Interim Results

BHP Limited
8 February 2001

                          BHP Half Year Profit Report
                                December 2000
 

                                                    Half year ended 31 December 
                                                                              
  Results Summary                                    2000     1999    Change % 

       Revenue ($ million)           
       -     Sales revenue                         10 506    9 285       +13.2  
       -     Other revenue                            248      883       -71.9

                                                   10 754   10 168        +5.8

       Profit from ordinary activities
       before tax ($ million)                       2 077    1 327       +56.5  
                                         
       Net profit attributable                   
       to BHP shareholders ($ million)              1 427    1 210       +17.9  
                                                      
       Basic earnings per share (cents)              80.0     68.8       +16.3
                                                                                
               
Significant Features                                                        

                                                                              
*  a record half year profit;                                                  

*  higher prices for petroleum products and copper;                            

*  benefits from lower A$/US$ exchange rates;                                  

*  profits from the Laminaria/Corallina oil fields (North West Australia); and 

*  lower debt levels.                                                          


Group Result and Dividend

Effect of Change in Financial Year

Following the change in financial year end for the BHP Group from 31 May to
30 June effective 30 June 2000, this Profit Report includes an analysis of
the results for the half year ended 31 December 2000 compared with the half
year ended 31 December 1999. In this report all references to the
corresponding period are to the half year ended 31 December 1999.


Basis of Profit Report Preparation

Consistent with the September 2000 Profit Report, the principles of revised
Australian Accounting Standard AASB1018: Statement of Financial Performance
have been applied effective 1 July 2000. Items which were previously treated
as abnormal are now included in the determination of profit or loss from
ordinary activities. Prior period results have been restated where
appropriate.


Half Year Result

The profit after tax attributable to BHP shareholders for the half year ended
31 December 2000 was $1,427 million. This was a record result and an increase
of $217 million or 17.9% compared with the corresponding period.

Basic earnings per share were 80.0 cents compared with 68.8 cents for the
corresponding period.

The following major factors affected profit after tax attributable to BHP
shareholders for the half year ended 31 December 2000 compared with the
corresponding period:


Prices (positive impact of $380 million)

Higher prices after commodity hedging for petroleum products and copper
increased profit by approximately $355 million compared with the
corresponding period.


Exchange rates (positive impact of $315 million)

Foreign currency fluctuations net of hedging had a favourable effect of
approximately $315 million compared with the corresponding period.


New operations (positive impact of $90 million)

Profits from the Laminaria/Corallina and Buffalo oil fields (North West
Australia) contributed approximately $150 million for the period. These were
partly offset by increased losses of approximately $70 million from HBI
Venezuela and HBI Western Australia. These losses were mainly due to
production ramp-up difficulties at both facilities, the cessation of interest
capitalisation following commissioning at HBI Venezuela, and the expensing of
capital to resolve process and operational difficulties at HBI Western
Australia.


Asset sales (negative impact of $150 million)

Profits from asset sales were approximately $150 million lower than in the
corresponding period.


Costs (negative impact of $60 million)

Costs had an unfavourable effect of approximately $60 million compared with
the corresponding period. This was partly due to higher superannuation
contributions following the cessation of a superannuation contribution
holiday in December 1999, and implementation costs associated with the
introduction of Shared Business Services. These were partly offset by lower
borrowing costs due mainly to reduced debt levels.


Exploration (negative impact of $45 million)

Exploration expenditure charged to profit was approximately $45 million
higher than in the corresponding period mainly reflecting activity in the
Gulf of Mexico (USA), Latin America and Australia.


Volumes (negative impact of $35 million)

Lower petroleum sales volumes at Bass Strait (Victoria) due to natural field
decline and pipeline damage between Longford and Long Island Point decreased
profits by approximately $60 million compared with the corresponding period.
This was partly offset by higher iron ore shipments which increased profits
by approximately $20 million compared with the corresponding period.


Other (negative impact of $245 million) 

The corresponding period included a tax benefit of approximately $270 million
comprising a benefit of $160 million arising from the restatement of deferred
tax balances as a consequence of the Australian company tax rate changes and
a benefit of approximately $110 million arising from finalisation of funding
arrangements related to the Beenup mineral sands project (Western Australia).
The half year ended 31 December 2000 included additional tax benefits of
approximately $75 million in respect of certain overseas exploration
expenditure for which no deduction has previously been recognised.

Outside equity interests' share of net profit increased by approximately $50
million mainly due to improved results at the Ok Tedi (PNG) copper mine and
adjustments in the corresponding period attributable to minority shareholders
of the Moura (Queensland) coal mine following its sale in August 1999.


Dividend

An unfranked dividend of 25 cents per share was declared and paid during the
half year, unchanged from the corresponding period.


Segment Results (after tax)

Following various asset sales and an internal reorganisation, the Services
segment ceased to be reported from 1 July 2000.
 
As a consequence, Transport and Logistics is reported in Steel and remaining
Services' activities including Shared Business Services, Insurances and
Corporate Services are reported in Group and unallocated items. Comparative
data has been adjusted accordingly. 1999 data for Services mainly relates to
profits from businesses which have been sold.

