Fletcher Building Limited · NZX:FBU
Fletcher Building — Shareholder Meeting (2002)
32 slides from Fletcher Building's shareholder meeting presentation, 2002
Slide 1: Annual Shareholders' Meeting 2002
Annual Shareholders’ Meeting 2002 Ralph Waters Chief Executive Officer
Slide 2: EBIT
EBIT Earnings Before Interest & Tax (Pre-Unusuals) $m 250 205 94 0 2001 2002 Restated on a comparable basis 1
Slide 3: Earnings
Earnings After Tax Earnings (Pre-Unusuals) NZ$m 100 88 50 18 0 2001* 2002 * Adjusted for Capital Notes Interest 2
Slide 4: Revenue
Revenue $bn 3 2.74 2.85 0 2001 2002 Restated on a comparable basis 3
Slide 5: Major Influences
Major Influences o Improved operating margins o Reduced overheads o Improved trading conditions in New Zealand 4
Slide 6: Building Products
Building Products Pro Forma June 2002 June 2001 $m 12 Months 12 Months Change Revenue 820 840 -2% Operating Profit (EBIT) 85 58 +47% Margin 10.4% 6.9% +51% Funds 433 450 -4% Return on Funds 19.6% 12.9% +52% 5
Slide 7: Building Products
Building Products Upstream Steel Plasterboard Panel / Hardware Distribution Woodpanels Downstream Steel 6
Slide 8: Concrete
Concrete Pro Forma June 2002 June 2001 $m 12 Months 12 Months Change Revenue 470 454 +4% Operating Profit (EBIT) 60 31 +94% Margin 12.8% 6.8% +88% Funds 416 485 -14% Return on Funds 14.4% 6.4% +125% 7
Slide 9: Concrete
Concrete Cement Aggregates Readymix Concrete Products Pipes Peru Bolivia 8
Slide 10: Construction
Construction Pro Forma June 2002 June 2001 $m 12 Months 12 Months Change Revenue 871 808 +8% Operating Profit (EBIT) 30 5 +500% Funds -95 -59 -61% 9
Slide 11: Distribution
Distribution Pro Forma June 2002* June 2001* $m 12 Months 12 Months Change Revenue 686 638 +8% Operating Profit (EBIT) 34 18 +89% Margin 5% 2.8% +79% Funds 101 92 +10% Return on Funds 33.7% 19.6% +72% * Restated to incorporate changes to accounting treatment on a comparable 12 months basis 10
Slide 12: Reduced Debt
Reduced Debt Net Debt Including Capital Notes $m 600 524 398 0 2001 2002 11
Slide 13: Gearing
Gearing $m 1200 Net Debt to Net Debt + Equity 524 398 49% 40% 540 591 0 2001 2002 Net Debt Equity 12
Slide 14: Interest Cover
Interest Cover EBITDA to Interest Payments $m 350 294 184 3.1 times 5.8 times 60 51 0 2001 2002 Restated on a comparable basis 13
Slide 15: Capital Expenditure
Capital Expenditure $m 137 140 51 0 2001 2002 2001 includes $50m acquisition of co-generation assets 14
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Slide 17: The Laminex Group
THE laminex Group
Slide 18: Laminex
Laminex o Preferred geography o Familiar industry o Compatible operations o Strong market positions o Capable management 17
Slide 19: Laminex Premium Decorative Surfaces
Laminex Premium Decorative Surfaces Laminates for - benchtops - cabinet linings - marine panels 18
Slide 20: Laminex Premium Decorative Surfaces
Laminex Premium Decorative Surfaces Woodpanels for - cupboards - furniture - fittings 19
Slide 21: Laminex Trade Woodpanels
Laminex Trade Woodpanels Medium Density Fibreboard for - cupboards - benches - furniture 20
Slide 22: Laminex Trade Woodpanels
Laminex Trade Woodpanels Particleboard for - furniture - shelving - flooring - substrates 21
Slide 23: Laminex Assorted Products
Laminex Assorted Products o Timber o Veneer panels o Doors o Vanity units o Components 22
Slide 24: Laminex FY02 Revenue
Laminex FY02 Revenue Assorted Products 13% Export 14% Trade Woodpanels 26% Premium Decorative Surfaces 47% 23
Slide 25: Laminex Production Facilities
Laminex Production Facilities Cheltenham Papakura Gympie Welshpool Dardanup Ballarat Albury 24
Slide 26: Laminex Distribution Network
Laminex Distribution Network Laminex Service Centres There are also more than 8,000 Laminex displays in independent outlets. 25
Slide 27: Laminex Exports to Asia
Laminex Exports to Asia Korea China Taiwan Japan Indonesia Hong Kong Philippines Vietnam 26
Slide 28: Industry Structure Enhanced
Industry Structure Enhanced o Formica acquisition August 1999 o Wesfi acquisition February 2001 27
Slide 29: Product Development
Laminex Product Development 28
Slide 30: Laminex Earnings
Laminex Earnings Years ended 30 June A$m 1999 2000 2001 2002 Sales Revenue 284 380 438 608 EBITDA before Unusual Items 53 68 64 88 EBIT before Unusual Items 37 50 40 58 Internal growth and acquisitions 29
Slide 31: Potential for synergies in related activities
Laminex Potential for synergies in related activities Manufacturing Distribution Exporting New Zealand New Zealand Australia Fletcher Building Asia Australia Australia New Zealand Laminex Group New Zealand Asia 30
Slide 32: o)) = iS S) aa)
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