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CONTENTS
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Profile Report
www.ibisworld.com.au | 03 9655 3881 | [email protected]
IBISWorld Company Report Profile Report
Balance Date: March 2018
Company Contact Details
Company Registered Name CSR Limited
Commonly Used Name CSR
Business Address Triniti 3, Level 5, 39 Delhi Road, NORTH RYDE, New South Wales, 2113, Australia
Telephone Number 02 9235 8000
Facsimile Number 02 8362 9013
Internet Address www.csr.com.au
Company Details
Major Business Line C20 - Non-Metallic Mineral Product Manufacturing
ACN Number 000 001 276
ASX Code CSR
Incorporated In New South Wales
Incorporation Date 01-Jul-1887
Company Type Public Company
FY Balance Date 31-Mar-2018
Ownership Type Local, Non Government
IBISWorld Rank * 142
Introduction
CSR Limited is an Australian public company that generates revenue from the manufacture and supply of building products and aluminium. The company is headquartered in Sydney and employs approximately 4,280 people across its operations in Australia, New Zealand and Asia. CSR is listed on the Australian Securities Exchange, under the code CSR.
CSR Limited
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Company History & Background
2018 - April: CSR announced the sale of 10 hectares of surplus land located at Horsley Park, NSW. The company plans to sell off a total of 30 hectares in the area. 2017 - April: CSR announced the sale of its eight hectare Monier Roofing manufacturing site in Rosehill, NSW for a consideration of around $49.2 million. 2016 - November: CSR acquired the remaining 40% stake in Boral CSR Bricks Pty Limited for a total consideration of $133.9 million. Its registered name was changed to PGH Bricks & Pavers Pty Limited. June: CSR acquired the remaining 42% stake in the Viridian Glass Limited Partnership joint venture for a total consideration of $29.5 million. 2015 - May: CSR and Boral announced the formation of a new joint venture, Boral CSR Bricks Pty Limited, combining the Australian east coast brick operations of both companies. April: CSR subsidiary, Viridian, acquired the Queensland glass processing business of the Australian Glass Group. 2014 - April: CSR announced an agreement to acquire AFS Products Group Ltd, a manufacturer of load bearing structural walls. CSR will make multiple payments for the acquisition over the next three years including an initial consideration of $4 0m. 2013 - March: CSR announced a restructure of its Viridian glass operations which will include closing the manufacturing plant at Ingleburn, New South Wales, and the glass processing facility at Wetherill Park in New South Wales will be consolidated into the Erskine Park facility. 2011 - December: CSR sold its Malaysian autoclaved aerated concrete (AAC) business to Saint-Gobain Construction Products (Malaysia). 2010 -December: CSR finalised the sale of its sugar business, Sucrogen, to Wilmar International for A$1.75 billion and the sale of its Asian insulation and panels business to Rockwool Group for A$128 million. April: CSR announced it had acquired NZ-based commercial ceilings companies Potter Interior Systems and Comprador Pacific from Tag Pacific Limited for approximately $8 million. 2009 - December: CSR announced that Sucrogen had been chosen as the new name for the demerged sugar & renewable energy divis ion. Sucrogen will retain the CSR brand in Australia and the Chelsea brand in New Zealand. Shareholders will vote on the demerger in February 2010. January: CSR announced its intent to exit the automotive glass manufacturing industry. 2008 - March: CSR announced the combined Pilkington and DMS Glass businesses will be called Viridian. 2007 - June: Acquired the Pilkington glass businesses in Australia and New Zealand. September: Acquired DMS Glass. 2006 - December: Announced acquisition of business assets of Fricker Ceiling Systems Pty Ltd, a supplier of suspended ceilings to the commercial building market. October: Completion of Rokcore plant in Guangzhou, Southern China. September: Expansion of Sarina distillery in Queensland to increase production capacity of fuel ethanol was completed. 2005 - CSR acquired Karreman Roof Tiles, a concrete roof tile business based in Brisbane; the business assets of Edmonds Pty Limited, a designer and manufacture of residential and commercial ventilation products; and the business assets of DBC Building Products, a Queensland based metal roofing contractor. 2004 - CSR was awarded a capital grant to install additional manufacturing facilities for ethanol to the fue ls market. 2003 - CSR completed the demerger of the heavy building materials focused Rinker Group Limited from CSR, which resulted in the creation of two separately listed companies, with Rinker Group Limited, listed on the Australian Stock Exchange in March. 1994 - CSR acquired a 50% interest in wooden door manufacturer Corinthian Industries in Singapore, and expanded its Readymix business through the purchase of a 51% interest in the AWP Contractors earthmoving business. 1990 - CSR acquired the subs idiaries of US concrete pipe producer ARC America Corporation and commenced a period of expansion through the formation of autoclave concrete producer CSR -SYC Hebel Taiwan, in addition, a joint venture was established with Brambles Industries to exploit exhausted quarries for landfill. 1988 - CSR expanded into the US with the purchase of Rinker Materials for a total consideration of $500 million.