 
                         Half year ended 31 December

                                          2000            1999     
                                        $ million      $ million     Change %
                                          -------        -------     -------

Minerals                                   834             571        +46.1 

Petroleum                                  897             577        +55.5

Steel                                      252             264         -4.5

Services                                                    27

Net unallocated interest                  (220)            (245)

Group and unallocated items               (307)              (4)
                                        -------           ------
Net profit before outside
equity interests                         1 456            1 190        +22.4

Outside equity interests                   (29)              20
                                        -------           ------

Net profit attributable to 
members of the BHP entity                1 427            1 210        +17.9    
                                        -------           ------


Minerals

Minerals' result for the half year was a profit of $834 million, an increase
of $263 million or 46.1% compared with the corresponding period.

Major factors which contributed to the result were:


* favourable effect of the lower A$/US$ exchange rate;

* higher average copper prices, net of hedging; and

* higher iron ore prices and volumes.


These were partly offset by:

* increased equity accounted losses from HBI Venezuela following production
  ramp-up difficulties and the cessation of interest capitalisation following
  commissioning;

* the restatement of deferred tax balances in the corresponding period
  following the Australian company tax rate changes;

* profits in the corresponding period from the sale of assets; and

* increased losses from HBI Western Australia, including the expensing of
  capital to resolve process and operational difficulties.

Persistent commissioning difficulties at HBI Venezuela, a significant
deterioration in the price received for the product, and possible partner
funding issues, have led BHP to commence a review of its continued investment
in this asset. The review will be conducted during the third quarter.

The average price booked for copper shipments for the period, after hedging
and finalisation adjustments, was US$0.84 per pound (1999 - US$0.76).
Finalisation adjustments after tax, representing adjustments on shipments
settled since 30 June 2000, were $15 million favourable (1999 - $18 million
favourable).

Unhedged copper shipments not finalised at 31 December 2000 have been brought
to account at the London Metal Exchange (LME) copper spot price on Friday 29
December 2000 of US$0.82 per pound.

Exploration expenditure was $51 million for the half year (1999 - $35
million) and the charge against profit was $45 million (1999 - $31 million).


Significant developments during the half year included:

* BHP and Mitsubishi Development Pty Ltd jointly acquired QCT Resources Limited
  (QCT). In December 2000, a range of integration activities was announced,
  including the closure of South Blackwater (Queensland) underground mining by
  December 2001 and the combining of the South Blackwater open cut operations
  with the existing CQCA Blackwater mine;

* BHP and its joint venture partners in the Escondida (Chile) copper mine
  approved the US$1.045 billion Escondida Phase IV expansion project (BHP share
  US$600 million (A$1.090 billion)). The expansion will be completed within two
  years and will increase ore processing facilities by 85% resulting in an
  average increase in copper production of 400,000 tonnes per annum, boosting
  average total production to 1.2 million tonnes per annum over the first five
  years of full production;

* approval was granted for the US$148 million development of an underground
  longwall mine at the San Juan thermal coal operations in New Mexico (USA).
  The mine will replace the existing San Juan and La Plata surface mines and
  will be the sole coal source for the adjacent San Juan Generating Station;

* BHP announced it would continue to operate its West Australian HBI plant
  based on strict technical and financial performance criteria relating to
  campaign length, productivity, maintenance turnaround and input costs.
  Continued operation requires an additional $110 million capital investment
  over the next 18 months to implement additional technical modifications
  across the plant; and

* BHP reached agreement with Falconbridge Limited on the formation of a joint
  venture which may lead to the development of the Gag Island nickel laterite
  project in Indonesia.


Petroleum

Petroleum's result for the half year was a profit of $897 million, an
increase of $320 million or 55.5% compared with the corresponding period.

Major factors which contributed to the result were:

* higher average realised oil price net of commodity hedging of A$53.28 per
  barrel (1999 - A$31.00 per barrel), reflecting higher US dollar prices (2000
  - US$29.26 per barrel; 1999 - US$20.04 per barrel). The average realised oil
  price before commodity hedging was US$31.34 per barrel (1999 - US$22.65 per
  barrel);

* profits from the Laminaria/Corallina and Buffalo oil fields which commenced
  operations in November 1999 and December 1999 respectively;

* favourable effect of lower A$/US$ exchange rate;

* higher LPG, LNG and natural gas prices; and

* additional tax benefits in respect of certain overseas exploration
  expenditure for which no deduction has previously been recognised.

These were partly offset by:


* profits in the corresponding period from the sale of assets;

* lower Bass Strait oil sales volumes;

* the restatement of deferred tax balances in the corresponding period
  following the Australian company tax rate changes; and

* higher exploration charged to profit reflecting activity in the Gulf of
  Mexico, Latin America and Australia.
 
