2013 3 29 Vol. 126 itaru.kitahira@mizuho-cb.com kenichiro.kakizawa@mizuho-cb.co.jp 225 8 3
1
IR 2012 12 225 204 8 3 10 2
3 3 1 225 67% 63% 30% 31% 225204 20131159 DERDebt/EBITDADebt 37% 32% 24% 18% 18% 13% 9% 5% 5% 6% 3% 1% 2% 6% 6% 1% 4% 13% 4% 4% PL CF FCF EBITDA CF ROIC ROA ROE EVA EPS DER Debt/EBITDA 225 4 104 2 A B C IR 3
4 AC C 3 CFO / CEO CFO / CEO CFO / CEO CFO
1960 3 GE 21 GE Growth Playbook KSF 225 4 SUMCO KDDI 5
6 5 3 F G better H D 3 E 3 B A Valuation C 3 F G better H D 3 E 3 B A Valuation C
7 6 Key Word D BSBS G PL-BS-CFROE H Cash E View F KPI B ROEROE A PDCA C D BSBS G PL-BS-CFROE H Cash E View F KPI B ROEROE A PDCA C
1 IR PL BS 5 5 7 1. 2. 3. 4. PDCA 5. 3 5 KSF 8
8 BS ROE Cash Flow Asset Cash Asset Debt Equity DER 9
ROE8% ROE ROE 9 ROE ROE % 225 76% 82% 2030% Cash Cash Cash ROIC FCF ROE BHP Billiton BS 10 A A PL Net Gearing Ratio 10
Cash Flow Priorities 40% A 1 11 Our priorities for capital are unchanged first invest in high return growth opportunities throughout the economic cycle second : maintain a solid A credit rating third : grow our progressive dividend fourth : return excess capital to shareholders Financial Strategy and Targets BHP Billiton s key financial targets are as follow Commitment to a solid A ratig Maximum net gearing of 40% Generally maintain borrowings and excess cash in US dollars Flexibility from diversification of funding sources Asset Debt Equity A Net gearing 40% CASH FLOW FROM OPERATIONS Net Income EBIT Margin % Cash Dividends Additions to P.P. & E. (Capital Expenditures) 25,000 50% Business Acquisition net gearing,% US$M US$M US$M 20,000 40,000 20,000 15,000 40% 20,000 15,000 Share buy-backs 40% 30% 10,000 5,000 30% 0-20,000 10,000 5,000 20% 10% 0 2007 2008 2009 2010 2011 2012 20% -40,000 2007 2008 2009 2010 2011 2012 0 2007 2008 2009 2010 2011 2012 0% KPI ROE 1 2012 12 S&P A+Moody s A1 11
ROE ROE15% ROI20% 1 ROE KPI ROE SCM 13 2 ROE15% 20% ROE KPI ROE 12 KPI ROE20% 1,000 +400 / +400 2,0003,000 +34% +45% PDCA 3 BASF 76 SBU 2001 90 150 12
13 Deep Value 15 3 09 13 WBS 12 4 14 3 4 5 6 7 8 9 10 11 081 087 091 097 101 107 111 117 121 127 S&P Moody's JCR 0 5,000 10,000 15,000 20,000 25,000 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2011Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 0% 10% 20% 30% 40% WBS SB CP BBB+/Baa1 BBB/Baa2 BBB-/Baa3 BB+/Ba1 BB/Ba2 A-/A3 A/A2 3 4 5 6 7 8 9 10 11 081 087 091 097 101 107 111 117 121 127 S&P Moody's JCR 0 5,000 10,000 15,000 20,000 25,000 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2011Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 0% 10% 20% 30% 40% WBS SB CP BBB+/Baa1 BBB/Baa2 BBB-/Baa3 BB+/Ba1 BB/Ba2 A-/A3 A/A2 3 4 5 6 7 8 9 10 11 081 087 091 097 101 107 111 117 121 127 S&P Moody's JCR 0 5,000 10,000 15,000 20,000 25,000 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2011Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 0% 10% 20% 30% 40% WBS SB CP BBB+/Baa1 BBB/Baa2 BBB-/Baa3 BB+/Ba1 BB/Ba2 A-/A3 A/A2 3 4 5 6 7 8 9 10 11 081 087 091 097 101 107 111 117 121 127 S&P Moody's JCR 0 5,000 10,000 15,000 20,000 25,000 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2011Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 0% 10% 20% 30% 40% WBS SB CP BBB+/Baa1 BBB/Baa2 BBB-/Baa3 BB+/Ba1 BB/Ba2 A-/A3 A/A2
14 15 20 60 100 140 180 081 084 087 0810 091 094 097 0910 101 104 107 1010 111 114 117 1110 121 124 127 1210 131 TOPIX 2012426 100 20 60 100 140 180 081 084 087 0810 091 094 097 0910 101 104 107 1010 111 114 117 1110 121 124 127 1210 131 TOPIX 2012426 100
hold Big Picture 1 15
Jack Welch 2005,, Jeffrey R. Immelt 2006, Growth as a Process,Harvard Business Review Loren Gary 2003, Why Budgeting Kills Your Company, Harvard Business School Working Knowledge Booz & Company 2010, M&A, 2012,, 2010,, 2004,, 2011, 2009, IR, 2011,, itaru.kitahira@mizuho-cb.com kenichiro.kakizawa@mizuho-cb.co.jp 16
126 2013 No.7 25 3 29 1-3-3 Tel. (03) 5222-5075