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View Annual Report Boral Limited Annual Report 2011 Reinforcing the core CONTENT BORAL LIMITED Financial highlights 2011 1 Boral Limited is an Group overview 2 international building and Chairman’s review 2011 4 Chief Executive’s review 2011 6 construction materials The Building Blocks of Growth 10 group, headquartered in Sales and Marketing Excellence 12 Sydney, Australia. With Boral Production System 14 leading market positions, Innovation 15 Boral’s core businesses are Construction Materials 16 Cement and Construction Building Products 18 Cement 20 Materials in Australia; USA 22 Plasterboard in Australia Financial review 2011 24 and Asia; and Bricks, Sustainability in Boral 28 Roof Tiles and Masonry in Board of Directors 34 Australia and the USA. Corporate Governance Statement 36 Directors’ Report 43 2011 Remuneration Report 48 Financial statements 63 Shareholder information 138 Boral Limited ABN 13 008 421 761 Financial history 140 Financial calendar inside back cover Level 39, AMP Centre 50 Bridge Street, Sydney NSW 2000 GPO Box 910, Sydney NSW 2001 Telephone: (02) 9220 6300 International: +61 2 9220 6300 Facsimile: (02) 9233 6605 International: +61 2 9233 6605 Internet: www.boral.com.au Email: [email protected] Stock Exchange Listing Australian Securities Exchange Share Registry c/- Link Market Services Level 12 680 George Street, Sydney NSW 2000 Locked Bag A14, Sydney South NSW 1235 Telephone: (02) 8280 7133 International: +61 2 8280 7133 Facsimile: (02) 9287 0303 International: +61 2 9287 0303 Internet: www.linkmarketservices.com.au Email: [email protected] 01 FINANCIAL HIGHLIGHTS 2011 • Full year revenue2 up 4% to $4.7 billion • Underlying profit after tax1, 2 up 20% to $173 million • Net profit after tax2 increased to $166 million from $19 million loss last year • Strong second half recovery from Construction Materials • Agreed to acquire Wagners quarry and concrete operations for $173 million “I am pleased to announce • Agreed to acquire Sunshine Coast Quarries results at the top end of for $81.5 million previous guidance, especially in light of weather related • August 2011 announcement of agreement to difficulties and the second acquire Lafarge’s 50% interest in LBGA for equity half softening of residential value $530 million building in the United States and Australia.” • Reported earnings per share1 up 10% to 24.4 cents Mark Selway, Chief Executive • Increased dividend to 14.5 cents Revenue2 breakdown by division Revenue2 Other Businesses $4.7b 6% Up 4% USA 9% Construction Materials 49% Cement 12% Profit after tax1,2 Building $173m Products 25% Up 20% 1. Excluding significant items. 2. From continuing operations. 02 Boral Limited Annual Report 2011 Review of operating divisions GROUP OVERVIEW CONSTRUCTION CEMENT BUILDING PRODUCTS MATERIALS Core business Core business Core business Boral Construction Materials (BCM) is Boral’s Cement division is a leading Boral Building Products is a leading an integrated business supplying quarry supplier of cement, lime and fly ash in supplier of plasterboard, bricks, roofing materials, concrete and asphalt. BCM Australia, and of concrete, quarry and pipe and masonry products and timber in also manages a property operation and products in Indonesia and Thailand. Australia, and of plasterboard in Asia an integrated transport business. through a 50% owned joint venture, LBGA. ■ Concrete ■ Clay & Concrete Products ■ Asphalt ■ Cement ■ Plasterboard ■ Quarries ■ Asian Construction Materials ■ Timber ■ Other Main markets Main markets Main markets Almost 50% of BCM’s business is More than half of Cement division revenues The Building Products division relies undertaken in the Australian engineering are derived from the Australian residential, primarily on new housing construction and infrastructure segments, more non-dwelling and infrastructure markets. in Australia, including alterations and specifically roads, highways, bridges and The remaining part of the business is additions. In Asia, plasterboard is sold into sub-divisions. BCM’s remaining revenues reliant on construction materials markets the dwelling and non-dwelling markets in are derived from the Australian dwelling in Indonesia and Thailand. nine countries in South East Asia. and non-dwelling building segments. Achievements of the year Achievements of the year Achievements of the year Full year revenue was above last year’s Building Products was impacted by BCM successfully supplied several large reflecting improved market conditions in declines in residential construction, and infrastructure projects, with record profits Thailand and Indonesia and increased reduced government stimulus work in delivered in the year. Strong cost and price construction activity in Australia. EBIT FY2011. The Queensland plasterboard