samarco remains at US$ nil. No dividends have been received by BHP Brasil from Samarco during the period and Samarco currently does not have profits available for distribution. Provision related to the Samarco dam failure 2023 US$M 2022 US$M At the beginning of the financial year 3,421 2,792 Movement in provision 260 629 Comprising: Utilised (448) (256) Adjustments charged to the income statement: Change in cost estimate (33) 691 Amortisation of discounting impacting net finance costs 452 290 Exchange translation 289 (96) At the end of the financial year 3,681 3,421 Comprising: Current 1,876 1,815 Non-current 1,805 1,606 At the end of the financial year 3,681 3,421 Samarco dam failure provision and contingencies As at 30 June 2023, BHP Brasil has identified a provision and certain contingent liabilities arising as a consequence of the Samarco dam failure. The provision only reflects the future cost estimates associated with the delivery of programs set out in the Framework Agreement (see below). Contingent liabilities will only be resolved when one or more uncertain future events occur or related impacts become capable of reliable measurement and, as such, determination of contingent liabilities disclosed in the financial statements requires significant judgement regarding the outcome of future events. A number of the claims below do not specify the amount of damages sought and, where this is specified, amounts could change as the matter progresses. Ultimately, future changes in all those matters for which a provision has been recognised or contingent liability disclosed could have a material adverse impact on BHP\u2019s business, competitive position, cash flows, prospects, liquidity and shareholder returns. The following table summarises the current status of significant ongoing matters relating to the Samarco dam failure, along with developments during the financial year, and the associated treatment in the Financial Statements: Item Provision Contingent liability Samarco dam failure \u2013 Framework Agreement On 2 March 2016, BHP Brasil, Samarco and Vale entered into a Framework Agreement with the Federal Government of Brazil, the states of Espirito Santo and Minas Gerais, and certain other public authorities to establish a foundation (Funda\u00e7\u00e3o Renova) that is developing and executing environmental and socio-economic programs (Programs) to remediate and provide compensation for damage caused by the Samarco dam failure (the Framework Agreement). Key programs include those for financial assistance and compensation of impacted persons and those for remediation of impacted areas and resettlement of impacted communities. Samarco has primary responsibility for funding Funda\u00e7\u00e3o Renova with each of BHP Brasil and Vale having secondary funding obligations in proportion to their 50 per cent shareholding in Samarco. While Samarco has recommenced operations, Samarco\u2019s long-term cash flow generation remains highly sensitive to factors including returning to full production capacity, commodity prices and foreign exchange rates. Further, under the proposed resolution to the Samarco Judicial Reorganisation (refer to Samarco Judicial Reorganisation below), Samarco\u2019s funding of Funda\u00e7\u00e3o Renova would be capped at US$1 billion for the period CY2024 to CY2030. Given the proposed Samarco funding cap and uncertainty associated with Samarco\u2019s long-term cash flow generation, BHP Brasil has recognised a provision reflecting the Group\u2019s current best estimate of the costs to be incurred in completing the Programs under the Framework Agreement. Uncertainty exists around the scope and cost of the programs, including as a result of ongoing legal actions in relation to the number of individuals eligible for compensation and the amount of damages to which they are entitled. Further, the provision reflects only the estimated cost of completing the Programs as the Group is unable to provide a range of possible outcomes or a reliable estimate of other existing or future claims (as outlined below). Federal Public Prosecution Office claim BHP Brasil is among the defendants named in a claim brought by the Federal Public Prosecution Office on 3 May 2016, seeking R$155 billion (approximately US$32 billion) for reparation, compensation and moral damages in relation to the Samarco dam failure. Under a Governance Agreement ratified on 8 August 2018, BHP Brasil, Samarco and Vale were to establish a process to renegotiate the Programs over two years with the Federal and State prosecutors to progress settlement of this claim. The Federal Public Prosecution Office claim was suspended from the date of ratification of the Governance Agreement and, although the suspension period has formally elapsed, no material development has occurred. Since early CY2021, the parties have been engaging in negotiations to seek a settlement of obligations under the Framework Agreement and Federal Public Prosecution Office claim. Outcomes of the negotiations are highly uncertain, and it is therefore not possible to provide a reliable estimate of potential outcomes and there is a risk that a negotiated outcome may be materially higher than the cost estimates of delivering the programs under the Framework Agreement. BHP Brasil, Samarco and Vale maintain security, as required by the Governance Agreement, with the security currently comprising insurance bonds and a charge over certain Samarco assets. Australian class action complaint BHP Group Limited is named as a defendant in a shareholder class action filed in the Federal Court of Australia on behalf of persons who acquired shares in BHP Group Limited on the Australian Securities Exchange (ASX) or shares in BHP Group Plc (now BHP Group (UK) Ltd) on the London Stock Exchange (LSE) and Johannesburg Stock Exchange (JSE) in periods prior to the Samarco dam failure. The amount of damages sought is unspecified. Item Provision Contingent liability United Kingdom group action complaint BHP Group (UK) Ltd (formerly BHP Group Plc) and BHP Group Limited are named as defendants in group action claims for damages filed in the courts of England. These claims were filed on behalf of certain individuals, governments, businesses and communities in Brazil allegedly impacted by the Samarco dam failure. The amount of damages sought in these claims is unspecified. A trial in relation to BHP\u2019s liability for the dam failure is listed for October 2024. In December 2022, the BHP defendants filed their defence and a contribution claim against Vale. The contribution claims contends that if BHP\u2019s defence is not successful and the BHP defendants are ordered to pay damages to the claimants, Vale should contribute to any amount payable. Vale contested the jurisdiction of the English courts to determine this contribution claim, with the court dismissing Vale\u2019s application on 7 August 2023. Subject to the outcome of any appeals by Vale in relation to jurisdiction and directions from the Court, the contribution claim will proceed in the UK. Criminal charges The Federal Prosecutors\u2019 Office has filed criminal charges against BHP Brasil, Samarco and Vale and certain employees and former employees of BHP Brasil (Affected Individuals) in the Federal Court of Ponte Nova, Minas Gerais. BHP Brasil rejects outright the charges against the company and the Affected Individuals and is defending itself from all charges while fully supporting each of the Affected Individuals in their defence of the charges. Civil public action commenced by Associations concerning the use of TANFLOC for water treatment The Vila Lenira Residents Association, State of Espirito Santo Rural Producers and Artisans Association, Colatina Velha Neighbourhood Residents Association, and United for the Progress of Palmeiras Neighbourhood Association have filed a lawsuit against Samarco, BHP Brasil and Vale and others, including the State of Minas Gerais, the State of Espirito Santo and the Federal Government. The plaintiffs allege that the defendants carried out a clandestine study on the citizens of the locations affected by the Fund\u00e3o Dam Failure, using TANFLOC \u2013 a tannin-based flocculant/coagulant \u2013 that is currently used for wastewater treatment applications. The plaintiffs claim that this product allegedly put the population at risk due to its alleged experimental qualities. The plaintiffs are seeking multiple kinds of relief \u2013 material damages, moral damages, loss of profits \u2013 and that the defendants should pay for water supply in all locations where there is no water source other than the Doce River. The defendants have presented their defences and the Court\u2019s decision is still pending. Other claims BHP Brasil is among the companies named as defendants in a number of legal proceedings initiated by individuals, non-governmental organisations, corporations and governmental entities in Brazilian Federal and State courts following the Samarco dam failure. The other defendants include Vale, Samarco and Funda\u00e7\u00e3o Renova. The lawsuits include claims for compensation, environmental reparation and violations of Brazilian environmental and other laws, among other matters. The lawsuits seek various remedies including reparation costs, compensation to injured individuals and families of the deceased, recovery of personal and property losses, moral damages and injunctive relief. In addition, government inquiries and investigations relating to the Samarco dam failure have been commenced by numerous agencies of the Brazilian government and are ongoing. Additional lawsuits and government investigations relating to the Samarco dam failure could be brought against BHP Brasil and other BHP entities in Brazil or other jurisdictions. Commitments Under the terms of the Samarco joint venture agreement, BHP Brasil does not have an existing obligation to fund Samarco. However, BHP Brasil has agreed to fund a total of up to US$915 million for the Funda\u00e7\u00e3o Renova programs during calendar year 2023. Any additional requests for funding or future investment provided would be subject to a future decision by BHP Brasil, accounted for at that time. Samarco judicial reorganisation Samarco filed for Judicial Reorganisation (JR) in April 2021, with the Second Business State Court for the Belo Horizonte District of Minas Gerais, State of Minas Gerais, Brazil (JR Court), after multiple enforcement actions taken by certain financial creditors of Samarco which threatened Samarco\u2019s operations. The JR is an insolvency proceeding that provides a means for Samarco to seek to restructure its financial debts and establish a stable financial position that allows Samarco to continue to rebuild its operations and strengthen its ability to meet its Funda\u00e7\u00e3o Renova related funding obligations. Samarco\u2019s operations have continued during the JR proceeding. On 31 May 2023, Samarco, BHP Brasil and Vale entered into a Restructuring Support Agreement (RSA) with certain Samarco financial creditors. The RSA outlines the proposed parameters for a restructure of Samarco\u2019s financial debts, to be implemented through a consensual judicial reorganisation plan (Consensual Plan), subject to approval by the creditors of Samarco and ratification by the JR Court. On 28 July 2023, Samarco and one of the financial creditors jointly filed the Consensual Plan with the JR Court, that aims at implementing and is consistent with the transactions contemplated in the RSA. Concurrent with the filing of the Consensual Plan, the parties also filed terms of adhesion that demonstrate approval of the Consensual Plan by the majority of Samarco\u2019s creditors as required under Brazilian Bankruptcy Law. Once ratified by the JR Court and confirmed by the United States Bankruptcy Court for the Southern District of New York, the Samarco debt restructure, including payments to Samarco employees and suppliers as stipulated in the Plan and the issuance of new debt instruments to financial creditors is expected to be executed in the first half of FY2024. The proposed terms of the Plan are not expected to impact Funda\u00e7\u00e3o Renova\u2019s ability to undertake the remediation and compensation Programs. Samarco\u2019s funding of Renova is proposed to be capped at US$1 billion for the period CY2024 to CY2030. BHP Brasil has considered this proposed cap, along with Samarco\u2019s long-term forecast cash flows, when determining the dam failure related provision at 30 June 2023. Key judgements and estimates Judgements: The outcomes of litigation are inherently difficult to predict and significant judgement has been applied in assessing the likely outcome of legal claims and determining which legal claims require recognition of a provision or disclosure of a contingent liability. The facts and circumstances relating to these cases are regularly evaluated in determining whether a provision for any specific claim is required. Management has determined that a provision can only be recognised for obligations under the Framework Agreement as at 30 June 2023. It is not yet possible to provide a range of possible outcomes or a reliable estimate of potential future exposures to BHP in connection to the contingent liabilities noted above, given their status. Estimates: The provision for the Samarco dam failure reflects the Group\u2019s estimate of the remaining costs to complete Programs under the Framework Agreement and requires the use of significant judgements, estimates and assumptions. Based on current estimates, it is expected that approximately 85 per cent of remaining costs for Programs under the Framework Agreement will be incurred by June 2025, largely attributable to the finalisation of the resettlement program and closure of the Novel system (application system for impacted individuals to lodge compensation claims). While the provision has been measured based on the latest information available as at 30 June 2023, changes in facts and circumstances are likely in future reporting periods and may lead to material revisions to these estimates. However, it is currently not possible to determine what facts and circumstances may change, therefore revisions in future reporting periods due to the key estimates and factors outlined below cannot be reliably measured. The key estimates that may have a material impact upon the provision in the next and future reporting periods include the: \u2013 number of people eligible for financial assistance and compensation and the corresponding amount of expected compensation; and \u2013 costs to complete key infrastructure programs. The provision may also be affected by factors including but not limited to: \u2013 potential changes in scope of work and funding amounts required under the Framework Agreement including the impact of further technical analysis, community participation required under the Governance Agreement and rulings made by the Federal Court; \u2013 the outcome of ongoing negotiations with State and Federal Prosecutors, including review of Funda\u00e7\u00e3o Renova\u2019s Programs as provided in the Governance Agreement; \u2013 actual costs incurred; \u2013 updates to discount and foreign exchange rates; and \u2013 the outcomes of Samarco\u2019s judicial reorganisation and resolution of uncertainty in respect of the nature and extent of Samarco\u2019s long-term cash generation. In addition, the provision may be impacted by decisions in, or resolution of, existing and potential legal claims in Brazil and other jurisdictions, including the outcome of the United Kingdom group action and the negotiations seeking a definitive and substantive settlement of the obligations under the Framework Agreement and the R$155 billion (approximately US$32 billion) Federal Public Prosecution Office claim. Outcomes of the negotiations are highly uncertain and it is therefore not possible to provide a reliable estimate of potential outcomes. Given these factors, future actual cash outflows may differ from the amounts currently provided and changes to any of the key assumptions and estimates outlined above could result in a material impact to the provision in the next and future reporting periods. The following section includes disclosure of amounts recognised or disclosed by Samarco in its financial statements for matters to which Samarco (and not the Group) is a party. Samarco Dam failure related provision and contingencies In addition to its obligations under the Framework Agreement as at 30 June 2023, Samarco has recognised a provision of US$0.4 billion (30 June 2022: US$0.3 billion), based on currently available information. The magnitude, scope and timing of these additional costs are subject to a high degree of uncertainty and Samarco has indicated that it anticipates that it will incur future costs beyond those provided. These uncertainties are likely to continue for a significant period and changes to key assumptions could result in a material change to the amount of the provision in future reporting periods. Any such unrecognised obligations are therefore contingent liabilities and, at present, it is not practicable to estimate their magnitude or possible timing of payment. Accordingly, it is also not possible to provide a range of possible outcomes or a reliable estimate of total potential future exposures at this time. Samarco is also named as a defendant in a number of other legal proceedings initiated by individuals, non-governmental organisations, corporations and governmental entities in Brazilian Federal and State courts following the Samarco dam failure. The lawsuits include claims for compensation, environmental rehabilitation and violations of Brazilian environmental and other laws, among other matters. The lawsuits seek various remedies including rehabilitation costs, compensation to injured individuals and families of the deceased, recovery of personal and property losses, moral damages and injunctive relief. In addition, government inquiries and investigations relating to the Samarco dam failure have been commenced by numerous agencies of the Brazilian government and are ongoing. Given the status of proceedings it is not possible to provide a range of possible outcomes or a reliable estimate of total potential future exposures to Samarco. Additional lawsuits and government investigations relating to the Samarco dam failure could be brought against Samarco. Samarco insurance Samarco has standalone insurance policies in place with Brazilian and global insurers. Insurers\u2019 loss adjusters or claims representatives continue to investigate and assist with the claims process for matters not yet settled. As at 30 June 2023, an insurance receivable has not been recognised by Samarco in respect of ongoing matters. Samarco commitments At 30 June 2023, Samarco has commitments of US$1.0 billion (30 June 2022: US$0.7 billion). Following the dam failure, Samarco invoked force majeure clauses in a number of long-term contracts with suppliers and service providers to suspend contractual obligations. Samarco non-dam failure related provisions and contingent liabilities The following non-dam failure related matters pre-date and are unrelated to the Samarco dam failure. Samarco is currently contesting both of these matters in the Brazilian courts. Given the status of these tax matters, the timing of resolution and potential economic outflow for Samarco is uncertain. Brazilian Social Contribution Levy Samarco has received tax assessments for the alleged non-payment of Brazilian Social Contribution Levy for the calendar years 2007- 2014. Based on its assessment of currently available information as at 30 June 2023, Samarco recognised gross provisions of US$1.1 billion, US$0.9 billion net of US$0.2 billion court deposits paid (30 June 2022: nil) and disclosed contingent liabilities of US$0.2 billion (30 June 2022: US $1.2 billion). As at 30 June 2023, BHP Brasil\u2019s 50% share of the impact of the provision recognised by Samarco is reflected in the Group\u2019s equity accounting for Samarco. Brazilian corporate income tax rate Samarco has received tax assessments, and disclosed contingent liabilities, for alleged incorrect calculation of Corporate Income Tax (IRPJ) in respect of the 2000-2003 and 2007-2014 income years totalling approximately US$1.1 billion (30 June 2022: US$0.9 billion). ",
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"fact-659": {
"value": "Provision related to the Samarco dam failure 2023 US$M 2022 US$M At the beginning of the financial year 3,421 2,792 Movement in provision 260 629 Comprising: Utilised (448) (256) Adjustments charged to the income statement: Change in cost estimate (33) 691 Amortisation of discounting impacting net finance costs 452 290 Exchange translation 289 (96) At the end of the financial year 3,681 3,421 Comprising: Current 1,876 1,815 Non-current 1,805 1,606 At the end of the financial year 3,681 3,421 ",
"dimensions": {
"concept": "bhp:DisclosureOfSamarcoProvision",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-711": {
"value": "5 Expenses and other income 2023 US$M 2022 US$M 2021 US$M Employee benefits expense: Wages and salaries 4,539 4,197 4,018 Employee share awards 97 109 88 Social security costs 4 4 3 Pension and other post-retirement obligations 339 338 274 Less employee benefits expense classified as exploration and evaluation expenditure (35) (30) (26) Changes in inventories of finished goods and work in progress 301 (774) (321) Raw materials and consumables used 6,710 5,991 4,899 Freight and transportation 2,299 2,319 1,900 External services 4,768 4,525 4,640 Third-party commodity purchases 1,878 2,959 2,220 Net foreign exchange (gains)/losses (197) (326) 293 Fair value change on derivatives1 135 (29) 87 Government royalties paid and payable 3,841 4,014 3,080 Exploration and evaluation expenditure incurred and expensed in the current period 294 199 134 Depreciation and amortisation expense 5,061 5,683 5,084 Net impairments: Property, plant and equipment 73 515 2,474 Goodwill and other intangible assets 2 \u2212 33 All other operating expenses 1,764 2,677 1,991 Total expenses 31,873 32,371 30,871 Insurance recoveries \u2013 (4) (46) (Gain)/loss on disposal of subsidiaries and operations 2 (8) (840) 2 Dividend income3 (19) (241) (2) Other income4 (367) (313) (334) Total other income (394) (1,398) (380) 1 Fair value change on derivatives is principally related to commodity price contracts, foreign exchange contracts and embedded derivatives used in the ordinary course of business as well as derivatives used as part of the funding of dividends. 2 Mainly relates to the divestment of BMC in FY2022. Refer to note 3 \u2018Exceptional items\u2019 for further information. 3 During FY2022, the Group received dividends of US$238 million from Cerrej\u00f3n, which reduced completion proceeds net of transaction costs to US$50 million. On 11 January 2022, BHP completed the sale of its 33.33 per cent interest in Cerrej\u00f3n to joint venture partner, Glencore plc. 4 Other income is generally income earned from transactions outside the course of the Group\u2019s ordinary activities and may include certain management fees from non-controlling interests and joint arrangements, royalties and commission income.",
"dimensions": {
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"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-695": {
"value": "5 Expenses and other income 2023 US$M 2022 US$M 2021 US$M Employee benefits expense: Wages and salaries 4,539 4,197 4,018 Employee share awards 97 109 88 Social security costs 4 4 3 Pension and other post-retirement obligations 339 338 274 Less employee benefits expense classified as exploration and evaluation expenditure (35) (30) (26) Changes in inventories of finished goods and work in progress 301 (774) (321) Raw materials and consumables used 6,710 5,991 4,899 Freight and transportation 2,299 2,319 1,900 External services 4,768 4,525 4,640 Third-party commodity purchases 1,878 2,959 2,220 Net foreign exchange (gains)/losses (197) (326) 293 Fair value change on derivatives1 135 (29) 87 Government royalties paid and payable 3,841 4,014 3,080 Exploration and evaluation expenditure incurred and expensed in the current period 294 199 134 Depreciation and amortisation expense 5,061 5,683 5,084 Net impairments: Property, plant and equipment 73 515 2,474 Goodwill and other intangible assets 2 \u2212 33 All other operating expenses 1,764 2,677 1,991 Total expenses 31,873 32,371 30,871 Insurance recoveries \u2013 (4) (46) (Gain)/loss on disposal of subsidiaries and operations 2 (8) (840) 2 Dividend income3 (19) (241) (2) Other income4 (367) (313) (334) Total other income (394) (1,398) (380) 1 Fair value change on derivatives is principally related to commodity price contracts, foreign exchange contracts and embedded derivatives used in the ordinary course of business as well as derivatives used as part of the funding of dividends. 2 Mainly relates to the divestment of BMC in FY2022. Refer to note 3 \u2018Exceptional items\u2019 for further information. 3 During FY2022, the Group received dividends of US$238 million from Cerrej\u00f3n, which reduced completion proceeds net of transaction costs to US$50 million. On 11 January 2022, BHP completed the sale of its 33.33 per cent interest in Cerrej\u00f3n to joint venture partner, Glencore plc. 4 Other income is generally income earned from transactions outside the course of the Group\u2019s ordinary activities and may include certain management fees from non-controlling interests and joint arrangements, royalties and commission income. Recognition and measurement Other income is recognised when it is probable that the economic benefits associated with a transaction will flow to the Group and can be reliably measured. Dividend income is recognised upon declaration. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-621": {
"value": "5 Expenses and other income 2023 US$M 2022 US$M 2021 US$M Employee benefits expense: Wages and salaries 4,539 4,197 4,018 Employee share awards 97 109 88 Social security costs 4 4 3 Pension and other post-retirement obligations 339 338 274 Less employee benefits expense classified as exploration and evaluation expenditure (35) (30) (26) Changes in inventories of finished goods and work in progress 301 (774) (321) Raw materials and consumables used 6,710 5,991 4,899 Freight and transportation 2,299 2,319 1,900 External services 4,768 4,525 4,640 Third-party commodity purchases 1,878 2,959 2,220 Net foreign exchange (gains)/losses (197) (326) 293 Fair value change on derivatives1 135 (29) 87 Government royalties paid and payable 3,841 4,014 3,080 Exploration and evaluation expenditure incurred and expensed in the current period 294 199 134 Depreciation and amortisation expense 5,061 5,683 5,084 Net impairments: Property, plant and equipment 73 515 2,474 Goodwill and other intangible assets 2 \u2212 33 All other operating expenses 1,764 2,677 1,991 Total expenses 31,873 32,371 30,871 Insurance recoveries \u2013 (4) (46) (Gain)/loss on disposal of subsidiaries and operations 2 (8) (840) 2 Dividend income3 (19) (241) (2) Other income4 (367) (313) (334) Total other income (394) (1,398) (380) 1 Fair value change on derivatives is principally related to commodity price contracts, foreign exchange contracts and embedded derivatives used in the ordinary course of business as well as derivatives used as part of the funding of dividends. 2 Mainly relates to the divestment of BMC in FY2022. Refer to note 3 \u2018Exceptional items\u2019 for further information. 3 During FY2022, the Group received dividends of US$238 million from Cerrej\u00f3n, which reduced completion proceeds net of transaction costs to US$50 million. On 11 January 2022, BHP completed the sale of its 33.33 per cent interest in Cerrej\u00f3n to joint venture partner, Glencore plc. 4 Other income is generally income earned from transactions outside the course of the Group\u2019s ordinary activities and may include certain management fees from non-controlling interests and joint arrangements, royalties and commission income. Recognition and measurement Other income is recognised when it is probable that the economic benefits associated with a transaction will flow to the Group and can be reliably measured. Dividend income is recognised upon declaration. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-660": {
"value": "5 Expenses and other income 2023 US$M 2022 US$M 2021 US$M Employee benefits expense: Wages and salaries 4,539 4,197 4,018 Employee share awards 97 109 88 Social security costs 4 4 3 Pension and other post-retirement obligations 339 338 274 Less employee benefits expense classified as exploration and evaluation expenditure (35) (30) (26) Changes in inventories of finished goods and work in progress 301 (774) (321) Raw materials and consumables used 6,710 5,991 4,899 Freight and transportation 2,299 2,319 1,900 External services 4,768 4,525 4,640 Third-party commodity purchases 1,878 2,959 2,220 Net foreign exchange (gains)/losses (197) (326) 293 Fair value change on derivatives1 135 (29) 87 Government royalties paid and payable 3,841 4,014 3,080 Exploration and evaluation expenditure incurred and expensed in the current period 294 199 134 Depreciation and amortisation expense 5,061 5,683 5,084 Net impairments: Property, plant and equipment 73 515 2,474 Goodwill and other intangible assets 2 \u2212 33 All other operating expenses 1,764 2,677 1,991 Total expenses 31,873 32,371 30,871 Insurance recoveries \u2013 (4) (46) (Gain)/loss on disposal of subsidiaries and operations 2 (8) (840) 2 Dividend income3 (19) (241) (2) Other income4 (367) (313) (334) Total other income (394) (1,398) (380) 1 Fair value change on derivatives is principally related to commodity price contracts, foreign exchange contracts and embedded derivatives used in the ordinary course of business as well as derivatives used as part of the funding of dividends. 2 Mainly relates to the divestment of BMC in FY2022. Refer to note 3 \u2018Exceptional items\u2019 for further information. 3 During FY2022, the Group received dividends of US$238 million from Cerrej\u00f3n, which reduced completion proceeds net of transaction costs to US$50 million. On 11 January 2022, BHP completed the sale of its 33.33 per cent interest in Cerrej\u00f3n to joint venture partner, Glencore plc. 4 Other income is generally income earned from transactions outside the course of the Group\u2019s ordinary activities and may include certain management fees from non-controlling interests and joint arrangements, royalties and commission income. Recognition and measurement Other income is recognised when it is probable that the economic benefits associated with a transaction will flow to the Group and can be reliably measured. Dividend income is recognised upon declaration. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-734": {
"value": "Recognition and measurement Other income is recognised when it is probable that the economic benefits associated with a transaction will flow to the Group and can be reliably measured. Dividend income is recognised upon declaration. ",
"dimensions": {
"concept": "bhp:DescriptionOfAccountingPolicyForOtherIncome",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-622": {
"value": "6 Income tax expense 2023 US$M 2022 US$M 2021 US$M Total taxation expense comprises: Current tax expense 6,690 10,673 9,018 Deferred tax expense 387 64 1,598 Total taxation expense 7,077 10,737 10,616 2023 US$M 2022 US$M 2021 US$M Factors affecting income tax expense for the year Income tax expense differs to the standard rate of corporation tax as follows: Profit before taxation 21,401 33,137 24,292 Tax on profit at Australian prima facie tax rate of 30 per cent 6,420 9,941 7,288 Derecognition of deferred tax assets and current year tax losses1 526 1,087 2,640 Tax on remitted and unremitted foreign earnings 137 441 485 Foreign exchange adjustments 94 (233) (33) Tax rate changes \u2013 \u2212 (1) Amounts (over)/under provided in prior years (18) (80) (57) Tax effect of profit/(loss) from equity accounted investments, related impairments and expenses 2 (37) (19) 315 Recognition of previously unrecognised tax assets (109) (3) (28) Impact of tax rates applicable outside of Australia (558) (801) (669) Other 236 97 436 Income tax expense 6,691 10,430 10,376 Royalty-related taxation (net of income tax benefit)3 386 307 240 Total taxation expense 7,077 10,737 10,616 1 Includes the tax impacts related to the exceptional impairments of US deferred tax assets in the year ended 30 June 2022 and, NSWEC and Potash in the year ended 30 June 2021, as presented in note 3 \u2018Exceptional items\u2019. 2 The loss from equity accounted investments, related impairments and expenses is net of income tax, with the exception of the Samarco forward exchange derivatives described in note 4 \u2018Significant events \u2013 Samarco dam failure\u2019. This item removes the prima facie tax effect on such loss, related impairments and expenses, excluding the impact of the Samarco forward exchange derivatives which are taxable. 3 Includes the revaluation of deferred tax balances in the year ended 30 June 2023, following the substantive enactment of the Chilean Royalty Bill, as presented in note 3 \u2018Exceptional items\u2019. Income tax recognised in other comprehensive income is as follows: 2023 US$M 2022 US$M 2021 US$M Income tax effect of: Items that may be reclassified subsequently to the income statement: Hedges: Gains/(losses) taken to equity (29) 274 (259) (Gains)/losses transferred to the income statement 45 (264) 252 Others (11) \u2212 (1) Income tax credit/(charge) relating to items that may be reclassified subsequently to the income statement 5 10 (8) Items that will not be reclassified to the income statement: Re-measurement gains/(losses) on pension and medical schemes 7 (9) (21) Others \u2013 \u2212 1 Income tax credit/(charge) relating to items that will not be reclassified to the income statement 7 (9) (20) Total income tax credit/(charge) relating to components of other comprehensive income1 12 1 (28) 1 Included within total income tax relating to components of other comprehensive income is US$12 million relating to deferred taxes and US$ nil relating to current taxes (2022: US$1 million and US$ nil; 2021: US$(28) million and US$ nil). Recognition and measurement Taxation on the profit/(loss) for the year comprises current and deferred tax. Taxation is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case the tax effect is also recognised in equity or other comprehensive income. Current tax Deferred tax Royalty-related taxation Current tax is the expected tax on the taxable income for the year, using tax rates and laws enacted or substantively enacted at the reporting date, and any adjustments to tax payable in respect of previous years. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for in accordance with IAS 12/AASB 112 \u2018Income Taxes\u2019 (IAS 12). Deferred tax is generally provided on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Financial Statements. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax is not recognised for temporary differences relating to: \u2013 initial recognition of goodwill \u2013 initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit, except where the transaction gives rise to equal and offsetting taxable and deductible temporary differences \u2013 investment in subsidiaries, associates and jointly controlled entities where the Group is able to control the timing of the reversal of the temporary difference and it is probable that they will not reverse in the foreseeable future Deferred tax is measured at the tax rates that are expected to be applied when the asset is realised or the liability is settled, based on the laws that have been enacted or substantively enacted at the reporting date. Current and deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset and when the tax balances are related to taxes levied by the same tax authority and the Group intends to settle on a net basis, or realise the asset and settle the liability simultaneously. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Royalties are treated as taxation arrangements (impacting income tax expense/(benefit)) when they are imposed under government authority and the amount payable is calculated by reference to revenue derived (net of any allowable deductions) after adjustment for temporary differences. Obligations arising from royalty arrangements that do not satisfy these criteria are recognised as current liabilities and included in expenses. International Tax Reform \u2013 Pillar Two Model Rules The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting published the Pillar Two model rules designed to address the tax challenges arising from the digitalisation of the global economy. It is unclear if the Pillar Two model rules create additional temporary differences, whether to remeasure deferred taxes for the Pillar Two model rules and which tax rate to use to measure deferred taxes. In response to this uncertainty, on 23 May 2023 and 27 June 2023, respectively, the IASB and AASB issued amendments to IAS 12 \u2018Income taxes\u2019 introducing a mandatory temporary exception to the requirements of IAS 12 under which a company does not recognise or disclose information about deferred tax assets and liabilities related to the proposed OECD/G20 BEPS Pillar Two model rules. The Group applied the temporary exception at 30 June 2023. Uncertain tax and royalty matters The Group operates across many tax jurisdictions. Application of tax law can be complex and requires judgement to assess risk and estimate outcomes. These judgements are subject to risk and uncertainty, hence there is a possibility that changes in circumstances will alter expectations, which may impact the amount of tax assets and tax liabilities, including deferred tax, recognised on the balance sheet and the amount of other tax losses and temporary differences not yet recognised. The evaluation of tax risks considers both amended assessments received and potential sources of challenge from tax authorities. The status of proceedings for these matters will impact the ability to determine the potential exposure and in some cases, it may not be possible to determine a range of possible outcomes or a reliable estimate of the potential exposure. Tax and royalty matters with uncertain outcomes arise in the normal course of business and occur due to changes in tax law, changes in interpretation of tax law, periodic challenges and disagreements with tax authorities and legal proceedings. Tax and royalty obligations assessed as having probable future economic outflows capable of reliable measurement are provided for as at 30 June 2023. Matters with a possible economic outflow and/or presently incapable of being measured reliably are contingent liabilities and disclosed in note 34 \u2018Contingent liabilities\u2019. Details of uncertain tax and royalty matters relating to Samarco are disclosed in note 4 \u2018Significant events \u2013 Samarco dam failure\u2019. Key judgements and estimates Income tax classification Judgements: The Group\u2019s accounting policy for taxation, including royalty-related taxation, requires management\u2019s judgement as to the types of arrangements considered to be a tax on income in contrast to an operating cost. Deferred tax Judgements: Judgement is required in: \u2013 determining the amount of deferred tax assets to be recognised based on the likely timing and the level of future taxable profits; \u2013 assessing whether changes in tax regimes or applicable tax rates are substantively enacted at the reporting date; \u2013 recognising deferred tax liabilities arising from temporary differences in investments. These deferred tax liabilities caused principally by retained earnings held in foreign tax jurisdictions are recognised unless repatriation of retained earnings can be controlled and is not expected to occur in the foreseeable future. In FY2023, judgement was applied in determining the Chilean Royalty Bill was substantively enacted at the reporting date. It was considered that the process of enactment was complete and the remaining steps for enactment would not change the outcome of the tax rates to be applied in measuring the deferred tax assets and liabilities. Estimates: The Group assesses the recoverability of recognised and unrecognised deferred taxes, including losses in Australia, the United States and Canada on a consistent basis. Estimates and assumptions relating to projected earnings and cash flows as applied in the Group impairment process are used for operating assets. These forecasts are also used to estimate the royalty related tax rates to apply when the deferred tax assets are realised and deferred tax liabilities are settled, in revaluing the deferred tax balances following the substantive enactment of the Chilean Royalty Bill. ",
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"language": "en",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-757": {
"value": "Recognition and measurement Taxation on the profit/(loss) for the year comprises current and deferred tax. Taxation is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case the tax effect is also recognised in equity or other comprehensive income. Current tax Deferred tax Royalty-related taxation Current tax is the expected tax on the taxable income for the year, using tax rates and laws enacted or substantively enacted at the reporting date, and any adjustments to tax payable in respect of previous years. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for in accordance with IAS 12/AASB 112 \u2018Income Taxes\u2019 (IAS 12). Deferred tax is generally provided on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Financial Statements. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax is not recognised for temporary differences relating to: \u2013 initial recognition of goodwill \u2013 initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit, except where the transaction gives rise to equal and offsetting taxable and deductible temporary differences \u2013 investment in subsidiaries, associates and jointly controlled entities where the Group is able to control the timing of the reversal of the temporary difference and it is probable that they will not reverse in the foreseeable future Deferred tax is measured at the tax rates that are expected to be applied when the asset is realised or the liability is settled, based on the laws that have been enacted or substantively enacted at the reporting date. Current and deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset and when the tax balances are related to taxes levied by the same tax authority and the Group intends to settle on a net basis, or realise the asset and settle the liability simultaneously. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Royalties are treated as taxation arrangements (impacting income tax expense/(benefit)) when they are imposed under government authority and the amount payable is calculated by reference to revenue derived (net of any allowable deductions) after adjustment for temporary differences. Obligations arising from royalty arrangements that do not satisfy these criteria are recognised as current liabilities and included in expenses. International Tax Reform \u2013 Pillar Two Model Rules The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting published the Pillar Two model rules designed to address the tax challenges arising from the digitalisation of the global economy. It is unclear if the Pillar Two model rules create additional temporary differences, whether to remeasure deferred taxes for the Pillar Two model rules and which tax rate to use to measure deferred taxes. In response to this uncertainty, on 23 May 2023 and 27 June 2023, respectively, the IASB and AASB issued amendments to IAS 12 \u2018Income taxes\u2019 introducing a mandatory temporary exception to the requirements of IAS 12 under which a company does not recognise or disclose information about deferred tax assets and liabilities related to the proposed OECD/G20 BEPS Pillar Two model rules. The Group applied the temporary exception at 30 June 2023. Uncertain tax and royalty matters The Group operates across many tax jurisdictions. Application of tax law can be complex and requires judgement to assess risk and estimate outcomes. These judgements are subject to risk and uncertainty, hence there is a possibility that changes in circumstances will alter expectations, which may impact the amount of tax assets and tax liabilities, including deferred tax, recognised on the balance sheet and the amount of other tax losses and temporary differences not yet recognised. The evaluation of tax risks considers both amended assessments received and potential sources of challenge from tax authorities. The status of proceedings for these matters will impact the ability to determine the potential exposure and in some cases, it may not be possible to determine a range of possible outcomes or a reliable estimate of the potential exposure. Tax and royalty matters with uncertain outcomes arise in the normal course of business and occur due to changes in tax law, changes in interpretation of tax law, periodic challenges and disagreements with tax authorities and legal proceedings. Tax and royalty obligations assessed as having probable future economic outflows capable of reliable measurement are provided for as at 30 June 2023. Matters with a possible economic outflow and/or presently incapable of being measured reliably are contingent liabilities and disclosed in note 34 \u2018Contingent liabilities\u2019. Details of uncertain tax and royalty matters relating to Samarco are disclosed in note 4 \u2018Significant events \u2013 Samarco dam failure\u2019. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-735": {
"value": "Recognition and measurement Taxation on the profit/(loss) for the year comprises current and deferred tax. Taxation is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case the tax effect is also recognised in equity or other comprehensive income. Current tax Deferred tax Royalty-related taxation Current tax is the expected tax on the taxable income for the year, using tax rates and laws enacted or substantively enacted at the reporting date, and any adjustments to tax payable in respect of previous years. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for in accordance with IAS 12/AASB 112 \u2018Income Taxes\u2019 (IAS 12). Deferred tax is generally provided on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Financial Statements. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax is not recognised for temporary differences relating to: \u2013 initial recognition of goodwill \u2013 initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit, except where the transaction gives rise to equal and offsetting taxable and deductible temporary differences \u2013 investment in subsidiaries, associates and jointly controlled entities where the Group is able to control the timing of the reversal of the temporary difference and it is probable that they will not reverse in the foreseeable future Deferred tax is measured at the tax rates that are expected to be applied when the asset is realised or the liability is settled, based on the laws that have been enacted or substantively enacted at the reporting date. Current and deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset and when the tax balances are related to taxes levied by the same tax authority and the Group intends to settle on a net basis, or realise the asset and settle the liability simultaneously. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Royalties are treated as taxation arrangements (impacting income tax expense/(benefit)) when they are imposed under government authority and the amount payable is calculated by reference to revenue derived (net of any allowable deductions) after adjustment for temporary differences. Obligations arising from royalty arrangements that do not satisfy these criteria are recognised as current liabilities and included in expenses. International Tax Reform \u2013 Pillar Two Model Rules The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting published the Pillar Two model rules designed to address the tax challenges arising from the digitalisation of the global economy. It is unclear if the Pillar Two model rules create additional temporary differences, whether to remeasure deferred taxes for the Pillar Two model rules and which tax rate to use to measure deferred taxes. In response to this uncertainty, on 23 May 2023 and 27 June 2023, respectively, the IASB and AASB issued amendments to IAS 12 \u2018Income taxes\u2019 introducing a mandatory temporary exception to the requirements of IAS 12 under which a company does not recognise or disclose information about deferred tax assets and liabilities related to the proposed OECD/G20 BEPS Pillar Two model rules. The Group applied the temporary exception at 30 June 2023. Uncertain tax and royalty matters The Group operates across many tax jurisdictions. Application of tax law can be complex and requires judgement to assess risk and estimate outcomes. These judgements are subject to risk and uncertainty, hence there is a possibility that changes in circumstances will alter expectations, which may impact the amount of tax assets and tax liabilities, including deferred tax, recognised on the balance sheet and the amount of other tax losses and temporary differences not yet recognised. The evaluation of tax risks considers both amended assessments received and potential sources of challenge from tax authorities. The status of proceedings for these matters will impact the ability to determine the potential exposure and in some cases, it may not be possible to determine a range of possible outcomes or a reliable estimate of the potential exposure. Tax and royalty matters with uncertain outcomes arise in the normal course of business and occur due to changes in tax law, changes in interpretation of tax law, periodic challenges and disagreements with tax authorities and legal proceedings. Tax and royalty obligations assessed as having probable future economic outflows capable of reliable measurement are provided for as at 30 June 2023. Matters with a possible economic outflow and/or presently incapable of being measured reliably are contingent liabilities and disclosed in note 34 \u2018Contingent liabilities\u2019. Details of uncertain tax and royalty matters relating to Samarco are disclosed in note 4 \u2018Significant events \u2013 Samarco dam failure\u2019. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-623": {
"value": "7 Earnings per share 2023 2022 2021 Earnings attributable to BHP shareholders (US$M) \u2013 Continuing operations 12,921 20,245 11,529 \u2013 Total 12,921 30,900 11,304 Weighted average number of shares (Million) \u2013 Basic 5,064 5,061 5,057 \u2013 Diluted 5,073 5,071 5,068 Basic earnings per ordinary share (US cents) \u2013 Continuing operations 255.2 400.0 228.0 \u2013 Total 255.2 610.6 223.5 Diluted earnings per ordinary share (US cents) \u2013 Continuing operations 254.7 399.2 227.5 \u2013 Total 254.7 609.3 223.0 Headline earnings per ordinary share (US cents) \u2013 Basic 256.1 439.0 284.8 \u2013 Diluted 255.7 438.1 284.2 Refer to note 28 \u2018Discontinued operations\u2019 for basic earnings per share and diluted earnings per share for Discontinued operations. Earnings on American Depositary Shares represent twice the earnings for BHP Group Limited ordinary shares. Headline earnings is a Johannesburg Stock Exchange defined performance measure and is reconciled from earnings attributable to ordinary shareholders as follows: 2023 US$M 2022 US$M 2021 US$M Earnings attributable to BHP shareholders 12,921 30,900 11,304 Adjusted for: (Gain)/loss on sales of PP&E, Investments and Operations 1 (9) (95) (50) Impairments of property, plant and equipment, financial assets and intangibles 75 515 2,633 Samarco impairment expense \u2013 \u2212 111 Cerrej\u03ccn impairment expense \u2013 \u2212 466 Gain on disposal of BHP Mitsui Coal \u2013 (840) \u2212 Gain on merger of Petroleum \u2013 (8,167) \u2212 Tax effect of above adjustments (17) (97) (60) Subtotal of adjustments 49 (8,684) 3,100 Headline earnings 12,970 22,216 14,404 Diluted headline earnings 12,970 22,216 14,404 1 Included in other income. Recognition and measurement Diluted earnings attributable to BHP shareholders are equal to the earnings attributable to BHP shareholders. Prior to the Group\u2019s corporate structure unification, the calculation of the number of ordinary shares used in the computation of basic earnings per share was the aggregate of the weighted average number of ordinary shares of BHP Group Limited and BHP Group Plc outstanding during the period after deduction of the number of shares held by the Billiton Employee Share Ownership Trust and the BHP Group Limited Employee Equity Trust (previously known as \u2018BHP Billiton Limited Employee Equity Trust\u2019). Effective from 31 January 2022, the aggregate of the weighted average number of ordinary shares of only BHP Group Limited is considered in the computation of basic earnings per share. Refer to note 17 \u2018Share capital\u2019 for details on unification. For the purposes of calculating diluted earnings per share, the effect of 9 million dilutive shares has been taken into account for the year ended 30 June 2023 (2022: 10 million shares; 2021: 11 million shares). The Group\u2019s only potential dilutive ordinary shares are share awards granted under the employee share ownership plans for which terms and conditions are described in note 26 \u2018Employee share ownership plans\u2019. Diluted earnings per share calculation excludes instruments which are considered antidilutive. At 30 June 2023, there are no instruments which are considered antidilutive (2022: nil; 2021: nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-736": {
"value": "Recognition and measurement Diluted earnings attributable to BHP shareholders are equal to the earnings attributable to BHP shareholders. Prior to the Group\u2019s corporate structure unification, the calculation of the number of ordinary shares used in the computation of basic earnings per share was the aggregate of the weighted average number of ordinary shares of BHP Group Limited and BHP Group Plc outstanding during the period after deduction of the number of shares held by the Billiton Employee Share Ownership Trust and the BHP Group Limited Employee Equity Trust (previously known as \u2018BHP Billiton Limited Employee Equity Trust\u2019). Effective from 31 January 2022, the aggregate of the weighted average number of ordinary shares of only BHP Group Limited is considered in the computation of basic earnings per share. Refer to note 17 \u2018Share capital\u2019 for details on unification. For the purposes of calculating diluted earnings per share, the effect of 9 million dilutive shares has been taken into account for the year ended 30 June 2023 (2022: 10 million shares; 2021: 11 million shares). The Group\u2019s only potential dilutive ordinary shares are share awards granted under the employee share ownership plans for which terms and conditions are described in note 26 \u2018Employee share ownership plans\u2019. Diluted earnings per share calculation excludes instruments which are considered antidilutive. At 30 June 2023, there are no instruments which are considered antidilutive (2022: nil; 2021: nil).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-624": {
"value": "8 Trade and other receivables 2023 US$M 2022 US$M Trade receivables 3,418 4,411 Other receivables1 1,324 1,168 Total 4,742 5,579 Comprising: Current 4,594 5,426 Non-current 148 153 1 Other receivables mainly relate to indirect tax refunds and receivables from joint venture partners. Recognition and measurement Trade receivables are recognised initially at their transaction price or, for those receivables containing a significant financing component, at fair value. Trade receivables are subsequently measured at amortised cost using the effective interest method, less an allowance for impairment, except for provisionally priced receivables which are subsequently measured at fair value through profit or loss under IFRS 9. The collectability of trade and other receivables is assessed continuously. At the reporting date, specific allowances are made for any expected credit losses based on a review of all outstanding amounts at reporting period-end. Individual receivables are written off when management deems them unrecoverable. The net carrying amount of trade and other receivables approximates their fair values. Credit risk Trade receivables generally have terms of less than 30 days. The Group has no material concentration of credit risk with any single counterparty and is not dominantly exposed to any individual industry. Credit risk can arise from the non-performance by counterparties of their contractual financial obligations towards the Group. To manage credit risk, the Group maintains Group-wide procedures covering the application for credit approvals, granting and renewal of counterparty limits, proactive monitoring of exposures against these limits and requirements triggering secured payment terms. As part of these processes, the credit exposures with all counterparties are regularly monitored and assessed on a timely basis. The credit quality of the Group\u2019s customers is reviewed and the solvency of each debtor and their ability to pay the receivable is considered in assessing receivables for impairment. The 10 largest customers represented 31 per cent (2022: 34 per cent) of total credit risk exposures managed by the Group. Receivables are deemed to be past due or impaired in accordance with the Group\u2019s terms and conditions. These terms and conditions are determined on a case-by-case basis with reference to the customer\u2019s credit quality, payment performance and prevailing market conditions. As at 30 June 2023, trade receivables of US$8 million (2022: US$103 million) were past due but not impaired. The majority of these receivables were less than 30 days overdue. At 30 June 2023, trade receivables are stated net of provisions for expected credit losses of US$9 million (2022: US$3 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-737": {
"value": "Recognition and measurement Trade receivables are recognised initially at their transaction price or, for those receivables containing a significant financing component, at fair value. Trade receivables are subsequently measured at amortised cost using the effective interest method, less an allowance for impairment, except for provisionally priced receivables which are subsequently measured at fair value through profit or loss under IFRS 9. The collectability of trade and other receivables is assessed continuously. At the reporting date, specific allowances are made for any expected credit losses based on a review of all outstanding amounts at reporting period-end. Individual receivables are written off when management deems them unrecoverable. The net carrying amount of trade and other receivables approximates their fair values. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-661": {
"value": "Credit risk Trade receivables generally have terms of less than 30 days. The Group has no material concentration of credit risk with any single counterparty and is not dominantly exposed to any individual industry. Credit risk can arise from the non-performance by counterparties of their contractual financial obligations towards the Group. To manage credit risk, the Group maintains Group-wide procedures covering the application for credit approvals, granting and renewal of counterparty limits, proactive monitoring of exposures against these limits and requirements triggering secured payment terms. As part of these processes, the credit exposures with all counterparties are regularly monitored and assessed on a timely basis. The credit quality of the Group\u2019s customers is reviewed and the solvency of each debtor and their ability to pay the receivable is considered in assessing receivables for impairment. The 10 largest customers represented 31 per cent (2022: 34 per cent) of total credit risk exposures managed by the Group. Receivables are deemed to be past due or impaired in accordance with the Group\u2019s terms and conditions. These terms and conditions are determined on a case-by-case basis with reference to the customer\u2019s credit quality, payment performance and prevailing market conditions. As at 30 June 2023, trade receivables of US$8 million (2022: US$103 million) were past due but not impaired. The majority of these receivables were less than 30 days overdue. At 30 June 2023, trade receivables are stated net of provisions for expected credit losses of US$9 million (2022: US$3 million). Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily from customer receivables) and from its financing activities, including deposits with banks and financial institutions, other short-term investments, interest rate and currency derivative contracts and other financial instruments. Refer to note 8 \u2018Trade and other receivables\u2019 and note 21 \u2018Net debt\u2019 for details on the Group credit risk. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-696": {
"value": "Trade receivables generally have terms of less than 30 days. The Group has no material concentration of credit risk with any single counterparty and is not dominantly exposed to any individual industry. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExposureExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-697": {
"value": "Credit risk can arise from the non-performance by counterparties of their contractual financial obligations towards the Group. To manage credit risk, the Group maintains Group-wide procedures covering the application for credit approvals, granting and renewal of counterparty limits, proactive monitoring of exposures against these limits and requirements triggering secured payment terms. As part of these processes, the credit exposures with all counterparties are regularly monitored and assessed on a timely basis. The credit quality of the Group\u2019s customers is reviewed and the solvency of each debtor and their ability to pay the receivable is considered in assessing receivables for impairment. ",
"dimensions": {
"concept": "ifrs-full:ExplanationOfCreditRiskManagementPracticesAndHowTheyRelateToRecognitionAndMeasurementOfExpectedCreditLossesExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-698": {
"value": "Receivables are deemed to be past due or impaired in accordance with the Group\u2019s terms and conditions. These terms and conditions are determined on a case-by-case basis with reference to the customer\u2019s credit quality, payment performance and prevailing market conditions. As at 30 June 2023, trade receivables of US$8 million (2022: US$103 million) were past due but not impaired. The majority of these receivables were less than 30 days overdue. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-699": {
"value": "At 30 June 2023, trade receivables are stated net of provisions for expected credit losses of US$9 million (2022: US$3 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-625": {
"value": "9 Trade and other payables 2023 US$M 2022 US$M Trade payables 4,893 5,360 Other payables 1,407 1,327 Total 6,300 6,687 Comprising: Current 6,296 6,687 Non-current 4 \u2212 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-626": {
"value": "10 Inventories 2023 US$M 2022 US$M Definitions Raw materials and consumables 2,106 1,713 Spares, consumables and other supplies yet to be utilised in the production process or in the rendering of services. Work in progress 3,514 3,827 Commodities currently in the production process that require further processing by the Group to a saleable form. Finished goods 1,003 710 Commodities ready-for-sale and not requiring further processing by the Group. Total1 6,623 6,250 Comprising: Inventories classified as non-current are not expected to be utilised or sold within 12 months after the reporting date or within the operating cycle of the business. Current 5,220 4,935 Non-current 1,403 1,315 1 Inventory write-downs of US$100 million were recognised during the year (2022: US$163 million; 2021: US$58 million). Inventory write-downs of US$37 million made in previous periods were reversed during the year (2022: US$23 million; 2021: US$26 million). Recognition and measurement Regardless of the type of inventory and its stage in the production process, inventories are valued at the lower of cost and net realisable value. Cost is determined primarily on the basis of average costs and involves estimates of expected metal recoveries and work in progress volumes, calculated using available industry, engineering and scientific data. These estimates are periodically reassessed by the Group taking into account technical analysis and historical performance. For processed inventories, cost is derived on an absorption costing basis. Cost comprises costs of purchasing raw materials and costs of production, including attributable mining and manufacturing overheads taking into consideration normal operating capacity. Inventory quantities are assessed primarily through surveys and assays. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-738": {
