STEEL & TUBE

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f The recently completed President Plaza at No. 1 Hobson St. The 20 storey steel framed building was constructed by Downers for The Kitchener Group. Steel & Tube supplied 400 tonnes of structural steel to the fabricator, Dixon & Haddon, and all pipe and fittings to Singer Fire Systems Ltd for the fire sprinkler system. 04 PRESIDENT PLAZA
The Directors present the Annual Report together with the financial statements of the Company and its subsidiaries for the year ended 30 June 2003. DIRECTORS’ REPORT 05 f Results The financial result for the year was an after tax profit of $21.52 million. This compares favourably with the $18.28 million recorded in the previous year. f Dividends The Directors have declared a dividend of 12 cents per share which will be paid on 12 September 2003 to holders of fully paid ordinary shares registered at 5 September 2003. The amount payable is $10.5 million. This dividend carries full imputation credits and makes a total distribution for the year of 23 cents per share. This compares favourably to the previous year’s total distribution of 29 cents per share inclusive of a special dividend of 10 cents per share. f Financial position Shareholders’ equity improved to $126.6 million from $123.5 million in the previous year. During the year borrowings increased by $20.6 million to $27.2 million. The gearing ratio (debt:debt plus shareholders’ equity) is 0.18:1. The Company continues to be in a sound position. f Acquisition In April 2003, Hurricane Wire Products, New Zealand’s largest manufacturer and distributor of wire products, was acquired for approximately $25 million. Hurricane has manufacturing operations in Auckland and Christchurch and has 165 employees. f Auditors In accordance with section 200 of the Companies Act 1993, the Auditors, PricewaterhouseCoopers, continue in office. f Directors In accordance with the Company’s Constitution, Rob Freeman and Ian Lindsay will retire by rotation and, being eligible, offer themselves for re-election. f Personnel The Directors wish to acknowledge the contribution made by all staff to what has been a successful year for the Company. The achievement of the objectives set for the Company at the beginning of the year is something of which all staff can be proud. Bob Every Chairman Nick Calavrias Chief Executive Officer 15 August 2003
Page 1 and 2: STEEL & TUBE ANNUAL REPORT 2003
Page 3 and 4: CONTENTS 02 BOARD OF DIRECTORS 05 D
Page 5: f Steel & Tube Distribution supplie
Page 9 and 10: The company benefited from a strong
Page 11 and 12: f Victaulic pipe and fittings were
Page 13 and 14: f Steel & Tube Roofing supplied the
Page 15 and 16: 13 f Board committees There are thr
Page 17 and 18: f Soanes and Vision Engineering Ltd
Page 19 and 20: FINANCIAL STATEMENTS 2003 17 FINANC
Page 21 and 22: STATEMENTS OF FINANCIAL PERFORMANCE
Page 23 and 24: STATEMENTS OF CASH FLOWS FOR THE YE
Page 25 and 26: NOTES TO THE FINANCIAL STATEMENTS 1
Page 27 and 28: NOTES TO THE FINANCIAL STATEMENTS (
Page 37 and 38: COMPARATIVE REVIEW 2003 2002 2001 2
Page 39 and 40: f CORPORATE OFFICE PIPING SYSTEMS R

STEEL & TUBE

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