Oil and condensate production was 10.0% higher than the corresponding period
due to the start-up of the Laminaria/Corallina and Buffalo oil fields and
additional oil production from Cossack Pioneer (North West Australia). These
were partly offset by lower oil volumes at Bass Strait due to natural field
decline and pipeline damage between Longford and Long Island Point, and the
sale of the Kutubu, Gobe and Moran producing fields (PNG) in December 1999.

Natural gas production was 8.7% higher than the corresponding period. This
was largely attributable to higher volumes from Bass Strait due to weather
conditions, higher nominations at Bruce (UK), and increased facility capacity
of the US producing properties, partly offset by lower volumes at Liverpool
Bay (UK) due to a planned shutdown in September 2000.

Liquefied natural gas (LNG) production at the North West Shelf (Western
Australia) was 4.7% lower than the corresponding period. This was largely
attributable to the Train 2 planned shutdown and the unplanned Train 1
shutdown in October 2000.

Exploration expenditure for the half year was $162 million (1999 - $95
million). Exploration expenditure charged to profit was $104 million (1999 -
$70 million).

Significant developments during the half year included:


* a Risk Service Contract was signed with the Algerian national oil company,
  SONATRACH, for the development of four gas/condensate reservoirs in the
  Ohanet region of Algeria;

* BHP agreed to sell a parcel of interests in its Algerian oil and gas
  exploration and development activities to Woodside Petroleum Ltd. Woodside
  will take a 15 per cent interest in the Ohanet Risk Service Contract, a 50
  per cent interest in the Boukhechba Production Sharing Contract and a 50 per
  cent interest in the Ouest Hassi R'Mel Gas Study Agreement. The transaction
  is subject to Algerian government and SONATRACH approvals;

* BHP agreed to sell its interest in the Buffalo oil field to a subsidiary of
  InterOil Corporation. However, BHP's joint venture partner Nexen Petroleum
  Australia Pty Ltd exercised its pre-emptive right to purchase the interest.
  The sale, on the same terms and conditions, is subject to government
  approvals and is expected to be completed before April 2001;

* Letters of Intent were signed with Tokyo Gas Co. Ltd and Toho Gas Co. Ltd of
  Japan for the sale and purchase of LNG from the North West Shelf (NWS). The
  agreements were signed by the six NWS LNG sellers and cover the supply of LNG
  for a period of 25 years starting in 2004, building to a volume of one
  million tonnes per annum (mtpa) by 2006. (BHP share 0.17mtpa);

* approval was granted for the development of the Echo/Yodel gas condensate
  field on the NWS;

* results from the Atlantis-2 appraisal well and sidetrack confirmed a major
  oil accumulation with a multi-hundred million barrel resource potential.
  Atlantis-2, located in the Atwater Foldbelt ultra deepwater area of the Gulf
  of Mexico, encountered oil bearing sands with net pay in excess of 153 metres
  (500 feet). Results of the Atlantis-2 sidetrack well confirmed a lateral
  extension of the known range of the Atlantis hydrocarbon accumulation of up
  to 1.6 kilometres (one mile) from the original wellbore, and also confirmed
  the continuity and quality of the Miocene reservoir sands with a net pay in
  excess of 92 metres (300 feet true vertical thickness); and

* BHP Petroleum acquired a 4.95 per cent interest in the Genesis field in the
  deep water Gulf of Mexico.


Steel

Steel's result for the half year was a profit of $252 million, a decrease of
$12 million or 4.5% compared with the corresponding period.

Major factors which contributed to the result were:


* the benefits from lower A$/US$ exchange rates;

* one-off benefits realised on the spin-out of OneSteel Limited;

* higher prices; and

* improved performance from overseas businesses.


These were offset by:

* the restatement of deferred tax balances in the corresponding period
  following the Australian company tax rate changes; and

* lower sales volumes of coated products to the Australian market.

Steel despatches from continuing flat and coated operations were 2.47 million
tonnes for the half year, 5% above the corresponding period:

  -     Australian domestic despatches were 0.99 million tonnes, in line with
        the corresponding period. A decline in the domestic market was offset by
        the inclusion of despatches to OneSteel Limited from 1 November 2000;

  -     Australian export despatches were 1.06 million tonnes, up 13%;

  -     New Zealand steel despatches were 0.25 million tonnes, down 13%; and

  -     despatches from overseas plants were 0.17 million tonnes, up 24%.

Steel despatches from discontinuing operations for the half year were 0.69
million tonnes, 56% below the corresponding period. This was primarily due to
the spin-out of OneSteel Limited and the sale of the US West Coast businesses
in the fourth quarter of fiscal 2000.

Significant developments during the half year included:


* the spin-out of the Long Products business, OneSteel Limited, in October
  2000; and

* the signing of an agreement with e-STEEL Corporation to build and operate a
  customised steel-based e-commerce network.


Net unallocated interest

Net unallocated interest expense was $220 million for the half year compared
with $245 million for the corresponding period. This decrease was mainly due
to significantly lower funding levels, partly offset by higher interest rates
in the US and Australia, the unfavourable effect of exchange rate movements,
and lower capitalised interest.