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1855 - Colonial Sugar Refinery Company was established in Sydney.
Financials
Balance Date 31-Mar-2018 31-Mar-2017 31-Mar-2016 31-Mar-2015 31-Mar-2014
Accounting Period Date 12 Months 12 Months 12 Months 12 Months 12 Months
Currency Units AUD000 AUD000 AUD000 AUD000 AUD000
PROFIT AND LOSS ACCOUNT
REVENUE ITEMS
Sales Revenue 2,606,200 2,468,300 2,298,800 2,023,400 1,746,600
Other Revenue 62,000 33,600 34,000 42,200 58,700
Total Revenue 2,668,200 2,501,900 2,332,800 2,065,600 1,805,300
Cost of Goods Sold 1,742,400 1,634,600 1,527,200 1,368,900 1,235,200
Depreciation 84,400 88,500 83,200 77,800 76,800
R&D Expenditure N/A N/A N/A N/A N/A
INTEREST
Interest Received 2,300 3,500 2,800 3,000 2,500
Interest Expense 4,100 3,400 4,100 6,400 2,700
PROFIT AND LOSS
Share of Profits of Associates N/A N/A 13,200 11,700 9,400
EBITDA 374,100 355,200 318,200 274,100 200,300
Profit Before Tax 287,900 266,800 233,700 192,900 123,300
Income Tax Expense 81,300 61,700 64,400 46,200 24,200
Continuing Operations after Tax
206,600 205,100 169,300 146,700 99,100
Discontinued Operations after Tax
N/A N/A N/A N/A N/A
Outside Equity Interest 17,800 27,200 27,000 21,200 11,000
NPAT 188,800 177,900 142,300 125,500 88,100
Significant Items -23,900 -5,900 -23,700 -21,000 7,600
Dividends 133,700 126,300 116,400 68,300 35,900
AUDIT
Audit Fees 742 788 715 640 640
Audit Other 86 99 68 106 262
Total Audit Fees 828 887 783 746 902
BALANCE SHEET
CURRENT ASSETS
Cash At Bank 13,700 19,100 73,100 68,400 5,900
Trade Debtors 277,200 283,900 280,100 234,700 204,000
Inventory 467,000 385,700 348,800 320,000 326,400
Other Current Assets 47,400 48,100 83,700 81,800 99,200
Total Current Assets 805,300 736,800 785,700 704,900 635,500
NON-CURRENT ASSETS
Receivables 76,500 23,400 51,300 51,400 54,000
Investments 57,000 42,800 63,500 75,200 60,200
Property & Plant Equipment 834,000 848,200 864,000 821,300 842,300
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Intangible Assets 143,900 143,800 122,300 108,200 60,600
Other Non-Current Assets 221,200 302,100 329,000 358,300 355,700
Total Non-Current Assets 1,332,600 1,360,300 1,430,100 1,414,400 1,372,800
Total Assets 2,137,900 2,097,100 2,215,800 2,119,300 2,008,300
CURRENT LIABILITIES
Trade Creditors 275,900 240,500 227,100 202,100 165,600
Interest Bearing Debt 0 0 0 0 34,400
Provisions 177,000 186,100 172,500 180,100 187,600
Other Current Liabilities 53,300 87,000 89,200 84,100 37,600
Total Current Liabilities 506,200 513,600 488,800 466,300 425,200
NON-CURRENT LIABILITIES
Interest Bearing Debt 28,000 30,500 2,200 0 0
Provisions 308,400 319,800 351,200 366,400 378,600
Other Non-Current Liabilities 21,200 26,700 56,400 80,600 47,300
Total Non-Current Liabilities
357,600 377,000 409,800 447,000 425,900
Total Liabilities 863,800 890,600 898,600 913,300 851,100
SHAREHOLDERS' EQUITY
Share Capital 1,036,200 1,036,800 1,041,100 1,042,200 1,042,200
Reserves -53,200 -73,400 20,400 17,100 19,900
Retained Earnings 244,400 191,600 123,200 86,400 39,900
Other 46,700 51,500 132,500 60,300 55,200
