Annual Shareholders’ Meeting documents and trading update

Fletcher Building Limited, Private Bag 92114, Auckland 1142, 810 Great South Road, Penrose, Auckland 1061, New Zealand
Tuesday 19 October 2021

FLETCHER BUILDING LIMITED
2021 Annual Shareholders’ Meeting
Chair’s Address

FY21 results at a glance
On behalf of the Board, I’m pleased to report that Fletcher Building delivered a very strong set of
financial results in FY21. Over the last three years, the Board has been very focused on driving
our strategy to lift performance so I am pleased with what has been achieved so far. It
demonstrates we are on the right track and are achieving key milestones for continued
performance and the future success of our business. The result is testament to the leadership of
the Executive Team and the focus from all our people, particularly amidst the uncertainties of
COVID. The ability of our teams to shift tack rapidly through this time has been noteworthy and
we thank everyone across Fletcher Building for their hard work.
Group revenue for the year was $8.1 billion. In NZ, our exposure to the strong residential market
had a positive impact, while in Australia, the effects of a slower commercial and civil market was
a slight headwind. Pleasingly EBIT before significant items was $669 million.
Net earnings for the year were $305 million. This included $128 million of significant items from
the impairment of Rocla and the last phase of restructuring costs.
The strong performance across all dimensions of cash management through FY21 was very
pleasing. Cash flows from operating activities were $889 million.
Against this backdrop and our confidence in the outlook, the Board considered that a buyback
programme was an efficient way of returning capital to shareholders and the Board was pleased
to pay total dividends of 30 cents per share for the financial year.
Board focus on safety, sustainability and delivery across value chain
The Board is very focused on driving strong outcomes across a range of ESG measures and
driving a performance culture in particular on safety, sustainability and innovation. We
acknowledge that cultural transformation on the many fronts which I will now outline can take
time, but we are making solid progress.
We believe that embedding a safety culture across the Group is critical. Our safety goal is a future
where zero injuries everyday is possible and where everyone comes home from work safely. We
are continuing to make good progress; with 85% of our sites injury free and our overall injury rates
dropping to just under 5.0 for the year. It is worth pointing out this is our lowest level ever.

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Development and training on safety is across all levels of our business which has the aim of both
lifting the skills and changing the culture of our organisation.
On sustainability, we continue to make good progress towards our, “30% by 2030” carbon
emissions reduction goal. Sustainable carbon emissions are now running at 5% below our 2018
levels. Our group-wide carbon reduction roadmap sets out ongoing projects that are key to
achieving the overall reduction goal. In this vein, we are aligned with the Government’s transition
to a low emission economy. We are keeping abreast of the ETS changes and assessing the
impact on our business to ensure the best possible outcomes.  We do have some general
concerns about any ETS changes, or carbon policy that could discourage further investment in
reducing carbon emissions and incentivise imports of more carbon-intensive products.
We do not believe that this is beneficial to NZ Inc or to global carbon emissions to move
manufacturing from NZ to overseas competitors. These are important topics that we continue
to proactively engage with government about.
Finally on this slide, the Board is focused on continuing to drive an innovation mindset and culture
which is central to achieving our goals of ongoing performance and growth. This means
advocating investment in all parts of the value chain, championing an environment for the
continual generation of new ideas and concepts as well as looking at major trends globally and
bringing those opportunities in.
Ongoing investments in technology and data will further enhance the strength of our business
and is critical for future success.
Driving improved outcomes for our people and customers
Importantly, this focus is aligned to driving meaningful outcomes for our people and customers.
As a Board, we value the importance of investment in our talented and diverse workforce through
training programmes and providing continual career development opportunities. We are driving
the improvement of diversity and inclusion of our people by fostering an inclusive culture, having
greater women representation and more ethnicity in leadership. We have targets in place to
deliver initiatives including increasing the number of women in operational roles year on year.
We are also driving gender pay parity with action plans in place to close the gap.
Ultimately the Board is focused on overseeing improvement in our engagement levels as we
recognise they are not at the level we want them. We have continued to support our people
through the more recent COVID disruptions with health and wellbeing support as well as certainty
of remuneration through the lockdowns.
A key action taken by the Board during the year was on remuneration. We made significant
changes to the group-wide remuneration framework with the main outcome being that the new
structure aligns more closely to the interests of our shareholders. We’ll continue to engage with
shareholders on these and other matters.
Meanwhile, key to strengthening our customer relationships is the recognition that our
investment in innovation and driving solutions for our customers is essential for their success. As

