AH45 Citi Fun 24

RNS Number:4170T
BIL International Limited
22 March 2002



MASNET No. 55 OF 22.03.2002

Announcement No. 55


BIL INTERNATIONAL LIMITED

REPLY TO QUERIES FROM SGX ON THE PROFORMA HALF YEAR FINANCIAL STATEMENT AND
DIVIDEND ANNOUNCEMENT ("HALF YEAR RESULTS")


1.         We refer to SGX's letter dated 20 March 2002 on the announcement of
the Half Year Results released by BIL on 19 March 2002 and would like to make
the following clarifications:

2a)      Commentary on Group's Financial Performance

i) BIL International Ltd ("BIL") is an investment company and as such, does not
generate "turnover". However, accounting convention dictates that if a
subsidiary company generates "turnover", BIL's equity accounted share of it must
be disclosed in its consolidated accounts. If BIL disposes of its interest in an
entity which was previously consolidated into BIL's accounts, that portion of
the turnover (and operating profit - see (2aii) below) which was attributable to
that company and consolidated in BIL's accounts in previous years, will no
longer be included in BIL's accounts.  Therefore, the 98.2% decrease in "
turnover" results from the fact that, over the course of last  year, BIL has
sold its subsidiaries' shareholdings in Tasman Agriculture, Sealord, VOX Retail
Group and Canterbury.  This has led to the large decline in turnover.

ii) The overall small decline in "operating profit" is mainly due to the fact as
noted above that BIL has disposed of its interest in a number of companies which
had significant sales and associated costs of sales. Furthermore, BIL no longer
equity-accounted for its associates, James Hardie and Air New Zealand during the
year. BIL also received bank interest on its significant cash deposits resulting
from the disposal of investments in the prior year.

iii) The US$18.1m foreign exchange gain mainly resulted from realized and
unrealized gains on Australian $, NZ $ and Japanese Y contracts.

2b)      Review of the reasons for the reduction in losses from the "Property"
segment and reduction in profits from the "Hotels" segment are set out as
follows:-

i) The reduction in losses from the "Property" segment was due to better returns
from our Fijian and Hawaiian properties as a result of the recent capital
expenditure there.

ii) The reduction in profits from the "Hotels" segment was due to difficult
trading conditions in the UK, affecting particularly our major hotel investment,
Thistle Hotels.  Those conditions occurred as a result of the foot-and-mouth
disease and September 11, terrorist attacks.

2c)     Yes, paragraph 5(b) of the Half Year Results relates to the disposal of
Thistle hotels.

Submitted by Jane Teah, Company Secretary on 22/03/2002 to the SGX

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