May 20 (Reuters) - Fletcher Building FBU.NZ :
* EXPECT COVID-19 WILL LEAD TO A SHARP DOWNTURN IN FY21 AND POTENTIALLY BEYOND
* REDUCTIONS OF 30% TO BOARD & CEO PAY WILL REMAIN IN PLACE THROUGH TO END OF SEPT
* GROUP'S NEW ZEALAND BUSINESSES CURRENTLY TRADING AT AROUND 80% OF FORECASTED REVENUES IN MAY
* REDUCING NUMBER OF PEOPLE WE EMPLOY BY ABOUT 10%
* IN AUSTRALIA WE ARE UNDERTAKING A COMPREHENSIVE REVIEW OF OUR OPERATIONS
* IN AUSTRALIA EXPECT REVIEW TO RESULT IN A WORKFORCE REDUCTION IN ORDER OF 500
* REDUNDANCY AND RESTRUCTURING ACTIVITIES WILL RESULT IN SOME ONE-OFF COSTS
* IN Q4 OF FY20, CAPEX HAS BEEN REDUCED BY ABOUT NZ$60 MILLION
* TOTAL EXPENDITURE FOR FY20 IS NOW EXPECTED TO BE NZ$240 MILLION
* FY21 EXPECTS ITS CORE CAPEX ENVELOPE TO BE IN A RANGE OF NZ$125 MILLION TO NZ$150 MILLION
* REDUCING NUMBER OF PEOPLE EMPLOYED EQUATES TO ABOUT 1,000 POSITIONS IN NEW ZEALAND
* NZ$50 MILLION WILL BE INVESTED IN NEW WINSTONE WALLBOARDS PLANT IN TAURANGA IN FY21
* GROUP'S NEW ZEALAND BUSINESSES CURRENTLY TRADING AT AROUND 80% OF FORECASTED REVENUES IN MAY
* RECORDED AN OPERATING EBIT LOSS FOR APRIL OF NZ$55 MILLION
* SOME ONE-OFF COSTS
* GROUP'S AUSTRALIA BUSINESSES TRADING AT AROUND 90% OF PRE-COVID-19 EXPECTATIONS
* SEES POSITIVE EBIT FOR CORE MANUFACTURING AND DISTRIBUTION BUSINESSES IN MAY & JUNE BUT AT LOWER LEVELS THAN NORMAL