2000/01 Financial Results

BHP Billiton Limited 3 September 2001 3 September 2001 BHP BILLITON LIMITED GROUP APPENDIX 4B DISCLOSURES The following document contains the balance of the BHP Billiton Limited Group Appendix 4B disclosures to the Australian Stock Exchange (ASX) for the year ended 30 June 2001. This document should be read in conjunction with the preliminary results for the BHP Billiton Limited Group released to the ASX on 20 August 2001. Karen J Wood Company Secretary BHP Billiton Limited Group 2000/2001 FINANCIAL RESULTS 3 September 2001 The following additional information is provided in relation to the results for the year ended 30 June 2001. Statement of Financial Performance 30 June 30 June for the financial period ended 2001 2000 (1) $m $m Revenue from ordinary activities Sales 20 698 21 506 Interest revenue 110 96 Other revenue 1 671 2 051 22 479 23 653 deduct Expenses from ordinary activities, excluding 16 978 18 958 depreciation, amortisation and borrowing costs Depreciation and amortisation 2 402 2 292 Borrowing costs 553 723 2 546 1 680 Share of net profit of associated entities 29 30 accounted for using the equity method 2 575 1 710 deduct Income tax expense attributable to ordinary 1 066 117 activities Net profit 1 509 1 593 add Outside equity interests in net profit 498 34 Net profit attributable to members of BHP 2 007 1 627 Billiton Limited . Adjustment for initial adoption of revised 250 accounting standard AASB 1016: Accounting for Investments in Associates Net exchange fluctuations on translation of 636 173 foreign currency net assets and foreign currency interest bearing liabilities net of tax Total direct adjustments to equity 636 423 attributable to members of BHP Billiton Limited Total changes in equity other than those 2 643 2 050 resulting from transactions with owners 1) 30 June 2000 refers to the thirteen months ended 30 June 2000. Refer 'Change of financial year' on page 15. Statement of Financial Position as at 30 June 30 June 2001 2000 Assets $m $m Current assets Cash assets 1 183 1 039 Receivables 2 615 2629 Other financial assets 163 4 Inventories 1 621 2138 Other assets 219 271 Total current assets 5 801 6081 Non-current assets Receivables 228 189 Investments accounted for using the equity 498 632 method Other financial assets 257 499 Inventories 146 159 Property, plant and equipment 20 014 19 586 Intangible assets 2 130 Deferred tax assets 906 1 268 Other assets 1 335 800 Total non-current assets 23 386 23263 Total assets 29 187 29344 Liabilities Current liabilities Payables 2 813 2566 Interest bearing liabilities 973 2 530 Tax liabilities 217 192 Other provisions 1 608 1535 Total current liabilities 5 611 6823 Non-current liabilities Payables 34 45 Interest bearing liabilities 6 257 5868 Deferred tax liabilities 1 844 1 896 Other provisions 4 193 3 707 Total non-current liabilities 12 328 11516 Total liabilities 17 939 18339 Net assets 11 248 11005 Equity Equity attributable to members of BHP Billiton Limited Contributed equity 6 013 7093 Reserves 1 061 419 Retained profits 3 930 2841 11 004 10353 Equity attributable to outside equity interests 244 652 Total equity 11 248 11005 Statement of Cash Flows for the financial period ended 30 June 30 June 2001 2000 (1) $m $m Cash flows related to operating activities Receipts from customers 21 114 20959 Payments to suppliers, employees, etc (14 821) (16210) Dividends received 81 46 Interest received 117 91 Borrowing costs (650) (916) HBI Venezuela guarantee payment (615) Proceeds from gas sales contract price - 231 re-negotiation Other 388 337 Operating cash flows before income tax 5 614 4538 Income taxes paid (609) (600) Net operating cash flows 5 005 3938 Cash flows related to investing activities Purchases of property, plant and equipment (1 966) (1102) Exploration expenditure (518) (373) Purchases of investments (686) (438) Purchases of, or increased investment in, (704) - controlled entities and joint venture interests net of their cash Investing outflows (3 