Fletcher Building Limited · NZX:FBU
Fletcher Building — Investor Day (June 2022)
91 slides from Fletcher Building's investor day presentation, Jun 22, 2022
Slide 1: Fletcher Building Investor Day June 2022
Fletcher Building Investor Day June 2022 Building for tomorrow 22 June 2022
Slide 2: Outline for today
Outline for today Session 1 Divisional expos Session 2 Presentations and Q&A (Hybrid) Session 3 Site visits Session 4 Evening event Fletcher Building Limited
Slide 3: Fletcher Building – Building for Tomorrow
Fletcher Building – Building for Tomorrow Section Presenter AEST / NZT Duration 1. Building for tomorrow Ross Taylor / Bevan McKenzie 8:00am / 10:00am 55 mins 2. Building Products Hamish McBeath 8:55am / 10:55am 20 mins 3. Distribution Bruce McEwen 9:15am / 11:15am 20 mins Coffee break 9:35am / 11:3
Slide 4: A scale NZ & Australia in-country manufacturer of building products
A scale NZ & Australia in-country manufacturer of building products with complementary distribution, development & construction businesses Australia New Zealand FY22F $2.8b Rev $115m EBIT 4,600 people FY22F $6.5b Rev $635m EBIT 9,100 people Nationwide but East Coast focus Nationwide presence B
Slide 5: NZ plasterboard market likely back in equilibrium by October 2022
It is likely the New Zealand Plasterboard market will come back into equilibrium by October 2022 Plasterboard market volumes were being met to customers up to August 2021 WWB Average Daily Orders (sqm) Following the Auckland lockdown, industry shortages across a range of key building supplies in
Slide 6: New WWB plant at Tauriko opens in 2023
New WWB plant at Tauriko opens in 2023 and will add an extra 30% of capacity to the NZ market New plant was approved in 2019 when consents were running at 35,000 p.a. vs. the current level of c.50,000 p.a. Tauriko plant on track for a May 2023 opening Plant was delayed by around 12 months due to
Slide 7: Our vision, purpose and strategic goals
Our vision, purpose and strategic goals will continue to underpin the next steps of our journey… Vision To be the leader in New Zealand and Australian building products and solutions Purpose Improving the world around us through smart thinking, simply delivered Economic Leadership Market leading per
Slide 8: Confident of strong growth and improved through-the-cycle performance
… which we are confident can deliver strong growth at present market levels and materially improve through-the-cycle performance FY22F Medium-term targets at current market levels Significant pipeline of growth EBIT1 c.$750m investments in adjacencies + $150-300m Continued push to higher margin
Slide 9: Proven and capable leadership team (1/2)
Our confidence is underpinned by a proven & capable leadership team which continues to grow & evolve in line with our aspirations (1/2) Operational Leaders International design & International distribution & Distribution sector construction experience manufacturing sector experience across mul
Slide 10: Proven and capable leadership team (2/2)
Our confidence is underpinned by a proven & capable leadership team which continues to grow & evolve in line with our aspirations (2/2) Fletcher Building Group Team Global career in engineering, Successful development & Leading & driving Protect construction, building delivery of comprehensive
Slide 11: Experienced GM team and progress across people metrics
This is further reinforced by an experienced GM team and good progress across all people metrics Employee Engagement Rating1 82% engagement across a stable team of General Managers General Managers (GMs), which has been in place & driven the business reset 82% 78% 76% 72% +300bps improvement in
Slide 12: Good progress on safety
Leadership in Market leading Economic performance Strategic innovation, Zero injuries every day customer solutions Lowest delivered cost of each business Goals sustainability, and and services in industry top quartile growth via disruption We are making good progress on safety and getting everyone h
Slide 13: Driving market leading customer solutions and services
