For personal use only - ASX · Interim Results, 10 February 2010 Slide 15 (1,000) (500) 0 500 1,000 1,500 2,000 2,500 3,000 3Q99 3Q00 3Q01 3Q02 3Q03 3Q04 3Q05 3Q06 3Q07 3Q08 3Q09.

Interim Results 31 December 2009

Marius Kloppers Chief Executive OfficerAlex Vanselow Chief Financial Officer10 February 2010

Newman, AustraliaF

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Interim Results, 10 February 2010 Slide 2

Disclaimer

Reliance on Third Party InformationThe views expressed here contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by BHP Billiton.

Forward Looking StatementsThis presentation includes forward-looking statements within the meaning of the U.S. Securities Litigation Reform Act of 1995 regarding future events and the future financial performance of BHP Billiton. These forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this presentation. For more detail on those risks, you should refer to the sections of our annual report on Form 20-F for the year ended 30 June 2009 entitled “Risk factors”, “Forward looking statements” and “Operating and financial review and prospects” filed with the U.S. Securities and Exchange Commission.

No Offer of SecuritiesNothing in this release should be construed as either an offer to sell or a solicitation of an offer to buy or sell BHP Billiton securities in any jurisdiction.

Non-GAAP Financial InformationBHP Billiton results are reported under International Financial Reporting Standards (IFRS). References to Underlying EBIT and EBITDA exclude any exceptional items. A reconciliation to statutory EBIT is contained within the profit announcement, available at our website www.bhpbilliton.com.F

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Marius Kloppers Chief Executive Officer

Escondida, ChileF

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Financial Results

Underlying EBITDA of US$10.8 billion, down 22.2%

Underlying EBIT of US$8.5 billion, down 28.5%

Attributable profit (excluding exceptionals) of US$5.7 billion

Net operating cash flow of US$5.7 billion

Earnings per share (excluding exceptionals) of 102.5 US cents

Interim dividend of 42 US cents per share

Strong financial position – Net gearing at 15.1%

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Operating Performance

Safety

Good operating performance

Volume growth from new projects– RGP4, Alumar, Klipspruit

Record production in key commodities– Petroleum and Iron Ore

Portfolio simplification– Sale of Ravensthorpe and Yabulu– Exit from Suriname alumina

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Alex Vanselow Chief Financial Officer

BMA, AustraliaF

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8.5

11.9

1.10.4

0.7 0.1

(4.2)

(1.5)

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

1H09 Net Price Exchange Volume NewOperations

Costs Other 1H10

Underlying EBIT Analysis Half-year Ended Dec 2009 vs Dec 2008

(US$bn)

(a) Including impact of price-linked costs.

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Rate Of Cost Decrease

Operating Cost Movement Relative to Preceding Half-year(a)

(%)

2.2

7.3

12.2

3.5

(5.2)

1.7

6.1

10.5

4.1

(4.1)(6.0)

(2.0)

2.0

6.0

10.0

14.0

1H08 2H08 1H09 2H09 1H10

Total

Excluding Non-Cash

(a) All periods excluded third party trading.

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Return On Capital and Margins

1113

21

29

3538 38

25 24

20

24

30

40

44

48 48

4038

0

5

10

15

20

25

30

35

40

45

50

FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 1H10

Return on CapitalEBIT Margin

(a) Calculated on the basis of UKGAAP for periods prior to FY05.All periods exclude third party trading and exceptional items.

(a)

(%)

(a)

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Diversified and Balanced Across High Margin Commodities

Underlying EBIT Margin(a)

(1H10, %)

28%

22%

47%

12%

30%

49%

12%

17%

56%

Metallurgical Coal

Manganese

Iron Ore

SSM

D&SP

Base Metals

Aluminium

Energy Coal

Petroleum

Underlying EBIT(1H10, US$bn)

0

1

2

3

4

5

6

7

8

9

Ferrous(35.1%)

Non Ferrous(34.3%)

Energy(30.6%)

AluminiumEnergy Coal

Manganese

Petroleum

D&SPSSM

Metallurgical Coal

Base Metals

Iron Ore

(a) EBIT margin excludes third party trading.

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Progressive Investment and Returns

(a) Includes capital and exploration expenditures (excludes investment).(b) H2 FY10 payment includes dividend declared on 10 February 2010.Calculated on the basis of UKGAAP for periods prior to FY05. Cashflow reflects proportional consolidation of joint ventures for FY07 and future periods.

