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Business Description: Boral Limited (BLD) is an international building and construction materials company headquartered in Sydney, Australia. Boral’s core businesses are Cement and Constructions Materials in Australia, Plasterboard in Australia and Asia, and Bricks and Roof tiles in Australia and USA.
Strategy Analysis: In a cyclical industry, with broadly commoditised products, Boral's strategy is to build strong market positions and support margins through the cycle by managing output levels and production costs and achieving price increases where possible. The US strategy is to focus on developing leading positions in markets with favourable industry structure and demographic trends, and with long-term growth within the building products and construction materials sectors. The focus on performance has been to adapt to the downturn in the US housing market, as well as improve margins and sustainable competitiveness. Management is yet to deliver in this area. Rising energy, materials and labour costs remain as threats, while offshore expansion increases exposure to currency movements. Project LEAN aims to lift overall operating efficiency across the group.
Boral reported a net loss of $25.3m for the half-year ended 31 December 2012 after significant items. Significant items included asset impairment charges relating to the suspension of clinker production at Waurn Ponds, Victoria, and first half restructuring and redundancy costs, which were partially offset by a gain on the divestment of the Asian Construction Materials businesses. Revenues from ordinary activities were $2.77bn, up 14% from the same period last year. Diluted EPS was (3.3) cents compared to 20.5 cents last year. Net operating cash flow was $98.3m compared to $1.7m last year. The interim dividend declared was 5.0 cents compared with 7.5 cents last year.
The Age 20/05/2013 |
It is getting virtually impossible to find an expert who believes global equity markets are a risky place to invest. As markets on all continents grind higher and higher, the bears are in danger of becoming extinct and the Winston Churchill "voice in the wilderness" warning us of the troubles ahead seems to have departed the scene. When everyone is in agreement, we should start to get a little worried.
The Age 20/05/2013 |
Tiger Australia has continued to narrow its losses due to stronger returns from fares and is operating without restrictions from air-safety authorities.
The Age 20/05/2013 |
When it comes to forecasting the economy - and thereby the budget balance - the econocrats of the Reserve Bank and Treasury are on a hiding to nothing.
The Age 20/05/2013 |
Markets ought to be about competition. To quote historian Niall Ferguson, they should ensure the survival of the fittest, not the fattest.
The Age 20/05/2013 |
Investment bank Morgan Stanley Smith Barney is being sued after losing more than $5 million from the super accounts of two private clients with a series of "aggressive, highly speculative and high-risk" trades using derivatives and share options.
Sydney Morning Herald 20/05/2013 |
It is getting virtually impossible to find an expert who believes global equity markets are a risky place to invest. As markets on all continents grind higher and higher, the bears are in danger of becoming extinct and the Winston Churchill "voice in the wilderness" warning us of the troubles ahead seems to have departed the scene. When everyone is in agreement, we should start to get a little worried.
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