BHP H/Y Report-Dec 2000Pt2
BHP Limited
13 March 2001
PART 2
$ million
7 Segment results External Intersegment Gross
(cont.) operating operating Net Profit segment
revenue revenue (a) assets
Geographical 2000
classification
Australia 7 232 136 1 106 14 584
North America 859 7 173 2 849
United Kingdom 378 - 113 2 322
South America 1 038 - 187 4 558
Papua New 425 - 40 1 083
Guinea
New Zealand 289 - 35 541
South East Asia 335 - 28 904
Other countries 159 - (6) 608
10 715 143 1 676 27 449
Net unallocated 39 (220)
interest
BHP Group 10 754 143 1 456 27 449
External Intersegment Gross
operating operating Net Profit (a) segment
revenue revenue assets
Geographical 1999
classification
Australia 6 126 100 895 18 581
North America 1 456 10 134 3 077
United Kingdom 448 - 76 2 388
South America 855 1 173 3 783
Papua New 421 - 13 1 085
Guinea
New Zealand 364 - 19 692
South East Asia 308 - 13 915
Other countries 134 - (5) 395
10 112 111 1 318 30 916
Net unallocated 25 (256)
interest
BHP Group 10 137 111 1 062 30 916
(a) Before outside equity interests.
Half year ended
2000 1999
$ million $ million
8 Dividends
Half yearly dividend or equivalent paid to members
of the BHP Entity (a) 446 440
(a) The dividend for the December 2000 half year of $0.25 per share paid
on 6 December 2000 was unfranked. (1999 - $0.25 per share unfranked). The
dividend was paid entirely from the foreign dividend account and was
therefore not subject to withholding tax. Having regard to the existing
franking account balances, provision for income tax and any dividends payable
and receivable as recognised in the accounts, the Group has an amount of
franking credits available for subsequent reporting periods of $158 million
at 34 cents in the dollar at 31 December 2000. The extent to which future
dividends will be franked is uncertain, but the current outlook is for no
franking of any dividends payable prior to 30 June 2001 and full franking for
any dividends payable in the period 1 July to 31 December 2001.
9 Earnings per share
Basic earnings per share (cents) (a) (b) 80.0 61.5
Diluted earnings per share (cents) 78.9 60.2
Weighted average number of fully paid shares (millions)
- basic earnings per share 1 784 1 758
- diluted earnings per share (c) 1 828 1 823
(a) Based on net profit attributable to members of the BHP Entity.
(b) Basic earning per American Depositary Share
(ADS)(cents) 160.0 123.0
For the periods indicated, each ADS represents two
ordinary shares.
(c) The weighted average diluted number of ordinary shares has been
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.
Refer note 13 for details of shares issued under these plans.
Investments in associated entities
Major Principal Reporting Ownership interest (a) Carrying value
shareholdings activities date of investment
in associated
entities
At At BHP
associate's Group
reporting reporting
date date
2000 1999 31 Dec 30 June 31 Dec 30 30
2000 2000 2000 Jun Nov
% % % % $m $m $m
Samarco Iron 31 Dec 50.0 49.0 50.0 50.0 426 394 164
Mineracao ore
S.A. mining
Orinoco HBI 30 Sept 50.0 50.0 50.0 50.0 277 238 143
Iron C.A. production
QCT Coal 30 Jun 50.0 50.0 427
Resources Mining
Limited
1 130 632 307
Half year ended
2000 1999
$million $million
Movements in carrying amount of investments in
associated entities
Carrying amount of investment in associated 632 86
entities at beginning of half year
Adjustment of initial adoption of equity 124
accounting
Share of associated entities net profit after (22) 17
tax
Increased investment in associated entities 491 75
Dividends received/receivable from associated (29) -
entities
Exchange fluctuation 59 -
Other movements (1) 5
Carrying amount of investments in associated 1 130 307
entities at end of half year
(a) Ownership interest reflects the interest held at the end of the half year,
and at the associated entities most recent balance date. The proportion of
voting power held by the BHP Group corresponds to ownership interest.
