DOCSLIB.ORG

Brickworks Investment Company

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Brickworks Investment Company Full Year Results 2011 For personal use only 1 Disclaimer This material has been prepared by BKI Investment Company Limited. The information within this document is not intended to provide advice to investors or take into account an individuals financial circumstances or investment objectives. This is general investment advice only and does not constitute advice to any person. The opinions within this document are not intended to represent recommendations to investors, they are the view of BKI Investment Company Limited as of this date and are accordingly subject to change. Information related to any company or security is for information purposes only and should not be interpreted as a solicitation of offer to buy or sell any security. The information on which this presentation is based has been obtained from sources we believe to be reliable, but we do not guarantee its accuracy or completeness. Investors should consult their financial adviser in relation to any material within this document. For personal use only 2 Background BKI was formed on the 17th October 2003 to take over and manage the investment portfolio of Brickworks Limited (BKW). BKW established the core portfolio during the 1980’s with the objective to generate an increasing income stream through long term investment in a portfolio of securities that would grow over time. Today, some 25 years since the inception of the core portfolio, BKI continues to invest in well-managed businesses with a profitable history and with the 2008 2009 expectation of sound dividend External management BKI Share Purchase 2007 agreement expires and BKI Plan raises $24.1m and distribution growth. becomes internally Renounceable Rights managed Issue raises $57.0m The BKI Portfolio 2004 BKI takes over Huntley BKI merges Share Placement raises Investment Company $49.3m Valuation has grown with Pacific Strategic Limited Investments Limited For personal use only from $171m as at 2003 listing on 12 Dec BKI acquires the BKW Share Portfolio and 2003 to $599m as lists on the ASX at 30 June 2011. 3 Philosophy, Style, Process Corporate Objectives The Group aims to generate an increasing income stream for distribution to its shareholders in the form of fully franked dividends, to the extent of its available imputation tax credits, through long-term investment in a portfolio of assets that are also able to deliver long term capital growth to shareholders. Investment Strategy BKI is a research driven, long term manager focusing on well managed companies, with a profitable history and that offer attractive dividend yields. Stock selection is bottom up, focusing on the merits of individual companies rather than market and economic trends. Investment Style BKI is benchmark unaware and has no specific sector or stock investment limitations. BKI has the For personal use only ability to have overweight or underweight positions in certain stocks or sectors. Dividend Policy To generate an increasing income stream for distribution to its shareholders in the form of fully franked dividends. Payout Ratio of 90%-95% of Operating Profits. 4 Board and Management Directors Robert Millner Chairman of Directors David Hall Director, Chairman of Audit Committee Alexander Payne Director, Chairman of Remuneration Committee Ian Huntley Director Chief Executive Officer Investment Committee Thomas Millner Robert Millner Alexander Payne Company Secretary Ian Huntley For personal use only Richard Pillinger Thomas Millner 5 Benefits of Investing in BKI Dividends - Strong dividend payout ability with abundant franking credits. Historical fully franked dividend yield of 5.8%, grossed up yield 8.3% (as at 30 June 2011). Diversification - High quality diversified portfolio through BKI shares listed on the ASX (BKI.ASX). Management - Experienced Board and conservative investment team delivering sound returns with low investment risk. Low Costs - MER of 0.18%. No external portfolio management fees or performance fees. Value - Opportunity for investment at a discount to the Pre Tax NTA. Ideal for long term passive shareholders and SMSF’s. New Hope Corporation – An outstanding defensive resource investment. NHC is a low cost/low risk coal producer that has a significant cash balance (~$1.5bln), large domestic coal reserves, 100% ownership of port facilities with Management/Board strongly aligned with shareholders. NHC has For personal use only paid 6 Special Dividends in 7 years of being listed on the ASX. Having NHC in the BKI portfolio gives a clear point of difference to many other investment vehicles. The Australian mining sector continues to underpin the strength of the Australian economy and BKI’s exposure to NHC places the company in a strong position to capture further upside from this sector. 