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Fletcher Building Limited Annual Report 2018 Building a Stronger, More Focussed Fletcher
For personal use only Fletcher Building Limited Annual Report 2018 Building a stronger, more focussed Fletcher Building. For personal use only Fletcher Building is currently one of the most diversified building materials companies in the world. In FY18 we announced a new strategy to improve our performance by focussing and simplifying our business. For personal use only 01 Fletcher Building Limited Annual Report 2018 New strategic focus Our vision is to be the undisputed leader in New Zealand and Australian building solutions with products and distribution at our core. 1. Refocus on the core 2. Stabilise Construction 3. Strengthen Australia 4. Exit non-core businesses For personal use only 02 Fletcher Building Limited Annual Report 2018 Enabled and driven by: • Highly engaged and capable people who deliver results for our customers. • A simpler and leaner decentralised operating model. • An increased focus on innovation, to achieve continuous improvement and take advantage of global trends. • Disciplined performance improvements in safety, sustainability, procurement and operations. • Capital directed behind strategically important, high-return businesses that align with our vision. • Targeted acquisitions and organic growth to fill gaps For personal use only in our supply chain or move into adjacent categories. 03 Fletcher Building Limited Annual Report 2018 Contents Results at a Glance 05 The directors are responsible for preparing Chairman’s Report 06 the annual report, including the financial statements and ensuring that the financial statements comply with generally accepted CEO’s Report 08 accounting practices. The directors believe that proper accounting records have been Strategy 10 kept in accordance with the requirements of the Financial Markets Conduct Act 2013, Our Board 12 and these accounting records enable Fletcher Building to ensure that the Company’s financial statements comply Executive Team 14 with the requirements of the Companies Act 1993 and the Financial Markets Conduct Group Performance 18 Act 2013. -
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2001ANNUAL REPORT the separation is behind us there are many opportunities to enhance returns our prime focus is operational improvement 2 Chairman’s review 4 Chief executive’s review 6 Building Products 8 Concrete 10 Construction 11 Distribution Contents 12 People & safety 13 Environment & community 14 Fletcher Building’s profile 16 Fletcher Building directors 18 Corporate governance 21 Fletcher Building management 22 Financial review 24 Financial statements 56 Audit report 57 Statutory disclosure 59 Shareholder information 61 Investor information www.fletcherbuilding.com Fletcher Building is committed to a high level of customer service. As part of this commitment, we recently launched a significantly upgraded internet site. The new site displays information on Fletcher Building’s operations and highlights our well established, powerful brands. 01 Chairman’s review A new beginning As your Chairman, I am pleased to report, on behalf of the Board of Directors, on the results and progress of our new company – Fletcher Building Limited. On 23 March this year, Fletcher Building Net earnings before unusual items were Limited acquired the operations, assets $22 million in the June period (compared and liabilities previously attributed to to $12 million for the rest of the year), Fletcher Challenge Limited – Building and cash flow from operations was Operations, completed the separation $159 million in the June period ($92 process from the former parent company million in the rest of the year). This and began a new stand-alone corporate strong recent improvement stands the existence. company in good stead as we move into the current year. This resolved an extended period of uncertainty about the future of the business. -
Stock and Station Agents and Wool Brokers
University of Wollongong Research Online Faculty of Commerce - Papers (Archive) Faculty of Business and Law 1-1-2006 Stock and station agents and wool brokers Simon Ville University of Wollongong, [email protected] Follow this and additional works at: https://ro.uow.edu.au/commpapers Part of the Business Commons, and the Social and Behavioral Sciences Commons Recommended Citation Ville, Simon: Stock and station agents and wool brokers 2006. https://ro.uow.edu.au/commpapers/99 Research Online is the open access institutional repository for the University of Wollongong. For further information contact the UOW Library: [email protected] Stock and station agents and wool brokers Abstract This chapter contributes to a business history of Auckland by analysing the growth and development of its wool broking and stock and station agent industry since about the 1860s. Auckland was one of the major centres of the wool auction system for most of the period. The excellent international trade and shipping facilities, international business connections, and rapid population growth also caused agents to concentrate their merchandise business at Auckland as a conduit to international business networks. In addition, manufacturing style activities, such as fertiliser and seed production, were located in South Auckland to yield localised external economies of scale in this industrial area. Keywords Auckland history, wool broking, stock and station agents, business networks, business history Disciplines Business | Social and Behavioral Sciences Publication Details This book chapter was origianlly published as Ville, S, Stock and station agents and wool brokers, in Hunter, I and Morrow, D (eds), City of Enterprise. -
