1st Qtr Results Part 2 of 2
BHP Billiton Limited
7 November 2001
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.
BHP BILLITON RESULTS FOR THE QUARTER ENDED
30 SEPTEMBER 2001
PART 2 OF 2
Customer Sector Group Results - Quarterly Comparison
ALUMINIUM
Quarter ended 30 September 2001
US$ Million
Depn & Explor- Explor-
amortis- ation ation
Turnover EBITDA (1) ation EBIT (2) Capex (3)(4) gross to profit
Alumina 173 72 26 46 8
Aluminium 356 97 32 65 68
Intra-divisional( 92) - - - -
adjustment
Third party
products 261 3 - 3 -
Total Aluminium 698 172 58 114 76 - -
Quarter ended 30
September 2000
US$ Million
Depn & Explor- Explor-
amortis- ation ation
Turnover EBITDA (1) ation EBIT (2) Capex (3)(4) gross to profit
Alumina 96 37 13 24 1
Aluminium 345 106 30 76 37
Intra-divisional(16) - - - -
adjustment
Third party
products 222 3 - 3 -
Total Aluminium 647 146 43 103 38 - -
(1) EBITDA is earnings before net interest, taxation, and depreciation
and amortisation (excluding exceptionals).
(2) EBIT is earnings before net interest and taxation
(excluding exceptionals).
(3) Capex in aggregate comprises US$59 million growth and
US$17 million sustaining.
(4) Capex includes capital and investment expenditure and excludes
capitalised interest and capitalised exploration.
Customer Sector Group Results - Quarterly Comparison
BASE
METALS
Quarter ended 30 September 2001
US$ Million
Depn & Explor- Explor-
amortis- ation ation
Turnover EBITDA (1) ation EBIT(2) Capex(3)(4) gross(5) to profit
Escondida 149 53 23 30 103
Ok Tedi(6) - - - - -
Tintaya 29 - 9 (9) 33
Cerro
Colorado 53 27 17 10 4
Antamina(8) - - - - 39
Alumbrera(8) 8 3 - 3 -
Cannington 67 26 6 20 3
Highland
Valley (8) 31 7 - 7 -
Other
businesses(7) 22 (9) 1 (10) 3
Third
party
products - - - - -
Total Base
Metals 359 107 56 51 185 5 4
Quarter ended 30 September 2000
US$ Million
Depn & Explor- Explor-
amortis- ation ation
Turnover EBITDA (1) ation EBIT(2) Capex(3)(4) gross(5) to profit
Escondida 216 127 26 101 15
Ok Tedi(6) 99 17 17 - -
Tintaya 36 10 6 4 3
Cerro
Colorado - - - - -
Antamina(8) - - - - -
Alumbrera(8) - - - - -
Cannington 70 32 7 25 3
Highland
Valley (8) - - - - -
Other
businesses(7) 38 7 3 4 -
Third
party
products 9 - - - -
Total Base
Metals 468 193 59 134 21 3 2
(1) EBITDA is earnings before net interest, taxation, and
depreciation and amortisation (excluding exceptionals).
(2) EBIT is earnings before net interest and
taxation (excluding exceptionals).
(3) Capex in aggregate comprises US$170 million
growth and US$15 million sustaining.
(4) Capex includes capital and investment expenditure and excludes
capitalised interest and capitalised exploration.
(5) Includes US$1 million (2000:US$1 million)
capitalised exploration.
(6) From 1 July 2001, no profit will be recognised for Ok
Tedi, except to the extent that dividends are received.
(7) Includes Selbaie, Pering and North America Copper mining and
smelting operations (which ceased during the September 1999 quarter).
(8) Equity accounted investments.