"value": "Recognition and measurement Regardless of the type of inventory and its stage in the production process, inventories are valued at the lower of cost and net realisable value. Cost is determined primarily on the basis of average costs and involves estimates of expected metal recoveries and work in progress volumes, calculated using available industry, engineering and scientific data. These estimates are periodically reassessed by the Group taking into account technical analysis and historical performance. For processed inventories, cost is derived on an absorption costing basis. Cost comprises costs of purchasing raw materials and costs of production, including attributable mining and manufacturing overheads taking into consideration normal operating capacity. Inventory quantities are assessed primarily through surveys and assays. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-627": {
"value": "11 Property, plant and equipment Land and buildings US$M Plant and equipment US$M Other mineral assets US$M Assets under construction US$M Exploration and evaluation US$M Total US$M Net book value \u2013 30 June 2023 At the beginning of the financial year 8,079 35,500 8,494 9,031 191 61,295 Additions1 194 1,024 842 6,332 56 8,448 Acquisition of subsidiaries and operations 2 88 2,256 4,612 720 \u2013 7,676 Remeasurements of index-linked freight contracts 3 \u2013 53 \u2013 \u2013 \u2013 53 Depreciation for the year (586) (4,156) (225) \u2013 \u2013 (4,967) Impairments for the year4 \u2013 (73) \u2013 \u2013 \u2013 (73) Disposals (2) (6) \u2013 \u2013 \u2013 (8) Transfers and other movements 367 2,056 (419) (2,602) (8) (606) At the end of the financial year5 8,140 36,654 13,304 13,481 239 71,818 \u2013 Cost 15,258 85,394 19,420 14,245 1,029 135,346 \u2013 Accumulated depreciation and impairments (7,118) (48,740) (6,116) (764) (790) (63,528) Net book value \u2013 30 June 2022 At the beginning of the financial year 8,072 44,682 8,941 10,432 1,686 73,813 Additions1 41 1,935 792 5,872 137 8,777 Remeasurements of index-linked freight contracts 3 \u2212 (369) \u2212 \u2212 \u2212 (369) Depreciation for the year (663) (5,564) (276) \u2212 \u2212 (6,503) Impairments for the year4 (14) (499) (2) \u2212 \u2212 (515) Disposals (3) (22) \u2212 \u2212 \u2212 (25) Divestment and demerger of subsidiaries and operations6 (448) (8,007) (545) (3,549) (842) (13,391) Transfers and other movements 1,094 3,344 (416) (3,724) (790) (492) At the end of the financial year 5 8,079 35,500 8,494 9,031 191 61,295 \u2013 Cost 14,823 81,218 14,353 9,755 981 121,130 \u2013 Accumulated depreciation and impairments (6,744) (45,718) (5,859) (724) (790) (59,835) 1 Includes change in estimates and net foreign exchange gains/(losses) related to the closure and rehabilitation provisions for operating sites. Refer to note 15 \u2018Closure and rehabilitation provisions\u2019. 2 Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 \u2018Business combinations\u2019 for more information. 3 Relates to remeasurements of index-linked freight contracts including continuous voyage charters (CVCs). Refer to note 22 \u2018Leases\u2019. 4 Refer to note 13 \u2018Impairment of non-current assets\u2019 for information on impairments. 5 Includes the carrying value of the Group\u2019s right-of-use assets relating to land and buildings and plant and equipment of US$2,809 million (2022: US$2,361 million). Refer to note 22 \u2018Leases\u2019 for the movement of the right-of-use assets. 6 BMC and Petroleum were disposed in May 2022 and June 2022 respectively. Refer to notes 3 \u2018Exceptional items\u2019 and 28 \u2018Discontinued operations\u2019 for more information. Recognition and measurement Property, plant and equipment Property, plant and equipment is recorded at cost less accumulated depreciation and impairment charges. Cost is the fair value of consideration given to acquire the asset at the time of its acquisition or construction and includes the direct costs of bringing the asset to the location and the condition necessary for operation and the estimated future costs of closure and rehabilitation of the facility. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. Refer to note 22 \u2018Leases\u2019 for further details. Right-of-use assets are presented within the category of property, plant and equipment according to the nature of the underlying asset leased. Exploration and evaluation Exploration costs are incurred to discover mineral resources. Evaluation costs are incurred to assess the technical feasibility and commercial viability of resources found. Exploration and evaluation expenditure is charged to the income statement as incurred, except in the following circumstances in which case the expenditure may be capitalised: \u2013 the exploration and evaluation activity is within an area of interest that was previously acquired as an asset acquisition or in a business combination and measured at fair value on acquisition or \u2013 the existence of a commercially viable mineral deposit has been established A regular review of each area of interest is undertaken to determine the appropriateness of continuing to carry forward costs in relation to that area. Capitalised costs are only carried forward to the extent that they are expected to be recovered through the successful exploitation of the area of interest or alternatively by its sale. To the extent that capitalised expenditure is no longer expected to be recovered, it is charged to the income statement. Development expenditure When proven mineral reserves are determined and development is sanctioned, capitalised exploration and evaluation expenditure is reclassified as assets under construction within property, plant and equipment. All subsequent development expenditure is capitalised and classified as assets under construction, provided commercial viability conditions continue to be satisfied. The Group may use funds sourced from external parties to finance the acquisition and development of assets and operations. Finance costs are expensed as incurred, except where they relate to the financing of construction or development of qualifying assets. Borrowing costs directly attributable to acquiring or constructing a qualifying asset are capitalised during the development phase. In the instance where saleable material is extracted prior to the commissioning of a project/site, sale proceeds are recognised as revenue, with associated costs also recognised in the income statement. On completion of development, all assets included in assets under construction are reclassified as either plant and equipment or other mineral assets and depreciation commences. Other mineral assets Other mineral assets comprise: \u2013 capitalised exploration, evaluation and development expenditure for assets in production \u2013 mineral rights acquired \u2013 capitalised development and production stripping costs Overburden removal costs The process of removing overburden and other waste materials to access mineral deposits is referred to as stripping. Stripping is necessary to obtain access to mineral deposits and occurs throughout the life of an open-pit mine. Development and production stripping costs are classified as other mineral assets in property, plant and equipment. Stripping costs are accounted for separately for individual components of an ore body. The determination of components is dependent on the mine plan and other factors, including the size, shape and geotechnical aspects of an ore body. The Group accounts for stripping activities as follows: Development stripping costs These are initial overburden removal costs incurred to obtain access to mineral deposits that will be commercially produced. These costs are capitalised when it is probable that future economic benefits (access to mineral ores) will flow to the Group and costs can be measured reliably. Once the production phase begins, capitalised development stripping costs are depreciated using the units of production method based on the proven and probable reserves of the relevant identified component of the ore body which the initial stripping activity benefits. Production stripping costs These are post initial overburden removal costs incurred during the normal course of production activity, which commences after the first saleable minerals have been extracted from the component. Production stripping costs can give rise to two benefits, the accounting for which is outlined below: Production stripping activity Benefits of stripping activity Extraction of ore (inventory) in current period. Improved access to future ore extraction. Period benefited Current period Future period(s) Recognition and measurement criteria When the benefits of stripping activities are realised in the form of inventory produced; the associated costs are recorded in accordance with the Group\u2019s inventory accounting policy. When the benefits of stripping activities are improved access to future ore; production costs are capitalised when all the following criteria are met: \u2013 the production stripping activity improves access to a specific component of the ore body and it is probable that economic benefits arising from the improved access to future ore production will be realised \u2013 the component of the ore body for which access has been improved can be identified \u2013 costs associated with that component can be measured reliably Allocation of costs Production stripping costs are allocated between the inventory produced and the production stripping asset using a life-of- component waste-to-ore (or mineral contained) strip ratio. When the current strip ratio is greater than the estimated life-of- component ratio a portion of the stripping costs is capitalised to the production stripping asset. Asset recognised from stripping activity Inventory Other mineral assets within property, plant and equipment. Depreciation basis Not applicable On a component-by-component basis using the units of production method based on proven and probable reserves. Key judgements and estimates Judgements: Judgement is applied by management in determining the components of an ore body. Estimates: Estimates are used in the determination of stripping ratios and mineral reserves by component. Changes to estimates related to life- of-component waste-to-ore (or mineral contained) strip ratios and the expected ore production from identified components are accounted for prospectively and may affect depreciation rates and asset carrying values. Depreciation Depreciation of assets, other than land, assets under construction and capitalised exploration and evaluation that are not depreciated, is calculated using either the straight-line (SL) method or units of production (UoP) method, net of residual values, over the estimated useful lives of specific assets. The depreciation method and rates applied to specific assets reflect the pattern in which the asset\u2019s benefits are expected to be used by the Group. The Group\u2019s proved and probable reserves for minerals assets are used to determine UoP depreciation unless doing so results in depreciation charges that do not reflect the asset\u2019s useful life. Where this occurs, alternative approaches to determining reserves are applied, to provide a phasing of periodic depreciation charges that better reflects the asset\u2019s expected useful life. Where assets are dedicated to a mine lease, the useful lives below are subject to the lesser of the asset category\u2019s useful life and the life of the mine lease, unless those assets are readily transferable to another productive mine. Assets classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and therefore not depreciated. Key estimates The determination of useful lives, residual values and depreciation methods involves estimates and assumptions and is reviewed annually. Any changes to useful lives or any other estimates or assumptions, including the expected impact of climate change and the transition to a lower carbon economy, may affect prospective depreciation rates and asset carrying values. The table below summarises the principal depreciation methods and rates applied to major asset categories by the Group. Category Buildings Plant and equipment Mineral rights Capitalised exploration, evaluation and development expenditure Typical depreciation methodology SL SL UoP UoP Depreciation rate 25-50 years 3-30 years Based on the rate of depletion of reserves Based on the rate of depletion of reserves Commitments The Group\u2019s commitments for capital expenditure were US$3,975 million as at 30 June 2023 (2022: US$2,820 million). The Group\u2019s commitments related to leases are included in note 22 \u2018Leases\u2019. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-662": {
"value": "Land and buildings US$M Plant and equipment US$M Other mineral assets US$M Assets under construction US$M Exploration and evaluation US$M Total US$M Net book value \u2013 30 June 2023 At the beginning of the financial year 8,079 35,500 8,494 9,031 191 61,295 Additions1 194 1,024 842 6,332 56 8,448 Acquisition of subsidiaries and operations 2 88 2,256 4,612 720 \u2013 7,676 Remeasurements of index-linked freight contracts 3 \u2013 53 \u2013 \u2013 \u2013 53 Depreciation for the year (586) (4,156) (225) \u2013 \u2013 (4,967) Impairments for the year4 \u2013 (73) \u2013 \u2013 \u2013 (73) Disposals (2) (6) \u2013 \u2013 \u2013 (8) Transfers and other movements 367 2,056 (419) (2,602) (8) (606) At the end of the financial year5 8,140 36,654 13,304 13,481 239 71,818 \u2013 Cost 15,258 85,394 19,420 14,245 1,029 135,346 \u2013 Accumulated depreciation and impairments (7,118) (48,740) (6,116) (764) (790) (63,528) Net book value \u2013 30 June 2022 At the beginning of the financial year 8,072 44,682 8,941 10,432 1,686 73,813 Additions1 41 1,935 792 5,872 137 8,777 Remeasurements of index-linked freight contracts 3 \u2212 (369) \u2212 \u2212 \u2212 (369) Depreciation for the year (663) (5,564) (276) \u2212 \u2212 (6,503) Impairments for the year4 (14) (499) (2) \u2212 \u2212 (515) Disposals (3) (22) \u2212 \u2212 \u2212 (25) Divestment and demerger of subsidiaries and operations6 (448) (8,007) (545) (3,549) (842) (13,391) Transfers and other movements 1,094 3,344 (416) (3,724) (790) (492) At the end of the financial year 5 8,079 35,500 8,494 9,031 191 61,295 \u2013 Cost 14,823 81,218 14,353 9,755 981 121,130 \u2013 Accumulated depreciation and impairments (6,744) (45,718) (5,859) (724) (790) (59,835) 1 Includes change in estimates and net foreign exchange gains/(losses) related to the closure and rehabilitation provisions for operating sites. Refer to note 15 \u2018Closure and rehabilitation provisions\u2019. 2 Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 \u2018Business combinations\u2019 for more information. 3 Relates to remeasurements of index-linked freight contracts including continuous voyage charters (CVCs). Refer to note 22 \u2018Leases\u2019. 4 Refer to note 13 \u2018Impairment of non-current assets\u2019 for information on impairments. 5 Includes the carrying value of the Group\u2019s right-of-use assets relating to land and buildings and plant and equipment of US$2,809 million (2022: US$2,361 million). Refer to note 22 \u2018Leases\u2019 for the movement of the right-of-use assets. 6 BMC and Petroleum were disposed in May 2022 and June 2022 respectively. Refer to notes 3 \u2018Exceptional items\u2019 and 28 \u2018Discontinued operations\u2019 for more information. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-739": {
"value": "Recognition and measurement Property, plant and equipment Property, plant and equipment is recorded at cost less accumulated depreciation and impairment charges. Cost is the fair value of consideration given to acquire the asset at the time of its acquisition or construction and includes the direct costs of bringing the asset to the location and the condition necessary for operation and the estimated future costs of closure and rehabilitation of the facility. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. Refer to note 22 \u2018Leases\u2019 for further details. Right-of-use assets are presented within the category of property, plant and equipment according to the nature of the underlying asset leased. Exploration and evaluation Exploration costs are incurred to discover mineral resources. Evaluation costs are incurred to assess the technical feasibility and commercial viability of resources found. Exploration and evaluation expenditure is charged to the income statement as incurred, except in the following circumstances in which case the expenditure may be capitalised: \u2013 the exploration and evaluation activity is within an area of interest that was previously acquired as an asset acquisition or in a business combination and measured at fair value on acquisition or \u2013 the existence of a commercially viable mineral deposit has been established A regular review of each area of interest is undertaken to determine the appropriateness of continuing to carry forward costs in relation to that area. Capitalised costs are only carried forward to the extent that they are expected to be recovered through the successful exploitation of the area of interest or alternatively by its sale. To the extent that capitalised expenditure is no longer expected to be recovered, it is charged to the income statement. Development expenditure When proven mineral reserves are determined and development is sanctioned, capitalised exploration and evaluation expenditure is reclassified as assets under construction within property, plant and equipment. All subsequent development expenditure is capitalised and classified as assets under construction, provided commercial viability conditions continue to be satisfied. The Group may use funds sourced from external parties to finance the acquisition and development of assets and operations. Finance costs are expensed as incurred, except where they relate to the financing of construction or development of qualifying assets. Borrowing costs directly attributable to acquiring or constructing a qualifying asset are capitalised during the development phase. In the instance where saleable material is extracted prior to the commissioning of a project/site, sale proceeds are recognised as revenue, with associated costs also recognised in the income statement. On completion of development, all assets included in assets under construction are reclassified as either plant and equipment or other mineral assets and depreciation commences. Other mineral assets Other mineral assets comprise: \u2013 capitalised exploration, evaluation and development expenditure for assets in production \u2013 mineral rights acquired \u2013 capitalised development and production stripping costs Overburden removal costs The process of removing overburden and other waste materials to access mineral deposits is referred to as stripping. Stripping is necessary to obtain access to mineral deposits and occurs throughout the life of an open-pit mine. Development and production stripping costs are classified as other mineral assets in property, plant and equipment. Stripping costs are accounted for separately for individual components of an ore body. The determination of components is dependent on the mine plan and other factors, including the size, shape and geotechnical aspects of an ore body. The Group accounts for stripping activities as follows: Development stripping costs These are initial overburden removal costs incurred to obtain access to mineral deposits that will be commercially produced. These costs are capitalised when it is probable that future economic benefits (access to mineral ores) will flow to the Group and costs can be measured reliably. Once the production phase begins, capitalised development stripping costs are depreciated using the units of production method based on the proven and probable reserves of the relevant identified component of the ore body which the initial stripping activity benefits. Production stripping costs These are post initial overburden removal costs incurred during the normal course of production activity, which commences after the first saleable minerals have been extracted from the component. Production stripping costs can give rise to two benefits, the accounting for which is outlined below: Production stripping activity Benefits of stripping activity Extraction of ore (inventory) in current period. Improved access to future ore extraction. Period benefited Current period Future period(s) Recognition and measurement criteria When the benefits of stripping activities are realised in the form of inventory produced; the associated costs are recorded in accordance with the Group\u2019s inventory accounting policy. When the benefits of stripping activities are improved access to future ore; production costs are capitalised when all the following criteria are met: \u2013 the production stripping activity improves access to a specific component of the ore body and it is probable that economic benefits arising from the improved access to future ore production will be realised \u2013 the component of the ore body for which access has been improved can be identified \u2013 costs associated with that component can be measured reliably Allocation of costs Production stripping costs are allocated between the inventory produced and the production stripping asset using a life-of- component waste-to-ore (or mineral contained) strip ratio. When the current strip ratio is greater than the estimated life-of- component ratio a portion of the stripping costs is capitalised to the production stripping asset. Asset recognised from stripping activity Inventory Other mineral assets within property, plant and equipment. Depreciation basis Not applicable On a component-by-component basis using the units of production method based on proven and probable reserves. Depreciation Depreciation of assets, other than land, assets under construction and capitalised exploration and evaluation that are not depreciated, is calculated using either the straight-line (SL) method or units of production (UoP) method, net of residual values, over the estimated useful lives of specific assets. The depreciation method and rates applied to specific assets reflect the pattern in which the asset\u2019s benefits are expected to be used by the Group. The Group\u2019s proved and probable reserves for minerals assets are used to determine UoP depreciation unless doing so results in depreciation charges that do not reflect the asset\u2019s useful life. Where this occurs, alternative approaches to determining reserves are applied, to provide a phasing of periodic depreciation charges that better reflects the asset\u2019s expected useful life. Where assets are dedicated to a mine lease, the useful lives below are subject to the lesser of the asset category\u2019s useful life and the life of the mine lease, unless those assets are readily transferable to another productive mine. Assets classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and therefore not depreciated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-772": {
"value": "Exploration and evaluation Exploration costs are incurred to discover mineral resources. Evaluation costs are incurred to assess the technical feasibility and commercial viability of resources found. Exploration and evaluation expenditure is charged to the income statement as incurred, except in the following circumstances in which case the expenditure may be capitalised: \u2013 the exploration and evaluation activity is within an area of interest that was previously acquired as an asset acquisition or in a business combination and measured at fair value on acquisition or \u2013 the existence of a commercially viable mineral deposit has been established A regular review of each area of interest is undertaken to determine the appropriateness of continuing to carry forward costs in relation to that area. Capitalised costs are only carried forward to the extent that they are expected to be recovered through the successful exploitation of the area of interest or alternatively by its sale. To the extent that capitalised expenditure is no longer expected to be recovered, it is charged to the income statement. Development expenditure When proven mineral reserves are determined and development is sanctioned, capitalised exploration and evaluation expenditure is reclassified as assets under construction within property, plant and equipment. All subsequent development expenditure is capitalised and classified as assets under construction, provided commercial viability conditions continue to be satisfied. The Group may use funds sourced from external parties to finance the acquisition and development of assets and operations. Finance costs are expensed as incurred, except where they relate to the financing of construction or development of qualifying assets. Borrowing costs directly attributable to acquiring or constructing a qualifying asset are capitalised during the development phase. In the instance where saleable material is extracted prior to the commissioning of a project/site, sale proceeds are recognised as revenue, with associated costs also recognised in the income statement. On completion of development, all assets included in assets under construction are reclassified as either plant and equipment or other mineral assets and depreciation commences. Other mineral assets Other mineral assets comprise: \u2013 capitalised exploration, evaluation and development expenditure for assets in production \u2013 mineral rights acquired \u2013 capitalised development and production stripping costs Overburden removal costs The process of removing overburden and other waste materials to access mineral deposits is referred to as stripping. Stripping is necessary to obtain access to mineral deposits and occurs throughout the life of an open-pit mine. Development and production stripping costs are classified as other mineral assets in property, plant and equipment. Stripping costs are accounted for separately for individual components of an ore body. The determination of components is dependent on the mine plan and other factors, including the size, shape and geotechnical aspects of an ore body. The Group accounts for stripping activities as follows: Development stripping costs These are initial overburden removal costs incurred to obtain access to mineral deposits that will be commercially produced. These costs are capitalised when it is probable that future economic benefits (access to mineral ores) will flow to the Group and costs can be measured reliably. Once the production phase begins, capitalised development stripping costs are depreciated using the units of production method based on the proven and probable reserves of the relevant identified component of the ore body which the initial stripping activity benefits. Production stripping costs These are post initial overburden removal costs incurred during the normal course of production activity, which commences after the first saleable minerals have been extracted from the component. Production stripping costs can give rise to two benefits, the accounting for which is outlined below: Production stripping activity Benefits of stripping activity Extraction of ore (inventory) in current period. Improved access to future ore extraction. Period benefited Current period Future period(s) Recognition and measurement criteria When the benefits of stripping activities are realised in the form of inventory produced; the associated costs are recorded in accordance with the Group\u2019s inventory accounting policy. When the benefits of stripping activities are improved access to future ore; production costs are capitalised when all the following criteria are met: \u2013 the production stripping activity improves access to a specific component of the ore body and it is probable that economic benefits arising from the improved access to future ore production will be realised \u2013 the component of the ore body for which access has been improved can be identified \u2013 costs associated with that component can be measured reliably Allocation of costs Production stripping costs are allocated between the inventory produced and the production stripping asset using a life-of- component waste-to-ore (or mineral contained) strip ratio. When the current strip ratio is greater than the estimated life-of- component ratio a portion of the stripping costs is capitalised to the production stripping asset. Asset recognised from stripping activity Inventory Other mineral assets within property, plant and equipment. Depreciation basis Not applicable On a component-by-component basis using the units of production method based on proven and probable reserves. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMiningAssetsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-758": {
"value": "Exploration and evaluation Exploration costs are incurred to discover mineral resources. Evaluation costs are incurred to assess the technical feasibility and commercial viability of resources found. Exploration and evaluation expenditure is charged to the income statement as incurred, except in the following circumstances in which case the expenditure may be capitalised: \u2013 the exploration and evaluation activity is within an area of interest that was previously acquired as an asset acquisition or in a business combination and measured at fair value on acquisition or \u2013 the existence of a commercially viable mineral deposit has been established A regular review of each area of interest is undertaken to determine the appropriateness of continuing to carry forward costs in relation to that area. Capitalised costs are only carried forward to the extent that they are expected to be recovered through the successful exploitation of the area of interest or alternatively by its sale. To the extent that capitalised expenditure is no longer expected to be recovered, it is charged to the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-759": {
"value": "The Group may use funds sourced from external parties to finance the acquisition and development of assets and operations. Finance costs are expensed as incurred, except where they relate to the financing of construction or development of qualifying assets. Borrowing costs directly attributable to acquiring or constructing a qualifying asset are capitalised during the development phase. In the instance where saleable material is extracted prior to the commissioning of a project/site, sale proceeds are recognised as revenue, with associated costs also recognised in the income statement. On completion of development, all assets included in assets under construction are reclassified as either plant and equipment or other mineral assets and depreciation commences. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-760": {
"value": "Overburden removal costs The process of removing overburden and other waste materials to access mineral deposits is referred to as stripping. Stripping is necessary to obtain access to mineral deposits and occurs throughout the life of an open-pit mine. Development and production stripping costs are classified as other mineral assets in property, plant and equipment. Stripping costs are accounted for separately for individual components of an ore body. The determination of components is dependent on the mine plan and other factors, including the size, shape and geotechnical aspects of an ore body. The Group accounts for stripping activities as follows: Development stripping costs These are initial overburden removal costs incurred to obtain access to mineral deposits that will be commercially produced. These costs are capitalised when it is probable that future economic benefits (access to mineral ores) will flow to the Group and costs can be measured reliably. Once the production phase begins, capitalised development stripping costs are depreciated using the units of production method based on the proven and probable reserves of the relevant identified component of the ore body which the initial stripping activity benefits. Production stripping costs These are post initial overburden removal costs incurred during the normal course of production activity, which commences after the first saleable minerals have been extracted from the component. Production stripping costs can give rise to two benefits, the accounting for which is outlined below: Production stripping activity Benefits of stripping activity Extraction of ore (inventory) in current period. Improved access to future ore extraction. Period benefited Current period Future period(s) Recognition and measurement criteria When the benefits of stripping activities are realised in the form of inventory produced; the associated costs are recorded in accordance with the Group\u2019s inventory accounting policy. When the benefits of stripping activities are improved access to future ore; production costs are capitalised when all the following criteria are met: \u2013 the production stripping activity improves access to a specific component of the ore body and it is probable that economic benefits arising from the improved access to future ore production will be realised \u2013 the component of the ore body for which access has been improved can be identified \u2013 costs associated with that component can be measured reliably Allocation of costs Production stripping costs are allocated between the inventory produced and the production stripping asset using a life-of- component waste-to-ore (or mineral contained) strip ratio. When the current strip ratio is greater than the estimated life-of- component ratio a portion of the stripping costs is capitalised to the production stripping asset. Asset recognised from stripping activity Inventory Other mineral assets within property, plant and equipment. Depreciation basis Not applicable On a component-by-component basis using the units of production method based on proven and probable reserves. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForStrippingCostsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-761": {
"value": "Depreciation Depreciation of assets, other than land, assets under construction and capitalised exploration and evaluation that are not depreciated, is calculated using either the straight-line (SL) method or units of production (UoP) method, net of residual values, over the estimated useful lives of specific assets. The depreciation method and rates applied to specific assets reflect the pattern in which the asset\u2019s benefits are expected to be used by the Group. The Group\u2019s proved and probable reserves for minerals assets are used to determine UoP depreciation unless doing so results in depreciation charges that do not reflect the asset\u2019s useful life. Where this occurs, alternative approaches to determining reserves are applied, to provide a phasing of periodic depreciation charges that better reflects the asset\u2019s expected useful life. Where assets are dedicated to a mine lease, the useful lives below are subject to the lesser of the asset category\u2019s useful life and the life of the mine lease, unless those assets are readily transferable to another productive mine. Assets classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and therefore not depreciated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-664": {
"value": "Commitments The Group\u2019s commitments for capital expenditure were US$3,975 million as at 30 June 2023 (2022: US$2,820 million). The Group\u2019s commitments related to leases are included in note 22 \u2018Leases\u2019. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-712": {
"value": "12 Intangible assets 2023 2022 Goodwill US$M Other intangibles US$M Total US$M Goodwill US$M Other intangibles US$M Total US$M Net book value At the beginning of the financial year 1,197 172 1,369 1,197 240 1,437 Additions \u2013 51 51 \u2212 36 36 Acquisition of subsidiaries and operations 1 192 \u2013 192 \u2212 \u2212 \u2212 Amortisation for the year \u2013 (94) (94) \u2212 (60) (60) Impairments for the year2 \u2013 (2) (2) \u2212 \u2212 \u2212 Disposals \u2013 (15) (15) \u2212 (16) (16) Divestment and demerger of subsidiaries and operations3 \u2013 \u2212 \u2013 \u2212 (66) (66) Transfers and other movements \u2013 109 109 \u2212 38 38 At the end of the financial year 1,389 221 1,610 1,197 172 1,369 \u2013 Cost 1,389 1,529 2,918 1,197 1,363 2,560 \u2013 Accumulated amortisation and impairments \u2013 (1,308) (1,308) \u2212 (1,191) (1,191) 1 Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 \u2018Business combinations\u2019 for more information. 2 Refer to note 13 \u2018Impairment of non-current assets\u2019 for information on impairments. 3 Relates to the merger of Petroleum with Woodside in FY2022. Refer to note 28 \u2018Discontinued operations\u2019 for more information. Recognition and measurement Goodwill Where the fair value of the consideration paid for a business acquisition exceeds the fair value of the identifiable assets, liabilities and contingent liabilities acquired, the difference is treated as goodwill. Where consideration is less than the fair value of acquired net assets, the difference is recognised immediately in the income statement. Goodwill is not amortised and is measured at cost less any impairment losses. Other intangibles The Group capitalises amounts paid for the acquisition of identifiable intangible assets, such as software, licences and initial payments for the acquisition of mineral lease assets, where it is considered that they will contribute to future periods through revenue generation or reductions in cost. These assets, classified as finite life intangible assets, are carried in the balance sheet at the fair value of consideration paid (cost) less accumulated amortisation and impairment charges. Intangible assets with finite useful lives are amortised on a straight-line basis over their useful lives. The estimated useful lives are generally no greater than eight years. Initial payments for the acquisition of intangible mineral lease assets are capitalised and amortised over the term of the permit. A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area. Capitalised costs are only carried forward to the extent that they are expected to be recovered through the successful exploitation of the area of interest or alternatively by its sale. To the extent that capitalised expenditure is no longer expected to be recovered, it is charged to the income statement. Assets classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and therefore not amortised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-700": {
"value": "12 Intangible assets 2023 2022 Goodwill US$M Other intangibles US$M Total US$M Goodwill US$M Other intangibles US$M Total US$M Net book value At the beginning of the financial year 1,197 172 1,369 1,197 240 1,437 Additions \u2013 51 51 \u2212 36 36 Acquisition of subsidiaries and operations 1 192 \u2013 192 \u2212 \u2212 \u2212 Amortisation for the year \u2013 (94) (94) \u2212 (60) (60) Impairments for the year2 \u2013 (2) (2) \u2212 \u2212 \u2212 Disposals \u2013 (15) (15) \u2212 (16) (16) Divestment and demerger of subsidiaries and operations3 \u2013 \u2212 \u2013 \u2212 (66) (66) Transfers and other movements \u2013 109 109 \u2212 38 38 At the end of the financial year 1,389 221 1,610 1,197 172 1,369 \u2013 Cost 1,389 1,529 2,918 1,197 1,363 2,560 \u2013 Accumulated amortisation and impairments \u2013 (1,308) (1,308) \u2212 (1,191) (1,191) 1 Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 \u2018Business combinations\u2019 for more information. 2 Refer to note 13 \u2018Impairment of non-current assets\u2019 for information on impairments. 3 Relates to the merger of Petroleum with Woodside in FY2022. Refer to note 28 \u2018Discontinued operations\u2019 for more information. Recognition and measurement Goodwill Where the fair value of the consideration paid for a business acquisition exceeds the fair value of the identifiable assets, liabilities and contingent liabilities acquired, the difference is treated as goodwill. Where consideration is less than the fair value of acquired net assets, the difference is recognised immediately in the income statement. Goodwill is not amortised and is measured at cost less any impairment losses. Other intangibles The Group capitalises amounts paid for the acquisition of identifiable intangible assets, such as software, licences and initial payments for the acquisition of mineral lease assets, where it is considered that they will contribute to future periods through revenue generation or reductions in cost. These assets, classified as finite life intangible assets, are carried in the balance sheet at the fair value of consideration paid (cost) less accumulated amortisation and impairment charges. Intangible assets with finite useful lives are amortised on a straight-line basis over their useful lives. The estimated useful lives are generally no greater than eight years. Initial payments for the acquisition of intangible mineral lease assets are capitalised and amortised over the term of the permit. A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area. Capitalised costs are only carried forward to the extent that they are expected to be recovered through the successful exploitation of the area of interest or alternatively by its sale. To the extent that capitalised expenditure is no longer expected to be recovered, it is charged to the income statement. Assets classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and therefore not amortised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-663": {
"value": "12 Intangible assets 2023 2022 Goodwill US$M Other intangibles US$M Total US$M Goodwill US$M Other intangibles US$M Total US$M Net book value At the beginning of the financial year 1,197 172 1,369 1,197 240 1,437 Additions \u2013 51 51 \u2212 36 36 Acquisition of subsidiaries and operations 1 192 \u2013 192 \u2212 \u2212 \u2212 Amortisation for the year \u2013 (94) (94) \u2212 (60) (60) Impairments for the year2 \u2013 (2) (2) \u2212 \u2212 \u2212 Disposals \u2013 (15) (15) \u2212 (16) (16) Divestment and demerger of subsidiaries and operations3 \u2013 \u2212 \u2013 \u2212 (66) (66) Transfers and other movements \u2013 109 109 \u2212 38 38 At the end of the financial year 1,389 221 1,610 1,197 172 1,369 \u2013 Cost 1,389 1,529 2,918 1,197 1,363 2,560 \u2013 Accumulated amortisation and impairments \u2013 (1,308) (1,308) \u2212 (1,191) (1,191) 1 Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 \u2018Business combinations\u2019 for more information. 2 Refer to note 13 \u2018Impairment of non-current assets\u2019 for information on impairments. 3 Relates to the merger of Petroleum with Woodside in FY2022. Refer to note 28 \u2018Discontinued operations\u2019 for more information. Recognition and measurement Goodwill Where the fair value of the consideration paid for a business acquisition exceeds the fair value of the identifiable assets, liabilities and contingent liabilities acquired, the difference is treated as goodwill. Where consideration is less than the fair value of acquired net assets, the difference is recognised immediately in the income statement. Goodwill is not amortised and is measured at cost less any impairment losses. Other intangibles The Group capitalises amounts paid for the acquisition of identifiable intangible assets, such as software, licences and initial payments for the acquisition of mineral lease assets, where it is considered that they will contribute to future periods through revenue generation or reductions in cost. These assets, classified as finite life intangible assets, are carried in the balance sheet at the fair value of consideration paid (cost) less accumulated amortisation and impairment charges. Intangible assets with finite useful lives are amortised on a straight-line basis over their useful lives. The estimated useful lives are generally no greater than eight years. Initial payments for the acquisition of intangible mineral lease assets are capitalised and amortised over the term of the permit. A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area. Capitalised costs are only carried forward to the extent that they are expected to be recovered through the successful exploitation of the area of interest or alternatively by its sale. To the extent that capitalised expenditure is no longer expected to be recovered, it is charged to the income statement. Assets classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and therefore not amortised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-628": {
"value": "12 Intangible assets 2023 2022 Goodwill US$M Other intangibles US$M Total US$M Goodwill US$M Other intangibles US$M Total US$M Net book value At the beginning of the financial year 1,197 172 1,369 1,197 240 1,437 Additions \u2013 51 51 \u2212 36 36 Acquisition of subsidiaries and operations 1 192 \u2013 192 \u2212 \u2212 \u2212 Amortisation for the year \u2013 (94) (94) \u2212 (60) (60) Impairments for the year2 \u2013 (2) (2) \u2212 \u2212 \u2212 Disposals \u2013 (15) (15) \u2212 (16) (16) Divestment and demerger of subsidiaries and operations3 \u2013 \u2212 \u2013 \u2212 (66) (66) Transfers and other movements \u2013 109 109 \u2212 38 38 At the end of the financial year 1,389 221 1,610 1,197 172 1,369 \u2013 Cost 1,389 1,529 2,918 1,197 1,363 2,560 \u2013 Accumulated amortisation and impairments \u2013 (1,308) (1,308) \u2212 (1,191) (1,191) 1 Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 \u2018Business combinations\u2019 for more information. 2 Refer to note 13 \u2018Impairment of non-current assets\u2019 for information on impairments. 3 Relates to the merger of Petroleum with Woodside in FY2022. Refer to note 28 \u2018Discontinued operations\u2019 for more information. Recognition and measurement Goodwill Where the fair value of the consideration paid for a business acquisition exceeds the fair value of the identifiable assets, liabilities and contingent liabilities acquired, the difference is treated as goodwill. Where consideration is less than the fair value of acquired net assets, the difference is recognised immediately in the income statement. Goodwill is not amortised and is measured at cost less any impairment losses. Other intangibles The Group capitalises amounts paid for the acquisition of identifiable intangible assets, such as software, licences and initial payments for the acquisition of mineral lease assets, where it is considered that they will contribute to future periods through revenue generation or reductions in cost. These assets, classified as finite life intangible assets, are carried in the balance sheet at the fair value of consideration paid (cost) less accumulated amortisation and impairment charges. Intangible assets with finite useful lives are amortised on a straight-line basis over their useful lives. The estimated useful lives are generally no greater than eight years. Initial payments for the acquisition of intangible mineral lease assets are capitalised and amortised over the term of the permit. A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area. Capitalised costs are only carried forward to the extent that they are expected to be recovered through the successful exploitation of the area of interest or alternatively by its sale. To the extent that capitalised expenditure is no longer expected to be recovered, it is charged to the income statement. Assets classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and therefore not amortised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-762": {
"value": "Goodwill Where the fair value of the consideration paid for a business acquisition exceeds the fair value of the identifiable assets, liabilities and contingent liabilities acquired, the difference is treated as goodwill. Where consideration is less than the fair value of acquired net assets, the difference is recognised immediately in the income statement. Goodwill is not amortised and is measured at cost less any impairment losses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-740": {
"value": "Goodwill Where the fair value of the consideration paid for a business acquisition exceeds the fair value of the identifiable assets, liabilities and contingent liabilities acquired, the difference is treated as goodwill. Where consideration is less than the fair value of acquired net assets, the difference is recognised immediately in the income statement. Goodwill is not amortised and is measured at cost less any impairment losses. Other intangibles The Group capitalises amounts paid for the acquisition of identifiable intangible assets, such as software, licences and initial payments for the acquisition of mineral lease assets, where it is considered that they will contribute to future periods through revenue generation or reductions in cost. These assets, classified as finite life intangible assets, are carried in the balance sheet at the fair value of consideration paid (cost) less accumulated amortisation and impairment charges. Intangible assets with finite useful lives are amortised on a straight-line basis over their useful lives. The estimated useful lives are generally no greater than eight years. Initial payments for the acquisition of intangible mineral lease assets are capitalised and amortised over the term of the permit. A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area. Capitalised costs are only carried forward to the extent that they are expected to be recovered through the successful exploitation of the area of interest or alternatively by its sale. To the extent that capitalised expenditure is no longer expected to be recovered, it is charged to the income statement. Assets classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and therefore not amortised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-763": {
"value": "Other intangibles The Group capitalises amounts paid for the acquisition of identifiable intangible assets, such as software, licences and initial payments for the acquisition of mineral lease assets, where it is considered that they will contribute to future periods through revenue generation or reductions in cost. These assets, classified as finite life intangible assets, are carried in the balance sheet at the fair value of consideration paid (cost) less accumulated amortisation and impairment charges. Intangible assets with finite useful lives are amortised on a straight-line basis over their useful lives. The estimated useful lives are generally no greater than eight years. Initial payments for the acquisition of intangible mineral lease assets are capitalised and amortised over the term of the permit. A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area. Capitalised costs are only carried forward to the extent that they are expected to be recovered through the successful exploitation of the area of interest or alternatively by its sale. To the extent that capitalised expenditure is no longer expected to be recovered, it is charged to the income statement. Assets classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and therefore not amortised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-629": {
"value": "13 Impairment of non-current assets Cash generating unit Segment 2023 Property, plant and equipment US$M Goodwill and other intangibles US$M Equity- accounted investment US$M Total US$M Other Various 73 2 \u2013 75 Total impairment of non-current assets 73 2 \u2013 75 Reversal of impairment \u2013 \u2013 \u2013 \u2013 Net impairment of non-current assets \u2013 Continuing operations 73 2 \u2013 75 Net impairment of non-current assets \u2013 Discontinued operations \u2013 \u2013 \u2013 \u2013 Net impairment of non-current assets 73 2 \u2013 75 Cash generating unit Segment 2022 Property, plant and equipment US$M Goodwill and other intangibles US$M Equity- accounted investment US$M Total US$M Cerro Colorado Copper 455 \u2212 \u2212 455 Other Various 60 \u2212 \u2212 60 Total impairment of non-current assets 515 \u2212 \u2212 515 Reversal of impairment \u2212 \u2212 \u2212 \u2212 Net impairment of non-current assets \u2013 Continuing operations 515 \u2212 \u2212 515 Net impairment of non-current assets \u2013 Discontinued operations \u2212 \u2212 \u2212 \u2212 Net impairment of non-current assets 515 \u2212 \u2212 515 Recognition and measurement Impairment tests for all non-financial assets (excluding goodwill) are performed when there is an indication of impairment. Goodwill is tested for impairment at least annually. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash generating unit (CGU) to which the asset belongs, being the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. If the carrying amount of the asset or CGU exceeds its recoverable amount, the asset or CGU is impaired and an impairment loss is charged to the income statement so as to reduce the carrying amount in the balance sheet to its recoverable amount. Previously impaired assets (excluding goodwill as impairment losses are not reversed in subsequent periods) are reviewed for possible reversal of previous impairment at each reporting date. Impairment reversal cannot exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset or CGU. Such reversal is recognised in the income statement. There were no reversals of impairment in the current or prior year. How recoverable amount is calculated The recoverable amount is the higher of an asset\u2019s or CGU\u2019s fair value less cost of disposal (FVLCD) and its value in use (VIU). Fair value less cost of disposal FVLCD is an estimate of the amount that a market participant would pay for an asset or CGU, less the cost of disposal. FVLCD for mineral assets is generally determined using independent market assumptions to calculate the present value of the estimated future post-tax cash flows expected to arise from the continued use of the asset, including the anticipated cash flow effects of any capital expenditure to enhance production or reduce cost, and its eventual disposal where a market participant may take a consistent view. Cash flows are discounted using an appropriate post-tax market discount rate to arrive at a net present value of the asset, which is compared against the asset\u2019s carrying value. FVLCD may also take into consideration other market- based indicators of fair value. FVLCD are based primarily on Level 3 inputs as defined in note 24 \u2018Financial risk management\u2019 unless otherwise noted. Value in use VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and its eventual disposal or closure. VIU is determined by applying assumptions specific to the Group\u2019s continued use and cannot take into account future development. These assumptions are different to those used in calculating FVLCD and consequently the VIU calculation is likely to give a different result (usually lower) to a FVLCD calculation. Impairment of non-current assets (excluding goodwill) No material impairment of non-current assets for the year ended 30 June 2023. Impairment of non-current assets relating to the year ended 30 June 2022 are detailed below. Impairment of Cerro Colorado The Group recognised a pre-tax impairment charge of US$455 million. The impairment charge primarily related to an increase in closure and rehabilitation provision at Cerro Colorado due to additional work required to re-profile waste dumps for closure and an increase in scope for the closure activities. Impairment test for goodwill The carrying amount of goodwill has been allocated to the CGUs, or groups of CGUs, as follows: Cash generating unit 2023 US$M 2022 US$M Olympic Dam 1,010 1,010 OZ Minerals Limited provisional goodwill 192 \u2013 Other 187 187 Total goodwill 1,389 1,197 For the purpose of impairment testing, goodwill has been allocated to CGUs or groups of CGUs, that are expected to benefit from the synergies of previous business combinations, which represent the level at which management will monitor and manage goodwill. The Olympic Dam goodwill has been tested for impairment at 31 December 2022, as part of the Olympic Dam CGU. Details of the goodwill impairment test are provided below. On 2 May 2023, the Group acquired OZ Minerals Limited (OZL) (refer to note 29 \u2018Business combination\u2019 for details). The goodwill arising from the acquisition of US$192 million represents the provisional amount, which could not be reliably allocated to a CGU or group of CGUs at 30 June 2023. There were no indicators of impairment during the period from acquisition date to 30 June 2023 to suggest that the provisional goodwill had been impaired. Therefore, as at 30 June 2023, this goodwill has not yet been subject to any impairment testing. Goodwill held by other CGUs is US$187 million (2022: US$187 million). This represents less than one per cent of net assets at 30 June 2023 (2022: less than one per cent). There was no impairment of other goodwill in the year to 30 June 2023 (2022: US$ nil). Olympic Dam goodwill Impairment test conclusion The Group performed an impairment test of the Olympic Dam CGU, including goodwill, as at 31 December 2022 and an impairment charge was not required. A goodwill impairment test was not required at 30 June 2023 as there were no indicators of impairment. How did the goodwill arise? Goodwill arose on the acquisition of WMC Resources Ltd in June 2005. Segment Olympic Dam is part of the Copper reportable segment. How were the valuations calculated? FVLCD methodology using DCF techniques has been applied in determining the recoverable amount of Olympic Dam. Significant assumptions and sensitivities The valuation of Olympic Dam exceeded its carrying amount by approximately US$4.2 billion (2022: US$2.4 billion) and is most sensitive to changes in copper and gold commodity prices, production volumes, operating costs and discount rates. The valuation applied a post-tax real discount rate of 6.5 per cent (2022: 6.5 per cent). Changes in copper and gold commodity price forecasts, estimated production volumes and operating costs and discount rates in the period between 31 December 2022 and 30 June 2023, including an increase to the discount rate applied to Olympic Dam to 7.0 per cent, did not result in an indicator of impairment. Further, it is considered that there are no reasonably possible changes in copper and gold price forecasts, operating cost estimates or the discount rate that would, in isolation, result in the estimated recoverable amount being equal to the carrying amount. A production volume decrease of 9.9 per cent (2022: 6 per cent) across all commodities (copper, gold, silver and uranium) would, in isolation, result in the estimated recoverable amount being equal to the carrying amount. Typically, changes in any one of the aforementioned assumptions (including operating performance) would be accompanied by a change in another assumption which may have an offsetting impact. Action is usually taken to respond to adverse changes in assumptions to mitigate the impact of any such change. Key judgements and estimates that have been applied in the FVLCD valuation are disclosed further below. Key judgements and estimates Judgements: Assessment of indicators of impairment or impairment reversal and the determination of CGUs for impairment purposes require significant management judgement. Indicators of impairment may include changes in the Group\u2019s operating and economic assumptions, including those arising from changes in reserves or mine planning, updates to the Group\u2019s commodity supply, demand and price forecasts, or the possible additional impacts from emerging risks including those related to climate change and the transition to a low-carbon economy. Climate change The Group\u2019s impairment assessments may be impacted by climate change and the transition to a low-carbon economy. Further detail is provided in note 16 \u2018Climate Change\u2019. Estimates: The Group performs a recoverable amount determination for an asset or CGU when there is an indication of impairment or impairment reversal. When the recoverable amount is measured by reference to FVLCD, in the absence of quoted market prices or binding sale agreement, estimates are made regarding the present value of future post-tax cash flows. These estimates are made from the perspective of a market participant and include prices, future production volumes, operating costs, capital expenditure, closure and rehabilitation costs, taxes, risking factors applied to cash flows and discount rates. The cash flow forecasts may include net cash flows expected from the extraction, processing and sale of material that does not currently qualify for inclusion in ore reserves. Reserves and resources are included in the assessment of FVLCD to the extent that it is considered probable that a market participant would attribute value to them. When recoverable amount is measured using VIU, estimates are made regarding the present value of future cash flows based on internal budgets and forecasts and life of asset plans. Key estimates are similar to those identified for FVLCD, although some assumptions and values may differ as they reflect the perspective of management rather than a market participant. All estimates require judgements and assumptions and are subject to risk and uncertainty that may be beyond the control of the Group; hence, there is a possibility that changes in circumstances will materially alter projections, which may impact the recoverable amount of an asset or CGU at each reporting date. While no indicators of impairment, or impairment reversal, were identified across the Group\u2019s CGUs at 30 June 2023, the carrying value of the Spence and Nickel West CGUs are the most susceptible to changes in the significant estimates outlined below in the next reporting period. The significant estimates impacting the Group\u2019s recoverable amount determinations are: Commodity prices Commodity prices were based on latest internal forecasts which assume short-term market prices will revert to the Group\u2019s assessment of long-term price. These price forecasts reflect management\u2019s long-term views of global supply and demand, built upon past experience of the commodity markets and are benchmarked with external sources of information such as analyst forecasts. Prices are adjusted based upon premiums or discounts applied to global price markers to reflect the location, nature and quality of the Group\u2019s production, or to take into account contracted prices. Future production volumes Estimated production volumes were based on detailed data and took into account development plans established by management as part of the Group\u2019s long-term planning process. When estimating FVLCD, assumptions reflect all reserves and resources that a market participant would consider when valuing the respective CGU, which in some cases are broader in scope than the reserves that would be used in a VIU test. In determining FVLCD, risk factors may be applied to reserves and resources which do not meet the criteria to be treated as proved. Cash outflows (including operating costs, capital expenditure, closure and rehabilitation costs and taxes) Cash outflows are based on internal budgets and forecasts and life of asset plans. Cost assumptions reflect management experience and expectations. Tax assumptions reflect existing and substantively enacted tax and royalty regimes and rates applicable in the jurisdiction of the CGU. In the case of FVLCD, cash flow projections include the anticipated cash flow effects of any capital expenditure to enhance production or reduce cost where a market participant may take a consistent view. VIU does not take into account future development. Discount rates The Group uses real post-tax discount rates applied to real post-tax cash flows. The discount rates are derived using the weighted average cost of capital methodology. Adjustments to the rates are made for any risks that are not reflected in the underlying cash flows, including country risk. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-741": {