31 December 30 June 30 November
Notes 2000 2000 1999
$ million $ million $ million
11 Property, plant and equipment
By category, net of accumulated
depreciation
Land and buildings 1 471 1 777 1 998
Plant, machinery and equipment 13 582 14 592 16 580
Mineral rights 1 137 1 146 1 169
16 190 17 515 19 747
Capitalised leased assets 50 52 92
Total property, plant and 16 240 17 567 19 839
equipment
31 December 30 June 30 November
Notes 2000 2000 1999
$ million $ million $ million
12 Exploration, evaluation and development expenditure capitalised
Exploration, evaluation and development
expenditures carried forward in areas of interest
- now in production 1 393 1 421 1 521
- in development stage but not yet producing(a) 498 223 84
- in exploration and/or evaluation stage (a) 415 375 510
Total exploration, evaluation and development 2 306 2 019 2 115
expenditure capitalised
(a) Details of Development stage Exploration and/or
movement in but not yet producing evaluation stage
development stage
but not yet
producing and in
exploration and/or
evaluation stage
2000 1999 2000 1999
$ million $ million $ million $ million
Balance at the 223 130 375 486
beginning of the
half year
Expenditure 243 10 213 130
incurred during
the half year
Expenditure - - (149) (104)
expensed during
the half year
Transferred to - (11) -
development
Transferred from 11 -
exploration and/or
evaluation
Transferred to - (57)
production
Disposals - - - -
Depreciation (1) - (35) (14)
Exchange 22 1 22 12
fluctuations and
other movements
Balance at the end 498 84 415 510
of the half
year
31 December 30 June 30 November
Notes 2000 2000 1999
$ million $ million $ million
13 Share capital
Paid up 5 919 7 093 6 944
(a) - 1785 946 791
ordinary shares fully paid
(Jun 00 - 1 781 493 241 Nov 99 - 1 772 340 790)
- 415 000 ordinary shares - - -
each paid to five cents (Jun 00 - 415 000 Nov 99 - 772 500)
- 4 976 500 ordinary - - -
shares each paid to one cent
(Jun 00 - 6 286 500 Nov 99
- 8 049 000)
5 919 7 093 6 944
Movement in issued Number of fully Number of partly paid shares
ordinary shares for paid shares Paid to Paid to
the half year five cents one cent
Opening number of 1 781 493 241 415 000 6 286 500
shares as
Shares issued upon 3 019 050 - -
exercise of
Employee Share Plan
Options (b)
Shares issued on 125 000 - -
exercise of
Performance Rights (c)
Partly paid shares 1 310 000 - (1 310 000)
converted to fully
paid
Closing number of 1 785 946 791 415 000 4 976 500
shares (d)
13 Share capital (cont)
Options and Performance Rights
Options/
Shares Performance
Number issued
Number of Number on Number Rights Exercise Exercise
issued recipients Exercised exercise outstanding period
(e) lapsed at balance price (f)
Month
of
issue
Employee Share Plan Options (b)
Dec-
ember 1 668 000 67 - - - 1 668 000 $19.43 Jul 2003-Dec
2000 2010
Dec-
ember 1 121 500 59 - - - 1 121 500 $19.42 Jul 2003-Dec
2000 2010
Nov-
ember 832 500 44 - - 54 000 778 500 $18.52 Jul 2003-Oct
2000 2010
Nov-
ember 3 760 000 197 - - 23 500 3 736 500 $18.51 Jul 2003-Oct
2000 2010
April 30 000 3 - - - 30 000 $17.13 Apr 2003-Apr
2000 2010
April 454 000 5 - - - 454 000 $17.12 Apr 2003-Apr
2000 2010
Dec-
ember 200 000 1 - - - 200 000 $19.21 Apr 2002-Apr
1999 2009
Dec-
ember 150 000 1 - - - 150 000 $16.92 Apr 2002-Apr
1999 2009
Oct-
ober 60 000 6 - - 10 000 50 000 $17.06 Apr 2002-Apr
1999 2009
Oct-
ober 51 000 3 - - - 36 000 $17.05 Apr 2002-Apr
1999 2009
July 100 000 1 - - - 100 000 $17.13 Apr 2002-Apr
1999 2009
Apr 21 536 400 45 595 - - 6 171 100 15 365 300 $15.73 Apr 2002-Apr
1999 2009
Apr 8 184 300 944 - - 1 251 650 6 932 650 $15.72 Apr 2002-Apr
1999 2009
Apr 177 500 16 - - - 177 500 $14.74 Apr 2001-Apr
1998 2003
Apr 140 000 23 22 500 22 500 5 000 112 500 $14.73 Apr 2001-Apr
1998 2003
Nov-
emb-
er 7 910 900 16 411 3 393 100 3 393 100 669 350 3 848 450 $15.56 Nov 2000-Nov
1997 2002
Nov-
emb-
er 1 579 400 3 501 528 600 528 600 141 800 909 000 $15.55 Nov 2000-Nov
1997 2002
Oct-
ober 3 992 000 379 855 300 855 300 85 000 3 051 700 $15.33 Oct 2000-Oct
1997 2002
Oct-
