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					Annual Report 2011
This Annual Report is produced on
paper harvested from forests that meet
stringent environmental, social and
economic standards.

Crystal Printing Solutions trading as
Worldwide Online Printing Cannington
are holders of SCS Certificate Number:
SCS-COC-001703
Contents
Corporate Directory .................................................................... 2

Fleetwood Divisions .................................................................... 3

5 Year Summary ............................................................................. 4

Board of Directors & Executive Officers ....................... 5

CEO Review ....................................................................................... 6

Financial Report 2011 ................................................................ 9
    Corporate
    Directory                      Delivering the Promise
    direCtOrs                      Our PurPOse
    Michael Hardy                  “To provide an optimal return to our shareholders
                                   by satisfying the needs of our clients”.
    Greg Tate
    Stephen Gill
                                   Our PhilOsOPhy
    Peter Gunzburg
                                   We shall at all times:
                                   Hold ourselves committed and accountable for “Delivering the Promise”.
    Chief exeCutive OffiCer
                                   Have as our driving force the achievement of client satisfaction.
    Stephen Price
                                   Offer and provide genuine value for money.
                                   Acknowledge the loyalty of our clients, shareowners, and suppliers.
    COmPany seCretary
                                   Recognise and reward the creativity and dedication of our people.
    Bradley Denison                Provide a safe and fulfilling work environment.

    auditOr
                                   Clients’ rights
    Deloitte
                                   All Fleetwood clients have the right to:
                                   Feel privileged by the respect extended to them by Fleetwood people.
    Banker
                                   Be dealt with in an honest, concerned and professional manner.
    Westpac Banking Corporation    Have all agreements fulfilled and honoured.
                                   Receive immediate action from Fleetwood people.
    registered OffiCe &
    PrinCiPal PlaCe Of
                                   Our Beliefs
    Business                       We live by the beliefs that we:
    21 Regal Place                 Want to do business.
    East Perth, WA 6004            Will act with honesty and integrity.
    T: (08) 9323 3300              Must seek out and conclude agreements in which each party “wins”.
    F: (08) 9202 1106              Expect all parties to adhere to the terms of our agreements.

    E: info@fleetwood.com.au       Can be proud of our Company and our achievements.


    share registry                 serviCe standards
    Computershare                  Our service ideals require Fleetwood people to:
                                   Extend and stretch themselves in servicing clients.
    Level 2, Reserve Bank Bldg
                                   Acknowledge a person upon arrival at Fleetwood.
    45 St. George’s Terrace
                                   Accompany and introduce clients seeking a specific Fleetwood person.
    Perth, WA 6000
                                   Answer the phone with their name and division before four rings.
    T: (08) 9323 2000
                                   Respond within 24 hours to all messages.
    F: (08) 9323 2033              Ask questions and seek creative solutions.
    E: info@computershare.com.au   Avoid saying “No, I’m sorry we can’t help you”.



2
Manufactured Accommodation

Headquartered in Perth with            Leading manufactured
operations in WA, NT and SA.           accommodation solution provider
Manufactured accommodation             to the public sector markets on
solution provider to the retirement,   the east coast, and supplier to
recreation and resource sectors.       the Queensland resource sector.
                                       Headquartered in Melbourne
                                       with operations in Victoria
                                       and Queensland.




Recreational Vehicles

Manufacturer and retailer of           Largest caravan manufacturer in
componentry and accessories to         Western Australia. Distributing
the caravan industry in Australasia.   caravans, campers and poptops
Headquartered in Melbourne with        through a national dealer network.
operations in Sydney, Brisbane,
Perth and Auckland.




Caravan manufacturer                   Largest fibreglass canopy
headquartered in Melbourne.            manufacturer and retailer in
Distributing caravans, campers         Australia. Headquartered in Perth
and poptops through a national         with branches, dealers and agents
dealer network.                        across the Australian mainland.




                                                                            3
    Five Year Summary
    $ million (unless stated)                                      2011    2010       2009    2008    2007

    Revenue                                                        466.6   291.3      355.3   344.5   314.4

    Earnings before interest, tax, depreciation and amortisation
                                                                    89.5    67.8       64.7    62.5    49.0
    (EBITDA)

    EBITDA margin                                                  19.2%   23.3%      18.2%   18.1%   15.6%

    Depreciation and amortisation                                   14.0    12.8       12.2    11.3     8.7

    Earnings before interest and tax (EBIT)                         75.4    55.0       52.5    51.1    40.4

    EBIT margin                                                    16.2%   18.9%      14.8%   14.8%   13.0%

    Finance costs                                                    1.8     0.5        1.9     2.0     2.2

    Income tax expense                                              22.3    15.8       15.0    14.9    11.6

    Operating profit after tax                                      51.3    38.7       35.6    34.2    26.6

    Interest cover (times)                                          41.6   110.9       28.0    25.2    18.6

    Earnings per share (cents)                                      90.0    72.6       68.7    68.4    54.1

    Dividends per share (cents)                                     73.0    68.0       66.0    65.0    63.0

    Assets                                                         307.5   210.5      197.2   216.8   201.9

    Debt                                                            21.3          -     9.0    24.0    28.0

    Shareholders funds                                             206.2   156.9      141.7   130.9   119.6

    Debt / Shareholders funds %                                     10%           -     6%     18%     23%

    Cash flows from operations                                      51.8    54.8       54.0    60.0    40.3

    Number of shares on issue (million)                             57.8    54.0       52.6    51.2    50.0




4
Board of Directors &
Executive Officers
                                                                               1
1 miChael hardy                      4 Peter gunzBurg
Chairman                             Non-Executive Director
Non-Executive Director               Bachelor of Commerce
Barrister & Solicitor                Age 59 lives in Perth
B Juris LLB BA
                                     Appointed to the board in
Age 58 lives in Perth                2002. Peter has over 20 years
Appointed to the board in 2005.      experience as a stockbroker. He
                                     has a Commerce Degree from the            2
Michael was a partner of Clayton
                                     University of Western Australia and
Utz (formerly Robinson Cox) from
                                     has previously been a director of
1983 to 2002 before establishing
                                     Resolute Limited, the Australian
the firm Hardy Bowen.
                                     Stock Exchange Limited, Eyres Reed
                                     Limited and CIBC World Markets
2 greg tate                          Australia Limited, Strike Oil Limited
Non-Executive Director               and Matra Petroleum Plc.
                                     He is currently executive chairman        3
Chartered Accountant
                                     of Eurogold Ltd (director since
Bachelor of Commerce
                                     2001) and Brinkley Mining Plc
Age 58 lives in Perth                (director since 2009), a director of
Greg was appointed a non-            PieNetworks Ltd (since 2002) and
executive director during listing    Dragon Mining Ltd (since 2010).
of the company in 1987 and
became managing director in          5 stePhen PriCe
1990. He relinquished this role
                                     Chief Executive Officer                   4
to become executive director of
operations in 2007. Greg retired     Master of Business Administration
from his executive position in       Age 47 lives in Perth
December 2010.
                                     Stephen was appointed chief
Prior to joining Fleetwood he        executive officer in 2010. Prior to
founded a chartered accountancy      joining Fleetwood, Stephen was
practice after being employed        employed in the Wesfarmers group
in Australia and the USA by          for 12 years initially in business
an international accounting          development then as director and          5
organisation.                        general manager of two operating
                                     companies owned by that group.
3 stePhen gill
Non-Executive Director               6 Bradley denisOn
Age 59 lives in Perth                Chief Financial Officer
Steve became a non-executive         Company Secretary
director in 2006. He was             Certified Practising Accountant           6
appointed as an executive director   Bachelor of Commerce
in 1990 and prior to this was
employed by Fleetwood in senior      Age 39 lives in Perth
sales and management roles.          Brad is chief financial officer for the
                                     group and was appointed company
                                     secretary in 2004. He has been
                                     employed by the company in senior
                                     finance roles since 1997. Prior
                                     to joining Fleetwood, Brad was
                                     employed by Cockburn Corporation
                                     Ltd as group accountant.
                                                                                   5
    CEO Review                                  BRB Modular was acquired on 10 August 2010.
                                                During the year it contributed $118.8m of
                                                revenue and $11.3m of EBIT.