"value": "Recognition and measurement Impairment tests for all non-financial assets (excluding goodwill) are performed when there is an indication of impairment. Goodwill is tested for impairment at least annually. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash generating unit (CGU) to which the asset belongs, being the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. If the carrying amount of the asset or CGU exceeds its recoverable amount, the asset or CGU is impaired and an impairment loss is charged to the income statement so as to reduce the carrying amount in the balance sheet to its recoverable amount. Previously impaired assets (excluding goodwill as impairment losses are not reversed in subsequent periods) are reviewed for possible reversal of previous impairment at each reporting date. Impairment reversal cannot exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset or CGU. Such reversal is recognised in the income statement. There were no reversals of impairment in the current or prior year. How recoverable amount is calculated The recoverable amount is the higher of an asset\u2019s or CGU\u2019s fair value less cost of disposal (FVLCD) and its value in use (VIU). Fair value less cost of disposal FVLCD is an estimate of the amount that a market participant would pay for an asset or CGU, less the cost of disposal. FVLCD for mineral assets is generally determined using independent market assumptions to calculate the present value of the estimated future post-tax cash flows expected to arise from the continued use of the asset, including the anticipated cash flow effects of any capital expenditure to enhance production or reduce cost, and its eventual disposal where a market participant may take a consistent view. Cash flows are discounted using an appropriate post-tax market discount rate to arrive at a net present value of the asset, which is compared against the asset\u2019s carrying value. FVLCD may also take into consideration other market- based indicators of fair value. FVLCD are based primarily on Level 3 inputs as defined in note 24 \u2018Financial risk management\u2019 unless otherwise noted. Value in use VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and its eventual disposal or closure. VIU is determined by applying assumptions specific to the Group\u2019s continued use and cannot take into account future development. These assumptions are different to those used in calculating FVLCD and consequently the VIU calculation is likely to give a different result (usually lower) to a FVLCD calculation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-665": {
"value": "Impairment of non-current assets (excluding goodwill) No material impairment of non-current assets for the year ended 30 June 2023. Impairment of non-current assets relating to the year ended 30 June 2022 are detailed below. Impairment of Cerro Colorado The Group recognised a pre-tax impairment charge of US$455 million. The impairment charge primarily related to an increase in closure and rehabilitation provision at Cerro Colorado due to additional work required to re-profile waste dumps for closure and an increase in scope for the closure activities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-630": {
"value": "14 Deferred tax balances The movement for the year in the Group\u2019s net deferred tax position is as follows: 2023 US$M 2022 US$M 2021 US$M Net deferred tax (liability)/asset At the beginning of the financial year (3,007) (1,402) (91) Acquisition of subsidiaries and operations 1 (867) \u2212 \u2212 Income tax charge recorded in the income statement 2,3 (387) (125) (1,325) Income tax credit/(charge) recorded directly in equity 6 (42) 42 Divestment and demerger of subsidiaries and operations 4 \u2013 (1,439) \u2212 Other movements 12 1 (28) At the end of the financial year (4,243) (3,007) (1,402) 1 Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 \u2018Business combinations\u2019 for more information. 2 Includes Discontinued operations income tax (charge)/credit to the income statement in 2022 of US$(61) million (2021: US$273 million). 3 Includes US$(283) million revaluation of deferred tax balances in the year ended 30 June 2023, following the substantive enactment of the Chilean Royalty Bill. Refer to note 3 \u2018Exceptional items\u2019 for more information. 4 Relates to the divestment of BMC and merger of Petroleum with Woodside. Refer to notes 3 \u2018Exceptional items\u2019 and 28 \u2018Discontinued operations\u2019 for more information. For recognition and measurement refer to note 6 \u2018Income tax expense\u2019 . The composition of the Group\u2019s net deferred tax assets and liabilities recognised in the balance sheet and the deferred tax expense charged/(credited) to the income statement is as follows: Deferred tax assets Deferred tax liabilities Charged/(credited) to the income statement 2023 US$M 2022 US$M 2023 US$M 2022 US$M 2023 US$M 2022 US$M 2021 US$M Type of temporary difference Depreciation 1 (629) (526) 6,259 4,844 452 554 488 Exploration expenditure 11 9 (1) \u2212 (2) 13 347 Employee benefits 27 21 (425) (322) (94) 20 (68) Closure and rehabilitation 143 104 (1,753) (1,448) (296) 24 (515) Resource rent tax \u2013 \u2212 \u2013 \u2212 \u2013 (129) (309) Other provisions 64 70 (210) (192) 4 49 77 Deferred income 14 51 \u2013 (1) 37 (31) (31) Deferred charges (82) (57) 644 584 85 7 68 Investments, including foreign tax credits 225 139 370 365 (54) (298) 414 Foreign exchange gains and losses (14) (13) 190 154 42 33 63 Tax losses 276 225 (214) (307) 37 28 678 Lease liability1 18 17 (767) (594) (83) (10) 67 Other 3 16 206 (20) 259 (135) 46 Total 56 56 4,299 3,063 387 125 1,325 1 Includes deferred tax associated with the recognition of right-of-use assets and lease liabilities on adoption of IFRS 16. Refer to note 22 \u2018Leases\u2019. The composition of the Group\u2019s unrecognised deferred tax assets and liabilities is as follows: 2023 US$M 2022 US$M Unrecognised deferred tax assets Tax losses and tax credits 1 8,572 8,462 Investments in subsidiaries2 1,661 1,597 Mineral rights3 3,287 2,781 Other deductible temporary differences4 1,912 1,777 Total unrecognised deferred tax assets 15,432 14,617 Unrecognised deferred tax liabilities Investments in subsidiaries2 2,179 2,099 Total unrecognised deferred tax liabilities 2,179 2,099 1 At 30 June 2023, the Group had income and capital tax losses with a tax benefit of US$5,709 million (2022: US$5,777 million) and tax credits of US$2,863 million (2022: US$2,685 million), which are not recognised as deferred tax assets, because it is not probable that future taxable profits or capital gains will be available against which the Group can utilise the benefits. The gross amount of tax losses carried forward that have not been recognised is as follows: Year of expiry 2023 US$M 2022 US$M Income tax losses Not later than one year 22 \u2212 Later than one year and not later than two years 5 \u2212 Later than two years and not later than five years 47 43 Later than five years and not later than 10 years 549 248 Later than 10 years and not later than 20 years 1,317 1,290 Unlimited 4,889 4,157 6,829 5,738 Capital tax losses Not later than one year \u2013 \u2212 Later than two years and not later than five years \u2013 \u2212 Unlimited 13,870 14,173 Gross amount of tax losses not recognised 20,699 19,911 Tax effect of total losses not recognised 5,709 5,777 Of the US$2,863 million of tax credits, US$2,405 million expires not later than 10 years (2022: US$2,129 million) and US$458 million expires later than 10 years and not later than 20 years (2022: US$556 million). 2 The Group has deferred tax assets and deferred tax liabilities associated with undistributed earnings of subsidiaries that have not been recognised because the Group is able to control the timing of the reversal of the temporary differences and it is not probable that these differences will reverse in the foreseeable future. Where the Group has undistributed earnings held by associates and joint interests, the deferred tax liability will be recognised as there is no ability to control the timing of the potential distributions. 3 The Group has deductible temporary differences relating to mineral rights for which deferred tax assets have not been recognised because it is not probable that future capital gains will be available against which the Group can utilise the benefits. The deductible temporary differences do not expire under current tax legislation. 4 The Group has other deductible temporary differences for which deferred tax assets have not been recognised because it is not probable that future taxable profits will be available against which the Group can utilise the benefits. The deductible temporary differences do not expire under current tax legislation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-666": {
"value": "The composition of the Group\u2019s unrecognised deferred tax assets and liabilities is as follows: 2023 US$M 2022 US$M Unrecognised deferred tax assets Tax losses and tax credits 1 8,572 8,462 Investments in subsidiaries2 1,661 1,597 Mineral rights3 3,287 2,781 Other deductible temporary differences4 1,912 1,777 Total unrecognised deferred tax assets 15,432 14,617 Unrecognised deferred tax liabilities Investments in subsidiaries2 2,179 2,099 Total unrecognised deferred tax liabilities 2,179 2,099 1 At 30 June 2023, the Group had income and capital tax losses with a tax benefit of US$5,709 million (2022: US$5,777 million) and tax credits of US$2,863 million (2022: US$2,685 million), which are not recognised as deferred tax assets, because it is not probable that future taxable profits or capital gains will be available against which the Group can utilise the benefits. The gross amount of tax losses carried forward that have not been recognised is as follows: Year of expiry 2023 US$M 2022 US$M Income tax losses Not later than one year 22 \u2212 Later than one year and not later than two years 5 \u2212 Later than two years and not later than five years 47 43 Later than five years and not later than 10 years 549 248 Later than 10 years and not later than 20 years 1,317 1,290 Unlimited 4,889 4,157 6,829 5,738 Capital tax losses Not later than one year \u2013 \u2212 Later than two years and not later than five years \u2013 \u2212 Unlimited 13,870 14,173 Gross amount of tax losses not recognised 20,699 19,911 Tax effect of total losses not recognised 5,709 5,777 Of the US$2,863 million of tax credits, US$2,405 million expires not later than 10 years (2022: US$2,129 million) and US$458 million expires later than 10 years and not later than 20 years (2022: US$556 million). 2 The Group has deferred tax assets and deferred tax liabilities associated with undistributed earnings of subsidiaries that have not been recognised because the Group is able to control the timing of the reversal of the temporary differences and it is not probable that these differences will reverse in the foreseeable future. Where the Group has undistributed earnings held by associates and joint interests, the deferred tax liability will be recognised as there is no ability to control the timing of the potential distributions. 3 The Group has deductible temporary differences relating to mineral rights for which deferred tax assets have not been recognised because it is not probable that future capital gains will be available against which the Group can utilise the benefits. The deductible temporary differences do not expire under current tax legislation. 4 The Group has other deductible temporary differences for which deferred tax assets have not been recognised because it is not probable that future taxable profits will be available against which the Group can utilise the benefits. The deductible temporary differences do not expire under current tax legislation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-631": {
"value": "15 Closure and rehabilitation provisions 2023 US$M 2022 US$M At the beginning of the financial year 8,689 11,910 Capitalised amounts for operating sites: Change in estimate 510 1,579 Exchange translation (50) (694) Adjustments charged/(credited) to the income statement: Increases to existing and new provisions 47 174 Exchange translation (8) (58) Released during the year (35) (42) Other adjustments to the provision: Amortisation of discounting impacting net finance costs 839 554 Acquisition of subsidiaries and operations1 168 \u2212 Divestment and demerger of subsidiaries and operations \u2013 (4,477) Expenditure on closure and rehabilitation activities (273) (316) Exchange variations impacting foreign currency translation reserve \u2013 (3) Other movements \u2013 62 At the end of the financial year 9,887 8,689 Comprising: Current 520 475 Non-current 9,367 8,214 Operating sites 7,366 6,198 Closed sites 2,521 2,491 1 Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 \u2018Business combinations\u2019 for more information. Profile of closure and rehabilitation cash flows The table below indicates the estimated profile of the Group\u2019s closure and rehabilitation provisions. The profile reflects the undiscounted forecast cash flows that underpin the provisions. In some instances, the Group has an obligation to rehabilitate and maintain a closed site for an indefinite period. For the purpose of this analysis, the cashflow period has been restricted to 100 years. Proportion of the Group\u2019s undiscounted forecast cashflows 2023 % 2022 % In one year or less 3 3 In more than one year but not more than two years 4 3 In more than two years but not more than five years 8 9 In more than five years but not more than ten years 14 15 In more than ten years 71 70 Total 100 100 The Group is required to close and rehabilitate sites and associated facilities at the end of or, in some cases, during the course of production to a condition acceptable to the relevant authorities, as specified in licence requirements and the Group\u2019s closure performance requirements. The key components of closure and rehabilitation activities are: \u2013 the removal of all unwanted infrastructure associated with an operation \u2013 the return of disturbed areas to a safe, stable and self-sustaining condition, consistent with the agreed post-closure land use Recognition and measurement Provisions for closure and rehabilitation are recognised by the Group when: \u2013 it has a present legal or constructive obligation as a result of past events \u2013 it is more likely than not that an outflow of resources will be required to settle the obligation \u2013 the amount can be reliably estimated Initial recognition and measurement Subsequent measurement Closure and rehabilitation provisions are initially recognised when an environmental disturbance first occurs. The individual site provisions are an estimate of the expected value of future cash flows required to close the relevant site using current standards and techniques and taking into account risks and uncertainties. Individual site provisions are discounted to their present value using currency specific discount rates aligned to the estimated timing of cash outflows. When provisions for closure and rehabilitation are initially recognised, the corresponding cost is capitalised as an asset, representing part of the cost of acquiring the future economic benefits of the operation. The closure and rehabilitation asset, recognised within property, plant and equipment, is depreciated over the life of the operations. The value of the provision is progressively increased over time as the effect of discounting unwinds, resulting in an expense recognised in net finance costs. The closure and rehabilitation provision is reviewed at each reporting date to assess if the estimate continues to reflect the best estimate of the obligation. If necessary, the provision is remeasured to account for factors such as: \u2013 additional disturbance during the period \u2013 revisions to estimated reserves, resources and lives of operations including any changes to expected operating lives arising from the Group\u2019s latest assessment of the potential impacts of climate change and the transition to a low-carbon economy \u2013 developments in technology \u2013 changes to regulatory requirements and environmental management strategies \u2013 changes in the estimated extent and costs of anticipated activities, including the effects of inflation and movements in foreign exchange rates \u2013 movements in interest rates affecting the discount rate applied Changes to the closure and rehabilitation estimate for operating sites are added to, or deducted from, the related asset and amortised on a prospective basis over the remaining life of the operation, generally applying the units of production method. Costs arising from unforeseen circumstances, such as the contamination caused by unplanned discharges, are recognised as an expense and liability when the event gives rise to an obligation that is probable and capable of reliable estimation. Closed sites Where future economic benefits are no longer expected to be derived through operation, changes to the associated closure and remediation costs are charged to the income statement in the period identified. This amounted to US$4 million in the year ended 30 June 2023 (2022: US$74 million; 2021: US$483 million). Key estimates Closure cost estimates are generally based on conceptual level studies early in the operating life of an asset with more detailed studies and planning performed as closure risks (including those related to climate change) are identified and/or as an asset, or parts thereof, near closure. As such, the recognition and measurement of closure and rehabilitation provisions requires the use of significant estimates and assumptions, including, but not limited to: \u2013 the extent (due to legal or constructive obligations) of potential activities required for the removal of infrastructure, decharacterisation of tailings storage facilities and rehabilitation activities \u2013 costs associated with future closure activities \u2013 the extent and period of post-closure monitoring and maintenance, including water management \u2013 applicable discount rates \u2013 the timing of cash flows and ultimate closure of operations The extent, cost and timing of future closure activities may also be impacted by the potential physical impacts of climate change and the transition to a low-carbon economy. Further detail is provided in note 16 \u2018Climate Change\u2019. Estimates for post-closure monitoring and maintenance reflect the Group\u2019s strategies for individual sites, which may include possible relinquishment. The period of monitoring and maintenance included in the provision requires judgement and considers regulatory and licencing requirements, the outcomes of studies and management\u2019s current assessment of stakeholder expectations. While progressive closure is performed across a number of operations, significant activities are generally undertaken at the end of the production life at the individual sites, the estimated timing of which is informed by the Group\u2019s current assumptions relating to demand for commodities and carbon pricing, and their impact on the Group\u2019s long-term price forecasts. Approximately 51 per cent (2022: 48 per cent) of the Group\u2019s total undiscounted forecast cashflows are expected to be incurred after more than 30 years, reflecting the long-lived nature of many of the Group\u2019s operations which have remaining production lives ranging from 1-103 years (2022: 2-104 years). The discount rates applied to the Group\u2019s closure and rehabilitation provisions are determined by reference to the currency of the closure cash flows, the period over which the cash flows will be incurred and prevailing market interest rates (where available). The Group continues to monitor current market conditions with no change made to the Group\u2019s discount rates in the current year. While the closure and rehabilitation provisions reflect management\u2019s best estimates based on current knowledge and information, further studies, trials and detailed analysis of relevant knowledge and resultant closure activities for individual assets continue to be performed throughout the life of asset. Such studies and analysis can impact the estimated costs of closure activities. Estimates can also be impacted by the emergence of new closure and rehabilitation techniques, changes in regulatory requirements and stakeholder expectations for closure (including costs associated with equitable transition), development of new technologies, risks relating to climate change and the transition to a low-carbon economy, and experience at other operations. These uncertainties may result in future actual expenditure differing from the amounts currently provided for in the balance sheet. Sensitivity A 0.5 per cent increase in the discount rates applied at 30 June 2023 would result in a decrease to the closure and rehabilitation provision of approximately US$758 million, a decrease in property, plant and equipment of approximately US$568 million in relation to operating sites and an income statement credit of approximately US$190 million in respect of closed sites. In addition, the change would result in a decrease of approximately US$44 million to depreciation expense and a US$26 million increment in net finance costs for the year ending 30 June 2024. Given the long-lived nature of the majority of the Group\u2019s assets, the majority of final closure activities are generally not expected to occur for a significant period of time. However, a one-year acceleration in forecast cash flows of the Group\u2019s closure and rehabilitation provisions, in isolation, would result in an increase to the provision of approximately US$209 million, an increase in property, plant and equipment of US$148 million in relation to operating sites and an income statement charge of US$61 million in respect of closed sites. 20 Provisions for dividends and other liabilities The disclosure below excludes closure and rehabilitation provisions (refer to note 15 \u2018Closure and rehabilitation provisions\u2019), employee benefits, restructuring and post-retirement employee benefits provisions (refer to note 27 \u2018Employee benefits, restructuring and post-retirement employee benefits provisions\u2019) and provisions related to the Samarco dam failure (refer to note 4 \u2018Significant events \u2013 Samarco dam failure\u2019). 2023 US$M 2022 US$M At the beginning of the financial year 674 581 Acquisition of subsidiaries and operations 1 61 \u2013 Dividends determined 13,420 17,720 Charge/(credit) for the year: Underlying 156 493 Discounting 2 1 Exchange variations (161) 122 Released during the year (62) (48) Utilisation (35) (96) Dividends paid (13,268) (17,851) Divestment and demerger of subsidiaries and operations \u2212 (146) Transfers and other movements (18) (102) At the end of the financial year 769 674 Comprising: Current 384 356 Non-current 385 318 1 Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 \u2018Business combinations\u2019 for more information. ",
"dimensions": {
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"language": "en",
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"fact-667": {
"value": "15 Closure and rehabilitation provisions 2023 US$M 2022 US$M At the beginning of the financial year 8,689 11,910 Capitalised amounts for operating sites: Change in estimate 510 1,579 Exchange translation (50) (694) Adjustments charged/(credited) to the income statement: Increases to existing and new provisions 47 174 Exchange translation (8) (58) Released during the year (35) (42) Other adjustments to the provision: Amortisation of discounting impacting net finance costs 839 554 Acquisition of subsidiaries and operations1 168 \u2212 Divestment and demerger of subsidiaries and operations \u2013 (4,477) Expenditure on closure and rehabilitation activities (273) (316) Exchange variations impacting foreign currency translation reserve \u2013 (3) Other movements \u2013 62 At the end of the financial year 9,887 8,689 Comprising: Current 520 475 Non-current 9,367 8,214 Operating sites 7,366 6,198 Closed sites 2,521 2,491 1 Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 \u2018Business combinations\u2019 for more information. Profile of closure and rehabilitation cash flows The table below indicates the estimated profile of the Group\u2019s closure and rehabilitation provisions. The profile reflects the undiscounted forecast cash flows that underpin the provisions. In some instances, the Group has an obligation to rehabilitate and maintain a closed site for an indefinite period. For the purpose of this analysis, the cashflow period has been restricted to 100 years. Proportion of the Group\u2019s undiscounted forecast cashflows 2023 % 2022 % In one year or less 3 3 In more than one year but not more than two years 4 3 In more than two years but not more than five years 8 9 In more than five years but not more than ten years 14 15 In more than ten years 71 70 Total 100 100 The Group is required to close and rehabilitate sites and associated facilities at the end of or, in some cases, during the course of production to a condition acceptable to the relevant authorities, as specified in licence requirements and the Group\u2019s closure performance requirements. The key components of closure and rehabilitation activities are: \u2013 the removal of all unwanted infrastructure associated with an operation \u2013 the return of disturbed areas to a safe, stable and self-sustaining condition, consistent with the agreed post-closure land use Recognition and measurement Provisions for closure and rehabilitation are recognised by the Group when: \u2013 it has a present legal or constructive obligation as a result of past events \u2013 it is more likely than not that an outflow of resources will be required to settle the obligation \u2013 the amount can be reliably estimated Initial recognition and measurement Subsequent measurement Closure and rehabilitation provisions are initially recognised when an environmental disturbance first occurs. The individual site provisions are an estimate of the expected value of future cash flows required to close the relevant site using current standards and techniques and taking into account risks and uncertainties. Individual site provisions are discounted to their present value using currency specific discount rates aligned to the estimated timing of cash outflows. When provisions for closure and rehabilitation are initially recognised, the corresponding cost is capitalised as an asset, representing part of the cost of acquiring the future economic benefits of the operation. The closure and rehabilitation asset, recognised within property, plant and equipment, is depreciated over the life of the operations. The value of the provision is progressively increased over time as the effect of discounting unwinds, resulting in an expense recognised in net finance costs. The closure and rehabilitation provision is reviewed at each reporting date to assess if the estimate continues to reflect the best estimate of the obligation. If necessary, the provision is remeasured to account for factors such as: \u2013 additional disturbance during the period \u2013 revisions to estimated reserves, resources and lives of operations including any changes to expected operating lives arising from the Group\u2019s latest assessment of the potential impacts of climate change and the transition to a low-carbon economy \u2013 developments in technology \u2013 changes to regulatory requirements and environmental management strategies \u2013 changes in the estimated extent and costs of anticipated activities, including the effects of inflation and movements in foreign exchange rates \u2013 movements in interest rates affecting the discount rate applied Changes to the closure and rehabilitation estimate for operating sites are added to, or deducted from, the related asset and amortised on a prospective basis over the remaining life of the operation, generally applying the units of production method. Costs arising from unforeseen circumstances, such as the contamination caused by unplanned discharges, are recognised as an expense and liability when the event gives rise to an obligation that is probable and capable of reliable estimation. Closed sites Where future economic benefits are no longer expected to be derived through operation, changes to the associated closure and remediation costs are charged to the income statement in the period identified. This amounted to US$4 million in the year ended 30 June 2023 (2022: US$74 million; 2021: US$483 million). Key estimates Closure cost estimates are generally based on conceptual level studies early in the operating life of an asset with more detailed studies and planning performed as closure risks (including those related to climate change) are identified and/or as an asset, or parts thereof, near closure. As such, the recognition and measurement of closure and rehabilitation provisions requires the use of significant estimates and assumptions, including, but not limited to: \u2013 the extent (due to legal or constructive obligations) of potential activities required for the removal of infrastructure, decharacterisation of tailings storage facilities and rehabilitation activities \u2013 costs associated with future closure activities \u2013 the extent and period of post-closure monitoring and maintenance, including water management \u2013 applicable discount rates \u2013 the timing of cash flows and ultimate closure of operations The extent, cost and timing of future closure activities may also be impacted by the potential physical impacts of climate change and the transition to a low-carbon economy. Further detail is provided in note 16 \u2018Climate Change\u2019. Estimates for post-closure monitoring and maintenance reflect the Group\u2019s strategies for individual sites, which may include possible relinquishment. The period of monitoring and maintenance included in the provision requires judgement and considers regulatory and licencing requirements, the outcomes of studies and management\u2019s current assessment of stakeholder expectations. While progressive closure is performed across a number of operations, significant activities are generally undertaken at the end of the production life at the individual sites, the estimated timing of which is informed by the Group\u2019s current assumptions relating to demand for commodities and carbon pricing, and their impact on the Group\u2019s long-term price forecasts. Approximately 51 per cent (2022: 48 per cent) of the Group\u2019s total undiscounted forecast cashflows are expected to be incurred after more than 30 years, reflecting the long-lived nature of many of the Group\u2019s operations which have remaining production lives ranging from 1-103 years (2022: 2-104 years). The discount rates applied to the Group\u2019s closure and rehabilitation provisions are determined by reference to the currency of the closure cash flows, the period over which the cash flows will be incurred and prevailing market interest rates (where available). The Group continues to monitor current market conditions with no change made to the Group\u2019s discount rates in the current year. While the closure and rehabilitation provisions reflect management\u2019s best estimates based on current knowledge and information, further studies, trials and detailed analysis of relevant knowledge and resultant closure activities for individual assets continue to be performed throughout the life of asset. Such studies and analysis can impact the estimated costs of closure activities. Estimates can also be impacted by the emergence of new closure and rehabilitation techniques, changes in regulatory requirements and stakeholder expectations for closure (including costs associated with equitable transition), development of new technologies, risks relating to climate change and the transition to a low-carbon economy, and experience at other operations. These uncertainties may result in future actual expenditure differing from the amounts currently provided for in the balance sheet. Sensitivity A 0.5 per cent increase in the discount rates applied at 30 June 2023 would result in a decrease to the closure and rehabilitation provision of approximately US$758 million, a decrease in property, plant and equipment of approximately US$568 million in relation to operating sites and an income statement credit of approximately US$190 million in respect of closed sites. In addition, the change would result in a decrease of approximately US$44 million to depreciation expense and a US$26 million increment in net finance costs for the year ending 30 June 2024. Given the long-lived nature of the majority of the Group\u2019s assets, the majority of final closure activities are generally not expected to occur for a significant period of time. However, a one-year acceleration in forecast cash flows of the Group\u2019s closure and rehabilitation provisions, in isolation, would result in an increase to the provision of approximately US$209 million, an increase in property, plant and equipment of US$148 million in relation to operating sites and an income statement charge of US$61 million in respect of closed sites. ",
"dimensions": {
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},
"fact-764": {
"value": "Recognition and measurement Provisions for closure and rehabilitation are recognised by the Group when: \u2013 it has a present legal or constructive obligation as a result of past events \u2013 it is more likely than not that an outflow of resources will be required to settle the obligation \u2013 the amount can be reliably estimated Initial recognition and measurement Subsequent measurement Closure and rehabilitation provisions are initially recognised when an environmental disturbance first occurs. The individual site provisions are an estimate of the expected value of future cash flows required to close the relevant site using current standards and techniques and taking into account risks and uncertainties. Individual site provisions are discounted to their present value using currency specific discount rates aligned to the estimated timing of cash outflows. When provisions for closure and rehabilitation are initially recognised, the corresponding cost is capitalised as an asset, representing part of the cost of acquiring the future economic benefits of the operation. The closure and rehabilitation asset, recognised within property, plant and equipment, is depreciated over the life of the operations. The value of the provision is progressively increased over time as the effect of discounting unwinds, resulting in an expense recognised in net finance costs. The closure and rehabilitation provision is reviewed at each reporting date to assess if the estimate continues to reflect the best estimate of the obligation. If necessary, the provision is remeasured to account for factors such as: \u2013 additional disturbance during the period \u2013 revisions to estimated reserves, resources and lives of operations including any changes to expected operating lives arising from the Group\u2019s latest assessment of the potential impacts of climate change and the transition to a low-carbon economy \u2013 developments in technology \u2013 changes to regulatory requirements and environmental management strategies \u2013 changes in the estimated extent and costs of anticipated activities, including the effects of inflation and movements in foreign exchange rates \u2013 movements in interest rates affecting the discount rate applied Changes to the closure and rehabilitation estimate for operating sites are added to, or deducted from, the related asset and amortised on a prospective basis over the remaining life of the operation, generally applying the units of production method. Costs arising from unforeseen circumstances, such as the contamination caused by unplanned discharges, are recognised as an expense and liability when the event gives rise to an obligation that is probable and capable of reliable estimation. ",
"dimensions": {
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-742": {
"value": "Recognition and measurement Provisions for closure and rehabilitation are recognised by the Group when: \u2013 it has a present legal or constructive obligation as a result of past events \u2013 it is more likely than not that an outflow of resources will be required to settle the obligation \u2013 the amount can be reliably estimated Initial recognition and measurement Subsequent measurement Closure and rehabilitation provisions are initially recognised when an environmental disturbance first occurs. The individual site provisions are an estimate of the expected value of future cash flows required to close the relevant site using current standards and techniques and taking into account risks and uncertainties. Individual site provisions are discounted to their present value using currency specific discount rates aligned to the estimated timing of cash outflows. When provisions for closure and rehabilitation are initially recognised, the corresponding cost is capitalised as an asset, representing part of the cost of acquiring the future economic benefits of the operation. The closure and rehabilitation asset, recognised within property, plant and equipment, is depreciated over the life of the operations. The value of the provision is progressively increased over time as the effect of discounting unwinds, resulting in an expense recognised in net finance costs. The closure and rehabilitation provision is reviewed at each reporting date to assess if the estimate continues to reflect the best estimate of the obligation. If necessary, the provision is remeasured to account for factors such as: \u2013 additional disturbance during the period \u2013 revisions to estimated reserves, resources and lives of operations including any changes to expected operating lives arising from the Group\u2019s latest assessment of the potential impacts of climate change and the transition to a low-carbon economy \u2013 developments in technology \u2013 changes to regulatory requirements and environmental management strategies \u2013 changes in the estimated extent and costs of anticipated activities, including the effects of inflation and movements in foreign exchange rates \u2013 movements in interest rates affecting the discount rate applied Changes to the closure and rehabilitation estimate for operating sites are added to, or deducted from, the related asset and amortised on a prospective basis over the remaining life of the operation, generally applying the units of production method. Costs arising from unforeseen circumstances, such as the contamination caused by unplanned discharges, are recognised as an expense and liability when the event gives rise to an obligation that is probable and capable of reliable estimation. ",
"dimensions": {
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"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-632": {
"value": "16 Climate change The Group recognises that warming of the climate is unequivocal, the human influence is clear and physical impacts are unavoidable. Identifying, monitoring and assessing the actual and potential impacts of climate change is complex and the Group continues to develop its assessment of the actual and potential financial impacts of climate-related risks and opportunities, including the transition to a low-carbon economy and physical risk impacts. The Group\u2019s current climate change strategy focuses on: \u2013 building a portfolio to support the megatrends shaping our world, including future-facing commodities (copper, nickel and potash) and steelmaking materials (iron ore and metallurgical coal) \u2013 reducing operational greenhouse gas (GHG) emissions \u2013 investing in low GHG emissions technologies \u2013 supporting GHG emissions reductions in our value chain and promoting product stewardship \u2013 managing climate-related risks (threats and opportunities) \u2013 working with others to enhance the global policy and market response Areas of the financial statements that may potentially be impacted in connection with this strategy throughout the value creation and delivery cycle of the Group\u2019s operations, include: Phase Areas of potential financial statement impact Exploration and acquisition \u2013 Financial impact of portfolio decisions Development and mining / Process and logistics \u2013 Impact of transition risks (threats and opportunities) on asset carrying values \u2013 Physical risk impacts on asset carrying values \u2013 Acquisition of carbon credits, and application of carbon pricing assumptions \u2013 Useful economic lives of property, plant and equipment \u2013 Expenditure on operational decarbonisation \u2013 Expenditure to support value chain decarbonisation Sales, marketing and procurement \u2013 Key transition materials and future-facing commodities and the revenue they generate \u2013 Expenditure to support value chain decarbonisation Closure and rehabilitation \u2013 Physical risk impacts on asset carrying values \u2013 Timing, scope and expected cost of closure and rehabilitation activities At the date of issue of these Financial Statements, indicators show the appropriate measures are not in place globally to drive decarbonisation at the pace or scale required for the aims of the Paris Agreement to be achieved as the most likely future outcome. As such, the significant judgements and key estimates used in the preparation of these financial statements reflect the Group\u2019s current operational planning cases (described below) which are not currently aligned with a 1.5\u00b0C temperature outcome. However, while not the basis of preparation of these financial statements, the Group continues to assess the potential financial statement impacts of the 1.5\u00b0C temperature outcome goal of the Paris Agreement under the Group\u2019s 1.5\u00b0C scenario1 . Future changes to the Group\u2019s climate change strategy or global decarbonisation signposts may impact the Group\u2019s significant judgements and key estimates, and result in material changes to financial results and the carrying values of certain assets and liabilities in future reporting periods. Financial impact of portfolio decisions During FY2023, the Group completed the acquisition of OZ Minerals Limited (OZL) and announced the proposed divestment of its interest in the Daunia and Blackwater lower-quality metallurgical coal mines, currently part of the BHP Mitsubishi Alliance (BMA). Further information in respect of the acquisition of OZL is included in note 29 \u2018Business combinations\u2019. Given the timing of the acquisition, the OZL assets will be incorporated into the Group\u2019s climate-related assessments, and associated disclosures, in FY2024 as integration of the business continues. These activities support the continued reshaping of the Group\u2019s portfolio to focus on future-facing commodities, iron ore and higher quality metallurgical coal. They follow the completion, in FY2022, of the merger of the Group\u2019s Petroleum business with Woodside and the divestment of the Group\u2019s interests in BHP Mitsui Coal Pty Ltd (BMC) and the Cerrej\u00f3n non-operated energy coal joint venture. Also in FY2022, the Group announced that it would retain New South Wales Energy Coal (NSWEC) in its portfolio, seek the relevant approvals to continue mining beyond the current consent that expires at the end of FY2026 and proceed with a managed process to cease mining at the asset by the end of FY2030. Following impairments recognised in previous periods, the net carrying value of NSWEC at 30 June 2023 is approximately negative US$220 million comprising property, plant and equipment (PP&E) of approximately US$530 million and closure provisions and other liabilities of approximately US$750 million. As at 30 June 2023, the potential exposure to further impairment for NSWEC is limited to the book value of PP&E of US$530 million, with the forecast cash flows over the proposed operating period supporting the current carrying value. Further, the useful lives of NSWEC PP&E do not exceed the remaining proposed operating period. Impact of transition risks (threats and opportunities) on asset carrying values Significant judgements and key estimates in relation to the preparation of the Financial Statements are impacted by the Group\u2019s current assessment of the range of economic and climate-related conditions that could exist in the world\u2019s transition to a low-carbon economy, considering the current trajectory of society and the global economy as a whole. For example, demand for the Group\u2019s commodities may decrease due to policy, regulatory (including carbon pricing mechanisms), legal, technological, market or societal responses to climate change, resulting in a proportion of a cash generating unit\u2019s (CGU) reserves becoming incapable of extraction in an economically viable fashion. 1 This scenario requires steep global annual emissions reduction, sustained for decades, to stay within a 1.5\u00b0C carbon budget. 1.5\u00b0C is above pre-industrial levels. For more information about the assumptions, outputs and limitations of our 1.5\u00b0C scenario refer to the BHP Climate Change Report 2020 available at bhp.com. The Group is preparing an updated 1.5\u00b0C scenario in FY2024. To support strategic decision making, the Group develops a number of divergent climate scenarios and pathways. In FY2023, the Group\u2019s One Energy View, being the Group\u2019s current estimates of the most likely future states for the global economy and associated sub-systems, was updated to reflect three different pathways under which most developed economies would reach net zero around 2050, with other large economies reaching net zero in 2060 and 2070. While the global gross domestic product assumptions and the pace and drivers of decarbonisation vary across the pathways, each pathway results in a global average temperature increase of around 2\u00b0C by 2100. The Group uses the One Energy View pathways as inputs to the Group\u2019s operational planning cases as they reflect the Group\u2019s current best estimates of the most likely range of future states for the global economy and associated sub-systems. These pathways inform updates to the Group\u2019s commodity supply and demand outlooks and are used, in conjunction with other market sources of information, to determine the Group\u2019s short and long-term price outlooks. Other sources of information include commodity price forward curves, consensus price outlooks and commodity specific price outlooks sourced from industry analysts. Given the complexity and inherent uncertainty of climate modelling, these pathways are reviewed periodically to reflect new information, with a process in place to assess the need to update internal long-term price outlooks for developments in the periods between pathway updates. The Group reflects the operational planning cases and associated price outlooks in the internal valuations used as the basis for the Group\u2019s impairment assessments. The discount rate used in the internal valuations reflects a real post-tax weighted average cost of capital (WACC), including country and state risk premia where appropriate, and ranges from 7.0 per cent to 9.5 per cent across the Group (FY2022: 6.0 per cent to 8.5 per cent). Cash flow forecasts used as the basis for impairment testing include asset specific risks, including climate-related risks such as operational interruptions as a result of physical climate- related risks, and therefore the Group does not include a separate climate-related risk adjustment in the Group\u2019s WACC. Physical risk impacts on asset carrying values The Group\u2019s operations are exposed to physical climate-related risks. In FY2023, the Group progressed impact evaluations of physical climate-related risks to better understand the potential impacts to site operations, safety, productivity and cost, with these assessments to continue in FY2024. The Group\u2019s consideration of potential physical climate-related risk impacts when developing the Group\u2019s operating plans, including factors such as operational interruptions caused by extreme weather events, therefore considers only the Group\u2019s current best estimates of the potential financial impacts of certain climate-related physical risks. Given the complexity of physical risk modelling and the ongoing nature of the Group\u2019s physical risk assessment process, the identification of additional risks and/or the detailed development of the Group\u2019s response may result in material changes to financial results and the carrying values of assets and liabilities in future reporting periods. Acquisition of carbon credits and application of carbon pricing assumptions The Group\u2019s carbon credits and offsetting strategy is currently being managed at a consolidated Group level. However, individual investment decisions and asset valuations used for the purposes of impairment testing, consider carbon price assumptions for major Group operational, competitor and customer countries by applying a carbon price to estimated unmitigated Scopes 1 and 2 GHG emissions over the life of the respective operation. In determining the Group\u2019s forecast, factors including a country\u2019s current and announced climate policies, targets and societal factors, such as public acceptance and demographics, are considered. As at the date of these Financial Statements, the carbon price used in asset valuations reflects the following ranges: US$ real (January 2022) per tCO2 FY2030 Low FY2030 High FY2050 Low FY2050 High Australia 25 75 150 225 Brazil 5 50 125 200 Chile 8 41 150 225 Canada 65 102 200 225 Key customer countries \u2212 175 25 250 The Group acquires carbon credits for the purposes of both compliance and possible voluntary surrender or retirement to achieve the Group\u2019s net zero operational GHG emissions long-term goal by CY2050. The Group may also sell to optimise carbon credits depending on internal use requirements or originate carbon credits through project development or direct investment. Expenditure on carbon credits during FY2023 amounted to approximately US$15 million. The Group did not voluntarily surrender or retire any carbon credits during FY2023. From FY2024, the Group will be subject to the reforms made to Australia\u2019s Safeguard Mechanism in FY2023 which, in effect, levy a carbon price for large facilities by requiring the surrender of eligible credits when their Scope 1 emissions exceed a progressively declining legislated limit (known as a baseline). As such, in future reporting periods, the Group may recognise liabilities where an obligation to purchase eligible carbon credits exists and/or intangible assets for carbon credits acquired or generated to meet those obligations. Useful economic lives of property, plant and equipment The determination of useful lives of the Group\u2019s PP&E requires judgement, including consideration of the Group\u2019s climate change strategy, targets and goals, decarbonisation plans and the possible impact of transition risks on demand for the Group\u2019s commodities. Useful lives are reviewed each reporting period, including to ensure they do not exceed the remaining expected operating life of the operation in which they are utilised, and are updated as required. The remaining lives of the Group\u2019s operations reflect the Group\u2019s operational planning cases and their underlying climate-related assumptions. A key component of the Group\u2019s operational decarbonisation strategy is the displacement of diesel within the Group\u2019s operations, particularly the haul truck fleet. The Group is supporting the development of new equipment by original equipment manufacturers, including entering into partnerships focused on the development and trialling of electrical locomotives and haul trucks. While technical and commercial development of the technology needed is progressing, the Group\u2019s operating plans generally assume replacement of haul trucks, and other diesel powered equipment, at the end of their useful lives in line with the Group\u2019s regular fleet renewal programs. For example, a significant proportion of the Group\u2019s current WAIO mining fleet is due for replacement prior to the expected availability of battery electric vehicle solutions. As such, the Group\u2019s decarbonisation plans have not had a material impact on the estimated remaining useful lives of the Group\u2019s existing fleet of assets in FY2023. Expenditure on operational decarbonisation The Group has set a target to reduce its operational GHG emissions (Scopes 1 and 2 from our operated assets) by at least 30 per cent from the Group\u2019s FY2020 baseline levels by FY2030 and a goal to achieve net zero operational GHG emissions by CY2050. Given the timing of the OZ Minerals Limited acquisition, the Group plans to update the baseline for both the Group\u2019s medium-term target and long- term goal in FY2024. The Group\u2019s operational decarbonisation activities during FY2023 largely focused on the transition of the Group\u2019s electricity supply to renewable sources. The Group also continued to progress projects in relation to displacement of diesel and managing fugitive methane, however expenditure in these areas is expected to increase towards the second half of the decade. A significant proportion of the Group\u2019s renewable electricity is currently sourced through power purchase agreements and judgement is required in determining the appropriate accounting treatment of such arrangements. Depending on the specific terms and conditions, power purchase agreements may be recognised as: \u2013 an expense when incurred \u2013 a financial derivative; or \u2013 a lease liability, with an associated right of use asset At 30 June 2023, the Group recognised derivatives associated with renewable power purchase agreements (including those signed arrangements in which supply will commence in future periods) with a fair value of approximately US$50 million. No significant leases have been recognised by the Group in relation to renewable power purchase agreements at 30 June 2023. Capital expenditure associated with renewable power purchase agreements is generally limited and, given the early stage of development of diesel displacement and management of fugitive methane, capital expenditure on decarbonisation in FY2023 was not material. Capital and operating expenditures associated with projects aimed at contributing to the achievement of the Group\u2019s operational GHG emissions medium-term target and long-term goal have been incorporated into the estimated future cash flows of the Group\u2019s assets. These cash flow estimates form the basis of the Group\u2019s impairment assessments as outlined in further detail in note 13 \u2018Impairment of non-current assets\u2019. Of the total future capital expenditure on operational decarbonisation, the Group expects to spend around US$4 billion (nominal terms) by FY2030, with the majority of decarbonisation capital over this period being spent on diesel-displacement projects2 . Many of the projects planned to commence before FY2030 are likely to extend beyond the Group\u2019s medium-term target period, and are expected to make a substantial contribution towards the Group\u2019s long-term goal of net zero operational GHG emissions by CY2050. Significant expenditure on fleet renewal at certain assets, for example Olympic Dam, is expected to occur after FY2030. As the Group\u2019s climate response is further integrated into business- as-usual planning, the spending on climate initiatives is expected to increasingly form part of ordinary course business expenditures. Any change to the Group\u2019s climate change strategy could impact the expected level of expenditure on operational decarbonisation and the associated financial statement significant judgements and key estimates. Capex spend FY24 \u2013 FY30 by asset 2 WAIO 40% Escondida 31% BMA 12% Pampa Norte and Potash 11% Olympic Dam and Nickel West 6% Expenditure to support value chain decarbonisation The Group continues to invest, including in partnership with others, in potential GHG emissions reduction opportunities in its value chain through technology innovation and development to support reductions to its total reported Scope 3 emissions inventory, with a particular focus on steelmaking and maritime emissions. However, while we seek to influence reduction opportunities, Scope 3 emissions occur outside of our direct control. Reduction pathways are dependent on the development, and upstream or downstream deployment of, solutions and/or supportive policy. Where possible, the financial impact of the Group\u2019s activities in support of the development of Scope 3 reduction pathways is reflected in the financial statements. For example, the Group recognised additional lease liabilities, and associated right of use assets, of US$90 million during FY2023 when chartering of the Group\u2019s new dual-fuelled LNG vessels. Further detail of the Group\u2019s leases is provided in note 22 \u2018Leases\u2019. It is, however, currently not possible to reliably estimate or measure the full potential financial statement impacts of the Group\u2019s pursuit of its Scope 3 goals and targets. Key transition materials and future-facing commodities, and the revenue they generate There is no agreed or established approach to defining revenue from commodities that are key to the transition to a low-carbon economy. The investor-led initiative Climate Action 100+ is developing a Diversified Mining Net Zero Standard with the draft Standard defining key transition materials. The FTSE Green Revenues Classification System is a taxonomy designed by FTSE Russell to better identify products and services contributing to the transition to a low-carbon economy. Applying the Climate Action 100+ draft Standard definitions and the FTSE Russel taxonomy would result in the Group classifying copper, nickel and uranium as key transition materials. FY2023 revenue for these commodities was US$14.9 billion, US$1.9 billion (comprised of Battery- suitable3 US$1.0 billion and Other US$0.9 billion) and US$0.4 billion respectively. (FY2022: US$16.0 billion, US$1.7 billion and US$0.2 billion, respectively). 2 Based on latest business plans and excluding recently acquired OZL assets. In respect of diesel-displacement, amounts included in the US$4 billion reflect incremental estimated spend above internal combustion engine replacement costs and supporting site infrastructure. 3 Battery-suitable nickel is defined as nickel briquettes, nickel powder and nickel sulphate. It does not include off-specification nickel metal. Calculated based on gross revenue from battery suitable nickel multiplied by percentage of BHP\u2019s sales of battery-suitable nickel, as applicable to battery material suppliers. Where a customer\u2019s planned end use is not known with certainty to be for battery supply, assumptions of usage have been made using historical nickel usage for Timing and expected cost of closure and rehabilitation activities The extent, cost and timing of the Group\u2019s future closure activities may be impacted by potential physical climate-related impacts. In estimating the potential cost of closure activities, the Group considers factors such as long-term weather outlooks, for example forecast changes in rainfall patterns. Closure cost estimates also consider the impact of the Group\u2019s climate change strategy on the costs and timing of performing closure activities and the impact of new technology where appropriately developed and tested. For example, closure cost estimates largely continue to reflect the use of existing fuel sources for the Group\u2019s equipment while the Group continues to invest in the development of alternative fuel sources and fleet electrification. The estimated cost of closure activities includes management\u2019s current best estimate in relation to post-closure monitoring and maintenance, which may be required for significant periods beyond the completion of other closure activities and is therefore exposed to potential long-term climate-related impacts. While reflecting management\u2019s current best estimate, the cost of post-closure monitoring and maintenance may change in future reporting periods as the understanding of, and potential long-term impacts from, climate change continue to evolve. Given the long-lived nature of the majority of the Group\u2019s assets, the majority of final closure activities are not expected to occur for a significant period of time. However, acknowledging the wide range of potential energy transition impacts for metallurgical coal demand, and for illustrative purposes only, a five-year acceleration in forecast cash flows relating to the Group\u2019s metallurgical coal closure and rehabilitation provisions, in isolation, would be estimated to result in an increase to the provision of approximately 15 per cent, which approximates to US$250 million. Further, while the Group\u2019s NSWEC closure provision remains subject to estimation and assumptions, the timing of closure is no longer considered materially susceptible to potential long-term climate-related impacts. More detail on the key judgements and estimates impacting the Group\u2019s closure and rehabilitation provisions is presented in note 15 \u2018Closure and rehabilitation provisions\u2019. Paris Agreement and 1.5\u00b0C scenarios As governments, institutions, companies, and society increasingly focus on addressing climate change, the potential for a non-linear and/or more rapid transition and the subsequent impact on climate-related threats and opportunities increases. Accordingly, in addition to the operational planning cases, the Group utilises a range of scenarios, including its 1.5\u00b0C scenario, when testing the resilience of its portfolio, forming strategy and making investment decisions. The Group continues to monitor global decarbonisation signposts and updates its operational planning cases, price outlooks and cost of carbon assumptions and assessments relating to strategy and capital allocation accordingly. When such signposts indicate the appropriate measures are in place for achievement of a 1.5\u00baC scenario, this will be reflected in the Group\u2019s operational planning cases. Capital allocation While a 1.5\u00b0C scenario does not currently represent one of the inputs to the Group\u2019s operational planning cases, the Group has systematically integrated its 1.5\u00b0C scenario into the Group\u2019s strategy and capital allocation process to test the extent to which its capital allocation is aligned with a rapidly decarbonising global economy. Specifically, in addition to consideration of the Group\u2019s operational planning cases, the Group applies its 1.5\u00b0C scenario to assess whether future demand for the Group\u2019s products supports ongoing capital investment. The internal allocation of capital under the Group\u2019s Capital Allocation Framework and all major investment decisions continue to require an assessment of investment viability under the Group\u2019s 1.5\u00b0C scenario. Integration of the Group\u2019s 1.5\u00b0C scenario into the capital allocation process is intended to mitigate the risk of stranded assets, and associated impairments, should the appropriate global measures to achieve a 1.5\u00b0C outcome be adopted. Demand for the Group\u2019s commodities impacting price outlooks The Group acknowledges that there are a range of possible energy transition scenarios, including those that are aligned with the aims of the Paris Agreement, that may indicate different outcomes for individual commodities. The Group examines the resilience of its portfolio to a 1.5\u00b0C scenario (the Group\u2019s 1.5\u00b0C scenario) on an ongoing basis by considering the impact of commodity price estimates under that scenario using the Group\u2019s latest operating plans. There are inherent limitations with scenario analysis and it is difficult to predict which, if any, of the scenarios might eventuate and none of the scenarios considered constitutes a definitive outcome for the Group. However, the long-term commodity price estimates under the Group\u2019s 1.5\u00b0C scenario reflect the world needing more steel, copper, potash and nickel in the next 30 years when compared to the last 30 years. In addition, the Group\u2019s portfolio is transitioning towards higher quality iron ore and metallurgical coal that enable steelmakers to be more efficient and operate with a lower GHG emissions intensity. The Group considers that is it currently impracticable to fully assess all potential Financial Statement impacts under the Group\u2019s 1.5\u00b0C scenario. However, the Group has carried out analysis which indicates that the long-term commodity price outlooks under this scenario for iron ore, copper, metallurgical coal, nickel and potash are either largely consistent with or favourable to the price outlooks in the Group\u2019s current operational planning cases. Given these positive long-term price outlooks, price-only sensitivities to the Group\u2019s long-term 1.5\u00b0C price outlook indicate that there would not be any asset impairments for those commodities. Further, acknowledging the wide range of potential energy transition impacts for metallurgical coal demand, the Group has also performed additional price-only sensitivities for the Group\u2019s metallurgical coal assets. These price-only sensitivities reflect different price outlooks while assuming that all other factors in the asset valuations, such as production and sales volumes, capital and operating expenditures, carbon pricing and the discount rate, remain unchanged from those used in the Group\u2019s FY2023 metallurgical coal impairment assessments. As such, the sensitivities do not attempt to assess all potential financial statement impacts, including impacts on asset valuations, that may arise under the Group\u2019s 1.5\u00b0C scenario. Under the Group\u2019s operational planning case assumptions, headroom in excess of US$6.5 billion currently exists between the carrying value of the Group\u2019s metallurgical coal assets and their estimated valuation. As such, these sensitivities indicate that adverse movements in long-term price assumptions, in isolation, would reduce the current headroom on the Group\u2019s metallurgical coal assets but, given the current headroom, may not result in an impairment. Price-only sensitivities reflect the following price outlooks published in August 2022 by Wood Mackenzie, a research and consultancy business for the global energy, power and renewables, subsurface, chemicals, and metals and mining industries: Price source CY2030 Price (real, US$/ tonne) CY2050 Price (real, US$/ tonne) Base case 159 170 1.5\u00b0C scenario 127 135 No impairment is indicated by these price-only sensitivities. The Group does not disclose the Group\u2019s internally generated long-term price outlooks for individual commodities, including those under the Group\u2019s 1.5\u00b0C scenario, given their commercial sensitivity. ",
