BHP H/Y Report-Dec 2000Pt2

BHP Limited 13 March 2001 PART 2 $ million 7 Segment results External Intersegment Gross (cont.) operating operating Net Profit segment revenue revenue (a) assets Geographical 2000 classification Australia 7 232 136 1 106 14 584 North America 859 7 173 2 849 United Kingdom 378 - 113 2 322 South America 1 038 - 187 4 558 Papua New 425 - 40 1 083 Guinea New Zealand 289 - 35 541 South East Asia 335 - 28 904 Other countries 159 - (6) 608 10 715 143 1 676 27 449 Net unallocated 39 (220) interest BHP Group 10 754 143 1 456 27 449 External Intersegment Gross operating operating Net Profit (a) segment revenue revenue assets Geographical 1999 classification Australia 6 126 100 895 18 581 North America 1 456 10 134 3 077 United Kingdom 448 - 76 2 388 South America 855 1 173 3 783 Papua New 421 - 13 1 085 Guinea New Zealand 364 - 19 692 South East Asia 308 - 13 915 Other countries 134 - (5) 395 10 112 111 1 318 30 916 Net unallocated 25 (256) interest BHP Group 10 137 111 1 062 30 916 (a) Before outside equity interests. Half year ended 2000 1999 $ million $ million 8 Dividends Half yearly dividend or equivalent paid to members of the BHP Entity (a) 446 440 (a) The dividend for the December 2000 half year of $0.25 per share paid on 6 December 2000 was unfranked. (1999 - $0.25 per share unfranked). The dividend was paid entirely from the foreign dividend account and was therefore not subject to withholding tax. Having regard to the existing franking account balances, provision for income tax and any dividends payable and receivable as recognised in the accounts, the Group has an amount of franking credits available for subsequent reporting periods of $158 million at 34 cents in the dollar at 31 December 2000. The extent to which future dividends will be franked is uncertain, but the current outlook is for no franking of any dividends payable prior to 30 June 2001 and full franking for any dividends payable in the period 1 July to 31 December 2001. 9 Earnings per share Basic earnings per share (cents) (a) (b) 80.0 61.5 Diluted earnings per share (cents) 78.9 60.2 Weighted average number of fully paid shares (millions) - basic earnings per share 1 784 1 758 - diluted earnings per share (c) 1 828 1 823 (a) Based on net profit attributable to members of the BHP Entity. (b) Basic earning per American Depositary Share (ADS)(cents) 160.0 123.0 For the periods indicated, each ADS represents two ordinary shares. (c) The weighted average diluted number of ordinary shares has been adjusted for the effect of Employee Share Plan options and Executive Share Scheme partly paid shares to the extent they were dilutive at balance date. Refer note 13 for details of shares issued under these plans. Investments in associated entities Major Principal Reporting Ownership interest (a) Carrying value shareholdings activities date of investment in associated entities At At BHP associate's Group reporting reporting date date 2000 1999 31 Dec 30 June 31 Dec 30 30 2000 2000 2000 Jun Nov % % % % $m $m $m Samarco Iron 31 Dec 50.0 49.0 50.0 50.0 426 394 164 Mineracao ore S.A. mining Orinoco HBI 30 Sept 50.0 50.0 50.0 50.0 277 238 143 Iron C.A. production QCT Coal 30 Jun 50.0 50.0 427 Resources Mining Limited 1 130 632 307 Half year ended 2000 1999 $million $million Movements in carrying amount of investments in associated entities Carrying amount of investment in associated 632 86 entities at beginning of half year Adjustment of initial adoption of equity 124 accounting Share of associated entities net profit after (22) 17 tax Increased investment in associated entities 491 75 Dividends received/receivable from associated (29) - entities Exchange fluctuation 59 - Other movements (1) 5 Carrying amount of investments in associated 1 130 307 entities at end of half year (a) Ownership interest reflects the interest held at the end of the half year, and at the associated entities most recent balance date. The proportion of voting power held by the BHP Group corresponds to ownership interest. 