Fleetwood Limited · ASX:FWD
Fleetwood — FY2024 Earnings Presentation
25 slides from Fleetwood's earnings presentation, Aug 29, 2024
Slide 1: Full Year Results Presentation
Jimmy’s Pavilion, VIC, Building Solutions 2024 Full Year Results Presentation 29 August 2024 Fleetwood Australia 2024 Full Year Results Presentation 1
Slide 2: Acknowledgement of Traditional Owners
Fleetwood Australia acknowledges the Traditional Owners of the land on which we meet today. We pay our respects to Elders past and present. Credit Artwork: Garry Purchase
Slide 3: Highlights
Highlights Bruce Nicholson Managing Director and CEO Mackenzie Special School, QLD - Building Solutions Fleetwood Australia 2024 Full Year Results Presentation 3
Slide 4: Vision
Vision To be the leader in reimagining sustainable spaces. Our Lady’s Catholic Primary School VIC - Building Solutions Fleetwood Australia 2024 Full Year Results Presentation 4
Slide 5: Operating Segments
Operating Segments WA SA VIC NSW QLD Fleetwood Australia 2024 Full Year Results Presentation 5
Slide 6: Highlights
EBIT $8.2M NPAT $3.8M Up 95% on FY23 Up 90% on FY23 Free Cash Flow $5.7M Final Dividend 2.5 cps Highlights Cash Conversion 79% Fully Franked (FY23 2.1 cps) Full Year Dividend 5.0 cps Fully Franked (FY23 2.1 cps) 2024 Group safety performance Searipple Occupancy 30% reduction in TIFR FY24 34% actual
Slide 7: People & Safety Performance
5 People & Safety Performance 0 The Health and Wellbeing of our people remains our priority ✚ Significant improvement in TRIFR Safety Performance safety performance ✚ On site body care programs 19.6 30% improvement ✚ Employee Assistance Program ✚ Employee turnover has halved in the last two years ✚
Slide 8: Financial Results
Financial Results Cate Chandler Chief Financial Officer Jimmy’s Pavilion, Fleetwood Australia VIC, 2024 Full Year Results Building Presentation Solutions Jimmy’s Pavilion, VIC, Building Solutions 8
Slide 9: Financial Results
Financial Results ✚ Improved EBIT results from Building and $ Million FY24 FY23 Var Var % Community Solutions Revenue 419.9 410.6 9.3 2% EBITDA 24.7 21.0 3.7 17% ✚ Building Solutions returned to profitability and Depreciation 16.5 16.8 -0.3 -2% made good progress against its strategy EBIT 8.2 4.2 4.
Slide 10: Cash
Cash + Cash Conversion 79% delivered through disciplined $ Million FY24 FY23 Change working capital management to offset the unwinding EBITDA 24.7 21.0 3.7 of a $20M prepaid contract in June-23 Non-cash items 1.2 0.0 1.2 + Capex increased due to the refurbishment of Searipple Working capital and pro
Slide 11: Capital Management
Capital Management + The Dividend Policy to pay 100% of NPAT remains $ Million FY24 FY23 Change in place Net working capital 30.2 23.9 6.3 + The Board approved a final fully franked dividend Property Plant & Equipment 35.1 32.6 2.5 of 2.5 cps taking the full year fully franked dividend Intangibles 4
Slide 12: Segment Results
Segment Results Bruce Nicholson Managing Director and CEO Monteleone 2 Bedroom Display Home, SA - Building Solutions Fleetwood Australia 2024 Full Year Results Presentation 12
Slide 13: Community Solutions Performance
10 FY23 30 8 FY24 25 Community Solutions Performance 6 20 15 4 10 2 5 0 0 ✚ Strong 2H performance delivers EBIT of $11.5m $ Million FY24 FY23 Change Revenue 33.7 33.7 0.0 ✚ Searipple Village Occupancy 34% was supported by EBIT 11.5 10.2 1.3 shutdowns across 1H24 and contracted room growth EBIT % Rev
Slide 14: Building Solutions Performance
1 0 350 -1 FY24 Building Solutions Performance 300 -2 FY23 -3 250 -4 200 -5 150 -6 ✚ Return to profitability built on progress against 100 $ Million FY24 FY23 Change the Build, Transform, Grow strategy execution 50 Revenue 309.6 295.9 13.8 0 EBIT 2.2 -5.5 7.7 ✚ Delivered EBIT result of $2.2M, up $7.
Slide 15: RV Solutions Performance
80 6 FY23 5 60 4 RV Solutions Performance 40 3 2 20 1 0 0 ✚ Challenging market conditions from reduced consumer $ Million FY24 FY23 Change discretionary demand Revenue 75.5 80.6 -5.1 EBIT 1.3 6.9 -5.5 ✚ Net of price increases the revenue decline was 9.2% EBIT % Revenue 1.7% 8.6% -6.9% ✚ Reduction in
Slide 16: Strategy Update & Outlook
Strategy Update & Outlook Bruce Nicholson Managing Director and CEO Barramurra Public School, Catherine Fields, NSW, Building Solutions Fleetwood Australia 2024 Full Year Results Presentation 16
Slide 17: Community Solutions – Strategy Update
Community Solutions – Strategy Update ✚ Optimise Searipple Village across the cycle by securing base contracted business and layering in additional demand ✚ Planned projects, across the Karratha region in the oil, gas, fertilizer and green energy sectors come online and gain momentum ✚ Commercialise
Slide 18: Community Solutions – Outlook
Community Solutions – Outlook ✚ The Karratha region has a variety of projects planned in the oil and gas, fertilizer, and green energy sectors that will utilise Searipple Village rooms in FY25 and beyond ✚ FY25 contracted Searipple Village occupancy 65% with further opportunity to benefit from deman
Slide 19: Building Solutions – Strategy Update
Building Solutions – Strategy Update ✚ Build, Transform, Grow roadmap to drive improved quality and consistency of earnings ✚ Be recognised as the leader in modular manufacturing with a focus on winning ‘made for modular’ projects ✚ Good progress has been made on revenue diversification and factory
Slide 20: Building Solutions – Outlook
Building Solutions – Outlook ✚ Acceptance of modular construction as a quality, cost and time effective solution continues to grow ✚ Fleetwood brand recognition is growing ✚ Opportunities exist across lifestyle villages, social housing, key worker and education sectors ✚ As the leader in Modular, we
Slide 21: RV Solutions – Strategy Update
RV Solutions – Strategy Update ✚ Drive structural solutions products, sandwich panels, premium entry door and aluminium frames with increased capability and profitability ✚ Continue to bring new accessories and products to both OEM and aftermarket ✚ Digital refresh of brand, simplify sales process t
Slide 22: RV Solutions – Outlook
RV Solutions – Outlook ✚ RV sector will remain challenged for the next year, despite this, RVS is expect it to remain profitable ✚ Margin pressure will continue across most channels ✚ Continue to push new products focused on electrification and sustainability to the market ✚ Immediate focus on ‘righ
Slide 23: Summary
Summary Solid foundation established and momentum building to deliver sustainable earnings ✚ Searipple Village FY25 ✚ Acceptance of modular as a cost ✚ RV performance is expected to contracted base occupancy of and time effective solution remain subdued for the next year 65% (FY24 34%) continues to
Slide 24: 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 25: Thank you
Thank you Investor Relations & Media Inquiries: Cate Chandler, CFO cate.chandler@fleetwood.com.au 0419 186 575 Fleetwood Australia 2024 Full Year Results Presentation 25