Net Operating Cash Flow(US$bn)

Organic Growth(a)

(US$bn)

Cash Dividends(b)

(US$bn)Balance SheetNet Gearing (%)

0

10

20

FY02

FY03

FY04

FY05

FY06

FY07

FY08

FY09

1H10

H1

H2

CAGR: 14%

0

6

12

FY02

FY03

FY04

FY05

FY06

FY07

FY08

FY09

FY10

F

H1

H2

CAGR: 20%

0

20

40

FY02

FY03

FY04

FY05

FY06

FY07

FY08

FY09

1H10

0

3

6

FY02

FY03

FY04

FY05

FY06

FY07

FY08

FY09

FY10

F

H1

H2

CAGR: 25%

Standard & Poor’sA+A+AA-

1

2 3

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Spence, Chile


Marius Kloppers Chief Executive Officer

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Commodity Prices Have Generally Recovered

31%

Commodity Price Movements(1 Jan 08 = 100)

20

40

60

80

100

120

140

160

Dec 07 Feb 08 Apr 08 Jun 08 Aug 08 Oct 08 Dec 08 Feb 09 Apr 09 Jun 09 Aug 09 Oct 09 Dec 09

Aluminium

Copper

Nickel

WTI

Iron Ore (Fines, CFR)

Source: Bloomberg.

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The Short Term Is Largely Driven By China

31%

Regional Crude Steel Production Indices(H1 CY08 = 100)

50

60

70

80

90

100

110

120

H1 CY08 Aug 08 Oct 08 Dec 08 Feb 09 Apr 09 Jun 09 Aug 09 Oct 09 Dec 09

China

ROW

Source: WSA.

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(1,000)

(500)

0

500

1,000

1,500

2,000

2,500

3,000

3Q99 3Q00 3Q01 3Q02 3Q03 3Q04 3Q05 3Q06 3Q07 3Q08 3Q09

Economies Are Still Dependent On Stimulus

US Borrowing by Sector (Annualised)(US$bn)

Source: US Federal Reserve Flow of Funds.Annualised Borrowing calculated from the quarterly change in debt outstanding.

Government

Business

Household

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Longer Term Fundamentals Remain Strong

Expected GDP Growth (CAGR to 2025)(%)

2009 Nominal GDP(US$tr)

Source: Global Insight.

0

2

4

6

8

China US

3

6

9

12

15

China US

NonInvestment

Investment

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We Are Well Positioned

(a) Bubble size depicts relative coal resource size on a 100% basis. On an equity basis, as at end June 2009, BMA/BMC’s Marketable coal reserves total 1,145mt, Measured plus Indicated plus Inferred coal resources total 6,925mt. FY09 production was 30.1mt on BHP Billiton share basis.

(b) ‘Resource Life’ is indicative only and is calculated on the basis of [(Total Resource x Estimated Saleable Conversion Factor) / current mining rate].(c ) The resource and reserve information in this slide was compiled from the BHP Billiton 2009 Annual Report by Douglas Dunn, a Member of the AusIMM and full time employee

of BMA who has sufficient experience to qualify as a Competent Person and who consents to publication of the estimates in the form and context in which they appear above.Source: Chinese coal imports - China Customs Statistics.

May 2004: VAT rebate removed

Nov 2006: Export tax imposed

100km

Abbot Point

Dalrymple BayHay Point CoalRed Hill

Daunia

Norwich Park

Gregory Crinum UG

South Walker CreekPoitrel

17

34

Gladstone

Peak Downs

128

Goonyella Riverside

Broadmeadow UG

75

Wards Well

Saraji

8680

Blackwater

109(50)

(40)

(30)

(20)

(10)

0

10

20

30

40

CY

02

CY

03

CY

04

CY

05

CY

06

CY

07

CY

08

CY

09

Coking Coal ImportsCoal in Coke ExportsCoking Coal ExportsNet Imports

Chinese Net Coking Coal Imports(mt) FY09 Measured, Indicated

& Inferred Resource(a) (c)

12 Resource Life (years)(b)(c)

91

Saraji East

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Focussed On Long Term Value Creation From An Unchanged Strategy

Overriding commitment to HSEC

A long life, low cost, Tier 1 resource base

Deep inventory of growth projects

Diversified by commodity, geography and customer

Financial strength and stability from a solid A credit rating

Kwinana, Australia

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0

4

8

12

16

20

24

FY02

FY03

FY04

FY05

FY06

FY07

FY08

FY09

FY10

F

FY11

F

Non Organic

Organic

Progressive Growth and Income

Investments(US$bn)

(a) Reflecting announced transactions only. FY11F relates to Western Australia Iron Ore Production Joint Venture equalisation payment to Rio Tinto which is subject to finalisation adjustments.

