| A$ million unless stated | |||
| YEAR ENDED 30 JUNE | 2009 | 2008 | % change |
|---|---|---|---|
| Revenue | 4,875 | 5,199 | (6) |
| EBITDA¹ | 539 | 688 | (22) |
| EBIT¹ | 276 | 448 | (38) |
| Net interest¹ | (127) | (112) | 14 |
| Profit before tax¹ | 149 | 336 | (56) |
| Tax¹ | (17) | (90) | (81) |
| Minority interest | - | 1 | - |
| Underlying profit before tax | 131 | 247 | (47) |
| Net significant items | 11 | (4) | |
| Profit after tax | 142 | 243 | (42) |
| Cash flow from operating activities | 419 | 582 | (28) |
| Gross assets | 5,491 | 5,895 | (7) |
| Funds employed | 4,268 | 4,425 | (4) |
| Liabilities | 2,738 | 2,985 | (8) |
| Net debt | 1,514 | 1,515 | - |
| Growth and acquisition capital expenditure | 77 | 327 | (76) |
| Stay-in-business capital expenditure | 163 | 169 | (4) |
| Depreciation | 263 | 240 | 10 |
| Employees | 14,766 | 15,928 | (7) |
| Sales per employee, $ million | 0.330 | 0.326 | 1 |
| Net tangible asset backing, $ per share | 4.12 | 4.41 | (7) |
| EBITDA margin on sales¹, % | 11.1 | 13.2 | (16) |
| EBIT margin on sales¹, % | 5.7 | 8.6 | (34) |
| EBIT return on funds employed¹, % | 6.5 | 10.1 | (36) |
| Return on equity¹, % | 4.8 | 8.5 | (44) |
| Gearing | |||
| Net debt/equity, % | 55 | 52 | 6 |
| Net debt/net debt + equity, % | 35 | 34 | 4 |
| Interest cover¹, times | 2.2 | 4.0 | (46) |
| Underlying earnings per share¹, ¢ | 22.2 | 41.4 | (46) |
| Dividend per share, ¢ | 13.0 | 34.0 | (62) |
| Safety: (per million hours worked) | |||
| Lost time injury frequency rate | 1.8 | 2.5 | (28) |
| Recordable injury frequency rate | 26.1 | 26.7 | (2) |
Volume
Substantially lower volumes, which were experienced in all businesses except Asphalt, reduced Boral's EBITDA by around $215 million in FY2009. The adverse impact of lower volumes was particularly pronounced in the second half of the year.
Price
Disciplined price management across Boral's businesses has lifted performance through the downturn. Price increases delivered $165 million of benefits in FY2009, the largest year-on-year price lift in at least 10 years.
Costs and PEP
Cost savings of $195 million were delivered from Performance Enhancement Programs (PEP) and other cost reduction initiatives, which was a record 4.5% of compressible costs. Taken together, price and PEP outcomes were $360 million which substantially exceeded cost escalation of $215 million (around 5% of compressible costs).
Growth and QEU
Reflecting the market downturn, there were no benefits delivered from growth initiatives in FY2009 and earnings from Quarry End Use (QEU) activities were down $7 million on the prior year, as a result of slower property markets.
Plant one-offs and other
Plant slowdowns and shutdowns cost around $46 million, of which about half was in the USA. Transitioning costs for the new Plasterboard plant at Pinkenba in Queensland also impacted the result. Other costs included a $14 million foreign exchange variation on the prior year.
19 August 2009
Boral announces an after tax profit of $142 million for the year ended 30 June 2009, a 42% or $101 million decrease on the reported PAT for the year ended 30 June 2008.
27 July 2009
Boral announces that Dr Bob Every has been appointed Deputy Chairman of Boral and that Dr Ken Moss intends to retire as Chairman and from the Board in May 2010, at which time Dr Every will assume Chairmanship of Boral.
15 June 2009
Boral announces its response to the ACF/ACJP Report on Corporate Climate Risk Disclosure. Boral strongly refutes the allegations made by the ACF and the ACJP.
6 May 2009
Boral announces that it has sold its entire stake in Adelaide Brighton Limited being 107.8 million shares for a price of $210 million or $1.95 per share.
6 April 2009
The Chairman of Boral, Dr Ken Moss, advises that Boral has commenced an executive search process to consider suitable internal and external candidates to replace Boral's current CEO and Managing Director, Mr Rod Pearse.
6 March 2009
Boral announces the resignation of Phil Jobe from Boral and the separation of Boral's Cement division into two operating divisions – Cement and Construction Related Businesses. Mike Beardsell is appointed as EGM of the new Cement division and Warren Davison was appointed as EGM of Construction Related Businesses.
11 February 2009
Boral announces a profit after tax of $75 million for the half year ended 31 December 2008, 44% below the $132 million for the half year to December 2007.
28 January 2009
Boral advises that due to deterioration in market conditions in the USA, Australia and Asia it is revising its full year guidance for its FY2009 result from $200 million to $120 profit after tax.
19 January 2009
Boral Timber announces it has achieved Chain of Custody certification for its hardwood product range. This achievement builds on the previously awarded Chain of Custody Certification for Boral Plywood and Boral Sawmillers Exports.
15 December 2008
Boral announces its initial response to the Federal Government's Carbon Pollution Reduction Scheme White Paper. Boral is pleased that cement is recognised as an EITE industry and will receive transitional assistance but is concerned by the stated conclusion of the safety price cap in 2015.
17 November 2008
Boral announces Margaret Taylor has been appointed Company Secretary of Boral Limited following the resignation of Michael Scobie.
7 November 2008
Boral announces Mr Nick Clark will replace Keith Mitchelhill as EGM of the Clay & Concrete Products division of Boral.
5 September 2008
Boral announces that Mr Paul Rayner has been appointed as a non-executive Director of Boral Limited.
Boral announces that Ms Elizabeth Alexander will retire as a non-executive Director of Boral Limited.
