Financial Supplement - Pt 1
Broken Hill Proprietary Co Ld
27 September 2000
PART 1
BHP RELEASES RE-STATED FIVE-YEAR FINANCIAL SUPPLEMENT
The Broken Hill Proprietary Company Limited (BHP) today released a five-year
financial statistical supplement, presenting the Company's financial results
restated to a 30 June year end covering the years 1996 to 2000. The supplement
is available in Australian and US dollar formats.
The supplement is available at the following web address:
http://www.bhp.com/default.asp?page=2
****
Further news and information can be found on our internet site:
http://www.bhp.com.
Contact:
MEDIA RELATIONS INVESTOR RELATIONS
Mandy Frostick Andrew Nairn
Manager Media Relations Senior Business Analyst
Ph: 61 3 9609 4157 Phone: +61 3 9609 3952
Mobile: 61 419 546 245 Mobile +61 408 313 259
This document includes selected financial information restated on a 30 June
basis, which has not been subject to audit review. The purpose of making such
restated data available to the market is to provide data which will be
comparable in all material respects with future results to be disclosed on a 12
months to 30 June basis.
All data presented has been prepared in accordance with Australian generally
accepted accounting principles and accounting policies applying to each period,
except for year ended 30 June 1996 & 1997 which have been restated to reflect
adoption of AASB 1033: Presentation and Disclosure of Financial Instruments.
Adoption of this standard resulted in certain redeemable preference shares which
exhibited the characteristics of liabilities being reclassified from outside
equity interests to borrowings.
This information can be accessed on BHP's Internet site www.bhp.com
The Broken Hill Proprietary Company Limited
ABN 49 004 028 077
Registered office
45th Floor BHP Tower - Bourke Place
600 Bourke Street Melbourne Australia
Contents
Page
Five Year Performance 1
Consolidated Profit and Loss Statement 2
Consolidated Balance Sheet 3
Consolidated Statement of Cash Flows 4
Segment Results 5
Business Results 7
Production & Shipments 12
5 Year Statistical Supplement
Years ended 30 June 1996 - 2000
BHP
Five Year Performance
Years ended 30 June 2000 1999 1998 1997 1996
Profit and loss statistics
Operating revenue A$ million 21 953 22 019 23 192 23 790 19 941
Sales A$ million 19 872 19 287 21 285 20 829 19 240
Operating profit/(loss)
after income tax,
attributable to
members of
the BHP Entity
- excluding abnormal
items A$ million 1 986 378 1 258 1 361 1 283
- including abnormal
items A$ million 1 581 (2 299) (1 591) 458 971
Earnings per share (a)
- excluding abnormal items cents 112.2 21.8 74.2 82.9 79.8
- including abnormal items cents 89.3 ( 132.5) ( 93.8) 27.9 60.4
Return on shareholders' equity (b)
- excluding abnormal items % 19.2 4.2 10.6 10.5 10.2
- including abnormal items % 15.3 ( 25.3) ( 13.4) 3.5 7.7
Return on capital (c)
- excluding abnormal items % 12.0 3.3 6.3 7.0 6.7
- including abnormal items % 10.0 ( 7.5) ( 4.0) 3.7 5.4
EBIT interest cover (d)
- excluding abnormal items times 5.2 1.8 2.9 3.3 3.7
- including abnormal items times 3.3 ( 1.6) ( 0.4) 2.3 3.1
EBITDA interest cover (e)
- excluding abnormal items times 8.3 4.2 5.2 5.4 6.0
- including abnormal items times 6.5 0.9 1.9 4.4 5.5
Balance sheet statistics
Total assets A$ million 29 344 31 800 37 678 36 768 35 236
Total liabilities A$ million 18 339 22 015 24 981 22 996 21 910
Shareholders' equity
attributable to members
of the BHP Entity A$ million 10 353 9 090 11 860 12 952 12 639
Gearing ratio (f) % 42.7 53.7 53.2 48.8 43.5
Net tangible assets per share
- at year end adjusted for
bonus issue A$ 5.74 5.08 6.67 7.55 7.52
Cash flow statistics
Operating cash flows
before income tax A$ million 4 278 4 527 3 812 4 584 4 311
Income tax paid A$ million ( 636) ( 647) ( 514) (1 011) ( 789)
Fixed Asset,
Investment and
Exploration
expenditure A$ million (1 670) (3 515) (4 450) (4 990) (7 517)
Proceeds from sale
of assets and
investments A$ million 1 639 2 268 1 404 2 275 293
