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Fletcher Building Ltd Residential Investor Day

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Fletcher Building Ltd Residential Investor Day Fletcher Building Ltd Residential Investor Day 2 December 2015 Agenda 8:15-8:45am Coffee/Registration Mark Adamson – Chief Executive Officer 8:45am-9:30am Business Update Gerry Bollman – Chief Financial Officer Overview of 9:30am-10:30am Steve Evans – Chief Operating Officer, Housing Residential Business 10:30-10:45am Morning tea 11:00am Depart for site visits Proceed to Federal Street 2 Fletcher Building Residential Investor Presentation | © December 2015 Disclaimer This presentation contains not only a review of operations, but also some forward looking statements about Fletcher Building and the environment in which the company operates. Because these statements are forward looking, Fletcher Building’s actual results could differ materially. Statistics included in this presentation are sourced from Statistics NZ unless otherwise stated. 3 Fletcher Building Residential Investor Presentation | © December 2015 Fletcher Building Residential Investor Presentation | © December 2015 Business Update Mark Adamson – Chief Executive Officer Gerry Bollman – Chief Financial Officer We have a clear strategy People • Safety • Leadership, Capability and Change Agility Create a great place to work • High-Performance Culture Customers • Digital Leadership • Pricing & Cost-to-serve Deliver what they value • Innovation and Solutions Efficiency • Operations Excellence • Procurement & Property Work smarter together • Shared Services Profitable growth • Portfolio Simplification • Strategic Growth Investment Invest where we can win • Disciplined Capital Management 5 Fletcher Building Residential Investor Presentation | © December 2015 Our strategy is deployed at three levels • Clarity on sources of sustainable competitive 1 Group Portfolio advantage Management • Focus on the greatest value-creating opportunities • Clear view on where to invest, hold and divest • Leveraging scale and skill to create a whole that is 2 Support from an greater than the sum of the parts Active Centre • Support from central functions and centres of excellence • Clarity on how to win in the market 3 Business Unit • Aligned, focused execution of priority initiatives Strategy 6 Fletcher Building Residential Investor Presentation | © December 2015 FBUnite has established core capabilities CUSTOMER Business Units: Customer-Leading Performance Central Functions Centres Of Excellence Finance HR Manufacturing Legal Supply Chain ICT Sales and Marketing Procurement Strategy Property Health & Safety Shared Services Leverage Scale Leverage Skill Common, efficient practices Enabling improved performance Accountable to Corporate CE’s BU accountability for outcomes 7 Fletcher Building Residential Investor Presentation | © December 2015 We have undertaken bottom-up and top- down assessments of our future potential Art of the External Possible Diagnostic Today Bottom-up Top-Down 8 Fletcher Building Residential Investor Presentation | © December 2015 What did we learn from Art of the Possible? • We see further opportunity to improve our performance • Most business’ see the potential to grow beyond historical peak earnings • We have confidence that we can deliver this improvement and growth • Growth to be driven by market share gain, market growth and margin • Savings to come mainly from operations excellence (covering cost inflation in manufacturing and supply chain) 9 Fletcher Building Residential Investor Presentation | © December 2015 Fletcher Building Residential Investor Presentation | © December 2015 Outside-in view: What did the diagnostic say we could achieve? Mark Adamson – Chief Executive Officer Gerry Bollman – Chief Financial Officer Top-down review: 3 external teams looked across Fletcher Building Commercial Operations Cost Scope • All commercial • Manufacturing and • Procurement, levers across the operational capex, working business performance capital and overhead cost Approach • Determine value • Focus on • Review creation opportunity across procurement opportunity in B2B manufacturing, opportunity by lever and B2C across distribution and • Determine working levers construction capital potential • Assess commercial • Key levers of OEE, • Do spans-and-layers capability front line and support • Review productivity, supply function bench- performance in chain & lean marking external market construction 11 Fletcher Building Residential Investor Presentation | © December 2015 We are investing in centralised capability to further drive margin expansion and reduce cost Opportunity Levers Investment • Price dispersion and • Sales and Marketing leakage capability 1 Commercial • Mix • Volume • Cost-to-serve • Manufacturing labour • Operations excellence 2 Manufacturing • Construction: lean in