ober 5 440 000 511 1 103 900 1 103 900 23 000 4 313 100 $15.32 Oct 2000-Oct
1997 2002
July 395 500 36 - - 55 000 340 500 $18.97 Jul 2000-Jul
1997 2002
July 200 000 1 - - - 200 000 $18.96 Jul 2000-Jul
1997 2002
Oct-
ober 848 100 46 295 500 295 500 191 100 361 500 $15.56 Oct 1999-Oct
1996 2001
Oct-
ober 1 086 700 66 379 100 379 100 10 000 697 600 $15.55 Oct 1999-Oct
1996 2001
April 295 000 5 17 500 17 500 260 000 17 500 $17.63 Apr 1999-Apr
1996 2001
April 45 500 6 18 000 18 000 - 27 500 $17.62 Apr 1999-Apr
1996 2001
Oct-
ober 17 000 3 17 000 17 000 - - $18.23 Oct 1998-Oct
1995 2000
Oct-
ober 38 500 5 38 500 38 500 - - $18.22 Oct 1998-Oct
1995 2000
July 48 000 2 48 000 48 000 - - $18.59 Jul 1998-Jul
1995 2000
July 76 000 9 76 000 76 000 - - $18.58 Jul 1998-Jul
1995 2000
44 679 300
Performance Rights (c)
Dec-
ember 187 691 11 - - - 187 691 - Nov 2000-Nov
2000 2010
Nov-
ember 2 006 333 104 - - - 2 006 333 - Nov 2000-Nov
2010
March 1 000 000 1 350 000 325 000 - 650 000 - Mar-1999-Mar
1999 2009
2 844 024
13 Share capital (cont)
a Share capital reduced by $1,243 million due to the spin out of OneSteel
Limited, including spin out costs of $56 million. This reflected a capital
reduction of $0.66 per share. The spin out resulted in BHP shareholders being
issued one OneSteel Limited share for every four shares held in BHP Limited.
b The Employee Share Plan provides employees with the opportunity to acquire
fully paid ordinary shares or options over ordinary shares in the BHP Entity
at such times as the Directors deem appropriate. Shares and options issued
under the Employee Share Plan are issued on the following terms:
* The limit on the number of shares and outstanding options or other right
under all BHP's employee plans is 10% of issued ordinary capital.
* Shares may be offered for subscription for market value (which is the
weighted average market price over the five days prior to issue) less a
discount not exceeding 10%.
* The Board of Directors may specify an issue price for an option. The exercise
price of an option is market value of BHP ordinary shares less a discount not
exceeding 10%.
* Where shares are offered, interest free employee loans are available to fund
the purchase of shares for a maximum period of 20 years, repayable by
application of dividends or an equivalent amount. Any amounts outstanding are
repayable at the end of that 20 year period.
* Each option is granted over one unissued ordinary share in BHP Limited.
* The Board of Directors may apply performance hurdles to the exercise of
options.
* Options granted from April 1999 are 10 year options, not exercisable until
after three years, and then only if performance hurdles are achieved. These
performance hurdles relate to either one or both of two comparator groups
(ASX 100 index and an international comparator group). BHP's performance in
terms of total shareholder return is measured against either or both of these
groups to determine whether a performance hurdle has been achieved.
* At cessation of employment an extension of the loan repayment period may be
granted if the outstanding loan is in a non profitable position. The
extension will be reviewed annually. If during the extension period the
shares become profitable, the Company will arrange for the sale of those
shares.
* Options carry no voting rights.
* Unexercised options will expire at the end of the exercise period
c. Performance Rights (PR) have been issued to executive officers under the BHP
Performance Share Plan. PR's constitute a right, issued by a trustee of a
special purpose trust established by BHP, to require the trustee to acquire a
BHP share on behalf of the executive, upon fulfilment of prescribed
performance hurdles or completion of service conditions. Where a service
condition or performance hurdle is fulfilled, related PR's are exercisable.
The trustee acquires either by purchase on market or subscription, and the
shares are held in trust until the executive requests that they be
transferred. The PR's are currently issued on the following terms:
* The exercise price of the PR's is zero.