Free Cash flow A$ million 3 611 2 633 252 858 (3 702)
Share information
Outstanding shares at
year end (g) 000 shares 1 781 493 1 755 613 2 057 996 2 000 662 1 967 438
Share price range
- high A$ 21.52 17.92 20.02 20.05 20.05
- low A$ 15.70 10.62 12.30 15.58 17.16
Market capitalisation
- at year end A$ million 35 317 30 914 28 264 39 239 34 798
Turnover
-Australian Stock
Exchange Ltd
- average weekly 000 shares 20 017 22 343 24 841 22 792 17 121
- average annual % 58 66 63 59 45
(a) Calculated as operating profit/(loss) after income tax attributable to
members of the BHP Entity divided by the weighted average number of fully paid
shares on issue for the year adjusted for bonus issue, excluding shares held by
Beswick Group in years ended 1996 to 1998.
(b) Calculated as operating profit/(loss) after income tax attributable to
members of the BHP Entity, as a percentage of shareholders' equity attributable
to members of the BHP Entity - at year end.
(c) Calculated as operating profit/(loss) after income tax attributable to
members of the BHP Entity, as a percentage of average capital employed, where
average capital employed equals total shareholders' equity plus current and
non-current borrowings (long term loans, redeemable preference shares and non
recourse finance)
(d) Calculated as operating profit/(loss) before borrowing costs and income tax
expense, divided by total borrowing costs.
(e) Calculated as operating profit/(loss) before depreciation, amortisation,
borrowing costs and income tax expense, divided by total borrowing costs.
(f) Calculated as total borrowings (current and non-current excluding finance
leases, bank overdrafts and other) as a percentage of total borrowings and
shareholders' equity.
(g) Includes shares held by Beswick Group in 1996 to 1998 and partly paid
shares.
1
BHP
Consolidated Profit and Loss Statement
In accordance with generally accepted
accounting principles as applied in
Australia.
Australian $ million
Years ended 30 June 2000 1999 1998 1997 1996
Operating revenue
Sales 19 872 19 287 21 285 20 829 19 240
Other revenue 2 081 2 732 1 907 2 961 701
21 953 22 019 23 192 23 790 19 941
Operating profit including
abnormal items, before depreciation,
amortisation and borrowing costs 4 404 767 1 873 4 129 4 287
deduct
Depreciation and amortisation 2 140 2 203 2 218 1 979 1 813
Borrowing costs 664 718 752 784 600
* Operating profit/(loss) before
income tax 1 600 (2 154) (1 097) 1 366 1 874
deduct
**Income tax expense including
abnormal items, attributable
to operating result 51 148 541 856 801
Operating profit/(loss) after
income tax 1 549 (2 302) (1 638) 510 1 073
add/(deduct)
Outside equity interests in operating
loss/(profit) after income tax 32 3 47 ( 52) ( 102)
Operating profit/(loss)
after income tax, attributable to
members of the BHP Entity 1 581 (2 299) (1 591) 458 971
Operating profit/(loss) after income
tax attributable to members of the BHP
entity comprises:
* Operating profit before abnormal
items and income tax 2 855 925 2 072 2 339 2 285
** Income tax expense attributable
to operating profit before
abnormal items ( 901) ( 550) ( 844) ( 926) ( 900)
Operating profit after income tax
before abnormal items 1 954 375 1 228 1 413 1 385
Outside equity interests in operating
loss/(profit) after income tax
before abnormal items 32 3 30 ( 52) ( 102)
Operating profit after income tax,
before abnormal items, attributable
to members of the BHP Entity 1 986 378 1 258 1 361 1 283
* Abnormal items included in
operating result before
income tax (a) (1 255) (3 079) (3 152) ( 973) ( 411)
**Abnormal income tax benefit 850 402 303 70 99
Abnormal items after income tax (a) ( 405) (2 677) (2 849) ( 903) ( 312)
Operating profit/(loss) after income
tax, attributable to members of the
BHP Entity 1 581 (2 299) (1 591) 458 971
There were no extraordinary items during the five year period
(a) Excludes abnormal item attributable to outside equity interests in 1998 of
$17 million (no tax effect).
