FLETCHER BUILDING LIMITED (FBU)

The suspension of trading in the securities of Fletcher Building Limited will be lifted immediately following receipt by ASX Limited of advice from NZ RegCo that the trading halt on FBU's ordinary shares quoted on NZX Limited has been lifted.

Fletcher Building Limited is aware of a news media report stating that it has put the Iplex business up for sale. That is wrong. In its announcements today, Fletcher Building confirmed it will commence a process to sell the Tradelink business. Fletcher Building is seeking to have the story corrected.

The company announces HY24 results. Revenue of $4,248 million, down 1% from $4,284 million in HY23. EBIT before significant items of $264 million, down 27% from $360 million in HY23. EBIT margin of 6.2%, down from 8.4% in HY23. Net Loss After Tax of $120 million (incl. $180 million flagged legacy provisions and $122 million non-cash write-down on Tradelink) compared to Net Profit After Tax of $92 million in HY23. Underlying trading cash flows robust on good working capital management offset by legacy cash impact.

The securities of Fletcher Building Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of FBU, until ASX Limited is advised by email from NZRegCo that the trading halt applied on FBU's ordinary shares quoted on NZX Limited has been lifted.

The suspension of trading in the securities of Fletcher Building Limited will be lifted immediately following the release by FBU of an announcement responding to information provided by BGC (Australia) Pty Ltd at a media and analyst briefing about Pro-fit pipes manufactured by FBU's subsidiary Iplex Australia.

Plumbing failures confined to Perth. Evidence clearly points to installation as causation. Testing to date proves no manufacturing defect. Iplex supporting with AUD$15m interim fund, working with regulator to assist with industry solution. Recall is not justified and would be an unnecessary impact on homeowners. BGC's repair estimate is misleading & sensationalist.

The securities of Fletcher Building Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of FBU, pending the release of an announcement regarding information provided by BGC (Australia) Pty Ltd at a media and analyst briefing about Pro-fit pipes manufactured by FBU's subsidiary Iplex Australia.

The suspension of trading in the securities of Fletcher Building Limited will be lifted immediately, following receipt of an announcement about the Company's Buildings + Interiors business and earnings guidance.

Fletcher Building announces further provisions for expected losses in its Buildings + Interiors business of $486 million, leading to a total projected B+I EBIT loss of $660 million in FY18. Expected FY18 EBIT for the Fletcher Building Group excluding B+I remains $680 million to $720 million. The B+I business is refocused solely on delivery of remaining projects "“ bidding for all vertical construction in New Zealand to cease . Waiver was received from commercial banking syndicate following breach of covenants. No interim dividend payment will be made for HY18.

Fletcher Building has requested a further trading halt of its shares and capital notes on the NZX and ASX exchanges. The request has been made because the review of the key projects in its Building and Interiors (B+I) business as part of the preparation of the Group accounts for the six months ended 31 December 2017 is still ongoing and not yet complete.

The securities of Fletcher Building Limited will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement regarding the review of its Building and Interiors business and the status of its discussions with lenders.

name changed from Fletcher Challenge Limited - Building Division