Prelim Results Pt 1 - Replace

BHP Billiton Limited
20 August 2001


The issuer advises that the following announcement replaces that released under
RNS Number 7167I today at 07:05.

The announcement released this morning contained the following typographical
error:

*     In the section described as Summary of Financial Information set out on
Page 3 of Part B in the table headed 'BHP Billiton Limited Group Results' the
third line of the table should read EBT and not EBIT as expressed

*     All of the numbers set out in the columns applicable to this line are
correct when expressed as EBT

All other details remain unchanged and the full corrected version is shown
below.




    BHP Billiton Limited is issuing this announcement to fulfil disclosure
 obligations arising from its secondary listing on the London Stock Exchange.

The text of this announcement is identical to that issued by BHP Billiton Plc
                                   earlier.

             PRELIMINARY RESULTS FOR THE YEAR ENDED 30 JUNE 2001


                      PART A: BHP BILLITON NEWS RELEASE

________________________________________________________________________________

The attached material contains the preliminary (unaudited) results for the
year ended 30 June 2001 for BHP Billiton.

Given the date on which the merger between BHP and Billiton was completed (29
June 2001) and the differing reporting requirements in Australia and the UK,
the financial information for this first year has been prepared in three ways:

      + for the BHP Billiton Limited Group as a stand alone group
      + for the BHP Billiton Plc Group as if a stand alone group; and
      + for the BHP Billiton Limited and BHP Billiton Plc groups combined.

This pack of material contains 5 parts:

Part A News Release (containing CEO and Managing Director's comments).


                Part B     Explanation of the structure of the Preliminary
                Report including summary of key financial information.

                Part C     Results for the BHP Billiton Limited and BHP
                Billiton Plc groups combined.

                Prepared using the merger method of accounting as though BHP
                Billiton Limited and BHP Billiton Plc had been merged for the
                whole of the period.

                Part D     Results for the BHP Billiton Limited Group.

                Prepared for the BHP Billiton Limited Group as a stand
                alone group and compares the results with the previous year.
                This is the release that shareholders of BHP Limited will be
                familiar with from prior years.

                Part E     Pro forma results for the BHP Billiton Plc Group.

                Prepared for the BHP Billiton Plc Group as if it had been
                a stand alone group.

Users are encouraged to read Part B, which provides further detail on the
method of reporting that has been adopted.

Karen J Wood

Company Secretary




BHP Billiton Limited ABN 49 004 028 077 BHP Billiton Plc Registration number
Registered in Australia                 3196209
Registered Office: 600 Bourke Street    Registered in England and Wales
Melbourne Victoria 3000                 Registered Office: 1-3 Strand London
Telephone [phone]              WC2N 5HA United Kingdom
Facsimile(61 3) 9609 3015               Telephone [phone] 
                                        Facsimile(44 20) 7747 3900

             The BHP Billiton Group is headquartered in Australia






News Release


Release Time: IMMEDIATE

Date:           20 August 2001

Number:      10/01




       BHP BILLITON ANNOUNCES RECORD COMBINED RESULT OF US$2.2 BILLION


The BHP Billiton Group (BHP Billiton) today announced a record combined
attributable profit of US$2,189 million, excluding exceptional items, for the
12 months to 30 June 2001. Earnings per share, excluding exceptional items, for
the year was US$0.37, compared with US$0.30 for the previous year.

The result represents the combined attributable profit of BHP Billiton Limited
and BHP Billiton Plc and is an increase of US$446 million, or 26 per cent,
compared with the 2000 financial year combined results.

BHP Billiton CEO and Managing Director Paul Anderson said: 'This is an
outstanding result that demonstrates BHP Billiton's financial strength,
earnings capability across a wide range of world-class businesses and
underlying balance sheet strength.'