874) (1913) Proceeds from sale of property, plant and equipment 163 741 Proceeds from sale or redemption of investments 456 242 Proceeds from OneSteel spin-out 660 Proceeds from sale or partial sale of controlled entities and joint venture interests net of their cash 407 698 Net investing cash flows (2 188) (232) Cash flows related to financing activities Proceeds from ordinary share issues, etc 142 275 Proceeds from interest bearing liabilities 769 1658 Repayment of interest bearing liabilities (2 683) (4867) Dividends paid (926) (498) Other - 82 Net financing cash flows (2 698) (3350) Net increase in cash and cash equivalents 119 356 Cash and cash equivalents at beginning of period 937 573 Effect of foreign currency exchange rate changes on cash 55 8 and cash equivalents Cash and cash equivalents at end of period 1 111 937 (1) 30 June 2000 refers to the thirteen months ended 30 June 2000. Refer 'Change of financial year' on page 15 Statement of Cash Flows (continued) 30 June 30 June 2001 2000 (1) Reconciliation of cash $m $m Cash and cash equivalents comprise: Cash 581 684 Short term deposits 602 355 Cash assets 1 183 1 039 Bank overdrafts (72) (102) Total cash and cash equivalents 1 111 937 Non-cash financing and investing activities Shares issued: Bonus Share Plan - 61 Dividend Investment Plan 1 341 Other: Employee Share Plan loan instalments 20 28 The Bonus Share Plan (BSP) is in lieu of dividends and the Dividend Investment Plan (DIP) is an application of dividends. The DIP was suspended following payment of the November 1999 half yearly dividend. Since that dividend was unfranked the BSP was suspended in accordance with BHP Billiton Limited's Constitution and Rule 8 of the BSP on 17 September 1999. The Employee Share Plan loan instalments represent the repayment of loans outstanding with the BHP Billiton Limited Group, by the application of dividends. Control gained over entities having material effect There were no acquisitions during the year having a material effect on profit. (1) 30 June 2000 refers to the thirteen months ended 30 June 2000. Refer 'Change of financial year' on page 15 Loss of control of entities having material effect The following entities formed part of the OneSteel Limited Group that was spun-out with effect from 31 October 2000: A J Forsyth & Co Ltd OneSteel Limited (a) Aquila Steel Company Pty Ltd OneSteel Finance Pty Limited (b) Australian Wire Industries Pty Ltd OneSteel Investments Pty Limited (a) AWI Holdings Pty Ltd OneSteel Manufacturing Pty Limited Corumba Pty Ltd OneSteel NSW Pty Limited CP Reinforcing Ltd OneSteel Queensland Pty Limited CP Steel Ltd OneSteel Reinforcing Pty Limited David Crozier Ltd OneSteel Wire Pty Limited EMCO Group Ltd Reosteel Pty Ltd Fastening Supplies Ltd Steel & Tube Holdings Ltd J Murray-More (Holdings) Pty Ltd Steel & Tube New Zealand Ltd John Stansfield-Smith Pty Ltd Stewart Steel Ltd Longrun Industries Ltd Stube Industries Ltd Macinery Ltd Tubemakers of Australia Ltd Metal Sales Ltd Tubemakers of New Zealand Ltd Metpol Pty Ltd Tubemakers Properties Pty Ltd NZMC Ltd Tubemakers Somerton Pty Ltd (a) The names of these entities were changed in 2001. OneSteel Limited was previously OneSteel Pty Limited and OneSteel Investment Pty Limited was previously Votraint No 1243 Pty Ltd. (b) This entity was incorporated/formed in 2001. The OneSteel Limited Group contributed $35 million to the BHP Billiton Limited Group net profit during the current period until the effective spin-out date. Contribution to the BHP Billiton Limited Group net profit during the previous twelve month period was $124 million. There was no net profit recognised by the BHP Billiton Limited Group on spin-out of these entities, other than one-off benefits of approximately $29 million previously treated on consolidation as intercompany profits within the BHP Billiton Limited Group. Franking credits The BHP Billiton Limited Group had a franking account balance of $225 million at 34 cents in the dollar available at 30 June 2001 before the 2 July 