Group and unallocated items

The result for Group and unallocated items was a loss of $307 million for the
half year compared with a loss of $4 million for the corresponding period.
The corresponding period included a tax benefit of $112 million arising from
finalisation of funding arrangements related to the Beenup mineral sands
project.

The result for the half year included losses of $208 million after tax from
external foreign currency hedging compared with losses of $77 million after
tax in the corresponding period. This predominantly reflects the lower value
of the Australian dollar relative to the US dollar for hedging contracts
settled in the half year.

The result also included implementation costs associated with the introduction
of Shared Business Services.

Significant developments during the half year included:


* on 18 October 2000, following appeal by the Australian Taxation Office (ATO)
  the Full Bench of the Federal Court ruled in favour of the ATO concerning the
  deductibility of financing costs paid to General Electric Company in
  connection with the acquisition of the Utah Group in the early 1980s. BHP is
  seeking leave to appeal to the High Court of Australia. The Company disclosed
  a contingent liability of $211 million, as at 30 June 2000, in the 2000
  Annual Report. No adjustments will be made to the Group accounts pending
  finalisation of this matter; and

* a 'self insurance' model to manage commodity and currency price risks was
  adopted. The 'self insurance' model utilises natural hedges as the principal
  means of managing market risk. Hedging transactions will only be undertaken
  when it is necessary to mitigate residual risk from underlying exposures in
  order to support the Company's strategic objectives. Based on the current
  composition of BHP's asset portfolio, there is no requirement to hedge for
  the forseeable future. Current hedged positions in oil will be allowed to
  mature over the remainder of this financial year and currency positions will
  be allowed to mature through to 2004. BHP may infrequently and to a limited
  extent enter into strategic financial transactions when there is perceived to
  be a significant under or over valuation of a commodity market represented
  within the BHP portfolio. Such transactions would not be accounted for as
  hedging transactions.


Outside equity interests

Outside equity interests' share of net profit increased mainly due to
improved results at the Ok Tedi copper mine and adjustments in the
corresponding period attributable to minority shareholders of the Moura coal
mine following its sale in August 1999.


Consolidated Financial Results
 

                                             Half year ended 31 December 
                                                
                                                2000        1999     Change
                                             $ million    $ million      %

Revenue from ordinary activities
  Sales                                       10 506       9 285      +13.2
  Interest revenue                                47          45       +4.4
  Other revenue                                  201         838      -76.0
                                              10 754      10 168      + 5.8

Profit from ordinary activities before
depreciation, amortisation and borrowing
  costs                                        3 446       2 665      +29.3

Deduct:  Depreciation and amortisation         1 057         987      +7.1
         Borrowings costs (1)                    312         351      -11.1

Profit from ordinary activities before tax     2 077       1 327      +56.5

Deduct:  Tax expense attributable to 
         ordinary activities                     621         137     +353.3

Net profit                                     1 456       1 190      +22.4

Outside equity interests in net profit           (29)         20

Net profit attributable to members of the
   BHP Entity                                  1 427       1 210      +17.9


Average A$/US$ hedge settlement rate              55c         65c

(1) Excludes capitalised interest of             $3m         £13m               
      
 
Consolidated Financial Results

Revenue

Sales revenue of $10,506 million increased by $1,221 million or 13.2%
compared with the corresponding period. This mainly reflects the effect of
the lower A$/US$ exchange rate and higher prices for petroleum products and
copper. Other revenue, including interest income, decreased by $635 million
mainly reflecting lower proceeds from asset sales. Total revenue increased by
$586 million to $10,754 million.


Depreciation and Amortisation

Depreciation and amortisation charges increased by $70 million to $1,057
million. This mainly reflects depreciation on recently commissioned
operations and the unfavourable effect of exchange rate variations, partly
offset by depreciation in the corresponding period on businesses now sold.


Borrowing Costs

Borrowing costs decreased by $39 million to $312 million, mainly due to
significantly lower funding levels, partly offset by higher interest rates,
the unfavourable effect of exchange rate movements and lower capitalised
interest.


Tax Expense

Tax expense of $621 million was $484 million higher than for the
corresponding period. The charge for the half year represented an effective
tax rate of 29.9% (1999 - 10.3%). This is lower than the nominal Australian
tax rate of 34% primarily due to the recognition of tax benefits in respect
of certain prior year overseas exploration expenditure for which no deduction
has previously been recognised. This was partly offset by overseas
exploration expenditure for which no deduction is presently available,
non-deductible interest expense on preference shares, and non-deductible
accounting depreciation and amortisation.


Financial Ratios

At 31 December 2000 BHP's gearing ratio was 38.6% compared to 42.7% at 30
June 2000.

Based on earnings before interest paid and tax (EBIT), interest cover for the
half year was 7.6 times compared with 3.3 times for the June 2000 year and
4.6 times for the corresponding period. Based on earnings before interest
paid, tax and depreciation (EBITDA), interest cover for the half year was
10.9 times compared with 6.5 times for the June 2000 year and 7.3 times for
the corresponding period.


