Financial Analysis Report on BHP

This document provides a comprehensive financial analysis report on BHP. The report performs horizontal and vertical analysis of BHP’s financial statements. The document found that firms core operations are improving as the operating margins are improving and BHP’s balance-sheet has become more liquid.

BHP
FIN600 TX YYYY
NAME: STUDENT ID:

Student name – ID FIN600 TX YYYY
Assignment – Company
Executive Summary
This document provides a comprehensive financial analysis report on BHP. The report performs
horizontal and vertical analysis of BHP’s financial statements. The document found that firms core
operations are improving as the operating margins are improving and BHP’s balance-sheet has
become more liquid. The ratio analysis is carried out using profitability ratios, efficiency ratios,
liquidity ratios and gearing ratios. The movement of the profitability ratio is mixed but its core
return and market ratios are improving. Also the efficiency, liquidity and debt ratios moved in a
positive direction in 2018 as compared to previous year. The calculations can be identified in the
appendices. The report identifies that BHP has good growth prospects and it recommends investing
in the company as the business of the company is progressing in right direction although there are
some concerns regarding decreased overall net profits in 2018 but this is due to one-time losses
from discontinued operations that should not affect the company’s future performance. The
company’s diverse product portfolio and its market position provide a unique advantage and it also
shields BHP to some extent against the commodity price risk and changing regulations.
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Contents
1 Introduction...................................................................................................................................3
1.1 Background and Business........................................................................................................3
2 Company Analysis........................................................................................................................5
2.1 Financial statements, Current Financial performance, economic outlook................................5
2.1.1 Horizontal Analysis:....................................................................................................................5
2.1.2 Vertical analysis.........................................................................................................................10
3 Ratio Analysis.............................................................................................................................14
3.1 Profitability and Market ratios...............................................................................................14
3.2 Efficiency ratios......................................................................................................................16
3.3 Liquidity ratios.......................................................................................................................16
3.4 Gearing ratios.........................................................................................................................17
4 Recommendations and overall assessment.................................................................................19
5 References/Bibliography.............................................................................................................22
Appendices – attached Excel Spreadsheet.........................................................................................23
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Student name – ID FIN600 TX YYYY
Assignment – Company
1 Introduction
1.1 Background and Business
BHP Group earlier known as BHP Billiton is an Australian global resources company. The
company was incorporated in 1885 with its headquarters in Melbourne, Australia. BHP Billiton was
formed in 2001 as a result of merger between Australian Broken Hill Proprietary Company and the
Anglo-Dutch Billiton to form BHP Billiton (BHP, n.d.).
BHP deals with the extraction and processing of huge number of commodities. The company
business is divided into various segments namely copper, iron ore, coal and petroleum. Exploration
and production of oil and gas come under the petroleum sector. Mining of vast range of metals:
lead, uranium, copper, lead, gold, silver and molybdenum come under the copper segment. Mining
of both types of coal, metallurgical and thermal comes under the coal segment. Lastly, the
company’s iron ore segment covers iron ore mining operations (BHP, n.d.).
BHP is one of the largest diversified commodities in terms of market capitalization. Its huge
operations provide employment to nearly 60,000 peoples. The main production operations of the
company are based in Australia and the Americas. BHP’s sales and marketing division is led
through Singapore and US and it sells the products globally on various commodity exchanges (BHP
Annual Report, 2018).
The company’s massive operations and its product portfolio diversification strengthen the
competitive position of the company (Ker, 2017). The commodity companies face significant risk
from the volatility in the prices of the commodities but this product diversification insulates BHP’s
profitability to some extent against such risk. This comparative advantage also protects the
company from the possible adverse effects of the high leverage requirement of this industry.
