Fleetwood Limited · ASX:FWD
Fleetwood — H1 FY2020 Earnings Presentation
17 slides from Fleetwood's earnings presentation, Feb 24, 2020
Slide 1: Half Year Results FY20
For personal use only BUILDING SOLUTIONS Half Year Results FY20 FEBRUARY 2020 ACCOMMODATION SOLUTIONS Fleetwood Australia Half Year Results FY20 RV SOLUTIONS
Slide 2: Operating Segments
Operating Segments For personal use only ACCOMMODATION SOLUTIONS WA SA VIC NSW QLD Fleetwood Australia Half Year Results FY20 22
Slide 3: Highlights H1FY20
Highlights H1FY20 For personal use only Financial Results + Statutory net profit increased 98% to $6.2m, the first results mostly clear of caravan manufacturing + EBITA from continuing operations down 18% to $12.8m due to major project timing + Net Cash at 31 December of over $28.7m Operational + Ke
Slide 4: Group Earnings Summary
Group Earnings Summary For personal use only + Timing of major projects in building solutions $ MILLION H1FY20 H1 FY19 Change impacted results + Accommodation Solutions benefited from Revenue 161.3 167.3 -4% increased customer activity levels in the Pilbara EBITDA 20.7 19.7 5% + Solid RV Solutions r
Slide 5: Segment Performance
Segment Performance For personal use only Building Accommodation RV Solutions Solutions Solutions H1FY20 H1 FY19 H1FY20 H1 FY19 H1FY20 H1 FY19 Revenue 106.6 116.1 Revenue 22.5 19.2 Revenue 35.6 38.5 EBITA 2.8 8.6 EBITA 9.6 6.7 EBITA 2.5 3.0 + WA and NSW have major projects + Contractual variation wi
Slide 6: Cashflow Summary
Cashflow Summary For personal use only + Working capital use driven by major new projects H1FY20 H1FY19 in Building Solutions towards the end of the half + High activity levels at Searipple also contributed EBITDA 20.7 19.7 to working capital use Cash outflows from discontinued businesses (0.8) (12.
Slide 7: Balance Sheet Summary
Balance Sheet Summary For personal use only + Net working capital higher due to major FY20 FY19 projects late in the half and Searipple activity levels Net working capital 44.6 27.8 + Strong cash position Property Plant and Equipment 48.3 48.4 + No debt. Credit facilities totalling $65m Intangibles
Slide 8: Forward Strategy
Forward Strategy For personal use only BUILDING ACCOMMODATION RV SOLUTIONS SOLUTIONS SOLUTIONS Fleetwood has successfully Developing a larger underlying base Diversifying sources of revenue commenced adapting traditional from Accommodation Solutions will in the RV Solutions business areas of the con
Slide 9: Building Solutions Market Exposure
Building Solutions Market Exposure For personal use only Over the last eight years, EXPOSURE EXPOSURE Fleetwood has grown in this INDIGENOUS HOUSING No exposure FY20 SCHOOL SPEND UP TO 5ha in segment (both organically and by $1.2bn OVER 10 YRS Crestmead, presently $1.1bn acquisition) to become the l
Slide 10: Building Solutions Competitive Advantage
Building Solutions Competitive Advantage For personal use only In-house Architectural Design + Allows deep engagement with clients at concept, budget or FEED stage + Provide services to assist scoping or setting out projects + Ultimate request for tender can include Fleetwood design elements Advance
Slide 11: Mass Customisation Example
Building Solutions Mass Customisation Example For personal use only + The two projects below are based on the same “kit of parts”, just configured differently. Results in significant manufacturing efficiencies and speed to market Two storey open plan layout Three storey configuration FAIRFIELD PRIMA
Slide 12: Overview of Karratha/Dampier Market
Village Solutions Overview of Karratha/Dampier Market For personal use only 9000 8000 8500 7000 6700 6000 5000 + Construction (potential) 4000 3000 3000 2000 2500 + Shutdown + Shutdown 1000 1500 Operational Operational 0 Operational + Shutdown + Construction (potential) Demand Supply Fleetwood Austr
Slide 13: Accommodation Solutions Expansion Strategy
Accommodation Solutions Expansion Strategy For personal use only + Expanding our footprint in this segment will improve Fleetwood’s overall quality of earnings + Fleetwood’s modular business provides the ability to develop new villages at a competitive cost + Bidding projects as Build, Own, Operate
Slide 14: RV Solutions Market Exposure
RV Solutions Market Exposure For personal use only + The RV market is undergoing structural change and is facing the + Our strategy in response to these trends is: threat of increasing imports + To embed further into the OEM caravan manufacturing base + As industry concentration increases, this is p
Slide 15: Outlook
Outlook For personal use only ACCOMMODATION SOLUTIONS + The Australian modular building + Solid start to FY20 + OEM market to remain tough in industry is still in its infancy. + Result likely to be higher than FY19 FY20. Targeting growth from the Fleetwood intends to be at aftermarket, new products
Slide 16: Important Notices and Disclaimer
Important Notices and Disclaimer For personal use only The information contained in this presentation is provided by Fleetwood Corporation Limited ACN. 009 205 261 (Fleetwood) for informational purposes only and does not constitute an offer, invitation or recommendation to subscribe for or purchase
Slide 17: Thank you
Thank you For personal use only Investor Relations T 08 9323 3300 E info@fleetwood.com.au Fleetwood Australia Half Year Results FY20 17