ADELAIDE BRIGHTON (ABC) is in a pretty good number with underlying NPAT of $166.5m ahead of guidance of $153-163m. Not a great deal around the NRI's taken at...

ADELAIDE BRIGHTON (ABC) is in a pretty good number with underlying NPAT of $166.5m ahead of guidance of $153-163m. Not a great deal around the NRI's taken at the divisional level and there have been some changes to the reporting lines that make it difficult to analyse on a LFL basis above headline numbers (i.e. charges have been stripped out of the divisions and added to corporate and a couple of divisions consolidated). Operating cashflow is softer than we would have liked but offset by asset sales and net debt finished at $360m. Outlook: Cement sales to be equal to or greater than 2014, lime sales to be similar to 2014, price increases above inflation from March & April in all cement, concrete and aggregate products. Import margins hedged in 1H15 but the weak dollar will cost ~$7m in 2H15e, looking at currency, gas costs and internal initiatives there would look net savings of ~$5m in EBITDA to flow in FY15e. Read more here (VIEW LINK)