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Adelaide Brighton Ltd 2014 Annual Report

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Adelaide Brighton Ltd 2014 Annual Report Adelaide Brighton Ltd 2014 Annual Report Company profile Adelaide Brighton is a leading integrated construction materials and lime producer 1 Performance summary which supplies a range of products into building, construction, infrastructure and 2 Chairman’s Report mineral processing markets throughout Australia. The Company’s principal activities 4 Chief Executive Officer’s Report include the production, importation, distribution and marketing of clinker, cement, 8 Finance Report industrial lime, premixed concrete, construction aggregates and concrete products. 10 Map of operations Adelaide Brighton originated in 1882 and is now an S&P/ASX100 company with 11 Review of operations 1,400 employees and operations in all Australian states and territories. 12 Cement and Lime 14 Concrete and Aggregates Cement 16 Concrete Products 18 Joint ventures Adelaide Brighton is the second largest supplier of cement and clinker products in 19 Sustainability Australia with major production facilities and market leading positions in the resource 20 Sustainability Report rich states of South Australia and Western Australia. It is also market leader in the 25 People, health and safety Northern Territory. In addition to domestic production, the Company is the largest 27 Corporate governance statement importer of cement, clinker and slag into Australia with an unmatched supply network 34 Diversity report that enables efficient access to every mainland capital city market. This network 36 Directors includes significant distribution joint ventures in Victoria and Queensland. 37 Financial statements index 38 Directors’ report Lime 45 Remuneration report introductory letter Adelaide Brighton is the largest producer of lime in Australia, with production assets 46 Remuneration report contents in Western Australia, South Australia and Northern Territory. Lime is an important 47 Remuneration report product for the mineral processing industry in resource rich markets, particularly for 62 Income statement the production of alumina and gold, of which Australia is a leading producer. 63 Statement of comprehensive income 64 Balance sheet Concrete and Aggregates 65 Statement of changes in equity 66 Statement of cash flows Adelaide Brighton has a growing presence in the premixed concrete and aggregates 67 Notes to the consolidated financial statements industry extending from South Australia, through Victoria and New South Wales to 107 Directors’ declaration south east and northern Queensland. It has strategic aggregates reserves west 107 Auditor’s independence declaration of Sydney in regional New South Wales, south east Queensland, South Australia 108 Independent audit report and regional Victoria through its wholly owned and joint venture operations. 109 Financial history 110 Information for shareholders Concrete Products Adelaide Brighton holds the leading position in the Australian concrete products market, with operations in Queensland, New South Wales, Victoria, Tasmania and South Australia. Joint ventures and associates Adelaide Brighton has a number of significant investments in joint ventures and associates in construction materials production and distribution. These include major cement distribution joint ventures in Queensland (Sunstate Cement), Victoria (Independent Cement and Lime) and New South Wales; regional concrete and aggregates positions in Victoria, Queensland and New South Wales; and a 30% investment in a Malaysian white cement and clinker producer (Aalborg Portland Malaysia), which supplies the Australian market. Sustainability Adelaide Brighton’s commitment to sustainable development is demonstrated through a range of actions implemented across a balanced program of initiatives. Adelaide Brighton believes that setting and achieving sustainability objectives throughout the organisation assists long term competitive business performance. FRONT COVER: SOUTHERN QUARRIES NORTHERN PIT AND SECONDARY CRUSHING PLANT AT SELLICKS HILL QUARRY Performance summary Revenue Underlying EBIT1 $1,337.8m $245.2m 2013: $1,228.0 8.9% 2013: $226.0m 8.5% Underlying NPAT1 Underlying ROFE2 Attributable to members $166.5m 17. 5 % 2013: $153.4 8.5% 2013: 17.2% 0.3ppts Basic EPS Final ordinary dividend 26.9c 9.5c 2013: 23.7c 13.5% 2013: 9.0c 5.6% 1 Underlying results have been adjusted for significant items. An explanation of the adjustments and NPAT reconciliation to statutory results is provided on page 42. 