The Broken Hill Proprietary Company Limited
1999/2000 FINANCIAL RESULTS
4 September 2000
The following additional information is provided in relation to the results for the thirteen months ended 30 June 2000. This information should be considered in conjunction with the information released on 27 July 2000.
Profit and loss
statement for the financial period ended (a) |
30
June |
31May |
|
$m |
$m |
||
Operating revenue | |||
Sales | 21 506 | 19 229 | |
Interest revenue | 96 | 175 | |
Other revenue | 2 081 | 2 517 | |
23 683 | 21 921 | ||
Operating profit including abnormal items, before depreciation, amortisation and borrowing costs | 4 725 |
805 |
|
Deduct | |||
Depreciation and amortisation | 2 292 | 2 218 | |
Borrowing costs (1) | 723 | 732 | |
* Operating profit/(loss) before income tax | 1 710 | (2 145) | |
Deduct | |||
** Income tax expense including abnormal items attributable to operating profit/(loss) | 117 |
164 |
|
Operating profit/(loss) after income tax | 1 593 | (2 309) | |
Outside equity interests in operating loss/(profit) after income tax | 34 | (3) | |
Operating profit/(loss) after income tax, attributable to members of the BHP Entity | 1 627 |
(2 312) |
|
Retained profits at the beginning of the financial period | 1 826 | 4 826 | |
Adjustment for
initial adoption of revised accounting standard AASB 1016: Accounting for Investments in Associates |
250 |
- |
|
Total available for appropriation | 3 703 | 2 514 | |
(deduct)/add | |||
Dividends provided for or paid | (903) | (766) | |
Aggregate of amounts transferred from reserves | 41 | 78 | |
Retained profits at the end of the financial period | 2 841 | 1 826 | |
The operating
profit/(loss) after income tax, attributable to members of the BHP Entity comprises: |
|||
* Operating profit before abnormal items and income tax | 2 965 | 934 | |
**Income tax expense attributable to operating profit before abnormal items | (967) | (566) | |
Operating profit after income tax before abnormal items | 1998 | 368 | |
Outside equity interests in
operating loss/(profit) after income tax before abnormal items |
34 | (3) | |
Operating profit after income tax, before abnormal items, attributable to members of the BHP Entity | 2 032 | 365 | |
* Abnormal items included in operating profit/(loss) before income tax | (1 255) | (3 079) | |
**Abnormal income tax benefit | 850 | 402 | |
Abnormal items after income tax | (405) | (2677) | |
Operating profit/(loss) after
income tax, attributable to members of the BHP Entity |
1627 |
(2312) |
|
(1) Excludes capitalised interest of | 19 | 194 |
(a) 30 June 2000 refers to the thirteen months ended 30 June 2000. 31 May refers to the
year ended 31 May. Refer "Change of financial year" on page 12.
Balance sheet
as at (a)
30
June |
31
May |
30
Nov |
||
Assets | $m |
$m |
$m |
|
Current assets | ||||
Cash | 684 | 460 | 464 | |
Receivables | 2 629 | 2 661 | 2 634 | |
Investments | 359 | 273 | 481 | |
Inventories | 2 138 | 2 262 | 2 239 | |
Other | 271 | 196 | 228 | |
Total current assets | 6 081 | 5 852 | 6 046 | |
Non-current assets | ||||
Receivables | 189 | 323 | 189 | |
Investments | 1 131 | 483 | 683 | |
Inventories | 159 | 187 | 172 | |
Property, plant and equipment | 17 567 | 20 465 | 19 839 | |
Exploration, evaluation and development | 2 019 | 2 166 | 2 115 | |
Intangibles | 130 | 175 | 168 | |
Other1 | 2 068 | 1 836 | 1 704 | |
Total non-current assets | 23 263 | 25 635 | 24 870 | |
Total assets | 29 344 | 31 487 | 30 916 | |
Liabilities | ||||
Current liabilities | ||||
Accounts payable | 2 566 | 2 635 | 2 308 | |
Borrowings | 2 530 | 1 381 | 1 918 | |
Provisions | 1 727 | 2 178 | 1 564 | |
Total current liabilities | 6 823 | 6 194 | 5 790 | |
Non-current liabilities | ||||
Accounts payable | 45 | 156 | 76 | |
Borrowings | 5 868 | 9 990 | 9 010 | |
Provisions | 5 603 | 5 786 | 5 526 | |
Total non-current liabilities | 11 516 | 15 932 | 14 612 | |
Total liabilities | 18 339 | 22 126 | 20 402 | |
Net assets | 11 005 | 9 361 | 10 514 | |
Shareholders' equity | ||||
Shareholders' equity attributable to members of the BHP Entity | ||||
Share capital | 7 093 | 6 533 | 6 944 | |
Reserves | 419 | 287 | 309 | |
Retained profits | 2 841 | 1 826 | 2 590 | |
10 353 | 8 646 | 9 843 | ||
Shareholders' equity attributable to outside equity interests | 652 | 715 | 671 | |
Total shareholders' equity | 11 005 | 9 361 | 10 514 | |
1 "Other" comprises the following amounts:- | ||||
- future income tax benefits | 1 268 | 1 110 | 958 | |
- deferred charges, prepayments and other | 800 | 726 | 746 | |
(a) Refer "Change of financial year" on
page 12.