2001 dividend payment. An amount of $466 million at 30 cents in the dollar was used as a result of the 2 July 2001 dividend payment. (The BHP Billiton Limited Group had a franking account balance of $24 million at 36 cents in the dollar available at 30 June 2000). It is anticipated that dividends payable in the following year will be fully franked. Retained profits 30 June 30 June 2001 2000 (1) $m $m Retained profits at the beginning of the period 2 841 1 826 Adjustment for initial adoption of revised accounting standard AASB1016: Accounting for 250 Investments in Associates Dividends provided for or paid (912) (903) Aggregate of amounts transferred from reserves (6) 41 Net profit 2 007 1 627 Retained profits at the end of the financial period 3 930 2 841 1) 30 June 2000 refers to the thirteen months ended 30 June 2000. Refer 'Change of financial year' on page 15. Income tax 30 June 30 June 2001 2000 (1) $m $m Income tax expense Profit from ordinary activities before 2 575 1 710 income tax Prima facie tax calculated at 34 cents 876 616 (2000: 36 cents) in the dollar on profit from ordinary activities deduct/(add) tax effect of Investment and development allowance 39 56 Rebate for dividends 6 2 Amounts over provided in prior years 50 103 Deferred tax restatement 16 166 Non-tax effected gains/(losses) 14 (28) Non-tax effected capital gains 140 22 Recognition of prior year tax losses 266 187 Overseas tax rate changes 31 - Research and development incentive 3 1 311 107 add/(deduct) tax effect of Non-deductible accounting depreciation 32 60 and amortisation Non-deductible dividends on redeemable preference shares 51 67 Tax differential - non Australian income 52 (12) Foreign expenditure including 107 66 exploration not presently deductible Investment and asset write-offs and 321 (236) associated losses/(gains) Non-deductible financing costs 63 - Foreign exchange/other 129 65 Income tax attributable to profit from 1 066 117 ordinary activities deduct Income tax benefit arising from 142 56 items taken to exchange fluctuation account Total income tax taken to account 924 61 1) 30 June 2000 refers to the thirteen months ended 30 June 2000. Refer 'Change of financial year' on page 15 Exploration, evaluation and development expenditure capitalised 30 June 30 June 2001 2000 (1) $m $m Exploration, evaluation and development expenditure - 1 179 598 not yet in production - in production 1 315 1 421 Total exploration, evaluation and development expenditure 2 494 2 019 capitalised Details of exploration, evaluation and .development expenditure notyet in production: In exploration and/or In development stage evaluation stage 30 June 30 June 30 June 30 June 2001 2000 (1) 2001 2000 (1) $m $m $m $m Opening balance 375 486 223 130 Expenditure 522 373 475 43 incurred during the period Expenditure (427) (309) - - expensed during the period Transferred from (10) (146) 10 146 evaluation to development Transferred to (5) 9 (27) (92) production Disposals - (46) - - Depreciation (60) (13) (5) (4) Exchange 63 21 45 - fluctuations and other movements Closing balance 458 375 721 223 * (1) 30 June 2000 refers to the thirteen months ended 30 June 2000. Refer 'Change of financial year' on page 15. Depreciation and amortisation 30 June 2001 30 June 2000 (1) $m $m Depreciation relates to Buildings 141 132 Plant, machinery and equipment 1 948 1857 Mineral rights 52 69 Exploration, evaluation and development 252 213 expenditure Capitalised leased assets 4 4 Total depreciation 2 397 2275 Amortisation (a)(b) 5 17 Total depreciation and amortisation 2 402 2292 2001 $m Before tax Related Related Amount Tax outside (after tax) equity attributable interests to members of BHP Billiton Limited (a) Amortisation relates to Amortisation of goodwill 5 - - 5 Amortisation of other intangibles - - - - Total amortisation 5 - - 5 2001 2000 (1) $m $m (b) Profit from ordinary activities restated to exclude amortisation of goodwill Net profit before outside equity interests 1 509 1593 add amortisation of goodwill 5 16 