FLEETWOOD LIMITED — Interim / Quarterly Report 2021

Feb 24, 2021

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Half Year Results FY21 FEBRUARY 2021

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Fleetwood Australia Half Year Results FY21

Operating Segments

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ACCOMMODATION SOLUTIONS
WA SA VIC
NSW QLD
Fleetwood Australia Half Year Results FY21
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Highlights H1 FY21

+ Underlying EBITA of $16.0m, up 26%

• • Building Solutions up 46%
• • Accommodation Solutions up 13%
• • RV Solutions up 53%
• • $64.6m in net cash
• • Interim dividend of 6 cps

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Earnings Summary

• • Building Solutions:
• • Government demand and infrastructure spending remains strong
• • Operational integration issues, COVID-19 restrictions and delayed starts on awarded contracts impacted results
• • Searipple Village in Karratha benefitted from COVID-19 related rostering changes early in the half
• • Increased domestic travel drove a strong second quarter in RV Solutions

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$ Million H1 FY21 H1 FY20 Change
Revenue 169.9 161.3 5%
EBITDA 24.4 20.7 18%
Depreciation 8.4 7.9 6%
EBITA 16.0 12.8 26%
Amortisation of contract intangible 1.9 2.1 -8%
Finance costs 0.7 0.6 11%
Pre-tax profit 13.4 10.1 34%
Tax expense (benefit) 4.1 3.1 31%
Underlying NPAT 9.3 6.9 35%
Loss from discontinued operations (0.7) (0.8) n/a
Statutory NPAT 8.6 6.2 40%
NPATA 10.7 8.4 27%
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Cashflow Summary

• • Solid working capital performance
• • Warranty provision use from former caravan manufacturing division in discontinued outflows
• • Tax payments to remain low in FY21
• • Capex to increase in H2 due to expanding capability in Building Solutions facilites
• • Dividend payments of $11.4m

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$ Million H1 FY21 H1 FY20
EBITDA 24.4 20.7
Cash outflows from discontinued businesses (1.2) (0.8)
Interest paid (net) (0.3) (0.5)
Tax 1.8 (0.4)
Working capital (and other) (0.9) (15.6)
Operating cashflow 23.8 3.4
Net capex (1.0) (4.2)
Free cashflow 22.8 (0.7)
Net acquisitions 0.0 (0.9)
Project finance advance (8.7) 0.0
Lease repayments (3.8) (3.3)
Dividends paid (11.4) 0.0
Financing cashflows (23.9) (3.3)
Opening net cash (debt) 65.7 33.6
Closing net cash (debt) 64.6 28.7
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Cashflow and EBITDA ($ Million)

= Cashflow

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= EBITDA

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$25.2 $17.9 $34.4 $31.9 $38.2 $46.6 $24.4
$23.8
FY18 FY19 FY20 H1 FY21
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Balance Sheet Summary

• • Strong cash position
• • No balance sheet debt. Credit facilities totalling $80m drawn to $18m for performance bonds
• • Annualised return on capital employed 20%

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$ Million H1 FY21 FY20
Net working capital 16.0 18.7
Property Plant and Equipment 41.5 45.0
Intangibles 83.5 85.1
Other 18.6 12.0
Capital employed 159.5 160.8
Net debt (cash) (64.6) (65.7)
Shareholders funds 224.2 226.5
Capital employed 159.5 160.8
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Building Solutions Performance

• • Earnings performance impacted by:
• • Operational integration issues in New South Wales
• • COVID-19 restrictions on building activity in some States

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$ Million H1 FY21 H1 FY20
Revenue 121.3 106.6
EBITA 4.1 2.8
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• • Decision making delayed starts on alreadyawarded contracts
• • Order book strong at $140 million (excluding on-going education panel works)
• • Strategy being implemented to improve earnings

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Fleetwood Australia Half Year Results FY21

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Building Solutions Strategy and Outlook

Strategy

• • Diversify and grow the revenue base

• • Expand existing industry market segments to

  • increase revenue

• • Generate more balanced and sustainable

  • revenue sources at each operation to optimise State-by-State capacity

• • Nationalise and integrate the business
• • Implement a framework of operational excellence

Outlook

• • Well placed to benefit from anticipated Government stimulus spending
• • Investing in facilities to take advantage of growth opportunities

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Accommodation Solutions Performance

• • Searipple Village in Karratha benefitted from

• COVID-19 related rostering changes

• • Underpinning contracts secured
• • Osprey Village in Port Hedland fully occupied

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$ Million H1 FY21 H1 FY20
Revenue 22.4 22.5
EBITA 10.9 9.6
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Accommodation Solutions Strategy and Outlook

