Slide 1: Full Year Results FY19
MODULAR ACCOMMODATION Full Year Results FY19 AUGUST 2019 VILLAGE OPERATIONS Fleetwood Australia Full Year Results FY2019 1 PARTS AND SERVICES
Slide 2: Operating Segments
Operating Segments MODULAR VILLAGE PARTS AND ACCOMMODATION OPERATIONS SERVICES PMS YELLOW C PMS 286 C PLEASE USE PMS REFERENCE WHEREVER POSSIBLE Fleetwood Australia Full Year Results FY2019 2
Slide 3: Highlights FY19
Highlights FY19 Financial Results ++ Revenue from continuing operations up 18% to $315m ++ EBITA from continuing operations up 34% to $25.3m ++ Net Cash at 30 June of over $33m Structural ++ Two acquisitions completed, funded by $60m capital raise ++ $12m realised from sale of caravan business plus
Slide 4: Group Earnings Summary
Group Earnings Summary ++ Revenue and EBITA growth driven by strong $ MILLION FY19 FY18 Change performance of acquisitions, especially MBS ++ Lower demand from the Victorian education Revenue 315.3 267.0 18% and affordable housing sectors impacted the EBITDA 34.4 25.2 37% balance of the modular busi
Slide 5: Segment Performance
Segment Performance Modular Village Parts and Accommodation Operations Services EBITA EBITA EBITA 15 12 6 12 10 11.5 5 5.7 12.6 8 4 9 9.1 10.1 6 3 3.6 6 4 2 3 2 1 0 0 0 FY18 FY19 FY18 FY19 FY18 FY19 ++ MBS performed strongly in ++ Searipple benefited from ++ NRV 11 month contribution in its first ye
Slide 6: Cashflow Summary
Cashflow Summary ++ Strong cash generation continued FY19 FY18 ++ Solid working capital performance EBITDA continuing 34.4 25.2 ++ Tax payments to remain low in FY20 Cash outflows from discontinued businesses (5.2) (16.2) ++ Exit from caravan business will remain cash positive once tax benefits take
Slide 7: Balance Sheet Summary
Balance Sheet Summary ++ Net working capital lower due mostly FY19 FY18 to realisation of Recreational Vehicles working capital Net working capital 31.0 48.1 ++ Intangibles increased due to acquisitions Property Plant and Equipment 48.4 57.5 ++ Strong cash position Intangibles 101.1 52.1 ++ No debt.
Slide 8: Forward Strategy
Forward Strategy MODULAR VILLAGE PARTS AND ACCOMMODATION OPERATIONS SERVICES Fleetwood has successfully Developing a larger underlying base Diversifying sources of revenue commenced adapting traditional from village operations will improve in the parts and services business areas of the construction
Slide 9: Modular Accommodation Market Exposure
Modular Accommodation Market Exposure Over the last eight years, EXPOSURE EXPOSURE Fleetwood has grown in this INDIGENOUS HOUSING No exposure FY20 SCHOOL SPEND UP TO 5ha in segment (both organically and by $1.2bn OVER 10 YRS Crestmead, presently $1.1bn acquisition) to become the largest long term go
Slide 10: Modular Accommodation Competitive Advantage
Modular Accommodation Competitive Advantage In-house Architectural Design ++ Allows deep engagement with clients at concept, budget or FEED stage ++ Provide services to assist scoping or setting out projects ++ Ultimate request for tender can include Fleetwood design elements Advanced Manufacturing
Slide 11: Modular Accommodation Mass Customisation Example
Modular Accommodation Mass Customisation Example ++ The two projects below are based on the same “kit of parts”, just configured differently. Results in significant manufacturing efficiencies and speed to market Two storey open plan layout Three storey configuration FAIRFIELD PRIMARY SCHOOL ELWOOD C
Slide 12: Village Operations Overview of Karratha/Dampier Market
Village Operations Overview of Karratha/Dampier Market 6000 5000 5200 4000 3000 3000 2000 2500 1000 1500 0 Operational + Shutdown + Construction (potential) Demand Supply Fleetwood Australia Full Year Results FY2019 Source: Management estimates 12
Slide 13: Village Operations Expansion Strategy
Village Operations Expansion Strategy ++ Expanding our footprint in this segment will improve Fleetwood’s overall quality of earnings ++ Targeting areas where there are multiple potential clients competing for accommodation supply ++ Fleetwood’s modular business provides the ability to develop new v
Slide 14: Parts and Services Competitive Advantage
Parts and Services Competitive Advantage ++ The RV market is undergoing structural change and is facing the ++ Our strategy in response to these trends is: threat of increasing imports ++ To embed further into the OEM caravan manufacturing ++ As industry concentration increases, this is providing th
Slide 15: Improving Quality of Earnings
Improving Quality of Earnings Current Revenue Mix Desirable Future State VILLAGE VILLAGE Bespoke Bespoke OPERATIONS OPERATIONS VILLAGE VILLAGE Projects Projects Bespoke OPERATIONS Bespoke OPERATIONS Projects Projects 12% 12% 10% 10% MODULAR MODULAR OEM Parts OEM Parts ACCOMMODATION ACCOMMODATION 25%
Slide 16: Outlook
Outlook MODULAR VILLAGE PARTS AND ACCOMMODATION OPERATIONS SERVICES ++ The Australian modular building ++ Benefited from unusually high activity ++ OEM market to remain tough in industry is still in its infancy. levels in FY19 which are unlikely to FY20. Targeting growth from the Fleetwood intends t
Slide 17: Important Notices and Disclaimer
Important Notices and Disclaimer The information contained in this presentation is provided by Fleetwood Corporation 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 nei
Slide 18: Thank you
Thank you Investor Relations T 08 9323 3300 E info@fleetwood.com.au Fleetwood Australia Full Year Results FY2019 18