Interim Report 31Dec2001-Pt 2
BHP Billiton Limited
14 February 2002
PART 2
Supplementary Information
Customer Sector Group Results
Half Yearly Comparison 31 December 2001 vs 31 December 2000
BHP BILLITON GROUP
Half Year ended 31 December 2001
US$ Million
EBIT (2) EBIT (2)
excluding including Net
exceptional Exceptional exceptional operating Exploration Exploration
Turnover (1) items items items assets Capex (3) gross (5) to (6)
(4) profit
Aluminium 1 371 191 - 191 4 773 117 - -
Base metals 826 68 - 68 4 183 380 18 52
Carbon steel 1 660 565 - 565 2 407 95 1 1
materials
Stainless steel 370 ( 33) - ( 33) 1 612 39 3 12
materials
Energy coal 1 045 350 - 350 1 780 120 3 -
Exploration, 167 42 - 42 893 58 34 33
technology and new
business
Other activities 750 100 - 100 940 5 - -
Petroleum 1 434 576 - 576 2 722 298 143 74
Steel 1 480 69 - 69 2 047 26 - -
Group and 48 ( 277) - ( 277) 888 25 - -
unallocated items(7)
BHP Billiton Group 8 894 1 651 - 1 651 22 245 1 163 202 172
Half Year ended 31 December 2000
US$ Million
EBIT (2) EBIT (2)
excluding including Net
exceptional Exceptional exceptional operating Exploration Exploration
Turnover (1) items items items assets Capex (4) gross (5) to (6)
profit
Aluminium 1 294 218 - 218 3 290 68 - -
Base metals 860 253 - 253 3 614 1 853 45 9
Carbon steel 1 603 422 - 422 3 217 276 1 1
materials
Stainless steel 436 63 - 63 1 602 117 6 3
materials
Energy coal 905 157 - 157 2 033 427 5 1
Exploration, 116 26 - 26 396 10 26 24
technology and new
business
Other activities 768 103 - 103 1 913 50 - -
Petroleum 1 768 706 - 706 2 613 234 89 58
Steel 2 096 212 - 212 2 454 29 - -
Group and ( 159) ( 290) - ( 290) 800 26 - -
unallocated items(7)
BHP Billiton Group 9 396 1 870 - 1 870 21 932 3 090 172 96
(1) Turnover does not add to the BHP Billiton Group figure due to inter-segment
transactions.
(2) EBIT is earnings before net interest and
taxation.
(3) Capex in aggregate comprises US$756 million growth and US$407 million
sustaining.
(4) Capex includes capital and investment expenditure and excludes capitalised interest and
capitalised exploration.
(5) Includes US$74 million (2000:US$76 million) capitalised
exploration.
(6) Includes US$44 million (2000:US$nil) exploration expenditure previously capitalised
now written off.
(7) Includes consolidation adjustments and unallocated
items.
Customer Sector Group Results
Quarterly Comparison 31 December 2001 vs 30 September 2001
BHP BILLITON
GROUP
Quarter ended 31
December 2001
US$ Million
EBIT (2) EBIT (2)
excluding including
exceptional Exceptional exceptional Exploration Exploration
Turnover (1) items items items Capex (3) gross (5) to profit (6)
(4)
Aluminium 673 77 - 77 41 - -
Base metals 467 17 - 17 195 13 48
Carbon steel 830 273 - 273 55 1 1
materials
Stainless 199 ( 24) - ( 24) 17 2 12
steel
materials
Energy coal 507 201 - 201 83 2 -
Exploration, 88 19 - 19 7 22 22
technology
and new
business
Other 406 59 - 59 4 - -
activities
Petroleum 647 251 - 251 164 69 40
Steel 700 9 - 9 17 - -
Group and 131 ( 152) - ( 152) 15 - -
unallocated
items (7)
BHP Billiton 4 533 730 - 730 598 109 123
Group
Quarter ended 30 September 2001
US$ Million
EBIT (2) EBIT (2)
excluding including
exceptional Exceptional exceptional Exploration Exploration
Turnover (1) items items items Capex (4) gross (5) to profit (6)
Aluminium 698 114 - 114 76 - -
Base metals 359 51 - 51 185 5 4
Carbon steel 830 292 - 292 40 - -
materials
Stainless 171 ( 9) - ( 9) 22 1 -
steel
materials
Energy coal 538 149 - 149 37 1 -
Exploration, 79 23 - 23 51 12 11
technology
and new
business
Other 344 41 - 41 1 - -
activities
Petroleum 787 325 - 325 134 74 34
Steel 780 60 - 60 9 - -
Group and ( 83) ( 125) - ( 125) 10 - -
unallocated
items (7)
BHP Billiton 4 361 921 - 921 565 93 49
Group
(1) Turnover does not add to the BHP Billiton Group figure
due to inter-segment transactions.