Leadership in Market leading Economic performance Strategic innovation, Zero injuries every day customer solutions Lowest delivered cost of each business Goals sustainability, and and services in industry top quartile growth via disruption We are driving market leading customer solutions and service
Slide 14: Relentless focus on operational improvements
Leadership in Market leading Economic performance Strategic innovation, Zero injuries every day customer solutions Lowest delivered cost of each business Goals sustainability, and and services in industry top quartile growth via disruption Our relentless focus on operational improvements will contin
Slide 15: Economic performance of each business in industry upper quartile
Leadership in Market leading Economic performance Strategic innovation, Zero injuries every day customer solutions Lowest delivered cost of each business Goals sustainability, and and services in industry top quartile growth via disruption We are driving economic performance of each business to be i
Slide 16: Growth opportunities from sustainability, innovation and disruption
Leadership in Market leading Economic performance Strategic innovation, Zero injuries every day customer solutions Lowest delivered cost of each business Goals sustainability, and and services in industry top quartile growth via disruption We have a compelling suite of growth opportunities in front
Slide 17: Strategy positions us to drive shareholder value
Our strategy positions us well to drive shareholder value in the short- and long-term 01 02 03 04 05 Significant Plans and Established Strong Well-positioned near-term runway for pipeline of enduring for macro profit growth further margin growth financial trends improvement investments – position
Slide 18: 1. Near-term profit growth
1. Near-term profit growth We expect FY22 EBIT of c.$750m, with an FY23 target for a $100m+ uplift (assuming a broadly flat market) FY22F EBIT1 by Division ($m) FY23 EBIT1 Target Building Products c.$210m FY23 target is for $100m+ uplift in Group EBIT (vs. FY22F) Distribution c.$135m Key assumpt
Slide 19: 2. Margin: EBIT margin improved by 200bps
2. Margin EBIT margin has improved by 200bps (vs. FY19), driven by cost-out, improved pricing and revenue mix Group EBIT1 Margin (%) Key levers driving improvement over FY19-22 Cost-out: Gross cost reduction of >$250m, focused +230 particularly on supply chain and overheads bps Efficiency: c.$10
Slide 20: 2. Margin: price effectiveness and cost efficiency
2. Margin Price effectiveness and cost efficiency have been key drivers of margin improvement Gross Margin % in Products & Distribution Div’s1 Overheads / Revenue % in Products & Distribution Div’s1 +70 -140 bps 22.9% bps c.30.0% 21.9% 29.6% c.21.5% 29.3% FY19 2 FY21 2H22F FY19 2 FY21 2H22F 1. Build
Slide 21: 2. Margin: targeting further margin expansion
2. Margin Targeting 100-200bps of further EBIT margin expansion at current activity levels; 9-10% target at mid-cycle Current EBIT1 Margin (%) Drivers of Margin Expansion Medium-Term Target EBIT1 Margin (%) Growth in margin-accretive NZ segments +50-100 bps c.10.5-11.5% (i.e. materials, distribution
Slide 22: 2. Margin: Fletcher Construction order book
2. Margin Fletcher Construction order book well-placed to deliver 3-5% margins, with two legacy projects to complete Fletcher Construction Committed forward order book of $3.1b Underpins c.80% of FY23F revenue Focus on NZ civil infrastructure: roading, marine, airports & water. Strong forward
Slide 23: 3. Investment: base capex
3. Investment ‘Base’ capex of $200-250m p.a. to support underlying business; focus is on digital, efficiency & sustainability ‘Base’ Capex: $200-250m p.a. $150-175m p.a. to maintain current asset base Maintenance Compares to underlying depreciation1 of $165m p.a. in FY22 $25-50m p.a. Digital
Slide 24: 3. Investment: above base growth capex
3. Investment ‘Above base’ growth capex of c.$500m over FY23-25, mainly on organic investments into NZ adjacencies ‘Above Base’ Growth Capex: c.$500m over FY23-25, targeting ROFE ≥ 15% and $75m+ of EBIT uplift at maturity c.$500m of investment in product & network adjacencies over FY23-25 Curren
Slide 25: 3. Investment: Residential Development approach
