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(CSR)

CSR
AUSTRALIA Edition buysellsignals.com | 1 MONTH PRICE VOLUME
Wednesday, March 21, 2012

3Mo

. 1Yr .

5Yr

CSR hits year-low 8th time in three months


CSR Limited, Australia's 10th largest capital goods company by market capitalisation, hit a 52-week low of $1.76 during the day. In the last three months the stock has hit a new 52-week low eight times, pointing to a significant downtrend. The stock fell for a second day on Wednesday bringing its two-day fall to 4.0c or 2.2%. The stock price decreased 2.0c (or 1.1%) to close at $1.78. Compared with the All Ordinaries index, which fell 18.6 points (or 0.4%) on the day, this was a relative price change of -0.7%.

PERCENT R

Shares Outstanding: 506,000,315 Market Cap: $898.2 million Closing Price: $1.78

L-T Rating: 5 out of 5


Price/Earnings Price/Sales Price/NTA ROA ROE Yield % % Disc to High % Prem to Low
CONTENTS

S-T Rating: 3 out of 5


Present Value $1000 (1 year) 1-DAY PRICE (%) REL STRENGTH (6M) PEMAP50 30-DAY PRICE (%) 1-YEAR PRICE(%) 5-DAY PRICE (%) 3-MONTH PRICE(%) 568 -1.1 20.8 0.9 -6.6 -45.6 -2.5 -10.8

1.8x 0.5x 0.8x 22.7 40.8 6.4 47.8 0.7

1 Company overview 2 Shareholder returns 3 Stock analysis and ratings

4 Technical analysis 5 Sector ranking 6 News and events

7 Glossary

A publication of:

CSR ( CSR )

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WEDNESDAY, MARCH 21, 2012

Company Overview
Activities
CSR is a leading building products company with operations throughout Australia and New Zealand. For more than 150 years, CSR has been famous for the certainty built in to the company's range of leading products and services. Further details can be found at http://www.csr.com.au/.

MAJOR COMMON SIZE RATIOS


Total non-current assets to total assets down from 70.3% to 65.6% Fixed assets to total assets down from 58.0% to 51.2% Total current assets to total assets up from 29.7% to 34.4% Current inventory to total assets up from 12.7% to 13.6% Future income tax benefit to total assets up from 4.3% to 8.8% Cost of goods sold to sales up from 68.1% to 68.4% Sales and marketing expenses to sales up from 7.9% to 8.3% Interest expenses to sales down from 4.9% to 3.5% Interest revenue to sales up from 0.1% to 0.6%.

Top Management
The chief financial officer is Greg Barnes, the chairman is Jeremy Sutcliffe and the managing director and chief executive officer is Rob Sindel.

Issued Capital
Based on 506,000,315 issued equity shares the market capitalisation is $898.2 million. It is Australia's 4th largest Capital Goods company by total revenue.

Financials
ANNUAL REPORT FOR THE YEAR ENDED MARCH 31, 2011
year-on-year comparisons with previous corresponding period

TOP 3 SHAREHOLDERS Name of Shareholder


HSBC Custody Nominees (Australia) Limited J.P. Morgan Nominees Australia Limited-1 National Nominees Limited

No. of Shares
81,843,103 80,072,382 58,930,930 220,846,415

% Held
16.17 15.82 11.65 43.64

FAVOURABLE CHANGES
A track record of profits in 3 of the last 5 years 5-years average annualized earnings growth rate of 24.4% Total debt to net tangible assets down from 51.4% to 0.4% Although the Total Liabilities to Operating Cash Flow ratio of 5.0 compares unfavourably with the Joseph Piotroski benchmark of <4, it had improved by 7.4% from the previous year. Total liabilities to total assets down 20.8% to 0.4 Current ratio up 13.5% to 1.8 Working capital to total assets up 40.8% to 15.0% Total revenue to total assets up 71.5% to 0.9.

Total

UNFAVOURABLE CHANGES
Total revenue down 1.9% to $A1.9b ($US2.0b) Net tangible assets per share down 32.1% to $A2.35 ($US2.4).

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CSR ( CSR )

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WEDNESDAY, MARCH 21, 2012

Company Overview Cont.


Shareholder Returns
TRAILING ONE WEEK
The stock fell four times (80% of the time) and rose once (20% of the time). The volume was 1.1 times average trading of 16,877,570 shares. The value of $1,000 invested a week ago is $959 [vs $993 for the All Ordinaries index], for a capital loss of $41(or loss of 4.1%).

TRAILING ONE MONTH


The stock fell eleven times (52% of the time), rose six times (29% of the time) and was unchanged four times (19% of the time). The volume was 0.7 times average trading of 74,261,308 shares. The value of $1,000 invested a month ago is $934 [vs $1,001 for the All Ordinaries index], for a capital loss of $66(or loss of 6.6%).

TRAILING ONE YEAR


The value of $1,000 invested one year ago is $568 [vs $957 for the All Ordinaries index], including a capital loss of $456 and dividend reinvested of $24. The total return to shareholders for 1 year is -43.2%.

TRAILING FIVE YEARS


The value of $1,000 invested five years ago is $193, including a capital loss of $829 and dividend reinvested of $22.