(2) EBIT is earnings
before net interest
and taxation.
(3) Capex in aggregate comprises US$346 million growth and
US$252 million sustaining.
(4) Capex includes capital and investment expenditure and excludes capitalised interest
and capitalised exploration.
(5) Includes US$30 million (Sept 2001:US$44
million) capitalised exploration.
(6) Includes US$44 million (Sept 2001:US$nil) exploration expenditure
previously capitalised, now written off.
(7) Includes consolidation adjustments and
unallocated items.
Customer Sector Group Results - Half Yearly Comparison
ALUMINIUM
Half year ended 31 December
2001
US$ Million
Depn & Net Exploration Exploration
operating
Turnover EBITDA (1) amortisation EBIT (2) assets Capex (3) gross to profit
(4)
Alumina 333 131 51 80 2 240 16
Aluminium 660 174 64 110 2 533 101
Intra-divisional ( 140) - - - - -
adjustment
Third party 518 1 - 1 - -
products
Total 1 371 306 115 191 4 773 117 - -
Half year ended 31 December 2000
US$ Million
Depn & Net Exploration Exploration
operating
Turnover EBITDA (1) amortisation EBIT (2) assets Capex (4) gross to profit
Alumina 192 84 25 59 775 10
Aluminium 702 215 62 153 2 515 58
Intra-divisional ( 46) - - - - -
adjustment
Third party 446 6 - 6 - -
products
Total 1 294 305 87 218 3 290 68 - -
(1) EBITDA is earnings before net interest, taxation, and
depreciation and amortisation.
(2) EBIT is earnings before net interest
and taxation.
(3) Capex in aggregate comprises US$70 million growth and US$47
million sustaining.
(4) Capex includes capital and investment expenditure and excludes capitalised interest and
capitalised exploration.
Customer Sector Group Results - Half Yearly Comparison
BASE METALS
Half year ended 31 December 2001
US$ Million
Depn & Net Exploration Exploration
operating
Turnover EBITDA (1) amortisation EBIT (2) assets Capex (3) gross (6) to profit (7)
(4)
Escondida 306 115 51 64 1 800 219
Tintaya 59 3 17 ( 14) 367 79
Cerro Colorado 102 52 35 17 687 32
Antamina (8) 51 2 - 2 800 40
Alumbrera (8) 49 10 - 10 288 -
Cannington 140 54 12 42 254 7
Highland Valley (8) 70 7 - 7 130 -
Other businesses (9) 48 ( 57) 3 ( 60) ( 143) 3
Third party 1 - - - - -
products
Total 826 186 118 68 4 183 380 18 52
Half year ended 31 December 2000
US$ Million
Depn & Net Exploration Exploration
operating
Turnover EBITDA (1) amortisation EBIT (2) assets Capex (4) gross (6) to profit (7)
(5)
Escondida 460 238 54 184 1 543 82
Tintaya 82 20 13 7 270 9
Cerro Colorado 55 30 17 13 734 1
Antamina (8) - - - - 556 -
Alumbrera (8) 20 4 - 4 219 -
Cannington 137 53 13 40 293 5
Highland Valley 14 2 - 2 142 -
(8)
Other businesses 80 7 4 3 ( 143) 6
(9)
Third party 12 - - - - -
products
Total 860 354 101 253 3 614 1 853 45 9
(1) EBITDA is earnings before net interest, taxation, and
depreciation and amortisation.
