1st Quarter Results Part 2
BROKEN HILL PROPERTY CO LIMITED
17 September 1999
BHP First Quarter Profit Report
August 1999
Part 2
Page 13
Supplementary Information - Segment Results
Quarterly comparison - August 1999 with August 1998(1)(2)
Quarter ended 31 August 1999
Operating Revenue(3) Operating Profit
$Million $Million
Operating Operating
profit profit before
before abnormal
Other abnormal Dep'n & Borrowing items and
Sales revenue Total items(4) amort'n costs income tax(5)
1 999 144 2 143 Minerals 620 (207) - 413
1 808 22 1 830 Steel 280 (105) - 103
949 211 1 160 Petroleum 421 (159) - 262
431 41 472 Services 44 (9) - 35
- 21 21 Net unallocated interest 21 - (168) (147)
( 52) 1 (51)Group and unallocated (107) (4) - (111)
items(7)
4 725 440 5 165 BHP Group 1 207 (484) (168) 555
Operating Profit
$Million
Income Abnormal Operating
Tax items profit
excluding after including
abnormal income abnormals
items tax(6) after tax
--------------------------------
(138) - 275 Minerals
(40) - 63 Steel
(92) - 170 Petroleum
(12) - 23 Services
33 - (114) Net unallocated interest
38 112 39 Group and unallocated items(6)
----------------------------------
(211) 112 456 BHP Group
----------------------------------
Quarter ended 31 August 1998
Operating Revenue(3) Operating Profit
$Million $Million
Operating Operating
profit profit before
before abnormal
Other abnormal Dep'n & Borrowing items and
Sales revenue Total items(4) amort'n costs(8) incometax(5)
2 484 201 2 685 Minerals 844 (222) - 622
2 095 25 2 120 Steel 307 (116) - 191
800 30 830 Petroleum 397 (174) - 223
552 141 693 Services 93 (19) - 74
- 40 40 Net unallocated 40 - (210) (170)
interest
(211) 4 (207)Group and (323) (4) - (327)
unallocated items(7)
------------------------------------------------------------------------------
5 162 441 5 603 BHP Group 1 358 (535) (210) 613
------------------------------------------------------------------------------
Operating Profit
$Million
Income Abnormal Operating
Tax items profit
excluding after including
abnormal income abnormals
items tax after tax
--------------------------------
(261) - 361 Minerals
(71) - 120 Steel
(86) - 137 Petroleum
(10) - 64 Services
63 - (107) Net unallocated interest
117 - (210) Group and unallocated items(7)
----------------------------------
(248) - 365 BHP Group
----------------------------------
(1) Before outside equity interests.
(2) Comparative figures have been restated to reflect the transfer of
internal currency hedging results from Minerals, Steel, and Petroleum
to Group and unallocated items. The results of internal currency hedging
activities eliminate within Group and unallocated items.
(3) Operating revenues do not add to the BHP Group figure due to
intersegment transactions.
(4) Result for all Businesses except Net unallocated interest is equivalent
to earnings before borrowing costs, income tax expense, depreciation
and amortisation.
(5) Result for all Businesses except Net unallocated interest is equivalent to
earnings before borrowing costs and income tax expense.
(6) Tax benefit on August 1999 abnormal item: $112 million.
(7) Includes consolidation adjustments and unallocated items.
(8) Following adoption of AASB 1036: Borrowing costs, August 1998 figures have
been restated to include ancillary borrowing costs within Net unallocated
interest. These costs were previously included in Business results.