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CSR ( CSR )

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WEDNESDAY, MARCH 21, 2012

Analysis & Rating (Long-Term & Short-Term)


Long-Term Rating (Fundamentals): 5 out of 5
CSR is ranked number 10 out of 110 listed capital goods companies [that traded today] in Australia with a market capitalization of $898.2 million.
In the capital goods companies it has the 4th highest total assets and 4th highest revenues. Within its sector it has a relatively low P/E of 1.8, low P/S of 0.5. It has a strong relative ROE of 40.8% and ROA of 22.7%. The company paid a dividend of 6.0c in the last twelve months. The dividend yield is high at 6.4%. Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest rating is 5 and the lowest rating is 1.

Relative Valuation Indicators - RVI Fundamental Analysis


THE STOCK MEETS THE FOLLOWING VALUE CRITERION SET BY BENJAMIN GRAHAM:
"A dividend yield of at least two-thirds the triple-A bond yield"; the stock's dividend yield is 1.55 times the triple-A bond yield of 4.1%. "Total debt less than tangible book value"; total debt of $4.5 million is less than tangible book value of $1.2 billion. "Total debt equal or less than twice the net quick liquidation value"; total debt of $4.5 million is 0.01 times the net liquidation value of $757.8 million.

OTHER BULLISH SIGNALS:


Price/Earnings of 1.8 versus sector average of 37.2 and market average of 15.8. Price/Sales of 0.46 versus sector average of 0.7 and market average of 1.5. We estimate the shares are trading at a current year Price/Sales of 0.5 and a forward year Price/Sales of 0.6. The Price to Book of 0.8 lower than average of 2.8 for the Capital Goods sector and 2.6 for the Total Australian Market. We estimate the shares are trading at a current year Price to Book of 0.8 and a forward year Price to Book of 0.9. Return on Equity of 40.8% versus sector average of 5.1% and market average of 10.5%. Return on Assets of 22.7% versus sector average of 2.3% and market average of 2.0%. Dividend Yield of 6.4% (based on trailing 12 months dividends of 11.30c) versus sector average of 4.5% and market average of 4.8%. The company paid out a dividend of 11.30c in the past 12 months. The 10-year bond yield is currently 4.1%. The P/E of 1.8 multiplied by the P/NTA of 0.8 is 1.4. Being less than the Benjamin Graham benchmark of 22.5 the stock appears undervalued. The company is cash rich with Cash to Market Capitalisation at 16.0%. The Q Ratio, defined by James Tobin as MCap divided by Total Assets, is 0.4. Compared with the rest of the market the stock is undervalued and ranks in the top quartile of stocks by value of Q Ratio.

BEARISH SIGNALS:
Return on Capital Employed of 0.2% versus sector average of 5.3% and market average of 11.3%. The average annual compound return on the share price in the last 5 years was -28.0%, underperforming the average annual compound return on the All Ordinaries index of 1.6%

THE STOCK HAS A SCORE OF MERELY 4 OUT OF 9 SET BY JOSEPH PIOTROSKI [PASS MARK >=5 ]:
Positive net income; Positive operating cashflow; Improvement in current ratio from 1.56% to 1.77%; Improvement in gross margin [from 301.67% to 305.46%].
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WEDNESDAY, MARCH 21, 2012

Analysis & Rating (Long-Term & Short-Term) Cont.


Short-Term Rating (Technical): 3 out of 5
Its short term falls have been combined with weak volume resulting in weak momentum falls over 1, 5 and 30 days.
Significantly its price of $1.78 is at a discount of 23% to its 200-day moving average price of $2.31. Its 52-week range has been $3.40 to $1.76; it is trading at a discount of 47.8 % to its 52-week high and a premium of 0.7 % to its 52-week low. $1,000 invested exactly one year ago is now worth $568 of which $456 is a capital loss and $24 is dividends. Recommended stop loss: $1.64 Stocks are scored on a set of technical parameters reflecting price performance and trading volumes. They are ranked according to the average values of those parameters. The highest rating is 5 and the lowest rating is 1.

Relative Valuation Indicators - RVI Technical Analysis


BULLISH SIGNALS:
The stock is oversold according to the Williams % R indicator of -90.9.

BEARISH SIGNALS:
The price weakened 2.5% in the last week. This was on volume of 1.1 times average for week. Compared with the All Ordinaries index which fell 0.6% for the week and 0.5% for the month, this represented a relative price decrease of 1.8% for the week and 6.1% for the month. In the Australian market of 1,284 stocks and 53 units traded today, the stock has a 6-month relative strength of 21 indicating it is trailing 79.0% of the market. The price to 50-day EMAP ratio is 0.9, a bearish indicator. In the past 50 days this ratio has been under 0.9 just thrice suggesting a support level. The 50-day EMAP has decreased to $1.93. A decrease is another bearish indicator. The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 1.8 minus the 26-day EMA of 1.9 is negative suggesting a bearish signal. Both the 12-day EMA as well as the 26-day EMA are falling, another bearish signal. In the past 200 days this ratio has been under 0.77 102 times suggesting further downside. The stock is trading below both its MAPs and the 50-day MAP of $1.94 is lower than the 200-day MAP of $2.31, a bearish indicator. The 200day MAP has decreased to $2.31. A decrease is another bearish indicator. The price to 200-day MAP ratio is 0.77, a bearish indicator. Breakdown: In the last three months the stock has hit a new 52-week low eight times, pointing to a significant downtrend. The bears are maintaining control with price open, high, low and close being below yesterday's levels.

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WEDNESDAY, MARCH 21, 2012

Analysis & Rating (Long-Term & Short-Term) Cont.