(b) H2 FY10 payment includes dividend declared on 10 February 2010.Calculated on the basis of UKGAAP for periods prior to FY05.

Cash Dividends(b)

(US$bn)

0

1

2

3

4

5

FY02

FY03

FY04

FY05

FY06

FY07

FY08

FY09

FY10

F

H1

H2

CAGR: 25%Organic Growth CAGR: 20%

(a)

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Delivering Strong Results

Emerged from the downturn well positioned

Ensuring the portfolio remains low cost

Maintaining a strong balance sheet

Continuing to invest in high quality growth

GEMCO, Australia

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0

10

20

30

40

50

60

70

H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 2H 1H 2H 1H

Petroleum

Aluminium

Base Metals

D&SP

SSM

Iron Ore

Manganese

Met Coal

Energy Coal

BHP Billiton

Diversity = Stability and Strength

EBIT Margin(a)

(%)

FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09(a) Calculated on the basis of UKGAAP for periods prior to FY05, except for the exclusion of PRT from Petroleum's and BHP Billiton Group's results for all periods. All periods

exclude third party trading activities. The Exploration and Technology business has been included in BHP Billiton Group's results from FY02 to FY05 and excluded from Diamonds and Speciality Products.

(b) Negative margins are not shown as the y-axis is set at zero. SSM had a negative EBIT margin in H1 FY02, both Base Metals and SSM had negative EBIT margins in H1 FY09 and both Aluminium and SSM had negative EBIT margins in H2 09.

(b) (b)

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Underlying EBIT By Customer Sector Group

Half-year Ended 31 December (US$m) 2009 2008 Change %

Petroleum 2,326 2,675 (13.0)

Aluminium 154 289 (46.7)

Base Metals (including Uranium) 2,462 (111) N/A

Diamonds & Specialty Products 170 79 115.2

Stainless Steel Materials 200 (752) N/A

Iron Ore 2,091 4,143 (49.5)

Manganese 190 1,245 (84.7)

Metallurgical Coal 772 3,123 (75.3)

Energy Coal 332 1,072 (69.0)

Group & Unallocated Items (195) 136 N/A

BHP Billiton Group 8,502 11,899 (28.5)

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Financial Highlights


Revenue 24,576 29,780 (17.5)

Underlying EBITDA 10,838 13,939 (22.2)

Underlying EBIT 8,502 11,899 (28.5)

Attributable Profit (excluding exceptionals) 5,702 6,128 (7.0)

Attributable Profit 6,135 2,617 134.4

Net Operating Cash Flow 5,716 13,094 (56.3)

EPS (excluding exceptionals) (US¢) 102.5 110.1 (6.9)

Dividend per Share (US¢) 42.0 41.0 2.4For

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Cash Flow

(a) Includes royalty related taxes paid.(b) Includes dividends paid to minority interests.

Half-year Ended 31 December (US$m) 2009 2008

Operating Cash Flow and Dividends 8,895 17,004

Net Interest Paid (144) (147)

Tax Paid (a) (3,035) (3,763)

Net Operating Cash Flow 5,716 13,094

Capital Expenditure (4,606) (5,345)

Exploration Expenditure (439) (620)

Purchases of Investments and Other Assets (302) (423)

Proceeds from Sale of Fixed Assets & Investments 117 83

Net Cash Flow Before Dividends and Funding 486 6,789

Dividends Paid (b) (2,451) (2,486)

Net Cash Flow Before Funding & Buy-backs (1,965) 4,303

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Net Interest and Tax


Net Interest Expense 232 332 (30.1)

Taxation Expense/(Income)

Income Tax Expense 2,494 3,537 (29.5)

Royalty Related Taxation 188 351 (46.4)

Total Taxation Expense 2,682 3,888 (31.0)

Foreign Exchange Impacts (306) 1,163 N/A

Underlying Effective Rate 31.6% 30.6%For

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Summary Of Key FX Components In Tax Expense/(Income)

Restatement ofDecember 2009

Expense / (Income)

US$m

December 2008 Expense / (Income)

US$m

Current Tax Payable 152 (1,047)

Deferred Tax Balances on Fixed Assets (900) 2,655

Deferred Tax Balances on US$ Debt 351 (392)

Deferred Tax Balances on Timing Differences 111 (84)

Other Items (20) 31

Total (306) 1,163For

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Key Net Profit Sensitivities

(a) Assumes total volumes exposed to price.(b) Impact based on average exchange rate for the period.