Page 14
Supplementary Information - Segment Results
Quarterly comparison - August 1999 with May 1999(1)(2)
Quarter ended 31 August 1999
Operating Revenue (3)
$Million
Other
Sales revenue Total
1 999 144 2 143 Minerals
1 808 22 1 830 Steel
949 211 1 160 Petroleum
431 41 472 Services
- 21 21 Net unallocated interest
(52) 1 (51) Group and unallocated items (7)
4 725 440 5 165 BHP Group
Operating Profit
$Million
Operating
Operating profit Income Abnormal Operating
profit before tax items profit
before abnormal excluding after including
abnormal Dep'n & Borrowing items and abnormal income abnormals
items(4) amort'n costs income tax(5) items tax(6) after tax
620 (207) - 413 (138) - 275 Minerals
208 (105) - 103 (40) - 63 Steel
421 (159) - 262 (92) - 170 Petroleum
44 (9) - 35 (12) - 23 Services
21 - (168) (147) 33 - (114) Net
unallocated
interest
(107) (4) - (111) 38 112 39 Group and
unallocated
items(7)
1 207 (484) (168) 555 (211) 112 456 BHP Group
Quarter ended 31 May 1999
Operating Revenue (3)
$Million
Other
Sales revenue Total
2 199 88 2 287 Minerals
1 936 363 2 299 Steel
716 286 1 002 Petroleum
490 2 492 Services
- 9 9 Net unallocated interest
(64) 7 (57) Group and unallocated items(7)
4 796 755 5 551 BHP Group
Operating Profit
$Million
Operating
Operating profit Income Abnormal Operating
profit before tax items profit
before abnormal excluding after including
abnormal Dep'n & Borrowing items and abnormal income abnormals
items(4) amort'n costs income tax(5) items tax(8) after tax
369 (268) - 101 (93) (2 842) (2 834) Minerals
156 (135) - 21 (4) (105) (88) Steel
234 (158) - 76 (41) (89) (54) Petroleum
10 (12) - (2) 4 - 2 Services
9 - (172) (163) 73 - (90) Net
unallocated
interest
(113) (4) - (117) 31 (13) (99) Group and
unallocated
items(7)
665 (577) (172) (84) (30) (3 049) (3 163) BHP Group
(1) Before outside equity interests.
(2) Comparative figures have been restated to reflect the transfer of internal
currency hedging results from Minerals, Steel and Petroleum to Group and
unallocated items. The results of internal currency hedging activities
eliminate within Group and unallocated items.
(3) Operating revenues do not add to the BHP Group figure due to intersegment
transactions.
(4) Result for all Businesses except Net unallocated interest is equivalent to
earnings before borrowing costs, income tax expense, depreciation and
amortisation.
(5) Result for all Businesses except Net unallocated interest is equivalent to
earnings before borrowing costs and income tax expense.
(6) Tax benefit on August 1999 abnormal item: $112 million.
(7) Includes consolidation adjustments and unallocated items.
(8) Tax benefit on May 1999 abnormal items: Minerals $359 million and
Petroleum $1 million.
Page 15
Supplementary Information - Business Results
$ Million
Quarter ended (1) (2) (3)
31 August 1999 Sales Operating Depreciation Capital & Exploration
revenue profit & amortisa- investment (before tax)
before tion expenditure (4) (5)
abnormal Gross Charged
items to
profit
Minerals
Steelmaking and Energy Materials
Iron Ore 335 172 32 6
Coal 700 233 75 18
Manganese(6) 1 2 - -
1 036 407 107 24
Non Ferrous & Industrial Materials
South America Cooper 395 169 47 8
Pacific Cooper 139 46 25 (1)
EKATI(TM) diamonds 67 55 10 1
Cannington silver-
lead-zinc 99 34 11 2
Other Businesses(7) 251 1 2 19
Intra-divisional
adjustment - (2) -
951 303 95 29
Hot Briquetted Iron 17 (51) 3 99
Minerals Development 1 (15) 2 -
Divisional Activities (6) (24) - -
1 999 620 207 152 19 17
Steel
Flat Products 548 63 38 11
Coated Products 832 98 31 4
Long Products 425 19 22 13
Building &
Industrial Products 568 36 14 2
Intra-divisional
adjustment (565) -
Divisional
activities - (8) - -
1 808 208 105 30 - -
Petroleum(8)
Bass Strait 369 198 54 71
North West Shelf 154 121 20 37
Liverpool Bay 71 55 38 4
Other Businesses 187 94 46 18
Marketing
activities 228 (4) 1 -
Intra-divisional
adjustment (14)
Divisional
activities (46) (43) - - - -
949 421 159 130 54 46
Services 431 44 9 12 - -
Net Unallocated
Interest - 21 - - - -
Group and unallocated
items (52) (107) 4 3 - -
BHP Group 4 725 1 207 484 327 73 63
(1) Sales revenues do not add to the BHP Group figure due to intersegment
transactions.
