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27 September 2010 the Manager, Listings Australian Securities 27 September 2010 Boral Limited ABN 13 008 421 761 Level 39, 50 Bridge Street The Manager, Listings Sydney NSW 2000 T +61 2 9220 6300 Australian Securities Exchange F +61 2 9233 3725 Company Announcements Office www.boral.com.au Level 4 Exchange Centre 20 Bridge Street Sydney NSW 2000 Dear Sir 2010 Annual Report We attach the Company's 2010 Shareholder Review. We are separately forwarding to you the 2010 Annual Report (which includes the financial report). These documents are being sent to shareholders, other than those who have chosen to receive no reports, in accordance with choices made by them. Shareholders who have not made a choice will receive the Shareholder Review. The Shareholder Review and the Annual Report, together with the Notice of Meeting for the Company's 2010 Annual General Meeting will also be posted on Boral's website www.boral.com.au. Yours faithfully Margaret Taylor Company Secretary Boral Limited Shareholder Review 2010 LAYING THE FOUNDATIONS CONTENTS BORAL LIMITED Financial highlights 1 Boral Limited is an Group overview 2 Chairman’s review 4 international building Chief Executive’s review 6 and construction The building blocks of growth 10 materials group, Reinforcing the core 12 headquartered in Operational review 14 Financial review 22 Sydney, Australia. Sustainability in Boral 26 With leading market Board of directors 30 positions, Boral’s core Remuneration 32 businesses are Cement Financial calendar inside back cover and Construction Materials in Australia; Plasterboard in Australia and Asia; and Bricks, Roof Tiles and Masonry in Australia and the USA. 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 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] Boral Limited Shareholder Review 2010 01 1 FINANCIAL HIGHLIGHTS 2010 • Profit after tax before significant items of $132 million • Building Products earnings up 90% year-on-year • Cash flow from operations up 10% to $459 million • Acquisition of remaining 50% share of MonierLifetile in the USA • Announced the disposal of loss making non-core Scaffolding and Precast Panels businesses • Successful completion of $490 million gross capital raising to fund growth aspirations and strengthen balance sheet • Increased final dividend of 6.5 cents versus 5.5 cents in the prior year and took the full year dividend to 13.5 cents • $285 million impairment of under-performing and obsolete assets Revenue EBIT* Profit after tax* Earnings Per Share* Full year dividend $4,599m $252m $132m 22.1c 13.5c Down 6% Down 9% Steady Steady Up 4% *Before significant items 02 Boral Limited Shareholder Review 2010 GROUP OVERVIEW CONSTRUCTION CEMENT BUILDING MATERIALS PRODUCTS Core business Core business Core business Boral Construction Materials is an Boral’s Cement division is a leading supplier Boral Building Products is a leading supplier integrated business supplying quarry of cement, lime and fly ash in Australia and in bricks, roofing and masonry products, materials, concrete and asphalt. BCM also of concrete, quarry and pipe products in plasterboard and timber in Australia and in operates a Quarry End Use business and an Indonesia and Thailand. plasterboard in Asia through a 50% owned integrated transport business. JV, LBGA. Share of revenue Share of revenue Share of revenue Quarries Cement Plasterboard Australia Concrete Indonesia Plasterboard Asia Asphalt Thailand Clay & Concrete Products Quarry End Use Timber Main markets Main markets Main markets Almost 50% of BCM’s business is More than half of Cement division revenues Building Products division relies primarily undertaken in the Australian engineering are derived from the Australian dwellings, on new home construction in Australia and infrastructure segments, more non-dwellings and infrastructure markets. including multi-residential and detached specifically roads, highways, bridges and The remaining part of the business is housing including alterations and additions. sub-divisions. BCM’s remaining revenues reliant on construction materials markets In Asia, Plasterboard is sold into the derive from the Australian dwellings and in Indonesia and Thailand. dwelling and non-dwelling markets non-dwelling building segments. in nine countries in South East Asia. Achievements of the year Achievements of the year During the year, full year revenue was slightly Achievements