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Annual Report 2012 Annual Report 2012 Report Annual Cover Trevor Dickens Heavy Vehicle Tipper Boral Limited Operator for Boral Logistics

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Annual Report 2012 Annual Report 2012 Report Annual Cover Trevor Dickens Heavy Vehicle Tipper Boral Limited Operator for Boral Logistics Boral Limited Boral Boral Limited Annual Report 2012 Annual Report 2012 Cover Trevor Dickens heavy vehicle tipper BoraL Limited operator for Boral Logistics. ABN 13 008 421 761 Boral Limited is an international building and construction materials group, headquartered in Sydney, Australia. With leading market positions, Boral’s core businesses are Cement and Construction Materials in Australia; Plasterboard in Australia and Asia; and Bricks and Roof Tiles in Australia and the USA. CONTENTS 2012 Overview 1 Financial Results 2 Chairman’s Review 4 Chief Executive’s Review 6 Group Executives 8 Boral’s Growth Strategy 10 Improving Performance 12 Positioned for Cycle Upturns 13 Group Overview 14 Construction Materials 16 Cement 18 Building Products 20 USA 22 Plasterboard Asia 24 Sustainability 26 Environment 27 Community Partnerships 28 Customers and Products 29 Our People 30 Health and Safety 31 Financial Review 32 Board of Directors 36 Corporate Governance Statement 38 Directors’ Report 46 2012 Remuneration Report 51 Financial Statements 65 Shareholder Information 137 Financial History 140 Financial Calendar IBC 2012 OVERVIEW • Full year revenue up by 6% to $5.01 billion, reflecting Boral’s acquisition of Lafarge’s 50% of LBGA • Full year EBITDA1 down 9% to $473 million • Full year EBIT1 down 28% to $200 million • Group profit after tax1 down 42% to $101 million • Reported net profit after tax up 5% to $177 million • Net debt $1.52 billion, up from $505 million last year • Full year dividend of 11.0 cents per share, fully franked • External market factors in Australia, including a significant second half housing decline, weaker non-residential demand and sustained wet weather had a major impact on earnings, offsetting price increases • Boral has responded to the changed environment in Australia: – 37% reduction in installed brick capacity and 20% reduction in roof tile capacity – closure and subsequent divestment of the Galong Lime operations for $25 million • EBIT contribution from Asian and US operations was in line with expectations • Boral remains committed to its strategy announced in 2010, demonstrated by: – gaining management control of one of the world’s leading plasterboard businesses, following acquisition of Lafarge’s 50% interest in LBGA for $530 million2 – acquisition of Wagners Construction Materials assets and Sunshine Coast Quarries for $163 million2 and $81.5 million2 to strengthen Boral’s Australian Construction Materials position – divestment of the non-core Indonesian Construction Materials operations for an enterprise value of US$135 million2 and the north Queensland and Colorado (USA) masonry assets • Business improvement plans are focused on maximising cash flow and reducing costs including by leveraging Boral’s LEAN strategy across all operations • Our improvement goals and Boral’s reshaped portfolio position the business well to profitably leverage recoveries in Australia and the USA • Boral’s Asian plasterboard position provides an exciting growth platform 1 Excluding significant items. Profit before significant items is a non-IFRS measure reported to provide a greater understanding of the underlying business performance of the Group. Full details of significant items are contained in Note 4 of the Financial Statements. 2 Before completion adjustments. 2 2 1 R Financial B B EXTERN EXTERN Boral Limited Boral Y SEGMENT Y M Y Excluding significant items. 9December2011. from in Asia Plasterboard from Includes revenue Other A USA USA A A Australian dwellings Discontinued USA Plasterboard Asia Building Products Cement Construction Materials esults si ust ust A a 1 r r RKET n d alia alia on-d w al al elli n n Annual e n n w REVENUE REVENUE n o g elling gi n s -d n eering a w R 1 s elling eport 2012 and engineering s n d co n structio n EBIT variance analysis ($m) E E S B B EBIT ($m) Sales revenue ($m) al IT IT ES REVENUE ES EBIT FY11 2 2 277 V FY04 600 FY04 4,150 Volume 120 A RI FY05 603 FY05 4,305 Price A Australia 140 NCE NCE FY06 614 FY06 4,767 Net cost 125 escalation FY07 531 FY07 4,909 A Other 12 1 N FY08 448 FY08 5,199 Property 16 AL FY09 276 FY09 4,875 Plasterboard 24 YSIS Asia FY10 252 FY10 4,599 USA 15 FY11 277 FY11 4,711 Discontinued 7 operations FY12 200 FY12 5,010 EBIT FY12 200 steady, constrained the by high AUD. on average. Cementwere prices up 11% were quarry prices and 7%, up were prices concrete higher2-3% (except softwood and woodchips), around Building $140m. Products prices were businesses increased resulted in of EBIT Australian most across prices Stronger Price Boralimpact in Cement. $6m EBIT net a furnace had Port Kembla Materials and the closure of BlueScope Steel’s