| Wed 29 Oct 2003, 8:33 | | RESULTS FOR THE THREE MONTHS Ended 30 SEPTEMBER 20 |
|
BHP BILLITON RESULTS FOR THE THREE MONTHS Ended 30 SEPTEMBER 2003
BHP Billiton Plc
Share Code: BIL
ISIN: GB0000566504
29 October 2003
EBITDA up 9.8% to US$1,397 million and EBIT up 10.8% to US$935 million.
Attributable profit of US$518 million and earnings per share of 8.3 US cents
impacted by adverse movements in exchange rates compared with the corresponding
period.
Record quarterly Western Australian iron ore production and shipments.
Record quarterly aluminium production following early commissioning of the Mozal
2 expansion in Mozambique.
In October 2003, gas production began from the Ohanet wet gas development in
Algeria and first metal produced at the Hillside 3 aluminium smelter expansion
in South Africa, six months ahead of schedule.
Interim dividend of 8.0 US cents per share declared, an increase of 14.3%
compared to the prior year interim dividend.
2003 2002 Change
Three months ended 30 September US$M US$M %
Turnover (1) 4 826 3 922 23.0%
EBITDA (1) (2) (3) 1 397 1 272 9.8%
EBIT (1) (2) (3) 935 844 10.8%
Attributable profit (1) (2) 518 572 -9.4%
Basic earnings per share (US cents) 8.3 9.2 -9.8%
(1) (2)
EBITDA interest coverage (times) (1) 12.8 12.6 1.6%
(2) (3) (4)
(1) Including the Group"s share of joint ventures and associates.
(2) There were no exceptional items in the three months ended 30 September 2003.
Excluding exceptional items in the three months ended 30 September 2002.
(3) EBIT is earnings before interest and tax. EBITDA is EBIT before
depreciation and amortisation of US$462 million and US$428 million for the three
months ended 30 September 2003 and 2002 respectively. We believe that EBIT and
EBITDA provide useful information, butshould not be considered as an indication
of, or alternative to, net profit as an indicator of operating performance or as
an alternative to cash flow as a measure of liquidity.
(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 in
accordance with Australian GAAP are provided on page 12. All references to the
corresponding period are to the three months ended 30 September 2002.
RESULTS FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2003
Commentary on the Group Results
Introduction
During the quarter the Group benefited from solid operating performance with
quarterly EBITDA for the period of US$1,397 million. Attributable profit
excluding exceptional items was US$518 million, 9.4% lower than last year"s
result of US$572 million. Compared with the corresponding period, the financial
results reflect an unfavourable non-cash exchange impact of approximately US$215
million arising mainly from the translation of non US dollar denominated net
monetary liabilities. Excluding this non-cash impact, the results were
significantly stronger than the corresponding period, reflecting generally
higher prices and sales volumes.
Western Australian iron ore production of 22.0 million tonnes (100 per cent
terms) and despatches of 21.5 million tonnes (100 per cent terms) were both
quarterly records, reflecting strong demand in all Asian markets, particularly
China. Quarterly aluminium production was also a record at 282,000 tonnes,
following the early commissioning of the Mozal 2 expansion in Mozambique.
Solid progress with our pipeline of projects continued during the quarter with
first metal being recently cast at the Hillside aluminium smelter expansion in
South Africa. Gas production began in October 2003 at the Ohanet wet gas
development in Algeria.
The Income Statement
Turnover rose by 23.0% to US$4,826 million, mainly due to higher sales volumes
of copper, aluminium, diamonds, iron ore and metallurgical coal and higher
prices for copper, nickel, chrome, petroleum products, aluminium, iron ore, hot
briquetted iron, energy coal, manganese, diamonds and alumina. In addition,
sales of third party products increased by US$405 million to US$1,045 million.
These factors were partly offset by lower sales volumes of petroleum products
and titanium feedstock products.
Earnings before interest, tax, depreciation and amortisation (EBITDA) increased
by 9.8% to US$1,397 million from US$1,272 million in the corresponding period.
Earnings before interest and tax (EBIT) were US$935 million compared with US$844
million in the corresponding period, an increase of 10.8%. This increase was
due mainly to generally higher commodity prices. Offsetting factors were
exchange rate impacts, inflationary pressures, higher exploration expense and
increased price-linked costs. Please refer to pages 5 and 6 for further
analysis of the factors affecting turnover and EBIT.