Including exceptional items, the result for the 12 months ended 30 June 2001
was US$1,529 million, an improvement of US$23 million compared with the 2000
financial year. The result includes transaction costs associated with the
merger of US$92 million, a US$410 million charge to profit related to HBI
Venezuela and a US$148 million charge to profit for the write-off of BHP
Billiton's share of the net assets in the Ok Tedi copper project (Papua New
Guinea).

Mr Anderson said both sides of the BHP Billiton Group had delivered record
financial results (on a pre-merger basis) and made significant progress in
delivering value-adding growth.

BHP Billiton Limited

'BHP Billiton Limited's record result of A$2 billion was achieved despite
charges to profit associated with our decision to cease further investment in
HBI Venezuela and the write-down at Ok Tedi. Attributable net profit was up 27
per cent on last year, which was also a record result.

'We also improved the fundamental financial performance of the Company and
excellent progress was made in reinvigorating the quality of the portfolio.
The fix-up, clean-up stage was all but complete last year and we made a number
of hard portfolio decisions.

'In addition, we successfully completed two other major transactions; the
spin-out of OneSteel and the joint acquisition of QCT Resources with
Mitsubishi - and subsequent equalisation of ownership interests in the
metallurgical coal business.

'Quite apart from the merger with Billiton, we committed to a number of
important new growth projects including Escondida Phase IV (Copper, Chile),
North West Shelf Train 4 (LNG, Australia), the Ohanet (Gas/Liquids)
development in Algeria, San Juan underground (Coal, United States), Tintaya
Oxide (Copper, Peru), the Blackwater mine integration (Coal, Australia), and
Laminaria Phase II (Oil, Australia). Total commitment for these projects was
about A$3 billion (US$1.5 billion). Over two thirds of the funds committed
were to extensions of existing projects, thereby providing low-risk, higher
value incremental growth.

'Operationally, we achieved a number of important milestones during the year.
Production and shipment records were set in our iron ore business,
metallurgical coal production was significantly higher during the period, we
commenced contractual gas sales from the Extended Well Test on the Zamzama gas
field (Pakistan), and the Typhoon oil field development in the deepwater Gulf
of Mexico was brought into production less than 18 months from project
sanctioning and under budget.'


BHP Billiton Plc

Mr Anderson said BHP Billiton Plc also had an outstanding year in financial,
operational and growth terms. Excluding exceptional items, operating profit
increased 33 per cent to a record US$1.12 billion and attributable profit
increased 22 per cent to a record US$693 million.

'BHP Billiton Plc continued its strategy of aggressive growth during the year,
with the US$1.2 billion acquisition of Rio Algom and a 56 per cent increase in
its ownership of Worsley Alumina (Western Australia), consolidating BHP
Billiton Plc's global position at the bottom of the alumina cost curve, while
securing feedstock for the Mozal (Aluminium, Mozambique) and Hillside
(Aluminium, South Africa) operations.

'During the year BHP Billiton Plc also successfully completed construction and
commissioning at the Mozal aluminium smelter, the Cerro Matoso (Colombia)
nickel expansion, and achieved mechanical completion at the Antamina copper
project (Peru) and the Worsley refinery expansion. All were completed ahead of
schedule and under budget, with the production and revenue stream now flowing
through to BHP Billiton shareholders.

'In addition, BHP Billiton Plc established a substantial production base in
energy coal though the acquisition of equity positions in Carbones del
Cerrejon and Cerrejon Zona Norte (Colombia), providing the Group with access
to energy coal resources on three continents; Australia, South America and
South Africa.

'BHP Billiton Plc continued to improve its operational efficiency during the
year. Excluding the beneficial impact of exchange rates and commodity
price-linked cost movements, unit operating costs were reduced by two per cent
in real terms,' Mr Anderson said.



Group Result

'Individually both companies have a great story - put them together and it's
even better. We set out to create an industry leader. A new Group that would
have the strength of a diversified portfolio of outstanding assets, tremendous
financial flexibility and enhanced opportunities for growth, through a
powerful inventory of projects.

