Fletcher Building Limited Analysis

Overview

Fletcher Building (‘the Company’) was established in March 2001 as a stand-alone entity from the Building shares of Fletcher Challenge.

Today the Company is a leading provider of building products and solutions, operating some 25 businesses across New Zealand, Australia and the South Pacific, and employing around 15,000 people.

Fletcher Building manufactures building products, from insulation that keeps homes warm and dry, to cement and steel - the foundation of built structures the world over.

Fletcher Building’s retail businesses distribute these products to tradespeople across Australasia.

Fletcher Building also builds homes, commercial buildings and infrastructure that create communities, improve productivity and contribute to the quality of life for people living and working in cities and regions across the Company’s markets.

Fletcher Building operates through six divisions – Building Products, Distribution, Concrete, Residential and Development, Construction and Australia.

Performance

The following information was extracted from Fletcher Building Limited's Full Year results, released 21 August, 2024:

Group revenue from continuing operations of $7,683 million, flat YoY with higher revenues in Residential and Development and

Construction, offset by significantly lower revenues in materials and distribution divisions

EBIT before significant items from continuing operations of $509 million compared to $785 million in FY23 and within guidance range
EBIT margin from continuing operations of 6.6%, compared to 10.2% in FY23
Significant Items of $333 million from continuing operations (mainly FCC legacy provisions and Higgins impairment) and Tradelink net

loss of $141 million (discontinued operations, including impairments)

Group Net Loss After Tax of $227 million, compared to Net Profit After Tax of $235 million in FY23
Strong trading cash flows from continuing operations and excluding legacy projects and significant items of $784 million, compared to

$537 million in FY23

Cash flows from operating activities of $398 million compared to $388 million in FY23

In any given GDT Event the GDT website may display a range of results other than price, as explained:

' – ' means that the product was not offered.
‘n.s.’ (not sold) means that no product was sold.
‘n.p.’ (not published) means that product was sold at the starting price, and therefore GDT cannot publish the winning price. For an explanation of this rule, see question 9 in the "Common questions" page under "About GDT" at www.globaldairytrade.info
'n.a.' for the Average Winning Price means that no prices were available for that contract period (for the reasons above), and therefore no average price was applicable.

For clarification where GDT publishes ' – ' or ‘n.s.’ (not sold) NZX results will also display a '-' or 'n.s'.

Where the GDT website displays ‘n.p.’ (not published), NZX will display the starting price. Note that the NZX results page will not differentiate between prices that are equal to starting price or those that have exceeded starting prices.

'n.a.' for the Average Winning Price as displayed on the GDT website are not displayed on this results page.

Note that N/A in the table below means there has been no change between current and previous price.