3. Investment Residential Development investment based on through-the-cycle metrics, with sensible capital allocation Residential Development Business: Investment Approach and Resilience Land pipeline secured to deliver growth to c.1,400 units in FY25 Disciplined approach to investing for growth
Slide 26: 4. Financial position: lower end of leverage range
4. Financial position and returns We expect to operate at the lower end of our target leverage range – resilient balance sheet settings Leverage (Net Debt / EBITDA) Strong balance sheet to support growth investments 2.0x Investments may lift the Group’s leverage by c.0.2x to 0.5x over the FY23-2
Slide 27: 4. Material ROFE improvement and shareholder returns
4. Financial position and returns Material improvement in ROFE; strong and sustainable shareholder returns ROFE1 (%) Returns Dividends (cps) Share buyback c.18.0% >15% 13.5% 18.0 41.2m shares repurchased for 18.0 $275m completed in May-22 FY19 2 FY22F Through-the-cycle Through-the- Last 12 Months ta
Slide 28: 4. Shareholder returns supported by trading cash flows
4. Financial position and returns Shareholder returns supported by underlying trading cash flows Underlying Trading Cash Flow1 ($m) c.$2.5b of total underlying trading cash flow in FY19-22F FY22F trading cash flow lower on investments in inventory 929 Draw-down of stocks in FY21 Investments
Slide 29: 5. Market outlook – summary
5. Market outlook – summary Current volumes strong; backlog to support activity over next 12-18 months Current trading volumes in the business remain strong Demand is running ahead of industry capacity to build in residential, particularly in New Zealand NZ residential consents of c.50k p.a. a
Slide 30: 5. Market outlook – macroeconomic impact
5. Market outlook – macroeconomic impact Given heightened macro uncertainty, we asked Deloitte to look at the relationship between key economic variables and activity in our markets – and to provide an independent view of the medium-term outlook Model Example: NZ Residential WPIP Deloitte Access E
Slide 31: 5. Market outlook – non-residential NZ & AU
5. Market outlook – non-residential NZ & AU NZ & AU non-residential are 45-50% of FB’s market exposure. Pipeline of work expected to be solid NZ Commercial & Infrastructure WPIP ($b) Commercial Infrastructure Non-residential activity is expected to 19% 18% 6.7 8 remain supportive over the medium-
Slide 32: 5. Market outlook – residential AU
5. Market outlook – residential AU AU residential activity is currently at an average of the past five years – material near-term backlog and solid outlook AU Residential Work Done (A$b) AU residential activity is currently at an average of the past 19% 93.0 85.3 87.2 five years 75.1 Recent leve
Slide 33: 5. Market outlook – residential NZ
5. Market outlook – residential NZ NZ residential currently at capacity – backlog likely to support next 12-18 months; FY24 softening expected NZ Residential WPIP ($b) Current consenting levels of c.50k p.a. are c.20-30% above 14.0 33% 12.4 industry capacity to build 12.0 12.1 9.8 This backlog i
Slide 34: Summary
Summary We will drive ongoing performance and growth – building a sustainably better, more resilient business 01 02 03 04 05 Significant Plans and Established Strong Well-positioned near-term runway for pipeline of enduring for macro profit growth further margin growth financial trends improvement
Slide 35: Questions
Questions Page 35 | Fletcher Building Limited Investor Day Presentation | © June 2022
Slide 36: Agenda
Agenda 1. Building for tomorrow Ross Taylor / Bevan McKenzie 2. Building Products Hamish McBeath 3. Distribution Bruce McEwen 4. Concrete Nick Traber 5. Australia Dean Fradgley 6. Residential and Development Steve Evans 7. Concluding Remarks Ross Taylor Fletcher Building Limited
Slide 37: Building Products
Building Products The leading New Zealand building products solutions provider with unrivalled network Market leading building products brands for the finishing trades with world leading technical product knowledge Strong in-country manufacturing presence, providing a large range of decorative s
Slide 38: Building Products: EBIT margin growing to c.14%
Building Products EBIT margin growing to c.14% through pricing disciplines, new products and manufacturing efficiency investments; ROFE decline reflects investment in inventory EBIT ($m)1 EBIT Margin1 (%) and ROFE2 (%) Key Non-financial Measures FY19 YTD22 c.$210m 23.3% TRIFR3 6.4 2.7 $167m c.20.2%
