FLETCHER BUILDING LIMITED — Earnings Release 2019

Aug 20, 2019

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Fletcher Building Limited Private Bag 92114 Auckland 1142 810 Great South Road Penrose Auckland 1061 New Zealand fletcherbuilding.com +64 9 525 9000

21 August 2019

Fletcher Building Limited – 2019 Annual Results

Please find attached the following documents relating to Fletcher Building Limited’s full year results for the year ended 30 June 2019.

• (a) Media Release

• (b) FY19 Results Presentation

• (c) Results Announcement

• (d) Distribution Notice

The 2019 Annual Report is being loaded separately on ASX online and is also available to view on Fletcher Building website www.fletcherbuilding.com.

Dividend information filed on Appendix 3A.1 will follow.

ENDS

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Fletcher Building returns to profit in year of strong execution

Auckland, 21 August 2019: Fletcher Building Limited’s FY19 financial results reflect a solid NZ performance, a return to profitability, and successful execution of the first year of its five-year strategy aimed to refocus and grow the business.

Summary:

• ➢ Revenue from continuing operations of $8,308 million, up 1% on FY18

• ➢ Net Profit After Tax of $164 million, compared to a loss of $190 million in FY18

• ➢ Final dividend of 15 cents per share declared, to be paid on 19 September 2019

• ➢ EBIT before significant items $631 million, up from $50 million in FY18

• ➢ Balance sheet materially strengthened, NZ$300 million share buyback programme

$m	Continuing Operations	Continuing Operations	Continuing Operations	Total Operations	Total Operations	Total Operations
	FY19	FY18	Var	FY19	FY18	Var
Revenue	8,308	8,211	+97	9,307	9,471	(164)
EBIT before significant items	549	(29)	+578	631	50	+581
NPAT	246	(239)	+485	164	(190)	+354
EPS (cps)	28.8	(32.1)	+60.9	19.2	(25.5)	+44.7

Fletcher Building Chief Executive Ross Taylor said: “FY19 was an important transition year for the Company and we made significant progress on our five-year strategy. Fletcher Building delivered a solid financial performance for the year, and I am pleased with the work we carried out to stabilise and refocus the Company.”

Revenue from continuing operations of $8,308 million increased slightly compared to the prior year. Total EBIT before significant items was $631 million, which was within the Company’s earnings guidance range and compared to $50 million in the prior year.

Continuing operations excludes the divested Roof Tile Group, Formica, Dongwha & Sims Pacific Metals operations. EBIT before significant items is a non-GAAP measure used by management to assess the performance of the Group and has been derived from Fletcher Building Limited’s financial statements for the year ended 30 June 2019.

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“In New Zealand our core building products and distributions businesses delivered good results, maintaining strong market positions and revenues despite operating in a highly competitive environment. The Construction division stabilised which led to a return to profitability, and we are on track to complete the remaining legacy B+I projects within the provisions we set in February 2018.

In Australia, the performance reflected tough market conditions, rising input costs and poor operating disciplines in some areas. Turnaround plans are well underway to reset these businesses and deliver growth in FY20.

The Company’s decision to operate in a more focused geographic footprint led to the sale of international businesses Roof Tile Group and Formica during the year. Both sales were completed ahead of schedule and the proceeds received were above expectations. The sale of Formica for NZ$1.2 billion materially strengthened the Company’s balance sheet, we have commenced our NZ$700-800 million debt reduction and will distribute up to NZ$300 million to shareholders through an on-market share buyback.

The Company reinstated dividend payments during FY19 with a total dividend for the year of 23 cents per share which was weighted to the final payment. The final dividend of 15 cents per share will be paid to shareholders on 19 September 2019 and will be unimputed and unfranked for NZ and Australian taxation purposes. The dividend reinvestment plan will not be operative for this dividend payment.

“FY19 was a year of solid execution against the Company’s strategy. We have landed a leaner organisation and end the year with a more manageable footprint and a strong balance sheet. Looking ahead, we will drive performance across the business in FY20.”

#Ends

For further information please contact:

MEDIA

INVESTORS AND ANALYSTS

Simone Rosentreter Aleida White Senior External Communications Advisor Head of Investor Relations +64 21 137 4137 +64 21 155 8837 simone.rosentreter@fbu.com aleida.white@fbu.com

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F O C U S

Fletcher Building Full Year Results to 30 June 2019

ROSS TAYLOR — Chief Executive Officer

BEVAN MCKENZIE — Chief Financial Officer

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21 August 2019

F O C U S

Agenda

1. Results Overview Ross Taylor

2. Divisional Performance Ross Taylor

3. Financial Results Bevan McKenzie

4. Outlook Ross Taylor

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Fletcher Building ~~Full Year Results Presentation 2019~~

FY19 refocus and stabilise transition year successfully delivered

1. Refocus on the NZ core	✓On track, revenue in line with competitive market
2. Stabilise Construction	✓Returned to profits, no change to B+I provisions
3. Strengthen Australia	✓Intervened and set up for turnaround
4. Exit non-core businesses	✓Roof Tile Group and Formica sold for $1.25b, delivered ahead of schedule

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✓ Leaner organisation, strengthened governance ✓ Returned to profitability, dividends reinstated ✓ Strong balance sheet, material debt reduction

✓ Capital return of up to $300m via share buyback

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Fletcher Building Full Year Results Presentation | © August 2019

Earnings within guidance, strong balance sheet and dividend

Revenue m $9,307 FY18: $9,471m

EBIT before sig items[1] $631m FY18: $50m

Net earnings $164m FY18: $(190)m

EPS before sig items 43.0c

FY18: (8.1)c

Cash flow from operating activities $153m FY18: $396m

Net debt Dividends $325m 23c FY18: $1.3b FY18: nil

Return on Funds Employed before sig items 11.8% FY18: 0.9%

Note: All metrics include discontinued operations RTG and Formica which were sold during the year

1 Measures before significant items are non-GAAP measures used by management to assess the performance of the business and has been derived from Fletcher Building’s financial statements for the year ended 30 June 2019. Details of significant items can be found in note 2 of the financial statements.

