FLEETWOOD LIMITED — Earnings Release 2012

Aug 19, 2012

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2012 Full Year Results

Steve Price, CEO Brad Denison, CFO

Teleconference 20 August 2012 1.00pm AEST / 11.00am AWST Dial-in 1800 123 296, Conference ID 1660 4785

Summary

Higher margins on Resources more than offset lower group-wide revenue

• Strong Resources demand, high occupancy at Searipple

Highlights

• End of BER, soft trading conditions in RV

• Won two new Accommodation projects: Gladstone & Osprey

• EBIT, OPAT & EPS up on lower revenue

Financials

• Strong operating cash flows produce net cash at year end

• • 15[th] consecutive increase in full year dividend

• Strong Resources demand, weak in other sectors, some improving

Outlook

• Lower near term occupancy at Searipple, firming as new projects commence

• Investing in new accommodation assets: Gladstone & Osprey

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Group Overview: History

A long and successful track record

• Established 1964

• Listed 1987

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1987
Early ‘90’s
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Delivering the Promise

Our Objective To outperform financially by providing genuine value

Our Beliefs

We:

want to do business

build strong relationships in which each party wins expect all parties to make and honour their commitments value the support of our shareholders, clients and suppliers

Our Commitment We will:

act with honesty and integrity

provide a safe and healthy workplace operate in an environmentally responsible manner develop and reward our people for their creativity and dedication deal with people in a concerned and professional way find better ways to do things

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Late ‘90’s
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always hold ourselves accountable for ‘Delivering the Promise’

Group Overview: Structure

A complementary portfolio

Lean & acquisitive

Manufactured Accommodation Division

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Searipple Industry leaders in providing accommodation solutions

Recreational Vehicles Division Industry leaders with premium products & national reach

Operational Performance: Manufactured Accommodation

Strong Resources demand, end of BER

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Mining accommodation

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BRB classroom

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Resources

• Achieved higher margins focusing on client solutions

• Expanded rental fleet

• Expanded into Qld

• Won Gladstone & Osprey

BRB

• Completed management transition

• Implemented improved financial systems

• Consolidated Victorian operations

Searipple

• Rio & Woodside Accommodation Agreements

• Achieved high levels of occupancy

• Completed limited up-grade works

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Searipple
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Searipple Village

Operational Performance: Recreational Vehicles

Soft trading conditions

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Coromal F616

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Recreational Vehicles

Decline in consumer sentiment affected caravan sales

• Invested in brands and dealer networks

• Developed products at a lower price point

• Accelerated Asia sourcing

• Managed capacity issues

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Windsor Camper

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Commercial Vehicles

Natural disasters affected supply of vehicles to Australia

• Re-engineering Flexiglass business

• Moved head office to Victoria

• Changed to functional structure

Flexisport canopy

Financial Performance

Higher margins on Resources more than offset lower group-wide revenue

Group Revenue ($m)

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466.6
240.0 407.4
344.5 355.3 201.3
184.4 158.6 291.4
161.3
160.1 196.7 130.1 226.6 206.1
2008 2009 2010 2011 2012
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Group EBIT ($m)
75.4 76.4
39.5 36.9
55.0
51.2 52.4
31.5
27.3 24.7
23.9 27.7 23.5 35.9 39.5
2008 2009 2010 2011 2012
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MA EBIT ($m) RV EBIT ($m)
76.2
61.2
19.5
45.4 41.3 15.5 [18.1]
33.0
8.3
4.1
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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MA Revenue ($m) RV Revenue ($m)
292.2
249.4 192.5
150.8 [200.8] 136.3 153.6 154.7 [173.8] 157.7
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Financial Performance

Strong Balance Sheet, high yield, long-term growth

Dividend (cents)

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76
73
65 66 68
2012 2011 Change
43 Final
41
Revenue $m 407.4 466.6 12.7% 35 36 38
EBITDA $m 91.7 89.5 2.5%
30 30 30 32 33 Interim
EBIT $m 76.5 75.4 1.4%
2008 2009 2010 2011 2012
OPAT $m 53.2 51.3 3.8%
Net (Debt) / Cash ($m)
EPS cents 90.4 90.0 0.4% 16.5
15.6
13.0
Return on equity % 23.0 24.9 1.9%
6.4
Net cash (debt) $m 16.5 (3.3) $19.8m
Dividend (fully franked) cents 76.0 73.0 4.1% (3.0) (3.3)
(9.0)
(11.1)
1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12
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Outlook

Strong Resources demand, investing in Accommodation

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Outlook Key Strategies
Manufactured
Accommodation Strong Resources demand: Qld & WA Expand further into Qld Resources
Division
Moderate public sector, and Pursue new BOO opportunities
park & transportable homes demand
Searipple
Searipple
- cement long-term relationships
- lower near term occupancy
Searipple - seek spot opportunities
- firm again as new projects commence
- upgrade facilities
Strong A$ Develop Asia sourcing
Recreational Vehicles
Recreational vehicles Innovate products
Division
- influenced by consumer sentiment
Strengthen dealer networks
Commercial vehicles
- availability has largely recovered Streamline operations
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Outlook: New Accommodation Projects

Growing portfolio of assets in Australia’s major export hubs

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Osprey Village
Searipple Village Gladstone Village
1538 rooms,
expandable
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Osprey Village

• Service key workers in Hedland

• 300 1, 2 & 3 bedroom park homes

• $20m Govt. contribution

• 15 year term, guaranteed return to FWD

• Revenue expected from 3[rd] quarter 2013

Gladstone Village

• Service large & diverse portfolio of Resources

• Central location, 10 year lease

• Phased build out to 1,000 rooms

• Built by BRB, Searipple model

• Revenue expected from 1[st] quarter 2014

Company Contact Details

Thank you for your interest in Fleetwood Corporation.

Further investor enquiries should be directed to: Brad Denison, CFO info@fleetwood.com.au 08 9323 3300

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