Short Selling Trend
Code
CSR

Short Volume
280,865

Avg. Daily Volume


3,363,977

Days to Cover (Short Volume/Avg. Daily Volume): 0.1 days Short Sell (percent of issued shares): 0.1% Bullish Indicators: The current short volume is 0.5 times its own historical average of 0.1%. It crashed 50.7% from the previous day, crashed 62.2% from a week ago and crashed 33.6% from a month ago, a significant bullish indicator. Bearish Indicators: In the Australian Short Selling market of 467 stocks, short selling as a % of issued shares ranked 92nd and within the top quartile of stocks. This means it was higher than market average of 0.05%, a bearish indicator.

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CSR ( CSR )

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WEDNESDAY, MARCH 21, 2012

Technical Analysis
Downtrend
SUPPORT
The support price is hovering at the $1.76 level. Volume traded at the weak support price zone was 0.7 times average during the three occasions when the support price was breached. In the last month the lowest price was $1.76 on Mar 21. The second lowest was $1.78 on Mar 20 and the third lowest was $1.80 on Mar 08.

VOLUME WEIGHTED PRICE (VWP)


The price is at a discount of 5.0% to the 1-month volume weighted average price of $1.87, which may appeal as a value proposition.

BETA
The Beta of this stock is 0.8. A Beta lower than 1 suggests this is a low risk, low return stock with volatility less than that of the market.

RESISTANCE
Previous rallies have been met with resistance at $1.96. However, selling pressure at that level has been weak; volume was 0.5 times average during the six occasions when the resistance price was breached in the last one month. In the last one month the highest was at $1.96 on Feb 24, the second highest at $1.95 on Feb 28. The third advance halted at $1.95 on Feb 23, the 4th advance halted at $1.95 on Feb 27 and the 5th advance halted at $1.95 on Feb 29

STANDARD DEVIATION (SD)


SD is a statistical measure of deviation from the mean. The SD of 1.7% gives it a percentile rank of 9 meaning that 9% of stocks in the Australian market are less volatile than this stock.

Open Interest Trend And Interpretation


SAME DAY TREND
Open interest advanced for a seventh straight day; the stock fell for a second day. Open interest rose 0.8% from 158,557 to 159,822. Combined with the price falling 1.1% this suggests the market is weak.

FALLS TO RISES
The stock fell in four out of last 5 trading days, for a 5-day fall of 2.5% to close at $1.78. In the last three months the number of falls outnumbered rises 31:23 or 1.35:1.

TRAILING MONTH
In the 18 trading sessions there has been a net decline of 8.27%; the stock has retreated eleven times and the biggest one day decline was 3.7% on Mar 01.

OPEN INTEREST AS % OF ISSUED CAPITAL


15,982,200 shares, representing 3.2% of the issued capital. [ranked 9 out of 67 stocks in descending order]

Price Volume Dynamics


VOLATILITY
The stock traded between an intraday low of $1.76 and a high of $1.80, suggesting a trading opportunity between peaks and troughs. The average daily volatility of 2.5% places the stock in the 3rd quartile in the market meaning it is mildly volatile.

2012 OPEN INTEREST


156,746 contracts, representing 98.1% of total.

2013 TO 2014 OPEN INTEREST


3,076 contracts, representing 1.9% of total.

PUT:CALL RATIO
Open interest contracts on exchange traded options included 87,095 put contracts and 72,727 call contracts.The put:call ratio was 1.2, up 1.5% for the day, down 69.1% in the past week and down 55.4% in the past month.

VOLUME
There were 2,326,935 shares worth $4.1 million traded. The volume was 0.7 times average trading of 3,375,514 shares.

% DISCOUNT TO HIGH
The last price is at a discount of 47.8% to the 12-month high of $3.40 a year ago on 04 Apr, 2011.

% PREMIUM TO LOW
The last price is at a premium of 0.7% to the 12-month low of $1.76.

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Sector Ranking
Market Share
CSR vs Capital Goods sector [Capital Goods sector Total in Brackets] Revenue of $1.9 billion[3.8% of aggregate sector revenue of $51.4 billion; down from 4.4% in the previous year.] Net Profit of $503.4 million [53.3% of aggregate sector net profit of $943.6 million]

BuySellSignals Sector Valuation Table


TOTAL AUSTRALIAN MARKET Fundamental Valuation
P/Earnin Price/Net Total Discount Premiu gs Tangible Debt/Eq to m to Assets uity 52-Wk 52-Wk High (%) Low (%) Total Australi an Market Avg CSR Rank Rank 1 Rank 2 Rank 3 15.8x 2.6x 0.5x 15.4 21.5

Price Performance Rank


The stock is in 7 indices and 2 sectors.

THE FOLLOWING INDEX AND SECTORS FELL SETTING THE TREND FOR ITS FALL OF 1.1%:
Capital Goods sector of 73 stocks traded today, which was down 22.1 points or 0.7% to 3,054.4, The Total Australian Market of 1284 stocks and 53 units traded today, which was down 21.1 points or 0.5% to 4,578.2, All Ordinaries index of 412 stocks and 32 units traded today, which was down 18.6 points or 0.4% to 4,347.0

1.8x 6 1.6x THX 1.6x DMX 1.6x ESV

0.8x 209 0.1x RPF 0.1x GPG 0.1x BPH

0.0040x 29 ERM ARU WCL 9.6x SRE

47.8 614 98.5 ONL 95.1 KIK 94.4 AEZ 0.1 ARP

0.7 5 0.2 NCM 0.6 RMS 0.6 EAU 1525 DMY

Stock Ranking by Percentage Price Change, versus Index and Sectors for 1 day and 6 months

