Ann: FLLYR: FBU: Financial Results for the Year Ended 30 June 2015

• Release Date: 19/08/15 08:56
• Summary: FLLYR: FBU: Financial Results for the Year Ended 30 June 2015
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					FBU
19/08/2015 08:56
FLLYR
PRICE SENSITIVE
REL: 0856 HRS Fletcher Building Limited

FLLYR: FBU: Financial Results for the Year Ended 30 June 2015

FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE 2015

Auckland, August 19, 2015 - Fletcher Building today reported net earnings of
$270 million for the year ended 30 June 2015, compared with $339 million in
the 2014 financial year.   The result included significant items totaling
$150 million relating to the impairment of goodwill and site closure costs.
Net earnings before significant items were $399 million, 10 per cent higher
than the prior year.

Operating earnings (earnings before interest and tax) were $503 million,
compared with $592 million in the prior year. Operating earnings excluding
significant items were $653 million, up 5 per cent on the prior year and in
line with earnings guidance.

Cash flow from operations increased 18 per cent to $575 million from $489
million in the prior year. The increase was due to the growth in underlying
operating earnings and reductions in working capital.

A final dividend of 19.0 cents per share will be paid on 14 October 2015,
with full New Zealand tax credits attached, bringing the total dividend for
the year to 37.0 cents per share. The dividend reinvestment plan will be
operative for this dividend payment.

Fletcher Building chief executive officer Mark Adamson said the result was
driven by a strong trading performance from the New Zealand based businesses.

"The New Zealand construction market was strong across the residential,
commercial and infrastructure sectors, and we experienced strong volume
growth in most of our businesses. Operating earnings before significant items
for our New Zealand businesses were up 24 per cent compared with the prior
year.

 "Conditions in Australia were much more mixed, with a buoyant residential
construction market but weak conditions in the mining, resources and
infrastructure sectors. We experienced strong earnings growth in a number of
businesses exposed to new housing construction, particularly Laminex,
Fletcher Insulation and Tradelink, but our results were negatively impacted
by the sudden fall in demand for plastic pipes from the coal seam gas
sector," Mr Adamson said.

Operating earnings beyond New Zealand and Australia were lower, with
continued weak conditions in Europe and a more difficult trading environment
experienced in China but a strong performance from Formica in North America.

Mark Adamson said the strong cash flow performance during the year meant the
company had continued to maintain a sound financial position while
accommodating higher capital expenditure levels and increased investment in
Fletcher Living, the residential development business.

Results overview

Comparisons are with the prior financial year ended 30 June 2014.

Revenue $8,661 million, up from $8,401 million
Net earnings $270 million, down from $339 million
Net earnings before significant items $399 million, up from $362 million
Operating earnings (EBIT) $503 million, down from $592 million
Operating earnings (EBIT) before significant items $653 million, up from $624
million
Cash flow from operations $575 million, up from $489 million
Basic earnings per share before significant items 58.0 cents per share, up
from 52.7 cents
Final dividend 19.0 cents per share,
The final dividend will be fully imputed for New Zealand taxation purposes.
Dividend payment dates The dividend will be paid on 14 October 2015 to
holders registered as at 5.00 pm Friday 25 September 2015 (NZT). The shares
will be quoted on an ex-dividend basis from 23 September 2015 on the NZX and
ASX.
Dividend reinvestment plan The dividend reinvestment plan will be operative
for this dividend.
Applications to participate must be received by the registry before 5pm
Monday 28 September 2015.
Please refer to the Financial Statements for terms and definitions.

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:00268645 For:FBU    Type:FLLYR      Time:2015-08-19 08:56:21