FBU-Fletcher Building

[entrep]

There is a culture of greed and arrogance that runs very deep in FBU and starts right from the top with the board, despite their truly appalling performance over the years, being the highest paid on the NZX.

The board is mostly refreshed tho? 4 out of 7 from 2024/5. 1 from 23, 1 from 18, 1 from 19.

[Ferg]

As a result of the strategic review actions taken, additional non-cash Significant Items of between ~$250m and ~$440m

Surely these were 'cash' at some point?  Unless they are reversing upwards revaluations made in prior periods....what am I not understanding about this being non-cash?  Unless perhaps shares were issued in lieu of cash to acquire a business.....but that has a cost to other shareholders.

[winner (n)]

Oh my goodness, thanks mate....words almost fail me.  So this is their worst ever year of write-offs by miles !
The cockroaches just keep on coming and are getting even bigger !!

And at $370m Before Significant Items one of their worse years

[Basil]

The board is mostly refreshed tho? 4 out of 7 from 2024/5. 1 from 23, 1 from 18, 1 from 19.

They haven't reduced their directors fees pool though.  They need to lead from the top in terms of a new efficiency drive if they want their restructuring to be successful.  For what its worth, I've had a little bit to do with Steve Evans head of residential development on behalf of a client for whom I'm a professional trustee in years past.  I wasn't impressed at all with how he or FBU conducted themselves.

And at $370m Before Significant Items one of their worse years

Thanks for highlighting that fact which is very easily overlooked with the dizzying amount of extraordinary items !

[winner (n)]

Surely these were 'cash' at some point?  Unless they are reversing upwards revaluations made in prior periods....what am I not understanding about this being non-cash?  Unless perhaps shares were issued in lieu of cash to acquire a business.....but that has a cost to other shareholders.

Mostly cash at one time in the past - but non-cash for this year so they present a better picture.

And restructuring costs are cash out in current and future periods as they pay people out etc

At least a guy who's been paid $100k a year in the past and now no longer required can take some consolation by knowing he's a significant item (cost of getting rid of him)

[winner (n)]

The board is mostly refreshed tho? 4 out of 7 from 2024/5. 1 from 23, 1 from 18, 1 from 19.

Been 'refreshed' a few times now over the years and nothing has changed

[Basil]

With the lowest operating earnings in many, many years and the highest extraordinary items ever, why wouldn't this go down and test the decade low of ~ $2.60...  I guess there will always be some who believe this time its different and all the financial skeletons are now finally out of the closet. 

[entrep]

With the lowest operating earnings in many, many years and the highest extraordinary items ever, why wouldn't this go down and test the decade low of ~ $2.60...  I guess there will always be some who believe this time its different and all the financial skeletons are now finally out of the closet. 

Surely a bet on a takeover would be the only possible reason for buying now?

[winner (n)]

Fancy being an investor/analyst and sitting through those presentations

They deserve a medal

And it was closed to the media

[Cod]

I hope its not going to be as bad as the chart indicates.
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[Greekwatchdog]

I wonder what Allan Gray makes of this considering he is now close to that 20% threshold. Sharks must now be circling for the shambles FBU are.

Worth more pulled apart than together. One wonders what the banks are thinking? Do they require another CR especillay with all the litigations going on.

Could be worth a punt on takeover prospects only from here, but where is the botton?

[Basil]

Fancy being an investor/analyst and sitting through those presentations
They deserve a medal
And it was closed to the media

You'd need a strong stomach that's for sure mate.  Listening to half a day of corporate B.S. about how everything is going to be so much better going forward must be nauseating to say the least for those that have heard different versions of the same crap so many times before.

[Shareguy]

So Placemakers have lost so much market share in the last five years say new boss. Well it's known amongst many as "ark-rites". They are in the dark ages. Bunnings and others have been taking business left right and centre.

It's worth maybe a punt as a takeover but still real risk is how I see it. A real shame....

[Stoploss]

So Placemakers have lost so much market share in the last five years say new boss. Well it's known amongst many as "ark-rites". They are in the dark ages. Bunnings and others have been taking business left right and centre.

It's worth maybe a punt as a takeover but still real risk is how I see it. A real shame....

I went to a local placemakers last week for the first time in ages . I need a new Kitchen for a rental so browsed the stock & brochures for 5 minutes, then walked around for 5 minutes till I could find someone to help me. "Sorry the Kitchen guy is away for at least another 3 days" ....
 I love walking into Bunnings and having the old guy tell me "aisle 37 half way down middle shelf " He never fails.

[Shareguy]

I went to a local placemakers last week for the first time in ages . I need a new Kitchen for a rental so browsed the stock & brochures for 5 minutes, then walked around for 5 minutes till I could find someone to help me. "Sorry the Kitchen guy is away for at least another 3 days" ....
 I love walking into Bunnings and having the old guy tell me "aisle 37 half way down middle shelf " He never fails.

Yes I think that's a very common experience unfortunately. My last experience was about 6 years ago. Arrrived to pick up a shower that they had ordered in for me. When I arrived could see it was sitting there. Backed my trailer to the door only to be told that I could not pick it up there as had to be taken to outwards goods at the other end of the warehouse. And then godsmacked when the lady told me that due to  health and safety she could not help me and that I would have to wait 30 minutes for someone to come back from lunch.  I have not been back since.