1st Quarter Results

BHP Billiton Limited
31 October 2002


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 release is identical to that issued by BHP Billiton Plc
                                    earlier.


Date                 31 October 2002
Number               56/02



                          BHP BILLITON RESULTS FOR THE

                        QUARTER ENDED 30 SEPTEMBER 2002



  • Continued strong performance from diversified asset base, despite weak
    markets.
  • EBITDA maintained at robust US$1.2 billion.
  • EBIT of US$844 million, attributable profit of US$572 million and earnings
    per share of 9.2 US cents (all before exceptional items).
  • Interim dividend of 7.0 US cents per share declared, an increase of 7.7%.
  • Commissioning of Escondida Phase IV and San Juan Underground projects.
  • Moody's upgrade long term credit rating to A2 and short term credit rating
    to P-1.
  • Inaugural Euro 750 million Eurobond successfully launched.

                                                                   2002                   2001                  Change
Quarter ended 30 September                                         US$M (1)               US$M (1)                   %
Turnover (2)                                                      3 922                  3 811                    2.9%
EBITDA (2)(3)                                                     1 230                  1 248                   -1.4%
EBIT (2)(3)                                                         844                    867                   -2.7%
Attributable profit (3)                                             572                    566                    1.1%
Basic earnings per share (US cents) (3)                             9.2                    9.4                   -2.1%
EBITDA interest coverage (times) (3)(4)                            12.2                    9.0                   35.6%

(1) From continuing operations, excluding the results of the Group's Steel
business which was demerged in July 2002. Refer page 7.

(2)     Including the Group's share of joint ventures and associates.

(3)     There were no exceptional items in relation to continuing
operations in either period.

(4)     For this purpose, net interest includes capitalised interest and
excludes the effect of discounting on provisions and exchange differences
arising from net debt.




The above financial results are prepared in accordance with UK generally
accepted accounting principles (GAAP) and are unaudited. Financial results
prepared under Australian GAAP are provided on page 11.

All references to the corresponding period are to the quarter ended 30 September
2001.


                RESULTS FOR THE QUARTER ENDED 30 SEPTEMBER 2002

                            CHIEF EXECUTIVE'S REVIEW

Stability and Growth

The foundation of the BHP Billiton business model is its diversified portfolio
of high quality assets which provides more stable cash flows and greater
capacity for growth than the traditional resource cyclicals. The results
achieved in the current quarter continue to support that thesis. Despite weak
prices for many of our commodities and self-imposed cut-backs at some of our
major operations, our earnings before interest, tax, depreciation and
amortisation (EBITDA) remained stable at US$1.2 billion.

In October 2002, Moody's Investor Services upgraded the Group's long term credit
rating to A2 from A3 and the short term credit rating to P-1 from P-2. This
upgrade reflects the successful combination of the Group's operations following
the merger in June 2001, the benefit of a diversified portfolio and our
continued focus on prudent financial policies. Standard & Poor's rating for the
Group remains on positive watch after being upgraded in September 2001 to its
current long term credit rating of A and short term credit rating of A-1.

Our growth projects continue to be on or ahead of schedule and in line with
budget. Notable milestones were the mechanical completion and commissioning of
Escondida Phase IV (Chile), and the commencement of the underground longwall
operation at San Juan (US).

Our robust cash flows support an increase in the dividend to 7.0 US cents per
share, up 7.7% on the corresponding period.

The Income Statement

The discussion in this section, unless otherwise stated, is based on continuing
operations, excluding exceptional items and the Group's Steel business, which
was demerged in July 2002.

Turnover rose by 2.9% to US$3,922 million. Earnings before interest and tax
(EBIT) were US$844 million, a fall of 2.7%. Pages 5 to 6 detail the key
variances affecting turnover and EBIT.

Net interest on borrowings and cash fell from US$138 million to US$101 million,
principally driven by lower market interest rates and lower average debt levels.

Exchange gains on net debt were US$31 million compared with US$82 million in the
corresponding quarter, mainly in relation to Rand and Canadian denominated debt.

The tax charge was US$193 million, representing an effective rate of 24.8%.
Excluding the impact on tax of non tax-effected foreign currency gains and other
functional currency translation adjustments, the effective rate was 33.2%, in
line with the corresponding period

Attributable profit was US$572 million, an increase of 1.1%.

Basic earnings per share was 2.1% lower at 9.2 US cents per share. The BHP
Billiton Plc equalisation bonus issue associated with the BHP Steel demerger is
reflected in earnings per share calculations from 1 July 2002. Earnings per
share calculations in the corresponding period have not been restated.



