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Results Presentation RESULTS For the half year to 31 December 2017 Delivering significant earnings growth and transformation 13 February 2018 Contents 1H FY2018 Results Presentation Results Overview 4 Financial Results 17 Strategic Priorities & Outlook 23 Supplementary Information Corporate Profile 30 Headwaters & Meridian Brick update 41 Market Data 46 Market Forecasts 55 Financial Data 63 2 Agenda • Results Overview Mike Kane • Financial Results Ros Ng • Strategic Priorities & Outlook Mike Kane USG Boral acoustical ceiling tiles and metal grid being installed in a commercial building in Melbourne, Victoria 3 Boral today: Performance, transformation & growth 1. Delivering strong results in Australia and maintaining leading positions • Key supplier to Australia’s booming infrastructure and strong residential and non-residential construction markets, with leading capabilities and operations • Maintaining valuable quarry resource positions and downstream concrete and asphalt networks through reinvestments • Strengthening margins through innovation and operational, customer and commercial excellence programs 2. Earnings growth and innovation-based competitive advantage in USG Boral • Organic and innovation-based growth in plasterboard markets in Asia, Australia and the Middle East, including Sheetrock® products, technical board and non-board • Positioned well to respond to changes in demand cycles and competitive pressures 3. Transformational growth in North America • Headwaters acquisition is delivering transformational growth and substantial synergies • Further growth through market recovery and innovation • Addressing short-term operational issues in some businesses • Benefits from US corporate tax rate cuts 4. Solid balance sheet and growing shareholder returns • At 31-Dec-2017, gearing (net debt / net debt + equity) of 30% • 17% growth in EPSA1 1. Refer to pages 68-69 for reconciliation and explanation; 1H FY2018 on prior corresponding period 4 Half year results highlights Delivering significant earnings growth and transformation 1H FY2018 vs 1H FY2017 A$m A$m cents EBITDA1,2 NPATA1,2 EPSA1,2 $500m 50% $237m 58% 20.2c 17% EBITA1,2 NPAT1,2 EPS1,2 $350m 66% $214m 44% 18.2c 6% EBIT1,2 Statutory NPAT2 Half year dividend $316m 50% $173m 13% 12.5c from 12.0 1. Excluding significant items 2. Refer to pages 68-69 for reconciliation and explanation of these items 5 Safety performance Company-wide commitment to Zero Harm Today Employee and Contractor RIFR1 • Record low LTIFR of 1.1, down from 1.5 (per million hours worked) • MTIFR increased to 7.2 from 6.9, 17.4 LTIFR reflecting new businesses2 MTIFR RIFR - Base businesses MTIFR improved 4% to 6.6 13.6 • RIFR of 8.3 broadly steady 12.1 - Base businesses RIFR improved 7% to 7.8 15.5 8.8 • Improving performance in Headwaters 8.1 8.4 8.3 11.7 10.3 businesses since completing acquisition 7.5 6.6 6.9 7.2 • Determined to learn from two tragic incidents in late 2017 1.9 1.9 1.8 1.3 1.5 1.5 1.1 FY13 FY14 FY15 FY16 FY17 1H FY17 1H FY18 2 1. Recordable Injury Frequency Rate (RIFR) per million hours worked is made up of Lost Does not include Headwaters. Includes employees and contractors in 100%-owned Time Injury Frequency Rate (LTIFR) and Medical Treatment Injury Rate (MTIFR) businesses and 50%-owned joint venture operations only 2. Includes employees and contractors in all businesses, including Headwaters and all joint venture operations regardless of equity interest 6 Significant increase in earnings Driven by Headwaters acquisition and Boral Australia EBITDA1 variance, A$m 1H FY2018 vs 1H FY2017 144 (5) 500 30 (2) 333 1H FY2017 Boral Boral Discontinued 1H FY2018 USG Boral2 EBITDA1 Australia North America3 Operations EBITDA1 1. Excluding significant items 2. Represents Boral’s 50% post-tax equity accounted income from the USG Boral JV 3. Earnings from combined Boral USA and Headwaters businesses and Boral’s 50% post-tax equity accounted income from Meridian Brick JV formed on 1 November 2016 7 Strong activity in our key markets Increased exposure to growing US markets post Headwaters acquisition Boral Australia, % USG Boral joint venture, % Boral North America, % 2 by 2 RHS&B 12 11 Australia Single-family 1 19 Other engineering South Korea Multi-family 11 35 Non-residential 11 36 38 Thailand Repair & Remodel Detached dwelling 6 Indonesia 15 Non-residential Multi-dwelling 16 12 China Infrastructure Revenue Alterations & additions end-market, % end-market, 8 Other 20 8 16 Other 24 Australia Asia & Middle East5 USA : RHS&B2 Korea Total housing starts6 1% Non-residential3 11% Thailand - Single 9% Total housing starts4 6% China - Multi 15% - Detached 4% Indonesia Repair & Remodel7 10% Market activity - Multi 8% Other emerging markets Non-residential8 4% 3 9 1H FY2018e vs 1H FY2017 1H FY2018e