Fleetwood Limited · ASX:FWD
Fleetwood — FY2023 Earnings Presentation
18 slides from Fleetwood's earnings presentation, Aug 31, 2023
Slide 1: Full Year Results FY23
Full Year Results FY23 August 2023
Slide 2: Operating Segments
Operating Segments WA SA VIC NSW QLD Fleetwood Australia | Full Year Results FY 2023 2
Slide 3: Vision and Values
Vision and Values Vision To be the leader in reimagining sustainable spaces Purpose To create innovative spaces so people can thrive Zero Harm Collaboration Integrity Accountability Innovation Zero harm for Better together. Say what we I hold myself people and the do and do accountable. environment.
Slide 4: Highlights FY23
Highlights FY23 EBITA of $4.2m Group safety performance Net cash of $46.6m Dividend reinstated 59% reduction in LTIFR. up $6.7m from (vs $12.3m loss in FY22). 2.1 cps fully franked. December 2022. Medium term demand Building Solutions Building Solutions Executive Management for Searipple contracted
Slide 5: Earnings Summary
Earnings Summary Improved earnings in Building and Community Solutions. $ Million FY23 FY22 Work and commercial close out on all Building Solutions FY22 major Revenue 410.6 446.1 projects now complete. EBITDA 21.0 4.3 Second half revenue in Building Solutions lower due to reduced Depreciation 16.8 1
Slide 6: Cashflow Summary
Cashflow Summary The Company maintained a stable net cash position after $ Million FY23 FY22 allowing for payment of the $14.1m onerous contract provision EBITDA 21.0 4.3 taken late in FY22. Interest paid (net) (1.1) (1.4) Net cash increased from the December 2022 position of Tax (0.5) (6.7) $39.9m
Slide 7: Balance Sheet Summary
Balance Sheet Summary Strong cash position retained. $ Million FY23 FY22 Total debt and bonding facilities of $81m. Net working capital 23.7 10.3 Project bonding outstanding fell from $27.0m in Property Plant and Equipment 32.6 35.3 June 2022 to $18.7m in June 2023 reflecting Intangibles 47.4 46.8 r
Slide 8: Building Solutions - Performance
Building Solutions - Performance 0 350 FY22 FY22 300 -5 FY23 FY23 250 -10 200 150 -15 100 EBITA loss of $5.5m on revenue of $295.9m. $ Million 50 -20 FY23 FY22 -25 0 Resolution of all major projects at a cost of $3.3m. Revenue 295.9 333.1 Revenue declined 11% from FY22 in line with activity levels E
Slide 9: Building Solutions - Reset
Building Solutions - Reset Reset Results Kicked off in December 2021. Strong order book build across the business with small to medium size projects that meet Target jobs within our capability. this criteria. Right gross margin. National functional teams in Procurement, Risks and opportunities well
Slide 10: Building Solutions - Strategy and Outlook
Building Solutions - Strategy and Outlook Strategy Outlook Build, Transform, Grow roadmap to drive Acceptance of modular construction as a improved quality and consistency of earnings. design, cost and time effective solution continues to grow. Improve capability, systems, processes and brand awaren
Slide 11: Building Solutions - Strategy Progress
Building Solutions - Strategy Progress Overhead staff numbers down 7% since June 2022. LTIFR reduced by 63% in FY23. Centralisation of Design and Estimating function. Factory capacity and utilisation now being monitored and driving sales and operation planning. Procurement savings identified and cap
Slide 12: Community Solutions - Performance
Community Solutions - Performance 35 30 12 FY22 FY22 10 FY23 FY23 25 8 20 6 15 4 10 2 5 Finished FY23 with EBITA of $10.2m on revenue of $33.7m. $ Million FY23 FY22 0 0 Major client shutdowns at Searipple Village saw an excellent Revenue 33.7 31.7 performance in the fourth quarter with the highest E
Slide 13: Community Solutions - Strategy and Outlook
Community Solutions - Strategy and Outlook Strategy Outlook Base utilisation secured with potential for WA’s Northwest has significant future projects further demand uplift as planned projects gain planned in the oil and gas, fertiliser, and green momentum. energy sectors. Additionally, Build Own Op
Slide 14: RV Solutions - Performance
RV Solutions - Performance 100 100 FY22 FY22 80 80 FY23 FY23 60 60 40 40 FY23 produced EBITA of $6.9m on revenue of $80.6m. $ Million 20 20 FY23 FY22 RV Solutions saw reduced consumer discretionary demand Revenue 0 0 80.6 81.2 in the fourth quarter on rising interest rates. EBITA 6.9 9.8 The OEM seg
Slide 15: RV Solutions - Strategy and Outlook
RV Solutions - Strategy and Outlook Strategy Outlook Expand offering in the aftermarket and increase The medium-term outlook for RV Solutions visibility and engagement with caravan buyers. remains solid. While international travel has resumed, the forward order book for Commercialise new products in
Slide 16: Summary
Summary OVERALL Focus on revenue quality, sustainably improving margins, Building and Community Solutions increasing utilisation and reducing overheads. gaining momentum. Roadmap to improve quality and Recent 5-year agreements with Medium term outlook for consistency of earnings Rio Tinto underpins
Slide 17: 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 18: Thank you
Thank you Investor Relations T 08 9323 3300 E info@fleetwood.com.au