'That was the vision. This vision is given real substance in the inaugural
result.

'On a pre-exceptionals basis, the BHP Billiton Group generated EBITDA of
US$5.3 billion. In balance sheet terms, gearing was 38 per cent the and
pre-exceptional EBITDA interest cover ratio was 11.1 times. Even with over
US$1 billion in exceptional items, the EBITDA interest cover ratio was 8.8
times.

'The Group spent US$6 billion on acquisitions and new project developments
during the last financial year. The full financial benefits of this investment
will be realised by shareholders over the coming years.

'The BHP Billiton Group has an impressive base of cash generating assets; with
a long pipeline of growth projects and a sufficiently flexible and strong
balance sheet to fund both internally generated and other identified
opportunities.'

Integration

Commenting on the integration, Mr Anderson said progress had exceeded
expectations.

'The planning and execution of the integration has been thoroughly planned and
executed in a professional way. Our new management teams and structure have
been in place since day one of the merger completion, enabling us to maintain
the momentum that has been such a key driver of the performance over the past
year.

'Since the merger was announced, we have committed to the Mozal 2 expansion
and to the development of the Mount Arthur North energy coal mine (Australia).
We have also completed the acquisition of Dia Met (Diamonds, Canada), finalised
the Queensland metallurgical coal  equalisation and announced the sell-down of
our interest in the Columbus Stainless Steel Joint Venture (South Africa).

'Probably the most powerful achievement of the integration teams was to
initiate new and innovative thinking about how we create value across our
businesses. The merger presented a unique opportunity to do this; it delivered
a distinctive new combination of assets, with a global footprint in virtually
every significant resource commodity, across the world's key mining regions
and across the key customer bases for those products.'

Mr Anderson said strong EBIT contributions were recorded from the Customer
Sector Groups (excluding exceptional items), with Carbon Steel Materials (up
US$356 million or 66 per cent), Petroleum (up US$346 million or 33 per cent)
and Energy Coal (up US$245 million or179 per cent) being the standout
performers.



'The Customer Sector Groups (CSGs) will have significant autonomy to manage
and grow their businesses within a centralised capital deployment discipline.
They will be as outwardly focussed on their markets and customers, as on the
efficient management of the assets themselves.

'Each of the CSGs is currently reviewing its portfolio, developing its
strategy and business plan, and establishing detailed plans to deliver the
merger benefits.'

Steel Public Listing


The public listing of BHP Billiton Limited's remaining Steel business is on
track for completion by the end of FY2002. Progress to date has been
significant and includes the agreement of key objectives and establishment of
project teams. A selection process is also currently underway for the Chairman
and a number of key senior appointments, including the Board and management,
are anticipated in coming months.

Outlook

Commenting on the global commodity outlook, Mr Anderson said: 'While we may be
less than happy with the current prices of copper or nickel, we take some
comfort that our overall portfolio provides diversification markedly superior
to most companies in the resources sector.

'This diversification enables us to have a much stronger and more stable cash
flow stream; to be able to be more opportunistic during stages of the market
cycle where opportunities are appropriately valued; and to have a level of
dispassion about the longevity of individual assets in the portfolio which a
smaller player would find difficult.

'We have a powerful combination of exchange traded commodities (aluminium,
copper and nickel) and, just as importantly, a broad spread of negotiated,
non-terminal commodities such as metallurgical and energy coal, manganese and
iron ore. Our positions in titanium minerals and diamonds, while not large
businesses in their own right, provide us with further diversification.

'There are also other factors which differentiate the BHP Billiton portfolio.
Of particular significance is the inclusion of oil and gas, which makes the
Group unique from its diversified peers.

'We have clearly stated that the Petroleum business is a key part of the
portfolio. Its high quality assets, strong financial performance, significant
earnings contribution and growth potential make Petroleum an important part of
the BHP Billiton Group.