Short History of Post-Privatisation in New Zealand by John Wilson
Short History of Post-Privatisation in New Zealand John Wilson, December 2010 This paper is intended to provide an outline history of the experience of privatisation in a series of New Zealand companies, and to provide an assessment of that experience. The companies are: x Ports of AucklandRQHRIWKHFRXQWU\¶VODUJHVWSRUWVSDUWLDOO\SULYDWLVHGE\ one of its regional government owners in 1988, and then brought back fully into regional government ownership in 2005. x Bank of New Zealand (BNZ). One of New ZeDODQG¶VODUJHVWEDQNV7KH%1= has a long history of moving in and out of government ownership. Most recently the government sold its shareholding in the BNZ in 1992 to National Australia Bank. x Air New Zealand1HZ=HDODQG¶VKLVWRULFDOO\GRPLQDQWGRPHVWLFand international airline. The government sold it in 1988 to a consortium. Following a financial collapse in 2001 the government injected new capital and became the dominant shareholder. x Auckland International Airport $,$ 1HZ=HDODQG¶VPRVWLPSRUWDQWDLrport. AIA was originally established as a joint venture between government and Auckland local authorities. The government sold its majority shareholding in AIA by public float in 1998. x Telecom1HZ=HDODQG¶VLQFXPEHQWWHOHSKRQHFRPSDQ\7HOHFRPJUHZXS as part of the Post Office. It was sold to a consortium led by two US telephone companies in 1990; with an agreement the consortium would offer shares to the public. Telecom remains a listed company. x Tranz Rail1HZ=HDODQG¶VRQO\VLJQLILFDQWUDLORSHUDWRUThe government sold LWWRDFRQVRUWLXPLQ,QUHVSRQVHWRWKHLPSOLFDWLRQVRI7UDQ]5DLO¶V declining financial viability, the government progressively bought back Tranz 5DLO¶VDVVHWVEHWZHHQDQG x Trustpower. Originally a local authority owned electricity utility in the Tauranga area, Trustpower took in private capital, and in 1998 bought a set of hydro stations from Electricity Corporation of New Zealand (ECNZ) the then GRPLQDQWHOHFWULFLW\62(7UXVWSRZHULVQRZ1HZ=HDODQG¶Vth largest electricity generator and retailer. -
Sky Tower – the 'Impossible' Achieved By
Sky Tower – the ‘impossible’ achieved by sound project management Diagram 1: Business timeline. 1 Introduction 2 Starting with a concept What is the first thing you picture when you think of Auckland? Chances are In 1996, the first part of Sky City in Auckland opened with much excitement and it is the Sky Tower. The huge pillar stretches into the sky and can be seen media frenzy. This complex included a convention centre and hotel. However, James Fletcher establishes a construction business in 1909 Dunedin. He is joined by brothers William and Andrew. from almost every vantage point in the surrounding suburbs. An icon of New this was just the first part of the amazing centre – next door the Sky Tower was Zealand business – The Fletcher Construction Company Ltd (Fletcher) – built under construction. The client, Sky Tower Casino Ltd employed the engineering the Sky Tower, completing construction in 1997. firm, Beca Carter Hollings and Ferner to provide the structural co-ordination for John Fletcher joins the business. Fletcher Construction Fletcher Construction is a leading New Zealand construction company owned the project. It was designed by the architectural firm, Craig Craig Moller, with 108m high Designed to 1916 Co is formed. The company moves to Auckland. by Fletcher Building Ltd. James Fletcher started it early in the last century. Fletcher awarded the contract for building the entire complex including the communications mast withstand Over the next one hundred years, the business was responsible for building tower. Later, the same designers and contractors were responsible for the Sky 200km wind and many of New Zealand’s most loved landmarks, including the Auckland City Convention Centre and Grand Hotel. -
Commercial Building 99 Willis Street Photo
Report Date: July 2012 Commercial Building 99 Willis Street Photo: Charles Collins, 2015 Summary of heritage significance • The Jaycee Building is a 1920s concrete framed commercial building and has aesthetic value for the unusual, lively and eclectic arrangement of Classical decorative elements on the Willis Street façade. • The Jaycee Building has aesthetic value for its role in the townscape, defining the eastern side of Willis Street and being seen in association with a number of other heritage buildings at a nodal point on Wellington’s Golden Mile - the intersection of Willis, Manners and Boulcott Streets. • The building has some historic value for the period when it was occupied by the Jaycees, a significant but relatively low profile community group. • There are technical values in the reinforced concrete structure of the building, for which engineering drawings still exist. 1 Report Date: July 2012 District Plan: Map 17 , Symbol 347 Legal Description: Pt Lots 3,4,8 DP 1886 Heritage Area: None 2012 HPT Listed: None 2012 Archaeological Site: Central City NZAA R27/270 101 Willis Street Other Names: Mandel Building Key physical dates: 1920 Construction Architect / Builder: Unknown (possibly designed by / for Fletcher Bros.) Former uses: Retail at ground floor, offices above Current uses: Retail at ground floor, offices above Earthquake Prone SR 161446 Bdg StrengthInv Section 124 Notice Status: Issued1/03/2011 EQP - S124 Served - EXP 21-2-2026 Extent: Cityview GIS 2012 2 Report Date: July 2012 1.0 Outline History 1.1 History The history of this building is not conclusive, but it was built for Mrs Esther Mandel, the widow of successful hotelier and businessman, Joseph Mandel. -
