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FLETCHER BUILDING LIMITED — Capital/Financing Update 2024
Jun 30, 2024
64902_rns_2024-06-30_f19e7878-fc74-4272-83cd-2f5c03d67611.pdf
Capital/Financing Update
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Fletcher Building Update on NZICC
Auckland, 1 July 2024: Fletcher Building Limited (the “Company”) today provided an update on the New Zealand International Convention Centre and Hobson Street Hotel project (“NZICC”).
The Hobson Street Hotel portion of the project has now achieved practical completion and has been handed over to the client, SkyCity.
The Company has also settled its remaining Contract Works Insurance (“CWI”) claims with the NZICC project insurers and SkyCity. The CWI settlement proceeds are materially in line with those assumed in the Company’s provision taken in February 2024, and so de-risks this aspect of the project.
In line with announcements made in February 2024, the Company continues to target completion of NZICC by the end of calendar 2024. The current provision on the project is unchanged from that taken in February 2024. However, risks will remain until the project is completed, as described in the Company’s HY24 Financial Statements. These include risks on time and cost to complete the construction works and commission the building, and the potential for disputes and wash-up claims against the Company.
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Authorised by: Haydn Wong Company Secretary
For further information please contact:
MEDIA
INVESTORS AND ANALYSTS
Christian May Aleida White General Manager – Corporate Affairs Head of Investor Relations +64 21 305 398 +64 21 155 8837 [email protected] [email protected]
Fletcher Building Limited, Private Bag 92114, Auckland 1142, 810 Great South Road, Penrose, Auckland 1061, New Zealand