Total Equity 1,274,100 1,206,500 1,317,200 1,206,000 1,157,200
OTHER
Number of Employees 4,282 4,193 3,578 3,134 2,985
Number of Shares on Issue (end of period)
504,480,858 505,700,315 505,700,315 506,000,315 506,000,315
Market Capitalisation (end of period) ('000)
2,613,211 2,280,709 1,668,811 2,039,182 1,776,061
Earnings per Share (basic) (cents)
37.5 35.3 28.2 24.9 17.4
Earnings per Share (diluted)(cents)
37.3 35.1 28.0 24.9 17.4
Qualified Audit Report No No No No No
* I BI SWorld estimate
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Financial Growth
Balance Date 31-Mar-2018 31-Mar-2017 31-Mar-2016 31-Mar-2015 Ave 2013-18 (%)
Total Revenue Growth (% change)
6.7 7.3 12.9 14.4 9.5
Sales Revenue Growth (% change)
5.6 7.4 13.6 15.9 9.2
EBITDA (% change) 5.3 11.6 16.1 36.8 N/A
NPAT (% change) 6.1 25.0 13.4 42.5 N/A
Shareholders' Funds (% change)
5.6 -8.4 9.2 4.2 3.2
Total Assets (% change) 2.0 -5.4 4.6 5.5 1.0
Employees (% change) 2.1 17.2 14.2 5.0 5.9
Financial Ratios
Balance Date 31-Mar-2018 31-Mar-2017 31-Mar-2016 31-Mar-2015 31-Mar-2014
Return on Revenue (ROR) (%)
7.1 7.1 6.1 6.1 4.9
Return on Shareholders' Funds (ROSF) (%)
14.8 14.8 10.8 10.4 7.6
Return on Assets (ROA) (%) 8.8 8.5 6.4 5.9 4.4
Profit Margin (%) 11.1 10.8 10.2 9.5 7.1
Revenue per Employee ($'000 per person)
623.1 596.7 652.0 659.1 604.8
NPAT per Employee ($'000 per person)
44.1 42.4 39.8 40.0 29.5
Effective Tax Rate (%) 28.2 23.1 27.6 24.0 19.6
Gearing (%) 40.4 42.5 40.6 43.1 42.4
Interest Cover (X) 71.2 79.5 58.0 31.1 46.7
Current Ratio (X) 1.6 1.4 1.6 1.5 1.5
Dividends Paid per Share ($) 0.3 0.2 0.2 0.1 0.1
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Revenue & NPAT Key Measures (% change)
Brands, Business & Products
CSR's principle activities are the manufacture and distribution of building products. CSR products and brands include: • AFS Walling Solutions
A manufacturer of structural wall and framing systems including the LOGICWALL and REDIWALL brands of permanent form work walling solutions.
• Bradford I nsulation and Solar Systems Thermal and acoustic insulation and air handling products for use in residential, commercial and industrial applications. This division also produces solar panels. Bradford products are sold in Australia, New Zealand and Asia.
• Himmel I nterior Systems Himmel provides a series of interior systems including ceilings, walls, aluminium & hardware products, ceiling grids and custom LED and florescent ceiling lights and sensors.
• Cemintel Fibre Cement System Cemintel provides a range of building materials including internal linings, residential and commercial facades, flooring, ceiling systems and texture coating systems.
• G yprock Plasterboard G yprock produces gypsum -based plasterboard for wall and ceiling linings that act as protection from water, fire and sound.
• Potter I nterior Systems Based in New Zealand, Potter I nterior Systems supplies internal wall and ceiling materials for commercial construction and thermal and acoustic insulation for industrial and residential construction.