31 December 30 June 30 November Notes 2000 2000 1999 $ million $ million $ million 11 Property, plant and equipment By category, net of accumulated depreciation Land and buildings 1 471 1 777 1 998 Plant, machinery and equipment 13 582 14 592 16 580 Mineral rights 1 137 1 146 1 169 16 190 17 515 19 747 Capitalised leased assets 50 52 92 Total property, plant and 16 240 17 567 19 839 equipment 31 December 30 June 30 November Notes 2000 2000 1999 $ million $ million $ million 12 Exploration, evaluation and development expenditure capitalised Exploration, evaluation and development expenditures carried forward in areas of interest - now in production 1 393 1 421 1 521 - in development stage but not yet producing(a) 498 223 84 - in exploration and/or evaluation stage (a) 415 375 510 Total exploration, evaluation and development 2 306 2 019 2 115 expenditure capitalised (a) Details of Development stage Exploration and/or movement in but not yet producing evaluation stage development stage but not yet producing and in exploration and/or evaluation stage 2000 1999 2000 1999 $ million $ million $ million $ million Balance at the 223 130 375 486 beginning of the half year Expenditure 243 10 213 130 incurred during the half year Expenditure - - (149) (104) expensed during the half year Transferred to - (11) - development Transferred from 11 - exploration and/or evaluation Transferred to - (57) production Disposals - - - - Depreciation (1) - (35) (14) Exchange 22 1 22 12 fluctuations and other movements Balance at the end 498 84 415 510 of the half year 31 December 30 June 30 November Notes 2000 2000 1999 $ million $ million $ million 13 Share capital Paid up 5 919 7 093 6 944 (a) - 1785 946 791 ordinary shares fully paid (Jun 00 - 1 781 493 241 Nov 99 - 1 772 340 790) - 415 000 ordinary shares - - - each paid to five cents (Jun 00 - 415 000 Nov 99 - 772 500) - 4 976 500 ordinary - - - shares each paid to one cent (Jun 00 - 6 286 500 Nov 99 - 8 049 000) 5 919 7 093 6 944 Movement in issued Number of fully Number of partly paid shares ordinary shares for paid shares Paid to Paid to the half year five cents one cent Opening number of 1 781 493 241 415 000 6 286 500 shares as Shares issued upon 3 019 050 - - exercise of Employee Share Plan Options (b) Shares issued on 125 000 - - exercise of Performance Rights (c) Partly paid shares 1 310 000 - (1 310 000) converted to fully paid Closing number of 1 785 946 791 415 000 4 976 500 shares (d) 13 Share capital (cont) Options and Performance Rights Options/ Shares Performance Number issued Number of Number on Number Rights Exercise Exercise issued recipients Exercised exercise outstanding period (e) lapsed at balance price (f) Month of issue Employee Share Plan Options (b) Dec- ember 1 668 000 67 - - - 1 668 000 $19.43 Jul 2003-Dec 2000 2010 Dec- ember 1 121 500 59 - - - 1 121 500 $19.42 Jul 2003-Dec 2000 2010 Nov- ember 832 500 44 - - 54 000 778 500 $18.52 Jul 2003-Oct 2000 2010 Nov- ember 3 760 000 197 - - 23 500 3 736 500 $18.51 Jul 2003-Oct 2000 2010 April 30 000 3 - - - 30 000 $17.13 Apr 2003-Apr 2000 2010 April 454 000 5 - - - 454 000 $17.12 Apr 2003-Apr 2000 2010 Dec- ember 200 000 1 - - - 200 000 $19.21 Apr 2002-Apr 1999 2009 Dec- ember 150 000 1 - - - 150 000 $16.92 Apr 2002-Apr 1999 2009 Oct- ober 60 000 6 - - 10 000 50 000 $17.06 Apr 2002-Apr 1999 2009 Oct- ober 51 000 3 - - - 36 000 $17.05 Apr 2002-Apr 1999 2009 July 100 000 1 - - - 100 000 $17.13 Apr 2002-Apr 1999 2009 Apr 21 536 400 45 595 - - 6 171 100 15 365 300 $15.73 Apr 2002-Apr 1999 2009 Apr 8 184 300 944 - - 1 251 650 6 932 650 $15.72 Apr 2002-Apr 1999 2009 Apr 177 500 16 - - - 177 500 $14.74 Apr 2001-Apr 1998 2003 Apr 140 000 23 22 500 22 500 5 000 112 500 $14.73 Apr 2001-Apr 1998 2003 Nov- emb- er 7 910 900 16 411 3 393 100 3 393 100 669 350 3 848 450 $15.56 Nov 2000-Nov 1997 2002 Nov- emb- er 1 579 400 3 501 528 600 528 600 141 800 909 000 $15.55 Nov 2000-Nov 1997 2002 Oct- ober 3 992 000 379 855 300 855 300 85 000 3 051 700 $15.33 Oct 2000-Oct 1997 2002 Oct- ober 5 440 000 511 1 103 900 1 103 900 23 000 4 313 100 $15.32 Oct 2000-Oct 1997 2002 July 395 500 36 - - 55 000 340 500 $18.97 Jul 2000-Jul 1997 2002 July 200 000 1 - - - 200 000 $18.96 Jul 2000-Jul 1997 2002 Oct- ober 848 100 46 295 500 295 500 191 100 361 500 $15.56 Oct 1999-Oct 1996 2001 Oct- ober 1 086 700 66 379 100 379 100 10 000 697 600 $15.55 Oct 1999-Oct 1996 2001 April 295 000 5 17 500 17 500 260 000 17 500 $17.63 Apr 1999-Apr 1996 2001 April 45 500 6 18 000 18 000 - 27 500 $17.62 Apr 1999-Apr 1996 2001 Oct- ober 17 000 3 17 000 17 000 - - $18.23 Oct 1998-Oct 1995 2000 Oct- ober 38 500 5 38 500 38 500 - - $18.22 Oct 1998-Oct 1995 2000 July 48 000 2 48 000 48 000 - - $18.59 Jul 1998-Jul 1995 2000 July 76 000 9 76 000 76 000 - - $18.58 Jul 1998-Jul 1995 2000 44 679 300 Performance Rights (c) Dec- ember 187 691 11 - - - 187 691 - Nov 2000-Nov 2000 2010 Nov- ember 2 006 333 104 - - - 2 006 333 - Nov 2000-Nov 2010 March 1 000 000 