disciplines resulted in improved profits. was up 9%, reflecting a normal cycle of plant performed strongly, and the new The Dunnstown quarry investment was production following kiln shutdowns for masonry plant in Perth is substantially completed on time and on budget. inventory reduction in the prior year. commissioned. LBGA started new production lines at Baoshan (China) and Strategic priorities Strategic priorities Saraburi (Thailand). Margin growth through price discipline and Priorities are to maximise the LEAN program efficiency gains. Investment potential of the Asian Construction Strategic priorities of around $200m in the Peppertree quarry Materials businesses. The division will Focus is on completing the implementation near Marulan to underpin Boral’s leading strengthen the business through LEAN of a new streamlined organisational position in the Sydney aggregates market. manufacturing initiatives and innovative structure and maximising the potential of Integration and successful development of product development. all businesses, particularly Clay & Concrete Wagners Construction Materials business Products. Investment priorities include an and Sunshine Coast Concrete and $80m upgrade of Boral’s Plasterboard Quarries, assuming ACCC approvals, will facility in Victoria and the successful be a significant FY2012 priority. integration of Lafarge’s share of LBGA. 4.1 Construction4.1 Materials 4.1 Cement4.1 4.1 Building4.1 Products Revenue and earnings Revenue and earnings Revenue and earnings 3.4 3.4 3.4 3.4 3.4 3.4 Sales EBIT1 Sales EBIT1 Sales EBIT1 revenue $m revenue $m revenue $m $m $m $m 96 101 204 540 201 512 88 2,275 1,206 1,150 2,119 84 10 11 10 11 10 11 10 11 10 11 10 11 1. Before significant items. 03 USA OTHER BUSINESSES Core business Core business Boral today enjoys the number one position Following divestments of precast panels in bricks, and in clay and concrete roof tiles and Boral Formwork & Scaffolding, and has leading positions in construction Boral’s other businesses consist of Dowell materials in Oklahoma and Colorado and in Windows and DeMartin & Gasparini (DMG) stone veneer. concrete placing. ■ Cladding ■ Windows ■ Construction Materials & Flyash ■ De Martin & Gasparini ■ Roofing Main markets Main markets Two thirds of US related revenues are The Dowell Windows business consists derived from the residential building of 14 fabrication operations servicing market, with the remainder attributable to the Australian housing market. DMG the commercial markets and infrastructure largely services Sydney’s non-residential construction activity. construction market. Achievements of the year Achievements of the year Despite challenging markets with Revenue was 3% below last year’s, with further volume declines, the operational Windows revenue and profits down due performance of Bricks and Roof Tiles to a second half slow-down in residential improved on the prior year as cost housing. In DMG, revenue was lower, while reduction initiatives took effect. The profitability remained equivalent due to remaining 50% of the Concrete Roof Tile large contracts which were completed in joint venture, MonierLifetile, was integrated the first half, offsetting lower activity in in the year, with synergies exceeding the second half. expectations. Strategic priorities Strategic priorities Key priorities are to position the Concrete Boral will continue to invest in the US Placing business to benefit from a recovery business in preparation for market recovery in commercial construction activity in New and growth. Concrete and Clay Roof Tiles South Wales. Maximising the potential of have been consolidated to form Boral the Windows business and successfully Roofing, with plans to deliver benefits from a commercialising our new range of energy One Boral strategy. Maximising the potential conserving window designs is a key of US Construction Materials and Fly Ash Windows priority. is a strategic priority as is the successful integration of Boral’s 50% share in Cultured Stone. 4.1 4.1 4.1 4.1 USA Other Businesses Revenue and earnings Revenue and earnings 3.4 3.4 3.4 3.4 Sales EBIT1 Sales EBIT1 revenue $m revenue $m $m $m 8 10 11 431 294 286 364 6 New branding features on a Construction Materials vehicle, Boral Plasterboard, a new Boral Cement tanker, a US product display centre featuring Cultured Stone, house project using Dowell thermally- efficient window and door products. (99) 10 11 10 11 10 11 (104) 04 Boral Limited Annual Report 2011 Review of operating divisions REINFORCING THE CORE CHAIRMAN’S REVIEW 2011 Despite difficult weather, economic and market conditions experienced throughout the year, Boral made good progress during FY2011. Our strategy is focused on improving the productivity of our existing operations,
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