Net interest on borrowings and cash was marginally higher at US$109 million
compared to US$101 million in the corresponding period.
Exchange losses on net debt were US$28 million compared with gains of US$31
million in the corresponding period, mainly in relation to the translation of
rand denominated debt of companies which account in US dollars as their
functional currency. The rand appreciated by 5% during the current period
compared with depreciation of 2% in the corresponding period.
The tax charge was US$285 million, representing an effective rate of 35.1%,
compared with 24.8% in the corresponding period. Excluding the impacts on tax
of non tax-effected foreign currency adjustments, translation of tax balances
and other functional currency translation adjustments, the effective rate was
29.3%, compared with 33.2% in the corresponding period.
Attributable profit in the current period was US$518 million, a decrease of 9.4%
from US$572 million in the corresponding period. This was mainly attributable
to the unfavourable effect on interest and tax expense from the movement in the
rand/US$ period-end exchange rates, partly offset by the higher EBIT in the
current period.
Basic earnings per share was 8.3 US cents per share against 9.2 US cents per
share in the corresponding period, a reduction of 9.8%, which reflected the
reduction in attributable profit.
Dividend
An interim dividend of 8.0 US cents per share will be paid to BHP Billiton
Limited and BHP Billiton Plc shareholders on 3 December 2003, an increase of
14.3% on the interim dividend of 7.0 US cents per share, paid in December 2002.
The final dividend for the year ended 30 June 2003, paid in July 2003, was 7.5
US cents per share. 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 - 27 October 2003
Last day to trade Johannesburg Stock Exchange (JSE) - 7 November 2003
Ex-dividend Australian Stock Exchange (ASX) - 10 November 2003
Ex-dividend Johannesburg Stock Exchange (JSE) - 10 November 2003
Ex-dividend London Stock Exchange (LSE) - 12 November 2003
Record - 14 November 2003
Ex-dividend Euronext Paris - 17 November 2003
American Depositary Shares (ADSs) each represent two fully paid ordinary shares
and receive dividends accordingly. The record date for BHP Billiton Limited
ADSs is 13 November 2003 and for BHP Billiton Plc ADSs is 14 November 2003.
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 10 November 2003 and 14 November 2003.
The following table details the exchange rates applicable for conversion of the
dividend payable on 3 December 2003:
Exchange Dividend per
Dividend 8.0 US Rate ordinary
cents Share in local
currency
Australian cents 0.701358 11.41
British pence 1.694498 4.72
South African 6.925780 55.41
cents
New Zealand cents 0.609600 13.12
Canadian cents 1.307300 10.46
Outlook
For the September quarter, product demand and economic activity in China has
remained buoyant and the US and Japanese economies recorded gains. Activity in
Europe continues to be weak.
In general, leading indicators of industrial production are rising, led by
easier credit conditions, stronger equity markets and rising orders for
manufactured goods, while in the major economies, housing and construction
remain strong. The positive expectations this generates for product demand have
been reflected in stronger commodity markets. For many commodities, stronger
economic growth to date has been sufficient to drive down inventories and raise
prices. The weak US dollar has also had the impact of pushing up the US
dollar denominated commodity prices.
The diversity of our portfolio, and in particular the exposure we have to the
stronger Asian economies, leaves us well placed to benefit from the improving
global outlook, and the strength of our cash flows gives us the ability to
respond to opportunities as and when they arise.
TRADING REVIEW
EBIT
The following table details the approximate impact of major factors affecting
EBIT (excluding exceptional items) for the three months ended 30 September 2003
compared with the corresponding period.
US$M
EBIT for the three months ended 30 844
September 2002
Change in volumes 15
Change in sales prices 370
Price-linked costs (15)
Inflation on costs (50)
Costs -
New and acquired operations -
Exchange rates (190)
Ceased, sold and discontinuing operations (5)
Asset sales 10
Exploration (30)
Other items (14)
EBIT for the three months ended 30 935
September 2003
Volumes
Higher sales volumes of copper, aluminium, diamonds, iron ore and metallurgical
coal increased EBIT by approximately US$85 million. This increase was partly
offset by lower sales volumes of petroleum products and titanium feedstock
products, resulting in a positive net volume impact on EBIT of approximately
US$15 million.
