Annual Shareholders’ Meeting documents and FY2019 guidance

Annual Shareholders’ Meeting documents and FY2019 guidance
Auckland, 20 November 2018: Fletcher Building is today holding its 2018 Annual Shareholders’
Meeting (ASM) in Auckland. Attached are:
- Chairman’s address
- Chief Executive’s address
- ASM presentation
Included in the Chief Executive’s address is a year to date trading update on financial performance for
the group and outlook comments relating to HY2019 and FY2019 EBIT before significant items.

HY2019 forecast based on trading to date: Fletcher Building expects that EBIT before significant items
for HY2019 will be approximately 10% lower than the EBIT before significant items and B+I losses
reported in HY2018. This is due to emerging challenging Australian trading conditions and the timing of
house sales in the Residential Division to date. There is no change to the B+I provisions announced in
February 2018.

FY2019 Guidance: Fletcher Building expects EBIT before significant items for FY2019 to be in the range
of $630m to $680 million. While the company continues to target a result at the top end of this range, it
is prudent at this stage in the year to highlight that FY2019 EBIT will be impacted by the outage at the
Golden Bay Cement plant, the slowdown in the Australian residential market, and the reduction in Land
Development earnings compared to last year.

Dividend: Fletcher Building is aiming to recommence dividend payments in FY2019. This will be subject
to satisfactory trading conditions and group cashflows. An update on this will be given at the Company’s
half year results in February 2019. The dividend policy of paying dividends in the range of 50-75% of net
earnings before significant items, with consideration of available cash flow in the same period remains
unchanged.

Further details are provided in the Chairman and Chief Executive’s addresses and presentation. A live
recording of the meeting will also be broadcast on the Company’s website
https://fletcherbuilding.com/investor-centre/reports-presentations-and-webcasts/
.
#Ends
For further information please contact:
MEDIA
Marie Winfield
Head of Communications
+64 27 488 9888
marie.winfield@fbu.com
INVESTORS AND ANALYSTS
Aleida White
Head of Investor Relations
+64 21 155 8837
aleida.white@fbu.com

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FLETCHER BUILDING LIMITED
2018 Annual Shareholders’ Meeting
Chairman’s Address
Welcome
Good morning Ladies and Gentlemen.
I am Bruce Hassall, your Chairman, and on behalf of the Board it is my pleasure to
welcome you to Fletcher Building’s 2018 Annual Shareholders’ Meeting.
A warm welcome also to shareholders participating online through our virtual meeting
platform, including those of you viewing today’s proceedings via our webcast. Holding
a hybrid meeting provides an opportunity for greater participation and engagement from
our shareholders.
Before we start the formal business of the meeting, I’d like to remind people in the room
to ensure their mobile phones are on silent.
In the unlikely event of an emergency or if we need to evacuate the building, please
leave by the nearest safe exit as directed by staff and security. Assembly is on Reimers
Avenue.
As a quorum is present and due notice of this meeting has been given, I declare the
meeting duly constituted and open for business.
Directors
I will now introduce my fellow directors.
On my left is Rob McDonald, Cathy Quinn, Doug McKay, Steve Vamos and Alan Jackson.
Then on my right is Barbara Chapman, Martin Brydon and Tony Carter.
Your CEO Ross Taylor is seated on my immediate left, and Group General Counsel and
Company Secretary Charles Bolt, seated to my right.
We also have in attendance members of our leadership team, our auditors EY, legal
advisors Bell Gully and Computershare our registrar.
Before I move on...in the past year:
On 1 September Sir Ralph Norris retired as Chairman following 4 years in the role and
Cecilia Tarrant retired following 7 years on the Board.
Alan Jackson retires today after 9 years on the Board.