(2) Result for all Businesses except Net unallocated interest is equivalent to
earnings before borrowing costs, income tax expense, depreciation and
amortisation.
(3) Excludes capitalised interest and capitalised exploration.
(4) Includes capitalised exploration: Minerals $2 million and Petroleum $16
million.
(5) Includes $8 million Petroleum exploration expenditure previously
capitalised, now written off.
(6) Principal manganese assets were sold in December 1998.
(7) Includes North America Copper mining and smelting operations which ceased
during the current quarter, Beenup mineral sands operation which closed in
April 1999 and Hartley platinum mine where operations have been suspended
pending conditional sale.
(9) Petroleum sale revenue includes: Crude oil $503 million, Natural gas $88
million, LNG $81 million, LPG $57 million and Other $220 million.
Page 16
Supplementary Information - Business Results
Quarter ended (2) (3) (4)
31 August 1999(1) Sales Operating Depreciation Capital & Exploration
revenue profit & amortisa- investment (before tax)
before tion expenditure (5) Charged
abnormal Gross to
items profit
Minerals
Steelmaking and Energy Materials
Iron Ore 480 270 35 25
Coal 863 313 67 20
Manganese(6) 106 29 5 -
1 449 612 107 45
Non Ferrours & Industrial Materials
South America Cooper 440 176 40 115
Pacific Cooper 185 82 27 -
North America
Cooper(7) 326 21 29 23
EKATI(TM) diamonds - 3 - 40
Cannington silver-
lead-zinc 81 22 7 5
Other Businesses(8) 14 (36) 7 4
Intra-divisional
adjustment (15) 3
1 031 271 110 187
Hot Briquetted Iron - 29 - 138
Minerals Development 8 (48) 4 (3)
Divisional Activities (8) (20) 1 1
2 484 844 222 368 60 51
Steel
Flat Products 603 84 38 32
Coated Products 914 109 35 21
Long Products 530 73 28 20
Building &
Industrial Products 663 51 15 8
Intra-divisional
adjustment (615) 3
Divisional
activities - (13) - -
2 095 307 116 81 - -
Petroleum(10)
Bass Strait 315 190 50 64
North West Shelf 145 113 24 23
Liverpool Bay 81 55 42 24
Other Businesses 145 51 57 101
Marketing
activities 131 (3) 1 -
Intra-divisional
adjustment (20) - - -
Divisional
activities 3 (9) - 2 81 38
800 397 174 212 81 38
Services 552 93 19 5 - -
Net Unallocated
Interest - 40 - - - -
Group and unallocated
items (211) (323) 4 1 - -
BHP Group 5 162 1 358 535 667 141 89
(1) These figures have been restated to reflect the transfer of internal
currency hedging results from Minerals, Steel and Petroleum to Group and
unallocated items. The results of internal currency hedging activities
eliminate within Group and unallocated items.
(2) Sales revenues do not add to the BHP Group figure due to intersegment
transactions.
(3) Result for all Businesses except Net unallocated interest is equivalent to
earnings befor borrowing costs, income tax expense, depreciation and
amortisation.
(4) Excludes capitalised interest and capitalised exploration.
(5) Includes capitalised exploration: Minerals $9 million and Petroleum $43
million.
(6) Principal manganese assets were sold in December 1998.
