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Building Better, Together at Fletcher Building We Stand Together, Work Together, Forge Ahead, Overcome Adversity and Meet New Challenges Together

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Building Better, Together at Fletcher Building We Stand Together, Work Together, Forge Ahead, Overcome Adversity and Meet New Challenges Together Fletcher Building Annual Review 2015 Building Better, Together At Fletcher Building we stand together, work together, forge ahead, overcome adversity and meet new challenges together. Our unique skills and expertise, unmatched resources and vision enable us to keep building better, together. Heavy Building Products Light Building Products WINSTONE AGGREGATES ROOF TILE GROUP We’re Our product almost quality is like family, important, it’s more it’s what we than just stand by. a team. SARAH WIDDUP WHIO MANUEL Whio Sarah Laminates & Panels Distribution LAMINEX PLACEMAKERS We focus We want on being PlaceMakers progressive to be the and easiest innovative place for for our customers customers. to do DAVID MILES business. David Alma ALMA SANTOS Laminates & Panels Construction LAMINEX INFRASTRUCTURE It’s great Be Bold is here and what this it’s getting project is all better and about. This better all is a first in the time. NZ – you GESSE RIPAKI couldn’t do it without being bold. Gesse Glen GLEN KIRK Group financial highlights Net earnings $M 270 Revenue $M 19,000+ 8,661 People working and building Operating earnings $M together. Making and delivering a diverse range of products and 503 projects that enable communities to grow, cities to prosper and Dividend per share cents countries to be more productive. 37.0 Earnings per share cents 39.2 02 Fletcher Building Annual Review 2015 At a glance 2015 Heavy Building Products Light Building Products Laminates & Panels New Zealand residential New Zealand Laminates & Panels consents and building plasterboard business continued to focus activity continued to grow this year saw good on innovation and above long run trends growth. operational excellence. while civil infrastructure There was significant turnaround in Manufacturing and supply chain activity was supported the insulation businesses and there excellence programmes have by strong and ongoing is a strong outlook following building continued at 15 major manufacturing consent increases in New Zealand and sites across the world with our government investment. Australia. The roof tile businesses have other sites focused on improving had a challenging year with mixed performance and efficiencies. Much of the growth in the concrete markets across the globe. market continued to be driven by Laminex Australia has developed a activity in Auckland and Christchurch. Product innovation and online strategy to diversify to provide growth Australian residential construction tools developed are proving to be outside of traditional markets. In activity remained stable while other popular with our customers. Asia our business has successfully market segments were very challenging. developed new products with antimicrobial qualities. GROSS REVENUE GROSS REVENUE GROSS REVENUE $2.1b $1.3b $1.8b EBIT* EBIT* EBIT $177m $118m $129m PEOPLE PEOPLE PEOPLE 3,209 2,526 5,238 25% 17% 19% OF GROUP EBIT + OF GROUP EBIT + OF GROUP EBIT + * EBIT excluding significant items + EBIT excluding corporate costs and significant items 03 Fletcher Building Annual Review 2015 Distribution New Zealand Distribution Australia Construction Both Mico and Tradelink has delivered Every business unit PlaceMakers stores a second consecutive experienced a record launched customer year of sales and volume of work and service promises and profit growth. The earnings. PlaceMakers made a year also marked Fletcher Construction delivered bold industry publication the transition from significant projects across New Zealand of its customer service turnaround recovery to and the South Pacific. The amount of new work secured in engineering, scores during the year transformative growth. commercial building and public infrastructure is at record levels. to reinforce that the The Australian plumbing products customer is at the heart market has grown in FY15 and Tradelink Fletcher Living produced earnings of everything we do. has retained the market share gains growth of 35% to $66 million. The from FY14. South Pacific business recorded record Promoting diversity, inclusiveness revenue this year. Tradelink developed and launched and significantly investing time two significant own branded product and resources into learning and ranges – PEX and Raymor. development saw employee engagement scores at record highs. GROSS REVENUE GROSS REVENUE GROSS REVENUE $1.8b $0.8b $1.6b EBIT* EBIT EBIT* $108m $18m $140m PEOPLE PEOPLE PEOPLE 3,196 1,631 3,352 16% 3% 20% OF GROUP EBIT + OF GROUP EBIT + OF GROUP EBIT + 04 Fletcher Building Annual Review 2015 From the smallest grain of sand to projects of great scale, we make, deliver and