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Boral Limited Annual Report for the Year Ended 30 June 2014 BORAL ANNUAL REPORT

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Boral Limited Annual Report for the Year Ended 30 June 2014 BORAL ANNUAL REPORT Boral Limited ABN 13 008 421 761 Level 3, 40 Mount Street, North Sydney NSW 2060 PO Box 1228, North Sydney NSW 2059 Telephone: +61 2 9220 6300 Internet: www.boral.com.au Email: [email protected] BORAL Share Registry c/- Link Market Services Limited Level 12, 680 George Street, Sydney NSW 2000 Locked Bag A14 Sydney South NSW 1235 ANNUAL Telephone: +61 1300 730 644 Internet: www.linkmarketservices.com.au Email: [email protected] REPORT Boral Limited Limited Boral Annual Report 2014 Boral Limited Annual Report for the year ended 30 June 2014 2014 FINANCIAL Boral Limited HISTORY ABN 13 008 421 761 Financial History Boral Limited and Controlled Entities 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 30 June $ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions Revenue 5,204 5,286 5,010 4,711 4,599 4,875 5,199 4,909 4,767 4,305 Earnings before interest, 556 519 473 522 505 539 688 762 823 794 tax, depreciation and amortisation (EBITDA) 1 Depreciation and amortisation 261 291 273 245 253 263 240 231 209 191 Earnings before interest 294 228 200 277 252 276 448 531 614 603 The Annual General Meeting of and tax 1 Net financing costs 1 (83) (97) (88) (64) (97) (127) (112) (111) (98) (71) Boral Limited will be held at the City Profit before tax 1 211 130 111 213 155 149 336 420 516 532 Recital Hall, Angel Place, Sydney, Income tax expense 1 (37) (20) (9) (40) (22) (17) (90) (122) (153) (162) on Thursday 6 November 2014 at Non-controlling interests (3) (6) (1) 2 (1) – 1 – – (1) 10.30am. Net profit after tax 1 171 104 101 175 132 131 247 298 362 370 Significant items – net of tax 2 (316) 75 (8) (222) 11 (4) – – – Net profit/(loss) attributable 173 (212) 177 168 (91) 142 243 298 362 370 to members of Boral Limited Total assets 5,559 6,316 6,499 5,668 5,209 5,491 5,895 5,817 5,587 5,001 Total liabilities 2,211 2,923 3,096 2,512 2,583 2,738 2,985 2,829 2,832 2,594 Net assets 3,348 3,394 3,403 3,156 2,626 2,754 2,910 2,987 2,755 2,407 Shareholders’ funds 3,348 3,394 3,403 3,156 2,626 2,754 2,910 2,987 2,755 2,407 Financial Calendar Net debt 718 1,446 1,518 505 1,183 1,514 1,515 1,482 1,578 1,394 Funds employed 4,066 4,840 4,921 3,662 3,809 4,268 4,425 4,470 4,333 3,800 Record date for final dividend 4 September 2014 Dividends paid or declared 117 85 82 105 88 77 202 203 200 197 Final dividend payable 26 September 2014 Annual General Meeting 6 November 2014 Statistics Half year end 31 December 2014 Dividend per ordinary share 15.0 11.0c 11.0c 14.5c 13.5c 13c 34c 34c 34c 34c 1 Half year results announcement 11 February 2015* Dividend payout ratio 68% 81% 81% 60% 67% 59% 82% 68% 55% 53% 1 Ex dividend share trading commences 17 February 2015* Dividend cover 1.5 1.2 1.2 1.7 1.5 1.7 1.2 1.5 1.8 1.9 Record date for interim dividend 19 February 2015* Earnings per ordinary share 1 22.0c 13.6c 13.6c 24.4c 22.1c 22.2c 41.4c 50.0c 61.7c 63.4c Interim dividend payable 13 March 2015* Return on equity 1 5.1% 3.2% 3.0% 5.6% 5.0% 4.8% 8.5% 10.0% 13.2% 15.4% Year end 30 June 2015 EBIT to sales 1 5.7% 4.3% 4.0% 5.9% 5.5% 5.7% 8.6% 10.8% 12.9% 14.0% * Timing of events is subject to change. EBIT to funds employed 1 7.2% 4.7% 4.1% 7.6% 6.6% 6.5% 10.1% 11.9% 14.2% 15.9% ROFE 2 (EBIT to average 6.6% 4.7% 4.7% 7.4% 6.2% 6.3% 10.1% 12.1% 15.1% 17.0% funds employed 1) Net interest cover (times) 1 3.5 2.3 2.3 4.4 2.6 2.2 4.0 4.8 6.3 8.5 Gearing (net debt to equity) 21% 43% 45% 16% 45% 55% 52% 50% 57% 58% Gearing (net debt to net 18% 30% 31% 14% 31% 35% 34% 33% 36% 37% debt plus equity) Net tangible asset backing $4.03 $3.17 $3.31 $3.91 $3.92 $4.12 $4.41 $4.41 $4.07 $3.57 per share 1 Excludes the impact of significant items in 2014, 2013, 2012, 2011, 2010, 2009 and 2008. 