Page 1 of 21

Page 2 of 21

BAO5734 – Financial Analysis

Group Case Study - Boral

Group #1

GoranVukovic - 3755904

Manpreet Singh Mann - 4517948

HirajitSaha - 4371919

SiddharthPitowala - 4385068

Page 3 of 21

Table of Contents Introduction ............................................................................................................................................ 5

Business and Organisational Structure ................................................................................................... 6

Boral's purpose is to create sustainable solutions for a worldwide building and construction

industry. .......................................................................................................................................... 6

Boral's Strategic Intent and Objectives ................................................................................................... 6

Business and Strategy Analysis ............................................................................................................... 8

Analysis of the economy ..................................................................................................................... 8

Economic/ Social ............................................................................................................................. 8

Political ............................................................................................................................................ 8

Industry analysis ................................................................................................................................. 9

Threat to new entrants ................................................................................................................... 9

Threat of substitutes ....................................................................................................................... 9

Bargaining power of customers .................................................................................................... 10

Bargaining power of suppliers ...................................................................................................... 10

Intensity of competition ............................................................................................................... 10

Company competitive and corporate strategy ................................................................................. 11

Risk Drivers .................................................................................................................................... 11

Accounting Analysis .............................................................................................................................. 12

Three key accounting policies ........................................................................................................... 13

Three Red flags.................................................................................................................................. 13

Financial Analysis .................................................................................................................................. 14

Operating Management.................................................................................................................... 14

EBIT margin ................................................................................................................................... 14

Operating Efficiency ...................................................................................................................... 14

Production Efficiency .................................................................................................................... 15

NOPAT margin ............................................................................................................................... 15

Investment Management ................................................................................................................. 16

Accounts Receivable turnover ...................................................................................................... 16

Inventory Turnover ....................................................................................................................... 16

Net PPE Turnover .......................................................................................................................... 16

Accounts Payable turnover ........................................................................................................... 16

Financial Management ..................................................................................................................... 17

Current ratio.................................................................................................................................. 17

Quick Ratio .................................................................................................................................... 17

Debt to Capital Ratio ..................................................................................................................... 17

Page 4 of 21

Major Changes In The Operation, Financial And Investment Decisions ........................................... 18

Prospective analysis .............................................................................................................................. 19

Sales Growth ..................................................................................................................................... 19

NOPAT Margin .................................................................................................................................. 19

Working Capital to Sales ................................................................................................................... 19

Long Term Assets to Sales ................................................................................................................. 19

Debt ratio .......................................................................................................................................... 19

After Tax Cost of Debt ....................................................................................................................... 19

Dividend rate ..................................................................................................................................... 19

Recommendation .................................................................................................................................. 20

Page 5 of 21

Introduction Group one has been tasked by our client Maria Prokofieva to analyse market and business trends

related to Boral Limited, a construction supplies company listed on ASX.

The following is an overview of the organisation itself a brief description of its main competitor, an

industry overview followed by in depth investigation of the company, competitor and industry

financial trends. An explanation of all forecasts is provided to explain the approach taken this is

followed by a brief recommendation for the client.

Page 6 of 21

Business and Organisational Structure

Boral is an international building and construction materials group, with its headquarters in

Sydney, Australia. With some A$5.2 billion worth of sales, Boral had 8,953 full-time

equivalent employees working across over 550 operating sites as at 30 June 2014.

Boral produces and distributes a broad range of construction materials, including quarry

products, cement, fly ash, pre-mix concrete and asphalt; and building products, including

clay bricks and pavers, clay and concrete roof tiles, concrete masonry products,

plasterboard and timber. Boral primarily serves customers in the building and construction

industries with operations concentrated in three key geographical markets - Australia, the

USA and Asia.

http://www.boral.com.au/corporate/organisational_structure.asp

Boral's purpose is to create sustainable solutions for a worldwide building and

construction industry.

http://www.boral.com.au/article/borals-purpose-and-values.asp

Boral's Strategic Intent and Objectives

Boral's Strategic Intent is to be a value(s) and market driven, focused building and

construction materials supplier, operating in Australia and increasingly offshore. Boral's

Objectives are to:

Exceed the weighted average cost of capital (WACC) on a sustainable basis through

the building cycle

Deliver better financial returns than the competition in comparable markets

Deliver superior total shareholder returns

Achieve superior returns in a sustainable way

Our Strategic Intent and Objectives define what and where we want Boral to be.