Total Rank of Rank of Number of Stock Stock Stocks in 6 1 Day Months Sector/Inde x
Capital Goods sector All Ordinaries index Total Australian Market 40 321 936 59 398 1004 106 460 1849

Lowest Rank

Size
Market Cap $ Total Australian Market Avg CSR Rank Rank 1 Rank 2 Rank 3 Lowest Rank 1.1 B 898.2 M 177 191.2 B BHP 128 B RIO 76.9 B CBA 305,450 ONL Revenue $ 599.3 M 1.9 B 73 68.9 B BHP 58.6 B RIO 55.1 B WES

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Sector Ranking Count


Performance
Yield (%) Total Australian Market Avg CSR Rank Rank 1 Rank 2 Rank 3 Lowest Rank 4.8 6.4 207 18.5 THG 18.2 JMB 18 PFG 0.03 AGF Free Cash Flow 52.7 million 42.2 M 121 18.5 B ANZ 18.1 B BHP 17.2 B CBA

Technicals Price Volume Dynamics


1-Day Open Int (%) Total Austral ian Market Avg CSR Rank Rank 1 5-Day Open Int (%) PV Rel $1,000 Strengt (1 Yr) h (6m) 951.5 57.8 Hits(3 m) 52-W Low PEMAP 50 1-Day Price (%) -0.5 5-Day Price (%) -0.6 30-Day Price (%) -0.6 3Month Price (%) 12.2 1-Year 30-Day Momen Price Avg tum (%) Volatili ty -8.6 1.7 -

0.8 34 11.8 TCL 11.5 TOL 9.3 SGM 0.05 QRN

165.6 24 30.3 RMD 20.3 TOL 14.6 CPU 0.1 GPT

568.3 940 7,684.2 SYR 6,563.1 BRU 6,500.0 AGI 3.3 ESN

20.8 1004 99.9 TNC 99.8 SYR 99.8 WMN 0.1 WPG

8 198 59 MST 39 GGE 37 QPN 1 TEN

0.9x 1022 2.5x TNC 1.9x RMP 1.6x ESI 0.1x ONL

-1.1 936

-2.5 838

-6.6 958

-10.8 1092

-45.6 948

2.05 946 100 TNR CAA 100 EXM VMG 707

Rank 2

Rank 3

47.4 TLG -44.9 CES -50 TNR

34.7 RMR MGN 0.1 EXT QXQ


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Lowest Rank

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WEDNESDAY, MARCH 21, 2012

Financial Results
Year-on-year Comparisons

ANNUAL REPORT: CSR (ASX:CSR)


Summary

GENERAL INFORMATION
Company Name Company ISIN Company CODE Industry 2011-03-31 Native Currency Basic Shares Outstanding AUD 505600000 CSR Limited AU000000CSR5 CSR Capital Goods sector 2010-03-31 AUD 456200000

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Financial Results Cont.


INCOME STATEMENT
Currency in Million of AUD Continuing operations Trading revenue - sale of goods Cost of sales Gross margin from continuing operations Warehouse and distribution costs Selling costs Administration and other operating costs Share of net profit of associates Operating profit from continuing operations Other income Other expenses Loss from continuing operations before finance and income tax Interest income Finance cost Loss from continuing operations before income tax Income tax benefit (expense) from continuing operations Net loss from continuing operations Net profit from discontinued operations3 Net profit (loss) 1,913.6 -1,323 5,906 -184.2 -159.9 -62.1 10.5 194.9 19.9 -222.3 -7.5 11.2 68.2 -64.5 -9.5 -55 589 534 1,936.3 -1,341.8 5,945 -187.9 -155.8 -72.1 10.8 189.5 34.4 -279.5 -55.6 1.4 95.8 -150 -14.1 -164.1 88.8 -75.3 22.4 14 36.4 -186.5 74.8 -111.7 Down 1.2 Reduced 1.4 Down 0.7 Reduced 2.0 Deterioration 2.6 Reduced 13.9 Down 2.8 Up 2.8 Down 42.2 Reduced 20.5 Reduced 86.5 Up 700.0 Down 28.8 Reduced 57.0 Reduced 32.6 Reduced 66.5 Up 563.3 Recovery Up 2.7 Down 45.7 Down 15.9 Reduced 58.2 Up 677.3 Recovery 2011-03-31 2010-03-31 Change %

Net profit from continuing operations attributable to non- 23 controlling interests Net profit from discontinued operations attributable to non- 7.6 controlling interests Net profit attributable to non-controlling interests 30.6

Net loss from continuing operations attributable to shareholders of -78 CSR Limited Net profit from discontinued operations attributable to 581.4 shareholders of CSR Limited Net profit (loss) attributable to shareholders of CSR Limited Net profit before significant items from continuing operations attributable to shareholders of CSR Limited Net profit before significant items from discontinued operations attributable to shareholders of CSR Limited 39.3 90.2 503.4

80

Up 12.8

93.4 173.4

Down 57.9 Down 25.3

Net profit before significant items attributable to shareholders of 129.5 CSR Limited From continuing and discontinued operations Basic earnings per share - based on net profit (loss) attributable to shareholders of CSR Limitedb Diluted earnings per share - based on net profit (loss) attributable to shareholders of CSR Limitedb $1.0 $1.0

-25.0c

Recovery

-25.0c

Recovery

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Financial Results Cont.