Slide 39: Driving growth with new glasswool insulation plant
Building Products Driving growth with new glasswool insulation plant Current plant at full capacity; responding to Building Code change requiring c.2x current bales of insulation Driving operational performance (top & bottom line) Delivering growth through code change requirements Pricing discipli
Slide 40: Laminex Taupo plant upgrade
Building Products Laminex Taupo plant upgrade Delivering growth through modernisation, adjacencies & higher margin products Laminex Taupo plant upgrade for wood-fibre products Laminex upgrade site footprint Final stages of vendor selection for new panels plant in Taupo New plant will offer a wid
Slide 41: Steel
Building Products Steel Investing to achieve world-class logistics, cost & operating efficiencies as well as market share Steel manufacturing efficiencies New Steel site delivering best-in-class manufacturing 1st stage of infrared ovens installed successfully, final stage due Purpose-built steel
Slide 42: Humes
Building Products Humes 2-year manufacturing upgrade programme nearing completion, delivering low-cost, efficient manufacturing Manufacturing footprint Papakura manufacturing plant automation Completed site consolidation, resulting in two nationwide pipe Humes Papakura manufacturing plant automa
Slide 43: Building Products strengthening and growing manufacturing positions
Building Products Building Products continuing to strengthen & grow existing manufacturing positions in NZ via ongoing innovation & investments Improved modern & automated manufacturing plants expected to drive operational efficiency and address capacity constraints to facility share growth Soli
Slide 44: Questions
Questions Page 44 | Fletcher Building Limited Investor Day Presentation | © June 2022
Slide 45: Agenda
Agenda 1. Building for tomorrow Ross Taylor / Bevan McKenzie 2. Building Products Hamish McBeath 3. Distribution Bruce McEwen 4. Concrete Nick Traber 5. Australia Dean Fradgley 6. Residential and Development Steve Evans 7. Concluding Remarks Ross Taylor Fletcher Building Limited
Slide 46: Leading trade distribution businesses in New Zealand
Distribution Leading trade distribution businesses in New Zealand A leading trade distributor of building & plumbing supplies across the NZ market, with strong geographic network reach Deep customer connections, leading technical knowledge, and strong grass roots presence through leading respect
Slide 47: Distribution: sustainable performance improvement
Distribution Sustainable performance improvement through strong operating disciplines EBIT ($m)1 EBIT Margin1 (%) and ROFE2 (%) Key Non-financial Measures c.56.5% 51.2% FY19 YTD22 c.8.7% c.$135m TRIFR3 5.8 4.8 7.4% NPS 44 27 $115m Engagement 75% 71% Carbon (‘000t)4 7 9 FY19 FY22F FY19 2H22F EBIT mar
Slide 48: Growth through sales, pricing disciplines and cost efficiencies
Distribution Growth delivered through top line sales growth, embedded pricing disciplines and cost efficiencies Disciplined sales growth through top line initiatives Embedded cost efficiencies Strong pricing disciplines & capability to recover inflation Sales excellence to capture targeted marke
Slide 49: Network expansion centred around customers
Distribution Network expansion centred around our customers to drive ongoing growth Tumu stores expected to deliver earnings uplift… … and strengthen market positions in growth areas Six branches & one Frame & Truss manufacturing facility c.200 staff with deep community connection $130-140m sa
Slide 50: Scaling up Frame & Truss manufacturing
Distribution Scaling up Frame & Truss manufacturing Investing in automation Safer operating environment for our people Improved quality product in dimension and tolerance Technology & automation enabling innovation in new products Increased capacity enabling potential for capturing increased
Slide 51: Innovation in digital tools
Distribution Innovation in digital tools differentiating the business for sustainable returns Digitising our operations / end-to-end supply chain Enhancing our customer experience Continued development of digital tools driving ease of integration into customers ecosystems Making it easy for our