Alterations & additions 3% Infrastructure 3% 1. Based on 1H FY2018 external revenue. USG Boral represents underlying revenue split. Boral North 5. Based on various indicators of building and construction activity in key markets in Boral‘s America revenue includes Boral‘s 50% share of revenue from Meridian Brick JV which is not included in respective countries of operation. For China this is defined as the high-end market in regions in reported revenue which USG Boral operates. Other emerging markets include Vietnam, India and the Philippines 2. Roads, highways, subdivisions and bridges. Value of work done (VWD) is forecast to increase 17% in 6. US Census Bureau seasonally adjusted housing starts FY2018f based on an average of Macromonitor and BIS Oxford Economics forecasts 7. Moody‘s Retail Sales of Building Products, January 2018 3. VWD from ABS in 2015/16 constant prices; December 2017 quarter based on average of Macromonitor 8. Dodge Data & Analytics, Non-residential square foot area, November 2017; forecast for Dec-17Q and BIS Oxford Economics forecasts 9. McGraw Hill Dodge, Infrastructure Ready Mix Demand, November 2017; forecast for Dec-17Q 4. ABS original housing starts; December 2017 quarter based on average of HIA, Macromonitor and BIS Oxford Economics forecasts 8 Boral Australia Strong result underpinned by growing infrastructure & non-residential activity Revenue EBITDA1 • EBITDA (excluding Property) up 15%, driven by growth in construction materials businesses, particularly NSW and Qld b 12% m 12% $1.8 $294 • Accelerating infrastructure work, strong non-residential 1H 1H demand and only modest softening in residential demand A$m Var, % FY2018 FY2017 • Higher average selling prices across all businesses, except WA Revenue 1,804 1,616 12 • Benefiting from favourable weather on east coast in Q1 EBITDA1 294 264 12 EBITDA ROS1, % 16.3 16.3 Property 0 9 294 A$m 264 EBITDA1 excl Property 294 255 15 EBITDA excl Prop ROS1, %. 16.3 15.9 1 variance, EBIT 194 164 18 1 1 EBIT ROS , % 10.8 10.2 3 4 Net Assets 2,450 2,401 2 EBITDA 1H FY17 Cost 1H FY18 Other Cost Price 1,2 1 reduction 1 Volume Property ROFE , % 15.4 12.9 EBITDA increases EBITDA 1. Excluding significant items 2. Moving annual total EBIT return on divisional funds employed 3. Includes inflationary, operational, production and SG&A cost increases 4. Other: includes restructuring costs 9 USG Boral Solid revenue growth offset by higher input costs, one-off costs & price pressures ® Underlying Revenue Underlying EBITDA2 • Revenue underpinned by continued growth in Sheetrock & technical board, pricing gains and higher non-board revenue $815m 11% $149m 1% • EBITDA impacted by higher input costs, $8m in one-off costs and competitive pricing pressures in Thailand, A$m 1H FY2018 1H FY2017 Var, % Indonesia and Vietnam; excluding one-offs, EBITDA up 5% Reported result • Strong Australia contribution with earnings steady Equity income1,2 38 40 (4) excluding one-off costs Underlying result • Significant earnings growth in Korea and China with Revenue 815 735 11 softer earnings from Thailand, Indonesia and Vietnam EBITDA2 149 151 (1) EBITDA ROS2, % 18.3 20.5 EBIT2 113 117 (3) 2 151 149 EBITDA ROS2, % 13.9 15.9 A$m Net Assets 1,921 1,902 – ROFE2,3, % 11.1 10.7 4 5 variance, variance, Underlying EBITDA Underlying 1. Post-tax equity income from Boral‘s 50% share of USG Boral JV Cost Cost Price Other reduction 2. Excluding significant items 1H FY17 Volume 1H FY18 increases 3. Moving annual total EBIT return on divisional funds employed EBITDA2 EBITDA2 4. Includes inflationary, operational, production and SG&A cost increases 5. Other includes $8m in one-off costs and foreign exchange impacts 10 Boral North America Substantial earnings lift through acquisition Revenue EBITDA1 • Substantial lift in revenue to US$884m and EBITDA A$1.1b A$184m to US$144m • Synergies of US$18m achieved; on track to exceed 1H FY2017 A$m 1H FY2018 1H FY2017 proforma3 US$35m synergies in FY2018 Compared to 1H FY2017 proforma Revenue 1,133 477 1,208 EBITDA1 184 41 185 • EBITDA growth tempered by severe weather events, plant operational issues & commissioning costs, and 1 EBITA 135 19 130 lower Meridian Brick earnings EBIT1 101 18 113 • Construction Materials: Improved result largely driven Net Assets 4,428 949 by higher Fly Ash revenue and earnings US$m • Building Products: modest earnings growth with Revenue 884 357 904 revenue lift of 13%, largely offset by US$4m weather EBITDA1 144 30 139 impact and US$7m in plant operational issues EBITDA ROS1,% 16.3 8.5 15.3 • Meridian Brick JV: higher operating costs and lower EBITA1 105 15 98 volumes due to declining brick intensity and smaller EBITA ROS1,% 11.9 4.1 10.8 rationalised network EBIT1 79 14 85 1. Excluding significant items 2. Moving annual total EBIT
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