(2) EBIT is earnings before net interest
and taxation.
(3) Capex in aggregate comprises US$290 million growth and US$90
million sustaining.
(4) Capex includes capital and investment expenditure and excludes capitalised
interest and capitalised exploration.
(5) Includes the acquisition of Rio Algom Limited for US$1,750 million (before deduction of assumed debt), which has not
been allocated to the various operations and therefore Capex does not add to the Base Metals total.
(6) Includes US$1 million (2000:US$36 million)
capitalised exploration.
(7) Includes US$35 million (2000:US$nil) exploration expenditure previously
capitalised now written off.
(8) Equity accounted
investments.
(9) Includes Selbaie, Pering and the North America copper mining and smelting operations (which ceased operations during
the September 1999 quarter) Also including the write-off of La Granja.
Customer Sector Group Results - Half Yearly Comparison
CARBON STEEL MATERIALS
Half year ended 31 December 2001
US$ Million
Depn & Net Exploration Exploration
operating
Turnover EBITDA (1) amortisation EBIT (2) assets Capex (3) gross to profit
(4)
WA Iron Ore 539 306 35 271 884 36
Samarco (5) 77 20 - 20 333 -
Total Iron Ore 616 326 35 291 1 217 36
Queensland 597 252 28 224 679 31
Illawarra 144 53 6 47 113 6
Total Metallurgical 741 305 34 271 792 37
Coal
Manganese 236 73 18 55 372 8
Boodarie(TM) Iron 78 ( 43) - ( 43) 26 14
Divisional ( 25) ( 9) - ( 9) - -
adjustment (6)
Third party 14 - - - - -
products
Total 1 660 652 87 565 2 407 95 1 1
Half year ended 31 December 2000
US$ Million
Depn & Net Exploration Exploration
operating
Turnover EBITDA (1) amortisation EBIT (2) assets Capex (4) gross to profit
WA Iron Ore 523 255 36 219 1 048 12
Samarco (5) 102 28 - 28 366 -
Total Iron Ore 625 283 36 247 1 414 12
Queensland 538 210 33 177 1 238 231
Illawarra 122 29 9 20 108 3
Total Metallurgical 660 239 42 197 1 346 234
Coal
Manganese 291 63 12 51 451 11
Boodarie(TM) Iron 22 ( 72) - ( 72) 6 19
Divisional ( 13) ( 1) - ( 1) - -
adjustment (6)
Third party 18 - - - - -
products
Total 1 603 512 90 422 3 217 276 1 1
(1) EBITDA is earnings before net interest, taxation, and depreciation
and amortisation.
(2) EBIT is earnings before net interest and
taxation.
(3) Capex in aggregate comprises US$35 million growth and US$60
million sustaining.
(4) Capex includes capital and investment expenditure and excludes capitalised
interest and capitalised exploration.
(5) Equity accounted investment.
(6) Includes intra-divisional activities.
Customer Sector Group Results - Half Yearly Comparison
STAINLESS STEEL MATERIALS
Half year ended 31 December 2001
US$ Million
Depn & Net Exploration Exploration
operating
Turnover EBITDA (1) amortisation EBIT (2) assets Capex (3) gross (5) to profit (6)
(4)
Nickel 200 20 33 ( 13) 1 296 29
Chrome 167 ( 2) 18 ( 20) 316 10
Third party 3 - - - - -
products
Total 370 18 51 ( 33) 1 612 39 3 12
Half year ended 31 December 2000
US$ Million
Depn & Net Exploration Exploration
operating
Turnover EBITDA (1) amortisation EBIT (2) assets Capex (4) gross (5) to profit (6)
Nickel 215 63 22 41 1 269 98
Chrome 219 36 14 22 333 19
Third party 2 - - - - -
products
Total 436 99 36 63 1 602 117 6 3
(1) EBITDA is earnings before net interest, taxation, and
depreciation and amortisation.
