Prelim Rslts Y/E 30/06/01-PT6
BHP Billiton Limited
20 August 2001
PART 6
Dividends
The Board declared a second interim dividend (in lieu of a final dividend) of
8 US cents per share, making a total dividend for the year of 12 US cents per
share, compared with 11.25 US cents for the previous year.
As the BHP Billiton Plc Group generates cash flows primarily in US dollars,
dividends are also declared in US dollars. These are payable in sterling to
shareholders on the United Kingdom section of the register, and in South
African rand to shareholders on the South African section of the register. The
rates of exchange applicable two business days before the declaration date are
used for conversation.
Cash flow
The following table summarises the major elements of the BHP Billiton Plc
Group's cash flow:
2001 2000
US$m US$m
EBITDA* before provisions 1,490 1,119
(Increase) in working capital (112) (39)
(Decrease) in provisions (9) (40)
Dividends received from joint ventures 138 98
Operating cash flow and dividends from joint ventures 1,507 1,138
Taxation (263) (140)
Maintenance capital expenditure (250) (202)
Exploration expenditure (65) (45)
Disposals of fixed assets 42 34
Net interest payable and investment income (185) (133)
Dividends paid to ordinary shareholders and minorities (277) (235)
Free cash flow 509 417
Expansionary capital expenditure: (1,775) (671)
Additional 56% in Worsley (1,482) -
Other (293) (671)
Net acquisitions of businesses and investments (2,508) (46)
Rio Algom (including debt and cash acquired of $563 million) (1,750) -
Indirect interest in CVRD (332) -
CDC/CZN (371) -
Other (55) (46)
Net cash flow before management of liquid resources and
financing (3,774) (300)
Issue of shares/Share repurchase scheme 850 (2)
Foreign exchange adjustment 121 84
Other - 7
Movement in net debt (2,803) (211)
Net debt at start of year (1,183) (972)
Net debt at end of year (3,986) (1,183)
* Earnings before interest, tax, depreciation and amortisation, executive share
award costs and loss on sale of fixed assets.
The BHP Billiton Plc Group's acquisitions, expansion project completions and
improvement in profitability contributed to a 32% rise in operating cash flow
(including dividends from joint ventures) to US$1,507 million. After taxation,
maintenance capital expenditure and exploration, fixed assets disposals, net
interest and investment income, and dividends paid, the BHP Billiton Plc Group
generated a positive free cash flow of US$509 million, compared with US$417
million for the previous year.
Completion of major expansion programmes during the year resulted in a
reduction in expansionary capital expenditure, other than the acquisition of
the additional 56% interest in Worsley, to US$293 million. The main
contributors were the completion of construction of the Mozal smelter (US$59
million), the Cerro Matoso expansion (US$84 million) and the Worsley expansion
(US$24 million). Net acquisitions of businesses and investments, mainly
comprising Rio Algom, the strategic participation in Valepar SA which brings
an indirect interest of 2% in CVRD and the acquisition of interests in two
coal businesses in Colombia (Cerrejon Zona Norte SA and Carbones del Cerrejon)
amounted to US$2,508 million. This expenditure was partially offset by the
capital raising of US$850 million and by exchange adjustments of US$121
million. Over the year, net debt increased by US$2,803 million to US$3,986
million at 30 June 2001.
Balance sheet
Equity shareholders' funds increased from US$4,759 million at 30 June 2000 to
US$5,900 million at 30 June 2001, a rise of 24%. Of this increase US$850
million related to the placing of 235 million ordinary shares in September
2000. The placing comprised 181.1 million new shares and all of the 53.9
million shares held under the share repurchase scheme. Net assets per share
rose from 230 US cents to 254 US cents over the same period.
Net debt of US$3,986 million at 30 June 2001 represents 67.6% of shareholders'
funds. This net debt figure comprises US$687 million of cash, including money
market deposits, offset by US$4,673 million of total debt. The breakdown of
net debt by currency is as follows:
US$m
Net debt denominated in:
US dollars 3,139
South African rand 610
Australian dollars 6
Canadian dollars 227
Other currencies 4
Net debt 3,986
Rio Algom
In October 2000, the BHP Billiton Plc Group acquired all the outstanding
shares of Rio Algom Limited. The purchase consideration and costs of
acquisition amounted to US$1,187 million, which has provisionally been
allocated as follows:
US$m
Book value under Canadian GAAP 1,117
Adjustment for UK GAAP and Group accounting policies (348)
Other revaluation adjustments 367
Fair value of net assets acquired 1,136
Goodwill 51
1,187
Working capital
Net working capital increased by US$320 million during the year to US$979
million at 30 June 2001. Of this increase US$248 million related to
acquisitions and other one-off items, with the remainder associated with the
ramp-up of new production at Mozal, Worsley and Cerro Matoso.
