Half Year Results to 31 December 2016 - Home | Fletcher … · · 2017-02-21Half Year Results to...

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Half Year Resultsto 31 December 2016

Fletcher BuildingHalf Year Results Presentation 2017

MARK ADAMSON— Chief Executive Officer

BEVAN MCKENZIE— Chief Financial Officer

22 February 2017

1

Disclaimer

Fletcher Building Half Year Results Presentation | © February 20172

This Half Year Results presentation dated 22 February 2017 provides additional comment on the management commentary of the same date. As such, it should be read in conjunction with, and subject to, the explanations and views of future outlook on market conditions, earnings and activities given in that commentary.

Contents

• Results Overview

• Industry Context

• Divisional Performances

• Financial Results

• Strategy Update

• Outlook

• Appendix


Working with you

Results Overview

Fletcher Building Half Year Results Presentation 2017

Results overview


Operating earnings before significant items

$310m12%

Net earnings before significant items

$187m18%

Revenue

$4,613m4%

Dividend per share

20c5 %

Basic earnings per share before significant items

27.0c17%

Highlights

6

Distribution:• Total EBIT +31%• NZ Steel Distribution EBIT +47%• NZ Building Supplies EBIT +21%• AU Steel Distribution EBIT +25%• Strong NZ performance, AU improvements

International:• Total EBIT +32%• Formica EBIT +113%• Laminex EBIT +10%• Laminex performing well in both NZ and Australia• All Formica regions seeing positive momentum –

growth in local currencies was higher than reported NZD growth


Highlights

7

Good progress on business turnarounds & Higgins integration:• Formica Europe EBIT +$14m• Higgins EBIT $21m in first 5 months, ahead of plan• Iplex AU and Tradelink both ahead of HY 16

New Zealand:• Total EBIT1 (excluding Construction, divestments/

acquisitions) +20%• Volume improvements: Steel +14%, Plasterboard +9%,

Concrete Pipe +12%, Cement +5%, Ready Mix +4%• Residential and Land Development EBIT +25%• Construction result impacted by one-off factors• Corporate costs beginning to decline


1. Before significant items

Results overviewRevenue


• Reported revenue $179m or 4% higher than HY16

REVENUE GROWTH RATESGeographic segments Reported Local Currency

New Zealand 14% 14%

Australia (10)% (6)%

Rest of World 0% 8%

Revenue

$4,613m4%

Results overviewOperating earnings


Operating earnings

$294m2%

• Reported operating earnings (EBIT) up 2%

• Operating earnings before significant items up 12%• Significant items primarily due to site closure

costs at Fletcher Insulation and RoclaProducts

Operating earnings before significant items

$310m12%

EBIT (before significant items) GROWTH RATESGeographic segments Reported Local Currency

New Zealand 3% 3%

Australia (4)% 2%

Rest of World 121% 138%

Stronger performance from Rest of World reflected in increased EBIT contribution

Fletcher Building Half Year Results Presentation | © February 2017101. Before significant items

57%29%

14%

External Revenue Geographic Split H1 17

(H1 16 in brackets)

(14%)

(52%)(34%) 66%

17%

17%

EBIT¹ Geographic Split H1 17(H1 16 in brackets)

(9%)

(72%)

(19%)

Results overviewNet earnings


Net earnings

$176m2%

• Net earnings before significant items were up 18% to $187m

• Funding costs down 13%• Effective tax rate 25%, slightly higher

EARNINGS PER SHARE

Earnings per share 25.4 cents +2%Earnings per share(before significant items)

27.0 cents +17%

Net earnings before significant items

$187m18%

Results overviewCash flow from operations


Cashflow from operations

$(67)m

• Cash outflow from operations of $67m compared to $170m inflow in HY16

• Decrease mainly due to:– $56m Pacific Steel working

capital release in HY16 – $79m increased investment in

land and development– Timing of Construction contract

payments• Cashflow from operations before

working capital movements were $246m (versus $208m in HY 16)