(2) EBIT is earnings before net interest
and taxation.
(3) Capex in aggregate comprises US$5 million growth and US$34
million sustaining.
(4) Capex includes capital and investment expenditure and excludes capitalised
interest and capitalised exploration.
(5) Includes US$nil (2000:US$3 million)
capitalised exploration.
(6) Includes US$9 million (2000:US$nil) exploration expenditure previously
capitalised now written off.
Customer Sector Group Results - Half Yearly Comparison
ENERGY COAL
Half year ended 31 December 2001
US$ Million
Depn & Net Exploration Exploration
operating
Turnover EBITDA (1) amortisation EBIT (2) assets Capex (3) gross (5) to profit
(4)
Ingwe 529 240 53 187 983 29
New Mexico 211 53 16 37 202 68
COAL 61 17 9 8 202 22
Indonesia 120 108 11 97 ( 6) 1
Colombia (6) 61 22 - 22 386 -
Divisional - ( 4) - ( 4) 13 -
activities
Third party 63 3 - 3 - -
products
Total 1 045 439 89 350 1 780 120 3 -
Half year ended 31 December 2000
US$ Million
Depn & Net Exploration Exploration
operating
Turnover EBITDA (1) amortisation EBIT (2) assets Capex (4) gross (5) to profit
Ingwe 520 152 49 103 1 146 29
New Mexico 206 64 15 49 152 17
COAL 52 6 8 ( 2) 206 10
Indonesia 105 23 15 8 144 -
Colombia (6) 6 ( 1) - ( 1) 366 371
Divisional - - - - 19 -
activities
Third party 16 - - - - -
products
Total 905 244 87 157 2 033 427 5 1
(1) EBITDA is earnings before net interest, taxation, and
depreciation and amortisation.
(2) EBIT is earnings before net interest
and taxation.
(3) Capex in aggregate comprises US$85 million growth and US$35
million sustaining.
(4) Capex includes capital and investment expenditure and excludes capitalised
interest and capitalised exploration.
(5) Includes US$3 million (2000:US$4 million) capitalised
exploration.
(6) Equity accounted investment.
Customer Sector Group Results - Half Yearly Comparison
EXPLORATION, TECHNOLOGY AND NEW BUSINESS
Half year ended 31 December 2001
US$ Million
Depn & Net Exploration Exploration
operating
Turnover EBITDA (1) amortisation EBIT (2) assets Capex (3) gross (5) to profit
(4)
Ekati 162 115 34 81 901 54
Exploration and 5 ( 38) 1 ( 39) ( 8) 4
Technology
Total 167 77 35 42 893 58 34 33
Half year ended 31 December 2000
US$ Million
Depn & Net Exploration Exploration
operating
Turnover EBITDA (1) amortisation EBIT (2) assets Capex (4) gross (5) to profit
Ekati 113 77 13 64 370 8
Exploration and 3 ( 36) 2 ( 38) 26 2
Technology
Total 116 41 15 26 396 10 26 24
(1) EBITDA is earnings before net interest, taxation, and depreciation
and amortisation.
(2) EBIT is earnings before net interest and
taxation.
(3) Capex in aggregate comprises US$50 million growth and US$8
million sustaining.
(4) Capex includes capital and investment expenditure and excludes capitalised
interest and capitalised exploration.
(5) Includes US$1 million (2000:US$2 million)
capitalised exploration.