2001 2000
US$m US$m
Stocks 896 623
Debtors (excluding tax debtor)* 944 757
Creditors (excluding debt, dividends and corporation tax) (861) (721)
Net working capital 979 659
*comparatives restated to exclude long term debtors
Additions to fixed assets
Additions to tangible fixed assets (other than those relating to the
acquisition of Rio Algom and the additional 56 % interest in Worsley) in 2001
totalled US$561 million, as follows:
US$m
Aluminium: Mozal 59
Worsley expansion 24
Other 40
Aluminium total 123
Coal: Boschmanskrans Pillar project 11
Mount Arthur North 17
Other 101
Coal total 129
Nickel: Cerro Matoso expansion 84
QNI Ravensthorpe project 29
Other 56
Nickel total 169
Steel and ferroalloys 70
Exploration 42
Other 28
Total additions to tangible fixed assets 561
The acquisition of the additional 56% interest in Worsley included fixed
assets of US$1,512 million.
Capital expenditure is budgeted to be approximately US$900 million in the
current year, which includes the following major elements:
US$m
Mozal 2 234
Mount Arthur North 82
Yabulu/Ravensthorpe 33
Cerro Colerado 35
Hillside/Bayside 56
Chrome 31
Currency
Currency fluctuations affect the profit and loss account in two ways.
Sales are predominantly based on US dollar pricing (the principal exception
being Ingwe's sales to South African domestic customers). However, a
proportion of operating costs (particularly labour) arise in the local
currency of the operations, most significantly the South African rand, but
also the Brazilian real, Australian dollar, Chilean peso and Colombian peso.
Accordingly, changes in the exchange rates between these currencies and the US
dollar can have a significant impact on the Group's reported margin.
Certain subsidiaries maintain their accounting records in local currency,
which are then translated into their functional currency (US dollars) for
reporting purposes. The temporal method is used to convert their accounts from
local currency to US dollars; fixed assets and other non-monetary assets and
liabilities are converted at historical rates, and monetary assets and
liabilities at the closing rate. The resultant differences are accounted for
in the consolidated profit and loss account in accordance with UK GAAP.
The following exchange rates have been utilised in this report:
2001 2000 30.6.01 30.6.00
Versus US dollar average average
South African rand 7.161 6.342 8.078 6.815
Australian dollar 1.865 1.594 1.984 1.662
Brazilian real 2.013 1.833 2.300 1.800
Chilean peso 576.7 522.8 631.8 539.9
Colombian peso 2,233 1,957 2,297 2,148
Canadian dollar 1.520 1.475 1.524 1.481
Share price performance
London Johannesburg
share price share price
pence SA rand
Closing price at 30.6.01 354.25 39.00
Closing price at 30.6.00 269.00 27.40
High during period 387.50 43.50
Low during period 228.00 25.00
Share register
The proportion of shares held on the London register continued to rise during
the year, from 59% at 30 June 2000 to 72% at 30 June 2001.