From continuing operations Basic earnings per share - based on net loss attributable to -15.4 shareholders of CSR Limitedb Diluted earnings per share - based on net loss attributable to -15.4 shareholders of CSR Limited b tso 505,600,000 -40.9 -40.9 456,200,000 Reduced 62.3 Reduced 62.3 Up 10.8

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Financial Results Cont.


BALANCE SHEET
Currency in Million of AUD Current assets Cash and cash equivalents Receivables Inventories Other financial assets Income tax assets Other current assets Total current assets Non-current assets Receivables Inventories Investments accounted for using the equity method Other financial assets Property, plant and equipment Goodwill Other intangible assets 27 17.6 14.5 5.8 1,134.5 13.8 32.1 45.9 Deferred income tax assets Other non-current assets Total non-current assets Total assets Current liabilities Payables Borrowings Other financial liabilities Tax payable Provisions Total current liabilities Non-current liabilities Payables Borrowings Other financial liabilities Provisions Other non-current liabilities Total non-current liabilities Total liabilities Net assets Equity
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2011-03-31

2010-03-31

Change %

143.6 302.4 281.9 25.9

43.9 491.9 455.9 82.9 44

Up 227.1 Down 38.5 Down 38.2 Down 68.8

8.5 762.3

30.9 1,149.5

Down 72.5 Down 33.7

29.1 32.1 33.4 97.4 2,246.4 69.8 36.3 106.1 164.8 15.8 2,725.1 3,874.6

Down 7.2 Down 45.2 Down 56.6 Down 94.0 Down 49.5 Down 80.2 Down 11.6 Down 56.7 Up 18.1 Down 13.3 Down 46.7 Down 42.8

194.7 13.7 1,453.7 2,216

201.6 3.1 7.1 19.7 199.1 430.6

408 25.6 53.1 21.7 229.3 737.7

Down 50.6 Down 87.9 Down 86.6 Down 9.2 Down 13.2 Down 41.6

2.5 1.4 1.8 462 36.4 504.1 934.7 1,281.3

0.6 785.2 15.9 471.2 45.8 1,318.7 2,056.4 1,818.2

Up 316.7 Down 99.8 Down 88.7 Down 2.0 Down 20.5 Down 61.8 Down 54.5 Down 29.5

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WEDNESDAY, MARCH 21, 2012

Financial Results Cont.


Issued capital Reserves Retained profits (losses) Equity attributable to shareholders of CSR Limited Non-controlling interests Total equity 1,042.2 21.2 170.3 1,233.7 47.6 1,281.3 1,700.9 31.5 -49.8 1,682.6 135.6 1,818.2 Down 38.7 Down 32.7 Recovery Down 26.7 Down 64.9 Down 29.5

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Financial Results Cont.


CASH FLOW
Currency in Million of AUD Cash flows from operating activities Receipts from customers Payments to suppliers and employees Dividends and distributions received Interest received Income tax paid Net cash from operating activities before derivative margin calls Derivative margin calls paid Net cash from operating activities Cash flows from investing activities Purchase of property, plant and equipment and other non-current -143.1 assets Proceeds from sale of property, plant and equipment and other non- 48.8 current assets Net cash from disposal of discontinued operations (net of payments 1,873.7 for transaction costs) Tax instalment paid on disposal of discontinued operations Purchase of controlled entities and businesses, net of cash acquired Purchase of non-controlling interests Loans and receivables repaid (advanced) Net cash from (used in) investing activities Cash flows from financing activities Proceeds from issue of shares to CSR Limited shareholders Net repayment of borrowings Dividends paid Capital return to CSR Limited shareholders Interest and other finance costs paid Net cash used in financing activities Net increase in cash held Net cash at the beginning of the financial year Effects of exchange rate changes Net cash at the end of the financial year Reconciliation of net profit (loss) attributable to shareholders of CSR Limited to net cash from operating activities Net profit (loss) attributable to shareholders of CSR Limited 503.4 -111.7 Recovery 2.6 -794.5 -307.2 -661.3 -41.4 -1,801.8 102.7 43.9 -4.3 142.3 -59 -144.7 26.1 14.3 3.5 43.9 Reduced 29.8 Deterioration 1,145.2 Up 293.5 Up 207.0 Deterioration Up 224.1 363.7 -383.7 -65.7 Down 99.3 Deterioration 107.1 Deterioration 367.6 2.3 1,719.2 -60.1 -2.4 -10.9 -2 -207.4 Recovery Recovery -239.7 45.2 Reduced 40.3 Up 8.0 3,400.2 -3,141.6 7.3 13.3 -64.6 214.6 -29.3 185.3 4,101.7 -3,687.1 19.5 1.4 -39.2 396.3 -18.1 378.2 Down 17.1 Reduced 14.8 Down 62.6 Up 850.0 Deterioration 64.8 Down 45.8 Deterioration 61.9 Down 51.0 2011-03-31 2010-03-31 Change %

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WEDNESDAY, MARCH 21, 2012

Financial Results Cont.