The company sells its products globally and the volatility in economic growth of the emerging
countries like China can dent BHP’s sales. So, it faces systematic risks from the slower global
growth rate and the negative movements in exchange rates as mentioned in the BHP annual report
(2018). The company faces unsystematic risks arising from regulatory investigations, new
regulations that may lead to prohibition of it’s certain products and court rulings. Ongoing legal
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proceeding regarding the Samarco dam failure is another significant risk factor because of the
uncertainties in the potential liabilities, which can change the future expectations of BHP’s profits.
The share price of BHP has increased by 16.25% year to date mainly due to the increase in Iron ore
prices. As compared to its competitors RIO and FMG, the BHP performance is lacking behind but
that may be due to the large size of the company and other one-time factors. According to Smith
(2019), the major factor that can affect the future performance of BHP’s share is the results of US-
China trade talks because China drives a huge volume of BHP’s overall sales. Following figure
shows the performance of BHP’s share price.
Source: ASX (n.d.)
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2 Company Analysis
2.1 Financial statements, Current Financial performance, economic
outlook
Financial analysis of the company involves evaluation of the company’s financial statements,
current business performance and overall economic conditions to determine the financial stability
and profitability of the firm for making an investment decision.
The company analysis can be done using its financial information and overall economic outlook.
Horizontal analysis is used to provide information about the change in BHP’s business operations
over time by comparing the recent period data with the previous period. Vertical analysis of income
statement and balance sheet measures the change in the impact of individual items in financial
statements relative to the total revenue and total assets respectively.
2.1.1 Horizontal Analysis:
Income statement
Horizontal Analysis
000 USD or '000 2018 2017 Year on year
change from
2016-17 to
2017-18
Year on
year
percentage
change
from 2016-
17 to 2017-
18
Revenue
Total revenue 4,38,95,000 3,65,13,000 73,82,000 20%
Cost of revenue 79,90,000 63,29,000 16,61,000 26%
Gross profit 3,59,05,000 3,01,84,000 57,21,000 19%
Operating expenses
Research development - -
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Selling general and
administrative 1,17,99,000 1,01,07,000 16,92,000 17%
Non-recurring - -
Others 14,30,000 11,87,000 2,43,000 20%
Total operating expenses 2,81,48,000 2,42,74,000 38,74,000 16%
Operating income or loss 1,57,47,000 1,22,39,000 35,08,000 29%
Income from continuing operations
Total other income/expenses
net -9,96,000 -11,02,000 1,06,000 -10%
Earnings before interest and
taxes 1,57,47,000 1,22,39,000 35,08,000 29%
Interest expense -10,29,000 -10,17,000 -12,000 1%
Income before tax 1,47,51,000 1,11,37,000 36,14,000 32%
Income tax expense 70,07,000 44,43,000 25,64,000 58%
Minority interest 50,78,000 54,68,000 -3,90,000 -7%
Net income from
continuing ops 77,44,000 66,94,000 10,50,000 16%
Non-recurring events
Discontinued operations -29,21,000 -4,72,000 -24,49,000 519%
Extraordinary items - -
Effect of accounting changes - -
Other items - -
Net income
Net income 37,05,000 58,90,000 -21,85,000 -37%
Preferred stock and other
adjustments - -
Net income applicable to
common shares 37,05,000 58,90,000 -21,85,000 -37%
BHP’s total revenue increased by 20% year on year as the company’s business is expanding. Its
cost of sales increased little higher at 26% which can maybe due to the increase in the costs of
inputs and labor. This resulted in 19% year on year growth in the company’s gross income. The
growth in the net operating income at 29% was higher than the growth in revenues, maybe because
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Assignment – Company
of increasing efficiency in BHP’s business operations. The growth in the company’s net income
from continuing operations was a positive number but there was a massive negative impact of
expenses/losses related to the discontinued operations which increased by staggering 519%. This
resulted in 37% decline in the firm’s overall net income. As, this decrease in the net income is
mainly due to the one time losses so it can be seen from above analysis that company is moving in
the right direction as depicted by growing revenue and operating profits.