BHP BILLITON
PRELIMINARY RESULTS FOR THE YEAR ENDED 30 JUNE 2001
PART E
BHP BILLITON PLC GROUP PRO FORMA RESULTS
Part E2: Financial Information
BHP Billiton Plc Group Pro forma Results
consolidated profit and loss account
for the year ended 30 June 2001
2001 2001 2001 2000
Excluding Including
exceptional Exceptional exceptional
items items items as
restated
(note 2)
Note US$m US$m US$m US$m
Turnover including share of joint
ventures' and associates' turnover:
Group production 5,363 - 5,363 4,766
Trading and metals distribution 1,970 - 1,970 784
1,3 7,333 - 7,333 5,550
Less: share of joint ventures' 1,3 (673) - (673) (559)
and associates' turnover
included above
Group turnover 1,3 6,660 - 6,660 4,991
Turnover from Group production 4,749 - 4,749 4,241
(excluding joint ventures and
associates)
Continuing operations 4,573 - 4,573 4,241
Acquisitions 176 - 176 -
Related operating costs 1,2,3 (3,864) (14) (3,878) (3,578)
Operating profit from Group 885 (14) 871 663
production
Operating profit from trading 1,2,3 42 - 42 18
and metals distribution
1,2,3
Group operating profit 1,2,3 927 (14) 913 681
Share of operating profit of 1,2,3 193 (114) 79 162
joint ventures and associates
Operating profit including 1,2,3 1,120 (128) 992 843
share of profits of joint
ventures and associates
Continuing operations 1,032 (128) 904 843
Acquisitions 88 - 88 -
Merger transaction costs - (55) (55) -
Income from other fixed asset 18 - 18 8
investments
Net interest and similar items 4 (117) (6) (123) (11)
payable - Group
Net interest and similar items 4 (4) - (4) (10)
payable - Joint ventures and
associates
Profit on ordinary activities 1,2,3 1,017 (189) 828 830
before taxation
Tax on profit on ordinary 5 (311) 27 (284) (223)
activities
Profit on ordinary activities 706 (162) 544 607
after taxation
Equity minority interests (13) 34 21 (41)
Attributable profit 693 (128) 565 566
Dividends to shareholders (278) - (278) (232)
Retained profit for the 415 (128) 287 334
financial year
Basic earnings per ordinary 30.7c 25.1c 27.3c
share
Diluted earnings per ordinary 30.5c 24.9c 27.3c
share
Dividend per ordinary share 12.00c 11.25c
Attributable profit represents the profit for the financial period.
All amounts are derived from continuing activities.
There is no difference between the historical cost profits and losses and the
profits and losses as presented in the profit and loss account above.
BHP Billiton Plc Group Pro forma Results
consolidated statement of total recognised gains and losses
for the year ended 30 June 2001
Group Joint ventures and Total
associates
2001 2000 2001 2000 2001 2000
US$m US$m US$m US$m US$m US$m
Attributable 483 460 82 106 565 566
profit for
the
financial
period
Exchange - (7) - - - (7)
gains and
losses on
foreign
currency
net
investments
Total 483 453 82 106 565 559
recognised
gains
for
the
period
Prior year adjustments arising from the implementation
of revised
accounting
policies:
- Deferred (171) (29) (200)
taxation
- (15) - (15)
Exploration
Total 297 53 350
recognised
gains since
last annual
report
BHP Billiton Plc Group Pro forma Results
consolidated balance sheet
as at 30 June 2001
2001 2000
as restated
Note US$m US$m
Fixed assets
Intangible assets - 125 82
goodwill
Intangible assets - (36) (53)
negative goodwill
89 29
Tangible assets 8,722 6,230
Investments - Joint 712 91
ventures
- share of gross 2,147 756
assets
- share of gross (1,435) (665)
liabilities
- associates 58 -
- loans to joint 824 334
ventures and other
investments
10,405 6,684
Current assets
Stocks 896 623
Debtors 1,071 855
Investments 132 109
Cash including 12 687 806
money market
deposits
2,786 2,393
Creditors: amounts (2,583) (1,516)
falling due within
one year
Net current assets 203 877
Total assets less 10,608 7,561
current liabilities
Creditors: amounts (3,486) (1,643)
falling due after
more than one year
Provisions for (894) (801)
liabilities and
charges
Net assets 6,228 5,117
Equity minority (328) (358)
interests
Attributable net 5,900 4,759
assets
Capital and
reserves
Called up share 1,160 1,069
capital
Share premium 592 27
account
Profit and loss 4,148 3,781
account
Interest in shares - (118)
of BHP Billiton Plc
Equity 6 5,900 4,759
shareholders' funds
BHP Billiton Plc Group Pro forma Results
consolidated statement of cash flows
for the year ended 30 June 2001