6 Benefits of Investing in BKI Washington H. Soul Pattinson (WHSP) - In 2009 WHSP increased their shareholding in BKI to become the largest shareholder at 13.6%. Listed in 1903, WHSP is the second oldest listed company on the ASX and holds investments worth in excess of $4.5bln. As an investment group WHSP has a window on the business world through the operating companies it controls and the investment companies where it has board representation. WHSP’s long term, patient investment philosophy is dispersed across many sectors including, Building Products, Property, Coal, Telecommunications, Financial Services, Pharmaceuticals, Retail and Agriculture. It is one of the very few family controlled Australian companies – currently in the fifth generation – so it has a strong alignment with its investors, as it invests alongside them. For personal use only 7 Dividend Income FY 2011 Result 40,000 35,000 Highlights 30,000 25,000 20,000 15,000 10,000 Total Ordinary Income for the full year 5,000 increased 12.2% after a majority of the 0 companies held within the BKI Portfolio lifted $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 2004 2005 2006 2007 2008 2009 2010 2011 dividend payments over the last 12 months. Total Ordinary Income Total Special Income Operating Profits 30,000 25,000 20,000 15,000 10,000 For personal use only Net Operating Profit before special dividend 5,000 income increased 13.1% on the previous corresponding period. 0 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 8 2004 2005 2006 2007 2008 2009 2010 2011 Earnings Per Share FY 2011 Result 9.0 8.0 Highlights 7.0 6.0 5.0 4.0 3.0 EPS excluding special dividends increased 2.0 from 5.44cps in FY2010 to 6.02cps in 1.0 0.0 FY2011. 2004 2005 2006 2007 2008 2009 2010 2011 EPS Excluding Special Dividends Basic EPS Dividend Per Share $0.07 $0.06 $0.05 $0.04 BKI Directors have declared a Fully Franked $0.03 Final Dividend of 3.0cps. $0.02For personal use only $0.01 A Fully Franked Special Dividend of 1.0cps $0.00 was also declared. 2004 2005 2006 2007 2008 2009 2010 2011 INTERIM FINAL SPECIAL 9 Portfolio Valuation FY 2011 Result 600,000 Highlights 500,000 400,000 300,000 200,000 The BKI Portfolio Valuation has grown from 100,000 $171m as at listing on 12 December 2003 0 to $599m as at 30 June 2011. $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 2004 2005 2006 2007 2008 2009 2010 2011 Investment Portfolio Cash Management Expense Ratio 0.80% 0.71% 0.69% 0.70% 0.56% 0.60% 0.46% 0.46% 0.50% 0.40% For personal use only 0.31% Since internalising management in 2008, the 0.30% 0.19% MER has been reduced from 0.46% to 0.18% 0.20% 0.18%. 0.10% 10 2004 2005 2006 2007 2008 2009 2010 2011 Stock Selection Criteria BKI is a research driven, long term manager focusing on well managed companies, with a profitable history and that offer attractive dividend yields. Stock selection is bottom up, focusing on the merits of individual companies rather than market and economic trends. BKI is focused on investing in stocks using the 5 basic fundamentals below as part of the stock selection process: 1. Income - Dividend Yields, Franking Credits, Pay Out Ratios 2. Principal Activity - Sustainable Business Model, Competitive Advantage 3. Debt Levels - Gearing Ratios, Net Interest Coverage 4. Management and Board - Share Ownership, Board Meeting Attendance, History of For personal use only Creating Shareholder Wealth 5. Earnings and Valuations - Earnings Profiles, PE Multiples, EV/EBITDA Multiples 11 Portfolio Movements BKI invested $38m into the Australian market during FY2011. Major investments included: ANZ Banking Corporation AMP Limited Milton Corporation QUBE Logistics Telstra Corporation UGL Limited Commonwealth Bank QBE Insurance Group Coca Cola Amatil Woolworths Limited Major divestments from the BKI Portfolio totalled $16m and included: Choiseul Investments Boral Limited The Mac Services Group Westfield Retail Trust AXA Asia Pacific Limited GPT Group AWB Limited Fosters Group For personal use only Intoll Group Consolidated Media Holdings Buyback participation included small parcels of BHP Billiton and Woolworths Limited. 12 BKI Portfolio As at 30 June 2011 1 New Hope Corporation 11 Woodside Petroleum Limited 2 BHP Billiton Limited 12 ANZ Banking Group 3 National Australia Bank 13 QBE Insurance Group 4 Commonwealth Bank 14 Metcash Limited 5 Westpac Banking Corp 15 Coca Cola Amatil 6 Wesfarmers Limited 16 Westpac pref shares 7 Telstra Corporation 17 TPG Telecom 8 Woolworths Limited 18 Invocare Limited 9 Campbell Brothers Limited 19 ASX Limited For personal use only 10 AGL Energy Limited 20 AMP Limited BKI’s Top 20 investments, including cash & cash equivalents equate to 82.2% of the Total Portfolio Value. 13 BKI Performance as at 30 June 2011 BKI Performance 6 Mths 1 Year 3 Years 5 Years 7 Years as at 30 June 2011 (pa) (pa) (pa) BKI Portfolio S&P/ASX 300 ACC INDEX (XKOAI) -1.3% 11.9% 0.3% 2.4% 8.4% Returns are BKI Total Shareholder Returns -1.3% 11.2% 5.1% 2.9% 8.0% measured after BKI Share Price Outperformance V's XKOAI 0.0% -0.7% 4.8% 0.5% -0.4% all operating expenses, BKI Portfolio Performance 1.9% 12.0% 2.3% 4.4% 8.4% provision and payment of BKI Portfolio Outperformance V's XKOAI 3.2% 0.1% 2.0% 2.0% 0.0% income and For personal use only Source: BKI Investment Company Limited, IRESS.
