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Fletcher Building 2017 Annual Report PDF 10 MB Fletcher Building Annual Report 2017 Building communities, building lives. Connecting communities The MacKay‘s to Peka Peka expressway separates local and highway traffic and enables safer and shorter trips to and through the Kāpiti Coast. Helping people into housing The Kowhai Ridge development in Auckland includes a range of housing solutions from open-market stand- alone homes to 30% housing solutions designed to meet the needs of Community Housing Providers. We are proud of the real differences we make to the lives of the people in the communities we work in. From the houses they live in, the roads they drive on, the buildings they work in, to the schools and hospitals that serve them. We get behind many of the causes, activities and initiatives that matter to people who live in our communities. Customer first Ensuring our customers around the world have what they need, when they need it – if not before. Impacting individuals, their families and the wider community and helping build better lives. RE: Contents The directors are responsible for Business overview 04 preparing the annual report, including the financial statements and ensuring that the financial statements comply Chairman's report 10 with generally accepted accounting practices. The directors believe that Business review 14 proper accounting records have been kept that allow for the determination of the group’s financial position with Building Products 14 reasonable accuracy and that the financial statements comply with International 16 the requirements of the Companies Act 1993 and the Financial Markets Conduct Act 2013. The financial Distribution 18 statements have been independently audited, and the auditor has issued Construction 20 an unqualified audit report. Residential and Land Development When used in this annual report, 22 references to the ‘company’ are references to Fletcher Building Focus areas 24 Limited. References to ‘Fletcher Building’ or the ‘group’ are to Our communities Fletcher Building Limited, together 24 with its subsidiaries and its interests in associates and joint ventures. Our people 26 All references to financial years (e.g. FY16 and FY17) in this annual report are to the financial year ended Health and safety 28 30 June. References to $ and NZ$ are to New Zealand dollars unless Sustainability and environment 30 otherwise stated. Any references to documents and Governance 32 information included on external websites, including Fletcher Board profiles 36 Building’s website, are provided for convenience alone and none of the documents or other information on Remuneration report 38 those websites is incorporated by reference in this annual report. Financial review 44 You can obtain an electronic copy of this annual report at Trend statement 54 http://www.fbu.com/investor-centre/ reports-and-presentation/ Financial statements 55 The annual report is dated Independent auditor's report 97 16 August 2017 and is signed on behalf of the board by: Regulatory disclosures 101 Investor information 109 Sir Ralph Norris Directory 110 Chairman of Board of Directors John Judge Director 04 Fletcher Building Annual Report 2017 Business overview Driving value Inputs Value creation VISION AND VALUES Brand and SHARED VISION: Building Better, Together product portfolio SHARED VALUES: Be Bold Better Every Day Customer Leading Play Fair Innovation Customer experiences Raw materials Plant and machinery Source and Manufacture IP and technology • GBC Winstone • Firth • Rocla • Humes • Iplex • Laminex Distribution channels • Roof Tile Group • Winstone Wallboards • Formica Investor capital • Tasman Insulation NZ • Fletcher Insulation 21,000+ skilled people globally People Customers STRATEGIC PRIORITIES 05 Fletcher Building Annual Report 2017 Outputs SHARED VISION: Building Better, Together Returns for shareholders SHARED VALUES: Be Bold Better Every Day Customer Leading Play Fair Customer engagement Safe working conditions and rewarding careers for staff Support for families and communities Distribute Build Roads, tunnels and other public infrastructure • PlaceMakers • Infrastructure and amenities that • Mico • Higgins drive economies • Steel Distribution • Building + Interiors • Tradelink • South Pacific • Stramit • Fletcher Living A more sustainable • Tasman Sinkware • Land Development business Housing for New Zealand Efficiencies Profitable growth Employment and investment in local economies 06 Fletcher Building Annual Report 2017 Business overview Where we work 347# sites 423# sites # These numbers include all head and national offices; sales, manufacturing and distribution sites; branches; showrooms; showhomes; and sites that are a combination of these. The numbers do not include office, project, and construction sites from the Construction division. 