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BRICKWORKS LIMITED
DIRECTORS’ REPORT
A.B.N. 17 000 028 526
The Directors of Brickworks Limited present their report and the financial report of Brickworks Limited and its
controlled entities (referred to as the Brickworks Group or the Group) for the financial year ended 31 July 2008.
Directors
The names of the Directors in office at any time during or since the end of the year are:
Robert D. Millner FAICD (Chairman)
Michael J. Millner (Deputy Chairman)
Lindsay R. Partridge BSc. Hons. Ceramic Eng; SFCDA; Dip. CD (Managing Director)
Alan J. Bentley FAICD (retiring 25 November 2008)
Brendan P. Crotty (appointed 10 June 2008)
Timothy V. Fairfax AM, FAICD (retiring 25 September 2008)
David N. Gilham FCIT; FAIM; FAICD
The Hon. Robert J. Webster MAICD; MAIM; JP
All Directors have been in office since the start of the financial year to the date of this report unless otherwise
stated.
Principal activities
The principal activities of the Brickworks Group during the year were the manufacture of building products,
property realisation and investment.
Result of operations
The consolidated net profit for the year ended 31 July 2008 of the Brickworks Group after income tax expense,
amounted to $101,478,000 compared with $107,533,000 for the previous year.
Dividends – ordinary shares
The Directors recommend that the following final dividend be declared:
Ordinary shareholders – 26.5 cents per share (fully franked)
Dividends paid during the year under review were:
(a) Final ordinary of 26.0 cents per share (fully franked) out of profits for the year ended 31 July 2007 and
referred to in the previous Directors’ report;
(b) Interim ordinary of 12.5 cents per share (fully franked) paid 12 May 2008.
Dividends – Redeemable Preference Shares
A dividend on Redeemable Preference Shares (PAVERS) is scheduled to be paid on 1 December 2008 for the
period 1 June 2008 to 1 December 2008, calculated at 6.565% p.a. per PAVERS (fully franked), or $3.31 per
share.
PAVERS dividends paid during the year under review were:
(a) Dividend paid on 2 June 2008 for the period 1 December 2007 to 31 May 2008, calculated at 6.565% p.a.
per PAVERS (fully franked). This equated to $3.27 per share.
(b) Dividend paid on 3 December 2007 for the period 1 June 2007 to 30 November 2007, calculated at 6.565%
p.a. per PAVERS (fully franked). This equated to $3.29 per share.
REVIEW OF OPERATIONS
Highlights
• Brickworks Normalised NPAT up 5.9% to $108.2 million
o Building Products EBIT down 18.7% to $53.6 million
o Land and Development EBIT up 55.4% to $93.7 million
o Associates and Investments EBIT up 13.5% to $36.9 million
• Brickworks Property Trust market value up 90.7% to $174.1 million
• Value of WHSP investment up by 5.4% to $1.069 billion
• Full Year dividend up 1.0 cent to 39.0 cents fully franked
Overview
Brickworks (ASX: BKW) posted a Normalised Net Profit After Tax (‘NPAT’) for the year ended 31 July 2008 up
5.9% at $108.2 million, compared to $102.2 million for the year ending 31 July 2007. This is the seventh increase
in Normalised NPAT in succession. After non-regular items, Brickworks NPAT was $101.5 million, 5.6% lower
than the previous year.

 

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