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we continue to navigate the range of service disruptions due to the pandemic and general supply
chain constraints, we are focused on continuing to improve our customer experience.
Delivering long term value for shareholders
As we look forward, we are very confident about the current momentum and future performance
of Fletcher Building. We are still navigating the complexities of COVID, but it’s clear that more
collaboration between Government and business will bring benefits to the economy and to
society more broadly as we prepare for living with COVID. Encouragingly, vaccination levels are
trending in the right direction on both sides of the Tasman which we expect will unlock more
freedoms and allow businesses and economies return to normal.
Our economies need resilient companies with vaccinated workforces to meet demand and fill
supply chains without the risk of further disruption. So looking ahead, we will continue to
advocate for a rational, risk-based approach from the Government when it comes to
progressively opening up the economy and removing border restrictions as vaccination levels
continue to rise.
To achieve this, businesses are looking for more certainty and speed of decision making from
the NZ Government around things like the roll-out of Rapid Antigen Testing, combined with
support to drive up vaccinations for their workforces. This is about safety for workplaces, safety
for customers and safety for the community.
Like other businesses, we welcome more investment and focus on the vaccination drive and a
clear signal that unvaccinated people will face restricted access to travel and other activities. I
strongly believe the most effective way to convince people to get vaccinated is a nationwide
vaccine “passport”. We’ve been encouraged by the NZ Government’s testing of a vaccine
passport app and are looking forward to seeing more details around how it will be used in
practice.
Meanwhile, the NZ government has signalled their intention to conduct a market study into
building materials in which we will fully participate when it is established. We’ve argued strongly
for some time that residential land is the largest cost contributor to new housing development
and that the cost of building materials is highly variable between New Zealand and Australia. We
are confident that there are a number of cost dynamics playing out in residential housing
development beyond building products and we are looking forward to presenting our views to
the Commerce Commission at the appropriate time.
As ever, we remain acutely focused on cash, a healthy balance sheet and delivering to our
shareholders and we are excited about what we are seeing at the Board table as the Group
continues to drive operational performance and make value-enhancing growth investments.
Before handing over to Ross, I would like to express my thanks to our shareholders for your
continued support, I am confident Fletcher Building is very well-positioned for the future. With
that, I now invite Ross to provide his address
ENDS

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Fletcher Building Limited, Private Bag 92114, Auckland 1142, 810 Great South Road, Penrose, Auckland 1061, New Zealand

Tuesday 19 October 2021

FLETCHER BUILDING LIMITED
2021 Annual Shareholders’ Meeting
Chief Executive Officer’s Address