We are focused on delivering shareholder value, value to our customers and value to other

stakeholders in our company. Our corporate Values of Leadership, Respect, Focus,

Persistence and Performance are referred to in our Strategic Intent to reinforce their ongoing

importance in Boral.

Page 7 of 21

Our market driven focus reflects the increased importance we place on addressing market

needs through improved product development and innovation processes. We must be aware

of future market trends and anticipate the changing needs of our customers. In order to do

this effectively we strive to understand what is important to our customers and what they

value.

In particular, we are committed to:

Pursuing focused strategies that create and build on competitive advantage.

Providing customers with better value and service than our competitors.

Investing in people so that we have the best in our industries.

Encouraging and implementing innovation to further improve our processes, products

and services and to satisfy the needs of our markets.

Growing around our leading reserve and market positions.

Ensuring our operations are sustainable in terms of their social, employee and

environmental impacts.

http://www.boral.com.au/article/boral_strategic_intent_objectives.asp

Page 8 of 21

Business and Strategy Analysis;

Analysis of the economy

Economic/ Social- Capital expenditure on private dwellings, demand from commercial

and industrial building construction, demand from institutional building construction and

natural disastersare the main positive economic factors that are contributing to Boral‟s

growth in sales and profits. Australia is a developed country and one of the wealthiest in the

world, with the world's 12th-largest economy, nevertheless, its population density, 2.8

inhabitants per square kilometre, remains among the lowest in the world. Infrastructure in

Australia is increasing every year and the demand for new dwellings has risen dramatically.

Just in March 2015 there were 19 333 dwellings approved and it has been projected to rise

by 2.5% per month for the next 12 months. Furthermore, the latest interest cut, lowest in

history might generate more houses being built and more business investing in

infrastructure. Boral‟s products are used in each stage of building a house, starting from

concrete, bricks, insulation, plaster boards, roof tiles, etc.

Boral Concrete, through a high level of technical know-how, has developed mixes using high

quality materials to guarantee the long term durability of your concrete structure as well as

deliver the workability and consistency that professional concrete placers require. Boral's

Normal Class Standard Concretes are suitable for a number of general purpose applications

including house foundations, driveways, footpaths, industrial floors and structures. Boral's

Special Class Concrete products are designed to help you deliver your project on time and

within budget. From concrete for road construction to concretes designed to line tunnels with

a 100 - year design life our technical experts will work with you to ensure the concrete has

the right performance characteristics required. ( Boral 2015)

Political

Limited political policies as political power is always changing. Example of this is the

Boral and CSR brick merger; many people argue that the government should never

allowed for this merger to happen. The merger was initiated because both companies

believe brick demand in Australia is experiencing a sustained structural

decline.(Sourceable 2015)

Boral and CFMEU union had a clash and went to court several times, costing the

Boral shareholders 10 million dollars. This was all due to Boral‟s dealing with a

company called Grocon PTY LD. Union wanted to stop Boral dealing with Grocon as

Grocon was involved in an accident where a brick has fallen of a building and has

killed 3 people.

Page 9 of 21

Industry analysis

Boral belongs to the construction material supply industry group the company is considered

a top performer being „one of Australia's largest plaster product manufacturers‟ (Ibis world)

and also providing other building products such as bricks, masonry, timber, concrete and

asphalt. It operates numerous manufacturing plants throughout Australia distributing its

products to retail outlets and directly to trade account customers at building sites. The main

competitor to Boral is CSR which has a larger presence in the plaster manufacturing

industry, CSR has 29.5% market share compared to Boral‟s 20.5%. CSR however diversifies

its business into other non-construction businesses such as sugar and aluminium.

Below is an industry analysis on the plaster product industry in Australia using Porter‟s five

forces model:

Threat to new entrants

Low

Due to plaster products being very heavy and low cost shipping from overseas is not

viable thus if new entrants wish to gain a foothold in the market they must establish

manufacturing plants locally this requires large sums of capital.

Both Boral and CSR have half the market share available and thus have gained

buyer loyalty combined with the ability to fit new entrants due to their financial

position and economies of scale of their operations.

Threat of substitutes

Low

Plaster products have the benefit and disadvantage of being the industry norm.

Most consumers recognise these products as being standard fare in construction

coupled with their low cost mean substitute products are difficult to sell.

With consumers looking for individuality and more environmentally friendly options

the chance of a substitute is ever present but it requires high levels of innovation and

time to be considered a credible threat.

Page 10 of 21

Bargaining power of customers

Medium

Customers are very price sensitive especially with the weak economic outlook but do

not yield large amounts of power due to limited choice in the market, Boral and CSR

are the main sellers.