2 Refer to the 2014 Remuneration Report for a discussion of how ROFE will be used as an additional performance hurdle under the Company’s long-term incentive plan. Results for the years ended 2005 to 2014 have been prepared under Australian equivalents to International Financial Reporting Standards (A-IFRS). Figures may not add due to rounding. Boral Limited Annual Report 2014 129 Boral Limited Annual Report For the year ended 30 June 2014 Chairman’s Review 2 Non-IFRS information Chief Executive’s Review 4 EBIT before significant items and net profit after tax before Financial Review 6 significant items are non-IFRS measures used to provide a Divisional Performance 10 greater understanding of the underlying performance of the Sustainability Overview 18 Group. This information has been extracted or derived from the financial statements. Significant items are detailed in note 4 to the Executive Committee 24 financial statements and relate to income and expenses that are Board of Directors 25 associated with significant business restructuring, impairment or Corporate Governance 26 individual transactions. Directors’ Report 35 2014 Remuneration Report 42 Financial Statements 58 The sections of our Annual Report titled Chairman’s Review, Statutory Statements 124 Chief Executive’s Review, Financial Review and Divisional Shareholder Information 126 Performance comprise our operating and financial review Financial History 129 (OFR) and form part of the Directors’ Report. Boral Limited Annual Report 2014 1 CHAIRMAN’S REVIEW From the Chairman With benefits from recent restructuring Cost savings from overhead reductions, rationalisation and and improvement initiatives, together contractor cost reductions totalled $130m at the end of FY2014. A strong focus on cash generation and a highly disciplined with better conditions in some key approach to capital expenditure was maintained, which, markets, Boral has delivered a stronger together with $562m of proceeds received on completion of the result in FY2014 and has made USG Boral joint venture transaction, allowed the Company to encouraging progress against our successfully reduce net debt to $718m at year end from $1.45b strategic priorities. at 30 June 2013. Earnings before interest and tax (EBIT1) of $294m was 29% Dr Bob Every AO, Chairman ahead of the prior year, with the positive change driven by the strength of Construction Materials & Cement, a substantial turnaround in Building Products performance and a significant reduction of losses in Boral USA. The improved performance resulted in a 62% increase in underlying earnings per share to 22.0 cents per share, and provided the confidence for the Board to declare a final dividend of 8.0 cents per share for a full year fully franked dividend of 15.0 cents per share, representing a payout ratio of 68%. There were a number of significant items in FY2014, totalling a Australian housing and non-residential construction markets net $2m gain, including gains from the completion of the USG have picked up from recent cyclical lows, while Asian markets Boral joint venture, offset by costs of additional restructuring and continue to grow and the US housing recovery continues, albeit capacity rationalisation across the business divisions. at a slower than expected rate in FY2014. Improvements across all divisions Together with Boral’s restructured business, these factors have Boral’s largest division, Construction Materials & Cement, contributed to a significant improvement in the Company’s full experienced continued strength in underlying performance as it year performance, with reported net profit after tax of $173m further consolidated its leading integrated positions. Prior year (after significant items); up from last year’s net after tax loss of restructuring benefits and ongoing major projects activity $212m. Boral’s profit after tax (before significant items) of $171m contributed to the strong result, which was offset by lower was a 64% improvement on the prior year. Property earnings in FY2014 and weaker activity in roads, This positive turnaround in profit demonstrates the important highways and engineering. progress that has been made to deliver Boral’s strategic The smaller Building Products division reported a significant priorities over the past 24 months – that is, a focus on fixing $48m EBIT turnaround to a small profit, largely due to the business by reshaping the portfolio and managing costs, rationalisation and restructuring of the business and increasing cash and capital. activity in the Australian housing market. While the return to profitability is pleasing, further portfolio reshaping in Building Strengthened financial and business performance A number of rationalisation and portfolio reshaping initiatives Products will be required to deliver adequate returns in the occurred in FY2014 in response to changing market dynamics, medium-to-long term. strengthening Boral’s long-term growth potential. This includes the milestone formation of the USG Boral plasterboard and ceilings joint venture, establishing a strong growth platform underpinned by world-leading gypsum technologies and leading market positions.
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