• Edmonds Ventilation Provides natural and hybrid ventilation systems for domestic and commercial projects.
• Hebel Hebel products include aerated lightweight concrete blocks, reinforced wall, floor and roof panels, reinforced lintel beams, mortars and finishes, and tools and fixing accessories. Hebel products are manufactured in Australia and Malaysia.
• Martini Martini offers a range of energy efficient fibre and insulation products for industrial, commercial and consumer projects.
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• Monier Roof Tiles Monier manufactures a range of terracotta, concrete and solar roof tiles. CSR also exports clay tiles from Australia to New Zealand.
• PG H Bricks & Pavers CSR manufactures clay bricks and pavers across Australia and New Zealand f or use in residential, architectural and commercial applications. I n New Zealand, clay bricks and pavers are sold under the Monier brand.
• Viridian G lass Viridian manufactures float and rolled glass for the Australian and New Zealand market. Viridian also offers bulk processing services that include cutting, laminating, toughening and mirroring for use by glass distributors, window, shower screen, furniture and solar panel manufacturers.
• Velocity An engineered building system which manufactures walls offsite.
• I nclose A designer, engineer and installer of fabricated and unitised rainscreen façade systems.
• G ove Aluminium CSR owns 25.24% of Tomago aluminium smelter via its 70% interest in G ove Aluminium Finance Limited. This smelter has a production capacity of 580,000 tonnes annually and produces ingots, extrusion billets and rolling slabs. The aluminium products are sold predominantly to the Asian market.
• CSR New Zealand Owns several building material brands in New Zealand including AFS, Bradford I nsulation, Designer Series, Edmonds, Hebel, Monier Roofing, NZ Brick Distributors, Potter I nterior Systems and Viridian G lass.
Industry Segments
Segment Name Revenue (AUD000) Profits (AUD000) Assets (AUD000)
Building products 1,672,200 214,100 N/A
Glass 368,500 3,500 N/A
Aluminium 565,500 79,500 N/A
Property N/A 47,800 N/A
Unallocated 62,000 -156,100 2,137,900
Total Revenue 2,668,200 188,800 2,137,900
Balance Date: 31 March, 2018 Profit Definition: Profit From Ordinary Activities Before Tax
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Industry Focus
Industry Industry
C1913 - Plastic Foam Product Manufacturing C2110 - Iron Smelting and Steel Manufacturing
C2010 - Glass and Glass Product Manufacturing C2131 - Alumina Production
C2021 - Clay Brick Manufacturing C2132 - Aluminium Smelting
C2029 - Ceramic Product Manufacturing E3211 - Land Development and Subdivision
C2031 - Cement and Lime Manufacturing E3212 - Site Preparation Services
C2032 - Plaster Product Manufacturing F3322 - Metal and Mineral Wholesaling
C2034 - Concrete Product Manufacturing F3339 - Hardware Wholesaling
C2090 - Glass Wool, Stone and Non-Metallic Mineral Product Manufacturing
Competitive Environment - C20 Non-Metallic Mineral Product Manufacturing in
Australia
Major Industry Players (By Revenue)
1 Boral Limited 6 Adelaide Brighton Ltd
2 CSR Limited 7 Owens-Illinois (Australia) Pty Limited
3 Hanson Australia (Holdings) Proprietary Limited
8 Brickworks Ltd
4 James Hardie Industries Public Limited Company
9 Cement Australia Holdings Pty Ltd
5 Holcim (Australia) Holdings Pty Ltd 10 GWA Group Limited
Geographic Segments
Segment Name Revenue
AUD000 Profits
AUD000 Assets
AUD000
Australia 2,455,900 N/A 1,062,600
Other 150,300 N/A 61,200
Unallocated 62,000 188,800 1,014,100
Total Revenue 2,668,200 188,800 2,137,900
Balance Date: 31 March, 2018 Profit Definition: Profit From Ordinary Activities Before Tax
Business Segments -
