RESULTS FOR THE FULL YEAR Ended 30 June 2011 Mark Selway , Chief Executive 17 August 2011 1 Boral Limited – Building something great™
Results for the full year ended 30 June 2011 FINANCIAL HIGHLIGHTS Continuing Operations Revenue Net debt $4.7bn up 4% $0.5bn down from $1.2bn EBIT 1 Gearing $275m up 2% 16% down from 45% Reported 1 Profit after tax 1 Earnings Per Share $173m up 20% 24.4c up 10% Cash from operations Full year dividend $351m 14.5c down 24% up 7% 1. Prior to significant items 2 Boral Limited – Building something great™
Results for the full year ended 30 June 2011 BORAL CONSTRUCTION MATERIALS - Performance and Key Achievements Revenue Var (A$m) FY11 FY10 Var % FY11 FY10 (A$m) % Revenue 2,275 2,119 7 Revenue Concrete 1,003 952 5 Other 6% Concrete EBITDA 294 297 (1) Quarries 1 428 400 7 Asphalt 44% 31% EBIT 204 201 1 Asphalt 712 666 7 EBIT ROS 9.0% 9.5% 1 Includes only third party sales Quarries 1 19% Asphalt experienced strong Concrete benefitted from volume growth due to major several major projects in project work in NSW and SA. NSW and Vic and extensive Revenue was up 7% but profits mobile batch plant work in lower than prior year due to WA during the first half of weather-related delays and the year. exceptional profits in FY10. Contracts awarded for supply of concrete to Curtis Island LNG and Quarry and processing plant near Gladstone LNG projects in Qld. Boral Property Group Ballarat was commissioned on time concluded a total of 27 and on budget. property transactions In Development of Peppertree quarry FY11, contributing in NSW is planned with capital earnings of $27.5m. spending due early in FY12. The Group’s largest division, Construction Materials, includes operations involved in the production and supply of concrete, asphalt and quarry materials to the Australian building and construction sectors. Construction Materials had a mixed year. WA, SA and Vic all performed strongly while NSW and Qld were rain impacted for much of the second quarter. 3 Boral Limited – Building something great™
Results for the full year ended 30 June 2011 BORAL BUILDING PRODUCTS - Performance and Key Achievements Revenue Var (A$m) FY11 FY10 Var % FY11 FY10 (A$m) % Revenue 1,150 1,206 (5) Revenue Plasterboard 395 392 1 Plasterboard EBITDA 138 158 (12) Clay & Concrete 499 537 (7) 34% EBIT 84 101 (16) Timber 256 276 (7) EBIT ROS 7.3% 8.4% Clay & Timber Concrete 22% Products 44% Plasterboard benefited from Clay & Concrete saw a decline Government stimulus work last in residential housing in WA, SA and Qld in the 2 nd half, year. Results were impacted by bad weather and the resulting in reductions in slowdown in new dwelling revenue and EBIT. construction in the 2 nd half. $80m upgrade of the Boral plasterboard plant at Port Melbourne, Vic, is on-track for completion by Lower demand in Qld and LBGA has 20 manufacturing second half of CY 2012. weather impacted log supply operations in 8 countries and mill efficiency resulted in throughout Asia. lower revenue, profit and Volumes were up 11% and margin. delivered an equity accounted income of $17m. The Group will close a brick plant in Qld and NSW and rationalise masonry operations on the east coast. Improved efficiency within the balance of operations will provide the capacity and geographic cover to service market needs and improve returns. The impact of the Queensland floods was severely felt at the Ipswich plywood operation. Following intensive review of the feasibility of rebuilding the plant, the decision was taken to close the plywood 4 Boral Limited – Building something great™ manufacturing facility.
