CSR announces net profit (pre significant items)1 for the half year of $20.4 million
in challenging market conditions

Statutory net profit of $17.5 million

• Trading revenue of $859.8 million down 8.2% from the previous corresponding period following a further deterioration in market conditions:
  - Australian residential construction activity down 15%;  Commercial construction down 6%
  - Aluminium prices down 19% in Australian dollar terms
• EBITDA1 (earnings before interest, tax, depreciation and amortisation) of $84.9 million down 38.0%
• EBIT1 of $40.4 million down 56.5% 
  - Building Products (excluding Viridian) performed ahead of underlying market activity with EBIT down 11.8%
  - No significant Property sales were recognised during the period due to the timing of transactions
• Net profit1 of $20.4 million down 59.7%
• Statutory net profit attributable to shareholders of $17.5 million down 49.9%
• Earnings per share1 4.0 cents – down from 10.0 cents
• Interim unfranked dividend of 3 cents to be paid on 18 December 2012 represents a dividend payout ratio of 75% of net profit1
• Strong financial position maintained with net debt increasing to $45.5 million due to delayed timing of cash inflows during the  period – Standard & Poor’s BBB+ credit rating (outlook stable)
• Continued weakness in underlying construction markets expected for the remainder of the current financial year. Early indications of modest improvement in residential construction activity should benefit CSR in its next financial year
• Increased aluminium hedge book following recent improvement in aluminium price with 80% of net aluminium exposure hedged for the second half of the year at A$2,267 per tonne, before premiums
• Property EBIT expected to be stronger in the second half following settlement of a series of transactions
  

1  EBITDA, EBIT and net profit are all pre significant items.  They are non-IFRS measures and are used internally by management to assess the performance of the business and have been extracted or derived from CSR’s financial statements for the six months ended 30 September 2012.

The ASX report and results presentation have been released to the ASX today.

The complete announcement and presentation can be found on CSR’s website – www.csr.com.au Investor Centre & News, Presentations & Results.