Statement of cash flows
for the financial period ended (a)
30 June |
31 May |
||
$m |
$m |
||
Cash flows related to operating activities | |||
Receipts from customers | 20 959 | 19 331 | |
Payments to suppliers, employees, etc | (16 210) | (15 248) | |
Dividends received | 46 | 20 | |
Interest received | 91 | 221 | |
Borrowing costs | (916) | (1 087) | |
Proceeds from gas sales contract price re-negotiation | 231 | 708 | |
Other | 337 | 348 | |
Operating cash flows before income tax | 4 538 | 4 293 | |
Income taxes paid | (600) | (708) | |
Net operating cash flows | 3 938 | 3 585 | |
Cash flows related to investing activities | |||
Purchases of property, plant and equipment | (1 102) | (2 608) | |
Exploration expenditure | (373) | (643) | |
Purchases of investments | (438) | (137) | |
Purchases of, or increased investment in, controlled entities | |||
net of their cash | - | (75) | |
Investing outflows | (1 913) | (3 463) | |
Proceeds from sale of property, plant and equipment | 741 | 548 | |
Proceeds from sale or redemption of investments | 242 | 361 | |
Proceeds from sale or partial sale of controlled entities | |||
and joint venture interests net of their cash | 698 | 1 290 | |
Net investing cash flows | (232) | (1 264) | |
Cash flows related to financing activities | |||
Proceeds from ordinary share issues, etc | 275 | 149 | |
Borrowings | 1 658 | 2 018 | |
Repayment of borrowings | (4 867) | (4 310) | |
Dividends paid | (498) | (520) | |
Other | 82 | (14) | |
Net financing cash flows | (3 350) | (2 677) | |
Net increase/(decrease) in cash and cash equivalents | 356 | (356) | |
Cash and cash equivalents at beginning of period | 573 | 949 | |
Effect of foreign currency exchange rate changes on cash and cash equivalents | 8 | (20) | |
Cash and cash equivalents at end of period | 937 | 573 | |
(a) 30 June 2000 refers to the thirteen months ended 30
June 2000. 31 May refers to the year ended 31 May. Refer "Change of financial
year" on page 12.
Statement of cash flows (continued)
2000 |
1999 |
||
Reconciliation of cash Cash and cash equivalents comprise: |
$m |
$m |
|
Cash | 684 | 460 | |
Short term deposits | 355 | 270 | |
Bank overdrafts | (102) | (157) | |
Total cash and cash equivalents | 937 | 573 | |
Non-cash financing and
investing activities Shares issued: |
|||
Bonus Share Plan | 61 | 107 | |
Dividend Investment Plan | 341 | 279 | |
Other: | |||
Employee Share Plan loan instalments | 28 | 36 |
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 November
1999 half yearly dividend. Since that 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 Company, by the application of dividends.
Control gained over entities having material effect
No major acquisitions.
Loss of control over entities having material effect
No material disposals.
Franking credits
The BHP Group had a franking account balance of $24 million
at 36 cents in the dollar available at 30 June 2000. The extent to which future dividends
will be franked is uncertain, but the current outlook is for no franking of dividends for
at least the next twelve months. (The BHP Group had a franking account balance of $230
million available at 31 May 1999. An amount of $453 million was used as a result of the 2
June 1999 dividend payment.)