Waterview Tunnel Project
CASE STUDY GOING UNDERGROUND: THE Waterview Tunnel Project CLIENT: Well-Connected Alliance LOCATION: Waterview, West/Central Auckland SPECIALIST COATING TEAM: Topcoat Specialist Coatings Ltd PRODUCTS: Ceramicoat, UK Sikagard Wallcoat T, Sika (NZ) Ltd Emerstop crème, Concrete Plus TOTAL AREAS COMPLETED: Sika wall Gard T - Ceiling/Sikafoor 2540W floors 95,600m² Ceramicoat - walls 44,500m² Emer crème - Motorway T beam columns 7,000m² Topcoat Specialist Coatings Ltd played a key role in the successful coating – in a brighter shade – demarcates the side-walls and completion of one of New Zealand’s largest infrastructure guides the way for drivers. For additional safety, a total of 18 projects – the NZ Transport Agency’s Waterview Connection in cross-passages linking the south and north-bound tunnels Auckland. A specially-commissioned Topcoat team worked on the needed to be coated in safety green. large-scale and complex project for more than two years. It was Exacting requirements a collaborative effort; and along with the other key contractors Following a rigorous tender process, Topcoat was chosen as and suppliers, they were proud to celebrate the tunnel’s opening the preferred specialist coating applicator. in mid-2017. Topcoat already had a successful track record in tunnel About the Waterview Connection projects; having previously worked on the Johnstones Hill Designed to help ease Auckland’s growing traffic congestion, the tunnels in Puhoi, and Wellington’s Arras tunnel. Waterview Connection comprises two 3-lane motorway tunnels, both 2.4km long. Coupled with the Great North Road Interchange, it completes the Western Ring Route – which is one of the NZ Government’s roads of national significance (RoNS). -
The New Zealand Experience Abstract: This Paper Examines the Models of Internationalisation Ad
Models of Internationalisation: The New Zealand Experience Abstract: This paper examines the models of internationalisation adopted by thirty firms from New Zealand. Analysis of the international model is based on five key dimensions: firm sector and size; international market scope; market entry and servicing strategies; and speed of internationalisation. Drivers and constraints to internationalisation are also considered in the analysis. Evaluation of these dimensions over time finds evidence of both traditional „stages‟ and emergent „born (again) global‟ models of internationalisation, and reveals that over one third of these firms experience dramatic change to their international activities and resources initiated by divestment or change of ownership. We refer to the alternative internationalisation trajectory adopted by these firms as the „transformational‟ model of internationalisation. The paper makes a contribution to the extant literature by providing synthesis of the New Zealand internationalisation and by building on our understanding of how patterns of internationalisation from a small open economy are changing in response to global environmental pressures. Keywords: internationalisation models, SMEs, strategy, entry modes, born-globals, exporting, New Zealand Biographical note: Joanna Scott-Kennel is Associate Professor International Management at Waikato Management School (New Zealand), and Adjunct Professor International Business, Strategy & Enterprise Development at Aalto University School of Business (Finland). Her research interests include internationalisation of small to medium-sized enterprises (SMEs), international business strategy of multinational enterprises (MNEs), MNE external networks and the impact of foreign direct investment on industry; and Asia-Pacific business issues, and she is published in many international journals including International Business Review, Academy of Management Perspectives, Asia-Pacific Journal of Management, Journal of World Business and Management International Review. -
Making the New Zealand House 1792 – 1982 by Nigel
MAKING THE NEW ZEALAND HOUSE 1792 – 1982 BY NIGEL PHILIP ISAACS A thesis submitted to the Victoria University of Wellington in fulfilment of the requirements for the degree of Doctor of Philosophy Victoria University of Wellington 2015 ABSTRACT A systematic investigation was undertaken of the techniques (materials and technologies) used to construct the shell of the New Zealand house (envelope and interior linings) between 1792 and 1982. Using census, manufacturing and import statistics with analysis of local and international archives and publications, principal techniques were selected and documented. A review of local construction and building publications provide a background to the development of construction education and training, as well as the speed of change. Analysis of census data showed that from 1858 to 1981 the majority of dwelling walls in terms of construction (appearance) were timber, brick, board or concrete, while the structure was timber frame. Analysis of import data for seven materials (galvanised iron, asbestos cement, cement, window glass, wood nails, gypsum and roofing slate) from 1870 to 1965 found the UK was a majority supplier until 1925, except for USA gypsum. For the rest of the period, the UK continued to play a preeminent role with increasing Australian imports and local manufacture. Examination of archival and published information on techniques used for the sub-floor, floor, wall (construction and structure), fenestration, roof and thermal insulation provide an overview of country of orign, decade of arrival, spread of use and, if relevant, reasons for failure. Forty materials (including earth and brick, stone, cement and concrete, timber and ferrous metals) and twenty-four technologies are documented. -
