Earnings per share

12 Months Ended

Jun. 30, 2023

7 Earnings per share


	2023		2022		2021
Earnings attributable to BHP shareholders (US$M)
- Continuing operations		12,921		20,245		11,529
- Total		12,921		30,900		11,304
Weighted average number of shares (Million)
- Basic		5,064		5,061		5,057
- Diluted		5,073		5,071		5,068
Basic earnings per ordinary share (US cents)
- Continuing operations		255.2		400.0		228.0
- Total		255.2		610.6		223.5
Diluted earnings per ordinary share (US cents)
- Continuing operations		254.7		399.2		227.5
- Total		254.7		609.3		223.0
Headline earnings per ordinary share (US cents)
- Basic		256.1		439.0		284.8
- Diluted		255.7		438.1		284.2

Refer to note 28 ‘Discontinued operations’ for basic earnings per share and diluted earnings per share for Discontinued operations.

Earnings on American Depositary Shares represent twice the earnings for BHP Group Limited ordinary shares.

Headline earnings is a Johannesburg Stock Exchange defined performance measure and is reconciled from earnings attributable to ordinary shareholders as follows:


	2023			2022			2021
	US$M			US$M			US$M
Earnings attributable to BHP shareholders		12,921			30,900			11,304
Adjusted for:
(Gain)/loss on sales of PP&E, Investments and Operations 1		(9	)		(95	)		(50	)
Impairments of property, plant and equipment, financial assets and intangibles		75			515			2,633
Samarco impairment expense		–			–			111
Cerrejón impairment expense		–			–			466
Gain on disposal of BHP Mitsui Coal		–			(840	)		–
Gain on merger of Petroleum		–			(8,167	)		–
Tax effect of above adjustments		(17	)		(97	)		(60	)

Subtotal of adjustments		49			(8,684	)		3,100

Headline earnings		12,970			22,216			14,404

Diluted headline earnings		12,970			22,216			14,404

1	Included in other income.

Recognition and measurement

Diluted earnings attributable to BHP shareholders are equal to the earnings attributable to BHP shareholders.

Prior to

the

Group’s corporate structure unification, the calculation of the number of ordinary shares used in the computation of basic earnings per share was the aggregate of the weighted average number of ordinary shares of BHP Group Limited and BHP Group Plc outstanding during the period after deduction of the number of shares held by the Billiton Employee Share Ownership Trust and the BHP Group Limited Employee Equity Trust (previously known as ‘BHP Billiton Limited Employee Equity Trust’). Effective from 31 January 2022, the aggregate of the weighted average number of ordinary shares of only BHP Group Limited is considered in the computation of basic earnings per share. Refer to note 17 ‘Share capital’ for details on unification.

For the purposes of calculating diluted earnings per share, the effect of 9 million dilutive shares has been taken into account for the year ended 30 June 2023 (2022: 10 million shares; 2021: 11 million shares). The Group’s only potential dilutive ordinary shares are share awards granted under the employee share ownership plans for which terms and conditions are described in note 26 ‘Employee share ownership plans’. Diluted earnings per share calculation excludes instruments which are considered antidilutive.

At 30 June 2023, there are no instruments which are considered antidilutive (2022: nil; 2021: nil).