'In addition, we have flagged our strategic intent to develop an energy
capability, encompassing our energy coal, liquids and potentially expanded LNG
presence.'





Future Activities

Mr Anderson said: 'In this current financial year you will see BHP Billiton
gather even greater momentum; an unfolding of our strategic direction;
commitment to further growth projects; and a willingness and capability to
participate in industry consolidation as appropriate value opportunities present
themselves.

'The momentum of the two teams and a shared vision of value creation brought
us together in the merger. Now the combined BHP Billiton Group is far greater
than the sum of its previous parts and we look forward to delivering continued
outstanding performance.'

                                     ****

BHP Billiton is a world leading diversified resources Group and creates value
through the discovery, development and conversion of natural resources and the
provision of innovative customer and market-focused solutions. The Group is a
Dual Listed Company, comprised of BHP Billiton Limited and BHP Billiton Plc,
and is headquartered in Australia.




Further information about the BHP Billiton Group can be found at: http://
www.bhpbilliton.com or contact:

Australia Dr. Robert Porter, Investor         United Kingdom Marc Gonsalves,
Relations Tel: + 61 3 9609 3540               Investor Relations &
Mobile: [phone]                       Communications
email: [e-mail]          Tel: [phone] Mobile:
                                              [phone]
                                            email:[e-mail]

Mandy Frostick, Media Relations               South Africa Michael Campbell,
Tel: [phone] Mobile: [phone]  Investor & Media Relations Tel:
email: [e-mail]       [phone]
                                              Mobile: [phone] 
                                        email:[e-mail]

SmithField Financial London                   United States Francis
Rupert Trefgarne                              McAllister, Investor Relations
John Antcliffe                                Tel: [phone]
Tel: [phone]                         Mobile: [phone]
                                      email:[e-mail]




                                 BHP BILLITON

                             PRELIMINARY RESULTS

                       FOR THE YEAR ENDED 30 JUNE 2001


                                    PART B

                             SUMMARY OF RESULTS:




          Explanation of Structure of the Preliminary Results Report


                      Summary Key Financial Information


                                 BHP BILLITON

             PRELIMINARY RESULTS FOR THE YEAR ENDED 30 JUNE 2001


                                    PART B

                          BHP BILLITON GROUP RESULTS




Explanation of the structure of the Preliminary Results Report


On 29 June 2001, BHP Billiton Ltd (previously known as BHP Ltd) and BHP
Billiton Plc (previously known as Billiton Plc) entered into a dual listed
companies ('DLC') merger. This was effected by contractual arrangements
between the companies and amendments to their constitutional documents.

The effect of the DLC merger is that BHP Billiton Ltd and its subsidiaries and
BHP Billiton Plc and its subsidiaries operate together as a single economic
entity, with each company's shareholders having common economic interests in
both groups. However, the DLC merger did not involve the change of legal
ownership of any assets of BHP Billiton Ltd or BHP Billiton Plc or any change
of ownership of any existing shares or securities of BHP Billiton Ltd or BHP
Billiton Plc and each continue as separate, publicly quoted companies bound by
reporting and other regulations in Australia and the UK respectively.

Throughout the preliminary results report, 'BHP Billiton Group', 'BHP
Billiton' or 'Group' refers to the combined group comprising BHP Billiton
Limited and its subsidiaries, together with BHP Billiton Plc and its
subsidiaries.

Since reporting requirements differ in the Australian and UK jurisdictions and
in view of the proximity of the implementation of the DLC merger to the
financial year end, the financial information in this preliminary
announcement, which is unaudited, is presented on three different bases as
follows.

*      Part C: BHP Billiton Group Results


         In this Part of the preliminary announcement, the financial
    information has been prepared under UK GAAP and is presented in US
    dollars.

         It is prepared as though the BHP Billiton Ltd Group and the BHP
    Billiton Plc Group have always been combined using the merger method of
    accounting.