Load more

Recommended publications
  • 2005 Washington H. Soul Pattinson and Company Limited and Controlled Entities A.B.N
    WASHINGTON H. SOUL PATTINSON AND COMPANY LIMITED A.B.N. 49 000 002 728 DIRECTORS’ ANNUAL REPORT and FINANCIAL STATEMENTS 2005 WASHINGTON H. SOUL PATTINSON AND COMPANY LIMITED AND CONTROLLED ENTITIES A.B.N. 49 000 002 728 FINANCIAL SUMMARY 2001 2002 2003 2004 2005 $000 $000 $000 $000 $000 Before non regular items Total sales revenue 906,448 334,307 340,624 392,854 597,104 Operating profit after taxation and excluding outside equity............................ 45,756 65,987 78,706 81,508 105,109 Total assets employed................................ 1,381,008 1,092,348 1,115,282 1,414,693 2,220,042 Shareholders’ funds.................................. 643,017 668,436 729,926 867,509 1,260,448 Operating profit after taxation and excluding outside equity as a percentage of shareholders’ funds... 7.1% 9.9% 10.8% 9.4% 8.3% Earnings per share on adjusted issued capital (cents)..... 19.17 27.65 32.98 34.16 44.04 Ordinary Dividends per share (cents)................... 11.5 14.0 17.0 20.0 25.0 Special Dividends per share (cents).................... 4.0 5.0 5.0 10.0 15.0 After non regular items Operating profit after taxation and excluding outside equity ........................... 56,751 72,741 88,307 155,925 421,455 Earnings per share on adjusted issued capital (cents) .. 23.78 30.48 37.00 65.34 176.61 WASHINGTON H. SOUL PATTINSON AND COMPANY LIMITED A.B.N. 49 000 002 728 DIRECTORS: ROBERT D. MILLNER Chairman of Directors Director since 1984 MICHAEL J. MILLNER Non-Executive Director - Deputy Chairman Director since 1997 PETER R.