(7) North America Cooper mining and smelting operations ceased during the August
1999 quarter.
(8) Production at EKATI(TM) diamond mine commenced in October 1998.
(9) Includes Beenup mineral sands operation, which was closed in April 1999,
and Hartley Platinum mine where operations have been suspended pending
conditional sale.
(9) Petroleum sale revenue includes: Crude oil $434 million, Natural gas $122
million, LNG $88 million, LPG $46 million and Other $110 million.
Page 17
Restated Financial Information
The following tables on pages 17 to 21 have been included to provide selected
fiscal year 1999 comparatives which reflect the transfer of currency hedging
results from Minerals, Steel and Petroleum to Group and unallocated items. This
follows a decision to cease new internal currency hedging effective 1 June 1999.
The results of existing internal currency hedging activities now eliminate
within Group and unallocated items. Details for the quarter ended August 1998
and the quarter ended May 1999 are provided on pages 13, 14 and 16.
Year ended 31 May 1999
(excluding abnormal items)
$ Million
Aug 98 Nov 98 Feb 99 May 99
Quarter 1 Quarter 2 Half Year Quarter 3 Quarter 4 Full Year
Minerals 361 208 569 101 8 678
Steel 120 84 204 47 17 268
Petroleum 137 64 201 85 35 321
Services 64 18 82 13 2 97
Net unallocated
interest (107) (125) (232) (127) (90) (449)
Group and
unallocated
items (210) (163) (373) (88) (86) (547)
------ ------- ------- ------ ----- -----
Operating profit
before outside 365 86 451 31 (114) 368
equity interests
Outside equity
interests (14) (1) (15) 15 (3) (3)
Operating profit
attributable to
members of the
BHP Entity 351 85 436 46 (117) 365
===== ===== ===== ===== ===== =====
Page 18
Restated Financial Information
Quarter ended 30 November 1998(1)
Operating Revenue(2) Operating Profit
$Million $Million
Operating Operating
profit profit before
before abnormal
Other abnormal Dep'n & Borrowing items and
Sales revenue Total items(3) amort'n costs(4) incometax(5)
-------------------------------------------------------------------------------
2 331 66 2 397 Minerals 588 (288) - 360
1 969 23 1 992 Steel 251 (118) - 133
649 8 657 Petroleum 274 (169) - 105
538 41 579 Services 40 (19) - 21
- 35 35 Net unallocated 35 - (180) (145)
interest
(168) - (168)Group and (244) (6) - (250)
unallocated item(6)
------------------------------------------------------------------------------
4 792 173 4 965 BHP Group 944 (540) (180) 244
------------------------------------------------------------------------------
Income Abnormal Operating
Tax items profit
excluding after including
abnormal income abnormals
items tax after tax
--------------------------------
(152) - 208 Minerals
(49) - 84 Steel
(41) - 64 Petroleum
(3) - 18 Services
20 - (125) Net unallocated interest
87 - (163) Group and unallocated items(6)
----------------------------------
(138) - 86 BHP Group
----------------------------------
Quarter ended 28 February 1999(1)
Operating Revenue(2) Operating Profit
$Million $Million
Operating Operating
profit profit before
before abnormal
Other abnormal Dep'n & Borrowing items and
Sales revenue Total items(3) amort'n costs(4) incometax(5)
-------------------------------------------------------------------------------
2 185 674 2 859 Minerals 473 (226) - 247
1 720 53 1 773 Steel 175 (119) - 56
662 62 724 Petroleum 333 (201) - 132
497 506 1 003 Services 36 (17) - 19
- 27 27 Net unallocated 27 - (170) (143)
interest
(115) 1 (114)Group and (127) (3) - (130)
unallocated item(6)
------------------------------------------------------------------------------
4 479 1 323 5 802 BHP Group 917 (566) (170) 181
------------------------------------------------------------------------------
Income Abnormal Operating
Tax items profit
excluding after including
abnormal income abnormals
items tax after tax
--------------------------------
(146) 193 294 Minerals
(9) - 47 Steel
(47) - 85 Petroleum
(6) 173 186 Services
16 - (127) Net unallocated interest
42 6 (82) Group and unallocated items(6)
----------------------------------
(150) 372 403 BHP Group
----------------------------------
(1) Before outside equity interests.