Approximate Impact(a) on FY10 Net Profit After Tax of Changes of US$m

US$1/t on Iron Ore Price 80

US$1/bbl on Oil Price 40

US$1/t on Metallurgical Coal Price 20

US¢1/lb on Aluminium Price 25

US¢1/lb on Copper Price 20

US$1/t on Energy Coal Price 20

US¢1/lb on Nickel Price 2

AUD (US¢1/A$) Operations(b) 75

RAND (0.2 Rand/US$) Operations(b) 25For

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Impact Of Major Commodity Price Movements Half-year Ended Dec 2009 vs Dec 2008

Total Price Variance – US$(4,219) million(a)

(a) Net of $476m impact of price-linked costs.

Met Coal (2,347)

Copper2,770

Nickel326

Other (22) Aluminium

(283) Energy Coal (606) Petroleum

(765) Manganese (1,486) Iron Ore

(1,806)

(4,000)

(3,000)

(2,000)

(1,000)

00

1,000

2,000

3,000

4,000

(US$m)

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Impact Of Major Volume Changes Half-year Ended Dec 2009 vs Dec 2008

Total Volume(a) Variance – US$1,069 million

(a) Volume variances calculated using previous year margin and includes new operations.

Other(76)

D&SP75

Petroleum113

Iron Ore211

Met Coal259

Manganese487

(200)

(100)

00

100

200

300

400

500

600

(US$m)

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Other(13)

Labour & Contractors

(13)

Shipping & Demurrage

8

Maintenance11

Mining / Grade

22

Operating Improvements

75

Non Cash162

One-offs173

RawMaterials /

Fuel & Energy

320

(100)

0

100

200

300

400

(US$m)

Total Cost Variance – US$745 million

Impact Of Major Cost Changes Half-year Ended Dec 2009 vs Dec 2008

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Investments

US$bn FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10F FY11F

Growth 1.9 2.0 1.7 2.6 4.0 5.5 6.1 7.3 8.9 11.5

Sustaining and Other 0.8 0.7 0.9 1.3 2.1 1.6 1.8 2.0 2.2 2.3

Exploration(a) 0.4 0.3 0.5 0.5 0.8 0.8 1.4 1.3 1.3 1.2

Investment(b) 0.0 0.0 0.0 6.6 0.5 0.7 0.2 0.3 0.4 5.8

Total 3.1 3.0 3.1 11.0 7.4 8.6 9.5 10.9 12.8 20.8

0

3

6

9

12

15

18

21

FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10F FY11F

Investment

Exploration

Sustaining Capex

Growth Expenditure

(US$bn)

(a) FY10F includes US$800m for Petroleum.(b) Reflecting announced transactions only. FY11F relates to Western Australia Iron Ore Production Joint Venture equalisation payment to Rio Tinto which is

subject to finalisation adjustments.Calculated on the basis of UKGAAP for periods prior to FY05.

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A+

We Are In A Unique Position

Underlying Gearing and Underlying EBITDA interest cover shown for FY05 to 1H10.Calculated on the basis of UKGAAP for periods prior to FY05.

Net Gearing(%)

0

10

20

30

40

FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 1H100

25

50

75

100Net Gearing (LHS)

Underlying EBITDA Interest Cover

Interest Cover(Times)

Moody’s Investment Services

Standard & Poor’s

A2 A1A3 A1

A+AA-

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Maturity Profile Analysis

Debt Balances(a)

(US$m(b))

0

400

800

1,200

1,600

2,000

2,400

2,800

FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 PostFY20

(a) Based on debt balances as at 31 December 2009.(b) All debt balances are represented in notional US$ values and based on financial years.(c) Jointly Controlled Entity debt represents BHP Billiton share subject to governing contractual arrangements.(d) Subsidiary debt represents BHP Billiton share of subsidiary debt based on BHP Billiton effective interest.

% of Portfolio 1% 0%56% 31%

Bank Debt

CP Issuance

US$ Bonds

Euro Bonds

Bank Supported 1%Capital Markets 87%10% 2%

Jointly Controlled Entities(c) Subsidiaries(d)

Asset Financing 12%For

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Diversification Remains For Sales Into China

25% of total company revenues in 1H10

(US$m)1H10 Revenue by Location of Customer

6,205

5,0434,830

6,657

5,0105,294

3,9993,611

2,946

2,407

1,5881,357

1,075785

431371

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2H02 1H03 2H03 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10

