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j s Annual Report for the year ended 31 March 1991 PLAINTIFFS EXHIBIT WV-004287 f i5 l Mr $ >V 1 tir " T niinfr iTTiiii *T < i.Q j\~ iiV yp^ys*.*^ CSR Limited -^,rt=r<z>.`^-wr- ;^;~AC.N. 000 001276 Financial calendar V M* <^<T* w* m+~m > >pS Annual general meeting / .11 zzsMonday 29 July 199! at 10.30 am___ *:- --o .!.---- --i-^--1 .11 July :I7 July r - ',.... * .29 July ;._t_ 7 August Shares begin trading ex dividend Books close for final dividend Annual general meeting ____Final dividend paid .a?; 'A -s*ai-9l?n<* bait5om _ ------- - ... ., .16 September Last day for trading partly-paid shares "K^rfl,H0,el ~ ----------------------- "30 5^ Half year end. *r;4Bt ^"cr-wSytincy ,, --. f/ wirh this report to shareholders. are included ' Last day for final instalment of5A1.50 a share to be paid for partly-paid -- 'shares to become fully paid Interest paid on $A4.00 _-- convertible notes "w 4 November Interim dividend announced 21 November Shares begin trading ex dividend 25 November Half-yearly profit announced 27 November Books close forinterim dividend 18 December Interim dividend paid. - ----- Half-yearly results summary mailed - - ||V ^1 4 r* ~... T Cover: CSRmanufacturesand marketsq widerange ofproducts wish stoang brandnames. 1992 28 February 31 March --- Conversion date for SA4.00 convertible notes Year end. Interest paid on $A4.0G convertible notes I f [t l> *' of assets are in Imwrwsbs suppfyto ^--btdldiE^ and construction GSR tares U.50 sd "nmn--na-- What we are ---- "nii'iV ................^y . CSR.was founded to Sydney in 1855 as a sugar ^tefmtog company and began manufacturing to ** atcriais to 1940. CSRwss incorporated as a company to 18S7 and hasmade ^operating profit ^aalpaid dividend c&ayycarsifiSStoct serrrsrr , " CSR is now one ofthe_workTs largest building and ateoBMMPr Where we are going Smrrw .CSR is clearly focussed on toe manufacture nA_r-^g constmctaon matenfllsaed continue tQjgevel.Qp butidtog andmgfflSStTS5 ........ ......... .................... m Australia and overseas/asd _. ~sugar Businesses to Australia. These airbusinesses^ -a................................................................................. auwnun* AUWW OIIU UiftiLlauillU. aLKi WHWeillir t operates in Australia. North America, New Zealand can atid value and sustain growth to returns to ,, and--So'ut"h-mEawstiAi si..a..,.... .....v..--......_._.....-.-.-.-..-_.-._.-._.._.._.._.._._.._. _,i,_r;?_ IHsalscMostraUaVlargestproducerof ~-5SSshareholders ova*the longer term. --ivr,w,>w,^-- 1 ...ri.rmin * aataaaflW^tfg .,,; ,, refined sugar,and hastovestmem&iiLbauxito.atomina__^na position will be raktorainedby^betog to -- and aluminium production. " ^-"--~*===in<i by differentiating ourbrands from those of ^*~Jtoildtogmaterialsindude plasteiboari insulation, through qualityproducts, superior ^ ^ - bricks, pavei^, rocrftilM, clay pigeiaDdconcrete *i2fx^* customer service and toe initiative ofour people.. In building and construction materials we will diversit/Ofproduct and todusayiegme< Coflstmedoa materials include aggregates, sand, r and geographic spread ofend markets. ' . 'x&rv cement, pre-mixed concrete, asphalt, concrete pipes" m andpre-stressed concrete beams. tr/Wt will maintain prudent financial policies and make kOut assets earn returns that place CSR snooglbe best *.Xirehw^wtocta include-sawn softwood timber, wood - `performing industrial companies to Australia. 'llv.Var.ir**!. 4* hosed panels and decorative laminates. "t . rguhCSR*s organisation centres on business tmitsaad - *' -- Sugaroperations include milling, refining, providing encourages sound management ofeach business."-"*^' ` marketing and related services to the Queensland The company has a simple, no-nonsense management sugar industry, ethanol production and shipping. 'ZI-****611131 encourages and rewards employees who CSR's sales exceed SA4.5 billion yearly. Total assets .are $A6.2 billion of which nearly a third are outside provide superior customer service and achieve \.s.. l^tecreased value for shareholders. usskt&^e. - | JL. Australia, mostly to the United States. CSR employs 20 000 people worldwide at over700 locations. ' saiHj--'* CSR is responsive to toe attitudes and expectations of - . die communities to which it operates and placesstrong ^".emphasis on achieving a sustainable balance between development and protection ofthe environment. ^.,.yr .I.--' ' Directors' report Highlights Net profit before abnormal items was SA325.9 million, down 20%. Pre-tax operating profit of$A564.7juliion w down 24%^___ . Use recommended final dividend is reduced from 24 cents to 16 cents a share, ftilly franked, bringing the full yeardividend to 32 cents a share, fully franked, - compared to 40cents last year. The final dividend will be paid on 7 August. Building and construction activity fell about 10% in Australia and 15% in the * United Stales. World sugarprices fell 20% and world aluminium prices fell 6%. C5R strengthened its competitive position through cost reductions and productivity improvements in all operations. Capital investment totalled 5A453 million, down 70%. Investment was directed mainly at enhancing andexpanding CSR's building and construction materials businesses in Australiaand the United States. There were no large acquisitions. ,,r.r Divestmentproceeds totalled SA341 million. Majordivestments were: a the sale ofCSR's investments in Austral Brick and Redland Piasterboaid O the sale ofnon-strategic assets in the United States. CSR remains financially strong: Q net borrowings were reduced by SA293 million Q gearing fell from 32.9% to 27,9% cash flow (funds fromoperations) was SA712 million interest was covered 4.6 times by earnings before interest and tax. 2 CSRlimSee Directors' report i Profit was the second higheston record Net profit before abnormal Hems Dividend GSR *'i Financial summary VminM>1 UMiU w-Won94ato Gross revenue - including sales made as agent '"Group revenue " -'"' *-Ttr~"' Trading revenue * Operating profit before interest, foreign exchange and income tax Net interest expense Net foreign exchange gain Income tax expense Minority interests* profit proportion Net profit before abnormal Items Abnormal items Extraordinary Items Operating profit after abnormal and extraordinary items Earnings per share on issue at 31 March (cents) Dividends per share (cents) Return on shareholders' funds at 31 March (%) Paid up capital at 31 March *~CSR shareholders* funds at 31 Match Non-current creditors and borrowings at 3! March Cash flow (funds from operations) Gearing at 31 March (%) Total assets at 31 March Capital investment Divestments Net tangible assets (bock value) per share at 31 March ($A1 Net assets (book value} per share at 31 March (SA) iQ0 5599.9 5664.7 4979JS 4892.3 4566.5 4536.1 670 793.7 123.7 60.0 - 5.7 190.2 289.9 31.5 42.6 325.9 406.9 (2.4) -- - 0.5 323.5 407.4 42,0 55.0 32.0 404) 1U 16.1 777.8 735.0 2797,8 2532.8 1219.2 3413.5 712.1 902.7 27.9 32.9 6220.2 6299.2 452,7 1508.1 340.8 272.1 3.11 2.89 3.60 3.45 -1 2 1 -15 _ - -34 -26 -20 .. -21 -24 -20 -- 6 * 10 -14 -21 - -1 70 25 8 4 OSH Iknaed Osseto**' ias>o Managing Director's statement CSR is a strong company with sound businesses. Costs are tightly controlled and marketing and production effectiveness have been improved. Ustyea? was aStrega** especially t&e second halt, whet* markets were id recession aed in some cases, deep recession. Building and construction activity fell about 10% m Australia and 15% in the United States. World sugar prices fell 20% and world aluminium prices 6%. Profit was SA325.9 million. We would obviously hare preferred to Save done better. But, given the circumstances, we believe the result was satisfactory. The final dividend, if approved at the annual general meeting, will be 16 cents a share and fully franked for Australian taxation purposes. This will bring the futi year dividend to 32 cents a share or SA247 million. Looking back we, and many others, underestimated the severity and length of the recession and were a hole sfaw to fellyadjust to it. On the other hand, Ihe company hasbeen significantly strengthened by the hard times. CSR It e strong companywithfirst etas assets spread mainly between Australia sad North America. The company has a significant presence in nearfy alt markets in which it competes. CSR has excellent long-term quarry reserves, and sugar mills and aluminium investments which are among the most competitive in the world. CSR is financially sound, with strong cash flows and modest debt. Its technology is generally up to international bestpractice. The company's financial performance is subject to the cycles in building and construction activity in Australia and the United States and variations in world sugar and aluminium prices. There will be years when all are favourable and results forshareholders excellent, as occurred in the year ended March 1990. There will be other times when they vary at random. Sometimes, when all marketsare depressed, as we are currently experiencing, results will be significantly lower. In addition, profits will generally be higher in CSR's September half year than the March half. The March halfyearisaffected by the Christmas shut down of the building and construction industry in Australia and by winter weather that normally shuts down activity in pans ofthe United States over the period Decemberto February. Rewards for shareholders through dividend* are also likely to fluctuate with CSR's fortunes. Feous, or concentration of effort, h of vital importance to companies sack as CSR, We have worked hard at narrowing the focus of the activities the company . manages to building and construction materials and sugar. Aluminium and related products are an investment m internationally competitive assets. This focus is not likely to change, Capital and management resources are being committed to strengthen all activities. The result will be progressively morecompetitive operations. In, say five years, we see the company having much the same focus although it will be larger and more competitive. It will probably have expanded its presence in other major world markets. CSfl's bulldiag and construction arterial* basiensestn Australia are now modistronger. Managers are working hard to make theirbusinesses more efficient and more competitive. Much was achieved last year and more will be achieved this year. However, all our building and construction materials businesses in Australia and New Zealand were affected by the recession. CSR Lhwfl Cmters1 repo* CSR 5 spread nearly 3)1 d)em 2nd ie most 'lows and 10 bjecttothe in ns in and id in the times nail wer. in CSR's te March own of stralia >wn period are also 1wee to iat pany alsand building and construction materials "'businesses other than cement, earned smaller profits. ''Markets are unlikely to improve much this year, '--il-nin tUtW* meantime.>'<"xrrrp-e-orp1et from senior m.a..n.agem^ ent : Ue shop floor, are improving the profitability of -^'tbeir businesses throughproductivity increases, elective expansion and a greater commitment to ^customer service. - or busiesms indie United States are very competitive, : : Ttigy have relatively large market shares in the areas where they operate. Management is effective and ,, efficient. - Our US businesses will improve steadily, but returns i_Ljrfii vary with the building and construction cycle. ' We we adding to them as opportunities arise, to make stronger, Recent acquisitions have improved our ` H^zcompetitive position in several areas. _ ~ Wedo not view the US operations - and must not them - in a short term context. There is need for ^ massive infrastructure replacement and building in "the United States. As this proceeds. CSR will be pan -=^of h. The precise timetable for this rebuilding is not __fawn_ -Th*timber ^aretlen in Australia were a particular prebiein last year. Tl*ey were hard hit by an -abnormally large market downturn, by government royalties on plantation softwood that arc high by ^' international standards and by imports. We cannot hold (Hit the prospect ofgood results from these - assets this year, but we can expect that much better results will be achieved in the longer term. Much has been done to improve their competitiveness in the | -- abnormal circumstances of deep recession. 4 50 g much more its ssesin working ind more i more wilding ralia and have weathered aany changes overthe pest 13$ years. Our raw sugar mills enubabout 35% of the sugarcane in Queensland, They are low cost, world-scale mills and have significant scope for furthergrowth. Arrangements have been negotiated with sugarcane glowers and employees to introduce continuous crushing, which will enable a significant increase in production, with minimal capital irweSHaent- *-* We are adopting a cautious approach to rationalising ourrefineries. The replacement of the embargo on sugar imports into Australia with a tariff, in June 1989. gave the Hew South Wales raw sugar industry a significant economic incentive and competitive advantage 10 convert to the production of refined sugar for the domestic market. As a result we have lost aboul 200 000 tonnes, or 25%, of market share. However, tariffievcls are being progressively reduced and are presently the Subject of an Industry Commission inquiry. OurmilIs and refineries continue to improve their competitiveness, but profitability is largely detennined by world raw and refined sugar prices and exchangeraxes; /adore outskle our control Duraluminum interests we lew cost and intemadeoaNy competitive. Expansion ofproduction capacity at the Cove bauxite/alumina project and construction ofthe third potline at the Tomago aluminium smelter will further improve competitiveness. Lower world aluminium and alumina prices reduced profits last year and will have an even greater impact this year. But the production expansion and productivity improvements at Gove andTomago will ensure both investments continue to produce good returns for CSR over the longer term. Tbe outlook forthis year te uncertainaed does oot give causefor optimism. Quite simply, we do not know what the state ofthe Australian and United States economics will be. It is reasonable to expect a modest improvement in the second halfof 1991 iflower housing interest rates lead to increased demand for building and construction materials. Sugar and aluminium prices are equally hard to predict, although we are fairly pessimistic in the short term. Our sugar and aluminium businesses contributed $AJ20 million ofprofit after tax last year. If prices remain at the levels that have prevailed in the first two months of this year, their after tax contribution will be about SA50 million less than last year, This year is, therefore, likely to be particularly diffioilt. Nevertheless, our situation is far from unique and we are doing all possible to improve productivity. Productivity is. ofcourse, a complex matter in an industrial company. The term embraces costs of all kinds, quality in all its dimensions, as well as efficiency and effectiveness measured on a scale of time. improving the productivity ofa company the site of CSR is a large task. It involves considerable effort and is sometimes painful. But it must be done. Fortunately, CSR has the right people with the drive to achievethe goal. As a result. CSR is in a sound position to cope with the current recession and will be extremely strong in its aftermath. Ian Burgess Managing Director CSRlitfiii&d Diiffdors' r?oo?r Operations summary Profit Building and construction materials Profit fell 13% to$A144.9 million. Returns from cement investments increased due. mainly, to one-off factors. All other businesses made lower profits. Stftjiificanl events Building and construction activity in Australia fell about 10%. $A132 million was invested in expanding and improving Australian quarrying and concrete operations. A glasswool insulation piam and a clay roof tile plant began production in Australia. CSR sold its 50% investment in Austral Brick and its 49% investment in Redland Plasterboard. Cost reductions and productivity improvements were achieved by all businesses. Coaslraction materials USA Profit rose 33% to 5A35.5 million, The increase reflected the fust full year's contribution from the ARC America subsidiaries. All businesses were profitable. Profit from Rinker Materials fell. Construction activity in the United States fell about 15%Y SAiOG million was invested hr expanding and improving quarrying and concrete operations. Divestment ofsurplus land and non-strategic assets yielded SA50 million. AH businesses reduced costs and improved productivity; employee numbers were reduced by over 1000. Timber products A loss ofSA5.5 million was * inclined compared with a profit of SA37.1 million die previous year. Formica New Zealand and radiata pine plantation operations made small profits. All other businesses incurred small losses. The market for timberproducts in Australia fell 20% and imports increased. 14 wood panel distribution centres were opened or acquired, improving customer service. A moulded fibreboard door panel plant and a components factory started production in Queensland. Productivity was improved by reducing factory costs, overheads and stocks, and rationalising production capacity. Export began of 250 000 tonnes a yearofplantation pine chips. Sugar . e- %f Profit fell 16% to$A86.1 million. Milling profits were reduced by lower world sugar prices and a smaller sugarcane crop. Australian refining profits were affected by the first fell year's competition from Manlldra Harwood Sugars. New Zealand refining operations improved profits. ' The 1990 sugarcane crop was lower due to poor weather, and world raw sugar prices fell 20%. invicta Mil) successfully introduced continuous sugarcane crushing. Refining operations improved productivity by increasing automation and adopting more efficient work practices. The sugar refinery in Adelaide was closed. A plan was released for the long-term redevelopment of CSR's land on Pyrmont Peninsula, Sydney. Aluminium Profit fell 27% to SA34.1 million. The fall mainly resulted from lower Aluminium and alumina prices and higher production costs. World aluminium prices fell 6%. A new 20-year bauxite export agreement was negotiated with Che Commonwealth and Northern Territory governments, A long-term contract was concluded to supply 100 000 tonnes a yearof alumina to Canada. Expansion ofGove alumina refinery progressed, Construction ofTomago Aluminium's third porline began. CSR UmneO Doctors' r*pn i Outlook fell about improving e plant dnd were product range. especially . ..-tfconcrete product and plasterboard. Make add-on acquisitions in 1-querying and concrete. ItMnd cement production , and distribution capability. ' ` Continue to improve productivity ! customer service. Demand for building and construction materials is likely to remain at current levels for mow erf 1991. A modest recovery in home building is expected by early i992, with a return to normal levels in 1993. Acquisitions and new plants should add to revenue and profits. Plasterboard sales and profits will be affected by a new competitor. born 15$. mproving sets yielded Continue to Improve ail aspects of --*$businesses, bystreamlining organisation, upgrading production i, reducing costs and iuctivity; 1*,Acquire high-yielding add-on ! -^-businesses. * under-performing assets. The US construction industry is expected to remain depressed in 1991. Demand for construction materials should improve by early 1992. The longer-termoutlook is favourable because of the need for largeexpenditure on infrastructure. Acquisitions and new plants and quarries should add to revenue and profits. 20% and or mponents ^osts. on capacity, ion pine Continue to broaden product range, : particularly ofhigh value-added 1 products. Reduce costs and increase i ^^roducuvity at all operations. , ~-Rflij{Jnaijsc production capaciey. , Persuade governments to seduce ' " tog royalties to international levels. Demand for timber and timber products is likely to remain at current levels foi most of 1991. Increased productivity, reduced costs and increased sides from improved customer service should return CSR's timber products operations to profitability this year. weather. 'Ugarcsne creasing xtices. 