CSR announces full year net profit (pre significant items)1 of $32.7 million
Statutory net loss after tax of $146.9 million following write-down of Viridian glass

Trading revenue of $1,682.4 million down 7% from the prior year following a deterioration in market conditions, principally

• Australian detached residential construction activity down 6%
• Aluminium price down 13% in Australian dollar terms

• EBITDA1 (earnings before interest, tax, depreciation and amortisation) of $161.8 million down 34%
• Profit impact of declines in market activity mitigated by significant reduction in cost base and overhead expenses
• EBIT1 of $72.5 million compared with $156.7 million in YEM12

•  Building Products EBIT of $77.4 million down 11% in line with market conditions with result underpinned by strong performance in Gyprock, PGH and Hebel
• Viridian EBIT loss of $38.8 million due to the impact of industry structural changes and continued decline in construction markets
• Aluminium EBIT of $50.3 million down 38% due to lower aluminium prices
• No significant Property sales recognised during the year due to timing of transactions compared to EBIT of $24.4 million in YEM12
• Net profit1 of $32.7 million, down from $90.7 million in YEM12, in line with recent market guidance
• Earnings per share1 of 6.5 cents, down from 17.9 cents in YEM12
• Net loss after tax (after significant items) of $146.9 million, compared to net profit after tax (after significant items) of $76.3 million in YEM12
• Restructuring costs and asset write-downs result in significant items of $255.6 million (before tax), including costs associated with the re-organisation of Viridian glass operations, as announced to the market on 11 March 2013
• Final unfranked dividend of 2.1 cents to be paid on 9 July 2013, representing a dividend payout ratio of 78% of net profit1
• Strong financial position maintained with net debt decreasing to $25.1 million from $45.5 million as at 30 September 2012
• Restructuring of Viridian glass underway to reduce operating costs and align operations and sales activities to meet current market conditions
• Increased aluminium hedge book with 32% of net aluminium exposure hedged for the year ending 31 March 2014 (YEM14) at A$2,218 per tonne, before premiums
• Property earnings expected to increase in YEM14 with a strong pipeline 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 year ended 31 March 2013.