Net profit before outside equity interests and 1 514 1609 amortisation of goodwill add outside equity interests 498 34 Net profit (before amortisation of goodwill) 2 012 1643 attributable to members of BHP Billiton Limited (1) 30 June 2000 refers to the thirteen months ended 30 June 2000. Refer 'Change of financial year' on page 15. Segment results Industry classification $m Net Gross External Intersegment profit segment revenue from revenue from (a) assets ordinary ordinary activities activities Industry classification 2001 Minerals 624 13 403 10 159 332 Petroleum 1 916 8 137 6 354 41 Steel (b) 323 5 223 6 054 618 Net unallocated interest (343) 93 Group and unallocated items (c) (1 011) 2 424 (181) 85 BHP Billiton 1 509 29 187 22 479 1 076 Limited Group $m Net Gross External Intersegment profit segment revenue from revenue from (a) assets ordinary ordinary activities activities Industry 2000 (1) classification Minerals 480 11 917 8 830 365 Petroleum 1 319 7 409 5 625 14 Steel (b) 310 7 937 9 081 517 Services (d) 99 7 279 213 Net unallocated (515) 65 interest Group and (100) 2 074 (227) 9 unallocated items (c) BHP Billiton 1 593 29 344 23 653 1 118 Limited Group (a) Net profit is before deducting outside equity interests. (b) Includes the OneSteel Limited business, which was spun-out in October 2000. (c) Includes consolidation adjustments (d) Following various asset sales and an internal reorganisation, the Services segment ceased to exist from 1 July 2000. As a consequence, Transport and Logistics is reported in the Steel segment and remaining services businesses including Shared Business Services, Insurances and Corporate Services are reported in Group and unallocated items. Comparative data has been adjusted accordingly. 2000 data for Services mainly relates to businesses now sold 1) 30 June 2000 refers to the thirteen months ended 30 June 2000. Refer 'Change of financial year' on page 15 Segment results Geographical classification $m Net Gross External Intersegment profit segment revenue from revenue from (a) assets ordinary ordinary activities activities Geographical classification 2001 Australia 1 958 14 982 14 988 276 North America 224 4 460 1 840 - United 289 2 364 1 120 - Kingdom South America (25) 4 865 2 021 - Papua New Guinea (778) 322 952 - New Zealand 77 607 534 - South East Asia 70 931 702 - Other countries 37 656 229 - 1 852 29 187 22 386 276 Net unallocated (343) 93 interest BHP Billiton 1 509 29 187 22 479 276 Limited Group $m Net Gross External Intersegment profit segment revenue from revenue from (a) assets ordinary ordinary activities activities Geographical classification 2000 (1) Australia 1 143 17 358 14 573 263 North America 73 2 531 3 299 - United 226 2 225 968 - Kingdom South America 458 4 150 1 956 1 Papua New Guinea 71 979 1 161 - New Zealand 59 602 682 - South East Asia 22 1 030 704 - Other countries 56 469 245 - 2 108 29 344 23 588 264 Net unallocated (515) 65 interest BHP Billiton 1 593 29 344 23 653 264 Limited Group 1) 30 June 2000 refers to the thirteen months ended 30 June 2000. Refer 'Change of financial year' on page 15 (a) Net profit is before deducting outside equity interests. Contributed equity at end of financial period Paid-up Number Of which value on issue quoted cents (a) Ordinary shares: Fully paid 3 704 256 885 3 704 256 885 Partly paid 3 656 500 3 656 500 67 Partly paid 385 000 385 000 71 of which issued during period: ESP Options exercised 7 798 200 7 798 200 Performance Rights 150 920 150 920 exercised Bonus shares issued (b) 1 912 154 524 1 912 154 524 Partly paid shares 2 660 000 2 660 000 converted to fully paid BHP Special Voting Share (c) 1 - (a) Unless otherwise indicated shares are fully paid. (b) The Dual Listed Company (DLC) structure between BHP Billiton Limited and BHP Billiton Plc was established on 29 June 2001. Under the terms of the DLC structure BHP Billiton Limited issued fully paid bonus shares effective 29 June 2001 with the allotment of shares occurring on 9 July 2001. (c) Issued during the