Balance sheet:
000 USD 30-06-2018 30-06-2017 30-06-2016 Horizontal Analysis
Current assets
Year on year
change from
2016-17 to
2017-18
Year on year
percentage
change from
2016-17 to
2017-18
Cash and
cash
equivalents
1,58,71,000 1,41,53,000 1,03,19,000
17,18,000
12%
Short-term
investments
18,000 31,000 36,000
-13,000
-42%
Net
receivables
32,02,000 30,31,000 37,22,000
1,71,000
6%
Inventory 37,64,000 36,73,000 34,11,000 91,000 2%
Other
current
assets
1,22,63,000 1,68,000 1,83,000
1,20,95,000
7199%
Total
current
assets
3,51,30,000 2,10,56,000 1,77,14,000
1,40,74,000
67%
Long-term
investments
32,77,000 33,97,000 50,53,000
-1,20,000
-4%
Property
plant and
6,71,82,000 8,04,97,000 8,39,75,000 -1,33,15,000 -17%
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equipment
Goodwill 2,47,000 32,69,000 32,73,000 -30,22,000 -92%
Intangible
assets
5,31,000 6,99,000 8,46,000
-1,68,000
-24%
Accumulate
d
amortisation
- - -
Other assets 56,26,000 80,88,000 80,92,000 -24,62,000 -30%
Deferred
long-term
asset
charges
40,41,000 57,88,000 61,47,000
-17,47,000
-30%
Total Non
current
assets
7,68,63,000 9,59,50,000 10,12,39,000
-1,90,87,000
-20%
Total assets 11,19,93,00
0
11,70,06,00
0
11,89,53,000
-50,13,000
-4%
Current liabilities
Accounts
payable
59,77,000 55,51,000 53,89,000
4,26,000
8%
Short/
current
long-term
debt
27,22,000 13,64,000 45,70,000
13,58,000
100%
Other
current
liabilities
51,55,000 43,24,000 22,98,000
8,31,000
19%
Total
current
liabilities
1,39,89,000 1,13,66,000 1,23,40,000
26,23,000
23%
Long-term
debt
2,44,36,000 2,95,13,000 3,32,30,000
-50,77,000
-17%
Other
liabilities
1,21,73,000 1,25,86,000 1,30,06,000
-4,13,000
-3%
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Deferred
long-term
liability
charges
- - -
Minority
interest
50,78,000 54,68,000 57,81,000
-3,90,000
-7%
Negative
goodwill
- - -
Total
liabilities
5,13,23,000 5,42,80,000 5,88,82,000
-29,57,000
-5%
Stockholders' equity
Misc. Stock
options
warrants
- - -
Redeemable
preferred
stock
- - -
Preferred
stock
- - -
Common
stock
22,43,000 22,43,000 22,43,000
0
0%
Retained
earnings
5,10,64,000 5,26,18,000 4,95,42,000
-15,54,000
-3%
Treasury
stock
17,67,000 18,79,000 19,87,000
-1,12,000
-6%
Capital
surplus
5,18,000 5,18,000 5,18,000
0
0%
Other
stockholder
equity
17,72,000 18,82,000 20,20,000
-1,10,000
-6%
Total
stockholder
equity
5,55,92,000 5,72,58,000 5,42,90,000
-16,66,000
-3%
Net tangible 5,48,14,000 5,32,90,000 5,01,71,000 15,24,000 3%
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assets
BHP’s total assets decreased by 4% year on year in 2018 due to the huge disinvestments operations
(BHP Annual Report, 2018). This resulted in the increase in cash assets by 12% and decline in
goodwill by 92%. Also there was astronomical increase in the other current assets due to the
increase in assets held for sale represented by its onshore US assets and liabilities. BHP’s short term
debt doubled in this period maybe due to the need to fund its expanding business operations and
working capital but there was not much change in its total liabilities and equities. So, it can be seen
that changes have occurred in the individual balance sheet items but the main line items are not
much affected.
