Second Quarter EPS Up 14% All Figures are Unaudited and Reported on
an A-IFRS Basis (1) SYDNEY, Australia, Nov. 9
/Xinhua-PRNewswire-FirstCall/ -- Rinker Group Limited ("Rinker")
(ASX and NYSE: RIN) today announced a net profit after tax (PAT)
for the half-year ended 30 September 2006 of US$410 million, up 12%
on the previous corresponding period. Earnings per share (EPS) rose
16% to 45.3 US cents. Earnings per ADR were US$2.26, also up 16%.
On a like-for-like basis, PAT rose 19% and EPS rose 22%. This
result excludes the US$20 million after tax gain in the previous
corresponding half, from the sale of a Las Vegas quarry. Trading
revenue, profit, margins and return on funds employed (ROFE) rose
in all major segments of the US subsidiary, Rinker Materials,
despite the slowdown in US housing construction. Other highlights:
-- Trading revenue rose 12% to US$2,865 million. -- Earnings before
interest, tax, depreciation and amortisation (EBITDA)(2) up 13% to
US$760 million. On a like-for-like basis, EBITDA was up 19%. --
Earnings before finance and income tax expense (EBIT)(2) was US$649
million, up 15%. Excluding the previous period's quarry sale gain,
EBIT rose 21%. -- Group EBITDA margins improved further to 26.5%,
from 26.3%, while EBIT margins were 22.7%, up from 22.2%. Margins
were up in all US product segments. -- Free cash flow(3) was US$270
million, down 17%. This was due to the accelerated payment of over
US$80 million in quarterly US federal income tax (which will
balance out in the second half). -- Return on equity (ROE)(4),
measured on a 12 month MAT basis, was 35.3%, up from 23.8%.
Comparable ROE was 34.6%, up from 23.1%. -- Return on funds
employed (ROFE)(5), measured on a 12 month MAT basis, was 37.1%, up
from 33.3%. Second quarter PAT (for the three months to 30
September) was US$204.6 million, up 11%. EPS was up 14% to 22.6 US
cents per share (US$1.13 per ADR). EBIT and EBIT margins improved
in all US business segments. The group's performance was helped by
ongoing price increases across all businesses, coupled with US$43
million in operational improvement and cost savings during the half
-- reflecting the intensified focus on cost reduction in the wake
of the US housing slowdown. These efforts countered higher costs
for power, raw materials and ocean freight. Chief Executive David
Clarke said the result was another improvement in performance for
the group, despite the added challenge caused by the housing
correction in Rinker's major US markets. Directors declared an
interim dividend of 16 Australian cents per ordinary share, or 80
Australian cents per ADR, up 14%. The dividend is 60% franked and
payable on 11 December, with a record date of 24 November. The
unfranked portion of the dividend will again be paid from Rinker's
conduit foreign income -- generally enabling dividends to be free
of Australian withholding tax for overseas shareholders. Capital
management ratios are strong, after the US$279 million special
dividend in July, the US$347 million capital return in August (40
and 50 Australian cents per ordinary share, respectively) and the
buyback. Net debt(6) was US$1,070 million, up from US$361 million
at 31 March 2006. Net debt/EBITDA(7) was 0.74 times,
leverage/gearing(8) (net debt to net debt + equity) was 32.4%, from
11.9% at 31 March 2006. EBIT interest cover(9) was 61 times. Rinker
was running well ahead of schedule with its current on-market share
buyback, of up to 5% of issued share capital over 12 months. The
buyback commenced on 23 August. Through 25 October, when the
results blackout period commenced, the group invested around US$155
million, buying back 15.1 million or 1.7% of the shares on issue as
at 30 June. Given the current circumstances, directors have
temporarily paused the buyback for corporate governance reasons.
Capital expenditure during the half year was US$222 million --
US$104 million in operating or stay-in-business capital and US$118
million in development and acquisition capital, including early
stages of the US$220 million Florida cement plant, due for
completion in 2008. Expenditure also included work on the new five
million tonnes (5.5m tons) p.a. greenfield quarry in Sydney.