Income tax
2000 |
1999 |
|
$m |
$m |
|
Income tax arising from items
taken to operating profit The prima facie tax on operating profit before abnormal items differs from the income tax provided in the accounts and is calculated as follows: |
||
Operating profit before abnormal items and income tax | 2 965 |
934 |
Prima facie tax calculated at 36 cents in the dollar on operating profit before abnormal items | 1 067 |
336 |
deduct tax effect of | ||
Investment and development allowance | 56 |
39 |
Rebate for dividends | 2 |
2 |
Amounts over provided in prior years | 103 |
100 |
Recognition of prior year tax losses | 187 |
85 |
Overseas tax rate change | - |
5 |
Research and development incentive | 1 |
9 |
718 |
96 |
|
add/(deduct) tax effect of | ||
Non-deductible accounting depreciation and amortisation | 60 |
67 |
Non-deductible dividends on redeemable preference shares | 67 |
65 |
Non tax effected operating losses | 28 |
213 |
Foreign expenditure including exploration not presently deductible | 66 |
134 |
Foreign exchange/other | 28 |
(9) |
Income tax attributable to operating profit before abnormal items | 967 |
566 |
deduct tax effect of abnormal items | 850 |
402 |
Income tax attributable to operating profit | 117 |
164 |
Exploration, evaluation and development expenditure
capitalised
2000 | 1999 | |
$m | $m | |
Exploration, evaluation and development expenditure | ||
- not yet in production | 598 |
616 |
- in production | 1 421 |
1550 |
Total exploration, evaluation and development expenditure capitalised | 2 019 |
2166 |
Details of exploration, evaluation and development expenditure not yet in production: | ||||
In exploration and/or evaluation stage |
In development stage |
|||
2000 |
1999 |
2000 |
1999 |
|
$m |
$m |
$m |
$m |
|
Opening balance | 486 | 465 | 130 | 313 |
Expenditure incurred during the period | 373 | 630 | 43 | 27 |
Expenditure expensed during the period | (309) | (475) | - | - |
Transferred from evaluation to development | (146) | (25) | 146 | 25 |
Transferred to production | 9 | - | (92) | (226) |
Disposals | (46) | (42) | - | (1) |
Depreciation | (13) | (35) | (4) | - |
Exchange fluctuations and other movements | 21 | (32) | - | (8) |
Closing balance | 375 | 486 | 223 | 130 |
Depreciation and amortisation
2000 |
1999 |
|
$m |
$m |
|
Depreciation relates to | ||
Buildings | 132 |
123 |
Plant, machinery and equipment | 1 857 |
1 780 |
Mineral rights | 69 |
61 |
Exploration, evaluation and development expenditures carried forward | 213 |
213 |
Capitalised leased assets | 4 |
8 |
Total depreciation | 2 275 |
2 185 |
Amortisation (a)(b) | 17 |
33 |
Total depreciation and amortisation | 2 292 |
2 218 |
2000 |
||||
Before tax |
Related Tax |
Related outside equity interests |
Amount (after tax) attributable to members |
|
(a) Amortisation relates to | ||||
Amortisation of goodwill | 16 |
- |
- |
16 |
Amortisation of other intangibles | 1 |
- |
- |
1 |
Total amortisation | 17 |
- |
- |
17 |
2000 |
1999 |
||
$m |
$m |
||
(b) Operating profit/(loss) restated to exclude amortisation of goodwill | |||
Operating profit/(loss) after tax before outside equity interests | 1 593 | (2 309) | |
add amortisation of goodwill | 16 | 31 | |
Operating profit/(loss) after tax before outside equity interests and amortisation of goodwill | 1 609 |
(2 278) |
|
add/(deduct) outside equity interests | 34 | (3) | |
Operating profit/(loss) after tax
(before amortisation of goodwill) attributable to members of the BHP Entity |
1 643 |
(2 281) |
|
Segment results
Industry classification
$m |
||||||
Profit after |
Abnormal |
Profit after |
Gross segment assets |
External operating revenue |
Intersegment |
|
Industry classification | 2000 |
|||||
Minerals | 1 224 | (744) | 480 | 11 917 | 8 860 | 356 |
Steel (b) | 410 | (159) | 251 | 7 673 | 8 569 | 27 |
Petroleum | 1 155 | 171 | 1 326 | 7 401 | 5 625 | 14 |
Services | 73 | 42 | 115 | 553 | 824 | 1 271 |
Net unallocated interest |
(512) | (3) | (515) | 65 | ||
Group and
unallocated items (c) |
(352) | 288 | (64) | 1 800 | (260) | 7 |
BHP Group | 1 998 | (405) | 1 593 | 29 344 | 23 683 | 1 675 |
1999 (d) |
||||||
Minerals | 678 |
(2 649) | (1 971) | 13 187 | 9 730 | 498 |
Steel (b) | 268 |
(105) | 163 | 8 673 | 8 158 | 26 |
Petroleum | 321 |
(89) | 232 | 7 826 | 3 203 | 10 |
Services | 97 |
173 | 270 | 756 | 1 267 | 1 500 |
Net unallocated interest |
(449) | - | (449) | 111 | ||
Group and unallocated items (c) |
(547) |
(7) | (554) | 1 045 | (548) | 3 |
BHP Group | 368 |
(2 677) | (2 309) | 31 487 | 21 921 | 2 037 |
(a) Operating profit after income tax is before
deducting outside equity interests.