Customer Sector Group Results - Quarterly Comparison
CARBON STEEL MATERIALS
Quarter ended 30
September 2001
US$ Million
Depn & Explor- Explor-
amortis- ation ation
Turnover EBITDA(1) ation EBIT(2) Capex(3)(4) gross to profit
WA Iron Ore 274 151 18 133 18
Samarco(5) 39 14 - 14 -
Total Iron Ore 313 165 18 147 18
Queensland 296 131 14 117 9
Illawarra 68 30 3 27 2
Total 364 161 17 144 11
Metallurgical
Coal
Manganese 119 29 7 22 4
Boodarie(TM)Iron 42 ( 21) - (21) 7
Intra-divisional (12) - - - -
adjustment
Third party 4 - - - -
products
Total Carbon 830 334 42 292 40 - -
Steel
Quarter ended 30
September 2000
US$ Million
Depn & Explor- Explor-
amortis- ation ation
Turnover EBITDA (1) ation EBIT(2) Capex(3)(4) gross to profit
WA Iron Ore 266 133 19 114 4
Samarco (5) 52 15 - 15 -
Total Iron
Ore 318 148 19 129 4
Queensland 240 104 17 87 3
Illawarra 58 16 5 11 1
Total 298 120 22 98 4
Metallurgical
Coal
Manganese 119 36 7 29 6
Boodarie(TM)Iron 8 (45) - (45) 13
Intra-divisional(3) - - - -
adjustment
Third party 9 - - - -
products
Total Carbon 749 259 48 211 27 1 1
Steel
(1) EBITDA is earnings before net interest, taxation, and
depreciation and amortisation (excluding exceptionals).
(2) EBIT is earnings before net interest and taxation
(excluding exceptionals).
(3) Capex in aggregate comprises US$18 million growth
and US$22 million sustaining.
(4) Capex includes capital and investment expenditure and excludes
capitalised interest and capitalised exploration.
(5) Equity accounted investment.
Customer Sector Group Results - Quarterly Comparison
STAINLESS STEEL
MATERIALS
Quarter ended 30
September 2001
US$ Million
Depn & Explor- Explor-
amortis- ation ation
Turnover EBITDA (1) ation EBIT(2) Capex(3)(4) gross(5) to profit
Nickel 110 16 19 (3) 16
Chrome 61 1 7 (6) 6
Third - - - - -
party
products
Total 171 17 26 (9) 22 1 -
Stainless
Steel
Quarter ended 30
September 2000
US$ Million
Depn & Explor- Explor-
amortis- ation ation
Turnover EBITDA (1) ation EBIT(2) Capex(3)(4) gross(5) to profit
Nickel 116 34 11 23 47
Chrome 113 18 8 10 12
Third - - - - -
party
products
Total 229 52 19 33 59 4 1
Stainless
Steel
(1) EBITDA is earnings before net interest, taxation, and
depreciation and amortisation (excluding exceptionals).
(2) EBIT is earnings before net interest and
taxation (excluding exceptionals).
(3) Capex in aggregate comprises US$8 million
growth and US$14 million sustaining.
(4) Capex includes capital and investment expenditure and excludes
capitalised interest and capitalised exploration.
(5) Includes US$1 million (2000:US$3 million) capitalised exploration.
Customer Sector Group Results - Quarterly Comparison
ENERGY COAL
Quarter ended 30
September 2001
US$ Million
Depn & Explor- Explor-
amortis- ation ation
Turnover EBITDA (1) ation EBIT(2) Capex(3)(4) gross(5) to profit
Ingwe 284 122 27 95 12
New 101 26 8 18 18
Mexico
COAL 19 7 3 4 7
Indonesia 71 27 7 20 -
Colombia(6) 37 12 - 12 -
Third 26 - - - -
party
products
Total 538 194 45 149 37 1 -
Energy
Coal
Quarter ended 30
September 2000
US$ Million
Depn & Explo Explo
ration ration
Turnover EBITDA (1) amortisation EBIT (2) Capex (3)(4) gross to profit
(5)
Ingwe 240 54 22 32 12
New 102 31 7 24 2
Mexico
COAL 31 7 4 3 5
Indonesia 52 8 7 1 -
Colombia (6) - - - - 202
Third 14 - - - -
party
products
Total 439 100 40 60 221 3 1
Energy
Coal
(1) EBITDA is earnings before net interest, taxation, and
depreciation and amortisation (excluding exceptionals).