2001 2000
as restated
Note US$m US$m
Net cash inflow from Group 7 1,369 1,040
operating activities
Dividends received from joint 138 98
ventures
Returns on investments and 8 (216) (145)
servicing of finance
Taxation (263) (140)
Capital expenditure and financial 9 (2,400) (896)
investment
Acquisitions and disposals 10 (1,491) (34)
Equity dividends paid (246) (223)
Net cash flow before management of (3,109) (300)
liquid resources and financing
Management of liquid resources 365 (232)
Financing 11 2,853 643
Investments - Issue of shares / 850 (2)
Share Repurchase Scheme
Investments 2,003 645
-
Debt
Increase in cash in the year 12 109 111
Reconciliation of net cash flow to
movement in net debt
Increase in cash in the year 12 109 111
Cash flow from debt and lease 11 (2,003) (645)
financing
Cash flow from management of (365) 232
liquid resources
Change in net debt arising from (2,259) (302)
cash flows
Loans acquired with subsidiaries 12 (665) -
Other non-cash movements 12 - 7
Exchange adjustments 12 121 84
Movement in net debt (2,803) (211)
Net debt at start of year 12 (1,183) (972)
Net debt at end of year 12 (3,986) (1,183)
BHP Billiton Plc Group Pro forma Results
consolidated statement of cash flows
for the year ended 30 June 2001
2001 2000
as restated
Note US$m US$m
Net cash inflow from Group 7 1,369 1,040
operating activities
Dividends received from joint 138 98
ventures
Returns on investments and 8 (216) (145)
servicing of finance
Taxation (263) (140)
Capital expenditure and financial 9 (2,400) (896)
investment
Acquisitions and disposals 10 (1,491) (34)
Equity dividends paid (246) (223)
Net cash flow before management of
liquid resources and financing (3,109) (300)
Management of liquid resources 365 (232)
Financing 11 2,853 643
Investments - Issue of shares / 850 (2)
Share Repurchase Scheme
Investments - Debt 2,003 645
Increase in cash in the year 12 109 111
Reconciliation of net cash flow to
movement in net debt
Increase in cash in the year 12 109 111
Cash flow from debt and lease 11 (2,003) (645)
financing
Cash flow from management of (365) 232
liquid resources
Change in net debt arising from (2,259) (302)
cash flows
Loans acquired with subsidiaries 12 (665) -
Other non-cash movements 12 - 7
Exchange adjustments 12 121 84
Movement in net debt (2,803) (211)
Net debt at start of year 12 (1,183) (972)
Net debt at end of year 12 (3,986) (1,183)
BHP Billiton Plc Group Pro forma Results
notes to the financial information
1 Segmental analysis by business
Group Joint ventures and Total
associates
2001 2000 2001 2000 2001 2000
US$m US$m US$m US$m US$m US$m
Aluminium 2,939 2,323 32 34 2,971 2,357
Base metals 273 197 90 6 363 203
Coal 1,268 1,012 83 - 1,351 1,012
Nickel 457 497 - - 457 497
Steel and 926 962 199 243 1,125 1,205
ferroalloys
Ferroalloys 926 962 43 64 969 1,026
Stainless - - 156 179 156 179
steel
Titanium - - 269 276 269 276
minerals
Metals 797 - - - 797 -
distribution
6,660 4,991 673 559 7,333 5,550
Turnover from acquisitions included above:
Base metals 176 90 266
Coal - 83 83
Metals 797 - 797
distribution
Turnover attributable to associates of US$44 million (2000: nil) is included in
Base metals.
Profit on ordinary activities before taxation by business segment is as follows:
Group Joint ventures and Total
associates
2001 2000 2001 2000 2001 2000
as as restated as restated
restated
US$m US$m US$m US$m US$m US$m
Aluminium 563 430 1 1 564 431
Base metals 36 27 25 - 61 27
Coal 207 52 16 - 223 52
Nickel 76 140 - - 76 140
Steel and 88 142 (125) 6 (37) 148
ferroalloys
Ferroalloys 88 142 - 7 88 149
Stainless - - (125) (1) (125) (1)
steel
Titanium - - 162 155 162 155
minerals
Metals 23 - - - 23 -
distribution
New business (49) (52) - - (49) (52)
and technology
Central items (31) (58) - - (31) (58)
Operating 913 681 79 162 992 843
profit
Merger (55) - - - (55) -
transaction
costs
Income from 18 8 - - 18 8
fixed asset
investments
Net interest (123) (11) (4) (10) (127) (21)
Profit before 753 678 75 152 828 830
taxation
Operating
profit from
acquisitions
included
above:
Base metals 24 25 49
Coal - 16 16
Metals 23 - 23
distribution
Operating profit attributable to associates of US$22 million (2000: US$ nil) is
included in Base metals.
Included above are exceptional items totaling US$189 million (2000: US$ nil)
which are described in note 2.