PetroleumAluminiumBase MetalsSSMIron OreManganeseMet CoalEnergy CoalOther

Europe

Japan

Other Asia

North America

China

Australia

ROW

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Boffa/Santou Refinery

Boffa/Santou Refinery

PyreneesPyrenees

Worsley E&G

Worsley E&G

Douglas- Middelburg Douglas-

Middelburg

Newcastle Third Port

WA Iron Ore Quantum 1


WA Iron Ore RGP 5

WA Iron Ore RGP 5

TurrumTurrum

NWS CWLHNWS CWLH

NWS Nth Rankin B NWS Nth Rankin B

KipperKipperBrowse LNG

Browse LNG

Potash - Other Potash

- Other

ScarboroughScarborough

WA Iron Ore RGP 6

WA Iron Ore RGP 6

Guinea AluminaGuinea Alumina

Samarco 4Samarco 4

Peak Downs Exp (Caval

Ridge)

Peak Downs Exp (Caval

Ridge)

MacedonMacedonAntamina

Exp

Navajo SthNavajo Sth

MAC20

ResolutionResolution

HPX3HPX3

AngosturaGas

AngosturaGas

ExecutionFeasibilityFuture Options(a)

Petroleum

Aluminium

Base Metals

CSG

D&SP

SSM

Iron Ore

Manganese

Met Coal

Energy Coal

As at 29 Jan 2009 Proposed capital expenditure

≤$500m≤$500m $501m-$2bn$501m-$2bn $2bn+$2bn+

Maintenance Of A Deep Diversified Inventory Of Growth Options

Laguna Seca

Laguna Seca

SpenceHypogene

SpenceHypogene RBMRBM

(a) Placement of Future Options not indicative of Project Schedule.

Potash - Young Potash

- Young

Mad Dog Phase 2

Mad Dog Phase 2

Newcastle Third Port Exp

DauniaDaunia

Cerrejon Opt Exp Cerrejon Opt Exp

Goonyella Expansions Goonyella

Expansions

NimbaNimbaPotash

- Boulder Potash

- Boulder

Knotty Head

Knotty Head

Mt Arthur Coal (UG)

Mt Arthur Coal (UG)



CMSA Heap Leach 1

CMSA Heap Leach 1

YeelirrieYeelirrieSaraji East

Saraji East

Mt Arthur Coal (MACX)

Mt Arthur Coal (MACX)

Saraji Exp

Saraji Exp

Expansion ofOlympic Dam 3Expansion of

Olympic Dam 3

Red Hill UG

Red Hill UG

Expansion ofOlympic Dam 2Expansion of

Olympic Dam 2 DRC Smelter DRC

Smelter

ThebeThebe

CW Africa Exploration CW Africa Exploration NWS

GWF NWS GWF

Escondida Phase V

Escondida Phase V

KennedyKennedy

Potash – Jansen Potash – Jansen

Expansion of Olympic Dam 1

GEMCOExp

GEMCOExp

Indonesia Coal

Indonesia Coal

Wards WellWards Well

AtlantisN2

AtlantisN2

GabonGabon

Blackwater UG

Blackwater UGCaroonaCaroona

EKATIEKATI

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0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

Dec 08 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10

Provisional Pricing

LME – Copper, Grade A Cash US$/lb – A.M. Official(US$)

3 Month

LME 1Q09 ave US$1.55/lb




Source: Datastream.

3 Month 3 Month 3 Month

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Delivering Value to Shareholders

0

2

4

6

1H02 1H10

Net Operating Cash Flow(US$bn)

Net Gearing(%)

Organic Growth(a)

(US$bn)

Dividends per Share(US¢)

CAGR 14%

(a) Includes capital and exploration expenditures (excludes acquisitions).Calculated on the basis of UKGAAP for periods prior to FY05. Cashflow reflects proportional consolidation of joint ventures for FY07 and future periods.

0

2

4

6

1H02 1H10

CAGR 19%

0

10

20

30

40

50

1H02 1H100

10

20

30

40

50

1H02 1H10

CAGR 26%

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0

200

400

600

800

1,000

1,200

0 5 10 15 20 25 30 35 40 45 50 55

Real GDP per Capita(US$’000)

Source: CISA; WMM; Global Insight; BHP Billiton Analysis.

Steel Intensity Per Capita Grows Strongly As A Nation Becomes Wealthier

India today

Japan

USA

Germany

South Korea

China today

Industrial Development & Finished Steel Consumption Growth(kg) China/India steel intensity

Other country steel intensities

Possible path range for China

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For personal use only - ASX · Interim Results, 10 February 2010 Slide 15 (1,000) (500) 0 500 1,000 1,500 2,000 2,500 3,000 3Q99 3Q00 3Q01 3Q02 3Q03 3Q04 3Q05 3Q06 3Q07 3Q08 3Q09.

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