(b) Includes the OneSteel business, to be spun-out in the second half of calendar 2000
year.
(c) Includes consolidation adjustments.
(d) Comparative figures have been restated to reflect the transfer of internal currency
hedging results from Minerals, Steel and Petroleum to Group and unallocated items where
they now eliminate.
Segment results
Geographical classification
$m |
|||||||
Profit after |
Abnormal |
Profit
after |
Gross segment assets |
External operating revenue |
Intersegment |
||
Geographical classification | 2000 |
||||||
Australia | 1 466 | (323) | 1 143 | 17 358 | 14 573 | 263 | |
North America | 301 | (228) | 73 | 2 531 | 3 299 | - | |
United Kingdom | 226 | - | 226 | 2 225 | 968 | - | |
South America | 389 | 69 | 458 | 4 150 | 1 986 | 1 | |
Papua New Guinea | (9) | 80 | 71 | 979 | 1 161 | - | |
New Zealand | 59 | - | 59 | 602 | 682 | - | |
South East Asia | 22 | - | 22 | 1 030 | 704 | - | |
Other countries | 56 | - | 56 | 469 | 245 | - | |
2 510 | (402) | 2 108 | 29 344 | 23 618 | 264 | ||
Net unallocated interest |
(512) |
(3) |
(515) |
65 |
|||
BHP Group | 1 998 | (405) | 1 593 | 29 344 | 23 683 | 264 |
1999 |
||||||
Australia | 933 | (96) | 837 | 19 225 | 14 043 | 199 |
North America | (236) | (2 013) | (2 249) | 3 135 | 2 889 | 27 |
United Kingdom | 71 | (75) | (4) | 2 575 | 594 | 5 |
South America | 190 | (91) | 99 | 3 394 | 1 558 | 33 |
Papua New Guinea | 65 | - | 65 | 1 100 | 859 | - |
New Zealand | 15 | (105) | (90) | 697 | 836 | 1 |
South East Asia | (29) | 70 | 41 | 930 | 786 | - |
Other countries | (192) | (367) | (559) | 431 | 245 | - |
817 | (2 677) | (1 860) | 31 487 | 21 810 | 265 | |
Net unallocated interest |
(449) |
- |
(449) |
111 |
||
BHP Group | 368 | (2 677) | (2 309) | 31487 | 21921 | 265 |
(a) Operating profit after income tax is before deducting outside equity interests.