BHP Billiton Plc Group Pro forma Results
notes to the financial information (continued)
1 Segmental analysis by business (continued)
Turnover of Group production by business segment is as follows:
Group Joint ventures and Total
associates
2001 2000 2001 2000 2001 2000
US$m US$m US$m US$m US$m US$m
Aluminium 1,957 1,664 - 6 1,957 1,670
Base metals 260 106 90 - 350 106
Coal 1,168 1,012 83 - 1,251 1,012
Nickel 457 497 - - 457 497
Steel and 907 962 172 243 1,079 1,205
ferroalloys
Ferroalloys 907 962 16 64 923 1,026
Stainless steel - - 156 179 156 179
Titanium - - 269 276 269 276
minerals
4,749 4,241 614 525 5,363 4,766
Turnover from acquisitions included above:
Base metals 176 90 266
Coal - 83 83
Turnover attributable to associates of US$44 million (2000: US$ nil) is included
in Base
metals.
Operating profit from Group
production by business segment
is as follows:
Group Joint ventures and Total
associates
2001 2000 2001 2000 2001 2000
as restated as restated as restated
US$m US$m US$m US$m US$m US$m
Aluminium 550 409 - 1 550 410
Base metals 36 30 25 - 61 30
Coal 201 52 16 - 217 52
Nickel 76 140 - - 76 140
Steel and 88 142 (126) 6 (38) 148
ferroalloys
Ferroalloys 88 142 (1) 7 87 149
Stainless steel - - (125) (1) (125) (1)
Titanium - - 162 155 162 155
minerals
New (49) (52) - - (49) (52)
business
and
technology
Central (31) (58) - - (31) (58)
items
871 663 77 162 948 825
Operating profit from
acquisitions included
above:
Base metals 24 25 49
Coal - 16 16
Operating profit attributable to associates of US$22 million (2000: US$ nil) is
included in Base metals.
Included above are exceptional items totalling US$14 million (2000 US$ nil)
which are described in note 2.
Net operating assets analysed by business segment are as follows:
Group Joint ventures and associates
2001 2000 2001 2000
as as restated
restated
US$m US$m US$m US$m
Aluminium 4,691 3,182 4 4
Base metals 828 (14) 1,112 -
Coal 1,223 1,267 393 -
Nickel 1,300 1,184 - -
Steel and 921 945 161 315
ferroalloys
Ferroalloys 921 945 23 55
Stainless steel - - 138 260
Titanium - - 296 309
minerals
Metals 317 - - -
distribution
Central items 17 (23) - -
Net operating 9,297 6,541 1,966 628
assets
The increase in net operating assets attributable to acquisitions is as follows:
Base metals 824 1,111
Coal - 393
Metals 317 -
distribution
Net operating assets attributable to associates of US$273 million (2000: US$
nil) is included in Base metals
The basis of calculating net operating assets has been changed to additionally
exclude corporate tax balances, dividends payable, investment in own shares,
other fixed asset investments and current asset investments.
Previously only interest bearing assets and liabilities were excluded. The
comparative figures have been restated accordingly.
