Fleetwood Limited · ASX:FWD
Fleetwood — H1 FY21 Earnings Presentation
16 slides from Fleetwood's earnings presentation, Feb 25, 2021
Slide 1: Half Year Results FY21
Half Year Results FY21 FEBRUARY 2021 Fleetwood Australia Half Year Results FY21
Slide 2: Operating Segments
Operating Segments ACCOMMODATION SOLUTIONS WA SA VIC NSW QLD Fleetwood Australia Half Year Results FY21 2
Slide 3: Highlights H1 FY21
Highlights H1 FY21 + Underlying EBITA of $16.0m, up 26% + Building Solutions up 46% + Accommodation Solutions up 13% + RV Solutions up 53% + $64.6m in net cash + Interim dividend of 6 cps Fleetwood Australia Half Year Results FY21 3
Slide 4: Earnings Summary
Earnings Summary + Building Solutions: $ Million H1 FY21 H1 FY20 Change + Government demand and infrastructure spending remains strong Revenue 169.9 161.3 5% + Operational integration issues, COVID-19 EBITDA 24.4 20.7 18% restrictions and delayed starts on awarded Depreciation 8.4 7.9 6% contracts i
Slide 5: Cashflow Summary
Cashflow Summary + Solid working capital performance $ Million H1 FY21 H1 FY20 + Warranty provision use from former caravan manufacturing division in discontinued outflows EBITDA 24.4 20.7 + Tax payments to remain low in FY21 Cash outflows from discontinued businesses (1.2) (0.8) + Capex to increase
Slide 6: Cashflow and EBITDA ($ Million)
Cashflow and EBITDA ($ Million) = Cashflow = EBITDA $25.2 $17.9 $34.4 $31.9 $38.2 $46.6 $24.4 $23.8 FY18 FY19 FY20 H1 FY21 Fleetwood Australia Half Year Results FY21 6
Slide 7: Balance Sheet Summary
Balance Sheet Summary + Strong cash position $ Million H1 FY21 FY20 + No balance sheet debt. Credit facilities totalling $80m drawn to $18m for performance bonds Net working capital 16.0 18.7 + Annualised return on capital employed 20% Property Plant and Equipment 41.5 45.0 Intangibles 83.5 85.1 Oth
Slide 8: Building Solutions Performance
Building Solutions Performance + Earnings performance impacted by: $ Million H1 FY21 H1 FY20 + Operational integration issues in New South Wales Revenue 121.3 106.6 + COVID-19 restrictions on building activity in some States EBITA 4.1 2.8 + Decision making delayed starts on already- awarded contract
Slide 9: Building Solutions Strategy and Outlook
Building Solutions Strategy and Outlook Strategy + Diversify and grow the revenue base + Expand existing industry market segments to increase revenue + Generate more balanced and sustainable revenue sources at each operation to optimise State-by-State capacity + Nationalise and integrate the busines
Slide 10: Accommodation Solutions Performance
Accommodation Solutions Performance + Searipple Village in Karratha benefitted from $ Million H1 FY21 H1 FY20 COVID-19 related rostering changes + Underpinning contracts secured Revenue 22.4 22.5 + Osprey Village in Port Hedland fully occupied EBITA 10.9 9.6 Fleetwood Australia Half Year Results FY2
Slide 11: Accommodation Solutions Strategy and Outlook
Accommodation Solutions Strategy and Outlook Strategy Karratha FIFO market (Rooms) + Identify select project opportunities as + Short term market oversupply Build, Own, Operate and Transfer + Significant medium term opportunities available + Target sectors include mining, residential Rooms and aged
Slide 12: RV Solutions Performance
RV Solutions Performance + Q1 FY21 operations substantially disrupted by the $ Million H1 FY21 H1 FY20 Victorian COVID-19 lockdown + Pandemic-driven boom in domestic travel Revenue 31.2 35.6 boosted second quarter - trend continuing EBITA 3.7 2.5 + Aftermarket channels remain strong Fleetwood Austra
Slide 13: RV Solutions Strategy and Outlook
RV Solutions Strategy and Outlook Strategy + Expanison of aftermarket offering + Commercialise intellectual property retained by Fleetwood from the former caravan manufacturing business Outlook + Surge in domestic travel driven by international shutdowns to continue into the second half + No clear t
Slide 14: Summary and Outlook
Summary and Outlook ACCOMMODATION SOLUTIONS + Well placed to benefit from + H2 results not expected to match + Surge in domestic travel driven by anticipated Government stimulus strong H1 earnings on the back of border shutdowns to continue into spending rostering stability and additional village th
Slide 15: Important Notices and Disclaimer
Important Notices and Disclaimer The information contained in this presentation is provided by Fleetwood Limited ACN. 009 205 261 (Fleetwood) for informational purposes only and does not constitute an offer, invitation or recommendation to subscribe for or purchase any securities and neither this pr
Slide 16: Thank you
Thank you Investor Relations T 08 9323 3300 E info@fleetwood.com.au Fleetwood Australia Half Year Results FY21 16