(2) EBIT is earnings before net interest and
taxation (excluding exceptionals).
(3) Capex in aggregate comprises US$30 million
growth and US$7 million sustaining.
(4) Capex includes capital and investment expenditure and
excludes capitalised interest and capitalised exploration.
(5) Includes US$1 million (2000:US$2 million)
capitalised exploration.
(6) Equity accounted investment.
Customer Sector Group Results - Quarterly Comparison
EXPLORATION, TECHNOLOGY AND NEW BUSINESS
Quarter ended 30
September 2001
US$ Million
Depn & Explo Explo
ration ration
Turnover EBITDA (1) amortisation EBIT (2) Capex (3)(4) gross to profit
(5)
Ekati 78 57 17 40 48
Exploration 1 ( 17) - (17) 3
and
Technology
Exploration, 79 40 17 23 51 12 11
Technology
and New
Business
Quarter ended 30
September 2000
US$ Million
Depn & Explo Explo
ration ration
Turnover EBITDA (1) amortisation EBIT (2) Capex (3)(4) gross to profit
(5)
Ekati 65 46 7 39 4
Exploration 1 ( 22) 1 (23) -
and
Technology
Exploration, 66 24 8 16 4 13 12
Technology
and New
Business
(1) EBITDA is earnings before net interest, taxation, and
depreciation and amortisation. (excluding exceptionals).
(2) EBIT is earnings before net interest and taxation (excluding
exceptionals).
(3) Capex in aggregate comprises US$45 million growth and US$6 sustaining.
(4) Capex includes capital and investment expenditure and
excludes capitalised interest and capitalised exploration.
(5) Includes US$1 million (2000:US$1 million) capitalised exploration.
Customer Sector Group Results - Quarterly Comparison
OTHER
ACTIVITIES
Quarter ended 30
September 2001
US$ Million
Depn & Explo Explo
ration ration
Turnover EBITDA (1) amortisation EBIT (2) Capex (3)(4) gross to profit
HBI - - - - -
Venezuela (5)
NAMD 240 8 2 6 1
Other 104 36 1 35 -
businesses (6)
Total 344 44 3 41 1 - -
Other
Activities
Quarter ended 30
September 2000
US$ Million
Depn & Explo Explo
ration ration
Turnover EBITDA (1) amortisation EBIT (2) Capex (3)(4) gross to profit
HBI 7 ( 6) - (6) 42
Venezuela (5)
NAMD - - - - -
Other 127 46 - 46 -
businesses(6)
Total 134 40 - 40 42 - -
Other
Activities
(1) EBITDA is earnings before net interest, taxation, and
depreciation and amortisation (excluding exceptionals).
(2) EBIT is earnings before net interest and
taxation (excluding exceptionals).
(3) Capex in aggregate comprises US$nil growth
and US$1 million sustaining.
(4) Capex includes capital and investment expenditure and
excludes capitalised interest and capitalised exploration.
(5) BHP Billiton ceased investment in HBI Venezuela in March 2001.
(6) Includes Richards Bay Minerals operations, Colombus stainless steel
operations and the Hartley Platinum mine which was sold in January 2001
and the Beenup Mineral sands operations which was closed in April 1999.
Customer Sector Group Results - Quarterly Comparison
PETROLEUM
Quarter ended 30
September 2001
US$ Million
Depn & Explo Explo
Turn ration ration
over(1) EBITDA (2) amortisation EBIT (3) Capex (4)(5) gross to profit
(6)
Bass
Strait 260 144 24 120 21
North
West
Shelf 168 133 13 120 22
Liverpool
Bay 92 83 32 51 14
Other
businesses 214 108 58 50 77
Marketing 53 3 - 3 -
activities
Intra-divisional - - - - -
adjustment
Divisional - ( 19) - (19) -
activities
Total
Petroleum 787 452 127 325 134 74 34
Quarter ended 30
September 2000
US$ Million
Depn & Explo Explo
Turn ration ration
over(1) EBITDA (2) amortisation EBIT (3) Capex (4)(5) gross to profit
(6)
Bass
Strait 316 177 27 150 17
North
West
Shelf 185 138 15 123 9
Liverpool
Bay 67 48 20 28 12
Other
businesses 280 158 66 92 86
Marketing 53 2 - 2 -
activities
Intra
-divisional - - - - -
adjustment
Divisional ( 51) ( 51) - ( 51) -
activities
Total
Petroleum 850 472 128 344 124 46 26
(1) Petroleum turnover includes: Crude oil US$506 million (2000:US$625
million), Natural gas US$73 million (2000:US$63 million), LNG US$80 million
(2000:US$74 million) LPG US$45 million(2000:US$54 million) and Other US$83
million (2000:US$34 million).
