Fleetwood Limited · ASX:FWD
Fleetwood — H1 FY2024 Earnings Presentation
17 slides from Fleetwood's earnings presentation, Feb 28, 2024
Slide 1: Half Year Results FY24
Half Year Results FY24 February 2024
Slide 2: Operating Segments
Operating Segments WA SA VIC NSW QLD Fleetwood Australia | Half Year Results FY 2024 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 We will grow people and the do and do accountable.
Slide 4: Highlights H1 FY24
Highlights H1 FY24 EBIT of $6.3m Group safety performance Net cash of $34.1m. Dividend 2.5 cps (vs $0.2m in H1 FY23). 28% reduction in MTIFR. fully franked (nil H1 FY23). Medium term demand Building Solutions Focus now on Executive Management for Searipple contracted returned to transform strategy t
Slide 5: Earnings Summary
Earnings Summary Improved earnings in Building and Community Solutions. $ Million H1 FY24 H1 FY23 Change Revenue in Building Solutions rebounded strongly from Revenue 229.9 223.1 3% H2 FY23 levels of $127.7m. EBITDA 14.5 8.7 66% Building Solutions’ gross margins nearing target levels. Depreciation 8
Slide 6: Cashflow Summary
Cashflow Summary The Company maintained a solid net cash position. $ Million H1 FY24 H1 FY23 Year-end classroom moves and amortisation of construction EBITDA 14.5 8.7 advance payments saw Building Solutions use working capital. Interest paid (net) (0.0) (0.6) Building Solutions’ working capital is e
Slide 7: Balance Sheet Summary
Balance Sheet Summary Solid cash position retained. $ Million H1 FY24 FY23 Total debt and bonding facilities of $81m. Net working capital 40.5 23.7 Project bonding outstanding fell from $22.5m in Property Plant and Equipment 32.0 32.6 December 2022 to $18.4m in December 2023 Intangibles 46.8 47.4 re
Slide 8: Building Solutions - Performance
Building Solutions - Performance 3.5 3.0 H1 FY23 200 2.5 H1 FY23 H1 FY24 2.0 H1 FY24 150 1.5 1.0 0.5 100 0.0 EBIT of $3.2m on revenue of $172.1m. $ Million -0.5 H1 FY24 -1.0 H1 FY23 Change 50 -1.5 Return to profitability built on strategy progress. Revenue -2.0 -2.5 172.1 168.2 2% 0 Revenue essentia
Slide 9: 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 10: Building Solutions - Strategy Progress
Building Solutions - Strategy Progress Overhead staff numbers remain below the June 2022 peak. MTIFR reduced by 28% in H1 FY24. Centralisation of Design and Estimating function. Factory capacity and utilisation now being monitored and driving sales and operation planning. Procurement savings identif
Slide 11: Community Solutions - Performance
Community Solutions - Performance 5 20 H1 FY23 H1 FY23 4 H1 FY24 H1 FY24 15 3 EBIT of $4.7m on revenue of $17.2m. $ Million 10 H1 FY24 H1 FY23 Change 2 FY23 major client shutdowns at Searipple Village extended Revenue 5 1 17.2 13.1 31% into the early part of FY24. EBIT 4.7 2.6 83% 0 0 Searipple Vill
Slide 12: 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 13: RV Solutions - Performance
RV Solutions - Performance 4.0 50 H1 FY23 H1 FY23 3.5 40 H1 FY24 H1 FY24 3.0 2.5 30 2.0 EBIT of $1.8m on revenue of $40.0m. 20 $ Million 1.5 H1 FY24 H1 FY23 Change 1.0 10 RV Solutions saw reduced consumer discretionary demand. Revenue 0.5 40.0 41.6 -4% 0.0 0 Trading conditions were difficult and inc
Slide 14: 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 mixed. The forward order book for manufacturers has reduced. Commercialise new products in the OEM segm
Slide 15: Summary
Summary OVERALL Focus on revenue quality, sustainably improving margins, Building and Community Solutions increasing utilisation and managing overheads. gaining momentum. Roadmap to improve quality and Recent 5-year agreements with Medium term outlook for consistency of earnings Rio Tinto underpins
Slide 16: 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 17: Thank you
Thank you Investor Relations T 08 9323 3300 E info@fleetwood.com.au