Financial results summary for the half year ended 30 September 2006
ADJUSTED TO COMPARABLE BASIS * Measure HYES06 HYES05 Change HYES06
HYES05 Change Trading revenue US$2,865m US$2,550m 12% US$2,865m
US$2,550m 12% EBIT US$649m US$567m 15% US$649m US$536m 21% EBITDA
US$760m US$670m 13% US$760m US$640m 19% PAT US$410m US$366m 12%
US$410m US$346m 19% EPS 45.3 US 39.2 US 16% 45.3 US 37.0 US 22%
cents cents cents cents Free cash flow US$270m US$327m (17)%
US$270m US$327m (17)% Return on funds employed 37.1% 33.3% 3.8pp
36.4% 32.3% 4.1pp Return on equity 35.3% 23.8% 11.5pp 34.6% 23.1%
11.5pp * Excludes US$20m after tax gain in HYES05 from Las Vegas
quarry sale Business results (six months ended 30 September) Rinker
Materials (US) -- Sales were US$2,268 million, up 15%. EBIT rose
18% to US$576 million. EBITDA was up 17% to US$661 million -- or up
24% on a comparable basis. All major segments reported higher
revenue and profits, with strong price increases across all
products. Volumes were down, except in asphalt and concrete. --
Aggregates EBIT was up 25% to US$161 million. Volumes declined 4%
but the impact was offset by double digit price increases. --
Concrete, block & asphalt EBIT was US$228 million, up 26%.
Concrete volumes were up 3% (heritage volumes down 5%) but block
volumes declined 11% (heritage down 24%). Strong price increases
were recorded in all three products across all geographic regions.
-- Cement EBIT was US$82 million, up 24%. Volumes declined
marginally but prices rose 13%, helping to offset higher imported
cement costs, which are forecast to increase further in 2007. --
Concrete pipe EBIT was US$83 million, up 21%. Volumes fell 3%.
Operational improvement cost savings and higher prices offset
higher raw material and power input costs. -- Other segment EBIT
fell 46% to US$23 million. The prior half included US$31 million
EBIT from the Buffalo Road quarry sale in Las Vegas. US
put-in-place construction activity decreased 1.3% during HYES06
relative to HYES05, with residential down 7.0%, commercial (non
residential) up 8.5% and non-building/infrastructure up 7.4%
(Source: Dodge; actual and forecast data). Readymix (Australia) --
Revenue rose 5% to A$790 million. Despite A$11 million in cost
savings during the half, higher costs and inadequate price
increases meant EBIT was down 6% to A$105 million. Concrete prices
were up 6% on average. Concrete pipe and products prices were also
up. Australian put-in-place construction activity rose 6.1% during
HYES06 relative to HYES05, with residential down 6.0%, commercial
up 7.3% and non- building/infrastructure up 18.4% (Source: ABS
actual and BIS Shrapnel forecast data). Second quarter results
(three months ended 30 September) Profit after tax for the quarter
was US$205 million, up 11% on the previous corresponding quarter.
Sales rose 7% to US$1,407 million. EBIT2 was up 15% to US$326
million and EBITDA2 up 14% to US$382 million. Rinker Materials
revenue was US$1,096 million, up 8%, while EBIT rose 19% to US$287
million and EBITDA was up 18% to US$331 million. Sales and profits
improved in all major segments. Double-digit price increases were
recorded in all products, except concrete pipe, but volumes were
down in all product lines except asphalt. -- Aggregate revenues
rose 10% and EBIT was up 22%. Volumes fell 9%. -- Cement revenues
were up 6% and EBIT was up 22%. Volumes fell 11%. Lower margin
cement imports were cut back. -- Concrete, block and asphalt
revenues rose 8%, with EBIT up 10%, due mainly to higher prices,
substantial cost savings and operational improvements. Concrete
volumes were down 4% (heritage down 12%)and block volumes fell 23%
(heritage down 34%), as housing fell sharply. -- Concrete pipe
revenues were up 5% and EBIT up 26%. Operational improvement
reduced production costs. Volumes were down slightly. Readymix
revenue was A$409 million, up 6%. EBIT was down 6%, due to higher
costs, including diesel fuel, power and raw materials. Concrete
prices rose 6%. Volumes fell slightly. Higher commercial and
infrastructure activity largely offset lower housing activity,
except in New South Wales. Overview Rinker's strong regional
positions in Florida, Arizona and Nevada continue to underpin group
performance, with ongoing price increases in those markets despite
volume declines due to the housing slowdown. Higher non-residential
construction and solid infrastructure activity -- although still
backlogged -- are partly offsetting the housing decline. There is
general agreement that a housing inventory overhang exists in
Florida, but much uncertainty about how quickly that will be
resolved and how long before the recovery will commence. "Most of
our products are used early in the housing construction process, so
we have felt the decline in Florida for several months already.