Prices
Higher realised prices for copper, nickel, chrome, petroleum products,
aluminium, iron ore, hot briquetted iron, energy coal, manganese, diamonds and
alumina increased turnover by approximately US$370 million.
Costs
The Group"s cost reduction initiatives lowered costs by approximately US$100
million. These reductions were offset by costs associated with the planned
major maintenance program undertaken at Samancor Chrome (South Africa) and
higher depreciation from the start-up of the Phase IV expansion project at
Escondida (Chile). In addition, higher costs associated with an electrical
outage at Alumar (Brazil) in July 2003 had an unfavourable impact on operating
costs.
Increases in price-linked costs depressed EBIT by approximately US$15 million,
mainly due to higher nickel ore supply costs to the QNI Yabulu refinery
(Australia) and higher royalties and taxes for petroleum products.
Inflationary pressures, principally in South Africa and Australia, increased
costs by approximately US$50 million.
Ceased, sold and discontinuing operations
The corresponding period included EBIT of approximately US$5 million mainly
from the Alumbrera mine (Argentina), divested effective April 2003.
Asset sales
Sales of interests in junior exploration companies in September 2003, had a
favourable impact on EBIT of approximately US$10 million.
Exchange rates
The impact of stronger A$/US$ and rand/US$ exchange rates on operating costs had
an unfavourable impact on EBIT of approximately US$200 million. The conversion
of rand and A$ denominated net monetary liabilities at balance sheet date also
had an unfavourable impact on operating costs (approximately US$60 million).
This was partly offset by gains on legacy A$/US$ currency hedging of
approximately US$10 million in the current quarter, a favourable impact of
approximately US$70 million when compared to losses of approximately US$60
million in the corresponding period.
Exploration
Exploration expense was up by approximately US$30 million. The capitalisation
rate in the current quarter of 30.4% was similar to the September 2002 quarter
of 33.3%, however, gross exploration spending in the current quarter was US$92
million compared with US$51 million in the corresponding period.
CONSOLIDATED PROFIT AND LOSS ACCOUNT
(prepared in accordance with UK GAAP)
Three months ended 30 2003 2002
September
US $ millions
Excluding Exce Excludi
Exception ptio ng Excepti
al nal Total Excepti onal Total
Items Item onal Items
s Items
Turnover (including
share of joint ventures
and associates)
- Group production 3 781 - 3 781 3 282 - 3 282
- Third party products 1 045 - 1 045 640 - 640
4 826 - 4 826 3 922 - 3 922
Less: share of joint (486) - (486) (478) - (478)
ventures and associates"
turnover included above
Group turnover 4 340 - 4 340 3 444 - 3 444
Net operating costs (3 074) - (3 074) (2 305) - (2 305)
(excluding depreciation
and amortisation)
Depreciation and (424) - (424) (386) - (386)
amortisation (b)
Group operating profit 842 - 842 753 - 753
Share of operating 75 - 75 85 - 85
profit of joint ventures
and associates
Operating profit 917 - 917 838 - 838
(including share of
operating profit of
joint ventures and
associates)
Comprising:
- Group production 904 - 904 831 - 831
- Third party products 13 - 13 7 - 7
917 - 917 838 - 838
Income from other fixed 5 - 5 3 3
asset investments
Profit on sale of fixed 13 - 13 3 - 3
assets
Loss on sale of - - - - (19) (19)
discontinued operations
Profit/(loss) before net 935 - 935 844 (19) 825
interest and similar
items payable, and
taxation (EBIT) (a)
Net interest and similar
items payable
- Group (97) - (97) (49) - (49)
- Joint ventures and (26) - (26) (18) - (18)
associates
Profit/(loss) before 812 - 812 777 (19) 758
taxation
Taxation (285) - (285) (193) - (193)
Profit /(loss) after 527 - 527 584 (19) 565
taxation
Equity minority (9) - (9) (12) - (12)
interests
Attributable 518 - 518 572 (19) 553
profit/(loss)
Share of depreciation (38) - (38) (42) - (42)
and amortisation of
joint ventures and
associates (c)
EBITDA ((a) + (b) + (c)) 1 397 - 1 397 1 272 (19) 1 253
Earnings per ordinary 8.3 - 8.3 9.2 (0.3) 8.9
share (basic) (US cents)
Earnings per ordinary 8.3 - 8.3 9.2 (0.3) 8.9
share (diluted) (US
cents)
Under the terms of the DLC merger, the rights to dividends of a holder of an
ordinary share in BHP Billiton Plc and a holder of an ordinary share in BHP
Billiton Limited are identical. Consequently, earnings per share has been
calculated on the basis of the aggregate number of ordinary shares ranking for
dividend. The weighted average number of shares used for the purposes of
calculating basic earnings per share is calculated after deduction of the shares
held by the share repurchase scheme and the Group"s employee share ownership
trusts.