Strategy

• • Identify select project opportunities as Build, Own, Operate and Transfer
• • Target sectors include mining, residential and aged care sectors
• • Building Solutions provides the opportunity to build new villages at a competitive cost

Karratha FIFO market (Rooms)

• • Short term market oversupply
• • Significant medium term opportunities available

Rooms

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6,000
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Construction (potential)
5,000 + 2,750 = 5,250
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Outlook

• • H2 results not expected to match strong H1 earnings on the back of rostering stability and additional village capacity at Karratha
• • Significant construction activity is expected to drive strong demand for fly-in fly-out (FIFO) rooms over the medium term

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4,000
3,000
Shutdown
2,000 + 1,000 = 2,500
Operational
1,500
1,000
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Demand

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Planned
+ 600 = 4,200
Current
+ 600 = 3,600
Previous
3,000
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Supply

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RV Solutions Performance

• • Q1 FY21 operations substantially disrupted by the Victorian COVID-19 lockdown
• • Pandemic-driven boom in domestic travel boosted second quarter - trend continuing
• • Aftermarket channels remain strong

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$ Million H1 FY21 H1 FY20
Revenue 31.2 35.6
EBITA 3.7 2.5
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RV Solutions Strategy and Outlook

Strategy

• • Expanison of aftermarket offering
• • Commercialise intellectual property retained by Fleetwood from the former caravan manufacturing business

Outlook

• • Surge in domestic travel driven by international shutdowns to continue into the second half
• • No clear timeline for when international travel will be reintroduced for Australians

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Fleetwood Australia Half Year Results FY21

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Summary and Outlook

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ACCOMMODATION SOLUTIONS
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• • Well placed to benefit from anticipated Government stimulus spending
• • Investing in facilities to take advantage of growth opportunities
• • H2 results not expected to match strong H1 earnings on the back of rostering stability and additional village capacity at Karratha
• • Significant construction activity is expected to drive strong demand for fly-in fly-out (FIFO) rooms over the medium term
• • Surge in domestic travel driven by border shutdowns to continue into the second half
• • No clear timeline for when international travel will be reintroduced for Australians

OVERALL

• • Focus on revenue growth, sustainably improving margins, increasing utilisation and reducing overheads
• • Annual dividend payout 100% of profits (NPATA basis)

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Important Notices and Disclaimer

The information contained in this presentation is provided by Fleetwood Limited ACN. 009 205 261 (Fleetwood) for informational purposes only and does not constitute an offer, invitation or recommendation to subscribe for or purchase any securities and neither this presentation nor anything contained in it shall form the basis of any contract or commitment. No party other than Fleetwood has authorised or caused the issue of this document, or takes responsibility for, or makes any statements, representations or undertakings in this presentation.

Summary information

This presentation contains summary information about Fleetwood and its activities which is current as at the date of this presentation. The information in this presentation is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investment in Fleetwood or that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act 2001 (Cth). This presentation should be read in conjunction with Fleetwood’s other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au

Not investment advice

The information contained herein is not investment or financial product advice and has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. The views, opinions and advice provided in this presentation reflect those of the individual presenters only.

Cautionary statement concerning forward looking information

This presentation may contain certain forward looking statements. The words “anticipate”, “believe”, “expect”, “future”, “project”, “estimate”, “forecast”, “likely”, “intend”, “should”, “could”, “ may”,“t arget”, “plan” and other similar expressions are intended to identify forward looking statements. Forward looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about industry trends, which are based on interpretations of current market conditions. Indications of, and guidance on, performance of Fleetwood are also forward looking statements. Such forward looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Fleetwood, and its officers, employees, agents and associates, that may cause actual results to differ materially from those expressed or implied in such statements. You should not place undue reliance on forward looking statements and, to the full extent permitted by law, neither Fleetwood nor any of its directors, employees, advisers or agents assume any obligation to update such information.

Disclaimer

This presentation has been prepared in good faith, but no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, correctness, reliability or adequacy of any statements, estimates, opinions or other information, or to the reasonableness of any assumption or other statement, contained in the presentation (any of which may change without notice). To the maximum extent permitted by law, Fleetwood and its professional advisers and their related bodies corporate, affiliates and each of their respective directors, officers, partners, employees, advisers and agents and any other person involved in the presentation disclaim all liability and responsibility (including, without limitation, any liability arising from fault or negligence) for any direct or indirect loss or damage which may arise or be suffered through use of or reliance on anything contained in, or omitted from, this presentation.

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Fleetwood Australia Half Year Results FY21

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Thank you

Investor Relations

T 08 9323 3300 E info@fleetwood.com.au

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