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Thatdeliver the Strategicdrivers 5041 BHPB AR06 cover_UK 13/9/06 10:35 PM Page 1 BHP Billiton Annual Report 2006 BHP Billiton Annual Report The Strategic Drivers that deliver the Essential Elements www.bhpbilliton.com Annual Report 2006 WorldReginfo - c6478d1e-7999-4617-a7c0-05343b86108a 5041 BHPB AR06 cover_UK 13/9/06 10:35 PM Page 2 Corporate Directory BHP BILLITON GROUP MARKETING OFFICES New Zealand We are BHP Billiton, a leading global resources REGISTERED OFFICES The Netherlands Computershare Investor Services Limited Level 2/159 Hurstmere Road company. BHP BILLITON LIMITED Verheeskade 25 2521 BE The Hague Takapuna North Shore City Australia Postal Address – Bag 92119 Auckland 1020 BHP Billiton Limited Telephone (31 70) 315 6666 Telephone (64 9) 488 8777 Our purpose is to create long-term value through the BHP Billiton Centre Facsimile (31 70) 315 6767 Facsimile (64 9) 488 8787 discovery, development and conversion of natural 180 Lonsdale Street Singapore Melbourne VIC 3000 168 Robinson Road #10-01 United States resources, and the provision of innovative customer Telephone (61 3) 9609 3333 Capital Tower Computershare Investor Services Facsimile (61 3) 9609 3015 Singapore 068912 2 North LaSalle Street and market-focused solutions. Telephone (65) 6349 3333 Chicago, IL 60602 BHP BILLITON PLC Facsimile (65) 6349 4000 Postal Address – PO Box 0289 United Kingdom Chicago, IL 60690-9569 Our seven strategic drivers assist us in achieving our Neathouse Place Telephone 1 888 404 6340 objectives. These drivers are our people; our licence to London SW1V 1BH SHARE REGISTRARS AND (toll-free within US) Telephone (44 20) 7802 4000 TRANSFER OFFICES Facsimile (1 312) 461 4331 operate; our world-class assets; the way we do business; Facsimile (44 20) 7802 4111 Australia ADR Depositary, Transfer Agent and Registrar our financial strength and discipline; our project pipeline; Company Secretaries BHP Billiton Limited Registrar JPMorgan Chase Bank, NA Computershare Investor Services JPMorgan Service Center Karen J Wood (Group Company Secretary) Pty Limited PO Box 3408 and growth options. Jane McAloon (Company Secretary Yarra Falls, 452 Johnston Street South Hackensack, NJ 07606-3408 – BHP Billiton Limited) Abbotsford VIC 3067 USA Robert Franklin (Company Secretary Underpinning our strategic drivers are the values that Postal Address – GPO Box 2975 – BHP Billiton Plc) Telephone (1 201) 680 6630 (outside of US) guide us. They are: Melbourne VIC 3001 1 800 990 1135 (toll-free within US) Telephone 1300 656 780 (within Australia) Email: [email protected] • An overriding commitment to health, safety, BHP BILLITON (61 3) 9415 4020 (outside Australia) Website: www.adr.com CORPORATE CENTRES Facsimile (61 3) 9473 2460 Email enquiries: environmental responsibility and sustainable South Africa [email protected] Other details provided to assist 6 Hollard Street shareholders. development. Johannesburg 2001 United Kingdom BHP Billiton Plc Registrar Germany Telephone (27 11) 376 9111 Trustee • Integrity and doing what we say we will do. Facsimile (27 11) 838 4716 Computershare Investor Services PLC The Pavilions, Bridgwater Road Deutsche Boerse Clearing AG • A commitment to achieving superior business results Chile Bristol BS99 7NH Dividend-paying bank Avenida Americo Vespucio Sur # 100, Postal Address – Deutsche Bank AG and stretching our capabilities. 9th Floor PO Box 82 Bristol BS99 7NH Switzerland Las Condes Telephone (44 870) 889 3148 Trustee • Having the courage to lead change in the face of Santiago Facsimile (44 870) 703 6103 SEGA Schweizerrische Telephone (56 2) 330 5000 Email enquiries: Effekten-Giro AG adversity. Facsimile (56 2) 330 5601 [email protected] Dividend-paying bank United States South Africa UBS AG • The embracing of diversity and showing respect for 1360 Post Oak Boulevard, Suite 150 BHP Billiton Plc branch register Credit Suisse First Boston and trust in each other. Houston, TX 77056-3020 Mailing Address Telephone (1 713) 961 8500 Computershare Investor Services 2004 Facsimile (1 713) 961 8400 (Pty) Limited Receive your Annual Report electronically. PO Box 61051 The BHP Billiton Group produces an Annual Marshalltown 2107 Review and an Annual Report, which are With these elements as our foundation, Office Address posted on the internet. Shareholders are 70 Marshall Street encouraged to visit www.bhpbilliton.com to BHP Billiton brings you the essential elements Johannesburg 2001 inspect the electronic version of the Annual Telephone (27 11) 370 5131 Review and Annual Report and provide of everyday life. Facsimile (27 11) 688 5250 feedback to the Company. Holders of shares dematerialised into STRATE The single parent entity financial statements should contact their CSDP or stockbroker of BHP Billiton Limited are available on the