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Fletcher Building Full Year Results Presentation | © August 2019

Improved balanced scorecard across most metrics

Safety

• Total Recordable Injury • Deeply saddened by recent Frequency Rate[1] fatalities

• Group wide ‘Protect’ 6.7 6.9 5.1 5.0 programme reset • under 5.0 (well below industry average) FY16 FY17 FY18 FY19

• Continue to drive TRIFR to under 5.0 (well below industry average)

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Engagement
Employee Engagement Rating • Drive employee engagement
>80% (top quartile) with no
71%
70%
business lower than 70%
67%
66%
FY16 FY17 FY18 FY19
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Sustainability

Customer

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• Committed to a Science Based
Carbon Emission
Target to reduce our carbon
Intensity [2]
emissions - in line with NZ
Government carbon reduction
149
143 141 139 aims and to limit global
warming to below 2 [o] C
• Focus on NZ cement
manufacture and power in
FY16 FY17 FY18 FY19 Australia
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• Net Promoter • Drive to a best in class net Score[3] promoter score of >55 • Rollout and embed customer

• 41

• 33 service promises across

• 24 all businesses

• FY17 FY18 FY19

1 TRIFR = Total no. of recorded injuries per million man hours worked.

2 Carbon Emission Intensity = FBU Co2 Tonnes for every $1m of revenue. Restated per ISO 14064-1, previously overestimated; increase in FY18 is due to Higgins acquisition

3 Net Promoter Score calculated as % Promoters (9 - 10) minus % Detractors (0 - 6).

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5 Fletcher Building Full Year Results Presentation | © August 2019

Well positioned to drive shareholder returns into the future

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• Focus • Manageable footprint

• Consistency • Leverage of skills and IP

• Leveraged to • Drive and grow our strong and well positioned NZ businesses •

• upside Trap the upside potential in our underperforming Australian businesses • Strong balance sheet, leverage of 0.4x against target leverage range of 1.5x-2.5x

• Financial • Target ROFE 15%, target cash conversion 70%

• Discipline and • Diversified funding sources, robust liquidity and maturity profile

• Returns • $300m buy back, dividend reinstated, dividend pay out ratio of 50-75% NPAT

• • Population and GDP growth

• Positioned for • Geographic isolation gives “in country” scale positions a competitive advantage

• macro tailwinds • Global innovation “fast follower”, but first in our home markets

• Global innovation “fast follower”, but first in our home markets

• Cheaper and better automation making developed country manufacturing more viable

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6 Fletcher Building Full Year Results Presentation | © August 2019

F O C U S

Agenda

1. Results Overview Ross Taylor

2. Divisional Performance Ross Taylor

3. Financial Results Bevan McKenzie

4. Outlook Ross Taylor

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Fletcher Building ~~Full Year Results Presentation 2019~~

FY19 vs FY18 EBIT earnings bridge

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EBIT [1 ] (NZ$m)
(13) (5)
(16) (6) 1 (5)
0 (57)
5
17
660 710
631
50
FY18 Actual FY18 B+I Distribution Steel Concrete Australia Corporate FY19 Actual
Development
Residential and
operations)
FY18 Actual ex B+I Divested in FY18 only Building Products Construction ex B+I Formica and Roof Tile Group (discontinued
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1 Before significant items, including discontinued operations

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Fletcher Building Full Year Results Presentation | © August 2019

Industry context New Zealand Elevated activity in all sectors

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Residential

NZ Historical

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Residential Consents (#)
35k
33k
30k
29k
25k
FY15 FY16 FY17 FY18 FY19
Value of Commercial and Infrastructure work put in
place (Nominal $m)
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6,863
7,274
6,046
6,316 6,053
8,824
6,059 6,625 7,317 7,635
FY15 FY16 FY17 FY18 FY19F
Key: Residential Commercial Infrastructure
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• Residential activity remains elevated, c35k consents in FY19, highest levels since mid 1970’s

• Supported by ongoing population growth of c2%: c50k net migration to Jun’19

• Continued shift to apartments and townhouses driving decline in average floor area overall

• Stable inventory of houses for sale, stable national house prices, sales of Auckland homes in $650k-$1,000k price band remain stable

Commercial

• Activity at historical high levels: annual value of work put in place >$8b

• Growth rates remain high across most regions

Infrastructure

• Activity at historical high levels, driven by large roading projects

• Pipeline of projects slowed in past 12 months, as change in Government priorities flows through with shift towards road safety upgrades, rail and water

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Fletcher Building Full Year Results Presentation | © August 2019