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"fact-668": {
"value": "17 Share capital BHP Group Limited BHP Group Plc 2023 shares 2022 shares 2021 shares 2022 shares 2021 shares Share capital issued Opening number of shares 5,062,323,190 2,945,851,394 2,945,851,394 2,112,071,796 2,112,071,796 Issue of shares 3,497,366 4,400,000 \u2212 \u2212 \u2212 Corporate structure unification \u2212 2,112,071,796 \u2212 (2,112,071,796) \u2212 Purchase of shares by ESOP Trusts (6,442,571) (8,704,669) (7,587,353) (63,567) (185,054) Employee share awards exercised following vesting 6,081,843 8,522,684 6,948,683 77,748 173,644 Movement in treasury shares under Employee Share Plans 360,728 181,985 638,670 (14,181) 11,410 Closing number of shares 5,065,820,556 5,062,323,190 2,945,851,394 \u2212 2,112,071,796 Comprising: Shares held by the public 5,064,408,782 5,061,272,144 2,944,982,333 \u2212 2,112,057,615 Treasury shares 1,411,774 1,051,046 869,061 \u2212 14,181 Other share classes 5.5% Preference shares of \u00a31 each \u2013 \u2212 \u2212 \u2212 50,000 Special Voting share of no par value \u2013 \u2212 1 \u2212 \u2212 Special Voting share of US$0.50 par value \u2013 \u2212 \u2212 \u2212 1 DLC Dividend share \u2013 \u2212 1 \u2212 \u2212 During FY2023, BHP Group Limited issued 3,497,366 fully paid ordinary shares to the BHP Group Limited Employee Equity Trust and to Solium Capital (Australia) Pty Ltd at A$40.51 per share (2022: 4,400,000 fully paid ordinary shares at A$52.99 per share), to satisfy the vesting of employee share awards and related dividend equivalent entitlements under those employee share plans. Share capital of BHP Group Limited at 30 June 2023 is composed of the following categories of shares: Ordinary shares fully paid Treasury shares Each fully paid ordinary share of BHP Group Limited carries the right to one vote at a meeting of the Company. Treasury shares are fully paid ordinary shares of BHP Group Limited that are held by the ESOP Trusts for the purpose of issuing shares to employees under the Group\u2019s Employee Share Plans. Treasury shares are recognised at cost and deducted from equity, net of any income tax effects. When the treasury shares are subsequently sold or reissued, any consideration received, net of any directly attributable costs and income tax effects, is recognised as an increase in equity. Any difference between the carrying amount and the consideration, if reissued, is recognised in retained earnings. As a result of the corporate structure unification on 31 January 2022, 2,112,071,796 fully paid ordinary shares in BHP Group Limited were issued to BHP Group Plc shareholders in a one for one exchange of their BHP Group Plc ordinary shares, resulting in BHP Group Limited becoming the sole parent company of the Group with a single set of shareholders. The following classes of shares existed prior to the Group\u2019s unification on 31 January 2022: Special Voting shares Preference shares DLC Dividend share Each of BHP Group Limited and BHP Group Plc had issued one Special Voting share to facilitate joint voting by shareholders of BHP Group Limited and BHP Group Plc on Joint Electorate Actions. These shares were bought back for nominal value in January 2022 and subsequently cancelled. Preference shares had the right to repayment of the amount paid up on the nominal value and any unpaid dividends in priority to the holders of any other class of shares in BHP Group Plc on a return of capital or winding up. These shares were acquired by way of gift from J.P. Morgan and subsequently cancelled on 31 January 2022. The DLC Dividend share supported the Dual Listed Company (DLC) equalisation principles in place since the merger in 2001, including the requirement that ordinary shareholders of BHP Group Plc and BHP Group Limited were paid equal cash dividends per share. This share enabled efficient and flexible capital management across the DLC and was issued on 23 February 2016 at par value of US$10. This share was bought back for nominal value in January 2022 and subsequently cancelled. ",
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"fact-633": {
"value": "17 Share capital BHP Group Limited BHP Group Plc 2023 shares 2022 shares 2021 shares 2022 shares 2021 shares Share capital issued Opening number of shares 5,062,323,190 2,945,851,394 2,945,851,394 2,112,071,796 2,112,071,796 Issue of shares 3,497,366 4,400,000 \u2212 \u2212 \u2212 Corporate structure unification \u2212 2,112,071,796 \u2212 (2,112,071,796) \u2212 Purchase of shares by ESOP Trusts (6,442,571) (8,704,669) (7,587,353) (63,567) (185,054) Employee share awards exercised following vesting 6,081,843 8,522,684 6,948,683 77,748 173,644 Movement in treasury shares under Employee Share Plans 360,728 181,985 638,670 (14,181) 11,410 Closing number of shares 5,065,820,556 5,062,323,190 2,945,851,394 \u2212 2,112,071,796 Comprising: Shares held by the public 5,064,408,782 5,061,272,144 2,944,982,333 \u2212 2,112,057,615 Treasury shares 1,411,774 1,051,046 869,061 \u2212 14,181 Other share classes 5.5% Preference shares of \u00a31 each \u2013 \u2212 \u2212 \u2212 50,000 Special Voting share of no par value \u2013 \u2212 1 \u2212 \u2212 Special Voting share of US$0.50 par value \u2013 \u2212 \u2212 \u2212 1 DLC Dividend share \u2013 \u2212 1 \u2212 \u2212 During FY2023, BHP Group Limited issued 3,497,366 fully paid ordinary shares to the BHP Group Limited Employee Equity Trust and to Solium Capital (Australia) Pty Ltd at A$40.51 per share (2022: 4,400,000 fully paid ordinary shares at A$52.99 per share), to satisfy the vesting of employee share awards and related dividend equivalent entitlements under those employee share plans. Share capital of BHP Group Limited at 30 June 2023 is composed of the following categories of shares: Ordinary shares fully paid Treasury shares Each fully paid ordinary share of BHP Group Limited carries the right to one vote at a meeting of the Company. Treasury shares are fully paid ordinary shares of BHP Group Limited that are held by the ESOP Trusts for the purpose of issuing shares to employees under the Group\u2019s Employee Share Plans. Treasury shares are recognised at cost and deducted from equity, net of any income tax effects. When the treasury shares are subsequently sold or reissued, any consideration received, net of any directly attributable costs and income tax effects, is recognised as an increase in equity. Any difference between the carrying amount and the consideration, if reissued, is recognised in retained earnings. As a result of the corporate structure unification on 31 January 2022, 2,112,071,796 fully paid ordinary shares in BHP Group Limited were issued to BHP Group Plc shareholders in a one for one exchange of their BHP Group Plc ordinary shares, resulting in BHP Group Limited becoming the sole parent company of the Group with a single set of shareholders. The following classes of shares existed prior to the Group\u2019s unification on 31 January 2022: Special Voting shares Preference shares DLC Dividend share Each of BHP Group Limited and BHP Group Plc had issued one Special Voting share to facilitate joint voting by shareholders of BHP Group Limited and BHP Group Plc on Joint Electorate Actions. These shares were bought back for nominal value in January 2022 and subsequently cancelled. Preference shares had the right to repayment of the amount paid up on the nominal value and any unpaid dividends in priority to the holders of any other class of shares in BHP Group Plc on a return of capital or winding up. These shares were acquired by way of gift from J.P. Morgan and subsequently cancelled on 31 January 2022. The DLC Dividend share supported the Dual Listed Company (DLC) equalisation principles in place since the merger in 2001, including the requirement that ordinary shareholders of BHP Group Plc and BHP Group Limited were paid equal cash dividends per share. This share enabled efficient and flexible capital management across the DLC and was issued on 23 February 2016 at par value of US$10. This share was bought back for nominal value in January 2022 and subsequently cancelled. ",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-701": {
"value": "BHP Group Limited BHP Group Plc 2023 shares 2022 shares 2021 shares 2022 shares 2021 shares Share capital issued Opening number of shares 5,062,323,190 2,945,851,394 2,945,851,394 2,112,071,796 2,112,071,796 Issue of shares 3,497,366 4,400,000 \u2212 \u2212 \u2212 Corporate structure unification \u2212 2,112,071,796 \u2212 (2,112,071,796) \u2212 Purchase of shares by ESOP Trusts (6,442,571) (8,704,669) (7,587,353) (63,567) (185,054) Employee share awards exercised following vesting 6,081,843 8,522,684 6,948,683 77,748 173,644 Movement in treasury shares under Employee Share Plans 360,728 181,985 638,670 (14,181) 11,410 Closing number of shares 5,065,820,556 5,062,323,190 2,945,851,394 \u2212 2,112,071,796 Comprising: Shares held by the public 5,064,408,782 5,061,272,144 2,944,982,333 \u2212 2,112,057,615 Treasury shares 1,411,774 1,051,046 869,061 \u2212 14,181 Other share classes 5.5% Preference shares of \u00a31 each \u2013 \u2212 \u2212 \u2212 50,000 Special Voting share of no par value \u2013 \u2212 1 \u2212 \u2212 Special Voting share of US$0.50 par value \u2013 \u2212 \u2212 \u2212 1 DLC Dividend share \u2013 \u2212 1 \u2212 \u2212 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-743": {
"value": "Share capital of BHP Group Limited at 30 June 2023 is composed of the following categories of shares: Ordinary shares fully paid Treasury shares Each fully paid ordinary share of BHP Group Limited carries the right to one vote at a meeting of the Company. Treasury shares are fully paid ordinary shares of BHP Group Limited that are held by the ESOP Trusts for the purpose of issuing shares to employees under the Group\u2019s Employee Share Plans. Treasury shares are recognised at cost and deducted from equity, net of any income tax effects. When the treasury shares are subsequently sold or reissued, any consideration received, net of any directly attributable costs and income tax effects, is recognised as an increase in equity. Any difference between the carrying amount and the consideration, if reissued, is recognised in retained earnings. The following classes of shares existed prior to the Group\u2019s unification on 31 January 2022: Special Voting shares Preference shares DLC Dividend share Each of BHP Group Limited and BHP Group Plc had issued one Special Voting share to facilitate joint voting by shareholders of BHP Group Limited and BHP Group Plc on Joint Electorate Actions. These shares were bought back for nominal value in January 2022 and subsequently cancelled. Preference shares had the right to repayment of the amount paid up on the nominal value and any unpaid dividends in priority to the holders of any other class of shares in BHP Group Plc on a return of capital or winding up. These shares were acquired by way of gift from J.P. Morgan and subsequently cancelled on 31 January 2022. The DLC Dividend share supported the Dual Listed Company (DLC) equalisation principles in place since the merger in 2001, including the requirement that ordinary shareholders of BHP Group Plc and BHP Group Limited were paid equal cash dividends per share. This share enabled efficient and flexible capital management across the DLC and was issued on 23 February 2016 at par value of US$10. This share was bought back for nominal value in January 2022 and subsequently cancelled. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-765": {
"value": "Share capital of BHP Group Limited at 30 June 2023 is composed of the following categories of shares: Ordinary shares fully paid Treasury shares Each fully paid ordinary share of BHP Group Limited carries the right to one vote at a meeting of the Company. Treasury shares are fully paid ordinary shares of BHP Group Limited that are held by the ESOP Trusts for the purpose of issuing shares to employees under the Group\u2019s Employee Share Plans. Treasury shares are recognised at cost and deducted from equity, net of any income tax effects. When the treasury shares are subsequently sold or reissued, any consideration received, net of any directly attributable costs and income tax effects, is recognised as an increase in equity. Any difference between the carrying amount and the consideration, if reissued, is recognised in retained earnings. The following classes of shares existed prior to the Group\u2019s unification on 31 January 2022: Special Voting shares Preference shares DLC Dividend share Each of BHP Group Limited and BHP Group Plc had issued one Special Voting share to facilitate joint voting by shareholders of BHP Group Limited and BHP Group Plc on Joint Electorate Actions. These shares were bought back for nominal value in January 2022 and subsequently cancelled. Preference shares had the right to repayment of the amount paid up on the nominal value and any unpaid dividends in priority to the holders of any other class of shares in BHP Group Plc on a return of capital or winding up. These shares were acquired by way of gift from J.P. Morgan and subsequently cancelled on 31 January 2022. The DLC Dividend share supported the Dual Listed Company (DLC) equalisation principles in place since the merger in 2001, including the requirement that ordinary shareholders of BHP Group Plc and BHP Group Limited were paid equal cash dividends per share. This share enabled efficient and flexible capital management across the DLC and was issued on 23 February 2016 at par value of US$10. This share was bought back for nominal value in January 2022 and subsequently cancelled. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-669": {
"value": "18 Other equity 2023 US$M 2022 US$M 2021 US$M Recognition and measurement Share premium account \u2212 \u2212 518 The share premium account represented the premium paid on the issue of BHP Group Plc shares recognised in accordance with the UK Companies Act 2006. It was transferred to the common control reserve as part of the unification of the Group's corporate structure. Capital redemption reserve \u2212 \u2212 177 The capital redemption reserve represented the par value of BHP Group Plc shares that were purchased and subsequently cancelled. It was transferred to the common control reserve as part of unification of the Group's corporate structure. Common control reserve (1,603) (1,603) \u2212 The common control reserve arose on unification of the Group\u2019s corporate structure and represents the residual on consolidation between BHP Group Ltd\u2019s investment in BHP Group Plc (now known as BHP Group (UK) Ltd) and BHP Group Plc\u2019s share capital, share premium and capital redemption reserve at the time of unification. Employee share awards reserve 171 174 268 The employee share awards reserve represents the accrued employee entitlements to share awards that have been charged to the income statement and have not yet been exercised. Once exercised, the difference between the accumulated fair value of the awards and their historical on-market purchase price is recognised in retained earnings. Cash flow hedge reserve 10 41 100 The cash flow hedge reserve represents hedging gains and losses recognised on the effective portion of cash flow hedges. The cumulative deferred gain or loss on the hedge is recognised in the income statement when the hedged transaction impacts the income statement, or is recognised as an adjustment to the cost of non-financial hedged items. The hedging reserve records the portion of the gain or loss on a hedging instrument in a cash flow hedge that is determined to be an effective hedge relationship. Cost of hedging reserve (1) (19) (54) The cost of hedging reserve represents the recognition of certain costs of hedging for example, basis adjustments, which have been excluded from the hedging relationship and deferred in other comprehensive income until the hedged transaction impacts the income statement. Foreign currency translation reserve (14) (14) 43 The foreign currency translation reserve represents exchange differences arising from the translation of non-US dollar functional currency operations within the Group into US dollars. Equity investments reserve 9 (8) 15 The equity investment reserve represents the revaluation of investments in shares recognised through other comprehensive income. Where a revalued financial asset is sold, the relevant portion of the reserve is transferred to retained earnings. Non-controlling interest contribution reserve 1,441 1,441 1,283 The non-controlling interest contribution reserve represents the excess of consideration received over the book value of net assets attributable to equity instruments when acquired by non-controlling interests. Total reserves 13 12 2,350 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-634": {
"value": "18 Other equity 2023 US$M 2022 US$M 2021 US$M Recognition and measurement Share premium account \u2212 \u2212 518 The share premium account represented the premium paid on the issue of BHP Group Plc shares recognised in accordance with the UK Companies Act 2006. It was transferred to the common control reserve as part of the unification of the Group's corporate structure. Capital redemption reserve \u2212 \u2212 177 The capital redemption reserve represented the par value of BHP Group Plc shares that were purchased and subsequently cancelled. It was transferred to the common control reserve as part of unification of the Group's corporate structure. Common control reserve (1,603) (1,603) \u2212 The common control reserve arose on unification of the Group\u2019s corporate structure and represents the residual on consolidation between BHP Group Ltd\u2019s investment in BHP Group Plc (now known as BHP Group (UK) Ltd) and BHP Group Plc\u2019s share capital, share premium and capital redemption reserve at the time of unification. Employee share awards reserve 171 174 268 The employee share awards reserve represents the accrued employee entitlements to share awards that have been charged to the income statement and have not yet been exercised. Once exercised, the difference between the accumulated fair value of the awards and their historical on-market purchase price is recognised in retained earnings. Cash flow hedge reserve 10 41 100 The cash flow hedge reserve represents hedging gains and losses recognised on the effective portion of cash flow hedges. The cumulative deferred gain or loss on the hedge is recognised in the income statement when the hedged transaction impacts the income statement, or is recognised as an adjustment to the cost of non-financial hedged items. The hedging reserve records the portion of the gain or loss on a hedging instrument in a cash flow hedge that is determined to be an effective hedge relationship. Cost of hedging reserve (1) (19) (54) The cost of hedging reserve represents the recognition of certain costs of hedging for example, basis adjustments, which have been excluded from the hedging relationship and deferred in other comprehensive income until the hedged transaction impacts the income statement. Foreign currency translation reserve (14) (14) 43 The foreign currency translation reserve represents exchange differences arising from the translation of non-US dollar functional currency operations within the Group into US dollars. Equity investments reserve 9 (8) 15 The equity investment reserve represents the revaluation of investments in shares recognised through other comprehensive income. Where a revalued financial asset is sold, the relevant portion of the reserve is transferred to retained earnings. Non-controlling interest contribution reserve 1,441 1,441 1,283 The non-controlling interest contribution reserve represents the excess of consideration received over the book value of net assets attributable to equity instruments when acquired by non-controlling interests. Total reserves 13 12 2,350 Summarised financial information relating to each of the Group\u2019s subsidiaries with non-controlling interests (NCI) that are material to the Group before any intra-group eliminations is shown below: US$M 2023 2022 Minera Escondida Limitada Other individually immaterial subsidiaries (incl. intra-group eliminations) Total Minera Escondida Limitada Other individually immaterial subsidiaries (incl. intra-group eliminations) Total Group share (per cent) 57.5 57.5 Current assets 3,144 2,929 Non-current assets 12,160 11,636 Current liabilities (1,598) (2,192) Non-current liabilities (5,413) (4,762) Net assets 8,293 7,611 Net assets attributable to NCI 3,525 509 4,034 3,235 574 3,809 Revenue 8,847 9,500 Profit after taxation 2,365 3,522 Other comprehensive income (8) 11 Total comprehensive income 2,357 3,533 Profit after taxation attributable to NCI 1,005 398 1,403 1,497 658 2,155 Other comprehensive income attributable to NCI (3) \u2212 (3) 5 \u2212 5 Net operating cash flow 3,168 4,519 Net investing cash flow (1,351) (860) Net financing cash flow (1,620) (4,029) Dividends paid to NCI 712 463 1,175 1,760 780 2,540 While the Group controls Minera Escondida Limitada, the non-controlling interests hold certain protective rights that restrict the Group\u2019s ability to sell assets held by Minera Escondida Limitada, or use the assets in other subsidiaries and operations owned by the Group. Minera Escondida Limitada is also restricted from paying dividends without the approval of the non-controlling interests. ",
"dimensions": {
"concept": "bhp:DisclosureOfReservesAndOtherEquityInterest",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-744": {
"value": "2023 US$M 2022 US$M 2021 US$M Recognition and measurement Share premium account \u2212 \u2212 518 The share premium account represented the premium paid on the issue of BHP Group Plc shares recognised in accordance with the UK Companies Act 2006. It was transferred to the common control reserve as part of the unification of the Group's corporate structure. Capital redemption reserve \u2212 \u2212 177 The capital redemption reserve represented the par value of BHP Group Plc shares that were purchased and subsequently cancelled. It was transferred to the common control reserve as part of unification of the Group's corporate structure. Common control reserve (1,603) (1,603) \u2212 The common control reserve arose on unification of the Group\u2019s corporate structure and represents the residual on consolidation between BHP Group Ltd\u2019s investment in BHP Group Plc (now known as BHP Group (UK) Ltd) and BHP Group Plc\u2019s share capital, share premium and capital redemption reserve at the time of unification. Employee share awards reserve 171 174 268 The employee share awards reserve represents the accrued employee entitlements to share awards that have been charged to the income statement and have not yet been exercised. Once exercised, the difference between the accumulated fair value of the awards and their historical on-market purchase price is recognised in retained earnings. Cash flow hedge reserve 10 41 100 The cash flow hedge reserve represents hedging gains and losses recognised on the effective portion of cash flow hedges. The cumulative deferred gain or loss on the hedge is recognised in the income statement when the hedged transaction impacts the income statement, or is recognised as an adjustment to the cost of non-financial hedged items. The hedging reserve records the portion of the gain or loss on a hedging instrument in a cash flow hedge that is determined to be an effective hedge relationship. Cost of hedging reserve (1) (19) (54) The cost of hedging reserve represents the recognition of certain costs of hedging for example, basis adjustments, which have been excluded from the hedging relationship and deferred in other comprehensive income until the hedged transaction impacts the income statement. Foreign currency translation reserve (14) (14) 43 The foreign currency translation reserve represents exchange differences arising from the translation of non-US dollar functional currency operations within the Group into US dollars. Equity investments reserve 9 (8) 15 The equity investment reserve represents the revaluation of investments in shares recognised through other comprehensive income. Where a revalued financial asset is sold, the relevant portion of the reserve is transferred to retained earnings. Non-controlling interest contribution reserve 1,441 1,441 1,283 The non-controlling interest contribution reserve represents the excess of consideration received over the book value of net assets attributable to equity instruments when acquired by non-controlling interests. Total reserves 13 12 2,350 ",
"dimensions": {
"concept": "bhp:DescriptionOfAccountingPolicyForOtherEquity",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-670": {
"value": "Summarised financial information relating to each of the Group\u2019s subsidiaries with non-controlling interests (NCI) that are material to the Group before any intra-group eliminations is shown below: US$M 2023 2022 Minera Escondida Limitada Other individually immaterial subsidiaries (incl. intra-group eliminations) Total Minera Escondida Limitada Other individually immaterial subsidiaries (incl. intra-group eliminations) Total Group share (per cent) 57.5 57.5 Current assets 3,144 2,929 Non-current assets 12,160 11,636 Current liabilities (1,598) (2,192) Non-current liabilities (5,413) (4,762) Net assets 8,293 7,611 Net assets attributable to NCI 3,525 509 4,034 3,235 574 3,809 Revenue 8,847 9,500 Profit after taxation 2,365 3,522 Other comprehensive income (8) 11 Total comprehensive income 2,357 3,533 Profit after taxation attributable to NCI 1,005 398 1,403 1,497 658 2,155 Other comprehensive income attributable to NCI (3) \u2212 (3) 5 \u2212 5 Net operating cash flow 3,168 4,519 Net investing cash flow (1,351) (860) Net financing cash flow (1,620) (4,029) Dividends paid to NCI 712 463 1,175 1,760 780 2,540 While the Group controls Minera Escondida Limitada, the non-controlling interests hold certain protective rights that restrict the Group\u2019s ability to sell assets held by Minera Escondida Limitada, or use the assets in other subsidiaries and operations owned by the Group. Minera Escondida Limitada is also restricted from paying dividends without the approval of the non-controlling interests. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-635": {
"value": "19 Dividends Year ended 30 June 2023 Year ended 30 June 2022 Year ended 30 June 2021 Per share US cents Total US$M Per share US cents Total US$M Per share US cents Total US$M Dividends paid during the period1 Prior year final dividend 175 8,858 200 10,119 55 2,779 Interim dividend 90 4,562 150 7,601 101 5,115 265 13,420 350 17,720 156 7,894 1 5.5 per cent dividend on 50,000 preference shares of \u00a31 each determined and paid for financial year 2021. No dividend paid for the financial year 2022. These preference shares were cancelled on 31 January 2022. Dividends paid during the period differs from the amount of dividends paid in the Consolidated Cash Flow Statement as a result of foreign exchange gains and losses relating to the timing of equity distributions between the record date and the payment date. Additional derivative settlements of US$161 million were made as part of the funding of the dividend paid during the period and is disclosed in Proceeds/(settlements) of cash management related instruments in the Consolidated Cash Flow Statement. Each American Depositary Share (ADS) represents two ordinary shares of BHP Group Limited. Dividends determined on each ADS represent twice the dividend determined on each BHP Group Limited ordinary share. Dividends are determined after period-end and announced with the results for the period. Interim dividends are determined in February and paid in March. Final dividends are determined in August and paid in September. Dividends determined are not recorded as a liability at the end of the period to which they relate. Subsequent to year-end, on 22 August 2023, BHP Group Limited determined a final dividend of 80 US cents per share (US$4,052 million), which will be paid on 28 September 2023 (30 June 2022: final dividend of 175 US cents per share \u2013 US$8,857 million; 30 June 2021: final dividend of 200 US cents per share \u2013 US$10,114 million). BHP Group Limited dividends for all periods presented are, or will be, fully franked based on a tax rate of 30 per cent. 2023 US$M 2022 US$M 2021 US$M Franking credits as at 30 June 7,953 7,007 14,302 Franking credits arising on the future payment/(refund) of taxes relating to the period (261) 2,043 1,799 Total franking credits available 1 7,692 9,050 16,101 1 The payment of the final 2023 dividend determined after 30 June 2023 will reduce the franking account balance by US$1,737 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-671": {
"value": "20 Provisions for dividends and other liabilities The disclosure below excludes closure and rehabilitation provisions (refer to note 15 \u2018Closure and rehabilitation provisions\u2019), employee benefits, restructuring and post-retirement employee benefits provisions (refer to note 27 \u2018Employee benefits, restructuring and post-retirement employee benefits provisions\u2019) and provisions related to the Samarco dam failure (refer to note 4 \u2018Significant events \u2013 Samarco dam failure\u2019). 2023 US$M 2022 US$M At the beginning of the financial year 674 581 Acquisition of subsidiaries and operations 1 61 \u2013 Dividends determined 13,420 17,720 Charge/(credit) for the year: Underlying 156 493 Discounting 2 1 Exchange variations (161) 122 Released during the year (62) (48) Utilisation (35) (96) Dividends paid (13,268) (17,851) Divestment and demerger of subsidiaries and operations \u2212 (146) Transfers and other movements (18) (102) At the end of the financial year 769 674 Comprising: Current 384 356 Non-current 385 318 1 Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 \u2018Business combinations\u2019 for more information. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-636": {
"value": "21 Net debt The Group seeks to maintain a strong balance sheet and deploys its capital with reference to the Capital Allocation Framework. The Group monitors capital using the net debt balance and the gearing ratio, being the ratio of net debt to net debt plus net assets. The net debt definition includes the fair value of derivative financial instruments used to hedge cash and borrowings which reflects the Group\u2019s risk management strategy of reducing the volatility of net debt caused by fluctuations in foreign exchange and interest rates. Under IFRS 16/AASB16 \u2018Leases\u2019, vessel lease contracts are required to be remeasured at each reporting date to the prevailing freight index. While these liabilities are included in the Group interest bearing liabilities, they are excluded from the net debt calculation as they do not align with how the Group assesses net debt for decision making in relation to the Capital Allocation Framework. In addition, the freight index has historically been volatile which creates significant short-term fluctuation in these liabilities. US$M 2023 2022 Current Non-current Current Non-current Interest bearing liabilities Bank loans 5,310 2,192 397 2,075 Notes and debentures 1,337 10,482 1,690 9,673 Lease liabilities 521 2,498 519 2,057 Bank overdraft and short-term borrowings 5 \u2212 \u2212 \u2212 Other \u2212 \u2212 16 1 Total interest bearing liabilities 7,173 15,172 2,622 13,806 Less: Lease liability associated with index-linked freight contracts 114 173 113 161 Less: Cash and cash equivalents Cash 7,206 \u2212 5,728 \u2212 Short-term deposits 5,222 \u2212 11,508 \u2212 Less: Total cash and cash equivalents 12,428 \u2212 17,236 \u2212 Less: Derivatives included in net debt Net debt management related instruments1 (113) (1,459) (358) (1,330) Net cash management related instruments2 36 \u2212 273 \u2212 Less: Total derivatives included in net debt (77) (1,459) (85) (1,330) Net debt 11,166 333 Net assets 48,530 48,766 Gearing 18.7% 0.7% 1 Represents the net cross currency and interest rate swaps designated as effective hedging instruments included within current and non-current other financial assets and liabilities. 2 Represents the net forward exchange contracts included within current and non-current other financial assets and liabilities. Cash and short-term deposits are disclosed in the cash flow statement net of bank overdrafts and interest bearing liabilities at call. 2023 US$M 2022 US$M 2021 US$M Total cash and cash equivalents 12,428 17,236 15,246 Bank overdrafts and short-term borrowings (5) \u2212 \u2212 Total cash and cash equivalents, net of overdrafts 12,423 17,236 15,246 Cash and cash equivalents includes US$95 million (2022: US$127 million) restricted by legal or contractual arrangements. Recognition and measurement Cash and short-term deposits in the balance sheet comprise cash at bank and on hand and highly liquid cash deposits with short-term maturities that are readily convertible to known amounts of cash with insignificant risk of change in value. The Group considers that the carrying value of cash and cash equivalents approximate fair value due to their short-term to maturity. Refer to note 22 \u2018Leases\u2019 and note 24 \u2018Financial risk management\u2019 for the recognition and measurement principles for lease liabilities and other financial liabilities. Interest bearing liabilities and cash and cash equivalents include balances denominated in the following currencies: Interest bearing liabilities Cash and cash equivalents 2023 US$M 2022 US$M 2023 US$M 2022 US$M USD 16,289 8,813 5,925 7,654 EUR 3,050 3,463 544 2,656 GBP 1,587 2,621 674 30 AUD 1,233 783 1,797 3,360 CAD 7 584 3,362 3,437 Other 179 164 126 99 Total 22,345 16,428 12,428 17,236 The Group enters into derivative transactions to convert the majority of its exposures above into US dollars. Further information on the Group\u2019s risk management activities relating to these balances is provided in note 24 \u2018Financial risk management\u2019. Liquidity risk The Group\u2019s liquidity risk arises from the possibility that it may not be able to settle or meet its obligations as they fall due and is managed as part of the portfolio risk management strategy. Operational, capital and regulatory requirements are considered in the management of liquidity risk, in conjunction with short-term and long-term forecast information. Recognising the cyclical volatility of operating cash flows, the Group has defined minimum target cash and liquidity buffers to be maintained to mitigate liquidity risk and support operations through the cycle. The Group\u2019s strong credit profile, diversified funding sources, its minimum cash buffer and its committed credit facilities ensure that sufficient liquid funds are maintained to meet its daily cash requirements. The Group\u2019s Moody\u2019s credit rating changed from A2/P-1 to A1/P-1 outlook stable (long-term/short-term). The Group\u2019s Standard & Poor\u2019s rating has remained at A-/A-1 outlook stable (long-term/short-term). There were no defaults on the Group\u2019s liabilities during the period. Counterparty risk The Group is exposed to credit risk from its financing activities, including short-term cash investments such as deposits with banks and derivative contracts. This risk is managed by Group Treasury in line with the counterparty risk framework, which aims to minimise the exposure to a counterparty and mitigate the risk of financial loss through counterparty failure. Exposure to counterparties is monitored at a Group level across all products and includes exposure with derivatives and cash investments. Investments and derivatives are only transacted with approved counterparties who have been assigned specific limits based on a quantitative credit risk model. These limits are updated at least bi-annually. Additionally, derivatives are subject to tenor limits and investments are subject to concentration limits by rating. Derivative fair values are inclusive of valuation adjustments that take into account both the counterparty and the Group\u2019s risk of default. Standby arrangements and unused credit facilities The Group\u2019s committed revolving credit facility operates as a back-stop to the Group\u2019s uncommitted commercial paper program. The combined amount drawn under the facility or as commercial paper will not exceed US$5.5 billion. As at 30 June 2023, US$ nil commercial paper was drawn (2022: US$ nil). The facility is due to mature on 10 October 2026. A commitment fee is payable on the undrawn balance and interest is payable on any drawn balance comprising a reference rate plus a margin. The agreed margins are typical for a credit facility extended to a company with the Group\u2019s credit rating. Maturity profile of financial liabilities The maturity profile of the Group\u2019s financial liabilities based on the undiscounted contractual amounts, taking into account the derivatives related to debt, is as follows: 2023 US$M Bank loans, debentures and other loans Expected future interest payments Derivatives related to debentures Other derivatives Obligations under lease liabilities Trade and other payables 1 Total Due for payment: In one year or less or on demand 6,659 757 536 257 658 6,175 15,042 In more than one year but not more than two years 1,399 595 388 126 538 4 3,050 In more than two years but not more than five years 4,058 1,410 399 267 1,031 \u2212 7,165 In more than five years 8,093 3,693 1,020 211 1,846 \u2212 14,863 Total 20,209 6,455 2,343 861 4,073 6,179 40,120 Carrying amount 19,326 \u2212 1,755 804 3,019 6,179 31,083 2022 US$M Bank loans, debentures and other loans Expected future interest payments Derivatives related to debentures Other derivatives Obligations under lease liabilities Trade and other payables1 Total Due for payment: In one year or less or on demand 2,109 492 525 221 579 6,608 10,534 In more than one year but not more than two years 1,634 427 300 112 443 \u2212 2,916 In more than two years but not more than five years 2,609 1,032 492 246 936 \u2212 5,315 In more than five years 7,550 3,705 1,467 245 1,470 \u2212 14,437 Total 13,902 5,656 2,784 824 3,428 6,608 33,202 Carrying amount 13,852 \u2212 1,824 752 2,576 6,608 25,612 1 Excludes input taxes of US$121 million (2022: US$79 million) included in other payables. Refer to note 9 \u2018Trade and other payables\u2019. ",
"dimensions": {
"concept": "bhp:DisclosureOfNetDebt",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-673": {
"value": "US$M 2023 2022 Current Non-current Current Non-current Interest bearing liabilities Bank loans 5,310 2,192 397 2,075 Notes and debentures 1,337 10,482 1,690 9,673 Lease liabilities 521 2,498 519 2,057 Bank overdraft and short-term borrowings 5 \u2212 \u2212 \u2212 Other \u2212 \u2212 16 1 Total interest bearing liabilities 7,173 15,172 2,622 13,806 Less: Lease liability associated with index-linked freight contracts 114 173 113 161 Less: Cash and cash equivalents Cash 7,206 \u2212 5,728 \u2212 Short-term deposits 5,222 \u2212 11,508 \u2212 Less: Total cash and cash equivalents 12,428 \u2212 17,236 \u2212 Less: Derivatives included in net debt Net debt management related instruments1 (113) (1,459) (358) (1,330) Net cash management related instruments2 36 \u2212 273 \u2212 Less: Total derivatives included in net debt (77) (1,459) (85) (1,330) Net debt 11,166 333 Net assets 48,530 48,766 Gearing 18.7% 0.7% 1 Represents the net cross currency and interest rate swaps designated as effective hedging instruments included within current and non-current other financial assets and liabilities. 2 Represents the net forward exchange contracts included within current and non-current other financial assets and liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-674": {
"value": "Cash and short-term deposits are disclosed in the cash flow statement net of bank overdrafts and interest bearing liabilities at call. 2023 US$M 2022 US$M 2021 US$M Total cash and cash equivalents 12,428 17,236 15,246 Bank overdrafts and short-term borrowings (5) \u2212 \u2212 Total cash and cash equivalents, net of overdrafts 12,423 17,236 15,246 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-672": {
"value": "Cash and cash equivalents includes US$95 million (2022: US$127 million) restricted by legal or contractual arrangements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-745": {
"value": "Recognition and measurement Cash and short-term deposits in the balance sheet comprise cash at bank and on hand and highly liquid cash deposits with short-term maturities that are readily convertible to known amounts of cash with insignificant risk of change in value. The Group considers that the carrying value of cash and cash equivalents approximate fair value due to their short-term to maturity. Refer to note 22 \u2018Leases\u2019 and note 24 \u2018Financial risk management\u2019 for the recognition and measurement principles for lease liabilities and other financial liabilities. ",
"dimensions": {
"concept": "bhp:DescriptionOfAccountingPolicyForNetDebt",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-766": {
"value": "Cash and short-term deposits in the balance sheet comprise cash at bank and on hand and highly liquid cash deposits with short-term maturities that are readily convertible to known amounts of cash with insignificant risk of change in value. The Group considers that the carrying value of cash and cash equivalents approximate fair value due to their short-term to maturity. Refer to note 22 \u2018Leases\u2019 and note 24 \u2018Financial risk management\u2019 for the recognition and measurement principles for lease liabilities and other financial liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-675": {
"value": "Liquidity risk The Group\u2019s liquidity risk arises from the possibility that it may not be able to settle or meet its obligations as they fall due and is managed as part of the portfolio risk management strategy. Operational, capital and regulatory requirements are considered in the management of liquidity risk, in conjunction with short-term and long-term forecast information. Recognising the cyclical volatility of operating cash flows, the Group has defined minimum target cash and liquidity buffers to be maintained to mitigate liquidity risk and support operations through the cycle. The Group\u2019s strong credit profile, diversified funding sources, its minimum cash buffer and its committed credit facilities ensure that sufficient liquid funds are maintained to meet its daily cash requirements. The Group\u2019s Moody\u2019s credit rating changed from A2/P-1 to A1/P-1 outlook stable (long-term/short-term). The Group\u2019s Standard & Poor\u2019s rating has remained at A-/A-1 outlook stable (long-term/short-term). There were no defaults on the Group\u2019s liabilities during the period. Counterparty risk The Group is exposed to credit risk from its financing activities, including short-term cash investments such as deposits with banks and derivative contracts. This risk is managed by Group Treasury in line with the counterparty risk framework, which aims to minimise the exposure to a counterparty and mitigate the risk of financial loss through counterparty failure. Exposure to counterparties is monitored at a Group level across all products and includes exposure with derivatives and cash investments. Investments and derivatives are only transacted with approved counterparties who have been assigned specific limits based on a quantitative credit risk model. These limits are updated at least bi-annually. Additionally, derivatives are subject to tenor limits and investments are subject to concentration limits by rating. Derivative fair values are inclusive of valuation adjustments that take into account both the counterparty and the Group\u2019s risk of default. Standby arrangements and unused credit facilities The Group\u2019s committed revolving credit facility operates as a back-stop to the Group\u2019s uncommitted commercial paper program. The combined amount drawn under the facility or as commercial paper will not exceed US$5.5 billion. As at 30 June 2023, US$ nil commercial paper was drawn (2022: US$ nil). The facility is due to mature on 10 October 2026. A commitment fee is payable on the undrawn balance and interest is payable on any drawn balance comprising a reference rate plus a margin. The agreed margins are typical for a credit facility extended to a company with the Group\u2019s credit rating. Maturity profile of financial liabilities The maturity profile of the Group\u2019s financial liabilities based on the undiscounted contractual amounts, taking into account the derivatives related to debt, is as follows: 2023 US$M Bank loans, debentures and other loans Expected future interest payments Derivatives related to debentures Other derivatives Obligations under lease liabilities Trade and other payables 1 Total Due for payment: In one year or less or on demand 6,659 757 536 257 658 6,175 15,042 In more than one year but not more than two years 1,399 595 388 126 538 4 3,050 In more than two years but not more than five years 4,058 1,410 399 267 1,031 \u2212 7,165 In more than five years 8,093 3,693 1,020 211 1,846 \u2212 14,863 Total 20,209 6,455 2,343 861 4,073 6,179 40,120 Carrying amount 19,326 \u2212 1,755 804 3,019 6,179 31,083 2022 US$M Bank loans, debentures and other loans Expected future interest payments Derivatives related to debentures Other derivatives Obligations under lease liabilities Trade and other payables1 Total Due for payment: In one year or less or on demand 2,109 492 525 221 579 6,608 10,534 In more than one year but not more than two years 1,634 427 300 112 443 \u2212 2,916 In more than two years but not more than five years 2,609 1,032 492 246 936 \u2212 5,315 In more than five years 7,550 3,705 1,467 245 1,470 \u2212 14,437 Total 13,902 5,656 2,784 824 3,428 6,608 33,202 Carrying amount 13,852 \u2212 1,824 752 2,576 6,608 25,612 1 Excludes input taxes of US$121 million (2022: US$79 million) included in other payables. Refer to note 9 \u2018Trade and other payables\u2019. Liquidity risk
Refer to note 21 \u2018Net debt\u2019 for details on the Group\u2019s liquidity risk.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-702": {
"value": "Counterparty risk The Group is exposed to credit risk from its financing activities, including short-term cash investments such as deposits with banks and derivative contracts. This risk is managed by Group Treasury in line with the counterparty risk framework, which aims to minimise the exposure to a counterparty and mitigate the risk of financial loss through counterparty failure. Exposure to counterparties is monitored at a Group level across all products and includes exposure with derivatives and cash investments. Investments and derivatives are only transacted with approved counterparties who have been assigned specific limits based on a quantitative credit risk model. These limits are updated at least bi-annually. Additionally, derivatives are subject to tenor limits and investments are subject to concentration limits by rating. Derivative fair values are inclusive of valuation adjustments that take into account both the counterparty and the Group\u2019s risk of default. Standby arrangements and unused credit facilities The Group\u2019s committed revolving credit facility operates as a back-stop to the Group\u2019s uncommitted commercial paper program. The combined amount drawn under the facility or as commercial paper will not exceed US$5.5 billion. As at 30 June 2023, US$ nil commercial paper was drawn (2022: US$ nil). The facility is due to mature on 10 October 2026. A commitment fee is payable on the undrawn balance and interest is payable on any drawn balance comprising a reference rate plus a margin. The agreed margins are typical for a credit facility extended to a company with the Group\u2019s credit rating. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfManagingLiquidityRisk",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-703": {
"value": "Maturity profile of financial liabilities The maturity profile of the Group\u2019s financial liabilities based on the undiscounted contractual amounts, taking into account the derivatives related to debt, is as follows: 2023 US$M Bank loans, debentures and other loans Expected future interest payments Derivatives related to debentures Other derivatives Obligations under lease liabilities Trade and other payables 1 Total Due for payment: In one year or less or on demand 6,659 757 536 257 658 6,175 15,042 In more than one year but not more than two years 1,399 595 388 126 538 4 3,050 In more than two years but not more than five years 4,058 1,410 399 267 1,031 \u2212 7,165 In more than five years 8,093 3,693 1,020 211 1,846 \u2212 14,863 Total 20,209 6,455 2,343 861 4,073 6,179 40,120 Carrying amount 19,326 \u2212 1,755 804 3,019 6,179 31,083 2022 US$M Bank loans, debentures and other loans Expected future interest payments Derivatives related to debentures Other derivatives Obligations under lease liabilities Trade and other payables1 Total Due for payment: In one year or less or on demand 2,109 492 525 221 579 6,608 10,534 In more than one year but not more than two years 1,634 427 300 112 443 \u2212 2,916 In more than two years but not more than five years 2,609 1,032 492 246 936 \u2212 5,315 In more than five years 7,550 3,705 1,467 245 1,470 \u2212 14,437 Total 13,902 5,656 2,784 824 3,428 6,608 33,202 Carrying amount 13,852 \u2212 1,824 752 2,576 6,608 25,612 1 Excludes input taxes of US$121 million (2022: US$79 million) included in other payables. Refer to note 9 \u2018Trade and other payables\u2019. ",
"dimensions": {
"concept": "ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-746": {
"value": "Maturity profile of financial liabilities The maturity profile of the Group\u2019s financial liabilities based on the undiscounted contractual amounts, taking into account the derivatives related to debt, is as follows: 2023 US$M Bank loans, debentures and other loans Expected future interest payments Derivatives related to debentures Other derivatives Obligations under lease liabilities Trade and other payables 1 Total Due for payment: In one year or less or on demand 6,659 757 536 257 658 6,175 15,042 In more than one year but not more than two years 1,399 595 388 126 538 4 3,050 In more than two years but not more than five years 4,058 1,410 399 267 1,031 \u2212 7,165 In more than five years 8,093 3,693 1,020 211 1,846 \u2212 14,863 Total 20,209 6,455 2,343 861 4,073 6,179 40,120 Carrying amount 19,326 \u2212 1,755 804 3,019 6,179 31,083 2022 US$M Bank loans, debentures and other loans Expected future interest payments Derivatives related to debentures Other derivatives Obligations under lease liabilities Trade and other payables1 Total Due for payment: In one year or less or on demand 2,109 492 525 221 579 6,608 10,534 In more than one year but not more than two years 1,634 427 300 112 443 \u2212 2,916 In more than two years but not more than five years 2,609 1,032 492 246 936 \u2212 5,315 In more than five years 7,550 3,705 1,467 245 1,470 \u2212 14,437 Total 13,902 5,656 2,784 824 3,428 6,608 33,202 Carrying amount 13,852 \u2212 1,824 752 2,576 6,608 25,612 1 Excludes input taxes of US$121 million (2022: US$79 million) included in other payables. Refer to note 9 \u2018Trade and other payables\u2019. ",
"dimensions": {
"concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-637": {
"value": "22 Leases Movements in the Group\u2019s lease liabilities during the year are as follows: 2023 US$M 2022 US$M At the beginning of the financial year 2,576 3,896 Additions 542 866 Acquisition of subsidiaries and operations 1 423 \u2212 Remeasurements of index-linked freight contracts 53 (369) Lease payments2 (706) (1,288) Foreign exchange movement 12 (126) Amortisation of discounting 130 125 Divestment and demerger of subsidiaries and operations3 \u2212 (492) Transfers and other movements (11) (36) At the end of the financial year 3,019 2,576 Comprising: Current liabilities 521 519 Non-current liabilities 2,498 2,057 1 Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 \u2018Business combinations\u2019 for more information. 2 Includes US$ nil (2022: US$39 million) related to Discontinued operations. 3 Relates to the divestment of BMC and merger of Petroleum with Woodside in FY2022. Refer to notes 3 \u2018Exceptional items\u2019 and 28 \u2018Discontinued operations\u2019 for more information. A significant proportion by value of the Group\u2019s lease contracts relate to plant facilities, office buildings and vessels. Lease terms for plant facilities and office buildings typically run for over 10 years and vessels from four to 10 years. Other leases include port facilities, various equipment and vehicles. The lease contracts contain a wide range of different terms and conditions including extension and termination options and variable lease payments. The Group\u2019s lease obligations are included in the Group\u2019s Interest bearing liabilities and, with the exception of vessel lease contracts that are priced with reference to a freight index, form part of the Group\u2019s net debt. The maturity profile of lease liabilities based on the undiscounted contractual amounts is as follows: Lease liability 2023 US$M 2022 US$M Due for payment: In one year or less or on demand 658 579 In more than one year but not more than two years 538 443 In more than two years but not more than five years 1,031 936 In more than five years 1 1,846 1,470 Total 4,073 3,428 Carrying amount 3,019 2,576 1 Includes US$808 million (2022: US$707 million) due for payment in more than ten years. At 30 June 2023, commitments for leases not yet commenced based on undiscounted contractual amounts were US$1,271 million (2022: US$928 million). Movements in the Group\u2019s right-of-use assets during the year are as follows: 2023 2022 Land and buildings US$M Plant and equipment US$M Total US$M Land and buildings US$M Plant and equipment US$M Total US$M Net book value At the beginning of the financial year 452 1,909 2,361 638 2,712 3,350 Additions 192 350 542 41 825 866 Acquisition of subsidiaries and operations 1 \u2212 423 423 \u2212 \u2212 \u2212 Remeasurements of index-linked freight contracts \u2212 53 53 \u2212 (369) (369) Depreciation expensed during the period (71) (462) (533) (103) (872) (975) Depreciation classified as exploration \u2212 \u2212 \u2212 \u2212 (3) (3) Impairments for the year \u2212 \u2212 \u2212 (7) \u2212 (7) Divestment and demerger of subsidiaries and operations2 \u2212 \u2212 \u2212 (116) (313) (429) Transfers and other movements \u2212 (37) (37) (1) (71) (72) At the end of the financial year 573 2,236 2,809 452 1,909 2,361 \u2013 Cost 758 4,088 4,846 745 4,307 5,052 \u2013 Accumulated depreciation and impairments (185) (1,852) (2,037) (293) (2,398) (2,691) 1 Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 \u2018Business combinations\u2019 for more information. 2 Relates to the divestment of BMC and merger of Petroleum with Woodside in FY2022. Refer to notes 3 \u2018Exceptional items\u2019 and 28 \u2018Discontinued operations\u2019 for more information. Right-of-use assets are included within the underlying asset classes in Property, plant and equipment. Refer to note 11 \u2018Property, plant and equipment\u2019. Amounts recorded in the income statement and the cash flow statement for the year were: 2023 US$M 2022 US$M 2021 US$M Included within Income statement Depreciation of right-of-use assets 533 964 753 Profit from operations Short-term, low-value and variable lease costs1 795 847 834 Profit from operations Interest on lease liabilities 130 119 102 Financial expenses Cash flow statement Principal lease payments 576 1,130 732 Cash flows from financing activities Lease interest payments 130 119 102 Cash flows from operating activities 1 Relates to US$714 million of variable lease costs (2022: US$585 million; 2021: US$510 million), US$47 million of short-term lease costs (2022: US$222 million; 2021: US$294 million) and US$34 million of low-value lease costs (2022: US$40 million; 2021: US$30 million). Variable lease costs include contracts for hire of mining service equipment, drill rigs and transportation services. These contracts contain variable lease payments based on usage and asset performance. Recognition and measurement All leases with the exception of short-term (under 12 months) and low-value leases are recognised on the balance sheet, as a right-of-use asset and a corresponding interest bearing liability. Lease liabilities are initially measured at the present value of the future lease payments from the lease commencement date and are subsequently adjusted to reflect the interest on lease liabilities, lease payments and any remeasurements due to, for example, lease modifications or a change to future lease payments linked to an index or rate. Lease payments are discounted using the interest rate implicit in the lease or, where the rate is not readily determinable, the interest payments are discounted at the Group\u2019s weighted average incremental borrowing rate, adjusted to reflect factors specific to the lease, including where relevant the currency, tenor and location of the lease. In addition to containing a lease, the Group\u2019s contractual arrangements may include non-lease components. For example, certain mining services arrangements involve the provision of additional services, including maintenance, drilling activities and the supply of personnel. The Group has elected to separate these non-lease components from the lease components in measuring lease liabilities. Non-lease components are accounted for in accordance with the accounting policies applied to each underlying good or service received. Low-value and short-term leases continue to be expensed to the income statement. Variable lease payments not dependent on an index or rate are excluded from lease liabilities, and expensed to the income statement. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost will initially correspond to the lease liability, adjusted for initial direct costs, lease payments made prior to lease commencement, capitalised provisions for closure and rehabilitation and any lease incentives received. The lease asset and liability associated with all index-linked freight contracts, including continuous voyage charters (CVCs), are measured at each reporting date based on the prevailing freight index (generally the Baltic C5 index). Lease costs are recognised in the income statement over the lease term in the form of depreciation on the right-of-use asset and the unwinding of finance charges on the lease liability. Where the Group is the operator of an unincorporated joint operation and all investors are parties to a lease, the Group recognises its proportionate share of the lease liability and associated right-of-use asset. In the event the Group is the sole signatory to a lease, and therefore has the sole legal obligation to make lease payments, the lease liability is recognised in full. Where the associated right-of-use asset is sub-leased (under a finance sub-lease) to a joint operation, for instance where it is dedicated to a single operation and the joint operation has the right to direct the use of the asset, the Group (as lessor) recognises its proportionate share of the right-of-use asset and a net investment in the lease, representing amounts to be recovered from the other parties to the joint operation. If the Group is not party to the head lease contract but sub-leases the associated right-of-use asset (as lessee), it recognises its proportionate share of the right-of-use asset and a lease liability which is payable to the operator. Key judgements and estimates Judgements: Certain contractual arrangements not in the form of a lease require the Group to apply significant judgement in evaluating whether the Group controls the right to direct the use of assets and therefore whether the contract contains a lease. Management considers all facts and circumstances in determining whether the Group or the supplier has the rights to direct how, and for what purpose, the underlying assets are used in certain mining contracts and other arrangements, including outsourcing and shipping arrangements. Judgement is used to assess which decision-making rights mostly affect the benefits of use of the assets for each arrangement. Where a contract includes the provision of non-lease services, judgement is required to identify the lease and non-lease components. Estimates: Where the Group cannot readily determine the interest rate implicit in the lease, estimation is involved in the determination of the weighted average incremental borrowing rate to measure lease liabilities. The incremental borrowing rate reflects the rates of interest a lessee would have to pay to borrow over a similar term, with similar security, the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment. Under the Group\u2019s portfolio approach to debt management, the Group does not specifically borrow for asset purchases. Therefore, the incremental borrowing rate is estimated referencing the Group\u2019s corporate borrowing portfolio and other similar rated entities, adjusted to reflect the terms and conditions of the lease (including the impact of currency, credit rating of subsidiary entering into the lease and the term of the lease), at the inception of the lease arrangement or the time of lease modification. The Group estimates stand-alone prices, where such prices are not readily observable, in order to allocate the contractual payments between lease and non-lease components. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-676": {
"value": "The maturity profile of lease liabilities based on the undiscounted contractual amounts is as follows: Lease liability 2023 US$M 2022 US$M Due for payment: In one year or less or on demand 658 579 In more than one year but not more than two years 538 443 In more than two years but not more than five years 1,031 936 In more than five years 1 1,846 1,470 Total 4,073 3,428 Carrying amount 3,019 2,576 1 Includes US$808 million (2022: US$707 million) due for payment in more than ten years. ",
"dimensions": {
"concept": "bhp:DisclosureOfMaturityAnalysisOfLeasePayments",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-677": {
