Level 1 157 Grenfell Street Adelaide SA 5000 GPO Box 2155 Adelaide SA 5001 | Adelaide Brighton Ltd ACN 007 596 018 | Telephone (08) 8223 8000 International +618 8223 8000 Facsimile (08) 8215 0030 www.adbri.com.au |
17 August 2017
The Manager
Market Announcements
Australian Securities Exchange Limited 20 Bridge Street
SYDNEY NSW 2000
Dear Sir/Madam
Results for announcement to the market - half year ended 30 June 2017We attach Appendix 4D Half Year Report in accordance with Listing Rule 4.2A and management discussion covering the half year ended 30 June 2017 for release to the market.
Yours faithfully
MRD Clayton Company SecretaryFor further information please contact: Luba Alexander
Group Corporate Affairs Adviser
Telephone 0418 535 636
Email luba.alexander@adbri.com.au
Adelaide Brighton Limited Appendix 4DHalf year ended 30 June 2017
Results for announcement to the market
Company name: | Adelaide Brighton Limited |
ABN: | 15 007 596 018 |
Reporting period: | Half year ended 30 June 2017 |
Previous corresponding period: | Half year ended 30 June 2016 |
Release date: | 17 August 2017 |
A$m | ||||
Revenue from continuing operations | up | 4.7% | to | 718.4 |
Earnings before interest and tax (EBIT) | down | 8.2% | to | 101.7 |
Net profit for the period attributable to members | down | 10.9% | to | 68.7 |
Dividend | Amount per security | Franked amount per security | |
Current period | Previous corresponding period | ||
Interim ordinary dividend | 8.5¢ | 8.5¢ | 100% |
Interim special dividend | - | 4.0¢ | - |
Record date for determining entitlements to the interim dividend | 4 September 2017 |
Payment date for interim dividend | 5 October 2017 |
30 June 2017 | 30 June 2016 | |
Net tangible asset backing per ordinary share | $1.39 | $1.41 |
The Adelaide Brighton Limited Board advises that the Company's Dividend Reinvestment Plan remains suspended until further notice.
Key Points
Revenue of $718.4 million, up 4.7% compared to previous corresponding period (pcp) reflecting strong east coast markets and the acquisition of Central Pre-Mix in Victoria
Reported EBIT of $101.7 million, down 8.2%, affected by a number of one-off items
Underlying EBIT, which excludes restructuring and transaction costs, declined 2.7% to $108.5 million
Underlying EBIT was impacted by:
$4.8 million (8%) increase in energy costs;
$3.6 million associated with a temporary cement quality issue in South Australia; and
Additional $3.3 million relating to a compulsory scope change in remediation related to the closure of our North Melbourne concrete plant.
However, this was offset by reduced shipping, material procurement costs and improved foreign currency rates totalling $4.6 million compared to the pcp.
Reported net profit (NPAT) of $68.7 million, down 10.9%
Underlying NPAT of $74.5 million, down 4.0%
Excluding property profits, underlying NPAT of $74.4 million, down 2.7%
Operating cash flow down 20.9% to $77.2 million, impacted by working capital increase late in half to fund sales growth
Gearing1 increased to 34.3% (23.6% at 31 December 2016), in part due to concrete and aggregates acquisitions and growth capex
Basic earnings per share (EPS) declined 10.9% to 10.6 cents, underlying EPS 11.5 cents
Interim ordinary dividend of 8.5 cents per share, franked to 100%, in line with pcp
Full year underlying NPAT excluding property is anticipated to be in the range of $188 million to $198 million.
1 Net debt/equity
Financial Summary
Statutory basis | 6 months ended 30 June | ||
($ million) | 2017 | 2016 | % change pcp |
Revenue | 718.4 | 686.0 | 4.7 |
Depreciation and amortisation | (41.5) | (40.1) | 3.5 |
Earnings before interest and tax ("EBIT") | 101.7 | 110.8 | (8.2) |
Net finance cost2 | (5.5) | (6.1) | (9.8) |
Profit before tax | 96.2 | 104.7 | (8.1) |
Tax expense | (27.5) | (27.6) | (0.4) |
Net profit after tax | 68.7 | 77.1 | (10.9) |
Non-controlling interests | - | - | - |
Net profit attributable to members ("NPAT") | 68.7 | 77.1 | (10.9) |
Basic earnings per share (EPS) (cents) | 10.6 | 11.9 | (10.9) |
Ordinary dividends per share - fully franked (cents) | 8.5 | 8.5 | |
Special dividends per share - fully franked (cents) | - | 4.0 | |
Net debt3 ($ million) | 407.4 | 345.4 | |
Gearing4 (%) | 34.3% | 29.1% |
Underlying basis5 | 6 months ended 30 June | ||
($ million) | 2017 | 2016 | % change pcp |
Revenue | 718.4 | 686.0 | 4.7 |
Depreciation and amortisation | (41.5) | (40.1) | 3.5 |
Earnings before interest and tax ("EBIT") | 108.5 | 111.5 | (2.7) |
Net finance cost | (5.5) | (6.1) | (9.8) |
Profit before tax | 103.0 | 105.4 | (2.3) |
Tax expense | (28.5) | (27.8) | 2.5 |
Net profit after tax | 74.5 | 77.6 | (4.0) |
Non-controlling interests | - | - | - |
Net profit attributable to members ("NPAT") | 74.5 | 77.6 | (4.0) |
Basic earnings per share (EPS) (cents) | 11.5 | 12.0 | (4.2) |
2 Net finance cost is the net of finance costs shown gross in the Income Statement with interest income included in revenue
3 Net debt is calculated as total borrowings less cash and cash equivalents
4 Net debt/equity
5 Underlying results have been adjusted for significant items. An explanation of the adjustments and reconciliation to statutory results is provided on page 11
Adelaide Brighton Limited published this content on 17 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 07 September 2017 00:27:04 UTC.
Original documenthttp://adbri.com.au/-/adbri/lib/pdfs/2016/asx announcements/ASX App 4D June 2017 and cover sheet and audit docs FINAL signed 170817.pdf
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