Fleetwood Limited · ASX:FWD

Fleetwood — H1 FY2019 Earnings Presentation

18 slides from Fleetwood's earnings presentation, Feb 25, 2019

  1. Slide 1: 2019 Half Year Results

    2019 Half Year Results Teleconference 25 February 2019 9:30am AWST, 12:30pm AEST Conference ID 1757759 Dial-in 1800 123 296

  2. Slide 2: Important Notices and Disclaimer

    Important Notices and Disclaimer The information contained in this presentation is provided by Fleetwood Corporation Limited A.C.N. 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 n

  3. Slide 3: Group structure

    Group structure Modular Accommodation Parts & Accessories Village Operations 3

  4. Slide 4: First half highlights

    First half highlights • Completion of MBS and NRV acquisitions and associated capital raising • First completion achieved on Caravan Manufacturing business. Last caravan manufactured at half year end • H1 EBITA from continuing operations of $15.6m, up 57% on pcp • Strong H1 from MBS partially offset

  5. Slide 5: Financial Performance: Summary

    Financial Performance: Summary Revenue ($m) EBITA ($m) 167.5 15.6 9.9 142.6 H1FY18 H1FY19 H1FY18 H1FY19 Net Cash ($m) Capital Employed ($m) 16.3 224.3 179.4 0.6 FY18 H1FY19 FY18 H1FY19 Note: The above charts exclude the impacts of the discontinued operations and impairment. 5

  6. Slide 6: Financial Performance: Segment Earnings

    Financial Performance: Segment Earnings $ million H1 FY19 H1 FY18 Change Revenue Parts and Accessories 38.5 33.4 15% Modular Accommodation 116.1 99.3 17% Village Operations 19.2 13.3 44% Unallocated 0.1 0.0 n/a Intersegment eliminations (6.4) (3.5) n/a Total revenue 167.5 142.6 17% Underlying EBITA

  7. Slide 7: Financial Performance: Cashflow

    Financial Performance: Cashflow $ million H1 FY19 H1 FY18 EBITDA 19.7 12.9 Cash outflows from discontinued businesses (12.9) (7.3) Interest paid (net) (0.4) (0.5) Tax (1.0) (0.7) Working capital (and other) 2.4 (7.2) Operating cashflow 7.8 (2.8) Net capex (3.9) (7.9) Free cashflow 3.8 (10.7) Net acq

  8. Slide 8: Modular Accommodation

    Modular Accommodation Revenue Operations • Manufacturing facilities in Victoria, WA, QLD and NSW 116.1 • Key market segments: Education, Corrections, Resources and Affordable Housing 99.3 H1 FY19 • Strong six months from MBS driven by corrections work • Victorian education demand subdued ahead of St

  9. Slide 9: Outlook by sector– Modular Accommodation

    Outlook by sector– Modular Accommodation Sector H1 FY19 Balance of FY19 Medium term Increased spend announced by Population growth to drive Education Lower volume in Victoria Victorian and NSW enrolments Governments Spending levels to be lower in Overcrowding in most States Corrections Strong spend

  10. Slide 10: Parts and Accessories

    Parts and Accessories Revenue Operations 38.5 • Australian and overseas manufacture of RV parts and accessories • Plumbing and electrical services to OEM’s and the aftermarket 33.4 H1 FY19 • Tough market conditions continued mostly offset by market share gains in Camec H1FY18 H1FY19 • Growth in afte

  11. Slide 11: Profit drivers – Parts and Accessories

    Profit drivers – Parts and Accessories Sector H1 FY19 Balance of FY19 Medium term NRV to benefit from this trend Imported caravans Imports continue to grow Trend likely to continue as it certifies imported caravans Overall caravan registrations Further market share gains Steady growth in registratio

  12. Slide 12: Village Operations

    Village Operations Operations Revenue • Rio Tinto preferred supplier agreement at Searipple • Osprey village underpinned by agreement with WA State 19.2 Government 13.3 H1 FY19 • Occupancy increase driven by both operational and shutdown demand • Major construction projects advanced H1FY18 H1FY19 •

  13. Slide 13: Profit drivers – Village Operations

    Profit drivers – Village Operations Sector H1 FY19 Balance of FY19 Medium term Steady in the absence of major Operational workforce Improved demand Steady new capex Trend likely to continue due to Shutdowns Increased demand Forward bookings into FY20 age of plants Likely significant demand Construct

  14. Slide 14: Outlook

    Outlook • Village Operations: Good returns are being generated in the Karratha accommodation market. Upcoming resource development in the region is expected to provide further medium to long term opportunity • Parts and Accessories: Now generating double digit returns through both corporate transact

  15. Slide 15: Appendix 1: Summary Profit and Loss

    Appendix 1: Summary Profit and Loss $ million H1 FY19 H1FY 18 Change Revenue 167.5 142.6 17% EBITDA 19.7 12.9 53% Depreciation 4.2 3.0 41% EBITA 15.6 9.9 57% Amortisation of contract intangible 1.5 0.0 n/a Finance costs 0.4 0.5 -18% Pre-tax profit 13.6 9.4 45% Tax expense (benefit) 4.2 2.8 47% NPAT

  16. Slide 16: Appendix 2: Summary Balance Sheet

    Appendix 2: Summary Balance Sheet H1 FY19 FY18 H1 FY19 FY18 Current assets Current liabilities Cash 16.4 6.6 Payables 59.3 43.4 Receivables 49.4 39.3 Interest bearing 0.1 2.0 Inventories 68.7 60.0 Provisions 9.7 10.0 Held for sale 9.1 9.2 Other 0.8 0.0 Other 0.2 0.1 Total 69.9 55.4 Total 143.7 115.2

  17. Slide 17: Appendix 3: Permanent Modular Program Examples

    Appendix 3: Permanent Modular Program Examples Yallourn Primary School, Victoria Elwood College Project, Victoria 17

  18. Slide 18: Thank you

    tf aay fo fale AUSTRALIA Thank you

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