BRICKWORKS LIMITED 23 March 2016
Australian Securities Exchange Attention: Companies Department
BY ELECTRONIC LODGEMENT
Dear Sir / Madam
Please find attached the Brickworks Limited Review of Results for the half year ended 31 January 2016, for immediate release to the market.
Yours faithfully BRICKWORKS LIMITED
Susan Leppinus
Company Secretary
BRICKWORKS LIMITED - REVIEW OF RESULTS
1st HALF ENDED JANUARY 2016
$ MILLIONS | Jan 16 6 mths | Jan 15 6 mths | Variance % |
REVENUE | 358.0 | 340.6 | 5.1 |
Building Products | |||
Land and Development | 1.7 | 8.9 | (80.9) |
Other | 0.3 | 0.2 | 50.0 |
Total | 360.0 | 349.6 | 3.0 |
EBIT | 32.6 | 26.1 | 24.9 |
Building Products | |||
Land and Development | 45.4 | 38.7 | 17.3 |
Associates & Investments | 26.8 | 30.1 | (11.0) |
Other & H.O. | (6.1) | (4.9) | (24.5) |
Total EBIT (before significant items) | 98.8 | 90.0 | 9.8 |
Total EBITDA (before significant items) | 112.4 | 102.6 | 8.5 |
Interest cost | (7.0) | (9.4) | 25.5 |
Mark to market valuation of swaps | 0.2 | (2.9) | 106.9 |
Underlying tax expense | (16.9) | (14.8) | (14.2) |
Underlying NPAT | 75.0 | 62.8 | 19.4 |
Significant items | 1.9 | (20.6) | 109.2 |
Statutory NPAT | 76.9 | 42.2 | 82.2 |
Per share Analysis | 50.5 | 42.4 | 19.1 |
Underlying earnings per share (cents) | |||
Statutory earnings per share (cents) | 51.8 | 28.5 | 81.8 |
Interim ordinary dividend (cents) | 16.0 | 15.0 | 6.7 |
Share price (31 Jan 16) vs Jul 15 | 15.20 | 14.90 | 2.0 |
Net tangible assets (NTA) vs Jul 15 | 10.75 | 10.59 | 1.5 |
Share price / NTA (times) | 1.41 | 1.41 | - |
Annual TSR | 1 Year | 3 Years | 5 Years | 10 Years | 15 Years |
Brickworks Limited | 29.3% | 9.7% | 9.7% | 4.7% | 11.4% |
All Ords Accum Index | (4.7%) | 5.5% | 5.4% | 4.7% | 7.2% |
Outperformance | 34.0% | 4.2% | 4.3% | 0.0% | 4.2% |
Highlights
Statutory NPAT including significant items, up 82.2% to $76.9 million
Underlying NPAT before significant items up 19.4% to $75.0 million
Building Products EBIT up 24.9% to $32.6 million
Land and Development EBIT up 17.3% to $45.4 million
Investments EBIT down 11.0% to $26.8 million
Net debt/capital employed of 12.5%, net debt $264.3 million
Interim dividend of 16.0 cents fully franked, up 6.7%
One year total shareholder return of 29.3%
Overview1
Brickworks Group (ASX: BKW) posted a statutory Net Profit After Tax ('NPAT') for the half year ended 31 January 2016 of $76.9 million, up 82.2% on the previous corresponding period, with the prior period adversely impacted by impairments. Underlying NPAT of $75.0 million was up 19.4% from $62.8 million for the half year ended 31 January 2015.
On record sales revenue of $358.0 million, Building Products' underlying earnings before interest and tax ('EBIT') was $32.6 million, up 24.9% on the previous corresponding period. Earnings across all divisions improved, through an increase in sales volume and prices, and improved production efficiencies.
Land and Development EBIT was $45.4 million for the first half, driven primarily by a strong revaluation profit in the Joint Venture Industrial Property Trust2 ('Property Trust').
Investments EBIT, including the underlying contribution from Washington H Soul Pattinson ('WHSP'), was down 11.0% to $26.8 million. This was due primarily to the impact of low coal prices on the earnings of New Hope Corporation.
Underlying earnings per share ('EPS') were 50.5 cents, up 19.1% from 42.4 cents for the previous corresponding period.
1 Unless otherwise stated all earnings measures exclude significant items
2 The Joint Venture Industrial Property Trust is a 50/50% partnership between Brickworks and Goodman Industrial Trust
Brickworks Limited issued this content on 23 March 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 22 March 2016 21:37:28 UTC
Original Document: http://www.brickworks.com.au/IRM/PDF/1680/ReviewofResultsHYJan16