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I would like to thank Sir Ralph, Alan and Cecilia for their contributions to the Fletcher
Building Board.
Meeting Agenda
Moving onto the agenda, today’s meeting will commence with addresses from me as
Chairman and from the CEO, Ross Taylor.
Then we will move on to the resolutions that are outlined in the Notice of Meeting. The
directors standing for election and re-election will also briefly address the meeting.
The resolutions will be decided by poll, based on votes cast in the room here today via
the Lumi handsets and by shareholders online using the Lumi AGM app. Questions on
a resolution will be dealt with before they are voted on.
Voting on the resolutions is now open. Those using the Lumi handsets, and already
familiar with the technology, can vote any time during the proceedings until I declare the
voting closed. We will also screen the handset instructions when we come to formal
consideration of the resolutions later in the meeting.
At the conclusion of the resolutions we will then take the opportunity for questions from
the floor and online. You can start submitting questions online now. Please note
questions will be moderated to avoid repetition and to summarise lengthy questions.
If you are using the Lumi AGM app then you can submit a question by clicking on the
question icon at the bottom of your screen which looks like two text boxes.
This year we also invited shareholders to submit questions in advance – thank you for
those who did this. Ross and I will speak to the more frequently asked ones in our
addresses.
At the conclusion of the meeting we invite you to stay and enjoy some light refreshments.
FY2018 Results at a Glance
Turning to slide 5, and looking at a high level overview of the company’s FY18 financial
performance – Revenue for the year was $9.5 billion, up 1% on FY17. This was driven by
a solid sales performance across core businesses in New Zealand and Australia, offset
by a reduction in Construction revenues.
As you will be aware, Fletcher Building had a very challenging year due to the losses in
the Building + Interiors business of our Construction division. This led to a net earnings
loss for the year of $190 million.
Cash flow from operations of $396 million was up $153 million on the prior year,
reflecting improved working capital management, offset partly by continued outflows on
the B+I projects.

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I will now give some high level comments on some of the divisions. In New Zealand, the
Residential and Land Development division performed strongly, growing revenue and
earnings and significantly increasing the volume of units sold from 499 in FY17 to 714 in
FY18. The Distribution, Building Products, Concrete and Steel divisions all grew revenue.
However, this was offset in a number of businesses by raw material and supply chain
cost pressures.
In Construction, outside B+I, revenue and earnings growth remained strong in Higgins.
The Infrastructure and South Pacific businesses experienced lower revenues due to the
roll-off of a number of major projects.
In Australia gross revenue increased, with all businesses achieving positive sales growth
on a NZ dollar basis, and performance improvements within Iplex Australia and
Tradelink gathering momentum. Despite this, operating earnings before significant
items decreased, as the majority of businesses were impacted by increased input costs,
particularly in energy and resins.
Internationally, a positive performance by Formica in North America and Asia was offset
by difficult trading conditions in a number of Roof Tile Group’s export markets.
No dividends were declared for FY18. This decision was based on the company’s
performance, and in line with the dividend policy to only pay dividends in the range of
50-75% of net earnings before significant items.
Reset through FY2018
While FY18 was a very challenging year for the company, it also triggered significant
change which had to be made to reset for the future.
At last year’s Annual Shareholder Meeting, we announced the appointment of Ross
Taylor as CEO. Ross has a proven track record leading business turnarounds and
improving performance and shareholder returns.
He started in November 2017, and immediately completed an in-depth review of B+I
projects. Resulting in the announcement in February 2018 of additional significant
provisioning of losses of $486 million – and ultimately a total loss of $660 million in FY18.
At that stage the decision was made to cease bidding in vertical construction due to
unfavourable market conditions, and to allow the business to focus on completing the
remaining B+I projects within provisions.
In conjunction with the B+I review, we have continued the overhaul of the governance
of the Construction division. I will talk more about this soon.
During the year we strengthened the Company’s balance sheet by carrying out a capital
raise. The $750 million entitlement offer was well supported by institutional and retail

