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 2017

We 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 Secretary

For further information please contact: Luba Alexander

Group Corporate Affairs Adviser

Telephone 0418 535 636

Email luba.alexander@adbri.com.au

Adelaide Brighton Limited Appendix 4D

Half 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

Dividend Reinvestment Plan

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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