you should adjust it as it was a demerger. S32 also adjusted out. It’s because a business unit was spun out and you received shares in a new entity. So both businesses (or 3 really as s32) still exist, from an aggregated BHP, but now legally separate and generate earnings in 3 separate companies. Its assists with performance measurement etc. think of the sum of all spun out businesses equally BHP. If you didn’t adjust for it, you’d have a large spike down in BHP, which isn’t technically right given how/why it occurred. It’s just the businesses are elsewhere.
BSL/one steel also spun out of BHP in 2000s too.
I’ve given a fairly layman’s view of it, you’d need to speak to a performance analyst (fundies have these) for a formal answer.
BHP Dividend Guestimate, page-827
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