Company’s website (www.bhpbilliton.com) and are available to shareholders on request free of charge. BHP Billiton is a Dual Listed Company comprising BHP Billiton Limited and BHP Billiton Plc. The two entities continue to exist as separate companies but operate The BHP Billiton Strategic Framework comprises seven strategic drivers: as a combined group known as BHP Billiton. People, our Licence to Operate, World-class Assets, the BHP Billiton Way, The headquarters of BHP Billiton Limited and the global headquarters of the combined BHP Billiton Group are located in Melbourne, Australia. BHP Billiton Plc is located in London, UK. Both companies have identical Boards of Directors and are run by a unified management team. Throughout this Report the Boards are Financial Strength and Discipline, our Project Pipeline and Growth Options. referred to collectively as the Board. Shareholders in each company have equivalent economic and voting rights in the BHP Billiton Group as a whole. These drivers encompass our whole business and set the benchmarks Throughout this Annual Report, the terms BHP Billiton, the Company and the Group refer to the combined group, including both BHP Billiton Limited and against which we measure our performance. subsidiary companies and BHP Billiton Plc and subsidiary companies. The term ‘the merger’ has a corresponding meaning. Copies of the Annual Review and Annual Report for the Group can be found on www.bhpbilliton.com. Shareholders may also request a copy free of charge by telephoning 1300 656 780 (within Australia), (44 870) 889 3148 (within the UK) or (61 3) 9649 5020 (from elsewhere). BHP Billiton Limited. ABN 49 004 028 077. Registered in Australia. Registered office: 180 Lonsdale Street, Melbourne, Victoria 3000, Australia BHP Billiton Plc. Registration number 3196209. Registered in England and Wales. Registered office: Neathouse Place, London SW1V 1BH, UK Cert no. SGS-COC-1732 Designed by Amanda Roach Design, printed in the UK by St Ives Westerham Press/printed in Australia by PMP Print. WorldReginfo - c6478d1e-7999-4617-a7c0-05343b86108a 5041 BHPB AR06_Pt1 13/9/06 10:12 PM Page 1 Contents 1. Key information 3 Selected financial information 5 Risk factors 6 Forward looking statements 8 2. Information on the Company 9 History and development of BHP Billiton 11 Business overview 12 Petroleum Customer Sector Group 12 Aluminium Customer Sector Group 18 Base Metals Customer Sector Group 22 Carbon Steel Materials Customer Sector Group 26 Diamonds and Specialty Products Customer Sector Group 31 Energy Coal Customer Sector Group 33 Stainless Steel Materials Customer Sector Group 36 Production 39 Petroleum 39 Minerals 40 Marketing 44 Minerals exploration 44 Technology 45 Government regulations 45 Health, Safety, Environment and Community 46 Employees 49 Organisational structure 50 Petroleum reserves 51 Mineral Resources and Ore Reserves 53 Aluminium Customer Sector Group 54 Base Metals Customer Sector Group 56 Carbon Steel Materials Customer Sector Group 60 Diamonds and Specialty Products Customer Sector Group 70 Energy Coal Customer Sector Group 72 Stainless Steel Materials Customer Sector Group 74 3. Operating and financial review and prospects 77 Our business 79 Application of critical accounting policies and estimates 83 Operating results 83 Overview 84 Results of operations 84 Customer Sector Group summary 87 Comparison to results under US GAAP 91 Liquidity and capital resources 91 Off-balance sheet arrangements 95 Contractual obligations and commercial commitments 96 Significant changes 96 BHP BILLITON ANNUAL REPORT 2006 ▲ 1 WorldReginfo - c6478d1e-7999-4617-a7c0-05343b86108a 5041 BHPB AR06_Pt1 13/9/06 10:12 PM Page 2 Contents continued 4. Corporate governance and Board practices 97 Corporate Governance Statement 98 Remuneration Report 113 Directors’ Report 130 Legal proceedings 135 5. Shareholder information 137 Dividends 139 Major shareholders 139 Markets 139 Share price information 140 Purchases of equity securities by the issuer 142 Exchange controls 143 Taxation 143 Constitution 145 Subsidiary information 148 Related party transactions 148 Material contracts 148 6. Financial Statements 149 Consolidated Income Statement 151 Consolidated Statement of Recognised Income and Expense 152 Consolidated Balance Sheet 153 Consolidated Cash Flow Statement 154 Notes to Financial Statements 155 BHP Billiton Plc 241 Directors’ Declaration 246 Statement of Directors’ Responsibilities 246 Lead Auditor’s Independence Declaration 246 Independent Auditors’ Reports 247 Supplementary oil and gas information – unaudited 249 Glossary of terms 253 Share ownership 254 Information for Shareholders 256 Corporate Directory IBC 2 ▲ BHP BILLITON ANNUAL REPORT 2006 WorldReginfo - c6478d1e-7999-4617-a7c0-05343b86108a
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