FY21 performance delivered, well-positioned for further performance improvements and
growth
On this first slide, we show a high-level view of the plan we have been working to in Fletcher
Building for the last three years. Pleasingly we continue to remain on track with very solid
performance outcomes being achieved across all areas of our business last year.
Importantly, and as Bruce noted, this performance is showing up in our bottom-line results.
We are in great shape to build from this position and drive, both further operational
improvements, and above market sales growth over the coming years.
FY21 - growth in margins, cash flows and returns
Moving to the next slide and before I get into the detail, you will see on this slide that we’ve
provided three years of comparison numbers. We have done this as we felt the FY19 year was
a more meaningful comparator year than FY20 – as you will recall the FY20 year was
significantly impacted by COVID restrictions on our business, particularly in NZ.
Turning now to the slide and working across it from left to right. Our profitability, (or EBIT
margins on revenue) continued to improve and were 8.2% for the year. Notably, our trading
cash flows were very strong at $929 million. I would point out however that we expect cash
flows to be lower this year as we replenish our housing stock in the Residential development
business, and inventories generally.
And finally on this slide, our Return on Funds Employed (or ROFE) was 18.6% for the year. This
was a solid result, and well ahead of our base target of 15%.
Strong balance sheet, supporting capital returns and investment
This slide shows that at the end of FY21 our balance sheet was very strongly positioned with
net debt levels sitting at $173 million, and liquidity sitting at $1.6 billion.
This balance sheet strength allows us to support the share buyback, our new wallboards plant,
the necessary inventory rebuild after a busy year, the completion of the construction legacy

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projects and still maintain a strong balance sheet. We forecast that after all of this, that debt
levels will sit slightly below the bottom of our range.
Importantly this provides us with ample capacity to drive targeted growth investments which I
will outline shortly.
Strategic goals focused on continuing to drive operational performance and top line
growth
Our sights are now firmly set on ensuring that we continue to both improve our operational
performance and grow the top line from here. This slide summarizes on one page where our
focus is going to support this, and our aspiration to be “The leader across NZ and Australia in
Building Products and Solutions.”
There are 5 key areas we are focused on,
1. We have a belief all injuries are preventable, we want to get everyone home safely,
each and every day.
2. We want to see each business absolutely focused on its customers making sure the
solutions, and services that they are offering to them, are better than what anyone else
in the market can achieve.
3. We need to be ever vigilant that we have our costs under control against both local and
global competition. To achieve this we will relentlessly benchmark, evolve, and invest
to ensure we maintain this position.
4. We want the economic performance of each of our businesses, to be in the top quartile
of similar businesses globally, not just our local competition.
5. And finally, we need to take advantage of both; our relative scale in New Zealand and
Australia, and our distance from the larger Northern Hemisphere markets. This allows
us to innovate, and drive sustainability, as a fast follower, and, to disrupt our home
markets and ourselves before others do. This done well, should allow us to readily
achieve above market growth in our revenues.
Clear path to c.10% EBIT margin in FY23
As we look ahead we are confident we can continue to deliver against the plans we laid out
three years ago. We remain on track to get our overall EBIT margins to around 10% by FY23.
This improvement will be achieved from four key areas.
Firstly: By lifting margins in Australia into the 5-7% range. This will build on our present
momentum, and come from continued improvements in our operating disciplines, and the
delivery of the numerous growth initiatives we already have underway
Secondly: By lifting Construction margins to above 3%. With our forward order book now being
reset to a lower risk profile and higher margins, our people skills and systems improved, and
the nil margin legacy work broadly completing through FY22. We are confident our overall
margins from construction will move above 3% into FY23.