    review Of OPeratiOns                        Fleetwood has recorded another record result in 2011.
                                                Operating	profit	after	tax	was	$51.2	million	compared	
       R
    •	 	 evenue	up	60%	to	$466.6m               with	$38.7	million	in	2010.

    •	 EBITDA	up	32%	to	$89.5m                  Revenue in 2011 increased significantly, and included
                                                a part year contribution from BRB Modular, as well as
    •	 EBIT	up	37%	to	$75.4m                    increased sales of accommodation units and caravans.
                                                The result for Searipple Village in Karratha was marginally
    •	 OPAT	up	33%	to	$51.2m                    higher than the previous year.
    •	 EPS	up	24%	to	90.0	cents                 The higher proportion of revenue derived from
                                                manufacturing activity resulted in the group’s EBIT margin
    •	 Return	on	equity	of	25%                  reducing from 18.9% in 2010 to 16.2% in 2011.
    •	 Net	debt	of	$3.3m	at	30	June	2011        Cash	flow	from	operations	for	the	year	was	$51.8m.		
                                                Working	capital	at	30	June	2011	was	$66.4m,	including	
                                                $24m	for	a	completed	accommodation	project	which	was	
                                                received in August 2011.
        revenue ($ million)                     Operationally, in addition to integrating BRB Modular into
                                                the group, Fleetwood invested in its people including some
                                                key management appointments, and expanded its business
                                         467    processes to more effectively serve the larger organisation.
                 344       355
         314                      291           dividends
                                                A fully franked final dividend of 41 cents per share will be
                                                paid on 30 September 2011, resulting in a total dividend
                                                payment of 73 cents per share for the 2011 financial year.
         2007   2008       2009   2010   2011   This represents a 7% increase on the 2010 financial year.
                                                The Dividend Reinvestment Plan will be available for the
        eBit ($ million)                        final dividend at a re-investment discount of 2.5%.

                                          75    manufaCtured aCCOmmOdatiOn

                            52     55            $ million             2011           2010         % Chg
                 51
          40                                     Revenue               292.2          136.3        114.4%
                                                 EBIT                   61.2           41.3         48.2%
                                                 EBIT Margin          20.9%          30.3%

         2007   2008       2009   2010   2011   Manufacturing activity for the resources sector
                                                increased during the year. A third production line for
                                                accommodation units was commissioned in Perth, and
        dividend history (cents)                Fleetwood completed a 186 room village in Karratha
                                                using product sourced from the company’s supplier in
                                                Thailand.
                                          73
                                   68           The results for BRB Modular were in line with
                            66
                 65                             expectations. The integration of BRB Modular into the
          63
                                                group progressed as planned and good progress was
                                                made to introduce BRB products on the West Coast and
                                                Fleetwood products on the East Coast. This involved
                                                relocating BRB Modular’s operations in Brisbane to
                                                a larger facility and installing a production line for
         2007   2008       2009   2010   2011   accommodation units for the resource sector.

6
reCreatiOnal vehiCles
 $ million             2011           2010         % Chg
 Revenue               173.8         154.7          12.3%
 EBIT                   18.1           15.5         16.8%
 EBIT Margin          10.4%          10.1%

The Recreational Vehicles division experienced a rapid
recovery in trading conditions following the global
financial crisis.
Caravan production was higher than in the previous year.
The branch and dealer networks were strengthened and
improvements were implemented to both product design
and process technology.
The division continues to have a healthy order book for
caravans.


PeOPle
The performance of Fleetwood is determined by the talents
and commitment of its people. 2011 saw a step change in
business activity across the Fleetwood group, producing
significant increases in revenue and profit. On behalf of
the directors, I sincerely thank the people who work for
Fleetwood for achieving this record result. Well done.


OutlOOk
Fleetwood is well positioned in sectors that are expected
to exhibit strong growth.
The level of tender activity for resource projects continues
to increase and Fleetwood is involved in a number of large
tenders.
The results for Searipple Village are affected by resource
project activity around Karratha. High levels of occupancy
are expected for the first half of 2012, after which
occupancy may soften to an extent before firming again
to meet the expected start up of a number of major new
construction projects in the region.
As anticipated, the Government’s Building the Education
Revolution program is winding down and BRB Modular is
supplementing the lower level of new classroom production
with alternative products for public sector clients.
Revenues and earnings for the RV division are expected
to grow. However, as with park and transportable
homes, results will be affected by business and consumer
sentiment.
Fleetwood looks for other avenues in which to grow,
including acquisitions and the development and
ownership of accommodation assets.

                                                               7
Financial Report 2011
Statement of comprehensive income
Fleetwood Corporation Limited
Statement of comprehensive
Year ended 30 June 2011                            income
Fleetwood Corporation Limited
                                                                                                 2011          2010
Year ended 30 June 2011
                                                                                       Note     $ '000        $ '000
                                                                                                 2011          2010
Sales revenue                                                                           2
                                                                                       Note   465,829
                                                                                                $ '000      291,091
                                                                                                              $ '000
Other income                                                                            2          795          248
Sales revenue                                                                           2      465,829      291,091
Materials used                                                                                (185,074)    (122,413)
Other income                                                                            2          795          248
Sub-contract costs                                                                             (71,311)     (21,583)
Materials used                                                                                (185,074)    (122,413)
Employee benefits expense                                                                      (75,756)     (49,732)
Sub-contract costs                                                                             (71,311)     (21,583)
Operating leases                                                                               (11,058)      (6,741)
Employee benefits expense                                                                      (75,756)     (49,732)
Other expenses                                                                                 (33,967)     (23,088)
Operating leases                                                                               (11,058)      (6,741)
Profit before interest, tax, depreciation and amortisation (EBITDA)                             89,458       67,782
Other expenses                                                                                 (33,967)     (23,088)
Depreciation and amortisation expense                                                   3      (14,049)     (12,797)
Profit before interest, tax, depreciation and amortisation (EBITDA)                             89,458       67,782
Profit before interest and tax (EBIT)                                                           75,409       54,985
Depreciation and amortisation expense                                                   3      (14,049)     (12,797)
Finance costs                                                                           3       (1,811)        (496)
Profit before interest and tax (EBIT)                                                           75,409       54,985
Profit before income tax expense                                                                73,598       54,489
Finance costs                                                                           3       (1,811)        (496)
Income tax expense                                                                      4      (22,348)     (15,830)
Profit before income tax expense                                                                73,598       54,489
Profit attributable to members of the parent entity                                     23      51,250       38,659
Income tax expense                                                                      4      (22,348)     (15,830)
Profit attributable to members of the parent entity                                     23     51,250        38,659
Other comprehensive income