2.1.2 Vertical analysis
Balance sheet
Vertical analysis
000 USD
30-06-2018 30-06-2017
Cash and cash equivalents 14.17% 12.10%
Short-term investments 0.02% 0.03%
Net receivables 2.86% 2.59%
Inventory 3.36% 3.14%
Other current assets 10.95% 0.14%
Total current assets 31.37% 18.00%
Long-term investments 2.93% 2.90%
Property plant and
equipment 59.99% 68.80%
Goodwill 0.22% 2.79%
Intangible assets 0.47% 0.60%
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Accumulated amortisation
Other assets 5.02% 6.91%
Deferred long-term asset
charges 3.61% 4.95%
Total Non current assets 68.63% 82.00%
Total assets 100.00% 100.00%
Accounts payable 5.34% 4.74%
Short/current long-term
debt 2.43% 1.17%
Other current liabilities 4.60% 3.70%
Total current liabilities 12.49% 9.71%
Long-term debt 21.82% 25.22%
Other liabilities 10.87% 10.76%
Deferred long-term
liability charges
Minority interest 4.53% 4.67%
Negative goodwill
Total liabilities 45.83% 46.39%
Misc. Stock options
warrants - -
Redeemable preferred
stock - -
Preferred stock - -
Common stock 2.00% 1.92%
Retained earnings 45.60% 44.97%
Treasury stock 1.58% 1.61%
Capital surplus 0.46% 0.44%
Other stockholder equity 1.58% 1.61%
Total stockholder equity 49.64% 48.94%
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Net tangible assets 48.94% 45.54%
The vertical balance sheet tells how the components of balance sheet changed as a proportion of
total assets. The cash assets of the company increased approximately from 12% to 14% as a
proportion of total assets and total current assets increased from 18% to 31% as a proportion of total
assets. Total non-current assets decreased during this period in proportion to the total assets. The
reason for this change can be the disinvestment activities and result is that the balance sheet is
looking more liquid.
Income Statement
Vertical IS
000 USD or '000 2018 2017
Revenue
Total revenue 100.00% 100.00%
Cost of revenue 18.20% 17.33%
Gross profit 81.80% 82.67%
Research development
Selling general and administrative 26.88% 27.68%
Non-recurring
Others 3.26% 3.25%
Total operating expenses 64.13% 66.48%
Operating income or loss 35.87% 33.52%
Total other income/expenses net 2.27% 3.02%
Earnings before interest and taxes 35.87% 33.52%
Interest expense 2.34% 2.79%
Income before tax 33.61% 30.50%
Income tax expense 15.96% 12.17%
Minority interest 11.57% 14.98%
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Net income from continuing ops 17.64% 18.33%
Discontinued operations 6.65% 1.29%
Extraordinary items
Effect of accounting changes
Other items
Net income 8.44% 16.13%
Preferred stock and other adjustments
Net income applicable to common shares 8.44% 16.13%
Profit from operations (EBIT) 35.87% 33.52%
Depreciation and amortisation expense 14.33% 16.94%
EBITDA 50.20% 50.46%
The cost of sales as a proportion of revenue increased a bit from 17.3% to 18.2% in 2018 which can
maybe because of increasing input costs. As a result the gross revenue and operating income also
decreased a little in proportion to the net sales. The costs due to discontinued operations increased a
lot from 1.29% to 6.65% due to losses from the sale of dew divisions, which resulted in a huge
decrease in total net income as a proportion of revenue from 16.13% to 8.44%.
3 Ratio Analysis
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Following are the four types of ratios analyzed in this report (Atrill and McLaney, 2019):
Profitability and market ratios – Profitability ratios are used to evaluate the profit generation ability
of a company. The upward movement of this set of ratios indicates that a firm’s business is
performing well and its profitability is increasing. Market ratios tell about the performance of the
firm’s share price. The ratios used in this report are: Return on assets, Return on equity, Net profit
margin, Gross profit margin, Expense ratio, Cash return on sales, Earnings per share, Price earnings
ratio and Earnings yield.
