Acquisition of Sunshine Coast Quarries
Financial Summary
Funding
BORAL
Acquisition purchase price of $81.5 million and related transaction
costs to be funded with existing cash and available facilities
Valuation
FY11f EV/EBITDA multiple of 7.4x
Discount to asset replacement cost
Financial
Impact
EPS neutral in FY12 (1)
Maintains conservative capital structure
Pro forma gearing of approximately 29% (2)
Pro forma net debt / EBITDA (FY10) of approximately 1.7x(3)
Notes
(1) Forward looking estimates for "Financial Impact" are based on certain market and operational assumptions. The estimates are not guarantees or predictions of future performance,
and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause actual results to differ materially from those
expressed. Accordingly, you should not place undue reliance on such forward looking statements.
(2) As at 31 December 2010 assuming transaction occurred on that date. Includes Wagners Construction Materials acquisition adjustments (see presentation dated 15 April 2011)
(3) Based on 30 June 2010 Boral results, plus FY10 EBITDA from Wagners Construction Materials operations of $17 million. Net debt based on 31 December 2010 reported net debt,
assuming the transaction occurred on that date
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