Results overviewDividend


Dividend per share

20c5%

• Interim dividend fully imputed for NZ taxation purposes

• Dividend Reinvestment Plan will be operative for this dividend

• Expect to fully impute interim and final dividends in FY17, FY18 and FY19

DIVIDEND

Interim dividend per share 20 cents

Working with you

Industry Context


New Zealand residential consents up 10%, supported by high net migration

15

Source: Statistics NZ, Infometrics1 – Twelve months rolling

-20,000

0

20,000

40,000

60,000

80,000

Jun-

04

Jun-

05

Jun-

06

Jun-

07

Jun-

08

Jun-

09

Jun-

10

Jun-

11

Jun-

12

Jun-

13

Jun-

14

Jun-

15

Jun-

16

Net migration 12 month rolling


Auckland represents 34% of all consents in the 12 months to December 16

-20,0000

20,00040,00060,00080,000

Dec

-03

Dec

-04

Dec

-05

Dec

-06

Dec

-07

Dec

-08

Dec

-09

Dec

-10

Dec

-11

Dec

-12

Dec

-13

Dec

-14

Dec

-15

Dec

-16

Net Migration 12 month rolling

10% 7%

-9%

24%

-20%

-10%

0%

10%

20%

30%

NZ Auckland Canterbury Rest of NZ

Change % Year on Year

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Dec

-10

Dec

-11

Dec

-12

Dec

-13

Dec

-14

Dec

-15

Dec

-16

Total residential consents1

Long term average (2001-2015)

Peak (2004)

New Zealand Infrastructure and Commercial backlog strong


0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2010 2011 2012 2013 2014 2015 2016

Valu

e of

wor

k do

ne (N

Zm)

New Zealand Infrastructure and Commercial Work

Infrastructure Commercial

8%

21%

0%

5%

-5%

0%

5%

10%

15%

20%

25%

New Zealand Auckland Canterbury Rest of NewZealand

NZ Infrastructure and Commercial Work Put in Place Change Year-on-Year

Source: NZ Statistics, Infometrics – Calendar years Source: NZ Statistics, Infometrics – CY2016 growth on CY2015

0

50

100

150

200

250

300

2010 2011 2012 2013 2014 2015 2016

'000

s

Australian Residential Approvals

Standalone houses Other dwelling types

0

50

100

150

200

250

300

350

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

Mig

ratio

n (0

00)


Australian residential activity impacted by WA, standalone approvals remain resilient

17Source: BIS – Calendar years



Australian Residential Approvals Change Year-on-Year*Australian Residential Approvals

-4%

2%

-3%

2%

-27%

4%

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

Australia NSW VIC + QLD SA WA Rest of Aus

Source: BIS – Change from CY15 to CY16

Australian Infrastructure and Commercial work has slowed in most states


0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Valu

e of

wor

k do

ne (A

UD

m)

Australian Infrastructure and Commercial Work

Infrastructure Non residentialSource: BIS Shrapnel

-11%

4%

-19%

1%

-15%

-4%

‐20%

‐15%

‐10%

‐5%

0%

5%

10%

Australia NSW VIC + QLD SA WA Rest of Aus

Australian Infrastructure and Commercial Work Change Year-on-Year 2016

Working with you

DivisionalPerformances


19

Divisional operating earnings overview


EBIT¹NZ$m

132

5364

2436

(31)

129

7084

30 24

(27)

Building Products International Distribution Residential andLand

Development

Construction Corporate

HY 2016 HY 2017


(2)%

+32%+31%

+25% (33)%

+13%

+10% excluding divestments

278263

310

(15) 12

17

206 (12)

4

180

200

220

240

260

280

300

320

340

H1

16 A

ctua

l

Dis

cont

inue

d

H1

16 a

djus

ted

Bui

ldin

gP

rodu

cts

Inte

rnat

iona

l

Dis

tribu

tion

Res

iden

tial &

Land

Con

stru

ctio

n

Cor

pora

te

H1

17 re

porte

d

H1 2017 vs H1 2016 EBIT Bridge


EBIT¹NZ$m



Building ProductsResult

NZ$mDec 20156 months

Dec 20166 months

% change

Gross Revenue 1,265 1,108 (12)%

External Revenue 1,021 859 (16)%

EBITDA¹ 172 167 (3)%

EBIT¹ 132 129 (2)%Concrete Pipes & Products 27 26 (4)%Cement & Aggregates 35 38 9%