BHP Billiton Plc Group Pro forma Results
notes to the financial information (continued)
2 Exceptional items
Gross Tax Net
2001 2001 2001
By category US$m US$m US$m
Write down in carrying value of
assets
Coal: Lake mines assets (26) 6 (20)
Stainless steel: Columbus joint (114) 30 (84)
venture assets
less: attributable to minority 34
interests (Columbus)
(140) 36 (70)
Sale of expansion rights
Aluminium: Mozal II 61 (21) 40
61 (21) 40
Merger transaction costs:
Central items (55) - (55)
(55) - (55)
Merger related restructuring costs and provisions:
Base Metals (4) 1 (3)
New business and technology (3) - (3)
Central items: office closures (5) 1 (4)
Central items: early (6) - (6)
amortisation of fees on
redundant financing facility
(18) 2 (16)
Executive share awards accelerated by the merger
Aluminium (8) 2 (6)
Base Metals (1) - (1)
Coal (8) 2 (6)
Nickel (5) 1 (4)
Steel and ferroalloys (6) 2 (4)
Ferroalloys (6) 2 (4)
New business and technology (6) 2 (4)
Central items (3) 1 (2)
(37) 10 (27)
Total (189) 27 (128)
Gross
2001
By business US$m
Aluminium 53
Base Metals (5)
Coal (34)
Nickel (5)
Steel and ferroalloys (120)
Ferroalloys (6)
Stainless Steel (114)
New business and technology (9)
Central items (63)
(183)
Interest (6)
Total (189)
BHP Billiton Plc Group Pro forma Results
notes to the financial information (continued)
3 Geographical analysis
Turnover Group Joint ventures and Total
by associates
geographical
market is
as
follows:
2001 2000 2001 2000 2001 2000
US$m US$m US$m US$m US$m US$m
Southern 749 721 60 87 809 808
Africa
Europe 2,723 2,007 213 133 2,936 2,140
Latin 148 114 31 25 179 139
America
Australia 313 286 2 3 315 289
Japan 443 452 54 42 497 494
South 242 249 26 12 268 261
Korea
South East 381 428 65 44 446 472
Asia
North 1,443 656 211 213 1,654 869
America
Rest of 218 78 11 - 229 78
World
6,660 4,991 673 559 7,333 5,550
Group Joint ventures and Total
associates
Turnover 2001 2000 2001 2000 2001 2000
by
geographical
origin is
as
follows:
US$m US$m US$m US$m US$m US$m
Southern 2,666 2,794 441 525 3,107 3,319
Africa
Europe 1,399 706 - - 1,399 706
Latin 890 723 127 - 1,017 723
America
Australia 838 689 - - 838 689
North 867 79 105 34 972 113
America
6,660 4,991 673 559 7,333 5,550
Profit on ordinary activities before taxation, analysed by geographical origin,
is as follows:
Group Joint ventures and Total
associates
2001 2000 2001 2000 2001 2000
as as restated as restated
restated
US$m US$m US$m US$m US$m US$m
Southern 460 322 38 161 498 483
Africa
Europe 107 51 - 1 107 52
Latin 218 239 38 - 256 239
America
Australia 132 64 - - 132 64
North 18 22 3 - 21 22
America
Rest of (22) (17) - - (22) (17)
World
Operating 913 681 79 162 992 843
profit
Merger (55) - - - (55) -
costs
Income 18 8 - - 18 8
from other
fixed
asset
investments
Net (123) (11) (4) (10) (127) (21)
interest
Profit 753 678 75 152 828 830
before
taxation
The geographical origin of net operating assets is as follows:
Group Joint ventures and associates
2001 2000 2001 2000
as as restated
restated
US$m US$m US$m US$m
Southern 3,659 3,702 457 624
Africa
Europe 110 16 - -
Latin 2,104 1,171 1,373 -
America
Australia 3,149 1,683 - -
North 264 (18) 136 4
America
Rest of 11 (13) - -
World
Net 9,297 6,541 1,966 628
operating
assets
BHP Billiton Plc Group Pro forma Results
notes to the financial information (continued)
2001 2000
4 Net interest and similar items (payable)/
receivable
US$m US$m
On bank loans and overdrafts (207) (132)
On all other loans (101) (49)
Finance lease and hire purchase interest (6) (6)
(314) (187)
Dividends on subsidiary company preference (20) (13)
shares
Discounting (11) (12)
on
provisions
(345) (212)
Less 24 55
amounts
capitalised
(321) (157)
Share (28) (26)
of
interest
of
joint
ventures
Share (7) -
of
interest
of
associates
(356) (183)
Other 86 68
interest
receivable
Exchange -Group 112 78
differences
on
net
debt
-Joint ventures 31 16
Net interest and similar items payable (127) (21)
BHP Billiton Plc Group Pro forma Results
notes to the financial information (continued)
5. Tax on profit on ordinary activities 2001 2000
as restated
US$m US$m
UK corporation tax at 30% (2000: 30%) 134 105
Less double taxation relief (127) (100)
South African income tax
Current 114 81
Deferred (44) (25)
Other overseas taxation
Current 155 112
Deferred (20) (23)
Withholding taxes and secondary tax on 46 24
companies
Share of joint ventures' tax charge 23 48
Share of associate's tax charge 3 -
Other - 1
284 223
BHP Billiton Plc Group Pro forma Results
notes to the financial information (continued)
2001 2000
as restated
6 Reconciliation of movements in shareholders' US$m US$m
funds
Profit for the financial period 565 566
Other recognised gains and losses - (7)
Total recognised gains 565 559
Dividends (278) (232)
Issue of ordinary shares for cash 656 -
Share repurchase scheme 194 (2)
Transfer to profit and loss account for year 4 -
(goodwill)
Net movement in shareholders' funds 1,141 325
Shareholders' funds at start of period as 4,759 4,434
restated
Shareholders' funds at end of period 5,900 4,759
BHP Billiton Plc Group Pro forma Results
notes to the financial information (continued)
2001 2000
7 Reconciliation of operating profit to net as restated
cash inflow from operating activities
US$m US$m
Operating profit 913 681
Merger (55) -
transaction
costs
Depreciation 542 385
and
amortisation
Exploration 23 41
charge
Executive 46 10
share
award
costs
Loss 21 2
on
sale
of
fixed
assets
(Increase) (5) (13)
in
stocks
(Increase) (39) 48
/
decrease
in
debtors
(Decrease) (68) (74)
in
creditors
(Decrease) (9) (40)
in
provisions
Net cashflow from Group operating 1,369 1,040
activities
Merger transaction costs paid in the year ended 30 June 2001 amounted to US$24
million.