07 Fletcher Building Annual Report 2017 With more than 21,000 people across hundreds of sites globally, the Fletcher Building family is a diverse group of people who use all their experience, skills and individuality in contributing to the company. We are committed to working together to deliver for our customers and supporting our communities. 21,000+People 08 Fletcher Building Annual Report 2017 Business overview What we do At Fletcher Building our vision is Building Better, Together – and this is exactly what our 21,000+ people across the globe are delivering every day. We manufacture and distribute high-quality building products and we build and deliver homes, communities, commercial buildings and major infrastructure projects. At every step our business BUILDING PRODUCTS INTERNATIONAL starts and ends with the From our quarry operations Our family of internationally customer, and we take to manufacturing plants, recognised brands features great pride in the work we source and manufacture in built environments that we achieve together. trusted, high-quality range from kitchens to building products. commercial buildings. 09 Fletcher Building Annual Report 2017 RESIDENTIAL AND DISTRIBUTION CONSTRUCTION LAND DEVELOPMENT Our network delivers essential We have more than 100 years’ We are creating desirable building, plumbing and experience leading commercial communities for a growing steel products throughout and infrastructure projects Auckland and transforming New Zealand and Australia, across New Zealand and the the heart of Christchurch. from frame and truss timber South Pacific – keeping people to blocks and fastenings. moving, businesses thriving and cities and economies growing. 10 Fletcher Building Annual Report 2017 Chairman’s report Dear Shareholders, During the 2017 financial year (FY17) Fletcher Building continued to progress its strategy, with a focus on people and culture, portfolio management, targeted investment, our turnaround capability, and ultimately, shareholder value. Despite the majority of our businesses performing to or above plan, total company performance was materially impacted by losses of $292 million reported in our Building + Interiors (B+I) business, part of the Construction division. This was incredibly disappointing for the board, executive and all Fletcher Building people, and there is now an acute focus on ensuring the issues that led to these losses are addressed through improved project governance, on-site project management, process and bid strategy. Sir Ralph Norris CHAIRMAN Recognising the challenging year the business had faced, the board believed the start of the new financial year marked an appropriate time for chief executive As a multinational company officer (CEO) and managing director Mark Adamson to leave the company, to employing over 21,000 people allow a new CEO to lead Fletcher Building through this period and into the next across hundreds of sites globally, phase of its strategy. With this departure taking place in we interact with a diverse group July 2017, and the appointment of a new CEO pending, the strategy will undergo of communities both at home review during FY18. In executing the strategy over the past and afar. year we have been particularly focused on the following initiatives: • Executing our growth agenda and leveraging the strong macro-economic environment in New Zealand through Cash flow from operating activities $m Revenue $m expansion of activities in our distribution, building products and infrastructure businesses • Reviewing and improving the $243 $9,399 management and governance 2016: 660 ▼ 63% 2016: 9,004 ▲ 4% of the Construction division • Growing the scale and scope of the Net earnings $m Operating earnings residential development business and before significant items $m building a pipeline of land development opportunities • Absorbing the economic weakness in $94 Western Australia and improving the $525 Australian businesses 2016: 462 ▼ 80% 2016: 682 ▼ 23% • Continuing the momentum in Formica • Leveraging the Accelerate programme to deliver operational efficiencies across manufacturing sites, lowering corporate overheads, managing costs and delivering above inflation revenue growth 11 Fletcher Building Annual Report 2017 • Continuing to build our people growth in each of the other four operating In the Construction division our capability through ongoing divisions. The Construction losses were Infrastructure business has been working recruitment and employee due mainly to two large and highly on a number of large roading contracts development and by entrenching complex contracts in the B+I business including the Waterview tunnel, which the values we launched in 2015 while the Infrastructure, South Pacific and was opened to traffic
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