Slide 52: Data & analytics enabling personalisation
Distribution Insights via data & analytics enabling customer experience personalisation Focus on solving key challenges with data & analytics Harnessing tech capabilities to differentiate Data & analytics team established; tech foundations built Core customer data cleansed; personalisation enabl
Slide 53: Distribution driving growth and margin expansion
Distribution Distribution Division driving growth & margin expansion through continued innovation & operational discipline Strong financial performance with growing EBIT margins & strong ROFE Profitable network expansion & investment in growth corridors Disciplined pricing methodologies & capa
Slide 54: Questions
Questions Page 54 | Fletcher Building Limited Investor Day Presentation | © June 2022
Slide 55: Coffee Break
Coffee Break Presentations will resume at 9:45am AEST / 11:45am NZT Page 55 | Fletcher Building Limited Investor Day Presentation | © June 2022
Slide 56: Agenda
Agenda 1. Building for tomorrow Ross Taylor / Bevan McKenzie 2. Building Products Hamish McBeath 3. Distribution Bruce McEwen 4. Concrete Nick Traber 5. Australia Dean Fradgley 6. Residential and Development Steve Evans 7. Concluding Remarks Ross Taylor Fletcher Building Limited
Slide 57: NZ leader in sustainable binder & concrete
Concrete NZ leader in sustainable binder & concrete – underpinned by strong brands, unique footprint & technical capabilities Well-positioned in NZ’s fastest growing markets, with a well-balanced mix of major sector exposures (across residential, commercial & infrastructure) Unique footprint & l
Slide 58: Concrete: sustainable margin and profit improvement
Concrete Sustainable margin and profit improvement based on strengthened market position, improved cost base and investment discipline EBIT ($m)1 EBIT Margin1 (%) and ROFE2 (%) Key Non-financial Measures c.21.0% FY19 YTD22 c.$125m TRIFR3 2.0 2.6 14.0% c.15.0% NPS 51 61 $89m Engagement 75% 74% 11.1%
Slide 59: Sustainable growth platform
Concrete Strong sustainable growth platform driven by continuous improvement of our core business and capturing future growth opportunities Base business: Drive operational performance & efficiency Driving growth plans: Innovation, digital & sustainability Strengthened market position and Leader
Slide 60: Firth's growth and low carbon solutions
Concrete Firth’s growth is underpinned by extended footprint & operations and fast scaling of low carbon product & solutions From industry leading concrete products… … to low carbon construction solutions Extended Certified footprint Launching mid-FY23: EcoMix low carbon concrete Expanded ready-mix
Slide 61: Golden Bay supply chain and low carbon binder
Concrete Golden Bay’s performance is driven by increased supply chain capacity, leading operational & carbon performance, and scaling of waste management From leading carbon and operational performance… … to sustainable binder and waste management Supply chain optimisation Launching mid-FY23: EcoSur
Slide 62: Winstone Aggregates growth and circular offering
Concrete Winstone Aggregates is capturing growth from capacity upgrades, geographic expansion & scale-up of circular offering From leading aggregates supplier… … to circular materials management Enhanced service offering Geographic expansion Leveraging transport capability to deliver Expansion into
Slide 63: Concrete Division attractive platform for sustainable growth
Concrete Concrete Division offers an attractive platform for sustainable growth Leading concrete business based on strong brands, capabilities and footprint Underlying performance improvement initiatives delivering ahead of plan Driving growth plans to capture opportunities in innovation, digi
Slide 64: Questions
Questions Page 64 | Fletcher Building Limited Investor Day Presentation | © June 2022
Slide 65: Agenda
Agenda 1. Building for tomorrow Ross Taylor / Bevan McKenzie 2. Building Products Hamish McBeath 3. Distribution Bruce McEwen 4. Concrete Nick Traber 5. Australia Dean Fradgley 6. Residential and Development Steve Evans 7. Concluding Remarks Ross Taylor Fletcher Building Limited