1 350 000 325 000 - 650 000 - Mar-1999-Mar 1999 2009 2 844 024 13 Share capital (cont) a Share capital reduced by $1,243 million due to the spin out of OneSteel Limited, including spin out costs of $56 million. This reflected a capital reduction of $0.66 per share. The spin out resulted in BHP shareholders being issued one OneSteel Limited share for every four shares held in BHP Limited. b The Employee Share Plan provides employees with the opportunity to acquire fully paid ordinary shares or options over ordinary shares in the BHP Entity at such times as the Directors deem appropriate. Shares and options issued under the Employee Share Plan are issued on the following terms: * The limit on the number of shares and outstanding options or other right under all BHP's employee plans is 10% of issued ordinary capital. * Shares may be offered for subscription for market value (which is the weighted average market price over the five days prior to issue) less a discount not exceeding 10%. * The Board of Directors may specify an issue price for an option. The exercise price of an option is market value of BHP ordinary shares less a discount not exceeding 10%. * Where shares are offered, interest free employee loans are available to fund the purchase of shares for a maximum period of 20 years, repayable by application of dividends or an equivalent amount. Any amounts outstanding are repayable at the end of that 20 year period. * Each option is granted over one unissued ordinary share in BHP Limited. * The Board of Directors may apply performance hurdles to the exercise of options. * Options granted from April 1999 are 10 year options, not exercisable until after three years, and then only if performance hurdles are achieved. These performance hurdles relate to either one or both of two comparator groups (ASX 100 index and an international comparator group). BHP's performance in terms of total shareholder return is measured against either or both of these groups to determine whether a performance hurdle has been achieved. * At cessation of employment an extension of the loan repayment period may be granted if the outstanding loan is in a non profitable position. The extension will be reviewed annually. If during the extension period the shares become profitable, the Company will arrange for the sale of those shares. * Options carry no voting rights. * Unexercised options will expire at the end of the exercise period c. Performance Rights (PR) have been issued to executive officers under the BHP Performance Share Plan. PR's constitute a right, issued by a trustee of a special purpose trust established by BHP, to require the trustee to acquire a BHP share on behalf of the executive, upon fulfilment of prescribed performance hurdles or completion of service conditions. Where a service condition or performance hurdle is fulfilled, related PR's are exercisable. The trustee acquires either by purchase on market or subscription, and the shares are held in trust until the executive requests that they be transferred. The PR's are currently issued on the following terms: * The exercise price of the PR's is zero. * PR's are not transferable. * PR's carry no right to dividends. * PR's carry no voting rights. * PR's will lapse if performance hurdles or service conditions are not satisfied or in other specified situations. * PR's lapse on the tenth anniversary of their date of issue unless previously exercised or lapsed on accordance with their terms of issue. c. The closing balance of fully paid shares has been adjusted downwards by 500 shares due to an over issue under the Employee Share Plan in the year ended 31 May 1998. d. Shares issued on exercise of Performance Rights include shares issued on market. e. Expiration period corresponds to the end of the exercise period. 31 December 30 June 30 November Notes 2000 2000 1999 $ million $ million $ million 14 Reserves General reserve 166 170 170 Exchange fluctuation account 509 249 139 Total reserves 675 419 309 Half year ended 2000 1999 $ million $ million 15 Retained profits Retained profits at the beginning of the half year 2 841 1 826 add/(deduct) Net profit attributable to members of the BHP Entity 1 427 1 081 Adjustment for initial adoption of revised accounting 124 standard AASB 1016: Accounting for Investments in Associates Aggregate of amounts transferred from reserves (8) (1) Dividends provided for or paid (446) (440) Retained profits at the end of the half year 3 814 2 590 16 Notes to the statement