Other Information
 
                                                Half year ended
                                                  31 December 
                                               2000          1999

Basic earnings per share (cents)(1)             80.0          68.8

Diluted earnings per share (cents)(2)           78.9          67.3

Basic earnings per American Depositary
  Share (US cents)(3)                           89.0          90.3

Interim dividend paid (cents)(4)                25.0          25.0

(1) Based on net profit after tax attributable to members of the BHP Entity
    by the weighted average number of fully paid ordinary shares.  The weighted 
    average number of shares was 1,783,663,570 (1999 - 1,761,403,561).

(2) Based on adjusted net profit after tax attributable to members of the BHP   
    entity divided by the weighted average number of fully paid ordinary shares 
    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. 
    2,869,024 Performance Rights are excluded; these would only be included when

    an issue of new shares is expected to occur.  The weighted average diluted 
    number of shares was 1,828,208,954 (1999 - 1,824,335,611).

(3) Each American Depositary Share (ADS) represents two fully paid ordinary 
    shares.  Translated at the noon buying rate on Friday 29 December 2000 as 
    certified by the Federal Reserve Bank of New York A$1=US$0.5560 (1999 
    A$1=US$0.6560).

(4) Dividend paid during the half year ended 31 December 2000 was unfranked     

    (1999-unfranked). 
 

Financial Data

The financial data upon which this report has been based complies with the
requirements of the Corporations Law, with all applicable Australian
Accounting Standards and Urgent Issues Group Consensus Views, and gives a
true and fair view of the matters disclosed. The results are subject to
independent review by the auditors. Comparative amounts for the previous half
year are not subject to review. The Company has a formally constituted Audit
Committee of the Board of Directors.

This report is made in accordance with a resolution of the Board of Directors.
 
The statutory BHP Half Year Report - December 2000 will be lodged with the
ASX and the Australian Securities and Investments Commission in March 2001. 
This information will be available to shareholders on request. 
                                                                    
 
                                                           R A St John
                                                        Company Secretary
                                                           BHP Limited
 
 
                                      ****
 
For information contact: 
 
Media Relations:     Mandy Frostick - Manager Media Relations
                     Phone     [phone]
                     Mobile    [phone]
                     E-mail:    [e-mail]
 
Investor Relations:  Dr Robert Porter - Vice President Investor Relations
                     Phone     [phone]
                     Mobile    [phone]
                     E-mail:    [e-mail]
 
                     Francis McAllister - Vice President Investor Relations     
                                         (North America)
                     Phone:     [phone]
                     E-mail:     [e-mail]
 
 
Supplementary Information - Segment Results

Half yearly comparison - December 2000 with December 1999 (1)

Half year ended 31 December 2000 ($ million)
                                              
     Revenue (2)                                         Profit

         Other                               Dep'n &  Borrowing             Net
Sales   revenue  Total           EBITDA(3)  amort'n  costs  EBT(4) Tax   profit

 4 532      61   4 593  Minerals    1 615     (426)      -    1 189 (355)   834
 3 202      17   3 219  Petroleum   1 715     (447)      -    1 268 (371)   897
 3 573      28   3 601  Steel         529     (178)     (1)     350  (98)   252
     -      39      39  Net unallocated 
                          interest     39        -     (311)   (272)  52   (220)
  (295)    109    (186) Group and 
                        unallocated 
                           items (5) (452)      (6)       -    (458) 151   (307)

10 506     248  10 754   BHP Group   3 446   (1 057)    (312) 2 077 (621) 1 456


Half year ended 31 December 1999 ($ million)

   Revenue (2)                                         Profit

         Other                               Dep'n &  Borrowing              Net
Sales   revenue  Total            EBITDA(3)  amort'n  costs  EBT (4) Tax  profit

 4 057     236   4 293  Minerals    1 168     (419)      -      749 (178)   571
 1 923     450   2 373  Petroleum   1 089     (334)      -      755 (178)   577
 4 002      46   4 048  Steel         509     (221)      -      288  (24)   264
   194      77     271  Services       39       (6)      -       33   (6)    27
     -      29      29  Net unallocated 
                         interest      29        -     (351)   (322)  77   (245)
  (122)     80     (42) Group and 
                        unallocated 
                           items (5) (169)      (7)       -    (176)  172    (4)
 9 285     883  10 168  BHP Group   2 665     (987)    (351)  1 327  (137) 1 190

(1) Before outside equity interests.
(2) Revenues do not add to the BHP Group figure due to intersegment             
    transactions.
(3) EBITDA is earnings before borrowing costs, tax, and depreciation and        
    amortisation.
(4) EBT (earnings before tax) is EBIT (earnings before borrowing costs and tax)
    for all Businesses excluding Net unallocated interest and BHP Group.
(5) Includes consolidation adjustments and unallocated items.
                        