OTHER ACTIVITIES
Half year ended 31 December 2001
US$ Million
Depn & Net Exploration Exploration
operating
Turnover EBITDA (1) amortisation EBIT (2) assets Capex (3) gross to profit
(4)
HBI Venezuela (5) (6) - - - - ( 18) -
Integris (6) (formerly 431 ( 1) 5 ( 6) 380 3
NAMD)
Ok Tedi 89 - - - - 2
Other businesses (7) 230 107 1 106 578 -
Total 750 106 6 100 940 5 - -
Half year ended 31 December 2000
US$ Million
Depn & Net Exploration Exploration
operating
Turnover EBITDA (1) amortisation EBIT (2) assets Capex (4) gross to profit
HBI Venezuela (5) (6) 15 ( 18) - ( 18) 448 42
NAMD 264 10 3 7 348 5
Columbus
Ok Tedi 233 52 35 17 488 3
Other businesses (7) 256 97 - 97 629 -
Total 768 141 38 103 1 913 50 - -
(1) EBITDA is earnings before net interest, taxation, and depreciation
and amortisation.
(2) EBIT is earnings before net interest and taxation.
(3) Capex in aggregate comprises US$nil growth and US$5 million sustaining.
(4) Capex includes capital and investment expenditure and excludes capitalised interest
and capitalised exploration.
(5) BHP Billiton ceased investment in HBI Venezuela in March 2001.
(6) Equity accounted investment.
(7) Includes Titanium Minerals operations, Columbus stainless steel operations, the Hartley
Platinum mine which was sold in January 2001 and the Beenup Mineral sands operations which
was closed in April 1999.
Customer Sector Group Results - Half Yearly Comparison
PETROLEUM
Half year ended 31 December 2001
US$ Million
Depn & Net Exploration Exploration
operating
Turnover (1) EBITDA (2) amortisation EBIT (3) assets Capex (4) gross (6) to profit
(5)
Bass Strait 515 273 53 220 415 48
North West Shelf 325 257 27 230 864 34
Liverpool Bay 188 163 72 91 449 18
Other businesses 371 184 131 53 982 198
Marketing 35 7 - 7 12 -
activities
Intra-divisional - - - - - -
adjustment
Divisional - ( 25) - ( 25) - -
activities
Total 1 434 859 283 576 2 722 298 143 74
Half year ended 31 December 2000
US$ Million
Depn & Net Exploration Exploration
operating
Turnover (1) EBITDA (2) amortisation EBIT (3) assets Capex (5) gross (6) to profit
Bass Strait 613 343 47 296 332 32
North West Shelf 373 270 28 242 804 18
Liverpool Bay 140 104 44 60 467 24
Other businesses 602 326 132 194 1 012 160
Marketing 122 5 - 5 ( 2) -
activities
Intra-divisional - - - - - -
adjustment
Divisional ( 82) ( 91) - ( 91) - -
activities
Total 1 768 957 251 706 2 613 234 89 58
(1) Petroleum turnover includes: Crude oil US$879 million (2000:US$1 267 million), Natural
gas US$198 million (2000:US$149 million), LNG US$154 million (2000:US$149 million), LPG
US$85 million (2000:US$100 million) and Other US$118 million (2000:US$103 million).
(2) EBITDA is earnings before net interest, taxation, and depreciation
and amortisation.
(3) EBIT is earnings before net interest and taxation.
(4) Capex in aggregate comprises US$201 million growth and US$97 million
sustaining.
(5) Capex includes capital and investment expenditure and excludes capitalised
interest and capitalised exploration.
(6) Includes US$69 million (2000:US$31 million) capitalised exploration.