However, given the inventory issue, we expect some further negative
impact on volumes for at least the next six months," said Mr
Clarke. He said the concrete block business would be most affected,
since its end market exposure is around 80 per cent to housing.
Concrete, aggregate and cement volumes would also be further
impacted, depending on the severity and duration of the slowdown,
and the extent of offsetting growth in the non-residential and
infrastructure segments. "Whilst the excess housing inventory must
be resolved, we believe it is a temporary issue only, which will be
followed by a resumption of growth," he said. "Most importantly,
high population growth, strong employment, low state taxes and warm
weather have made Florida, Arizona and Nevada the three leading
states in the US for construction activity over several decades and
there is no indication of that changing." Some commentators blame
affordability issues but house prices have risen dramatically
across the US and there is still a large price gap between Rinker's
key markets and feeder states like New York and California. The
impact of the first baby boomers reaching retirement (age 65) in
2011 has also yet to be felt. Strategy and response to the housing
slowdown Rinker's response to the housing slowdown was rapid, with
detailed plans to handle a slowdown implemented quickly,
particularly in the businesses most affected. Mr Clarke said a key
point was that Rinker aimed to maintain its market share, not
volumes. "We are then managing to those lower activity levels, by
cutting costs," he said. "Each year, Rinker's operational
improvement plans aim to save the equivalent of inflation. This
year, they are being supplemented by additional cost reductions. In
total, we expect to deliver annualised savings of around US$100
million -- about double our normal rate. We are already on track to
deliver this." Mr Clarke said employment has been reduced by over
900 since March 2006 through attrition and volume related reduction
of positions. Other measures include slowing the rate of
operational capital expenditures, reducing overtime and operating
hours, cutting out shifts, mothballing or closing excess plants,
reducing the number of trucks in service and managing inventories
and receivables. Rinker also expected the slowdown to improve the
acquisition landscape. "We are already seeing increased movement in
this area and we expect to finalise some smaller acquisitions
shortly. Larger acquisitions are subject to more variables and
could come at any time. "Rinker's strong cash flows and financial
position enable us to easily accommodate value-adding acquisitions
as they arise," said Mr Clarke. "Meanwhile, we are well underway
with a major greenfields quarry expansion for Sydney and some
additional aggregates prospects for Florida. The new Florida cement
mill is also under construction. These growth projects will enhance
earnings and enable us to expand as growth resumes in our key
markets." Outlook for the second half Construction activity across
the US and Australia is expected to continue at solid levels, with
declining residential activity largely offset by stronger
non-residential and infrastructure construction. In Australia, BIS
Shrapnel forecasts an increase in total construction activity in
the year to March 2007, with engineering or infrastructure up
12.5%, non-residential/commercial up 7.4% and residential down
4.8%. In the US, for the 2007 calendar year, Dodge is expecting a
0.3% decline in total activity, with housing down 5.4%, non
residential up 7.2% and infrastructure up 4.6%. Across the group,
costs continue to rise. In the September 2006 half year, the cost
of energy, fuel, cement and ocean freight all rose strongly from a
year earlier. Further increases in the second half should be partly
offset by lower oil prices. Meanwhile, price rises are expected to
continue, with most markets posting semi-annual increases. In
Arizona, increases of 10% for aggregate and asphalt are being
phased in. In Florida, increases are expected in January. A 12%
lift in the cement price has been announced, together with
increases of around 8-10% in aggregates. In Australia, Readymix is
planning significant increases for April. "Given the impact of the
housing correction to date, and the considerable uncertainty that
exists in relation to US housing, we expect to deliver an increase
in EPS which will take us to around the bottom end of our guidance
range, of 84 to 90 US cents per ordinary share," said Mr Clarke.
"This assumes a further modest deterioration in housing in
Florida." Rinker is one of the world's top 10 construction
materials groups, with operations in aggregates, cement, concrete,
asphalt and concrete pipe and products. Annual revenue is over
US$5.1 billion. Rinker has over 13,000 employees in over 780 sites
across the US, Australia and China. Around 80% of group revenue
comes from the US subsidiary, Rinker Materials Corporation.