* PR's are not transferable.
* PR's carry no right to dividends.
* PR's carry no voting rights.
* PR's will lapse if performance hurdles or service conditions are not
satisfied or in other specified situations.
* PR's lapse on the tenth anniversary of their date of issue unless previously
exercised or lapsed on accordance with their terms of issue.
c. The closing balance of fully paid shares has been adjusted downwards by 500
shares due to an over issue under the Employee Share Plan in the year ended
31 May 1998.
d. Shares issued on exercise of Performance Rights include shares issued on
market.
e. Expiration period corresponds to the end of the exercise period.
31 December 30 June 30 November
Notes 2000 2000 1999
$ million $ million $ million
14 Reserves
General reserve 166 170 170
Exchange fluctuation
account 509 249 139
Total reserves 675 419 309
Half year ended
2000 1999
$ million $ million
15 Retained profits
Retained profits at the beginning of the half year 2 841 1 826
add/(deduct)
Net profit attributable to members of the BHP Entity 1 427 1 081
Adjustment for initial adoption of revised accounting 124
standard AASB 1016: Accounting for Investments in
Associates
Aggregate of amounts transferred from reserves (8) (1)
Dividends provided for or paid (446) (440)
Retained profits at the end of the half year 3 814 2 590
16 Notes to the statement of cash flows
Reconciliation of cash
For the purposes of the statement of cash flows, cash includes cash on hand
and at bank and short term deposits at call, net of outstanding bank
overdrafts.
Cash and cash equivalents comprise:
31 December 2000 30 November 1999
$ million $ million
Cash 397 464
Short term deposits (a) 352 423
Bank overdrafts (b) (68) (112)
Total cash and cash equivalents 681 775
(a) Included in the balance sheet classification of Investments (Current
assets).
(b) Included in the balance sheet classification of Interest bearing
liabilities (Current liabilities).
Non-cash financing and investing activities
Shares issued:
Bonus Share Plan - 61
Dividend Investment Plan - 341
Other:
Employee Share Plan loan instalments 20 28
The Bonus Share Plan (BSP) is in lieu of dividends and the Dividend
Investment Plan (DIP) is an application of dividends. The DIP was suspended
following payment of the half yearly dividend on 24 November 1999. Since the
dividend was unfranked, the BSP was suspended in accordance with the
Company's Constitution and Rule 8 of the BSP on 17 September 1999.
The Employee Share Plan loan instalments represent the repayment of loans
outstanding with the BHP Group by the application of dividends.
During the half year ended 31 December 2000, the BHP Group negotiated the
purchase with deferred consideration, of property, plant and equipment with a
value of $83 million. There were no transactions of this nature in the
corresponding period
17 Reconciliation to United States (US) generally accepted accounting
principles disclosures
The consolidated financial statements of the BHP Group are prepared in
accordance with accounting principles generally accepted in Australia
(Australian GAAP). The material differences affecting the profit and loss
statement and shareholders' equity between generally accepted accounting
principles as followed by the BHP Group in Australia and those generally
accepted in the US (US GAAP) are summarised below:
Asset write-downs
Under Australian GAAP the impairment test for determining the recoverable
amount of non-current assets may be applied either on a discounted or an
undiscounted basis in estimating net future cash flows. As at 31 May 1998 the
BHP Group changed its policy to a discounted basis using the weighted average
pre-tax interest rate of the BHP Group's long-term borrowings. This test is
applied both to impairment and to the calculation of the write-down.
Under US GAAP, an impairment test is required utilising undiscounted cash
flows, followed by the application of discounting to any impaired asset.
These differences created adjustments to the profit and loss statement for
the years ended 31 May 1999 and 31 May 1998 and adjustments in the balance
sheet as at 31 May 1999 and 31 May 1998 representing the lower charge to
profit and resultant higher asset values for the write-downs calculated under
US GAAP. In subsequent financial periods, the difference in asset carrying
values will be reduced through the inclusion of additional depreciation
charges in the profit and loss statement. Refer 'Depreciation' below.
Depreciation
Revaluations of property, plant and equipment and investments are permitted
in Australia with upward adjustments to the historical cost values reflected
in a revaluation reserve which is part of shareholders' equity. In the case
of property, plant and equipment, the depreciation charged against income
increases as a direct result of such a revaluation. Since US GAAP does not
permit property, plant and equipment to be valued at above historical cost,
the BHP Group depreciation charge has been restated to reflect historical
cost depreciation.