current year. Options and Performance Rights Month of Number Number Number Shares Number Options and issue issued of exercised issued lapsed Performance recipients on Rights exercise outstanding at balance date Employee Share Plan options December 2000 1,668,000 67 - - - 1,668,000 December 2000 1,121,500 59 - - - 1,121,500 November 2000 832,500 44 - - 54,000 778,500 November 2000 3,760,000 197 - - 23,500 3,736,500 April 2000 30,000 3 - - - 30,000 April 2000 454,000 5 - - - 454,000 December 1999 200,000 1 - - - 200,000 December 1999 150,000 1 - - - 150,000 October 1999 60,000 6 - - 10,000 50,000 October 1999 51,000 3 - - 15,000 36,000 July 1999 100,000 1 - - - 100,000 April 1999 21,536,400 45,595 - - 8,926,100 12,610,300 April 1999 8,184,300 944 - - 2,028,150 6,156,150 April 1998 177,500 16 29,500 29,500 - 148,000 April 1998 140,000 23 42,500 42,500 5,000 92,500 November 1997 1,579,400 3,501 748,800 748,800 210,500 620,100 November 1997 7,910,900 16,411 5,447,150 5,447,150 774,250 1,689,500 October 1997 5,440,000 511 2,059,500 2,059,500 43,000 3,337,500 October 1997 3,992,000 379 1,752,000 1,752,000 120,000 2,120,000 July 1997 200,000 1 - - - 200,000 July 1997 395,500 36 62,500 62,500 55,000 278,000 October 1996 848,100 46 436,500 436,500 191,100 220,500 October 1996 1,086,700 66 733,700 733,700 14,500 338,500 April 1996 295,000 5 35,000 35,000 260,000 - April 1996 45,500 6 45,500 45,500 - - October 1995 17,000 3 17,000 17,000 - - October 1995 38,500 5 38,500 38,500 - - July 1995 48,000 2 48,000 48,000 - - July 1995 76,000 9 63,000 63,000 13,000 - 36,135,550 Performance Rights (c) (d) December 2000 187,691 11 - - - 187,691 November 2000 2,006,333 104 - - - 2,006,333 March 1999 1,000,000 1 400,000 376,840 - 600,000 2,794,024 Options and Performance Rights Continuation of previous table Month of Exercise Exercise period Issue price (b) Employee Share Plan options December 2000 $19.43 July 2003 - Dec 2010 December 2000 $19.42 July 2003 - Dec 2010 November 2000 $18.52 July 2003 - Oct 2010 November 2000 $18.51 July 2003 - Oct 2010 April 2000 $17.13 April 2003 - April 2010 April 2000 $17.12 April 2003 - April 2010 December 1999 $19.21 April 2002 - April 2009 December 1999 $16.92 April 2002 - April 2009 October 1999 $17.06 April 2002 - April 2009 October 1999 $17.05 April 2002 - April 2009 July 1999 $17.13 April 2002 - April 2009 April 1999 $15.73 April 2002 - April 2009 April 1999 $15.72 April 2002 - April 2009 April 1998 $14.74 April 2001 - April 2003 April 1998 $14.73 April 2001 - April 2003 November 1997 $15.55 Nov 2000 - Nov 2002 November 1997 $15.56 Nov 2000 - Nov 2002 October 1997 $15.32 Oct 2000 - Oct 2002 October 1997 $15.33 Oct 2000 - Oct 2002 July 1997 $18.96 July 2000 - July 2002 July 1997 $18.97 July 2000 - July 2002 October 1996 $15.56 Oct 1999 - Oct 2001 October 1996 $15.55 Oct 1999 - Oct 2001 April 1996 $17.63 April 1999 - April 2001 April 1996 $17.62 April 1999 - April 2001 October 1995 $18.23 Oct 1998 - Oct 2000 October 1995 $18.22 Oct 1998 - Oct 2000 July 1995 $18.59 July 1998 - July 2000 July 1995 $18.58 July 1998 - July 2000 Performance Rights (c) (d) December 2000 - July 2003 - Dec 2010 November 2000 - July 2003 - Dec 2010 March 1999 - Mar 1999 - Mar 2009 a) The Dual Listed Companies (DLC) structure between BHP Billiton Limited and BHP Billiton Plc was established on 29 June 2001. Under the terms of the DLC structure BHP Billiton Limited issued fully paid bonus shares effective 29 June 2001 with the allotment of shares occurring on 9 July 2001. (b) Following the OneSteel Limited spin-out the exercise price of options issued under the Employee Share Plan prior to 31 October 2000 was reduced by $0.66. (c) The number of shares received on exercise of Performance Rights issued in March 1999 have been increased following the OneSteel Limited spin-out to reflect the capital reduction impact on the value of BHP Billiton Limited shares. (d) Shares issued on exercise of Performance Rights include shares purchased on market. Investments in associated entities