(2) Operating revenues do not add to the BHP Group figure due to
intersegment transactions.
(3) Result for all Business except Net unallocated interest is equivalent
to earnings before borrowing costs, income tax expense, depreciation
and amortisation.
(4) Following adoption of AASB 1036: Borrowing costs, figures have been
stated to include ancillary borrowing costs within Net unallocated
interest. These costs were previously included in Business results.
(5) Result for all Businesses except Net unallocated interest is
equivalent to earnings before borrowing costs and income tax expense.
(6) Includes consolidation adjustments and unallocated items.
(7) Tax benefit/(expense) on February 1999 abnormal items: Minerals $44
million, Services $1 million and Group $(3) million.
Page 19
Restated Financial Information
Half Year ended $Million
30 November 1998 Sales (1) Operating (2) Depreciation
revenue profit before & amortisation
abnormal items
Minerals
Steelmaking and Energy
Materials
Iron Ore 903 490 72
Coal 1 689 582 143
Manganese (5) 238 66 10
2 830 1 138 225
Non Ferrous & Industrial
Materials
South America Copper 761 256 79
Pacific Copper 378 115 54
North America Copper (6) 645 33 56
EKATI TM diamonds (7) - 7 -
Cannington
silver-lead-zinc 168 32 15
Other Businesses (8) 37 (55) 13
Intra-divisional
adjustment (17) 10
1 972 398 217
Hot Briquetted Iron - (8) -
Minerals Development 20 (87) 7
Divisional Activities (7) (9) 1
4 815 1 432 450
Steel
Flat Products 1 198 155 79
Coated Products 1 744 206 72
Long Products 1 022 106 52
Building & Industrial
Products 1 325 103 30
Intra-divisional
adjustment (1 225) 10
Divisional activities - (22) 1
4 064 558 234
Petroleum (9)
Bass Strait 441 235 67
North West Shelf 307 226 48
Liverpool Bay 180 126 92
Other Businesses 415 114 135
Marketing activities 144 (11) 1
Intra-divisional
adjustment (41) -
Divisional activities 3 (19) -
1 449 671 343
Services 1 090 133 38
Net Unallocated Interest - 75 -
Group and unallocated items (379) (567) 10
BHP Group 9 954 2 302 1 075
Half Year ended $Million
30 November 1998 Net assets Capital & (3) Exploration
investment (before tax)
expenditure Gross (4) Charged
to
profit
Minerals
Steelmaking and Energy
Materials
Iron Ore 1 709 42
Coal 1 989 57
Manganese (5) 331 2
4 029 101
Non Ferrous & Industrial
Materials
South America Copper 2 520 229
Pacific Copper 773 15
North America Copper (6) 1 143 58
EKATI TM diamonds (7) 572 42
Cannington
silver-lead-zinc 549 9
Other Businesses (8) 474 10
Intra-divisional
adjustment (5)
6 026 363
Hot Briquetted Iron 1 925 325
Minerals Development 324 4
Divisional Activities 60 2
12 364 795 115 97
Steel
Flat Products 2 274 81
Coated Products 2 399 32
Long Products 1 378 56
Building & Industrial
Products 1 361 19
Intra-divisional
adjustment (67)
Divisional activities 58
7 403 188 - -
Petroleum (9)
Bass Strait 812 127
North West Shelf 1 223 47
Liverpool Bay 1 387 45
Other Businesses 2 035 189
Marketing activities 14 -
Intra-divisional
adjustment
Divisional activities 31 - 140 79
5 502 408 140 79
Services 497 10 - -
Net Unallocated Interest (13 064) - - -
Group and unallocated
items 38 - - -
BHP Group 12 740 1 401 255 176
(1) Sales revenues do not add to the BHP Group figure due to intersegment
transactions.