    [Show full text]
  • Westpac Online Investment Loan Acceptable Securities List - Effective 3 September2021
    Westpac Online Investment Loan Acceptable Securities List - Effective 3 September2021 ASX listed securities ASX Code Security Name LVR ASX Code Security Name LVR A2M The a2 Milk Company Limited 50% CIN Carlton Investments Limited 60% ABC Adelaide Brighton Limited 60% CIP Centuria Industrial REIT 50% ABP Abacus Property Group 60% CKF Collins Foods Limited 50% ADI APN Industria REIT 40% CL1 Class Limited 45% AEF Australian Ethical Investment Limited 40% CLW Charter Hall Long Wale Reit 60% AFG Australian Finance Group Limited 40% CMW Cromwell Group 60% AFI Australian Foundation Investment Co. Ltd 75% CNI Centuria Capital Group 50% AGG AngloGold Ashanti Limited 50% CNU Chorus Limited 60% AGL AGL Energy Limited 75% COF Centuria Office REIT 50% AIA Auckland International Airport Limited 60% COH Cochlear Limited 65% ALD Ampol Limited 70% COL Coles Group Limited 75% ALI Argo Global Listed Infrastructure Limited 60% CPU Computershare Limited 70% ALL Aristocrat Leisure Limited 60% CQE Charter Hall Education Trust 50% ALQ Als Limited 65% CQR Charter Hall Retail Reit 60% ALU Altium Limited 50% CSL CSL Limited 75% ALX Atlas Arteria 60% CSR CSR Limited 60% AMC Amcor Limited 75% CTD Corporate Travel Management Limited ** 40% AMH Amcil Limited 50% CUV Clinuvel Pharmaceuticals Limited 40% AMI Aurelia Metals Limited 35% CWN Crown Limited 60% AMP AMP Limited 60% CWNHB Crown Resorts Ltd Subordinated Notes II 60% AMPPA AMP Limited Cap Note Deferred Settlement 60% CWP Cedar Woods Properties Limited 45% AMPPB AMP Limited Capital Notes 2 60% CWY Cleanaway Waste
    [Show full text]
  • Asx Clear – Acceptable Collateral List 28
    et6 ASX CLEAR – ACCEPTABLE COLLATERAL LIST Effective from 20 September 2021 APPROVED SECURITIES AND COVER Subject to approval and on such conditions as ASX Clear may determine from time to time, the following may be provided in respect of margin: Cover provided in Instrument Approved Cover Valuation Haircut respect of Initial Margin Cash Cover AUD Cash N/A Additional Initial Margin Specific Cover N/A Cash S&P/ASX 200 Securities Tiered Initial Margin Equities ETFs Tiered Notes to the table . All securities in the table are classified as Unrestricted (accepted as general Collateral and specific cover); . Specific cover only securities are not included in the table. Any securities is acceptable as specific cover, with the exception of ASX securities as well as Participant issued or Parent/associated entity issued securities lodged against a House Account; . Haircut refers to the percentage discount applied to the market value of securities during collateral valuation. ASX Code Security Name Haircut A2M The A2 Milk Company Limited 30% AAA Betashares Australian High Interest Cash ETF 15% ABC Adelaide Brighton Ltd 30% ABP Abacus Property Group 30% AGL AGL Energy Limited 20% AIA Auckland International Airport Limited 30% ALD Ampol Limited 30% ALL Aristocrat Leisure Ltd 30% ALQ ALS Limited 30% ALU Altium Limited 30% ALX Atlas Arteria Limited 30% AMC Amcor Ltd 15% AMP AMP Ltd 20% ANN Ansell Ltd 30% ANZ Australia & New Zealand Banking Group Ltd 20% © 2021 ASX Limited ABN 98 008 624 691 1/7 ASX Code Security Name Haircut APA APA Group 15% APE AP
    [Show full text]
  • Australian Listed Equities: Weekly Share Market Wrap