Source: Infometrics, Statistics NZ

Divisional Exposure

Building Products

NZ$m	June 2018 12 months	June 2019 12 months	Change
Gross Revenue	764	759	(1)%
EBITDA1	145	139	(4)%
EBIT1	132	127	(4)%
Trading Cash Flow	142	142	-
EBIT margin %	17.3%	16.7%	(0.5)%pt
ROFE2 %	27%	25%	(2)%pt
Capex	19	37	95%
Cash Conversion3	95%	83%	(12)%pt
Domestic board sales (000m2)	-1%	+3%
Glasswool sales (tonnes)	-1%	+3%
Concrete pipe vol (000t)	-9%	+3%
Plastic pipe sales vol (t)	+15%	-5%

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Resi, 52% Com, 17% Infra, 31%
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Building Products performance

• Increased revenue in WWB, TINZ and Laminex benefiting from strong consents and strong market positions, offset by lower rural activity impacting pipelines businesses

• Slightly lower EBIT: improved WWB and TINZ earnings offset by lower pipelines contribution and continued input cost pressures (energy, gypsum, resin) which could not be fully recovered in price

• Humes team and business reset after underperformance and ERP deployment complications

• Innovation through WWB’s new rigid air barrier Weatherline®, Laminex product range expansion and refresh, mobile extrusion plant purchase in Iplex

• 1 Before significant items

2 EBIT/Closing Funds

3 Cash conversion = FCF/EBIT

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Divisional Exposure

Distribution

NZ$m	June 2018 12 months	June 2019 12 months	Change
Gross Revenue	1,530	1,596	4%
EBITDA1	113	114	1%
EBIT1	104	104	-
Trading Cash Flow	112	98	(13)%
EBIT margin %	6.8%	6.5%	(0.3)%pt
ROFE2 %	39%	35%	(4)%pt
Capex	20	23	15%
Cash Conversion3	88%	72%	(16)%pt
PlaceMakers revenue	+0.1%	+4%
PlaceMakers stores	62	63
Mico revenue	+4.5%	+4%
Mico stores	65	66

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Resi, 71% Com, 21%
Infra, 8%
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Distribution performance

• Growing revenue, benefiting from elevated market backdrop particularly in Auckland

• Solid EBIT from PlaceMakers and Mico earnings grew strongly, offset by Snappy

• New PlaceMakers branch in Rotorua

• New Mico branch in Motueka and innovation through expansion of category offering into concrete pipes

• Continued investment in upgrades to branches and showrooms

• PlaceMakers digital innovation investment continued with new transportation management system, digital mobility roll out, and new head office ERP system in place

• 1 Prior year excluding significant items

2 EBIT/Closing Funds

• 3 Cash conversion = FCF/EBIT

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11 Fletcher Building Full Year Results Presentation | © August 2019

Divisional Exposure

Steel

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Resi, 25% Com, 36% Infra, 39%
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NZ$m	June 2018 12 months	June 2019 12 months	Change	Steel performance • Revenue growth from: – Roofing volume growth driven by strong residential market – Market share gains on strong customer service performance – Partly offset by subdued activity in manufacturing and rural sectors and lower project activity in Reinforcing • EBIT decline mainly from intense competitive trading environment and higher steel prices • New ERP system in Reinforcing and upgrade of roll-forming capacity in Dimond • Successful strategy to increase dual supply of raw materials
Gross Revenue	532	555	4%
EBITDA1	54	38	(30)%
EBIT1	49	33	(33)%
Trading Cash Flow	55	15	(73)%
EBIT margin %	9.2%	5.9%	(3.3)%pt
ROFE2 %	27%	15%	(12)%pt
Capex	14	18	(29)%
Cash Conversion3	82%	(9)%	NM
Easysteel volumes (t)	+3%	+3%
PCC local volumes (t)	-3%	+7%
Fletcher Reinforcing Volumes (t)	-10%	-3%

• New ERP system in Reinforcing and upgrade of roll-forming capacity in Dimond

• 1 Prior year excluding significant items

• 2 EBIT/Closing Funds

3 Cash conversion = FCF/EBIT

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Divisional Exposure

Concrete

NZ$m	June 2018 12 months	June 2019 12 months	Change
Gross Revenue	812	802	(1)%
EBITDA1	135	134	(1)%
EBIT1	90	84	(7)%
Trading Cash Flow	128	136	6%
EBIT margin %	11.1%	10.5%	(0.6)%pt
ROFE2 %	14%	13%	(1)%pt
Capex	62	65	5%
Cash Conversion3	74%	85%	11%pt
Domestic cement volumes	+4%	-2%
Aggregates sales volumes	+6%	8%
Ready mix volumes	+2%	0%

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Resi, 43% Com, 30% Infra, 27%
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Concrete performance

• Solid overall business unit revenue contribution:

  • Strong aggregates revenue growth through improved pricing and volumes from major roading projects

  • GBC revenue from strong demand and positive price achievements offset by cement mill outage

  • Steady ready-mix sales with regional variation reflected in higher Auckland, lower Christchurch from project completion

• EBIT impacted by strong Winstone Aggregates performance broadly compensated GBC cement mill outage of $7.0m and depreciation charges

• Cement supply chain improvements with coastal shipping to New Plymouth, additional barge capacity between Portland-Auckland

• Completion of Auckland airport precinct ready-mix plant boosting Firth network

• Waikato quarry acquisition now fully integrated into division

• 1 Prior year excluding significant items

• 2 EBIT/Closing Funds

3 Cash conversion = FCF/EBIT

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13 Fletcher Building Full Year Results Presentation | © August 2019