of cash flows Reconciliation of cash For the purposes of the statement of cash flows, cash includes cash on hand and at bank and short term deposits at call, net of outstanding bank overdrafts. Cash and cash equivalents comprise: 31 December 2000 30 November 1999 $ million $ million Cash 397 464 Short term deposits (a) 352 423 Bank overdrafts (b) (68) (112) Total cash and cash equivalents 681 775 (a) Included in the balance sheet classification of Investments (Current assets). (b) Included in the balance sheet classification of Interest bearing liabilities (Current liabilities). Non-cash financing and investing activities Shares issued: Bonus Share Plan - 61 Dividend Investment Plan - 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 half yearly dividend on 24 November 1999. Since the dividend was unfranked, the BSP was suspended in accordance with the Company'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 Group by the application of dividends. During the half year ended 31 December 2000, the BHP Group negotiated the purchase with deferred consideration, of property, plant and equipment with a value of $83 million. There were no transactions of this nature in the corresponding period 17 Reconciliation to United States (US) generally accepted accounting principles disclosures The consolidated financial statements of the BHP Group are prepared in accordance with accounting principles generally accepted in Australia (Australian GAAP). The material differences affecting the profit and loss statement and shareholders' equity between generally accepted accounting principles as followed by the BHP Group in Australia and those generally accepted in the US (US GAAP) are summarised below: Asset write-downs Under Australian GAAP the impairment test for determining the recoverable amount of non-current assets may be applied either on a discounted or an undiscounted basis in estimating net future cash flows. As at 31 May 1998 the BHP Group changed its policy to a discounted basis using the weighted average pre-tax interest rate of the BHP Group's long-term borrowings. This test is applied both to impairment and to the calculation of the write-down. Under US GAAP, an impairment test is required utilising undiscounted cash flows, followed by the application of discounting to any impaired asset. These differences created adjustments to the profit and loss statement for the years ended 31 May 1999 and 31 May 1998 and adjustments in the balance sheet as at 31 May 1999 and 31 May 1998 representing the lower charge to profit and resultant higher asset values for the write-downs calculated under US GAAP. In subsequent financial periods, the difference in asset carrying values will be reduced through the inclusion of additional depreciation charges in the profit and loss statement. Refer 'Depreciation' below. Depreciation Revaluations of property, plant and equipment and investments are permitted in Australia with upward adjustments to the historical cost values reflected in a revaluation reserve which is part of shareholders' equity. In the case of property, plant and equipment, the depreciation charged against income increases as a direct result of such a revaluation. Since US GAAP does not permit property, plant and equipment to be valued at above historical cost, the BHP Group depreciation charge has been restated to reflect historical cost depreciation. Following the 1999 and 1998 asset writedowns, the higher asset values under US GAAP are being depreciated in accordance with asset utilisation. Refer 'Asset write-downs' above. Exploration, evaluation and development expenditures The BHP Group follows the 'area of interest' method in accounting for petroleum exploration, evaluation and development expenditures. This method differs from the 'successful efforts' method followed by some US companies and adopted in this reconciliation to US GAAP, in that it permits certain exploration costs in defined areas of interest to be capitalised. Such expenditure capitalised under Australian GAAP is amortised in subsequent years. Pension plans The BHP Group charges to profit and loss the contributions made to pension plans. Under US GAAP the net periodic pension cost is charged to profit and loss in accordance with US Statement of Financial Accounting Standards No. 87. Consolidation of Tubemakers of Australia Ltd (TOA) Prior to consolidation, TOA was accounted for as an associated company and included in the equity accounting calculations. Under US