Discontinued Operations / Exceptional Items

The demerger of the Group's Steel business was completed in July 2002. The 6%
interest in BHP Steel retained by BHP Billiton was sold in July 2002 for US$75
million and the loss of US$19 million associated with this sale has been
recognised in the reporting quarter and is disclosed as an exceptional item in
relation to discontinued operations. The contribution of the Group's Steel
business in the corresponding period has been disclosed as discontinued
operations.



Capital Management

The Group's inaugural Eurobond issue under the Euro Medium Term Note program
took place in early October 2002 with the issue of Euro 750 million of five year
notes. The issue, which was swapped into US$, was oversubscribed and priced at
the lower end of market expectations. The success of this issue in the
prevailing market conditions reflects the Group's strong credit profile.

The US$1.25 billion 364-day revolving credit component of the US$2.5 billion
syndicated multi-currency revolving credit facility that was due for expiry in
September 2002, was extended for a further period of 364 days to September 2003.



Outlook

The global economy remains weak, with China among the few countries to show
growth. Although petroleum prices have risen with geo-political tensions in the
Middle East, and rising steel production in North East Asia and China continues
to support the iron ore and metallurgical coal markets, the prices of many of
our products remain at very low levels. We anticipate that the current quarter
will be just as difficult as the last.



Annual General Meeting

The Annual General Meetings of BHP Billiton Limited and BHP Billiton Plc will
both be held simultaneously on Monday 4 November 2002 in Melbourne and in
London, and will be linked by video. The meeting in Melbourne will be held at
the Melbourne Concert Hall at the Victorian Arts Centre and will commence at
7.30pm. The meeting in London will be held at the Millennium Hotel, Mayfair,
London and will commence at 8.30am.




Dividend

A dividend of 7.0 US cents per share will be paid to BHP Billiton Limited and
BHP Billiton Plc shareholders on 4 December 2002. The previous dividend was 6.5
US cents per share and was paid in July 2002. The BHP Billiton Limited dividend
will be fully franked for Australian taxation purposes.

Dividends for the BHP Billiton Group are determined and declared in US dollars.
However, BHP Billiton Limited dividends are mainly paid in Australian dollars
and BHP Billiton Plc dividends are mainly paid in pounds sterling to
shareholders on the UK section of the register and South African Rand to
shareholders on the South African section of the register. The rates of exchange
applicable two business days before the announcement date are used for
conversion, and are detailed below.

The timetable in respect of this dividend will be:

Currency conversion - 29 October 2002

Last day to trade Johannesburg Stock Exchange (JSE) - 8 November 2002

Ex-dividend Australian Stock Exchange (ASX) - 11 November 2002

Ex-dividend Johannesburg Stock Exchange (JSE) - 11 November 2002

Ex-dividend London Stock Exchange (LSE) - 13 November 2002

Record - 15 November 2002

Ex-dividend Euronext Paris - 16 November 2002

American Depositary Shares (ADSs) each represent two fully paid ordinary shares
and receive dividends accordingly. The record date for ADSs is 14 November 2002.

BHP Billiton Plc shareholders registered on the South African section of the
register will not be able to dematerialise or rematerialise their shareholdings,
nor will they be able to effect transfers between the UK register and the South
African register between the dates of 11 November 2002 and 15 November 2002.

The following table details the exchange rates applicable for conversion of the
dividend payable on 4 December 2002:
                                                                                  Dividend per
                                                       Exchange              ordinary share in
Dividend 7 US cents                                        Rate                 local currency
Australian cents                                         0.5590                        12.5224
British pence                                            1.5575                         4.4944
South African cents                                     10.0300                        70.2100
New Zealand cents                                        0.4895                        14.3003
Canadian cents                                           1.5635                        10.9445



                                 TRADING REVIEW

EBIT

The following table details major factors affecting EBIT.
                                                                                                                 Total
                                                                                                                  US$M
EBIT for the quarter ended 30 September 2001                                                                       867
Change in volumes                                                                                                   60
Change in sales prices                                                                                            (40)
Price-linked costs                                                                                                (15)
Inflation on costs                                                                                                (50)
Cost efficiency                                                                                                     15
New and acquired operations                                                                                         10
Ceased, sold and discontinuing operations                                                                         (40)
Exchange rates                                                                                                      55
Exploration                                                                                                         20
Other items                                                                                                       (38)
EBIT for the quarter ended 30 September 2002                                                                       844



Volumes

Higher sales volumes of titanium minerals, nickel, petroleum products,
metallurgical coal and diamonds were partly offset by lower sales volumes of
copper, resulting in a positive net volume impact on EBIT of approximately US$60
million.