Important Legal Information This communication has been made public
by Rinker Group Limited ("Rinker"). Investors are urged to read
Rinker's Solicitation/Recommendation Statement on Schedule 14D-9 if
and when it is filed by Rinker with the U.S. Securities and
Exchange Commission (the "SEC"), as it will contain important
information. The Solicitation/Recommendation Statement (if and when
it becomes available), and other public filings made from time to
time by Rinker with the SEC which are related to the proposed offer
by Cemex S.A.B. de C.V. ("Cemex") (if and when the offer is
commenced), are available without charge at the SEC's website at
http://www.sec.gov/ or at Rinker's website at
http://www.rinker.com/ . This communication contains a number of
forward-looking statements based on management's current
expectations and beliefs. Such statements can be identified by the
use of forward-looking language such as "may," "should, "expect,"
"anticipate," "estimate," "scheduled," or "continue" or the
negative thereof or comparable terminology. Such forward-looking
statements are not guarantees of future results or performance and
involve risks, uncertainties and other factors, including: the
general economic and business conditions in the United States and
Australia; trends and business conditions in the building and
construction industries; the timing and amount of federal, state
and local funding for infrastructure; competition from other
suppliers in the industries in which Rinker operates; changes in
Rinker's strategies and plans regarding its ongoing business
strategy, acquisitions, dispositions and business development;
Rinker's ability to efficiently integrate past and future
acquisitions; compliance with, and potential changes to,
governmental regulations related to the environment, employee
safety and welfare and other matters related to Rinker; changes in
interest rates, weather and other natural phenomena, energy costs,
pension costs; healthcare costs; outcomes of legal hearings such as
the Lake Belt challenge and other risks and uncertainties
identified in our filings with the Australian Stock Exchange and
the SEC. Rinker can give no assurances that actual results would
not differ materially from any forward-looking statements contained
in this communication, particularly in light of the many risks and
uncertainties regarding the proposed offer by Cemex. You are
cautioned not to place undue reliance on any forward-looking
information. Rinker disclaims any intention or obligation to update
or revise any forward-looking statements contained herein, whether
as a result of new information, future events or otherwise. Notes:
1. All quarterly results are unaudited. Rinker's US and Australian
subsidiaries each generate virtually all revenue and incur all
costs in their local currency. As a result, directors believe their
performance is best measured in their local currency. At the group
level, Rinker Materials represents around 80% of group result. As a
result, US$ performance represents the most appropriate measure of
Rinker's performance and value. Under A-IFRS, Rinker's selected
reporting currency is US$, although Readymix results will continue
to be disclosed in both US$ and A$. 2. Reconciliation of EBIT and
EBITDA for the half year ended 30 September 2006 EBIT represents
profit before finance and income tax expense. EBITDA represents
EBIT before Depreciation and Amortisation (DA). 6 months YTD US$
million Sept '06 Sept '05 Variance 6 months 6 months % Segment
Revenue Aggregate 614 528 16% Cement 273 233 17% Concrete, block,
asphalt 1,255 1,061 18% Concrete pipe and products 307 293 5% Other
201 179 12% Eliminations (382) (319) n.a. Rinker Materials 2,268
1,975 15% Readymix (US$) 597 575 4% Readymix (A$) 790 756 5%
Consolidated Rinker group 2,865 2,550 12% Segment EBIT Aggregate
161.0 129.0 25% Cement 81.6 66.0 24% Concrete, block, asphalt 227.6
180.2 26% Concrete pipe and products 82.6 68.3 21% Other 23.5 43.5
(46%) Rinker Materials 576.3 487.0 18% Readymix (US$) 79.7 85.5
(7%) Readymix (A$) 105.5 112.3 (6%) Corporate (6.5) (5.6) (17%)
Consolidated Rinker group 649.5 566.9 15% Segment DA Aggregate 31.5
30.2 5% Cement 7.2 7.2 -- Concrete, block, asphalt 30.8 25.0 23%
Concrete pipe and products 12.4 12.3 -- Other 3.1 2.7 14% Rinker
Materials 85.0 77.4 10% Readymix (US$) 25.1 25.9 (3%) Readymix (A$)
33.2 33.9 (2%) Consolidated Rinker group 110.1 103.3 7% Segment
EBITDA Aggregate 192.5 159.2 21% Cement 88.8 73.2 21% Concrete,
block, asphalt 258.4 205.2 26% Concrete pipe and products 95.0 80.6
18% Other 26.6 46.2 (42%) Rinker Materials 661.3 564.4 17% Readymix
(US$) 104.8 111.4 (6%) Readymix (A$) 138.7 146.2 (5%) Corporate
(6.5) (5.6) (17%) Consolidated Rinker group 759.6 670.2 13%
Reconciliation of EBIT and EBITDA for the quarter ended 30
September 2006 EBIT represents profit before finance and income tax
expense. EBITDA represents EBIT before Depreciation and
Amortisation (DA). September Quarter US$ million Sept '06 Sept '05
Variance Qtr Qtr % Segment Revenue Aggregate 298 272 10% Cement 130
122 6% Concrete, block, asphalt 596 553 8% Concrete pipe and
products 154 148 5% Other 97 90 8% Eliminations (179) (166) n.a.