7Wflt Of *otiaied * began. Implemeni continuouscrashing of sugarcane when crops increase. Continue to reduce costsand improve customer service to meet competition in the refined sugar market. Lower world sugar prices and weather-affected crops are expected to reduce this year's millingprofits. Longer term, CSR's mills are well placed to benefit from planned increases in Queensland sugar production. CSR's share ofthe refined sugar market should remain around current levels. Complete expansion ofcapacity at Cove and Totnago. Continue improving productivity and lowering costs at Gove and Tomago, Increase sales of high value-added aluminium products. World aluminium prices are expected to remain depressed this year. Gove Aluminium's profits will also reflect a reduced share ofbauxite exports and higher aluminium and alumina production costs. The longer-term outlook for aluminium is favourable because of its strength, lightness and recyclability. CSR CSBUtbrW Dusetory reoewt 7 Building and construction materials CSR's building and construction materials businesses were affected by the recession, but CSR is continuing to strengthen its competitive position by tightly controlling manufacturing costs, reducing overheads, maintaining awareness of customer needs and by making low-risk additions to its existing businesses. will benefit when demand improves. Prof*fen 13%to(AIMSjmtttoa. Revenue was 7% lower. Returns from CSR's cement investments increased. Profits from all other businesses fell. Profits were down because ofthe impact ofthe recession on the Australian building and construction - industry. Australian house building and commercial construction fell 14% as a result ofhigh interest rates during the first halfofthe yea; and reduced economic activity. Civil construction rose 4% because of continued high levels ofroad and highway building. Demand for most of CSR's building and construction materials was relatively steady in New SouthWales and Queensland and much weaker in Victoria and Western Australia. Alec Brennan: Lindsay Thomas. Director LendleaseCorporation; andBrens Baker.CivilACivic,a LeadLeast subsidiary,is amajor Australian constructioncompanyandalarge customerforCSX premised concrete andplasterboard. optfstiens. The group extended its market coverage throughout eastern Australia. Major growth initiatives included the opening ofa large quarry near Melbourne, acquisition of two Sydney pro-mixed concrete companies and acquisition ofquarrying and sand operations in Queensland. An asphalt plant was opened in Melbourne and approval was gained for the development ofa large quarry south ofSydney. Profit fell and revenue declined despite growth by acquisition during the year. Market shares were . maintained despite strong competition. Sales volumes for mostproducts declined from die - record levels in the previous year. The fall was most severe for pre-mixed concrete resulting from the decline in the commercial construction and housing sectors of the market Demand forcivil engineering products was marginally higher than in the previous year. Operational efficiency continued to improve. Overhead costs, working capital and overtime were reduced. A number of quarries, pre-mixed concrete plants and concrete products plants were closed to match production capacity to the reduced demand. Construction of a concrete pipe factory m Victoria began in August 1990. Advanced technology developed by the group will reduce production costs and improve product quality, The factory will start supplying the market in Sate 199!. The Humes concrete pipe business in Fiji was sold. The Readymix Group is successfully applying the principles ofTotal Quality Management in all businesses. Attention was focussed at all levels on the importance ofcontinuous improvement in customer service and in methods ofproduction. -r i i i T Dmdaada boa Australian Cetaerrt Holdings (S0% CSR) Increased 133&toAA!7.9 mllhoa. The increase resulted from the sale ofsurplus assets, the payment of previous years' dividends and the first full year's contribution from Goliath Cement (100% Australian Cement). Overall, revenue fell because ofweak demand in Victoria. This was partly offset by increases in market share in New South Wales and South Australia, CSR Limited Directors'repot CSR we n8 costs, sof ditions to l*n Cement is improving its competitive 7:_frtnp Goliath Cement's production is being l a cast ofSA83 million. from 5?0 000 to 930 000 tonnes a year. AsstraRan dwell completions construction* ipttirfng overage 'initiatives ^ biatrOHUion capability is being increased. a&&Ai5 000 tonne capacity bulk cement ship is to be pM Additional cement distribution facilities are established in Sydney, Newcastle and Adelaide. 1 "* p-tHowfog greater access to markets and --, ^^Jjoyidmg increased flexibility and lower distribution mixed Tying and plafji was ned for the ney. wthby vere romthe vas most nthe housing ineering orevkHJS ~ Australian Cement acquired the outstanding 50% of ^^5Cnent Carters. Victoria, and increased Its -^-shareholding in Mclcann, Australia's largest ^^tribuiorofbagged cement, to 50.3%, __w___ .diedprofits ml revenue wars tower id a weaker ^5ffcet CSR Gyproefc's profitability was affected by ffieM in Australian home building and commercial .construction. Market share was maintained, but sales Cifumes~and margins fell. jroup reduced overhead costs. Improvements in 1 --^^plasterboard production technology continued. rv.ui*1 savings will be achieved from new waste recycling at the Sydney plant Trf>(aM3DMAhm H a? a CornMioitt frjepq tnttnh iwtutu ocsnmBlIMKB^M Saks of CSR Hebei's (86.I% CSR) autoclaved aerated concrete blocks and reinforced panels, introduced to the Australian market in March 1990. grew steadily despite the depressed market. An expected small loss was incurred. The business should operate profitably this year. newere oncrete 'sed jo :mand. 'A third plasterboard manufacturer is expected to start 1^=^reduction in Australia in September 1991. i -^-CSR's market share is expected to decline. CSR's North American plasterboard accessories -businesses improved their operational efficiency and intensified their marketing efforts. Profitability ofthe Canadian business rose, as did tire US business despite a depressed market. icioria y on coos 11 start es 7ft#fnu^KiiG'<vp's large, new. Oaklonds Junction Quarry in Melbournesupplies high quality aggregate to theconstruction industry In Vktorio. Russel WilsonandDavidJohnson osthefinalscreening hemst. ng the els on the istomer iCSW resumed of ear's istrafian ;ak v es and CSR limited OirtciwV reper* BuJdaigand cnstfueaorttfi8iersa(corttim0d> CSR's 49% interest in the Eurcpean plasterboard joint venture was sold in September 1990 for SAI13.8 million, incurring an abnormal loss of SA36.0 million. The sale avoided further losses in weakening markets already severely affected by over capacity and price discounting. Sales of clay rooftile# were maintained at last year's level. Sales ofconcrete roof tiles fell, in line with the housing industry downium. Monier Roofing's (51% CSR) profits were lower, particularly in Victoria and Western Australia. Margins improved for clay roof tiles but were lower for concrete roof tiles. The company reduced production and overhead costs in line with failing demand. Rants were upgraded and marketing efforts intensified. Monier acquired the Summerl&nd RoofTile _ distribution business in northern New South Wales. A new clay rooftile feciop'. near Melbourne, started _ production. Its range of high quality tiles gained ready acceptance in the market Proms from die PGK brick business 151% CSR) fed. Revenue declined because of reduced house building and margins were lower. Improved production technology at several plants lowered unit costs. A brick plant in South Australia was closed and production transferred to another plant. Profits from the New Zealand brick and tile business were similar to the previous year despite reduced housing construction. CSR's 50% interest in Austral Brick was sold in September 1990 for SA142.2 million. Loans from CSR to Austral of $A19 million were also repaid. The sate yielded an abnormal profit of SA36.4 million after tax. Bradford Insulation rationalised production. Revenue in Australia was lower and profits fell. Reduced demand in industrial and commercial markets resulted in a marginal fall in sales ofall products. All factories achieved cost reductions. A SA69 million glasswool insulation plant near Sydney started production in October 1990. The increased range of high quality products from the factory has been well accepted in the market. As planned, the older glasswool insulation plants in Sydney and Melbourne were closed >idmg trom imiJar n id. million H -otnihe ns CSR Hie Malaysian rockwool business (70% CSR) increased profitability, improved contributions came from aH market segments and the outlook is good. The Canadian rockwool insulation business again incurred a loss, but there was sn improvement following cost reductions, productivity improvements and increased sales. CSR increased its shareholding in the business from 70% to 100%. There will be further cost reductions and productivity improvements this year. Outlook Six-year performsace YftM B04M3I (tA mUlKflmokw loSsoird) mi im 1949 HOS 1SS7 1984 Trading revenue 1753 1878 1247 Profit beforeimeresl. foreign exchange, lax 29XS 360.1 2*4.6 Gross marsin (% i 16.7 192 19.6 Netprofu before abnormalitems 144.9 1652 139.8 Shareholders fumfe at 31 March 931 890 600 Returnonshareholders* funds<%) U4 184 17.$ Fundi emolovtd at 31 March 1879 1963 1626 Total assets at 33 March 2159 2261 1884 Return onassets (%) 47 73 7A Capital investment 2244 458.1 67X9 Depreciation 842 77.6 444 954 156.9 16A m 60 126 m 995 74 403.6 328 646 1013) 156 494 243 205 425 528 9.4 87.4 29.4 643 93.1 14,5 54,2 20! 27.0 380 466 1U 53.1 28.1 The Australian economy Is expected to come out of recession in late 199J orearly 1992 and this should lead to an increase in house building. A recovery in commercial construction is not expected until excess office space and hotel accommodation are absorbed over the next two or three yean. Civil construction should continue to grow modestly, underpinned by increased expenditure on infrastructure. GroffSquires;Jim Masienon, Managing DirectorMaster!on Homes: Slott Drcxfer;ond PeterBorneo CSR rooftilts, insulation,bricks ami posers art usedestenuvely h*Mauerton Homes,amajor home builder inHr* South Wales. GtoftSquirm. BEc. MBA, sge42. Geaend Msoiger Moakr < - Roofing Lid <51% CSR), fo*MdMonicrUdiRl9?0Bdtte CSR Groupm 1989. ~; SuaDrodtr, FCA. age54.Genmi Manage Bradford inxstabwi Oroop. joined CSR in 1963. : ~Peter Bewen, BEng, PhD. age 46, Genera! Manager PGH Ud " ....15J56.CSRX CSR 1962._______ __ ________________ Budhtets profile YcacnM3iMai Sgafca fry end amfcet (SA miiiioo) .Dwellings ''*_! CS3construction .vaa---- "'Commerdal buildings Otter tm vi'iVTi5yyt=gSggSSSS^2y^SS.~- ------ ' '448" S44 * --30 rm. 1878 Pints at 31 March Quarries andsand' ----- 514 "Tre-mixed concrete^ 232 234 Concrete products* 31 46 - Osseai3 Anhalt ..... 4 ----jay...; 4 ? a 24 Plasterboard and accessories --* ri=ivr. Autoclaved aerated concrete' i- -brw. payers andmypipes1 u' . Rooftiles' ............. ... ..............28 "JasulatW -max.' ---- .... ' t'** ,r 1 - on Roemiproven andprobate (Mt> ~ Hard rock --------- Saad Saed and grave] Gypsum3 -2S23------- ~ . 1&&5 KM 90 $| '*`"'77 m 30& "TfrMdeud* received fSA million) Australian Cement Holdings Ply Ltd3 Other **" * - --174 - ---------73 74 14.4 24.4 21.7 Employees at 31 March 8757 - 9421 CS Cetma normita *> AbuiU minibdo* ABM. AM* AsWm. Aepmae*. Aqoacs. A^Mbcae,Anb DrW Auntie. Anuuducb. AncssSMr. &ndfih>.adfiec. Bern.fUtOtni.8fMnutav. CofartoM.Cnftme. Cm.DemiEsetatn,Uaoot.EMm*< thin'i Bov*.E*ukii4m.FiOrtflm.FUMuec.nrat,Ffensoa.Ftafce).Fknmi, ^4*Fmee. PmK. PyvtMdk Oc*tBgftd.OiawA OrpcM. Harm. HaflwtuM.Bwa. It.......DsnSt*?. Hm*W--fliaa. Haaawjea. K*n(te.tnHlMtt. fevwstod. Indite. IbhSom. tewihtaV. bofee. htiSiHi.Kteda^a. R*. ladA Manuu. iinia. MduCmto. x--' W'a,Muder. Mafwet. Aprtae. ?OH.PGH StotreA. Fpfrflm. Qwnti. Itrijyiifnter. g**d|Qje. Rafeytmw. R<4>c !4m.Remug. Rip. BMC ftefcuft M&u. Stefta.So<ofec.$fedKi SfyM.MgneSm. Sytrui. Sfjp. TWrniTfiq ThetMKiTtenwfej.TtenaeftiB.Tfemufcd,nrtrirrVriTi TVrnvirilnt TtirmMmnii. Wrmfave. ntrowidLMWa, IBmulUbedvm.Vopemfob.VeeUW.Weexe*. taauflwFwliU*jaDimluyeMBtCofR{gl4Cgi>UB4>o4|mo*4BpMBaS)'4a^. b &cctMamife9tamBaMase. a w%C5 We !****(% CSRl. s MaUnpttau* UK. S'l'Meo.FriMt.Monn)'tad NM*erb4E r 46.1% CSR odd. s !}lerweiiiAnurtiaiefei>nUHeo'2eno4lsJlSl%CSItf. h lodufin n !<aen la AawiU130%CSRl *UUw>nifl I St% CSR. j IftOuaCT 0g Svnwy m M*tarvb [TO% C5B) M ovS<tf ini CSfUinmd Directors' rewt n Construction materials USA US operations were affected by reduced construction activity, particularly in Florida. Corrective action strengthened the group. Profitrose 33% to $A&$million. CSR America*s 000% CSR) revenue increased 52% to SA947 million, reflecting the first full year's contribution from the ARC America subsidiaries. All businesses made profits, bin those of Rinker Materials fell. Divestmentof surplus land and non-strategic operations yielded S449.7 million. However, because of (he depressed state ofthe real estate market, sales of surplus land were below expectations. US construction activity declined, particularly in the second half of the year as the recession deepened. The value of residential building fell 21%, commercial <non-fesidemiai) building fell 14% and civa<non-building)consciuctioflfell 1%. Most ofCSR America's markets experienced lower levels ofactivity, particularly Florida, the company's largest market. Markets in Texas continued to recover from a very low level while those in the Midwest stares were unchanged. Markets in Southern California and Nevada deteriorated rapidly in the second half of (he year. Majorcost reductions were possible. Employee numbers were reduced by over 1000, mostly in Rinker Materials. Productivity was increased in die ARC America subsidiaries by upgrading equipment, restructuring organisation and improving management methods. The group invested SA38 million in add-on acquisitions, widening geographic and product spread A25% fail la Florida's construction activity lowered Rinker Material** revenue and profits. Previous overbuilding and e credit squeeze which started early last year, dramatically slowed buildingconstruction. A funding crisis in the Florida DepartmentofTransport substantially reduced expenditure on roads and bridges and it was not until January 1991 that a new petrol tax came into effect to relieve the situation. Sales ofall products fell, especially concrete blocks and pre-mixed concrete. Despite difficult trading conditions, prices and market shares were generally maintained. Margins suffered with the reduced volumes. Housing starts in Florida fell 22%. Expenditure on commercial building fell 21 % and expenditure on civil construction, including roads and bridges, fell 38%. A numberofactions were taken to improve profitability. Plants and districts were combined into larger business units. Plants were automated and computerised management systems introduced. Overhead staffing was reduced by about 50%. Employee numbers in Rinker Materials were reduced by 716 (27%). Transportcosts were reduced Rinker now carries 50% of its cement sales in its own fleet of45 tankers and trucks, and more than 90% of its aggregate requirements. Rinkerexpanded into the large Tampa market in south-west Florida with the acquisition ofthree pre-mixedconcrete plants and a block plant. These will scon fee followed by a*further four pre-mixed concrete plants and another block plant. The plants will be supplied with Rinker's aggregates, giving the company a strong position in this important market A large sand quany, Rinker's first in Florida, was acquired near Orlando. It has substantial reserves and will supply about 60% of Rinker's needs. CSBUmrted Osreerore'repon CSR Southern Aggregates' business in Georgia end South bought west ofCincinnati. Acquisition ofadditional Carolina was Seedy. The recession had little impact on quarries and sand and gravel plants is planned. the business and sales volumes were similar to the previous year. A concrete block plant began Associated Sand & Gravel's profit and rsvenua ware product!on and satisfactory sales in this new market satisfactory, despite abnormal wet weather in the were achieved. Productivity improved with a 10% north-west of Washington state. The state economy reduction in employee numbers. continues to be one ofthe strongest in the United n. Americas Aggregates' margins were increased and profits Stales. Wet weather reduced demand for some products, but the strong local economy maintained exceeded expectations. The good performance demand for other products. resulted because the company operates in regions of Associated Sand & Gravel strengthened its the United States that have been less harmed by the competitive position by building a gravel crushing recession. American Aggregates* concentration on plant and a pre-mixed concrete plant at Arlington. tor the commercial building and civil construction markets also contributed to its good performance. It also acquired more concrete trucks. The company is increasing production capacity and improving Productivity improvements and cost reductions were efficiency by installing computerised systems for mg achieved. Non-strategic assets were sold, the central batching and despatching concrete. workshop in Ohio was closed, the former head office A concrete pipe plant at Portland, Oregon, was in Greenville was sold, employee numbers were transferred from Hydro Conduit to Associated Sand w reduced plant and equipment were upgraded and the & Gravel Production and marireting strategies will be organisation was restructured. combined with those ofthe existing pipe plant in Average unit cost of production was reduced by 16%. Washington. Both plants are being upgraded. y Mild winter weather allowed greaterconstruction activity, increasing demand for American Aggregates* limestone, sand and gravel Associated Sand & Gravel successfully tendered for the supply of a large quantity ofpre-mixed concrete for the Boeing Company*s expansion in Everett Since the end of last year. American Aggregates' this year. competitive position in the important Columbus market has improved with the acquisition ofa large limestone quarry. A sand and gravel quarry was Negotiations to secure additional gravel reserves are progressing. MO CSRAmericais thesecond largestsupplierofprt^nixedconcrete in the UnitedStates. Thisismostlybecause ofthesite oftheoperations of{linkerMaterials,on imrgrasedquartyin$and concretecomport? which supphtsa widerangeofconstructionmaterialstatheFioridomarket. ced ers M t. aes. riant and CSRUmrtM OWcttra' rgpert 1$ Construction ma'erete USA (coAtnurtl WMK Transit Mixwas affacted fey a severe to! ia ecmstrectioG m Us Vegas Hotel and casino construction declined sharply, although the level of civil construction was similar to the previous year. Intense competition reduced sales volumes and margins forall products, particularly pre-mixed concrete. A small profit was earned. To improve market cover, WMK built a pre-mixed concrete plant and an aggregate crushing plant in Las Vegas and expanded its truck fleet. The company replaced or upgraded its three concrete block machines in Las Vegas and improved productivity and product quality at its gravel crushing plants in Us Vegas and Bullhead City, Arizona. A lightweight aggregate crushing plant is being commissioned in Las Vegas. WMK moved its headquarters to better located premises and the former site is being sold. Hydre Conduit's revenue and profits were affected by reduced construction activity in most markets. Demand for concrete pipes fell for the second successive year with total sales down 10%. The worst affected regions for Hydro Conduit were Florida and Washington DC/Bsitimore. Market shares were maintained although margins deteriorated because ofsevere competition, particularly in Honda and parts ofTexas. Production of concrete pipes fell 9%. But production ofpre-stressed concrete products rose 28%. Hydro Conduit expects lower levels ofproduction this year. Additions to Hydro Conduit's manufacturing capacity enhanced its competitive position and market coverage. This included four pipe and pre-cast concrete product plants in the New England region and a pipe plant in New Mexico. Construction began AmericanAggregates' brgereservesofrawmaterial giveitastrongpositionin movofUs markets ThisIndianapoHs.IntHano, quarryis vrel/placeda?supplyitsmarkets. *"T %?* r* / >4 C$3 Urulsd ttirseiors' report by mand c year regions >n re fTexas. uction .dro syear. apacity aion began CSK aa^w__ on a pre-stressed concrete products plant in Denver, -. : r^Sbr^feefp*demanca Colorado. Two pipe plants are being built, ate at an American Aggregates' quarry in Indianapolis, urMfeiUMu* S - -.Wi isaa - im hb Indiana, and the other in San Diego, California. , An unprofitable pipe plant was sold, and another closed. -------ZSriainfl revenue ------- 621-459 54 - 6 **xo5ib*u**mitmt. ... -----_____ ;:sr:;,..^Fc . ij~"Tortgn enchase, lax "---UU543T~&2 23 - sthsfflaripa(%) 1L7 6.7 12.9 j43--r-~ - Other action by Hydro Conduit to improve ftfofn before abnoroaJ erns -3U 26.7" 26A 2.2-. _ Shareholders' funds at 31 March "'961 923 3S8 95 20 - profitability included simplifying the organisational --Stfctunj on shareholders*funds ---- structure, rationalising engineering services and improving concrete technology. * --fcfuad* employed m 31 March -jtttl 1668 695 117 * 38 asuat 31 March -1SI* 757^126. 41 ""** SReWreon assets (%) ..... . --------- ^Capital iavenmeiu ----- r--977,9 &*& 619 36.4 Qstlook -- .^geprccUtk*. J 36.4 263-...J.l_~ 243 - - Total US construction activity is forecast to fall 1% in 1991. with a gradual recovery in the second halfof ` the year. Residential building is expected to fall 12%, commercial building 4% and civil construction by2%. Total construction activity in Florida is expected to decline 4% in I99i. Housing starts ^iouJd besimilar to last year and commercial building is expected to be 20% lower because ofoverbuilding and continued funding problems. Civil construction should increase by 10% as a result of improved funding from a new petrol tax. Midwest market! are expected to remain at last year's ''V&v&sv&KftSts in Washington state should continue to be strong and Nevada is expected to recover. Demand for construction materials in the " mid-Atlantic states and Southern California is expected to weaken. In the longer term, demand for construction materials will benefit from an underlying need for large expenditure on US infrastructure. -Swine** profile :25 ygatei h*ead maAattSA taeUtea} GvU coiatruciion 2J>welim&s j*oniflierftalt>uiSdin5 . Setter i.4.11*. LAsphafi recycling Slag ReMnef proven and probable (Ml) "idmeaooe/haid roclc iSaodand grave) Sand SErntpinytimjf March 1119 32 -47M 2142 SCO * 13 5728 1*1Hi CSRUmitsd Directors' report IS Timber products After major restructuring and productivity improvements, the timber products businesses should return to profitability this year. Timber products businesses Ulcered a lass of &A5.5 mitiisB, compared with a SA37.1 Bullion profit die previous year. Revenue fell 12%. Reduced demand from the housing and furniture industries, increased timber imports, one-off retrenchment costs and higher finance charges contributed to thedisappointing result A thorough review of operations, overhead costs, marketing strategies and organisational structure revealed opportunities for improved performance, Action taken is already producing positive results and CSR's timber prodacts businesses are expected to return to profitability this year. Wood PaaeJs Group incurred a loss lorthe fall year. A small profitwas earned in the second HaH. Revenue and margins fell. Australian operations incurred a loss because demand for all products foil, except for ptbron** medium density fibreboard. Formica New Zealand's profitability was maintained despite reduced demand. Reduced demand in the housing and furniture markets resulted in lower sales of flooring and surtaee-fintshed particleboard Mostplants operated below capacity throughout the year. Market shares were largely maintained despite difficult trading conditions. As part of its intensified marketing effort. Wood Panels Croup opened or acquired 24 distribution centres in Queensland, New South Wales and Victoria. Production efficiency at each ofthegroup's factories in Australia and New Zealand was unproved. The group closed production lines with low profitability and re-alfocated production to more efficient units. Overheads were cut and employee numbers reduced. The Sydney cane-jte** plant was closed, as was a Victorian factory producing particleboard and laminate. CSR sold the formica** laminate factory site in Sydney and will lease it forfive years, priorto relocating the plant to more suitable premises. New products with a high value-addedcomponent were introduced, including flame retardant structural board hmd** and a range of do-it-yourself products. Sales from the SA26 million moulded fibreboard door panel plant in Queensland started in April 1991. Sales of fibronTM medium density fibreboard more than doubled, reflecting the first foil year's operation of the Oberon, New South Wales, factory and improved market acceptance for this product CSR will begin production ofAustralia's first thin medium density fibreboard at Oberon in June 1991. This new product will enable the company ro replace imports, and to export to markets in Asia, where demand exceeds supply. A $A6 million components factory at Geebung. Queensland, started production in August 1990. Output is increasing to meet strong demand. ........ - plantations made a modest profit Sawmilling operations incurred a small loss, mainly because of a low level ofhouse building, particularly in Victoria, the Softwoods Group largest market. Revenue was slightly lower and margins fell. Market shares were maintained despite intense competition from imported structural timber. CSR lentet Cuectwv' r*j CSR a despite *e markets operated shares ding ood ition ,d factories 1 note kloyee was a ad factory s, prior to ponem r>oarddoor 99i. dmore operation nd rstthin le 1991. fo replace here ung, 990. i. diara pine *g cause ofa Victoria, enue was res were 7i imposed Action taken to improve productivity and profitability included reducing overhead costs, restructuring the organisation into four regional profit centres, selling surplus land, and installing new computerised management systems- Employee numbers were reduced. 4 million tonnes over 15 years from well-established plantations in Queensland being cleared for housing development. Low-cost, innovative processing enables sales to be made at competitive prices. Exports began in February 1991. Greater emphasis was placed on providing superior customer service. The group expanded its specialised do-it-yourself retail distribution network for treated pine products in South Australia. CSR's timber products businesses should benefit from the recovery in house building anticipated in late 1991 orearly 1992. As consumerconfidence returns, A SA10 million upgrade of the sawmill at an improvement in sales to furniture and kitchen Caboolcure, near Brisbane, improved productivity and manufacturers, which have been particularly affected increased log handling capacity by over 50%, by the recession, should mult Improvements in Rationalisation of sawmilling capacity continued as part ofa plan to make GSR's larger mills ---internationally competitive by increased throughput. production efficiency will continue, increasing competitiveness compared with imported softwoods and timber products. "T'A sawmill was acquired in South Australia. Two J lUSfoail sawmills, in Queensland arid South Australia,... .Were sold .^Ix-veaf performance wiaiTiTiii'iihiteaapiii f^Scace government log royalties remain weUado2 BlfiOToofaM its* those in Hew Zealand and North America. This cost disadvantage enables large quantities ofimports to ^replace Australian timber in the local market. "F Negotiations are continuing with state government forest services to provide logs ax internationally _TnM&vgfavcQi>e *72 S3S 493_229_. 132__ 94 E3?n>6t beforeInterest/ foreign exchange, tax 869 _95-Sr2U 162 US TtJrow margfo <%) 162 19.1 703'12J 13J -Netprofitbefore abnormalitems "?SJ) 37.1 11S 105 * 108 7S a^SfetfehoMere'feeds t 31 March **& 375 . 343--356 60 n competitive prices, --------- ------iTtetura on shareMfora* funds 09 13.9 i9 ISO 27.S - Mew*----=eiA , 99 it CSR is producing slash pine chips in Queensland for - 5"aJ asseu at 31 Muck 730 -596 -337 111 SS export to Japan. The company will supply about jultevestment - 13A .253 It jd^eptedufon -'`J&ZZmSEZXfA .HS..2&S :.t0 . 02 61 --. Thefuttyautarr&tstlognerrhondittermCSRSoftwoods' recently upgrade^sawmillcompltsOlCabodture. nearBritbon* The milt's substantiallyinertsuedlogpractisingapathyimproves customer serviceand redactsproductioncosts. --i^i ness profile TVs* reded JIW*S ?gffliimifim^jTT.T.T^.,7i^*;IT^ffwi-g -..-BU l --"Taiwby esdmnrln'{tA~ffnitioBj....** ------ ^.'Jssbscsz ""Coffimereul buildings JninuUtre/btchens "Otter fni'wiiiimuiUHim-i--ss***- 323 Too ai 31 March -- board Mediumdensity fibreboard -Hwtward XocflpoacBWspeaaitYproduaa Ttfvood -- " ffteber mnerntfoouriag 190 tEmploy at 31 March 3513 4074 cCattftaCaaraae*a. P*wm*f*cnt*t*ffiamt, nnfllo. OfO^Mgyae. Hreeel.IIj irwwiiMn. _y6epftM. HrWrtMw. MrereAe, P*QtBe,hrei^to^ pyseMaA. Stda.Pwtrftr Rraeuflpr, jwtuwcd. Tecpea. tfltjme. Uatfurand WfttKene*. ne Fawafr* <n flfinirt frreoi mS*t Wiwwle FwU NreaWreQalare mOmmeaiiet SrettPioft a^l eeueanre Tlu Luelaee (ndeauA a aa^redB kereeea Mn ZeeSkaft rafaaNv* Oolow reff __________ --too1 CSRtintitad OBscttfs'repo* r Sugar Sugar profits were down on last year's record, but it was a strong performance in adverse markets. Profitfell 16%tt JABS.1 million. Revenue fell 7%. Milling profits were reduced by lower world sugar prices and a smaller sugarcane crop. Australian refining profits fell because ofloss ofmarket to MamSdra Harwood Sugars' refinery in northern New South Wales. NewZealand refining improved profitability. and towerworldsugar prices. Revenue and profit fell. Raw sugarproduction front CSR's eight mills in Queensland declined ?%. Droughteariy In the growing season and floods at die end were the John'Noble: Pht! Scaalan. Executive Director Coca-Cola AmotiJ; andPtter Currie. Cot&Coia Asaatiiisimtfercustomerfor CSX *refinedsugar. main causes of the reduction. The floods caused minor damage to CSR `s rmMmg operations. the New York spot price for raw sugar averaged 11.09 US cents a pound, down 2.75 cents on the previous year. World sugar supplies exceeded demand for the first time is five years and stocks rose. Wees continued to decline and die New York spot price averaged 8.21 cents a pound in April/May 1991. invicta Mill successfully introduced seven-d&y-a-week crushing, considerably improving productivity. The reduced crop made it unnecessary to introduce continuous crushing at otherCSR mills. Hambledon Mill nearCairns will close at the end of the 1991 season, following continued loss ofcane and to urban development. From the 1992 season, sugarcane previously crushed by Hambkdon Mill will be crushed by the neighbouring Mulgrave Mill. The Queensland Sugar Industry Act, which consolidates and replaces all current sugar industry legislation, is expected to become law in July 1991. Refined augersales and profits felt CSR*s share of Australian sugar sales fell from 84% to 70% reflecting the first Ml year's operation of Manildra Harwood Sugars' refinery. Because of this loss of market share, CSR closed its sugar refinery in Adelaide in April 1991. The South Australian market is now supplied from the company's refinery in Melbourne. Productivity improvements wereachieved through automation and more efficient work practices at refineries. The increase in refining costs was kept below the rate ofinflation. Margins improved. Exports of refined sugar by CSR increased threefold to a record 35 000 tonnes. A decision on constructing a large sugar refinery in northern Queensland has been deferred. The project is being keptxmderTeview. Planning is progressing for die long-term redevelopment of CSR's extensive 1aodtoaldmg on the Pyimont Peninsula in Sydney. New Zealand Sugar Company's profits improved. Sales ofrefined sugar rose marginally. Intensified maiketingeffbrts, a high raw/white sugar price differential and increased sugarexports contributed to the result Market share improved at the expense of imports. CSR's action against Bcrmett & Rsher for the losses suffered in connection with CSR's purchase of Anchor Foods in 1987 has yet to be heard in court. CSRUmffed Doctors'report CSK ui :cd :ksro, spot ly 1991. roving issary to nils, end of :ane ison. Mill will 11. tustry 1991. of nildra sedits from the t>ugh .21 kept 1, feefold tery \n project is ngonthe wed, lifted ce ributed to :nse of e losses of court World raw segar price World rsvwtohitfl sugar price differential Six-yaw performance on <SAaUaou(easfi4wvM> --........mm* ......... two ... )W? ------1 ma mt 1W6 Tradingrevenue Profit before interest. ib 1169 613 756 . 5fi3 52. 5 foreign exchange,tax I62J1 19k.i 117.4 1043 84,4 43.4 Grow margin(%> 10 563 14A 538 143 83 Net profit beforeabnormal items tf.1 1023 683 44.4 313 ! 18.1 Shareholders' faedsat3! Maids m m 3St 486 364 339 Returnonsbartbotdcn' funds(%> 2ZJ> TIT 173 9.5 8.7 53 FundseagXoved at21 March m m 634 677,..576^624 Totalassetsat31 Msrdi sc m 8M 859' 677 693 Returnoa mvi (%) ms ns S3 53_4,7. . 26 Capital invesuaent "MJ 37.9 5L1 141.9 263 327 Depreoatioo S4 32J! .6 *283*233 223 pa a anas a Profits from distilling opereboasteU reargiBetly becaasa ofreduced demand and incmesed Imports. Sales of ethanol in Australia were lower in depressed trading conditions, particularly in Victoria and Queensland. Sales in New South Wales were steady. Exports rose strongly. Competition from two new distilleries, one in New South Wales and one in Queensland, will reduce CSR's share ofthe Australian ethanol market from this year. CSB's shipping business operated profitably, Sugar and gypsum continued to be themain commodities "Transported. CSR Shipping Group successfully tendered to arrange the construction of a 15 000 tonne capacity bulk cement ship for Australian Cement Holdings (50% CSR). .................. Outlook Work! sugar production is forecast to exceed consumption in 1991, resulting in higher stocks and continued depressed prices. Queensland's 1991 sugar crop has been seriously affected by unusual weather and is unlikely to exceed the 1990 level. CSR!s milling profits are expected to fall further. CSR's refined sugar sales in Australia and ',New`2rafandShould remain at around last year's levels. Profits from refining will depend largely on the raw/white sugar price differential, which is * expected to be satisfactory although lower than last year. froaCSg>.ettfet. '(Auara&aa tmteuy emage . Protection (h-94art Crashing rate (ki/boar) Im ,^1m __ .- ...VI TS=J I IT frotn CSR's $Sd refineries* (SA&*3Boa) Au&r&tia " 445e------"Safe*. ------ - Me** Zealand -V H)4 .. Ettanol sales (ML) Australia *J'3R2 -tr' ei^om j. --U.7 -Ge*otarried by 2 ships managed by CSR(Jrt) 1149 --f-1071------ Iiuu Employees at31 March ~ <;YMrcMfcO! rwwVt im iby CSR asagent -rsrrr* torThe Sugar 1 Ckt-tawvalue) -~ Japan .678 Malaysia 592 '^"399 ^Canada,, ReouMir ofKorea 'ST-- .v;I~~.~*4m75 w- 325 ..^'-516 "ii&R ............ -- The People's RepubSeofQin*,~_ ,|W3OS an ixt -- 227 - _____ Singapore 342 * --T4l USA NewZealand Venezuela 134 535 98 ^r--5(E - - Egypt ..3036 *X*P* YccreadrtSt Ah*ibs Worldsugararnier (Ml - raw value) Production ; Consumption Finalstocks . .. tm1 m 1IU --109,0 ms -- sos-2 m "T3cu CSX a*mmrktaAaMfttsnitnfrttomBmfattadtBHaecEiChHiri. Beni. FmM*adP>ept -* .... . - CSX'S ee< SrteikUlsura) trwn n*mp* ft tfaom 1J% at i*epeek* (beOmiM tv* p> cMmot. UetJl 90 Imt1W9. CSR utf Trtorf (aprae oT I Jvl* iS9lCSRVn4BieMbrrcMaceenaaaMaref>dweMaenaltiM& CSR ptvi*itiBa*rkfte*i ad retuaftoyktt to tbe 0b****1b4m* tot*/ fcafaBBr far (mi BetMcu4*90r*ccamawUi'T*e Sweeten*. "TV prrtntaee oT uamaMcceo^fAfa a pmivp>. ._,^w . t sppweUwwpctoBUft d irftfvl wsm t*t--t nMtwin rtag**. ... d CSSYirfaaeo'ioAaWdcrtoiailasAa^im- .' 1 tib&u*iu*)imk9ai*urtia*l`tormmmtaonelltef*w. . / _ S Beimm. .... ........... 4 b JOdAKK. F USu. WortS &agn lUfanrw ( Febmaijr IW). ' .. MuitulOeebua. UtsibeeiMua CSUimiisQ OaacW rapon H Aluminium Expansion of Tomago aluminium smelter and Gove alumina refinery will increase competitiveness. expired in January 1991. The Commonwealth and Northern Territory governments approved Gove Aluminium and Swiss Aluminium exporting a further 40 million tonnes over the next 20 yean. This will be shared 30:70 in line with the parties' joint venture interests. In addition. Gove Aluminium has the right to export 2 million tonnes earned over from the -previous agreement. Gove Aluminium's share of bauxite exports will accordingly be about 50% for the next three years. Profitfail 27% to SA34.1 million. Revenue fell marginally. Higher production costs, mainly for fuel Outlook oil and caustic soda, lowerprices for aluminium and alumina, and lower bauxite exports affected the result World aluminium supply is expected to continue to exceed demand, leading to higher stocks and prices The world ahenteiam siericetweeke&ed. Supply exceeded demand for the second successive year. Stocks rose and prim fell. The London Meed remaining weak. No improvement will occuruntil world economic activity recovers and some high-cow ' smelter capacity is closed. Exchange three-month price averaged US$1638 a tonne, down 6%. InAprU/May 1991 it averaged US$1375. TThe longer-term outlook for aluminium is favourable because ofthe metal's strength, lightness and recyclability. pedbie began. The project (24.5% CSR), to cost around SA700 million, will increase capacity by 140 000 tonnes to 380 000 tonnes a year, providing economies of scale and improved competitiveness. The project will be completed by mid 1993. Alumina sates rota 5%, batpricesfell slightly. Expansion ofGove refinery (21% CSR) capacity by 10%, to i .6 million tonnes a year, will be completed by July 1991, The expansion will improve efficiency, reliability and safety. Bauxite sales by Gove Ml 11%. Gove Aluminium's exports fell to 2.4 millbn tonnes. The 20-year agreement, under which Gove Aluminium had the right to export up to 40 million tonnes ofbauxite. _ Six-yearperiernaMe --VweuMJl ttAaaboeMhamtfiCTtag) un tm tm tm iSTra&MTflveeue -3W 306 303 " m 226 189 - foreignexchange,tax ffi.7 im mi 944 33.K Ii4 -Gross manna {*) 363 3mi . 32S "Net profit before ---- ... . _ 2^..... ... Am ...,:,,,bBormatteaa *341 46.9 45.9 VS' "*43 5barehtfdere'ftmds --~ai 31 March ------- 66 65--96---- 49-31- ReturnOB shareholders' foods <%> ns 71.1 706 29.7 16.9 m) Fuads emotoved -.366 290 289 315 Ml 266 Toutassetsai 31 March 3SO 330 326 341 397 336 Returnon assets (%) 9.7 14.2 14.1 6.4 zi <0.1) Capita} investment 444 112 8.6 4.7 163 106 Depredation 242 24,1 IAS 25.9 86 73 PeterLayeU (righti at Tomatoaluminiumsmeher wOh CSR's Tokyo representative David Green, ameatRurgm, who lioiseion important iedvtkoimatters with customersin Japan. | t C . Business profits YwoMUHuA im two --irt iiurnii ggratWl Quasi? % Cove Afaniwinvn RstTifi*AiesilH\ 2391 2689 Bauxite recoverable reserves* (Mi) ---- - proves 143 169 Alua*B(fct> sales 2S5 244 transfersforTomaao 163 170 AJwnuuura sates <kt) 85 82 7Q 1674 -**- 36 22 179 70 107 70 60 70 Empteymai 31 March 17 16 YutnMSl MM tm 1990 (Ste t8S tm 2638 2749 2362 1692 1171 , MMMh.w^nnr*ua.smuo(taCDMM<aswt It HotuMimm M< 'nabmiMiMS i mn CSR United ftrecton' teport Finance CSK ;h and love : a further is will be insure ihe right (Tithe re of y% for the nnueio J prices r until high-cost tvourable d me 226 189 V *. 33.r d*) 15,D (Q?J si <02} 49->31- 16.9 (0.6) 341 266 W iU 336 ro.i) 108 8.6 7.3 CStaRtotnwJS19in91i % .70 1674 36 22 - 179 70 1t0o7 70 70 iw 1691 1171 CSR is very strong financially despite reduced earnings. Batura oe shareholders' toads fail from 16.1%to 11 following seven successiveyears of improves]Nit Earnings per share fell from 55 cents to 42 cents because of lower profits earned on issued capital. 6urieg was reduced here 319%to273%. (See table on page 24). CSR continues to have substantial Net profitbelow abawroal Hams wnM lower#! long-term borrowing capacity. Borrowings could be SA3259 atilta. Pre-tax operating profit of increased by around SA470 million without $A564.7 million was 24% lower. Operating profit increasing gearing beyond CSR's long-term target and extraordinary items after income tax was . qiaximum gearing ratio of35%. At the date ofThis SA323 5I6 559. . report, CSR hasover $A700 million of undrawn committed standby facilities and substantial unused Abnarmsl Hems contributed a !ossof$A24 ralthoa after borrowing capacity under short-term commercial tax aad minorities, A major abnormal profit arose from paperprograms. -- the sale of CSR's 50% interest in Austral Brick (SA36.4 million). Major abnormal losses arose from Net berrowiftgs ware reduced by6A233 million, 4--die sale ofCSR's 49% interest in Red!and . xTotal borrowings were reduced by SA222 million. -- Plasterboard (SA36.0 million) and the closure oftbe.sr25;$A34S million of long-term debt facilities were --sugar refinery in Adelaide ($A10.8 million). repaid. Debt repayments daring the year included There were no extraordinary items. r. ------- $A98 million ofconvertible notes issued in 1980, $A4Q million ofEurobonds issued in 1985 and * Directors recammeed a final dividend <418 cents a share, US$133 mi)lionofcommitted bank borrowings. fullyhanked. The final dividend, if approved by the annual general meeting, will bring the total dividend to 32 cents a share, fully franked. This compares with ` s total dividend of40 cents a share, fully franked, the CSR arranged SA220 million of long-term debt facilities including US$154 million ofcommitted bank borrowings. previous year. The final dividend is payable on ----Scheduled long-term debt repayments this year total r *7 August. T^-4JS$225 million ofcommitted bank borrowings. CSR aims to maintain a reasonable spread ofdebt Issued capHaHnsreased by 42 militate 782 millta maturities and a diversity of lending sources. SA1 shares, foehiding partly-paid shares. The increase 1 included the issue of 35 million shares under the _ -- Cash flow (tends from operettas) fell 21%to shareholder and employee share purchase plans. ^ SA712.1 rmlfiofl. The fall was mainly due to weaker Details of all issues are shown on page 48. * - markets for all products. CSR's strong cash flow, conservative gearing and its access to committed i --Shareholders' tends, including minority interests, rose 9% standby facilities place the company in a strong to SA3.1 billion. The increase was mainly the result <4 _ liquidity position, the issue of shares under CSR's share purchase plans (see page 48 fordetails) together with profits retained Nrtinterestexpanse increased frost SASCI ntilIion to in CSR's businesses. 4A123Jjmitia9. The increase wasdueJo thefull year effect ofthe increase in borrowings associated with Total assetswere relatively unchanged at the acquisition of the ARC America companies, and SA622&2 rofilioe. lower interest income, Interest cover decreased from 9.5 to 4.6 times. CSR continues to keep a balance of t - Intangible*. The balance ofgoodwill was SA497.8 millionafteraccumulated amortisation of fixed and floating interest rates, consistent with its financial risk policies. * ...-$A483-nuiben, The-balance of patents and trademarks was $A182.8 million at 31 March 1991. Foreign exchange. Management of foreign exchange No amortisation has been provided on patents and exposures achieved an average $A/US$ exchange rate on revenues of 76.0 cents last year. Foreign currency liabilities decreased by SA72.8 million to the Nettangible asset backing per share increased 22 certs equivalent of $A1634 million; these are more than to SA3.11. Total net asset backing per share increased matched by the value of business assets outside 15 cents to $A3,60. Australia. CSRUnited ftraeW ftpen Rrsance <cor>?rtiues3l Operating profit before interest,foreign exchange asdtaxfell 15%. ** mi CSRshareholders' funds resebrSA&SmiiJiQR. 013 Cashflewfrom operations feHto$A712miiNGH n ta b it Sateen** FUMfMa BL CSR's credit ratings are: Moody's Standard & Poor's Australian Ratings (from i October 1991) Short term P-1 A-l - A.! Ungirra A2 _ A CSR has maintained its P-1 and A-l short-teim ratings from the international rating agencies since they were assigned in 1985. The new ratings assigned by Australian Ratings reflect (he standardisation of its rating scale to that of its parent. Standard & Poor's. CSR's ratings and its conservative gearing enable the company to continue to borrow at competitive rates from domestic and international markets. Working capital. Current assets were similar to last year. Current liabilities declined by SA63.9 million. The provision for doubtful trade debtors fell by SA10.7 million to$A24.6 million following a write off of$A17.8 million in bad debts compared to SA9.1 million the previous year. Capital Investment was reduced by 70% to &A452.7 million. Investment was directed mainly at strengthening CSR's building and construction materials businesses in Australia and* the United States. CeplrStwestroest plumed or committed this year is aboutSAS20million. About SA250 million will be invested in maintaining production capability and improving the efficiency of existing businesses. Most of the balance will be spent on the third potline at the Tomago aluminium smelter, the expansion of quarrying and concrete operations in the United States and Australia, and increasing sugar milling capacity. Divestments totalled iAmSreiilkra. The sale ofCSR's 50% investment in Austral Brick {$A 142.2 million), 49% investment in Redland Plasterboard <$A 113.8 million) and non-straegic or under-performing assets in the United States (SA49.7 million) accounted for most of the proceeds. Risk management. CSR's risk management arrangements encourage businesses to practise effective loss control and to provide safe work places. An in-house insurance company with access to international reinsurance markets provides protection against major risks. Since introduction ofthis risk management program in 1987, reserves of SA7.1 million have accumulated from savings on insurance premiums. Reconciliation with US aceountiog principles. To assist shareholders and analysts outside Australia, a reconciliation ofCSR's financial results and shareholders' equity prepared in accordance with United States'generally accepted accounting principles (US GAAP) is on page 55. Under US GAAP, CSR's net profit after abnormal and extraordinary items would be SA3S0.9 million, compared with SA323.5 million under Australian accounting methods. Senior management Don Murden, FCPA. Fas. FCiM. age 54, Chief Finance Officer and Company Secretary,joined CSR in 1958. 