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A Resource-Based Manufacturing Company with Strong Reserve And Bora resource-based manufacturingal company with strong reserve and 2007 market positions A B oral NNUAL LIMITED R EVIEW Boral Limited ABN 13 008 421 761 Level 39, AMP Centre 50 Bridge Street Sydney NSW 2000 GPO Box 910 Sydney NSW 2001 Telephone: (02) 9220 6300 The Annual General Meeting of Boral Limited International: +61 2 9220 6300 Facsimile: (02) 9233 6605 will be held at the City Recital Hall, Angel Place, International: +61 2 9233 6605 Sydney on Monday 29 October at 10.30am. Internet: www.boral.com.au Financial Calendar* Email: [email protected] Ex dividend share trading commences 23 August 2007 Stock Exchange Listing Record date for final dividend 29 August 2007 Australian Securities Exchange Final dividend payable 18 September 2007 Share Registry Annual General Meeting 29 October 2007 c/- Link Market Services Half year 31 December 2007 Level 12 Half year profit announcement 13 February 2008 680 George Street Sydney NSW 2000 Ex dividend share trading commences 25 February 2008* Locked Bag A14 Sydney South Record date for interim dividend 29 February 2008* NSW 1235 Interim dividend payable 19 March 2008* Year end 30 June 2008 Telephone: (02) 8280 7133 International: +61 2 8280 7133 * Timing of events is subject to change Facsimile: (02) 9287 0303 International: +61 2 9287 0303 The Annual Review includes a concise report containing Internet: www.linkmarketservices.com.au abbreviated financial statements. Detailed financial statements Email: [email protected] are available in the separate 2007 Financial Report, which CEO and Managing Director shareholders may access on Boral’s website Rod Pearse www.boral.com.au or request free of charge by phoning Boral’s share registry on (02) 8280 7133 or via email to Chief Financial Officer [email protected] or by writing to Link Ken Barton Market Services, Locked Bag A14 Sydney South NSW 1235. Company Secretary Boral Limited is a company limited by shares, incorporated and Michael Scobie domiciled in Australia. Auditors KPMG Front Cover: Pictured at Boral’s Petrie Quarry in Queensland are Clayton Hill, Development Manager, Australian Construction Materials, Queensland and Andy Stuart, Quarry Manager Petrie Contents for the 2007 Annual Review Ba resourceful o r a n d responsibleal c o m p a n y v a l u i n g people, communities Financial Calendar, Website and the environment and Company Information Inside Front Cover Boral: From resource to market 1 Financial Highlights 2 BORAL LIMITED SUSTAINABILITY REPORT 2007 Chairman’s Report 4 Managing Director’s Review 6 Contents for the 2007 Sustainability Report Summary of Reporting Groups 10 (on the reverse of the Annual Review) Review of Operating Divisions Key Statistics s1 Australian Construction Materials 12 Ba r e s o uo r c e - basedr manufacturingal Message from the Managing Director s2 company with strong r e s e r v e a n d Cement 14 m a r k e t p o s i t i o n s 2007 ANNU BORAL A L REVIEW Clay & Concrete Products 16 L Managing Sustainability s4 IMITED Timber 18 Our Stakeholders s7 Plasterboard 20 USA 22 Our People s8 Management Committee 24 Health and Safety s12 Financial Review 25 Our Environment s16 Board of Directors 27 Our Supply Chain s22 Corporate Governance 28 Sustainable Products s23 Directors’ Report 33 Community Investment s24 Remuneration Report 37 Divisional Performance Concise Financial Report 44 Australian Construction Materials s26 Cement s28 Statutory Statements 56 Clay & Concrete Products s30 Shareholder Information 57 Timber s32 Financial History 59 Plasterboard s34 USA s36 Glossary and Abbreviations 60 Independent Assurance Statement s38 Sustainability Reporting and GRI Index s39 Glossary and Abbreviations s40 Boral’s reserves* years at Boral’s capability to meet large-scale infrastructure current projects is demonstrated by our successful million production execution of the EastLink motorway project in As at 30 June 2007 tonnes rates Melbourne (the largest infrastructure project in Over Boral’s 60 year history, we have Hard rock, sand and gravel Australia to date), which continued in 2006/07. Australia 943 35 Locating new concrete and asphalt plants developed a valuable integrated position USA 31 19 adjacent to the EastLink project is an example Thailand 58 34 of Boral’s commitment. in the building products and construction Indonesia 5 11 materials industries. Limestone and shale In August 2007 Boral Australia 141 40 acquired the concrete We leverage our strong operational Clay and sand assets of Australia 116 63 Schwarz Readymix management capability through industry USA 112 36 and a limestone quarry from Arbuckle Materials value chains across Boral’s geographic *Comprises reserves which are licensed for extraction and for US$80 million to economically recoverable, with geological certainty in the secure the #2 market footprint in Australia, the USA and Asia. proven and probable category. Excludes reserves held by joint venture operations. position in construction materials in Oklahoma. Boral’s