Slide 66: Australia: established businesses and brands
Australia Well-established businesses & brands that operate across manufacturing & distribution, with momentum to grow Well-positioned businesses with strong brands; scale in respective markets Leading manufacturer of decorative surfaces, plastic pipes, insulation and steel Leading plumbing su
Slide 67: Australia: material profit improvement continues
Australia Material profit improvement continues, with EBIT margin exit run-rate of c.4.7% – we are confident in the sustainability of this earnings growth EBIT ($m)1 EBIT Margin1 (%) and ROFE2 (%) Key Non-financial Measures c.8.3% FY19 YTD22 c.$115m TRIFR3 5.4 3.5 NPS 33 15 5.2% c.4.7% Engagement 59
Slide 68: Australia has more than doubled margins since FY19
Australia Australia has more than doubled margins since FY19 and will deliver 5%+ returns in FY23. There is strategic momentum to deliver +200-300bps in the medium-term Driving operational performance through top & bottom line initiatives Pricing strategies beyond cost price recovery, removed low
Slide 69: Laminex
Australia Laminex Performing well in-market; a well-positioned business heading towards double-digit EBIT margins Operational performance & growth strategies… Revenue Weighted Sector Exposure Ecommerce Sales Targeted segmental growth in core categories; leading the market in Ecommerce Sales % 30%
Slide 70: Laminex: strategy in action
Australia Laminex Strategy in action; pilot stores for Haven Kitchens in place and alternative fibre trials underway Haven Kitchens – Pilot Stores in Melbourne Research & Product Development Page 70 | Fletcher Building Limited Investor Day Presentation | © June 2022
Slide 71: Plumbing Distribution
Australia Plumbing Distribution Margins have grown by c.200bps over three years; momentum will add 100bps p.a. in the medium-term Operational performance & growth strategies… Revenue Weighted Sector Exposure SME Participation Sustainable gross profit improvement driven by segmental growth Infrastr
Slide 72: Plumbing Distribution: strategy in action
Australia Plumbing Distribution Strategy in action; complete digital offer and own brand penetration are driving margin expansion Tradelink into 2nd year of digital sales Own brand driving growth Digital sales $ Digital Sales DigitalGM% Margin Own brand sales 300bps 30% We are now accelerating into
Slide 73: Fletcher Insulation
Australia Fletcher Insulation Delivered 700bps of EBIT margin improvement over three years – well-positioned for future growth Better margins from operational performance & growth Revenue Weighted Sector Exposure Optimised manufacturing and distribution footprint; investment in automation has driv
Slide 74: Stramit
Australia Stramit Stramit has performed reasonably well in a challenging year within a highly constrained domestic steel market Better margins from operational performance & growth Revenue Weighted Sector Exposure Sheds Participation Pricing strategies have seen margin recovery Commercial Distribu
Slide 75: Iplex
Australia Iplex Enhanced strategy is improving the quality of earnings through-the-cycle Better margins from operational performance & growth Revenue Weighted Sector Exposure Optimised our manufacturing footprint Redefined our core markets to play in more attractive profit pools 30% Residential
Slide 76: Healthy momentum delivering 5%+ in FY23
Australia Healthy momentum delivering 5%+ in FY23; line of sight to 200-300bps growth over the medium-term Strong Locked in Strong digital Ahead of our Commitment to operational improved quality cadence ESG targets zero harm discipline of earnings Delivering 5%+ EBIT margins in FY23 – well-positione
Slide 77: Questions
Questions Page 77 | Fletcher Building Limited Investor Day Presentation | © June 2022
Slide 78: Agenda
Agenda 1. Building for tomorrow Ross Taylor / Bevan McKenzie 2. Building Products Hamish McBeath 3. Distribution Bruce McEwen 4. Concrete Nick Traber 5. Australia Dean Fradgley 6. Residential and Development Steve Evans 7. Concluding Remarks Ross Taylor Fletcher Building Limited
Slide 79: Residential & Development: growing and shaping the businesses