Issued and quoted securities at end of financial period
Number on issue |
Of which quoted |
Paid-up value cents |
|
Ordinary shares | 1,781,493,241 | 1,781,493,241 | 100 |
Fully paid | 6,286,500 | 6,286,500 | 1 |
Partly paid | 415,000 | 415,000 | 5 |
Partly paid | |||
of which issued during period | |||
Dividend Investment plan | 21,234,886 | 21,234,886 | 100 |
Bonus Share Plan | 3,718,755 | 3,718,755 | 100 |
ESP Options exercised | 9,309,031 | 9,309,031 | 100 |
Performance Rights exercised | 75,000 | 75,000 | 100 |
Options and Performance Rights
Options
and |
||||||||||
Month of issue |
Number |
Number of recipients |
Number exercised |
Shares issued on exercise (1) |
Number lapsed |
Balance date |
Date of Directors’ |
Exercise price |
Exercise |
|
Employee Share Plan | ||||||||||
April 2000 | 30 000 |
3 |
- |
- |
- |
30 000 |
30 000 |
$17.79 |
April 2003 – April 2010 |
|
April 2000 | 454 000 |
5 |
- |
- |
- |
454 000 |
454 000 |
$17.78 |
April 2003 – April 2010 |
|
Dec 1999 | 200 000 |
1 |
- |
- |
- |
200 000 |
200 000 |
$19.87 |
April 2002 – April 2009 |
|
Dec 1999 | 150 000 |
1 |
- |
- |
- |
150 000 |
150 000 |
$17.58 |
April 2002 – April 2009 |
|
Oct 1999 | 60 000 |
6 |
- |
- |
- |
60 000 |
60 000 |
$17.72 |
April 2002 – April 2009 |
|
Oct1999 | 51 000 |
3 |
- |
- |
15 000 |
36 000 |
36 000 |
$17.71 |
April 2002– April 2009 |
|
July 1999 | 100 000 |
1 |
- |
- |
- |
100 000 |
100 000 |
$17.79 |
April 2002 – April 2009 |
|
April 1999 | 21 536 400 |
45 595 |
- |
- |
4 956 200 |
16 580 200 |
15 798 100 |
$16.39 |
April 2002 - April 2009 |
|
April 1999 | 8 184 300 |
944 |
- |
- |
822 950 |
7 361 350 |
7 112 150 |
$16.38 |
April 2002 - April 2009 |
|
April 1998 | 177 500 |
16 |
- |
- |
- |
177 500 |
177 500 |
$15.40 |
April 2001 - April 2003 |
|
April 1998 | 140 000 |
23 |
15 000 |
15 000 |
5 000 |
120 000 |
120 000 |
$15.39 |
April 2001 - April 2003 |
|
Nov 1997 | 7 910 900 |
16 411 |
1 712 100 |
1 712 100 |
522 000 |
5 676 800 |
5 388 250 |
$16.22 |
Nov 2000 - Nov 2002 |
|
Nov 1997 | 1 579 400 |
3 501 |
345 000 |
345 000 |
106 400 |
1 128 000 |
1 050 900 |
$16.21 |
Nov 2000 - Nov 2002 |
|
Oct 1997 | 3 992 000 |
379 |
555 750 |
555 750 |
105 000 |
3 331 250 |
3 266 000 |
$15.99 |
Oct 2000 - Oct 2002 |
|
Oct 1997 | 5 440 000 |
511 |
677 000 |
677 000 |
18 000 |
4 745 000 |
4 644 300 |
$15.98 |
Oct 2000 - Oct 2002 |
|
July 1997 | 395 500 |
36 |
- |
- |
24 000 |
371 500 |
357 000 |
$19.63 |
July 2000 - July 2002 |
|
July 1997 | 200 000 |
1 |
- |
- |
- |
200 000 |
200 000 |
$19.62 |
July 2000 - July 2002 |
|
Oct 1996 | 848 100 |
46 |
244 000 |
244 000 |
186 500 |
417 600 |
401 600 |
$16.22 |
Oct 1999 - Oct 2001 |
|
Oct 1996 | 1 086 700 |
66 |
172 600 |
172 600 |
10 000 |
904 100 |
840 100 |
$16.21 |
Oct 1999 - Oct 2001 |
|
April 1996 | 295 000 |
5 |
- |
- |
260 000 |
35 000 |
27 500 |
$18.29 |
April 1999 - April 2001 |
|
April 1996 | 45 500 |
6 |
18 000 |
18 000 |
- |
27 500 |
27 500 |
$18.28 |
April 1999 - April 2001 |
|
Oct 1995 | 17 000 |
3 |
- |
- |
- |
17 000 |
12 000 |
$18.23 |
Oct 1998 - Oct 2000 |
|
Oct 1995 | 38 500 |
5 |
5 500 |
5 500 |
- |
33 000 |
11 000 |
$18.22 |
Oct 1998 - Oct 2000 |
|
July 1995 | 48 000 |
2 |
- |
- |
- |
48 000 |
- |
$18.59 |
July 1998 - July 2000 |
|
July 1995 | 76 000 |
9 |
16 000 |
16 000 |
13 000 |
47 000 |
- |
$18.58 |
July 1988 - July 2000 |
|
May 1995 | 10 565 900 |
9 187 |
4 106 300 |
4 516 930 |
6 459 600 |
- |
- |
$19.10 |
May 1998 - May 2000 |
|
May 1995 | 2 574 800 |
194 |
1 524 728 |
1 677 201 |
1 050 072 |
- |
- |
$19.09 |
May 1998 - May 2000 |
|
May 1994 | 5 782 100 |
5 802 |
4 120 200 |
4 532 220 |
1 661 900 |
- |
- |
$17.06 |
May 1997 - May 1999 |
|
42 250 800 |
40 463 900 |
|||||||||
Performance Rights | ||||||||||
March 1999 | 1 000 000 |
1 |
200 000 |
175 000 |
- |
800 000 |
700 000 |
- |
March 1999 - March 2009 |
|
800 000 |
700 000 |
|||||||||
(1) Shares issued on exercise of Performance
Rights include shares purchased on market.