"value": "Movements in the Group\u2019s right-of-use assets during the year are as follows: 2023 2022 Land and buildings US$M Plant and equipment US$M Total US$M Land and buildings US$M Plant and equipment US$M Total US$M Net book value At the beginning of the financial year 452 1,909 2,361 638 2,712 3,350 Additions 192 350 542 41 825 866 Acquisition of subsidiaries and operations 1 \u2212 423 423 \u2212 \u2212 \u2212 Remeasurements of index-linked freight contracts \u2212 53 53 \u2212 (369) (369) Depreciation expensed during the period (71) (462) (533) (103) (872) (975) Depreciation classified as exploration \u2212 \u2212 \u2212 \u2212 (3) (3) Impairments for the year \u2212 \u2212 \u2212 (7) \u2212 (7) Divestment and demerger of subsidiaries and operations2 \u2212 \u2212 \u2212 (116) (313) (429) Transfers and other movements \u2212 (37) (37) (1) (71) (72) At the end of the financial year 573 2,236 2,809 452 1,909 2,361 \u2013 Cost 758 4,088 4,846 745 4,307 5,052 \u2013 Accumulated depreciation and impairments (185) (1,852) (2,037) (293) (2,398) (2,691) 1 Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 \u2018Business combinations\u2019 for more information. 2 Relates to the divestment of BMC and merger of Petroleum with Woodside in FY2022. Refer to notes 3 \u2018Exceptional items\u2019 and 28 \u2018Discontinued operations\u2019 for more information. Right-of-use assets are included within the underlying asset classes in Property, plant and equipment. Refer to note 11 \u2018Property, plant and equipment\u2019. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-747": {
"value": "Recognition and measurement All leases with the exception of short-term (under 12 months) and low-value leases are recognised on the balance sheet, as a right-of-use asset and a corresponding interest bearing liability. Lease liabilities are initially measured at the present value of the future lease payments from the lease commencement date and are subsequently adjusted to reflect the interest on lease liabilities, lease payments and any remeasurements due to, for example, lease modifications or a change to future lease payments linked to an index or rate. Lease payments are discounted using the interest rate implicit in the lease or, where the rate is not readily determinable, the interest payments are discounted at the Group\u2019s weighted average incremental borrowing rate, adjusted to reflect factors specific to the lease, including where relevant the currency, tenor and location of the lease. In addition to containing a lease, the Group\u2019s contractual arrangements may include non-lease components. For example, certain mining services arrangements involve the provision of additional services, including maintenance, drilling activities and the supply of personnel. The Group has elected to separate these non-lease components from the lease components in measuring lease liabilities. Non-lease components are accounted for in accordance with the accounting policies applied to each underlying good or service received. Low-value and short-term leases continue to be expensed to the income statement. Variable lease payments not dependent on an index or rate are excluded from lease liabilities, and expensed to the income statement. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost will initially correspond to the lease liability, adjusted for initial direct costs, lease payments made prior to lease commencement, capitalised provisions for closure and rehabilitation and any lease incentives received. The lease asset and liability associated with all index-linked freight contracts, including continuous voyage charters (CVCs), are measured at each reporting date based on the prevailing freight index (generally the Baltic C5 index). Lease costs are recognised in the income statement over the lease term in the form of depreciation on the right-of-use asset and the unwinding of finance charges on the lease liability. Where the Group is the operator of an unincorporated joint operation and all investors are parties to a lease, the Group recognises its proportionate share of the lease liability and associated right-of-use asset. In the event the Group is the sole signatory to a lease, and therefore has the sole legal obligation to make lease payments, the lease liability is recognised in full. Where the associated right-of-use asset is sub-leased (under a finance sub-lease) to a joint operation, for instance where it is dedicated to a single operation and the joint operation has the right to direct the use of the asset, the Group (as lessor) recognises its proportionate share of the right-of-use asset and a net investment in the lease, representing amounts to be recovered from the other parties to the joint operation. If the Group is not party to the head lease contract but sub-leases the associated right-of-use asset (as lessee), it recognises its proportionate share of the right-of-use asset and a lease liability which is payable to the operator. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-713": {
"value": "23 Net finance costs 2023 US$M 2022 US$M 2021 US$M Financial expenses Interest expense using the effective interest rate method: Interest on bank loans, overdrafts and all other borrowings 997 491 607 Interest capitalised at 5.71% (2022: 2.90%; 2021: 2.83%)1 (271) (113) (204) Interest on lease liabilities 130 119 102 Discounting on provisions and other liabilities 1,293 645 353 Other gains and losses: Fair value change on hedged loans (803) (1,286) (779) Fair value change on hedging derivatives 691 1,277 704 Loss on bond repurchase 2 \u2212 \u2212 395 Exchange variations on net debt 9 (99) 99 Other 14 16 13 Total financial expenses 2,060 1,050 1,290 Financial income Interest income (529) (81) (67) Net finance costs 1,531 969 1,223 1 Interest has been capitalised at the rate of interest applicable to the specific borrowings financing the assets under construction or, where financed through general borrowings, at a capitalisation rate representing the average interest rate on such borrowings. Tax relief for capitalised interest is approximately US$81 million (2022: US$34 million; 2021: US$61 million). 2 Relates to the additional cost on settlement of two multi-currency hybrid debt repurchase programs and the unwind of the associated hedges, included in a total cash payment of US$3,402 million disclosed in repayment of interest bearing liabilities in the Consolidated Cash Flow Statement. Recognition and measurement Interest income is accrued using the effective interest rate method. Finance costs are expensed as incurred, except where they relate to the financing of construction or development of qualifying assets. ",
"dimensions": {
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"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-704": {
"value": "23 Net finance costs 2023 US$M 2022 US$M 2021 US$M Financial expenses Interest expense using the effective interest rate method: Interest on bank loans, overdrafts and all other borrowings 997 491 607 Interest capitalised at 5.71% (2022: 2.90%; 2021: 2.83%)1 (271) (113) (204) Interest on lease liabilities 130 119 102 Discounting on provisions and other liabilities 1,293 645 353 Other gains and losses: Fair value change on hedged loans (803) (1,286) (779) Fair value change on hedging derivatives 691 1,277 704 Loss on bond repurchase 2 \u2212 \u2212 395 Exchange variations on net debt 9 (99) 99 Other 14 16 13 Total financial expenses 2,060 1,050 1,290 Financial income Interest income (529) (81) (67) Net finance costs 1,531 969 1,223 1 Interest has been capitalised at the rate of interest applicable to the specific borrowings financing the assets under construction or, where financed through general borrowings, at a capitalisation rate representing the average interest rate on such borrowings. Tax relief for capitalised interest is approximately US$81 million (2022: US$34 million; 2021: US$61 million). 2 Relates to the additional cost on settlement of two multi-currency hybrid debt repurchase programs and the unwind of the associated hedges, included in a total cash payment of US$3,402 million disclosed in repayment of interest bearing liabilities in the Consolidated Cash Flow Statement. Recognition and measurement Interest income is accrued using the effective interest rate method. Finance costs are expensed as incurred, except where they relate to the financing of construction or development of qualifying assets. ",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-678": {
"value": "23 Net finance costs 2023 US$M 2022 US$M 2021 US$M Financial expenses Interest expense using the effective interest rate method: Interest on bank loans, overdrafts and all other borrowings 997 491 607 Interest capitalised at 5.71% (2022: 2.90%; 2021: 2.83%)1 (271) (113) (204) Interest on lease liabilities 130 119 102 Discounting on provisions and other liabilities 1,293 645 353 Other gains and losses: Fair value change on hedged loans (803) (1,286) (779) Fair value change on hedging derivatives 691 1,277 704 Loss on bond repurchase 2 \u2212 \u2212 395 Exchange variations on net debt 9 (99) 99 Other 14 16 13 Total financial expenses 2,060 1,050 1,290 Financial income Interest income (529) (81) (67) Net finance costs 1,531 969 1,223 1 Interest has been capitalised at the rate of interest applicable to the specific borrowings financing the assets under construction or, where financed through general borrowings, at a capitalisation rate representing the average interest rate on such borrowings. Tax relief for capitalised interest is approximately US$81 million (2022: US$34 million; 2021: US$61 million). 2 Relates to the additional cost on settlement of two multi-currency hybrid debt repurchase programs and the unwind of the associated hedges, included in a total cash payment of US$3,402 million disclosed in repayment of interest bearing liabilities in the Consolidated Cash Flow Statement. Recognition and measurement Interest income is accrued using the effective interest rate method. Finance costs are expensed as incurred, except where they relate to the financing of construction or development of qualifying assets. ",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-638": {
"value": "23 Net finance costs 2023 US$M 2022 US$M 2021 US$M Financial expenses Interest expense using the effective interest rate method: Interest on bank loans, overdrafts and all other borrowings 997 491 607 Interest capitalised at 5.71% (2022: 2.90%; 2021: 2.83%)1 (271) (113) (204) Interest on lease liabilities 130 119 102 Discounting on provisions and other liabilities 1,293 645 353 Other gains and losses: Fair value change on hedged loans (803) (1,286) (779) Fair value change on hedging derivatives 691 1,277 704 Loss on bond repurchase 2 \u2212 \u2212 395 Exchange variations on net debt 9 (99) 99 Other 14 16 13 Total financial expenses 2,060 1,050 1,290 Financial income Interest income (529) (81) (67) Net finance costs 1,531 969 1,223 1 Interest has been capitalised at the rate of interest applicable to the specific borrowings financing the assets under construction or, where financed through general borrowings, at a capitalisation rate representing the average interest rate on such borrowings. Tax relief for capitalised interest is approximately US$81 million (2022: US$34 million; 2021: US$61 million). 2 Relates to the additional cost on settlement of two multi-currency hybrid debt repurchase programs and the unwind of the associated hedges, included in a total cash payment of US$3,402 million disclosed in repayment of interest bearing liabilities in the Consolidated Cash Flow Statement. Recognition and measurement Interest income is accrued using the effective interest rate method. Finance costs are expensed as incurred, except where they relate to the financing of construction or development of qualifying assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-773": {
"value": "Recognition and measurement Interest income is accrued using the effective interest rate method. Finance costs are expensed as incurred, except where they relate to the financing of construction or development of qualifying assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-767": {
"value": "Recognition and measurement Interest income is accrued using the effective interest rate method. Finance costs are expensed as incurred, except where they relate to the financing of construction or development of qualifying assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-748": {
"value": "Recognition and measurement Interest income is accrued using the effective interest rate method. Finance costs are expensed as incurred, except where they relate to the financing of construction or development of qualifying assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-639": {
"value": "24 Financial risk management 24.1 Financial risks Financial and capital risk management strategy The financial risks arising from the Group\u2019s operations comprise market, liquidity and credit risk. These risks arise in the normal course of business and the Group manages its exposure to them in accordance with the Group\u2019s portfolio risk management strategy. The objective of the strategy is to support the delivery of the Group\u2019s financial targets, while protecting its future financial security and flexibility by taking advantage of the natural diversification provided by the scale, diversity and flexibility of the Group\u2019s operations and activities. As part of the risk management strategy, the Group monitors target gearing levels and credit rating metrics under a range of different stress test scenarios incorporating operational and macroeconomic factors. Market risk management The Group\u2019s activities expose it to market risks associated with movements in interest rates, foreign currencies and commodity prices. Under the strategy outlined above, the Group seeks to achieve financing costs, currency impacts, input costs and commodity prices on a floating or index basis. In executing the strategy, financial instruments are potentially employed in three distinct but related activities. The following table summarises these activities and the key risk management processes: Activity Key risk management processes 1 Risk mitigation On an exception basis, hedging for the purposes of mitigating risk related to specific and significant expenditure on investments or capital projects will be executed if necessary to support the Group\u2019s strategic objectives. Execution of transactions within approved mandates. 2 Economic hedging of commodity sales, operating costs, short-term cash deposits, other monetary items and debt instruments Where Group commodity production is sold to customers on pricing terms that deviate from the relevant index target and where a relevant derivatives market exists, financial instruments may be executed as an economic hedge to align the revenue price exposure with the index target and US dollars. Where debt is issued in a currency other than the US dollar and/or at a fixed interest rate, fair value and cash flow hedges may be executed to align the debt exposure with the Group\u2019s functional currency of US dollars and/or to swap to a floating interest rate. Where short-term cash deposits and other monetary items are denominated in a currency other than US dollars, derivative financial instruments may be executed to align the foreign exchange exposure to the Group\u2019s functional currency of US dollars. Measuring and reporting the exposure in customer commodity contracts and issued debt instruments. Executing hedging derivatives to align the total group exposure to the index target. Execution of transactions within approved mandates. 3 Strategic financial transactions Opportunistic transactions may be executed with financial instruments to capture value from perceived market over/under valuations. Execution of transactions within approved mandates. Primary responsibility for the identification and control of financial risks, including authorising and monitoring the use of financial instruments for the above activities and stipulating policy thereon, rests with the Financial Risk Management Committee under authority delegated by the Chief Executive Officer. Interest rate risk The Group is exposed to interest rate risk on its outstanding borrowings and short-term cash deposits from the possibility that changes in interest rates will affect future cash flows or the fair value of fixed interest rate financial instruments. Interest rate risk is managed as part of the portfolio risk management strategy. The majority of the Group\u2019s debt is issued at fixed interest rates. The Group has also drawn on a facility of US$5.0 billion to fund the acquisition of OZL that was referenced to floating rates. The Group has entered into interest rate swaps and cross currency interest rate swaps to convert most of its fixed interest rate exposure to floating US dollar interest rate exposure. As at 30 June 2023, 98 per cent of the Group\u2019s borrowings were exposed to floating interest rates inclusive of the effect of swaps (2022: 80 per cent). The fair value of interest rate swaps and cross currency interest rate swaps in hedge relationships used to hedge both interest rate and foreign currency risks are shown in the valuation hierarchy in section 24.4 \u2018Derivatives and hedge accounting\u2019. Based on the net debt position as at 30 June 2023, taking into account interest rate swaps and cross currency interest rate swaps, it is estimated that a one percentage point increase in the Secured Overnight Financing Rate (SOFR) interest rate will decrease the Group\u2019s equity and profit after taxation by US$58 million (2022: increase of US$29 million). This assumes the change in interest rates is effective from the beginning of the financial year and the fixed/floating mix and balances are constant over the year. Interest Rate Benchmark Reform The London Interbank Offered Rate (LIBOR) and other benchmark interest rates are being replaced by alternative risk-free rates (ARR) as part of inter- bank offer rate (IBOR) reform. Sterling LIBOR ceased to be published on 1 January 2022 and USD LIBOR will no longer be published after 30 June 2023. Amendments to IFRS 9/AASB 9 \u2018Financial Instruments\u2019, IFRS 7/AASB 7 \u2018Financial Instruments: Disclosures\u2019 and IFRS 16/AASB 16 \u2018Leases\u2019 in relation to IBOR reform early adopted by the Group in previous periods impact the Group\u2019s cross currency and interest rate swaps, which prior to IBOR reform referenced the US LIBOR benchmark, and the associated hedge accounting. These amendments provide relief from applying certain hedge accounting requirements to hedging arrangements directly impacted by IBOR reform. In particular, where changes to the Group\u2019s instruments arise solely as a result of IBOR reform and do not change the economic substance of the Group\u2019s arrangements, the Group is able to maintain its existing hedge relationships and accounting. During the year ended 30 June 2023, the Group actively transitioned all impacted cross currency and interest rate swaps from US LIBOR to the alternative, widely adopted SOFR benchmark. As the transition resulted solely from IBOR reform, the Group has applied the relief available in IFRS 9 and continues to apply hedge accounting to its hedging arrangements, including accounting for ineffectiveness. Refer to section 24.4 \u2018Derivatives and hedge accounting\u2019 for further information. The Group does not hold any material lease arrangements that contain reference to the existing benchmarks and as a result there is no material impact on lease liabilities or right-of-use assets at 30 June 2023. The Group\u2019s revolving credit facility was restructured to reference to Alternative Reference Rates (ARRs) and remains undrawn. Furthermore, in the period, Escondida has executed new SOFR linked loans and has amended existing US LIBOR linked loans with lenders, so that the applicable floating interest rate reference 3M or 6M Term SOFR rates. Currency risk The US dollar is the predominant functional currency within the Group and as a result, currency exposures arise from transactions and balances in currencies other than the US dollar. The Group\u2019s potential currency exposures comprise: \u2013 translational exposure in respect of non-functional currency monetary items \u2013 transactional exposure in respect of non-functional currency expenditure and revenues The Group\u2019s foreign currency risk is managed as part of the portfolio risk management strategy. Translational exposure in respect of non-functional currency monetary items Monetary items, including financial assets and liabilities, denominated in currencies other than the functional currency of an operation are restated at the end of each reporting period to US dollar equivalents and the associated gain or loss is taken to the income statement. The exception is foreign exchange gains or losses on foreign currency denominated provisions for closure and rehabilitation at operating sites, which are capitalised in property, plant and equipment. The Group has entered into cross currency interest rate swaps and foreign exchange forwards to convert its significant foreign currency exposures in respect of monetary items into US dollars. Fluctuations in foreign exchange rates are therefore not expected to have a significant impact on equity and profit after tax. The following table shows the carrying values of financial assets and liabilities at the end of the reporting period denominated in currencies other than the US dollar that are exposed to foreign currency risk: Net financial (liabilities)/assets \u2013 by currency of denomination 2023 US$M 2022 US$M AUD (4,168) (3,649) CLP (74) (602) GBP 353 388 EUR 217 280 Other 43 187 Total (3,629) (3,396) The principal non-functional currencies to which the Group is exposed are the Australian dollar, the Chilean peso, the Pound sterling and the Euro. Based on the Group\u2019s net financial assets and liabilities as at 30 June 2023, a weakening of the US dollar against these currencies (one cent strengthening in Australian dollar, 10 pesos strengthening in Chilean peso, one penny strengthening in Pound sterling and one cent strengthening in Euro), with all other variables held constant, would decrease the Group\u2019s equity and profit after taxation by US$15 million (2022: decrease of US$16 million). Transactional exposure in respect of non-functional currency expenditure and revenues Certain operating and capital expenditure is incurred in currencies other than an operation\u2019s functional currency. To a lesser extent, certain sales revenue is earned in currencies other than the functional currency of operations and certain exchange control restrictions may require that funds be maintained in currencies other than the functional currency of the operation. These currency risks are managed as part of the portfolio risk management strategy. The Group may enter into forward exchange contracts when required under this strategy. Commodity price risk The risk associated with commodity prices is managed as part of the portfolio risk management strategy. Substantially all of the Group\u2019s commodity production is sold on market-based index pricing terms, with derivatives used from time to time to achieve a specific outcome. Financial instruments with commodity price risk comprise forward commodity and other derivative contracts with net liabilities at fair value of US$20 million (2022: net liabilities of US$56 million). Provisionally priced commodity sales and purchases contracts Provisionally priced sales or purchases volumes are those for which price finalisation, referenced to the relevant index, is outstanding at the reporting date. Provisional pricing mechanisms within these sales and purchases arrangements have the character of a commodity derivative. Trade receivables or payables under these contracts are carried at fair value through profit or loss using Level 2 valuation inputs based on forecast selling prices in the quotation period. The Group\u2019s exposure at 30 June 2023 to the impact of movements in commodity prices upon provisionally invoiced sales and purchases volumes was predominately around copper. The Group had 314 thousand tonnes of copper exposure as at 30 June 2023 (2022: 289 thousand tonnes) that was provisionally priced. The final price of these sales and purchases volumes will be determined during the first half of FY2024. A 10 per cent change in the price of copper realised on the provisionally priced sales, with all other factors held constant, would increase or decrease profit after taxation by US$184 million (2022: US$162 million). The relationship between commodity prices and foreign currencies is complex and movements in foreign exchange rates can impact commodity prices. Liquidity risk Refer to note 21 \u2018Net debt\u2019 for details on the Group\u2019s liquidity risk. Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily from customer receivables) and from its financing activities, including deposits with banks and financial institutions, other short-term investments, interest rate and currency derivative contracts and other financial instruments. Refer to note 8 \u2018Trade and other receivables\u2019 and note 21 \u2018Net debt\u2019 for details on the Group credit risk. 24.2 Recognition and measurement All financial assets and liabilities, other than derivatives and trade receivables, are initially recognised at the fair value of consideration paid or received, net of transaction costs as appropriate. Financial assets are initially recognised on their trade date. Financial assets are subsequently carried at fair value or amortised cost based on: \u2013 the Group\u2019s purpose, or business model, for holding the financial asset \u2013 whether the financial asset\u2019s contractual terms give rise to cash flows that are solely payments of principal and interest The resulting Financial Statements classifications of financial assets can be summarised as follows: Contractual cash flows Business model Category Solely principal and interest Hold in order to collect contractual cash flows Amortised cost Solely principal and interest Hold in order to collect contractual cash flows and sell Fair value through other comprehensive income Solely principal and interest Hold in order to sell Fair value through profit or loss Other Any of those mentioned above Fair value through profit or loss Solely principal and interest refers to the Group receiving returns only for the time value of money and the credit risk of the counterparty for financial assets held. The main exceptions for the Group are provisionally priced receivables and derivatives which are measured at fair value through profit or loss under IFRS 9. The Group has the intention of collecting payment directly from its customers in most cases, however the Group also participates in receivables financing programs in respect of selected customers. Receivables in these portfolios which are classified as \u2018hold in order to sell\u2019, are provisionally priced receivables and are therefore held at fair value through profit or loss prior to sale to the financial institution. With the exception of derivative contracts and provisionally priced trade payables which are carried at fair value through profit or loss, the Group\u2019s financial liabilities are classified as subsequently measured at amortised cost. The Group may in addition elect to designate certain financial assets or liabilities at fair value through profit or loss or to apply hedge accounting where they are not mandatorily held at fair value through profit or loss. Fair value measurement The carrying amount of financial assets and liabilities measured at fair value is principally calculated based on inputs other than quoted prices that are observable for these financial assets or liabilities, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, fair value is estimated based on the Group\u2019s views on relevant future prices, net of valuation allowances to accommodate liquidity, modelling and other risks implicit in such estimates. The inputs used in fair value calculations are determined by the relevant segment or function. The functions support the assets and operate under a defined set of accountabilities authorised by the Executive Leadership Team. Movements in the fair value of financial assets and liabilities may be recognised through the income statement or in other comprehensive income according to the designation of the underlying instrument. For financial assets and liabilities carried at fair value, the Group uses the following to categorise the inputs to the valuation method used based on the lowest level input that is significant to the fair value measurement as a whole: IFRS 13 Fair value hierarchy Level 1 Level 2 Level 3 Valuation inputs Based on quoted prices (unadjusted) in active markets for identical financial assets and liabilities. Based on inputs other than quoted prices included within Level 1 that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Based on inputs not observable in the market using appropriate valuation models, including discounted cash flow modelling. 24.3 Financial assets and liabilities The financial assets and liabilities are presented by class in the table below at their carrying amounts. IFRS 13 Fair value hierarchy Level 1 IFRS 9 Classification 2023 US$M 2022 US$M Current cross currency and interest rate swaps 2 2 Fair value through profit or loss 34 \u2212 Current other derivative contracts 3 2,3 Fair value through profit or loss 407 326 Current other financial assets Amortised cost \u2212 100 Current other investments 4 1,2 Fair value through profit or loss 29 203 Non-current cross currency and interest rate swaps 2 2 Fair value through profit or loss 149 136 Non-current other derivative contracts 3 2,3 Fair value through profit or loss 228 16 Non-current other financial assets 5 3 Fair value through profit or loss 246 273 Non-current investment in shares 1,3 Fair value through other comprehensive income 224 138 Non-current other investments 4 1,2 Fair value through profit or loss 268 239 Total other financial assets 1,585 1,431 Cash and cash equivalents Amortised cost 12,428 17,236 Trade and other receivables 6 Amortised cost 1,506 1,674 Provisionally priced trade receivables 2 Fair value through profit or loss 2,705 3,478 Total financial assets 18,224 23,819 Non-financial assets 83,072 71,347 Total assets 101,296 95,166 Current cross currency and interest rate swaps 2 2 Fair value through profit or loss 147 358 Current other derivative contracts 2 Fair value through profit or loss 176 118 Current other financial liabilities 7 Amortised cost 79 103 Non-current cross currency and interest rate swaps 2 2 Fair value through profit or loss 1,608 1,466 Non-current other derivative contracts 3 2,3 Fair value through profit or loss 82 31 Non-current other financial liabilities 7 Amortised cost 467 500 Total other financial liabilities 2,559 2,576 Trade and other payables 8 Amortised cost 5,338 5,223 Provisionally priced trade payables 2 Fair value through profit or loss 841 1,385 Bank overdrafts and short-term borrowings 9 Amortised cost 5 \u2212 Bank loans 9 Amortised cost 7,502 2,472 Notes and debentures 9 Amortised cost 11,819 11,363 Lease liabilities 10 3,019 2,576 Other 9 Amortised cost \u2212 17 Total financial liabilities 31,083 25,612 Non-financial liabilities 21,683 20,788 Total liabilities 52,766 46,400 1 All of the Group\u2019s financial assets and financial liabilities recognised at fair value were valued using market observable inputs categorised as Level 2 unless specified otherwise in the following footnotes. 2 Cross currency and interest rate swaps are valued using market data including interest rate curves and foreign exchange rates. A discounted cash flow approach is used to derive the fair value of cross currency and interest rate swaps at the reporting date. 3 Includes net other derivative assets of US$46 million related to power purchase contract agreements that are categorised as Level 3 (2022: US$ nil). 4 Includes investments held by BHP Foundation which are restricted and not available for general use by the Group of US$290 million (2022: US$252 million) of which other investments (mainly US Treasury Notes) of US$138 million categorised as Level 1 (2022: US$119 million). 5 Includes receivables contingent on outcome of future events relating to mining and regulatory approvals of US$246 million (2022: US$233 million). 6 Excludes input taxes of US$531 million (2022: US$427 million) included in other receivables. 7 Includes the discounted settlement liability in relation to the cancellation of power contracts at the Group\u2019s Escondida operations. 8 Excludes input taxes of US$121 million (2022: US$79 million) included in other payables. 9 All interest bearing liabilities, excluding lease liabilities, are unsecured. 10 Lease liabilities are measured in accordance with IFRS 16/AASB 16 \u2018Leases\u2019. The carrying amounts in the table above generally approximate to fair value. In the case of US$534 million (2022: US$3,018 million) of fixed rate debt not swapped to floating rate, the fair value at 30 June 2023 was US$538 million (2022: US$3,126 million). The fair value is determined using a method that can be categorised as Level 2 and uses inputs based on benchmark interest rates, alternative market mechanisms or recent comparable transactions. For financial instruments that are carried at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the fair value hierarchy by reassessing categorisation at the end of each reporting period. There were no transfers between categories during the period. Offsetting financial assets and liabilities The Group enters into money market deposits and derivative transactions under International Swaps and Derivatives Association master netting agreements that do not meet the offsetting criteria in IAS 32/AASB 132 \u2018Financial Instruments: Presentation\u2019, but allow for the related amounts to be set- off in certain circumstances. The amounts set out as cross currency and interest rate swaps in the table above represent the derivative financial assets and liabilities of the Group that may be subject to the above arrangements and are presented on a gross basis. 24.4 Derivatives and hedge accounting The Group uses derivatives to hedge its exposure to certain market risks and may elect to apply hedge accounting. Hedge accounting Derivatives are included within financial assets or liabilities at fair value through profit or loss unless they are designated as effective hedging instruments. Financial instruments in this category are classified as current if they are due or expected to be settled within 12 months otherwise they are classified as non-current. Where hedge accounting is applied, at the start of the transaction, the Group documents the type of hedge, the relationship between the hedging instrument and hedged items and its risk management objective and strategy for undertaking various hedge transactions. The documentation also demonstrates that the hedge is expected to be effective. The Group applies the following types of hedge accounting to its derivatives hedging the interest rate and currency risks of its notes and debentures: \u2013 Fair value hedges \u2013 the fair value gain or loss on interest rate and cross currency swaps relating to interest rate risk, together with the change in the fair value of the hedged fixed rate borrowings attributable to interest rate risk are recognised immediately in the income statement. If the hedge no longer meets the criteria for hedge accounting, the fair value adjustment on the note or debenture is amortised to the income statement over the period to maturity using a recalculated effective interest rate. \u2013 Cash flow hedges \u2013 changes in the fair value of cross currency interest rate swaps which hedge foreign currency cash flows on the notes and debentures are recognised directly in other comprehensive income and accumulated in the cash flow hedging reserve. To the extent a hedge is ineffective, changes in fair value are recognised immediately in the income statement. When a hedging instrument expires, or is sold, terminated or exercised, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is amortised to the income statement over the period to the hedged item\u2019s maturity. When hedged, the Group hedges the full notional value of notes or debentures. However, certain components of the fair value of derivatives are not permitted under IFRS 9 to be included in the hedge accounting above. Certain costs of hedging are permitted to be recognised in other comprehensive income. Any change in the fair value of a derivative that does not qualify for hedge accounting, or is ineffective in hedging the designated risk due to contractual differences between the hedged item and hedging instrument, is recognised immediately in the income statement. The table below shows the carrying amounts of the Group\u2019s notes and debentures by currency and the derivatives which hedge them: \u2013 The carrying amount of the notes and debentures includes foreign exchange remeasurement to period-end rates and fair value adjustments when included in a fair value hedge. \u2013 The breakdown of the hedging derivatives includes remeasurement of foreign currency notional values at period-end rates, fair value movements due to interest rate risk, foreign currency cash flows designated into cash flow hedges, costs of hedging recognised in other comprehensive income, ineffectiveness recognised in the income statement and accruals or prepayments. \u2013 The hedged value of notes and debentures includes their carrying amounts adjusted for the offsetting derivative fair value movements due to foreign currency and interest rate risk remeasurement. 2023 US$M Carrying amount of notes and debentures Fair value of derivatives Hedged value of notes and debentures 2 Foreign exchange notional at spot rates Interest rate risk Recognised in cash flow hedging reserve Recognised in cost of hedging reserve Recognised in the income statement 1 Accrued cash flows Total A B C D E F G B to G A + B + C USD 7,245 \u2212 214 \u2212 \u2212 32 23 269 7,459 GBP 1,566 522 274 24 (9) (69) 35 777 2,362 EUR 3,008 434 302 (39) 10 (49) (132) 526 3,744 Total 11,819 956 790 (15) 1 (86) (74) 1,572 13,565 2022 US$M Carrying amount of notes and debentures Fair value of derivatives Hedged value of notes and debentures 2 Foreign exchange notional at spot rates Interest rate risk Recognised in cash flow hedging reserve Recognised in cost of hedging reserve Recognised in the income statement 1 Accrued cash flows Total A B C D E F G B to G A + B + C USD 4,740 \u2212 (16) \u2212 \u2212 (7) 86 63 4,724 GBP 2,599 796 (115) (35) 13 26 42 727 3,280 EUR 3,449 585 112 (16) 8 (4) 45 730 4,146 CAD 575 167 5 (8) 6 (3) 1 168 747 Total 11,363 1,548 (14) (59) 27 12 174 1,688 12,897 1 Predominantly related to ineffectiveness. 2 Includes US$534 million (2022: US$3,018 million) of fixed rate debt not swapped to floating rate that is not in a hedging relationship. The weighted average interest rate payable is USD SOFR +1.54 per cent (2022: USD LIBOR + 1.74 per cent). Refer to note 23 \u2018Net finance costs\u2019 for details of net finance costs for the year. Movements in reserves relating to hedge accounting The following table shows a reconciliation of the components of equity and an analysis of the movements in reserves for all hedges. For a description of these reserves, refer to note 18 \u2018Other equity\u2019. 2023 US$M Cash flow hedging reserve Cost of hedging reserve Gross Tax Net Gross Tax Net Total At the beginning of the financial year 59 (18) 41 (27) 8 (19) 22 Add: Change in fair value of hedging instrument recognised in OCI 95 (29) 66 \u2212 \u2212 \u2212 66 Less: Reclassified from reserves to financial expenses \u2013 recognised through OCI (174) 53 (121) 26 (8) 18 (103) Less: Loss/(gain) transferred to balance sheet related items 35 (11) 24 \u2212 \u2212 \u2212 24 At the end of the financial year 15 (5) 10 (1) \u2212 (1) 9 2022 US$M Cash flow hedging reserve Cost of hedging reserve Gross Tax Net Gross Ta x Net Total At the beginning of the financial year 142 (42) 100 (77) 23 (54) 46 Add: Change in fair value of hedging instrument recognised in OCI (914) 274 (640) \u2212 \u2212 \u2212 (640) Less: Reclassified from reserves to financial expenses \u2013 recognised through OCI 831 (250) 581 50 (15) 35 616 At the end of the financial year 59 (18) 41 (27) 8 (19) 22 Changes in interest bearing liabilities and related derivatives resulting from financing activities The movement in the year in the Group\u2019s interest bearing liabilities and related derivatives are as follows: 2023 US$M Interest bearing liabilities Derivatives liabilities/ (assets) Bank loans Notes and debentures Lease liabilities Bank overdraft and short-term borrowings Other Cross currency and interest rate swaps Total At the beginning of the financial year 2,472 11,363 2,576 \u2212 17 1,688 Proceeds from interest bearing liabilities 5,450 2,732 \u2212 \u2212 \u2212 \u2212 8,182 Settlements of debt related instruments \u2212 \u2212 \u2212 \u2212 \u2212 (677) (677) Repayment of interest bearing liabilities (1,087) (1,610) (576) \u2212 (16) \u2212 (3,289) Change from Net financing cash flows 4,363 1,122 (576) \u2212 (16) (677) 4,216 Other movements: Acquisition of subsidiaries and operations 688 \u2212 423 \u2212 \u2212 \u2212 Interest rate impacts \u2212 (803) \u2212 \u2212 \u2212 691 Foreign exchange impacts (23) 128 12 \u2212 \u2212 (127) Lease additions \u2212 \u2212 542 \u2212 \u2212 \u2212 Remeasurement of index-linked freight contracts \u2212 \u2212 53 \u2212 \u2212 \u2212 Other interest bearing liabilities/derivative related changes 2 9 (11) 5 (1) (3) At the end of the financial year 7,502 11,819 3,019 5 \u2212 1,572 2022 US$M Interest bearing liabilities Derivatives (assets)/ liabilities Bank loans Notes and debentures Lease liabilities Bank overdraft and short-term borrowings Other Cross currency and interest rate swaps Total At the beginning of the financial year 2,260 14,769 3,896 \u2212 58 (557) Proceeds from interest bearing liabilities 1,150 \u2212 \u2212 \u2212 14 \u2212 1,164 Settlements of debt related instruments \u2212 \u2212 \u2212 \u2212 \u2212 \u2212 \u2212 Repayment of interest bearing liabilities 1 (941) (1,232) (1,163) \u2212 (55) \u2212 (3,391) Change from Net financing cash flows 209 (1,232) (1,163) \u2212 (41) \u2212 (2,227) Other movements: Divestment and demerger of subsidiaries and operations \u2212 \u2212 (492) \u2212 \u2212 \u2212 Interest rate impacts \u2212 (1,286) \u2212 \u2212 \u2212 1,277 Foreign exchange impacts 3 (894) (126) \u2212 (2) 898 Lease additions \u2212 \u2212 866 \u2212 \u2212 \u2212 Remeasurement of index-linked freight contracts \u2212 \u2212 (369) \u2212 \u2212 \u2212 Other interest bearing liabilities/derivative related changes \u2212 6 (36) \u2212 2 70 At the end of the financial year 2,472 11,363 2,576 \u2212 17 1,688 1 FY2022 includes US$33 million of Discontinued operations cash flows. ",
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"language": "en",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-679": {
"value": "Market risk management The Group\u2019s activities expose it to market risks associated with movements in interest rates, foreign currencies and commodity prices. Under the strategy outlined above, the Group seeks to achieve financing costs, currency impacts, input costs and commodity prices on a floating or index basis. In executing the strategy, financial instruments are potentially employed in three distinct but related activities. The following table summarises these activities and the key risk management processes: Activity Key risk management processes 1 Risk mitigation On an exception basis, hedging for the purposes of mitigating risk related to specific and significant expenditure on investments or capital projects will be executed if necessary to support the Group\u2019s strategic objectives. Execution of transactions within approved mandates. 2 Economic hedging of commodity sales, operating costs, short-term cash deposits, other monetary items and debt instruments Where Group commodity production is sold to customers on pricing terms that deviate from the relevant index target and where a relevant derivatives market exists, financial instruments may be executed as an economic hedge to align the revenue price exposure with the index target and US dollars. Where debt is issued in a currency other than the US dollar and/or at a fixed interest rate, fair value and cash flow hedges may be executed to align the debt exposure with the Group\u2019s functional currency of US dollars and/or to swap to a floating interest rate. Where short-term cash deposits and other monetary items are denominated in a currency other than US dollars, derivative financial instruments may be executed to align the foreign exchange exposure to the Group\u2019s functional currency of US dollars. Measuring and reporting the exposure in customer commodity contracts and issued debt instruments. Executing hedging derivatives to align the total group exposure to the index target. Execution of transactions within approved mandates. 3 Strategic financial transactions Opportunistic transactions may be executed with financial instruments to capture value from perceived market over/under valuations. Execution of transactions within approved mandates. Primary responsibility for the identification and control of financial risks, including authorising and monitoring the use of financial instruments for the above activities and stipulating policy thereon, rests with the Financial Risk Management Committee under authority delegated by the Chief Executive Officer. Interest rate risk The Group is exposed to interest rate risk on its outstanding borrowings and short-term cash deposits from the possibility that changes in interest rates will affect future cash flows or the fair value of fixed interest rate financial instruments. Interest rate risk is managed as part of the portfolio risk management strategy. The majority of the Group\u2019s debt is issued at fixed interest rates. The Group has also drawn on a facility of US$5.0 billion to fund the acquisition of OZL that was referenced to floating rates. The Group has entered into interest rate swaps and cross currency interest rate swaps to convert most of its fixed interest rate exposure to floating US dollar interest rate exposure. As at 30 June 2023, 98 per cent of the Group\u2019s borrowings were exposed to floating interest rates inclusive of the effect of swaps (2022: 80 per cent). The fair value of interest rate swaps and cross currency interest rate swaps in hedge relationships used to hedge both interest rate and foreign currency risks are shown in the valuation hierarchy in section 24.4 \u2018Derivatives and hedge accounting\u2019. Based on the net debt position as at 30 June 2023, taking into account interest rate swaps and cross currency interest rate swaps, it is estimated that a one percentage point increase in the Secured Overnight Financing Rate (SOFR) interest rate will decrease the Group\u2019s equity and profit after taxation by US$58 million (2022: increase of US$29 million). This assumes the change in interest rates is effective from the beginning of the financial year and the fixed/floating mix and balances are constant over the year. Interest Rate Benchmark Reform The London Interbank Offered Rate (LIBOR) and other benchmark interest rates are being replaced by alternative risk-free rates (ARR) as part of inter- bank offer rate (IBOR) reform. Sterling LIBOR ceased to be published on 1 January 2022 and USD LIBOR will no longer be published after 30 June 2023. Amendments to IFRS 9/AASB 9 \u2018Financial Instruments\u2019, IFRS 7/AASB 7 \u2018Financial Instruments: Disclosures\u2019 and IFRS 16/AASB 16 \u2018Leases\u2019 in relation to IBOR reform early adopted by the Group in previous periods impact the Group\u2019s cross currency and interest rate swaps, which prior to IBOR reform referenced the US LIBOR benchmark, and the associated hedge accounting. These amendments provide relief from applying certain hedge accounting requirements to hedging arrangements directly impacted by IBOR reform. In particular, where changes to the Group\u2019s instruments arise solely as a result of IBOR reform and do not change the economic substance of the Group\u2019s arrangements, the Group is able to maintain its existing hedge relationships and accounting. During the year ended 30 June 2023, the Group actively transitioned all impacted cross currency and interest rate swaps from US LIBOR to the alternative, widely adopted SOFR benchmark. As the transition resulted solely from IBOR reform, the Group has applied the relief available in IFRS 9 and continues to apply hedge accounting to its hedging arrangements, including accounting for ineffectiveness. Refer to section 24.4 \u2018Derivatives and hedge accounting\u2019 for further information. The Group does not hold any material lease arrangements that contain reference to the existing benchmarks and as a result there is no material impact on lease liabilities or right-of-use assets at 30 June 2023. The Group\u2019s revolving credit facility was restructured to reference to Alternative Reference Rates (ARRs) and remains undrawn. Furthermore, in the period, Escondida has executed new SOFR linked loans and has amended existing US LIBOR linked loans with lenders, so that the applicable floating interest rate reference 3M or 6M Term SOFR rates. Currency risk The US dollar is the predominant functional currency within the Group and as a result, currency exposures arise from transactions and balances in currencies other than the US dollar. The Group\u2019s potential currency exposures comprise: \u2013 translational exposure in respect of non-functional currency monetary items \u2013 transactional exposure in respect of non-functional currency expenditure and revenues The Group\u2019s foreign currency risk is managed as part of the portfolio risk management strategy. Translational exposure in respect of non-functional currency monetary items Monetary items, including financial assets and liabilities, denominated in currencies other than the functional currency of an operation are restated at the end of each reporting period to US dollar equivalents and the associated gain or loss is taken to the income statement. The exception is foreign exchange gains or losses on foreign currency denominated provisions for closure and rehabilitation at operating sites, which are capitalised in property, plant and equipment. The Group has entered into cross currency interest rate swaps and foreign exchange forwards to convert its significant foreign currency exposures in respect of monetary items into US dollars. Fluctuations in foreign exchange rates are therefore not expected to have a significant impact on equity and profit after tax. The following table shows the carrying values of financial assets and liabilities at the end of the reporting period denominated in currencies other than the US dollar that are exposed to foreign currency risk: Net financial (liabilities)/assets \u2013 by currency of denomination 2023 US$M 2022 US$M AUD (4,168) (3,649) CLP (74) (602) GBP 353 388 EUR 217 280 Other 43 187 Total (3,629) (3,396) The principal non-functional currencies to which the Group is exposed are the Australian dollar, the Chilean peso, the Pound sterling and the Euro. Based on the Group\u2019s net financial assets and liabilities as at 30 June 2023, a weakening of the US dollar against these currencies (one cent strengthening in Australian dollar, 10 pesos strengthening in Chilean peso, one penny strengthening in Pound sterling and one cent strengthening in Euro), with all other variables held constant, would decrease the Group\u2019s equity and profit after taxation by US$15 million (2022: decrease of US$16 million). Transactional exposure in respect of non-functional currency expenditure and revenues Certain operating and capital expenditure is incurred in currencies other than an operation\u2019s functional currency. To a lesser extent, certain sales revenue is earned in currencies other than the functional currency of operations and certain exchange control restrictions may require that funds be maintained in currencies other than the functional currency of the operation. These currency risks are managed as part of the portfolio risk management strategy. The Group may enter into forward exchange contracts when required under this strategy. The risk associated with commodity prices is managed as part of the portfolio risk management strategy. Substantially all of the Group\u2019s commodity production is sold on market-based index pricing terms, with derivatives used from time to time to achieve a specific outcome. Financial instruments with commodity price risk comprise forward commodity and other derivative contracts with net liabilities at fair value of US$20 million (2022: net liabilities of US$56 million). Provisionally priced commodity sales and purchases contracts Provisionally priced sales or purchases volumes are those for which price finalisation, referenced to the relevant index, is outstanding at the reporting date. Provisional pricing mechanisms within these sales and purchases arrangements have the character of a commodity derivative. Trade receivables or payables under these contracts are carried at fair value through profit or loss using Level 2 valuation inputs based on forecast selling prices in the quotation period. The Group\u2019s exposure at 30 June 2023 to the impact of movements in commodity prices upon provisionally invoiced sales and purchases volumes was predominately around copper. The Group had 314 thousand tonnes of copper exposure as at 30 June 2023 (2022: 289 thousand tonnes) that was provisionally priced. The final price of these sales and purchases volumes will be determined during the first half of FY2024. A 10 per cent change in the price of copper realised on the provisionally priced sales, with all other factors held constant, would increase or decrease profit after taxation by US$184 million (2022: US$162 million). The relationship between commodity prices and foreign currencies is complex and movements in foreign exchange rates can impact commodity prices. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-714": {
"value": "Activity Key risk management processes 1 Risk mitigation On an exception basis, hedging for the purposes of mitigating risk related to specific and significant expenditure on investments or capital projects will be executed if necessary to support the Group\u2019s strategic objectives. Execution of transactions within approved mandates. 2 Economic hedging of commodity sales, operating costs, short-term cash deposits, other monetary items and debt instruments Where Group commodity production is sold to customers on pricing terms that deviate from the relevant index target and where a relevant derivatives market exists, financial instruments may be executed as an economic hedge to align the revenue price exposure with the index target and US dollars. Where debt is issued in a currency other than the US dollar and/or at a fixed interest rate, fair value and cash flow hedges may be executed to align the debt exposure with the Group\u2019s functional currency of US dollars and/or to swap to a floating interest rate. Where short-term cash deposits and other monetary items are denominated in a currency other than US dollars, derivative financial instruments may be executed to align the foreign exchange exposure to the Group\u2019s functional currency of US dollars. Measuring and reporting the exposure in customer commodity contracts and issued debt instruments. Executing hedging derivatives to align the total group exposure to the index target. Execution of transactions within approved mandates. 3 Strategic financial transactions Opportunistic transactions may be executed with financial instruments to capture value from perceived market over/under valuations. Execution of transactions within approved mandates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-715": {
"value": "Interest rate risk The Group is exposed to interest rate risk on its outstanding borrowings and short-term cash deposits from the possibility that changes in interest rates will affect future cash flows or the fair value of fixed interest rate financial instruments. Interest rate risk is managed as part of the portfolio risk management strategy. The majority of the Group\u2019s debt is issued at fixed interest rates. The Group has also drawn on a facility of US$5.0 billion to fund the acquisition of OZL that was referenced to floating rates. The Group has entered into interest rate swaps and cross currency interest rate swaps to convert most of its fixed interest rate exposure to floating US dollar interest rate exposure. As at 30 June 2023, 98 per cent of the Group\u2019s borrowings were exposed to floating interest rates inclusive of the effect of swaps (2022: 80 per cent). The fair value of interest rate swaps and cross currency interest rate swaps in hedge relationships used to hedge both interest rate and foreign currency risks are shown in the valuation hierarchy in section 24.4 \u2018Derivatives and hedge accounting\u2019. Based on the net debt position as at 30 June 2023, taking into account interest rate swaps and cross currency interest rate swaps, it is estimated that a one percentage point increase in the Secured Overnight Financing Rate (SOFR) interest rate will decrease the Group\u2019s equity and profit after taxation by US$58 million (2022: increase of US$29 million). This assumes the change in interest rates is effective from the beginning of the financial year and the fixed/floating mix and balances are constant over the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInterestRateBenchmarksToWhichEntitysHedgingRelationshipsAreExposedExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-705": {
"value": "Based on the net debt position as at 30 June 2023, taking into account interest rate swaps and cross currency interest rate swaps, it is estimated that a one percentage point increase in the Secured Overnight Financing Rate (SOFR) interest rate will decrease the Group\u2019s equity and profit after taxation by US$58 million (2022: increase of US$29 million). This assumes the change in interest rates is effective from the beginning of the financial year and the fixed/floating mix and balances are constant over the year. The principal non-functional currencies to which the Group is exposed are the Australian dollar, the Chilean peso, the Pound sterling and the Euro. Based on the Group\u2019s net financial assets and liabilities as at 30 June 2023, a weakening of the US dollar against these currencies (one cent strengthening in Australian dollar, 10 pesos strengthening in Chilean peso, one penny strengthening in Pound sterling and one cent strengthening in Euro), with all other variables held constant, would decrease the Group\u2019s equity and profit after taxation by US$15 million (2022: decrease of US$16 million). The Group had 314 thousand tonnes of copper exposure as at 30 June 2023 (2022: 289 thousand tonnes) that was provisionally priced. The final price of these sales and purchases volumes will be determined during the first half of FY2024. A 10 per cent change in the price of copper realised on the provisionally priced sales, with all other factors held constant, would increase or decrease profit after taxation by US$184 million (2022: US$162 million). The relationship between commodity prices and foreign currencies is complex and movements in foreign exchange rates can impact commodity prices. ",
"dimensions": {
"concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-716": {
"value": "Interest Rate Benchmark Reform The London Interbank Offered Rate (LIBOR) and other benchmark interest rates are being replaced by alternative risk-free rates (ARR) as part of inter- bank offer rate (IBOR) reform. Sterling LIBOR ceased to be published on 1 January 2022 and USD LIBOR will no longer be published after 30 June 2023. Amendments to IFRS 9/AASB 9 \u2018Financial Instruments\u2019, IFRS 7/AASB 7 \u2018Financial Instruments: Disclosures\u2019 and IFRS 16/AASB 16 \u2018Leases\u2019 in relation to IBOR reform early adopted by the Group in previous periods impact the Group\u2019s cross currency and interest rate swaps, which prior to IBOR reform referenced the US LIBOR benchmark, and the associated hedge accounting. These amendments provide relief from applying certain hedge accounting requirements to hedging arrangements directly impacted by IBOR reform. In particular, where changes to the Group\u2019s instruments arise solely as a result of IBOR reform and do not change the economic substance of the Group\u2019s arrangements, the Group is able to maintain its existing hedge relationships and accounting. During the year ended 30 June 2023, the Group actively transitioned all impacted cross currency and interest rate swaps from US LIBOR to the alternative, widely adopted SOFR benchmark. As the transition resulted solely from IBOR reform, the Group has applied the relief available in IFRS 9 and continues to apply hedge accounting to its hedging arrangements, including accounting for ineffectiveness. Refer to section 24.4 \u2018Derivatives and hedge accounting\u2019 for further information. The Group does not hold any material lease arrangements that contain reference to the existing benchmarks and as a result there is no material impact on lease liabilities or right-of-use assets at 30 June 2023. The Group\u2019s revolving credit facility was restructured to reference to Alternative Reference Rates (ARRs) and remains undrawn. Furthermore, in the period, Escondida has executed new SOFR linked loans and has amended existing US LIBOR linked loans with lenders, so that the applicable floating interest rate reference 3M or 6M Term SOFR rates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-768": {
"value": "24.2 Recognition and measurement All financial assets and liabilities, other than derivatives and trade receivables, are initially recognised at the fair value of consideration paid or received, net of transaction costs as appropriate. Financial assets are initially recognised on their trade date. Financial assets are subsequently carried at fair value or amortised cost based on: \u2013 the Group\u2019s purpose, or business model, for holding the financial asset \u2013 whether the financial asset\u2019s contractual terms give rise to cash flows that are solely payments of principal and interest The resulting Financial Statements classifications of financial assets can be summarised as follows: Contractual cash flows Business model Category Solely principal and interest Hold in order to collect contractual cash flows Amortised cost Solely principal and interest Hold in order to collect contractual cash flows and sell Fair value through other comprehensive income Solely principal and interest Hold in order to sell Fair value through profit or loss Other Any of those mentioned above Fair value through profit or loss Solely principal and interest refers to the Group receiving returns only for the time value of money and the credit risk of the counterparty for financial assets held. The main exceptions for the Group are provisionally priced receivables and derivatives which are measured at fair value through profit or loss under IFRS 9. The Group has the intention of collecting payment directly from its customers in most cases, however the Group also participates in receivables financing programs in respect of selected customers. Receivables in these portfolios which are classified as \u2018hold in order to sell\u2019, are provisionally priced receivables and are therefore held at fair value through profit or loss prior to sale to the financial institution. With the exception of derivative contracts and provisionally priced trade payables which are carried at fair value through profit or loss, the Group\u2019s financial liabilities are classified as subsequently measured at amortised cost. The Group may in addition elect to designate certain financial assets or liabilities at fair value through profit or loss or to apply hedge accounting where they are not mandatorily held at fair value through profit or loss. Fair value measurement The carrying amount of financial assets and liabilities measured at fair value is principally calculated based on inputs other than quoted prices that are observable for these financial assets or liabilities, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, fair value is estimated based on the Group\u2019s views on relevant future prices, net of valuation allowances to accommodate liquidity, modelling and other risks implicit in such estimates. The inputs used in fair value calculations are determined by the relevant segment or function. The functions support the assets and operate under a defined set of accountabilities authorised by the Executive Leadership Team. Movements in the fair value of financial assets and liabilities may be recognised through the income statement or in other comprehensive income according to the designation of the underlying instrument. For financial assets and liabilities carried at fair value, the Group uses the following to categorise the inputs to the valuation method used based on the lowest level input that is significant to the fair value measurement as a whole: IFRS 13 Fair value hierarchy Level 1 Level 2 Level 3 Valuation inputs Based on quoted prices (unadjusted) in active markets for identical financial assets and liabilities. Based on inputs other than quoted prices included within Level 1 that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Based on inputs not observable in the market using appropriate valuation models, including discounted cash flow modelling. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-749": {