The calculation of basic earnings per ordinary share is based on earnings after
tax and minority interests of US$518 million (30 September 2002: US$553 million)
and the weighted average number of ordinary shares outstanding of 6,213 million
(30 September 2002: 6,196 million). The calculation of diluted earnings per
share is based on earnings after tax and minority interest of US$518 million (30
September 2002: US$553 million) and the weighted average number of shares
outstanding of 6,235 million (30 September 2002: 6,207 million). The exceptional
loss of US$19 million upon sale of the 6% interest in BHP Steel for US$75
million in July 2002 reduced basic and diluted earnings per share by 0.3 US
cents for the three months ended 30 September 2002.
The financial information has been prepared using the same accounting policies
as were used in preparing the results for the BHP Billiton Group as presented in
the BHP Billiton Plc financial statements for the year ended 30 June 2003.
CUSTOMER SECTOR GROUP SUMMARY
The following table provides a summary of the Customer Sector Group results for
the three months ended 30 September 2003 and the corresponding period (before
exceptional items).
Three months Turnover (1) (2) EBIT (2)
ended 30
September (US$
Million)
2003 2002 Change % 2003 2002 Change %
Petroleum 896 817 9.7 291 384 -24.2
Aluminium 964 777 24.1 150 135 11.1
Base Metals 553 389 42.2 95 16 493.8
Carbon Steel 1 054 851 23.9 275 267 3.0
Materials
Diamonds and 352 333 5.7 61 70 -12.9
Specialty
Products
Energy Coal 584 428 36.4 41 68 -39.7
Stainless Steel 320 220 45.5 61 23 165.2
Materials
Group and 305 185 64.9 (39) (119) 67.2
Unallocated
Items
BHP Billiton 4 826 3 922 23.0 935 844 10.8
Group
(1) BHP Billiton Group turnover is stated after the elimination of intersegment
transactions.
(2) Turnover and EBIT include trading activities comprising the sale of third
party product.
An explanation of the factors influencing EBIT, including joint ventures and
associates, by Customer Sector Group, is as follows:
Petroleum
Petroleum contributed EBIT of US$291 million, down from US$384 million, a
decrease of 24.2% compared with the corresponding period.
The decrease in EBIT was largely due to lower sales volumes due to the timing
of oil shipments in the corresponding period and lower oil and condensate
production in the current period. Sales of oil and condensate for the current
quarter of 15.5 million barrels were in line with production levels, whereas
sales in the corresponding period of 20.6 million barrels were 2.0 million
barrels higher than production.
Overall, production of petroleum products on a barrel of oil equivalent basis
declined by 3% from 33.1 million barrels to 32.1 million barrels, with oil and
condensate production declining by 16% from 18.6 million barrels to 15.5 million
barrels. This was, as expected, due to natural field decline at Laminaria
(Australia), Bass Strait (Australia) and Griffin (Australia). Natural field
decline was partly offset by higher production from Liverpool Bay (UK) due to a
maintenance shutdown in the corresponding period. Natural gas production
(including LNG) increased by 19% from 71.9 billion standard cubic feet to 85.2
billion standard cubic feet. This was due to the successful commissioning of
the Zamzama (Pakistan) Phase 1 project in July 2003, plus the increased
production from Liverpool Bay.
Exploration expenditure of US$76 million was US$39 million higher than the
corresponding period, resulting in a higher level of exploration charged to
profit (US$50 million in the current period compared to US$21 million in the
corresponding period). The conversion of A$ denominated net monetary
liabilities, mainly resource rent tax, also had an unfavourable impact on EBIT.
The A$ appreciated 2% during the current period in relation to the US$, compared
with depreciation of 4% in the corresponding period. In addition, resource rent
tax expense was impacted by amounts under-provided in prior periods of US$15
million.