Results for the full year ended 30 June 2011 BORAL CEMENT - Performance and Key Achievements Revenue Var (A$m) FY11 FY10 Var % FY11 FY10 (A$m) % Revenue 540 512 5 Revenue Cement 312 284 10 Cement EBITDA 150 141 7 Asian Construction 57% 228 228 - Materials EBIT 96 88 9 EBIT ROS 17.8% 17.2% Asian Construction Materials 43% Cement production costs Volumes and prices for improved in Australia as Australian lime improved volumes increased following a during the year with good stock reduction in the prior levels of demand expected to year. continue for FY12. Major infrastructure contracts awarded for the Hunter River Indonesian revenue increased remediation project and the Thailand construction materials 3% in local currency terms due Kooragang Coal Loader. performed strongly and to continued strong delivered a small profit against construction activity. Margins a $2.6m loss in FY10. were lower due to the inability to recover cost increases in a very competitive market. Cement includes our Australian cement businesses and the Group’s construction materials operations in Thailand and Indonesia. The division reported increased year on year revenue and profit due to sustained demand in NSW and Vic construction markets and increased lime sales to the Australian steel sector. 5 Boral Limited – Building something great™
Results for the full year ended 30 June 2011 BORAL USA - Performance and Key Achievements Revenue Var (A$m) FY11 FY10 Var % FY11 FY10 (A$m) % Revenue 431 364 19 Revenue Cladding 1 178 174 2 Construction Materials & Roofing 2 EBITDA (57) (67) 15 Roofing 2 89 13 Flyash 21% 38% EBIT (99) (104) 5 Construction 164 177 (7) Materials & Flyash EBIT ROS (23.0%) (28.5%) Cladding 1 41% On a local currency basis, In Roofing, like for like revenue revenues and volumes from was down 2% on last year. the Group’s cladding Margins improved due to operations declined in synergies from MonierLifetile and proportion with the market. improved operational efficiencies. Boral Trim product progressed from prototype and the new plant is currently being built for Construction Materials includes Cultured Stone is the leading commercialisation. concrete and quarry operations supplier of synthetic stone in Oklahoma and Colorado and veneer to the residential and BMTI, the flyash business. commercial construction Revenue was up 5% on FY10 market. in local currency terms. Full year revenue was up 19% on last year due principally to the addition of MonierLifetile and Cultured Stone. Losses were lower by 5% despite new housing starts being down 3.5% on the prior year at 571,000 against a 10 year average of 1.5 million. 6 Boral Limited – Building something great™ 1 Includes consolidation of Cultured Stone revenues from 1 January 2011 2 Includes consolidation of MonierLifetile revenues from 1 July 2010
Results for the full year ended 30 June 2011 OTHER BUSINESSES - Performance and Key Achievements Revenue Var (A$m) FY11 FY10 Var % FY11 FY10 (A$m) % Revenue 286 294 (3) Revenue Windows 155 158 (2%) De Martin & EBITDA 11 10 12 Gasparini De Martin & 131 136 (4%) 46% Gasparini EBIT 8 6 21 EBIT ROS 2.7% 2.1% Windows 54% Windows revenue was down The Windows operations made 2% to $155m reflecting a significant operational strong first half offset by improvements using LEAN weather related delays and a tools and launched a new slowing of residential building range of “green” windows. in the second half. The new energy efficient ThermaLine windows range was launched with excellent early De Martin & Gasparini revenue De Martin & Gasparini and feedback. at $131m was down 4% on the Boral’s Construction Materials prior year due to lower division worked together on commercial building activity supplying concrete and pouring and reduced market demand. the floors for No 1 Bligh St, Sydney. Full year EBIT from Windows and De Martin & Gasparini at $8m was considerably ahead of the prior year and reflects the continued success of improvement initiatives and a strong first half to the year. 7 Boral Limited – Building something great™
Results for the full year ended 30 June 2011 RESULTS SUMMARY Full Year 2011 Full Year 2010 $m Group Discontinued Continuing Group Discontinued Continuing Operations Operations Operations Operations 4,599 105 4,494 Revenue 4,711 29 4,682 EBIT 277 3 275 252 (19) 271 (97) - (97) Net Interest (64) - (64) (22) 6 (28) Income Tax Expense (40) (1) (40) (1) - (1) Non-controlling Interest 2 - 2 132 (13) 145 Profit After Tax 175 2 173 (222) (59) (163) Significant items (net) (8) - (8) Net profit After Tax 168 2 166 (91) (72) (19) (Figures may not add due to rounding) 8 Boral Limited – Building something great™
Results for the full year ended 30 June 2011 CONSOLIDATED INCOME STATEMENT FY11 FY10 Var (%) $m Revenue 4,682 4,494 4% EBIT 1 275 271 2% EBIT to Sales % 5.9% 6.0% Net Interest (64) (97) (34%) Profit before Tax 1 211 174 22% Income Tax Expense 1 (40) (28) Non-controlling Interest 2 (1) Profit from Continuing Operations after Tax 1 173 145 20% Profit / (Loss) from Discontinued Operations after Tax 1 2 (13) Profit after Tax 175 132 33% Significant Items (8) (222) Statutory Profit after Tax 168 (91) EPS (cents) 1 24.4c 22.1c 10% Dividend per share (cents) 14.5 13.5 1. Before Significant items 9 Boral Limited – Building something great™ (Figures may not add due to rounding)
Recommend
More recommend