    Australian Listed Equities: Weekly Share Market Wrap Total Shareholder Returns as at 02 March 2018 Price 1 week 1 month 6 months 1 year 2 years 3 years 5 years 10 years 10 years Ticker Stock Name $ % % % % % p.a. % p.a. % p.a. % p.a. ranking A2M The A2 Milk Company 12.11 2.89 41.31 136.99 450.45 172.57 - - - - ABC Adelaide Brighton 6.71 -3.17 0.90 17.51 25.64 19.93 19.93 16.49 9.33 47 ABP Abacus Property Grp. 3.44 0.00 -5.49 -2.22 14.48 13.15 8.30 14.82 -1.94 113 AFI Australian Foundat. 6.06 -0.66 -2.53 4.58 9.57 8.95 2.86 5.97 4.48 77 AGL AGL Energy Limited. 21.47 -0.42 -5.41 -9.87 -8.38 12.64 16.55 10.72 10.44 40 AIA Auckland Internation 5.92 -0.50 -2.95 -0.08 -9.11 3.61 14.22 23.94 12.61 30 AIZ Air New Zealand 3.02 5.96 4.86 -3.73 43.40 18.90 12.05 30.24 12.15 32 ALL Aristocrat Leisure 23.98 -1.96 -1.96 14.54 43.91 55.66 48.93 46.20 9.54 43 ALQ ALS Limited 7.10 1.28 0.85 -9.80 19.41 34.61 11.55 -5.15 6.78 63 ALU Altium Limited 19.96 0.10 28.13 97.93 179.50 91.94 72.34 82.96 44.32 3 AMC Amcor Limited 14.03 0.93 -1.57 -9.77 1.89 3.52 4.09 14.96 11.64 34 AMP AMP Limited 5.27 0.38 2.56 7.23 10.10 5.17 -2.02 4.40 0.41 103 ANN Ansell Limited 25.74 2.14 2.36 19.76 20.64 24.17 2.56 12.52 8.89 52 ANZ ANZ Banking Grp Ltd 28.57 0.46 -1.86 -0.74 -3.76 14.82 -2.02 5.27 7.05 60 APA APA Group 7.82 -4.97 -5.31 -8.52 -4.27 1.28 -1.92 10.97 14.13 23 ARG Argo Investments 8.06 -0.25 -1.73 4.92 10.05 9.57 3.86 7.74 3.78 82 AST AusNet Services Ltd 1.635 -1.80 -4.11 -3.65 5.85 12.17 8.25 11.72 7.71 56 ASX ASX Limited 57.85 -0.43 3.69 7.47 14.89 20.40 12.70
    [Show full text]
  • Approved Securities List
    APPROVED SECURITIES LIST DOMESTIC SECURITIES 23 November 2019 The inclusion of a security on our approval list is not advice and is not a recommendation. We change ratios at any time without prior notice to you. Security Description Gearing Managed Funds Ratio We lend between 50% and 70% against most managed funds. APT AFTERPAY TOUCH GROUP LIMITED 40 % Please contact your Account Manager if you wish to discuss a particular fund. APX APPEN LIMITED 40 % Listed Securities ARB ARB CORPORATION LIMITED. 60 % ARG ARGO INVESTMENTS LIMITED 75 % Security Description Gearing ARQ ARQ GROUP LIMITED 50 % Ratio ASB AUSTAL LIMITED 50 % 3PL 3P LEARNING LIMITED.. 40 % AST AUSNET SERVICES LIMITED 65 % A2B A2B AUSTRALIA LIMITED 50 % ASX ASX LIMITED 70 % A2M THE A2 MILK COMPANY LIMITED NZ 40 % AUB AUB GROUP LIMITED 40 % AAC AUSTRALIAN AGRICULTURAL COMPANY 50 % AVJ AVJENNINGS LIMITED 40 % LIMITED. AWC ALUMINA LIMITED 70 % ABA AUSWIDE BANK LTD 40 % AX1 ACCENT GROUP LIMITED 50 % ABC ADELAIDE BRIGHTON LIMITED 65 % AYS AMAYSIM AUSTRALIA LIMITED 50 % ABP ABACUS PROPERTY GROUP STAPLED 50 % AZJ AURIZON HOLDINGS LIMITED 70 % ADH ADAIRS LIMITED 40 % BAP BAPCOR LIMITED 60 % AFI AUSTRALIAN FOUNDATION INVESTMENT 75 % COMPANY LIMITED BBN BABY BUNTING GROUP LIMITED 50 % AGI AINSWORTH GAME TECHNOLOGY LIMITED 55 % BEN BENDIGO AND ADELAIDE BANK LIMITED 70 % AGL AGL ENERGY LIMITED. 70 % BENPE BENDIGO AND ADELAIDE BANK LIMITED 70 % LPYR6UT AHG AUTOMOTIVE HOLDINGS GROUP LIMITED. 50 % BENPF BENDIGO AND ADELAIDE BANK LIMITED 70 % AHY ASALEO CARE LIMITED 65 % LPYR6UT AIA AUCKLAND INTERNATIONAL AIRPORT LIMITED 70 % BENPG BENDIGO AND ADELAIDE BANK LIMITED 70 % NZX LPYR3UT ALF AUSTRALIAN LEADERS FUND LIMITED 50 % BGA BEGA CHEESE LIMITED 60 % ALG ARDENT LEISURE GROUP LIMITED 55 % BHP BHP GROUP LIMITED 75 % ALI ARGO GLOBAL LISTED INFRASTRUCTURE 60 % BIN BINGO INDUSTRIES LIMITED 50 % LIMITED BKL BLACKMORES LIMITED 60 % ALL ARISTOCRAT LEISURE LIMITED 70 % BKW BRICKWORKS LIMITED 60 % ALQ ALS LIMITED 65 % BLD BORAL LIMITED.