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Thirdly: We will continue to drive margin expansion across the NZ core businesses. We still
have further runway in front of these businesses for both; ongoing operational improvements,
and product adjacencies that will support further margin expansion into the future.
And finally: We will get a natural profitability uptick at the group level, as we grow our
Residential house sale volumes in the coming years.
Driving medium-term growth with investments within our base numbers
Beyond the operational and margin improvements I just outlined, we also are focused on
driving our top line growth.
Across the Divisions our growth efforts are focused across many areas and include; new
localities, new products, existing products we can grow through refreshes, customer services
we can expand, and growing our ecommerce sales volumes and channels.
Just by way of example, our digital sales run rate across Fletcher Building now sits at around
$450 million per annum. This is up from virtually nil, 2 years ago.
At the group level, we have a team focused on scanning the world looking for relevant
innovations and start-up companies that are doing things that we can potentially
commercialise in our markets. This team also assists our businesses bring their new ideas to
maturity. Importantly we are also accelerating the upgrade of our backbone systems to support
the strong growth we are seeing in digital, data and all things ecommerce.
To ensure we maintain this growth focus and momentum we have earmarked around $50
million to $100 million of our base capex spend, and around $30 million to $40 million of our
base overhead spend each year to support this.
A strong emerging pipeline of larger growth opportunities
Beyond what I would call “base business” growth, we are also looking at a growing pipeline of
larger and more material opportunities.
Examples of these are shown here on the slide and include:
1. Plans that will see our residential housing business grow by around 550 housing units
per annum over the next 3 years.
2. Scaling up, our offsite housing manufacturing business Clever Core and this has two
benefits; we get a material new business in its own right, and by being able to build our
houses faster we will use less annual working capital per house, and effectively make
the capital we have in this business “work harder”.
3. In Concrete, we will introduce pozzolans (ground volcanic rock) into our standard
concrete mixes. This does several things; it lets us reduce the embedded carbon in our
concrete by around a further 30%, and then, with greener concrete than our
competition, we expect to win extra market share, and it also allows us to grow
concrete volumes without scaling up our Portland cement plant.

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4. And in Australia, we are looking to disrupt the kitchen cabinetry market with our Haven
Kitchen’s offer, and we have now opened our first stores in Melbourne. Its proposition
for kitchen installers is that they can get a full high-quality kitchen in one day. This
compares very favourably with the traditional 6 week lead times across the industry
now.
Importantly we expect to progressively add to this list, as other opportunities we are working on
mature, therefore adding to the strong confidence we have around our growth prospects into
the future.
Strong residential and infrastructure markets, stable commercial
Looking now at our markets. I would characterise both our New Zealand and Australian
markets as looking solid into the medium term.
The NZ market continues to see strong residential consenting levels and high planned levels of
government infrastructure spend. That said, ongoing supply chain and labour constraints
mean that the New Zealand construction sector is currently at, or near capacity. This dynamic
means that consent and project commitments will not flow directly into work volumes and is
likely to have the impact of extending the higher levels of building activity through FY22 and
beyond.
In Australia, the outlook for residential remains resilient, particularly across the detached
housing and renovations subsectors, while the Commercial and key civil sectors seem to be
stabilising at current levels. Like NZ, the Australia government is committed to infrastructure
spend into the future.
COVID-19 impact on FY22
I now want to briefly touch on the impacts we are seeing from COVID so far this year.
In New Zealand through August and September, we were forced to close almost all of our
business operations across the full country for two weeks, and in the Auckland region for five
weeks.
Throughout the lockdowns, all our staff were fully remunerated and their health and wellbeing
was supported through various programs and initiatives.
Trading either side of these lockdowns has been very solid, and at levels above the prior year,
and provided New Zealand stays at these present lockdown levels or better, we would expect
the trading conditions to remain above last year.
In Australia we are predominately East Coast focused, and lockdowns of some shape or form
have been a feature of the FY22 year to date. The net effect of these lockdowns has been to
slightly subdue trading levels across most of our businesses.
However, as both NSW and Victoria start to open up with increasing vaccination levels, we
expect trading to improve quickly and to levels above last year.

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I wanted to call out the efforts of our team across Australia and NZ, they have had to deal with
the demands and complexities of the differing approaches taken by each state and
government this year, and through this have kept our business running effectively and our
customers well serviced.
Outlook
To finish, I would like to provide a few outlook comments. With strong vaccination levels in both
New Zealand and Australia we are increasingly confident we will see less impacts on our
business from full or partial COVID lockdowns.
This should then allow the present strong trading conditions to flow uninterrupted through our
businesses for the balance of FY22 and beyond.
Our operating disciplines and business settings are in good shape, which leaves us well
positioned in this environment to drive ongoing performance improvements and growth.
We continue to target EBIT margins of around 10% by FY23 and while our first half margins this
year will be impacted by the various COVID lockdowns we have had to deal with, we are
confident that the second half margins will show good progress towards achieving our 10% FY23
target.
In closing, I’d like to thank our employees, suppliers and customers for their dedication through
the last 12 months. And I also want to thank you our shareholders, for your ongoing support.
Tena koutou, Tena koutou, Tena koutou katoa.
ENDS