(2) Following the 1995 bonus issue, holders of options issued in May 1995 and prior
received 11 shares for each 10 options
exercised.
(3) Unexercised options and Performance Rights will expire at the end of the
exercise period.
Investments in associated entities
Details of aggregate share of profits/(losses) of
associates
2000 |
1999(1) |
|
Entity’s share of associates’ | $m |
$m |
Operating profit/(loss) before income tax | 49 |
|
Income tax expense | (19) |
|
30 |
Material interests in entities which are not
controlled entities
Name of Entity | Percentage (%) of ownership interest held at end of period |
Contribution to operating profit/(loss) after income tax |
||
Equity accounted associates | 2000 |
1999 |
2000 |
1999(1) |
Samarco Mineracao S.A. | 50 |
49 |
46 |
|
Orinoco Iron C.A. | 50 |
50 |
(16) |
|
Total (2) | 30 |
|||
(1) Comparative data has not been provided as AASB 1016: Accounting for Investments in Associates did not apply to the BHP Group for the year ended 31 May 1999.
(2) There are no other material interests in entities that are not controlled entities.
Significant events after balance date
On 28 August 2000 BHP announced a joint cash offer of $1.20 per share for QCT Resources Limited (QCT). QCT holds a non-operating 32.37% interest in the Central Queensland Coal Associates and Gregory joint venture and 100% of the South Blackwater coal mining operation in the Bowen Basin (Queensland). The bidding vehicle, MetCoal Holdings (Qld) Pty Ltd, is 50/50 owned by BHP and Mitsubishi Development Pty Ltd (Mitsubishi). The offer values QCT’s equity at $830 million.
BHP and Mitsubishi, who own the remaining interests in these joint ventures, have agreed to form a strategic alliance, designed to ensure the future competitiveness of Bowen Basin metallurgical coal assets. This offer is the first step in furthering this alliance.
Revised Accounting Standards
- Revised Australian Accounting Standard AASB 1004: Revenue was first adopted for the period ended 30 June 2000. There was no material effect on profits.
- Revised Australian Accounting Standard AASB 1016: Accounting for Investments in Associates was adopted for the period ended 30 June 2000, resulting in the application of the equity method of accounting for investments in associates. Previously the cost method was used.
Change in accounting policies
With the exception of the above revised Accounting Standards, the significant accounting policies adopted in the current period are consistent, in all material respects with those applied in the prior year.
Change of financial year
Directors announced on 17 December 1999 that the financial year end for the BHP Group would change from 31 May to 30 June with effect from 30 June 2000. All subsequent financial years will commence on 1 July and end on 30 June.
- Australian Securities and Investments Commission (ASIC)
Pursuant to Section 340 of the Corporations Law ("the Law"), ASIC has granted relief from the requirements of paragraph 323D(2)(b) of the Law permitting The Broken Hill Proprietary Company Limited to change its financial year end and adopt a transitional thirteen month financial year of 1 June 1999 to 30 June 2000.
- Australian Stock Exchange (ASX)
The ASX has provided The Broken Hill Proprietary Company Limited relief from listing rule 4.4 to the extent that an Appendix 4B is not required for the period ended 31 May 2000 following the change in balance date from 31 May to 30 June. This supplementary release for the thirteen months ended 30 June 2000 is in lieu of a 31 May 2000 Appendix 4B.
For information contact:
Investor Relations:
Robert Porter – Vice President Investor Relations
(BH) (61 3) 9609 3540
Mobile (61) 0419 587 456
E-mail: porter.robert.r@bhp.com.au
Candy Ramsey
BHP Investor Relations Houston
Tel: (713) 961-8640
EMail: ramsey.candy.pa@bhp.com.au