Rinker Materials 1,096 1,019 8% Readymix (US$) 310 292 6% Readymix
(A$) 409 387 6% Consolidated Rinker group 1,407 1,311 7% Segment
EBIT Aggregate 81.6 66.9 22% Cement 41.9 34.3 22% Concrete, block,
asphalt 109.6 99.9 10% Concrete pipe and products 42.9 34.1 26%
Other 11.5 6.0 92% Rinker Materials 287.5 241.2 19% Readymix (US$)
41.7 44.4 (6%) Readymix (A$) 55.0 58.8 (6%) Corporate (3.6) (3.2)
(12%) Consolidated Rinker group 325.7 282.4 15% Segment DA
Aggregate 16.2 15.4 5% Cement 3.6 3.8 (6%) Concrete, block, asphalt
15.8 12.7 24% Concrete pipe and products 6.2 6.2 (1%) Other 1.6 1.4
11% Rinker Materials 43.3 39.5 9% Readymix (US$) 12.6 12.8 (2%)
Readymix (A$) 16.6 17.0 (2%) Consolidated Rinker group 55.9 52.4 7%
Segment EBITDA Aggregate 97.8 82.3 19% Cement 45.5 38.1 20%
Concrete, block, asphalt 125.4 112.6 11% Concrete pipe and products
49.1 40.4 22% Other 13.0 7.4 77% Rinker Materials 330.8 280.7 18%
Readymix (US$) 54.4 57.3 (5%) Readymix (A$) 71.6 75.9 (6%)
Corporate (3.6) (3.2) (12%) Consolidated Rinker group 381.6 334.8
14% 3. Reconciliation of Free Cash Flow Free Cash Flow represents
Net cash from operating activities less (1) operating capital
expenditures included in cashflows from purchase of property, plant
and equipment, (2) interest paid and (3) payments for shares held
in trust under long-term incentive plans. US$ million Half year
ended 30 September 2006 2005 Profit before finance and income tax
expense 649.5 566.9 Depreciation and amortisation 110.1 103.3 Net
income tax (paid) (220.7) (113.7) Change in working capital (95.0)
(74.1) (Profit)/loss on asset sales (2.2) (34.2) Interest received
9.4 12.9 Other (27.0) 7.3 Net Cash from operating activities 424.1
468.4 Operating capital expenditure (104.1) (92.5) Interest paid
(19.9) (25.6) Payments for shares held in trust (29.9) (22.9) Free
Cash Flow 270.2 327.4 Capital expenditure summary: Operating
capital expenditure (104.1) (92.5) Development capital expenditure
(106.7) (64.7) Total purchase of property plant and equipment
(210.8) (157.2) Purchase of businesses (10.9) (12.7) Total capital
expenditure (221.7) (169.9) US$ million Quarter ended 30 September
2006 2005 Profit before finance and income tax expense 325.7 282.4
Depreciation and amortisation 55.9 52.4 Net income tax (paid)
(192.0) (104.7) Change in working capital 7.2 (14.0) (Profit)/loss
on asset sales (0.8) (2.0) Interest received 4.0 4.9 Other (3.8)
29.7 Net Cash from operating activities 196.1 248.6 Operating
capital expenditure (59.1) (50.8) Interest paid (14.2) (20.2)
Payments for shares held in trust 0.3 (22.9) Free Cash Flow 123.0
154.8 Capital expenditure summary: Operating capital expenditure
(59.1) (50.8) Development capital expenditure (60.5) (35.1) Total
purchase of property plant and equipment (119.6) (85.9) Purchase of
businesses (10.2) (1.2) Total capital expenditure (129.9) (87.1) 4.