Building Materials 48 53 10%

Plastic Pipes 2 7 NMJoint Ventures & Other 5 5 0%

Divested businesses 15 0 NM

Funds Employed 1,748 1,686 (4)%

EBITDA¹/gross revenue % 14 15

EBIT¹/gross revenue % 10 12

ROFE % 15 15

Concrete Pipes & ProductsReady-mix concrete volumes +4%NZ concrete pipe volumes +12%Australia concrete product volumes flat

Cement & AggregatesNew Zealand cement volumes +5%New Zealand Aggregate volumes +24%

Building MaterialsPlasterboard volumes +9%

Plastic PipesIplex Australia volumes +2%EBIT +$5m



International Result


Dec 20166 months

% change

Gross Revenue 1,080 1,005 (7)%

External Revenue 1,067 997 (7)%

EBITDA 87 104 20%

EBIT 53 70 32%

Formica 16 34 108%

Laminex 41 45 10%

Roof Tile Group 6 2 (67)%


EBITDA/gross revenue % 8 10

EBIT/gross revenue % 5 7

ROFE % 5 7

Formica3% volume growth in both North America & AsiaAsia revenue1 growth of +7%, operating earnings1 +4%Europe: operating earnings up $14m

LaminexRevenue growth in New Zealand +9%Underlying EBIT growth: – New Zealand +75%– Australia +3%

Roof Tile GroupRevenue down 7% and EBIT down $4m due mainly to sales decline in Africa

1. Local currency

DistributionResult



Dec 20166 months

% change

Gross Revenue 1,610 1,644 2%

External Revenue 1,531 1,559 2%

EBITDA 79 96 22%

EBIT 64 84 31%

NZ Building Supplies 39 47 21%

NZ Steel Distribution 17 25 47%

AU Building Supplies 0 2 NM

AU Steel Distribution 8 10 25%




ROFE % 12 16

New Zealand Building SuppliesOperating earnings +21%PlaceMakers revenue growth +7%Mico revenue growth +7%

New Zealand Steel DistributionOperating earnings +47% Significant volume growth at Pacific Coilcoaters, Easysteel and Reinforcing

Australia Building SuppliesRevenue flat in AUD due to weakness in Western and South AustraliaTradelink continues to focus on its core trade plumber customers16 new Tradelink stores opened in HY17

Australia Steel DistributionOperating earnings +25%New customer service proposition launched


Residential and Land DevelopmentResult


Dec 20166 months

% change

Gross Revenue 108 163 51%

External Revenue 108 163 51%

EBITDA 24 30 25%

EBIT 24 30 25%

NZ Residential 24 25 4%

Land Development 0 5 NM

Funds Employed 295 477 62%



ROFE % 16 13

NZ Residential Continued new developments coming onlineSolid sales in Beachlands, Karaka and HobsonvilleSignificant progress in securing land for future development over the next few yearsCurrent pipeline of over 4,000 lots

Land DevelopmentExpect to earn $25m+ per annum over the next 5 years from land developed for resale


ConstructionResult


Dec 20166 months

% change

Gross Revenue 748 1,150 54%

External Revenue 707 1,035 46%

EBITDA 40 35 (13)%

EBIT 36 24 (33)%

Construction NZ1 26 1 (96)%

Construction South Pacific 10 23 141%

Funds Employed (37) 366 NM


EBIT¹/gross revenue % 5 2

New ZealandRevenue +29% (excluding Higgins)Backlog of work as at 31 December 2016 was $2.7bnOperating earnings significantly impacted by:• Timing of major projects• Bid costs• Reduced contribution from Fletcher

EQR• Isolated underperformance in one area

of the businessHiggins ahead of plan and invited to join NCTIR consortium for rebuild of State Highway 1 post Kaikoura earthquake

South Pacific

EBIT +$13m

1. Includes Fletcher EQR

Working with you

Financial Results


Profit & Loss18% increase in net earnings before significant items

NZ$m (except EPS)

