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DIRECTORS’ REPORT
A.B.N. 17 000 028 526
The Directors of Brickworks Limited present their report and the financial report of Brickworks Limited and its
controlled entities (referred to as the Brickworks Group or the Group) for the financial year ended 31 July 2009.
Directors
The names of the Directors in office at any time during or since the end of the year are:
Robert D. Millner FAICD (Chairman)
Michael J. Millner MAICD (Deputy Chairman)
Lindsay R. Partridge BSc. Hons. Ceramic Eng; SFCDA; Dip. CD (Managing Director)
Brendan P. Crotty LS; DQIT; Dip.Bus Admin; FAPI; FAICD; FRICS
David N. Gilham FCILT; FAIM; FAICD
The Hon. Robert J. Webster MAICD; MAIM; JP
Alan J. Bentley FAICD (retired 25 November 2008)
Timothy V. Fairfax AM; FAICD (retired 25 September 2008)
All Directors have been in office since the start of the financial year to the date of this report unless otherwise
stated.
Principal activities
The principal activities of the Brickworks Group during the year were the manufacture of building products,
property realisation and investment.
Result of operations
The consolidated net profit for the year ended 31 July 2009 of the Brickworks Group after income tax expense,
amounted to $305,215,000 compared with $101,478,000 for the previous year.
Dividends – ordinary shares
The Directors recommend that the following final dividend be declared:
Ordinary shareholders – 26.5 cents per share (fully franked)
Dividends paid during the year under review were:
(a) Final ordinary of 26.5 cents per share (fully franked) out of profits for the year ended 31 July 2008 and
referred to in the previous Directors’ report;
(b) Interim ordinary of 12.5 cents per share (fully franked) paid 19 May 2009.
Dividends – Redeemable Preference Shares
A final PAVERS dividend was paid on 1 December 2008 for the period 1 June 2008 to 1 December 2008,
calculated at 6.565% p.a. per PAVERS (fully franked). This equated to $3.31 per share.
REVIEW OF OPERATIONS
Highlights
• Brickworks Headline NPAT up 200.7% to $305.2 million
• Brickworks Normalised NPAT up 5.1% to $113.7 million
o Building Products EBIT down 31.0% to $37.0 million
o Land and Development EBIT down 56.7% to $40.6 million
o Investments EBIT up 158.5% to $95.4 million
• Total Interest Bearing Debt reduced by 28.9% to $400.0 million
• Final dividend of 26.5 cents fully franked
Overview
Brickworks (ASX: BKW) posted a Normalised Net Profit After Tax (‘NPAT’) for the year ended 31 July 2009 up
5.1% to $113.7 million, compared to $108.2 million for the year ended 31 July 2008. After non-regular items,
Brickworks’ Headline NPAT was $305.2 million, 200.7% higher than the previous year.
This record result has again proven the effectiveness of the diversification of earnings provided by the Building
Products, Land and Development and Investment divisions of Brickworks.
Normalised earnings per share (‘EPS’) were 85.6 cents per share, up from 81.5 cents per share for the previous
year.

 

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