particularlyAustralia Construction impacted declines in Western Australia and South Volume housing decline activity. in severe $80m in Building Products, as aresult of the lowerto volumes in Australia, with around An approximate EBIT decline $120m was due Volume PRO E Profit after tax ($m) EBITDA ($m) B IT F DA FY04 370 IT FY04 794 2 FY05 370 af FY05 794 TER T FY06 362 FY06 823 FY07 298 FY07 762 A FY08 247 X FY08 688 2 FY09 131 FY09 539 FY10 132 FY10 505 FY11 175 FY11 522 FY12 101 FY12 473 RESULTS AT A GLANCE Fy2012 kEy announcements % 2012 2011 YEAR ENDED 30 JUNE (A$ MILLION) change 17 August 2011 28 February 2012 Boral announced Boral announced a Revenue 5,010 4,711 6 a profit after tax Group profit after tax 1 EBITDA 473 522 (9) excluding significant of $67 million (excluding EBIT1 200 277 (28) items of $173 million significant items) and and a net profit after a net profit after tax Net interest (88) (64) (39) tax of $166 million of $153 million for 1 Profit before tax 111 213 (48) for the year ended the half year ended Tax 1 (9) (40) 30 June 2011. 31 December 2011. Non-controlling interests (1) 2 18 October 2011 20 April 2012 1 Profit after tax 101 175 (42) Boral announced it Boral announced a Net significant items 75 (8) had received ACCC trading update. clearance to acquire Net profit after tax 177 168 5 the quarry and concrete 22 MAy 2012 Cash flow from operating activities 133 351 assets of Sunshine Boral announced that Gross assets 6,500 5,668 Coast Quarries for its Chief Executive $81.5 million. Mark Selway had Funds employed 4,921 3,662 stepped down from Liabilities 3,096 2,512 8 November 2011 his role, and that Ross Net debt 1,518 505 Boral announced it had Batstone, previously received clearance Divisional Managing Stay-in-business capital expenditure 192 235 from the ACCC for the Director, Boral Growth capital expenditure 222 111 acquisition of Wagners Building Products Acquisition capital expenditure2 701 146 Construction Materials had been appointed assets in Queensland Chief Executive Depreciation and amortisation 273 245 for $163 million. Officer on an interim 3 Employees 14,740 15,277 (4) basis pending an Revenue per employee, $ million 0.340 0.308 10 8 December 2011 international search Boral announced for a permanent CEO. Net tangible asset backing, $ per share 3.31 3.91 the completion of 1 EBITDA margin on revenue , % 9.4 11.1 the acquisition of 7 June 2012 EBIT margin on revenue1, % 4.0 5.9 Wagners Construction Boral announced the Materials assets in contract arrangements EBIT return on funds employed1, % 4.1 7.6 Queensland following for Boral’s new Chief 1 Return on equity ,% 3.0 5.6 ACCC clearance for Executive Officer, Mr Gearing the transaction. Ross Batstone. Net debt/equity, % 45 16 9 December 2011 27 June 2012 Net debt/net debt + equity, % 31 14 Boral announced it Boral announced a Interest cover1, times 2.3 4.4 had completed the trading update. acquisition of Lafarge’s Earnings per share1, ¢ 13.6 24.4 interest in Lafarge Dividend per share, ¢ 11.0 14.5 Boral Gypsum Asia. Safety4, per million hours worked 1 February 2012 Lost time injury frequency rate 1.8 2.0 Boral announced that it Recordable injury frequency rate 19.0 21.4 had reached agreement to sell the Indonesian construction materials Costs Asia business for an Net cost escalations of approximately A $24m increase in EBIT from Asia enterprise value of $125m in Australia were a result reflects the part year consolidation US$135 million to of operational inefficiencies from of earnings from Boral Gypsum Asia Siam Cement Group. sustained rainfall, higher costs of and increased underlying earnings. working in regional markets, underlying inflationary cost increases, and an USA extra $7m of distribution costs while USA EBIT losses decreased by $15m, commissioning the Port Melbourne reflecting a 20% lift in housing starts Plasterboard plant. Cost increases were and a reduction in plant and overhead only partially offset by cost savings costs following further restructuring. from restructuring and other initiatives. Discontinued operations Figures relate to the total Group including continuing and Property Discontinued operations, which discontinued operations EBIT contribution from Property include Masonry east and Asian 1 Excluding significant items. reduced by $16m compared with Construction Materials, had a 2 Net of $63 million cash acquired in BGA. the prior year. negative $7m impact on EBIT. 3 Includes 2,645 employees from acquisitions during FY2012. 4 Includes employees and contractors combined. 3 Chairman’s Review The Board believes the next phase for Boral is one of consolidation to ensure the benefits of recent portfolio restructures and changes implemented in the past two years Dr Bob Every, AO Chairman can be realised as markets recover. The past year has been a difficult one sure we had sufficient time to do a thorough search both internally for the Company as it continued to face and externally for Boral’s Chief Executive Officer.
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