Efficiency Ratios – These ratios are used to evaluate the efficiency of the firms operations. They tell
how much revenues or profits the firms are producing from their assets. The ratios used in this
report are Asset turnover, Cash return on assets and Fixed Asset turnover.
Liquidity ratios – These ratios tells the firm’s ability to meet its short term obligations using the
current or liquid assets. The ratios used in this report are Current ratio, Quick ratio, Receivables
turnover and Average collection period.
Gearing Ratios – These ratios tells about the financial leverage of the firm. This set of ratios gives
information about the capital structure of the firm and they can be used to evaluate the solvency
condition. The ratios used in this report are Debt to equity ratio, Debt ratio, Equity ratio, Cash debt
coverage and Interest coverage ratio.
3.1 Profitability and Market ratios
(see appendix for
calculations)
2018 2017 Industry average
Return on assets 6.76% 5.67% 8.44%
Return on equity
13.72% 12.00%
15.45%
Net profit margin
17.64% 18.33%
18.99%
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Gross profit margin
81.80% 82.67%
50.64%
Expense ratio/Cost to
Income ratio 64.13% 66.48%
79.98%
Cash return on sales
40.01% 43.48%
25.96%
Earnings per share $1.45 per share $1.26 per share $2.85 per share
Price earnings ratio
34.38 times 28.31 times
19.50 times
Earnings yield
2.91% 3.53%
9.14%
Dividends per share 1.18 $ per share 0.83 $ per share $1.13 per share
Return on assets and return on equity ratios have increased little from 5.67% and 12% to 6.76% and
12.72% respectively in 2018. This can be due to the increased revenues and improvements in
business operations to reduce variable costs. But these ratios are somewhat lower than the industry
average. Net profitability ratio has decreased from 18.33% in 2017 to 17.64% in 2018 and the gross
profitability ratio has decreased from 82.67% to 81.8%. The reason for this can be the increase in
the direct costs related to the inputs and labor. The company revenues increased in 2018 due to the
better commodity prices (BHP Investor and analyst briefing speech, 2018).
Cash return on sales tells about the profitability of the firm’s operation in terms of cash generated
by it revenues. This ratio was in an uptrend from 2017 to 2018. So, the company’s operations have
produced lower cash returns in 2018 as compared to the previous year.
The company has been paying good cash returns to its investors as its dividends per share increased
from $0.83 to $1.18 in 2018 and it was higher than the industry average of $1.13 per share.
Price to earnings ratio for BHP has increased from the 28.31 to 34.38 in 2018 and it was much
higher that the industry average of 19.5. This means that investors paid higher amounts per share for
each dollar of BHP’s earnings. This can be due to the increased investor’s confidence because of its
large market share and its product diversification that makes the company less risky.
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3.2 Efficiency ratios
(see appendix for
calculations)
2018 2017 Industry average
Asset turnover
0.38 times 0.31 times
0.42 times
Cash return on assets
0.15 times 0.13 times
0.12 times
Fixed Asset turnover
0.51 times 0.37 times
0.54 times
All the efficiency ratios of BHP have increased in 2018 as compared to the previous year. This can
be due to the increased revenues of the company. The other factor can be overall decrease in the
company’s total assets as shown under discontinued operations. The company has been
continuously investing in its operations so this upward movement in efficiency ratios can be due to
its focus on safety and productivity, which increased throughput across BHP’s operations. As
compared to the industry average these asset turnover ratios were slightly lower maybe because of
the large size and higher asset base of BHP.