"value": "24.2 Recognition and measurement All financial assets and liabilities, other than derivatives and trade receivables, are initially recognised at the fair value of consideration paid or received, net of transaction costs as appropriate. Financial assets are initially recognised on their trade date. Financial assets are subsequently carried at fair value or amortised cost based on: \u2013 the Group\u2019s purpose, or business model, for holding the financial asset \u2013 whether the financial asset\u2019s contractual terms give rise to cash flows that are solely payments of principal and interest The resulting Financial Statements classifications of financial assets can be summarised as follows: Contractual cash flows Business model Category Solely principal and interest Hold in order to collect contractual cash flows Amortised cost Solely principal and interest Hold in order to collect contractual cash flows and sell Fair value through other comprehensive income Solely principal and interest Hold in order to sell Fair value through profit or loss Other Any of those mentioned above Fair value through profit or loss Solely principal and interest refers to the Group receiving returns only for the time value of money and the credit risk of the counterparty for financial assets held. The main exceptions for the Group are provisionally priced receivables and derivatives which are measured at fair value through profit or loss under IFRS 9. The Group has the intention of collecting payment directly from its customers in most cases, however the Group also participates in receivables financing programs in respect of selected customers. Receivables in these portfolios which are classified as \u2018hold in order to sell\u2019, are provisionally priced receivables and are therefore held at fair value through profit or loss prior to sale to the financial institution. With the exception of derivative contracts and provisionally priced trade payables which are carried at fair value through profit or loss, the Group\u2019s financial liabilities are classified as subsequently measured at amortised cost. The Group may in addition elect to designate certain financial assets or liabilities at fair value through profit or loss or to apply hedge accounting where they are not mandatorily held at fair value through profit or loss. Fair value measurement The carrying amount of financial assets and liabilities measured at fair value is principally calculated based on inputs other than quoted prices that are observable for these financial assets or liabilities, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, fair value is estimated based on the Group\u2019s views on relevant future prices, net of valuation allowances to accommodate liquidity, modelling and other risks implicit in such estimates. The inputs used in fair value calculations are determined by the relevant segment or function. The functions support the assets and operate under a defined set of accountabilities authorised by the Executive Leadership Team. Movements in the fair value of financial assets and liabilities may be recognised through the income statement or in other comprehensive income according to the designation of the underlying instrument. For financial assets and liabilities carried at fair value, the Group uses the following to categorise the inputs to the valuation method used based on the lowest level input that is significant to the fair value measurement as a whole: IFRS 13 Fair value hierarchy Level 1 Level 2 Level 3 Valuation inputs Based on quoted prices (unadjusted) in active markets for identical financial assets and liabilities. Based on inputs other than quoted prices included within Level 1 that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Based on inputs not observable in the market using appropriate valuation models, including discounted cash flow modelling. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-680": {
"value": "Fair value measurement The carrying amount of financial assets and liabilities measured at fair value is principally calculated based on inputs other than quoted prices that are observable for these financial assets or liabilities, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, fair value is estimated based on the Group\u2019s views on relevant future prices, net of valuation allowances to accommodate liquidity, modelling and other risks implicit in such estimates. The inputs used in fair value calculations are determined by the relevant segment or function. The functions support the assets and operate under a defined set of accountabilities authorised by the Executive Leadership Team. Movements in the fair value of financial assets and liabilities may be recognised through the income statement or in other comprehensive income according to the designation of the underlying instrument. For financial assets and liabilities carried at fair value, the Group uses the following to categorise the inputs to the valuation method used based on the lowest level input that is significant to the fair value measurement as a whole: IFRS 13 Fair value hierarchy Level 1 Level 2 Level 3 Valuation inputs Based on quoted prices (unadjusted) in active markets for identical financial assets and liabilities. Based on inputs other than quoted prices included within Level 1 that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Based on inputs not observable in the market using appropriate valuation models, including discounted cash flow modelling. 24.3 Financial assets and liabilities The financial assets and liabilities are presented by class in the table below at their carrying amounts. IFRS 13 Fair value hierarchy Level 1 IFRS 9 Classification 2023 US$M 2022 US$M Current cross currency and interest rate swaps 2 2 Fair value through profit or loss 34 \u2212 Current other derivative contracts 3 2,3 Fair value through profit or loss 407 326 Current other financial assets Amortised cost \u2212 100 Current other investments 4 1,2 Fair value through profit or loss 29 203 Non-current cross currency and interest rate swaps 2 2 Fair value through profit or loss 149 136 Non-current other derivative contracts 3 2,3 Fair value through profit or loss 228 16 Non-current other financial assets 5 3 Fair value through profit or loss 246 273 Non-current investment in shares 1,3 Fair value through other comprehensive income 224 138 Non-current other investments 4 1,2 Fair value through profit or loss 268 239 Total other financial assets 1,585 1,431 Cash and cash equivalents Amortised cost 12,428 17,236 Trade and other receivables 6 Amortised cost 1,506 1,674 Provisionally priced trade receivables 2 Fair value through profit or loss 2,705 3,478 Total financial assets 18,224 23,819 Non-financial assets 83,072 71,347 Total assets 101,296 95,166 Current cross currency and interest rate swaps 2 2 Fair value through profit or loss 147 358 Current other derivative contracts 2 Fair value through profit or loss 176 118 Current other financial liabilities 7 Amortised cost 79 103 Non-current cross currency and interest rate swaps 2 2 Fair value through profit or loss 1,608 1,466 Non-current other derivative contracts 3 2,3 Fair value through profit or loss 82 31 Non-current other financial liabilities 7 Amortised cost 467 500 Total other financial liabilities 2,559 2,576 Trade and other payables 8 Amortised cost 5,338 5,223 Provisionally priced trade payables 2 Fair value through profit or loss 841 1,385 Bank overdrafts and short-term borrowings 9 Amortised cost 5 \u2212 Bank loans 9 Amortised cost 7,502 2,472 Notes and debentures 9 Amortised cost 11,819 11,363 Lease liabilities 10 3,019 2,576 Other 9 Amortised cost \u2212 17 Total financial liabilities 31,083 25,612 Non-financial liabilities 21,683 20,788 Total liabilities 52,766 46,400 1 All of the Group\u2019s financial assets and financial liabilities recognised at fair value were valued using market observable inputs categorised as Level 2 unless specified otherwise in the following footnotes. 2 Cross currency and interest rate swaps are valued using market data including interest rate curves and foreign exchange rates. A discounted cash flow approach is used to derive the fair value of cross currency and interest rate swaps at the reporting date. 3 Includes net other derivative assets of US$46 million related to power purchase contract agreements that are categorised as Level 3 (2022: US$ nil). 4 Includes investments held by BHP Foundation which are restricted and not available for general use by the Group of US$290 million (2022: US$252 million) of which other investments (mainly US Treasury Notes) of US$138 million categorised as Level 1 (2022: US$119 million). 5 Includes receivables contingent on outcome of future events relating to mining and regulatory approvals of US$246 million (2022: US$233 million). 6 Excludes input taxes of US$531 million (2022: US$427 million) included in other receivables. 7 Includes the discounted settlement liability in relation to the cancellation of power contracts at the Group\u2019s Escondida operations. 8 Excludes input taxes of US$121 million (2022: US$79 million) included in other payables. 9 All interest bearing liabilities, excluding lease liabilities, are unsecured. 10 Lease liabilities are measured in accordance with IFRS 16/AASB 16 \u2018Leases\u2019. ",
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"fact-774": {
"value": "Fair value measurement The carrying amount of financial assets and liabilities measured at fair value is principally calculated based on inputs other than quoted prices that are observable for these financial assets or liabilities, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, fair value is estimated based on the Group\u2019s views on relevant future prices, net of valuation allowances to accommodate liquidity, modelling and other risks implicit in such estimates. The inputs used in fair value calculations are determined by the relevant segment or function. The functions support the assets and operate under a defined set of accountabilities authorised by the Executive Leadership Team. Movements in the fair value of financial assets and liabilities may be recognised through the income statement or in other comprehensive income according to the designation of the underlying instrument. For financial assets and liabilities carried at fair value, the Group uses the following to categorise the inputs to the valuation method used based on the lowest level input that is significant to the fair value measurement as a whole: IFRS 13 Fair value hierarchy Level 1 Level 2 Level 3 Valuation inputs Based on quoted prices (unadjusted) in active markets for identical financial assets and liabilities. Based on inputs other than quoted prices included within Level 1 that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Based on inputs not observable in the market using appropriate valuation models, including discounted cash flow modelling. ",
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},
"fact-706": {
"value": "24.3 Financial assets and liabilities The financial assets and liabilities are presented by class in the table below at their carrying amounts. IFRS 13 Fair value hierarchy Level 1 IFRS 9 Classification 2023 US$M 2022 US$M Current cross currency and interest rate swaps 2 2 Fair value through profit or loss 34 \u2212 Current other derivative contracts 3 2,3 Fair value through profit or loss 407 326 Current other financial assets Amortised cost \u2212 100 Current other investments 4 1,2 Fair value through profit or loss 29 203 Non-current cross currency and interest rate swaps 2 2 Fair value through profit or loss 149 136 Non-current other derivative contracts 3 2,3 Fair value through profit or loss 228 16 Non-current other financial assets 5 3 Fair value through profit or loss 246 273 Non-current investment in shares 1,3 Fair value through other comprehensive income 224 138 Non-current other investments 4 1,2 Fair value through profit or loss 268 239 Total other financial assets 1,585 1,431 Cash and cash equivalents Amortised cost 12,428 17,236 Trade and other receivables 6 Amortised cost 1,506 1,674 Provisionally priced trade receivables 2 Fair value through profit or loss 2,705 3,478 Total financial assets 18,224 23,819 Non-financial assets 83,072 71,347 Total assets 101,296 95,166 Current cross currency and interest rate swaps 2 2 Fair value through profit or loss 147 358 Current other derivative contracts 2 Fair value through profit or loss 176 118 Current other financial liabilities 7 Amortised cost 79 103 Non-current cross currency and interest rate swaps 2 2 Fair value through profit or loss 1,608 1,466 Non-current other derivative contracts 3 2,3 Fair value through profit or loss 82 31 Non-current other financial liabilities 7 Amortised cost 467 500 Total other financial liabilities 2,559 2,576 Trade and other payables 8 Amortised cost 5,338 5,223 Provisionally priced trade payables 2 Fair value through profit or loss 841 1,385 Bank overdrafts and short-term borrowings 9 Amortised cost 5 \u2212 Bank loans 9 Amortised cost 7,502 2,472 Notes and debentures 9 Amortised cost 11,819 11,363 Lease liabilities 10 3,019 2,576 Other 9 Amortised cost \u2212 17 Total financial liabilities 31,083 25,612 Non-financial liabilities 21,683 20,788 Total liabilities 52,766 46,400 1 All of the Group\u2019s financial assets and financial liabilities recognised at fair value were valued using market observable inputs categorised as Level 2 unless specified otherwise in the following footnotes. 2 Cross currency and interest rate swaps are valued using market data including interest rate curves and foreign exchange rates. A discounted cash flow approach is used to derive the fair value of cross currency and interest rate swaps at the reporting date. 3 Includes net other derivative assets of US$46 million related to power purchase contract agreements that are categorised as Level 3 (2022: US$ nil). 4 Includes investments held by BHP Foundation which are restricted and not available for general use by the Group of US$290 million (2022: US$252 million) of which other investments (mainly US Treasury Notes) of US$138 million categorised as Level 1 (2022: US$119 million). 5 Includes receivables contingent on outcome of future events relating to mining and regulatory approvals of US$246 million (2022: US$233 million). 6 Excludes input taxes of US$531 million (2022: US$427 million) included in other receivables. 7 Includes the discounted settlement liability in relation to the cancellation of power contracts at the Group\u2019s Escondida operations. 8 Excludes input taxes of US$121 million (2022: US$79 million) included in other payables. 9 All interest bearing liabilities, excluding lease liabilities, are unsecured. 10 Lease liabilities are measured in accordance with IFRS 16/AASB 16 \u2018Leases\u2019. The carrying amounts in the table above generally approximate to fair value. In the case of US$534 million (2022: US$3,018 million) of fixed rate debt not swapped to floating rate, the fair value at 30 June 2023 was US$538 million (2022: US$3,126 million). The fair value is determined using a method that can be categorised as Level 2 and uses inputs based on benchmark interest rates, alternative market mechanisms or recent comparable transactions. For financial instruments that are carried at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the fair value hierarchy by reassessing categorisation at the end of each reporting period. There were no transfers between categories during the period. ",
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},
"fact-725": {
"value": "24.3 Financial assets and liabilities The financial assets and liabilities are presented by class in the table below at their carrying amounts. IFRS 13 Fair value hierarchy Level 1 IFRS 9 Classification 2023 US$M 2022 US$M Current cross currency and interest rate swaps 2 2 Fair value through profit or loss 34 \u2212 Current other derivative contracts 3 2,3 Fair value through profit or loss 407 326 Current other financial assets Amortised cost \u2212 100 Current other investments 4 1,2 Fair value through profit or loss 29 203 Non-current cross currency and interest rate swaps 2 2 Fair value through profit or loss 149 136 Non-current other derivative contracts 3 2,3 Fair value through profit or loss 228 16 Non-current other financial assets 5 3 Fair value through profit or loss 246 273 Non-current investment in shares 1,3 Fair value through other comprehensive income 224 138 Non-current other investments 4 1,2 Fair value through profit or loss 268 239 Total other financial assets 1,585 1,431 Cash and cash equivalents Amortised cost 12,428 17,236 Trade and other receivables 6 Amortised cost 1,506 1,674 Provisionally priced trade receivables 2 Fair value through profit or loss 2,705 3,478 Total financial assets 18,224 23,819 Non-financial assets 83,072 71,347 Total assets 101,296 95,166 Current cross currency and interest rate swaps 2 2 Fair value through profit or loss 147 358 Current other derivative contracts 2 Fair value through profit or loss 176 118 Current other financial liabilities 7 Amortised cost 79 103 Non-current cross currency and interest rate swaps 2 2 Fair value through profit or loss 1,608 1,466 Non-current other derivative contracts 3 2,3 Fair value through profit or loss 82 31 Non-current other financial liabilities 7 Amortised cost 467 500 Total other financial liabilities 2,559 2,576 Trade and other payables 8 Amortised cost 5,338 5,223 Provisionally priced trade payables 2 Fair value through profit or loss 841 1,385 Bank overdrafts and short-term borrowings 9 Amortised cost 5 \u2212 Bank loans 9 Amortised cost 7,502 2,472 Notes and debentures 9 Amortised cost 11,819 11,363 Lease liabilities 10 3,019 2,576 Other 9 Amortised cost \u2212 17 Total financial liabilities 31,083 25,612 Non-financial liabilities 21,683 20,788 Total liabilities 52,766 46,400 1 All of the Group\u2019s financial assets and financial liabilities recognised at fair value were valued using market observable inputs categorised as Level 2 unless specified otherwise in the following footnotes. 2 Cross currency and interest rate swaps are valued using market data including interest rate curves and foreign exchange rates. A discounted cash flow approach is used to derive the fair value of cross currency and interest rate swaps at the reporting date. 3 Includes net other derivative assets of US$46 million related to power purchase contract agreements that are categorised as Level 3 (2022: US$ nil). 4 Includes investments held by BHP Foundation which are restricted and not available for general use by the Group of US$290 million (2022: US$252 million) of which other investments (mainly US Treasury Notes) of US$138 million categorised as Level 1 (2022: US$119 million). 5 Includes receivables contingent on outcome of future events relating to mining and regulatory approvals of US$246 million (2022: US$233 million). 6 Excludes input taxes of US$531 million (2022: US$427 million) included in other receivables. 7 Includes the discounted settlement liability in relation to the cancellation of power contracts at the Group\u2019s Escondida operations. 8 Excludes input taxes of US$121 million (2022: US$79 million) included in other payables. 9 All interest bearing liabilities, excluding lease liabilities, are unsecured. 10 Lease liabilities are measured in accordance with IFRS 16/AASB 16 \u2018Leases\u2019. ",
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},
"fact-721": {
"value": "24.3 Financial assets and liabilities The financial assets and liabilities are presented by class in the table below at their carrying amounts. IFRS 13 Fair value hierarchy Level 1 IFRS 9 Classification 2023 US$M 2022 US$M Current cross currency and interest rate swaps 2 2 Fair value through profit or loss 34 \u2212 Current other derivative contracts 3 2,3 Fair value through profit or loss 407 326 Current other financial assets Amortised cost \u2212 100 Current other investments 4 1,2 Fair value through profit or loss 29 203 Non-current cross currency and interest rate swaps 2 2 Fair value through profit or loss 149 136 Non-current other derivative contracts 3 2,3 Fair value through profit or loss 228 16 Non-current other financial assets 5 3 Fair value through profit or loss 246 273 Non-current investment in shares 1,3 Fair value through other comprehensive income 224 138 Non-current other investments 4 1,2 Fair value through profit or loss 268 239 Total other financial assets 1,585 1,431 Cash and cash equivalents Amortised cost 12,428 17,236 Trade and other receivables 6 Amortised cost 1,506 1,674 Provisionally priced trade receivables 2 Fair value through profit or loss 2,705 3,478 Total financial assets 18,224 23,819 Non-financial assets 83,072 71,347 Total assets 101,296 95,166 Current cross currency and interest rate swaps 2 2 Fair value through profit or loss 147 358 Current other derivative contracts 2 Fair value through profit or loss 176 118 Current other financial liabilities 7 Amortised cost 79 103 Non-current cross currency and interest rate swaps 2 2 Fair value through profit or loss 1,608 1,466 Non-current other derivative contracts 3 2,3 Fair value through profit or loss 82 31 Non-current other financial liabilities 7 Amortised cost 467 500 Total other financial liabilities 2,559 2,576 Trade and other payables 8 Amortised cost 5,338 5,223 Provisionally priced trade payables 2 Fair value through profit or loss 841 1,385 Bank overdrafts and short-term borrowings 9 Amortised cost 5 \u2212 Bank loans 9 Amortised cost 7,502 2,472 Notes and debentures 9 Amortised cost 11,819 11,363 Lease liabilities 10 3,019 2,576 Other 9 Amortised cost \u2212 17 Total financial liabilities 31,083 25,612 Non-financial liabilities 21,683 20,788 Total liabilities 52,766 46,400 1 All of the Group\u2019s financial assets and financial liabilities recognised at fair value were valued using market observable inputs categorised as Level 2 unless specified otherwise in the following footnotes. 2 Cross currency and interest rate swaps are valued using market data including interest rate curves and foreign exchange rates. A discounted cash flow approach is used to derive the fair value of cross currency and interest rate swaps at the reporting date. 3 Includes net other derivative assets of US$46 million related to power purchase contract agreements that are categorised as Level 3 (2022: US$ nil). 4 Includes investments held by BHP Foundation which are restricted and not available for general use by the Group of US$290 million (2022: US$252 million) of which other investments (mainly US Treasury Notes) of US$138 million categorised as Level 1 (2022: US$119 million). 5 Includes receivables contingent on outcome of future events relating to mining and regulatory approvals of US$246 million (2022: US$233 million). 6 Excludes input taxes of US$531 million (2022: US$427 million) included in other receivables. 7 Includes the discounted settlement liability in relation to the cancellation of power contracts at the Group\u2019s Escondida operations. 8 Excludes input taxes of US$121 million (2022: US$79 million) included in other payables. 9 All interest bearing liabilities, excluding lease liabilities, are unsecured. 10 Lease liabilities are measured in accordance with IFRS 16/AASB 16 \u2018Leases\u2019. ",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-717": {
"value": "24.3 Financial assets and liabilities The financial assets and liabilities are presented by class in the table below at their carrying amounts. IFRS 13 Fair value hierarchy Level 1 IFRS 9 Classification 2023 US$M 2022 US$M Current cross currency and interest rate swaps 2 2 Fair value through profit or loss 34 \u2212 Current other derivative contracts 3 2,3 Fair value through profit or loss 407 326 Current other financial assets Amortised cost \u2212 100 Current other investments 4 1,2 Fair value through profit or loss 29 203 Non-current cross currency and interest rate swaps 2 2 Fair value through profit or loss 149 136 Non-current other derivative contracts 3 2,3 Fair value through profit or loss 228 16 Non-current other financial assets 5 3 Fair value through profit or loss 246 273 Non-current investment in shares 1,3 Fair value through other comprehensive income 224 138 Non-current other investments 4 1,2 Fair value through profit or loss 268 239 Total other financial assets 1,585 1,431 Cash and cash equivalents Amortised cost 12,428 17,236 Trade and other receivables 6 Amortised cost 1,506 1,674 Provisionally priced trade receivables 2 Fair value through profit or loss 2,705 3,478 Total financial assets 18,224 23,819 Non-financial assets 83,072 71,347 Total assets 101,296 95,166 Current cross currency and interest rate swaps 2 2 Fair value through profit or loss 147 358 Current other derivative contracts 2 Fair value through profit or loss 176 118 Current other financial liabilities 7 Amortised cost 79 103 Non-current cross currency and interest rate swaps 2 2 Fair value through profit or loss 1,608 1,466 Non-current other derivative contracts 3 2,3 Fair value through profit or loss 82 31 Non-current other financial liabilities 7 Amortised cost 467 500 Total other financial liabilities 2,559 2,576 Trade and other payables 8 Amortised cost 5,338 5,223 Provisionally priced trade payables 2 Fair value through profit or loss 841 1,385 Bank overdrafts and short-term borrowings 9 Amortised cost 5 \u2212 Bank loans 9 Amortised cost 7,502 2,472 Notes and debentures 9 Amortised cost 11,819 11,363 Lease liabilities 10 3,019 2,576 Other 9 Amortised cost \u2212 17 Total financial liabilities 31,083 25,612 Non-financial liabilities 21,683 20,788 Total liabilities 52,766 46,400 1 All of the Group\u2019s financial assets and financial liabilities recognised at fair value were valued using market observable inputs categorised as Level 2 unless specified otherwise in the following footnotes. 2 Cross currency and interest rate swaps are valued using market data including interest rate curves and foreign exchange rates. A discounted cash flow approach is used to derive the fair value of cross currency and interest rate swaps at the reporting date. 3 Includes net other derivative assets of US$46 million related to power purchase contract agreements that are categorised as Level 3 (2022: US$ nil). 4 Includes investments held by BHP Foundation which are restricted and not available for general use by the Group of US$290 million (2022: US$252 million) of which other investments (mainly US Treasury Notes) of US$138 million categorised as Level 1 (2022: US$119 million). 5 Includes receivables contingent on outcome of future events relating to mining and regulatory approvals of US$246 million (2022: US$233 million). 6 Excludes input taxes of US$531 million (2022: US$427 million) included in other receivables. 7 Includes the discounted settlement liability in relation to the cancellation of power contracts at the Group\u2019s Escondida operations. 8 Excludes input taxes of US$121 million (2022: US$79 million) included in other payables. 9 All interest bearing liabilities, excluding lease liabilities, are unsecured. 10 Lease liabilities are measured in accordance with IFRS 16/AASB 16 \u2018Leases\u2019. The carrying amounts in the table above generally approximate to fair value. In the case of US$534 million (2022: US$3,018 million) of fixed rate debt not swapped to floating rate, the fair value at 30 June 2023 was US$538 million (2022: US$3,126 million). The fair value is determined using a method that can be categorised as Level 2 and uses inputs based on benchmark interest rates, alternative market mechanisms or recent comparable transactions. For financial instruments that are carried at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the fair value hierarchy by reassessing categorisation at the end of each reporting period. There were no transfers between categories during the period. ",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-682": {
"value": "Offsetting financial assets and liabilities The Group enters into money market deposits and derivative transactions under International Swaps and Derivatives Association master netting agreements that do not meet the offsetting criteria in IAS 32/AASB 132 \u2018Financial Instruments: Presentation\u2019, but allow for the related amounts to be set- off in certain circumstances. The amounts set out as cross currency and interest rate swaps in the table above represent the derivative financial assets and liabilities of the Group that may be subject to the above arrangements and are presented on a gross basis. ",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-707": {
"value": "24.4 Derivatives and hedge accounting The Group uses derivatives to hedge its exposure to certain market risks and may elect to apply hedge accounting. Hedge accounting Derivatives are included within financial assets or liabilities at fair value through profit or loss unless they are designated as effective hedging instruments. Financial instruments in this category are classified as current if they are due or expected to be settled within 12 months otherwise they are classified as non-current. Where hedge accounting is applied, at the start of the transaction, the Group documents the type of hedge, the relationship between the hedging instrument and hedged items and its risk management objective and strategy for undertaking various hedge transactions. The documentation also demonstrates that the hedge is expected to be effective. The Group applies the following types of hedge accounting to its derivatives hedging the interest rate and currency risks of its notes and debentures: \u2013 Fair value hedges \u2013 the fair value gain or loss on interest rate and cross currency swaps relating to interest rate risk, together with the change in the fair value of the hedged fixed rate borrowings attributable to interest rate risk are recognised immediately in the income statement. If the hedge no longer meets the criteria for hedge accounting, the fair value adjustment on the note or debenture is amortised to the income statement over the period to maturity using a recalculated effective interest rate. \u2013 Cash flow hedges \u2013 changes in the fair value of cross currency interest rate swaps which hedge foreign currency cash flows on the notes and debentures are recognised directly in other comprehensive income and accumulated in the cash flow hedging reserve. To the extent a hedge is ineffective, changes in fair value are recognised immediately in the income statement. When a hedging instrument expires, or is sold, terminated or exercised, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is amortised to the income statement over the period to the hedged item\u2019s maturity. When hedged, the Group hedges the full notional value of notes or debentures. However, certain components of the fair value of derivatives are not permitted under IFRS 9 to be included in the hedge accounting above. Certain costs of hedging are permitted to be recognised in other comprehensive income. Any change in the fair value of a derivative that does not qualify for hedge accounting, or is ineffective in hedging the designated risk due to contractual differences between the hedged item and hedging instrument, is recognised immediately in the income statement. The table below shows the carrying amounts of the Group\u2019s notes and debentures by currency and the derivatives which hedge them: \u2013 The carrying amount of the notes and debentures includes foreign exchange remeasurement to period-end rates and fair value adjustments when included in a fair value hedge. \u2013 The breakdown of the hedging derivatives includes remeasurement of foreign currency notional values at period-end rates, fair value movements due to interest rate risk, foreign currency cash flows designated into cash flow hedges, costs of hedging recognised in other comprehensive income, ineffectiveness recognised in the income statement and accruals or prepayments. \u2013 The hedged value of notes and debentures includes their carrying amounts adjusted for the offsetting derivative fair value movements due to foreign currency and interest rate risk remeasurement. 2023 US$M Carrying amount of notes and debentures Fair value of derivatives Hedged value of notes and debentures 2 Foreign exchange notional at spot rates Interest rate risk Recognised in cash flow hedging reserve Recognised in cost of hedging reserve Recognised in the income statement 1 Accrued cash flows Total A B C D E F G B to G A + B + C USD 7,245 \u2212 214 \u2212 \u2212 32 23 269 7,459 GBP 1,566 522 274 24 (9) (69) 35 777 2,362 EUR 3,008 434 302 (39) 10 (49) (132) 526 3,744 Total 11,819 956 790 (15) 1 (86) (74) 1,572 13,565 2022 US$M Carrying amount of notes and debentures Fair value of derivatives Hedged value of notes and debentures 2 Foreign exchange notional at spot rates Interest rate risk Recognised in cash flow hedging reserve Recognised in cost of hedging reserve Recognised in the income statement 1 Accrued cash flows Total A B C D E F G B to G A + B + C USD 4,740 \u2212 (16) \u2212 \u2212 (7) 86 63 4,724 GBP 2,599 796 (115) (35) 13 26 42 727 3,280 EUR 3,449 585 112 (16) 8 (4) 45 730 4,146 CAD 575 167 5 (8) 6 (3) 1 168 747 Total 11,363 1,548 (14) (59) 27 12 174 1,688 12,897 1 Predominantly related to ineffectiveness. 2 Includes US$534 million (2022: US$3,018 million) of fixed rate debt not swapped to floating rate that is not in a hedging relationship. The weighted average interest rate payable is USD SOFR +1.54 per cent (2022: USD LIBOR + 1.74 per cent). Refer to note 23 \u2018Net finance costs\u2019 for details of net finance costs for the year. Movements in reserves relating to hedge accounting The following table shows a reconciliation of the components of equity and an analysis of the movements in reserves for all hedges. For a description of these reserves, refer to note 18 \u2018Other equity\u2019. 2023 US$M Cash flow hedging reserve Cost of hedging reserve Gross Tax Net Gross Tax Net Total At the beginning of the financial year 59 (18) 41 (27) 8 (19) 22 Add: Change in fair value of hedging instrument recognised in OCI 95 (29) 66 \u2212 \u2212 \u2212 66 Less: Reclassified from reserves to financial expenses \u2013 recognised through OCI (174) 53 (121) 26 (8) 18 (103) Less: Loss/(gain) transferred to balance sheet related items 35 (11) 24 \u2212 \u2212 \u2212 24 At the end of the financial year 15 (5) 10 (1) \u2212 (1) 9 2022 US$M Cash flow hedging reserve Cost of hedging reserve Gross Tax Net Gross Ta x Net Total At the beginning of the financial year 142 (42) 100 (77) 23 (54) 46 Add: Change in fair value of hedging instrument recognised in OCI (914) 274 (640) \u2212 \u2212 \u2212 (640) Less: Reclassified from reserves to financial expenses \u2013 recognised through OCI 831 (250) 581 50 (15) 35 616 At the end of the financial year 59 (18) 41 (27) 8 (19) 22 Changes in interest bearing liabilities and related derivatives resulting from financing activities The movement in the year in the Group\u2019s interest bearing liabilities and related derivatives are as follows: 2023 US$M Interest bearing liabilities Derivatives liabilities/ (assets) Bank loans Notes and debentures Lease liabilities Bank overdraft and short-term borrowings Other Cross currency and interest rate swaps Total At the beginning of the financial year 2,472 11,363 2,576 \u2212 17 1,688 Proceeds from interest bearing liabilities 5,450 2,732 \u2212 \u2212 \u2212 \u2212 8,182 Settlements of debt related instruments \u2212 \u2212 \u2212 \u2212 \u2212 (677) (677) Repayment of interest bearing liabilities (1,087) (1,610) (576) \u2212 (16) \u2212 (3,289) Change from Net financing cash flows 4,363 1,122 (576) \u2212 (16) (677) 4,216 Other movements: Acquisition of subsidiaries and operations 688 \u2212 423 \u2212 \u2212 \u2212 Interest rate impacts \u2212 (803) \u2212 \u2212 \u2212 691 Foreign exchange impacts (23) 128 12 \u2212 \u2212 (127) Lease additions \u2212 \u2212 542 \u2212 \u2212 \u2212 Remeasurement of index-linked freight contracts \u2212 \u2212 53 \u2212 \u2212 \u2212 Other interest bearing liabilities/derivative related changes 2 9 (11) 5 (1) (3) At the end of the financial year 7,502 11,819 3,019 5 \u2212 1,572 2022 US$M Interest bearing liabilities Derivatives (assets)/ liabilities Bank loans Notes and debentures Lease liabilities Bank overdraft and short-term borrowings Other Cross currency and interest rate swaps Total At the beginning of the financial year 2,260 14,769 3,896 \u2212 58 (557) Proceeds from interest bearing liabilities 1,150 \u2212 \u2212 \u2212 14 \u2212 1,164 Settlements of debt related instruments \u2212 \u2212 \u2212 \u2212 \u2212 \u2212 \u2212 Repayment of interest bearing liabilities 1 (941) (1,232) (1,163) \u2212 (55) \u2212 (3,391) Change from Net financing cash flows 209 (1,232) (1,163) \u2212 (41) \u2212 (2,227) Other movements: Divestment and demerger of subsidiaries and operations \u2212 \u2212 (492) \u2212 \u2212 \u2212 Interest rate impacts \u2212 (1,286) \u2212 \u2212 \u2212 1,277 Foreign exchange impacts 3 (894) (126) \u2212 (2) 898 Lease additions \u2212 \u2212 866 \u2212 \u2212 \u2212 Remeasurement of index-linked freight contracts \u2212 \u2212 (369) \u2212 \u2212 \u2212 Other interest bearing liabilities/derivative related changes \u2212 6 (36) \u2212 2 70 At the end of the financial year 2,472 11,363 2,576 \u2212 17 1,688 1 FY2022 includes US$33 million of Discontinued operations cash flows. ",
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"concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory",
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"fact-775": {
"value": "24.4 Derivatives and hedge accounting The Group uses derivatives to hedge its exposure to certain market risks and may elect to apply hedge accounting. Hedge accounting Derivatives are included within financial assets or liabilities at fair value through profit or loss unless they are designated as effective hedging instruments. Financial instruments in this category are classified as current if they are due or expected to be settled within 12 months otherwise they are classified as non-current. Where hedge accounting is applied, at the start of the transaction, the Group documents the type of hedge, the relationship between the hedging instrument and hedged items and its risk management objective and strategy for undertaking various hedge transactions. The documentation also demonstrates that the hedge is expected to be effective. The Group applies the following types of hedge accounting to its derivatives hedging the interest rate and currency risks of its notes and debentures: \u2013 Fair value hedges \u2013 the fair value gain or loss on interest rate and cross currency swaps relating to interest rate risk, together with the change in the fair value of the hedged fixed rate borrowings attributable to interest rate risk are recognised immediately in the income statement. If the hedge no longer meets the criteria for hedge accounting, the fair value adjustment on the note or debenture is amortised to the income statement over the period to maturity using a recalculated effective interest rate. \u2013 Cash flow hedges \u2013 changes in the fair value of cross currency interest rate swaps which hedge foreign currency cash flows on the notes and debentures are recognised directly in other comprehensive income and accumulated in the cash flow hedging reserve. To the extent a hedge is ineffective, changes in fair value are recognised immediately in the income statement. When a hedging instrument expires, or is sold, terminated or exercised, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is amortised to the income statement over the period to the hedged item\u2019s maturity. When hedged, the Group hedges the full notional value of notes or debentures. However, certain components of the fair value of derivatives are not permitted under IFRS 9 to be included in the hedge accounting above. Certain costs of hedging are permitted to be recognised in other comprehensive income. Any change in the fair value of a derivative that does not qualify for hedge accounting, or is ineffective in hedging the designated risk due to contractual differences between the hedged item and hedging instrument, is recognised immediately in the income statement. The table below shows the carrying amounts of the Group\u2019s notes and debentures by currency and the derivatives which hedge them: \u2013 The carrying amount of the notes and debentures includes foreign exchange remeasurement to period-end rates and fair value adjustments when included in a fair value hedge. \u2013 The breakdown of the hedging derivatives includes remeasurement of foreign currency notional values at period-end rates, fair value movements due to interest rate risk, foreign currency cash flows designated into cash flow hedges, costs of hedging recognised in other comprehensive income, ineffectiveness recognised in the income statement and accruals or prepayments. \u2013 The hedged value of notes and debentures includes their carrying amounts adjusted for the offsetting derivative fair value movements due to foreign currency and interest rate risk remeasurement. ",
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"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-769": {
"value": "24.4 Derivatives and hedge accounting The Group uses derivatives to hedge its exposure to certain market risks and may elect to apply hedge accounting. Hedge accounting Derivatives are included within financial assets or liabilities at fair value through profit or loss unless they are designated as effective hedging instruments. Financial instruments in this category are classified as current if they are due or expected to be settled within 12 months otherwise they are classified as non-current. Where hedge accounting is applied, at the start of the transaction, the Group documents the type of hedge, the relationship between the hedging instrument and hedged items and its risk management objective and strategy for undertaking various hedge transactions. The documentation also demonstrates that the hedge is expected to be effective. The Group applies the following types of hedge accounting to its derivatives hedging the interest rate and currency risks of its notes and debentures: \u2013 Fair value hedges \u2013 the fair value gain or loss on interest rate and cross currency swaps relating to interest rate risk, together with the change in the fair value of the hedged fixed rate borrowings attributable to interest rate risk are recognised immediately in the income statement. If the hedge no longer meets the criteria for hedge accounting, the fair value adjustment on the note or debenture is amortised to the income statement over the period to maturity using a recalculated effective interest rate. \u2013 Cash flow hedges \u2013 changes in the fair value of cross currency interest rate swaps which hedge foreign currency cash flows on the notes and debentures are recognised directly in other comprehensive income and accumulated in the cash flow hedging reserve. To the extent a hedge is ineffective, changes in fair value are recognised immediately in the income statement. When a hedging instrument expires, or is sold, terminated or exercised, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is amortised to the income statement over the period to the hedged item\u2019s maturity. When hedged, the Group hedges the full notional value of notes or debentures. However, certain components of the fair value of derivatives are not permitted under IFRS 9 to be included in the hedge accounting above. Certain costs of hedging are permitted to be recognised in other comprehensive income. Any change in the fair value of a derivative that does not qualify for hedge accounting, or is ineffective in hedging the designated risk due to contractual differences between the hedged item and hedging instrument, is recognised immediately in the income statement. The table below shows the carrying amounts of the Group\u2019s notes and debentures by currency and the derivatives which hedge them: \u2013 The carrying amount of the notes and debentures includes foreign exchange remeasurement to period-end rates and fair value adjustments when included in a fair value hedge. \u2013 The breakdown of the hedging derivatives includes remeasurement of foreign currency notional values at period-end rates, fair value movements due to interest rate risk, foreign currency cash flows designated into cash flow hedges, costs of hedging recognised in other comprehensive income, ineffectiveness recognised in the income statement and accruals or prepayments. \u2013 The hedged value of notes and debentures includes their carrying amounts adjusted for the offsetting derivative fair value movements due to foreign currency and interest rate risk remeasurement. ",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-750": {
"value": "24.4 Derivatives and hedge accounting The Group uses derivatives to hedge its exposure to certain market risks and may elect to apply hedge accounting. Hedge accounting Derivatives are included within financial assets or liabilities at fair value through profit or loss unless they are designated as effective hedging instruments. Financial instruments in this category are classified as current if they are due or expected to be settled within 12 months otherwise they are classified as non-current. Where hedge accounting is applied, at the start of the transaction, the Group documents the type of hedge, the relationship between the hedging instrument and hedged items and its risk management objective and strategy for undertaking various hedge transactions. The documentation also demonstrates that the hedge is expected to be effective. The Group applies the following types of hedge accounting to its derivatives hedging the interest rate and currency risks of its notes and debentures: \u2013 Fair value hedges \u2013 the fair value gain or loss on interest rate and cross currency swaps relating to interest rate risk, together with the change in the fair value of the hedged fixed rate borrowings attributable to interest rate risk are recognised immediately in the income statement. If the hedge no longer meets the criteria for hedge accounting, the fair value adjustment on the note or debenture is amortised to the income statement over the period to maturity using a recalculated effective interest rate. \u2013 Cash flow hedges \u2013 changes in the fair value of cross currency interest rate swaps which hedge foreign currency cash flows on the notes and debentures are recognised directly in other comprehensive income and accumulated in the cash flow hedging reserve. To the extent a hedge is ineffective, changes in fair value are recognised immediately in the income statement. When a hedging instrument expires, or is sold, terminated or exercised, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is amortised to the income statement over the period to the hedged item\u2019s maturity. When hedged, the Group hedges the full notional value of notes or debentures. However, certain components of the fair value of derivatives are not permitted under IFRS 9 to be included in the hedge accounting above. Certain costs of hedging are permitted to be recognised in other comprehensive income. Any change in the fair value of a derivative that does not qualify for hedge accounting, or is ineffective in hedging the designated risk due to contractual differences between the hedged item and hedging instrument, is recognised immediately in the income statement. The table below shows the carrying amounts of the Group\u2019s notes and debentures by currency and the derivatives which hedge them: \u2013 The carrying amount of the notes and debentures includes foreign exchange remeasurement to period-end rates and fair value adjustments when included in a fair value hedge. \u2013 The breakdown of the hedging derivatives includes remeasurement of foreign currency notional values at period-end rates, fair value movements due to interest rate risk, foreign currency cash flows designated into cash flow hedges, costs of hedging recognised in other comprehensive income, ineffectiveness recognised in the income statement and accruals or prepayments. \u2013 The hedged value of notes and debentures includes their carrying amounts adjusted for the offsetting derivative fair value movements due to foreign currency and interest rate risk remeasurement. ",
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},
"fact-681": {
"value": "24.4 Derivatives and hedge accounting The Group uses derivatives to hedge its exposure to certain market risks and may elect to apply hedge accounting. Hedge accounting Derivatives are included within financial assets or liabilities at fair value through profit or loss unless they are designated as effective hedging instruments. Financial instruments in this category are classified as current if they are due or expected to be settled within 12 months otherwise they are classified as non-current. Where hedge accounting is applied, at the start of the transaction, the Group documents the type of hedge, the relationship between the hedging instrument and hedged items and its risk management objective and strategy for undertaking various hedge transactions. The documentation also demonstrates that the hedge is expected to be effective. The Group applies the following types of hedge accounting to its derivatives hedging the interest rate and currency risks of its notes and debentures: \u2013 Fair value hedges \u2013 the fair value gain or loss on interest rate and cross currency swaps relating to interest rate risk, together with the change in the fair value of the hedged fixed rate borrowings attributable to interest rate risk are recognised immediately in the income statement. If the hedge no longer meets the criteria for hedge accounting, the fair value adjustment on the note or debenture is amortised to the income statement over the period to maturity using a recalculated effective interest rate. \u2013 Cash flow hedges \u2013 changes in the fair value of cross currency interest rate swaps which hedge foreign currency cash flows on the notes and debentures are recognised directly in other comprehensive income and accumulated in the cash flow hedging reserve. To the extent a hedge is ineffective, changes in fair value are recognised immediately in the income statement. When a hedging instrument expires, or is sold, terminated or exercised, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is amortised to the income statement over the period to the hedged item\u2019s maturity. When hedged, the Group hedges the full notional value of notes or debentures. However, certain components of the fair value of derivatives are not permitted under IFRS 9 to be included in the hedge accounting above. Certain costs of hedging are permitted to be recognised in other comprehensive income. Any change in the fair value of a derivative that does not qualify for hedge accounting, or is ineffective in hedging the designated risk due to contractual differences between the hedged item and hedging instrument, is recognised immediately in the income statement. The table below shows the carrying amounts of the Group\u2019s notes and debentures by currency and the derivatives which hedge them: \u2013 The carrying amount of the notes and debentures includes foreign exchange remeasurement to period-end rates and fair value adjustments when included in a fair value hedge. \u2013 The breakdown of the hedging derivatives includes remeasurement of foreign currency notional values at period-end rates, fair value movements due to interest rate risk, foreign currency cash flows designated into cash flow hedges, costs of hedging recognised in other comprehensive income, ineffectiveness recognised in the income statement and accruals or prepayments. \u2013 The hedged value of notes and debentures includes their carrying amounts adjusted for the offsetting derivative fair value movements due to foreign currency and interest rate risk remeasurement. 2023 US$M Carrying amount of notes and debentures Fair value of derivatives Hedged value of notes and debentures 2 Foreign exchange notional at spot rates Interest rate risk Recognised in cash flow hedging reserve Recognised in cost of hedging reserve Recognised in the income statement 1 Accrued cash flows Total A B C D E F G B to G A + B + C USD 7,245 \u2212 214 \u2212 \u2212 32 23 269 7,459 GBP 1,566 522 274 24 (9) (69) 35 777 2,362 EUR 3,008 434 302 (39) 10 (49) (132) 526 3,744 Total 11,819 956 790 (15) 1 (86) (74) 1,572 13,565 2022 US$M Carrying amount of notes and debentures Fair value of derivatives Hedged value of notes and debentures 2 Foreign exchange notional at spot rates Interest rate risk Recognised in cash flow hedging reserve Recognised in cost of hedging reserve Recognised in the income statement 1 Accrued cash flows Total A B C D E F G B to G A + B + C USD 4,740 \u2212 (16) \u2212 \u2212 (7) 86 63 4,724 GBP 2,599 796 (115) (35) 13 26 42 727 3,280 EUR 3,449 585 112 (16) 8 (4) 45 730 4,146 CAD 575 167 5 (8) 6 (3) 1 168 747 Total 11,363 1,548 (14) (59) 27 12 174 1,688 12,897 1 Predominantly related to ineffectiveness. 2 Includes US$534 million (2022: US$3,018 million) of fixed rate debt not swapped to floating rate that is not in a hedging relationship. The weighted average interest rate payable is USD SOFR +1.54 per cent (2022: USD LIBOR + 1.74 per cent). Refer to note 23 \u2018Net finance costs\u2019 for details of net finance costs for the year. Movements in reserves relating to hedge accounting The following table shows a reconciliation of the components of equity and an analysis of the movements in reserves for all hedges. For a description of these reserves, refer to note 18 \u2018Other equity\u2019. 2023 US$M Cash flow hedging reserve Cost of hedging reserve Gross Tax Net Gross Tax Net Total At the beginning of the financial year 59 (18) 41 (27) 8 (19) 22 Add: Change in fair value of hedging instrument recognised in OCI 95 (29) 66 \u2212 \u2212 \u2212 66 Less: Reclassified from reserves to financial expenses \u2013 recognised through OCI (174) 53 (121) 26 (8) 18 (103) Less: Loss/(gain) transferred to balance sheet related items 35 (11) 24 \u2212 \u2212 \u2212 24 At the end of the financial year 15 (5) 10 (1) \u2212 (1) 9 2022 US$M Cash flow hedging reserve Cost of hedging reserve Gross Tax Net Gross Ta x Net Total At the beginning of the financial year 142 (42) 100 (77) 23 (54) 46 Add: Change in fair value of hedging instrument recognised in OCI (914) 274 (640) \u2212 \u2212 \u2212 (640) Less: Reclassified from reserves to financial expenses \u2013 recognised through OCI 831 (250) 581 50 (15) 35 616 At the end of the financial year 59 (18) 41 (27) 8 (19) 22 Changes in interest bearing liabilities and related derivatives resulting from financing activities The movement in the year in the Group\u2019s interest bearing liabilities and related derivatives are as follows: 2023 US$M Interest bearing liabilities Derivatives liabilities/ (assets) Bank loans Notes and debentures Lease liabilities Bank overdraft and short-term borrowings Other Cross currency and interest rate swaps Total At the beginning of the financial year 2,472 11,363 2,576 \u2212 17 1,688 Proceeds from interest bearing liabilities 5,450 2,732 \u2212 \u2212 \u2212 \u2212 8,182 Settlements of debt related instruments \u2212 \u2212 \u2212 \u2212 \u2212 (677) (677) Repayment of interest bearing liabilities (1,087) (1,610) (576) \u2212 (16) \u2212 (3,289) Change from Net financing cash flows 4,363 1,122 (576) \u2212 (16) (677) 4,216 Other movements: Acquisition of subsidiaries and operations 688 \u2212 423 \u2212 \u2212 \u2212 Interest rate impacts \u2212 (803) \u2212 \u2212 \u2212 691 Foreign exchange impacts (23) 128 12 \u2212 \u2212 (127) Lease additions \u2212 \u2212 542 \u2212 \u2212 \u2212 Remeasurement of index-linked freight contracts \u2212 \u2212 53 \u2212 \u2212 \u2212 Other interest bearing liabilities/derivative related changes 2 9 (11) 5 (1) (3) At the end of the financial year 7,502 11,819 3,019 5 \u2212 1,572 2022 US$M Interest bearing liabilities Derivatives (assets)/ liabilities Bank loans Notes and debentures Lease liabilities Bank overdraft and short-term borrowings Other Cross currency and interest rate swaps Total At the beginning of the financial year 2,260 14,769 3,896 \u2212 58 (557) Proceeds from interest bearing liabilities 1,150 \u2212 \u2212 \u2212 14 \u2212 1,164 Settlements of debt related instruments \u2212 \u2212 \u2212 \u2212 \u2212 \u2212 \u2212 Repayment of interest bearing liabilities 1 (941) (1,232) (1,163) \u2212 (55) \u2212 (3,391) Change from Net financing cash flows 209 (1,232) (1,163) \u2212 (41) \u2212 (2,227) Other movements: Divestment and demerger of subsidiaries and operations \u2212 \u2212 (492) \u2212 \u2212 \u2212 Interest rate impacts \u2212 (1,286) \u2212 \u2212 \u2212 1,277 Foreign exchange impacts 3 (894) (126) \u2212 (2) 898 Lease additions \u2212 \u2212 866 \u2212 \u2212 \u2212 Remeasurement of index-linked freight contracts \u2212 \u2212 (369) \u2212 \u2212 \u2212 Other interest bearing liabilities/derivative related changes \u2212 6 (36) \u2212 2 70 At the end of the financial year 2,472 11,363 2,576 \u2212 17 1,688 1 FY2022 includes US$33 million of Discontinued operations cash flows. ",
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},
"fact-726": {
"value": "2023 US$M Carrying amount of notes and debentures Fair value of derivatives Hedged value of notes and debentures 2 Foreign exchange notional at spot rates Interest rate risk Recognised in cash flow hedging reserve Recognised in cost of hedging reserve Recognised in the income statement 1 Accrued cash flows Total A B C D E F G B to G A + B + C USD 7,245 \u2212 214 \u2212 \u2212 32 23 269 7,459 GBP 1,566 522 274 24 (9) (69) 35 777 2,362 EUR 3,008 434 302 (39) 10 (49) (132) 526 3,744 Total 11,819 956 790 (15) 1 (86) (74) 1,572 13,565 2022 US$M Carrying amount of notes and debentures Fair value of derivatives Hedged value of notes and debentures 2 Foreign exchange notional at spot rates Interest rate risk Recognised in cash flow hedging reserve Recognised in cost of hedging reserve Recognised in the income statement 1 Accrued cash flows Total A B C D E F G B to G A + B + C USD 4,740 \u2212 (16) \u2212 \u2212 (7) 86 63 4,724 GBP 2,599 796 (115) (35) 13 26 42 727 3,280 EUR 3,449 585 112 (16) 8 (4) 45 730 4,146 CAD 575 167 5 (8) 6 (3) 1 168 747 Total 11,363 1,548 (14) (59) 27 12 174 1,688 12,897 1 Predominantly related to ineffectiveness. 2 Includes US$534 million (2022: US$3,018 million) of fixed rate debt not swapped to floating rate that is not in a hedging relationship. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
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"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-722": {
"value": "2023 US$M Carrying amount of notes and debentures Fair value of derivatives Hedged value of notes and debentures 2 Foreign exchange notional at spot rates Interest rate risk Recognised in cash flow hedging reserve Recognised in cost of hedging reserve Recognised in the income statement 1 Accrued cash flows Total A B C D E F G B to G A + B + C USD 7,245 \u2212 214 \u2212 \u2212 32 23 269 7,459 GBP 1,566 522 274 24 (9) (69) 35 777 2,362 EUR 3,008 434 302 (39) 10 (49) (132) 526 3,744 Total 11,819 956 790 (15) 1 (86) (74) 1,572 13,565 2022 US$M Carrying amount of notes and debentures Fair value of derivatives Hedged value of notes and debentures 2 Foreign exchange notional at spot rates Interest rate risk Recognised in cash flow hedging reserve Recognised in cost of hedging reserve Recognised in the income statement 1 Accrued cash flows Total A B C D E F G B to G A + B + C USD 4,740 \u2212 (16) \u2212 \u2212 (7) 86 63 4,724 GBP 2,599 796 (115) (35) 13 26 42 727 3,280 EUR 3,449 585 112 (16) 8 (4) 45 730 4,146 CAD 575 167 5 (8) 6 (3) 1 168 747 Total 11,363 1,548 (14) (59) 27 12 174 1,688 12,897 1 Predominantly related to ineffectiveness. 2 Includes US$534 million (2022: US$3,018 million) of fixed rate debt not swapped to floating rate that is not in a hedging relationship. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDetailedInformationAboutHedgingInstrumentsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-718": {
"value": "Fair value of derivatives Hedged value of notes and debentures 2 Foreign exchange notional at spot rates Interest rate risk Recognised in cash flow hedging reserve Recognised in cost of hedging reserve Recognised in the income statement 1 Accrued cash flows Total A B C D E F G B to G A + B + C USD 7,245 \u2212 214 \u2212 \u2212 32 23 269 7,459 GBP 1,566 522 274 24 (9) (69) 35 777 2,362 EUR 3,008 434 302 (39) 10 (49) (132) 526 3,744 Total 11,819 956 790 (15) 1 (86) (74) 1,572 13,565 2022 US$M Carrying amount of notes and debentures Fair value of derivatives Hedged value of notes and debentures 2 Foreign exchange notional at spot rates Interest rate risk Recognised in cash flow hedging reserve Recognised in cost of hedging reserve Recognised in the income statement 1 Accrued cash flows Total A B C D E F G B to G A + B + C USD 4,740 \u2212 (16) \u2212 \u2212 (7) 86 63 4,724 GBP 2,599 796 (115) (35) 13 26 42 727 3,280 EUR 3,449 585 112 (16) 8 (4) 45 730 4,146 CAD 575 167 5 (8) 6 (3) 1 168 747 Total 11,363 1,548 (14) (59) 27 12 174 1,688 12,897 1 Predominantly related to ineffectiveness. 2 Includes US$534 million (2022: US$3,018 million) of fixed rate debt not swapped to floating rate that is not in a hedging relationship. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDetailedInformationAboutHedgedItemsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-719": {
"value": "Movements in reserves relating to hedge accounting The following table shows a reconciliation of the components of equity and an analysis of the movements in reserves for all hedges. For a description of these reserves, refer to note 18 \u2018Other equity\u2019. 2023 US$M Cash flow hedging reserve Cost of hedging reserve Gross Tax Net Gross Tax Net Total At the beginning of the financial year 59 (18) 41 (27) 8 (19) 22 Add: Change in fair value of hedging instrument recognised in OCI 95 (29) 66 \u2212 \u2212 \u2212 66 Less: Reclassified from reserves to financial expenses \u2013 recognised through OCI (174) 53 (121) 26 (8) 18 (103) Less: Loss/(gain) transferred to balance sheet related items 35 (11) 24 \u2212 \u2212 \u2212 24 At the end of the financial year 15 (5) 10 (1) \u2212 (1) 9 2022 US$M Cash flow hedging reserve Cost of hedging reserve Gross Tax Net Gross Ta x Net Total At the beginning of the financial year 142 (42) 100 (77) 23 (54) 46 Add: Change in fair value of hedging instrument recognised in OCI (914) 274 (640) \u2212 \u2212 \u2212 (640) Less: Reclassified from reserves to financial expenses \u2013 recognised through OCI 831 (250) 581 50 (15) 35 616 At the end of the financial year 59 (18) 41 (27) 8 (19) 22 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutAmountsThatAffectedStatementOfComprehensiveIncomeAsResultOfHedgeAccountingExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-723": {
