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Fletcher Building Limited Annual Report 2018 Building a Stronger, More Focussed Fletcher

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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. The financial statements have been independently audited, and EY Divisions 20 has issued an unqualified audit report. When used in this annual report, references Building Products 22 to the ‘Company’ are references to Fletcher Building Limited. References to ‘Fletcher Distribution 24 Building’ or the ‘Group’ are to Fletcher Building Limited, together with its subsidiaries and its interests in associates and joint ventures. Steel 26 All references to financial years (e.g. FY17 and FY18) in this annual report are to the financial Concrete 28 year ended 30 June. References to $ and NZ$ are to New Zealand dollars unless Residential and Development 30 otherwise stated. In certain sections of this report the Group Construction 32 has chosen to present certain financial information exclusive of the impact of Significant Items and / or the results of Australia 34 the Building + Interiors (B+I) business unit, consistent with previous market guidance. Formica and Roof Tile Group 36 Where such information is presented, it is clearly described and marked with an Business Sustainability 38 appropriate footnote. This allows the readers of this report to better understand the underlying operations and performance Our People 38 of the Group. Our Communities 42 Any reference to documents and information included on external websites, including Fletcher Building’s website, are provided Health and Safety 43 for convenience alone and none of the documents or other information on those Environment 46 websites is incorporated by reference in this annual report. Contribution to the NZ Economy 49 An electronic copy of this annual report is available to view on our website Innovation 50 www.fletcherbuilding.com The Annual Report is dated 22 August 2018 Trend Statement 52 and is signed on behalf of the board by: Financial Statements 53 Independent Auditor’s Report 101 RemunerationFor personal use only Report 105 Sir Ralph Norris Chairman Governance 110 Statutory Disclosures 117 Corporate Directory 126 Bruce Hassall Director 04 Fletcher Building Limited Annual Report 2018 Our Year in Review Strategy Our Leadership Divisions Business Sustainability Financials and Governance BACK HOME Results at a Glance Chairman's Report CEO's Report Results at a Glance Revenue Net earnings/(loss) – reported $9,471m $(190)m 2017 $9,399m ▲ 1% 2017 $94m EBIT – reported EBIT (excluding B+I) before significant items1 $(118)m $710m 2017 $273m 2017 $817m ▼ 13% Trading cash (excluding B+I)1 EBIT % (excluding B+I) before significant items1 $924m 7.5% 2017 $635m ▲ 46% 2017 8.7% ▼ 1 ppts ROFE (excluding B+I)1 Capital expenditure 12.6% $304m 2017 14.6% ▼ 2 ppts 2017 $319m ▼ 5% Safety TRIFR2 Employee engagement Customer NPS3 For personal use only 5.1 70% 33 2017 6.9 ▼ 26% 2017 67% ▲ 3 ppts 2017 26 ▲ 7 ppts 1 Measures (excluding B+I) before significant items are non-GAAP measures used by 2 Total recordable injury frequency rate. Measured by the total number of recordable management to assess the performance of the business and have been derived from injuries per million hours worked. Fletcher Building Limited’s financial statements for the year ended 30 June 2018. 3 Net Promoter Score is a measure of how satisfied our customers are with our business. 05 Fletcher Building Limited Annual Report 2018 Our Year in Review Strategy Our Leadership Divisions Business Sustainability Financials and Governance BACK HOME Results at a Glance Chairman's Report CEO's Report Chairman’s Report Dear Shareholders, FY18 was a very challenging year for Fletcher Building, characterised by the deteriorating performance of the Building + Interiors (B+I) business of our Construction division. As I described at our last annual shareholders’ meeting (ASM), we had taken on too many large-scale and complex projects too quickly, in a hot market, and experienced failings within the core capabilities of the business across a range of projects. At the same meeting I announced the appointment of Ross Taylor as chief executive officer (CEO), who then started with the business in November 2017. Ross is a proven performer who has led business turnarounds and improved performance and shareholder returns for businesses that operate in Fletcher Building’s core sectors – including housing, manufacturing and construction. Sir Ralph Norris CHAIRMAN Since his appointment Ross has embedded himself in the business quickly, undertaking further reviews of the B+I business and implementing a comprehensive review of the Group strategy. The theme of this year’s annual report The B+I review resulted in an additional large provision for losses announced on is focus. This is fitting for a year that 14 February 2018. Understanding that shareholders expect accountability from was completed with the launch of the board for all aspects of the Company’s performance, I thought it was appropriate a new, focussed strategy and the to announce that I would stand down as announcement of a refreshed board, chairman no later than the 2018 ASM. This would allow me to first ensure ready to support Fletcher Building I supported Ross as he led the finalisation of a new strategy for the Company, as the new strategy is implemented. while also providing an orderly transition of the board. As the Group strategy was progressed, the board and executive undertook a full review of our capital structure, which resulted in the decision to undertake an equity raising. The $750 million entitlement offer was successfully completed in May 2018, and served to For personal use only strengthen our financial position and allow us to more effectively execute our new Group strategy. On 21 June 2018 a new Group strategy was announced to the market, which focusses Fletcher Building’s operations on the New Zealand and Australian markets, and in particular, its core operations of building products and distribution. 06 Fletcher Building Limited Annual Report 2018 Our Year in Review Strategy Our Leadership Divisions Business Sustainability Financials and Governance BACK HOME Results at a Glance Chairman's Report CEO's Report With this new focus, divestment TOTAL SHAREHOLDER RETURNS processes have commenced for In the last 12 months total shareholder Formica and Roof Tile Group. returns for Fletcher Building have been It has been a privilege The new strategy sets a very clear path for disappointing, reflecting the market’s the business, leveraging our strengths to reaction to the downgrades made to serve as chairman of the deliver more value for our customers and through the year, and the curtailment Fletcher Building board improved returns for our shareholders. of dividend payments Encouragingly, in the last three months and in departing I offer BOARD APPOINTMENTS of the financial year the Fletcher Building On 22 June 2018 I announced Bruce my sincere thanks to our share price increased 20%, as the market Hassall as my successor and the reacted positively to our equity raising, appointment of four new directors, shareholders for their debt restructure and the announcement effective 1 September 2018. of our new strategy. We believe these support during my tenure. Barbara Chapman, Rob McDonald, initiatives will hold the Company in good Doug McKay and Cathy Quinn are high stead and, as the new strategy is Sir Ralph Norris calibre individuals, who bring a mix of executed, our improved performance commercial, operational and governance will be reflected in returns to shareholders. expertise, which will greatly enhance the It has been a privilege to serve as experience and diversity of the board. chairman of the Fletcher Building board Dr Alan Jackson will retire at the and in departing I offer my sincere thanks conclusion of the 2018 annual to our shareholders for their support shareholders’ meeting, following nine during my tenure. While the last financial years of service. In addition, Cecilia year has been a difficult one for the Tarrant made the decision to resign from Company, the underlying performance the board effective 1 September 2018, of the business remains strong and with following seven years’ service.
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