    [Show full text]
  • BRICKWORKS LIMITED 21 October 2011 Australian Securities
    21 October 2011 Australian Securities Exchange Attention: Companies Department BY ELECTRONIC LODGEMENT Dear Sir/Madam, Please find attached the Brickworks Ltd 2011 Annual Report which will be distributed to shareholders today. Yours faithfully, BRICKWORKS LIMITED IAIN THOMPSON COMPANY SECRETARY BRICKWORKS LIMITED ABN 17 000 028 526 738 – 780 Wallgrove Road, Horsley Park NSW 2175; PO Box 6550, Wetherill Park NSW 1851 Telephone: 61 2 9830 7800 Fax: 61 2 9620 1328 Internet Address: http://www.brickworks.com.au E.Mail Address: [email protected] ABN 17 000 028 526 ANNUAL REPORT 2011 BRICKWORKS LIMITED AND CONTROLLED ENTITIES A.B.N. 17 000 028 526 FIVE YEAR SUMMARY 2007 2008 2009 2010 2011 % $000 $000 $000 $000 $000 Growth Total revenue 558,936 553,716 593,511 656,538 635,615 (3%) Building Products revenue 516,851 519,986 489,253 580,283 604,915 4% Earnings before interest tax and amortisation Building products 65,919 53,610 37,026 53,379 42,017 (21%) Property 58,168 91,867 38,798 26,638 26,662 0% Waste management 2,115 1,792 1,841 1,755 2,573 47% Investments 655 681 1,268 2,434 1,713 (30%) Associates 31,837 36,247 94,157 74,047 66,182 (11%) Head office and other expenses (5,807) (6,135) (7,271) (7,729) (7,148) 8% Total EBITA 152,887 178,062 165,819 150,524 131,999 (12%) Borrowing costs (27,305) (37,286) (33,314) (24,491) (21,155) 14% Income tax (23,385) (32,603) (18,825) (15,851) (10,061) 37% Net profit after income tax - normal 102,197 108,173 113,680 110,182 100,783 (9%) Significant items Washington H Soul Pattinson & Co.
    [Show full text]
  • ESG Reporting by the ASX200
    Australian Council of Superannuation Investors ESG Reporting by the ASX200 August 2019 ABOUT ACSI Established in 2001, the Australian Council of Superannuation Investors (ACSI) provides a strong, collective voice on environmental, social and governance (ESG) issues on behalf of our members. Our members include 38 Australian and international We undertake a year-round program of research, asset owners and institutional investors. Collectively, they engagement, advocacy and voting advice. These activities manage over $2.2 trillion in assets and own on average 10 provide a solid basis for our members to exercise their per cent of every ASX200 company. ownership rights. Our members believe that ESG risks and opportunities have We also offer additional consulting services a material impact on investment outcomes. As fiduciary including: ESG and related policy development; analysis investors, they have a responsibility to act to enhance the of service providers, fund managers and ESG data; and long-term value of the savings entrusted to them. disclosure advice. Through ACSI, our members collaborate to achieve genuine, measurable and permanent improvements in the ESG practices and performance of the companies they invest in. 6 INTERNATIONAL MEMBERS 32 AUSTRALIAN MEMBERS MANAGING $2.2 TRILLION IN ASSETS 2 ESG REPORTING BY THE ASX200: AUGUST 2019 FOREWORD We are currently operating in a low-trust environment Yet, safety data is material to our members. In 2018, 22 – for organisations generally but especially businesses. people from 13 ASX200 companies died in their workplaces. Transparency and accountability are crucial to rebuilding A majority of these involved contractors, suggesting that this trust deficit. workplace health and safety standards are not uniformly applied.