GAAP, equity accounting was included in the consolidated results, while prior to the year ended 30 June 1999 Australian GAAP only permitted disclosure by way of note to the accounts. Thus under US GAAP the carrying value of the original equity interest in TOA was higher than under Australian GAAP, and the difference was reflected in higher goodwill capitalised and amortised in accordance with US GAAP. The spin-out of OneSteel Limited eliminates this reconciling item. Employee Entitlements For the period ended 30 June 2000, provisions for labour redundancies associated with organisational restructuring were charged to profit and loss. For the year ended 31 May 1997, a provision for labour redundancies within the BHP Group's steel operations was charged to profit and loss. In accordance with Australian GAAP, a provision for redundancies can be recognised where positions have been identified as being surplus to requirements, provided the circumstances are such that a constructive liability exists. Under US GAAP a provision for redundancies involving voluntary severance offers is restricted to employees who have accepted these offers. The adjustment is reversed over subsequent periods as the offers are accepted. Realised net exchange gains and losses Australian GAAP permits net exchange gains or losses reported in the exchange fluctuation account which mainly relate to assets that have been sold, closed or written down to be transferred to retained earnings. US GAAP requires these net exchange gains or losses be recognised in the profit and loss statement reflecting that they have, in substance, been realised. Employee Share Plan loans Under the Employee Share Plan, loans have been made to employees for the purchase of shares in the BHP Entity. Under US GAAP the amount outstanding as an obligation to the BHP Group, which has financed equity, is required to be eliminated from shareholders' equity. 17 Reconciliation to United States (US) generally accepted accounting principles disclosures (cont) Costs of start-up activities The BHP Group capitalises as part of property, plant and equipment, costs associated with start-up activities at new plants or operations, which are incurred prior to commissioning date. These capitalised costs are depreciated in subsequent years. Under US GAAP, pursuant to Statement of Practice (SOP) 98-05, costs of start-up activities should be expensed as incurred. In subsequent financial periods, amounts depreciated for Australian GAAP purposes, which have been expensed for US GAAP purposes will be added back when determining the profit result according to US GAAP. Profit on asset sales Under US GAAP, profits arising from the sale of assets cannot be recognised in the period in which the sale occurs where the vendor has a significant continuing association with the purchaser. In such circumstances, any profit arising from a sale is recognised over the life of the continuing arrangements. For the period ended 30 June 2000, the profit on the sale and leaseback of plant and equipment was deferred for US GAAP purposes and will be recognised over the life of the operating lease. Tax rate change - deferred balances In November 1999 the Australian federal government passed legislation changing the company income tax rate from 36% to 34% effective 1 July 2000 and to 30% effective 1 July 2001. In accordance with Australian and US GAAP, the result for the half year ended 30 November 1999 included a restatement of deferred tax balances to reflect the expected income tax rate applicable when the timing differences will reverse. For US GAAP purposes an additional restatement was required reflecting the different deferred tax balances that exist after applying US GAAP to certain transactions. Fair valuation of derivative instruments For the purpose of deriving US GAAP information, Statement of Financial Accounting Standards No. 133: Accounting for Derivative Instruments and Hedging Activities (FAS 133) became applicable to the BHP Group on 1 July 2000. FAS 133 requires that all derivative instruments be recorded in the Balance Sheet as either an asset or liability measured at its fair value. Derivative instruments are not recognised in the profit and loss statement under Australian GAAP. Fair valuation of derivative instruments held by the BHP Group on 1 July 2000 which qualify as cash flow hedge transactions resulted in a loss of $795 million. This amount has been reported as a component of other comprehensive income in accordance