22 CSRLwnaed Ofriew*' raisons :srs Mon). ceeds. places. eclion isk on ISSfSt s m l Offtter CSR Earnings per share* fell to 42 cents. CvraAliaan u. v b n as it Blit '4faid tvOTytwgtf WtMtiMm fiaaociol profito fw ) M-hUA tWWa ntt** wde'.BNuts mi im samm BalanceAeet at 32 Maw* Paid up capital (SAl shares) Total aueu Current assets CSR sbsrehotdm' funds Gearing {%) Noe-current creditor*and borrowings Currens creditorsand borrowings Standbycredit undrawn Current ratio WJ 14 27974 274 urn 9433 7817 117 735.0 62992 15744 25325 324 14134 907.4 670.4 153 l&mst expense income net expense Interest cover (times) ITU 474 123.7 46 `140.0 80.0 605 94 Exchange rate SA/USX (cents) at 3) March 71A 75.1 average tor year 784 772 FsoSta&Sty Trading revenue Operatingprofit before interest,foreign . exchangeand incometax asa % of tradingrevenue funds employed Net orofltbefore abnormal items as a % of CSR shareholder*'funds trading revenue total assets Average income tax rate, eeefadrog abnormal items (%) 4566.5 4516.1 6713 14.7 124 3254 114 74 $2 793.7 174 14.1 406,9 16.1 9.0 65 35 39 PcrfenBane* pershareos tasteat 31 March Earnings (cents) 414 Dividends (cents) XU Net tangible assets(book value) (5A) 3J3 Netassets (book value) (SA) 340 Value added (SA) 131 S5J) 40.0 289 3.45 241 6 -1 1 10 _ -14 -7 17 - , - - 3 2 1 -15 _ - -25 - - - _ -24 -20 8 4 -4 Carrene?conversion al31 March* $A1 New Zealand dollar Pound sterfog UnitedStates dollar Canadian tfroilar 14184 12984 04451 9-4S66 0.7743 0.7505 04778 0.8794 bttwieiunmt AwtraMeBcdlen CSB'viwa-AumjW> SmboUmumiiww Segment analysis CpnBetprob MmImw, ImnsM KRpreTif farw|ptiftfttn> 6*r<ncaca*n|p Sstow atoamai BdttBoracn t&sMatf laawram tots tUucwMJtMtfU u iwo mi tm_ 1991 JMO mi 1950 mi im (Sa ni&M uMutaS)CM* -.-^-BBii4ieedvruction . matemis Co&wuction materials USA 293.5 360.1 57.0 49,7 75.4 124.5 14.4 20.1 144.9 165.8 HU 54.2 $24 15.1 22.9 12.4 - - 35J 26.7 Timber products Sugar AJamicium Unallocated* 23.9 86.9 41.2 24.0 h.k 25.8 - _ 44] 37.1 1624 593.) 344 24.3 44.1 64.3 - - 84.1 102.5 88.7 m.i 1.8 (2.3) 37.9 44.0 14.9 22.5 34.1 46.9 08.6) JT> (59.5) ^564) 10.2 18.9 - - 3M 27.9 Group 471.3 793.7 123.7 54.3 194.2 289.9 314 42.6 325.9 406.9 * S*poi*S prpfiu tJua *s tikmteB o? fcaoacomEmdav die fteM* iu>uM nmyMa. Jaaitoagd fccjaqmjuw oc.dfcriiiwf m itMfeu acppmiutd 0**tWmoafcygioaM tffuVxp&SOAB* 1991 1950 1753 1878 947 621 472 538 1088 1169 304 306 24 4566 45)6 CSXAmU&n'fm** mt mo mi two 931 890 15.6 18.6 941 923 449 375 381 370 9! 66 2798 2533 3.7 2,9 <14) 9.9 224 27,7 374 7J.1 -- 114 161 CSRI.imnid Doctors'rapen FmeneetcGnwiuso) Esd-markelanstyus oi trading revenue Yt*aeJ3lM**a UbBmm* ftufldfotandeons*ruction materials DweMiflg* Australia iatematiOTiaJ Gvilconstruction Australia intersaboual Comaerbai buildings Austrade intenmuonal Other 679 76 495 22 412 34 39 1753 (MO % tAtntate 149 725 li S2 104 509 04 18 90 499 @4 4$ 09 30 344 1B75 % 160 1.2 113 0.4 110 1.0 0.7 41.6 CMOscdn material* USA Ov^coasmctfoa inientaiionai Dwellings international Cosuuera&J buddings international Other 367 &6 323 74 24) S3 14 04 947 m*r 154 3S 252 5.6 211 4,6 - MWUMW 621 13.7 TfesberpradectJ * ------ Dwellings "Anrtrelia ~ -si"^ '* 73? - - coauDem&i ._ ^.. bttddhtt* Ausaraha -- -.US. .to .100. **... ------- FOT^urtAdtelwasAustralia ...- . M 13 82- i.a~ '-- /**-* Other " 46.~ 33 07.. * *.* '--"4T2 S3 538 11.9 Sopr Food Other --....* ........... - ;. Australia 526 ltd NewZealand ....... m 13 otherinternational 381 43 ... 64 1* - 593 13.1 --93" 2-f 412 9.1 66 1.*- _ __ J088 _U69 _25.9..( international , 3M. 6.7 306` 6.3 - .._ Ifoagocated Australia ___ 2 ..41 4.. air Trading rereuse - - ***- 56* wt > laternitionaJ 1563 41 1552 34 Mixed Australia andin'ernatkmaJ 156 3 129 3 -- ---- 4566 160 4S16 iOO CeprUri irwestnwat v>*. i >"Si\Am3lr*\ Building asd eosatmedea rnwriafa concrete, quarrying, cement insulation plastesboard bricks, roof die* major acquidiioQS other mi 1423 ns 17,7 153 2D 2246 im $48.6 524 4S.9 77.1 044 49.7 458.1 CoflBtructfos aarteriftb USA concrete, quarrying, cement concrete pipes major scqottitfons __ ns 26.1 other ............. --- ___ 03 99S 40.7 03 8345 2.4 877.9 -Tlmdefproducts weed peach s*w*H*mhir 340 106.7 204 183 584 1253 -rSapn ...... witTH' * refineries disjUkrie* other 7* < -13.1 ^ * ia D _____ _ _______ 347- 173 15.4 4.6 0.8 37.9 Ahunfriinm ^Csrporstc --- - . 444 122 ..................... (93) <33> .JTotalcapital lavsfaneBt 4St7 1SC41 -Dfmfnipfit procewti Wr ' brick iavesunetas 1423 plasterboard iavesuoeet 1133 US assets " * otber* -i . '3tl U--. ..I..^.ji;ii-3443 *t*-**m*pz mum mm1 imir hf. 69.7 14,0 1S8.4 272.1 fafue added -------------------- tm UdkN ... . J9(I0 . % UalteB 5 Setting Anafyab VuraMeSSi MiKStlAadbou Borrowing Shon-KrmdeW Current matundes ofiong-cenadebt Long-termdebt Cub tadshen-tenn iemtim* Cash----- ' Sbon-temt fcodiog loanstothe Queeastaadsugar Industry Net borromags Total shareholders' equity Totalliabilities Gearing ratio* <%) Long-term debt: equity phis longtenudebt 1oul borrowings less cash and sbort'tens lending: equity Long-term debt: equity ~ im 20L1 I3U 12193 US4 133 2747 -- 2903 12649 31463 3973.9 27,9 403 384 1*0 1904 173.7 14135 17776 4,7 217.1 (2.1) 219.7 1557 9 28853 3413.7 32.9 5)9 49j0 ..Sovee "Trading Terunue and dMdends S91 296 4540 100 Lesspurehases ofmatedab * and services* _______ 2792 MM6M1 2774 61 Total value added available for distribution 1799 39 1766 39 Dtotribtuias Toemployees in wages, salaries and payments to retirement funds 839 Togovernments in taxation' ' 276 Toproviders ofcapital ^rr- * interest paid on tan* 124 dividends paid to shareholders - Including minority interests 284 Rniaveaed isbusses depreciation6 and amortisation 236 profitretained bomoperations 40 1799 47 15 7 16 13 2 1U0 756 43 349 20 60 3 318 18 194 u 89 5 1766 100 tnInirr imirinn piiln |ii r mi" `t `------- ,*r~|h` |--~ `*~ tihru impniT w4 #4e duuet the os; <ervlen Rente*** tom deferarto* 3vfn(**ai"ft"eh*eetc* " ttceeee fee*. linfSoi; n* ScitndM aw* c StnpiUra dspr>rte* a H > it* t**dM IS* oyeMl wwae lifeot MXWCd UM4S 24 CSR limned Qreet&ri' reeon CSR in the community CSR IttO 148.6 52.4 45,9 77,1 84-4 49.7 4581 03 8343 14 877.9 1067 186 1253 173 15.4 43 08 37.9 \12 (33? 1508.1 69.7 14.0 1884 272.1 % > ICO 4 61 6 39 6 43 9 20 93 6 18 i 11. 05 6 100 itsen WtBCI .*UjdlMV h/eot CSR values its reputation as a good corporate citizen, concerned for the environment, and contributing to the community. CSR te coramined to high standardsof eiwiroameRtfll jHtrfectioa. The company's environmental policy was formalised in 1983. During the year environmental performance was reviewed, The CSR Board established an Environment, Occupational Health and Safety Committee. Its role is to monitor the group's performance in these areas. With over 700 plants and 20 000 employees worldwide, the company invests much time and money to ensure emissions are controlled and spillages prevented, as well as to preserve our surroundings. But accidents do happen: people make mistakes and machines develop faults. The tasks facing CSR include the need to heighten ail employees' environmental awareness, ro minimise the number ofenvironment threatening accidents, and to ensure that the impact of accidents on people and the environment is minimal, As pan of the environmental monitoring and control process, each business unit carries out regular environmental audits. Revised environmental reporting procedures were established during the year. A hazardous chemicals register is maintained to ensure a better understanding and control of potential problems. The company'*actionstoprotectthe ooriraomaat cotter s wide range. The Readymix Group's Oaklands Junction Quarry near Melbourne, opened last year, illustrates CSR's long-term approach to environmental issues. Hundreds of hectares of native bushland were planted by CSR at the site oyer 15 yean ago; very old eucalypt trees have been - prcscrvedJThe quarry surroundings have been landscaped, the aggregate plant is shielded to control dust, and the quarried areas will be progressively -.rehabilitated. Bradford Insulation's new glasswool plant near Sydney is one of the world's most environmentally sophisticated insulation plants. Advanced technology reduces waste airemissions to substantially below those generally permitted by Australian and overseas regulations. In some cases CSR benefits directly from investment in environmentally sensitive actions. A new recycling plant keeps the Gyprock Group's Sydney factory well ahead of accepted standards of waste disposal. Reducing costly waste disposal by reclaiming gypsum from factory waste and reject plasterboard saves SA400 000 a year. CSR's sugar mills in Queensland have, for many years, used crushed sugarcane fibre to fuel their boilers. Major energy savings result Enough electrical power is produced for the mills to be net exporters ofpower to the Queensland electricity grid. CSR's 200 square kilometres ofradiata pine plantations, which supply timber for the company's wood panel factories, absorbconsiderable quantities ofcarbon dioxide. Over 200 000 more trees are planted by CSR each year than are harvested. buy goods andservices end paytaxes. Last year, CSR added value ofSA1799 million to the SA2792 million ofgoods and services purchased. Of the added value, SA839 million went to employees and SA276 million to governments. Financial support is given to local community organisations in areas where CSR operates. Support is also given to national educational and charitable organisations. CSR has combined withother quarry companies m the Penrith Lakes Scheme (40% CSR) in Western Sydney. The scheme is progressively rehabilitating the quarry which provides Sydney with 50% ofto sandand gravel. Coveringan area 6 Moments by iS Moments, the project Is providing lakes and landfor wildlife andpublic recreation, as weUas soma urban land. i CSftUnited OtocttV People The main task for CSR's people is achieving international competitiveness. CSR's people areimproving the competitiveness 9i ftetr businesses. Costs are being reduced and productivity improved. There is an increased emphasis on satisfying customer needs. Only by taking these steps will CSR succeed in the increasingly competitive markets of Che 1990s, Achieving international competitivenessmeans becoming more efficient and effective. This involves redesigning jobs, changing the way we work and changing the way our businesses are operated. When combined with the sharply reduced demand for many ofCSR's products last year, these actions fed, inevitably, to fewerjobs in the company. Mostof CSR's awards and Industrial agreements in Australia were restructured. More flexible working . arrangements at work sites have been negotiated. Managers and employees can now agree to alter working arrangements to more effectively meet the changing needs of individual businesses. The sember oTpeepfe employed at31 March 1991 was 2377fewerthan atfee same time lastyear. Ofthe 19 996 people in CSR, 5888 (29%) were employed oaisidt Australia, mostly in Che United States. 1739 people had to be retrenched. The company provided these people with appropriate termination payments aid other forms ofassistance, in accordance with long-standing practice. Training is tssamJalfer improving people's effectiveness, CSR provides training for employees at all levels. Business groups are responsible for training their own people. For example, during the year, some 420 people, from senior managers to supervisors, in The Readymix Group participated in training programs designed to apply the principles ofTotal Quality Management fa Monicr PGH 350 people participated in training and development programs covering management sales and technical skills. Efforts to Improveworkplacesafety were seccessful. CSR is committed to preventing injury and illness by providing a safe working environment. Lost time or alternative work accidents were reduced by 12%. CSR's serious injury frequency rate fell Major reductions were achieved by several businesses, includingThe Readymix Group. Monier PGH, Rinker Materials, American Aggregates, Hydro Conduit, CSR Softwoods and New Zealand Sugar. Management of workplacechemical substances improved. The computer-based register ofhazardous substances in Australia was upgraded. 1 j . ! : 5 ' j Mostemployees in Australia benefitfromthe managemaet of workers' compensation chans seder CSR's seH Insurance schemes. Compensation payments and rehabilitation are provided promptly to injured employees, fa addition, CSR benefits from cost savings resulting from operating its own self insurance schemes. < CSR America's subsfeiariss are mostly unionised, 61% ofCSR's hourly work force in the United States belong to unions. There are presently 63 labour contracts in place, of which 24 expire this year. it is expected that all contracts will be satisfactorily renegotiated. * * * ^ Edwtn Enriques,AttafHussainand(smallKanliin thedisrribmionarea efBradfordinsulation's modemgkstwoolfactory in Sydney.A new range <4integrated pad designs supports Hradford's marketing program. CSR WoodPanels' JudyMacielhr, Planning andLogistics Manager, wishNellLowndes,Commereial Manager,andJennyWhall/y,Personnel Manager. The planning andtosisn'etfunction is improvingcustomer serviceandtoeingseveralmillion dollarsyearlybycoordinating production,distribution andwarehousing between thegroup'sfactories. ' 1 CSfl Unfed Pfeeton'rewet -T0S5. own al A ts sby Of inker ksus wnent tales ily 'sonrtel *#r lories. CSR AH CSR employees m Australia have access to seperaRneatien which is competitive by community standards. CSR has a long standing commitment to occupational superannuation. (Details ofCSR's Australian superannuation funds are on page 58.) Most of CSfts employees m tits United States ere members of e retiremem income plan. Retirement plans arc oftwo types: company-sponsored and union-sponsored. Both types provide benefits mi a defined benefit or defined contribution basis and are competitive by community standards. Employee numbers fell try2377 mainly because of retrenchments. The serious injury frequency rate* was reduced. 37 JO Equal employment opportunity is central to (SB's personnel practices. CSR's recruitment, training, promotion and reward practices, as well as its organisation and management processes, arc designed to attract the best people and to allow them to develop to the full extern oftheir aptitudes and skills. himmiWifHMtn nil:iHiim In Australia, compliance with affirmative action legislation includes the submission ofannual reports by all CSR's business units to the Commonwealth --*Mrctfad3tMvH im 1m Government's Affirmative Action Agency. Employment ofwomen in CSR's middle management is gradually increasing. Employee and executive share plans. 6250 employees participated in the Employee Share Plan last year, each buying 100 or 200 shares. Under the Executive ~ "Baptovees* a< 31 March j-Asmraik ^USA Now Zealand Other countries ,, Mate "Females ~ 10996 22373 14 m 4793 537 asa IS 234 5826 560 TO 17786 .... '*"2236 19879 --24* Share/Option Plan, 329 participants acquired 1.2 million partly-paid shares at full market prices. Total shares issued to-date under the two plans represent 1.7% of issued capital. Regrettably, issues under both share plans are being gagmaft} graduates rccreted ILEngioeeriag and science .Cemmoitaandceononoc$ :=DQi ------- * -/ .... 24 44 167 _-------236 47 78 deferred because ofthe uncertain and onerous T7lg|geirtfcesempSoycd at 31 March 384 461 provisions of complying with the prospectus requirements of the new Corporations Law. A decision on the future ofthe plans is expected io be made this year. J^Sciriotainjury frequracy me * Building ami ctxsmjnjon znaiwiah 1.Construction materials USA ^Timberproducts 33 21 . Sugar 31 hogelCrespo. Toiy ValdesandDeft* RounehreemHinterMaterials' ^.Aaiou&ium ------,-Group ischidingcorporate .'ECQuurrtnearMiami. Florida,surveyasiteforrecovery0}limestone aggrega>es. RinierMotertals' quarriesare welllocatedto supply customers throughout Florida. flnaadfllpcefefBUBce ^Tradingrevenueperemployee (5A thousand) 228 Setprofs beforeabnormalitems *' peretEptovee(SA> 16298 Wages, salariesandpayments toretirement. .... bandsper employee ISA) 41958 ?Valueaddedperemployee ((A) 89968 TotalCSRcontributions <0 CSRsuperannuation funds(&A million) 262 41 2S - 71 -36 202 18187 33791 76934 292 HsMa*e - -7 18 -4 26 -n -11 ..rvA ------- bitiiWiiQWIpymuJfunh mhnIUnn CSBUmstw Director?'repot* 77 Directors CSR's twelve directors have extensive business experience. Eight, including the chairman, are external directors. Bryan Kelmaa, AO. CBF. BEng. FTS, age 65. Appoiraed u> the CSR Board in 1973. Formerly chief executive ofCSR, havingjoined the company in 1966. Chairman ofJennings Industries Ltd and Simon Engineering (Aust) Ltd. Mr Kelman's directorships include Macquarie Bank Ltd, Prudential Assurance Company of Australia and New Zealand Ltd, Homestake Gold of Australia Ltd and Spotless Services Ltd. Atan Coates, ao. DSc (Horn. fad. faim. age 66. Emeritus Professor Sir Rupert Myers, KEE. MSc, PhD, DSc Appointed to the CSR Board in 1986. (Hon), DEng (Hon). LU> (Hon). DUn (Hon). FTS, age 70. Chairman since 1989. Formerly chief executive and a Appointed to the CSR Board in 1981. director of the Australian Mutual Provident Society. Formerly vice-chancellor and principal of the Chairman ofBrambles Industries Ltd, his University of New South Wales. He is chairman of directorships include CRA Ltd, Chase AMPBank Ltd, Unisearch Ltd and a director ofEnergy Resources of Pacific Dunlop Ltd, TLe Australian Gas Light Co, .Australia Ltd. Sir Rupert is president of the Australian Mitsubishi Motors Australia Ltd and the Queensland ----Academy ofTechnological Sciences and Engineering Treasury Corporation's Investment Advisory Board. and is a director of several charitable foundations, David ins, BA U-B. QC, age 58. . Appointed to the CSR Board in 1973. Formerly a hamster, he is chairman ofSandoz Australia Ply Ltd. His directorships include Perpetual Trustees Australia Ltd, Computer Sciences of Australia Pty Ld and the New South Wales Board of Advice of the Australian Mutual Provident Society. ... Kai Scotty, AO. Ba, age 63. Appointed to the CSR Board in 1984. Formerly head of a number of Commonwealth Government departments responsible for trade and resources. Chairman ofSeabridge Australia Pty Ltd and the Japan Australia Venture Capita) Fund, his directorships include Wesrpac Banking Corporation "and Tubemakers of Australia Ltd. i t i! ! ) i t The CSRBoard:Bryan Kebmn.Ben Macdonald. Ian Bargess,JimSeuBy.Jim Kirk.AlanCeairi. Keith Barton. SirRupert Myers. Getf&reyKells.John Gough,Ootid VossoraiBittBennett. 78 CSRUiwred Direefore'report CSR J che rics man's iential land less XDSc 70. tof :esof vtralsan eering is. * * tnd Ud ns lion Ben Maedoftald, age 58. Appointed to the CSR Board in 1985. Formedy managing directorofMa&donakl Hamilton SlCo Pty Ltd. Chairman ofPerpetual Trustees Queensland Ltd and the Queensland Cotton Cojponuion, his directorships include Perpetual Trustees Australia Ltd, Allgas Energy Ltd, AF Croup Ltd and Placer Pacific Ltd. Mr Macdonald is a member of the Queensland Board of Advice of the Australian Mutual Provident Society, the Board of Advice ofCarlton & United Breweries Ud. the Queensland Treasury Corporation's Investment Advisory Board and the Queensland Board of Advice ofMGiCA Ltd. JimKirk, ac, aasa. cpa, age 70. Appointed to the CSR Board in 1985. Formerly chairman and managing director of Esso Australia Ltd. He is chairman ofLandcare Australia Ltd and a director ofMacquarie Bank Ltd. taa Bergess. BSc, FTS. age 59. Appointed to the CSR Board in 1986. Managing director of CSR since 1987. havingjoined the company in 1951. He is a director of the Australian Mutual Provident Society, chairman of Business in the Community Ltd ami a member of the Australian Public Service Management Advisory Board. BIB Bassett BEng, MSc, age 54. Appointed to the CSR Board in 1986. Deputy managing director ofCSR since 1989, having joined the company in 1959. He is the executive director responsible for sugar milling, raw sugar export marketing, aluminium and human resources. Mr Bennett is a director of Brambles Industries Ltd. John Sough, AO. QBE. LLD (Honk Dip Tex Ind. age 67. Appointed to the CSR Board in 1989. Formerly managing director ofPacific Duntap-Ltd, Chairman ofPacific Dunlop Ltd and deputy chairman ofNewcrest Mining Ltd. His directorships include Amcor Ud. Australia and New Zealand Banking Group Ltd, The Broken Hill Proprietary Co Ltd and ICI Australia Ltd. Mr Gough is a member ofthe Genera! Motors Australian Advisory Council and is a directorc'F^^^aiterlufd Eliza Hall institute of Medical Research. He is chairman ofthe Graduate School of Management at the University of 'Melbourne. Kami Baden, BSc; PhD, age 51. Appointed to the CSR Board in 1990. He is the executive director responsible for CSR's construction materials operations in the United States. Dr Barton joined CSR in 1979. Geoffrey Kelts. BCom. MEc, age 47. Appointed to the CSR Board in 1990. He is the executive directorresponsible for CSR's building and construction materials and timber products operations in Australia, New Zealand and South-East Asia. Mr Kellsjoined CSR in 1964. Board committees Audit Non-executive directors: David Voss (chairman), John Gough and Jim Ktric. Environment Occupatieaal Health aad Safety Non-executive directors: Sir Rupert Myers (chairman), Alan Coates and Jim Scully. Non-executive directors: Alan Coates (chairman). John Gough and Bryan Kclman. Dkaeten haspaid iononexecutive directors totalled SA402 000 last year. Details are on page 40. Total fees to be paid this year to current non-executive directors are expected to be about SA430 000. Directors arc also reimbursed for expenses they incur in performing their duties. Non-executive directors have agreements with CSR which conform to the provisions ofthe company's Articles of Association in respect ofentitlements to retirement and termination payments. Executive directors have agreements with CSR in respect of their