Net profit attributable to non-controlling interests Depreciation and amortisation Net change in provisions Gain on disposal of discontinued operations Significant items from continuing operations (non-cash) Interest expense Profit on disposal of assets, asset write downs and associated costs Net change in trade receivables Net change in current inventories Net change in trade payables Derivative margin calls paid Other Net cash from operating activities 30.6 141.8 -33.2 -542.1 149.6 38.4 -15.7 -87.7 -7.1 36.5 -29.3 0.1 185.3 250 57.5 -15.8 28.7 -18.7 -7.7 -18.1 26 378.2 Down 40.2 Down 33.2 Reduced 0.6 Deterioration Reduced 62.0 Recovery Deterioration 61.9 Down 99.6 Down 51.0 36.4 158 -6.4 Down 15.9 Down 10.3 Deterioration 418.8

EBITDA AND MARGINS


2011-03-31 Gross Profit Margin % Earnings from Cont. Ops. Margin % Net Income Margin % 305.46 0.19 26.04 2010-03-31 301.67 -2.75 -5.67

PERFORMANCE RATIOS
2011-03-31 Return on Assets (%) Total debt to net tangible assets (%) Total Liabilities to Operating Cash Flow Debt/Equity Total Liabilities/Total Assets Interest Cover Current Ratio 22.72 0.38 5.04 0.003648 0.42 0.05 1.77 2010-03-31 -2.88 51.43 5.44 0.48 0.53 -0.57 1.56 Down 99.3 Down 7.2 Down 99.2 Down 20.5 Recovery Up 13.6 Change %

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WEDNESDAY, MARCH 21, 2012

Financial Results Cont.


PER SHARE FIGURES
2011-03-31 Revenue from operating activities EBIT Cash Working Capital Shareholders' Funds Total Liabilities Total Assets Current Debt Non Current Debt Total Debt Net Tangible Assets EPS Final $3.785 0.732c 28.402c 65.605c $2.44 $1.849 $4.383 0.613c 0.277c 0.89c $2.349 $1.0 2010-03-31 $4.244 -11.881c 9.623c 90.267c $3.688 $4.508 $8.493 5.612c $1.721 $1.777 $3.456 -25.0c USD Conversion at balance date of March 31,2011 Export in XLS Change % Down 10.8 Recovery Up 195.1 Down 27.3 Down 33.8 Down 59.0 Down 48.4 Down 89.1 Down 99.8 Down 99.5 Down 32.0

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WEDNESDAY, MARCH 21, 2012

News and Events


Reported Buying Selling
February 29: CSR substantial shareholder buys
CSR (CSR.AU) substantial shareholder Perpetual Limited and Subsidiaries bought 5,075,278 shares worth approximately $9.8 million between February 02 and February 27, 2012. Perpetual Limited and Subsidiaries previously held 68,635,755 shares (or 13.6%) and now holds 73,711,033 shares (or 14.6%). The purchase price was $1.90.

RECENT SUBSTANTIAL SHAREHOLDER BUYING


Date Name No. of Shares Shares No. of Held Shares At Price Previous Close ly 68,635,7 73,711,03 55 $2.0 3 shares shares 5 (14.57%) (13.56%)

February 16: CSR: UBS AG and its associates becomes substantial shareholder
UBS AG and its associates bought 26,285,498 shares worth approximately $51.9 million of CSR (CSR.AU) between October 14, 2011 and February 13, 2012, becoming a substantial shareholder with 26,285,498 shares (or 5.2%).

02022012 , 27022012

Perpetual Limited and Subsidiaries

5,075,278 shares

1410net 2011 UBS AG and its 26,285,49 , 13associates 8 shares 022012

Nil

26,285,49 $2.4 8 shares 8 (5.19%)

February 10: CSR substantial shareholder sells


CSR (CSR.AU) substantial shareholder National Australia Bank Limited and Its Associates sold 6,998,097 shares worth approximately $14 million between February 06 and February 07, 2012. National Australia Bank Limited and Its Associates previously held 38,989,980 shares (or 7.7%) and now holds 31,991,883 shares (or 6.3%). The selling price was $2.0.

RECENT SUBSTANTIAL SHAREHOLDER SELLING


Date Name No. of Shares Shares No. of Held Shares At Price Previous Close ly

February 08: CSR substantial shareholder buys


CSR (CSR.AU) substantial shareholder MLC Wealth Management Limited bought 7,642 shares worth approximately $15,513.3 between January 18 and February 03, 2012. The purchase price was $2.0.

0602National 38,989,9 net 31,991,88 2012 Australia Bank 80 $2.0 6,998,097 3 shares , 07- Limited and Its shares 4 shares (6.323%) 02Associates (7.706%) 2012 22112011 UBS AG 69,084 shares Not Not $2.1 Availabl Available 8 e

February 08: CSR substantial shareholder buys


CSR (CSR.AU) substantial shareholder National Australia Bank Limited and its associated entities bought 8,031,812 shares worth approximately $16.3 million between January 18 and February 03, 2012. National Australia Bank Limited and its associated entities previously held 30,958,168 shares (or 6.1%) and now holds 38,989,980 shares (or 7.7%). The purchase price was $2.0.

RECENT DIRECTOR BUYING


Date Name No. of Shares Shares No. of Held Shares At Price Previous Close ly 30,559 shares 32,106 shares 30,745 shares 32,294 shares $2.2 3 $2.2 3

22Kathleen Marie 11Conlon 2011 22112011 Raymond Kenneth Horsburgh

186 shares 188 shares

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WEDNESDAY, MARCH 21, 2012

News and Events Cont.


Company Announcements:Recent Headlines and Snippets
THE LAST 15 SNIPPETS WERE:

September 30, 2011: CSR sells Brendale residential development site to Defence Housing Australia
[News Story] CSR Limited announced today that it has entered into an agreement to sell its 535 lot residential development site at Brendale, north of Brisbane, to Defence Housing Australia (DHA).The project has been sold on deferred settlement terms with CSR receiving the proceeds in stages, commencing this financial year and concluding by August 2013."We are pleased to complete this transaction in line with our previous advice to the market," said Rob Sindel, managing director of CSR."The transaction is another good example of our strategy in our Property division to reduce project risk and monetise our property portfolio to maximise value," he said.The Brendale site was a former quarry which DHA intends to re-develop for housing. Open Full Announcement.