of the year BCM successfully supplied several large above last year reflecting improved market Building Products benefitted from improved infrastructure projects with record profits conditions in Thailand and Indonesia offsetting residential construction, the government from the Asphalt business during the year. lower construction activity in Australia, stimulus work and strong operational Strong cost and price disciplines resulted particularly in Queensland. EBIT was down performance. The Queensland plasterboard in improved margins despite an overall reflecting a $14m once off cost to reduce plant performed strongly, and the new volume decline. Rebuilding of the Artarmon inventories and higher energy costs. masonry plant in Perth is substantially concrete plant was completed on time and complete. LBGA started new production lines on budget. Strategic priorities at Baoshan (China) and Saraburi (Thailand). Priorities are to maximise the potential Strategic priorities of the Asian Construction Materials Strategic priorities Margin growth through price discipline and businesses, and to complete the Focus is on completing the implementation LEAN program efficiency gains. Investment rebranding of Blue Circle Southern of a new streamlined organisation structure of around $200m in the Peppertree quarry Cement in Australia. The division will and maximising the potential of all near Marulan to underpin Boral’s leading strengthen the business through LEAN businesses, particularly Timber. Investment position in the Sydney aggregates market. manufacturing initiatives and innovative priorities include the $44m masonry plant in product development. Western Australia and an $80m upgrade of Boral’s Plasterboard facility in Victoria. Construction Materials Cement Building Products Revenue & Earnings Revenue & Earnings Revenue & Earnings Sales EBIT* Sales EBIT* Sales EBIT* revenue $m revenue $m revenue $m $m $m $m 08 1 231 512 101 509 1,206 2,261 1,137 2,119 201 88 53 09 10 09 10 09 10 09 10 09 10 09 10 *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 leading positions in clay and and Boral Formwork & Scaffolding, concrete roof tiles, and in construction Boral’s other businesses consist of Dowell materials in Oklahoma and Colorado. Windows and DeMartin & Gasparini (DMG) concrete placing. Share of revenue Share of revenue Bricks Formwork & Scaffolding Roofing DMG Materials Windows Precast Main markets Main markets Two-thirds of US related revenues are The Dowell windows business is made derived from the residential building market up of 14 fabrication operations servicing with the remainder attributable to the the Australian housing market. DMG 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 further Revenue was 13% above last year volume declines, the performance of Bricks with Windows revenue and profits up and Roof Tiles improved on the prior year due to stronger residential housing and as cost reduction initiatives took effect. The improvement initiatives. In DMG, revenue remaining 50% of the Concrete Roof Tile and profitability increased due to large joint venture, MonierLifetile, was acquired contracts which were completed in the for US$75m. first half, offsetting lower activity in the second half. Strategic priorities Boral will continue to invest in the US Strategic priorities business in preparation for market recovery Key priorities are to position the Concrete and growth. Concrete Roof Tiles and Clay Placing business to benefit from a recovery Roof Tiles are being consolidated to form in commercial construction activity in New Boral Roofing to deliver benefits from a South Wales. Maximising the potential one Boral strategy. Maximising the potential of the Windows business and delivering of US Construction Materials and Fly Ash is the successful commercialisation of a a strategic priority. new range of energy conserving window designs is a key Windows priority. USA Other Businesses Revenue & Earnings Revenue & Earnings Sales EBIT* Sales EBIT* revenue $m revenue $m $m $m 6 294 10 09 545 260 364 2 ) ) 04 1 ( 09 09 10 09 10 09 10 1 ( 04 Boral Limited Shareholder Review 2010 BUILDING SOMETHING Great CHAIRMAN’S REVIEW 2010 Boral Limited has made good progress during FY2010 which is particularly pleasing given the difficult economic and market conditions experienced throughout the year. We have developed our strategy to focus on improving
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