Prwate and Public Enterprise: Fletcher Construction and the Buildng of New Zealand
PRWATE AND PUBLIC ENTERPRISE: FLETCHER CONSTRUCTION AND THE BUILDNG OF NEW ZEALAND Astrid Baker Massey Universi New Zealand ABSTRACT This paper shows how a New Zealand company, Fletcher Construction, cre ated wealth in partnership with the state. The first Labour government was elected in 1935 with a firm commitment to full employment and a broad social security system. Because Labour’s determination to get things done through local industry coincided with James Fletcher’s, and then his son’s, drive for company expansion and profits. Fletchers’ design or construction of roads, wharves, saw-mills, flour mills, pulp mills, paper mills, factories, railway stations, university buildings, hospitals, department stores, office blocks, houses, and ownership and management of stone quarries, brick- works and forests, left a mark in almost every town and city in the country Many projects required building methods and materials new to New Zealand, the innovative use of traditional materials, large-scale plant, specialist, skilled stafE and technical know-how from United States and British construction and engineering firms. In this way Fletcher projects drew together many different suppliers, equipment makers, skilled tradesmen and financiers. As a provider of employment in construction and manufacturing, with easy ac cess to established business and political leaders and a powerful influence on policy making, the company became a potent force in New Zealand’s full employment welfare state. Introduction Much attention has been paid to the state as political and economic manager in New Zealand. The Fletcher story of alliance and compromise takes up this theme, illustrating political and commercial problems faced by modern governments as they negotiate with powerful, private, commercial and professional interests in order to man age national economies and welfare states. -
FB Front Section.Indd
Information Memorandum for Capital Noteholders Fletcher Challenge Limited, Fletcher Challenge Industries Limited and Fletcher Building Limited relating to (i) an Arrangement for the novation of part and redemption of the balance of the Capital Notes of Fletcher Challenge Industries Limited to be considered at separate Meetings of the holders of each Series of the Capital Notes (other than the holders of the March 2001 Capital Notes) to be held at the Ellerslie Convention Centre, 80-100 Ascot Avenue, Ellerslie, Auckland on 19 February 2001; and (ii) an Offer of New 2006 Fletcher Building Capital Notes by Fletcher Building Limited to the holders of March 2001 Capital Notes. Dated 24 January 2001. This Information Memorandum is dated and is prepared as at 24 January 2001 and is an Investment Statement and Prospectus for the purposes of the Securities Act 1978. It provides information relevant to an arrangement in respect of the Capital Notes described in this Information Memorandum which will be considered by the holders of each Series of the Capital Notes (other than the holders of the March 2001 Capital Notes) in separate meetings of each Series and the High Court of New Zealand. This Information Memorandum also provides information relevant to the offer of New 2006 Fletcher Building Capital Notes to holders of March 2001 Capital Notes by Fletcher Building and information in relation to the Fletcher Building Ordinary Shares into which the Capital Notes may convert. The registered Prospectus to which this Investment Statement relates forms part of this Information Memorandum. Terms used in this Information Memorandum are defined in the Glossary of Defined Terms on pages 107 to 112. -
View a Tribute to Sir James Fletcher by David Sadler
Tribute to Sir James Fletcher – 4 September 2007 Holy Trinity Cathedral – Auckland (Delivered by David Sadler, his friend and business associate) I have known and worked with members of the Fletcher family for 45 years. During that time I was presented with many tough tasks, but none have come anywhere near what I have been asked to do today on behalf of those who have worked with Sir James over the past seventy years. To encapsulate the life of a man like Sir James Fletcher into the space of a few minutes is an impossibility. So great were his achievements. So inspiring was the man himself. Young Jim Fletcher – or JC as he was always affectionately referred to throughout his working life – was appointed Managing Director of Fletcher Holdings Limited in 1942 – the company he helped to form as a publicly listed company in 1940. He inherited his father’s tight-knit team of practical, experienced men employed principally in the construction industry. But over the next few years he leavened it with his own appointments to bring additional skills into the company that was growing with and ahead of New Zealand’s industrialisation. To the existing concrete plants, marble yards, sawmills, steel yards and joinery operations he quickly added asbestos cement, building paper, linseed and builders supplies. But this was just for starters. Continuing his father’s quest for new industries that would help New Zealand to move from a land-based economy and limited secondary industry, JC travelled extensively but with special emphasis on North America. The relationships he initiated and nurtured so well over almost 40 years were to prove to be of immense value to Fletchers and this country.