Prices

Lower prices for export energy coal, diamonds, aluminium, alumina and silver
decreased turnover by approximately US$125 million. This decrease was partly
offset by higher prices for petroleum products and nickel which increased
turnover by approximately US$85 million.

Costs

Favourable operating costs increased EBIT by approximately US$15 million
compared with the corresponding period. The Group's cost reduction initiatives
and reduced maintenance costs at Hillside (South Africa) lowered costs by
approximately US$45 million. These factors were partially offset by higher costs
at Queensland Coal, due to roof control problems, higher operating costs at Bass
Strait and an unfavourable cost variance at Escondida due to the lower
production levels. The Group remains on track to deliver the US$270 million in
merger benefits by the end of this financial year.

Increases in price-linked costs depressed EBIT by approximately US$15 million,
mainly due to higher royalties and taxes for petroleum products, partially
offset by lower London Metals Exchange (LME) linked costs in Aluminium.

Costs increased by approximately US$50 million due to inflationary pressures.

New and acquired operations

New and acquired operations increased EBIT by approximately US$10 million due to
the higher ownership interest in Cerrejon Zona Norte (Colombia) from February
2002 and the commencement of commercial production at Antamina (Peru) in
November 2001.

Ceased, sold and discontinuing operations

The corresponding period included contribution to EBIT of approximately US$40
million, mainly from PT Arutmin (Indonesia), divested in November 2001, and
Reitspruit energy coal mine (South Africa), which was closed in May 2002.

Exchange rates

Foreign currency fluctuations had a favourable effect of approximately US$55
million. This was mainly due to the impact of lower Rand/US$ exchange rates on
operating costs and the conversion of monetary assets and liabilities
(approximately US$45 million), together with reduced losses on legacy A$/US$
currency hedging (approximately US$40 million) compared with the corresponding
period. This was partly offset by the impact of stronger A$/US$ exchange rates
on operating costs and the conversion of monetary assets and liabilities
(approximately US$25 million).

Exploration

Exploration expense was down by approximately US$20 million.


CONSOLIDATED PROFIT AND LOSS ACCOUNT

(prepared in accordance with UK GAAP)

                                                               2002                            2001
                                                           Discontinued
US$ millions                                                Operations/                                  Excep
                                                Continuing  Exceptional   Total Continuing Discontinued tional    Total
Quarter ended 30 September                      Operations        Items         Operations   Operations  Items
Turnover (including share of joint ventures and      3 922            -   3 922      3 811          650      -    4 461
associates)
Less: share of joint ventures and associates'        (478)            -   (478)      (246)         (47)      -    (293)
turnover
Group turnover                                       3 444            -   3 444      3 565          603      -    4 168
Net operating costs (excluding depreciation and    (2 305)            - (2 305)    (2 400)        (530)      -  (2 930) 
amortisation)                                                                                                        
Depreciation and amortisation (b)                    (386)            -   (386)      (381)         (34)      -    (415)
Group operating profit                                 753            -     753        784           39      -      823
Share of operating profit/(loss) of joint               85            -      85         72          (1)      -       71
ventures and associates
Operating profit (including share of profit of         838            -     838        856           38      -      894
joint ventures and associates)
Income from other fixed asset investments                3            -       3          6            -      -        6
Profit on sale of fixed assets                           3            -       3          5           16      -       21
Loss on sale of discontinued operations                  -         (19)    (19)          -            -      -        -
Profit before net interest and similar items           844         (19)     825        867           54      -      921
payable, and taxation (EBIT) (a)
Net interest and similar items payable (1)
- Group                                               (49)            -    (49)       (64)            1      -     (63)
- Joint ventures and associates                       (18)            -    (18)          1          (3)      -      (2)
Profit before taxation                                 777         (19)     758        804           52      -      856
Taxation (1)                                         (193)            -   (193)      (228)          (9)      -    (237)
Profit after taxation                                  584         (19)     565        576           43      -      619
Equity minority interests                             (12)            -    (12)       (10)          (1)      -     (11)
Attributable profit                                    572         (19)     553        566           42      -      608
EBITDA ((a) + (b))                                   1 230         (19)   1 211      1 248           88      -    1 336
Earnings per ordinary share (basic) (US cents)(2)      9.2        (0.3)     8.9        9.4          0.7      -     10.1
Earnings per ordinary share (diluted) (US              9.2        (0.3)     8.9        9.4          0.7      -     10.1
cents) (3)

(1) Net interest shown against discontinued operations includes that amount of
net external interest which is directly attributable to the discontinued
operations. Taxation is the nominal charge on the profit before taxation.