manufacturing and and construction processes construction • Retail labour productivity • Ongoing improvements 3 Retail and • Storefront operations within individual distribution excellence businesses 12 Fletcher Building Residential Investor Presentation | © December 2015 We are investing in centralised capability to further drive margin expansion and reduce cost Opportunity Levers Investment • Top-down processes • Expanding procurement • Pricing and activities, and low cost 4 Procurement specifications country sourcing office • Central function • Centralised HR, IT and productivity admin functions 5 Overheads • Cost per FTE • Accounts payable – • Financial shared standardise terms services 6 Working Capital • Account receivable – standardise terms • Inventory reduction 13 Fletcher Building Residential Investor Presentation | © December 2015 We have senior programme management capability to coordinate and drive activities People • We’re building an agile Transformation Office that will drive, govern and support the Accelerate programme – it will be self–funding Systems • We’ve launched an online tool for capturing initiatives across the group that will deliver gross incremental benefit Cadence • We’ve commenced a weekly cadence cycle to ensure focus on accountability commerciality and execution 14 Fletcher Building Residential Investor Presentation | © December 2015 Fletcher Building Residential Investor Presentation | © December 2015 Overview of Residential Business Steve Evans – Chief Operating Officer, Housing Group Strategy: Our growth investment is focused on construction and distribution • New Zealand construction - leverage capability in the Invest for core Growth • Australasian distribution - growth through omni-channel • L&P - unlock earnings potential of leading global business • Integrated concrete NZ - develop supply chain and Attractive successor resource Hold • Advantaged manufacturing businesses - protect position, leverage channels & customers, develop product & service innovation, drive efficiency • Large underperforming businesses - return to sustainable Prove or profitability, then assess long-term position Position for • Non-core and disadvantaged manufacturing businesses - Divestment position for divestment, especially where business is worth more to another 16 Fletcher Building Residential Investor Presentation | © December 2015 Fletcher Living Business Model Overview Development Lot Development Land Development Partnerships • Purchase of finished lots • Acquiring or using existing FB • Relationships with public and ready for building from land / buildings to provide private land owners to developers volume for Fletcher Living facilitate joint developments. • Leverage FB’s property portfolio for higher value Sourcing Model Sourcing outcomes Low / Medium Density High Density • Existing Fletcher Residential product range • Market entry achieved through joint venture with Todd Property at Stonefields • Currently acquiring land positions to deliver increased scale • Three Kings to incorporate higher proportion of apartments • Product range increasing in density and will include light-weight apartments • Auckland market dynamics making apartment delivery an attractive model on Product Typologies specific sites 17 Fletcher Building Residential Investor Presentation | © December 2015 The Economics of Residential Development Raw land $80-200 per Subdivided sections $50k - $100k+ build sqm $600 - $800 per sqm margin Plus product pull through = ~30% of the construction cost of each dwelling 18 Fletcher Building Residential Investor Presentation | © December 2015 The Economics of Residential Development: Example Land Sourcing Land Development Deal origination, Development Model Infrastructure Build Sell deal negotiation development and consenting Conventional design How others do it & Build - retail Fletcher Living Lots FRL’s Influence FRL’s Involvement Business Fletcher Living Land FRL’s Involvement Business Fletcher Living Partnerships FRL’s Involvement Time 6 months to years 12-24 months 6-9 months 0-3 months 19 Fletcher Building Residential Investor Presentation | © December 2015 Lot development: Buying lots from developers • Historic business based on bulk purchase of Number of Dwellings Sold sections from developers with staged delivery 1,200 • Attractive lot pricing achieved through: 1,000 800 – Scale of volume commitment we make 600 – Preparedness to contract on a staged 400 delivery basis, allows developer to access 200 funding for infrastructure delivery - 2011 2017 2012 2015 2013 2018 2014 2016 2010 2007 2005 2008 2004 2006 – FB endorsement of the development 2009 • This model has low capital employed as Lots Land Partnerships sections are purchased in stages and generally Lots to be Sold Over Forecast Project Total Lots Period finished houses are sold within 12 months
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