An enduring vision.

In March 2001, Fletcher Building was formed to manage the businesses at the heart of the Fletcher Building tradition.

Our vision was to build a company that would deliver superior shareholder value by providing customers with building products, construction materials and services that would enhance built environments and improve quality of life.

Ten years on, that vision is a reality. Fletcher Building is a successful international company with businesses that hold leading market positions around the world. Year by year, we deliver for shareholders. Investors who bought Fletcher Building shares in 2001 have had a return on their money that equates to 19 percent compound annual growth rate.

Today, our vision endures as our scale and reputation bring new challenges to us. Over the past year, our acquisition of Crane has signalled our commitment to continue to diversify and strengthen our position in our major markets. In the year ahead, we will continue our legacy of contribution to the New Zealand built environment as participants in the rebuilding of Canterbury.

We look forward to another decade of achievement for our customers, staff, and shareholders.

Annual shareholders’ meeting

The Fletcher Building 2011 annual shareholders’ meeting is to be held at 10.30 am on Wednesday 16 November 2011 at the SKYCITY Auckland Convention Centre, 88 Federal Street, Auckland, New Zealand. The notice of meeting, voting form and RSVP card will be mailed to shareholders closer to that time.

This report is dated 20 September 2011 and is signed on behalf of the board of Fletcher Building Limited.

Ralph Waters

Chairman of Directors

Jonathan Ling

Managing Director

Chairman's review

Chief Executive's review

Divisional overviews

People

Health and Safety

Environment

$283m

NET EARNINGS after tax.  Net earnings before unusual  items were $359 million, up  19 percent on the prior year

33c per share

DIVIDEND for the 2011 financial year, with a final dividend of 17 cents per share.

$596m

OPERATING EARNINGS (earnings before interest and tax)   before unusual items, compared  with $521 million in the previous year. 

25%

REDUCTION in Total Recordable  Injury Frequency Rate for employees  and contractors per million hours  (TRIFR) which this year was 10.57  compared with 14.09 in 2010. Lost  time injury frequency rate (LTIFR)  was 4.11 compared with 5.04 in 2010.