"value": "Changes in interest bearing liabilities and related derivatives resulting from financing activities The movement in the year in the Group\u2019s interest bearing liabilities and related derivatives are as follows: 2023 US$M Interest bearing liabilities Derivatives liabilities/ (assets) Bank loans Notes and debentures Lease liabilities Bank overdraft and short-term borrowings Other Cross currency and interest rate swaps Total At the beginning of the financial year 2,472 11,363 2,576 \u2212 17 1,688 Proceeds from interest bearing liabilities 5,450 2,732 \u2212 \u2212 \u2212 \u2212 8,182 Settlements of debt related instruments \u2212 \u2212 \u2212 \u2212 \u2212 (677) (677) Repayment of interest bearing liabilities (1,087) (1,610) (576) \u2212 (16) \u2212 (3,289) Change from Net financing cash flows 4,363 1,122 (576) \u2212 (16) (677) 4,216 Other movements: Acquisition of subsidiaries and operations 688 \u2212 423 \u2212 \u2212 \u2212 Interest rate impacts \u2212 (803) \u2212 \u2212 \u2212 691 Foreign exchange impacts (23) 128 12 \u2212 \u2212 (127) Lease additions \u2212 \u2212 542 \u2212 \u2212 \u2212 Remeasurement of index-linked freight contracts \u2212 \u2212 53 \u2212 \u2212 \u2212 Other interest bearing liabilities/derivative related changes 2 9 (11) 5 (1) (3) At the end of the financial year 7,502 11,819 3,019 5 \u2212 1,572 2022 US$M Interest bearing liabilities Derivatives (assets)/ liabilities Bank loans Notes and debentures Lease liabilities Bank overdraft and short-term borrowings Other Cross currency and interest rate swaps Total At the beginning of the financial year 2,260 14,769 3,896 \u2212 58 (557) Proceeds from interest bearing liabilities 1,150 \u2212 \u2212 \u2212 14 \u2212 1,164 Settlements of debt related instruments \u2212 \u2212 \u2212 \u2212 \u2212 \u2212 \u2212 Repayment of interest bearing liabilities 1 (941) (1,232) (1,163) \u2212 (55) \u2212 (3,391) Change from Net financing cash flows 209 (1,232) (1,163) \u2212 (41) \u2212 (2,227) Other movements: Divestment and demerger of subsidiaries and operations \u2212 \u2212 (492) \u2212 \u2212 \u2212 Interest rate impacts \u2212 (1,286) \u2212 \u2212 \u2212 1,277 Foreign exchange impacts 3 (894) (126) \u2212 (2) 898 Lease additions \u2212 \u2212 866 \u2212 \u2212 \u2212 Remeasurement of index-linked freight contracts \u2212 \u2212 (369) \u2212 \u2212 \u2212 Other interest bearing liabilities/derivative related changes \u2212 6 (36) \u2212 2 70 At the end of the financial year 2,472 11,363 2,576 \u2212 17 1,688 1 FY2022 includes US$33 million of Discontinued operations cash flows. ",
"dimensions": {
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"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-640": {
"value": "25 Key management personnel Key management personnel compensation comprises: 2023 US$ 2022 US$ 2021 US$ Short-term employee benefits 13,599,217 13,979,139 14,081,625 Post-employment benefits 659,020 634,363 744,951 Share-based payments 11,455,666 11,165,439 11,601,866 Total 25,713,903 25,778,941 26,428,442 Key Management Personnel (KMP) includes the roles which have the authority and responsibility for planning, directing and controlling the activities of BHP. These are Non-executive Directors, the CEO, the Chief Financial Officer, the Chief Operating Officer, the President Australia and the President Americas. Transactions and outstanding loans/amounts with key management personnel There were no purchases by key management personnel from the Group during FY2023 (2022: US$ nil; 2021: US$ nil). There were no amounts payable by key management personnel at 30 June 2023 (2022: US$ nil; 2021: US$ nil). There were no loans receivable from or payable to key management personnel at 30 June 2023 (2022: US$ nil; 2021: US$ nil). Transactions with personally related entities A number of Directors of the Group hold or have held positions in other companies (personally related entities) where it is considered they control or significantly influence the financial or operating policies of those entities. There were no reportable transactions with those entities and no amounts were owed by the Group to personally related entities at 30 June 2023 (2022: US$ nil; 2021: US$ nil). For more information on remuneration and transactions with key management personnel, refer to the Remuneration Report under Governance. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-683": {
"value": "Transactions with personally related entities A number of Directors of the Group hold or have held positions in other companies (personally related entities) where it is considered they control or significantly influence the financial or operating policies of those entities. There were no reportable transactions with those entities and no amounts were owed by the Group to personally related entities at 30 June 2023 (2022: US$ nil; 2021: US$ nil). For more information on remuneration and transactions with key management personnel, refer to the Remuneration Report under Governance. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAmountsIncurredByEntityForProvisionOfKeyManagementPersonnelServicesProvidedBySeparateManagementEntitiesExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-641": {
"value": "26 Employee share ownership plans Awards, in the form of the right to receive ordinary shares in BHP Group Limited have been granted under the following employee share ownership plans: Cash and Deferred Plan (CDP), Short-Term Incentive Plan (STIP), Long-Term Incentive Plan (LTIP), Management Award Plan (MAP), Commencement awards and the all-employee share plan, Shareplus. Some awards are eligible to receive a cash payment, or the equivalent value in shares, equal to the dividend amount that would have been earned on the underlying shares awarded to those participants (the Dividend Equivalent Payment, or DEP). The DEP is provided to the participants once the underlying shares are allocated or transferred to them. Awards under the plans do not confer any rights to participate in a share issue; however, there is discretion under each of the plans to adjust the awards in response to a variation in the share capital of BHP Group Limited. The table below provides a description of each of the plans. Plan CDP and STIP LTIP and MAP Commencement awards Shareplus Type Short-term incentive Long-term incentive Long-term incentive All-employee share purchase plan Overview The CDP was implemented in FY2020 as a replacement for the STIP, both of which are generally plans for Executive KMP and members of the Executive Leadership Team who are not Executive KMP. Under the CDP, two thirds of the value of a participant\u2019s short-term incentive amount is awarded as rights to receive BHP Group Limited shares at the end of the vesting period (and the remaining one third is delivered in cash). Two awards of deferred shares are granted, each of the equivalent value to the cash award, vesting in two and five years respectively. Under the STIP, half of the value of a participant\u2019s short-term incentive amount was awarded as rights to receive BHP Group Limited shares at the end of the two-year vesting period. The LTIP is a plan for Executive KMP and members of the Executive Leadership Team who are not Executive KMP, and awards are granted annually. The MAP is a plan for BHP senior management who are not Executive KMP. The number of share rights awarded is determined by a participant\u2019s role and grade. Awards may be granted to new members of the Executive Leadership Team recruited into the Group to replace awards foregone from a previous company. Employees may contribute up to US$5,000 to acquire shares in any plan year. On the third anniversary of the start of a plan year, the Group will match the number of acquired shares. Vesting conditions CDP: Service conditions only for the two-year award. Vesting of the five-year award is subject to service conditions and also to holistic review of performance at the end of the five-year vesting period, including a five-year view on Safety and Sustainability (previously HSEC) performance, profitability, cash flow, balance sheet health, returns to shareholders, corporate governance and conduct. STIP: Service conditions only. LTIP: Service and performance conditions. From FY2023 BHP\u2019s Total Shareholder Return 1 (TSR) performance relative to two Morgan Stanley Capital International (MSCI) market indices, the MSCI World Metals and Mining Index (\u201cSector Group TSR\u201d) and the MSCI World Index (\u201cWorld TSR\u201d). The Sector Group TSR over a five-year performance period determines the vesting of 67 per cent of the awards, while performance relative to the World TSR determines the vesting of 33 per cent of the awards. For awards granted prior to FY2023, TSR performance relative to a bespoke sector peer group and the MSCI World Index determines the vesting of 67 per cent and 33 per cent of the award, respectively. 25 per cent of the award will vest where BHP\u2019s TSR is equal to the median TSR of the relevant comparator group(s), as measured over the performance period. Where TSR is below the median, awards will not vest. Vesting occurs on a sliding scale when BHP\u2019s TSR measured over the performance period is between the median TSR of the relevant comparator group(s) up to a nominated level of TSR outperformance over the relevant comparator group(s), as determined by the Committee, above which 100 per cent of the award will vest. MAP: Service conditions only. Service and performance conditions. The People and Remuneration Committee has absolute discretion to determine if the performance condition has been met and whether any, all or part of the award will vest (or otherwise lapse), having regard to personal performance and the underlying financial performance of the Group during the performance period. To the extent the performance condition is not achieved, awards will lapse. There is no retesting of the performance condition. Vested awards may be subject to a holding lock. Service conditions only. Vesting period CDP \u2013 2 and 5 years STIP \u2013 2 years LTIP \u2013 5 years MAP \u2013 1 to 5 years 2 years 3 years Dividend Equivalent Payment CDP \u2013 Yes STIP \u2013 Yes LTIP \u2013 Yes MAP \u2013 Varies Yes No Exercise period None None None None 1 For LTIP awards granted prior to unification and where the five-year performance period ends after unification, the TSR at the start of the performance period is based on the weighted average of the TSRs of BHP Group Limited and BHP Group Plc and the TSR at the end of the performance period is based on the TSR of BHP Group Limited. Employee share awards 2023 Number of awards at the beginning of the financial year Number of awards issued during the year Number of awards vested and exercised Number of awards lapsed Number of awards at the end of the financial year Weighted average remaining contractual life (years) Weighted average share price at exercise date BHP Group Limited CDP awards 707,994 435,244 155,158 19,499 968,581 2.1 A$41.62 STIP awards 83,810 \u2212 83,810 \u2212 \u2212 \u2212 A$41.55 LTIP awards 3,143,477 622,992 1,175,882 31,791 2,558,796 2.2 A$41.59 MAP awards 1 7,094,173 2,404,671 2,353,273 491,845 6,653,726 1.2 A$41.74 Commencement awards 86,279 \u2212 69,025 17,254 \u2212 \u2212 A$41.55 Shareplus 4,914,470 3,089,822 2,330,077 550,364 5,123,851 1.3 A$44.88 1 There were no awards vested and exercisable at the end of the financial year. Fair value and assumptions in the calculation of fair value for awards issued 2023 Weighted average fair value of awards granted during the year US$ Risk-free interest rate Estimated life of awards Share price at grant date Estimated volatility of share price Dividend yield BHP Group Limited CDP awards 28.88 n/a 2 and 5 years A$43.48 n/a n/a LTIP awards 20.22 3.33% 5 years A$43.48 34.0% n/a MAP awards 1 21.17 n/a 1-3 years A$37.96/A$46.97 n/a 7.5% up to 30 June 2024 and 5.0% per annum thereafter Shareplus 18.94 2.35% 3 years A$52.39 n/a 7.5% up to 30 June 2024 and 5.0% per annum thereafter 1 Includes MAP awards granted on 21 September 2022 and 3 April 2023. Recognition and measurement The fair value at grant date of equity-settled share awards is charged to the income statement over the period for which the benefits of employee services are expected to be derived. The fair values of awards granted were estimated using a Monte Carlo simulation methodology and Black-Scholes option pricing technique and consider the following factors: \u2013 exercise price \u2013 expected life of the award \u2013 current market price of the underlying shares \u2013 expected volatility using an analysis of historic volatility over different rolling periods. For the LTIP, it is calculated for all sector comparators and the published MSCI World Index \u2013 expected dividends \u2013 risk-free interest rate, which is an applicable government bond rate \u2013 market-based performance hurdles \u2013 non-vesting conditions Where awards are forfeited because non-market-based vesting conditions are not satisfied, the expense previously recognised is proportionately reversed. The tax effect of awards granted is recognised in income tax expense, except to the extent that the total tax deductions are expected to exceed the cumulative remuneration expense. In this situation, the excess of the associated current or deferred tax is recognised in equity and forms part of the employee share awards reserve. The fair value of awards as presented in the tables above represents the fair value at grant date. In respect of employee share awards, the Group utilises the BHP Group Limited Employee Equity Trust. The trustee of this trust is an independent company, resident in Jersey. The trust uses funds provided by the Group to acquire ordinary shares to enable awards to be made or satisfied. The ordinary shares may be acquired by purchase in the market or by subscription at not less than nominal value. ",
"dimensions": {
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"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-684": {
"value": "The table below provides a description of each of the plans. Plan CDP and STIP LTIP and MAP Commencement awards Shareplus Type Short-term incentive Long-term incentive Long-term incentive All-employee share purchase plan Overview The CDP was implemented in FY2020 as a replacement for the STIP, both of which are generally plans for Executive KMP and members of the Executive Leadership Team who are not Executive KMP. Under the CDP, two thirds of the value of a participant\u2019s short-term incentive amount is awarded as rights to receive BHP Group Limited shares at the end of the vesting period (and the remaining one third is delivered in cash). Two awards of deferred shares are granted, each of the equivalent value to the cash award, vesting in two and five years respectively. Under the STIP, half of the value of a participant\u2019s short-term incentive amount was awarded as rights to receive BHP Group Limited shares at the end of the two-year vesting period. The LTIP is a plan for Executive KMP and members of the Executive Leadership Team who are not Executive KMP, and awards are granted annually. The MAP is a plan for BHP senior management who are not Executive KMP. The number of share rights awarded is determined by a participant\u2019s role and grade. Awards may be granted to new members of the Executive Leadership Team recruited into the Group to replace awards foregone from a previous company. Employees may contribute up to US$5,000 to acquire shares in any plan year. On the third anniversary of the start of a plan year, the Group will match the number of acquired shares. Vesting conditions CDP: Service conditions only for the two-year award. Vesting of the five-year award is subject to service conditions and also to holistic review of performance at the end of the five-year vesting period, including a five-year view on Safety and Sustainability (previously HSEC) performance, profitability, cash flow, balance sheet health, returns to shareholders, corporate governance and conduct. STIP: Service conditions only. LTIP: Service and performance conditions. From FY2023 BHP\u2019s Total Shareholder Return 1 (TSR) performance relative to two Morgan Stanley Capital International (MSCI) market indices, the MSCI World Metals and Mining Index (\u201cSector Group TSR\u201d) and the MSCI World Index (\u201cWorld TSR\u201d). The Sector Group TSR over a five-year performance period determines the vesting of 67 per cent of the awards, while performance relative to the World TSR determines the vesting of 33 per cent of the awards. For awards granted prior to FY2023, TSR performance relative to a bespoke sector peer group and the MSCI World Index determines the vesting of 67 per cent and 33 per cent of the award, respectively. 25 per cent of the award will vest where BHP\u2019s TSR is equal to the median TSR of the relevant comparator group(s), as measured over the performance period. Where TSR is below the median, awards will not vest. Vesting occurs on a sliding scale when BHP\u2019s TSR measured over the performance period is between the median TSR of the relevant comparator group(s) up to a nominated level of TSR outperformance over the relevant comparator group(s), as determined by the Committee, above which 100 per cent of the award will vest. MAP: Service conditions only. Service and performance conditions. The People and Remuneration Committee has absolute discretion to determine if the performance condition has been met and whether any, all or part of the award will vest (or otherwise lapse), having regard to personal performance and the underlying financial performance of the Group during the performance period. To the extent the performance condition is not achieved, awards will lapse. There is no retesting of the performance condition. Vested awards may be subject to a holding lock. Service conditions only. Vesting period CDP \u2013 2 and 5 years STIP \u2013 2 years LTIP \u2013 5 years MAP \u2013 1 to 5 years 2 years 3 years Dividend Equivalent Payment CDP \u2013 Yes STIP \u2013 Yes LTIP \u2013 Yes MAP \u2013 Varies Yes No Exercise period None None None None 1 For LTIP awards granted prior to unification and where the five-year performance period ends after unification, the TSR at the start of the performance period is based on the weighted average of the TSRs of BHP Group Limited and BHP Group Plc and the TSR at the end of the performance period is based on the TSR of BHP Group Limited. ",
"dimensions": {
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"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-708": {
"value": "Employee share awards 2023 Number of awards at the beginning of the financial year Number of awards issued during the year Number of awards vested and exercised Number of awards lapsed Number of awards at the end of the financial year Weighted average remaining contractual life (years) Weighted average share price at exercise date BHP Group Limited CDP awards 707,994 435,244 155,158 19,499 968,581 2.1 A$41.62 STIP awards 83,810 \u2212 83,810 \u2212 \u2212 \u2212 A$41.55 LTIP awards 3,143,477 622,992 1,175,882 31,791 2,558,796 2.2 A$41.59 MAP awards 1 7,094,173 2,404,671 2,353,273 491,845 6,653,726 1.2 A$41.74 Commencement awards 86,279 \u2212 69,025 17,254 \u2212 \u2212 A$41.55 Shareplus 4,914,470 3,089,822 2,330,077 550,364 5,123,851 1.3 A$44.88 1 There were no awards vested and exercisable at the end of the financial year. ",
"dimensions": {
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"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-685": {
"value": "Employee share awards 2023 Number of awards at the beginning of the financial year Number of awards issued during the year Number of awards vested and exercised Number of awards lapsed Number of awards at the end of the financial year Weighted average remaining contractual life (years) Weighted average share price at exercise date BHP Group Limited CDP awards 707,994 435,244 155,158 19,499 968,581 2.1 A$41.62 STIP awards 83,810 \u2212 83,810 \u2212 \u2212 \u2212 A$41.55 LTIP awards 3,143,477 622,992 1,175,882 31,791 2,558,796 2.2 A$41.59 MAP awards 1 7,094,173 2,404,671 2,353,273 491,845 6,653,726 1.2 A$41.74 Commencement awards 86,279 \u2212 69,025 17,254 \u2212 \u2212 A$41.55 Shareplus 4,914,470 3,089,822 2,330,077 550,364 5,123,851 1.3 A$44.88 1 There were no awards vested and exercisable at the end of the financial year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-686": {
"value": "Fair value and assumptions in the calculation of fair value for awards issued 2023 Weighted average fair value of awards granted during the year US$ Risk-free interest rate Estimated life of awards Share price at grant date Estimated volatility of share price Dividend yield BHP Group Limited CDP awards 28.88 n/a 2 and 5 years A$43.48 n/a n/a LTIP awards 20.22 3.33% 5 years A$43.48 34.0% n/a MAP awards 1 21.17 n/a 1-3 years A$37.96/A$46.97 n/a 7.5% up to 30 June 2024 and 5.0% per annum thereafter Shareplus 18.94 2.35% 3 years A$52.39 n/a 7.5% up to 30 June 2024 and 5.0% per annum thereafter 1 Includes MAP awards granted on 21 September 2022 and 3 April 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedShareOptionsGrantedDuringPeriodExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-751": {
"value": "Recognition and measurement The fair value at grant date of equity-settled share awards is charged to the income statement over the period for which the benefits of employee services are expected to be derived. The fair values of awards granted were estimated using a Monte Carlo simulation methodology and Black-Scholes option pricing technique and consider the following factors: \u2013 exercise price \u2013 expected life of the award \u2013 current market price of the underlying shares \u2013 expected volatility using an analysis of historic volatility over different rolling periods. For the LTIP, it is calculated for all sector comparators and the published MSCI World Index \u2013 expected dividends \u2013 risk-free interest rate, which is an applicable government bond rate \u2013 market-based performance hurdles \u2013 non-vesting conditions Where awards are forfeited because non-market-based vesting conditions are not satisfied, the expense previously recognised is proportionately reversed. The tax effect of awards granted is recognised in income tax expense, except to the extent that the total tax deductions are expected to exceed the cumulative remuneration expense. In this situation, the excess of the associated current or deferred tax is recognised in equity and forms part of the employee share awards reserve. The fair value of awards as presented in the tables above represents the fair value at grant date. In respect of employee share awards, the Group utilises the BHP Group Limited Employee Equity Trust. The trustee of this trust is an independent company, resident in Jersey. The trust uses funds provided by the Group to acquire ordinary shares to enable awards to be made or satisfied. The ordinary shares may be acquired by purchase in the market or by subscription at not less than nominal value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-642": {
"value": "27 Employee benefits, restructuring and post-retirement employee benefits provisions 2023 US$M 2022 US$M Employee benefits 1 1,749 1,351 Restructuring 2 28 27 Post-retirement employee benefits3 373 281 Total provisions 2,150 1,659 Comprising: Current 1,734 1,319 Non-current 416 340 2023 Employee benefits US$M Restructuring US$M Post-retirement employee benefits3 US$M Total US$M At the beginning of the financial year 1,351 27 281 1,659 Acquisition of subsidiaries and operations4 25 \u2212 \u2212 25 Charge/(credit) for the year: Underlying 1,675 26 75 1,776 Discounting \u2212 \u2212 19 19 Net interest expense \u2212 \u2212 (5) (5) Exchange variations (21) \u2212 34 13 Released during the year (66) \u2212 (2) (68) Remeasurement gains taken to retained earnings \u2212 \u2212 18 18 Utilisation (1,204) (25) (47) (1,276) Transfers and other movements (11) \u2212 \u2212 (11) At the end of the financial year 1,749 28 373 2,150 1 The expenditure associated with total employee benefits will occur in a pattern consistent with when employees choose to exercise their entitlement to benefits. 2 Total restructuring provisions include provisions for terminations and office closures. 3 The net liability recognised in the Consolidated Balance Sheet includes US$151 million present value of funded defined benefits pension obligation (2022: US$165 million) offset by fair value of defined benefit scheme assets US$(159) million (2022: US$(169) million), US$79 million present value of unfunded defined pension and post-retirement medical benefits obligation (2022: US$85 million) and US$302 million unfunded post-employment benefits obligation in Chile (2022: US$200 million). 4 Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 \u2018Business combinations\u2019 for more information. Recognition and measurement Provisions are recognised by the Group when: \u2013 there is a present legal or constructive obligation as a result of past events \u2013 it is more likely than not that a permanent outflow of resources will be required to settle the obligation \u2013 the amount can be reliably estimated and measured at the present value of management\u2019s best estimate of the cash outflow required to settle the obligation at the reporting date Provision Description Employee benefits Liabilities for benefits accruing to employees up until the reporting date in respect of wages and salaries, annual leave and any accumulating sick leave are recognised in the period the related service is rendered. Liabilities recognised in respect of short-term employee benefits expected to be settled within 12 months are measured at the amounts expected to be paid when the liabilities are settled. Liabilities for other long-term employee benefits, including long service leave, are measured as the present value of estimated future payments for the services provided by employees up to the reporting date. Liabilities that are not expected to be settled within 12 months are discounted at the reporting date using market yields of high-quality corporate bonds or government bonds for countries where there is no deep market for corporate bonds. The rates used reflect the terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. In relation to industry-based long service leave funds, the Group\u2019s liability, including obligations for funding shortfalls, is determined after deducting the fair value of dedicated assets of such funds. Liabilities for short and long-term employee benefits (other than unpaid wages and salaries) are disclosed within employee benefits. Other liabilities for unpaid wages and salaries related to the current period are recognised in other creditors. Review of employee allowances and entitlements On 1 June 2023, the Group disclosed the identification of two issues with certain allowances and entitlements affecting a number of current and former employees in Australia. The identified issues relate to rostered employees having leave incorrectly deducted on public holidays since 2010 (Leave issue) and certain employees at Port Hedland being entitled to additional allowances due to an error with the employment entity in their contract (Port Hedland issue). The Group self-reported the issues to the Fair Work Ombudsman in Australia. The Group has applied extensive resources to the review and analysis of its records, with a dedicated team established to investigate and remediate the issues. Since the date of the announcement, the Group has progressed its analysis and has commenced contacting impacted employees. The Group has commenced paying additional allowances to those current employees impacted by the Port Hedland issue. The Group has also corrected the leave balances of current employees impacted by the Leave Issue. The Group\u2019s current best estimate of the cost of remediating the two issues, recognised in employee benefit provisions at 30 June 2023, is US$265 million, incorporating on-costs including associated superannuation and interest payments. The calculation of this provision involved a substantial volume of data and a significant degree of complexity with further detailed modelling and validation required to determine the final cost of remediation. As such, uncertainty remains in the amount and timing of final remediation costs, with the outcomes also subject to continuing engagement with regulatory authorities, including the Fair Work Ombudsman. A further US$15 million of other related costs were recognised in the year ended 30 June 2023, which do not form part of the employee benefit provision. As the Group has applied judgement in determining the provision for 30 June 2023, there is a risk that the provision may be adjusted in future reporting periods as the remediation process continues. The Group has also engaged a global assurance firm to conduct a thorough review of the Group\u2019s payroll systems. As this review is ongoing there is a risk that other instances of non-compliance requiring remediation may be identified and, as such, that associated provisions may be recognised in future reporting periods. Restructuring Restructuring provisions are recognised when: \u2013 the Group has developed a detailed formal plan identifying the business or part of the business concerned, the location and approximate number of employees affected, a detailed estimate of the associated costs, and an appropriate timeline \u2013 the restructuring has either commenced or been publicly announced and can no longer be withdrawn Payments that are not expected to be settled within 12 months of the reporting date are measured at the present value of the estimated future cash payments expected to be made by the Group. Post-retirement employee benefits Defined contribution pension schemes and multi-employer pension schemes For defined contribution schemes or schemes operated on an industry-wide basis where it is not possible to identify assets attributable to the participation by the Group\u2019s employees, the pension charge is calculated on the basis of contributions payable. The Group contributed US$358 million during the financial year (2022: US$324 million; 2021: US$301 million) to defined contribution plans and multi-employer defined contribution plans. These contributions are expensed as incurred. Defined benefit pension and post-retirement medical schemes The Group operates or participates in a number of defined benefit pension schemes throughout the world, all of which are closed to new entrants. The funding of the schemes complies with local regulations. The assets of the schemes are generally held separately from those of the Group and are administered by trustees or management boards. The Group also operates a number of unfunded post-retirement medical schemes in the United States, Canada and Europe. For defined benefit schemes, an asset or liability is recognised in the balance sheet based at the present value of defined benefit obligations less, where funded, the fair value of plan assets, except that any such asset cannot exceed the present value of expected refunds from and reductions in future contributions to the plan. Full actuarial valuations are prepared by local actuaries for all schemes, using discount rates based on market yields at the reporting date on high-quality corporate bonds or by reference to national government bonds if high-quality corporate bonds are not available. Where funded, scheme assets are invested in a diversified range of asset classes, predominantly comprising bonds and equities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-687": {
"value": "3 The net liability recognised in the Consolidated Balance Sheet includes US$151 million present value of funded defined benefits pension obligation (2022: US$165 million) offset by fair value of defined benefit scheme assets US$(159) million (2022: US$(169) million), US$79 million present value of unfunded defined pension and post-retirement medical benefits obligation (2022: US$85 million) and US$302 million unfunded post-employment benefits obligation in Chile (2022: US$200 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-709": {
"value": "3 The net liability recognised in the Consolidated Balance Sheet includes US$151 million present value of funded defined benefits pension obligation (2022: US$165 million) offset by fair value of defined benefit scheme assets US$(159) million (2022: US$(169) million), US$79 million present value of unfunded defined pension and post-retirement medical benefits obligation (2022: US$85 million) and US$302 million unfunded post-employment benefits obligation in Chile (2022: US$200 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-752": {
"value": "Recognition and measurement Provisions are recognised by the Group when: \u2013 there is a present legal or constructive obligation as a result of past events \u2013 it is more likely than not that a permanent outflow of resources will be required to settle the obligation \u2013 the amount can be reliably estimated and measured at the present value of management\u2019s best estimate of the cash outflow required to settle the obligation at the reporting date Provision Description Employee benefits Liabilities for benefits accruing to employees up until the reporting date in respect of wages and salaries, annual leave and any accumulating sick leave are recognised in the period the related service is rendered. Liabilities recognised in respect of short-term employee benefits expected to be settled within 12 months are measured at the amounts expected to be paid when the liabilities are settled. Liabilities for other long-term employee benefits, including long service leave, are measured as the present value of estimated future payments for the services provided by employees up to the reporting date. Liabilities that are not expected to be settled within 12 months are discounted at the reporting date using market yields of high-quality corporate bonds or government bonds for countries where there is no deep market for corporate bonds. The rates used reflect the terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. In relation to industry-based long service leave funds, the Group\u2019s liability, including obligations for funding shortfalls, is determined after deducting the fair value of dedicated assets of such funds. Liabilities for short and long-term employee benefits (other than unpaid wages and salaries) are disclosed within employee benefits. Other liabilities for unpaid wages and salaries related to the current period are recognised in other creditors. Review of employee allowances and entitlements On 1 June 2023, the Group disclosed the identification of two issues with certain allowances and entitlements affecting a number of current and former employees in Australia. The identified issues relate to rostered employees having leave incorrectly deducted on public holidays since 2010 (Leave issue) and certain employees at Port Hedland being entitled to additional allowances due to an error with the employment entity in their contract (Port Hedland issue). The Group self-reported the issues to the Fair Work Ombudsman in Australia. The Group has applied extensive resources to the review and analysis of its records, with a dedicated team established to investigate and remediate the issues. Since the date of the announcement, the Group has progressed its analysis and has commenced contacting impacted employees. The Group has commenced paying additional allowances to those current employees impacted by the Port Hedland issue. The Group has also corrected the leave balances of current employees impacted by the Leave Issue. The Group\u2019s current best estimate of the cost of remediating the two issues, recognised in employee benefit provisions at 30 June 2023, is US$265 million, incorporating on-costs including associated superannuation and interest payments. The calculation of this provision involved a substantial volume of data and a significant degree of complexity with further detailed modelling and validation required to determine the final cost of remediation. As such, uncertainty remains in the amount and timing of final remediation costs, with the outcomes also subject to continuing engagement with regulatory authorities, including the Fair Work Ombudsman. A further US$15 million of other related costs were recognised in the year ended 30 June 2023, which do not form part of the employee benefit provision. As the Group has applied judgement in determining the provision for 30 June 2023, there is a risk that the provision may be adjusted in future reporting periods as the remediation process continues. The Group has also engaged a global assurance firm to conduct a thorough review of the Group\u2019s payroll systems. As this review is ongoing there is a risk that other instances of non-compliance requiring remediation may be identified and, as such, that associated provisions may be recognised in future reporting periods. Restructuring Restructuring provisions are recognised when: \u2013 the Group has developed a detailed formal plan identifying the business or part of the business concerned, the location and approximate number of employees affected, a detailed estimate of the associated costs, and an appropriate timeline \u2013 the restructuring has either commenced or been publicly announced and can no longer be withdrawn Payments that are not expected to be settled within 12 months of the reporting date are measured at the present value of the estimated future cash payments expected to be made by the Group. Post-retirement employee benefits Defined contribution pension schemes and multi-employer pension schemes For defined contribution schemes or schemes operated on an industry-wide basis where it is not possible to identify assets attributable to the participation by the Group\u2019s employees, the pension charge is calculated on the basis of contributions payable. The Group contributed US$358 million during the financial year (2022: US$324 million; 2021: US$301 million) to defined contribution plans and multi-employer defined contribution plans. These contributions are expensed as incurred. Defined benefit pension and post-retirement medical schemes The Group operates or participates in a number of defined benefit pension schemes throughout the world, all of which are closed to new entrants. The funding of the schemes complies with local regulations. The assets of the schemes are generally held separately from those of the Group and are administered by trustees or management boards. The Group also operates a number of unfunded post-retirement medical schemes in the United States, Canada and Europe. For defined benefit schemes, an asset or liability is recognised in the balance sheet based at the present value of defined benefit obligations less, where funded, the fair value of plan assets, except that any such asset cannot exceed the present value of expected refunds from and reductions in future contributions to the plan. Full actuarial valuations are prepared by local actuaries for all schemes, using discount rates based on market yields at the reporting date on high-quality corporate bonds or by reference to national government bonds if high-quality corporate bonds are not available. Where funded, scheme assets are invested in a diversified range of asset classes, predominantly comprising bonds and equities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-688": {
"value": "Defined contribution pension schemes and multi-employer pension schemes For defined contribution schemes or schemes operated on an industry-wide basis where it is not possible to identify assets attributable to the participation by the Group\u2019s employees, the pension charge is calculated on the basis of contributions payable. The Group contributed US$358 million during the financial year (2022: US$324 million; 2021: US$301 million) to defined contribution plans and multi-employer defined contribution plans. These contributions are expensed as incurred. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-689": {
"value": "Defined benefit pension and post-retirement medical schemes The Group operates or participates in a number of defined benefit pension schemes throughout the world, all of which are closed to new entrants. The funding of the schemes complies with local regulations. The assets of the schemes are generally held separately from those of the Group and are administered by trustees or management boards. The Group also operates a number of unfunded post-retirement medical schemes in the United States, Canada and Europe. For defined benefit schemes, an asset or liability is recognised in the balance sheet based at the present value of defined benefit obligations less, where funded, the fair value of plan assets, except that any such asset cannot exceed the present value of expected refunds from and reductions in future contributions to the plan. Full actuarial valuations are prepared by local actuaries for all schemes, using discount rates based on market yields at the reporting date on high-quality corporate bonds or by reference to national government bonds if high-quality corporate bonds are not available. Where funded, scheme assets are invested in a diversified range of asset classes, predominantly comprising bonds and equities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-643": {
"value": "28 Discontinued operations On 1 June 2022 (Completion date) BHP completed the merger of the Group\u2019s oil and gas portfolio with Woodside Energy Group Limited (\u2018Woodside\u2019). Woodside acquired the entire share capital of BHP Petroleum International Pty Ltd (\u2018BHP Petroleum\u2019) in exchange for 914,768,948 newly issued Woodside ordinary shares. On the Completion Date, the Group paid a fully franked in specie dividend in the form of Woodside shares to eligible BHP shareholders. Eligible BHP shareholders received one Woodside share for every 5.5340 BHP shares they held on the Group\u2019s register at the record date of 26 May 2022. As part of completion and in order to reflect the economic effective date of 1 July 2021, the Group made a net cash payment of US$0.7 billion (net of completion adjustments) to Woodside in addition to US$0.4 billion in cash that was left in the BHP Petroleum bank accounts to fund ongoing operations. The total cash transfer of US$1.1 billion reflected the net cash flows generated by BHP Petroleum between 1 July 2021 and Completion Date adjusted for dividends Woodside would have paid on the newly issued Woodside ordinary shares, had the Merger completed on 1 July 2021. There was no contribution of Discontinued operations to the Group\u2019s profit and cash flows for the year ended 30 June 2023. The contribution of Discontinued operations for the years ended 30 June 2022 and 30 June 2021 is detailed below: Income statement \u2013 Discontinued operations 2022 US$M 2021 US$M Profit/(loss) after taxation from operating activities 2,496 (225) Net gain on Petroleum merger with Woodside (after tax) 8,159 \u2212 Profit/(loss) after taxation 10,655 (225) Attributable to non-controlling interests \u2212 \u2212 Attributable to BHP shareholders 10,655 (225) Basic earnings/(loss) per ordinary share (cents) 210.5 (4.5) Diluted earnings/(loss) per ordinary share (cents) 210.1 (4.5) The total comprehensive income attributable to BHP shareholders from Discontinued operations was a gain of US$10,596 million for the year ended 30 June 2022 (2021: US$231 million loss). The conversion of options and share rights would decrease the loss per share for the year ended 30 June 2021, therefore its impact has been excluded from the diluted earnings per share calculation. Cash flows from Discontinued operations 2022 US$M 2021 US$M Net operating cash flows 2,889 1,351 Net investing cash flows1 (904) (1,520) Net financing cash flows2 (33) (38) Net increase/(decrease) in cash and cash equivalents from Discontinued operations 1,952 (207) Net cash completion payment on merger of Petroleum with Woodside (683) \u2212 Cash and cash equivalents disposed (399) \u2212 Total cash impact 870 (207) 1 Includes purchases of property, plant and equipment and capitalised exploration related to drilling and development expenditure of US$1,144 million for FY2022 (2021:US$1,020 million), proceeds from sale of subsidiaries, operations and joint operations, net of cash of US$91 million for FY2022 (2021: investment of US$480 million), proceeds from sale of assets of US$151 million for FY2022 (2021: US$39 million) and other investing outflows of US$2 million for FY2022 (2021: outflow of US$59 million). 2 Represents net repayment of interest bearing liabilities of US$33 million for FY2022 (2021: US$38 million). Exceptional items \u2013 Discontinued operations Exceptional items are those gains or losses where their nature, including the expected frequency of the events giving rise to them, and impact is considered material to the Financial Statements. There were no exceptional items related to Discontinued operations for the year ended 30 June 2023. Exceptional items related to Discontinued operations included within the Group\u2019s profits for the years ended 30 June 2022 and 30 June 2021 are detailed below. Year ended 30 June 2022 Gross US$M Tax US$M Net US$M Exceptional items by category Net gain on Petroleum merger with Woodside1 8,167 (8) 8,159 Total 8,167 (8) 8,159 Attributable to non-controlling interests \u2212 \u2212 \u2212 Attributable to BHP shareholders 8,167 (8) 8,159 1 The tax expense associated with the exceptional item reflects the tax impact of transaction costs and other restructuring related activities undertaken pre-merger. There were no further tax impacts arising on the net gain on merger of our Petroleum business with Woodside as generated tax losses were either offset with capital gains in other entities in the Group, or not recognised on the basis that it is not probable that future capital gains will be available against which the Group can utilise the tax losses. Net gain on disposal of Discontinued operations Details of the net gain on Petroleum merger with Woodside is presented below: 2022 US$M Net assets disposed 10,172 Fair value of Woodside shares 1 19,566 Net cash completion payment on merger of Petroleum with Woodside2 (683) Foreign currency translation reserve transferred to the income statement 54 Other provisions and related indemnities recognised at completion (353) Transaction and other directly attributable costs (245) Income tax expense (8) Net gain on Petroleum merger with Woodside 8,159 1 Represents the consideration received being the fair value of 914,768,948 Woodside ordinary shares received using the closing ASX share price of A$29.76 on 31 May 2022 (US$21.39 equivalent based on an exchange rate of AUD/USD 0.7187). 2 Reflects the net cash flows generated by BHP Petroleum between 1 July 2021 and Completion Date adjusted for dividends Woodside would have paid on the newly issued Woodside ordinary shares, had the Merger completed on 1 July 2021. Year ended 30 June 2021 Gross US$M Tax US$M Net US$M Exceptional items by category Impairment of Potash assets1 \u2212 (278) (278) COVID-19 related costs (47) 8 (39) Total (47) (270) (317) Attributable to non-controlling interests \u2212 \u2212 \u2212 Attributable to BHP shareholders (47) (270) (317) 1 The exceptional item reflects the impairment of tax losses originally expected to be recoverable against taxable profits from the Group\u2019s Potash assets. The impairment is included in Discontinued operations as the entity with the losses transferred to Woodside and therefore the losses are no longer available to the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-644": {
"value": "29 Business combinations OZ Minerals Limited On 2 May 2023 (Acquisition Date), the Group acquired 100 per cent of the issued share capital of OZ Minerals Limited (OZL) for a net cash consideration of US$5.9 billion. The terms of the acquisition did not include any contingent consideration. OZL is a mining and exploration company with a portfolio of operating, development and exploration stage projects both in Australia and internationally. OZL\u2019s primary activities consist of Prominent Hill and Carrapateena copper-gold mines in South Australia, West Musgrave copper-nickel development project in Western Australia and Caraj\u00e1s East copper-gold hub in Brazil. This acquisition provides the Group with further exposure to copper, nickel and uranium. Acquisition related costs of US$107 million and integration costs of US$24 million have been expensed and included in other operating expenses in the income statement. The provisional fair values of the identifiable assets and liabilities acquired as of the date of acquisition were: 2023 US$M Assets Cash and cash equivalents 104 Trade and other receivables1 77 Other financial assets 7 Inventories 329 Property, plant and equipment 7,676 Intangible assets \u2013 goodwill 192 Current tax receivable 36 Other assets 25 Total assets 8,446 Liabilities Trade and other payables 242 Interest bearing liabilities 1,111 Deferred tax liabilities2 867 Provisions 254 Total liabilities 2,474 Identifiable net assets acquired 5,972 Total consideration paid 3,4 5,972 Cash and cash equivalents acquired (104) Net cash consideration paid 5,868 1 This represents the gross contractual amount for trade and other receivables all of which is expected to be collected. 2 This primarily represents the difference between the provisional fair value of the mineral rights acquired and the corresponding tax base. 3 The Group executed a forward exchange contract to hedge the foreign exchange exposure on the consideration made in AUD. On maturity of the hedging instrument, a hedge loss of US$35 million was capitalised to the cost of the acquisition. 4 The consideration paid by the Group was A$26.50 (at the average hedged exchange rate of AUD/USD 0.6681) per OZL share over 337,314,920 shares and excluded a special dividend of A$1.75 per OZL share which was paid by OZL to its shareholders immediately prior to acquisition. The fair values disclosed are provisional as at 30 June 2023. Due to the size, complexity and timing of the acquisition, the valuation process is ongoing and will be completed within 12 months of the acquisition. Goodwill of US$192 million has been provisionally recognised, representing the excess of consideration paid above the provisional fair value of the acquired assets and liabilities. The goodwill primarily arises from the deferred tax liability recognised at acquisition due to a difference between the provisional fair value of mineral rights acquired and the corresponding tax base. The goodwill represents the provisional amount, which could not be reliably allocated to a CGU or group of CGUs at 30 June 2023. None of the goodwill recognised is expected to be deductible for tax purposes. OZL contributed revenue of US$315 million and profit after taxation of US$17 million to the Group from acquisition date to 30 June 2023. The estimated OZL contribution to revenue and profit after taxation of the combined Group for the year ended 30 June 2023, had the acquisition occurred on 1 July 2022, would have been US$1,410 million and US$114 million, respectively. There were no business combinations entered into by the Group in the previous financial year. Key judgements and estimates Judgements: Judgement is required to determine the fair value of assets acquired and liabilities assumed at acquisition date in a business combination, which could have a material impact on goodwill. Estimates: The Group used the discounted cash-flow method to measure the fair value of mineral rights. Key assumptions used included commodity prices, production volumes, life of mine, cash outflows (including operating costs, capital expenditure, closure and rehabilitation costs and taxes), discount rates and risking factors. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-690": {
"value": "OZ Minerals Limited On 2 May 2023 (Acquisition Date), the Group acquired 100 per cent of the issued share capital of OZ Minerals Limited (OZL) for a net cash consideration of US$5.9 billion. The terms of the acquisition did not include any contingent consideration. OZL is a mining and exploration company with a portfolio of operating, development and exploration stage projects both in Australia and internationally. OZL\u2019s primary activities consist of Prominent Hill and Carrapateena copper-gold mines in South Australia, West Musgrave copper-nickel development project in Western Australia and Caraj\u00e1s East copper-gold hub in Brazil. This acquisition provides the Group with further exposure to copper, nickel and uranium. Acquisition related costs of US$107 million and integration costs of US$24 million have been expensed and included in other operating expenses in the income statement. The provisional fair values of the identifiable assets and liabilities acquired as of the date of acquisition were: 2023 US$M Assets Cash and cash equivalents 104 Trade and other receivables1 77 Other financial assets 7 Inventories 329 Property, plant and equipment 7,676 Intangible assets \u2013 goodwill 192 Current tax receivable 36 Other assets 25 Total assets 8,446 Liabilities Trade and other payables 242 Interest bearing liabilities 1,111 Deferred tax liabilities2 867 Provisions 254 Total liabilities 2,474 Identifiable net assets acquired 5,972 Total consideration paid 3,4 5,972 Cash and cash equivalents acquired (104) Net cash consideration paid 5,868 1 This represents the gross contractual amount for trade and other receivables all of which is expected to be collected. 2 This primarily represents the difference between the provisional fair value of the mineral rights acquired and the corresponding tax base. 3 The Group executed a forward exchange contract to hedge the foreign exchange exposure on the consideration made in AUD. On maturity of the hedging instrument, a hedge loss of US$35 million was capitalised to the cost of the acquisition. 4 The consideration paid by the Group was A$26.50 (at the average hedged exchange rate of AUD/USD 0.6681) per OZL share over 337,314,920 shares and excluded a special dividend of A$1.75 per OZL share which was paid by OZL to its shareholders immediately prior to acquisition. The fair values disclosed are provisional as at 30 June 2023. Due to the size, complexity and timing of the acquisition, the valuation process is ongoing and will be completed within 12 months of the acquisition. Goodwill of US$192 million has been provisionally recognised, representing the excess of consideration paid above the provisional fair value of the acquired assets and liabilities. The goodwill primarily arises from the deferred tax liability recognised at acquisition due to a difference between the provisional fair value of mineral rights acquired and the corresponding tax base. The goodwill represents the provisional amount, which could not be reliably allocated to a CGU or group of CGUs at 30 June 2023. None of the goodwill recognised is expected to be deductible for tax purposes. OZL contributed revenue of US$315 million and profit after taxation of US$17 million to the Group from acquisition date to 30 June 2023. The estimated OZL contribution to revenue and profit after taxation of the combined Group for the year ended 30 June 2023, had the acquisition occurred on 1 July 2022, would have been US$1,410 million and US$114 million, respectively. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-691": {
"value": "30 Subsidiaries Significant subsidiaries of the Group are those with the most significant contribution to the Group\u2019s net profit or net assets. The Group\u2019s interest in the subsidiaries\u2019 results are listed in the table below. Significant subsidiaries Country of incorporation Principal activity Group\u2019s interest 2023 % 2022 % Coal Hunter Valley Energy Coal Pty Ltd Australia Coal mining 100 100 Copper BHP Olympic Dam Corporation Pty Ltd Australia Copper and uranium mining 100 100 Compa\u00f1ia Minera Cerro Colorado Limitada Chile Copper mining 100 100 Minera Escondida Ltda1 Chile Copper mining 57.5 57.5 Minera Spence SA Chile Copper mining 100 100 OZ Minerals Carrapateena Pty Ltd2 Australia Copper, gold and silver mining 100 \u2013 OZ Minerals Prominent Hill Operations Pty Ltd2 Australia Copper, gold and silver mining 100 \u2013 Iron Ore BHP Iron Ore (Jimblebar) Pty Ltd3 Australia Iron ore mining 85 85 BHP Iron Ore Pty Ltd Australia Service company 100 100 BHP (Towage Service) Pty Ltd Australia Towing services 100 100 Marketing BHP Billiton Freight Singapore Pte Limited Singapore Freight services 100 100 BHP Billiton Marketing AG Switzerland Marketing and trading 100 100 BHP Billiton Marketing Asia Pte Ltd Singapore Marketing support and other services 100 100 Group and Unallocated BHP Billiton Finance B.V. The Netherlands Finance 100 100 BHP Billiton Finance Limited Australia Finance 100 100 BHP Billiton Finance (USA) Limited Australia Finance 100 100 BHP Canada Inc. Canada Potash development 100 100 BHP Group Operations Pty Ltd Australia Administrative services 100 100 BHP Nickel West Pty Ltd Australia Nickel mining, smelting, refining and administrative services 100 100 OZ Minerals Musgrave Operations Pty Ltd 2 Australia Copper and nickel mining 100 \u2013 WMC Finance (USA) Limited Australia Finance 100 100 1 As the Group has the ability to direct the relevant activities at Minera Escondida Ltda, it has control over the entity. The assessment of the most relevant activity in this contractual arrangement is subject to judgement. The Group establishes the mine plan and the operating budget and has the ability to appoint the key management personnel, demonstrating that the Group has the existing rights to direct the relevant activities of Minera Escondida Ltda. 2 The acquisition of BHP\u2019s 100 per cent interest in OZ Minerals Limited completed on 2 May 2023. Refer to note 29 \u2018Business combinations\u2019 for further information. 3 The Group has an effective interest of 92.5 per cent in BHP Iron Ore (Jimblebar) Pty Ltd; however, by virtue of the shareholder agreement with ITOCHU Iron Ore Australia Pty Ltd and Mitsui & Co. Iron Ore Exploration & Mining Pty Ltd, the Group\u2019s interest in the Jimblebar mining operation is 85 per cent, which is consistent with the other respective contractual arrangements at Western Australia Iron Ore. ",
"dimensions": {
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-645": {
"value": "30 Subsidiaries Significant subsidiaries of the Group are those with the most significant contribution to the Group\u2019s net profit or net assets. The Group\u2019s interest in the subsidiaries\u2019 results are listed in the table below. Significant subsidiaries Country of incorporation Principal activity Group\u2019s interest 2023 % 2022 % Coal Hunter Valley Energy Coal Pty Ltd Australia Coal mining 100 100 Copper BHP Olympic Dam Corporation Pty Ltd Australia Copper and uranium mining 100 100 Compa\u00f1ia Minera Cerro Colorado Limitada Chile Copper mining 100 100 Minera Escondida Ltda1 Chile Copper mining 57.5 57.5 Minera Spence SA Chile Copper mining 100 100 OZ Minerals Carrapateena Pty Ltd2 Australia Copper, gold and silver mining 100 \u2013 OZ Minerals Prominent Hill Operations Pty Ltd2 Australia Copper, gold and silver mining 100 \u2013 Iron Ore BHP Iron Ore (Jimblebar) Pty Ltd3 Australia Iron ore mining 85 85 BHP Iron Ore Pty Ltd Australia Service company 100 100 BHP (Towage Service) Pty Ltd Australia Towing services 100 100 Marketing BHP Billiton Freight Singapore Pte Limited Singapore Freight services 100 100 BHP Billiton Marketing AG Switzerland Marketing and trading 100 100 BHP Billiton Marketing Asia Pte Ltd Singapore Marketing support and other services 100 100 Group and Unallocated BHP Billiton Finance B.V. The Netherlands Finance 100 100 BHP Billiton Finance Limited Australia Finance 100 100 BHP Billiton Finance (USA) Limited Australia Finance 100 100 BHP Canada Inc. Canada Potash development 100 100 BHP Group Operations Pty Ltd Australia Administrative services 100 100 BHP Nickel West Pty Ltd Australia Nickel mining, smelting, refining and administrative services 100 100 OZ Minerals Musgrave Operations Pty Ltd 2 Australia Copper and nickel mining 100 \u2013 WMC Finance (USA) Limited Australia Finance 100 100 1 As the Group has the ability to direct the relevant activities at Minera Escondida Ltda, it has control over the entity. The assessment of the most relevant activity in this contractual arrangement is subject to judgement. The Group establishes the mine plan and the operating budget and has the ability to appoint the key management personnel, demonstrating that the Group has the existing rights to direct the relevant activities of Minera Escondida Ltda. 2 The acquisition of BHP\u2019s 100 per cent interest in OZ Minerals Limited completed on 2 May 2023. Refer to note 29 \u2018Business combinations\u2019 for further information. 3 The Group has an effective interest of 92.5 per cent in BHP Iron Ore (Jimblebar) Pty Ltd; however, by virtue of the shareholder agreement with ITOCHU Iron Ore Australia Pty Ltd and Mitsui & Co. Iron Ore Exploration & Mining Pty Ltd, the Group\u2019s interest in the Jimblebar mining operation is 85 per cent, which is consistent with the other respective contractual arrangements at Western Australia Iron Ore. ",
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},
"fact-710": {
