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BHP Economic Contribution Report 2017 1 Chief Financial Officer’S Introduction

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BHP Economic Contribution Report 2017 1 Chief Financial Officer’S Introduction Economic Contribution Report 2017 We have a long-standing commitment to transparency. We are proud of the value we generate and how this contributes to building trust with the communities in which we operate. In this Report Chief Financial Officer’s Introduction 2 Tax and our 2017 Financial Statements 20 FY2017 Total economic contribution 3 Basis of Report preparation 21 Our contribution throughout the value chain 6 Glossary 22 Approach to transparency and tax 9 Independent auditor’s report to the Directors Our payments to governments 14 of BHP Billiton Plc and BHP Billiton Limited 23 Corporate Directory 24 BHP Billiton Limited. ABN 49 004 028 077. Registered in Australia. Registered office: 171 Collins Street, Melbourne, Victoria 3000, Australia. BHP Billiton Plc. Registration number 3196209. Registered in England and Wales. Registered office: Nova South, 160 Victoria Street London SW1E 5LB United Kingdom. Each of BHP Billiton Limited and BHP Billiton Plc is a member of the Group, which has its headquarters in Australia. BHP is a Dual Listed Company structure comprising BHP Billiton Limited and BHP Billiton Plc. The two entities continue to exist as separate companies but operate as a combined Group known as BHP. The headquarters of BHP Billiton Limited and the global headquarters of the combined Group are located in Melbourne, Australia. The headquarters of BHP Billiton Plc are located in London, United Kingdom. Both companies have identical Boards of Directors and are run by a unified management team. Throughout this publication, the Boards are referred to collectively as the Board. Shareholders in each company have equivalent economic and voting rights in the Group as a whole. In this Report, the terms ‘BHP’, ‘Group’, ‘BHP Group’, ‘we’, ‘us’, ‘our’ and ‘ourselves’ are used to refer to BHP Billiton Limited, BHP Billiton Plc and, except where the context otherwise requires, their respective subsidiaries. BHP Economic Contribution Report 2017 1 Chief Financial Officer’s Introduction This significant contribution of taxation and royalty revenue to the countries in which we operate gives governments the opportunity to provide essential services to their citizens and invest in their communities for the future. Our investment in those economies creates high-paying jobs, both directly within our assets and indirectly through our suppliers, which supports the standard of living and further development of those communities. In FY2017, we paid US$13.6 billion to over 10,000 suppliers across the globe, with US$3.0 billion paid to local suppliers in the communities in which we operate. Importantly, we also create value for our shareholders, lenders and other investors through the returns we provide, such as dividends. To best support economic growth, create jobs and ensure fair distribution of wealth, tax systems should be effective, efficient I am pleased to introduce BHP’s Economic Contribution and competitive. Tax regimes should balance returns to the Report for 2017. We have a long-standing commitment to community with incentivising investment, through appropriate transparency. We first disclosed details of our tax and royalty sharing of returns between governments and investors. payments in 2000 and we have continually updated and Investment requires internationally competitive tax regimes that expanded our disclosure in the years since. As in prior years, support the development of new projects, particularly those this Report discloses the taxes and royalties we paid on a that are capital intensive and geologically challenging. For a country-by-country and project-by-project basis in FY2017. business such as ours, that invests over generations, that also This year, we also disclose our total direct economic means we need stability of tax regimes. We make multi-billion contribution on a country-by-country basis. dollar investments that rely on returns in 10, 20 or 30 years’ time. We are proud of the value we generate and how this Our assessment of the stability of a tax regime of a particular contributes to building trust with the communities in which country is a critical factor in these investment decisions. we operate. The economic contribution we make is an Where stability is uncertain, the risks to returns on our upfront important part of this. Our total direct economic contribution investments increase and we will require higher returns for FY2017 was US$26.1 billion. This includes payments to to invest. Where the risks are too high, we will not invest. suppliers, wages and employee benefits, dividends, taxes and We also believe it is critical the public has confidence in the royalties, and