Following the 1999 and 1998 asset writedowns, the higher asset values under
US GAAP are being depreciated in accordance with asset utilisation. Refer
'Asset write-downs' above.
Exploration, evaluation and development expenditures
The BHP Group follows the 'area of interest' method in accounting for
petroleum exploration, evaluation and development expenditures. This method
differs from the 'successful efforts' method followed by some US companies
and adopted in this reconciliation to US GAAP, in that it permits certain
exploration costs in defined areas of interest to be capitalised. Such
expenditure capitalised under Australian GAAP is amortised in subsequent
years.
Pension plans
The BHP Group charges to profit and loss the contributions made to pension
plans. Under US GAAP the net periodic pension cost is charged to profit and
loss in accordance with US Statement of Financial Accounting Standards No.
87.
Consolidation of Tubemakers of Australia Ltd (TOA)
Prior to consolidation, TOA was accounted for as an associated company and
included in the equity accounting calculations. Under US GAAP, equity
accounting was included in the consolidated results, while prior to the year
ended 30 June 1999 Australian GAAP only permitted disclosure by way of note
to the accounts. Thus under US GAAP the carrying value of the original equity
interest in TOA was higher than under Australian GAAP, and the difference was
reflected in higher goodwill capitalised and amortised in accordance with US
GAAP. The spin-out of OneSteel Limited eliminates this reconciling item.
Employee Entitlements
For the period ended 30 June 2000, provisions for labour redundancies
associated with organisational restructuring were charged to profit and loss.
For the year ended 31 May 1997, a provision for labour redundancies within
the BHP Group's steel operations was charged to profit and loss. In
accordance with Australian GAAP, a provision for redundancies can be
recognised where positions have been identified as being surplus to
requirements, provided the circumstances are such that a constructive
liability exists. Under US GAAP a provision for redundancies involving
voluntary severance offers is restricted to employees who have accepted these
offers. The adjustment is reversed over subsequent periods as the offers are
accepted.
Realised net exchange gains and losses
Australian GAAP permits net exchange gains or losses reported in the exchange
fluctuation account which mainly relate to assets that have been sold, closed
or written down to be transferred to retained earnings. US GAAP requires
these net exchange gains or losses be recognised in the profit and loss
statement reflecting that they have, in substance, been realised.
Employee Share Plan loans
Under the Employee Share Plan, loans have been made to employees for the
purchase of shares in the BHP Entity. Under US GAAP the amount outstanding as
an obligation to the BHP Group, which has financed equity, is required to be
eliminated from shareholders' equity.
17 Reconciliation to United States (US) generally accepted accounting
principles disclosures (cont)
Costs of start-up activities
The BHP Group capitalises as part of property, plant and equipment, costs
associated with start-up activities at new plants or operations, which are
incurred prior to commissioning date. These capitalised costs are depreciated
in subsequent years. Under US GAAP, pursuant to Statement of Practice (SOP)
98-05, costs of start-up activities should be expensed as incurred. In
subsequent financial periods, amounts depreciated for Australian GAAP
purposes, which have been expensed for US GAAP purposes will be added back
when determining the profit result according to US GAAP.
Profit on asset sales
Under US GAAP, profits arising from the sale of assets cannot be recognised
in the period in which the sale occurs where the vendor has a significant
continuing association with the purchaser. In such circumstances, any profit
arising from a sale is recognised over the life of the continuing
arrangements.
For the period ended 30 June 2000, the profit on the sale and leaseback of
plant and equipment was deferred for US GAAP purposes and will be recognised
over the life of the operating lease.
Tax rate change - deferred balances
In November 1999 the Australian federal government passed legislation
changing the company income tax rate from 36% to 34% effective 1 July 2000
and to 30% effective 1 July 2001. In accordance with Australian and US GAAP,
the result for the half year ended 30 November 1999 included a restatement of
deferred tax balances to reflect the expected income tax rate applicable when
the timing differences will reverse. For US GAAP purposes an additional
restatement was required reflecting the different deferred tax balances that
exist after applying US GAAP to certain transactions.
Fair valuation of derivative instruments
For the purpose of deriving US GAAP information, Statement of Financial
Accounting Standards No. 133: Accounting for Derivative Instruments and
Hedging Activities (FAS 133) became applicable to the BHP Group on 1 July
2000. FAS 133 requires that all derivative instruments be recorded in the
Balance Sheet as either an asset or liability measured at its fair value.