BHP Billiton Plc Group Pro forma Results
notes to the financial information (continued)
8 Returns on investments and servicing of 2001 2000
finance
US$m US$m
Interest paid (269) (192)
Dividends paid on subsidiary company preference (20) (11)
shares
Interest received 79 60
Other dividends received 25 10
Dividends paid to minorities (31) (12)
Net cashflow from returns on investments and (216) (145)
servicing of finance
BHP Billiton Plc Group Pro forma Results
notes to the financial information (continued)
9 Capital expenditure and financial investment 2001 2000
US$m US$m
Purchases of tangible fixed assets (2,025) (873)
Exploration expenditure (65) (45)
Disposals of tangible fixed assets 42 34
Purchase of investments (374) (42)
Sale of investments 22 30
Cashflow for capital expenditure and financial (2,400) (896)
investment
Included within purchases of tangible fixed assets is US$1,482 million relating
to the purchase of the additional 56 per cent interest in Worsley alumina
refinery and bauxite mine.
BHP Billiton Plc Group Pro forma Results
notes to the financial information (continued)
10 Acquisitions and disposals 2001 2000
US$m US$m
Investment in subsidiaries (1,187) (8)
Sale of subsidiaries 4 -
Cash/(overdraft)acquired with subsidiary 102 -
Cash transferred on disposal (4) -
Investment in joint ventures (418) (34)
Disposal of joint venture 12 8
Net cashflow from acquisitions and disposals (1,491) (34)
BHP Billiton Plc Group Pro forma Results
notes to the financial information (continued)
11 Financing 2001 2000
US$m US$m
Debt (424) (218)
due
within
one
year
-
repayment
of
loans
Debt 763 275
due
within
one
year
-
drawdowns
Debt (378) (38)
due
after
one
year
-
repayment
of
loans
Debt 2,047 619
due
after
one
year
-
drawdowns
Capital (5) (9)
element
of
finance
lease
payments
Subsidiary - 16
company
preference
shares
Net 2,003 645
cash
inflow
from
debt
Share 194 (2)
repurchase
scheme
Issue 656 -
of
shares
Net 2,853 643
cashflow
from
financing
BHP Billiton Plc Group Pro forma Results
notes to the financial information (continued)
Other
At 30 Acquisitions non-cash Exchange At 30
June & June
12 Analysis of net 2000 disposals Cash flow movements movements 2001
debt
US$m US$m US$m US$m US$m US$m
Cash at bank and 297 127 136 - (17) 543
in hand
Overdrafts (96) (29) (125) - - (250)
201 98 11 - (17) 293
Subsidiary company (102) (150) - - 16 (236)
preference shares
Finance lease (38) - 5 - 6 (27)
obligations
Other debt due (363) (365) (339) (28) 40 (1,055)
within one year
Other debt due (1,390) (150) (1,669) 28 76 (3,105)
after one year
(1,893) (665) (2,003) - 138 (4,423)
Money market 509 - (365) - - 144
deposits
Total (1,183) (567) (2,357) - 121 (3,986)
The balance sheet
movement in cash including
money market
deposits is as follows:
Cash at bank and 297 127 136 - (17) 543
in hand
Money market 509 - (365) - - 144
deposits
806 127 (229) - (17) 687
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