The demand for housing is ever growing so large scale builders setup large supply

contracts which can be complex and costly to shift to other suppliers but the threat is

ever present as these builders like all business are looking to cut costs and increase

profits.

Bargaining power of suppliers

Low

„Plasterboard products are manufactured from a combination of natural gypsum, and

paper liner made from 100% reclaimed and recycled paper waste‟ (Boral

sustainability)

The gypsum used is supplied from a Boral part owned operation „USG Boral is a 50%

shareholder in Gypsum Resources Australia (GRA)‟ (USG Boral)

Intensity of competition

Medium

Due to CSR and Boral having a stranglehold on the market the incentive to be highly

competitive is not great it is in the best interest of both companies to go along as they

are.

The smaller companies in the market are creating the competition for Boral and CSR

to contend with.

Viewing the above analysis it can be assessed that the industry‟s current profitability is

strong and growth potential is quite high, it can be seen that as long as Boral does the basic

business requirements correctly, good customer service, ensure quality standards are met

and provide the customer with a valued exchange, that the business should thrive and grow.

Page 11 of 21

Company competitive and corporate strategy

Boral has prioritised efforts to ensure that businesses are focused on those areas that will

make the most difference to shareholders, customers, communities, employees and the

environment. Key areas of focus include health and safety, energy efficiency and emissions

reduction, sustainable product development, and community partnerships. Boral is confident

that these priorities will grow the Group‟s sustainable competitive advantage and represent

the critical levers in terms of business continuity and present opportunities to continually

lower costs.(Boral 2011, p. 1)

Resources and the expertise to perform for customers Australia wide.

Innovative product platforms - addressing market needs through improved product

development and innovation processes. Boral must be aware of future market trends

and anticipate the changing needs of customers.

Create sustainable solutions for a worldwide building and construction industry. Boral

products are good quality, durable, reliable and clients trust their products.

Risk Drivers

Competition risk- Boral operates against domestic suppliers and in some cases

imported product suppliers. The competitive environment can be significantly

affected by local market forces, such as new market entrants.

Foreign exchange risk – Boral has significant operation in USA and Asia and it

also depends on imported products and supply of plant and equipment. Movement in

AUD and US dollar can be a huge factor.

Health and Safety and Environment risk- Due to the nature of the business there

is a risk of incident‟s occurring that might cause injury to Boral‟s staff or contractors

or damage to the environment. Any such events might results in penalties and fines

which can affect Boral‟s reputation.

Page 12 of 21

Accounting Analysis The financial statement are general purpose financial statements which have been prepared

in accordance with Australian Accounting Standards adopted by the Australian Accounting

Standards Board (AASB) and the Corporations Act 2001. Furthermore, financial statements

of the group comply with the International Financial reporting Standard (IFRS). Financial

Statements are presented in Australian dollars which is the companies‟ functional currency.

(Boral 2014)

Boral‟s Annual report is transparent, easy to read and the information is very accessible and

in very detailed. Accounting policy notes are 10 pages long and notes for financial

statements are 45+ pages long and are very detailed and easy for reader to understand.

(Boral 2014)

Boral is a multiple business segment firm as it has operations in the following; Construction

Material & Cement, Building products, Gypsum, Boral USA, Discontinued Operations,

Unallocated. Quality of Segment disclosure is very clear as there is a separate section in the

notes that explains segment transactions.

Boral is committed to complying with its continuous disclosure obligations and to ensuring

that trading in its securities takes place in a market which is orderly and informed and is not,

or is not likely to be, false. The purpose of this Policy is to assist employees, particularly

executives, officers and managers, to understand Boral‟s continuous disclosure obligations

and to set out the procedures that must be followed for the release of information to the

ASX, the investment community, the media and the public. (Boral 2014)

Boral recognises the importance of maintaining open and effective two-way communications

with all stakeholder groups including employees, customers, local communities and

shareholders and the financial community. For Boral to continue to be successful,

stakeholders must be informed and their views must be considered.

Page 13 of 21

Three key accounting policies

1. Estimation of useful lives of assets – This is based on historical experience.

Condition of asset is assessed annually and considered against remaining useful life

2. Good will and intangibles – goodwill and intangible assets are stated at cost less

any accumulated amortisation impairment loses

3. Receivables – Trade receivables are recognised initially at fair value and

subsequently measured at amortised cost, less allowance for impairment.