Derivative instruments are not recognised in the profit and loss statement
under Australian GAAP. Fair valuation of derivative instruments held by the
BHP Group on 1 July 2000 which qualify as cash flow hedge transactions
resulted in a loss of $795 million. This amount has been reported as a
component of other comprehensive income in accordance with transitional
provisions specified within FAS 133. Fair valuation of both derivative
instruments held by the BHP Group on 1 July 2000 which qualify as fair value
hedge transactions, and their associated hedged liabilities resulted in a
loss of $19 million. This amount has been taken directly to profit and loss
in accordance with transitional provisions specified within FAS 133.
Subsequent gains & losses on cash flow hedges are taken to other
comprehensive income and are reclassified into profit and loss in the same
period the hedged transaction is recognised. Gains and losses on fair value
hedges continue to be taken to profit and loss in subsequent periods, as are
offsetting gains and losses on hedged liabilities. In both cases, these gains
and losses are not recognised until the hedged transaction is recognised
under Australian GAAP.
FAS 133 requires that any component of the gain or loss which is deemed to be
ineffective be taken to profit and loss immediately. Consequently, premiums
paid for derivative instruments are taken to profit and loss at inception of
the contract. For Australian GAAP purposes, premiums paid are deferred and
included in profit and loss in the same period the hedged transaction is
recognised.
17 Reconciliation to United States (US) generally accepted accounting
principles disclosures (cont)
The following is a summary of the estimated adjustments to profit for the
half years ended 31 December 2000 and 30 November 1999 and BHP shareholders'
equity as at 31 December 2000 and 30 June 2000, which would be required if US
GAAP had been applied instead of Australian GAAP.
Profit & loss statement
For the half years ended 2000 1999
$ million $million
Net profit attributable to members of the BHP Entity as 1 427 1 081
reported in
the consolidated profit and loss statement
Estimated adjustment required to accord with US GAAP:
add/(deduct)
- Tax rate change - deferred balances - 73
- Depreciation - writedowns (20) (41)
- revaluations 5 6
- Exploration, evaluation and development expenditure (3) -
- Pension plans (15) (21)
- Consolidation of Tubemakers of Australia Ltd (2) (3)
- Employee entitlements (7) -
- Realised net exchange gains and losses (11) -
- Profit on asset sales 1 -
- Start up costs 2 (54)
- Fair valuation of derivative instruments (65) -
Total adjustment (115) (40)
Estimated profit according to US GAAP 1 312 1 041
Earnings per share in accordance with US GAAP (A$ per share) 0.74 0.59
BHP shareholders' equity 31 Dec 30 June
as at 2000 2000
$ million $ million
Total shareholders' equity 11 079 11 005
deduct Outside equity interests: 671 652
Shareholders' equity attributable to members of the BHP 10 408 10 353
Entity
Estimated adjustment required to accord with US GAAP:
(deduct)/add
- Property, plant and equipment - revaluations (140) (145)
- Exploration, evaluation and development (61) (58)
expenditures
- Pension plans 57 72
- Consolidation of Tubemakers of Aust. Ltd - 93
- Employee entitlements 24 31
- Employee Share Plan loans (54) (54)
- Asset write-downs 355 391
- Start-up costs (14) (16)
- Profit on asset sales (29) (30)
- Fair valuation of derivative instruments (1 000) -
Total adjustment (862) 284
Estimated shareholders' equity attributable to members 9 546 10 637
of the BHP Entity according to US GAAP
19 Significant events after end of half year
Matters or circumstances that have arisen since the end of the half year that
have significantly affected, or may significantly affect, the operations,
results of operations or state of affairs of the Company in subsequent
accounting periods are detailed on page 7.
Directors' DECLARATION
I, Don R Argus being a Director of BHP Limited state on behalf of the
Directors and in accordance with a resolution of the Directors that, in the
opinion of the Directors -
(a) the accompanying financial statements set out on pages 10 to 27 are
drawn up so as to give a true and fair view of the financial position as at
31 December 2000, and the performance for the half year ended 31 December
2000 of the Company;
(b) the half year consolidated financial statements have been made out in
accordance with Australian Accounting Standard AASB1029: 'Half Year Accounts
and Consolidated Accounts' and other mandatory professional reporting
requirements;
(c) at the date of this statement there are reasonable grounds to believe
that the Company will be able to pay its debts as and when they become due
and payable.
D R Argus
Director
Dated in Melbourne this 13th day of March 2001
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