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shareholders, and was successfully completed in May 2018. I would like to thank our
shareholders who supported us through this capital raise.
CEO Ross Taylor led the development of the company’s five-year strategy which was
launched in June. The Strategy aims to deliver long-term growth for shareholders. It
focusses Fletcher Building’s operations in the New Zealand and Australian markets, with
building products and distribution at its core.
With this new focus the decision was made to divest our international businesses Roof
Tile Group and Formica. The sale of Roof Tile Group completed on 1 November.
The executive team and the business were then restructured to ensure we were
appropriately organised to best support the successful execution of the new strategy.
All this was completed before the end of June 30, enabling management to focus on
running the business and delivering the strategy from the beginning of FY19 without the
distractions of the issues from the last financial year.
It was against the backdrop of the go forward strategy, and a more focused business
that the Board reset was implemented.
Board reset to support strategy
This reset was completed in September which concluded a process to ensure that we
have a range of skills, experience and high calibre of individuals on the Board to support
the strategic direction. We are pleased to have attracted five new directors who will
greatly enhance the experience and diversity of the Board.
Importantly, in addition to bringing diversity and a range of commercial, operational and
governance expertise, they also have relationships with a range of our stakeholders -
including industry, government, financial markets participants and customers.
Given the company’s presence in a range of markets - constructive relationships with
our many stakeholders will become increasingly important.
The appointments have allowed the board committees of Audit and Risk; Safety, Health,
Environment and Sustainability and Remuneration to be refreshed with members and
chairs who have directly relevant skills and experience.
The new directors are: Martin Brydon, Barbara Chapman, Rob McDonald, Doug McKay,
and Cathy Quinn.
The new directors are each standing for election, and will have the opportunity to
address the meeting shortly.
They join our existing on-going directors Tony Carter and Steve Vamos.
Careful consideration was given to the Fletcher Building Board appointments. It was

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critical that directors had the right skills and insights to govern the whole business.
This included Board members that understand, and are familiar with construction, and I
believe we materially bolstered our Board skills in this regards. Martin Brydon has
worked in and around the construction industry for many years and understands it well.
Doug Mackay, in his various roles, has built and developed many facilities using different
construction companies. He has a strong knowledge of the forms of contract required
in this space. Cathy Quinn while not a Construction Lawyer specifically, has overviewed
these disciplines in Minter Ellison Rudd Watts as the managing partner for the last 10
years.
In addition to this, and most importantly, the Company, needed the right management
in place to run the Construction business competently on a day to day basis.
We bought in Ross as CEO because he has relevant experience across the breadth of
Fletcher Building’s operations, as well as strong experience in the Construction space.
The Company also needed a Construction Chief Executive that has deep and proven
construction experience – and you can see this with Ross’ recent appointment of Peter
Reidy, the former CEO of KiwiRail.
We feel that we have the skills and experience we require to govern this company. I am
confident that the make-up of the Board and the governance refresh, along with
executive appointments, will ensure appropriate oversight of the business, and
leadership as we focus on building shareholder value.
Enhanced Governance Focus
Turning to slide 8, as part of the work carried out to set the company up for the future,
we have worked to ensure that we have the right governance arrangements in place to
support the size and nature of the business, as well as the strategic direction - in
particular it’s decentralised operating model.
To support the Board changes an induction programme has been developed that
provides directors with an in-depth understanding of the company’s divisions and
business units through a combination of leadership presentations and discussions. It
also includes visits to manufacturing, distribution, development and construction sites,
and meetings with employees at an operational level in workplaces and on work sites.
Across the whole of the organisation, internal delegations and policies have been
reviewed, and commercial golden rules introduced around risk positions to support the
new operating model. These rules mean that there will be restrictions around risk-related
matters, for example the assumption of uncapped liabilities; the giving of parent
company guarantees, the taking of fit for purpose risks, and other similar potential issues.
For the Construction Division we continued to evolve the new bidding and bid review

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framework to ensure rigorous diligence is being conducted, and that management
views are appropriately tested and challenged. This has included the introduction of
new bid criteria and golden rules around risk allocation, staged review processes and
board committee reviews of all major bids prior to submission.
These processes, including board and board committee reviews have been functioning
well, and we have already seen the Construction division withdraw from several bid
processes where the company’s bid criteria were not met.
Building strong foundations for the future
The purpose of slide 9, is to look at Fletcher Building’s future. During my address I have
spoken about the company losses in FY18. I then talked about the changes made to turn
the company around. I now want to turn my focus to the future.
In June, Fletcher Building outlined its new strategic direction, which sets a very clear
path for the business. The Fletcher Building Board was very much involved in the
development of this strategy, which leverages the company’s strengths to deliver more
value for our customers and improved returns for shareholders.
The strategy focuses on New Zealand and Australian markets, with building products
and distribution at the core. In New Zealand, we will work to strengthen and grow our
already well performing businesses by leveraging their strong positions in the market.
To support this new focus we are investing in innovation, which is important as we seek
to enhance customer offerings, and bring more efficiencies to the business. Ross will
talk more about this soon.
At the same time we are committed to completing the existing B+I projects for our
customers, to a high quality, while in parallel working to rebuild the Fletcher Construction
business. I strongly believe that the right corrective measures have been taken to
prevent a repeat of previous failings in Construction, and we are now concentrating on
a return to positive performance.
In Australia during FY19 our focus is on setting the business up to have improved
operating and financial performance in future years. Growing in Australia, in measured
way over time, presents an attractive opportunity for Fletcher Building.
The Company is aiming to recommence dividend payments in FY19. This will, however,
be subject to satisfactory trading conditions and group cashflows. The company will
provide an update on this at the half year results in February.
ENDS