Details of aggregate share of profits/(losses) of associates 30 June 30 June 2001 2000 (1) Share of net profit of associated entities $m $m Profit from ordinary activities before income tax 77 49 Income tax expense (48) (19) 29 30 Material interests in entities which are not controlled entities Percentage (%) of Contribution to operating ownership interest held at profit after income tax end of period Name of Entity 30 June 30 June 30 June 30 June 2001 2000 (1) 2001 2000 (1) Equity accounted % % $m $m associates Samarco Mineracao S.A. 50 49 80 46 Orinoco Iron C.A. 50 50 (89) (16) QCT Resources Ltd (a) - - 38 - Total (b) 29 30 (a) A 50% interest in QCT Resources Ltd was acquired on 20 October 2000 and equity accounted from 1 November 2000 until its disposal on 28 June 2001. (b) There are no other material interests in entities that are not controlled entities. (1) 30 June 2000 refers to the thirteen months ended 30 June 2000. Refer 'Change of financial year' on page 15. Significant events after balance date Income tax audit As a consequence of an income tax audit conducted by the Australian Taxation Office (ATO), an amount of $229 million has been subject to litigation. The dispute concerns the deductibility of financing costs paid to General Electric Company in connection with the BHP Billiton Limited Group's acquisition of the Utah Group in the early 1980's. On 23 November 1999, the Federal Court ruled in favour of the BHP Billiton Limited Group. On 18 October 2000, the Full Bench of the Federal Court ruled in favour of the ATO. The BHP Billiton Limited Group sought leave to appeal to the High Court of Australia (High Court) and the hearing occurred on 10 August 2001. The High Court has refused the BHP Billiton Limited Group leave to appeal on the general question of deductibility but did allow leave to appeal on the question of whether the ATO had the power to amend the 1985 assessment. An amount of $79 million was paid in 1992 and up to 2001 was accounted for as a non-current asset. At 30 June 2001, the accounts have been adjusted to include a tax expense of $63 million relating to refusal of the High Court to grant leave to appeal on the deductibility of financing costs. A non-current asset of $16 million will be carried forward. In July 2001, the outstanding balance of $150 million was paid. This amount will also be recorded as a non-current asset in the 2002 fiscal year. This together with the $16 million carried forward from the 2001 year represents the tax and interest in dispute in relation to the 1985 assessment. New Accounting Standards - Revised Australian Accounting Standard AASB 1041: Revaluation of Non-Current Assets was first adopted from 1 July 2000 resulting in property plant and equipment and other financial assets previously carried at valuation being reverted to a cost basis of measurement. For the purposes of transitioning to a cost basis, the existing revalued carrying amounts at 1 July 2000 were deemed to be their cost. The change in policy had no impact on net profit attributable to members of BHP Billiton Limited. - Some line items and sub-totals reported in the previous financial year have been reclassified and repositioned in the financial statements as a result of the first time application on 1 July 2000 of the revised standards AASB 1018: Statement of Financial Performance, AASB 1034: Financial Report Presentation and Disclosures and the new AASB 1040: Statement of Financial Position. Change in accounting policies As a consequence of the DLC structure established between BHP Billiton Limited and BHP Billiton Plc, which became effective on 29 June 2001, certain accounting policies of the BHP Billiton Limited Group have been changed to align with the policies of the BHP Billiton Plc Group in order to minimise differences between results reported in the UK and Australian jurisdictions. The following revised accounting policies have been adopted for the year ended 30 June 2001: Provision for restoration and rehabilitation In prior periods