Net exchange difference relating to foreign controlled entities                         22        (352)            89
Other comprehensive income
Total comprehensive income attributable to members of the parent entity (net of tax)           50,898        38,748
Net exchange difference relating to foreign controlled entities                         22       (352)           89

Total comprehensive income attributable to members of the parent entity (net of tax)           50,898        38,748
Earnings per share

Basic earnings per share (cents)                                                        7         90.0          72.6
Earnings per share
Diluted earnings per share (cents)                                                      7         88.6          71.5
Basic earnings per share (cents)                                                        7         90.0          72.6

Diluted earnings per share (cents)                                                      7         88.6          71.5
To be read in conjunction with the accompanying notes.


To be read in conjunction with the accompanying notes.




Fleetwood Corporation Limited Financial Report 2011                                                       Page 1


Fleetwood Corporation Limited Financial Report 2011                                                       Page 1
Statement of financial position
Fleetwood Corporation Limited
Statement of
As at 30 June 2011 financial          position
Fleetwood Corporation Limited                                     2011         2010
As at 30 June 2011                                       Note    $ '000       $ '000
Current assets                                                     2011         2010
Cash and cash equivalents                                Note
                                                          8       $ '000
                                                                 17,985        $ '000
                                                                              15,599
Current assets receivables
Trade and other                                           9      74,730       40,489
Inventories
Cash and cash equivalents                                 10
                                                          8      45,559
                                                                 17,985       37,485
                                                                              15,599
Other and other receivables
Trade financial assets                                    14
                                                          9       5,302
                                                                 74,730          202
                                                                              40,489
Inventories                                               10     45,559       37,485
Total current assets                                            143,576       93,775
Other financial assets                                    14      5,302          202

Non-current assets
Total currentassets                                             143,576       93,775
Trade and other receivables                               9          25           30
Property, plant and equipment
Non-current assets                                        11     93,958       84,405
Goodwill other receivables
Trade and                                                 12
                                                          9      64,435
                                                                     25       28,311
                                                                                  30
Intangible assets
Property, plant and equipment                             13
                                                          11      2,390
                                                                 93,958        2,743
                                                                              84,405
Goodwill tax assets
Deferred                                                  4
                                                          12      3,093
                                                                 64,435        1,237
                                                                              28,311
Intangible assets                                         13      2,390        2,743
Total non-current assets                                        163,901      116,726
Deferred tax assets                                       4       3,093        1,237
Total assets                                                    307,477      210,501
Total non-current assets                                        163,901      116,726
Current liabilities
Total assets                                                    307,477      210,501
Trade and other payables                                  15     66,641       40,728
Currentbearing liabilities
Interest liabilities                                      17        398            -
Tax liabilities
Trade and other payables                                  15      5,766
                                                                 66,641        7,279
                                                                              40,728
Provisions
Interest bearing liabilities                              16
                                                          17      4,336
                                                                    398        2,918
                                                                                   -
Tax liabilities                                                   5,766        7,279
Total current liabilities                                        77,141       50,925
Provisions                                                16      4,336        2,918

Non-current liabilities
Total currentliabilities                                         77,141       50,925
Interest bearing liabilities                              17     20,890            -
Provisions liabilities
Non-current                                               16      3,217        2,703
Interest bearing liabilities                              17     20,890            -
Total non-current liabilities                                    24,107        2,703
Provisions                                                16      3,217        2,703
Total liabilities                                               101,248       53,628
Total non-current liabilities                                    24,107        2,703
Net assets                                                      206,229      156,873
Total liabilities                                               101,248       53,628
Equity
Net assets                                                      206,229      156,873
Issued capital                                            21    164,448      125,780
Reserves
Equity                                                    22     (1,001)        (447)
Retained earnings
Issued capital                                            23
                                                          21     42,782
                                                                164,448       31,540
                                                                             125,780
Reserves                                                  22     (1,001)        (447)
Total equity                                                    206,229      156,873
Retained earnings                                         23     42,782       31,540

Total equity                                                    206,229      156,873
To be read in conjunction with the accompanying notes.


To be read in conjunction with the accompanying notes.




Fleetwood Corporation Limited Financial Report 2011                        Page 2


Fleetwood Corporation Limited Financial Report 2011                        Page 2
Statement of changes in equity
Fleetwood Corporation Limited
Year ended 30 June 2011
Statement of changes                   in equity
Fleetwood Corporation Limited                                                                     Foreign
Year ended 30 June 2011                                                            Cash flow     currency
                                                                         Issued     hedging    translation   Retained
                                                                         capital     reserve      Foreign
                                                                                                  reserve    earnings        Total
                                                                                   Cash flow     currency
                                                             Note         $ '000      $ '000       $ '000      $ '000      $ '000
                                                                         Issued     hedging    translation   Retained
                                                                         capital     reserve      reserve    earnings        Total
Balance at 1 July 2009                                       Note         $ '000
                                                                        114,637       $ '000
                                                                                           -       $ (737)
                                                                                                     '000      $ '000
                                                                                                              27,849       $ '000
                                                                                                                         141,749

Profit for the period                                                         -           -            -      38,659      38,659
Balance at 1 July 2009
Exchange differences arising on translation of foreign                  114,637           -         (737)     27,849     141,749
                                                              22              -           -           89           -          89
operations
Profit for the period                                                         -           -            -      38,659      38,659
Total comprehensive income for the period                                     -           -           89      38,659      38,748
Exchange differences arising on translation of foreign
                                                              22              -           -           89           -          89
operations
Gain on cash flow hedges                                                      -         202            -           -         202
Total comprehensive income for the period                                     -           -           89      38,659      38,748
Dividends paid to equity holders                           6, 21, 23      8,419           -            -     (34,968)    (26,549)
Gain on cash flow hedges                                                      -         202            -           -         202
Share-based payments                                                        917           -            -           -         917
Shares issued to equity holders
Dividends paid pursuant to employee and executive option   6, 21, 23      8,419           -            -     (34,968)    (26,549)
                                                                          1,807           -            -           -       1,807
plans
Share-based payments                                                        917           -            -           -         917
Balance at 30 June 2010                                    21, 22, 23   125,780         202         (649)     31,540     156,873
Shares issued pursuant to employee and executive option
                                                                          1,807           -            -           -       1,807
plans
Balance at 30 June 2010                                    21, 22, 23   125,780         202         (649)     31,540     156,873
Balance at 1 July 2010                                                  125,780         202         (649)     31,540     156,873