These factors were partly offset by higher sales prices in the current period
compared to the corresponding period. The average realised oil price was
US$28.63 per barrel compared to US$26.97 per barrel in the corresponding period
and the average realised natural gas price was US$2.18 per thousand standard
cubic feet compared to US$1.90 per thousand standard cubic feet in the
corresponding period.
Aluminium
Aluminium contributed EBIT of US$150 million, up from US$135 million, an
increase of 11.1% compared with the corresponding period.
The increase in EBIT was mainly attributable to an increase in the average
aluminium LME price of US$1,436 per tonne in the current period, compared to
US$1,311 per tonne in the corresponding period. Higher sales volumes from Mozal
due to full commissioning of the Mozal 2 expansion project in August 2003,
together with higher sales from Hillside and Bayside (South Africa), which were
mainly due to timing of shipments, also had a favourable impact on EBIT.
These factors were partially offset by the unfavourable impact of strengthening
rand/US$ and A$/US$ average exchange rates on operating costs, inflationary
pressure on South African and Brazilian costs, higher LME price-linked costs and
additional costs associated with the electrical outage at the Alumar smelter in
July 2003.
Base Metals
Base Metals contributed EBIT of US$95 million, up from US$16 million, an
increase of US$79 million compared with the corresponding period.
The increase in EBIT was mainly attributable to the higher average realised
copper price at US$0.83 per pound for the quarter ended 30 September 2003,
compared to US$0.65 per pound in the corresponding period. Higher prices for
silver, lead and zinc also had a favourable impact on EBIT compared with the
corresponding period. Copper volumes sold were higher in the current year,
primarily due to increased production from Escondida as a result of the Phase IV
expansion project, which was completed in October 2002, partly offset by
processing a lower quantity of material at Antamina (Peru) while access to ore
is restricted to the flanks of the deposit. This situation at Antamina is
likely to continue for the next six to nine months.
These factors were partially offset by lower silver and lead sales volumes at
Cannington (Australia) and higher depreciation charges associated with the Phase
IV expansion project at Escondida.
Carbon Steel Materials
Carbon Steel Materials contributed EBIT of US$275 million, up from US$267
million, an increase of 3.0% compared with the corresponding period.
The increase in EBIT was mainly attributable to higher iron ore prices following
contract settlements announced in May 2003, and stronger prices for hot
briquetted iron and manganese alloys. Improved cost performance at Western
Australian iron ore operations due to higher production, continuing improvements
in the operating performance of Boodarie Iron (Australia), together with
increased shipments of Western Australian iron ore in response to continued
strong customer demand, also had a favourable impact on EBIT.
These factors were partially offset by the unfavourable impact of stronger
A$/US$ and rand/US$ average exchange rates on operating costs compared with the
corresponding period.
Diamonds and Specialty Products
Diamonds and Specialty Products contributed EBIT of US$61 million, down from
US$70 million, a decrease of 12.9% compared with the corresponding period.
The decrease in EBIT was mainly attributable to materially lower volumes from
our titanium feedstock business in response to the weak market conditions and
the unfavourable impact of the stronger rand/US$ average exchange rate on
operating costs.
These factors were partially offset by increased diamond production, up 63% from
the corresponding period, due to operational efficiencies and mining a pocket of
high-grade ore in the current quarter.
Energy Coal
Energy Coal contributed EBIT of US$41 million, down from US$68 million, a
decrease of 39.7% compared with the corresponding period.
The decrease in EBIT was primarily due to the unfavourable impact of stronger
rand/US$ and A$/US$ average exchange rates on operating costs, and the
conversion of rand and A$ denominated net monetary liabilities at balance date.
In addition, lower export tonnage availability from Ingwe, down to 38% in the
current quarter had an unfavourable impact on EBIT. This was mainly due to lower
availability from Koornfontein following an accident at that mine and subsequent
safety interventions, during the September 2003 quarter, and timing of
shipments. Inflationary pressures in South Africa and Colombia also impacted
EBIT negatively.
These adverse movements were partially offset by stronger export prices. Cost
savings at Cerrejon Coal (Colombia) due to integration synergies and business
improvement programs also had a favourable impact on EBIT as did increases in
volumes at Hunter Valley (Australia), as the Mount Arthur North expansion
continues, in Colombia, in response to strong Atlantic demand and in New Mexico
(US), driven by strong seasonal demand.