2
BHP
Consolidated Balance Sheet
Australian $ million
As at 30 June 2000 1999 1998 1997 1996
ASSETS
Current assets
Cash 684 457 762 767 275
Receivables 2,629 2,623 3,030 2,682 2,381
Investments 359 320 442 1,295 541
Inventories 2,138 2,389 2,892 2,849 2,820
Other 271 228 289 296 262
Total current assets 6,081 6,017 7,415 7,889 6,279
Non-current assets
Receivables 189 303 441 381 1,032
Investments 1,131 893 853 770 2,304
Inventories 159 188 185 168 112
Property, plant and equipment 19,586 22,404 26,413 26,061 24,177
Intangibles 130 175 387 389 393
Other 2,068 1,820 1,984 1,110 939
Total non-current assets 23,263 25,783 30,263 28,879 28,957
Total assets 29,344 31,800 37,678 36,768 35,236
LIABILITIES
Current liabilities
Accounts payable 2,566 2,517 2,933 2,862 2,791
Borrowings 2,530 1,760 1,515 2,671 1,935
Provisions 1,727 1,812 1,447 1,356 1,361
Total current liabilities 6,823 6,089 5,895 6,889 6,087
Non-current liabilities
Accounts payable 45 36 95 98 91
Borrowings 5,868 10,060 13,452 11,126 11,404
Provisions 5,603 5,830 5,539 4,883 4,328
Total non-current liabilities 11,516 15,926 19,086 16,107 15,823
Total liabilities 18,339 22,015 24,981 22,996 21,910
Net assets 11,005 9,785 12,697 13,772 13,326
SHAREHOLDERS' EQUITY
Shareholders' equity
Attributable to members of the
BHP Entity 10,353 9,090 11,860 12,952 12,639
Attributable to outside equity
interests 652 695 837 820 687
Total shareholders' equity 11,005 9,785 12,697 13,772 13,326
3
BHP
Consolidated Statement of Cash Flows
Australian $ million
Years ended 30 June 2000 1999 1998 1997 1996
Cash flows related to operating
activities
Receipts from customers 19 250 19 425 21 409 20 882 19 232
Payments to suppliers,
employees, etc (14 582) (15 241) (16 963) (16 070) (14 460)
Dividends received 46 21 61 122 137
Interest received 88 205 134 136 122
Borrowing costs ( 801) (1 064) (1 069) (1 084) ( 900)
Proceeds from gas sales contract
price re-negotiation - 939 - - -
Settlement of the Petroleum
Resource Rent Tax issue - - - 443 -
Other 277 242 240 155 180
Operating cash flows before
income tax 4 278 4 527 3 812 4 584 4 311
Income taxes paid ( 636) ( 647) ( 514) (1 011) ( 789)
Net operating cash flows 3 642 3 880 3 298 3 573 3 522
Cash flows related to investing
activities
Fixed Asset expenditure ( 983) (2 566) (3 627) (4 049) (3 655)
Investment expenditure ( 338) ( 344) ( 114) ( 238) (3 284)
Exploration expenditure ( 349) ( 605) ( 709) ( 703) ( 578)
Sale of fixed assets and
investments 1 639 2 268 1 404 2 275 293
Net investing cash flows ( 31) (1 247) (3 046) (2 715) (7 224)
Cash flows related to financing activities
Proceeds from ordinary share
issues, etc. 251 154 333 243 294
Proceeds from sale of employee
share plan loans - - 110 - 300
Borrowings 1 263 1 927 2 930 1 930 6 643
Proceeds from issue or renegotiation
of preference shares (a) - - 646 376 762
Repayment of borrowings (4 822) (4 198) (3 904) (2 434) (3 447)
Redemption of preference shares (a) - - ( 632) ( 9) ( 69)
Dividends paid ( 251) ( 527) ( 469) ( 417) ( 351)
Other 63 5 131 196 ( 75)
Net financing cash flows (3 496) (2 639) ( 855) ( 115) 4 057
Net increase/(decrease) in cash
and cash equivalents 115 ( 6) ( 603) 743 355
Cash and cash equivalents at
beginning of year 789 846 1 372 612 291
Effect of foreign currency exchange
rate changes on cash
and cash equivalents 33 ( 51) 77 17 ( 34)
Cash and cash equivalents at
end of year 937 789 846 1 372 612
(a) Classified as borrowings.