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Fletcher Building Limited
Annual Shareholders’ Meeting 2021
2021 Annual
Shareholders’ Meeting
19 October 2021

Fletcher Building Limited
Annual Shareholders’ Meeting 2021
Bruce Hassall
Chair

Directors
Martin Brydon
Doug McKayCathy Quinn
Rob McDonald
Peter CrowleyBarbara Chapman
Page 3 | Fletcher Building Limited Annual Shareholders Meeting 2021| © October 2021

Meeting agenda
Chair ’saddress
Chief Executive Officer’s address
Voting on Resolutions
General Q&A
Page 4 | Fletcher Building Limited Annual Shareholders Meeting 2021| © October 2021

FY21 results at a glance
1. Measures before significant items are non-GAAP measures used by management to assess the performance of the business
and have been derived from Fletcher Building’s financial statements for the 12 months ended 30 June 2021. Details of
significant items can be found in note 2 of the financial statements
EBIT
1
$669m
FY20 $160m
EPS
37.0c
FY20 (23.5c)
* Before significant items
EBIT
1
margin
8.2%
FY20: 2.2%
Dividend
30.0cps
FY20: nil
Cash flows from
operating activities
$889m
FY20 $410m
Share buyback
$300m
underway
Revenue
$8,120m
FY20 $7,309m
Page 5 | Fletcher Building Limited Annual Shareholders Meeting 2021| © October 2021
Net Earnings/(Loss)
$305m
FY20 ($196)m

Board focus on safety, sustainability and delivery across value chain
1. TRIFR = Total no. of recorded injuries per million hours worked. Does not include Restricted Work Injuries
2. Serious Injury include immediate treatment as an in-patient at hospital for more than 24 hours or
immediate treatment for a serious injury or illness as defined by Safe Work Australia
Safety
Total Recordable Injury Frequency
Rate
1
5.7
5.0
FY20FY21
Page 6 | Fletcher Building Limited Annual Shareholders Meeting 2021| © October 2021
Sustainability
1,238
1,145
FY18FY21
GBC shutdown for waste tyre project
(proforma)
Carbon Emissions
Carbon (CO
2
) Emissions
(thousand Tonnes)
-5%
85% sites injury free
8 serious injuries
2
Driving zero serious injuries
Driving 30% carbon reduction by 2030
Delivery across value chain
Investing in local manufacturing
Developing and enabling
performance and growth culture
mindset
Embracing disruption and
innovation to drive solutions for
our customers

Driving improved outcomes for our people and customers
Page 7 | Fletcher Building Limited Annual Shareholders Meeting 2021| © October 2021
Focus on lifting customerservice and
performance from 41 NPS
1
to ≥ 55
1. Net Promoter Score (NPS) measures how satisfied our customers are with our business.
Driving Diversity with targets in place
Focus on lifting employee engagement
scores from 66%
Improved remuneration structures
GirlBossNew Zealand

Delivering long term value for shareholders
Page 8 | Fletcher Building Limited Annual Shareholders Meeting 2021| © October 2021
Delivering returns to shareholders, driving strategy and investing for performance & growth
OurPeople are effectively & safely navigating COVID-19 challenges including observing strict protocols
Expect vaccinated workforces to result in no further requirement for stringent lockdowns

Fletcher Building Limited
Annual Shareholders’ Meeting 2021
Ross Taylor
Chief Executive Officer

