June 21 (Reuters) - Fletcher Building Ltd FBU.NZ :
* FY19 WE WILL FOCUS ON STABILISING AND TURNING AROUND OUR EXISTING BUSINESSES, WHILE DIVESTING FORMICA AND ROOF TILE GROUP
* DEAN FRADGLEY, CURRENTLY CHIEF EXECUTIVE DISTRIBUTION, HAS BEEN APPOINTED TO NEWLY CREATED ROLE OF CHIEF EXECUTIVE AUSTRALIA
* NEW OPERATING MODEL WILL BE INTRODUCED ON 1 JULY 2018 AND WILL REDUCE OVERHEADS ACROSS GROUP BY NZ$30 MILLION PER ANNUM
* BY FY20 SHOULD BE WELL POSITIONED TO DELIVER SOLID PERFORMANCE ACROSS PORTFOLIO
* DAVID THOMAS WILL CONTINUE AS INTERIM CHIEF EXECUTIVE OF REVISED BUILDING PRODUCTS DIVISION
* HAMISH MCBEATH, CURRENTLY GENERAL MANAGER FLETCHER STEEL, WILL JOIN EXECUTIVE TEAM AS CHIEF EXECUTIVE OF NEWLY CREATED STEEL DIVISION
* NO CHANGE TO ESTIMATED FY18 EBIT FOR GROUP (EXCLUDING B+I AND SIGNIFICANT ITEMS) OF NZ$680-NZ$720 MILLION
* MACQUARIE CAPITAL HAS BEEN APPOINTED AS ADVISOR TO FLETCHER BUILDING ON DIVESTMENT OF FORMICA GROUP
* NO CHANGE TO ESTIMATED B+I FY18 EBIT LOSS OF NZ$660 MILLION
* FY18 RESULT TO INCLUDE RESTRUCTURING CHARGES ASSOCIATED WITH IMPLEMENTATION OF NEW OPERATING MODEL OF BETWEEN NZ$85-NZ$95 MILLION
* ALL AUSTRALIAN BUSINESSES WILL NOW SIT WITHIN ONE DIVISION
* FY18 RESULT LIKELY TO INCLUDE GAIN OF ABOUT NZ$12 MILLION ON SALE OF 20% STAKE IN DONGWHA PROCESSING PLANT
* FY18 RESULT LIKELY TO INCLUDE IMPAIRMENT OF CARRYING VALUES OF ROCLA AND ROOF TILE GROUP BUSINESSES
* FROM FY21 ONWARDS SEEKS TO ACHIEVE STRONG REVENUE AND EARNINGS GROWTH YEAR ON YEAR