Residential and Development

NZ$m	June 2018 12 months	June 2019 12 months	Change
Gross Revenue	575	639	11%
EBITDA	136	137	1%
EBIT1	136	137	1%
Trading Cash Flow	109	95	(13)%
EBIT margin %	23.7%	21.4%	(2.3)%pt
ROFE2 %	23%	21%	(2)%pt
Capex	1	7	NM
Cash Conversion3	79%	64%	(15)%pt
Residential EBIT	85	84	(1)%
Land Development EBIT	51	56	10%
Panelisation EBIT	-	(3)	NM

Residential and Development performance

• Excellent revenue growth with Residential revenue up 13% to $526m, Land Development up 5% to $113m

• Increased units sold to 755 (735 dwellings and 20 sections) compared to 714[4] (613 dwellings and 101 sections) in FY18

  • Auckland: continued solid demand for homes priced $600-900k

  • Christchurch: strong sales of Atlas Quarter apartments, higher Awatea development sales, first sales in One Central precinct

• Settlement times extended in higher price points

• • Stable year on year EBIT:

  • Residential margins stable with higher proportion of unit sales in lower margin Christchurch as forecast

  • – Higher Land Development EBIT from surplus asset sales

  • New site, equipment, operating staff recruitment for newly created Panelisation business

• c5 years’ supply of lots under control, of which 75% are on balance sheet

• 1 FY18 EBIT = $130m if restated under IFRS15

• 2 EBIT/Closing Funds

• 3 Cash conversion = FCF/EBIT

• 4 658 units (527 dwellings, 131 sections) if restated under IFRS15

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14 Fletcher Building Full Year Results Presentation | © August 2019

Construction

NZ$m	June 2018 12 months	June 2019 12 months	Change
Gross Revenue	1,685	1,702	1%
EBITDA1	(588)	68	NM
EBIT1	(608)	47	NM
Trading Cash Flow	(172)	(210)	(22)%
EBIT margin %	(36.1)%	2.8%	38.9%pt
Capex	33	31	(6)%
Cash Conversion2	NM	NM	NM
B+I EBIT	(660)	-	NM
Higgins EBIT	42	36	(14)%
Major Projects, Brian Perry Civil, South Pacific, Divisional costs EBIT	10	11	10%

1 Prior year excluding significant items

2 Cash conversion = FCF/EBIT

Construction performance

• Increase in revenue reflects strong growth in Major Projects and BPC offset by lower B+I revenues

• Return to operating profitability but lower Higgins EBIT due to project completion timing

• At 30 June 2019 backlog of work was $1.4b (of which B+I $0.3b) compared to $1.8b at 30 June 2018 (of which B+I $0.8b) reflecting B+I project completion

• Four remaining B+I projects to be completed in 2019, two in 2020

Building a balanced portfolio

• Management team rebuilt

• In June 2019 confirmed intention to recommence focused bidding in the vertical construction market

• Bids and targeted project portfolios aligned with overall business risk and appetite

• More medium sized projects, smaller number of larger projects

• Focused on right clients who will accept sensible risk profiles and margins

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15 Fletcher Building Full Year Results Presentation | © August 2019

Industry context Australia Sharp declines in residential sector

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AU Historical
Residential Approvals (#)
239k 232k
231k
222k
185k
150k-160k
FY15 FY16 FY17 FY18 FY19F FY20F
Value of Commercial and Infrastructure work put in
place (A$b)
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Residential

• Division mainly exposed to new detached/semi-detached housing, plus additions and alterations; accounts for c90% of AU residential exposure

• Material contraction in forward work: approvals down 20% to c185k with greatest decline in attached dwellings followed by semidetached and detached dwellings

• Falling house prices triggered by affordability issues, credit tightening and an increase in housing stock

Commercial

• Contracting across most sectors; most states declined, although recent recovery in non-residential approvals in NSW and QLD

Infrastructure

• Division principally exposed to road, rail, water and coal seam gas

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112 95 106 90 87
88
37 38 38 46 42 47
FY15 FY16 FY17 FY18 FY19F FY20F
Key: Residential Commercial Infrastructure
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• Work put in place slightly down but commencements improving particularly in NSW and WA, and in roading and mining

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Source: BIS Oxford Economics (financial years)

Fletcher Building Full Year Results Presentation | © August 2019

Divisional Exposure

Australia

NZ$m	June 2018 12 months	June 2019 12 months	Change
Gross Revenue	3,076	3,024	(2)%
EBITDA1	176	119	(32)%
EBIT1	114	57	(50)%
Trading Cash Flow	146	57	(61)%
EBIT margin %	3.7%	1.9%	(1.8)%pt
ROFE2 %	6%	3%	(3)%pt
Capex	79	91	15%
Cash Conversion3	60%	NM	NM
Building Products Aus. EBIT1	76	40	(47)%
Distribution Aus. EBIT1	13	8	(38)%
Steel Aus. EBIT1	25	11	(56)%
Divisional costs	-	(2)	NM

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Resi, 54% Com, 27% Infra, 19%
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Australia performance

• EBIT impacted by significant residential market decline and competitive activity

  • Higher input costs from resin, fuel and steel with $23m AUD/USD currency impact not able to be recovered in price

• Comprehensive review, decisive intervention to reset and strengthen the division with site closures, properties consolidated, teams restructured, merger of Iplex and Rocla pipelines businesses

• Targeting $100m gross annual cost-out benefit by FY21, expect c$15m of this to flow to net EBIT benefit in FY20 with c$50m in FY21