Reconciliation of Return on Equity (ROE) Return on Equity
represents the previous 12 months' Net profit attributable to
members of Rinker Group Limited divided by Equity attributable to
members of Rinker Group Limited. US$ million As at and year ended
30 September 2006 2005 Net profit attributable to members of Rinker
Group Limited 785.1 618.3 Equity attributable to members of Rinker
Group Limited 2,225.7 2,595.3 ROE 35.3% 23.8% Comparable ROE,
adjusting for the following: After tax gain on Las Vegas quarry
sale in April 2005 -- (19.9) After tax gain on sale of Emoleum in
February 2006 (15.7) -- Net profit attributable to members of
Rinker Group Limited, excluding the above gains 769.4 598.4
Comparable ROE, excluding the above gains 34.6% 23.1% 5.
Reconciliation of Return on Funds Employed (ROFE) Return on funds
employed represents previous 12 months' EBIT divided by end of
period funds employed. Funds Funds US$ million EBIT Employed ROFE
EBIT Employed ROFE As at and year ended 30 September 2006 2006 2006
2005 2005 2005 Aggregates 294.6 887.2 33.2% 224.5 785.0 28.6%
Cement 158.1 373.6 42.3% 130.9 328.9 39.8% Concrete, block, asphalt
421.6 962.2 43.8% 303.8 703.4 43.2% Concrete pipe and products
147.6 330.3 44.7% 105.7 313.2 33.7% Other 46.4 64.2 n.a. 53.5 41.1
n.a. Total Rinker Materials 1,068.3 2,617.5 40.8% 818.4 2,171.6
37.7% Readymix (US$) 173.3 704.0 24.6% 152.6 708.9 21.5% Readymix
(A$) 229.9 940.7 24.4% 199.1 933.6 21.3% Corporate (13.4) (10.1)
n.a. (12.0) (2.7) n.a. Consolidated Rinker group 1,228.2 3,311.4
37.1% 959.0 2,877.8 33.3% Comparable ROFE, adjusting for the
following: Gain on Las Vegas quarry sale in ApriL 2005 -- -- --
(30.5) -- -- Gain on sale of Emoleum in February 2006 (21.7) -- --
-- -- -- Consolidated Rinker group, excluding the above gains
1,206.5 3,311.4 36.4% 928.5 2,877.8 32.3% 6. Reconciliation of Net
Debt Net Debt represents current and non-current borrowings less
cash and cash equivalents. US$ million 30 Sept 31 March 30 Sept As
at 2006 2006 2005 Current borrowings 9.5 5.4 5.5 Non-current
borrowings 1,259.0 645.2 610.0 Less: cash and cash equivalents
(198.4) (289.1) (340.8) Net Debt 1,070.1 361.5 274.7 7.
Reconciliation of Net Debt to EBITDA Net Debt to EBITDA represents
Net Debt divided by EBITDA. US$ million 30 Sept 30 Sept As at 2006
2005 Net Debt 1,070.1 274.7 EBITDA (for last 12 months) 1,444.0
1,161.8 Net Debt to EBITDA [times] (for last 12 months) 0.74 0.24
8. Reconciliation of Gearing/leverage Gearing/leverage represents
(a) Net Debt divided by Equity and (b) Net Debt divided by Net Debt
plus Equity. US$ million 30 Sept 31 March As at 2006 2006 Net Debt
1,070.1 361.5 Equity 2,236.5 2,687.3 Gearing/leverage (Net
Debt/Equity) 47.8% 13.5% Gearing/leverage (Net Debt/Net Debt plus
Equity) 32.4% 11.9% 9. Reconciliation of EBIT Interest Cover EBIT
interest cover represents 12 months' EBIT divided by net interest
expense. Net interest expense represents 12 months' interest
expense less 12 months' interest income. US$ million 30 Sept 30
Sept Year ended 2006 2005 Interest expense (a) 38.5 43.3 Interest
income (18.5) (26.0) Net interest expense 20.0 17.3 EBIT 1,228.2
959.0 EBIT Interest Cover [times] 61.3 55.4 (a) Interest expense is
shown before interest capitalised related to financing major
projects constructed for internal use. For further information,
please contact: Debra Stirling Tel: +61-2-9412-6680 /
+61-419-476-546 International: +61-419-476-546 DATASOURCE: Rinker
Group Limited CONTACT: Debra Stirling, +61-2-9412-6680 or
+61-419-476-546, or international, +61-419-476-546, for Rinker Web
Site: http://www.rinker.com/
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