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FLETCHER BUILDING LIMITED
2018 Annual Shareholders’ Meeting
Chief Executive’s Address
Welcome
Good morning Ladies and Gentlemen.
I have now been at Fletcher Building for just over 12 months, and as Bruce highlighted
it has been a very busy period; as we worked through the construction issues,
recapitalised the balance sheet, set a new strategy, made changes to the executive
team, and trimmed the business overhead.
These sorts of transitions can be very distracting, and importantly this reset was
completed by the end of the 2018 financial year. Getting this done allowed us to get on
with running the business, and focus properly on our customers without all the other
distractions.
I am also pleased to say that the great things, and potential, that I saw in Fletcher
Building that initially attracted me to the CEO role, have if anything been reinforced
through my last year, and I continue to feel both excited and energised by the
opportunity in front of us.
Fletcher Building Executive Team
Before talking to the FY18 results I would like to introduce the Fletcher Building Executive
Team.
Selecting an experienced and proven team was very important for our future and I am
confident that we have achieved this with the team shown on this slide.
Starting with our New Zealand businesses; Michele, Steve, Bruce, Hamish and Ian, all
have significant experience both in the sectors they are responsible for, as well as with
Fletcher Building. And importantly, they have all been consistent performers over many
years.
Peter Reidy has recently joined us to run our Construction businesses. Peter brings
significant sector experience to the role, as well as strong government connections after
his highly successful 4 years as the CEO of Kiwi Rail.
Dean has recently relocated from Auckland to Australia to take on the responsibility for
all of our Australian businesses. Dean moves into this role after successfully driving
significant performance improvement and growth in our New Zealand Distribution

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businesses over the last 4 years. His proven performance, combined with his previous
international experience position him very well to affect our Australian turnaround over
the coming years.
Our group Functional Executives are all based here in Auckland with myself; Bevan,
Claire, Charles and John are all strong performers with significant discipline and Fletcher
experience. Wendi, who leads the Health and Safety function is a more recent
appointment and brings extensive industry and overseas experience to the role.
Most of them are here today, and if they could please stand up so you can see where
they are.
They like me will be available after the formal part of the meeting, so I would encourage
you to seek them out for a chat.
I now want to provide a bit more detail on the FY18 results.
Material improvement in Health and Safety
Operating safely is critical for our business and for that reason I will start with our Safety
performance over the past year.
Pleasingly, safety across Fletcher Building is heading in the right direction, and we saw
material improvements in safety across all our key metrics through the year.
Our total recordable injury frequency rate decreased by 26% though the year to 5.1
injuries per million hours worked for those not familiar with the measure, a lower number
here is better. This was achieved through a number of things; a refocusing of our safety
efforts, significant training of our people across all levels of the business, and the launch
of a consistent and risk based group wide safety program that we call “protect”.
Through the year we also placed a lot of emphasis on understanding and eliminating
critical risks across our businesses... this focus saw our serious injury rates reduce by
36% through the year... this was another important and pleasing result.
It’s important to remain restless when it comes to safety, as there is still much to do, our
intention through FY19 is continue to drive performance improvement across all of our
businesses.
FY2018 Results Overview
This slide provides an overview of our FY18 financial results.
As Bruce mentioned, it was a challenging year with generally disappointing financial
outcomes.
Revenues were broadly flat year on year, net earnings were a loss of $190m after tax
following our various issues, and as a result we did not pay a dividend. But on a positive,

