Boral Sells Its 40 Percent Interest in Boral CSR Bricks Joint Venture

Words: Mike KaneBoral Limited has agreed to sell its 40 percent interest in the Boral CSR Bricks joint venture to CSR Ltd. for a total cash consideration of $133.9 million. The sale was expected to be effective Nov. 1, 2016. In the year to June 30, 2016, Boral recognized an equity-accounted post-tax earnings contribution of $11.7 million from its 40 percent interest in the joint venture. As a result of the divestment, Boral expects approximately a $6.5 million lower equity earnings contribution in FY2017 relative to FY2016.

Boral will recognize a $20—25 million post-tax profit on the sale, which will be reported as a significant item in FY2017.

Boral retains ownership of the Scoresby brick site in Victoria, and will continue to lease it to CSR. Boral has an option to terminate the lease in 2025 with three years’ prior notice.

Boral’s CEO and managing director, Mike Kane, said that while the joint venture has performed well and delivered significant synergies following integration of the two businesses, “now is the right time to realize value for the business and redirect capital to Boral’s core operations in line with our strategy.”
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