Boral’s turnover in the year to the end of June recovered by 2.4% to AUD4710.5m (€3,415.1m) and the EBITDA improved by 3.4% to AUD522m (€378.5m). The trading profit rose by 10.0% to AUD$277.2m (€201.0m) and net interest charge fell by 34.3% to AUD63.7m (€46.2m) so the running pre-tax profit advanced by 37.8% to AUD213.5m (€154.8m).
Without the write-downs on assets that last year gave rise to a net attributable loss of AUD90.5m, there was an AUD167.7m (€121.6m) net profit this time. Capital investment was increased by 92.2% to AUD346m (€261m) and a further AUD146m was spent on acquisitions, compared with nothing last year. Net debt was reduced by 57.3% to AUD505m (€366m), giving a gearing level of some 16%, down from 45% a year earlier.
The Australian construction materials business increased turnover by 7.4% to AUD2275.4m (€1649.7m), but the EBITDA was off by 1.0% to AUD294m (€213m). The turnover in concrete increased by 5.4% to AUD1003m (€727m) thanks to good volumes in New South Wales and Victoria, while aggregates turnover improved by 7.0% to AUD428m (€310m). The Queensland rebuild programme ought to show benefits during the new financial year
The cement division, which also includes the Asian concrete and aggregates businesses, improved turnover by 5.4% to AUD539.7m (€391.3m) and the EBITDA was about 7% higher at AUD150m. Blue Circle Southern Cement’s production costs were helped by increased volume, much of it related to strong concrete markets in NSW and Victoria. Turnover in cement and lime rose by 9.9% to AUD$312m (€226m). In Asia, which generated an unchanged turnover of Aus$228m (€165m) or 42% of the divisional total, turnover improved by 3% in local currency in Indonesia in a strong, but competitive, market that did not permit cost increases to be recovered. In Thailand, the market improved and a small profit was achieved compared with an AUD2.6m loss in the previous year.
In the United States, turnover recovered by 18.6% to US$431.2m, thanks to consolidation of MonierLifetile, and the loss at the EBITDA level was reduced by 14.9% to AUD57m (€41m). MonierLifetile’s underlying turnover was down by 2%, but margins improved thanks to synergy effects.