Profit for the period                                                         -           -             -     51,250      51,250
Exchange 1 July 2010
Balance atdifferences arising on translation of foreign                 125,780         202          (649)    31,540     156,873
                                                              22              -           -          (352)         -        (352)
operations
Profit for the period                                                         -           -             -     51,250      51,250
Total comprehensive income for the period                                     -           -          (352)    51,250      50,898
Exchange differences arising on translation of foreign
                                                              22              -           -          (352)         -        (352)
operations
Settlement of cash flow hedges                                22              -        (202)            -          -        (202)
Total comprehensive income for the period                                     -           -          (352)    51,250      50,898
Dividends paid to equity holders                           6, 21, 23      7,146           -             -    (40,008)    (32,862)
Settlement of cash flow hedges                                22              -        (202)            -          -        (202)
Share-based payments                                                      1,880           -             -          -       1,880
Dividends paid to equity holders
Shares issued pursuant to employee and executive option    6, 21, 23      7,146           -             -    (40,008)    (32,862)
                                                                          4,817           -             -          -       4,817
plans
Share-based payments                                                      1,880           -             -          -       1,880
Shares issued as consideration for business combination
Shares issued pursuant to employee and executive option                  24,825           -             -          -      24,825
                                                                          4,817           -             -          -       4,817
plans
Balance at 30 June 2011                                    21, 22, 23   164,448           -        (1,001)    42,782     206,229
Shares issued as consideration for business combination                  24,825           -             -          -      24,825
To be read in conjunction with the accompanying notes.
Balance at 30 June 2011                                    21, 22, 23   164,448           -        (1,001)    42,782     206,229


To be read in conjunction with the accompanying notes.




Fleetwood Corporation Limited Financial Report 2011                                                                     Page 3


Fleetwood Corporation Limited Financial Report 2011                                                                     Page 3
Statement of cash flows
Statement of cash flows
Fleetwood Corporation Limited
Year endedCorporation Limited
Fleetwood 30 June 2011
Year ended 30 June 2011                                                                      2011        2010
                                                                                   Note     $2011
                                                                                              '000        '000
                                                                                                        $2010

Cash flows from operating activities                                               Note     $ '000      $ '000

Cash flows from operating activities
Receipts in the course of operations                                                      490,248     318,443
Payments in the course of operations
Receipts in the course of operations                                                      (414,979)
                                                                                           490,248    (248,771)
                                                                                                       318,443
Interest received
Payments in the course of operations                                                           820
                                                                                          (414,979)        253
                                                                                                      (248,771)
Income taxes paid
Interest received                                                                          (22,443)
                                                                                               820     (14,612)
                                                                                                           253
Income costs paid
Finance taxes paid                                                                          (1,811)
                                                                                           (22,443)       (496)
                                                                                                       (14,612)
Finance costs paid                                                                         (1,811)       (496)
Net cash provided by operating activities                                          27.1    51,835      54,817
Net cash provided by operating activities                                          27.1    51,835      54,817
Cash flows from investing activities
Cash flows from investing activities
Acquisition of property, plant and equipment                                               (20,782)    (10,787)
Proceeds from sale of non-current assets
Acquisition of property, plant and equipment                                                   743
                                                                                           (20,782)        132
                                                                                                       (10,787)
Payment from sale of non-current assets
Proceedsfor acquisition of subsidiary                                               31     (19,805)
                                                                                               743           -
                                                                                                           132
Payment for intangible assets
             acquisition of subsidiary                                              31        (480)
                                                                                           (19,805)       (851)
                                                                                                             -
Payment for intangible assets                                                                 (480)       (851)
Net cash used in investing activities                                                      (40,324)    (11,506)
Net cash used in investing activities                                                      (40,324)    (11,506)
Cash flows from financing activities
Cash flows from financing activities
Proceeds from issue of shares                                                       21       4,817      1,807
Proceeds from borrowings
              issue of shares                                                       21      40,611
                                                                                             4,817      6,000
                                                                                                        1,807
Repayment of borrowings
Proceeds fromborrowings                                                                    (21,500)
                                                                                            40,611     (15,000)
                                                                                                         6,000
Dividends paidborrowings
Repayment of                                                                               (32,861)
                                                                                           (21,500)    (26,550)
                                                                                                       (15,000)
Dividends paid                                                                             (32,861)    (26,550)
Net cash used in financing activities                                                       (8,933)    (33,743)
Net cash used in financing activities
Net increase in cash and cash equivalents                                                   (8,933)
                                                                                             2,576     (33,743)
                                                                                                         9,569
Net increase in equivalents at the beginning of the financial year
Cash and cash cash and cash equivalents                                                     2,576
                                                                                           15,599       9,569
                                                                                                        6,018
Cash and cash equivalents at the beginning of the financial foreign currencies
Effect of exchange rate changes on the balance of cash held in year                        15,599
                                                                                             (190)      6,018
                                                                                                           12

Cash of exchange rate changes on the of the of cash year
Effect and cash equivalents at the endbalancefinancialheld in foreign currencies    8        (190)
                                                                                           17,985          12
                                                                                                       15,599
Cash and cash equivalents at the end of the financial year                          8      17,985      15,599
To be read in conjunction with the accompanying notes.
To be read in conjunction with the accompanying notes.




Fleetwood Corporation Limited Financial Report 2011                                                   Page 4
Fleetwood Corporation Limited Financial Report 2011                                                   Page 4
Notes to the financial statements
Fleetwood Corporation Limited
Year ended 30 June 2011

1     Statement of significant accounting policies
The significant policies which have been adopted in the preparation of this financial report are:

1.1   Statement of compliance
The financial report is a general purpose financial report which has been prepared in accordance with the Corporations Act 2001,
Accounting Standards and Interpretations, and complies with other requirements of the law. Accounting Standards and interpretations
include Australian equivalents to International Financial Reporting Standards “A-IFRS”. Compliance with A-IFRS ensures the
consolidated financial statements and notes of the consolidated and company entity comply with International Financial Reporting
Standards “IFRS”.
The following new and revised standards and interpretations have been adopted in these financial statements. Their adoption has not
had any significant impact on amounts reported in these financial statements but may affect the accounting for future transactions or
arrangements.
- AASB 2009-5 ‘Further Amendments to Australian Accounting Standards arising from the Annual Improvement Process’.
- AASB 2009-8 ‘Amendments to Australian Accounting Standards – Group Cash-Settled Share-based Payment Transactions’.
- AASB 2009-10 ‘Amendments to Australian Accounting Standards – Classification of Rights Issues’.
- AASB 2010-3 ‘Amendments to Australian Accounting Standards arising from the Annual Improvements Program’.
- Interpretation 19 ‘Extinguishing Liabilities with Equity Instruments’.

In addition, at the date of authorisation of the financial statements, a number of standards and interpretations were in issue but not yet
effective.
The financial statements were authorised for issue by the directors on 19 September 2011.

1.2   Basis of preparation
The financial report has been prepared on the basis of historical costs and does not take into account changing money values or current
valuations of non-current assets. Accounting policies have been consistently applied and except where there are changes in
accounting policy, are consistent with those of the previous year.
The Company is a company of the kind referred to in ASIC Class Order 98/0100, dated 10 July 1998, and in accordance with that Class
Order amounts in the financial report are rounded off to the nearest thousand dollars, unless otherwise indicated.
1.3   Principles of consolidation
The financial statements of subsidiaries are included from the date control commences until the date control ceases. Unrealised gains
and losses, inter-entity balances and transactions between subsidiaries are eliminated on consolidation.