with transitional provisions specified within FAS 133. Fair valuation of both derivative instruments held by the BHP Group on 1 July 2000 which qualify as fair value hedge transactions, and their associated hedged liabilities resulted in a loss of $19 million. This amount has been taken directly to profit and loss in accordance with transitional provisions specified within FAS 133. Subsequent gains & losses on cash flow hedges are taken to other comprehensive income and are reclassified into profit and loss in the same period the hedged transaction is recognised. Gains and losses on fair value hedges continue to be taken to profit and loss in subsequent periods, as are offsetting gains and losses on hedged liabilities. In both cases, these gains and losses are not recognised until the hedged transaction is recognised under Australian GAAP. FAS 133 requires that any component of the gain or loss which is deemed to be ineffective be taken to profit and loss immediately. Consequently, premiums paid for derivative instruments are taken to profit and loss at inception of the contract. For Australian GAAP purposes, premiums paid are deferred and included in profit and loss in the same period the hedged transaction is recognised. 17 Reconciliation to United States (US) generally accepted accounting principles disclosures (cont) The following is a summary of the estimated adjustments to profit for the half years ended 31 December 2000 and 30 November 1999 and BHP shareholders' equity as at 31 December 2000 and 30 June 2000, which would be required if US GAAP had been applied instead of Australian GAAP. Profit & loss statement For the half years ended 2000 1999 $ million $million Net profit attributable to members of the BHP Entity as 1 427 1 081 reported in the consolidated profit and loss statement Estimated adjustment required to accord with US GAAP: add/(deduct) - Tax rate change - deferred balances - 73 - Depreciation - writedowns (20) (41) - revaluations 5 6 - Exploration, evaluation and development expenditure (3) - - Pension plans (15) (21) - Consolidation of Tubemakers of Australia Ltd (2) (3) - Employee entitlements (7) - - Realised net exchange gains and losses (11) - - Profit on asset sales 1 - - Start up costs 2 (54) - Fair valuation of derivative instruments (65) - Total adjustment (115) (40) Estimated profit according to US GAAP 1 312 1 041 Earnings per share in accordance with US GAAP (A$ per share) 0.74 0.59 BHP shareholders' equity 31 Dec 30 June as at 2000 2000 $ million $ million Total shareholders' equity 11 079 11 005 deduct Outside equity interests: 671 652 Shareholders' equity attributable to members of the BHP 10 408 10 353 Entity Estimated adjustment required to accord with US GAAP: (deduct)/add - Property, plant and equipment - revaluations (140) (145) - Exploration, evaluation and development (61) (58) expenditures - Pension plans 57 72 - Consolidation of Tubemakers of Aust. Ltd - 93 - Employee entitlements 24 31 - Employee Share Plan loans (54) (54) - Asset write-downs 355 391 - Start-up costs (14) (16) - Profit on asset sales (29) (30) - Fair valuation of derivative instruments (1 000) - Total adjustment (862) 284 Estimated shareholders' equity attributable to members 9 546 10 637 of the BHP Entity according to US GAAP 19 Significant events after end of half year Matters or circumstances that have arisen since the end of the half year that have significantly affected, or may significantly affect, the operations, results of operations or state of affairs of the Company in subsequent accounting periods are detailed on page 7. Directors' DECLARATION I, Don R Argus being a Director of BHP Limited state on behalf of the Directors and in accordance with a resolution of the Directors that, in the opinion of the Directors - (a) the accompanying financial statements set out on pages 10 to 27 are drawn up so as to give a true and fair view of the financial position as at 31 December 2000, and the performance for the half year ended 31 December 2000 of the Company; (b) the half year consolidated financial statements have been made out in accordance with Australian Accounting Standard AASB1029: 'Half Year Accounts and Consolidated Accounts' and other mandatory professional reporting requirements; (c) at the date of this statement there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. D R Argus Director Dated in Melbourne this 13th day of March 2001 MORE TO FOLLOW

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