"value": "31 Investments accounted for using the equity method Significant interests in equity accounted investments of the Group are those with the most significant contribution to the Group\u2019s net profit or net assets. The Group\u2019s ownership interest in significant equity accounted investments results are listed in the table below. Significant associates and joint ventures Country of incorporation/ principal place of business Associate or joint venture Principal activity Reporting date Ownership interest 2023 % 2022 % Compa\u00f1\u00eda Minera Antamina S.A. (Antamina) Peru Associate Copper and zinc mining 31 December 33.75 33.75 Samarco Minera\u00e7\u00e3o S.A. (Samarco) Brazil Joint venture Iron ore mining 31 December 50.00 50.00 Voting in relation to relevant activities in Antamina, determined to be the approval of the operating and capital budgets, does not require unanimous consent of all participants to the arrangement, therefore joint control does not exist. Instead, because the Group has the power to participate in the financial and operating policies of the investee, this investment is accounted for as an associate. Samarco is jointly owned by BHP Billiton Brasil Ltda (BHP Brasil) and Vale S.A. (Vale). As the Samarco entity has the rights to the assets and obligations to the liabilities relating to the joint arrangement and not its owners, this investment is accounted for as a joint venture. The Group is restricted in its ability to make dividend payments from its investments in associates and joint ventures as any such payments require the approval of all investors in the associates and joint ventures. The ownership interest at the Group\u2019s and the associates\u2019 or joint ventures\u2019 reporting dates are the same. When the annual financial reporting date is different to the Group\u2019s, financial information is obtained as at 30 June in order to report on an annual basis consistent with the Group\u2019s reporting date. The movement for the year in the Group\u2019s investments accounted for using the equity method is as follows: Year ended 30 June 2023 US$M Investment in associates Investment in joint ventures Total equity accounted investments At the beginning of the financial year 1,420 \u2212 1,420 Profit/(loss) from equity accounted investments, related impairments and expenses 1 379 215 594 Investment in equity accounted investments 149 \u2212 149 Dividends received from equity accounted investments (328) \u2212 (328) Other1 \u2212 (215) (215) At the end of the financial year 1,620 \u2212 1,620 1 Represents financial impacts of Samarco dam failure in the Group\u2019s loss from equity accounted investments, related impairments and expenses. Refer to note 4 \u2018Significant events \u2013 Samarco dam failure\u2019 for further information. The following table summarises the financial information relating to each of the Group\u2019s significant equity accounted investments. BHP Brasil\u2019s 50 per cent portion of Samarco\u2019s commitments, for which BHP Brasil has no funding obligation, is US$500 million (2022: US$350 million). 2023 US$M Associates Joint ventures TotalAntamina Individually immaterial 1 Samarco 2 Individually immaterial Current assets 1,519 537 3 Non-current assets 5,670 5,739 Current liabilities (774) (11,167) 4 Non-current liabilities (1,944) (10,614) Net assets/(liabilities) \u2013 100% 4,471 (15,505) Net assets/(liabilities) \u2013 Group share 1,509 (7,753) Adjustments to net assets related to accounting policy adjustments (79) 291 5 Investment in Samarco \u2212 516 6 Impairment of the carrying value of the investment in Samarco \u2212 (1,041) 7 Additional share of Samarco losses \u2212 6,034 8 Unrecognised losses \u2212 1,953 9 Carrying amount of investments accounted for using the equity method 1,430 190 \u2212 \u2212 1,620 Revenue \u2013 100% 4,350 1,554 Profit/(loss) from Continuing operations \u2013 100% 1,571 (3,018)10 Share of profit/(loss) of equity accounted investments 530 (1,509) Adjustments to share of profit/(loss) related to accounting policy adjustments (79) 23 11 Impairment of the carrying value of the investment in Samarco \u2212 \u2212 Additional share of Samarco losses \u2212 452 Fair value change on forward exchange derivatives \u2212 471 Unrecognised losses \u2212 778 9 Profit/(loss) from equity accounted investments, related impairments and expenses 451 (72) 215 \u2212 594 Comprehensive income \u2013 100% 1,571 (3,018) Share of comprehensive income/(loss) \u2013 Group share in equity accounted investments 451 (72) 215 \u2212 594 Dividends received from equity accounted investments 327 1 \u2212 \u2212 328 2022 US$M Associates Joint ventures TotalAntamina Individually immaterial 1 Samarco 2 Individually immaterial Current assets 1,275 499 3 Non-current assets 5,293 5,717 Current liabilities (847) (10,830) 4 Non-current liabilities (1,851) (7,873) Net assets/(liabilities) \u2013 100% 3,870 (12,487) Net assets/(liabilities) \u2013 Group share 1,306 (6,244) Adjustments to net assets related to accounting policy adjustments \u2212 268 5 Investment in Samarco \u2212 516 6 Impairment of the carrying value of the investment in Samarco \u2212 (1,041) 7 Additional share of Samarco losses \u2212 5,326 Unrecognised losses \u2212 1,175 9 Carrying amount of investments accounted for using the equity method 1,306 114 \u2212 \u2212 1,420 Revenue \u2013 100% 5,264 1,670 Profit/(loss) from Continuing operations \u2013 100% 2,133 (528) 10 Share of profit/(loss) of equity accounted investments 720 (276) 11 Impairment of the carrying value of the investment in Samarco \u2212 \u2212 Additional share of Samarco losses \u2212 290 Fair value change on forward exchange derivatives \u2212 (81) Unrecognised losses \u2212 (609) 9 Profit/(loss) from equity accounted investments, related impairments and expenses 720 (63) (676) \u2212 (19) Comprehensive income \u2013 100% 2,133 (528) Share of comprehensive income/(loss) \u2013 Group share in equity accounted investments 720 (63) (676) \u2212 (19) Dividends received from equity accounted investments 776 11 \u2212 \u2212 787 2021 US$M Associates Joint ventures TotalAntamina Cerrej\u00f3n Individually immaterial Samarco 2 Individually immaterial Revenue \u2013 100% 4,822 844 814 Profit/(loss) from Continuing operations \u2013 100% 1,847 (43) (2,202) 10 Share of profit/(loss) of equity accounted investments 623 (14) (1,076) 11 Impairment of the carrying value of the investment in Cerrej\u00f3n \u2212 (466) \u2212 Impairment of the carrying value of the investment in Samarco \u2212 \u2212 (111) 7 Additional share of Samarco losses \u2212 \u2212 85 Fair value change on forward exchange derivatives \u2212 \u2212 136 Unrecognised losses \u2212 \u2212 (24) 9 Profit/(loss) from equity accounted investments, related impairments and expenses 623 (480) (68) (990) \u2212 (915) Comprehensive income/(loss) \u2013 100% 1,847 (43) (2,202) Share of comprehensive income/(loss) \u2013 Group share in equity accounted investments 623 (480) (68) (990) \u2212 (915) Dividends received from equity accounted investments 714 13 10 \u2212 \u2212 737 1 The unrecognised share of gain for the period was US$76 million (2022: unrecognised share of gain for the period was US$16 million), which decreased the cumulative losses to US$141 million (2022: decrease to US$217 million). 2 Refer to note 4 \u2018Significant events \u2013 Samarco dam failure\u2019 for further information regarding the financial impact of the Samarco dam failure which occurred in November 2015 on BHP Brasil\u2019s share of Samarco\u2019s losses. 3 Includes cash and cash equivalents of US$138 million (2022: US$106 million). 4 Includes current financial liabilities (excluding trade and other payables and provisions) of US$7,154 million (2022: US$6,837 million). 5 Relates mainly to dividends declared by Samarco that remain unpaid at balance date and which, in accordance with the Group\u2019s accounting policy, are recognised when received not receivable. 6 Working capital funding provided to Samarco during the period is capitalised as part of the Group\u2019s investments in joint ventures and disclosed as an impairment included within the Samarco impairment expense line item. 7 In the year ended 30 June 2016 BHP Brasil adjusted its investment in Samarco to US$ nil (resulting from US$(655) million share of loss from Samarco and US$(525) million impairment). Additional cumulative impairment losses relating to working capital funding of US$(516) million have also been recognised. 8 BHP Brasil has recognised accumulated additional share of Samarco losses of US$(6,034) million resulting from US$(4,795) million provisions relating to the Samarco dam failure, including US$(1,239) million recognised as net finance costs. 9 Share of Samarco\u2019s losses for which BHP Brasil does not have an obligation to fund. 10 Includes depreciation and amortisation of US$144 million (2022: US$205 million; 2021: US$154 million), interest income of US$42 million (2022: US$19 million; 2021: US$1 million), interest expense of US$1,384 million (2022: US$628 million; 2021: US$492 million) and income tax (expense)/benefit of US$(213) million (2022: US$(7) million; 2021: US$(303) million). 11 Includes accounting policy adjustments mainly related to the removal of foreign exchange gains on excluded dividends payable. ",
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"fact-646": {
"value": "31 Investments accounted for using the equity method Significant interests in equity accounted investments of the Group are those with the most significant contribution to the Group\u2019s net profit or net assets. The Group\u2019s ownership interest in significant equity accounted investments results are listed in the table below. Significant associates and joint ventures Country of incorporation/ principal place of business Associate or joint venture Principal activity Reporting date Ownership interest 2023 % 2022 % Compa\u00f1\u00eda Minera Antamina S.A. (Antamina) Peru Associate Copper and zinc mining 31 December 33.75 33.75 Samarco Minera\u00e7\u00e3o S.A. (Samarco) Brazil Joint venture Iron ore mining 31 December 50.00 50.00 Voting in relation to relevant activities in Antamina, determined to be the approval of the operating and capital budgets, does not require unanimous consent of all participants to the arrangement, therefore joint control does not exist. Instead, because the Group has the power to participate in the financial and operating policies of the investee, this investment is accounted for as an associate. Samarco is jointly owned by BHP Billiton Brasil Ltda (BHP Brasil) and Vale S.A. (Vale). As the Samarco entity has the rights to the assets and obligations to the liabilities relating to the joint arrangement and not its owners, this investment is accounted for as a joint venture. The Group is restricted in its ability to make dividend payments from its investments in associates and joint ventures as any such payments require the approval of all investors in the associates and joint ventures. The ownership interest at the Group\u2019s and the associates\u2019 or joint ventures\u2019 reporting dates are the same. When the annual financial reporting date is different to the Group\u2019s, financial information is obtained as at 30 June in order to report on an annual basis consistent with the Group\u2019s reporting date. The movement for the year in the Group\u2019s investments accounted for using the equity method is as follows: Year ended 30 June 2023 US$M Investment in associates Investment in joint ventures Total equity accounted investments At the beginning of the financial year 1,420 \u2212 1,420 Profit/(loss) from equity accounted investments, related impairments and expenses 1 379 215 594 Investment in equity accounted investments 149 \u2212 149 Dividends received from equity accounted investments (328) \u2212 (328) Other1 \u2212 (215) (215) At the end of the financial year 1,620 \u2212 1,620 1 Represents financial impacts of Samarco dam failure in the Group\u2019s loss from equity accounted investments, related impairments and expenses. Refer to note 4 \u2018Significant events \u2013 Samarco dam failure\u2019 for further information. The following table summarises the financial information relating to each of the Group\u2019s significant equity accounted investments. BHP Brasil\u2019s 50 per cent portion of Samarco\u2019s commitments, for which BHP Brasil has no funding obligation, is US$500 million (2022: US$350 million). 2023 US$M Associates Joint ventures TotalAntamina Individually immaterial 1 Samarco 2 Individually immaterial Current assets 1,519 537 3 Non-current assets 5,670 5,739 Current liabilities (774) (11,167) 4 Non-current liabilities (1,944) (10,614) Net assets/(liabilities) \u2013 100% 4,471 (15,505) Net assets/(liabilities) \u2013 Group share 1,509 (7,753) Adjustments to net assets related to accounting policy adjustments (79) 291 5 Investment in Samarco \u2212 516 6 Impairment of the carrying value of the investment in Samarco \u2212 (1,041) 7 Additional share of Samarco losses \u2212 6,034 8 Unrecognised losses \u2212 1,953 9 Carrying amount of investments accounted for using the equity method 1,430 190 \u2212 \u2212 1,620 Revenue \u2013 100% 4,350 1,554 Profit/(loss) from Continuing operations \u2013 100% 1,571 (3,018)10 Share of profit/(loss) of equity accounted investments 530 (1,509) Adjustments to share of profit/(loss) related to accounting policy adjustments (79) 23 11 Impairment of the carrying value of the investment in Samarco \u2212 \u2212 Additional share of Samarco losses \u2212 452 Fair value change on forward exchange derivatives \u2212 471 Unrecognised losses \u2212 778 9 Profit/(loss) from equity accounted investments, related impairments and expenses 451 (72) 215 \u2212 594 Comprehensive income \u2013 100% 1,571 (3,018) Share of comprehensive income/(loss) \u2013 Group share in equity accounted investments 451 (72) 215 \u2212 594 Dividends received from equity accounted investments 327 1 \u2212 \u2212 328 2022 US$M Associates Joint ventures Individually immaterial 1 Samarco 2 Individually immaterial Current assets 1,275 499 3 Non-current assets 5,293 5,717 Current liabilities (847) (10,830) 4 Non-current liabilities (1,851) (7,873) Net assets/(liabilities) \u2013 100% 3,870 (12,487) Net assets/(liabilities) \u2013 Group share 1,306 (6,244) Adjustments to net assets related to accounting policy adjustments \u2212 268 5 Investment in Samarco \u2212 516 6 Impairment of the carrying value of the investment in Samarco \u2212 (1,041) 7 Additional share of Samarco losses \u2212 5,326 Unrecognised losses \u2212 1,175 9 Carrying amount of investments accounted for using the equity method 1,306 114 \u2212 \u2212 1,420 Revenue \u2013 100% 5,264 1,670 Profit/(loss) from Continuing operations \u2013 100% 2,133 (528) 10 Share of profit/(loss) of equity accounted investments 720 (276) 11 Impairment of the carrying value of the investment in Samarco \u2212 \u2212 Additional share of Samarco losses \u2212 290 Fair value change on forward exchange derivatives \u2212 (81) Unrecognised losses \u2212 (609) 9 Profit/(loss) from equity accounted investments, related impairments and expenses 720 (63) (676) \u2212 (19) Comprehensive income \u2013 100% 2,133 (528) Share of comprehensive income/(loss) \u2013 Group share in equity accounted investments 720 (63) (676) \u2212 (19) Dividends received from equity accounted investments 776 11 \u2212 \u2212 787 2021 US$M Associates Joint ventures Antamina Cerrej\u00f3n Individually immaterial Samarco 2 Individually immaterial Revenue \u2013 100% 4,822 844 814 Profit/(loss) from Continuing operations \u2013 100% 1,847 (43) (2,202) 10 Share of profit/(loss) of equity accounted investments 623 (14) (1,076) 11 Impairment of the carrying value of the investment in Cerrej\u00f3n \u2212 (466) \u2212 Impairment of the carrying value of the investment in Samarco \u2212 \u2212 (111) 7 Additional share of Samarco losses \u2212 \u2212 85 Fair value change on forward exchange derivatives \u2212 \u2212 136 Unrecognised losses \u2212 \u2212 (24) 9 Profit/(loss) from equity accounted investments, related impairments and expenses 623 (480) (68) (990) \u2212 (915) Comprehensive income/(loss) \u2013 100% 1,847 (43) (2,202) Share of comprehensive income/(loss) \u2013 Group share in equity accounted investments 623 (480) (68) (990) \u2212 (915) Dividends received from equity accounted investments 714 13 10 \u2212 \u2212 737 1 The unrecognised share of gain for the period was US$76 million (2022: unrecognised share of gain for the period was US$16 million), which decreased the cumulative losses to US$141 million (2022: decrease to US$217 million). 2 Refer to note 4 \u2018Significant events \u2013 Samarco dam failure\u2019 for further information regarding the financial impact of the Samarco dam failure which occurred in November 2015 on BHP Brasil\u2019s share of Samarco\u2019s losses. 3 Includes cash and cash equivalents of US$138 million (2022: US$106 million). 4 Includes current financial liabilities (excluding trade and other payables and provisions) of US$7,154 million (2022: US$6,837 million). 5 Relates mainly to dividends declared by Samarco that remain unpaid at balance date and which, in accordance with the Group\u2019s accounting policy, are recognised when received not receivable. 6 Working capital funding provided to Samarco during the period is capitalised as part of the Group\u2019s investments in joint ventures and disclosed as an impairment included within the Samarco impairment expense line item. 7 In the year ended 30 June 2016 BHP Brasil adjusted its investment in Samarco to US$ nil (resulting from US$(655) million share of loss from Samarco and US$(525) million impairment). Additional cumulative impairment losses relating to working capital funding of US$(516) million have also been recognised. 8 BHP Brasil has recognised accumulated additional share of Samarco losses of US$(6,034) million resulting from US$(4,795) million provisions relating to the Samarco dam failure, including US$(1,239) million recognised as net finance costs. 9 Share of Samarco\u2019s losses for which BHP Brasil does not have an obligation to fund. 10 Includes depreciation and amortisation of US$144 million (2022: US$205 million; 2021: US$154 million), interest income of US$42 million (2022: US$19 million; 2021: US$1 million), interest expense of US$1,384 million (2022: US$628 million; 2021: US$492 million) and income tax (expense)/benefit of US$(213) million (2022: US$(7) million; 2021: US$(303) million). 11 Includes accounting policy adjustments mainly related to the removal of foreign exchange gains on excluded dividends payable. ",
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"fact-692": {
"value": "31 Investments accounted for using the equity method Significant interests in equity accounted investments of the Group are those with the most significant contribution to the Group\u2019s net profit or net assets. The Group\u2019s ownership interest in significant equity accounted investments results are listed in the table below. Significant associates and joint ventures Country of incorporation/ principal place of business Associate or joint venture Principal activity Reporting date Ownership interest 2023 % 2022 % Compa\u00f1\u00eda Minera Antamina S.A. (Antamina) Peru Associate Copper and zinc mining 31 December 33.75 33.75 Samarco Minera\u00e7\u00e3o S.A. (Samarco) Brazil Joint venture Iron ore mining 31 December 50.00 50.00 Voting in relation to relevant activities in Antamina, determined to be the approval of the operating and capital budgets, does not require unanimous consent of all participants to the arrangement, therefore joint control does not exist. Instead, because the Group has the power to participate in the financial and operating policies of the investee, this investment is accounted for as an associate. Samarco is jointly owned by BHP Billiton Brasil Ltda (BHP Brasil) and Vale S.A. (Vale). As the Samarco entity has the rights to the assets and obligations to the liabilities relating to the joint arrangement and not its owners, this investment is accounted for as a joint venture. The Group is restricted in its ability to make dividend payments from its investments in associates and joint ventures as any such payments require the approval of all investors in the associates and joint ventures. The ownership interest at the Group\u2019s and the associates\u2019 or joint ventures\u2019 reporting dates are the same. When the annual financial reporting date is different to the Group\u2019s, financial information is obtained as at 30 June in order to report on an annual basis consistent with the Group\u2019s reporting date. The movement for the year in the Group\u2019s investments accounted for using the equity method is as follows: Year ended 30 June 2023 US$M Investment in associates Investment in joint ventures Total equity accounted investments At the beginning of the financial year 1,420 \u2212 1,420 Profit/(loss) from equity accounted investments, related impairments and expenses 1 379 215 594 Investment in equity accounted investments 149 \u2212 149 Dividends received from equity accounted investments (328) \u2212 (328) Other1 \u2212 (215) (215) At the end of the financial year 1,620 \u2212 1,620 1 Represents financial impacts of Samarco dam failure in the Group\u2019s loss from equity accounted investments, related impairments and expenses. Refer to note 4 \u2018Significant events \u2013 Samarco dam failure\u2019 for further information. The following table summarises the financial information relating to each of the Group\u2019s significant equity accounted investments. BHP Brasil\u2019s 50 per cent portion of Samarco\u2019s commitments, for which BHP Brasil has no funding obligation, is US$500 million (2022: US$350 million). 2023 US$M Associates Joint ventures TotalAntamina Individually immaterial 1 Samarco 2 Individually immaterial Current assets 1,519 537 3 Non-current assets 5,670 5,739 Current liabilities (774) (11,167) 4 Non-current liabilities (1,944) (10,614) Net assets/(liabilities) \u2013 100% 4,471 (15,505) Net assets/(liabilities) \u2013 Group share 1,509 (7,753) Adjustments to net assets related to accounting policy adjustments (79) 291 5 Investment in Samarco \u2212 516 6 Impairment of the carrying value of the investment in Samarco \u2212 (1,041) 7 Additional share of Samarco losses \u2212 6,034 8 Unrecognised losses \u2212 1,953 9 Carrying amount of investments accounted for using the equity method 1,430 190 \u2212 \u2212 1,620 Revenue \u2013 100% 4,350 1,554 Profit/(loss) from Continuing operations \u2013 100% 1,571 (3,018)10 Share of profit/(loss) of equity accounted investments 530 (1,509) Adjustments to share of profit/(loss) related to accounting policy adjustments (79) 23 11 Impairment of the carrying value of the investment in Samarco \u2212 \u2212 Additional share of Samarco losses \u2212 452 Fair value change on forward exchange derivatives \u2212 471 Unrecognised losses \u2212 778 9 Profit/(loss) from equity accounted investments, related impairments and expenses 451 (72) 215 \u2212 594 Comprehensive income \u2013 100% 1,571 (3,018) Share of comprehensive income/(loss) \u2013 Group share in equity accounted investments 451 (72) 215 \u2212 594 Dividends received from equity accounted investments 327 1 \u2212 \u2212 328 2022 US$M Associates Joint ventures TotalAntamina Individually immaterial 1 Samarco 2 Individually immaterial Current assets 1,275 499 3 Non-current assets 5,293 5,717 Current liabilities (847) (10,830) 4 Non-current liabilities (1,851) (7,873) Net assets/(liabilities) \u2013 100% 3,870 (12,487) Net assets/(liabilities) \u2013 Group share 1,306 (6,244) Adjustments to net assets related to accounting policy adjustments \u2212 268 5 Investment in Samarco \u2212 516 6 Impairment of the carrying value of the investment in Samarco \u2212 (1,041) 7 Additional share of Samarco losses \u2212 5,326 Unrecognised losses \u2212 1,175 9 Carrying amount of investments accounted for using the equity method 1,306 114 \u2212 \u2212 1,420 Revenue \u2013 100% 5,264 1,670 Profit/(loss) from Continuing operations \u2013 100% 2,133 (528) 10 Share of profit/(loss) of equity accounted investments 720 (276) 11 Impairment of the carrying value of the investment in Samarco \u2212 \u2212 Additional share of Samarco losses \u2212 290 Fair value change on forward exchange derivatives \u2212 (81) Unrecognised losses \u2212 (609) 9 Profit/(loss) from equity accounted investments, related impairments and expenses 720 (63) (676) \u2212 (19) Comprehensive income \u2013 100% 2,133 (528) Share of comprehensive income/(loss) \u2013 Group share in equity accounted investments 720 (63) (676) \u2212 (19) Dividends received from equity accounted investments 776 11 \u2212 \u2212 787 2021 US$M Associates Joint ventures TotalAntamina Cerrej\u00f3n Individually immaterial Samarco 2 Individually immaterial Revenue \u2013 100% 4,822 844 814 Profit/(loss) from Continuing operations \u2013 100% 1,847 (43) (2,202) 10 Share of profit/(loss) of equity accounted investments 623 (14) (1,076) 11 Impairment of the carrying value of the investment in Cerrej\u00f3n \u2212 (466) \u2212 Impairment of the carrying value of the investment in Samarco \u2212 \u2212 (111) 7 Additional share of Samarco losses \u2212 \u2212 85 Fair value change on forward exchange derivatives \u2212 \u2212 136 Unrecognised losses \u2212 \u2212 (24) 9 Profit/(loss) from equity accounted investments, related impairments and expenses 623 (480) (68) (990) \u2212 (915) Comprehensive income/(loss) \u2013 100% 1,847 (43) (2,202) Share of comprehensive income/(loss) \u2013 Group share in equity accounted investments 623 (480) (68) (990) \u2212 (915) Dividends received from equity accounted investments 714 13 10 \u2212 \u2212 737 1 The unrecognised share of gain for the period was US$76 million (2022: unrecognised share of gain for the period was US$16 million), which decreased the cumulative losses to US$141 million (2022: decrease to US$217 million). 2 Refer to note 4 \u2018Significant events \u2013 Samarco dam failure\u2019 for further information regarding the financial impact of the Samarco dam failure which occurred in November 2015 on BHP Brasil\u2019s share of Samarco\u2019s losses. 3 Includes cash and cash equivalents of US$138 million (2022: US$106 million). 4 Includes current financial liabilities (excluding trade and other payables and provisions) of US$7,154 million (2022: US$6,837 million). 5 Relates mainly to dividends declared by Samarco that remain unpaid at balance date and which, in accordance with the Group\u2019s accounting policy, are recognised when received not receivable. 6 Working capital funding provided to Samarco during the period is capitalised as part of the Group\u2019s investments in joint ventures and disclosed as an impairment included within the Samarco impairment expense line item. 7 In the year ended 30 June 2016 BHP Brasil adjusted its investment in Samarco to US$ nil (resulting from US$(655) million share of loss from Samarco and US$(525) million impairment). Additional cumulative impairment losses relating to working capital funding of US$(516) million have also been recognised. 8 BHP Brasil has recognised accumulated additional share of Samarco losses of US$(6,034) million resulting from US$(4,795) million provisions relating to the Samarco dam failure, including US$(1,239) million recognised as net finance costs. 9 Share of Samarco\u2019s losses for which BHP Brasil does not have an obligation to fund. 10 Includes depreciation and amortisation of US$144 million (2022: US$205 million; 2021: US$154 million), interest income of US$42 million (2022: US$19 million; 2021: US$1 million), interest expense of US$1,384 million (2022: US$628 million; 2021: US$492 million) and income tax (expense)/benefit of US$(213) million (2022: US$(7) million; 2021: US$(303) million). 11 Includes accounting policy adjustments mainly related to the removal of foreign exchange gains on excluded dividends payable. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-724": {
"value": "The following table summarises the financial information relating to each of the Group\u2019s significant equity accounted investments. BHP Brasil\u2019s 50 per cent portion of Samarco\u2019s commitments, for which BHP Brasil has no funding obligation, is US$500 million (2022: US$350 million). 2023 US$M Associates Joint ventures TotalAntamina Individually immaterial 1 Samarco 2 Individually immaterial Current assets 1,519 537 3 Non-current assets 5,670 5,739 Current liabilities (774) (11,167) 4 Non-current liabilities (1,944) (10,614) Net assets/(liabilities) \u2013 100% 4,471 (15,505) Net assets/(liabilities) \u2013 Group share 1,509 (7,753) Adjustments to net assets related to accounting policy adjustments (79) 291 5 Investment in Samarco \u2212 516 6 Impairment of the carrying value of the investment in Samarco \u2212 (1,041) 7 Additional share of Samarco losses \u2212 6,034 8 Unrecognised losses \u2212 1,953 9 Carrying amount of investments accounted for using the equity method 1,430 190 \u2212 \u2212 1,620 Revenue \u2013 100% 4,350 1,554 Profit/(loss) from Continuing operations \u2013 100% 1,571 (3,018)10 Share of profit/(loss) of equity accounted investments 530 (1,509) Adjustments to share of profit/(loss) related to accounting policy adjustments (79) 23 11 Impairment of the carrying value of the investment in Samarco \u2212 \u2212 Additional share of Samarco losses \u2212 452 Fair value change on forward exchange derivatives \u2212 471 Unrecognised losses \u2212 778 9 Profit/(loss) from equity accounted investments, related impairments and expenses 451 (72) 215 \u2212 594 Comprehensive income \u2013 100% 1,571 (3,018) Share of comprehensive income/(loss) \u2013 Group share in equity accounted investments 451 (72) 215 \u2212 594 Dividends received from equity accounted investments 327 1 \u2212 \u2212 328 2022 US$M Associates Joint ventures TotalAntamina Individually immaterial 1 Samarco 2 Individually immaterial Current assets 1,275 499 3 Non-current assets 5,293 5,717 Current liabilities (847) (10,830) 4 Non-current liabilities (1,851) (7,873) Net assets/(liabilities) \u2013 100% 3,870 (12,487) Net assets/(liabilities) \u2013 Group share 1,306 (6,244) Adjustments to net assets related to accounting policy adjustments \u2212 268 5 Investment in Samarco \u2212 516 6 Impairment of the carrying value of the investment in Samarco \u2212 (1,041) 7 Additional share of Samarco losses \u2212 5,326 Unrecognised losses \u2212 1,175 9 Carrying amount of investments accounted for using the equity method 1,306 114 \u2212 \u2212 1,420 Revenue \u2013 100% 5,264 1,670 Profit/(loss) from Continuing operations \u2013 100% 2,133 (528) 10 Share of profit/(loss) of equity accounted investments 720 (276) 11 Impairment of the carrying value of the investment in Samarco \u2212 \u2212 Additional share of Samarco losses \u2212 290 Fair value change on forward exchange derivatives \u2212 (81) Unrecognised losses \u2212 (609) 9 Profit/(loss) from equity accounted investments, related impairments and expenses 720 (63) (676) \u2212 (19) Comprehensive income \u2013 100% 2,133 (528) Share of comprehensive income/(loss) \u2013 Group share in equity accounted investments 720 (63) (676) \u2212 (19) Dividends received from equity accounted investments 776 11 \u2212 \u2212 787 2021 US$M Associates Joint ventures TotalAntamina Cerrej\u00f3n Individually immaterial Samarco 2 Individually immaterial Revenue \u2013 100% 4,822 844 814 Profit/(loss) from Continuing operations \u2013 100% 1,847 (43) (2,202) 10 Share of profit/(loss) of equity accounted investments 623 (14) (1,076) 11 Impairment of the carrying value of the investment in Cerrej\u00f3n \u2212 (466) \u2212 Impairment of the carrying value of the investment in Samarco \u2212 \u2212 (111) 7 Additional share of Samarco losses \u2212 \u2212 85 Fair value change on forward exchange derivatives \u2212 \u2212 136 Unrecognised losses \u2212 \u2212 (24) 9 Profit/(loss) from equity accounted investments, related impairments and expenses 623 (480) (68) (990) \u2212 (915) Comprehensive income/(loss) \u2013 100% 1,847 (43) (2,202) Share of comprehensive income/(loss) \u2013 Group share in equity accounted investments 623 (480) (68) (990) \u2212 (915) Dividends received from equity accounted investments 714 13 10 \u2212 \u2212 737 1 The unrecognised share of gain for the period was US$76 million (2022: unrecognised share of gain for the period was US$16 million), which decreased the cumulative losses to US$141 million (2022: decrease to US$217 million). 2 Refer to note 4 \u2018Significant events \u2013 Samarco dam failure\u2019 for further information regarding the financial impact of the Samarco dam failure which occurred in November 2015 on BHP Brasil\u2019s share of Samarco\u2019s losses. 3 Includes cash and cash equivalents of US$138 million (2022: US$106 million). 4 Includes current financial liabilities (excluding trade and other payables and provisions) of US$7,154 million (2022: US$6,837 million). 5 Relates mainly to dividends declared by Samarco that remain unpaid at balance date and which, in accordance with the Group\u2019s accounting policy, are recognised when received not receivable. 6 Working capital funding provided to Samarco during the period is capitalised as part of the Group\u2019s investments in joint ventures and disclosed as an impairment included within the Samarco impairment expense line item. 7 In the year ended 30 June 2016 BHP Brasil adjusted its investment in Samarco to US$ nil (resulting from US$(655) million share of loss from Samarco and US$(525) million impairment). Additional cumulative impairment losses relating to working capital funding of US$(516) million have also been recognised. 8 BHP Brasil has recognised accumulated additional share of Samarco losses of US$(6,034) million resulting from US$(4,795) million provisions relating to the Samarco dam failure, including US$(1,239) million recognised as net finance costs. 9 Share of Samarco\u2019s losses for which BHP Brasil does not have an obligation to fund. 10 Includes depreciation and amortisation of US$144 million (2022: US$205 million; 2021: US$154 million), interest income of US$42 million (2022: US$19 million; 2021: US$1 million), interest expense of US$1,384 million (2022: US$628 million; 2021: US$492 million) and income tax (expense)/benefit of US$(213) million (2022: US$(7) million; 2021: US$(303) million). 11 Includes accounting policy adjustments mainly related to the removal of foreign exchange gains on excluded dividends payable. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReconciliationOfSummarisedFinancialInformationOfJointVentureAccountedForUsingEquityMethodToCarryingAmountOfInterestInJointVentureExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-720": {
"value": "The following table summarises the financial information relating to each of the Group\u2019s significant equity accounted investments. BHP Brasil\u2019s 50 per cent portion of Samarco\u2019s commitments, for which BHP Brasil has no funding obligation, is US$500 million (2022: US$350 million). 2023 US$M Associates Joint ventures TotalAntamina Individually immaterial 1 Samarco 2 Individually immaterial Current assets 1,519 537 3 Non-current assets 5,670 5,739 Current liabilities (774) (11,167) 4 Non-current liabilities (1,944) (10,614) Net assets/(liabilities) \u2013 100% 4,471 (15,505) Net assets/(liabilities) \u2013 Group share 1,509 (7,753) Adjustments to net assets related to accounting policy adjustments (79) 291 5 Investment in Samarco \u2212 516 6 Impairment of the carrying value of the investment in Samarco \u2212 (1,041) 7 Additional share of Samarco losses \u2212 6,034 8 Unrecognised losses \u2212 1,953 9 Carrying amount of investments accounted for using the equity method 1,430 190 \u2212 \u2212 1,620 Revenue \u2013 100% 4,350 1,554 Profit/(loss) from Continuing operations \u2013 100% 1,571 (3,018)10 Share of profit/(loss) of equity accounted investments 530 (1,509) Adjustments to share of profit/(loss) related to accounting policy adjustments (79) 23 11 Impairment of the carrying value of the investment in Samarco \u2212 \u2212 Additional share of Samarco losses \u2212 452 Fair value change on forward exchange derivatives \u2212 471 Unrecognised losses \u2212 778 9 Profit/(loss) from equity accounted investments, related impairments and expenses 451 (72) 215 \u2212 594 Comprehensive income \u2013 100% 1,571 (3,018) Share of comprehensive income/(loss) \u2013 Group share in equity accounted investments 451 (72) 215 \u2212 594 Dividends received from equity accounted investments 327 1 \u2212 \u2212 328 2022 US$M Associates Joint ventures TotalAntamina Individually immaterial 1 Samarco 2 Individually immaterial Current assets 1,275 499 3 Non-current assets 5,293 5,717 Current liabilities (847) (10,830) 4 Non-current liabilities (1,851) (7,873) Net assets/(liabilities) \u2013 100% 3,870 (12,487) Net assets/(liabilities) \u2013 Group share 1,306 (6,244) Adjustments to net assets related to accounting policy adjustments \u2212 268 5 Investment in Samarco \u2212 516 6 Impairment of the carrying value of the investment in Samarco \u2212 (1,041) 7 Additional share of Samarco losses \u2212 5,326 Unrecognised losses \u2212 1,175 9 Carrying amount of investments accounted for using the equity method 1,306 114 \u2212 \u2212 1,420 Revenue \u2013 100% 5,264 1,670 Profit/(loss) from Continuing operations \u2013 100% 2,133 (528) 10 Share of profit/(loss) of equity accounted investments 720 (276) 11 Impairment of the carrying value of the investment in Samarco \u2212 \u2212 Additional share of Samarco losses \u2212 290 Fair value change on forward exchange derivatives \u2212 (81) Unrecognised losses \u2212 (609) 9 Profit/(loss) from equity accounted investments, related impairments and expenses 720 (63) (676) \u2212 (19) Comprehensive income \u2013 100% 2,133 (528) Share of comprehensive income/(loss) \u2013 Group share in equity accounted investments 720 (63) (676) \u2212 (19) Dividends received from equity accounted investments 776 11 \u2212 \u2212 787 2021 US$M Associates Joint ventures TotalAntamina Cerrej\u00f3n Individually immaterial Samarco 2 Individually immaterial Revenue \u2013 100% 4,822 844 814 Profit/(loss) from Continuing operations \u2013 100% 1,847 (43) (2,202) 10 Share of profit/(loss) of equity accounted investments 623 (14) (1,076) 11 Impairment of the carrying value of the investment in Cerrej\u00f3n \u2212 (466) \u2212 Impairment of the carrying value of the investment in Samarco \u2212 \u2212 (111) 7 Additional share of Samarco losses \u2212 \u2212 85 Fair value change on forward exchange derivatives \u2212 \u2212 136 Unrecognised losses \u2212 \u2212 (24) 9 Profit/(loss) from equity accounted investments, related impairments and expenses 623 (480) (68) (990) \u2212 (915) Comprehensive income/(loss) \u2013 100% 1,847 (43) (2,202) Share of comprehensive income/(loss) \u2013 Group share in equity accounted investments 623 (480) (68) (990) \u2212 (915) Dividends received from equity accounted investments 714 13 10 \u2212 \u2212 737 1 The unrecognised share of gain for the period was US$76 million (2022: unrecognised share of gain for the period was US$16 million), which decreased the cumulative losses to US$141 million (2022: decrease to US$217 million). 2 Refer to note 4 \u2018Significant events \u2013 Samarco dam failure\u2019 for further information regarding the financial impact of the Samarco dam failure which occurred in November 2015 on BHP Brasil\u2019s share of Samarco\u2019s losses. 3 Includes cash and cash equivalents of US$138 million (2022: US$106 million). 4 Includes current financial liabilities (excluding trade and other payables and provisions) of US$7,154 million (2022: US$6,837 million). 5 Relates mainly to dividends declared by Samarco that remain unpaid at balance date and which, in accordance with the Group\u2019s accounting policy, are recognised when received not receivable. 6 Working capital funding provided to Samarco during the period is capitalised as part of the Group\u2019s investments in joint ventures and disclosed as an impairment included within the Samarco impairment expense line item. 7 In the year ended 30 June 2016 BHP Brasil adjusted its investment in Samarco to US$ nil (resulting from US$(655) million share of loss from Samarco and US$(525) million impairment). Additional cumulative impairment losses relating to working capital funding of US$(516) million have also been recognised. 8 BHP Brasil has recognised accumulated additional share of Samarco losses of US$(6,034) million resulting from US$(4,795) million provisions relating to the Samarco dam failure, including US$(1,239) million recognised as net finance costs. 9 Share of Samarco\u2019s losses for which BHP Brasil does not have an obligation to fund. 10 Includes depreciation and amortisation of US$144 million (2022: US$205 million; 2021: US$154 million), interest income of US$42 million (2022: US$19 million; 2021: US$1 million), interest expense of US$1,384 million (2022: US$628 million; 2021: US$492 million) and income tax (expense)/benefit of US$(213) million (2022: US$(7) million; 2021: US$(303) million). 11 Includes accounting policy adjustments mainly related to the removal of foreign exchange gains on excluded dividends payable. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReconciliationOfSummarisedFinancialInformationOfAssociateAccountedForUsingEquityMethodToCarryingAmountOfInterestInAssociateExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-647": {
"value": "32 Interests in joint operations Significant joint operations of the Group are those with the most significant contributions to the Group\u2019s net profit or net assets. The Group\u2019s interest in the joint operations results are listed in the table below. Significant joint operations Country of operation Principal activity Group\u2019s interest 2023 % 2022 % Mt Goldsworthy1 Australia Iron ore mining 85 85 Mt Newman1 Australia Iron ore mining 85 85 Yandi1 Australia Iron ore mining 85 85 Central Queensland Coal Associates Australia Coal mining 50 50 1 These contractual arrangements are controlled by the Group and do not meet the definition of joint operations. However, as they are formed by contractual arrangement and are not entities, the Group recognises its share of assets, liabilities, revenue and expenses arising from these arrangements. Assets held in joint operations subject to significant restrictions are as follows: Group\u2019s share 2023 US$M 2022 US$M Current assets 1,561 1,928 Non-current assets 26,370 26,256 Total assets1 27,931 28,184 1 While the Group is unrestricted in its ability to sell a share of its interest in these joint operations, it does not have the right to sell individual assets that are used in these joint operations without the unanimous consent of the other participants. The assets in these joint operations are also restricted to the extent that they are only available to be used by the joint operation itself and not by other operations of the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointOperationsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-648": {
"value": "33 Related party transactions The Group\u2019s related parties are predominantly subsidiaries, associates and joint ventures, and key management personnel of the Group. Disclosures relating to key management personnel are set out in note 25 \u2018Key management personnel\u2019. Transactions between each parent company and its subsidiaries are eliminated on consolidation and are not disclosed in this note. \u2013 All transactions to/from related parties are made at arm\u2019s length, i.e. at normal market prices and rates and on normal commercial terms. \u2013 Outstanding balances at year-end are unsecured and settlement occurs in cash. Loan amounts owing from related parties represent secured loans made to associates and joint ventures under co-funding arrangements. Such loans are made on an arm\u2019s length basis. \u2013 No guarantees are provided or received for any related party receivables or payables. \u2013 No provision for expected credit losses has been recognised in relation to any outstanding balances and no expense has been recognised in respect of expected credit losses due from related parties. \u2013 There were no other related party transactions in the year ended 30 June 2023 (2022: US$ nil), other than those with post-employment benefit plans for the benefit of Group employees. These are shown in note 27 \u2018Employee benefits, restructuring and post-retirement employee benefits provisions\u2019. \u2013 Related party transactions with Samarco are described in note 4 \u2018Significant events \u2013 Samarco dam failure\u2019 . Further disclosures related to related party transactions are as follows: Transactions with related parties Joint ventures Associates 2023 US$M 2022 US$M 2023 US$M 2022 US$M Sales of goods/services \u2212 \u2212 \u2212 \u2212 Purchases of goods/services \u2212 \u2212 1,589.094 1,852.132 Interest income \u2212 \u2212 \u2212 0.398 Interest expense \u2212 \u2212 \u2212 0.005 Dividends received \u2212 \u2212 327.679 787.208 Net loans made to/(repayments from) related parties \u2212 \u2212 \u2212 (23.554) Outstanding balances with related parties Joint ventures Associates 2023 US$M 2022 US$M 2023 US$M 2022 US$M Trade amounts owing to related parties \u2013 \u2212 246.239 351.607 Loan amounts owing to related parties \u2212 \u2212 \u2212 \u2212 Trade amounts owing from related parties \u2013 \u2212 6.730 6.855 Loan amounts owing from related parties \u2212 \u2212 \u2212 \u2212 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-693": {
"value": "33 Related party transactions The Group\u2019s related parties are predominantly subsidiaries, associates and joint ventures, and key management personnel of the Group. Disclosures relating to key management personnel are set out in note 25 \u2018Key management personnel\u2019. Transactions between each parent company and its subsidiaries are eliminated on consolidation and are not disclosed in this note. \u2013 All transactions to/from related parties are made at arm\u2019s length, i.e. at normal market prices and rates and on normal commercial terms. \u2013 Outstanding balances at year-end are unsecured and settlement occurs in cash. Loan amounts owing from related parties represent secured loans made to associates and joint ventures under co-funding arrangements. Such loans are made on an arm\u2019s length basis. \u2013 No guarantees are provided or received for any related party receivables or payables. \u2013 No provision for expected credit losses has been recognised in relation to any outstanding balances and no expense has been recognised in respect of expected credit losses due from related parties. \u2013 There were no other related party transactions in the year ended 30 June 2023 (2022: US$ nil), other than those with post-employment benefit plans for the benefit of Group employees. These are shown in note 27 \u2018Employee benefits, restructuring and post-retirement employee benefits provisions\u2019. \u2013 Related party transactions with Samarco are described in note 4 \u2018Significant events \u2013 Samarco dam failure\u2019 . Further disclosures related to related party transactions are as follows: Transactions with related parties Joint ventures Associates 2023 US$M 2022 US$M 2023 US$M 2022 US$M Sales of goods/services \u2212 \u2212 \u2212 \u2212 Purchases of goods/services \u2212 \u2212 1,589.094 1,852.132 Interest income \u2212 \u2212 \u2212 0.398 Interest expense \u2212 \u2212 \u2212 0.005 Dividends received \u2212 \u2212 327.679 787.208 Net loans made to/(repayments from) related parties \u2212 \u2212 \u2212 (23.554) Outstanding balances with related parties Joint ventures Associates 2023 US$M 2022 US$M 2023 US$M 2022 US$M Trade amounts owing to related parties \u2013 \u2212 246.239 351.607 Loan amounts owing to related parties \u2212 \u2212 \u2212 \u2212 Trade amounts owing from related parties \u2013 \u2212 6.730 6.855 Loan amounts owing from related parties \u2212 \u2212 \u2212 \u2212 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-753": {
"value": "The Group\u2019s related parties are predominantly subsidiaries, associates and joint ventures, and key management personnel of the Group. Disclosures relating to key management personnel are set out in note 25 \u2018Key management personnel\u2019. Transactions between each parent company and its subsidiaries are eliminated on consolidation and are not disclosed in this note. \u2013 All transactions to/from related parties are made at arm\u2019s length, i.e. at normal market prices and rates and on normal commercial terms. \u2013 Outstanding balances at year-end are unsecured and settlement occurs in cash. Loan amounts owing from related parties represent secured loans made to associates and joint ventures under co-funding arrangements. Such loans are made on an arm\u2019s length basis. \u2013 No guarantees are provided or received for any related party receivables or payables. \u2013 No provision for expected credit losses has been recognised in relation to any outstanding balances and no expense has been recognised in respect of expected credit losses due from related parties. \u2013 There were no other related party transactions in the year ended 30 June 2023 (2022: US$ nil), other than those with post-employment benefit plans for the benefit of Group employees. These are shown in note 27 \u2018Employee benefits, restructuring and post-retirement employee benefits provisions\u2019. \u2013 Related party transactions with Samarco are described in note 4 \u2018Significant events \u2013 Samarco dam failure\u2019 . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-649": {
"value": "34 Contingent liabilities 2023 US$M 2022 US$M Associates and joint ventures 1 1,094 1,541 Subsidiaries and joint operations1 1,184 925 Total 2,278 2,466 1 There are a number of matters, for which it is not possible at this time to provide a range of possible outcomes or a reliable estimate of potential future exposures, and for which no amounts have been included in the table above. A contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. A contingent liability may also be a present obligation arising from past events but is not recognised on the basis that an outflow of economic resources to settle the obligation is not viewed as probable, or the amount of the obligation cannot be reliably measured. When the Group has a present obligation, an outflow of economic resources is assessed as probable and the Group can reliably measure the obligation, a provision is recognised. The Group has entered into various counter-indemnities of bank and performance guarantees related to its own future performance, which are in the normal course of business. The likelihood of these guarantees being called upon is considered remote. The Group presently has tax matters, litigation and other claims, for which the timing of resolution and potential economic outflow are uncertain. Obligations assessed as having probable future economic outflows capable of reliable measurement are provided at reporting date and matters assessed as having possible future economic outflows capable of reliable measurement are included in the total amount of contingent liabilities above. Individually significant matters, including narrative on potential future exposures incapable of reliable measurement, are disclosed below, to the extent that disclosure does not prejudice the Group. Uncertain tax and royalty matters The Group is subject to a range of taxes and royalties across many jurisdictions, the application of which is uncertain in some regards. Changes in tax law, changes in interpretation of tax law, periodic challenges and disagreements with tax authorities, and legal proceedings result in uncertainty of the outcome of the application of taxes and royalties to the Group\u2019s business. To the extent uncertain tax and royalty matters give rise to a contingent liability, an estimate of the potential liability is included within the table above, where it is capable of reliable measurement. Samarco contingent liabilities The table above includes contingent liabilities related to the Group\u2019s equity accounted investment in Samarco to the extent they are capable of reliable measurement. Details of contingent liabilities related to Samarco are disclosed in note 4 \u2018Significant events \u2013 Samarco dam failure\u2019. Divestments and demergers Where the Group divests or demerges entities, it is generally agreed to provide certain indemnities to the acquiring or demerged entity. Such indemnities include those provided as part of the demerger of South32 Ltd in May 2015, divestment of Group\u2019s Onshore US assets in September 2018 and October 2018, divestment of BMC in May 2022 and the merger of the Group\u2019s Petroleum business with Woodside in June 2022. No material claims have been made pursuant to these indemnities as at 30 June 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-754": {
"value": "A contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. A contingent liability may also be a present obligation arising from past events but is not recognised on the basis that an outflow of economic resources to settle the obligation is not viewed as probable, or the amount of the obligation cannot be reliably measured. When the Group has a present obligation, an outflow of economic resources is assessed as probable and the Group can reliably measure the obligation, a provision is recognised. The Group has entered into various counter-indemnities of bank and performance guarantees related to its own future performance, which are in the normal course of business. The likelihood of these guarantees being called upon is considered remote. The Group presently has tax matters, litigation and other claims, for which the timing of resolution and potential economic outflow are uncertain. Obligations assessed as having probable future economic outflows capable of reliable measurement are provided at reporting date and matters assessed as having possible future economic outflows capable of reliable measurement are included in the total amount of contingent liabilities above. Individually significant matters, including narrative on potential future exposures incapable of reliable measurement, are disclosed below, to the extent that disclosure does not prejudice the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-651": {
"value": "35 Subsequent events On 14 August 2023, an application to commence a class action was filed in the High Court of South Africa on behalf of current and former mineworkers, and the dependants of certain mineworkers, who have contracted coal mine dust lung disease and who work or have worked on specified coal mines in South Africa between 1965 to date. \u2018BHP Billiton Plc Incorporated\u2019 was named as one of four respondents, alongside South32 SA Holdings Limited, South32 Coal SA (Pty) Limited, and Seriti Power (Proprietary) Limited. The amount of damages sought by the Applicants on behalf of the putative class is unspecified. Given the preliminary status of this matter, it is not possible at this time to provide a range of possible outcomes or a reliable estimate of potential future exposures for the Group. However, the Group anticipates that claims for indemnification may be made under the terms of the Separation Deed agreed as part of the demerger of South32 Limited in 2015. Other than the matters outlined above or elsewhere in the Financial Statements, no matters or circumstances have arisen since the end of the financial year that have significantly affected, or may significantly affect, the operations, results of operations or state of affairs of the Group in subsequent accounting periods. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-650": {
"value": "36 Auditor\u2019s remuneration 2023 US$M 2022 US$M 2021 US$M Fees payable to the Group\u2019s auditors for assurance services Audit of the Group\u2019s Annual Report 9.700 9.816 10.642 Audit of the accounts of subsidiaries, joint ventures and associates 0.551 0.605 1.234 Audit-related assurance services required by legislation to be provided by the auditor 1.808 1.933 1.770 Other assurance and agreed-upon procedures under legislation or contractual arrangements 1.991 7.938 1.867 Total assurance services 14.050 20.292 15.513 Fees payable to the Group\u2019s auditors for non-assurance services Other services 0.180 \u2212 \u2212 Total other services 0.180 \u2212 \u2212 Total fees 14.230 20.292 15.513 All amounts were paid to EY or EY affiliated firms with fees determined, and predominantly billed, in US dollars. Fees payable to the Group\u2019s auditors for assurance services Audit of the Group\u2019s Annual Report comprises fees for auditing the statutory financial report of the Group and includes audit work in relation to compliance with section 404 of the US Sarbanes-Oxley Act. Audit-related assurance services required by legislation to be provided by the auditors mainly comprises review of the half-year report. Other assurance services comprise assurance in respect of the Group\u2019s sustainability reporting, economic contribution reporting, and other non- statutory reporting. Fees payable to the Group\u2019s auditors for other services Other services provided in FY2023 relate to an independent assessment of technology project governance. No amounts were payable for other services in FY2022 or FY2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-652": {
"value": "37 BHP Group Limited BHP Group Limited does not present unconsolidated parent company Financial Statements. Selected financial information of the BHP Group Limited parent company is as follows: 2023 US$M 2022 US$M Income statement information for the financial year Profit after taxation for the year 10,924 22,871 Total comprehensive income 10,925 22,868 Balance sheet information as at the end of the financial year Current assets 3,579 4,778 Total assets 39,232 43,565 Current liabilities 1,476 3,176 Total liabilities 1,637 3,517 Share capital 4,449 4,350 Treasury shares (41) (31) Reserves 165 168 Retained earnings 33,022 35,561 Total equity 37,595 40,048 Parent company guarantees BHP Group Limited has guaranteed certain financing arrangements available to subsidiaries of US$5,499 million at 30 June 2023 (2022: US$6,980 million). BHP Group Limited and its wholly owned subsidiary BHP Group (UK) Ltd (formerly BHP Group Plc) have severally, fully and unconditionally guaranteed the payment of the principal and premium, if any, and interest, including certain additional amounts that may be payable in respect of the notes issued by 100 per cent owned finance subsidiary, BHP Billiton Finance (USA) Ltd. BHP Group Limited and BHP Group (UK) Ltd have guaranteed the payment of such amounts when they become due and payable, whether on an interest payment date, at the stated maturity of the notes, by declaration or acceleration, call for redemption or otherwise. The guaranteed liabilities at 30 June 2023 amounted to US$4,234 million (2022: US$4,234 million). In addition, BHP Group Limited and BHP Group (UK) Ltd have severally guaranteed a Group Revolving Credit Facility of US$5,500 million (2022: US$5,500 million), which remains undrawn. In FY2023, BHP Group Limited has severally, fully and unconditionally guaranteed the payment of principal and premium, if any, and interest related to US$2,750 million of US Global bonds issued by BHP Billiton Finance (USA) Ltd. In addition, BHP Group Limited has severally, fully and unconditionally guaranteed a US$5,000 million acquisition facility drawn in FY2023 by its wholly owned subsidiary, BHP Lonsdale Investments Pty Ltd. ",
"dimensions": {
"concept": "bhp:DisclosureOfParentEntityInformation",
"language": "en",
"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
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"fact-653": {
"value": "38 Deed of Cross Guarantee BHP Group Limited together with certain wholly owned subsidiaries set out below have entered into a Deed of Cross Guarantee (Deed) dated 6 June 2016 or have subsequently joined the Deed by way of an Assumption Deed. The effect of the Deed is that BHP Group Limited has guaranteed to pay any outstanding liabilities upon the winding up of any wholly owned subsidiary that is party to the Deed. Wholly owned subsidiaries that are party to the Deed have also given a similar guarantee in the event that BHP Group Limited or another party to the Deed is wound up. The wholly owned subsidiaries that are identified below are relieved from the requirements to prepare and lodge audited financial statements. The following companies are parties to the Deed and members of the Closed Group as at 30 June 2023: BHP (Towage Services) Pty Ltd 1 OS ACPM Pty Ltd 1 BHP Direct Reduced Iron Pty Limited OS MCAP Pty Ltd1 BHP Iron Ore Pty Ltd1 UMAL Consolidated Pty Ltd 1 BHP Minerals Pty Ltd1 BHP Freight Pty Ltd BHP WAIO Pty Ltd1 BHP Group Operations Pty Ltd 1 Pilbara Gas Pty Limited BHP Innovation Pty Ltd BHP Coal Pty Ltd1 BHP Lonsdale Investments Pty Ltd BHP MetCoal Holdings Pty Ltd1 BHP Minerals Holdings Proprietary Limited1 Broadmeadow Mine Services Pty Ltd BHP Nickel West Pty Ltd1 Central Queensland Services Pty Ltd BHP Olympic Dam Corporation Pty Ltd1 Hay Point Services Pty Limited The Broken Hill Proprietary Company Pty Ltd1 BHP Yakabindie Nickel Pty Ltd1 1 These companies are parties to the Deed and are relieved from the Corporations Act 2001 requirements for preparation, audit and lodgement of financial reports and Directors\u2019 reports. A Consolidated Statement of Comprehensive Income and Retained Earnings and Consolidated Balance Sheet, comprising BHP Group Limited and the wholly owned subsidiaries that are party to the Deed for the years ended 30 June 2023 and 30 June 2022 are as follows: Consolidated Statement of Comprehensive Income and Retained Earnings 2023 US$M 2022 US$M Revenue 32,649 38,159 Other income 5,553 6,077 Expenses excluding net finance costs (21,703) (15,293) Net finance costs (1,002) (172) Total taxation expense (3,562) (5,651) Profit after taxation 11,935 23,120 Total other comprehensive income \u2212 (3) Total comprehensive income 11,935 23,117 Retained earnings at the beginning of the financial year 40,196 50,277 Net effect on retained earnings of entities added to/removed from the Deed \u2212 (62) Profit after taxation for the year 11,935 23,120 Transfers to and from reserves (44) (84) Dividends (13,420) (33,055) Retained earnings at the end of the financial year 38,667 40,196 Consolidated Balance Sheet 2023 US$M 2022 US$M ASSETS Current assets Cash and cash equivalents 3 13 Trade and other receivables 1,678 1,527 Loans to related parties 6,123 8,697 Other financial assets 4 284 Inventories 2,344 2,582 Current tax assets 79 \u2013 Other 113 75 Total current assets 10,344 13,178 Non-current assets Trade and other receivables 34 43 Other financial assets 326 234 Inventories 546 456 Property, plant and equipment 37,069 36,199 Intangible assets 1,140 1,120 Investments in Group companies 33,176 26,800 Other 6 \u2013 Total non-current assets 72,297 64,852 Total assets 82,641 78,030 LIABILITIES Current liabilities Trade and other payables 3,574 3,919 Loans from related parties 19,564 9,966 Interest bearing liabilities 5,168 213 Other financial liabilities \u2212 26 Current tax payable \u2212 1,783 Provisions 1,961 1,611 Deferred income 4 8 Total current liabilities 30,271 17,526 Non-current liabilities Trade and other payables 5 \u2013 Loans from related parties 2,800 10,014 Interest bearing liabilities 657 586 Other financial liabilities 38 \u2013 Deferred tax liabilities 773 874 Provisions 4,408 3,896 Deferred income 3 5 Total non-current liabilities 8,684 15,375 Total liabilities 38,955 32,901 Net assets 43,686 45,129 EQUITY Share capital \u2013 BHP Group Limited 4,737 4,638 Treasury shares (41) (31) Reserves 323 326 Retained earnings 38,667 40,196 Total equity 43,686 45,129 ",
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"language": "en",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"value": "39 New and amended accounting standards and interpretations and changes to accounting policies New and amended accounting pronouncements adopted in the current year Amendment to IAS 16/AASB 116 \u2018Property, Plant and Equipment\u2019 (IAS 16) On 1 July 2022, the Group adopted an amendment to IAS 16 that requires an entity to recognise the sales proceeds from selling items produced while preparing property, plant and equipment for its intended use, along with the costs associated with producing that revenue, in profit or loss, instead of deducting the amounts received from the cost of the asset. The amendment applies retrospectively to items of property, plant and equipment made available for use on or after 1 July 2020. However, no significant impacts have been identified in respect of the years ended 30 June 2022 and 30 June 2021 and, as such, comparative period financial information has not been restated. Amendment to IAS 12/AASB112 \u2018Income taxes\u2019 (IAS 12) At 30 June 2023, the Group has adopted amendments to IAS12 issued by the IASB and AASB on 23 May 2023 and 27 June 2023, respectively, in relation to the Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Pillar Two income tax. The amendments introduced a temporary exception to the requirements of IAS 12 under which a company does not recognise or disclose information about deferred tax assets and liabilities related to the proposed Pillar Two model rules. Refer to note 6 \u2018Income tax expense\u2019 for more information. New and amended accounting pronouncements on issue but not yet effective A number of other accounting standards and interpretations have been issued and will be applicable in future periods. While these remain subject to ongoing assessment, no significant impacts have been identified to date. These pronouncements have not been applied in the preparation of these Financial Statements.",
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"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-770": {
"value": "New and amended accounting pronouncements adopted in the current year Amendment to IAS 16/AASB 116 \u2018Property, Plant and Equipment\u2019 (IAS 16) On 1 July 2022, the Group adopted an amendment to IAS 16 that requires an entity to recognise the sales proceeds from selling items produced while preparing property, plant and equipment for its intended use, along with the costs associated with producing that revenue, in profit or loss, instead of deducting the amounts received from the cost of the asset. The amendment applies retrospectively to items of property, plant and equipment made available for use on or after 1 July 2020. However, no significant impacts have been identified in respect of the years ended 30 June 2022 and 30 June 2021 and, as such, comparative period financial information has not been restated. Amendment to IAS 12/AASB112 \u2018Income taxes\u2019 (IAS 12) At 30 June 2023, the Group has adopted amendments to IAS12 issued by the IASB and AASB on 23 May 2023 and 27 June 2023, respectively, in relation to the Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Pillar Two income tax. The amendments introduced a temporary exception to the requirements of IAS 12 under which a company does not recognise or disclose information about deferred tax assets and liabilities related to the proposed Pillar Two model rules. Refer to note 6 \u2018Income tax expense\u2019 for more information. ",
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"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-771": {
"value": "New and amended accounting pronouncements on issue but not yet effective A number of other accounting standards and interpretations have been issued and will be applicable in future periods. While these remain subject to ongoing assessment, no significant impacts have been identified to date. These pronouncements have not been applied in the preparation of these Financial Statements.",
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"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-6": {
"value": "Level 18 171 Collins Street Melbourne VIC 3000",
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"entity": "scheme:WZE1WSENV6JSZFK0JC28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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