Three Red flags

1. Large increase in non-current payables, this is solely comprised of deferred

income no other information is given as to why this has doubled when compared to

the preceding two years. It has been flagged due to the change but it can be viewed

as a positive due to its guarantee of income.

2. Significant increase in cash and cash equivalent, main reason for change is

significant increase in short term bank deposits. No clear reason for increase found in

disclosure.

3. Significant variance in profit for the year, due to restructuring the previous

financial year Boral suffered a significant loss and has been able to return to profit

this year. Not enough data available to determine if restructuring will be successful in

long term.

Page 14 of 21

Financial Analysis From the results of the financial statements and ratio analysis for Boral Limited we have

selected four ratios from three different areas and then we have made a comparison of the

same ratios with the main Competitor for Boral limited which is CSR. For our part of the

financial analysis annual reports of Boral and CSR limited was undertaken for three

consecutive years from 2012 to 2014. The ratio selected was based on the importance of the

business they are in and it is directly related with the business strategy followed by Boral

Limited. Also the ratios were analysed periodically every year and time series analysis was

conducted. We have categorically conducted cross sectional analysis and time series

analysis under the following sub heads

Operating Management

Operating management is an area of management where the main focus is on the day to

day operations of the enterprise. It involves procurement of raw materials as an input source

and providing the finished goods and services as per customer needs as an output.

EBIT margin The EBIT margin is the analysis of the Earnings before interest and tax to Sales. EBIT

margin is an essential factor for any company as deciding factor before entering the market.

EBIT for Boral has been very fluctuating from 2012 to 2014. From the recasting calculations

we have found that there was a EBIT margin of 4.95% during the 2012 financial statements.

This margin went into negative percentage of 5.32% during the end of 2013 financial year.

The main reason that was analysed for such a huge difference was the excessive operating

expenditure during the year 2013 as well the revenue for the same year dropped by around

12%.

The EBIT margin for CSR is the similar to Boral. From the recasting tool it is analysed that

the percentage of EBIT margin for 2012 was standing at 5.39%. For the year 2013 the EBIT

margin went down to negative 12.62% and again increased to 6.92% in year 2014.

Operating Efficiency The Operating efficiency is the analysis of the gross profit margin to Earnings before interest

and tax. As the gross profit margin is inclusive of tax and interest while EBIT is exclusive

operating efficiency provides the actual efficiency of the operations of the business.

The Operating efficiency for Boral limited as at 2012 was 18.08%. As there was a change in

the EBIT margin in 2013 the operating efficiency of Boral limited was affected and so it

showed a negative ratio of 19.81%. After implementing measures to increase the EBIT in

2014 the operating efficiency again went up to 18.92%

Page 15 of 21

The operating efficiency for CSR is standing at 23.62% as of 2014 comparing the 2013

results the operating efficiency was in negative 46.91%. The similar results were analysed in

the year 2012 where in percentage of operating efficiency was standing at 18.56%.

Production Efficiency The production efficiency is associated with the margin i.e Sales less Cost of Goods sold to

the actual revenue of the same year. The production efficient lets us know the efficiency of

our cost of production and whether that is helping us to improve the sales performance.

The production efficiency for Boral limited is consisted during the three years with a slight

decrease in the year 2013. In 2012 the production efficiency stands at 27.37% which was

decreased slightly to 26.87% in 2013 and it again increased to 27.47% in 2014.For CSR

limited the production efficiency remained between 25 to 30%. In 2012 the productive

efficiency stands at 29.03% which was dropped to 26.91% in 2013 and then again increased

to 29.28%.

NOPAT margin The net operating margin is the result of net operating profit after tax to sales for any

particular period. The net operating profit is the summation of the net income of entity and

net interest expense after tax.

The NOPAT margin for Boral was 5.03% during the year 2012 which decreased to 3.38% in

2013 and then increased to 4.97% in 2014.The NOPAT margin for CSR was 5.59% during

the 2012 year which decreased to 8.18% during the year 2013. The margin increased to

5.77% during the year 2014.

Page 16 of 21

Investment Management

The investment management is an area of management which deals the management of

various types of securities of a firm that will help the organisation to attain maximum benefits

to the shareholders. Most of the investment management ratios are focused on the turnover

of the organisation. The turnover of the company is compared with the actual investment

undertaken. Following are the ratios undertaken for study.

Accounts Receivable turnover Account receivable turnover is the analysis of Sales to Account receivable for a particular

period of time. The high ratio of Accounts receivable turnover is highly preferable for any

organisation.