1.4   Business combinations
Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is
measured at fair value which is calculated as the sum of the acquisition-date fair values of assets transferred by the Company, liabilities
incurred by the Company to the former owners of the acquiree and the equity instruments issued by the Company in exchange for
control of the acquiree. Acquisition related costs are recognised in profit or loss as incurred.
At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value at the acquisition
date, except that deferred tax assets or liabilities or assets related to employment benefit arrangements are recognised and measured
in accordance with AASB 112 ‘Income Taxes’ and AASB 119 ‘Employee Benefits’ respectively.
Business combinations that took place prior to 1 July 2009 were accounted for in accordance with the previous version of AASB 3.
1.5   Revenue recognition
Revenue is recognised at the fair value of consideration received net of goods and services tax (GST).
Sale of goods
Revenue from the sale of goods is recognised when the company has passed control of the goods to the buyer.
Construction contracts
When the stage of contract completion can be reliably measured, revenue is recognised in proportion to the stage of completion of the
contract. The stage of completion is assessed by reference to surveys of work performed. Where the outcome of a contract cannot be
reliably estimated, contract costs are immediately recognised as an expense. Where it is probable costs will not be recovered, revenue
is only recognised to the extent costs are recoverable. An expected loss is recognised immediately as an expense.
Rental
Rental income is recognised on a straight line basis over the term of the relevant rental contract.
Interest
Interest revenue is recognised on an accrual basis, taking into account the effective yield on the financial asset.
Sale of non-current assets
Gains or losses on sale of non-current assets are included as income or expenses at the date the significant risks and rewards of the
asset pass to the buyer, usually when an unconditional contract of sale is signed. The gain or loss on disposal is calculated as the
difference between the carrying amount of the asset at the time of disposal and the net proceeds on disposal.
Dividends
Dividends and distributions from subsidiaries are recognised by the parent entity when they are declared by the subsidiaries. Dividends
received out of pre-acquisition reserves are eliminated against the carrying amount of the investment and not recognised as revenue.


Fleetwood Corporation Limited Financial Report 2011                                                                             Page 5
1.6   Foreign currency
1.6   Foreign currency
Transactions
Transactions
Foreign currency transactions are translated to Australian currency at the rates of exchange ruling at the dates of the transactions.
Amounts receivable and payable translated to Australian balance at the rates of exchange rate at the dates of the transactions.
Foreign currency transactions are in foreign currencies at currency date are translated at the ruling of exchange ruling on that date.
Amounts receivable and payableamounts payable and receivable indate are currencies are the rate of account asruling on that date.
Exchange differences relating to in foreign currencies at balance foreign translated at brought to exchange exchange gains or
Exchange differences relating to amountsincome in and financial year in whichcurrencies are rates change.
losses in the statement of comprehensive payable the receivable in foreign the exchange brought to account as exchange gains or
losses in the statement of comprehensive income in the financial year in which the exchange rates change.
Translation of controlled foreign operations
Translation and liabilities of foreign operations, including subsidiaries are translated at the rates of exchange ruling at balance date.
The assets of controlled foreign operations
Equity items are translated foreign operations, including subsidiaries are translated at the are of exchange ruling foreign currency
The assets and liabilities ofat historical rates. Exchange differences arising from translationratestaken directly to the at balance date.
Equity items disposal or partial historical of the operations. differences arising from translation are taken directly to the foreign currency
reserve until are translated at disposal rates. Exchange
reserve until disposal or partial disposal of the operations.
1.7   Goods and services tax
1.7   Goods and services tax
Revenues, expenses and assets are recognised net of goods and services tax (GST), except where the amount of GST incurred is not
recoverable from the and assets are recognised circumstances, GST is recognised as part of the cost amount of GST incurred or as
Revenues, expenses taxation authority. In these net of goods and services tax (GST), except where theof acquisition of the asset is not
recoverable from expense.
part of an item of the taxation authority. In these circumstances, GST is recognised as part of the cost of acquisition of the asset or as
part of an item of expense.
Receivables and payables are stated with the amount of GST included. The net GST recoverable from, or payable to, the taxation
Receivables and payables are stated with the amountstatement of financial position.
authority is included as a current asset or liability in the of GST included. The net GST recoverable from, or payable to, the taxation
authority is included as a current asset or liability in the statement of financial position.
Cash flows are included in the statement of cash flows on a gross basis. The GST component of cash flows arising from investing and
financing activities, which are recoverable from, or payable to, the basis. authority component of cash flows cash from
Cash flows are included in the statement of cash flows on a grosstaxation The GST are classified as operatingarisingflows. investing and
financing activities, which are recoverable from, or payable to, the taxation authority are classified as operating cash flows.
1.8   Taxation
1.8   Taxation
Current tax
Current tax
Current tax is calculated by reference to the amount of income taxes payable or recoverable in respect of the taxable profit or tax loss
Currentperiod. calculated by reference toratesamount of income have been enacted or substantively enacted bytaxable profit or tax loss
for the tax is It is calculated using tax the and tax laws that taxes payable or recoverable in respect of the reporting date. Current
for the current and prior periods is recognised as a tax lawsor asset to the extent that or is unpaid or refundable. reporting date. Current
tax for period. It is calculated using tax rates and liability that have been enacted it substantively enacted by
tax for current and prior periods is recognised as a liability or asset to the extent that it is unpaid or refundable.
Deferred tax
Deferred tax is accounted for using the comprehensive statement of financial position liability method in respect of temporary
Deferred tax
differences arising from differences the comprehensive statement of financial position liability method in statements and the
Deferred tax is accounted for using between the carrying amount of assets and liabilities in the financialrespect of temporary
differences arising from those items.
corresponding tax base of differences between the carrying amount of assets and liabilities in the financial statements and the
corresponding tax base of those items.
