BHP BILLITON RESULTS FOR THE YEAR ENDED 30 JUNE 2008

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Beleggingsadvies 18/08/2008 09:21
. Record attributable profit delivered for the seventh consecutive year.
• Underlying EBITDA up 22.1% to US$28.0 billion and Underlying EBIT up 21.0% to US$24.3 billion.
• Attributable profit up 12.4% to US$15.4 billion and EPS up 17.5%, benefiting from buy-backs (both measures excluding exceptionals).
• Record Underlying EBIT in the Petroleum, Base Metals, Iron Ore, Manganese and Energy Coal Customer Sector Groups (CSGs).
• Strong Underlying EBIT margin(6) of 47.5% despite unexpected disruptions and accelerated cost inflation.
• Return on Capital Employed(7) of 37.5% despite unprecedented level of capital investments.
• Record net operating cash flow(1) of US$18.2 billion, up 13.8%.
• Annual production records for petroleum, copper, iron ore, manganese ore and alloy, alumina and molybdenum(2).
• Commissioning of six major growth projects and other volume growth in our high margin oil and gas, iron ore and manganese businesses expected in 2009.
• Dividend rebased for the second consecutive year, a strong signal of our confidence in the outlook. Final dividend rebased to 41.0 US cents per share. We delivered a significant 150.0% increase in annual dividend over the past three years.

A seventh consecutive record
We have achieved another year of record earnings, driven by excellent operating performance, cost control and the delivery of high margin growth projects into strong market conditions.
Underlying EBIT increased by 21.0 per cent to US$24.3 billion, with an excellent margin of 47.5 per cent. Base Metals, Iron Ore, Manganese and Energy Coal had record Underlying EBIT at a time when prices were high and the demand outlook remains very strong. In Petroleum, newly commissioned projects in fiscally stable regimes, 93.8 per cent operational up time and record high oil prices led to record Underlying EBIT.
Annual production records were set in seven commodities and production increased in a further six commodities. Strong volume growth has allowed us to capture the benefits of very high prices. Most of the records were set in consecutive years, as we reaped the benefit of our drive to deliver consistent, predictable and sustainable performance across all of our businesses. This provides a stable platform as we continue to develop and deliver world class projects that are expected to add significant shareholder value.
First product was delivered from 10 major projects across five commodities with a further seven major projects sanctioned, during the year. Neptune (US), our first operated development in the deepwater Gulf of Mexico (US), achieved first production on 6 July 2008. All newly commissioned projects will play a pivotal role in our growth strategy; our commitment of “resourcing the future”.
Our results were outstanding in the context of a challenging supply environment which was characterised by unexpected disruptions, rising input prices, skills shortages and the further devaluation of the US dollar.
Our strong performance demonstrates the power of our uniquely diversified and high margin portfolio across the energy, steelmaking and non-ferrous product suites. This performance also reflects the success of our unrelenting focus on our strategy to create lasting shareholder value by owning and operating a diversified portfolio of upstream, large, long-life, low-cost, expandable, export-oriented assets.

Dividend and Capital Management
The Board today declared a final dividend of 41.0 US cents per share, the thirteenth consecutive dividend increase. Today’s declaration is a strong signal of our confidence in the outlook and our ability to consistently deliver future earnings and cash flow.
For the second consecutive year we have rebased our dividend. Today’s dividend is a significant 51.9 per cent increase over last year’s final dividend of 27.0 US cents per share. The total dividends for the 2008 financial year increased to 70.0 US cents per share, an increase of 23.0 US cents per share, or 48.9 per cent, over last year and 150.0 per cent over the past three years.
Our dividend has increased by more than 530 per cent since the interim dividend paid in 2002. Our compound dividend growth rate has been 32.3 per cent over the same period. We intend to continue with our progressive dividend policy from our new base, with further increases dependent upon the expectations for future market conditions and investment opportunities.
We continued to purchase shares under the previously announced US$13 billion buy-back program during the year. We repurchased and cancelled 96,904,086 BHP Billiton Plc shares, via on-market buy-backs, at an approximate average price of US$31.57 (A$36.46 / GBP 15.51). These shares were purchased via an independent third party under an irrevocable mandate. When the mandate expired on 14 December 2007, the buy-back program was suspended. The suspension was due to the fact that we are prohibited under the insider trading and market abuse laws in the UK from buying back shares following the expiry of the mandate, as we are in possession of insider information in relation to the Rio Tinto pre-conditional offer. At the time of the suspension, we had returned US$8.8 billion of the US$13 billion.
Since August 2004 we have announced capital management initiatives totalling US$17 billion. Since the first buy-back in 2004, 680 million shares have been repurchased, representing approximately 11 per cent of the total shares on issue at an approximate average price of US$18.53 (A$23.25 / GBP 9.57).

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