the BHP Billiton Limited Group had recognised provisions for restoration on a progressive basis over the life of each asset. At 30 June 2001, this policy was changed such that a provision for the full cost expected to be incurred at the end of the life of each asset on a discounted to net present value basis is recognised at the beginning of each project and capitalised as part of the cost of the asset. The capitalised cost is amortised over the life of the operation and the annual increase in the net present value of the provision for the expected cost is included in expenses from ordinary activities. The effect of this policy change for the year ended 30 June 2001 has been an increase in net profit attributable to members of BHP Billiton Limited of $55 million. Pension costs In prior periods the BHP Billiton Limited Group had recognised an expense for defined benefit pensions when contributions were paid. At 30 June 2001, this policy was changed such that expenses for defined benefit pension schemes are recognised so as to allocate the cost systematically over the employees' service lives on the basis of independent actuarial advise. A pension obligation or asset is consequently recognised in the Statement of Financial Position to the extent that the contributions paid either lag or precede expense recognition. The effect of this policy change for the year ended 30 June 2001 has been to recognise a net asset representing the fund surplus and an increase in net profit attributable to members of BHP Billiton Limited of $265 million. Employee compensation costs In prior periods, the BHP Billiton Limited Group included in the Statement of Financial Performance the cost associated with Performance Rights at the time they were exercised. Costs associated with the exercise of options were not included in the Statement of Financial Performance. At 30 June 2001, this policy was changed such that the estimated cost to the BHP Billiton Limited Group on exercise of Performance Rights and, where applicable, the cost associated with the discount on issue of options are included in the Statement of Financial Performance over the likely vesting period, with a corresponding provision for employee benefits being included in the Statement of Financial Position. At the time the Performance Rights or options vest, an adjustment is made to reflect the actual cost to the BHP Billiton Limited Group. The effect of this policy change for the year ended 30 June 2001 has been a decrease in net profit attributable to members of BHP Billiton Limited of $5 million. Change of company name During the financial year ended 30 June 2001, The Broken Hill Proprietary Company Limited changed its name to BHP Limited with effect from 30 October 2000, and subsequently to BHP Billiton Limited with effect from 29 June 2001. Change of financial year Directors announced on 17 December 1999 that the financial year end for the BHP Billiton Group would change from 31 May to 30 June with effect from 30 June 2000. All subsequent financial years will commence on 1 July and end on 30 June. - Australian Securities and Investment Commission (ASIC) Pursuant to Section 340 of the Corporations Act ('the Act'), ASIC granted relief from the requirements of paragraph 323D(2)(b) of the Act permitting BHP Billiton Limited to change its financial year end and adopt a transitional thirteen month financial year of 1 June 1999 to 30 June 2000. - Australian Stock Exchange (ASX) The ASX has provided BHP Billiton Limited relief from listing rule 4.4 to the extent that an Appendix 4B was not required for the period ended 31 May 2000 following the change in balance date from 31 May to 30 June. Comparative figures for the thirteen months ended 30 June 2000 are in lieu of a 31 May 2000 Appendix 4B. For information contact: Investor Relations: Robert Porter - Vice President Investor Relations (BH) (61 3) 9609 3540 Mobile (61) 419 587 456 E-mail: robert.r.porter@BHPBilliton.com

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