February 20, 2012: CSR: Ceasing to be a substantial holder


[Company Release] http://www.asx.com.au/asx/statistics/displayAnnouncement.d odisplay=pdf&idsId=01269783 Open Full Announcement.

January 24, 2012: CSR will appoint Non Executive Director


CSR will appoint Rebecca McGrath as a Non Executive Director. The effective date is February 01, 2012. Open Full Announcement.

November 09, 2011: CSR Limited half year results for period ended 30 Sept 2011
[Company Release]http://www.asx.com.au/asx/statistics/displayAnnounce ment.dodisplay=pdf&idsId=01239002 Open Full Announcement.

September 01, 2011: CSR: Viridian restructure and trading update


[News Story] CSR announced today a restructure of its Viridian glass business and an update on first-half trading conditions.The restructure follows a review of Viridian in the context of the current business environment and particularly in the context of the recent sharp deterioration in business confidence and activity. Viridian has a higher proportion of its earnings derived from the commercial construction sector and is also the most trade exposed and highest fixed cost business within CSR's Building Products portfolio.The further deterioration in commercial construction (down ~20%)1 and residential construction (down ~15%)2 this financial period, together with the record appreciation in the Australian dollar, continue to impact the performance of Viridian, which is now expected to generate a loss before interest and tax (pre-significant items), in the range of $6-8 million for the six months to 30 September 2011.In response to these challenges, Viridian will restructure its float glass and bulk laminate manufacturing operations, a process which will be completed over the remainder of this financial year.Under the restructure, Viridian will rationalise its laminating operations in Melbourne, by investing in a new laminating line at Dandenong and closing the current lines in Dandenong and Clayton. Open Full Announcement.

November 09, 2011: CSR recommends dividend


CSR today announced an interim dividend of 6.0c per share, franked to 100%. The record date is November 25, 2011 and it is payable on December 16, 2011. Open Full Announcement.

October 05, 2011: CSR agrees to sell Malaysian business


[News Story] CSR announced today that it has entered into an agreement to sell its autoclaved aerated concrete (AAC) business in Malaysia to Saint-Gobain Construction Products (Malaysia).The AAC business operates one facility in Malaysia, manufacturing and selling AAC products, predominantly blocks and panels.The transaction is expected to be completed by the conclusion to CSR's financial year, 31 March 2012, following which ownership of the business will transfer to Saint- Gobain.Source: Australian Securities Exchange Open Full Announcement.

August 17, 2011: CSR: Appendix 3Y


[News Story]http://www.asx.com.au/asx/statistics/displayAnnouncem ent.dodisplay=pdf&idsId=01207840Source: Australian Securities Exchange Open Full Announcement.

July 07, 2011: CSR: AGM Results


[News Story]http://www.asx.com.au/asx/statistics/displayAnnouncem ent.dodisplay=pdf&idsId=01195888Source: Australian Securities Exchange Open Full Announcement.

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WEDNESDAY, MARCH 21, 2012

News and Events Cont.


July 01, 2011: CSR will appoint Non Executive Director
CSR will appoint Michael Ihlein as a Non Executive Director. The effective date is July 07, 2011. Open Full Announcement.

June 07, 2011: CSR top twenty shareholders hold 61.33%

June 30, 2011: CSR: CSR Limited Dividend Reinvestment Plan


[News Story] CSR Limited (CSR) advises that ordinary shares to be allocated under the Company's dividend reinvestment plan (DRP) will be priced at $2.8329 per share for the final dividend.The shares will be allotted to participating shareholders on 5 July 2011, when the final dividend is paid.The DRP price is the arithmetic average of the daily volume weighted average price for CSR shares for the ten trading days from 16 June 2011 to 29 June 2011 inclusive. Source: Australian Securities Exchange Open Full Announcement.

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WEDNESDAY, MARCH 21, 2012

News and Events Cont.


Queensland Investment Corporation 2,636,439 0.52 7.33

As at June 07, 2011 the top twenty shareholders of CSR. held 61.33%.Major holdings :
Shareholders Shares % Value, $M HSBC Custody Nominees 81,843,103 (Australia) Limited J.P. Morgan Nominees Australia Limited-1 National Nominees Limited

Australian Foundation Investment Company Limited

2,445,725

0.48

6.8

16.17

227.52

Citicorp Nominees Pty 2,342,849 Limited-3 Australian Reward Investment Alliance Csr Share Plan Pty Limited RBC Dexia Investor Services Australia

0.46

6.51

80,072,382

15.82

222.6

1,680,652

0.33

4.67

58,930,930

11.65

163.83

1,641,690

0.32

4.56

Citicorp Nominees Pty 15,676,588 Limited-1 Gpg Australia 14,505,271 Nominees Ltd RBC Dexia Investor Services 14,003,820 Australia Nominees Pty Limited-1 Cogent Nominees Pty 9,358,882 Limited J.P. Morgan Nominees Australia Limited-2 AMP Life Limited

3.1

43.58

1,620,160

0.32

4.5

2.87

40.32

Gpg Nominees Pty 1,392,816 Limited 2.77 38.93 Open Full Announcement.

