Ann: FLLYR: FBU: FBL 2013 Annual Results Announce

• Release Date: 21/08/13 11:04
• Summary: FLLYR: FBU: FBL 2013 Annual Results Announcement
• Price Sensitive: No
• Download Document  4.61KB

					

FBU
21/08/2013 09:04
FLLYR

REL: 0904 HRS Fletcher Building Limited

FLLYR: FBU: FBL 2013 Annual Results Announcement

Name of Listed Issuer: Fletcher Building Limited

For Year Ended: 30 June 2013

This report has been prepared in accordance with Generally Accepted
Accounting Practice in New Zealand which is the New Zealand equivalent to
International Financial Reporting Standards.  They also comply with
International Financial Reporting Standards.  The amounts presented give a
true and fair view of the matters to which the report relates and is based on
audited accounts.

CONSOLIDATED OPERATING STATEMENT FOR THE YEAR ENDED 30 JUNE 2013

Audited

Current Year NZ$'M; Up/Down %; Previous Corresponding Year NZ$'M

TOTAL OPERATING REVENUE: $8,517m; down 4%; $8,839m.

Operating earnings before significant items and tax: $569m; up 2%; $556m.

Restructuring and impairment charges before tax for separate disclosure: $0m;
down 100%; $(153)m

OPERATING EARNINGS: $569m; up 41%; $403m.

EARNINGS BEFORE TAXATION: $422m; up 68%; $251m.

Less tax on operating profit: $85m; up 47%; $58m.

EARNINGS AFTER TAX BUT BEFORE MINORITY INTERESTS: $337m; up 75%; $193m.

Less minority interests: $11m; up 38%: $8m.

NET EARNINGS AFTER TAX ATTRIBUTABLE TO MEMBERS OF LISTED ISSUER: $326m; up
76%; $185m.

Earnings per share:  47.6 cps; up 75%; 27.2 cps

Final Dividend:  17.0 cps

Record date: 27 September 2013

Date Payable: 16 October 2013

Tax credits on latest dividend: tax credits of NZ6.6111 cps.
Refer attached press release for further detail.

Auckland, 21 August 2013 - Fletcher Building today reported net earnings of
$326 million for the year ended 30 June 2013, compared with $185 million in
the 2012 financial year. The prior year's result included significant items
of $132 million after tax; prior year net earnings before significant items
were $317 million.

Operating earnings (earnings before interest and tax) were $569 million
compared with the $403 million achieved in the prior year, and prior year
operating earnings before significant items of $556 million.

Cashflow from operations was $559 million, 25 per cent higher than for the
prior year, driven by strong contributions from the Construction, Building
Products and Distribution divisions.

A final dividend of 17.0 cents per share will be paid on 16 October 2013,
with full New Zealand imputation tax credits attached, bringing the total
dividend for the year to 34.0 cents per share.

Chief Executive Officer Mark Adamson said the result was driven by a
sustained improvement in trading conditions in New Zealand, offset by weak
construction markets in Australia.

"In New Zealand, our operating earnings before significant items increased by
38 per cent and this was driven by rising levels of new house building
activity and strong momentum with the repairs and rebuilding work in
Canterbury. Importantly we have been able to mitigate the impacts of the high
New Zealand dollar and increased competition through our cost-out and
efficiency initiatives," Mr Adamson said.

"Conditions in Australia deteriorated early in the year and continued to be
soft throughout the year. Residential and commercial markets were weak, and a
slowdown in mining and resources investment had a knock-on effect across
other parts of the construction industry. Consequently, operating earnings
before significant items from our Australian businesses fell by 22 per cent.

"Beyond Australasia, there was a pleasing improvement in North America, but
conditions across Europe continued to worsen. In South East Asia volumes were
stable but activity levels declined in both China and Taiwan," Mr Adamson
said.

Results overview

Comparisons are with the prior financial year ended 30 June 2012.

Revenue  $8,517 million, down from $8,839 million

Net earnings $326 million, up from $185 million

Net earnings before significant items $326 million, up from $317 million

Operating earnings $569 million, up from $403 million

Operating earnings before significant items
 $569 million, up from $556 million

Cashflow from operations $559 million, up from $448 million

Basic earnings per share excluding significant items  47.6 cents per share,
up from 46.5 cents

Interest cover  3.9 times, up from 3.7 times

Final dividend 17.0 cents per share with full New Zealand tax imputation
credits.

Total dividend for the year 34.0 cents per share

The dividend reinvestment plan will be operative for the final dividend
payment

For further information please contact:

Philip King
Group General Manager,
Investor Relations & Capital Markets
Phone:  + 64 9 525 9043
Mobile: + 64 27 444 0203

ENDS
End CA:00239962 For:FBU    Type:FLLYR      Time:2013-08-21 09:04:46