4
BHP
Segment Results (a)
Year ended 30 June 2000
Operating Revenue (b) Operating Profit
Australian $Million
Other Borrow-
Dep'n & ing
Sales Revenue Total EBITDA(C) amort'n costs EBT(d)
8 108 544 8 652 Minerals 2 438 ( 827) - 1 611
7 386 629 8 015 Steel 998 ( 428) (1) 569
4 774 607 5 381 Petroleum 2 533 ( 833) - 1 700
1 697 194 1 891 Services 106 ( 39) - 67
- 60 60 Net unallocated interest 60 - (663) (603)
(544) 47 (497) Group & unallocated items(f)(476) (13) - (489)
19 872 2 081 21 953 BHP Group 5 659 (2 140) (664) 2 855
Operating Profit
Australian $Million
Operating
Tax Abnormal profit
excluding items including
abnormal after abnormals
items tax(e) after tax
Minerals (431) (744) 436
Steel (177) (159) 233
Petroleum (579) 171 1 292
Services (2) 42 107
Net unallocated interest 134 (3) (472)
Group & unallocated item(f) 154 288 (47)
BHP Group (901) (405) 1 549
Year ended 30 June 1999
Operating Revenue (b) Operating Profit
Australian $Million
Borrow-
Other Dep'n & ing
Sales Revenue Total EBITDA(C) amort'n costs EBT(d)
9 011 1 027 10 038 Minerals 2 187 ( 936) - 1 251
7 639 461 8 100 Steel 846 ( 484) - 362
2 840 363 3 203 Petroleum 1 229 ( 702) - 527
2 040 765 2 805 Services 180 ( 64) - 116
- 104 104 Net unallocated interest 104 - (718) (614)
(255) 12 (243) Group & unallocated items(f)(700) (17) - (717)
19 287 2 732 22 019 BHP Group 3 846 (2 203) (718) 925
Operating Profit
Australian $Million
Operating
Tax Abnormal profit
excluding items including
abnormal after abnormals
items tax(g) after tax
Minerals (609) (2 649) (2 007)
Steel (120) ( 105) 137
Petroleum (220) ( 89) 218
Services (17) 173 272
Net unallocated interest 167 - (447)
Group & unallocated item(f) 249 (7) (475)
BHP Group (550) (2 677) (2 302)
Year ended 30 June 1998
Operating Revenue (b) Operating Profit
Australian $Million
Borrow-
Other Dep'n & ing
Sales Revenue Total EBITDA(C) amort'n costs EBT(d)
9 016 386 9 402 Minerals 2 102 ( 914) - 1 188
8 266 214 8 480 Steel 1 266 ( 488) - 778
4 387 753 5 140 Petroleum 1 935 ( 738) - 1 197
2 148 418 2 566 Services 253 ( 60) - 193
- 129 129 Net unallocated interest 129 - (752) (623)
(286) 7 (279) Group & unallocated items(f)(643) (18) - (661)
21 285 1 907 23 192 BHP Group 5 042 (2 218) (752) 2 072
Operating Profit
Australian $Million
Operating
Tax Abnormal profit
excluding items including
abnormal after abnormals
items tax(h) after tax
Minerals (453) (2 483) (1 748)
Steel (233) ( 246) (299)
Petroleum (447) (163) 587
Services (39) 26 180
Net unallocated interest 119 - (504)
Group & unallocated item(f) 209 - (452)
BHP Group (844) (2 866) (1 638)
(a) Before outside equity interests.