(2) Based on attributable profit divided by the weighted average number of
ordinary shares (ranking for dividend). The weighted average number of ordinary
shares for the quarter ended 30 September 2002 was 6,196 million (2001 : 6,024
million). The BHP Billiton Plc equalisation bonus issue associated with the BHP
Steel demerger is reflected in the weighted average number of ordinary shares
from 1 July 2002. The weighted average number of shares used for the purposes of
calculating basic earnings per ordinary share is calculated after deduction of
the shares held by the Billiton Employee Share Ownership Trust, adjusted for the
BHP Billiton Limited bonus issue effective 29 June 2001.

(3) Based on attributable profit divided by the weighted average diluted number
of ordinary shares. The weighted average diluted number of ordinary shares
iscalculated by adjusting the weighted average basic number of ordinary shares
for the effect of options, partly paid shares and the executive share awards
which are dilutive at 30 September 2002. The weighted average diluted number of
ordinary shares for the quarter ended 30 September 2002 was 6,207 million (2001
: 6,039 million). The BHP Billiton Plc equalisation bonus issue associated with
the BHP Steel demerger is reflected in the weighted average diluted number of
ordinary shares from 1 July 2002.


CUSTOMER SECTOR GROUP SUMMARY

The following table provides a summary of the Customer Sector Group results for
the quarter ended 30 September 2002 and the comparative period.

Quarter ended 30 September                                                                              

        (US$ Million)                                  Turnover (1)                      EBIT (2)                  
                                                     2002    2001     Change %       2002     2001     Change % 
        Petroleum                                     817     787          3.8        384      325         18.2 
        Aluminium                                     777     698         11.3        135      114         18.4 
        Base metals                                   389     359          8.4         16       53        -69.8 
        Carbon steel materials                        851     830          2.5        267      292         -8.6 
        Diamonds and speciality products              333     383        -13.1         70       65          7.7 
        Energy coal                                   428     538        -20.4         68      149        -54.4 
        Stainless steel materials                     220     214          2.8         23      (11)             
        Group and unallocated items                   185     145         27.6       (119)    (120)         0.8 

        BHP Billiton Group from continuing 
        operations                                   3922    3811          2.9        844      867         -2.7 

            (1)             Turnover does not add to BHP Billiton Group due to
                            intersegment transactions.
            (2)             EBIT is earnings before interest and taxation
                            (excluding exceptional items).



An explanation of the factors influencing EBIT, including joint ventures and
associates (excluding exceptional items) by Customer Sector Group, is as
follows:

Petroleum

Petroleum contributed EBIT of US$384 million, up from US$325 million, an
increase of 18.2% compared with the corresponding period.

The increase in EBIT was due mainly to a higher average realised oil price of
US$26.97 per barrel compared to US$25.97 per barrel in the corresponding period
together with a higher average realised liquefied petroleum gas (LPG) price of
US$241.53 per tonne compared to US$233.64 per tonne in the corresponding period.
Sales volumes at North West Shelf (Australia) and Bass Strait were higher as a
result of timing of shipments and strong production, partly offset by lower oil
and condensate production at Liverpool Bay (UK), which was mainly due to
scheduled shutdowns, and lower oil production at Griffin (Australia) resulting
from natural field decline. In addition, EBIT was favourably impacted by lower
petroleum exploration costs in the current period.

These factors were partly offset by higher costs as a result of an increase in
price-linked costs (royalties and taxes) and higher operating costs at Bass
Strait.



Aluminium

Aluminium contributed EBIT of US$135 million, up from US$114 million, an
increase of 18.4% compared with the corresponding period.

The increase in EBIT was mainly attributable to lower maintenance costs at
Hillside, with the completion of the pot-relining program in June 2002, lower
operational costs at Hillside and Worsley (Australia) as a result of the
continued success of operational excellence projects and the end of power
restrictions in Brazil. The weakening of the Rand/US$ and Brazilian Real/US$
exchange rates also had a favourable impact on operating costs.

These factors were partially offset by the lower average LME price for
aluminium, down US$69 per tonne or 5%.

Base Metals

Base Metals contributed EBIT of US$16 million, down from US$53 million, a
decrease of 69.8% compared with the corresponding period.