Revenue Geographical Segments -
Revenue Geographical Segments -
Profit
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Building products 62.7%
Glass 13.8%
Aluminium 21.2%
Unallocated 2.3%
Australia 92.0%
Other 5.6%
Unallocated 2.3%
Unallocated 100.0%
Personnel
Position Type Title Salutation Initials Full Name
Chairman Non-Executive Chairman* Mr J L Jeremy Sutcliffe
Chief Executive Managing Director & Chief Executive Officer*
Mr R Rob Sindel
Financial Controller Group Financial Controller Ms S Sara Lom
Financial Controller Chief Financial Officer Mr D David Fallu
Chief Operating Officer
Executive General Manager Viridian Glass Mr P Peter Moeller
Chief Operating Officer
Executive GM New Business, Innovation & Technology
Mr I Ian Hardiman
Chief Operating Officer
Executive General Manager PGH Bricks& Pavers
Mr N Nick Pezet
Chief Operating Officer
Executive General Manager Bradford Insulation
Mr A Anthony Tannous
Chief Operating Officer
Executive General Manager Lightweight Systems
Ms A Andrea Pidcock
Non-Executive Director
Non-Executive Director* Mr M J Matthew Quinn
Non-Executive Director
Non-Executive Director* Mr M F Michael Ihlein
Non-Executive Director
Non-Executive Director* Mr J John Gillam
Non-Executive Director
Non-Executive Director* Ms P A Penny Winn
Non-Executive Director
Non-Executive Director* Ms C F Christine Holman
Company Secretary
Company Secretary Ms D Debbie Schroeder
Legal Officer Corporate Legal Counsel Ms D Debbie Schroeder
Legal Officer Head of Legal Mr S Sean Ventris
Sales Manager Group Business Development Manager Mr G Gary May
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Marketing Manager General Manager Investor Relations & Corporate Communication
Ms A Andree Taylor
Marketing Manager General Manager Marketing Gyprock Ms N Najwa Khoury
Procurement Manager
General Manager Procurement Mr G Geoff Wadeson
Procurement Manager
Procurement Governance & Improvement Manager
Mr D Don McArthur
Personnel Manager
Executive General Manager Human Resources
Mr L Luke Murphy
Computing/IT Manager
General Manager IT Mr C Craig Buttriss
Other General Manager Gove Aluminium Finance Mr M Mark White
Other General Manager Property Mr A Andrew Mackenzie
Other General Manager Monier Roofing Mr D Drew Spiden
Other Group Workplace Health & Safety Manager Mr S Scott Lewis
Other General Manager AFS Mr S Steve Darwell
Other Group Treasurer Ms M Marion Johnstone
Other Group Sustainability Manager Mr L Linden Birch
Other General Manager Hebel Lightweight Concrete
Mr A Andrew Rottinger
* Appointed to the Board of Directors.
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Shareholders
Shareholder Name Percentage Held Country of Incorporation
Substantial Shareholders
Yarra Funds Management Limited 6.21 % Australia
Dimensional Entities 6.01 % United States of America
Vanguard Group Inc 5.00 % United States of America
State Street Corporation Inc 5.00 % United States of America
Largest Shareholders
HSBC Custody Nominees (Australia) Limited 35.67 % Australia
J P Morgan Nominees (Australia) Limited 17.40 % Australia
Citicorp Nominees Pty Limited 12.93 % Australia
National Nominees Limited 4.08 % Australia
BNP Paribas Nominees Pty Limited 2.69 % Australia
Australian Foundation Investment Company Limited 0.62 % Australia
Prudential Nominees Pty Ltd 0.50 % Australia
CSR Share Plan Pty Ltd 0.36 % Australia
A E Ormes 0.21 % Not Available
AMP Life Limited 0.21 % Australia
UBS Nominees Pty Ltd 0.17 % Australia
Sindel Australia Pty Ltd 0.16 % Australia
Invia Custodian Pty Limited 0.14 % Australia
V M Nominees Pty Ltd 0.11 % Australia
As at: 30 April, 2018
Subsidiaries
Subsidiary Name Percentage Held Country of Incorporation
Associated companies
Gypsum Resources Australia Pty Limited 50 % Australia