In principle, deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised to the extent
In principle, deferred tax liabilities taxable amount will be available against which deductible temporary differences or unused the extent
that it is probable that a sufficient are recognised for all taxable temporary differences. Deferred tax assets are recognised to tax losses
that tax probable that sufficient taxable tax assets be liabilities are not recognised if the temporary differences arise from the initial
and it is offsets can beautilised. Deferred amount will and available against which deductible temporary differences or unused tax losses
and tax offsets can be utilised. Deferred tax assets a result of           business combination) temporary differences arise from the initial
recognition of assets and liabilities (other than as and liabilitiesaare not recognised if the which affects neither taxable income nor
recognition of assets and liabilities (other than as is not recognised in relation to taxable which affects neither goodwill.
accounting profit. Furthermore, a deferred tax liability a result of a business combination) differences arising fromtaxable income nor
accounting profit. Furthermore, a deferred tax liability is not recognised in relation to taxable differences arising from goodwill.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the assets and the
Deferred tax assets and liabilities are measured based on rates that are expected to apply to enacted or substantively enacted by
liabilities giving rise to them are realised or settled,at the tax tax rates and tax laws that have beenthe period when the assets and the
liabilities giving rise The measurement or settled, tax liabilities and and tax laws that have been enacted that would follow from by
the reporting date. to them are realisedof deferredbased on tax rates assets reflects the tax consequences or substantively enactedthe
the reporting date. The measurement of deferred tax liabilities and assets recover or settle the carrying amount of its assets the
manner in which the consolidated entity expects, at the reporting date, to reflects the tax consequences that would follow from and
manner
liabilities.in which the consolidated entity expects, at the reporting date, to recover or settle the carrying amount of its assets and
liabilities.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the
Deferred tax assets entity intends are offset when tax relate to liabilities on a levied by
company/consolidatedand liabilities to settle its currentthey assets and income taxes net basis. the same taxation authority and the
company/consolidated entity intends to settle its current tax assets and liabilities on a net basis.
Current and deferred tax for the period
Current and deferred tax recognised as
Current and deferred tax isfor the period an expense or income in the statement of comprehensive income, except when it relates to
Current and deferred tax is recognised as an expense or income in tax is also recognised directly in equity, or where it arises from the
items credited or debited directly to equity, in which case the deferredthe statement of comprehensive income, except when it relates to
items credited or debited directly to equity, in in which case it is taken tax account in the determination of goodwill.
initial accounting for a business combination, which case the deferred into is also recognised directly in equity, or where it arises from the
initial accounting for a business combination, in which case it is taken into account in the determination of goodwill.
1.9   Cash and cash equivalents
1.9   Cash and cash equivalents
Cash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly                 liquid   investments that are readily
convertible to known amounts of cash, which deposits. to an insignificant risk of changes in fair
Cash comprises cash on hand and demand are subject Cash equivalents are short-term, highly               liquid
                                                                                                         value    investments that are readily
                                                                                                                  and have a maturity of three
months or to at the amounts of cash,
convertiblelessknown date of acquisition.which are subject to an insignificant risk of changes in fair   value    and have a maturity of three
months or less at the date of acquisition.
1.10 Acquisition of assets
1.10 Acquisition of assets
All assets acquired including property, plant and equipment and intangibles are initially recorded at their cost at the date of acquisition,
being the fair value of the consideration provided plus incidental costs directly attributable to at their cost at The costs of assets
All assets acquired including property, plant and equipment and intangibles are initially recorded the acquisition.the date of acquisition,
being the fair value of the consideration provided plus entity, other than directly attributable tocost of materials, directcosts of directly
constructed or internally generated by the consolidated incidental costs goodwill, include the the acquisition. The labour, assets
constructed or internally generated by the costs.
attributable overheads and other incidental consolidated entity, other than goodwill, include the cost of materials, direct labour, directly
attributable overheads and other incidental costs.
Expenditure, including that on internally generated assets other than development costs, is only recognised as an asset when it is
Expenditure, future economic benefits generated assets the costs development costs, is only recognised as an asset when and
probable that including that on internally will eventuate and other than can be measured reliably. Costs attributable to feasibility it is
probable that future economic benefits will eventuate and
alternative approach assessments are expensed as incurred.the costs can be measured reliably. Costs attributable to feasibility and
alternative approach assessments are expensed as incurred.
Costs incurred on assets subsequent to initial acquisition are capitalised when it is probable future economic benefits will flow to the
Costs incurred on Costs that do not to initial acquisition are capitalised expensed as incurred.
consolidated entity.assets subsequent meet the criteria for capitalisation arewhen it is probable future economic benefits will flow to the
consolidated entity. Costs that do not meet the criteria for capitalisation are expensed as incurred.
1.11 Non-current assets held for sale
1.11 Non-current assets held for sale
Non-current assets classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Non-
Non-current assets disposal groups are classified as held for sale if their carrying amount will be recovered through a sale transaction
current assets and classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Non-
currentthan throughdisposal groups are classified asis only met when the sale is amountprobablerecovered asset or a sale transaction
rather assets and continuing use. This condition held for sale if their carrying highly will be and the through disposal group is
available for immediate sale in its This condition is and the when expected highly probable within asset or from the date is
rather than through continuing use. present condition only met sale isthe sale is to be completedand the one year disposal group of
available for immediate sale in its present condition and the sale is expected to be completed within one year from the date of
classification.
classification.