employment as senior executives and receive remuneration as employees ofthe company. No director has received or become entitled to receive any other additional benefit, other than those mentioned here, by reason of a contract made by CSR or a related party with the director, or with a firm of which he is a member, or with a company in which he has a substantial financial interest. As at the date of this report no director has any interest in a contract or proposed contract with CSR and none have been entered into since the previous year. Details of directors' holdings ofCSR shares are on page 58. CSS Umaed Directors' npofl 29 Organisation and management N $ G Burgess Managing Director PJHoMo GeneralManager Sugar JEBurrwjs GeneralManager RawSugar Marfcrtatg Group A!sminom PKTiowH GeraAlumstem Ud o8%c$ft} Human resources General Manager Personnel ftGLowwfat ManagsogOWcttr NewZealand SogerCo ltd SttH*$ws Chief Manager Shaping Group BMMtne General Manager QVCIerte Prasjdara ftnUr Materials Cera Chairman Southern Aggregatta Co President As$ted$a*d4 SrawHColne Chairman WMK Trans* M 6 C Harris Preaidant American Aggregate* Carp P6 Jfittts JProudent MmConduit Carp 8 6 Seta* GeneralMswrgar OversellGroup PJ Bowen GeneralManager PGHlttftl*CSTO AN Branas General Manager the Readyra* Group SJDrod*? General Manager BradfordInsulation G WSqatTM Genere) Manager Matter Roofing ltd (5t% CSR) Timiier products HFPoas GeneralManager Softwoods Group General Manager Wood PanelsGroup ERBeen Group Manager tofwraaten Systems J 6 Bolen Manager GrospTaxates AS Cerium Treasurer R A Humphries Chief GroupAuditor RKP%yp Group QtefAeceuutart Corporate services PJOateweil Manager Corporateend Investor F8 Bill ChiefCorporate lawyer Major associated company A fl Arnold ChiefExecutive Officer AustraHen Cement Holdings Pty ltd IWKCSRI CSR Untried Directors' rapon Additional statutory information CSR Various statutory requirements not covered elsewhere are reported in this section. Paymeet ofroeoBuramdotl dwldond, Directors recommend the dividend of 16 cents be paid on -- 7 August, or otherwise dealt with under the Share -- Purchase and Employee Share plans, to shareholder entitled to receive dividends and registered on 17 July 1991. Duly completed transfers received by CSR up to 5 pm on 17 July will be registered before dividend entitlements are determined. Opticas are held on CSR shares through convertible _L_ notes and option bonds. For details see the table on T this page. " Ha caBtingent or other liability ofthe CSR Group has -- become enforceable or is likely to become -- enforceable this year which will or may substantially -- affect the ability of the group to meet its due obligations, We are not aware of any circumstances, not otherwise ---dealt with in this annua! report, which would render misleading any amount stated in the repore-- -- Unusual items have been covered. The state of affairs of _. the group has not been, in ouropinion, substantially affected by any material or unusual matter otherwise than as referred to in this report. Matters arising sincethe balance date have been ___ covered in the appropriate sections ofthis report. Further developments by the time ofthe annual . general meeting will, as appropriate, be reported in * the chairman's address to (hat meeting. -- likely developments in operations and their anticipated results have been reported as appropriate. Further information on likely developments in the operations ofthe group, including the expected results of those operations in subsecfueM financial years, would in our opinion'prrjudite the irileresis of your company and -- has therefore not been included in this report. Signed in accordance with a resolution of directors of CSR Limited. Sta&itary Information YeveatiedSlMaKfe im \m DMdcedrtA) Interim 22 December 1989 19 December 1990 Pinal 1 AuftflB 1990 7August 1991 recommended Booksdose fordividend entitlement 114 394276* 122933047 _ 177581299 125131960* - mly ilJtiiy Owlow fetidon CSR sham SA44X!8%coaventbfe unsecured notes4 SA380 optionbonds (prepaid u>SAftOl) outstanding at 17 May 1991 311924 237167 393423 296163 Asi7Mavsm CSRUaMcd Convertible note* Option boo&s --..-..Menu iBBainu MtcuMiag gAituwml) 31 March 1997* &Q HDeeeeber 199Z9- -' -- 1243 rLai1 ~pqwtfdiBtbtl990<Sftu*i report. ?SS555^TShSisl!5- b'ftcjttactsdBiuuaai i?'* auunoDi tobeissediBJuBeaftd July 1991 Id rcsfcanofcashcosribu&ms ^--Ttis&ivadbyaja* 199!>amis foeSharePwcbaaePiaD.amioe w,^siBlMa**auKofc9ikcb(iiidc*Wnrt'E*u6ve'M * ; .5h*e/0ptiso PUit shan* whki becamefelly paidpriorW pm ce 17 Juiv 1991.and 1986 partly-paid Uumwhwh become --Pa^y paidpriono S ptn on 3 My I99t:'-*-- .............. *- ' ' c-6232 402sows were LuuslAegtmand September 1987spar --^aJne5A4.Q0each, Thenowarectamrtibtt. u bolder'sopke. oc 28 February every yearaotii 1997 b 100ocas a SOOcstfinary ._SS$Al kbans(ad/nu4 forbaous tax*}. Notesmi wovensd "CBi be repaidu par togetherwfcfcthe final Usespayment on 199?,lhsmxes are listedcmIbe Au&ttien Stock. *--(ia|e, -- ** " ' **---- -- - dj-yhopcoa fcood is eune&ciy pogvatifefato IG2679?croaryCSR v~_SA5 dumoDfeymereof$A379.99peroptibefcoodasytiBumi] -~41 Demaaber 1992. Theconvenioa nue a adjustable ia acecedance ^jriththeioti^aotioopnmttiOBaiBKteiha WteoftfaetiwB. ~7^opUon bonds wen cssoed byCSirUntteStfiZSbrohCTivu aspart ofCSR Finance Limited's (100% CSR) iiswcf USSI00mill!on7.5% Guareaeed Eurobond*,eachofUSS5QGO. ...aniriftgio !5. The option tomb are hated oo foe Australiatod -sc^ondoftwock exchanges. - ... Ian Burgess ... Managing Director 3June J991 Alan Coates Chairman CSRtifTwied Dimetere report 3! Eleven-year performance YeereWSIMuO. mi 1*0 me io* w*' r4 iws 14** ms reer mi Profit and toss<$A motionI Gross revenue-group revenueplus tala madeas agew Group revenue W -------mm. . Trarft**vnue -" Depredation Earnings before long-term inuresandtax before net interest, foreign exchange and i*i .intereston tong-senn borrowings lacorenu< etoreve sm 5665 5265 4658 3209 36*8 2796 2704 2506 2679 2932 4986 4892 4566 - 4516 44*4 1438 3942 2672 2418 2077 3003 2212 2183 2074 2044 1852 (936 1757 1763 1603 1828 1652 236 194 164 145 (19 125 120 no 109 89 83 m ' 827 621 501 334 286 242 227 189 183 239 671 794 60S 42! 349 250 229 219 183 154 221 112 . 97 78 112 108 74 73 6? 73 53- 41 m 290 212 190 67 6! 68 57 30 35 72 NdpcofH Before abnormalandexMordiaaryhero*applicableto . . -.CSftsharelwtdm for sis reontSsro30September --.----------- fr*titausthsto3! March Afteretorema)andextraordinarytensappficaWe to CS1?disreho)dm . DivMerwj* 326 i 407 306 165 350 its 92 92 266 234 ]47 60 58 55 49 44 1"2-v0yS-aM1W7e3> 159 105 92 70 43 48 324 407 30? 186 HO (m (63) 92 147 291 220 (15 102 90 64 64 75 82 112 43 42 61 32 40 -- 51 if 81 127 60 47 46 Bahuseeibwi ESA mt&iw) Currentassets Prepgty. plantandeqsiprasn* . 'i'll11 ftawo giwma* benefej TO&ernoMinsnassets - 1588 1574 1609 1525 1002 858 796 796 663 77! 840 -3559.^3430 2507 1998 1519 1285 1003 919 996* 1016 831 _ - - 470 476 496 447 386 --ML** 306 . . ..--IreJSV - 272 w 366 _ 167 156 984 1101 169 206 271 246 194 161 122 147 153 - ........ ~5K0ka**> 408 260 42 _ - 34 36 --37*T -- .. oresssSSfeiilU. 82 79 96 103 133 109 73 "* SI - 31 ........ vr***n6at" 192 168 190 162 249 274 17* 89- m 5? Jfc*aJ duo _. Qirrewcreator* andbonwags * -- currentprevise* Nor<uncntaie<hW!t and borrowings Deferred acccietax and odternofrcwem prtrvhkws -- Deferred foreignexchangegains 6228 -6299 5044 4418 3972 3752 31)6 2960 2710 2660 2398 1040 --no*"618 502 772 428 613 16S 775 127 686 128 574 393 527 418 132 . iJ0_"t<7,-w133 1219 1414 596 816 IC07 916 558 494 568 444 405 jl 475 348 294 320 310 326 281 225 2S7 185 - 3 7 - - - ------------ am* Total liabOidea 3074 3414 2486 2310 2108 2115 1698 148] 1316 1335 1141 NrfHvii 3146 2885 2560 2108 1864 1617 1418 1479 1394 1325 1157 Paidup capital <----Other reserve* . .v. Profits Ma*Md -- * CSR eharthoMen' fouls(capitalandreserves) iBftmUAfmUuvirv iharnhotdm 778 . 735 697 6S8 619 533 359 353 338 315 259 ,, ,,!M6S._J318 1164 1)08 1003 854 628 558 515 495 . 398 585 480 364 278 206 197 367 496 466 442 4|Q 2798 w 2225 2044 1828 1584 1354 1407 1319 1252 1667 "348* 352 335 M 36 33 64 72- 75-' -73 90 3146 2883 2560 2108 186* 161? 1418 1479 13941325 IIS? Share fnferautfea Share issue* right* private placements Shares issued{million)for cash .acaohtsau M S*7r"e*_- - t-tre) - PP - <2 36 13 10 118 129 _ 30 - 44 ____ ^__ - - ..--3ft--; |Jb*S~ '<4*4 - PP PP - 6 15 25 50 43 - _ 5 .1___ 4 PaSdupcapital enSA! shares at 3i March ESA matiaon; ~T3S 697 658 619 533 359 353 338 315 259 Eaminaipershare(ceats) <--> >tone at31 March 424^550 44.0 28.4 24.5 235 257 260 211 26.6 435 ----------- - adjustedfortunes'1 '424-Hs 3M 213 250 250 235 247 210 27X 38-2 Dividendspershare (cents) Cully-pad shires 310 400 320 20.0 19.0 ISO 180 180 18.0 I&0 180 adjusted for Issues4 310 400 320 20,0 19.0 175 17.2 16A !65 16.1 157 Sharepriceadjessed fortsreesNSA) high 846 $.78 506 4(90 -M0 373 360 -4.0S 372 635 696 tow 442 190 3.60 2.60 253 201 145 2A1 123 207 405 end *546- 5-0* 4,00 375 472 3.07 286 3A8 X4S ITS 557 fea tartgfteasset*(book value) (8A) perCSR share III* *189 X88 2.96 3.19 3.25 4.13 4,19 408 436 451 adjustedforIssues4 170 2-50 27) 24) 10! 3.C6 355 3.69 302 3.68 3.74 &ados aadriaURJcs Roum (%) a> CSRilarehoklm> fundss! 31 March 1U^ 101 1X8 9. t 8.2 7.9 60 65 5.7 - .60 105 tool assetsas32 March -6J 6.1 4.2 3.8 35 30 3,1- X7_ .. 2.J 4.9 grot^reyenue 64 U 6.9 4.7 61 42 4.2 45 IT*--8.7* 6) t'eytyn >nia(C) 761 72 72 --62 - 68 72 70 69 81 57 42 laertrtcover* (times) . 44" ' 9J 8.0 45 3.2 3.9 3.3 3A 20 . 33 50 GeariDg4(%) 274 3X9 18.9 27.9 35.1 36.2 285 250 28.9 2S.I 260 Currerereiio 1.17 1.03 1.04 1.27 1.29 0.95 0.98 M3 1.27 1.14 153 General l <e 1 453 1508 1538 !)?6 336 226 201 247 350 545 226 Groupdivestments (SA rmllttml 341 272 9)8 1)38 197 695 38 126 116 89 109 aarehetdere(thoasand) Emp)oYtes(tho<""d) 115 105 99 102 102 101 102 97 97 89 78 204 2X4 U.3 16.1 13.4 135 145 145 14.9 160 16.1 Wages, salariesandpaymentstoretirement firnds (SA million) 839 756 56S 480 411 428 418 406 413 378 313 Tradingrevenue peremployee (SA thousand) 228 282 188 166 155 164 )45 128 i 18 100 103 Profit eftrruu peremployee (SA thousand) Value addedper employee (SAthousand) .164 112 16.8 11.5 11.2 9.3 6.4 65 50 61 7.0 90 79 74 66 68 62 57 54 52 41 39 b B-u-M|-i`-|..........7TT|1-n-j-li-o-eif--itu--re**B--tarftdtt brbU't1-j'--b*t' tuu 1MmchSleir*9**n--m--rW~`o-'t-O--w-t-r-p-*-6--u-f-<1-P1-16Mu mu r>e(firtiw*wJg>aMUmwpontif>imtit < Bburseatttomua pmioa.nureumrt tiiiAmimwcbmmtffwutoruwna e |Un^aBruknii5o<8Ma<BK<^*at<M<i(a>MEu)MMt9tmaca<ntt.i a Bafiarda* auTuuu*^*wd**>great 32 C$*limited OireetMV report t <2 >( 9 2932 3 >828 ij 3652 9 83 3 239 2 22) J 4! s 72 2 112 2 61 0 5) j 127 7 44 1 B40 6 833 7 386 .2 .....133 '? 1 *.91 9 57 0 2798 7 - 428 7 133 4 -405 7 --US 5 1141 5 1157 5 259 5m J 410 2^7 3 .....*>.5 1)57 4 i-faj 0 43 { --* 5 "--259 6 433 2 "-a 0 ISO 1 iS.7 *5 696 7 405 5 5.97 :6 43) 8 3.74 6 103 t 49 7 6\ 7 42 $ Ji J 26,0 4 133 3 226 9 109 9 78 0 16.1 8 3)3 0 103 i 7.0 1 39 H>Wlt ; -r si)1W, , __ e.fs. ------ . *3 . . " ? * fcS financial statements forthe year anted31 Merefe 1991 CSR ' *3 ' . :vy *<'**< -> --_ ^VvyiiOT^gO*>tf.rrr mftrT <v> :"V~ '- > 0Wr.uMmmiiiiKr rag'arf*j#lk4Soo offuajT^B acf^S^Sngng frrfVfrWlBBai^^^ SliMgiflformarioa *,JI ' ' "lii*Wi|Pg7*^f TTttMa^ittPOtofeemtAm flfentJLmuud --- * ________________________ .___________________________ " ? Tliitfff' *Ad. --,ti;*s^ L-2':SSB> T'.T:Jry 1. ptupal registered officeio Australia is Level 35,225 ~?7ekptef*-&2T233 8333;" rs? T&Secrcajy'-D Muidea. ^ffiSSjgigr'* - asdAiffcaa sccarltyregEtteraarefcep* byDeterge AT**?* JT^-TW.-- kfri- ,,*a? 'V; .^.Brisbane ^ --.zxAAdMiti--w * level 6,SO? Qacec Street, Brisbane, --------Level 14,m4S Pine Street. Adelaide. j; 19 fterSam.Penh, --g..-eT rr-inn,ip, ....... jn * ^-Cnbcne ' ~^-=-- :^Levl 5,10Rudd Street. CanberraCity, * ?*^.1-, ^ _^^Wiagad &Ferguson, Level 4,-lirMacquarte Sate*. Hebert, "T3&?=% :;;.~~:srs7 AtfeWaftJTNiw Zealand /T5fctotttsSossT<>hjnalsi!,ShoTtJardCcfttre.Shoiiland Street,Aoddsnd Co, 4 Albany SwTSwToifcV fm !>>! i li u- ~ CSflUffifMrf Bwanriatwnvi> vi Profit and loss statement taring yearened3! March 1391 CSR linuerluMbsttimki }A mUMn Note Operating profit before abnormal items and income uu <*>; Profit (loss) on abnormal items 1-8 9 Operating profit before ineon* lax Incometax expense aoribuiable 10 operating profit Operating profit afterincome tax <^ Profit(low) onextraordinary items income tax benefit attributable roextraordinary items -- 10 --t* JO Profit (loss)on exuaotdiittry items afterincometax ii .1 Operating profit and extraordinary hems after incometax * Minority interests inoperating profit and extraordinary items ___ afterincome tax ------Operatingpreft andextraordinaryitemsafter Ineometax attributable to members ofCSR Limited Retained profitsaithe begsaungofthe year ...' y..... ' Total available For appropriation Dividends provided for or paid Retained profits at thead eftheyear 12 - ... Operatingprofit and extraordinary Itemsafter income tax attributableto members ofCSR Limited consists of: Netprofitbeforeabnormal items Net losson abnormal hems Net profit (k)S5>on extraordinary items \'r. ,**,*T> '. 'm ... ;;**. . Notes *4femin*panoftf**iam nauai 199! 5474 17J 1990 739.4 564.7 209.7 739,4 289.9 3554 4495 - 05 3554 its 05 450,0 42.6 32X5 mi 4074 3644 m.7 2485 771,4 291.2 5553 480,2 325-9 l-caj 3235 406.9 05 407.4 hrai 1991 1990 340.9 <214) 4965 3295 865 4965 1552 2434 341.3 - (lU> 2434 (115) 3300 2434 1374 3804 2485 1315 330,0 98,2 4282 2912 1374 2512 \a*) 2434 34U <lii) 330.0 J-vl, _ 34 CSR Umud financial suto^iants JOOO *96.5 - 496.5 IS52 341.3 (JL3) mj) 330X1 330.0 982 4282 2912 ....... 137.0 3413 013) 330.0 Balance sheet e?3t March tS91 CSR Limwrt end tdMidialei Correal assets Cash Receivables Investments Inventories Other SA ffiiirton Ncie 13 14 15 16 n mi )99Q 2993 6632 611.1 234 221.8 773.5 203 539.4 19.3 wiJ*\ Panto mi iwo 1143 12214 m* 2054 12.7 1033 12564 - 208.1 103 Totalcurrent assets w-- Non-current assets ` Receivables investments Inventories Property, plant andequipment Intangibles ^.OlbC7 -- w inii -Tutsinos-current assets Taiassets 15874 1574,5 15534 1577.9 18 19 20 21.22 23 --"-4 ____ ^ -- * < 924 138.7 --------13034 1729.3 1674 305.7 9593 9034 15.9 18.1 * 94 9.3 35584 34503 8983 747.7 6804 695.7 123 13.1 - -** 1183 -- TfrOftO -^newr^.1 4 *-^4t,9 46324 --4724.7 .315921 .. *34523 Q2I2 62995 7 47U3 5030X3 ~ CumstlkblHtte --- Creditorsandborrowings "Provisions ~-23 '' 26 #43-5 9074, ____ 9162 IWSJ 5104 *"617.9 ' * 3153 396.6 ..... Totalcurrent 1labilities _........................................ 4gp*>iot*<iiFWtMUahHHJes --. Lredrtors and horrowuies Provisions a ,,xm., 'Total nonHorrent HabiUtles ^ "27*".' 28 Ml i.*..* ^ 13534 15253 1235.1 I .......... ...... 14423 12192 14J33 5094_ 474.9 ? ' vf 9524 1884 3254.8 1864 1729.0 18884 11404 14404 -- ial BaWKties >v ___ Net assets Shareholders' equity ; Sharecapital Reserves Retained profits ... ---- - 29 30 307X9 ''3413.7.;*" 2375.1 2882.9 31463 28853 23373 21473 7774 14644 5552 ;t --rrrrrrr. -j 735.0 1317.6 4802 V? 7774 14274 1314 7354 12753 137.0 Shareholders' equity attributable tomember? ofCSR Limited Minorityshareholders' interest insubsidiaries --t.-- ' --r-*. .Total shareholders' equity Nats ce aM fenainijut ofthe aceoam weaiwssed. 27974 2532.8 3483 352.7 31463 28853 2337.1 2147.1 .* ~i 'w. * t* '* 23373 2147.1 CSR limited Rosneiel statements Significant accounting policies used in die CSR Group Suit of Bccoemiag. These accounts are based on historical To arrive at tax payable, adjustments to income tax cost accounting conventions as practised in Australia. expense are made for items which have been included in The accounts have been made out in accordance with ihe requirements in Schedule 5 to the Corporations Regulations and comply with Statements ofAccounting Concepts and applicable accounting standards. frinetpfesofconseiidaticiA. The consolidated financial statements give a view oftbe group as a whole. The group consolidates the accounts of ail companies in which it holds orcontrols mereihan halfthe issued ordinary or voting share capital or in which it controls the composition ofthe board ofdirectors. The consolidation process eliminates all inter-company accounts and transactions. In these accounts: time penods for accounting purposes which differ from those specified by income tax legislation. The extern to which these timing differences give rise to inconre tax becoming payable earlier than is indicated by accounting treatment is recorded In the balance sheet as an addition to future income tax benefits. The extern to which timing differences give rise to income tax becoming payable laterthan is indicated by accounting treatment is recorded In the balance sheet as provision for deferred income tax?"* 4"*`*--* * * * Future income tax benefits arising from timing differences and tax losses are not recognised as an asset ifthere is uncertainty as to whether income will be derived ofa nature and an amount sufficient to ensure their realisation. results of subsidiaries which the groupacquired or .rssrvafeetion ofaon-earreesassets. Certain mawnurent assets disposed ofduring die year ore included fromthe date_ -have been revalued at various times and are shown at their ofacquisition or to the date ofdisposal; ---- _jatest valuation. O sharehokiings in listed and unlistedcompanies which are not subsidiaries are treated as investments. Only tbe * -The basis for revaluations, unless otherwise indicated, is dividend income from these investments is included in the value to the company as a going concern, ----------- profit; All non-current assets which have not been revalued are interests injoint ventures are recorded in the accounts shown at cost. - ------ ------- by including the company's share ofassets employed, the share of liabilities incurred, aod the share of any expenses incurred in relation tojoint ventures in their respective categories; and Increments in the value ofa class ofassets anting from a --revaluation are taken directly to the asset revaluation reserve. Decrements are either offset against previous *iliincremems relating to the same cU ofasset orcharged kserexts in partnerships are recorded as part of -mi-against profit. --- -> investments. ____ iTV t . \ . . . Companies in the CSR Group ore underno obligation to *HH> 'Nki*S'r^-_0 JfeprectaicB (Incfedteg amoftiwtiefiatuJdeptetiBa), Assets accept responsibility for liabilities ofother companies other than quarry and other raw material reserves are within tbe group except where such anobligation has been depreciated ai rates based upon their expected useful specifically undertaken. economic lives, using the straight-lira method. Quarry and otherraw material reserves are depleted over GrouprawMia is the total of: .................................... ------ the shorter of forty years orthe life ofdie quarry after trading revenue, including sales (net ofdiscounts, returns and allowances), fees for services as agent, rents, royalties and interest on long-term loans; ~ taking into account the estimated residual value. Depletion ____ is determined by production for the yearas a proportion of total recoverable reserves, non-trading revenue, including dividend income and proceeds from the disposal ofnon-current assets; and interest income from short-term deposits. ____ Tax affect accessing. The liability methodoftax effect accounting is applied throughout the group. {KapBsti ofsen-currentasaatt.'Wbere a significantbusiness is disposed ofany surplus ordeficiency is shown as an extraordinary item. Surpluses and deficiencies 00 the disposal ofother businesses and non-eurrent assets are reflected in operating profit or loss. Income tax expense for die year is based on pre-tax accounting profit adjusted for items which, as a resuh of treatment under income tax legislation, create permanent differences between pre-tax accounting profit and taxable income. leasedassets. Assets acquired underfinance leases are capitalised. The initial amountofthe leased asset and corresponding lease liability is the present value ofthe minimum lease payments. The assets are amortised over the life ofthe relevant lease or, where ownership of the asset is likely to be obtained, the life ofthe asset Lease payments are allocated between interest expense and lease liability. The interest component is charged against profit when paid. Operating leases are expensed as incurred. CSHUmftad fiscal>awnu 3m UO (0 X ting on to come mting n for s i atjofl. ets their Us are ma a s over if Tktton' ion of an st re d he lease ned. iseand atnst CSR > Afforestation. Forests are initially shcawn at cost at the tune of scqumiion by the group. The increase ordecrease in the total voiume oftimber in the forests is calculated each year at commercial rates, after making allowances for some loss in the harvesting of limber and calamities such as fire and pestilence. The amount ofthis gain or loss is recognised as profit or loss for the period. Log licences are recorded at cost and are amortised over the Jives ofthe licences, Expenses related to growing timber are charged against profit as incurred. Transactions such as cross currency swaps and forward foreign exchange contract*, which do not give rise to separate assets and liabilities are not recognised in the balance sheet. ContributionsissuperaatHuBfosfetes. The $R Group participates in several superannuation binds which provide benefits upon the disability, retirement or death of employees. Contributions to these funds are expensed as incurred. Additional details on the group's superannuation funds are 'provided hi note 41, -<. -;rrs^- -- Inventories including work in progress are valued st the lowerofcost and net realisable value. Overheads directly related to production are included when calculating inventory costs. Associated companies are those in which the group has a material investment and has capacity to significantly influence their financial and/oroperating policies. Financial infomiation on associatedcompanies Is not The value of inventory is derived by the method most in the profit and loss statement or balance sheet appropriate to each particularclass of inventory. The major -prepared in accordance with the Corporations Law. &is porrion is valued on either a fimdn-fim-bur oraverage " 'tfsfiown by way ofsupplementary infonnailoo'in