    [Show full text]
  • View Annual Report
    ANNUAL REPORT 2 019 Table of CONTENTS 02 Five Year Summary 05 Chairman’s Letter 09 Managing Director’s 61 Board of Directors Overview 63 Executive Management 15 Financial Overview 65 Corporate Governance 19 Group Structure 69 Directors’ Report 20 Building Products Australia 73 Remuneration Report 34 Building Products North America 91 Auditor’s Independence Declaration 38 Property 92 Consolidated Financial Statements 42 Investments 93 Consolidated Income Statement 45 Health and Safety 94 Consolidated Statement of 47 Overview of Sustainability Other Comprehensive Income 52 Environmental Sustainability 95 Consolidated Balance Sheet 57 Our People 96 Consolidated Statement of Changes in Equity Brickworks Limited / Annual Report 2019 97 Consolidated Statement of Cash Flows 98 Notes to the Consolidated Financial Statements 143 Directors’ Declaration 145 Independent Auditor’s Report 149 Statement of Shareholders 150 Corporate Information and Important dates Urbanstone Commercial Engineered Stone Milsons Point NSW Brickworks Limited / Annual Report 2019 / 01 / Total revenue Total / unlessotherwisestated significantitemsanddiscontinuedoperations andearnings exclude All revenue measures SUMMARY Five Year 2015 $679m 02 / 2016 $708m Brickworks Limited 2017 $803m 2018 $785m 2019 $919m / Annual Report2019 Total EBITDA Total 2015 $192m 2016 $225m 2017 $278m 2018 $311m 2019 $346m profit after tax Underlying net 2015 $121m 2016 $148m 2017 $200m 2018 $226m 1 2019 $234m Dividends 2015 45.0¢ 2016 48.0¢ 2017 51.0¢ 2018 54.0¢ 2019 57.0¢ 2015 2016 2017 2018
    [Show full text]
  • BRICKWORKS LIMITED 22 October 2010 Australian Stock Exchange
    22 October 2010 Australian Stock Exchange (Sydney) Limited Attention: Companies Department BY ELECTRONIC LODGEMENT Dear Sir/Madam, Please find attached the Brickworks Ltd 2010 Annual Report which will be distributed to shareholders today. Yours faithfully, BRICKWORKS LIMITED IAIN THOMPSON COMPANY SECRETARY BRICKWORKS LIMITED ABN 17 000 028 526 738 – 780 Wallgrove Road, Horsley Park NSW 2175; PO Box 6550, Wetherill Park NSW 1851 Telephone: 61 2 9830 7800 Fax: 61 2 9620 1328 Internet Address: http://www.brickworks.com.au E.Mail Address: [email protected] ABN 17 000 028 526 ANNUAL REPORT 2010 BRICKWORKS LIMITED AND CONTROLLED ENTITIES A.B.N. 17 000 028 526 FIVE YEAR SUMMARY 2006 2007 2008 2009 2010 % $000 $000 $000 $000 $000 Growth Total revenue 532,068 558,936 553,716 593,511 656,538 11% Building Products revenue 483,083 516,851 519,986 489,253 580,283 19% Earnings before interest tax and amortisation Building products 65,529 65,919 53,610 37,026 53,379 44% Property 53,269 58,168 91,867 38,798 26,638 (31%) Waste management 1,936 2,115 1,792 1,841 1,755 (5%) Investments 1,206 655 681 1,268 2,434 92% Associates 32,110 31,837 36,247 94,157 74,047 (21%) Head office and other expenses (4,817) (5,807) (6,135) (7,271) (7,729) (6%) Total EBITA 149,233 152,887 178,062 165,819 150,524 (9%) Borrowing costs (25,398) (27,305) (37,286) (33,314) (24,491) 26% Income tax (21,914) (23,385) (32,603) (18,825) (15,851) 16% Net profit after income tax - normal 101,921 102,197 108,173 113,680 110,182 (3%) Non-regular items Washington H Soul Pattinson & Co.
    [Show full text]
  • Longwave Capital Partners Invests with a Philosophy Informed by the Belief That for Small Caps, Quality Is a Key Driver of Long-Term Investment Outperformance
    // Longwave Capital Partners invests with a philosophy informed by the belief that for small caps, quality is a key driver of long-term investment outperformance. When we assess companies considering Environmental, Social and Governance (ESG) characteristics, we see them as markers of quality. // Historically, we have considered ESG as a component in the The first stage uses systematic fundamental assessments to fundamental assessment that determines the quality of a identify companies that exhibit characteristics which have business – factored into the quality score that we use to drive historically been high probability markers of failure or our valuation. This is calculated by applying a discount rate to underperformance. These are low-quality companies we look to our sustainable, mid-cycle earnings estimate in forecast year ensure are not present in our portfolio. Based upon our current five. We believe the equity risk premium required of higher- criteria across the different models we employ, around 85% of quality companies is lower than average companies, and lower- the small caps we assess have a reasonable probability of failure quality companies require a higher equity risk premium than or long-term underperformance. We construct a systematic average. portfolio of the remaining 15%, built from the ensemble of our While cognisant of the impact ESG factors have on the quality of different quality models. a business (and thereby its value), our previous approach did not It would appear at first glance that using available ESG data and have the same objective level of data capture or comparability testing for performance would be an appropriate measure to as the investment process that we now employ, driven by enhance our existing systematic process.