(2) Result for all Businesses except Net unallocated interest is equivalent to
earnings before borrowing costs, income tax expense, depreciation and
amortisation.
(3) Excludes capitalised interest and capitalised exploration.
(4) Includes capitalised exploration: Minerals $18 million and Petroleum $61
million.
(5) Principal manganese assets were sold in December 1998.
(6) North America Copper mining and smelting operations ceased during the
August 1999 quarter.
(7) Production at EKATI (TM) diamond mine commenced in October 1998.
(8) Includes Beenup mineral sands operation, which was closed in April 1999,
and Hartley Platinum mine where operations have been suspended pending
conditonal sale.
(9) Petroleum sales revenue includes: Crude oil $729 million, Natural gas $269
million, LNG $167 million, LPG $87 million and Other $197 million.
Page 20
Restated Financial Information
$ Million
Quarter ended (1) (2) (3)
28 February 1999 Sales Operating Depreciation Capital & Exploration
revenue profit & amortisa- investment (before tax)
before tion expenditure (4) (5)
abnormal Gross Charged
items to
profit
Minerals
Steelmaking and Energy Materials
Iron Ore 413 207 33 13
Coal 785 222 64 41
Manganese(6) 41 4 1 2
1 239 433 98 56
Non Ferrours & Industrial Materials
South America Cooper 342 106 48 63
Pacific Cooper 173 22 27 4
North America
Cooper(7) 280 (20) 26 18
EKATI(TM) diamonds 22 23 9 8
Cannington silver-
lead-zinc 106 28 7 6
Other Businesses(8) 15 (25) 6 4
Intra-divisional
adjustment - 6
938 140 123 103
Hot Briquetted Iron - (7) - 83
Minerals Development 10 (76) 4 1
Divisional Activities (2) (17) 1 3
2 185 473 226 246 66 79
Steel
Flat Products 506 27 38 39
Coated Products 733 74 40 10
Long Products 408 31 26 27
Building &
Industrial Products 542 39 15 7
Intra-divisional
adjustment (469) 15
Divisional
activities - (11) - 1
1 720 175 119 84 - -
Petroleum(9)
Bass Strait 180 74 38 78
North West Shelf 125 96 21 62
Liverpool Bay 65 77 52 15
Other Businesses 166 60 89 31
Marketing
activities 159 23 1 -
Intra-divisional
adjustment (66) -
Divisional
activities 33 3 - 2 81 62
662 333 201 188 81 62
Services 497 36 17 7 - -
Net Unallocated
Interest - 27 - - - -
Group and unallocated
items (115) (127) 3 6 - -
BHP Group 4 479 917 566 531 147 141
(1) Sales revenues do not add to the BHP Group figure due to intersegment
transactions.
(2) Result for all Businesses except Net unallocated interest is equivalent to
earnings befor borrowing costs, income tax expense, depreciation and
amortisation.
(3) Excludes capitalised interest and capitalised exploration.
(4) Includes capitalised exploration: Minerals $4 million and Petroleum $19
million.
(5) Includes $17 million Minerals exploration expenditure previously
capitalised, now written off.
(6) Principal manganese assets were sold in December 1998.
(7) North America Cooper mining and smelting operations ceased during the August
1999 quarter.
(8) Includes Been up mineral sands operation, which was closed in April 1999,
and Hartley Platinum mine where operations have been suspended pending
conditional sale.
(9) Petroleum sale revenue includes: Crude oil $310 million, Natural gas $126
million, LNG $82 million, LPG $31 million and Other $113 million.