hdte?8." cost basis, --------- ___ _* ' --Tntasgiyea. Goodwill acquired orarising on consolidation = Foreign currency. . ,. """i$ included in non-current assetsSad systematically O Translate* a#foreign currency tnssaefens. Foreign canonised to profit and loss over the period in which the currency transactions are converted to Australian dollars **aefits are expected to anse. The period over which at exchange rates ruling at the dares oftboic ----- =gopdwill rs aroonised does notexceedtwenty years. "' * transactions. Amounts payable and receivable in foreign The anamortised balance of intangibles is reviewed at each currency at balance date are converted to Australian dollars at exchange rates ruling on that date. balance date and charged to profit and loss to the extent ^ benefits are no longer probable. - Exchange differences arising from the conversion of ^ mfemafo we include in tht sscmilts M the araoums payable and receivable in foreigaiurrcnciK cost ofacquisition. No amortisation U provided until an f= are treated as operating revenue and expenses in the occurs which results in a loss or limitation ofthe - penod in which they anse. .. . --useful life ofthe asset. O Translationof foreign currency ftwinjalsuawnentx Assets and liabilities of overseas branchtsand subsidiaries are *mmmmm***~ irMi- * 11 1 1 1 - ...... .................. Baoa&ngeawutas te nearest $A 6.1 mtfliwL Unless otherwise translated at currency conversion rates ruling at balance shown in the accounts amounts have been rounded to the dale. Revenue and expense items ofoverseas branches --dearest tenth of a million dollars and are shown by , and subsidiaries are translated ax the rates ruling ax the-- ^SA'million. --------- end ofeach month. Exchange differences arising on --------- these translations are recorded In the foreign currency ---=CSR Limited is a company ofa kind referred to in translation reserve. Scheduie A ofthe National Companies and Securities Hedging el foreign carresty commiteaiSa. Exchange ~,*",&oaunMKiofi Class Oder No 630. differences on the specific hedging ofrevenue and --AS rounding has been conductedIn accordance with that expense items are deferred until the date ofpurchase or class order. sale at which time they are included in the measurement ofthe transactions to which they relate. Exchange differences arising frombothgeneral hedging and the specific hedging ofamounts payable and receivable are included in profit and loss m the period in which they arise. Exchange differences on transactions which hedge a net investment in overseas branches and subsidiaries are transferred on consolidation from profit and loss to the foreign currency translation reserve together with the applicable amount of income tax. -- ,JS- Costs or gains arising at the time of entering into hedge transactions art accounted for separately and brought to account in profit and loss over the lives of xhe hedge transactions. . ^ CSRtjnaiee fiaeoeid stttfltowsB m. Consolidated statement of source and application of funds fa the veerenaetf I?Mint, tS9l CSR Lim.'ito im uk6id*r* Scarce offunds Operations Trading revenue Less outgoingsafi adjustment for non-fuM items Dividend income Funds fromoperations Proceeds fromdisposalsof non-current assets Ordinary andabnormal items Extraordinary items Proceeds from share teases CSR shareholders Minority shareholders in subsidiaries Term debtors Repayments Lessnew debtors Increase in term creditors - * frullio" 19*0 SA 45664 3879.1 87.4 * 24.7 712.1 4516.1 3637.5 878.6 24,1 9Q2.7 3404 3404 228.2 43.9 272.1 1954------- 1 * 0.1 *"" 166.2 3.8 104 2-5 84 2.6 12594 5.0 0.2 4.8 2.6 13522 Application oflands Noo-currentassets acquired* Property, plant and equipment intangibles Shares in new subsidiaries Additional shares fa existing subsidiaries Other investments Long-term loans Made Less matured and repaid Capital expenditure Long-term borrowings Received Leerepayments andborrowing costs Movement in operating working capital Inventories Receivables and othercurrent assets Creditor* Increase in deferredcosts Income tax paid Dividends paid CSR shareholders Minority shareholders m ssbsldiaries Increasein liquidity* * TV Kqiuwaoftan44igpcs3jof reflMwa in sfcaro attysoWand oreecechfrorodfWttmsui ffswcu'rdr.Tfeewfare kku andhatribiieiot 0>eeewbUBiarivemiWtwteS nr-Vte. 4US 15.4 51.2 47S.4 4765 295 839.8 1.0 137.0 14834 55.7 81.4 <532.9) 7344 25.7) 452,7 201,4 40.1 15.8 24.3 1508.1 <962.9) 175.7 0874) 719 <132.7) 354 (234) 144 2504 129.4 <47.4) 07.9) 64.1 2.5 188.6 299.6 364 3354 12304 29.0 12594 239.S 27.1 266.6 J24Z7 1095 I3S2.2 6 LoaidHs (a"iwrwvRsKshotiHem!Qanapd<amruiBrBtnulessbank Wufeaft*iftil sbefHtnnboTro*tng MisadjuseB torUUncn wiSidte QoasMtvM sv$w industry. TV dtspuai of aobridaHaa Srde6 Ow grasp accaoMs as ftpUo**: K assets property. pi*wJ*lafSBTia*i ln*cnwn Recci<ek> Htmoimra tirOson atf barwinsa DupMsCeT SAmdbao 3.7 2.1 as AM) tO.JJ CeasWwOw* Cashfor toe> or icfac&ntm NM prateondMpoudtrfoniKomeua 60 6.4 (QA> 60 from epervliaa* eaawte Opening prt^W O^rRiuKa Transfer is pivusxan Paywanii fromwswofrt Ssrptjs on o< fwn<unveit aisx Nestareigseu^vige OWtt mi SAnUiu* urn 1363 l.5 im,?t at-a B4 o.h ?.j iw 7594 (9M (41! (1SI 4) mj> a.3t 40 902.? CSfl Urnjtefl Financial *attnM* 1 Mtf) 878.6 24.1 902.7 272.1 166.2 3.8 26 352.2 Notes to and forming part of the accounts CSR L*n>ncO and tuudm . t Operating profit Group revenue ( Less: inierwurafWTttffomshojt-eermdcpoiMS non-trading revenue Trading revenue Operating cost* Depreciation Trading profit Dividend income Surplus on disposals of non-current assets Operaring profh before net InieresCforerio exchange and income tan Net inter**! expense Net foreign exchange gain Operating profit before abnormal items and income tat S4 nj)j<M> .*.-2 Interest income from short-terei deposits Interest income from: subsidiaries ones interest income included in group revenue Less interest income from tong-term loans 4838 24.3 50B.1 787,2) - 3 Non-trading revenue Dividend income from: subsidiaries others - > Proceeds from disposals ofnon-current aoels; ordinary andabnormal ____ Kf 2 3 4 5 6 ... 64.1 4 Operating costs 2,5 88,6 _ Costofsales Warehouse and distribution costs Selling costs Administration andother costs 166.6 Total operating costs >42.7 09.5 '52,2 *' MNM* IWO o!fcO 7$M 1*4 4 IJM an 40 V02.7 Theaboveatrwmttshrchflfetra/isferrlo (from) proviskRsfbr; Annual and sick kave Contract losses Diminution in value ofinvestments Doubtful debts: trade other Fringe benefits tax long-service kave Plant overhaul Uninsured losses and future claims Other costs Operatingcosts alsoInclude: Contribution toemployee retirement funds (refer note 41) Mining royalties paid to government Operating lease andrental payments (No government subsidies were received or receivable) CooMbdaM mi 1990 CSR PWtf i| <990 4979.5 47.5 36S.5 4566.5 37054 236-3 6254 24.7 21J5 4892.3 80.0 296.2 45164' 35754 194.4 - 22344 364 1294 2074J 17434 684 746.1 24.1 23,5 2624 126.7 _U 2479.1 55.7 172.0 2251.4 17724 61,9 417.3 142.4 54 6714 123.7 * 547.6 7S&.7 60.0 <5,7| 7394 3834 434 (t.9) 346.9 5654 83.4 <14.8) 4964 50.4 504 Vi 473 ;_____ - 16.1 SS.9----------------- 22S * 234 8.9 85 9 5.9 394 85 82.$ 26.8 80.0 ........ 304 55.7 24.7 340J 365S 24,1 228.2 43.9 2964 120.7 is 1294 142.1 0.3 224 74 1724 29206 137.8 373-7 27241 37854 28465 . 99.8 331.8 2974 3575.6 584 &5 <8.1) 5.4 (22) 4J3 9.6 113 31,7 114 129.7 56.4 04 7.8 17.6 23 34 !1J 12.4 174 13.3 142.1 263 2.0 34.2 29.8 2S 25.5 13554 664 J6L9 -1594 17434 1388.7 604 1714 1514 17722 294 84 104 L3 ' OA) 22 6.7 9.3 114 11.7 884 12.9 04 27J 28.8 112 104) 24 8.2 10.1 9.0 84 77.6 18.4 07 18.0 CSSUfTMteQ Fstanciststatements CSS Lsmiied andiBMcdtanu S Depreciation Amounts charged fordepreciation. amortisation and depletion of: leased assets other property, plant and equipment goodwill SA renoe Cmsuoainf mi !0 2A 2X6.4 ns 236-3 2.7 177.2 MS 194.4 PftMBt 1W 1990 6.7 66S 1A 6&5 0.7 60.3 0.9 61.9 6 Net interest expense interest paid or payable on: long-term debt to: subsidiaries when short-term debt to: subsidiaries others Finance leases Total interest expense Leas interest income on short-term deposits (note 2) Net interest expense charged against profit , "` . . SAibe^SMat 7 Auditors* remuneration Amounts receivedordoe end receivAle by auditors for: auditing the accounts other services - *" Included above are amounts receded ordue and receivable by auditors other liun the auditor of CSR Limited for auditing (he accounts other services 156.1 * $4.1 jyj 2-6 171-2 47S 123.7 52.7 3.2 140.0 $0.0 60,0 CwnolUlMsI mt 1990 "* 47.0 12.1 12J 23 04 74.3 30.5 4JA 75.8 18.6 39.9 3.7 1,1 139.1 55.7 83.4 Parwa 1991 1990 3345 1616 2904 82$ 951 552 616 596 1784 905 1662 274 $ Directors* and executives' remuneration40 Aggregate income receivedordue and receivable by: directorsof: CSR limited subsidiaries ...... *w*^'asjjgjj veswhose total income equals orexceeds 5100000 -. Amounts paid tosupera&nuatioo fimds in respect ofthedirectors'and executives' retirement* Ti>nMKdt4 1W1 t90 Parcel mi mo 2302 3479 5781 6461 348 1927 3061 4988 5187 2362 2362 5997 1927 1927 4845 339 Cosaoiie*Led mi 1990 177 Parcel mx 1990 The numberofdirectors and Australian executives whosetotal incomefell wkhrn the following bands.' Directors 510000 to $19 999 830 000 toS39 999 840000 toS49 999 S60 000 to$69 999 $110000 K>S1J9 999 $220000to S229 999 $250 000 to S259 999 Australian executives $100000 to $109 999 SI 10 000 to $119 999 5120 000 to$!29 999 $13000QtoS139999 $140000 to S149 999 $150 000 to $159999 $160 000 to $169999 $170000 to $179999 $180 000 to $189 999 S1S0 000 to $199999 45 49 63 42 23 13 1I 5 22 1i Directors ] $280000io $289 999 7 $350 000 to $359 999 7 .. $380 000 to $389 999 i $460 000 to S469 999 1 $480 000 to $489 999 l $540 000 to $549 999 i S610000toS619999 Australian executives 45 49 53 42 22 13 1 4 22 1 $200000 to $209 999 $240000 to $249999 $250000 to $259 999 $280 000 to $289999 $310 000 to S319999 $350 000 to $359999 $380 000 to $389999 $460 000 to $469 999 $480 00010 $489 999 S6JO0OO toS6J9999 1 1 I i 1 1 i 1 1 1 TtedtRombehm dieprurakB offctip*rorbdm*etd4 be iffutuutubfe twinsvegans teSeBeMbertfFenow co *teaaMpvu:iftJrcl*u. I l .1. J 1 1 1 1 1 1 ] 1 l 1 ! 1 1 40 CSAUovteQ RMBcaalsatafWrta * rra( Wi 1 07 60.3 0.9 61.9 --.... 75.8 ifU> 39.9 3.7 U 139,3 55.7 83.4 ea 1990 3662 274 1927 1927 4845 177 utet 1990 1 1 } CSK ui&h0i>c' 9 Abnormal items Lou on disposal ofassociated company Profit on disposal of associated company Income tax expense Pivision (or plant closure Income tax benefit Writeback ofprovision* relating to prior business disposals Income tax expense Abnormal items net of income tax SA mUSion 10 Tax effect accounting Income lax expense Reconciliation of income tax expense charged in (he profit and loss statement with income tax calculatedon operating profit and extraordinary items. Operating profit and extraordinary Kents --income tax expense calculated 39 cents in the dollar -- Increase (decrease) intax expense due to.' non tax deductible: depreciation __ loss ondisposal of associated company provision fordiminution m value ofinvestments provision for loss on business disposals provision for product liability ofbusinesses closed other expenditure ____ .reassessment offuture income tax benefits -- prior year capital lossesrecognised excess ofnet tangible assets over consideration for subsidiary acquired nort-taxabte surplus on disposals of assets rebateson dividends received overseas tax rale differential other items Income taxexpenseoscurrent year's operating profitand -- - extraordinary Hems -- ------- Income ux wsdeiprovideri m previous years -- Total ineometaxexpense onoperatingj^oflt and extraordinaryitems Total income tax expense comprises additions to: prov ision forcurrent tax provision for deferred tax * future ux benefits `' Future Income tax benefitsattributable to tax losses carried forward as an asset Future lacanse tax benefits not taken to account Balance at beginning ofyear Adjustments forsubsidiaries acquired and disposed of Benefits(recognised) not recognised Balance asend ofyear Ccm*3fs<ijit 1991 IW0 (36.0) $6.7 (203) (14.0) 3.2 20.4 (2.4) (2.4) - - * CSR P**MK mi 1990 (1.6) _ (14.0) 33 43 _ (8.2) - - 564.7 2203 739.9 288.6 123 114 (3.4) 5.1 (2.7) <143) -- (11.4) (93) (03) (03) 12.4 - 3.4 5.1 5.9 _ .. (83) (17.7) (9.4) (03) (33) 2083 1.4 289.7 286.6 3.3 289.9 1923 323 (153) 209.7 267.1 27.6 (4.8) 289.9 1&0 III 4.1 (17.2) - 73 43 (43) 13.1 13.1 3293 485.2 -1283 -1893 33 33 -_ 3.9 - 23 - (7.4) * (03) (47.1) _____ _ . 19 S.l 3.5 - _ <t.n (553) .. - 3.2 if 86.1 04 147.9 73 -863 "1553 793 123 (43) 863 134.2 223 (13) 1553 - 0.7 73 - (73) - - 7.2 7.2 1 I I I CSR leased finances! statements CiR Ltme4 ir1 itfteid>rK4 11 Extraordinary items Surplus on businessdisposals Provision for lossor) business disposals Excess ofnetungible assets overcorreuleratiorr for subsidiary acquired Provision for product liability of businesses closed Asbestos: provision forclaims legal and othercosts Extraordinary items net ofIneome tax 12 Dividends Interim dividend paid fatty franked Final dividend proposed fully franked 13 Cash Short-term loans anddeposit* -- --*** -- -------- 14 Current receivables Trade debtors *............. Provision fordoubtful debts Amounts wingby subsidiaries Provision fordoubtfuldebts *"*" Provision fordoubtful debts . .. ........... .. *w Bad debts written offagainstprovisions Trade debtors ., ___ IS CtirrenUhvesbnerrts* Quoted o&stock tubules at east Debentures Government stock ...................... .... MarketvueoffluMedia-esSMftUB equalloco* value - _ - ' CcoMofcdued mi I9S0 Parent mi J9W 20.5 - (28.4) m 21.4 - (Si) - (6.1) - <U> - 03 60 - (4.3) -- (53) - (6.1) - <\A) - (113) 1220126-S 2483 ^ i -w_. . .1142 177.0 1220 114,2 1263__ .177.0 291.2 2483 2912 ii** <7 276.7 217.1 ^::-- - !1X .--hsaimfj. . ::99.9 29#3 '-^2213 - 1143 - 1033 602A (24A) 577.8 glut 06) %SA mz ns 73 ... .... 7280 (353) 692.7 96.9 <16.1) 803 7733 9.1 U (143) 2870 .._953 (6,-n 8883 -If* (1.1) ASA 12213 366.9 (233) 343.3 8858 (1.3) 884.7 --293 (1.6) 280 1256.0 104 4.8 A) _ i6A -- 4,1 - 203 __ --- -- CSfiUmnetf fv^weiRatercerB k \ U ii <5.5* i6.lt 1 j .41 IIJI | t SptoanoionBtfif nifioi itic juivnit CSR t.>m>K6atf ii*t**<*.if*> 16 Current inventories Raw and process matenab and Mores Provision for diminution m value Work in progress Finished goods Livestock % A mion 14.? 77,0 #1.2 __ 1C )QQ as *6.9 M6 " i *3.3 5.8 j.n 4.7 9.6 1 A\ a.o 6.0 4.8 IM mtm - _z _ 17 Other current assets * _ Prepayments 18 Non-eurrent receivables Amounts owing by subsidiaries Loans toemployees* Directors ofgroupcompanies* Other staff Other loans Provision for doubtful debts Tcrot debtors ... . treason kmidmcvmolCSR tanned. Anvraru tarter*rwiMjigSO 03J otdSion (1990 SOO)S imHKHU TIkr ve no lwio o&f-necsov* thnuon. b Aiaowifsbeteat wwKfaif -toMolwfcueC SI .239 million! 1990 St J78 redlmi. putm Si 2J mll*i I990*U18 miltioni. 13 Non-current investments ___ Shares Is subsidiaries-not quoted on stock exchanges At directors' valuation 1967' At cost Provision for losses in subsidiaries Shares in ethercompanies - not quoted on stuck exchanges At directors valuation 1978* At cost Provision for diminution in value Sham in other companies-quoted on stock exchanges* At COM Total shares in other companies4 Debenturesand government stock -not quoted on stoek exchanges <at cost) Interests in partnerships (at com) SKirwfloiqawWooMKfctidiifipeja-CTTitviiuciby Uwtfuwion by <ece i HwanjfWe .tMUef the fespwi<vei6rtcfnp*fbfs. b $*$ wufcei value SI JSiivJtioM IWSmt> i*y f0 GSR PVTTfrt mt io 2.15.4 t2.5t 2J2.9 4M 336.2 9.6 6U.t 225.0 0.8) 222.2 31.6 284.9 0.7 539.4 87.7 (0.6? 87.1 134) 1043 0.6 2054) 108.9 (0.4) 108.5 102 88.6 0.7 208.) irt ^ * T ' ' 23.0 19.3 12.7 10.3 \2 284 sss (3.9? 742 178 92.0 1242,0 16274 1.4 16.4 120S (58) 12 18.4 24.8 14 16.3 61.1 (J.9) 132.8 25.9 12884 1541 17043 2S.0 158.7 13834 1729.3 63 140.2 (2J) iSS.1 138.6 16.0 1544 #>1 12J 1474? 03 303.4 (103? 293.1 293.6 _ 293.6 0.1 12.0 305.7 0.1 9S7.6 957.1 (162) 944.9 0.1 891,2 891.3 (0.1) 891.2 -- 03 - - D5 - 03 - 9.1 12J 959J _ 03 0.1 12.0 9033 dSHUrr** financial sutemeno 43 teoiriiff jui (*k KetW"s C5R 5,imi<c(J m>3 wbtidiann 20 Non-current inventories Raw and process materials and stows Finished goods Livestock 21 Property, plant and equipment Land aj*d building?* Quarry and otherrawmaterial rescues Plant and equipment Growing timber and tog licences Total property, plant and equipment (details given below) Land and buildings At directors'valuation 1984 1985 At independent valuation IMS 1987 Accumulated depreciation At cost Accumulated depreciation S*. mi'hon - Quam and other raw material reserves At cost Accumulated depletion - Bent and equipment Atdirectors' vaJuanon 1962 1985 Atindependent valuation 1985 1987 At assessed value -leased assets Accumulated: depreciation-valuation amortisation -leasedassets At cost Accumulated depreciation Growing timber and log licences Growing timber at cost Accumulated value ofincrease in timber volume Log licences at cost Accumulated amortisation Total property, plant and equipment ms Tiepimpetu*HeatnatvaJee for uinures* ai tax)aretKt4c&tg*eveiy }yean. The vatuei 31 Mseh 19M vett $1564 aredhontcwoMatedi. StM.S mUtootpannU. nscwuuonsd **hie may hive eree uoiiifdate. Comot>^te4 teet iwao 13.8 1.1 14) 15.9 14.1 3.0 1.0 18.1 Pwnt tWt !9W 6.9 5.3 U 3,0 1.0 i.o 94 9.3 875,1 .622.0 1931.6 129.9 890.6 . 1791,7 123.9 3558.6 34505 1924 173.8 ^ -09.6-*- 40.7 586.7 533.2 -- 8083 747.7 2.0 9.0 81.4 12.1 104.5 01.1) 934 875.9 <94.2) 781.7 875.1 2.0 9.0 86.2 12.3 109.5 (9.6) 99.9 871.5 <80.8) 790.7 890.6 24 94? 78.1 - 89.1 <J> 794) 140.0 am 1134? 19243 2.0 9.0 828 - 93.8 (8.8) 85.0 1104 a i.8) 88.8 173.8 651.3 093) 622.0 664.9 120.6) 644,3 32.7 O.l) 294 453 <43) 40.7 10.0 133 894 87 263 147.9 <543) {1841 753 3040.9 <11844) 18563 19314 10,6 135 89.6 8.9 27,5 150,1 (49,3) (18.8) 82.0 27593 (1049.8) 1709.7 1791.7 9.9 133 894 _ 143 1274 <463) <84) 72.1 872.7 <358.1) 5144 586.7 104 13.5 89.6 0.1 14.4 128.1 <413) (8.1) 78.7 770.) <315.6) 4543 533.2 793 19.7 98.9 343 <33> 314 129.9 35584 79.2 12.9 92,1 344 <2.8> 31,8 123.9 34505 - - - - 8083 - - -- - - 747.7 CSRUmtsM faiancia)statement* < ; 173.8 40,7 533.2 747.7 2.0 9.0 82.8 9341 jm as.o 110.6 j2Ul 88.8 1734 -*5.5 <44) 40.7 10.5 13.5 894 0.1 14.4 128.1 (41.3V (8.1) 78.7 770.] t31S.6> 4545 533.2 NOffXO jM4iomunj pnM irw Ofl LiPliKOtfiv! S 22 Movements in consolidated property, plant and equipment Gross book value Balance a) beginning of year Assets: acquired disposed of In subsidiaries disposed of Foreign currency movement increase in umber volume Revaluations and reclassifications Balance a) end ofyear Depreciation and other provisions Balance at beginningofyear Provisions raised Depreciationon assets: disposed of in subsidiaries disposed of Foreigncurrency movements Revaluations and reclassifications --.i Balance at end ofyear Net book value ofassets at end ofyear 23 Intangibles - Goodwill at cost Accumulated amortisation -- Patents and trademarksatcost 24 Other non-current assets Future income ta* benefits Deferred costs Other CSR UAfiane fru'Jd.itj* rj maieiul PtSMsrvJ tvJUIpUfM Gfowwj umtiej i$A t Neeiics TuJ 981.0 19.2 (46.7) (2.7) (12.6) - 42.2 '980.4 90.4 14? <1.0> <0.1) <1A> 2.7 1053 875.1 (AsuUwn 664.9 1.8 (6.4) - (15.1) 6.1 651.3 2909.6 390.8 126.7 _ <51.5) (0.3) (2.1) (20.6) - - _r -:rr=i-* 64-. (37.4) - 3)88.8 133.2 4662.2 4M.S f)04.9) (44) (48.3) 6.8 10.9 4953.7 20.6 8.9 (0.2) - 29.3 622.0 1117.9 )94.2 <43.0) * (1.0) 7) (U) 12573 193).6 2.8 1231.7 1.0 218.8 <440) ---------u*r.(U) - (OS) UU) 1.0 3.3 1395.1 129.9 3558.6 CwucAAteA mi 1990 Panel 1991 1990 546.1 554.2 17.0 164 , (48.3) (31.0) (M) OA) 497.8 1825 523.2 172.5 126 13S3 6J 0.1 6804 695.7 129 13.1 >:.'* 884 27J 24 I18J 803 13-2 2.3 96.0 53.) 43.9 132_____ 663 48.9 747.7 i. CSR limited financial statements 'okhouiU iemuofpanoftivtarxMfK* CSRLi>TM*<r*ujMsidu#> 25 Current creditors and borrowings Current maturities of long-term loans Secured Debentures* Finance (ease hafeliities Other Unsecured Bank Notes* Other Bank overdraft: secure# unsecured Short-term loans-secure# Bank Other Other short-term loans-tmaecured Creditors Trade OUter Amounts owing to subsidiaries SAUSW . Current maturitiesoflong-term loans are repayable In the following currencies: (Australian dollarequivalents are shown) Australian dollars United States dollar* Other currencies -- .. .. _ * DAenuRfvefe sailed b)*t1aaUcdai|eocreEnaiiauii ot CSRLB(u4tM(ba guraiRcbftgMbuttons, b 8ed bpths*0*0 0te teaseduwu. c befeiA* DncrtibK . Rets uiw 2*for details a Secure! by scbvgt evesu*easset* efruf**iAsidsry<Bmp*aj. 2S Current provisions Annual and sick leave Asbestosclaims and coats Contract losses Dividend Fringe benefits las Income tax Leng*rviee leave Loss on businessdisposals Quarrysite restoration Pension and retiring allowances Flam overhaul Plant closure Uninsured losses and future claims Other ComeMtiei tWl i0 Pftrwit 19*1 I9W 34 04 1294 04 04 17.0 44 0.8 1.1 138.7 H.6 2.9 " 6.7 17.4 23.2 204 29.9 1.7 1794 1004 3.7 04 156.0 160.5 3924 113.7 4485 94.8 507J 8434 543.3 907.4 24 132.7 04 1354 1595 14.0 0.2 173.7 - 8.3 1.7 1.7 * 0.4 __ 98.0 - 0.3 --4,7--^H08.7 __ 9.0 17.8 94 17.8 -._ 2.7 2>7 ..- 34 35 1424 735 6874 9024 9164 176.9 18.7 719.9 915.5 10455 04 107.0 14 1.7 - * i,7 108:7 51,9 94 75 125.1 15 2264 15.0 05 44 2,4 24 14.0 314 184 5164 53.8 8.7 0.1 176.2 1.2 239.0 244 111 44 4.0 3.7 _ 154 25.4 617.9 264 94 74 125.1 0.9 103.7 114 _ 1.4 14 14 14.0 94 74 318.9 265 8.7 176.2 05 143.1 18.7 _ 15 1.6 1.7 _ 7,2 10.8 396.6 CSflli^ec Aruncafstatements CSR X\ f7 04 9*0 _0_3 ]o?7 JU ?8 176.9 18.7 7(9.9 9)5.5 1045.5 107,0 1,7 id tfoJ lifliBuis PJJ^ oi V* wtoF*rs! SAreiitjoe m> '<*H> ml tW - __ -^47 Non-current creditors and borrowings ^osg-term loans "* Secured Ban*' Finance lease liabilities4 * Other* .^Unsecured Loans from subsidiaries Notes CtiXT iir Tw creditors CSR convertible notes - unsecured4 54 13.4 7.7 2.8 16.4 10.9 9044 255.9 184 12.9 w IS 1014.6 540.3 16.2 io,r * 1.6 44 938.7 _ ?4 IS _ 62 1.2 1245.3 -- 0.5 - 14 12192 1413.5 952.0 12543 Noa*ccrr*nt creditors and borrowing! are repayable in Ibe ~ (OUowiag currencies: /' (Australian dollaretpiivalems are shown) Australian dollars United States dollars ^S5' Othercurrencies 125 1088.8 4.9 119.7 3284.5 9.3 9564 14 - 1248.6 6.2 - 12192 1413.5 952.0 12543 ..,~Tfcsal aon*cumnt creditors andborrawfogswitf mature as fcUow - Year ending Mch 1993 s*," ` 1994 1995 19% 1997 1998 1999 2000 20QI 2002 and alter Creditors and borrowings without fixed maturity date CSR convertible notes 266.7 138.0 174.7 219.9 378.8 64 19.7 &2 6.2 11.0 1215.8 2.1 IS \219S ns 35S QS 236.6 9.7 6_2 194 * - 2ai3 6694 IS 952M a Rrlwflae25 ferdetBKotsstwmy. 