US$72.9 million voluntarily invested in social integrity and administration of tax systems. We are a leader projects across our host communities. in transparency, which remains a key factor in helping to build In FY2017, our total tax, royalty and other payments to public trust. This Report includes information, which we are governments were US$4.7 billion. In addition, in Australia disclosing on a voluntary basis, such as detailed information we anticipate making final corporate income tax payments about our limited use of companies in ‘low-tax’ jurisdictions in CY2017 of approximately US$1.2 billion relating to FY2017 and complies with the Australian Voluntary Tax Transparency income. This will increase our total payments to governments Code. We are proud to have received recognition for our for FY2017 to US$5.9 billion. During the last decade, we paid corporate transparency from the Building Public Trust in US$84 billion globally in taxes, royalties and other payments, Corporate Reporting Awards 2016. We also support measures including US$60 billion (A$66 billion) in Australia. such as the Organisation for Economic Co-operation and Development’s Base Erosion and Profit Shifting action plan, Communities and governments around the world are focused which assist to curb aggressive tax planning. on whether multinational companies pay their fair share of tax. We are one of the largest taxpayers in Australia and We look forward to presenting this Report to our stakeholders Chile. In FY2017, our global adjusted effective tax rate was and communities where we operate, and continuing to make 34.0 per cent, which is in line with our average effective tax a positive contribution. rate over the past decade of 33.4 per cent. Once royalties are included our FY2017 rate increases to 44.0 per cent. Peter Beaven Chief Financial Officer Building Public Trust in Corporate Reporting US$26.1 billion US$4.7 billion Awards 2016 Total economic contribution Total payments to governments Highly commended for Tax Reporting in FTSE 350 Extractives 2 BHP Economic Contribution Report 2017 FY2017 Total economic contribution US$26.1 billion total contribution 34.0% global adjusted effective tax rate $ through payments to suppliers, wages and employee benefits, dividends, 44.0% once royalties taxes and royalties are included US$4.7 billion globally in taxes, royalties and other payments to governments 34.5% Australian adjusted effective $4.7 tax rate billion We anticipate making final corporate income tax payments in CY2017 of approximately US$1.2 billion relating to FY2017 income. This will 46.1% once royalties increase our total payments to governments for FY2017 to US$5.9 billion are included A$66 billion (US$60 billion) US$3.8 billion Australian taxes and royalties paid in Australian taxes, over last 10 years royalties and other payments to governments $66 billion We anticipate making final corporate income tax payments in CY2017 of approximately US$1.2 billion relating to FY2017 income. This will increase our total Australian BHP remains one of the largest payments to governments taxpayers in Australia for FY2017 to US$5.0 billion BHP Economic Contribution Report 2017 3 FY2017 Total economic contribution Total economic contribution Australia US$ Chile 15.0b United States Rest of United the world US$ Kingdom US$ 4.2b US$ 3.1b US$ 1.5b 2.2b Payments to governments Payments to suppliers Payments to employees Payments to shareholders, lenders and investors Social investment Payments to shareholders, Payments to Payments to Payments to lenders and Social Total economic governments suppliers employees investors investment contribution Country US$M (1) US$M US$M US$M US$M (2) US$M Australia 3,793.4 6,959.9 2,430.5 1,790.2 38.0 15,012.0 Chile 346.8 3,272.0 511.0 76.7 17.5 4,224.0 United States 261.4 1,673.7 471.9 681.6 8.3 3,096.9 United Kingdom 18.6 61.7 15.4 1,439.3 – 1,535.0 Brazil 102.5 25.3 9.6 1.9 – 139.3 Canada 30.1 93.2 28.9 0.6 2.0 154.8 Trinidad and Tobago 28.3 175.3 6.2 1.6 0.2 211.6 Other countries 120.2 1,377.1 148.7 32.1 1.9 1,680.0 BHP Billiton Foundation – – – – 5.0 5.0 Total 4,701.3 13,638.2 3,622.2 4,024.0 72.9 26,058.6 Equity Accounted Investments Colombia 483.9 – – – 2.0 485.9 Peru 456.5 – – – 4.9 461.4 United States – – – – 0.3 0.3 Total including Equity 5,641.7 13,638.2 3,622.2 4,024.0 80.1 27,006.2 Accounted Investments (1) Payments to governments have been prepared on the basis set out in ‘Basis of report preparation’ section. (2) Social investment spend shown for equity accounted investments is BHP’s ownership interest share. 4 BHP Economic Contribution Report 2017 Summary of payments made BHP’s contribution to the global economy is significant. We paid US$4.7 billion globally in taxes, royalties and other In addition to our direct economic contribution, we invested payments to governments in FY2017.
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