FLEETWOOD LIMITED — Earnings Release 2013

Feb 10, 2013

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8 February 2013

Company Announcements Office Australian Securities Exchange Exchange Plaza 2 The Esplanade Perth WA 6000

Trading Update

Fleetwood provides this trading update in advance of releasing its results for the first half of the 2013 financial year on 19 February 2013.

Half Year Ended 31 December 2012

As previously advised conditions in the group's key markets were weaker during the first half.

Occupancy at Searipple village was in the range 40‐50% for most of the period, and was lower than expected in the lead up to and during the Christmas break period.

Low levels of manufacturing activity for the WA resources sector were experienced during the period. However, activity increased in December as work commenced on the Osprey and Searipple upgrade projects.

The recreational vehicles division experienced continued weak trading conditions. In September Fleetwood commenced the process of transferring its Victorian caravan manufacturing business to WA, which was completed in December.

The new accommodation agreement with Rio Tinto and the lower occupancy levels at Searipple impacted the result at the end of the period. Subject to audit review, results for the period are expected to be approximately:

approximately:
	Forecast 1H2013	Actual 1H2012
	$m	$m
Revenue	140	194
EBIT	13*	41

• Excludes the loss from the Victorian caravan manufacturing operation of approximately $5m, which includes restructuring costs of approximately $3m. Comparative numbers have also been adjusted.

Fleetwood had net debt of $11m as at 31 December 2012.

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Outlook

Fleetwood expects an improved result in the second half of the financial year.

In December 2012 Fleetwood entered into a new agreement with Rio Tinto to accommodate its operational workforce of up to 660 people for a period of one year with four options to extend, each of six months. Rio Tinto also retains a first right of refusal for accommodation above the 660 rooms. The agreement provides for Fleetwood to upgrade the village, which is on budget and on time to be completed in March 2013.

Manufacturing activity is expected to be strong underpinned by the Osprey project in WA and the Gladstone and other resources projects in Queensland.

Revenues for the recreational vehicles division will continue to be affected by consumer sentiment. However with caravan manufacturing now consolidated in WA the division has a more competitive business structure and cost base, which will improve financial results and facilitate profitable growth.

Results for the 2014 financial year will benefit from the operational phases of the Gladstone and Osprey villages, improved occupancy at Searipple village and the consolidation changes in the recreational vehicles division.

Dividends

After taking into consideration the outlook for the group the directors expect to declare a fully franked interim dividend of 30 cents per share.