Boral limited is consistently increasing its Accounts receivable every year. In 2012 the

accounts receivable turnover was 5.83 times which has increased to 6.12 in 2013 while

there is a huge jump of 8.44 in 2014.For CSR the Accounts receivable turnover went down

from 5.70 times in 2012 to 5.51 in 2013 and then further decreased to 5.45 times in 2014.

Inventory Turnover Inventory turnover is the analysis related to the Cost of goods sold to inventory. To calculate

inventory the average of opening and closing stock of inventory is calculated. The inventory

turnover specifies the times the inventory is sold during a particular year.

The inventory turnover for Boral limited is showing high fluctuation during the year 2013. The

inventory turnover ratio was 4.5 times during the 2012 year which increased suddenly to 65

times in 2013 and came back again to 3.7 times in 2014.CSR limited is showing an average

of 2 to 3 times of inventory turnover for all the three years.

Net PPE Turnover Net PPE turnover ratio is the comparison of the revenue of the firm with the property plants

and equipment of the firm. If the ratio of PPE is higher than the company is earning higher

revenue without having more investment in PPE.

Boral limited PPE turnover ratio stands at 1.19 in 2013 and it increased to 1.5 in 2014 which

is good sign for the company. CSR limited on the other side is gaining more PPE turnover

with 1.68 in 2013 to 2 times in 2014.

Accounts Payable turnover Accounts payable turnover is time undertaken by entity to pay of its creditors. If the ratio is

high it denotes that the company is speedy in making payments to its payables. Accounts

receivable is calculated by dividing the sales to accounts payable of an organisation.

Page 17 of 21

Boral limited Accounts payable turnover is 4.68 times in 2012 which increased to almost 24

times in 2013 and then again went down to 15 times in 2014. CSR limited has increased

constantly from 5.87 times in 2012 to 6.33 in 2014.

Financial Management

The management of funds in an effective and efficient manner so as the goals and strategies

of organisation is achieved. Financial management is an important part of an organisation for

the analysis.

Current ratio Current ratio is the analysis of Current assets to current liabilities. Current assets include

cash and inventory. Current liabilities include creditors and bills which can be paid easily.

Current ratio for Boral limited has increased from 1.7 to 2.5 from 2012 to 2014. Current ratio

for CSR limited has been decreased from 2 to 1.9 from 2012 to 2014. A higher current ratio

explains that the company is having enough funds to pay off their liabilities.

Debt to equity ratio

Debt to equity ratio denotes the amount of debt and equity possessed by the company. The

debt equity should remain 0 to 1. Boral limited debt to equity ratio is 0.04 in 2012 which

decreased to 0.01 in 2014. While CSR is standing at 0.01 in 2012 and it increased to 0.04 in

2014.

Quick Ratio Quick ratio signifies the short term liquidity of the company. It is the company ability to meet

its short obligations with the liquid assets available in the company. Boral limited has shown

a variation in the quick ratio from 0.9 in 2012 to 1.19 in 2013 and again decreasing it to 0.8 in

2014. CSR quick ratio stands around 0.75 to 0.85 during the same period

Debt to Capital Ratio A debt to capital ratio indicates the amount of debt and amount of capital of an organisation.

A debt is the outsider money while the capital is the owner/shareholder money. A higher

debt to capital ratio indicates that the company is heavily in debt compare to the capital it

possesses. Boral debt to capital ratio stands at 0.04 in 2012 which decreased to 0.01 in

2014. In CSR the debt to capital ratio was at 0.01 at 2012 and increased to 0.03 in 2014.

Page 18 of 21

Major Changes In The Operation, Financial And Investment Decisions

There were various factors which led to the changes in the ratios shown above. Starting from

the operational management 2013 had been very bad for both the companies. Both the

companies suffered a loss with a high margin in 2013. The decrease in profit had led to a

decrease in the operating and productive efficiency of Boral and CSR. Also the Operating

profit decreased largely during the same time.

With the Investment decisions Boral has been inconsistent with the inventory as there is a

sudden drop in the inventory in 2013 which affected the turnover of inventory as well as

other factors. Accounts receivable and payable have been consistent for both the companies

whereas the PPE turnover for CSR is high compared to Boral.

The financial management of Boral is consistent with the quick and current ratio remaining

neutral and same is with CSR. Additionally the debt to equity and capital ratio is consistent

across all the years.

Following are the reasons for the fluctuations in the ratios of the Boral limited

Boral‟s FY2014 reflected 64 % increase in profit after tax and the company was

benefited from realignment of portfolio and restructuring and also from the ongoing

US market recovery.

