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Building Momentum Fletcher Building Limited Annual Report 2021 Nicola O'Sullivan inspects a section of managed fill now replanted at a historic Winstone Aggregates quarry site at Hunua. The site neighbours the quarry currently being mined for Greywacke, primarily for infrastructure such as roading and concrete. When used in this annual report, references to the ‘Company’ are references to Fletcher Building Limited. References to ‘Fletcher Building’ or the ‘Group’ are to Fletcher Building Limited, together with its subsidiaries and its interests in associates and joint ventures. All references to financial years FY20 and FY21 in this annual report are to the financial year ended 30 June. References to $ and NZ$ are to New Zealand dollars unless otherwise stated. In certain sections of this report the Group has chosen to present certain financial information exclusive of the impact of significant Items and/or the results of the legacy projects, consistent with previous market guidance. Where such information is presented, it is clearly described and marked with an appropriate footnote. This allows the readers of this report to better understand the underlying operations and performance of the Group. Front cover image: Fletcher Steel's Marijune Cabiling scans steel coils for dispatch at Pacific Coil Coaters in Penrose, Auckland. Contents Welcome to our FY21 Annual Report, which describes our business operations, approach to doing business and performance for the year. As with our previous reports, we include commentary on our strategy, governance, environmental and social performance of our business as well as our financial results. We welcome questions, comments or suggestions about this report to [email protected]. This report and our previous reports and presentations are available at fletcherbuilding.com. Our Year Governance 02 We are Fletcher Building 42 Board and Executive Team 03 At a Glance 45 Corporate Governance 04 Chair’s Report 56 Sustainability Materiality 05 CEO’s Report and Methodology 06 Our Strategy 57 Remuneration Report 08 Zero Injuries Every Day 12 Embracing Innovation and Financial Report Disruption to Drive Future Growth 68 Trend Statement 18 Leadership in Sustainability 69 Financial Statements 22 Our People 75 Notes to the Financial Statements 117 Independent Auditor’s Report Performance 26 Group Performance Other Disclosures 28 Group Overview 121 Statutory Disclosures 30 Building Products 128 Corporate Directory 32 Distribution 34 Concrete 36 Residential and Development 38 Construction This Annual Report is dated 18 August 2021 40 Australia and is signed on behalf of the Board by: Bruce Hassall Robert McDonald Chair Director Throughout this annual report there This is an interactive PDF designed to enhance your experience. The best way are QR codes that you can scan with to view this report is with Adobe Acrobat Reader. To navigate this report, click your mobile phone camera to view content sections listed above to navigate to desired pages. You can also click relevant video material. the view contents page menu button on the top of any page to return here. Fletcher Building Limited Annual Report 2021 1 We are Fletcher Building Australia New Zealand ‘Improving the world around us through smart thinking, simply delivered’ is our purpose. We are driven through efforts Our impact spans the full to create a better more construction value chain. sustainable world. We want to We operate businesses be smart and innovative in all from resource extraction, we do, making our customers' product manufacture and lives easier in the process. distribution, through to property development and Fletcher Building builds homes, infrastructure construction. buildings and infrastructure that creates communities, Fletcher Building is dual improves productivity, and listed on the NZX and ASX contributes to the quality of life and operates through six for people living and working divisions – Building Products, in cities and regions across Distribution, Concrete, New Zealand, Australia and the Residential and Development, South Pacific. Construction, and Australia. South Pacific Fletcher Building has operations in Papua New Guinea, Fiji, Samoa and American Samoa, Tonga, Vanuatu and the Solomon Islands. 2 Fletcher Building Limited Annual Report 2021 At a Glance People in New Zealand, (2) Australia and the South Pacific Safety TRIFR 14,500+ 5.0 2020 5.7 Net earnings / Revenue (loss) – reported: $ $ 8,120m 305m Employee engagement 2020 $7,309m 2020 ($196m) 66% 2019(3) 71% EBIT before EBIT margin before significant items (1) significant items (1) $669m 8.2% 2020 $160m 2020 2.2% Carbon emissions 1,145,035 Cash flows from Leverage ratio operating activities (net debt/EBITDA) tCO2e 2020 1,146,851 tCO e $889m 0.2x 2 2020 $410m 2020 0.9x Customer NPS (4) Earnings per share Total dividend 37.0¢ 30.0¢ 41 2020 40 2020 (23.5¢) 2020 nil (1) Measures before significant items are non-GAAP measure used by management to assess the performance of the Group and have been derived from Fletcher Building's financial statements