• 1 Before significant items

2 EBIT/Closing Funds

3 Cash conversion = FCF/EBIT

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17 Fletcher Building Full Year Results Presentation | © August 2019

Formica and Roof Tile Group

Financial results NZ$m	June 2018 12 months	June 2019 12 months	Change
Gross Revenue	1,177	1,019	(13)%
External Revenue	1,153	999	(13)%
EBITDA¹	106	106	-
EBIT¹	65	82	26%

Successful divestments ahead of schedule

• Roof Tile Group

• Sold on 1 November 2018

• Final net sale price of NZ$59m to IKO, in line with expectations

• Formica

• Sold on 3 June 2019

• Final net sale price of NZ$1,191m to Broadview, ahead of expectations

Sale proceeds and loss on disposal NZ$m	Roof Tile Group (completed)	Formica (completed)	Total
Net sale proceeds	59	1,191	1,250
Less: Carrying Value	77	1,313	1,390
Loss on disposal	18	122	140

• Exited at 10.8x FY18 EBITDA, at top end of expectations

• Timely exit from softening of the US market

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1 Before significant items

18 Fletcher Building Full Year Results Presentation | © August 2019

F O C U S

Agenda

1. Results Overview Ross Taylor 2. Divisional Performance Ross Taylor

3. Financial Results Bevan McKenzie

4. Outlook Ross Taylor

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Fletcher Building ~~Full Year Results Presentation 2019~~

Income statement Return to group profitability following B+I losses

All metrics include discontinued operations	June 2018	June 2019	Change
NZ$m	12 months	12 months	$m
Revenue	9,471	9,307	(164)
EBITDA	264	830	566
EBIT before significant items	50	631	581
EBIT margin (%)	1%	7%	6%pt
Significant items	(168)	(234)	(66)
EBIT	(118)	397	515
Funding costs	(157)	(118)	39
Tax	96	(102)	198
Non-controlling interests	(11)	(13)	(2)
Net earnings/(loss)	(190)	164	354
Net earnings/(loss) before significant items	(60)	367	427
Earnings per share (EPS – cents) before significant items	(8.1)	43.0	51.1cps
Earnings per share (EPS – cents)	(25.5)	19.2	44.7cps

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20 Fletcher Building Full Year Results Presentation | © August 2019

Operating cash flow Cash flows mainly affected by creditor timing

NZ$m	June 2018 12 months June 2019 12 months Change $m
EBIT before significant items from continuing operations	631 549 (82)
Depreciation and amortisation	170 174 4
Provisions, cash impact of significant items and other	(47) (65) (18)
Trading cash flow before working capital movements from continuing operations	754 658 (96)
Residential and Development	(28) (27) 1
Construction (ex B+I)	35 (16) (51)
Debtors	(20) 28 48
Inventories	(54) (54) -
Creditors	116 (37) (153)
Trading cash flow from continuing operations	803 552 (251)
International	121 14 (107)
B+I	(285) (257) 28
Trading cash flow1	639 309 (330)
Cash tax paid	(85) (28) 57
Interest paid	(158) (128) 30
Reported cash flows from operating activities	396 153 (243)
Free Cash Flow2 from continuing operations	494 254 (240)

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1 Trading cash flow = EBITDA + Change in net working capital + provisions and other adjustments

21 Fletcher Building Full Year Results Presentation | © August 2019

2 Free Cash Flow = Trading cash flow less capex less cash tax, excluding M+A activities

Operating cash flow Second half working capital returned to normal as anticipated

NZ$m	June 2018 6 months (H2) June 2019 6 months (H2) Change $m
EBIT before significant items from continuing operations	356 301 (55)
Depreciation and amortisation	83 86 3
Provisions, cash impact of significant items and other	(36) (14) 22
Trading cash flow before working capital movements from continuing operations	403 373 (30)
Residential and Development	(37) 2 39
Construction (ex B+I)	39 1 (38)
Debtors	(96) (46) 50
Inventories	(1) 37 38
Creditors	202 149 (53)
Trading cash flow from continuing operations	510 516 6
International	80 (20) (100)
B+I	(152) (152) -
Trading cash flow1	438 344 (94)
Cash tax paid	(55) (11) 44
Interest paid	(97) (66) 31
Reported cash flows from operating activities	286 267 (19)
Free Cash Flow2 from continuing operations	329 327 (2)

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1 Trading cash flow = EBITDA + Change in net working capital + provisions and other adjustments

22 Fletcher Building Full Year Results Presentation | © August 2019

2 Free Cash Flow = Trading cash flow less capex less cash tax, excluding M+A activities

Working capital metrics Sustained improvement in working capital cycle, especially debtors

Key working capital metrics Building Products Distribution Steel Concrete Australia Materials and Distribution Total	Debtor Days As at June 2018 As at June 2019 Change (days) 36.3 34.7 (1.6) 37.7 36.9 (0.8) 42.8 43.3 0.5 36.0 35.7 (0.3) 47.6 45.4 (2.2) 42.3 40.7 (1.6)	Inventory Days As at June 20181 As at June 2019 Change (days) 91.2 93.7 2.5 43.9 43.9 - 81.0 88.9 7.9 36.0 32.7 (3.3) 93.6 94.2 0.6 73.7 74.2 0.5	Payables Days
			As at June 2018 As at June 2019 Change (days)
			36.3 36.4 0.1
			41.6 38.0 (3.6)
			46.2 46.6 0.4
			39.8 41.3 1.5
			55.7 57.9 2.2
			47.4 47.9 0.5

1 June 2018 inventory days has been restated to reflect the restatement of cost of goods and selling and marketing expenses as per note 28 of the financial statements.