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we did see a material reduction in net debt as a result of improved cash flows and the
capital raise we undertook in May.
This overall picture however does somewhat mask what was happening in the
underlying businesses.
To provide a better sense of our performance through FY18 I will focus in on a few
relevant areas in the coming slides.
Solid revenue performance
Our decision to run down the B&I or vertical construction book, and not bid any new
projects, meant our construction revenue naturally declined year on year. This muted
our overall Group revenue to around a 1% increase year on year.
If you take the Construction impact out of the revenue numbers, then the revenue story
across our businesses was more positive:
• Revenues in our New Zealand businesses were up 7% year on year lead by our
building products and distribution businesses
• Our Australian revenues increased 9% due to growth across; Rocla, Iplex and
Tradelink
• And revenues across the rest of the world were slightly down as the growth in
Formica’s revenues were offset by a weaker performance in the Roof Tile Group... for
which we recently completed the sale process.
Underlying EBIT reflects core business performance
Our underlying profit performance is best understood by looking at our EBIT
performance before significant items and B+I losses, which for the FY18 year was
$710m.
This was delivered despite sharp increases in many of our production input costs such
as; power, paper, resins and transport generally, which ultimately put some pressure on
our margins.
Delivering this underlying performance was an important outcome, as we needed to
enter the FY19 year with our core businesses performing.
To help provide a relevant comparison for the $710m profit we achieved in FY18, we
have put 3 years of underlying EBIT performance in the graph on the slide.
The best comparison for our FY18 performance is not so much the 2017 outcome but
the earnings in 2016 of $682m. That’s because in 2017, we had a number of positive one-
off benefits, and some large construction projects finishing that increased profitability in
2017 above the normal and sustainable run rate.

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Statutory earnings impacted by B+I losses
Moving to the next slide the statutory earnings reflect the results as reported in our Profit
and Loss statements.
Here both EBIT and NPAT are reported after the impact of the B+I losses and other
significant items.
In 2018 we reported an EBIT loss of $118m, and a Net loss after tax of $190m.
Both of these were down significantly on FY17 resulting from; the B+I losses of $660m,
$99m of impairments after tax on the carrying value of Rocla and the Roof Tile Group,
and $31m of other significant items after tax, which included gains on sale from our
stakes in Simms Metals and the Dongwha Laminates factory, offset by charges
associated with moving to the new structure, and the removal of overhead through May
and June this year.
Cash and capital funding
Through all this cash was a good story, and the cash generation from the core
businesses was strong and we saw an increase in both trading and operating cash
flows across the Group.
Interest costs remained high because of penalty interest charges associated with our
debt covenant breaches in February – these extra charges are expected to end in March
2019 and from then on our future interest costs will reduce accordingly.
The net result of the improved underlying cash flows and the capital raise through the
year, was we exited FY18 in a stronger capital position, with net debt down by a third to
$1.3bn.
This gives us a good platform from which to confidently execute our strategy.
FY2018 reset provides foundation for vision and strategy
A big part of FY18 was developing and agreeing our go forward Strategy for the Group.
This work was informed by a number of important themes:
• We have a strongly performing, and well positioned Building products and
Distribution businesses in New Zealand
• Elsewhere, while not all our businesses are performing, the majority are number 1 or
2 in their markets
• But we have been stretched too thinly, across too many geographies, with too many
businesses. And we’ve seen the evidence of this over the medium term, as we
suffered through various surprise performance issues, and been overstretched with
regards to the demands on our capital.

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• And finally, we were carrying too much overhead, and were too centralised here in
Auckland.
Against this backdrop we developed the go forward strategy shown here on this slide,
which was about focusing on our core NZ businesses, and backing ourselves to get
Australia both performing and growing.
Our vision therefore became to be the undisputed leader in New Zealand and Australian
building solutions - with Products and Distribution at our core.
We then set ourselves 4 key areas to concentrate on to achieve this a refocus on
supporting and growing our core businesses in New Zealand, to stabilise construction
and return it to profits, to turnaround and grow our Australian Building Products and
Distribution businesses, and finally, to sell The Roof Tile Group and Formica.
Strategy timeframes
We mapped this journey out over the medium term as shown on this slide.
In FY19, we are concentrating on getting the overall business refocused and stabilised.
We want to exit the year; with good momentum and performance in our core New
Zealand businesses, getting all the construction business set up to perform, while
keeping them within the provisions we made in FY18, having achieved a reset of the
Australian businesses to ensure their performance will improve through FY20, and
successfully concluding the sale of the Formica business.
If we do this well then in FY20 we would expect to see signs of performance
improvements and market share gains across all our businesses, which will in turn set
us up for growth from FY21 and beyond.
While there is a lot to do here, I feel the focus resulting from the new strategy, combined
with the team we have in place, gives a very strong likelihood of success.
Firmly focussed on the future
As I mentioned in my introduction, I was attracted to the Fletcher Building CEO role
because I could see a lot of potential for the business, and having been on the inside
now for 12 months, I am even more convinced about this.
This slide cherry picks a few examples of what we are doing, that point to why I feel there
is a lot of strong future opportunities in front of us.
• From the innovation we are bringing to the Residential sector through various off site
manufacturing solutions
• To the ecommerce and digitisation processes we are implementing across our
distribution businesses