FY21 performance delivered, well-positioned for further performance
improvements and growth
Performance
And Growth
FY19FY20FY21FY22FY23+
Refocus & stabiliseOngoing performance & growthSet up for
performance
Performance
Page 10| Fletcher Building Limited Annual Shareholders Meeting 2021| © October 2021

 

FY21 - growth in margins, cash flows and returns
1. Before significant items
2. FY19 is a pro forma number adjusted for discontinued operations and IFRS16 to allow for like-for-like comparison
3. Excluding legacy and significant items cash flows. FY19 includes discontinued operations which were divested during that year
4. Free Cash Flow / EBIT
5. Return on Funds Employed (ROFE) is EBIT excluding significant items to average funds (net debt and equity less deferred tax asset)
EBIT Margin
1
(%)
7.2%
2.2%
8.2%
FY19FY20FY21
2
Trading Cash Flow
3
($m)
585
565
929
FY19FY20FY21
FY20
ROFE
5
(%)
13.3%
3.7%
18.6%
FY19FY20FY21F
Path to c.10% EBIT margin
1
in FY23Exceeded ROFE ≥ 15% targetCash conversion
4
well above ≥ 60% target
Page 11| Fletcher Building Limited Annual Shareholders Meeting 2021| © October 2021
2

Strongbalance sheet, supporting capital returns and investment
Strong cash-flows resulting in sustained reduction in leverage
Capital return via on-market share buyback of up to $300m through to Jun-22
Non-recurring investment and rebuild of land & housing stocks:
WWB Plasterboard Plant
Inventory rebuild in products / distribution businesses
Rebuild of land & housing stocks
Completion of FCC construction projects
Leverage expected to be at or slightly below 1.0x post these capital returns and
investments
Well positioned with capacity for growth investment
Leverage (Net Debt / EBITDA)
0.2x
0.9x
FY20FY21
Target
range
2.0x
1.0x
Page 12| Fletcher Building Limited Annual Shareholders Meeting 2021| © October 2021

Strategic goals focused on continuing to drive operational performance
and top line growth
Vision
Strategic
Goals
To be the leader in New Zealand and Australian building products and solutions
Zero injuries every
day
Market leading
customer solutions
and services
Lowest delivered
cost
Economic
performance
of each business in
industry
top quartile
Leadership in
innovation,
sustainability, and
growth via
disruption
Page 13| Fletcher Building Limited Annual Shareholders Meeting 2021| © October 2021

Clear path to c.10% EBIT margin in FY23
Pathway to c.10% EBIT margin in FY23EBIT Margin
1
(%)
7.2%
8.2%
c.10%
FY19FY21FY23 Target
1. Before significant items; FY19 is adjusted for proforma IFRS16 to allow like-for-like comparison
1.Australiamargins on track for 5–7%
2.Construction margins on track for 3-5%
3.NZ Corefurther margin improvement
4.Residential growth at higher margins than balance of
Group
Page 14| Fletcher Building Limited Annual Shareholders Meeting 2021| © October 2021

Driving medium-term growth with investments within our base numbers
Page 15| Fletcher Building Limited Annual Shareholders Meeting 2021| © October 2021
Focus on product adjacencies
Focus on eCommerce and customer ecosystems
Accelerated implementation of a fit-for-purpose systems
environment
Capex:c$50-100m p.a. of our base business capex
envelope is pointed towards growth initiatives
Opex: $30m-40m p.a. included in base business operating
overheads to support key initiatives
Digital sales run-rate of c.$450m
Investments within our base numbers