Residential & Development Continuing to grow and shape the businesses, building off our well- established strengths and market brands Centred around Auckland & Christchurch, delivering new master-planned communities at scale for the last 10+ years Existing communities continue to show great dema
Slide 80: Residential & Development: EBIT margins to return to c.20%
Residential & Development A strong base established with performance driven by measured growth; anticipating that EBIT margins will return to c.20% EBIT ($m)1 Residential EBIT1 Margin & ROFE3 (%) Key Non-financial Measures Residential includes Apartments, Clever Core FY19 YTD22 c.$215m c.30.1% and V
Slide 81: Pragmatic assumptions and strong product positioning
Residential & Development Combination of pragmatic financial assumptions & strong product positioning gives us confidence our Residential Development business is well-positioned through-the-cycle Factoring in a c.10% drop in EBIT margins in FY23 (vs. FY22F) due to EBIT Margin % a combination of pr
Slide 82: Growing to 1,000 homes p.a. in Auckland & Christchurch
Residential & Development Growing to 1,000 homes p.a. in Auckland & Christchurch, strengthening position and providing prudent / sensible market presence Distribution of FY22F residential sales Growing from a strong base 40% Existing locations continue to show robust demand, and Auckland 30% media
Slide 83: Apartments business
Residential & Development Targeted locations and prudent fundamentals support our Apartments business Auckland densification providing significant opportunities in non-central Auckland Apartments in non-CBD Locations but inner urban locations, where we already have a market presence and higher den
Slide 84: Retirement adding to our communities
Residential & Development Retirement adding to our communities and expanding our product reach A new offering for 70+ year old residents inside our established master-planned communities, targeting retirees wanting independent living with ability to access care through a healthcare partner A sig
Slide 85: Offsite manufacturing delivering speed & volume benefits
Residential & Development Offsite manufacturing delivering speed & volume benefits; high level of IP established Third year of production, with c.100 homes in FY22F and Assembling Clever Core panels at Whenuapai c.250 homes in FY23F External customer sales through Kāinga Ora & Group Home Builder
Slide 86: Industrial Development
Residential & Development Industrial Development blending rehabilitation & upgrade of legacy FB sites with new opportunities Recent development income through decontamination & Kauri Rd, Whenuapai mixed Industrial & Residential development repositioning of FB assets at Emu Plains, Rooty Hill & Gai
Slide 87: Strong land pipeline
Residential & Development Strong land pipeline with through-the-cycle perspective on land purchases and WIP base Strong land pipeline and through-the-cycle perspective on Work-In-Progress (WIP) will continue to grow & get efficient, purchases but has off-ramps if market does not support c.5,6001 l
Slide 88: Growth outlook underpinned by locations and product
Residential & Development Growth outlook underpinned by great locations, diversified product and our community offering Division well-positioned in terms of product price points, locations, range Total Volume of Residential Units Taken To Profit of products to deliver consistent through the cycle
Slide 89: Questions
Questions Page 89 | Fletcher Building Limited Investor Day Presentation | © June 2022
Slide 90: Strategy positions us to drive shareholder value
Our strategy positions us well to drive shareholder value in the short- and long-term 01 02 03 04 05 Significant Plans and Established Strong Well-positioned near-term runway for pipeline of enduring for macro profit growth further margin growth financial trends improvement investments – position
Slide 91: Important Information
Important Information This presentation has been prepared by Fletcher Building Limited and its group of companies (“Fletcher Building”) for informational purposes. This disclaimer applies to this document and the verbal or written comments of any person presenting it. In certain sections of this pre