(b) Operating revenues do not add to the BHP Group figure due to intersegment
transactions.
(c) EBITDA is earnings before borrowing costs, income tax, depreciation and
amortisation.
(d) EBT (earnings before tax) is EBIT (earnings before borrowing costs and tax)
for all businesses except Net unallocated interest.
(e) Tax expense/(benefit) on June 2000 abnormal items: Minerals $(403) million,
Steel $(99) million, Petroleum $(42) million, Services $(16) million,
Net unallocated interest $3 million and Group and unallocated items $(293)
million.
(f) Includes consolidation adjustments and unallocated items.
(g) Tax expense/(benefit) on June 1999 abnormal items: Minerals $(403) million,
Petroleum $(1) million, Services $(1) million, Group and unallocated items
$3 million.
(h) Tax benefit on June 1998 abnormal items: Minerals $(282) million, Steel
$(12) million, Petroleum $(9) million.
5
BHP
Segment Results cont. (a)
Year ended 30 June 1997
Operating Revenue (b) Operating Profit
Australian $Million
Borrow-
Other Dep'n & ing
Sales Revenue Total EBITDA(C) amort'n costs EBT(d)
8 428 366 8 794 Minerals 2 066 ( 792) - 1 274
8 093 104 8 197 Steel 928 ( 474) - 454
4 335 659 4 994 Petroleum 1 795 ( 644) - 1 151
2 070 1 710 3 780 Services 232 ( 60) - 172
- 115 115 Net unallocated interest 115 - (784) (669)
181 7 188 Group & unallocated items(f) (34) (9) - (43)
20 829 2 961 23 790 BHP Group 5 102 (1 979) (784) 2 339
Operating Profit
Australian $Million
Operating
Tax Abnormal profit
excluding items including
abnormal after abnormals
items tax(e) after tax
Minerals (454) ( 739) 81
Steel (141) (220) 93
Petroleum (447) (17) 687
Services (20) 73 225
Net unallocated interest 123 - (546)
Group & unallocated item(f) 13 - (546)
BHP Group (926) (903) 510
Year ended 30 June 1996
Operating Revenue(b)
Other
Sales revenue Total
7 595 173 7 768 Minerals
7 499 66 7 565 Steel
4 039 245 4 284 Petroleum
2 160 91 2 251 Services
- 123 123 Net unallocated interest
275 3 278 Group and unallocated items(f)
19 240 701 19 941 BHP Group
Operating Profit
Australian $Million
Tax
excluding
Dep'n& Borrowing abnormal
EBITDA(c) amort'n costs EBT(d) items
Minerals 2 056 (631) - 1 425 (545)
Steel 859 (456) - 403 ( 86)
Petroleum 1 399 (658) - 741 (322)
Services 193 ( 61) - 132 ( 29)
Net unallocated interest 123 - (600) (477) 102
Group and unallocated
items(f) 68 (7) - 61 (20)
BHP Group 4 698 (1 813) (600) 2 285 (900)
Operating Profit
Australian $Million
Operating
Abnormal profit
items including
after abnormals
tax (g) after tax
Minerals - 880
Steel (222) 95
Petroleum ( 90) 329
Services - 103
Net unallocated interest - (375)
Group and unallocated - 41
items(f)
BHP Group (312) 1 073
(a) Before outside equity interests.
(b) Operating revenues do not add to the BHP Group figure due to intersegment
transactions.
(c) EBITDA is earnings before borrowing costs, income tax, depreciation and
amortisation.
(d) EBT (earnings before tax) is EBIT (earnings before borrowing costs and tax)
for all businesses except Net unallocated interest.
(e) Tax expense/(benefit) on June 1997 abnormal items: Minerals $(19) million,
steel $(112) million and Petroleum $61 million.
(f) Includes consolidation adjustments and unallocated items.
(g) Tax expense/(benefit) on June 1996 abnormal items: Steel $114 million and
Petroleum $(15) million.
6
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