A strong emerging pipeline of larger growth opportunities
Page 16| Fletcher Building Limited Annual Shareholders Meeting 2021| © October 2021
Residential:
Additional c.550 housing units taken to profit p.a. by FY25
Scale Clever Core off-site manufacturing: achieves a strong
business in own right & allows optimisation of annual
working capital
Concrete: introduction of pozzolansinto standard concrete
mixes
c.30% further reduction in carbon
Support further market share gains
Allows scale up of concrete volumes without adding
capacity to Portland cement plant
Haven Kitchens: start-up looking to disrupt c.AUD$6.0b
1
p.a.
AU kitchen market. Full kitchens available same day, no waiting
Strong pipeline of additional opportunities under investigation
c.1,400
Residential Units Taken to Profit
+c.550
836
FY21FY24-25F
Apartments
Retirement
Residential
Australia kitchen market disruption opportunity
1. Internal management estimate of Australia kitchen market. Alterations and additions and smaller new home builders market
is estimated at AUD4.7b

Strong residential and infrastructure markets, stable commercial
Residential consents continue to be strong driven by a structural undersupply of housing; this and capacity
constraints should lead to a solid and elongated profile for actual work done
Commercial remains steady
Infrastructure - strong long-term outlook supported by government investments
Residential – ongoing growth in approvals points to a growth outlook for work done
Commercial and key civil sectors remain steady
Government committed to infrastructure spend
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COVID-19 impact on FY22
July/August: pre-lockdown volumes tracking above prior year
August/September: Full lockdown of all NZ businesses for 2 weeks, and Auckland for an additional 3 weeks; GBC Kiln
able to keep running throughout
September /October: post-lockdown volumes showing rapid and strong bounce back in activity, with trading above
prior year
Regional lockdowns impacting in parts with a slightly negative trading impact overall
Our businesses primarily East Coast focused; easing of restrictions in NSW and then Victoria in line with increasing
vaccination levels is expected to drive a strong bounce-back
Page 18| Fletcher Building Limited Annual Shareholders Meeting 2021| © October 2021

Outlook
While COVID lockdowns have impacted trading in the first quarter of FY22, the activity pipeline remains strong in New Zealandand
Australia.This is driving a robust bounce back in market demand as government restrictions ease
Operating disciplines in good shape across the Group, input cost inflation and supply chain disruption being managed effectively
We have a strong balance sheet, a favourable market outlook, and remain well-positioned to drive ongoing performance and
growth
We continue to target c.10% EBIT margin in FY23. In FY22, 1H22 margin will be impacted by lockdowns. We are confident that
2H22 margin will show good progress toward c.10% target – assumes no further material impacts from COVID lockdowns
Further update on trading and outlook to be provided at 1H22 results announcement in February 2022
Page 19| Fletcher Building Limited Annual Shareholders Meeting 2021| © October 2021

Fletcher Building Limited
Annual Shareholders’ Meeting 2021
Resolutions and Voting
Note: xxx
Source: xxx

Resolutions
Ordinary Resolutions
Resolution 1 –Re-election of Rob McDonald
Resolution 2 –Re-election of Doug McKay
Resolution 3 –Re-election of Cathy Quinn
Resolution 4 –Auditor fees and expenses
Page 21| Fletcher Building Limited Annual Shareholders Meeting 2021| © October 2021

