Ann: HALFYR: FBI: FB Industries Half Year Results

• Release Date: 22/02/12 12:30
• Summary: HALFYR: FBI: FB Industries Half Year Results Announcement
• Price Sensitive: No
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FBI
22/02/2012 10:30
HALFYR

REL: 1030 HRS Fletcher Building Industries Limited

HALFYR: FBI: FB Industries Half Year Results Announcement

Name of Listed Issuer: Fletcher Building Industries Limited

For Half Year Ended: 31 December 2011

The amounts as presented have been prepared in accordance with NZ IAS 34
Interim Financial Reporting and give a true and fair view of the matters to
which the report relates and are based on unaudited accounts.

OPERATING STATEMENT FOR THE HALF YEAR ENDED 31 DECEMBER 2011

Unaudited

Current Half Year NZ$000 Up/Down %; Previous Corresponding Half Year NZ$000

Total operating revenue: $8,846; down 24%; $11,605.

OPERATING SURPLUS BEFORE UNUSUAL ITEMS AND TAX: $(18,037); down 342%;
$(4,075).

Unusual items for separate disclosure: 0; N/A; 0

OPERATING SURPLUS BEFORE TAX: $(18,037); down 342%; $(4,075).

Less tax benefit on operating profit: $7,527; up 60%; $4,704.

OPERATING SURPLUS/(LOSS) AFTER TAX BUT BEFORE MINORITY INTERESTS: $(10,510);
N/A; $629.

Less minority interests: 0; n/a; 0

OPERATING SURPLUS/(LOSS) AFTER TAX ATTRIBUTABLE TO MEMBERS OF LISTED ISSUER:
$(10,510); N/A; $629.

Extraordinary items after tax attributable to Members of the Listed Issuer:
0: n/a: 0.

OPERATING SURPLUS/(LOSS) AND EXTRAORDINARY ITEMS AFTER TAX ATTRIBUTABLE TO
MEMBERS OF THE LISTED ISSUER: $(10,510); N/A; $629.

Earnings per share:  n/a

Final Dividend:  n/a

Record date:
Date Payable:
Tax credits on latest dividend:

Fletcher Building Industries Limited is a wholly owned subsidiary of Fletcher
Building Limited, and is the issuer of capital notes, which are guaranteed by
Fletcher Building on an unsecured subordinated basis. The financial position
of the company should be considered in conjunction with the financial
statements of Fletcher Building.

Refer attached press release.

Auckland, 22 February 2012 - Fletcher Building Industries Limited (the
company)  is a wholly-owned subsidiary of Fletcher Building Limited, and is
the issuer of capital notes, which are guaranteed by Fletcher Building
Limited on an unsecured subordinated basis.

The financial results for the half-year to 31 December 2011 are:

. Net profit (loss) after tax $(10.5) million

. Net assets $77.4 million

The net profit (loss) after tax of $(10.5) million compares with a net profit
(loss) after tax for the comparable previous period of $629,000.  As the
company owns 20 per cent of the shares in Fletcher Building Holdings Limited,
which in turn owns most of the shares in Fletcher Building's New Zealand
subsidiaries, it equity accounts its investment in that company.  The equity
earnings profit has decreased slightly from the prior period reflecting the
difficult trading conditions the New Zealand businesses faced in the six
months to 31 December 2011.  In addition, higher interest costs incurred by
the company following the consolidation of the Fletcher Building capital
notes contributed to the loss in the half-year.

The financial performance of the company should be considered in conjunction
with the financial statements of the Fletcher Building group.  The debt to
debt plus equity ratio of the Fletcher Building group is sound at 35 per
cent.

The company has operated in compliance with the terms of the Trust Deed under
which the capital notes were issued.

Contact:

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

End
End CA:00219850 For:FBI    Type:HALFYR     Time:2012-02-22 10:30:05