Customer Sector Group Results - Half Yearly Comparison
STEEL
Half year ended 31 December 2001
US$ Million
Depn & Net Exploration Exploration
operating
Turnover EBITDA (1) amortisation EBIT (2) assets Capex (3) gross to profit
(4)
Flat Products (5) 580 70 35 35 1 181 12
Coated Products 925 74 28 46 865 12
Discontinued - - - - ( 99) -
operations (6)
Intra-divisional ( 419) ( 12) - ( 12) - -
adjust
Divisional activities 8 ( 15) - ( 15) 2 -
Transport & Logistics 386 21 6 15 98 2
Total 1 480 138 69 69 2 047 26 - -
Half year ended 31 December 2000
US$ Million
Depn & Net Exploration Exploration
operating
Turnover EBITDA (1) amortisation EBIT (2) assets Capex (4) gross to profit
Flat Products (5) 769 117 42 75 1 376 10
Coated Products 936 120 29 91 1 007 8
Discontinuing 497 47 20 27 ( 34) 8
operations (6)
Intra-divisional ( 587) 18 - 18 - -
adjust
Divisional activities 30 ( 11) - ( 11) ( 42) -
Transport & Logistics 451 20 8 12 147 3
Total 2 096 311 99 212 2 454 29 - -
(1) EBITDA is earnings before net interest, taxation, and depreciation
and amortisation.
(2) EBIT is earnings before net interest and taxation.
(3) Capex in aggregate comprises US$nil growth and US$26 million sustaining.
(4) Capex includes capital and investment expenditure and excludes capitalised interest
and capitalised exploration.
(5) Includes North Star BHP Steel.
(6) Includes the Long Products business (OneSteel Limited) which ceased to report results from
November 2000 following spin-out.
BHP Billiton Group Financial Results under Australian GAAP
Half Year ended 31 December 2001
A$ Million US$ Million
Revenue from ordinary activities
Sales 15 730 8 067
Other revenue 772 398
16 502 8 465
Profit from ordinary activitites before
depreciation, amortisation and borrowing 5 531 2 839
costs
Deduct: Depreciation and 1 724 884
amortisation
Borrowing costs 503 259
Profit from ordinary activities before 3 304 1 696
tax
Deduct: Tax expense attributable to 967 497
ordinary activities
Net profit 2 337 1 199
Outside equity interests in net ( 44) ( 22)
profit
Net profit attributable to members of 2 293 1 177
combined BHP Billiton Group
Basic earnings per share (cents) 38.1 19.5
Basis of Preparation
The results of the BHP Billiton Group, comprising BHP Billiton Limited and BHP
Billiton Plc, for the half year ended 31 December 2001 have been prepared in
accordance with Australian GAAP and Practice Note 71 'Financial reporting by
Australian entities in dual listed company arrangements' issued by the
Australian Securities and Investments Commission (ASIC). Australian regulatory
requirements do not allow the combination of the results of BHP Billiton Limited
with those of BHP Billiton Plc for periods prior to consummation of the DLC
merger on 29 June 2001.
With effect from 1 July 2001, the majority of BHP Billiton Limited's businesses
changed to US dollars, the functional currency of the combined BHP Billiton
Group. This is consistent with BHP Billiton Plc and is the basis on which the
combined BHP Billiton Limited Group manages its businesses. Most BHP Billiton
commodities are sold in US dollars and are predominantly destined for export
markets.
Except for the effect of the functional currency change, the financial
information has been prepared using the same accounting policies as were used in
preparing the results for the BHP Billiton Limited Group as presented in the BHP
Billiton Limited financial statements for the year ended 30 June 2001.
The results are subject to independent review by the auditors.
The statutory BHP Billiton Limited Interim Report will be lodged with ASIC and
released to the ASX in March 2002. This information will be available to
shareholders on request.
BHP Billiton Limited ABN 49 004 028 077 BHP Billiton Plc Registration number 3196209
Registered in Australia Registered in England and Wales
Registered Office: 600 Bourke Street Melbourne Victoria Registered Office: 1-3 Strand London WC2N 5HA United Kingdom
3000 Telephone +44 20 7747 3800 Facsimile +44 20 7747 3900
Telephone +61 3 9609 3333 Facsimile +61 3 9609 3015
The BHP Billiton Group is headquartered in Australia
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