      
Supplementary Information - Segment Results

Quarterly comparison - December 2000 with December 1999 (1)

Quarter ended 31 December 2000 ($ million)

       Revenue (2)                               Profit

         Other                               Dep'n &  Borrowing              Net
Sales   revenue  Total            EBITDA(3)  amort'n  costs  EBT(4)  Tax  profit

 2 408      16   2 424  Minerals       812   (221)      -      591  (165)   426
 1 729      10   1 739  Petroleum      904   (228)      -      676  (184)   492
 1 569       6   1 575  Steel          209    (81)      (1)    127   (31)    96
     -      20      20  Net unallocated 
                           interest     20      -     (156)   (136)   23   (113)
 (169)      15    (154) Group and 
                        unallocated 
                            items(5)  (245)    (3)       -    (248)   81  (167)
 5 278      61   5 339  BHP Group    1 700   (533)    (157)  1 010  (276)  734


Quarter ended 31 December 1999 ($ million)

        Revenue (2)                               Profit

         Other                               Dep'n &  Borrowing              Net
Sales   revenue  Total            EBITDA(3)  amort'n  costs  EBT(4)  Tax  profit

 1 986      94   2 080  Minerals       511   (209)      -      302   (34)   268
   940     235   1 175  Petroleum      626   (184)      -      442   (77)   365
 1 954      23   1 977  Steel          266   (109)      -      157    23    180
    79      77     156  Services        27     (3)      -       24    (3)    21
     -      18      18  Net unallocated 
                            interest    18      -      (186)  (168)   39   (129)
  (53)      80      27  Group and 
                        unallocated 
                          items (5)    (74)    (2)       -     (76)   34    (42)
 4 660     527   5 187  BHP Group    1 374   (507)    (186)    681   (18)   663

(1) Before outside equity interests.
(2) Revenues do not add to the BHP Group figure due to intersegment
    transactions.
(3) EBITDA is earnings before borrowing costs, tax, and depreciation and
    amortisation.
(4) EBT (earnings before tax) is EBIT (earnings before borrowing costs and tax)
    for all Businesses excluding Net unallocated interest and BHP Group. 
(5) Includes consolidation adjustments and unallocated items.
  


Supplementary Information - Segment Results

Quarterly comparison - December 2000 with September 2000 (1)

Quarter ended 31 December 2000 ($ million)

        Revenue (2)                                      Profit

         Other                               Dep'n &  Borrowing              Net
Sales   revenue  Total            EBITDA(3)  amort'n  costs  EBT(4)  Tax  profit

 2 408      16   2 424  Minerals       812    (221)      -      591  (165)   426
 1 729      10   1 739  Petroleum      904    (228)      -      676  (184)   492
 1 569       6   1 575  Steel          209     (81)     (1)     127   (31)    96
     -      20      20  Net unallocated 
                         interest       20       -     (156)   (136)   23  (113)
  (169)     15    (154) Group and 
                         unallocated 
                         items(5)     (245)     (3)       -    (248)   81  (167)
 5 278      61   5 339  BHP Group    1 700    (533)    (157)  1 010  (276)  734


Quarter ended 30 September 2000 ($ million)

        Revenue (2)                                      Profit

         Other                               Dep'n &  Borrowing              Net
Sales   revenue  Total            EBITDA(3)   amort'n  costs  EBT(4) Tax  profit

 2 124      45   2 169  Minerals       803    (205)      -      598  (190)  408
 1 473       7   1 480  Petroleum      811    (219)      -      592  (187)  405
 2 004      22   2 026  Steel          320     (97)      -      223   (67)  156
     -      19      19  Net unallocated 
                           interest     19       -     (155)   (136)   29  (107)
  (126)     94     (32) Group and 
                         unallocated 
                          items (5)   (207)     (3)       -    (210)   70  (140)
 5 228     187   5 415  BHP Group    1 746    (524)    (155)  1 067  (345)  722

(1) Before outside equity interests.
(2) Revenues do not add to the BHP Group figure due to intersegment             
    transactions.
(3) EBITDA is earnings before borrowing costs, tax, and depreciation and        
    amortisation.
(4) EBT (earnings before tax) is EBIT (earnings before borrowing costs and tax)
    for all Businesses excluding Net unallocated interest and BHP Group.
(5) Includes consolidation adjustments and unallocated items.
    
                       
Supplementary Information - Business Results

Half year ended                       $ million
31 December 2000 Sales   EBITDA  Depreciation   Net   Capital &     Exploration
                 revenue  (2)   & amortisation  assets investment    (before    
                  (1)                            (3)   expenditure    tax)      
                                                       (4)      Gross   Charged 
                                                                  (5)  to profit
Minerals
   WA               939    452        61        1 544      22
 Samarco (6)                30                    377       -
 Total Iron Ore     939    482        61        1 921      22
            
 Queensland         887    363        58        1 562     438
 New Mexico         373    114        26          188      30
 Illawarra          220     51        16          179       5
 Kalimantan         192     43        27          172       -
 Total Coal       1 672    571       127        2 101     473
                    
 WA                  40   (128)        -          171      33
 Venezuela (6)             (59)                   317      72
 Total HBI           40   (187)        -          488     105