Fleetwood Corporation Limited Financial Report 2011                                                                                 Page 6
Fleetwood Corporation Limited Financial Report 2011                                                                                 Page 6
1.12 Receivables
1.12 Receivables
Trade debtors are recorded at amortised cost less impairment. The collectability of debts is assessed at year-end and a specific
Trade debtors are recorded at amortised cost less impairment. The collectability days.
provision is made for any doubtful debts. Trade debtors are normally settled within 60of debts is assessed at year-end and a specific
provision is made for any doubtful debts. Trade debtors are normally settled within 60 days.
1.13 Inventories
1.13 Inventories
Inventories are carried at the lower of cost and net realisable value. Cost is determined on a first in first out basis and for work in
Inventories are carried at the lower of cost andvariable and fixed costs. Expenses of marketing, sellingfirst out basis and for work in
progress includes an appropriate share of both net realisable value. Cost is determined on a first in and distribution to customers
progress includes are deducted to establish net variable and fixed
are estimated and an appropriate share of both realisable value. costs. Expenses of marketing, selling and distribution to customers
are estimated and are deducted to establish net realisable value.
1.14 Impairment of assets
1.14 Impairment of assets
At each reporting date, the consolidated entity reviews the carrying amounts of its tangible and intangible assets to determine whether
At each any indication thoseconsolidated entity reviews the carrying amountssuch indication and intangible assets toamount of the asset
there is reporting date, the assets have suffered an impairment loss. If any of its tangible exists, the recoverable determine whether
there is any indicationto determine the extent of the impairment loss (if any).such indication exists, thenot generate amount of the asset
is estimated in order those assets have suffered an impairment loss. If any Where the asset does recoverable cash flows that are
is estimated in order to assets, the the extent of the impairment loss recoverable amount of the cash-generating unit to which the asset
independent from other determine consolidated entity estimates the (if any). Where the asset does not generate cash flows that are
independent from other assets, the consolidated entity estimates the recoverable amount of the cash-generating unit to which the asset
belongs.
belongs.
Goodwill, intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually
Goodwill, intangible assets with indefinite useful lives and impaired. An impairment available for use are tested for reversed. annually
and whenever there is an indication that the asset may be intangible assets not yet of goodwill is not subsequently impairment
and whenever there is an indication that the asset may be impaired. An impairment of goodwill is not subsequently reversed.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, estimated future cash
flows are discounted is the present fair value less costs discount rate that reflects current market assessments of the time value of
Recoverable amount to theirhigher of value using a pre-tax to sell and value in use. In assessing value in use, estimated future cash
flows are discounted to their present value which the estimates of future that flows have not market assessments of the time value of
money and the risks specific to the asset for using a pre-tax discount rate cashreflects current been adjusted.
money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of
If the recoverable amount of an asset (or cash-generating unit) is estimatedimpairment than its recognised in profit or loss immediately,
the asset (cash-generating unit) is reduced to its recoverable amount. An to be less loss is carrying amount, the carrying amount of
the asset relevant asset is unit) is reduced to through equity, in which An impairment loss loss is treated as a revaluation decrease.
unless the(cash-generating carried at fair value its recoverable amount. case the impairment is recognised in profit or loss immediately,
unless the relevant asset is carried at fair value through equity, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised
Where an impairment loss subsequently only to the extent the increased carrying amount does not exceed the carrying amount that
estimate of its recoverable amount, but reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised
estimate of been determined had no but only to the extent recognised for the assetamount does not exceed priorcarrying A reversal of
would have its recoverable amount, impairment loss been the increased carrying (cash-generating unit) in the years. amount that
would have been determined had no impairment immediately, unless the the asset (cash-generating unit) in prior years. A reversal of
an impairment loss is recognised in profit or loss loss been recognised forrelevant asset is carried at fair value through equity, in which
an impairment loss the impairment profit treated as a revaluation increase.
case the reversal of is recognised in loss is or loss immediately, unless the relevant asset is carried at fair value through equity, in which
case the reversal of the impairment loss is treated as a revaluation increase.
1.15 Investments
1.15 Investments
Investments in controlled entities are carried in the consolidated entity’s financial statements at cost less any provision for impairment.
Investments in controlled entities are carried in the consolidated entity’s financial statements at cost less any provision for impairment.
1.16 Leases
1.16 Leases
Payments made under operating leases are expensed on a straight-line basis over the term of the lease, except where an alternative
Payments made under operating leases are benefits to on a straight-linethe leased property. of the lease, except where an alternative
basis is more representative of the pattern of expensed be derived from basis over the term
basis is more representative of the pattern of benefits to be derived from the leased property.
1.17 Property, plant and equipment
1.17 Property, plant and equipment
Each class of property, plant and equipment is stated at historical cost less, where applicable, any accumulated            depreciation and
Each class losses. Historical cost includes expenditure that historical cost less, where applicable, of the items.
impairment of property, plant and equipment is stated at is directly attributable to the acquisition any accumulated        depreciation and
impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items.
The cost of self-constructed assets includes the cost of materials and direct labour and any other costs attributable to   bringing an asset
to a cost of condition ready for its includes the
The workingself-constructed assetsintended use. cost of materials and direct labour and any other costs attributable to    bringing an asset
to a working condition ready for its intended use.
1.18 Goodwill
1.18 Goodwill
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the
Goodwill is measured value of excess of the sum of theheld equity interest in the acquiree (if any) any non-controlling acquisition-date
acquiree, and the fair as the the acquirer’s previously consideration transferred, the amount of over the net of the interests in the
amounts and identifiable assets acquirer’s previously held equity interest in the acquiree (if any) over the net of the acquisition-date
acquiree,of thethe fair value of theacquired and the liabilities assumed.
amounts of the identifiable assets acquired and the liabilities assumed.
1.19 Product development costs
1.19 Product development costs
An intangible asset arising from product development (or from the development phase of an internal project) is recognised if the
following are asset arising
An intangibledemonstrated: from product development (or from the development phase of an internal project) is recognised if the
following are demonstrated:
          The technical feasibility of completing the intangible asset so that it will be available for use or sale;
          The technical feasibility of completing the intangible asset so that it will be available for use or sale;
          The intention to complete the intangible asset and use or sell it;
          The intention to complete the intangible asset and use or sell it;
          The ability to use or sell the intangible asset;
          The ability to use or sell the intangible asset;
          How the intangible asset will generate probable future economic benefits;
          How the intangible asset will generate probable future economic benefits;
          The availability of adequate technical, financial and other resources to complete the development and to use or sell the
          The availability of adequate technical, financial and other resources to complete the development and to use or sell the
           intangible asset; and
           intangible asset; and
          The expenditure attributable to the intangible asset during its development can be measured reliably.
          The expenditure attributable to the intangible asset during its development can be measured reliably.
Internally generated intangible assets are stated at cost less accumulated amortisation and impairment and are amortised on a straight-
line basis over their intangible of 2 to 5 years.
Internally generated useful livesassets are stated at cost less accumulated amortisation and impairment and are amortised on a straight-
line basis over their useful lives of 2 to 5 years.