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23 Fletcher Building Full Year Results Presentation | © August 2019

Cash impact of B+I losses Forecast provisions unchanged

Cash flow impact of B+I losses (NZ$m)

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Cash outflow EBIT loss Forecast cash outflow
FY17 FY17 FY18 FY19 FY20F FY18 FY19 FY20F
(168)
(285)
(257) (257)
(292)
(660)
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• FY19 cash outflows $257m

• Total $257m forecast outflows remaining

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24 Fletcher Building Full Year Results Presentation | © August 2019

Capex and depreciation Remain within guidance, focused investment in core business

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Capex by Markets (NZ$m)
13
63
$348m
181
91
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NZ Australia International Other

		June 2018	June 2018	June 2019	June 2019
	NZ$m	12	months	12	months	Change
	Stay-in-business		214		240	26
	Growth		90		108	18
	Total Capex		304		348	44
	Of which: continuing operations		241		285	44
	Acquisitions		-		26	26
	Depreciation / Amortisation		214		199	(15)
	Of which: continuing operations		170		174	4

• FY20 capex expected to be in the range $275-$325m (excl. WWB plant investment)

• FY20 depreciation & amortisation is expected to be c$200m (prior to impact of IFRS 16)

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25 Fletcher Building Full Year Results Presentation | © August 2019

Net debt and leverage Formica proceeds strengthen leverage metrics

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Net debt (NZ$m)
26
348
153
1,288
1,273
44
68 7
281 325
Opening Net Debt - FY19 Cash flow from operations Capex Acquisitions Divestment Interim dividend payment Minority distribution Closing net debt before hedging/FX Hedging/FX on debt Closing net debt
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Leverage
(Net Debt/EBITDA) Jun 2018 Jun 2019
Target range of 1.5x-2.5x
Group 4.8x 0.4x
Group ex B+I [1] 1.4x 0.4x
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1 Leverage ratio ex B+I excludes B+I impact from EBITDA only

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26 Fletcher Building Full Year Results Presentation | © August 2019

Debt maturity profile and funding costs Debt reduction process underway

Debt Maturity Profile at Jun-19 (NZ$m)

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63
400
785
525
469
166
150
200
100 100
69
16
FY20 FY21 FY22 FY23 FY24-25 FY26+
Capital Notes USPP 1 Bank Syndicate Other
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• Undrawn credit lines of $667m and cash of $1,372m as at 30 June 2019

• Average interest rate on debt is 5.0% (based on period end borrowings)

• Full year funding costs were $118m (compared to previous guidance of $125m-$135m)

• All sensible debt reduction opportunities (c$700m$800m) will be undertaken, of which $415m already repaid[2]

1 Includes CCIRS component and excludes fair value hedge component

2 Early repayment of NZ$136m of private placements at par in Oct 2018 (original maturity FY27) and NZ$198m in Jun 19 (original maturity Sep 19), repayment of Unlisted capital notes of NZ$50m, purchase of capital notes of NZ$31m

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27

Fletcher Building Full Year Results Presentation | © August 2019

Dividend and share buyback Final dividend of 15cps, total FY19 dividend of 23cps

Dividend

Share buyback

• Final dividend of 15.0 cents per share

• Payment date of Thursday 19 September 2019

• Final dividend unimputed for NZ taxation purposes and unfranked for Australian taxation purposes

• Dividend Reinvestment Plan will not be operative for this dividend

• With the balance sheet materially de-levered and with incremental capital available, the Board has resolved to commence an on-market share buyback of up to $300m

• This form of shareholder distribution takes into account tax effectiveness for all shareholders and earnings per share accretion

• Policy to pay dividends in the range of 50% to 75% of net earnings before significant items and having regard to available cash flow[1] remains unchanged

• Buyback will commence from 9 September 2019

• Interim / Final dividend phasing untypical compared to prior years due to phasing of FY19 operational cash flows and Formica proceeds received in the second half

Dividend	Jun 2019
Interim dividend per share	8 cents
Final dividend per share	15 cents
Total dividend per share	23 cents

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28

1 Available cash flow = Free cash flow less cash interest

Fletcher Building Full Year Results Presentation | © August 2019

IFRS 16 Background and impact

• Effective for the group for period commencing 1 July 2019

• Total of c 4,800 operating leases across the Group

Impact on Balance Sheet

• Recognises right-of-use asset of $1.4-$1.5b and lease liability of $1.7-$1.8b

• Difference of $0.3b taken as adjustment to retained earnings

Impact on Income Statement

• Operating lease expense now treated as depreciation and interest charges, leading to c$235m increase in EBITDA and c$50m increase in EBIT

• Small reduction of $15m in NPBT in year one

Impact on Cash Flows

• No impact on underlying cash flows but new lease arrangement will result in the reclassification of certain cash flows

• Operating cash flows will increase by the principal payment amount with an offsetting outflow in financing cash flows

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29 Fletcher Building Full Year Results Presentation | © August 2019

F O C U S

~~Agenda~~

1. Results Overview Ross Taylor

2. Divisional Performance Ross Taylor

3. Financial Results Bevan McKenzie

4. Outlook Ross Taylor

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Fletcher Building ~~Full Year Results Presentation 2019~~