Reported Results

ChangeDec 20156months

Dec 20166months

Revenue 4,434 4,613 4%

Operating earnings before significant items 278 310 12%

Operating margin 6.3% 6.6% 5%

Significant items 10 (16) NM

Operating earnings (EBIT) 288 294 2%

Funding costs (60) (52) (13)%

Tax (52) (61) 17%

Non-controlling interests (4) (5) 25%

Net earnings 172 176 2%

Net earnings before significant items 159 187 18%

Earnings per share before significant items (EPS – cents) 23.0 27.0 17%


Operating cash flow


Dec 20166 months Change

Operating earnings before significant items 278 310 12%

Depreciation and amortisation 97 102 5%

Less cash tax paid (67) (69) 3%

Less interest paid (60) (54) (10)%

Provisions, significant items and other (40) (43) 8%

Results from operations before working capital adjustments 208 246 18%

Land and developments (85) (164) 93%

Other working capital movements 47 (149) NM

Cash flows from operating activities 170 (67) NM


Capital expenditure in FY17 expected to be in the range of $275m to $325m



Dec 20166 months

% change

Stay-in-business 77 69 (10)%

Growth 45 58 29%

Total Capex 122 127 4%

Acquisitions 305 NM

Depreciation/ Amortisation 97 102 5%

• Depreciation & Amortisation forecast to be $210-220m in FY17

173194

275

201 194210

2015 2016 2017

Growth

106325

2017 Forecast Capital

105

Stay-in-business

Depreciation

Expenditure

NZ$m

2017 Forecast Depreciation

220

Net debt higher due to investments in working capital, land and Higgins


149

164

5869

305

42 3 123

9

1,396

2,072

(31)2,041

(246)

Ope

ning

Net

Deb

t

Cas

h fr

om o

pera

tions

(pre

wor

king

cap

ital)

Oth

er w

orki

ng c

apita

l

Inve

stm

ent i

n la

ndan

d de

velo

pmen

ts

Gro

wth

cap

ex

Stay

in b

usin

ess

cape

x

Acq

uisi

tions

Fina

nce

leas

e ad

ditio

n

Trea

sury

sto

ck p

urch

ase

Div

iden

ds

Min

ority

dis

trib

utio

n

Clo

sing

net

deb

tbe

fore

hed

ging

/FX

Hed

ging

/FX

on d

ebt

Clo

sing

net

deb

t

NZ$m

Debt profile

Undrawn credit lines of $310m and cash of $229mAverage maturity of debt is 5.1 yearsApproximately 47% of all borrowings have fixed interest ratesAverage interest rate on debt is 5.0%Mix of currency (hedged)− NZ$ 50%− AU$ 33%− US$ 11%− Other 6%


173206

466

279

131164

148

377

246

10

300

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

June Years

Funding and Maturity Profile31 December 2016

Drawn Committed Undrawn Debt Facilities

Capital management settings

Fletcher Building will continue to target strong ‘BBB’ credit characteristics

Gearing:

• Target of Net Debt to Net Debt + Equity (including Capital Notes) of 30-40%

• As at 31 December 2016: 35.4%

Leverage:

• Target Net Debt to EBITDA of 2.0 to 2.5 times

• As at 31 December 2016: 2.5 times

Dividend pay-out:

• Target ratio of 50% to 75% of net earnings (before significant items)

• For H1 17: 74%


Key ratios


-27

51

9

-3

11

51

Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Dec-16

Total Shareholder Return (TSR)Percentage1

3733 32 32

27

35


Debt/Debt Plus EquityPercentage

10.2 10.812.3 12.5 12.7 13.2


Return on Average FundsPercentage2

2.622.27 1.99 2.02

1.59

2.48


Net Debt/EBITDATimes

1. Returns for previous 12 months2. Earnings before interest, tax and significant items / average funds

Working with you

Strategy Update


People and performance culture

Targeted investments

Prudent portfolio management

Turnaround capability

Focus on shareholder value

Strategy summary

36 Fletcher Building Half Year Results Presentation | © February 2017

$

Performance culture embedded through Accelerate


• Weekly cadence

• Balance of revenue, cost and efficiency

• Rigorous tracking of benefits and returns

Identify Ideas

Value identification Value captureL2

L3L4 L5

L1

TrackPlan ImplementValidate Realise Value

Number of initiatives at each layer1

1,876 1,794 1,692 1,182 618

• Continuous renewal of initiative pipeline

• Annualised benefits realised by end of FY18

1. Total EBIT initiatives

(80)