    [Show full text]
  • Morningstar Equity Research Coverage
    December 2019 Equity Research Coverage Morningstar covers more than 200 companies in We use the following guidelines to Contact Details Australia and New Zealand as part of our global determine our Australian equity coverage: Australia stock coverage of about 1,500 companies. We are × Nearly all companies in the S&P/ASX 100 Index. Helpdesk: +61 2 9276 4446 Email: [email protected] one of the largest research teams globally with × Companies in the S&P/ASX 200 Index which more than 100 analysts, associates, and have an economic moat and/or have cash flow New Zealand strategists, including 17 in Australia. Local analysts which is at least mildly predictable. Helpdesk: +64 9 915 6770 regularly glean insights from our global sector teams × In total, Morningstar will cover about 80% of Email: [email protected] in China, Europe, and the United States, enriching S&P/ASX 200 companies (which typically the process and enhancing outcomes for investors. equates to about 95% of S&P/ASX 200 by Our research philosophy focuses on bottom-up market capitalisation). Companies we choose analysis, developing differentiated and deep not to cover in this index are usually unattractive opinions on competitive forces, growth prospects, for most portfolios, in our opinion. and valuations for every company we cover. We × About 30 ex-S&P/ASX 200 stocks are selected publish on each company under coverage at least on Morningstar’s judgement of each security's quarterly, and as events demand, to ensure investment merit − which includes a very investment ideas are always relevant. strong lean towards high-quality companies We are an independent research house, and with sustainable competitive advantages, or therefore determine our coverage universe based economic moats.
    [Show full text]
  • Australian Listed Equities: Weekly Share Market Wrap
    Australian Listed Equities: Weekly Share Market Wrap Total Shareholder Returns as at 19 May 2017 Price 1 week 1 month 6 months 1 year 2 years 3 years 5 years 10 years 10 years Ticker Stock Name $ % % % % % p.a. % p.a. % p.a. % p.a. ranking A2M The A2 Milk Company 3.27 0.31 9.36 62.69 125.52 158.33 - - - - ABC Adelaide Brighton 5.61 -2.94 0.54 10.95 8.19 16.12 18.37 17.52 7.59 37 ABP Abacus Property Group 3.42 0.89 0.29 27.08 11.22 14.30 17.39 17.37 -4.79 111 AFI Australian Foundation 5.80 -1.53 0.52 2.97 7.09 0.40 3.45 10.62 3.45 67 AGL AGL Energy Limited 26.57 -2.06 -3.14 34.43 48.18 37.31 23.60 16.71 8.17 34 AIA Auckland Internation 6.37 -0.62 0.00 8.07 9.13 24.60 22.20 28.64 11.99 20 AIZ Air New Zealand 2.66 2.70 13.68 46.06 51.17 11.77 23.93 40.03 5.16 53 ALL Aristocrat Leisure 20.20 2.28 6.32 38.91 64.79 63.22 61.32 48.77 3.74 63 ALQ ALS Limited 5.81 -8.36 -7.78 -6.46 40.74 4.10 -3.39 -7.38 6.12 49 AMC Amcor Limited 15.00 -1.77 -1.32 6.91 -4.77 7.76 16.88 20.78 11.42 23 AMP AMP Limited 5.08 -3.61 -2.31 10.36 -2.37 -5.31 4.30 10.46 -2.30 103 ANN Ansell Limited 24.18 -0.45 4.13 10.86 33.44 -0.94 12.31 12.86 8.78 33 ANZ ANZ Banking Grp Ltd 28.50 -2.46 -5.97 4.72 20.84 -0.23 1.01 12.12 3.80 62 AOG Aveo Group 3.30 0.00 5.43 6.11 2.11 12.92 19.57 8.48 -13.15 122 APA APA Group 9.35 -0.85 3.09 27.40 8.91 7.53 17.29 18.72 12.16 18 APE AP Eagers Limited 7.95 1.92 -8.20 -11.20 -19.96 -3.78 18.44 25.11 14.35 13 ARG Argo Investments 7.61 -1.42 0.13 6.16 9.93 1.56 5.27 12.21 2.40 76 AST AusNet Services Ltd 1.75 0.86 4.48 21.63 14.27 14.32 13.81
    [Show full text]