 Escondida          841    433        95        2 512     154
 Tintaya            150     36        24          460      17
 Ok Tedi            419    109        62          766       5
 Total Copper     1 410    578       181        3 738     176
                 
 Ekati              203    138        23          509      15
 Cannington         239     90        23          471       9
 Other businesses 
       (7)           51     15         2         (646)      -
 Development          5    (45)        4          457       2
 Intra divisional
      adjustment    (29)     3                      -
 Divisional 
    activities        2    (30)        5           18       -
                  4 532  1 615       426        9 057     802         51     45
 
Petroleum (8)
 Bass Strait      1 109    619        83          611      58
 North West Shelf   673    486        51        1 303      32
 Liverpool Bay      251    181        77          540      43
 Other Businesses 1 095    584       236        1 403     287
 Marketing 
     activities     223      8         -          (4)       -
 Intra-divisional 
    adjustment        -      -                    (7)
 Divisional 
     activities    (149)  (163)        -           4        -        162    104
                  3 202  1 715       447       3 850      420        162    104

Steel
 Flat Products 
          (9)     1 198    196        75       1 930       19
 Coated Products  1 681    221        55       1 719       14
 Discontinuing 
   Operations (10)  881     80        36           4       17
 Intra-divisional 
 adjustment      (1 051)    20                   (29)      (3)
 Divisional 
   activities        51    (25)       (2)        (40)       1
 Transport and 
     Logistics      813     37        14         245        8
                  3 573    529       178       3 829       56          -      -
Net Unallocated 
 Interest                   39                (5 972)
Group and 
 unallocated items (295)  (452)        6         316       45
BHP Group        10 506  3 446     1 057      11 080    1 323        213    149

(1) Sales revenues do not add to the BHP Group figure due to intersegment       
    transactions.
(2) EBITDA is earnings before borrowing costs, tax, and depreciation and        
    amortisation.
(3) Provisional balances.
(4) Excludes capitalised interest and capitalised exploration.
(5) Includes capitalised exploration: Minerals $6 million and
    Petroleum $58 million.
(6) Equity accounted investments.
(7) Includes North America Copper mining and smelting operations which ceased
    during the September 1999 quarter, Beenup mineral sands operation which was
    closed in April 1999, and Hartley Platinum mine where operations have been
    suspended pending conditional sale.
(8) Petroleum sales revenue includes: Crude oil $2 294 million, Natural gas $270
    million, LNG $269 million, LPG $181 million and Other $188 million.
(9) Includes North Star BHP Steel.
(10)Includes the Long Products business (OneSteel). BHP ceased to report
    results for OneSteel Limited from 1 November 2000.


Half year ended                                 $ million
31 December 1999         Sales (1)        EBITDA (2)    Depreciation     Net (3)
                          revenue                         &              assets 
                                                        amortisation 

Minerals
 WA                           685               289               70      1 817 
 Samarco (7)                    -                30                -        324
 Total Iron Ore               685               319               70      2 141 
 
 Queensland                   724               240               78      1 297 
 New Mexico                   279                85               22        200 
 Illawarra                    191                33               16        201 
 Kalimantan                   153                40               24        209 
 Total Coal                 1 347               398              140      1 907 
   
 WA                            40               (99)               6      1 426 
 Venezuela (7)                  -                (6)               -        183 
 Total HBI                     40              (105)               6      1 609 
   
 Escondida                    737               367               76      2 070 
 Tintaya                      108                25               26        433 
 Ok Tedi                      325                61               50        637 
 Total Copper               1 170               453              152      3 140 
   
 Ekati                        175               133               20        482 
 Cannington                   223                68               22        515 
 Other businesses (8)         458                25                3       (575)
 Development                    5               (46)               6        246 
 Intra divisional adjustment  (17)                2                -         (2)
 Divisional activities        (29)              (79)               -         22 
                            4 057             1 168              419      9 485 
  
Petroleum (9)
 Bass Strait                  850               475               94        742 
 North West Shelf             394               282               44      1 193 
 Liverpool Bay                213               153               80        457 
 Other Businesses             417               351              116      1 342 
 Marketing activities         569                 2                -         (4)
 Intra-divisional 
  adjustment                 (375)                -                -         (8)
 Divisional activities       (145)             (174)               -          4 
                            1 923             1 089              334      3 726

Steel
 Flat Products (10)         1 089               149               70      1 904 
 Coated Products            1 681               198               58      1 698 
 Discontinuing 
  Operations (11)           1 896               130               84      2 823 
 Intra-divisional 
  adjustment               (1 368)                1               (1)       (53)
 Divisional activities         53               (20)              (2)       (15)
 Transport and Logistics      651                51               12        203 
                            4 002               509              221      6 560 

Services                      194                39                6         (5)

Net Unallocated Interest        -                29                -     (9 220)
Group and unallocated 
 items                       (122)             (169)               7        245 
BHP Group                   9 285             2 665              987     10 791 


