Fletcher Building Limited · NZX:FBU

Fletcher Building — Shareholder Meeting (2003)

34 slides from Fletcher Building's shareholder meeting presentation, 2003

  1. Slide 1: Annual Shareholders' Meeting 2003

    Annual Shareholders’ Meeting 2003

  2. Slide 2: Chairman: Roderick Deane

    Annual Shareholders’ Meeting 2003 Roderick Deane Chairman

  3. Slide 3: Directors

    Directors ƒ Dr Roderick Deane (Chairman) ƒ Paul Baines ƒ Hugh Fletcher ƒ Geoffrey McGrath ƒ Ralph Norris ƒ Sir Dryden Spring ƒ Kerrin Vautier ƒ Ralph Waters (Managing Director)

  4. Slide 4: Building

    &, Building

  5. Slide 5: Earnings

    Earnings After Tax Earnings (Pre-Unusuals) $m 200 168 88 18 0 2001 2002 2003

  6. Slide 6: Laminex Acquisition

    Laminex Acquisition ƒ Completed in November 2002 ƒ Integrated successfully ƒ High level of performance ƒ Earnout finalised with total acquisition price of A$685m

  7. Slide 7: Sales of Non-Strategic Assets

    Sales of Non-Strategic Assets ƒ Bolivia – concrete ƒ Australia – aluminium distribution ƒ India – concrete

  8. Slide 8: Refinancing

    Refinancing ƒ 44 million shares placed above market price raising $129m (Sept 02) ƒ Further equity raising at market price raising $26m (Nov 02) ƒ $150m capital notes issue (Nov 02) ƒ New syndicated bank facility of $800m (Dec 02)

  9. Slide 9: Building

    &, Building

  10. Slide 10: Post 30 June 2003

    Post 30 June 2003 ƒ Purchase of Tasman Building Products ƒ Sale of Building Depot ƒ Sale of Hire A Hubby ƒ 25 million shares placed at small discount to market price raising just over $100m (Sept 03)

  11. Slide 11: Operating Earnings

    Operating Earnings Earnings Before Interest and Tax $m 350 331 205 94 0 2001 2002 2003

  12. Slide 12: Return on Average Funds

    Return on Average Funds* % 30 23% 24% 10 -10 -9% Jun 2001 Jun 2002 Jun 2003 * EBIT/(Average net debt+equity+capital notes) – deferred tax asset

  13. Slide 13: Total Shareholder Return

    Total Shareholder Return % 50 43% 10 24% 8 33 6% 16 6 0 2001 2002 2003 Share Price Dividends

  14. Slide 14: Building

    &, Building

  15. Slide 15: The Laminex Group

    The Laminex Group ƒ Committed management team ƒ Synergies now forecast to be $10m p.a. ƒ Freight ƒ Margins ƒ Organisation structure

  16. Slide 16: Building

    &, Building

  17. Slide 17: Tasman Building Products

    Tasman Building Products ƒ Fibreglass insulation (No.1 in Australasia) ƒ Metal roofing tiles (No.1 in Australasia) ƒ Access flooring (No.1 in Australasia) ƒ Stainless steel sinks (No.2 in Australasia)

  18. Slide 18: Building

    &, Building

  19. Slide 19: Managing Director & CEO: Ralph Waters

    Annual Shareholders’ Meeting 2003 Ralph Waters Managing Director & Chief Executive Officer

  20. Slide 20: Construction

    Construction Commercial Building Engineering South Pacific Fletcher Residential

  21. Slide 21: Concrete

    Concrete Golden Bay Cement Winstone Aggregates Firth Humes Stresscrete Peru Bolivia SOLD India SOLD

  22. Slide 22: Distribution

    Distribution PlaceMakers The Building Depot SOLD Hire A Hubby SOLD

  23. Slide 23: Building Products

    Building Products Upstream Steel Downstream Steel Winstone Wallboards Fletcher Aluminium Fletcher Wood Panels MOVED Scott Panel & Hardware MOVED Tasman Building Products ACQUIRED

  24. Slide 24: Laminates and Panels

    Laminates and Panels FORMED 1 JULY 03 The Laminex Group Laminex Australia Laminex New Zealand Fletcher Wood Panels Scott Panel & Hardware

  25. Slide 25: Restated 2003 Turnover per Division

    Restated 2003 Turnover per Division* Laminates & Panels Concrete $968m $497m Construction $618m Distribution Building Products $807m $922m * Proforma for the full year

  26. Slide 26: Fletcher Building Model

    Fletcher Building Model Laminates Building Other Concrete & Panels Products Manufacturers Other Distribution Construction Distribution Markets

  27. Slide 27: Construction

    Construction ƒ Operating earnings $34m – up 13% ƒ Exceptional performance from Residential ƒ New infrastructure projects obtained ƒ Grafton Gully ƒ Central Motorway Junction

  28. Slide 28: Concrete

    Concrete ƒ Operating earnings $83m – up 38% ƒ Profit well up in every business ƒ Golden Bay Cement expansion ƒ Indirect Coal Fire ƒ Cooler

  29. Slide 29: Building Products

    Building Products ƒ Operating earnings $112m – up 32% ƒ Exceptional performance from Winstone Wallboards and Pacific Coilcoaters ƒ Steel making and wood panels affected by power prices and strong NZ$

  30. Slide 30: Laminates and Panels

    Laminates and Panels ƒ Laminex’s operating earnings of $44m attributable to Fletcher Building ƒ Annual operating earnings up 26% ƒ Continuing focus on merger benefits

  31. Slide 31: Distribution

    Distribution ƒ Operating earnings $55m – up 62% ƒ Sales of Building Depot and Hire A Hubby tighten focus on Fletcher Building products

  32. Slide 32: Capital Expenditure

    Capital Expenditure ƒ $88m on new plant and equipment ƒ Golden Bay Cement plant upgrade - $50m over four years ƒ Winstone Wallboards plant upgrade ƒ Various equipment and maintenance ƒ Rigorous internal review process

  33. Slide 33: Building

    &, Building

  34. Slide 34: Outlook

    Outlook ƒ Strong trading continues ƒ All divisions ahead of budget and last year ƒ Tasman earnings included from Oct 2003 ƒ Good results expected for both the half and full year

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