6 SeciatCbyafftajp wWKJi*rj con^anj Mwa. c fattudci ajNv^iriw twio wcytkn Refer to note tw dctadt 363 8.7 - 176.2 0.8 143.3 18.7 - IS 1.6 1.7 7.2 10.8 .>96.6 ......... 28 Non-current provisions Annual and sick leave - Deferred income la* Uxig-scrvicc leave Loss on business disposals Quarry ate restoration Pension and retiring allowances Product liability ofbusinesses closed Uninsured losses and future claims Other 2.7 370J 444 27S \S IS 194 7S 163 50&8 2X> 344.2 33.5 27.5 (4.6 1.8 30.1 9.8 11.4 474.9 24 118.7 31J - - 0.4 194 74 8.7 1884 1.7 107.0 23.2 7S - 03 30.1 tu 8.1 186.0 I CSAUsaM finance!statements 47 Nwt codfomanapanotite acrcai** CSP JjflVlMWl Uiflfcd4;f> SA Wlltios 23 Share capital Autborised capital 2 COG 000000wdinary shares of $1 each U 990- 2 000000 OOOl Ls: unissued capital over which options art held* other unissued and uncalled capital Paid-up capital Paid-up capital comprises: 776 49$ 003 ordinary shares ofS1 each fullv paid (1990 - 732 28190S) } 769 727 ordinary shares of S1 each partly paid to SQ.SO (1990 -4 794 7951 4 075 000ordinary shares of$1 each partly paid to $0,100990- 3 127 000) 782 *42 730 ordinary shares oftTsskTl 990 - 740203 699) o 6 2324C2 etnowau<JA*wa*M6epiMW 198? vp*r*isSA4>. Hw awestn awTeiUbte.M Mdcr's*. oe2B Frtnwv*Trtee>^nl 1997. Nowsnotcat*nea -iiJ be sepaids p on il Mnh 199"?. Nancesofnewsne* warned it l 9J4 iiW - 59S*15*. 0}ohel4oft*Wuy*uw3M VIA M990-39342J). 0 340 QCOoito&f*A3R1e*i sad eSOPi *c*isiwdDeme*f tWiCMBopoeo bond iscemouWete JG2.68e&flrCSR 5t UuawwsivdHWWKd MDecemta* 1992. Nonbciot opcotMadekconvened J371670999 - 296163). Ojua* bets onordotsy saves. 333263(1990- 304099273 .. -- Particulars ofsham bsued during the year by CSR Limited Os issue 31 March 1990 Share Purchase Man reinvested dividends cash contributions Employee Share Ran Executive ShareiOption Plan ConveniWe notesconvened Option bondsconvened Partly paid to fully paid -----------* ... Total movements diningyear ------ Ob issue 31 March 1991 Issued from ! April to 17 May 1991 Partly paid to fully pakl -- Particulars ofshares issued during the yearnsminority shareholders hi a subsidiarycompany Bradford Enercon Inc mi two Parcel mi 194ft 2000.0 24.7 1197.5 777Jf 2000.0 30.8 1234.2 735.0 7765 0.9 OA 777^w 7323 2.4 0.3 735D 2096.6 24.7 11975 ms 2000.0 30.8 1234,2 735.0 7765 0.9 0A '7775 732.3 2.4 0.3 735.0 .... - ;-- . Ortror^SM tbsm Isatepnce E$*tfyfends Ptnitpaxt FuJtyp*id (A SAmiBinn " ' " - - ---------- .......... 7 921 79S . 948 000 (3 025068) 732 281 904 29 884 439 --3 663610 1222 800 28) GOO 81499 6057683 302S06R _ 4.80 4.73 5.18 SIB 4.00 3.70 2.50 I43.S 17.3 6.3 1.3 0.3 22.4 4,5 (2077 068) 44 216099 195.6 5 844 727 776498003 (86 932) -398 299 86932 %SA 3.85 KumBefof efcmsBued Closet Itauepnct ftfpMeoT . Uuru . $A. tHtw 60 Preferred A SCAN I0CO At par Refinance 4g CSRUtased mtanents I iiv MCTIBCf Oi SClOvlK* CSR LifrjifCi jn4 5j'i^unc' 3G Reserves Share premium Capital foretge currency translation Total reserves Movements Is share premium reserve Balance at beginning ofyear Premium on shares issued Balance at end ofvear Movements 6t foreign cerrencr translation reserve Balance at beginning of year Exchanec differences relating to overseas net assets: nei (loss) gain on transition rat gam <loss|on hedge transactions Reserves of subsidiaries disposed of Balance at end of year Sa nill-or 31 Contracted capital expenditure, lease and hire expenditure Contracted capital expenditure Estimated capital expenditure contracted for at balance date but not provided for, payable within I year Contracted tease and hire expenditure commitmenu not otherwiseprovided for in the accounts: land amt buildings quarry and other raw material reserves (Ham andequipment Contracted lease and hire expenditurecomprises: Operating leases Non<aoce)lable payable: within i year between 1 and 2 years between 2 and S years after S years Other payable: within 1 year between 1 and 2 years between 2 and5 years after 5 years Total operating lease and hireexpenditure Finance leases payable; within ) year between ! and 2 years between 2 and S years after 5 years Total minimum finance lease payments Less amounts provided for in the accounts: current lease liabilities non-currtm lease liabilities Finance lease expenditure not otherwise provided for in the accounts Total contracted lease and hire expenditure nototherwise provided for m the accounts Cento((4wc4 (<91 IVW csn mi two 13293 W9.1 (13.61 14643 1176.5 149.1 (8.0) 1317.6 13295 98.4 0.1 1427.8 11765 98.4 02 1275.! 11763 1523 U29J (9.0) (73) 8.6 e.i (133) 10483 128.0 21765 252J* 10485 128.0 1176.5 13295 1176.5 ^ * t* i ---* ---* -3BS*C-- 133.1) 0.2 -- 34.8 (10.2) 0.5 (8.0) (0.1) . 0.1 0.2 _ 0.2 -r-.. 323 27,9 iytA 27.4 37.0 2013 76.1 12.4 22.0 *10.3 19.2 173 37.7 64.6 1393 11.4 9.6 14.4 255 199.1 4.9 73 7.0 - 19.4 33 13.4 2.7 ms 10.9 10,4 12.7 34.4 684 56 43 11.8 16,6 385 (06.9 O 5.7 10.9 I.) 245 4.5 16.4 26 110.5 4.7 6.9 109.9 24.8 16.9 241.6 71.0 12.3 175 100.9 25.1 125 254 565 309X1 65 53 94 105 32.1 242.1 2& 4.6 65 1.7 44 05 1414 11.2 10.4 13.0 26.7 615 54 4.7 11.6 14.9 3616 97.9 25 25 S.9 10.9 1,7 6.2 3.0 m.9 CSfilimited FuMneiatssawmefiB NWSPHI of9W*MOUJOi CSfcpfnaWfciCnjbirfune* 32 Contingent liabilities Contingent liabilities, capable ofestimation. arise in respect of the followingcategories: CSR Limited Various performance and otter guarantees provided to third part** Subsidiary compasses Guarantees given byCSR Limited tn respect of: amounts borrowed byCSR Finance Ltd and CSR America, Inc leverage lease commiunem ofAusrocean Pty Lid Other ** --' * Other persons SAmiOk-o ** Othercontingent liabilities O Liability as self-insurer - the parent company acts as art authorised self-insurer in New South Wales, Victoria. Western Australia. Australian Capital Ttoiiory and South Australia for workers* compensation insurance. Adequate provision has been made for potential claims. D The maximum contingent liability ofthe parent company arid its subsidiaries for termination benefits underservice agreements with dtreeterc and persons who take pan in the management of die ctitnpeny is $3,7 million. A provision for CSR Limited nonexecutive directors' retirement benefits of $0.4 million is included in the accounts. 33 Interests in joint ventures latere*ts ki Joint vestures are tndtuleti In trieaccounts In the following categories: Current assets Receivables Inventories ... Noa-current assets Inventories Property, plant and equipment Other * .^ Current liabiHtle* Credited and borrowings Provisions *"" * .............. . Non-eurreot liabilities Provisions Total liabilities NetAssets Cootraded capital eape&dtture Va&uc CSR'*share ofjokit venture production after delivery costs Tomago Gove . See* row** ?*&*ipreu*jBes Detailsof Interests i& Joint ventures Tomago Gove aluminium bauxite, alumina Total interests In joint ventures Wlftwre* 35 30 SAstilBon S991 IWO PftfMl |WJ IV90 5.9 4.9 5.9 4.9 6.1 iT~ 12.9 2.5 I?- 9.8 17.2 1513.0 3.3 0S isisx _ 1524-7 ! 567.5 4.4 1591,9 2.6 JS99.4 - - - . ... - -- 2.5 364 385 24 242.1 10-S 2555 15 23.7 25.2 4,2 222.4 ) 1.5 228.1 28.7 2.7 .3M 2b.? 3.6 24.3 AS 45 33.9 258.1 35.0 3.9 3.9 28.2 235.3 - 953 942 87.0 85.7 Cora4atrt mi i0 193.7 644 258.1 201.9 33.2 235.1 * -~ -- - - - . . - - _ - _ n*. _ _ _ _ - - -- Pma 1991 1990 - -- so CSRbrtMd ftnaBcitistatoneng rfm two 4,9 *587.5 4,4 LS9J.9 2.6 1599.4 -------- , __ -- -- ...... --I -- CSR 1 34 Related party information Identity ofrelated parity Interests held in subsidiary and associated companies axe identified in notes 35 and 38. Imprests held in joint veraures are identified <n note 33, All directors holding office throughout the year ended 31 March 1991 are identified in note 42 * In addition the groupholds a number of immaterial investments in associated companies which are not separately disclosed in note 38. These include the following with which there are material related parry transactions: . Gypsum Resources Australia Ltd 150%) Ready Mixed Industries Piy 1.13750*) Penrith Lakes Development Corporation (40*) SAmdtiM CouMHluM 1991 19G0 Panel 1991 1990 Amounts receivable from related panics * Current - Directors ofgroupcompanies Associated companies i* Otherrelated parties Non*current * Directors of group companies . Associated companies Amounts payable lo related parties Current Directors ofpartly owned subsidiaries Associated companies Other related parties Material transactions with related parties0 Interest revenue Associated companies Dividend revenue Associated companies 04 25 04 14 355 - 2,8 1.4 81.2 05 - 55 4.5 0.4 53 14 234 4S 19.6 04 2.4 04 14 21.0 2.1 1.4 46.0 - S3 4,5 _ 0.2 -- 4.S --- " OraiocunpnY**saobe Riuedp*rr/ Twucuon Caactidaitd PareM type 19l two SAmtten 1991 !0 CSR Limited CSR Gypsum Products (UK) Ltd Australian Cement Hofrfnsgs PryLtd Gypsum Resources Australia Ltd Penrith Lakes Development Corporation Ready Mixed Industries Fly Ltd Ready Mixed industries Pry Ltd The Austral BrickCo Ply Ltd Redland Plasterboard HoWirtgs A B C D E E Fs Transaction type; A Purchases ofcement from related party. B Purchases ofgypsum from related party. C Management fees paid to related party during the year. D Sale ofgoods and services to related party. Loans (repaid by) advanced torelatedparty during theyear. a TnaucakaHTCCidmaon mdlwtoMd ta aoes8aad42. B ABu*AS*as withrelasdptnet arentadoeeacflu)c8ABerc<iJ termsaftdeBadJUoecup< Kan) to tt*~*~**cun^aeies ol SIB.7 nuttco 0990-$17.3 miStav? * nat-wntHUl bann|. c A?treiwrutgiutdporppwkUwconttancU waS Mvmwifdcawiiotc. 594 9.4 84 54 24 (19,0> (284) 59.fl 15,3 _ 74 7.4 10.0 84 S1J 9A 84 5J 24 (19,0) ' 58.1 154 - 74 7,4 10.0 ` MMHMI* J9 ...... -- II I CSRlwttd finals!statements SoV to H14 fofmifejpW1 Of U* VNUMi CSR LimrtMAeubu6iK)ei 35 Particulare relating to group companies Eccejs sMtc sl*wn *41 sBu&irm mc tioHy oi*C try ihw CSR Group artarc invcw**tB&5R Lamnrd Corporal' ComeLtd* CSRCmnou* Pry Ud (Orfl A. B 4 O GR Finance Ltd CSR Inwnstct Pi* Urned"* CSttnunultontf PiyLM CSR tervratrartits (Ail*) Pie U6* CSRlnvemenoAuMndaUd " "- CSR portfolio bi'BiOWitUPry Umacd CSX inxittoraiiOvenotu Lid DaiaUand 8.V.*# CSR lovettntfmi by Ud CSR Travel Ply Ud FarmProperan tanned M44sPiyUd SeRoepi Ltd fifldlm *od eapgfucUoa aamiaU ---....-----*-- . BliAusraiia) Fty UdIOrt Air B) 81 HetdaegnAeralta Pry UitbW Bradford IbmA*?wo Industries Pry Ud Bradford iMteJaioatM) Mb BM" ' ---------.................... Bradford lasulaifMatSA>Pcy Lid -- B! (CQetroct*() by Lid Bradford Roc*i(M> SdJl Ste lie*CSR Croapi-1 BradfordSato 4 Eogkneertni (M> $do 9*4'' Bradfmd Rcetwool (TteadtAdt Cowpway Lid * Canfen* AipteateanPryUd CSR Bncfcs Umnod --.... MwMr FCHLimmsi (5 1ft CSR Group) MooterRoofing limned31 ft CSR Croup) McnttwCcdownikFly Ud <i 1 * OR Grasp) _ V**eyagina*nn*PtyLid<0rdA48-51ftCSR Group) MarneMmugemon Ply Ud f5 \ * CSS Orow ReWra* Rwf7ik Pty Lw (SI ft CSR Groep) PGH Limiiod (5I* CSR Group) Rivarol Pry Litreied (51% CSR droop) Monier BoAnakenLtsuted (S1% CSRGnwp)** ZksH P)v Lid (SiftCSR Gimp* CSR hmaadiu Outwit Lid* Bede* Hottfng foe*9 Boaafe* ManufacturingCpmpttvr Inc*9 BoutnFmgnStinCorpriuw11 BradfordHo&au foe (Ord A A B)* BraKOrdEneewole ` Bradford trratamwv tf>) Pte U3B CSRfUKHWdaps1* *' OR SoridiAg 4a(riUilUK)l4dt* CSR Gypara Producu (t)K) Ud^ Hum Pipe Gnwp LWJied 0/K>M HuncPipe UBstB^ I4ume Pipe (ScodaAdl Ltd1* HureeP9(Waio)Lid,,t OUftUod 0 V.' CSR NpQwronA; B.V.'1 R^yitu* ServiceB.V.** QPG Canada KcWtfigt Ud CO A fttf)*' SyaMotd Hofefejsp lnc"t Tte SyntolM Conproy of CmiA LidH Whi^aMobfc Ud^ HumeIndduns (Sow* Seal) Ud^ ferity A Ltwn Ltd F*L<QM)P)y LnKOrtAiB) UASSnyLfd Gyptwb Holdup Pry limned CSR Met*) A.**)* Pty Umiud <92.5%CSR Group) KcranraPry lid NAP Baddtr^ WNaieak Ply Ud Pranlei Mart* GnvotPry Ud` tte^y MtudCocdRU tid AuanJtan Bio* Wtta)Ud 1*c Reedyros* GnxapOJwaJiaiLid Beil BuieiodemefQtd)Ply Ud CSR {funtrt Pty Lduud CSRReadytnt* PiyUd Spwnn Ply Ltd Dint) Mutora (RradyniK) Ud( . aMotponinm Aerate Aerate* Stasaport AirittU* Snppm Auuniat ' Ausrait* Atroniia NeOwl*/dj Aussiia AtlWlia At*rail* Autrail* Aerate* AusnN* MelayxU Aerate* Aturatea Mteiftii Malay** TtaUnd Auamlt* Aoaraiw Awunlt* AtcUniia AuMraJk Aen9i* Asr*)i* AtSOtflO Avanli* AtoraJi* Ne2e*iuv3 AiSi* USA USA USA Cnv1 Cerod* SingapoR UK UK UK UK UK UK UK Nedteriaada NtthrtUnds CImA (*< r**e Rp Aerates Aotratee Aumte* Auayah* Aerate* Aerate* Aamtu Aasraii* Asanita Aaeaji* Aeralu Aasrali* Aerate* AoMnNa S3 CSfltiinttC finonciol RitomtAts Cootnbuison to poop of*sr*?i| profs* and ctuvonSinw ttm 199) I960 14*1 1990 03 _ xa u _ 0.4 IlfUti 310m . - A 0.4 _ 19 SB _ - W~~----- 1126) - 409) 629 2M - -* 99 9.7 _ _t _* 6104 JJM* JMJ 0.1 02 - lit 29? wt S3 07 -t |3* 552 8 (50 0t 190.9 0) 02 S6T (4UI - . _ 1.4 _ - MJ) 469 1,1 L2 . _ - 41 .U 24 09 - 09 4.1 09 . 12 0.9w) U9) _ tn.n -t 197 * .................. ..................... _ 24* - 0.1* _ ISJt _ -t - - 03) 1*3 47* - 07 M73t 10.8 629* - 47* -t - 0.1* - 4,9* 74 30.7* - -* 0.2 10* 33 .25.7* . 13 -- (39) (79) 02 _ (03) (19) 0.7 _ - 43* 43* .* 1149* 11,7* 19* 94* -* 3.9? 13* 1JT 03* -* LJt It* 05' I19t - -* 0.7* -* 3673* 62.9* 0 7) -? ai* 4,9* 507* -t JO* 2S.?t 43* 43* _* A4l 6.4* 13* 810* -? -t 3fH 1.21 l.l-t 0.21 IB _ .?) M (04) It 9 (09) . . OAi - ,, 14) _ . _ IS! 29 - - 23 _ (43) 09 (13) at 02 <aj> _ (IB) - . (0.5) 0.1 _ *2.1 0.4 - -- 219* 172* -t 04* 0,7* 43* SIBt 03* 19* --t 202* ,y -* 2492* It* U< -t 10S4* 413* _ 213* 7t -* -( ft7* 43* 520* 82* 13* .* 2S2* _? .? 2.2* (023* &<i 2.3* - -* ,, n*~ SeJCJ *> aod sem*^ tn t>* aecsxui I'Wi 24* -t 5.3 a* 100 5* 3s:s I JO 01 mxi 01 02 38* O' 2.4* at* 09* cut *69 Jt 629* 0.9* -* 01* 4.9* 38.9* 35.9* 44* 44* -t 494 644 U* *3.8t - -* TO* 1.2* I.I* 01* 74* _* _ 07* 4 5* S2.0* 83* U* _ !*4> -t 3.3' >2.2' 4* 2.3' _t 0*' CSR tmiwd and vjbwdtam? SA ^llw Count" of iJKorpmaiiOfi e 4 1 i j ;s 35 Particulars relating to group companies (commut at BerfiagaadwfTrvcttw mewrleB <wor*i%jccf? Rtfldf Mi*S Conctne Ud <con)ttajed> Rtfclvfmt (SA i Pi* 1id CcwnltUi toduanesPiy Untied Daram CratedMeiel Ply Unued Read* Mu Concrete iNTs Pr* Ud BCL S^vRfli N.V. (Ort6 Pref?* Sefian ftof&fffaLifted Snsokfry lid StawcA Qeimn Piy LvJ Wev Morctco fa^juw pi, [id wt MonnwiComjaewn Pi? Ud` RatousteJndiwftes Am Pry Ltd(Ord A 6 B>* Sfcawo Ready Min Pty Lid* Setpendrd PrediaasiMamdaourins) Pry l-M1 Temttry Agctthtt SuoMie* Prv Lad TrajwrutftcR Pty Unwed tfotmert)' Term** Aqtadt Read**** Pty Lid) Jopaax Pty Lai <66%CS* Gsx) VitoHs Bwei Pty lad (lapidaad 1990) WA Oraxl A PavingPi, Ueeed <Od AAR-694% CSR Crisp! WeterfortSaedtfty lid Aew*1>* AutnUa AttiO6a AltWBil* *i<th AnuSIra Aeunlia Aobrelia Actinia AuUfTiia AuiuaJa AiratnNa Ainnihe AuidJia AeUralla Atoiraiis Audrain Atnirtila AatinUa Aowafia AlSBltj* CMreeltoe BUcrWa USA CSR In'otmmuOersesUdl CSR Ant'd;, lac'0 CSR Coswrucuwi Muriel*iliSA) Inc*8 AKCA Ac^ulsdwnCMv'8 Amwiean Aggie*ascaCxporetio-i'* bnxtgtag A Haulre*.)<k Renat Aggregaiei.Uc 4 PuiLaed PropeiM. fav 8 PermaewM PrertoeuCorpewcon*"* Pattfele Aggnpie RMwn, Joe** ARC Material Cootonitoe4 CSR Cavcccv Pipe (USA) Inc** ARC?ne$enanoft Company** HydreCoo&mCwpomre**8 Anoccutri Su4 A On*el Cwnpany. inc^ R*wMaterial CwpofWftw'* MadMnuiu. Iv (sold 1990) RieWfCee-Coe COr?** RtfiAet Realty Corporation*8 Rtficr7ranapart Cerpomcei ScvQwn AutegawiCnR^Bji/* USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA TJnbtfprodecu Hardtoards AowJiaUd . imamTrad** by Ud MAAR) Sofiwtod tWdfnai UmiMd <Ord A - 300%CSR Quit* RedCem Pref-59% CSR Group) Formic*AibsrtSta Pty Ud SoflwoeO Reieatcti *edDr**topmmCompanyProja*r* Umud' Sofrawd'Adelaide Pty LJewiert SofiwocOi DartBoeePrcpnsvy UmNed Scdr^od PteMKMru Pty United Softwoods PswlboaM P*y Limited Softwood* Peakedfty 1jmked Softwood* QueentUBd pry Ltd Pcnn*,Lg Ho^Q^sPry Ud SoabQgwnearta FotwoPty U1 SQ !*8wgPryL>d fan*LaiPresets Pty Ui Pema-U)g Produce iNSVo Py Ltd SoRwood* SE Lead Pty Limittd' TS* foresoy Pulp* PagerConqunyotAaOniiaPrepneUfyUniiud tlmberKoWkvgj Ud AJB*3|rw Ply UdlOrd A.8 A C) Bfn&geHo&xfi hy tid* Hcnitfm Vinorti Herd***Pty Ud* Brodr&AS4red(i*tCoP!y Cid Wocanne Bg^dmg Sopptx* Ptvljd1 CSR Sofl*ood, tQaastsbM) Ply lid Ooaone Pi, Lid* RuoaRTmbenPtyLtd* RCLSfrviceiN V .OrtAPteC^ CUnjpynr )ck " Wocdlartd Ud <0)8 SI A 4 $0.908) Auundia Asstrdit Auumb* Amnia AennUa AaanEi Aastralia AaamJta AuatntU Auweh* Auatralw AbMn AacnU AanaE* Atstreki AemRa AuaaeSi* Aibotiia Aatfnlt* AtutmR* AossoLa Auttnfea Astnlia Amniie AiairMe AflSO^U Auanlu USA Atawnlu CoMnbunon o frowp opmoogpicOi and asuawoiaar, iwins jIioi incuiTK :at imi m CSR BixA aiu(0) mctnXBi 1991 1990 (Oil <0.2) 0.3 u 0.4 <e.4i _ 0.9 <0.7* |9J| (OAI (Oil a> - 0.) 8i 3.4_____ . Nil) 10 to) i.i 04 -- 04 <0.2) - <0.3) <04J 83 -1 LS* a*t O.Tt U* 04' 2041 14* 44 Ut 04* an 04* LO --* 2.5 84* 87* 94* 80* 20.5* 34* *4* - -t 84* -* -* U* 84* an Ut 18 USD - tl.l -- - 14 5.9 4.9 (44) >4 40 05i) <5 01 <a>> ~ 8* <U3) 2S.0 34 <0.2) 48 rt.c> J.9 (81) 2.7 24 (14) <L9> 44 (81) (81) (84) 84 -- - --> <83) - (O.S) - (0.1) - - <!4t (87) (42) 0.1 AS} 14 0.7 I.I 24 64 01 0.) 0.2 -- _ - (4.8) 61 3.1 - _ _ <04| 4S&4* 1394* 1374* 1474' Ut 05* OJt 44* J14* Wit - 1494* 314* 474* -* 14* 24* 244* 3914* 1304* 435,7* *35.7* 1,1* 125* 04* I2t *8* Mi* 404* -* JUJt 334* 413.7* -t 24* Wit |_S* 2441 -t 267.9* 324* SJ* 386t 7B4* 89* 2.11 174* SJt -* -t J.7* -t 64* 14t 244* 94* 64* 7i 244* 861 2754' 25.1* ' *4* 861 S64* 788* 0,9* Ut -1741 lit -t -t 1,7* -t 1.9* 04* 61.91 24.6* 14* 04* 82* 04* 03* 58* 74* CSFHjmflaa Fmencial safnems afcifr.mu fciiiii' Notts <o vid larBiiftf parr pj ifu moveu CSS LKnMdaMfiaMKlubtn SA milieu CounVyO* mctroorejKHt 35 Particulars relating to group companies (continued S4t*sr AAUgo?t0Si4vM9)h Pi Lao CSR IneworeuOversee* Ud' Oidia NocnracnUfl** C5RTkBW*Pwx!BttstNZiLanaed(tormetjCrefi<UveBi*iu*tiKd) ` FwmauiSZ) Limned 1 OvhetRcuPftrwtf FuM Ncetawn Ltd' NtvZuiMuSSBgwCeUd' ' -- CS DimsRents {TweamerM Pn Lid* Agenev Predate Piy Lknfaf CUti>suHe!*o* OpereaceuPrv Lid He>e!oeli Pood Preduta* US IWEd**nfeP>yLto* Pnxrr SupeMfUtLanAoS AuxrelJ* Atfwelia NevZeahnd N-e Zealand NevZdahud NewZaaJam! Ne* Zealand NtwZ**Ue*6 Aosnfca Auirraiu AuwaJw Amnio Acomta Pt**K Crtri Ona*!Md! Cwopaoj Untied QtrtRMhndHerremgCePMJd ' Po*b CttitePvfcepag iatf TbeHeughunSusBCeftyUd ___ --*-- Australia Amnia AtunJta CeeurTbutton t payr ce**i6* preen end oiienrdit^rvtirrm itlCI iKHTif iai iwi 5 Son veU* c/ ip\riiR<M 1991 1990 M OS Si . 9Jt IS ! OS (9.1> 7.9 U 52 j.i 0.3 IS _ * J.7 _ - 02 _ 23.2 60 ..........am 4.7 8*r - g.&7 - 44* _ Hi* 2Ut -f >--Jltf--- iJJt 03 2904 5L3 USi ................-A --"--*d~ - - i.w 44* _* 12.3* 5l.lt . 12 It 30' - I $' OJi 04* 3CB9 31.3* Mil -A .DM IS* Cove AbmaajamUd SOB. Now-red 1.73* peel - 70%CSR Croup) Gere AAnuiWBseRMAeeLad tOe& RWfref - 70*CSR Group! Aumfta Autmba Rrwurcir OtiudGas RKtoer Dollar*Ply Ud Staff0naus|fty Lid CaM Buehenes BorebeleCofiiemtftylJd H^lCreti CoiJ njUfl Tbfea HoJdtosUd lOrt A 4 BV ' BaodiC^!uieOp'Cw PryUff Th*M8rePT?ljd Vises Prepays P^ Ud Mberth Btefre Cootpeey Lionel* Wsree* CMiBBdy Lunie^*' ... -------------- ------- Auunta Ausre&i Auareta AoBrdia Atwnla Atlanta AamJu Aw*ta Henggoeg HcstgRtg Tata)wWdl*>7wwptitw pte puafRCBOTpaDyfnrfa provoke*Jo* subsidiary ceeptBy lettn left. iotej<ereptfdtv>dentb Opera'MgprefH e*dHUraentey (teens toeyear aartoelibfeto CSRsbartbeMtes .* 272 {Ui 509 ' i.< 39.17 13Jt 30H an - <02) - ' 04) -t -t ~ -. 8J> 0.1 0.2) 3.9 - *3* -- 49247 -t 242.lt L5t IU0 Mii 19.1 &S 130.7 3ii3 ---------r_ . ---------- ?330 330.0 -- 054) M2.! 4024 .. -t 29* - 3774! - M2.lt I Si -A -t . <C**ne*gsWnrrgMen.Kev.Vrifrir'I. b OmtoebuiiOCuCaNeSbskada. c Camtenbussro to Nedetail AftHie*. 6 Carneses* team* in USA t Canto* eefeutflmi in Mahyui g OrK9*QwndalM|iite|. it CemeteabtntneumStagapcre. j Gtfneseei bewneu * Ftp. si Carnes o talma to UaftedKingtfsft 36 Disposal of subsidiaries Subsidiaries dijptetrf ofdurian ihe vur CSR Netherlands B.V, Huittf industries (South Seas) Ud Pennacrete Products Corporation n Croeta i TKtilutw* p Suueatt tai*h are *pmedand*r&iddiagtae<suinKiia(tmanta. t Staniuryuseorpsiieddariirgilwytar. 9 to voluntary tatduioei x SabBdaryb^DdeMddarwgtneyeu, j SanutceydsUcUrepottodaMferCoipcrto*. t Afi stare* vert W taring0*year. Refer rcm 34 for fulldeath. f ABOttdbyfWnBeatenhanDeiorttoRoeTtounatt*. ABdotdbvuKaaud flmi ofDetane Row TotaMltu. t toveeBnensSytotargroupcarepawct SAmtflfeR Net teigiMe HJ&S PreOi oeteie _1.4 0.4 4.6 - 64 CSRtimftad financwlswamoms CSR `>,**a IW90 t(P 4.41 2 U -t U.l (.fit 0.1* 20Q* St.Jt 44.S* -J .* .! J53t 19t 377.6* 342.tr tJt - . Prpfn 0.4 NmiicwWionnisigpM'sr**'**^**' x CiftUruia.vliirO`Klate_ . . pUnwy ..*.<..'.*................ 37 United States generally accepted accounting principles (US GAAP) information Provided below is a summary ofthe differences between nei profit atid shareholders* equitydisclosed in these account and Chat which would be reported iftheaccounss were prepared in accordance wish US GAAP. This summary is no! intended to be a comprehensive US GAAP report. Net profit Operating profit and extraordinary items after income tax attributable to members ofCSR Limited SItareofassociated company profits Depreciation on revalued propeTty. p&ii and equipmem Superannuation expense adjustment Increase m timber volume Amortisation ofgoodwill Amortisation ofpatents and trademarks Future income tax benefits attributable to tax losses US GAAP net profit Shareholder?'equity Shareholders* equity attributable to members ofCSR Limited |L Share ofassociated company shareholders* equity Elimination ofasset revaluation reserves *- Superannuation expense adjustment `r Accumulated valueofincrease in limber volume Accumulatedamortisation ofgoodwill Accumulated amortisation ofpatents and trademarks ^ Future income tax benefits attributable to tax losses Investment in shares in other companies - Employees* share plan loans Final dividend provision US GAAP shareholders' equity A B C D F. F O A B C D E F G H I ; SxmlBie ....<..*.*.* KlSwWfoiv' .....*..*.*.*. 