reserves are a long-term, fundamental source of value creation. Development and Boral’s markets are generally acquisitions are ongoing to ensure that over time cyclical in nature, requiring reserves are replaced as they are extracted. us to have capacity to supply the upturns and to manage Boral has strong downstream market well in the downturns. positions, generally being number one or number two in the markets in which we operate. We strive to anticipate and satisfy the needs of our markets and to provide our customers with better value and service than our competitors. BORAL: FROM RESOURCE TO MARKET We have cost-competitive positions close to market. Our logistics expertise strengthens our competitive advantage. Boral’s manufacturing expertise is underpinned by the dedication and operational know-how of its people and its broad geographic spread across 707 operating sites. Boral’s people and geographic footprint Boral’s people integration Employees 16.194 Contractors approx. 4,900 JV employees approx. 3,500 Boral sites Operating sites 707 Total sites 851 Operating countries 11 Significant investments to lift capacity for market peaks and to strengthen Boral’s cost-competitive positions continued in 2006/07. For example, an $85 million upgrade of cement grinding capacity of Boral’s JV Sunstate Cement operation Boral has strong downstream market in Queensland was announced; a new state-of-the-art positions, generally being number one or plasterboard plant in Queensland will be commissioned by the number two in the markets in which we end of 2007; full commissioning of Midland Brick’s $53 million operate. We strive to anticipate and satisfy Kiln #11 continued; and a new US$55 million brick plant in the needs of our markets and to provide our Indiana will be completed by March 2008, positioning Boral customers with better value and service than well for a US market recovery. our competitors. Boral Limited Annual Review 2007 1 Financial highlights A$ million unless stated YEAR ENDED 30 JUNE 2007 2006 % CHANGE Revenue 4,909 4,767 3 EBITDA 762 823 (7) EBIT 531 614 (14) Boral is an integrated resource-based Net interest 111 98 13 Profit before tax 420 516 (18) manufacturing company with strong Tax 122 153 (20) upstream reserves and downstream market Profit after tax 298 362 (18) Cash flow from operating activities 482 449 positions, around which we continue to Gross assets 5,817 5,587 Funds employed 4,470 4,333 perform and grow. Liabilities 2,829 2,832 Net debt 1,482 1,578 Growth and acquisition capital expenditure 226 307 Stay-in-business capital expenditure 192 207 Boral’s strategic intent is to be a value(s) and market-driven, focused building and Depreciation 231 209 construction materials supplier, operating in Australia and increasingly offshore. Employees 16,194 15,802 Our core competencies are: Sales per employee, $ million 0.303 0.302 Net tangible asset backing, $ per share 4.41 4.07 • securing and extending our cost-competitive natural resource positions close EBITDA margin on sales, % 15.5 17.3 to market, and EBIT margin on sales, % 10.8 12.9 • utilising our manufacturing, logistics and marketing expertise to create cost EBIT return on funds employed, % 11.9 14.2 and quality competitive materials and products which meet the needs of Return on equity, % 10.0 13.2 building and construction markets. Gearing (net debt/equity), % 50 57 Interest cover, times 4.8 6.3 In 2007, Boral’s performance reflects strength in Boral’s largest reporting group, Earnings per share, ¢ 50 61.7 Construction Materials Australia, offset by the effects of a continued downturn Dividend per share, ¢ 34.0 34.0 in Australian housing activity and a severe downturn in US housing markets. Safety: Favourable pricing outcomes, operational cost savings and benefits from growth FINANCIAL Lost time injury frequency rate1 2.8 3.1 contributed to a solid underlying result. The Company is well positioned to HIGHLIGHTS Hours lost, % 0.09 0.11 benefit from recovering market conditions. Sales revenue $m EBITDA2 $m EBIT2 $m Profit after Earnings per 2 2 9 tax $m share c Key financial results for 2007 4,90 8 4 4,767 3 7 370 370 4 4 63. 82 362 63. 2 61. 79 79 614 4,305 603 600 • Net profit after tax down 18% to $298 million 76 4,150 4,012 0 2 9 3,831 1 531 298 67 50. 283 49. 3,48 478 3 • Sales revenue up 3% to $4.9 billion 3,280 1 56 53 1 3 2 360 45 • EBITDA down 7% to $762 million 33.7 34 7 19 0 29. 169 27. 153 • EBITDA to sales margin of 15.5% 262 • EBIT down 14% to $531 million • EBIT return on funds employed of 11.9% FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 • Earnings per share down 19% to 50.0 cents FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 3 • Full year fully franked dividend of 34 cents per share Share of revenue by market EBIT by segment Australian dwellings Construction Materials, Australia Australian non-dwellings Building Products, Australia Australian engineering and construction USA USA dwellings Asia USA non-dwellings USA engineering and construction Asia Other 1.
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