3.3 Liquidity ratios
(see appendix for
calculations)
2018 2017 Industry average
Current ratio
2.51:1 1.85:1
2.38:1
Quick ratio
2.24:1 1.53:1
1.70:1
Receivables turnover
14.08 times 10.81 times
41.81 times
Average collection period
26 days 34 days
13 days
The current ratio measures the ability of the firm to meet its current liabilities using all its current
assets. This ratio has increased from 1.85:1 in 2017 to 2.51:1 in 2018. The 2018 ratio was little
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higher than the industry average of 2.38:1. The main reason for this can be the increase in value of
the total current assets due to massive increase in the assets held for sale. The quick ratio of the firm
has also increased from 1.53:1 to 2.24:1 in 2018, which can be due to the increase in the cash and
cash equivalents in 2018 because of the cash receipts from the disinvestment activities. The average
collection period of BHP has decreased from 34 days in 2017 to 26 days in 2018. This can be due to
the increase in the firm’s efficiency to collect receipts from the customers. But as compared with the
industry average of 13 days BHP’s collection period is much higher maybe because of the loose
credit terms that the company might be providing to its customers.
3.4 Gearing ratios
(see appendix for
calculations)
2018 2017 Industry average
Debt to equity ratio
48.85% 53.93%
20%
Debt ratio
24.25% 26.39%
12%
Equity ratio
50% 49%
62%
Cash debt coverage
61% 46%
250%
Interest coverage ratio
15.30 times 12.03 times
14.70 times
The gearing ratios for BHP have moved in positive direction in 2018 as compared to the previous
year. Its debt to equity ratio and debt ratio both has decreased slightly in 2018 to 48.85% and
24.25% respectively. This can be due to the decrease in the company’s debt. But these ratios are
much higher than the industry average of 20%, which tells that BHP depends more on debt than its
competitors and such practice can prove to be dangerous in the bad times due to the increased
financial leverage. Cash debt coverage ratio and interest coverage ratio of the company has
increased in year 2018, which tells that the company ability to meet its debt and interest obligations
from its operations has improved. This might be due to the improved business operations or
lowering interest costs because of the large market position of the company.
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4 Recommendations and overall assessment
The company’s performance has been almost in the same ballpark in 2017 and 2018 but still the
improvement was relatively better for BHP in 2018 as seen in vertical analysis of the income
statement that the company’s income from the operations has increased from 34% to 36% as a
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proportion of total sales. Also, the company overall business has been going ahead as seen in the
horizontal analysis of the income statement that its revenue and gross profits increased by
approximately 20%. The company’s profitability ratios also tell that its returns on equity as well as
return on assets have improved in 2018
The BHP has the potential to succeed in the future as it is well established company and one of the
largest global resources company. Also, the product diversification of the company provides
additional competitive advantage. The company business is improving as its revenue is increasing
and even the income from its operations is increasing. There has been a decrease in the net profits
due the losses from the discontinued operations but these are the one time activities that will not
impact the future performance of the company.
BHP is a very large company that has a strong position in its industry. The company has a
comparative advantage because of its size, product diversification and experience. Although, the
small merger and acquisitions activities always keep on taking place for such big companies but
right now there is not any particular need to go for any significant M&A activity.
The company should focus on further improving its operational efficiency to reduce the overall
costs. As this industry is very concentrated so the investment in innovation and technology will
improve BHP’s profitability.
Like any firm, BHP also faces the risk of bankruptcy if things turn bad. There can be various
reasons like sudden liabilities from the legal proceeding, bad management, bad debts and adverse
economic conditions etc. If the firm becomes insolvent then the appointed Insolvency practitioner
should follow some codes of ethical conduct. At the moment these ethical codes are not mandatory
for the insolvency practitioner what are highly recommended. There are basically five principles
that need to be followed:
Objectivity- Insolvency practitioners should show objectivity in taking the decisions without getting
impacted by any kind of biases and external influences. Also, they should avoid any kind of conflict
of interests
Integrity -Insolvency practitioner should take actions by following an honest and straightforward
approach.
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Confidentiality- Extreme care should be taken by the Insolvency practitioner so as not to disclose
the sensitive and confidential data regarding the firm undergoing bankruptcy to any third party.
Professional Behavior- The behavior of the Insolvency practitioner should be professional. They
should perform their duties according to the applicable local laws and regulations.
