CSR Limited (ASX:CSR) today announced the settlement of Stages 3A and 3B of its former brick plant in Horsley Park, NSW representing $167 million in total proceeds generating total Property earnings before interest and tax (EBIT1) of $91 million for the year ending 31 March 2024.
The timing of settlement for Stage 3A was in line with expectations communicated in November 2023. Settlement of Stage 3B has occurred a few months earlier due to faster completion of development works, which also resulted in lower site development costs.
The final Horsley Park tranche, Stage 3C, remains on track and is estimated to settle in the financial year ending 31 March 2025 (YEM25) for proceeds of $42 million and EBIT of $24 million. A table outlining completed and contracted project transactions is provided in the appendix.
Today’s Horsley Park settlement is further evidence of our property strategy delivering value and proceeds for shareholders.
This announcement has been authorised for release by the Board of Directors of CSR Limited.
Appendix
Completed and contracted transactions at Horsley Park
| Tranche | Size | Proceed | Project EBIT2 | Completion |
|---|---|---|---|---|
| Stage 1 | 10.1ha | $58m | $32m | Completed |
| Stage 2.1 | 11.7ha | $80m | $52m | Completed |
| Stage 2.2A | 4.0ha | $28m | $18m | Completed |
| Stage 2.2B | 5.0ha | $33m | $25m | Completed |
| Stage 3A | 8.6ha | $85m | $48m | Completed 2H YEM24 |
| Stage 3B | 8.2ha | $82m | $46m | Completed 2H YEM24 |
| Stage 3C | 4.2ha | $42m | $24m | Estimated YEM25 |
| Total | 52ha | $408m | $245m |
Media / analyst enquiries:
Email: media@csr.com.au