05 billion dollars on a turnover up by 25

Anglo-Australian giant BHP Billiton mines did not depart from the rule. Encouraged by soaring raw material prices, as its rivals (see table), the number one global extraction yesterday published preliminary results in strong growth.

Its net profit for the year 2005-2006 (ended late June), an increase of 63.4, 10.45 billion, registered a record for the third year in a row. In the second half profits soared by 77 to $ 6.1 billion. A performance which however left the marble market because BHP Billiton unveiled accounts in line with the expectations of analysts, or even slightly lower. Suddenly, the title transferred 1.25 yesterday in Sydney and 3.98 on the London Stock Exchange.

This does not detract from the quality of the figures of BHP. The operational result (Ebitda) increased by 50 over one year to 18.05 billion dollars on a turnover up by 25.5, to $ 39.1 billion.

The assessment of the prices of metallurgical coal, ore iron, metals (copper) base, aluminum and oil prices contributed to the improvement of the accounts (6.69 billion at the level of earnings before interest and taxes). Acquisitions, such as WMC Resources (June 2005), and the accounting year full of new discoveries made the rest.

Based on these results, BHP Billiton decided to a final dividend of 18.50 cents per share ( 28), bringing the total to 36 cents on the exercise. In the next 18 months, $ 3 billion will be also returned to the shareholders in the form of share repurchases. There again, it is not a surprise if one believes Numis Securities.

Projects in reserve

In any case, this amount does not appear to alter the risk profile of the group, according to Dresdner Kleinwort and Moody's credit analysts highlight the financial flexibility of the BHP Billiton Group.

In 2005-2006, the company has generated an operating cash flow of 10.5 billion, an increase of 25, and net debt decreased by 5.6 to $ 8.2 billion. With regard to the future, the boss of the group, Charles w. Good -

year, appears confident. He predicted yesterday "a prolonged period of high cyclic prices." Even if, in the long term, he expects effectively to ensure that the introduction of new capabilities back prices to more sustainable levels. While Chinese growth should slow down and demand is expected to continue to grow. The Anglo-Australian Group BHP Billiton has completed not less than $ 3.6 billion of sales in China in the first half. An amount in constant progression ( 22 from the second half of 2005). The country now represents 16.8 of its revenues.

Today, the number one natural resource development projects internally. "Chip" Goodyear yesterday recalled that the Group had 23 projects in reserve for an investment estimated at $ 13.8 billion.

As the acceleration of the consolidation of the sector, it does it frighten not. "We understand what is happening." "It's a strategy we have adopted over the past five or six years now," he told Bloomberg. "We are always looking for opportunities and we discuss how they might fit into our portfolio," he continued before specify that acquisitions will be at a high price.