Fleetwood Limited · ASX:FWD
Fleetwood — Investor Presentation (October 2008)
24 slides from Fleetwood's investor presentation, Oct 14, 2008
Slide 1: Delivering the Promise
For personal use only “Delivering Delivering the Promise” Promise
Slide 2: Fleetwood's operations
Fleetwood’s Fleetwood s operations: For personal use only • Recreational Vehicles • Manufactured Accommodation Based in three of Australia Australia’s s growth sectors • Retirement p • Resource development • Recreation
Slide 3: Market Capitalisation
Market Capitalisation $m 500 For personal use only Market Capitalisation at 30/6/08 $470m 450 Fleetwood Evolution Amalgamated Rainbow Western 400 Acquired Portables and Durabuilt to form Fleetwood Woodside 350 Searipple pp Expansion Carvan 300 and Windsor Acquired 250 Campervans and Parks Sold Durab
Slide 4: Recreational Vehicles
Recreational Vehicles For personal use only Market Position Long Term Drivers Coromal & Windsor Caravans • Retiree sector growth - retirees 2nd largest caravan manufacturer in are largest users of caravans caravans. Australia >20% market share. • Impact of “baby boomers”. Camec largest supplier of p
Slide 5: Recreational Vehicles: Camec
Recreational Vehicles Camec For personal use only
Slide 6: Recreational Vehicles: Coromal
Recreational Vehicles Coromal For personal use only
Slide 7: New Windsor Facility
New Windsor Facility • Old factory produced 17 vans per week. • New facility capable of producing 35 per week. week For personal use only • Purpose built single shed. Located close to old factory. • Strengthen dealer network and introduce single franchise dealerships.
Slide 8: Recreational Vehicles: Flexiglass
Recreational Vehicles Flexiglass For personal use only
Slide 9: Recreational Vehicles Gross Profit Financial Year 2008
Recreational Vehicles Gross Profit For personal use only Financial Year 2008 Flexiglass Windsor Camec Coromal
Slide 10: Manufactured Accommodation
M Manufactured f t d Accommodation A d ti For personal use only Portable Building Lifestyle Village Transportable Home
Slide 11: Manufactured Accommodation Market Position
Manufactured Accommodation For personal use only Market Position Long Term Drivers Portable accommodation for the • Major development projects construction and resource industries. in WA, SA & NT Headquartered in Perth with operations in • Retiree sector growth – park Adelaide, Darwin and Alice Spri
Slide 12: High Wycombe Manufacturing Facility
gHigh High y Wycombe Wycombe Manufacturing Manufacturing g Facility y For personal use only Facility
Slide 13: Manufactured Accommodation Gross Profit Financial Year 2008
Manufactured Accommodation Gross Profit For personal use only F inanc ial Y ear 2008 Trans portables R ental P ortables P ark Homes S earipple
Slide 14: Searipple Village – Karratha, WA
Searipple Village – Karratha, WA Manufactured Accommodation For personal use only Completed 144 room upgrade July 2008. Total Rooms now 1,520 Approx 1,100 Approx. 1 100 rooms contracted to Woodside (take or pay) until June 2010
Slide 15: Worsley Alumina Upgrade
Worsley Alumina Upgrade For personal use only • Awarded $64$ million contract for 1,350 room village. • Fleetwood built previous village for Worsley at Collie for the last expansion in 1997. Previous Village constructed for Worsley Alumina in 1997
Slide 16: Rendered House Concept
Rendered House Concept For personal use only
Slide 17: Five Year Financial Summary
5 Year Financial Summary For personal use only $m unless stated 2008 2007 2006 2005 2004 Revenue 344.5 314.4 254.1 262.1 259.9 Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) 62.5 49.0 39.2 33.6 39.1 Earnings Before Interest and Tax (EBIT) 51.1 40.4 31.6 27.7 31.5 Operating Pro
Slide 18: Financial Year 2008
Financial Year 2008 Coromal Caravans For personal use only Revenue up 10% to $344m Windsor Caravans EBIT up 27% to $51 Recreational Vehicles NPAT up 29% to $34m p EBIT 37% of Group Camec Fleetwood Flexiglass Corporation Limited Fleetwood Manufactured Accommodation 63% of Group EBIT Rainbow
Slide 19: Financial Year 2008
For personal use only Financial Year 2008
Slide 20: Strong Financial Position
Strong Financial Position For personal use only • Operating cash flow to June 2008 $60m. • Low Gearing (Net Debt / Equity) 12% 12%. • Focus on working capital management – C Current tR Ratio ti (C (Currentt A Assets t tto Current C t Liabilities) 1.67:1.
Slide 21: Gearing and Interest Cover
Gearing and Interest Cover For personal use only 35% 30 Gearing Times Interest Cover (RHS) 30% 25 25% 20 20% 15 15% 10 10% 5% 5 0% 0 2004 2005 2006 2007 2008
Slide 22: Special Dividends
Special Dividends For personal use only • Special dividends to continue for a further 2 years. j • Subject to acquisition q opportunities pp or other major j capital expenditure. • Attractive yield at approximately 8% fully franked.
Slide 23: Outlook: Recreational Vehicles
Outlook For personal use only R Recreational i l Vehicles V hi l • Current economic uncertainty may affect demand in 2009 2009. • Extract E t t iimproved d returns t from f all ll RV companies.
Slide 24: Outlook: Manufactured Accommodation
Outlook For personal use only Manufactured Accommodation • High activity level to remain for immediate future. • High Hi h level l l utilisation tili ti off Searipple S i l Village Vill until til att least 2010. • Worsley and Rio Tinto contracts to underpin revenue for 2008/2009. • Opportunities thr