USG Boral plasterboard and ceiling joint venture and Leighton Boral Amey joint

venture also added to a key factor in strengthening future growth.

“FIX, EXECUTE and TRANSFORM” was the poster strategy implemented to

strengthen profit generation.

Cost reduction initiative to offset higher cost to develop new technologies and

broader product portfolio.

Net debt of $1446m was reduced to $718m from 2013 to 2014 by cash generation

and limiting capital expenditure.

Company developed a geographically balanced portfolio and reduced cost through

restructuring and procurement activities.

The company ceased its production of clinker, Victoria and increased level of imports

thus reduced the cost of manufacturing.

In June, small subscale cement kiln at Maldon, NSW was announced to be closed

and shifted to Berrima facility which resulted to $13.8m being recorded as impairment

and restructuring change.

Boral set to have a goal of “zero harm” to its people and the environment, driven by

the approach to Health, Safety and Environment (HSE)

Page 19 of 21

Prospective analysis In order to decide whether Boral represents a good investment it is essential to analyse current

market/company trends and try to predict based on that information how the company is likely to

perform in the near future.To do this forecast we must estimate the below variables:

Sales Growth

Sales are expected to be strong over the next few years

Industry very sensitive to 10 year Bond rate (mortgage) this is at a record low

Low mortgage rate will fuel housing demand and thus increase Boral sales

NOPAT Margin

Due to the expected increase in sales Boral can expect to increase production and try to

increase its economies of scale.The resulting effect on NOPAT is minimal though due to

Boral already having most systems in place to achieve a good economy of scale

For the above we expect Boral to maintain or slightly increase its NOPAT

Working Capital to Sales

Boral’s working capital to sales has been fluctuating largely over the last few years due to its

restructuring releasing large amounts of cash.

We expect that the peak it is on now will not last due to the business settling from the

fluctuations. We have put working capital back towards 20% which is in line with industry

and competitor CSR

Long Term Assets to Sales

Boral improved its long term assets to sales from 2013 to 2014 slightly

With the added anticipated increase in sales expected we expect this ratio to decrease back

towards its 2013 levels

Debt ratio

Expected to remain steady at 25%

Will most likely increase over the next few years as Boral borrows more to increase

production but for the next year it will not change due to time constraints

After Tax Cost of Debt

Stable at 4.9% as set by the federal Government

Dividend rate

With an expected better performance over the next year, we expect dividend rate to

increase to 2.5%

Page 20 of 21

Recommendation Having reviewed all currently available information and conducting a forecast for the next fiscal year

it is recommended that the investor consider their risk return profile and other options over Boral, it

is has been seen that Boral is not a market leading stock and does not show signs of being a high

performer in the near future.

If the investor would like to invest into Boral for more than financial reasons than be advised that

the company is expected to grow over the future but it should be bought as a long term investment

with above average security due to its business interest and industry. The stock is not recommended

for a quick buy/sell investor as it is a long term returning investment.

Page 21 of 21

References

Boral 2014, Boral Annual Report 2014, viewed 17 May 2015, retrieved from Boral‟s Website.

Boral, 2015, Sustainability report, viewed 13 May 2015,

http://www.boral.com.au/Images/common/pdfs/annual-reports/2011-sustainability-in-

boral.pdf

Sourceable, 2015, What is the impact of Boral and CSR Brick Merger, viewed 12 May 2015,

https://sourceable.net/whats-behind-the-boral-and-csr-brick-merger/#

Boral, 2015, Boral Construction Material and Cement, viewed 13 May 2015,

http://www.boral.com.au/Boral_Companies/CI_ACM.asp

IBIS world, accessed 11-05-2013

http://0clients1.ibisworld.com.au.library.vu.edu.au/reports/au/industry/majorcompanies.aspx?

entid=329

USG Boral Plasterboard Export - Sustainability. 2015. USG Boral Plasterboard Export -

Sustainability. [ONLINE] Available at:

http://www.boral.com.au/plasterboardexport/sustainability.asp. [Accessed 11 May 2015].

USG Boral . 2015. USG Boral . [ONLINE] Available at:

http://www.boral.com.au/Boral_Companies/CI_Plasterboard.asp. [Accessed 11 May 2015].

http://www.boral.com.au/images/common/pdfs/Corp_Gov/Continuous-Disclosure-Policy.pdf

Mint Global accessed various May-2015, to check data for Boral, CSR and industry