build to improve infrastructure, build communities and strengthen economies. make. MANUFACTURE AND SUPPLY HEAVY BUILDING PRODUCTS LIGHT BUILDING PRODUCTS LAMINATES & PANELS Winstone Aggregates Winstone Wallboards Laminex Rocla Quarry Products Tasman Insulation Formica Golden Bay Cement Fletcher Insulation Firth Stramit Building Products Rocla Pipeline Products Fletcher Aluminium Humes Dimond Iplex Pipelines Roof Tile Group Tasman Sinkware 05 Fletcher Building Annual Review 2015 deliver. build. MERCHANT DISTRIBUTION CONSTRUCTION DISTRIBUTION CONSTRUCTION Mico Fletcher Living Easysteel Building + Interiors PlaceMakers Infrastructure Tradelink Earthquake Recovery (EQR) Fletcher Reinforcing South Pacific Pacific Coilcoaters 06 Fletcher Building Annual Review 2015 Chairman & CEO Report Always striving for better Sir Ralph Norris CHAIRMAN Mark Adamson CEO 07 Fletcher Building Annual Review 2015 Dear Shareholder, building activity continued at levels above DIVIDEND long-term trend, driven by the buoyant The total dividend for the year is 37 cents per It gives me great pleasure to write to you for Auckland housing market and new house- share. The increase is in line with underlying the first time in my capacity as chairman. building activity in Canterbury. Government earnings performance. This represents a Since taking on the role last October, I have funded infrastructure activity remained pay-out ratio of 64% of net earnings before had a particular focus on supporting the strong, and there was a marked increase in significant items, and is comfortably within management team in their pursuit of the non-residential activity with consents rising the target dividend pay-out ratio range of strategy that has been agreed with the 18% over the year. These activity levels 50% to 75% of net earnings. We expect to board. flowed into increased demand for building grow the dividend over time as earnings materials and we saw excellent growth in grow, and to the extent that our cash Late last year, the board and management volumes for most of our core product lines. investment requirements allow. team undertook a review of the whole business portfolio and the returns that our Conditions in Australia were more mixed, and While our policy on franking and imputation businesses are generating. This work has operating earnings before significant items credits has not changed, there have been informed the group’s strategic direction. were down 30%. There was a sharp contrast insufficient Australian franking credits We recognise that we must deliver further between the buoyant residential housing available for distribution this year. This is due value from our existing operations, through market with record levels of new dwelling to the reduction in Australian earnings over revenue growth and market share gains, construction, and reduced expenditure in the the past two years. We have continued our and through effective cost and margin mining and resources sectors. past practice of fully imputing the second management. half dividend for New Zealand taxation Beyond New Zealand and Australia, purposes. In addition to pursuing organic growth, conditions have continued to be mixed. we will look to selectively invest where we Operating earnings were down 7%, with PEOPLE can see strong returns and where such continued weak conditions in Europe and I have been impressed with the various investments are sufficiently linked to our a more difficult trading environment programmes that have been implemented chosen growth priorities. Areas we are experienced in China but a strong across Fletcher Building to improve targeting for expansion include our performance from Formica in North America. employee engagement, train and develop residential development business in SIGNIFICANT ITEMS our people and grow the future leadership New Zealand, our civil and engineering pipeline. I would like to especially Our reported operating earnings for 2015 construction business and our distribution congratulate the human resources team who included significant items of $150 million businesses in both Australia and have delivered a number of award winning relating to the impairment of goodwill, site New Zealand. programmes which were recognised both closure costs and the sale of businesses. nationally and internationally this year. At the same time, we will continue to $78 million of goodwill arising from actively manage the business portfolio A particular highlight has been the acquisitions over the past decade was and will divest businesses which we have opportunity to meet a wide cross section impaired in the year, relating to the Forman, determined are not core to our future. of people from across the business. The Stramit and Tasman Insulation businesses. board has made a conscious effort to hold FINANCIAL PERFORMANCE The impairment was due to a reduction in meetings in centres other than Auckland, We recorded net earnings of $270 million
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