         This is the basis of preparation that will be used in preparing the
    consolidated accounts of BHP Billiton Plc to be included in its Annual
    Report.



*      Part D: BHP Billiton Ltd Group Results


         In this Part of the preliminary announcement, the financial
    information has been prepared under Australian GAAP and is presented in
    Australian dollars. It is presented in 2001 on the basis that the
    consummation of the DLC merger on 29 June 2001 had no effect on the
    financial results of the BHP Billiton Ltd Group except that merger related
    costs have been recognised and certain accounting policies have changed to
    align where possible with the policies of BHP Billiton Plc.

         The financial information does not include the results, assets and
    liabilities or cash flows of the BHP Billiton Plc Group.

         This is consistent with the basis of preparation of the consolidated
    financial statements of BHP Billiton Ltd to be reported in its Annual
    Report. In addition, the financial statements will include this year a
    note setting out details of the DLC merger and a pro forma Statement of
    Financial Position combining those of the BHP Billiton Ltd and BHP
    Billiton Plc Groups, each being prepared in accordance with Australian
    GAAP.



*      Part E: BHP Billiton Plc Group Pro forma Results


         In this Part of the preliminary announcement, the financial
    information has been prepared under UK GAAP (except that it does not
    reflect the DLC merger) and is presented in US dollars. It is presented on
    the basis that the consummation of the DLC merger had no effect on the
    financial information of the BHP Billiton Plc Group for 2001 except that
    merger related costs have been recognised and certain accounting policies
    have changed to align where possible with the policies of BHP Billiton
    Ltd.

         The financial information does not include the results, assets and
    liabilities or cash flows of the BHP Billiton Limited Group.

         This information is pro forma information and will not appear in the
    statutory accounts of any entity. It is provided to enable users to
    understand the results of the BHP Billiton Plc Group as they have
    previously been presented solely in view of the proximity of the
    implementation of the DLC merger to the financial year end.

         This is the last time that financial information will be presented
    for the BHP Billiton Plc Group standalone.



Summary Key Financial Information


                          BHP Billiton Group Results
US$m                                          2001      2000        Change %

Turnover                                     19,079    18,402          3.7
EBITDA
- excluding exceptional items                 5,299     4,775         11.0
- including exceptional items                 4,211     4,015          4.9
EBIT
- excluding exceptional items                 3,627     3,027         19.8
- including exceptional items                 2,539     2,267         12.0
Attributable profit
- excluding exceptional items                 2,189     1,743         25.6
- including exceptional items                 1,529     1,506          1.5
Basic earnings per share (cents)
- excluding exceptional items                 36.8      30.4          21.1
- including exceptional items                 25.7      26.3         (2.3)
Net operating assets                         21,468    19,711         8.9

                      BHP Billiton Limited Group Results

A$m                                           2001      2000        Change %
Sales revenue                                20,698    19,872          4.2
EBITDA                                        5,530     4,404         25.6
EBT                                           2,575     1,600         60.9
Attributable net profit                       2,007     1,581         26.9
Basic earnings per share (cents)              54.4      43.3          25.6

(adjusted for bonus issue)
Net assets                                   11,248    11,005         2.2

                   BHP Billiton Plc Group Pro Forma Results

US$m                                            2001     2000       Change %
Turnover                                       7,333     5,550        32.1
EBITDA
- excluding exceptional items                  1,646     1,236        33.2
- including exceptional items                            1,236        18.4
                                               1,463
EBIT
- excluding exceptional items                  1,138      851         33.7
- including exceptional items                   955       851
                                                                      12.2
Attributable profit
- excluding exceptional items                   693       566         22.4
- including exceptional items                             566          -
                                                565
Basic earnings per share (cents)
- excluding exceptional items                   30.7     27.3         12.5
- including exceptional items                   25.1     27.3        (8.1)
Net operating assets                           11,263    7,169        57.1


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