Our focus now moves to driving consistent performance

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FY2020 FY2021–23
PERFORMANCE GROWTH
1. Refocus on
NZ businesses strong and growing
the NZ core
Complete B+I
2. Stabilise
projects Construction turnaround complete
Construction
Maintain profits
Set-up
for Performance improvement
3. Strengthen
Australia turn Profitable market share
around
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31 Fletcher Building Full Year Results Presentation | © August 2019

Continued focus on our key enablers and future investment to drive performance

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Strong safety culture

Disciplined performance improvement and capital allocation

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Engaged and capable people, lean operating model

Leading innovation and local adaptation anchored in environmental consciousness

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Fit for purpose systems, next generation digital capabilities

High level of customer intimacy built through owning channels to key segments

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32 Fletcher Building Full Year Results Presentation | © August 2019

In FY20 we expect ongoing healthy market conditions in NZ and Australia residential market contraction

New Zealand Market

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• Expect Residential consents to ease slightly off peaks, Auckland to remain strong

• Expect Commercial construction to remain at similar levels

• Expect Infrastructure spend to ease in major roading, with increased spend in road safety, water, and rail

Australia Market

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• Expect contraction in Residential, forecasting 150k-160k approvals in FY20, however the market environment remains uncertain

• Expect Commercial market to remain broadly flat

• East Coast Infrastructure work-put-in-place expected to remain broadly flat on established project pipeline

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33 Fletcher Building Full Year Results Presentation | © August 2019

F O C U S

~~Appendix~~

Fletcher Building ~~Full Year Results Presentation 2019~~

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Appendix Company overview

Revenue: $8.3 billion People: 16,825

Continuing External Revenue 12mth to Jun19 ($m)

$5,220m

$2,944m

Strong New Zealand brands

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Australia scale in specific sectors

$144m

New Zealand New Zealand Australia North AmericaSouth Pacific 10,334 people 8,843 people 5,630 people 953 people861 people

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35 Fletcher Building Full Year Results Presentation | © August 2019

Summary of FY20 metrics already communicated

• Residential and Development: Land development EBIT run rate of c$25m

• Construction: Cash outflows of $257m on B+I

• Australia:

• Targeting $100m gross annual cost-out benefit by FY21; expect c$15m of this to flow to net EBIT benefit in FY20 and c$50m in FY21

• One-off restructuring costs (significant items) of c$30m

• Corporate costs c$55m

• Capex expected to be in the range of $275-$325m (excl. WWB plant investment)

• Depreciation & amortisation expected to be c$200m (prior to impact of IFRS 16)

• All sensible debt reduction opportunities (c$700m-$800m) will be undertaken across FY19-FY20, of which $415m already repaid in FY19

• $2.3b gross debt facilities, c$1.1b-$1.2b forecast drawings at Jun-20

• Funding costs expected to be c$80-90m (excluding lease interest costs under IFRS 16)

• Up to $300m on-market share buyback

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36

Fletcher Building Full Year Results Presentation | © August 2019

Industry context Sectoral exposure, based on revenue

	Residential		Infrastructure /
Revenue Exposure by Sector¹	(New + A&A)*	Commercial	Other	TOTAL
New Zealand	10%	6%	7%	23%
Australia	13%	5%	7%	25%
Total Manufacturing	23%	11%	14%	48%
New Zealand	12%	4%	1%	17%
Australia	5%	4%	0%	9%
Total Distribution	17%	8%	1%	26%
New Zealand	6%	6%	14%	26%
Australia	0%	0%	0%	0%
Total Construction	6%	6%	14%	26%
New Zealand Total	28%	16%	22%	66%
Australia Total	18%	9%	7%	34%
Fletcher Building Total	46%	25%	29%	100%

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1 Based on FY19 total revenue including internal sales. Excludes Formica and RTG and businesses sold or closed during the year *A&A – Additions and Alterations

37 Fletcher Building Full Year Results Presentation | © August 2019

Financial results Local currency tables

		Gross revenue			External revenue
	June 2018	June 2019		June 2018	June 2019
Revenue	12 months	12 months	Change %	12 months	12 months	Change %
Residential and Development
New Zealand (NZ$m)	528	625	18%	528	625	18%
Australia (A$m)	43	13	(70)%	43	13	(70)%
Construction
New Zealand (NZ$m)	1,550	1,558	1%	1,476	1,478	NM
Rest of World (US$m)	96	97	1%	92	97	5%
Australia
New Zealand (NZ$m)	2	2	NM	1	2	100%
Australia (A$m)	2,834	2,834	NM	2,740	2,750	NM
Rest of World (US$m)	1	1	NM	1	1	NM
Formica and Roof Tile Group
New Zealand (NZ$m)	34	10	(71)%	48	16	(67)%
Rest of World (US$m)	815	679	(17)%	786	660	(16)%

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38 Fletcher Building Full Year Results Presentation | © August 2019

Financial results Local currency tables

	June 2018	June 2019
EBIT before significant items	12 months	12 months	Change %
Residential and Development
New Zealand (NZ$m)	121	131	8%
Australia (A$m)	14	6	(57)%
Construction
New Zealand (NZ$m)	(636)	20	NM
Rest of World (US$m)	20	18	(10)%
Australia
New Zealand (NZ$m)	1	1	NM
Australia (A$m)	105	54	(49)%
Rest of World (US$m)	(1)		NM
Formica and Roof Tile Group
New Zealand (NZ$m)	3	3	NM
Australia (A$m)	(4)	(2)	(50)%
Rest of World (US$m)	47	55	17%

