Bhp Group Ltd · ASX:BHP
Bhp — BHP Billiton — 9M 2003 Earnings Presentation
15 slides from Bhp's earnings presentation, May 7, 2003
Slide 1: Third Quarter Results
THIRD QUARTER RESULTS 7 May 2003 Chris Lynch Chief Financial Officer
Slide 2: Highlights – 9 months ended 31 March 2003
Highlights – 9 months ended 31 March 2003 • EBITDA for the 9 months of US$3,857 million, up 9.1%, and EBIT of US$2,623 million, up 11.8%, both from continuing operations • Despite challenging market conditions, third quarter EBITDA was the highest since the merger • Development of the Greater Angost
Slide 3: Results highlights – 9 months ended 31 March
Results highlights – 9 months ended 31 March (US$M) 2003 2002 % Change Turnover(1) 12,623 11,320 +11.5 EBITDA(1)(2) 3,857 3,536 +9.1 EBIT(1)(2) 2,623 2,347 +11.8 Attrib profit (excl exceptionals)(1) 1,375 1,553 -11.5 Exceptional items (19) - Attrib profit (incl exceptionals) 1,356 1,553 -12.7 EPS (U
Slide 4: EBIT by Customer Sector Group
EBIT by Customer Sector Group 9 months ended 31 March (US$M) 2003 2002 % Change Petroleum 988 827 +20 Aluminium 445 324 +37 Base Metals 185 122 +52 Carbon Steel Materials 774 831 -7 Diamonds & Spec Products 243 229 +6 Energy Coal 165 462 -64 Stainless Steel Materials 100 (24) Exploration & Technolog
Slide 5: Impact of major commodity price changes on EBIT
Impact of major commodity price changes on EBIT 9 months ended 31 Mar 03 v 9 months ended 31 Mar 02 US$M Petroleum products 440 420 340 240 Nickel & Chrome 140 130 Copper Manganese Others 35 30 40 10 Aluminium -60 (5) Diamonds Iron Ore (40) (50) -160 Energy Coal (155) Excludes impact of price linked
Slide 6: Net interest, taxation & attributable profit
Net interest, taxation & attributable profit Continuing operations, excluding exceptionals 9 months ended 31 March (US$M) 2003 2002 EBIT 2,623 2,347 Net interest expense (299) (334) Exchange impact on debt (106) 220 Discounting of provisions/Capitalised interest 9 (4) Profit before tax 2,227 2,229 T
Slide 7: Impact of restatements of net monetary liabilities
Impact of restatements of net monetary liabilities - 9 months ended March Impact of Impact of (US$M) Mar 03 Restatement Mar 02 Restatement EBIT 2,623 (50) 2,347 (10) Net interest (396) (106) (118) 220 Taxation expense (829) (150) (648) 135 Attributable profit 1,375 (306) 1,553 345 US$(651)M Exchange
Slide 8: Summary and outlook
Summary and outlook • Strong operational performance from diverse asset base • EBITDA and EBIT strong and dividends up • Growth projects all on track • First metal commissioned at Mozal five months ahead of schedule and under budget. Final project costs for Escondida well under budget • Development
Slide 9: Ohpoilliton
6dl Ohpoilliton
Slide 10: EBIT analysis – Continuing operations
EBIT analysis – Continuing operations 9 months ended 31 Mar 03 v 9 months ended 31 Mar 02 US$M 85 3,000 170 170 25 375 2,623 (205) (90) (45) (29) 2,500 2,347 (115) (65) 2,000 1,500 1,000 500 0 9 months Prices Costs Expln Inflation Price Exch Volume New Ceased Asset Other 9 months ended Impact linked
Slide 11: USD functional currency policy - general level of exposure
USD functional currency policy - general level of exposure (US$M) AUD Rand Impact Net payables, receivables & (400) (100) P&L employee provisions Tax provisions (700) (400) P&L Debt - (400) P&L Total (1,100) (900) P&L Restoration & Rehab (500) (100) Bal sheet Third Quarter Results Page 11 7 May 2003
Slide 12: Key net profit sensitivities
Key net profit sensitivities Approximate impact on annual net profit after tax of changes of: (US$M) US$1/bbl on oil price 45 US$1/t on iron ore price 25 US$1/t on metallurgical coal price 20 USc1/lb on aluminium price 15 USc1/lb on copper price 15 US$1/t on energy coal price 5 USc1/lb on nickel pri
Slide 13: Key net profit sensitivities
Key net profit sensitivities Approximate impact on annual net profit after tax of changes of: (US$M) Australian dollar (USc1/A$) Operations (net of hedging)(1) 20 Net monetary liabilities(2) 20 South African Rand (0.2 Rand/US$) Operations(1) 15 Net monetary liabilities(2) 10 Rand debt(2) 10 (1) Impa
Slide 14: Interim results under Australian GAAP
Interim results under Australian GAAP 9 months ended 31 March (US$M) 2003 2002 Sales revenue 11,184 11,817 Profit before tax 1,960 2,308 Profit after tax attributable to members 1,325 1,573 EPS (US cents) 21.4 26.0 Third Quarter Results Page 14 7 May 2003
Slide 15: Ohpoilliton
6dl Ohpoilliton