2 Return on funds emplyed = underlying EBIT/average monthly funds employed. RETURN GEARING: CASH FLOW ON FUNDS NET DEBT FROM INTEREST COVER C/SHARE DIVIDENDS % EMPLOYED % TO EQUITY $M OPERATIONS TIMES EBITDA BASIS 25 25 50 250 25 20 20 40 200 20 15 15 30 150 15 10 10 20 100 10 5 5 10 50 5 0 0 0 0 0 10 11 12 13 14 10 11 12* 13 14 10 11 12* 13 14 10 11 12* 13 14 10 11 12* 13 14 INTERIM FINAL SPECIAL * In line with changes to accounting policies effective 1 January 2013, comparative numbers for 2012 have been restated ADELAIDE BRIGHTON LTD ANNUAL REPORT 2014 1 Chairman’s Report In 2014 Adelaide Brighton recorded strong growth in sales and earnings and continued to reward shareholders through higher dividends. The Company increased net profit after tax (NPAT) by 14.3% over 2013, to a record $172.7 million. We also reported record revenue of $1,337.8 million, 8.9% higher than the previous corresponding period (pcp). Year in review Our operational improvement program has vastly enhanced our competitive position in This very pleasing result was based on the last decade, substantially reducing costs increased volumes in most divisions and and streamlining the business, and enabling markets, price increases and savings from us to compete more effectively in our key operational efficiencies. Volumes and revenue LES HOSKING markets. In the past three years alone we CHAIRMAN increased in our cement division on the have saved $50 million through this program. back of healthy demand from residential and resources projects in Western Australia, the Our acquisition strategy continues to Northern Territory, New South Wales and strengthen our vertically integrated business Queensland. South Australian demand was model, enabling us to participate throughout subdued while Victorian demand eased. the entire value chain, from the raw material Lime volumes reduced in the first half of stage through to finished products in buildings 2014 due to a decline in demand from gold and infrastructure projects. We spent miners and the suspension of operations at $172 million in 2014 securing highly a major customer in the Northern Territory, valuable and strategic aggregate and NET PROFIT $M AFTER TAX which resumed production in the second half concrete businesses in South Australia and 200 of the year. The Concrete Products Division Queensland which will deliver synergies and achieved very strong earnings growth after enhance future earnings. Organic growth 160 much hard work to optimise this business. and growth through profitable acquisitions remain important strategies for increasing 120 Adelaide Brighton declared a fully franked shareholder value and we will continue to final dividend of 9.5 cents per share, 80 seek out opportunities in a measured 0.5 cents higher than the pcp, which made and low risk manner. 40 for a full year dividend of 17 cents a share, also fully franked. Adelaide Brighton also continues to be a 0 leading, low cost supplier of lime to the 10 11 12* 13 14 The Group’s balance sheet remains strong, resources sector. We have very strong, long aided by healthy cash flows in 2014, which term supply relationships in the alumina enabled us to keep gearing at a lower sector and are well positioned to take than expected ratio of 31.7%. * In line with changes to advantage of the next upswing in the non accounting policies alumina sector. We have made a significant Strategy effective 1 January 2013, investment in the past two years to improve comparative numbers In 2014 Adelaide Brighton made important production capacity and environmental for 2012 have been strides in furthering its long term growth performance in our lime business. The restated strategy, which is reflected in the strength of upgrade of our lime kilns in Munster, Western our financial results and shareholder returns. Australia, has led to an increase in our This strategy has three complementary production capacity by 250,000 tonnes elements: operational improvement, per annum in 2014. increasing vertical integration through value accretive acquisitions and development of the highly efficient lime business. ADELAIDE BRIGHTON LTD ANNUAL REPORT 2014 2 ($ million) 2014 2013 1 Includes impairment charge of $2.0 million. 2 Net finance cost is the net of finance costs Revenue 1,337.8 1,228.0 shown gross in the Income Statement with Depreciation, amortisation and impairments (75.0)1 (70.6) interest income included in revenue. 3 Return on funds employed = EBIT/average Earnings before interest and tax 247.5 222.7 monthly funds employed. Net finance cost2 (15.0) (14.1) 4 Includes special dividend of 3.0 cents Profit before tax 232.5 208.6 per share in 2013. Tax expense (59.9) (57.5) 5 Net debt is calculated as total borrowings less cash and cash equivalents. Net profit after tax 172.6 151.1 Non-controlling interests 0.1 - Net profit attributable to members 172.7 151.1 Return on funds employed3 (%) 17.7 17.0 Basic earnings per share (‘EPS’) (cents) 26.9 23.7 Dividends per share - fully franked (cents) 17.0 19.54 Net debt5 ($ million) 359.8 248.0 Net debt/equity (%) 31.7 23.4 Leadership Board and governance In addition to the benefits from this investment, further work on the site has In May 2014 Martin Brydon, a long term The Board is committed to conducting been undertaken in the areas of odour and serving executive of the Company, was business ethically and in accordance with high noise. Similar initiatives are underway at promoted to the position of Chief Executive standards of corporate governance. Adelaide other sites and further details are contained Officer (CEO) following the retirement of Brighton believes its policies and practices in our Sustainability Report.
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