Annual Report

Washington H. Soul Pattinson and Company Limited

Annual Report 2016

Brickworks posted a record underlying net profit after tax (NPAT) for the year ended 31 July 2016 of $147.1 million,

up 22.3% on last year. A feature of the result was the diversified earnings contribution, with Building Products,

Land and Development and Investments all delivering an uplift in underlying earnings compared to the prior year.

After including the impact of significant items, statutory NPAT was $78.2 million. The significant items, totalling

$68.9 million after tax, primarily relate to the impairment of goodwill in Austral Bricks WA and significant restruc-

turing activities in Austral Bricks and Auswest Timbers, resulting in the closure of plants and the non-cash write

down of assets at those sites.

On record sales revenue of $748.1 million, Building Products’ underlying earnings before interest and tax

(EBIT) was $75.4 million, up 33.7% on the prior year. Underlying earnings before interest, tax, depreciation

and amortisation (EBITDA) was up 26.0% to $102.8 million, on a combination of continued volume growth

and increased margins.

Land and Development underlying EBIT was $73.5 million for the 12 months to 31 July 2016, up 14.1% primarily

due to a strong revaluation profit in the Joint Venture Industrial Property Trust.

Underlying earnings per share were 98.9 cents, up 21.9% from 81.1 cents for 2015.

The directors of Brickworks have declared a fully franked final dividend of 32 cents per share for the year ended

31 July 2016, up 6.7% from 30 cents last year. Together with the interim dividend of 16 cents per share, this brings

the total dividends paid for the year to 48 cents per share, up 3 cents or 6.7% on 2015.

Brickworks Limited

Associated entity:

44.1% held

Dividends paid to WHSP:

$30.2 million

Total Market Capitalisation:

$2.24 billion

Value of WHSP’s Holding:

$987 million

ASX code:

BKW

UNDERLYING

NETPROFIT

AFTERTAX

INCREASED

22.3%