for the year ended 30 June 2021. (2) Total Recordable Injury Frequency Rate. Total number of recorded injuries per million hours worked. Does not include Restricted Work Injuries. (3) Note that the employee engagement survey did not take place as originally planned in March 2020 because of the COVID-19 crisis. (4) Net Promoter Score measures how satisfied our customers are with our business. Fletcher Building Limited Annual Report 2021 3 Chair’s Report The Board continuously assesses Fletcher In this regard, the Board recognises there Building’s balance sheet position and are considerable opportunities; completing investment opportunities in order to drive the turnarounds of our Australian and shareholder returns. In June 2021, the Construction businesses, innovating on Company commenced an on-market share disruption and adjacencies across all the buyback of up to $300 million to deliver businesses, driving decarbonisation, and value to our shareholders. At 30 June 2021, accelerating e-commerce and digital activity. we had acquired 3.1 million shares valued We look forward to seeing tangible at $24 million. progress against all these over the coming Fletcher Building’s overall strategy takes year and into the future. into account a wide range of factors With a deeply experienced and capable which include environmental, social and executive team in place, the Group is governance. We consider where we have a well-positioned to deliver on its goals of real impact and we align both our financial ongoing performance and growth. Our and non-financial targets to those areas. We people are central to achieving these goals Bruce Hassall, Chair also take into consideration the impact that and the Board acknowledges the hard broader societal changes will have on us work carried out by our skilled teams to and what we need to react to. deliver for our stakeholders. Coming out The Board continued its focus on driving the of a tough COVID-19 year in FY20, where Dear Shareholders Fletcher Building strategy this year, together some difficult decisions were made, it was Fletcher Building delivered a strong financial with financial and non-financial metric pleasing to see the improvements being performance and ongoing operational performance. We continued to prioritise made by the business. We are focused improvements in FY21. The business our sustainability targets, for example our on developing a culture of performance largely enjoyed a more normal trading plans to reduce carbon 30% by 2030, and and growth for our people which includes environment during the operating period driving leadership and culture in the Protect providing training and development and with only minimal impacts from COVID-19 safety programme through our Safety, driving our inclusion and diversity strategy. disruptions. Health, Environment and Sustainability This year’s Annual Shareholders' Meeting The Group’s return to profit was pleasing, Committee. We provided strong oversight (ASM) will be held on 19 October 2021. I with net earnings attributable to on financials and risks via the Audit and Risk look forward to updating our shareholders shareholders of $305 million, compared to Committee. We’ve continued to evolve our personally and having the opportunity to a loss of $196 million in FY20 and strong remuneration structure, including reaching answer any questions they may have. cash flows from operating activities of $889 out to shareholders to hear their feedback, In closing, on behalf of the Board, I million compared to $410 million in FY20. to ensure it is aligned with shareholder want to convey my appreciation to the These were material improvements on both interests. The current structure and the entire Fletcher Building team. Through the FY20 and FY19 years. changes we have made are outlined in the their focus, commitment and hard work, Remuneration Report. Having delivered a strong earnings and Fletcher Building is well-positioned for cash flow result, the Board has approved Ongoing investment has been critical to ongoing performance and growth. We a final dividend for the year ended 30 June future-proofing our businesses. The Board’s are dedicated to continuing to enhance 2021 of 18.0 cents per share (unimputed time and emphasis with management shareholder value and we remain focused and unfranked) to be paid on 17 September continues to focus on how to ensure we on achieving our aspiration to be the leader 2021. Combined with the 12 cents per continue to drive operational performance in New Zealand and Australian building share interim dividend, this brings the total and make value-enhancing growth products and solutions. dividend to 30.0 cents per share for the investments. This is both an exciting and FY21 year. important transition for the Group to make. Bruce Hassall Chair 4 Fletcher Building Limited Annual Report 2021 CEO’s Report Firstly, in relation to safety, we remain restructuring activities. Having navigated resolutely focused on ensuring all our these challenges, we are now positioned to people get home safely, every day.
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