323.5 (1M)-----& --- * 36* <63) 3* <4,6) <5.33 350.9 2797* 113 (83-3) 36* (19.7) 9* (12*) k4> <2J> (24.6) 126* 28423 250* 1s? 283 (S3) 2.9 (3*) (4.1) 271* 21663 7.9 <64*1 283 (153) 7.6 (9.7) (5J> <1*> (113) 97.9 2280* i i Ht jni : ar Explanatory notes: A Financial information on associated companies t$ not included in the group profitand loss statement or balance sheetprepared in accordance with the Corporations Law', It is shown by way ofsupplementary information in note 38- B Revaluation of property, plam andequipmem is not permitted under US GAAP. The depreciation charge onthe revaluation acremeat erf revalued has been reversed. Whenrevalued assets are sold anyrevaluation increment realised ts reflected in net profit C CSR's superannuation arrangements are detailed in note 4}. The only defined benefitfund ofsignificance is theCSR Staff SuperaftmjaiiohFund. 'nus'Fkmd has a surplus whkhbas'been calculated in accordance with (he requirements ofSFAS 8? Employers* Accounting for Pensions. The company has no legal entitlement tothis surplus and may not withdraw excess assets. However, at the Trustee's discretion, contributions have been suspended and excess assets are beingtransferred to (he Accumulation Divisionaccountsovertine, which is permitted under the terms of the trust deed. The following information in relation to the Fund is given for informationpurposes; SA sirs stetson Service cost (22) U.7J Interest cost (9.6) (7.4) Actual returnon assets 22.1 17.1 Net amortisation anddeferral 42.0 32.5 Net periodic pension income Transferto Accumulation Division 52.3 <15.?' 40.$ <12.2' Superannuation expense adjustment 36 6 78.3 Fund status at 31 March 199!: Fur value ofassets Projected benefitobi(gallon Asset not yet recognised 377* 90* 273.1 292.5 70,2 211.5 a Ccnvcnwa me -SAiXJ) SUS0774J. D Forestsare initially shown at cost at the time ofacquisition by the group. The change in the total volume oftimber in the forests is calculated each year and recognised in net fsofii for the period. US GAAPdees not permit the upward revaluation of assets. E The group systematically amortises goodwill over the period, not exceeding 20years, during which Orebenefits areexpected toarise. US GAAPallows amortisation on a straight line basis over a period not exceeding 40 years. F Under US GAAPpurchased patents and trademarks are amortised overa period not exceeding 40 yeses. Moamortisation is proeided'&ythe givwpvutheresweeuntil asevent occurs which results in a loss or limitation of the useful life ofdie asset Q The group recognisesfuture income tax benefits oftax losses whore realisation ofthe benefits through future income Is virtually certain. UnderUS GAAP future income Is not taken into account ki theconsideration ofthe likely recoupment of tax losses. Adjustment has been made toreverse benefits raised fortax losses except where offset bydeferred income tax liabilities. H Non-curreminvestments in shares inother companies quoted on stock exchangesare recorded atcosL No revaluation decrement orprovision for diminution is recorded unless, ia the opinion ofdiedirectors, a permanent diminution In value has occurred. US GAAPrequires that any tenurerary declines in value be deducted from shareholder;' equity. 1 Loan*, advanced to employees under share plan loans are offset against shareholders' equity for the ptsposes ofUS GAAP. J Dividends declared byCSR Limited after theend ofthe financial year are recorded in the yeano which (hey relate. Under US GAAPdividends are recorded in the period in which they aredeclared. CSR tinted finance*stttwwns Scnw Kind fonnoif pen <4U*e bkoimik CSR Liftedendw&kdierter 36 Equity accounting informstion Investment in associated companies0 Australian Cement Holdings Pty Ltdd cement manufacture {Voiding company) .Othercompanies asiutuK** flclwenv* 3! Mar 91 50.0 - "-*- SAmitUea Profit and loss stateraest Operating profit beforeabnormal items and income tax Profit on abnormal items ,, ...... Operating profit before income tax Income tax atmtetable to operating profit Operating profit after income tax Profit onextraordinary items after income tax Operating profit aad extraordinary items after income tax Minority iracrests ttt operating profit (loss) and extraordinaryitems after ineonw tax Operating profit and extraordinary Hemsafter income tax attributable to members ofCSR Limited Retained profits (fosses)antebeginning ofthe year Adjustment toretained profits for: Alfasciatedcompaftfos sold dividend income from associated companies Dividends provided for or paid Other movemenu ________ Retained profits {fosse) at the end oftheyear Cotochdfted mi 1990 5475 739.4 17,1 ..____ - 564.7 209.7 *739.4 289.9 35S.O 4495 2 \ 1 s - 555.9 315 4sao 42.6 3235 407.4 4S0.2 364.0 __ _ 2455 - $554 291.2 - 480.2 Balancesheet Investment a awciwAricompanies Aicost or valuation Retained fosses ----~.._ ...............-- Post-acquisition reserves Aggregate carrying amount <Wiei twaveurenvumstmem Total noe-current investments Other assets Total assets Total HaMIHies Net assets Share capita) Reserves Retained profits flosses) Miooriryshareholders' interest insubsidiaries Total shareholders' equity 125,6 .. 279.5 125.5 384 167.0 6053^ 6220a 3973.9 3146*3 7774 14644 555JI 3484 31465 2795 M3 305.7 59935 6299.2 3413,7 28855 735.0 1317.6 480.2 352.7 28855 * Tfae gawp a sat erf any xigtiftirrH rrewtqt aagHsUnf* wtacfc OBWttdxftetfl* y*v a3of the fi--'nrrrl agnptfty wbirh **.*' material? a/Tca (W (vancKl pmhfc<i ercfmbof Stom*rw o< te cen^sty. b M(Uu*sJ*JdrrowlmMy. e TteAumlBnciCoPcyifi&ftMUMniwctowdHiihltfieMdRerejMnassrMwEfBVMAb w* aMcnuM ovapanm we* add diswj the ys. i RmteilyCemubdwanuPtyUi. e Fievm(ofciirww>^p^tfnfiuij^p?t>ftBtn:tof-Tflby<ktJitfui^(feyid^iaMtfKhwn amut^eortsMnsfremtlwcaM^fdaEed ftjum adding: Oieahn* of ptWluojMwiea cxxopBUM Lcnat <rf ctoctfwwl compafljo trt pwodwt ft* la U coTioIngucd otpow. Therefore noatyjtawMoewttotidaMdftgoretiifCiMtf'gd irure^ Kc4 SA toftitn> \eleeof (OilOUIfl M`nc WUSWlBV $A motion iiroJilIU$ <ifiQfCinJfv HfTM lltejjl SA miljieo C11. 5m wcriveo Urrti!k4i 128.6 38.4 167.0 95 SS*re of luediKd COfflAW'aS mt 1WO 15.7 18.2 -. 15.7 18.2 44 9.5 19.9 8.7 - . _U... 105 -------9--.8- ... <oa> 0.1 1U (193) 4.9 (175) 114 (03) 9.7 (8.3) _ (16*) 5.J (10.3) II.1 170 7.7 24.7 CBBaoMteios aM *heofuiMed comowt/ mm 1990 5463 225 5683 2145 3534 3534 313 3225 4695 ,. *. _ 2485 115 -5549 749.6 - 749.6 2994 450.2 1.6 451.8 42.7 409.1 355.7 _ _ 291.2 (3.7} 469.9 ... -- aa-r,. <03) 195 iea - ua - ioa - ioa (103) 14.0 3.7 - 2,7 - 3.7 - 3.7 105 <03> - ua 14,0 (10.3) - 3.7 . ... U&6 (93) 195 1384 38.4 ITU 60533 6239.4 39733 31563 7774 14753 554.9 3485 31565 279.5 (10.3) MX) 283.2 26.2 303.4 5993.5 63019 3413.7 2889.2 735.0 1331.6 469.9 352.7 2889.2 SB CSRUnnsi? Financial tawnentR f>'NW9 17.0 7,7 >* v laxivd I99Q 749.6 _ 749.6 299.4 450.2 ___ u M.8 42.7 409.J 355.7 29U (3.7) 469.9 2793 (103) 14.0 2833 16.2 309.4 9933 302.9 113.7 489.2 n50 J3?,6 469.9 '52,/ .89.2 Nwtiiaaoe temuogpiii of CSSt Luriwsa nd 5A nuilan Sbjmm 19V1 iwo O?C**U0f pfrifUMfoR aOwinei innu. terctpnewainje M auamtax mt IV90 CSR TccUuseis t*i 1W0 I 39 Segment information Industry segments Building and construction materials Construction materials USA Timber products Sugar Aluminium Segment totals Unallocated Items --- 17774 947,4 472.1 15883 304.0 45094 14 4591.2 1900.0 620.9 537.6 } 168.7 306.3 45333 6.7 4540.2 293.5 111.2 33.9 162.6 88.7 689.9 <1840- 6713 360.1 54.2 86.9 191.J 111.) 803.4 *793.7 2J594 1739.2 7793 841J 3493 2261.3 18174 729.8 890.9 329.9 5869,1 60293 3SSJ---469.7 62203 62993 Geographical segments Australia Nora America New Zealand Europe Others 3424.7 1911.7 117.1 184 4591.2 3712.1 6810 113.6 17.0 15.5 4540.2 543.1 104.7 16-3 3.9 33 6713 731.0 $53 13.4 <9.l> 3.1 793.7 4156.7 1908,7 114.7 9.1 31.6 62263 4152,7 1885.6 89.3 142.3 293 6299.2 Products aad services v Belyingasd eoBStmetteo materials aggregates and sand; pre-mixed concrete: asptiait: concrete pipes, blocks and otherpre-castconcrete products: cement; clay bricks, pavers and pipes: concrete andday rooftiles: plasterboard and plasterboardaccessories; autoclaved aerated concrete: fibre concrete: glasswoo), rockwool and foil insulation; air handling products Construction materialsUSA aggregates and sand; pre-mixed concrete: asphalt; concrete pipes end blocks: pre-stressedconcrete products: eemera it>idBAidgtCii>ag>c. ****)SpWe. Timber products wood panel products; sawn timber products: highpressure laminates; furniture components; plywood Sugar raw and refined sugar, ethanol; sugar industry services; shipping Aluminium bauxite, alumina, aluminium SAraJhos CwuoU4itr4 IM! !9W hrat 1991 1990 ` 40 Non-hedged foreign currency balances TheAustralian dollarequivalents ofnon-bedgedforeign currency V - balancesare included kt theaccounts as follows: United Statesdollars / Current assets Non-current assets Current liabilities Non-current habtHbes NewZealand dollars Current assets - Non-cuntm assets I Current liabilities Nan-current liabilities m i Canadian dollar* Current assets Non-current assen Current liabilities Non-current liabilities Other currencies Current assets Non-current assets Current liabilities Non-currem liabilities 289.1 1525-6 (3783) 0184.9) 2413 293.9 1541.0 (327.9) .0302.0) 205Si 66-2 393 (24.4) aSi 765 42.0 293 (9.3) _S> 59.5 5.2 533 6A) m3) 39.7 9.3 44,1 (25.1) <20.1) 8.2 264 14-5 (17-1) (9.1) 23,9 293 106.1 08.5> (1.4) J1S.7 113 - (101.9) 0574) ....(.2...4m7i3ll ) 103.8 19.9 (1692) (160.3) (205.8) - (174) - <1741 -- (183) - 08.5) -__ - 1.1 (1.1) - 0.1 (37.8) (21.2) (58.9) CSRUrwtsd financial statements Soies m tM 41 Superannuation commitments The CSR Group panicipates in a numberofsuperannuation funds m Australia. New Zealand and her countries where ji operates. Most were established and are sponsored by the group. The funds provide benefits either on a defined benefit or cash accumulation basis for employees or their dependant* on retirement, resignation, total and permanent disablement or death. Themembers amithe group make contributions as specified in therules of the respective funds. The assets ofall funds were sufficient to satisfy ail benefits which would have been vested m the evem oftermination ofthe fund, or m the evem of the voluntary ofcompulsory termination of the employment ofeachemployee. From I April 1990. the name of the CSR Officers' Provident Fund (OFF) was altered to CSR StaffSuperannuation Fund (SSF). SSF has twodivisions, a Defined Benefit Division and an Accumulation Division. Membership ofthe Defined Benefit Division composes previous OFF members, pensioners and spouse pensioners. Membership ofthe Accumulation Division comprises members ofCSR StaffCash Accumulation Retirement Fund who transferred so the Division with effect from I April 1990 and those new employees who arc eligible to be admitted to the Division. Due to an actuarial surplus, the group's contributions to the SSF Defined Benefit Division have been suspended since July 1987. This suspension was,egr^ftnaed b-(hfi fewd'^eirrrera v-nuty Mr Geoffrey F Burgess HA/^in June 1989 and is subject to review following future actuarial valuations of the Fond The group s major funds as at 31 March 1991 are summarised below. . -.w CSRSuflSuftmmuafaiFuAe Defend8w*fe tXviMon * Aeconoiaiwe Di*)Wb C3R Rfonea^aD Typeofbe&efh Basis of contributions Group legal obllgathui to contribute last actuarial assessment .. Defined benefits (lump won and pension) Suchamount as Is determined by (he Trustee from time tolime upon the advice ofdie actuary Enforceableobligation to contribute such amount as to ensure that (be fund has assets of not less than 120 percent of ihc amount required tomeet die actuarial liabilities of(he Division but otherwise subject toa right to reduce or discontinue contributions ou six months' notice to theTrustee Completedas at 30June 1989 by Mr Geoffrey FBurgess FIAA Cash accumulation benefits flump stmt} .Cash accumulation benefits (lumpsum) Percentage ofmember's salary contributed by member and the group -- -Percentage ofmember's wage contributed by member and the group Enforceable obligation subieet to a right to reduce or discontinue contributions on six months' notice to (he Trustee Enforceable obligation subject io a right to reduce or discontinue comributkms on six months' notice to the Trustee Not applicable Not applicable Sttewhes a j fw mi -- 42 Interests at directors {CSR Group}* A WCoates6 DK Vos* B N Xebnan RH Myers J Scully B W Macdonald JFfcirt i B Gough 10 Burgess W A Bennett R KBarton CV Kells Haimm!T5>irreheW to svfe4aipuaJ ofrtNart Fully pate PmonaBy SawficiiBy 2 000 8534 102 843 1857? 8504 2 200 5 628 ll 212 4283 1083? 1 365 2 836 83 440 60S? 1500G ' PmrnaBy Peotflebfy ------ . 180000 329000 109000 130000 --------- |f?t * --two 85440 J4566 102 843 18577 8504 2200 5628 26222 184283 139837 110365 132836 85 440 44 566 302843 17 114 7 387 2 200 S 184 20329 333769 104637 7S139 97 494 CSniimtorf financialttaisments Share information L*f* f'ulir Hid sftam - >*l ` Tiffm Mv fa d uan re>nen: be :$SF 987. <y ......... a IS Disiri&o) ion of shareholders and shareholding as all 7 May 1991 Revered address , Australia New Zealand United Kingdom i Other j j Gassof bolder j Individuals Coropafl^s 1* Sire of holding i 1-99 j 100- 1000 1001-5000 5001-10000 10 001 and over * OMateri 103 063 5 556 1 47) 887 J10 977 92.9 5.0 1.3 0.8 100.0 740814 981 14 284 631 4 500 734 15 140988 774 741 334 95.6 1.8 0.6 2.0 100.0 91 596 39381 - !KW7 82.5 17.5 IOO.G 167 268 S65 607 472 769 774 7A) 334 6963 54310 38929 6669 4106 6.3 303 327 48.9 25 579 340 35.1 88 381 632 6.0 46 490 593 3.7 613987442 110977 100.0 774 74 \ 334 ........ . Rtrtyptafefinw AtH*orvtfngfso StereMUcn % Saves 21,6 7R.4 I0O.Q . 3.3 ! 1,4 6.0 79.3 100.0 --. her Registered address Australia Other or on Gass ofholder Individuals Size of holding 1001-5000 i 5001-10000 10 001 and over . 6W3 391 7 234 7 234 . *,,~r 94.6 ***5,4 100.0 - 100.0 7234 J00.G 7 234 100.0 2 119000 122900 2 241 900 2 24) 900 2241 900 2 241 900 94.S 5.5 100.0 100.0 100.0 . .. 100.0 I9CQ 85440 14*566 02 843 17 114 7 387 2200 S 184 20329 33769 >4 637 TSiS9 J7 494 i: u 1" \ jT , i H ;1 \ i . * `* 20 largest shareholders as at 17 May 1991 (ranked far fully paidl* Australian Mutual ProvidentSociety Queensland Treasury Corporation PendaJ Nominees Pry Limited Rank ofNew South Wales Nominees Pty Ud ANZNominees limited National Nominees Ltd National Mutual Life Association of Australasia Lid Citicorp Nominees Pty Limited State Authorities Superannuation Board Toyota MotorCorporation Chase AMPNominees Limited PerpetualTrustees Nominees Limited Superannuation Fund Investment Trust Permanent Trustee Company l4d Colonial Mutual Life Assurance Society Ltd Devroasi Pty Ud Perpetual Trustee Company Ltd MLC Life Limned CTB Nominees Limited JamjnigoPiy l-td a SiAuaBuatihe*iotdettmCSHTheAjiratuu,.MoMaJfun merer fs\ ii7Mmrff/Atftrft) pMntfotsy rtwts nyMaxing afMrtwnpaAy i mms1 Kirtdci^MatorTtriiTultiM. ST AusuaU* LoiMdteM*4<vMink*fWc in 19 a} million fa4typ>iH CB OTdjntr.*tamWw?tsrapi| $Cu*oSthe ftwy'suuabm*4etfiiul of5?7B tokBwi. Tho 8hgwre la 4 tutnabcrof(wxnw CSK Ptnlj'jvfishvM - ^utl voung n*bu shwtbmsm a Stum 5 566 510 107 50 6233 89.3 8.2 1.7 0.3 100.0 i 586 764 155754 33 333 7944 1743 795 91.0 6.6 1.9 03 100.0 5 256 977 84.3 15-7 837 788 906007 48,0 52,0 623> 100*---+443J?95-- -Ktt.G A 3 876 2154 174 10 19 " 6 233 62.2 34.5 2.8 0.2 0.3 100.0 136553 615249 343 985 74492 573 516 1743795 7.8 353 19.7 4.3 32.9 100.0 ................. PvDyp**!*um aewengAgite Shantofefcn % Sham ----------------------- ................... -- 353 95-9 3732000 15 4.1 282000 * .. -- 93.0 7.0 368 100,0 4 014000 100.0 368 100.0 4 014 000 100.0 51 13.9 145 39.4 -51000 438000 43 10.9 -61 16.6 474 000 114 m 30.1 3051000 76.0 368 100.0 4014000 100.0 Ordinary SI sSvMmBtont AtUvObd AuUvmM %e ecut Am 7*2.7 md&on 115.96 34.05 33.55 29.43 25.34 21.47 17.15 14.97 34.87 13.14 1038 9.91 9.64 9.70 9.48 8.68 8.37 8.36 7,64 6.60 40909 0.1)4 0.03 0.02 - - 0.02 - - - _ 0.03 -- _ - 0.14 14,82 4.35 4.29 177 3.24 2.74 2.19 1.91 1.90 1-68 US 1.26 lie 134 U1 1.11 1.07 1.07 0.98 044 52.28 CSR United FinasKtalsutammu Directors' statement Auditors' report Statement by directors on the accounts sal out on pages 34 to 58- in the opinion of the directors ofCSR Limited; (a) the profit and loss statement is drawn up so as to give a true and fair view of the results ofthe company for the financial year ended 31 March 1991; (b) the balance sheet is drawn up so as to give a true and fair view ofthe state of affaire for the company as at 31 March 1991; (c) si the date of this statement- there arc reasonable grounds,10 believe that the company will be able to pay hs debts as and when they falVcfue; and (d> the accompanying group accounts are drawn up so as to give a true and falx view of: (i) the results of the company and its subsidiaries for the financial year ended 31 March 1991; and <ii) the state ofaffairs ofthe company and its subsidiaries as at 31 March 1991 so far as they concern members ofthe company. The accounts and group accounts have been made out in accordance with Statements ofAccounting Concepts and applicable accounting standards. The accounts ofthe company have been properly prepared by a competent person. Signed in accordance with a resolution ofthe directors. Auditors' reportto the members of CSR Limited, We have audited the accounts set out on pages 34 to 58 and 60 in accordance with Australian Auditing Standards In our opinion; the accounts ofCSR Limited and the group accounts are properly drawn up in accordance with the provisions of the Corporations Law and so as to give a true and fair view of; (a) the state ofaffairs of the company and ofthe group as at 31 March 1993 and ofthe results ofthe company and ofthe group for the year ended on that date so far as they.concem mem&?s ofthc^ooptay^ ___ n fb) the other matters requiredby Division 4 of Pan 3.6of that Law to be dealt with in the accounts and in the group accounts; and are In accordance with Statements of Accounting Concepts and applicable accounting standards. The names of the subsidiaries of which we have not acted as auditors have been indicated in note 3S. ----------ys-- IG Burgess Managing Director R W Freeman Partner Chartered Accountants 3 June 1991 3 June 1991 CSfllimftsfl Fawncststatements investor information CSR ShareholderInquiries, Shareholders with questions CSR publications, The annual report is the main source inn .j .... about their shareholding, dividend payments or the ofinformation for investors. Other publications "Share Purchase Plan, should telephone CSR*s supplement it: vJ * rrrextemai share registry Deloinc Ross Tohmatsu on q the annual results summary promptly informs (02) 2S1 4822 or. ifcalling from outside Sydney, investors of the highlights of the year f* --(008) 252 350. International calls should be made to <+6! 2 2S1 4822, or facsimile -*61 2281 9590, o the report ofthe annual general meeting updates the annual report iai d the half-yearly results summary reviews toe Dividends.The final dividend of 16 cents per share, September half year ifapproved at the annual general meeting on 29 July. ------:will be paid On 7 August 1991. The dividend will be fully franked for Australian tax purposes. Overseas shareholders will benefit by having no Australian withholding tax deducted from theirdividends. o two facts books, providing detailed information on all GSR's operations ilid bn operations in. ~ the United States, are available on request These publications are available from the Corporate and Investor Relations Group, telephone Sydney Directpaymentto hgrestws* account*. Divideadsmay.be yKiii dirckiyjpSahtljSdii^ society or credit anion accountytn^ftnslralia^niese payrnems^^ ^ electron:cn1lycfc&tod ^ .* oaTbe dividend . ,. . t 11dateand^ '--linX M|_| --confirmed by mailed payment advices. ^.^/a * VMTUPft"' (02) 235 8412, facsimile*(02) 235 8642, "'ag4- FtfarimMhp Ntiai*.CSIU*sfoBwri^ --Tttagalian. Hew Zcalirnd^Eoadorrand Frankfort^tock * "exchanges: CSR's convertible unsecured notes and '!!' option bonds are listed on th^tmnilwm Stock--^===77 -Change of address. Shareholders whoiaave changed "address should advise CSR's share registfyltnvriiing: Exchange. The option bonds are also listed on the " " * London exchange. 111 1 1 1 1.j ,n.>^A -- -DeSoitte Ross Tohmatsu .Securities Registry Serviees_ ^PO Box 152"" -^a^urry H2U-NSW2010 --Australia ^^SSc(02j 281 9590 'International +6T2 28T9590. American Deposhary Receipts.CSR shares are traded in vw sponsored American DepositaryReceipt form on the . -pyer^he-counter market in the United States. ADR holders receive information sent to **** --n~"~ - ^shareholders! Inquiries about ADRholdings sb6eMc^ be made'10 the Depositary, Morgan GuarantyTrust _ Company m New York. TheirNew York telephone . ....... number is (212) 648 3143. ' ----------tr--..1= Removal from annua! report mailing list Investors who --do not warn to receive the annual report should advise "''CSR's share registry in writing ------- terostarurfonBstioo. Financial and operating information about CSR is available from the Manager Investor Relations, telephone Sydney (02) 235 8368, facsimile (02) 235 864i ---------- ---- CSR's shareholders. At the date ofthis report, CSR has 115 600shareholders. Ofthe782JmU!ionshares on issue;32% are held by the 20targesiregistered . holders, compared with 53% toeprevious year. __ There are 107 400 shareholders with registered addresses in Australia, 5700 in New Zealand, and 2500 elsewhere, mostly in the United Kingdom... About 85% ofshares are beneficially held in Australia. . Stare Purchase Ptaa. CSR's plan offers two ways to increase a shareholding in the company: 0 DividendreinvestmentShareholders may arrange - : to buy CSR shares, using all or part of their dividends, at an average market price less 5% *. with no brokerage orother costs. Last year 34 531 shareholders reinvested 48% ofdividends this way. ----------- Cash coBtribttoens.Shareholdere may also contribute up to 5A2400 each year ending 30 June to buy shares. Shares are priced andissaed on a monthly basis. Monthly purchases can be arranged through an automatic bank transfer. Last year 9000 shareholders bought shares this way. Additional sharenrfMmstwft. Share capita1, shares issued, shareholder and shareholding distribution, and the 20 largest shareholders are listed on pages 48 and 59. -------" * ^ -.'.an* ft Hiigiaj* ftsttipri ^ummi*^*"fti {"ftinnin> Kj% Caluim FVtt * Aomin ft? WAS Massesift. .... m in M ii H -4m CSR linked level 35 Grosww Flace 22S George Street Sydney NSW 20 Atfie GPG 9o*&3 Sydney NSW 2001 Auntale Telephone :02l23SCXa fetemiocwMi- SI 2 235K#0 Feesioule S02123bfiSSS MierMbonai * 61 2 235USS