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39 Fletcher Building Full Year Results Presentation | © August 2019

New Zealand Residential performance and trends

Residential units sold

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Total [1]
800 658 755
20
700
149
600
500
400
300 586
200
100
0
FY10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY19
Low/Medium Density High Density Sections Commercial
1 Under IFRS 15, to ensure like-for-like comparison
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Distribution of sales prices for FY19 residential sales

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48% FY18 FY19
36%
19% 17% 20% 19% 17%
14%
8%
2%
Up to $500k $500k- $750k $750k- $1,000k $1,000k- $1,250k $1,250k+
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Funds employed $m
Funds balance
900 104 195 includes:
800 138
700 • 3,687 residential
lots for further
600
development or
500 sale
400
• 1,735 lots under
300 604 651 unconditional
200 agreements
100
0
30-Jun-18 Lot Costs to Movements 30-Jun-19
purchases develop land in working
capital
Sales of Auckland houses in $650k - $1m price band
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
Source: REINZ
$650k - $1m
Rolling 12m sales volumes of houses
Dec-08 Jul-09 Feb-10 Sep-10 Apr-11 Nov-11 Jun-12 Jan-13 Aug-13 Mar-14 Oct-14 May-15 Dec-15 Jul-16 Feb-17 Sep-17 Apr-18 Nov-18 Jun-19
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40 Fletcher Building Full Year Results Presentation | © August 2019

Group metrics illustrated for IFRS16 Income statement

	June 2019	Pro forma	June 2019
Continuing operations	12 months	IFRS	12 months
NZ$m (unaudited)	Reported	Adjustment	Pro forma
Revenue	8,308	-	8,308
EBITDA before significant items	723	234	957
Depreciation and amortisation (incl. lease depreciation charge)	(174)	(185)	(359)
EBIT before significant items	549	49	598
Significant items	(94)	-	(94)
EBIT	455	49	504
Lease interest costs	-	(64)	(64)
Funding costs	(116)	-	(116)
Tax	(80)	-	(80)
Non-controlling interests	(13)	-	(13)
Net earnings	246	(15)	231

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41 Fletcher Building Full Year Results Presentation | © August 2019

Note: The pro forma IFRS adjustments noted in the table are the indicative FY20 adjustments, see note 2 to the Financial Statements

Group metrics illustrated for IFRS16 Cash flows

	June 2019	Pro forma	June 2019
	12 months	IFRS	12 months
NZ$m (unaudited)	Reported	Adjustment	Pro forma
EBITDA before significant items	723	234	957
Lease principal payments	-	(169)	(169)
Lease interest payments	-	(64)	(64)
Other movements	(65)	-	(65)
Working capital movement	(106)	-	(106)
Trading cash flow from continuing operations	552	-	553
International	14	-	14
B+I	(257)	-	(257)
Funding costs paid	(128)	-	(128)
Cash tax	(28)	-	(28)
Lease principal repayments reported in financing	-	169	169
Reported cash flow from operating activities	153	169	323

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42 Fletcher Building Full Year Results Presentation | © August 2019

Note: The pro forma IFRS adjustments noted in the table are the indicative FY20 adjustments, see note 2 to the Financial Statements

Group metrics illustrated for IFRS16 EBITDA by division

	June 2019	June 2019	Pro forma	June 2019	June 2019
Continuing operations before significant items	12	months	IFRS	12	months
NZ$m (unaudited)	Reported		Adjustment	Pro forma
Building Products		139	24		163
Distribution		114	47		161
Steel		38	13		51
Concrete		134	30		164
Residential and Development		137	2		139
Construction		68	21		89
Australia		119	89		208
Corporate		(26)	8		(18)
Group		723	234		957

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43 Fletcher Building Full Year Results Presentation | © August 2019

Note: The pro forma IFRS adjustments noted in the table are the indicative FY20 adjustments, see note 2 to the Financial Statements

Group metrics illustrated for IFRS16 EBIT by division

	June 2019	June 2019	Pro forma	June 2019	June 2019
Continuing operations before significant items	12	months	IFRS	12	months
NZ$m (unaudited)	Reported		Adjustment	Pro forma
Building Products		127	5		132
Distribution		104	11		115
Steel		33	2		35
Concrete		84	5		89
Residential and Development		137	-		137
Construction		47	4		51
Australia		57	20		77
Corporate		(40)	2		(38)
Group		549	49		598

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44 Fletcher Building Full Year Results Presentation | © August 2019

Note: The pro forma IFRS adjustments noted in the table are the indicative FY20 adjustments, see note 2 to the Financial Statements

Important Information

This Full Year Results presentation dated 21 August 2019 provides additional comment on the Annual Report of the same date. As such, it should be read in conjunction with, and subject to, the explanations and views of future outlook on market conditions, earnings and activities given in that commentary.

In certain sections of this presentation the Group has chosen to present certain financial information exclusive of the impact of significant items and/or the results of the Building + Interiors (B+I) business unit. Where such information is presented, it is clearly described and marked with an appropriate footnote. This allows the readers of this presentation to better understand the underlying operations and performance of the Group.

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45

Fletcher Building Full Year Results Presentation | © August 2019

F O C U S

Fletcher Building Full Year Results to 30 June 2019

ROSS TAYLOR — Chief Executive Officer

BEVAN MCKENZIE — Chief Financial Officer

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21 August 2019

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