0.28

3.87

May 27, 2011: CSR: Sale of Newcastle Business - Update


1.85 26.02 [News Story] FGI announced on 6 May 2011 that it had entered into a conditional agreement to sell its Newcastle business, Burnbridge Glass. The sale is subject to the ACCC not objecting to the sale.The purchaser of the business is CSR Building Products Limited ("CSR").The ACCC has advised CSR it will conduct market inquiries in relation to the sale of the business. Those inquiries are expected to be completed by 30 June 2011.Source: Australian Securities Exchange Open Full Announcement.

6,247,141

1.23

17.37

3,832,535

0.76

10.65

RBC Dexia Investor Services 3,433,702 Australia Nominees Pty Limited-2 UBS Nominees Pty 2,923,009 Ltd Citicorp Nominees Pty 2,900,000 Limited-2 The Senior Master Of The 2,863,028 Supreme Court

May 13, 2011: CSR announces AGM


0.68 9.55 CSR has announced its Annual General Meeting will take place on July 07, 2011. Open Full Announcement.

May 11, 2011: CSR Full year results for year ended 31 March 2011
0.58 8.13 [News Story]http://www.asx.com.au/asx/statistics/displayAnnouncem ent.dodisplay=pdf&idsId=01179583Source: Australian Securities Exchange Open Full Announcement.

0.57

8.06

0.57

7.96

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WEDNESDAY, MARCH 21, 2012

Glossary
DEBT/EQUITY
Net Debt/Net Assets (times) Dividends received during the Period

TOTAL PROFIT (LOSS) OVER N YEARS (3/2/1)


Capitla Gain (Loss) plus Dividens received minus Original Investment

CURRENT RATIO
Current Assets/Current Liabiliites (times)

INTEREST COVER
Earnings Before Interest and Tax/Interest (times)

TOTAL LIABILITIES/TOTAL ASSETS


Total Liabilities/Total Assets

EARNINGS YIELD ACTUAL


Earnings Per Share/Share Price (%)

FREE CASH FLOW PER SHARE


Earnings Before Interest, Tax, Depreciation and Amortisation Minus Capex/Per Share

EBIT MARGIN
Earnings Before Interest and Tax/Revenue (%)

CAPITAL GAIN/LOSS FROM N YEARS AGO TO N-1 YEARS AGO


Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)

RETURN ON ASSETS
Net Profit/Total Assets (%)

ANNUAL RETURN
Dividends Paid In a 12-Month Period/Price at the Beginning of the Period + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)

PRICE/EARNINGS
Share Price/Earnings Per Share (times)

PRICE/SALES PS
Share Price/Sales Per Share (times)

BANKS COST-TO-INCOME RATIO OR EFFICIENCY RATIO


Total Non-Interest Expense/Total Income (Net Interest Income + Non-Interest Income)

PRICE/NTA
Closing Share Price/Net Tangible Assets Per Share (times)

BANKS NON-INTEREST INCOME TO TOTAL INCOME


Non-Interest Income (Loan fees etc)/Total Income (Net Interest Income + Non-Interest Income)

CASH/MCAP
Cash plus Liquids/Market Capitalisation (times)

VOLUME INDEX
Number of shares traded in the period/Average number of shares traded for the period

BANKS TIER 1 RATIO


Tier 1 Capital (Ending Equity - Intangibles etc)/Total Tangible Assets

MOVING AVERAGE PRICE (N PERIODS)


Sum of Prices for each Period/Number of Periods

BANKS TIER 2 RATIO


Tier 2 Capital (Tier 1 - Subordinated Debt + Unrealised Gains/Loan Losses)/Total Tangible Assets

PRICE CLOSE/MOVING AV PRICE


Latest Price/Moving Average Price

NET INTEREST MARGIN


Net Interest Income/Average of all Earning Assets

DIVIDEND YIELD
Dividend Per Share/Share Price (%)

RETURN ON EQUITY (SHAREHOLDERS' FUNDS)


Net Profit/Net Assets (%)

DIVIDEND % FRANKED (A)


Dividend Per Share Franked/Dividend Per Share (%)

DIVIDEND PAYOUT RATIO


Dividend Per Share/Earnings Per Share (%)

CAPITAL PROFIT (LOSS) N YEARS AGO (3/2/1)


Value of Current Investment minus Value of Original Investment

INCOME DURING THE N YEARS (3/2/1)


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BST MOMENTUM COLOUR GUIDE Momentum Up Weak Momentum Up Momentum Down Weak Momentum Down Strong Unchanged Weak Unchanged Untraded

Price increase fuelled by above average Volume Price increase on below average Volume Price decrease fuelled by above average Volume Price decrease on below average Volume Price unchanged on above average Volume Price unchanged on below average Volume Untraded

Disclaimer: While this document is based on information sources which are considered reliable, it has been prepared without consideration of your specific investment objectives, financial situation or needs, so you should carry out your own analysis or seek professional investment advice before an investment decision is made. The document contains unbiased, independent equities data from BuySellSignals (AFS Licence 222756) and News Bites Pty Ltd, who provide round the clock data on every Australian stock and sector. Neither BuySellSignals nor News Bites are brokers, and neither have an executing, corporate advisory or investment banking function. BuySellSignals and News Bites Pty Ltd, its directors, employees and consultants do not represent, warrant or guarantee, expressly or impliedly, that the information contained in this document is complete or accurate. The data is sourced from annual reports and company releases and may not be fully up to date. It should be used as a guide only.

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