Name of Listed Issuer: Fletcher Building Limited
For Year Ended: 30 June 2008
This report has been prepared in a manner which complies with generally
accepted accounting practice and gives a true and fair view of the matters to
which the report relates and is based on audited accounts.
The amounts as presented have been prepared in a manner which complies with
New Zealand accounting standards which comply with International Financial
Reporting Standards (IFRS).
CONSOLIDATED OPERATING STATEMENT FOR THE YEAR ENDED 30 JUNE 2008
Audited
Current Year NZ$''M; Up/Down %; Previous Corresponding Year NZ$''M
Total operating revenue: $7,091m; up 20%; $5,926m.
OPERATING SURPLUS BEFORE UNUSUAL ITEMS AND TAX: $632; up 3%; $611m.
Unusual items for separate disclosure: 0; n/a; $5m
OPERATING SURPLUS BEFORE TAX: $632m; up 3%; $616m.
Less tax on operating profit: $150m; up 33%; $113m.
OPERATING SURPLUS AFTER TAX BUT BEFORE MINORITY INTERESTS: $482m; down 4%;
$503m.
Less minority interests: $15m; down 21%: $19m.
OPERATING SURPLUS AFTER TAX ATTRIBUTABLE TO MEMBERS OF LISTED ISSUER: $467m;
down 4%; $484m.
Extraordinary items after tax attributable to Members of the Listed Issuer:
0: n/a: 0.
OPERATING SURPLUS (DEFICIT) AND EXTRAORDINARY ITEMS AFTER TAX ATTRIBUTABLE TO
MEMBERS OF THE LISTED ISSUER: $467m; down 4%; $484m.
Earnings per share: 93.2 cps; down 9%: 101.9 cps
Final Dividend: 24.5 cps
Record date: 26 September 2008
Date Payable: 16 October 2008
Tax credits on latest dividend: credited to the maximum amount allowed for
New Zealand and fully franked for Australian tax purposes.
Refer attached press release for further detail.
2008 ANNUAL RESULTS SUMMARY
Auckland, 13 August 2008 - Fletcher Building today announced its results for
the year ended 30 June 2008. Net profit after tax and minority interests
excluding unusuals was $467 million, compared with $399 million in the
previous year.
Operating earnings (earnings before interest and tax) were $768 million, a
10.0 percent increase on the $698 million of operating earnings pre unusuals
in the previous year.
There were no after tax unusuals in the current year, compared with $85
million in the previous year.
A final dividend of 24.5 cents per share will be paid on 16 October 2008,
with New Zealand and Australian tax credits attached to the maximum permitted
amount. The total dividend for the year increased from 45 cents to 48.5
cents per share and is the thirteenth consecutive dividend increase.
Divisional results included increases in operating earnings by Building
Products, Steel, Laminates & Panels and Infrastructure, more than offsetting
the decrease in Distribution. Formica contributed to the full year result of
Laminates & Panels for the first time, although the result was well below
expectations. Property related earnings, being principally the residential
business, quarry end use activities, and surplus asset sales contributed $80
million to the Infrastructure trading result, up from $49 million in the
prior year.
Chief Executive Officer, Jonathan Ling said "we have achieved record
operating earnings this year notwithstanding the increasingly difficult
markets. The performance of our New Zealand and Australian businesses, and
Formica''s operations in Asia and Europe, has been very pleasing. While the
delay in capturing the operational improvements identified prior to Formica''s
acquisition has been disappointing, we are still confident that we will
achieve a significantly improved operating performance in Formica''s USA
operations".
Results highlights
- Operating earnings pre unusuals up 10 percent to a record $768 million.
- Net earnings, excluding unusual items, up 17 percent to $467 million.
- Final dividend of 24.5 cents per share with New Zealand and Australian tax
credits giving a total dividend for the year of 48.5 cents per share.
- Cashflow from operations was $434 million.
- Interest cover at 7.1 times.
- Basic earnings per share were 93.2 cents up from 84.0 cents, excluding
unusuals in the previous year.
Contacts
Jonathan Ling Bill Roest
Chief Executive Officer Chief Financial Officer
Ph: +64 9 525 9169 Ph: +64 9 525 9165
End CA:00168535 For:FBU Type:FLLYR Time:2008-08-13:09:00:19