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• And Product and Process Innovation across many other areas of business
If you take these, and other similar things our businesses are working on, and then
combine them with a more focused strategy, it should enable us to get properly
organised to take full advantage of them.
Market Outlook – New Zealand
I’d now like to spend a few moments talking to current market conditions. I will focus on
the New Zealand and Australian residential markets as approximately 43% of our total
revenue is exposed to these markets.
Firstly in New Zealand, we are seeing residential consents run at around 30,000 per
annum, slightly down on previous years, but much as we expected it to look like.
Activity levels remain robust, especially here in Auckland, but we think this is now
plateauing and there are signs that the Auckland market will pull back slightly.
Looking forward; with continuing supply/demand imbalances, a solid New Zealand
economy, and immigration levels not being overly curtailed, we continue to feel the
present levels of activity are sustainable - at least for the medium term.
In our other New Zealand markets, infrastructure and commercial construction activity
remain solid.
Market Outlook – Australia
In Australia residential activity accounts for about 40% of our end market exposure. Here
we have seen a sharp contraction in new residential consents in the most recent quarter.
This is particularly evident in the apartment or multifamily portion of the market.
This is currently impacting our Australian businesses, particularly Stramit, Laminex and
Tradelink, and feels like a medium term trend that has some distance to run yet.
As such, as Dean and the team think through their turnaround plans for the Australian
business, they’re factoring in a weaker Australian residential market than we had
previously assumed.
In contrast to this the strength of the infrastructure project pipeline on the Eastern
Seaboard continues to look strong for the medium term and provides some offset to what
we are seeing in the residential sector.
FY2019 Year to date trading
Our trading to the end of October has broadly reflected the market trends I outlined on
the previous slides.
In New Zealand, our businesses have generally been trading in line with our expectations

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which we forecast to be flat to slightly down on last year.
The volume of houses we’ve sold to date in our Fletcher Living business have been a little
lower than last year, but this is a stock issue rather than a market issue, and we expect
this to catch up as we complete house construction and new stock becomes available
to sell through the year.
Our cement plant at Portland, north of Auckland, was affected by a four week outage of
the cement mill in September, and while we have insurance for this, we think it will still
impact us between $8m to $11m this year.
And finally but importantly we continue to forecast no change to our B+I provisions.
In Australia, the recent months have proved challenging.... The combination of continuing
input price rises and the cooling residential sector, have placed pressure on both margins
and volumes across our Australian businesses. Dean and the team are onto this, and are
looking at the appropriate actions to ensure our cost bases are aligned with what we are
now seeing in the market place.
The sale of our international businesses continue to track to plan.... RTG is now sold, and
Formica continues to track on its sale process.
Importantly the Formica business continues to operate and perform to plan, with
earnings also benefiting from a weaker NZ dollar.
FY2019 Guidance
To finish I would like to update our earnings guidance for the rest of this year.
We expect EBIT before significant items for the full 2019 financial year, to be in the range
of $630m to $680m.
Our previous guidance would have placed us at the top end of that range, but we have
eased this back slightly given the present trading conditions we are seeing in Australia,
and the outage we experienced at the Golden Bay cement plant in New Zealand.
In terms of the first half of the financial year, which ends on 31 December, we are
expecting that EBIT will be approximately 10% lower than the first half of 2018.
This is a reflection of; the Australian trading conditions, the Golden Bay cement issue, and
timing of sales in our New Zealand residential business.
ENDS

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