Half year ended                                        $ million
31 December 1999                           Capital &                 Exploration
                                          investment                (before tax)
                                         expenditure      Gross (5)  Charged (6)
                                                                       to profit


Minerals                                            
 WA                                               11                  
 Samarco (7)                                       -
 Total Iron Ore                                   11   
 
 Queensland                                       32
 New Mexico                                        2
 Illawarra                                         8              
 Kalimantan                                        2              
 Total Coal                                       44     
 
 WA                                               15
 Venezuela (7)                                     6               
 Total HBI                                        21     
 
 Escondida                                        17
 Tintaya                                           5               
 Ok Tedi                                           1              
 Total Copper                                     23
     
 Ekati                                             1               
 Cannington                                        4
 Other businesses (8)                              9
 Development                                      (2)                  
 Intra divisional adjustment                       -         
 Divisional activities                            (4)                           
                                                 107             35          31 
Petroleum (9)
 Bass Strait                                      81   
 North West Shelf                                 26   
 Liverpool Bay                                    12   
 Other Businesses                                 93   
 Marketing activities                              -           
 Intra-divisional adjustment                       -                         
 Divisional activities                             -             95          70 
                                                 212             95          70

Steel
 Flat Products (10)                               22 
 Coated Products                                  11
 Discontinuing Operations (11)                    25
 Intra-divisional adjustment                       1
 Divisional activities                             -
 Transport and Logistics                           2                            
                                                  61              -           -
Services                                           2            
Net Unallocated Interest                           -
Group and unallocated items                       16              
BHP Group                                        398            130         101
 

(1)  Sales revenues do not add to the BHP Group figure due to intersegment      
     transactions.
(2)  EBITDA is earnings before borrowing costs, tax, and depreciation and       
     amortisation.
(3)  Provisional balances.
(4)  Excludes capitalised interest and capitalised exploration.
(5)  Includes capitalised exploration: Minerals $4 million and Petroleum $33    
     million.
(6)  Includes $8 million Petroleum exploration expenditure previously           
     capitalised, now written off.
(7)  Equity accounted investments.
(8)  Includes North America Copper mining and smelting operations which ceased
     during the September 1999 quarter, Beenup mineral sands operation which    
     closed in April 1999, and Hartley Platinum mine where operations have been 
     suspended pending conditional sale.
(9)  Petroleum sales revenue includes: Crude oil $1 269 million, Natural gas    
     $182 million, LNG $169 million, LPG $139 million and Other $164 million.
(10) Includes North Star BHP Steel.
(11) Includes the Long Products business (OneSteel), Newcastle primary
     steelmaking operations, US steel assets, Lifting Products and strip casting
     assets.


Supplementary information- Risk management

PORTFOLIO RISK MANAGEMENT

Foreign exchange risk management

The table below provides information as at 31 December 2000 regarding the
Group's significant derivatives financial instruments used to hedge US dollar
sales revenues that are sensitive to changes in exchange rates for the
forthcoming twelve months.

                       Weighted average A$/US$ exchange rate    Contract amounts
                      Forwards   Call options    Put options       US$ million

US Dollars
Q3 2001  - forwards     0.7069              -              -                270
         - collar 
           options           -         0.6597         0.6292                160
         - purchased 
           options           -         0.5500              -                 10
         - sold 
           options           -              -              -                  - 
Q4       - forwards     0.7052              -              -                270
         - collar 
           options           -         0.6572         0.6254                120
         - purchased       
           options           -         0.5500              -                 40
         - sold 
           options           -              -              -                  -

Q1 2002  - forwards     0.6954              -              -                300
         - collar 
           options           -         0.6678         0.6372                 60
         - purchased 
           options           -         0.5500              -                 30
         - sold 
           options           -              -              -                  - 

Q2       - forwards     0.6933              -              -                270
         - collar 
           options           -         0.6837         0.6504                 60
         - purchased 
           options           -         0.5500              -                 60
         - sold 
           options           -              -              -                  -

Commodity price risk management

The table below provides information as at 31 December 2000 regarding the
Group's significant derivatives financial instruments that are sensitive to
changes in certain commodity prices for the forthcoming twelve months.

                                Weighted average price          Contract amounts
                        Forwards   Call options    Put options       ('000 bbls)
Crude oil
Q3 2001  - forwards  US $22.23 bbl            -              -            2,425
         - collar 
           options               -            -              -                -
         - purchased 
           options               -            -              -                -

Q4       - forwards  US $22.42 bbl            -              -            2,200
         - collar 
           options               -            -              -                -
         - purchased 
           options               -            -              -                -

Q1 2002  - forwards              -            -              -                -
         - collar 
           options               -            -              -                -
         - purchased 
           options               -            -              -                -

Q2       - forwards              -            -              -                -
         - collar 
           options               -            -              -                -
         - purchased 
           options               -            -              -                -

bbls = barrels

STRATEGIC FINANCIAL TRANSACTIONS

As at 31 December 2000 there were no strategic financial derivative transactions
outstanding.