Important Information
Page 22| Fletcher Building Limited Annual Shareholders Meeting 2021| © October 2021
ThispresentationhasbeenpreparedbyFletcherBuildingLimitedanditsgroupofcompanies(“FletcherBuilding”)forinformationalpurposes.Thisdisclaimerappliestothis
documentandtheverbalorwrittencommentsofanypersonpresentingit.
Thispresentationdated19October2021shouldbereadinconjunctionwith,andsubjectto,theexplanationsandviewsoffutureoutlookonmarketconditions,earningsand
activitiesgiveninthe2021AnnualReport(togetherwithmanagementcommentary)publishedon18August2021.
Incertainsectionsofthispresentation,FletcherBuildinghaschosentopresentcertainfinancialinformationexclusiveoftheimpactofsignificantitems. A numberofnon-GAAP
financialmeasuresareusedinthispresentationwhichareusedbymanagementtoassesstheperformanceofthebusinessandhavebeenderivedfromFletcherBuilding’sfinancial
statementsforthe12monthsended30June2021.Yo ushouldnotconsideranyofthesestatementsinisolationfrom,orasa substitutefortheinformationprovidedinthe
FinancialStatementsforthe12monthsended30June2021,whichareavailableat
www.fletcherbuilding.com.
TheinformationinthispresentationhasbeenpreparedbyFletcherBuildingwithduecareandattention,however,neitherFletcherBuildingnoranyofitsdirectors,employees,
shareholders,noranyotherpersongivesanyrepresentationsorwarranties(eitherexpressorimplied)astotheaccuracyorcompletenessoftheinformationandtothemaximum
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Thispresentationmaycontainforwardlookingstatements,thatisstatementsrelatedtofuture,notpast,eventsorothermatters. Forwardlookingstatementsmayinclude
statementsregardingourintent,belieforcurrentexpectationsinconnectionwithourfutureoperatingorfinancialperformance,ormarketconditions. Suchforwardlooking
statementsarebasedoncurrentexpectations,estimatesandassumptionsandaresubjecttoa numberofrisksanduncertainties,includingmaterialadverseevents,significantone-
offexpensesandotherunforeseeablecircumstances. Thereisnoassurancethatresultscontemplatedinanyoftheseprojectionsandforwardlookingstatementswillbe
realised. Actualresultsmaydiffermateriallyfromthoseprojected. Exceptasrequiredbyl a w,ortherulesofanyrelevantstockexchangeorlistingauthority,nopersonis underany
obligationtoupdatethispresentationatanytimeafteritsreleaseortoprovidefurtherinformationaboutFletcherBuilding.
Theinformationinthispresentationdoesnotconstitutefinancialproduct,legal,financial,investment,taxoranyotheradviceora recommendation.

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Fletcher Building Limited, Private Bag 92114, Auckland 1142, 810 Great South Road, Penrose, Auckland 1061, New Zealand


Annual Shareholders’ Meeting documents and trading update

Auckland, 19 October 2021: Fletcher Building is holding its 2021 Annual Shareholders’
Meeting today at 2pm NZDT. Attached are the:

- Chair’s address
- Chief Executive’s address
- ASM presentation

Included in the Chief Executive Officer’s address is an update on trading and outlook for the
FY22 year.

In his address to shareholders, CEO Ross Taylor said: “Trading either side of the New Zealand
lockdowns has been very solid, and at levels above the prior year. Provided New Zealand stays
at these present lockdown levels or better, we would expect the trading conditions to remain
above last year. In Australia, we are predominately East Coast focused, and lockdowns of some
shape or form have been a feature of the FY22 year to date. The net effect of these lockdowns
has been to slightly subdue trading levels across most of our businesses. However, as both
NSW and Victoria start to open up with increasing vaccination levels, we expect trading to
improve quickly and to levels above last year.

“We have a strong balance sheet, a favourable market outlook, and remain well-positioned to
drive ongoing performance and growth. We continue to target c.10% EBIT margin in FY23. In
FY22, the 1H22 margin will be impacted by lockdowns. We are confident that our 2H22 margin
will show good progress toward our c.10% target, assuming no further material impacts from
COVID lockdowns.”

Further details are provided in the Chair’s and Chief Executive Officer’s addresses and
presentation. To access the meeting online, please visit: https://meetnow.global/nz
A live recording of the meeting will also be broadcast on the Company’s website
https://fletcherbuilding.com/investor-centre/reports-presentations-and-webcasts/

Note if you are a shareholder and wish to cast your vote during the meeting please follow the
Computershare voting instructions contained in your Notice of Meeting documents.

#Ends

Authorised by
Chris Reid
Company Secretary

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For further information please contact:
MEDIA
Christian May
General Manager – Corporate Affairs
+64 21 305 398
Christian.May@fbu.com
INVESTORS AND ANALYSTS
Aleida White
Head of Investor Relations
+64 21 155 8837
Aleida.White@fbu.com