The EBIT reduction was mainly due to lower volumes at Escondida and Tintaya
(Peru), reflecting the decision to temporarily reduce production in reaction to
the global deterioration of base metals markets. A decline in the average
realised price for silver also had an unfavourable impact on EBIT.

These factors were partly offset by the contribution from Antamina which
commenced commercial operations in November 2001.

Carbon Steel Materials

Carbon Steel Materials contributed EBIT of US$267 million, down from US$292
million, a decrease of 8.6% compared with the corresponding period.

The decrease in EBIT was mainly attributable to the unfavourable impact of
stronger A$/US$ exchange rates on operating costs compared to the corresponding
period, together with higher costs reported at Queensland Coal operations due to
continued roof control problems at Crinum and plant maintenance activities.

These factors were partially offset by significantly increased market demand for
manganese alloy and strong demand from Asian markets for West Australian iron
ore resulting in record shipping volumes during the September 2002 quarter.



Diamonds and Specialty Products

Diamonds and Specialty Products contributed EBIT of US$70 million, up from US$65
 million, an increase of 7.7% compared with the corresponding period.

The increase in EBIT was primarily due to higher earnings from the titanium
minerals operations mainly due to timing of shipments, together with increased
diamond production, mainly due to increased plant throughput and processing
efficiencies.

These factors were partially offset by lower average realised diamond prices as
a result of a change in product mix compared with the corresponding period.

Energy Coal

Energy Coal contributed EBIT of US$68 million, down from US$149 million, a
decrease of 54.4% compared with the corresponding period.

The decrease in EBIT was primarily due to a significant decline in export market
prices, with average prices 19% below the corresponding period. Export prices
reached a low early in the quarter before improving over the balance of the
period. Equity sales volumes decreased by 12% as a result of the divestment of
PT Arutmin and the closure of the Rietspruit mine.

These factors were partially offset by the favourable impact of the weakening
Rand/US$ exchange rates on operating costs and the contribution from the
additional interest acquired in the Cerrejon Zona Norte operation.

Stainless Steel Materials

Stainless Steel Materials contributed EBIT of US$23 million, compared with a
loss of US$11 million in the corresponding period.

The increase in EBIT was driven by higher realised prices for nickel, up by 20%,
together with a 20% increase in nickel production reflecting the continued
ramp-up of production from Cerro Matoso Line 2 (Colombia), and higher recoveries
at QNI (Australia), along with the favourable effect of the lower Rand/US$
exchange rate on operating costs in Chrome.

Group and Unallocated Items

Corporate overheads for the quarter decreased by US$12 million to US$49 million,
from US$61 million in the corresponding period. Losses on legacy A$/US$ currency
hedging also decreased to US$55 million from US$93 million in the corresponding
period. These decreases were partly offset by the unfavourable impact of the
strengthening A$/US$ exchange rate on operating costs and other one-off items.



STATEMENT OF FINANCIAL PERFORMANCE

(prepared in accordance with Australian GAAP)
Quarter ended 30 September                                                              2002                        2001
                                                                                        US$M                        US$M
Revenue from ordinary activities
       Sales                                                                           3 457                       4 150
       Other revenue                                                                      70                          90
                                                                                       3 527                       4 240
Profit from ordinary activitites before
depreciation, amortisation and borrowing costs                                         1 251                       1 455
Deduct:         Depreciation and amortisation                                            397                         426
                Borrowing costs                                                           90                         155
Profit from ordinary activities before tax                                               764                         874
Deduct:         Tax expense attributable to ordinary activities                          209                         267
Net profit                                                                               555                         607
Outside equity interests in net profit                                                  (13)                        (10)
Net profit attributable to members of
combined BHP Billiton Group                                                              542                         597
Basic earnings per fully paid ordinary share (US cents)                                  8.7                         9.9



Basis of Preparation


The results of the BHP Billiton Group, comprising BHP Billiton Limited and BHP
Billiton Plc, for the quarter ended 30 September 2002, and the corresponding
period, 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).


The financial information has been prepared using the same accounting policies
as were used in preparing the results for the BHP Billiton Group as presented in
the BHP Billiton Limited financial statements for the year ended 30 June 2002.


The results are unaudited.


Further news and information can be found on our Internet site:
www.bhpbilliton.com

Australia                                              United Kingdom
Andrew Nairn, Investor Relations                       Mark Lidiard, Investor & Media Relations
Tel: + 61 3 9609 3952 Mobile: [phone]          Tel: [phone]
email: [e-mail]                  email: [e-mail]

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




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