Rondo Pty Limited 50 % Australia
Holding company
CSR Limited 100 % Australia
Joint ventures
Tomago Aluminium Smelter JV 25 % Australia
Partnership
New Zealand Brick Distributors Limited Partnership 50 % New Zealand
Viridian Glass Limited Partnership 100 % New Zealand
Subsidiaries
A-Jacks Hardwall Plaster Pty Limited 100 % Australia
AFS Systems Pty Limited 100 % Australia
BI (Contracting) Pty Ltd 100 % Australia
Bradford Insulation (SA) Pty Ltd 100 % Australia
Bradford Insulation Industries Pty Ltd 100 % Australia
Bricks Australia Services Pty Ltd 100 % Australia
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Buchanan Borehole Collieries Pty Ltd 100 % Australia
CSR Building Products (NZ) Ltd 100 % New Zealand
CSR Building Products Ltd 100 % Australia
CSR Developments Pty Ltd 100 % Australia
CSR Finance Ltd 100 % Australia
CSR Guangdong Glasswool Co Ltd 79 % China
CSR Industrial Property Nominees No 1 Pty Ltd 100 % Australia
CSR Industrial Property Nominees No 2 Pty Ltd 100 % Australia
CSR Insurance Pte Ltd 100 % Singapore
CSR International Pty Ltd 100 % Australia
CSR Investments (Asia) Pty Ltd 100 % Australia
CSR Investments (Indonesia) Pty Ltd 100 % Australia
CSR Investments Pty Ltd 100 % Australia
CSR Martini Pty Ltd 70 % Australia
CSR Share Plan Pty Ltd 100 % Australia
CSR Structural Systems Pty Limited 100 % Australia
CSR Viridian (New Zealand) Holdings Ltd 100 % New Zealand
CSR Viridian (New Zealand) Ltd 100 % New Zealand
CSR Viridian Finance Pty Ltd 100 % Australia
CSR Viridian Holdings Ltd 100 % Australia
CSR Viridian International Pty Ltd 100 % Australia
CSR Viridian Investment Company Pty Ltd 100 % Australia
CSR Viridian Ltd 100 % Australia
CSR Viridian Operations Pty Ltd 100 % Australia
CSR Viridian Properties Pty Ltd 100 % Australia
CSR-ER Nominees Pty Limited 100 % Australia
DMS Security Glass Pty Ltd 100 % Australia
Don Mathieson & Staff Glass Pty Ltd 100 % Australia
Euroglass Systems Limited 100 % New Zealand
Glass Concepts Limited 100 % New Zealand
Gove Aluminium Finance Ltd 70 % Australia
High Road Capital Pty Limited 100 % Australia
Midalco Pty Ltd 100 % Australia
Monier PGH Superannuation Pty Limited 100 % Australia
National Glass Limited 100 % New Zealand
Norm Fowke Glass Ltd 100 % New Zealand
PASS Pty Ltd 100 % Australia
PGH Bricks & Pavers Pty Limited 100 % Australia
PT Prima Karya Plasterboard 100 % Indonesia
Rivarol Pty Ltd 100 % Australia
SA Independent Glass Pty Ltd 100 % Australia
Seltsam Pty Ltd 100 % Australia
Softwood Holdings Ltd 100 % Australia
Softwood Plantations Pty Ltd 100 % Australia
Softwoods Queensland Pty Ltd 100 % Australia
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Tasman Glass Limited 100 % New Zealand
Thiess Bros Pty Ltd 100 % Australia
Thiess Holdings Pty Ltd 100 % Australia
Viridian Glass GP Limited 100 % New Zealand
Trust
A-Jacks Unit Trust 100 % Australia
AFS Unit Trust 100 % Australia
CSR Erskine Park Trust 100 % Australia
CSR Industrial Property Trust 100 % Australia
Gypsum Resources Trust 50 % Australia
Rediwall Unit Trust 100 % Australia
Balance Date: 31 March, 2018
Services
Service Provider Type Service Provider
Banker Not available
External Auditor Deloitte
Insurance Broker Not available
Internal Auditor Not available
Solicitor Not available
Telecommunication Not available
Balance Date: 31 March, 2018
* I BI SWorld's company information covers more than 2,000 of the country's largest businesses, which drive Australia's economy. The companies are ranked based on total revenue earned in the most recently reported financial year. All company types, such as public listed, public non -listed, private companies and more, are listed in our database. The I BI SWorld rank is updated daily.
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