(60)

(40)

(20)

‐

20

40

60

80

Yr 0 Yr 1 Yr 2 Yr 3

Combine

d EB

IT ($

m)

Turnaround capability established


• FB management is developing a track record of turning around underperforming businesses

• Improved performance reflects a mixture of improved pricing, product offering, customer service, operational efficiencies and cost-out delivery

• Current turnarounds in Australia and Europe being executed despite the backdrop of subdued market activity

Turnaround businesses:• Formica North America• Iplex AU• Mico• Fletcher Insulation• Formica Europe• Tradelink1. Combined EBIT of FBU businesses before significant items

Collective Turnaround of Selected FBU Businesses1

Targeted Investments


• >$700m invested in Residential and Higgins

• Additional c. $100m per annum in fast payback capital projects

• Major investments aligned with structural drivers

Auckland Housing Shortage

(5,000)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

1,000

1,100

1,200

1,300

1,400

1,500

1,600

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Dw

ellin

gs

Pop

ulat

ion

Dwellings needed to keep pace with population growth Estimated dwellings built

Cumulative shortage of dwellings Estimated Auckland Population

NZ Infrastructure Pipeline

Source: Infometrics

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2010 2011 2012 2013 2014 2015 2016 2017F 2018F 2019F 2020F 2021F

NZ$

m

Roading Telecoms Water Works Electricity Ports & Airports Other Transport Irrigation

Irrigation 1%Electricity

13%

Telecoms 16%

Other Transport 2%

Roading 49%

Water Works 13%

Ports & Airports 6%

NZ Infrastructure 2016-2025

Prudent Portfolio Management

40Fletcher Building Half Year Results Presentation | © February 2017

• Divestment of Rocla Quarries and acquisition of Higgins highlights positive return on incremental capital employed

Business Unit Investment/ Proceeds

EBIT1 ROFE

Rocla Quarries $205m $18m2 c.9%

Higgins $307m $40m - $45m3 c.15%

Net $102m $22m - $27m 22% - 25%

1. Before significant items2. Last full year of earnings reported in FY153. Estimated annualised earnings

Focus on shareholder value


Underlying Earnings Growth

Disciplined Capital Management

Superior Value-Creation

Strong Cash+ =

Market Growth &

Share Gains

Net Price > COGS Inflation

SG&A Control

Sustain Capex: $186m

M & A or Buybacks2:

$107m

EPS Growth:17%

Post-tax Operating Cash-flow:

$568m

Organic Growth Investment1:

$119m

Dividend Yield3:5%

Dividends5:$209m

Net Working Capital

ROFE: +0.4% pts

22%

1. Includes purchase of land for residential development.2. Divestment of Rocla Quarries completed January 2016 and acquisition of Higgins

completed in July 2016.3. Yield reflects fully imputed dividend for NZ tax-resident investor4. Net of distribution maintained in lieu of shares issued under DRP

+

Results for last 12 month period (ie CY 2016)

Working with you

Outlook


42

Outlook FY17

New Zealand• Strong macro-economic conditions expected to continue to benefit FY17 and

provide opportunities to expand Building Products and Distribution operating margins

• Elevated levels of residential, commercial and infrastructure construction are likely to be sustained in the medium term

Australia• NSW still looking positive but WA downturn has been tough to digest• Standalone housing proved resilient to date, multi-dwellings showing signs of

peaking but some segments of civil infrastructure look more positive• Underlying earnings of Tradelink, Stramit and Tasman Sinkware to improve

Rest of World• Asia: showing signs of improving volumes but remain competitive• North America: impact of new presidential administration uncertain to date• Europe: mixed outlook with growth in UK offset by weaker Continental Europe• Further improvement to come from Formica businesses


Financial Outlook FY17

44

FY17 operating earnings (EBIT before significant items) expected to be in the range of $720m to $760m

Earnings from Higgins acquisition should offset the impact of discontinued operations:

• Pacific Steel

• Rocla Quarry Products

• Fletcher EQR

Capex forecast to be $275-325m versus $300m in FY16

Depreciation forecast to be $210-220m versus $194m in FY16


Working with you

Q&A


Appendix: New Zealand construction market has a strong pipeline


Value of all NZ Construction Work Put in PlaceNZ$bn

Source: Infometrics

• Forecasts suggest medium term peak for residential construction but ‘stronger for longer’ infrastructure construction pipeline

$0

$5

$10

$15

$20

$25

$30

$35

$40

2002 2004 2006 2008 2010 2012 2014 2016 2018f 2020f

Residential Commercial Infrastructure Total

106%

26%

Appendix: Sectoral exposureExposures based on revenues


Geographical Exposure by Sector¹Residential

(New/A&A)* Commercial Infrastructure Other

New Zealand 44% 29% 12% 15%Australia 55% 22% 10% 13%Rest of World 44% 49% 0% 7%Total Manufacturing 49% 30% 9% 12%

New Zealand 79% 18% 0% 3%Australia 49% 51% 0% 0%Total Distribution 69% 29% 0% 2%

New Zealand 13% 45% 41% 1%Rest of World 0% 37% 63% 0%Total Construction & Residential 12% 44% 43% 1%

1. Excludes business sold or closed during the year* A&A – Additions and Alterations

Appendix: Building consent data


Dec 201512 months

Dec 201612 months

16/15% Mvmt

New Zealand

Residential Consents 27,129 29,967 +10%

Non Res WPIP ($m) 6,202 7,144 +15%

Infrastructure WPIP ($m) 6,594 6,703 +2%

Australia Source: Infometrics

Residential Consents - Standalone houses 118,997 117,056 (2)%- Multi residential and other dwelling types 120,074 113,258 (6)%

- Total 239,071 230,314 (4)%

Non Res WPIP (A$bn) 36.7 36.3 (1)%

Infrastructure WPIP (A$bn) 111.6 91.0 (18)%

US (Billions of US$) Calendar Years Source: BIS

Residential Consents (US$bn) 525 538 +2%

Non Res WPIP (US$bn) 465 481 +3%

Infrastructure WPIP (US$bn) 311 306 (2)%

Source: HIS Global Insight

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

NSW VIC QLD WA

2015 House 2015 Total Dwellings excl Houses2016 House 2016 Total Dwellings excl Houses

Appendix: Strongest growth in NSW; Western Australia experience a significant decline in approvals


Dec 201512 months

Dec 201612 months

%Change

Stand-alone 118,997 117,056 (2)%

Multi + other Residential 120,074 113,258 (6)%

Total 239,071 230,314 (4)%

Change in housing approvals – by state12 months ended 31 Dec 2016 vs 2015

Source: HIS Global Insight

Appendix: Group Structure


Building Products:Matt Crockett

International: Francisco Irazusta

Distribution:Dean Fradgley

Residential & Land Development:

Steve Evans

Construction:Graham Darlow

• GBCWinstone (NZ) including Higgins Aggregates

• Firth (NZ) • Humes (NZ)• Rocla Pipelines (Aus)• Winstone

Wallboards/Tasman Insulation (NZ)

• Fletcher Insulation (Aus)

• Iplex (NZ & Aus) • Sims Pacific Metals

(NZ)• Altus (NZ)

• Formica Asia• Formica Europe• Formica North

America• Laminex (NZ & Aus)• Roof Tile Group (NZ;

Africa; Asia; Europe; USA)

• PlaceMakers (NZ)• Mico (NZ)• EasySteel (NZ)• Pacific Coilcoaters

(NZ)• Fletcher Reinforcing

(NZ)• Tradelink (Aus)• Stramit (Aus)• Tasman Sinkware

(Aus)

• Fletcher Living (NZ)• Land Development• Property• Innovation

• Infrastructure (NZ)• Fletcher EQR (NZ)• South Pacific• Higgins Contracting

(NZ & Fiji)• Building + Interiors

(NZ)

Supported by Fletcher Building Corporate Services:People and Communications – Kate Daly, Chief People and Communications Officer

Strategy, Marketing and Finance – Bevan McKenzie, Chief Financial OfficerGroup Technology – John Bell, Chief Information Officer

Governance – Charles Bolt, Company Secretary and General CounselProcurement, Shared Services, Operations Excellence and Transformation - Lee Finney, Chief Transformation Officer

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