Stainless Steel Materials
Stainless Steel Materials contributed EBIT of US$61 million, up from US$23
million, an increase of US$38 million compared with the corresponding period.
The increase in EBIT was driven by higher realised prices for ferrochrome, up
57% on the corresponding period, and higher realised prices for nickel, up 31%
from US$3.16 per pound to US$4.14 per pound. Benefits from ongoing improvement
programs at both Cerro Matoso (Colombia) and QNI Yabulu refinery also had a
favourable impact on EBIT.
These factors were partially offset by the unfavourable impact of stronger
rand/US$ and A$/US$ average exchange rates on operating costs, together with
lower production levels at Samancor Chrome mainly attributable to the planned
major maintenance program, which coincided with the high winter electricity
tariff period. Higher price-linked nickel ore supply costs to the QNI Yabulu
refinery and the unfavourable impact of inflationary pressures on costs in South
Africa, also adversely affected EBIT.
Group and Unallocated Items
The net costs of Group and Unallocated Items, excluding gains and losses from
legacy A$/US$ currency hedging and other exchange impacts, were US$53 million
compared with US$68 million in the corresponding period.
Gains on legacy A$/US$ currency hedging were US$12 million during the current
quarter, compared with losses of US$62 million in the corresponding period.
BHP BILLITON GROUP
STATEMENT OF FINANCIAL PERFORMANCE
(prepared in accordance with Australian GAAP)
Three months ended 30 September 2003 2002
US$M US$M
Revenue from ordinary activities
Sales 4 340 3 457
Other revenue 80 144
4 420 3 601
Profit from ordinary activities before
Depreciation, amortisation and borrowing 1 334 1 192
costs
Deduct: Depreciation and amortisation 435 397
Borrowing costs 116 70
Profit from ordinary activities before tax 783 725
Deduct: Tax expense attributable to 267 170
ordinary activities
Net profit 516 555
Outside equity interests in net profit (9) (13)
Net profit attributable to members of the BHP 507 542
Billiton Group
Basic earnings per fully paid ordinary share 8.2 8.7
(US cents)
Basis of Preparation
The results of the BHP Billiton Group, comprising BHP Billiton Limited and BHP
Billiton Plc and their respective subsidiaries, for the three months ended 30
September 2003, 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.
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 2003.
The above financial results are unaudited.
Forward-looking statements
Certain statements contained in this release, including statements in the
section entitled `Outlook", may constitute "forward-looking statements" within
the meaning of the US Private Securities Litigation Reform Act of 1995. We
undertake no obligation to revise the forward-looking statements included in
this release to reflect any future events or circumstances. Our actual results,
performance or achievements could differ materially from the results expressed
in, or implied by, these forward-looking statements. Factors that could cause or
contribute to such differences are discussed in the sections entitled `Risk
Factors" and `Operating and Financial Review and Prospects-General factors
affecting our operating results" included in our annual report on Form 20-F for
the fiscal year ended 30 June 2003, which we filed with the US Securities and
Exchange Commission (SEC) on 23 October 2003 and is available on the SEC"s
website at "www.sec.gov".
Further information on BHP Billiton can be found on our Internet site:
http://www.bhpbilliton.com
Australia
Andrew Nairn, Investor Relations
Tel: +61 3 9609 3952 Mobile: +61 408 313 259
email: Andrew.Nairn@bhpbilliton.com
Tania Price, Media Relations
Tel: +61 3 9609 3815 Mobile: +61 419 152 780
email: Tania.Price@bhpbilliton.com
United Kingdom
Mark Lidiard, Investor & Media Relations
Tel: +44 20 7802 4156
email: Mark.Lidiard@bhpbilliton.com
Ariane Gentil, Media Relations
Tel: +44 20 7802 4177
email: Ariane.Gentil@bhpbilliton.com
United States
Francis McAllister, Investor Relations
Tel: +1 713 961 8625 Mobile: +1 713 480 3699
email: Francis.R.McAllister@bhpbilliton.com
South Africa
Michael Campbell, Investor & Media Relations
Tel: +27 11 376 3360 Mobile: +27 82 458 2587
email: Michael.J.Campbell@bhpbilliton.com
Date: 29/10/2003 08:05:31 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