(2) EBITDA is earnings before net interest, taxation, and depreciation
and amortisation (excluding exceptionals)
(3) EBIT is earnings before net interest and taxation (excluding exceptionals)
(4) Capex in aggregate comprises US$70 million growth and US$64 million
sustaining.
(5) Capex includes capital and investment expenditure and excludes
capitalised interest and capitalised exploration.
(6) Includes US$40 million (2000:US$20 million)capitalised exploration.
Customer Sector Group Results - Quarterly Comparison
STEEL
US$ Million
Depn & Explo Explo
Turn ration ration
over EBITDA (1) amortisation EBIT (2) Capex (3)(4) gross to profit
Flat
Products (5) 354 55 18 37 4
Coated
Products 433 47 15 32 4
Discontinuing - - - - -
operations (6)
Intra
-divisional ( 221) ( 10) - (10) -
adjust
Divisional 4 ( 4) - (4) -
activities
Transport & 210 8 3 5 1
Logistics
Total Steel 780 96 36 60 9 - -
Quarter ended 30
September 2000
US$ Million
Depn & Explo Explo
Turn ration ration
over EBITDA (1) amortisation EBIT (2) Capex (3)(4) gross to profit
Flat
Products (5) 426 77 21 56 5
Coated
Products 511 75 15 60 2
Discontinuing 387 39 16 23 8
operations (6)
Intra
-divisional ( 369) ( 7) - (7) -
adjust
Divisional 25 ( 5) - (5) -
activities
Transport & 235 15 4 11 3
Logistics
Total
Steel 1 215 194 56 138 18 - -
(1) EBITDA is earnings before net interest, taxation, and
depreciation and amortisation (excluding exceptionals)
(2) EBIT is earnings before net interest and taxation
(excluding exceptionals)
(3) Capex in aggregate comprises US$nil growth and
US$9 million sustaining.
(4) Capex includes capital and investment expenditure and excludes
capitalised interest and capitalised exploration.
(5) Includes North Star BHP Steel.
(6) Includes the Long Products business (OneSteel Limited) which
ceased to report results from November 2000 following spin-out.
Risk Management
Portfolio Risk Management
Foreign exchange risk management
The table below provides information as at 30 September 2001 regarding the BHP
Billiton Group's significant derivative financial instruments used to hedge
Australian dollar costs that are sensitive to changes in exchange rates for the
forthcoming twelve months.
Weighted average A$/US$ exchange Contract
rate amounts
Forwards Call Put US$ million
options options
US Dollars
Q2 - forwards 0.6933 - - 270
2002
- collar options - 0.6837 0.6504 60
- purchased - 0.5500 - 60
options
- sold options - - - -
Q3 - forwards 0.6848 - - 270
- collar options - 0.6807 0.6609 60
- purchased - 0.5500 - 30
options
- sold options - - - -
Q4 - forwards 0.6804 - - 300
- collar options - 0.6845 0.6536 50
- purchased - 0.5500 - 10
options
- sold options - - - -
Q1 - forwards 0.6905 - - 250
2003
- collar options - 0.7006 0.6706 30
- purchased - 0.5500 - 30
options
- sold options - - - -
Commodity price risk management
As at 30 September 2001 there were no significant commodity price
derivative financial instruments outstanding.
Strategic Financial Transactions
As at 30 September 2001 there were no strategic financial
derivative transactions outstanding.
End of part 2 of 2
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