FLEETWOOD LIMITED — Annual Report 2017

Oct 8, 2017

DELIVERING THE PROMISE

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GROUP STRUCTURE
Fleetwood is focused on education, affordable housing and recreation
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TURNAROUND PLAN FOR CURRENT OPERATIONS
Significant progress made. Still more to achieve
3 YEARS AGO TODAY WHEN PLAN COMPLETE
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FINANCIAL PERFORMANCE
Growing revenue and EBIT, reducing capital employed
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Group Revenue ($m)
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343.8
330.1
312.2
284.5
263.4
2013 2014 2015 2016 2017
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Group Underlying EBIT ($m)*

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14.6
11.1
2.4
2013 2014 2015 2016 2017
-3.9 -2.1
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Net Cash (Debt) ($m)

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0.4
3.1
2013 2014 2015 2016 2017
(32.0)
(56.0) (55.9)
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Capital Employed ($m)

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270.4 269.9
246.0
195.5
183.2
2013 2014 2015 2016 2017
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*Group Revenue & Underlying EBIT excludes the impacts of the discontinued operation, impairment & one-off adjustment to capital value of Osprey Village

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FINANCIAL PERFORMANCE
Business refocused on growth sectors
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45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Education Recreation Resources Affordable Housing Other
2015 2016 2017
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Key priorities for FY18
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RECREATIONAL VEHICLES
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Revenue
47.4
34.0
29.8
2015 2016 2017
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EBIT
2015 2016 2017
-6.7
-7.6 -8.1
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PARTS AND ACCESSORIES
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Revenue
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87.6
86.6
78.2
2015 2016 2017
EBIT
1.3
0.9
0.6
2015 2016 2017
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MODULAR ACCOMMODATION
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Revenue
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175.8
142.5
116.4
2015 2016 2017
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EBIT
15.2
3.6
2015 2016 2017
-3.6
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MODULAR ACCOMMODATION
MODULAR ACCOMMODATION
Significant Education, Government and Affordable
Housing Demand
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VILLAGE OPERATIONS
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Revenue

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34.7
30.2
26.3
2015 2016 2017
EBIT
9.0
6.9
5.2
2015 2016 2017
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SUMMARY
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APPENDIX 1: SUMMARY PROFIT AND LOSS
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$ million	2017	2016	Change
Revenue	330.1	284.5	16%
Underlying EBITDA	21.9	7.2	204%
Depreciation and Amortisation	7.3	9.3	-22%
Underlying EBIT	14.6	-2.1	n/a
Finance costs	0.9	1.0	-5%
Pre-tax profit	13.7	-3.0	n/a
Tax expense (benefit)	4.3	-0.4	n/a
Underlying NPAT	9.4	-2.6	n/a
Adjusting items pre-tax	0.0	-10.3	n/a
Tax on adjusting items	0.0	1.9	n/a
Net adjusting items	0.0	-8.4	n/a
Statutory NPAT	9.4	-11.0	n/a

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APPENDIX 2: SEGMENT EARNINGS
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$ million	2017	2016	Change
Revenue
Recreational Vehicles	47.4	29.8	59%
Parts and Accessories	87.6	86.6	1%
Modular Accommodation	175.8	142.5	23%
Village Operations	26.3	30.2	-13%
Unallocated	0.3	0.1	n/a
Intersegment eliminations	-7.3	-4.7	56%
Total revenue	330.1	284.5	16%
Underlying EBIT
Recreational Vehicles	-6.7	-8.1	17%
Parts and Accessories	1.3	0.9	46%
Modular Accommodation	15.2	3.6	325%
Village Operations	6.9	5.2	34%
Unallocated	-2.1	-3.6	43%
Total underlying EBIT	14.6	-2.1	n/a

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APPENDIX 3: SUMMARY BALANCE SHEET
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	2017	2016
Current assets
Cash and cash equivalents	5.4	6.1
Trade and other receivables	65.0	40.6
Inventories	63.2	49.3
Assets held for sale	20.2	25.8
Total current assets	153.8	121.9
Non-current assets
Trade and other receivables	1.4	0.4
Property, plant and equipment	46.8	45.8
Intangible assets	0.1	1.1
Goodwill	55.2	55.2
Deferred tax assets	10.2	14.1
Total non-current assets	113.7	116.7
Total assets	267.5	238.6

	2017	2016
Current liabilities
Trade and other payables	58.8	42.2
Interest bearing liabilities	5.0	3.0
Provisions	5.8	5.6
Other financial liabilities	0.4	0.3
Total current liabilities	70.0	51.1
Non-current liabilities
Provisions	1.6	1.2
Total liabilities	71.6	52.3
Net assets	195.9	186.3

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