Page 21
Restated Financial Information
Year ended $ Million
31 May 1999 Sales (1) Operating (2) Depreciation
revenue profit before & amortisation
abnormal
items
Minerals
Steelmaking and Energy Materials
Iron Ore 1 650 807 136
Coal 3 250 994 282
Manganese (6) 281 71 11
5 181 1 872 429
Non Ferrous & Industrial Materials
South America
Copper 1 512 518 177
Pacific Copper 731 195 107
North America
Copper (7) 1 217 (31) 109
EKATI TM diam-
onds (8) 93 87 20
Cannington silver
-lead-zinc 370 92 54
Other businesses
(9) 80 (92) 23
Intra-divisional
adjustments (21) 13
3 982 782 490
Hot Briquetted
Iron 9 (63) 5
Minerals
Development 47 (262) 16
Divisional
Activities (20) (55) 4
9 199 2 274 944
Steel
Flat Products 2 285 240 157
Coated Products 3 279 354 153
Long Products 1 925 151 109
Building &
Industrial Prod-
ucts 2 467 182 68
Intra-divisional
adjustments (2 236) 23
Divisional
activities - (61) 1
7 720 889 488
Petroleum (10)
Bass Strait 917 488 142
North West Shelf 545 402 84
Liverpool Bay 280 223 166
Other Businesses 665 159 307
Marketing activ
-ities 465 10 3
Intra-divisional
adjustments (173) -
Divisonal activ
-ities 128 (44) -
2 827 1 238 702
Service Companies 2 077 179 67
Net Unallocated
Interest - 111 -
Group and aunallocated
items (558) (807) 17
BHP Group 19 229 3 884 2 218
Year ended $ Million
31 May 1999 Net Capital & (3) Exploration
assets investment (before tax)
expenditure Gross (4) Charged
to
profit (5)
Minerals
Steelmaking and Energy Materials
Iron Ore 1 645 97
Coal 1 884 184
Manganese (6) 41 4
3 570 285
Non Ferrous & Industrial Materials
South America
Copper 2 521 396
Pacific Copper 691 25
North America
Copper (7) (750) 122
EKATI TM diam-
onds (8) 608 60
Cannington silver
-lead-zinc 525 20
Other businesses
(9) (48) 20
Intra-divisional
adjustments (6)
3 541 643
Hot Briquetted
Iron 1 573 466
Minerals
Development 192 10
Divisional
Activities (31) 3
8 845 1 407 286 278
Steel
Flat Products 1 983 163
Coated Products 2 218 57
Long Products 1 346 124
Building &
Industrial Prod-
ucts 1 143 47
Intra-divisional
adjustments (59) -
Divisional
activities (8) 1
6 623 392 - -
Petroleum (10)
Bass Strait 819 289
North West Shelf 1 148 96
Liverpool Bay 653 72
Other Businesses 1 574 302
Marketing activ
-ities 45 13
Intra-divisional
adjustments
Divisonal activ
-ities 22 - 344 197
4 261 772 344 197
Service Companies 93 24 - -
Net Unallocated
Interest (10 447) - - -
Group and aunallocated
items (14) 80 - -
BHP Group 9 361 2 675 630 475
(1) Sales revenues do not add to the BHP Group figure due to intersegment
transactions.
(2) Result for all Businesses except Net unallocated interest is equivalent to
earnings before borrowing costs, income tax expense, depreciation and
amortisation.
(3) Excludes capitalised interest and capitalised exploration.
(4) Includes capitalised exploration: Minerals $29 million and Petroleum $147
million.
(5) Includes $21 million Minerals exploration expenditure previously
capitalised, now written off.
(6) Principal manganese assets were sold in December 1998.
(7) North America Copper mining and smelting operations ceased during the
August 1999 quarter.
(8) Production at EKATI (TM) diamond mine commenced in October 1998.
(9) Includes Beenup mineral sands operation, which was closed in April 1999,
and Hartley Platinum mine where operations have been suspended pending
conditonal sale.
(10)Petroleum sales revenue includes: Crude oil $1 411 million, Natural gas $511
million, LNG $320 million, LPG $165 million and Other $420 million.