Professional competence and due care-Insolvency practitioner needs to be technically sound to
provide effective professional services and they need to perform full due diligence before reaching
to any conclusions by carrying out detailed analysis and taking all the firm’s stakeholders into
considerations.
BHP is a global company and its profitability depends a lot on it international sales and
multinational operations. So, the global political environment can have a significant impact on the
company. The ongoing US-China trade war has produced lot of uncertainties for the BHP as the
company has its major manufacturing operations in US and it depends a lot on China for the sale of
its products. So, the results of these trade talks can impact the future performance of the company.
The company also faces many social and environmental risks because the mining industry in
general is subjected to lot of criticism for unfavorable impact on the environment. So, the increased
public awareness and sustainability regulations can have a major impact on BHP. The legal factors
needs to be considered carefully as various court rulings, renegotiations or breach of existing can
result in unseen liabilities and have an adverse effect on BHP’s profits. The company needs to
invest in technology and innovation to avoid the negative effects from their competitor’s
technological advancements.
The report recommends investing in BHP as the business of the company is progressing as seen by
the above financial analysis. The company’s diverse product portfolio and its market position
provide a unique advantage and it also shield BHP to some extent against the commodity price risk
and changing regulations.
In last two years, the company’s revenue has noticed 20 per cent year on year growth. The
company’s income from the operations has increased from 34% to 36% as a proportion of total sales
in 2018, which shows that the company’s core operations are improving. There is an upward trend
in return on assets and return on equity ratios that shows the company is generating higher returns.
Also, its efficiency ratios like asset turnover has improved in 2018 as compared to the last year as
BHP has been focusing on sustainability, safety and productivity to improve its operations and to
increase throughput across business. The company has a high PE ratio compared to the industry
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Assignment – Company
average that shows higher investors’ confidence. Both the debt and liquidity ratios for the company
have improved in 2018 which tells that the company will not have much financial problems going
forward.
BHP faces systematic risk from the global political events like US-China trade war and significant
company specific risk arising from the uncertainty in the liabilities from the on-going law suits
because of the Samarco dam failure. So, these risks can create some future problems.
Overall, BHP business is growing and it has a strong comparative position, so the report
recommends investing in BHP.
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Student name – ID FIN600 TX YYYY
Assignment – Company
5 References/Bibliography
Atrill, P. & McLaney, E. (2019). Accounting and Finance for Non-Specialists. 11th ed. Harlow:
Pearson.
ASX. (n.d.). BHP GROUP LIMITED. Retrieved 16 May 2019 from
https://www.asx.com.au/asx/share-price-research/company/BHP#company-top.
BHP. (2018). Investor and analyst briefing speech. Retrieved 16 May 2019 from
https://www.bhp.com/investor-centre/financial-results-and-operational-reviews/.
BHP. (n.d.). Our businesses. Retrieved 16 May 2019 from https://www.bhp.com/our-businesses.
BHP. (2018). Our history. Retrieved 16 May 2019 from https://www.bhp.com/our-approach/our-
history.
BHP. (2018). BHP Annual Report. Retrieved 16 May 2019 from
https://www.bhp.com/-/media/documents/investors/annual-reports/2018/
bhpannualreport2018.pdf.
Ker, P. (2017). BHP Billiton CEO Andrew Mackenzie says diversification gives 'unusual'
advantage. Financial Review. Retrieved 16 May 2019 from
https://www.afr.com/business/mining/bhp-billiton-ceo-andrew-mackenzie-says-
diversification-gives-unusual-advantage-20170412-gvj6xk.
Smith, N. (2019). As it nears its 52-week high, is the BHP share price a buy?. The MotleyFool.
Retrieved 16 May 2019 from https://www.fool.com.au/2019/04/08/as-it-nears-its-52-week-
high-is-the-bhp-share-price-a-buy/.
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Student name – ID FIN600 TX YYYY
Assignment – Company
Appendices – attached Excel Spreadsheet
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