Fleetwood Corporation Limited Financial Report 2011                                                                                Page 7
Fleetwood Corporation Limited Financial Report 2011                                                                                Page 7
1.20      Depreciation and amortisation
1.20      Depreciation and amortisation
All non-financial assets of the entity (except land) have limited useful lives and are depreciated / amortised using the straight-line
All non-financial estimated useful lives to their estimated limited values. Assets are depreciated /                using the straight-line
method over theirassets of the entity (except land) have residualuseful lives and are depreciated or amortised from the time an asset
method for use.
is ready over their estimated useful lives to their estimated residual values. Assets are depreciated or amortised from the time an asset
is ready for use.
Depreciation and amortisation rates and methods and residual values are reviewed annually for appropriateness. When changes are
Depreciation and amortisation rates and methods and residual values are reviewed annually for appropriateness. When changes are
made adjustments are reflected in current and future periods only. Depreciation and amortisation are expensed, except to the extent
made adjustments the carrying in current and future periods allocation of production overheads.
they are included inare reflected amount of another asset as anonly. Depreciation and amortisation are expensed, except to the extent
they are included in the carrying amount of another asset as an allocation of production overheads.
Depreciation / amortisation rates used for each class of asset are as follows:
Depreciation / amortisation rates used for each class of asset are as follows:                                        2011           2010
                                                                                                                      2011           2010
Buildings                                                                                                             2.5%           2.5%
Buildings                                                                                                             2.5%           2.5%
Leasehold property and improvements                                                                              2% - 25%       2% - 25%
Leasehold property and improvements                                                                              2% - 25%       2% - 25%
Plant and equipment                                                                                            2.5% - 50%     2.5% - 50%
Plant and equipment                                                                                            2.5% - 50%     2.5% - 50%
1.21 Payables
1.21 Payables
Liabilities are recognised for amounts to be paid in the future for goods or services received where normally they are expected to be
Liabilities are recognised for amounts to be paid in been billedfor the consolidated entity.
paid within 60 days regardless of whether they have the future to goods or services received where normally they are expected to be
paid within 60 days regardless of whether they have been billed to the consolidated entity.
1.22 Interest bearing liabilities
1.22 Interest bearing liabilities
Bank loans are recognised initially at fair value net of transaction costs. Subsequent to initial recognition, bank loans are   measured at
amortised cost recognised initially between the initial recognised amount and the redemption value being recognised in
Bank loans are with any difference at fair value net of transaction costs. Subsequent to initial recognition, bank loans are    measured at
                                                                                                                                profit or loss
over the period with any difference between the initial recognised amount and the recognised on an accrual basis.
amortised cost of the borrowing using the effective interest rate. Interest expense isredemption value being recognised in      profit or loss
over the period of the borrowing using the effective interest rate. Interest expense is recognised on an accrual basis.
1.23 Employee benefits
1.23 Employee benefits
Wages, salaries, annual and long service leave
Wages, salaries, annual and accruing to employees in respect of wages and salaries, annual leave, long service leave and sick leave
Provision is made for benefits long service leave
Provision is made for benefits accruing to employees in respect of capableand being measured leave, long service leave and respect of
when it is probable that settlement will be required and they are wages of salaries, annual reliably. Provisions made in sick leave
wages is salaries, annual leave, will leave and other employee benefits expected to be settled within 12 months are measured at
when itandprobable that settlement sick be required and they are capable of being measured reliably. Provisions made in respect of
wages and salaries, annualthe remuneration rate expected to apply at the expectedsettlement. Provisions made in are measured at
their nominal values using leave, sick leave and other employee benefits time of to be settled within 12 months respect of other
their nominal values using the remuneration ratesettled within 12 months are measured as the present value of the estimated future
employee benefits which are not expected to be expected to apply at the time of settlement. Provisions made in respect of other
cash flows to be made by the not expected to be settled within 12 months are by employees up present value of
employee benefits which are consolidated entity in respect of services provided measured as the to reporting date. the estimated future
cash flows to be made by the consolidated entity in respect of services provided by employees up to reporting date.
Share option plans
Share option plansgranted options to employees under share option plans. The value of benefits provided to employees under the
The Company has
The Company has granted options toexpensed over the vestingoption plans. The value of benefits provided to employees under the
plans are measured at grant date and employees under share periods.
plans are measured at grant date and expensed over the vesting periods.
Superannuation plan
Superannuation plan
Contributions to employee superannuation funds are expensed as they are made.
Contributions to employee superannuation funds are expensed as they are made.
1.24 Financial liabilities and equity instruments issued by the Group
1.24 Financial liabilities and equity instruments issued by the Group
Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual
Debt and equity instruments are classifiedby the Group are recognised at the proceeds received,with thedirect issueof the contractual
arrangement. Equity instruments issued as either financial liabilities or as equity in accordance net of substance costs. Financial
arrangement.stated at fair value, with any gains orGroup are recognised at the proceeds received, net of direct issue costs. Financial
liabilities are Equity instruments issued by the losses recognised in profit or loss.
liabilities are stated at fair value, with any gains or losses recognised in profit or loss.
Critical accounting judgments
Critical accounting judgments
In the application of accounting policies, management is required to make judgments, estimates and assumptions. The estimates and
associated assumptions are based on experience and other factors make judgments, estimates Actual results may differ from these
In the application of accounting policies, management is required to that are considered relevant.and assumptions. The estimates and
associated assumptions are based on experience and other factors that are considered relevant. Actual results may differ from these
estimates.
estimates.
The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting
period, that have a key assumptions concerning the future, and other key sources of estimation assets and the end within the next
The following are thesignificant risk of causing a material adjustment to the carrying amounts ofuncertainty atliabilities of the reporting
period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year.
financial year.
          Accounting for construction contracts involves the continuous use of assessed estimates based on assumptions consistent
          with project scope and schedule, contract and risk management processes. These contracts may assumptions consistent
           Accounting for construction contracts involves the continuous use of assessed estimates based onspan several accounting
           periods. Estimates of schedule, contract and risk of construction contracts are regularly updated in accordance with the
           with project scope and forecast costs at completionmanagement processes. These contracts may span several accounting
           agreed Estimates and schedule under the contract. Forecast costs are based on the updated in accordance with
           periods.work scope of forecast costs at completion of construction contracts are regularlycost expected to apply when the
           related activity is and schedule under the contract. Forecast costs included in order to cover to risks in those
           agreed work scope expected to be undertaken. Contingencies are are based on the cost expectedthe apply when the
           related activity is expected to be undertaken. Contingencies and included where they cover the risks or if it is
           forecasts. Revenues reflect the contract price agreed in the contract are variations in order tohave been approvedin those
           forecasts. Revenues reflect the Claims price agreed in the contract and variations negotiations have reached an advanced
           probable they will be approved. contractare included in contract revenue only wherewhere they have been approved or if it is
           probable they will be approved. the client included the claim revenue only where negotiations have reached
           stage such that it is probable thatClaims arewill acceptin contractand recovery of the amount involved is probable.an advanced
           stage such that it is probable that the client will accept the claim and recovery of the amount involved is probable.
          Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to which
          Determining been allocated. is value in requires an estimation the directors to estimate the future cash flows expected to
           goodwill has whether goodwillTheimpaired use calculation requires of the value in use of the cash-generating units to which
           goodwill has been allocated. The value a suitable discount rate in order to calculate the present value. flows of goodwill
           arise from the cash-generating unit and in use calculation requires the directors to estimate the future cashDetailsexpected to
           arise from the cash-generating unit and a suitable discount 12.
           and the subsequent testing for impairment are set out in Noterate in order to calculate the present value. Details of goodwill
           and the subsequent testing for impairment are set out in Note 12.
          As described in Note 20, the Company uses valuation techniques that include inputs that are not based on observable market
          As described in the 20, value of options issued during the year. Note 20 provides information about the key assumptions
           data to estimateNote fair the Company uses valuation techniques that include inputs that are not based on observable market
           data in the determination of the options of these options. The Note 20 provides information about the key assumptions
           used to estimate the fair value offair valueissued during the year. directors believe that the chosen valuation techniques and
           used in the determination of the fair determining the fair value of directors believe that the chosen valuation techniques and
           assumptions used are appropriate in value of these options. Thethe options.
           assumptions used are appropriate in determining the fair value of the options.
General information
General information
Fleetwood Corporation Limited (the Company) is a public company listed on the Australian Stock Exchange (trading under the symbol
Fleetwood Corporation Australia andCompany) in Australiacompany listed on the Australian Stock Exchange (trading under the symbol
‘FWD’), incorporated in Limited (the operating is a public and New Zealand.
‘FWD’), incorporated in Australia and operating in Australia and New Zealand.
Fleetwood Corporation Limited Financial Report 2011                                                                               Page 8
Fleetwood Corporation Limited Financial Report 2011                                                                               Page 8
                                                                                                        2011        2010
                                                                                                       $ '000      $ '000
                                                                                                        2011        2010
2 Revenue                                                                                              $ '000      $ '000

2 Revenue
Sales revenue
Goods                                                                                                 208,082    175,721
Sales revenue
Construction                                                                                          171,804     39,019
Goods
Rental                                                                                                208,082
                                                                                                       85,943    175,721
                                                                                                                  76,351
Construction                                                                                          171,804     39,019
Rental                                                                                                465,829
                                                                                                       85,943    291,091
                                                                                                                  76,351
Other income                                                                                          465,829    291,091
Interest                                                                                                  820        253
Other income
Loss on sale of non-current assets                                                                       (25)         (5)
Interest                                                                                                 820         253
Loss on sale of non-current assets                                                                       795
                                                                                                         (25)        248
                                                                                                                      (5)
                                                                                                      466,624    291,339
                                                                                                          795        248
All units in the rental fleet are available for sale. The sale of rental units is included in sales   466,624    291,339
revenue - goods rather than profit on sale of non-current assets.
All units in the rental fleet are available for sale. The sale of rental units is included in sales
revenue - goods rather than profit on sale of non-current assets.
3 Profit from ordinary activities before
     income tax expense
3 Profit from ordinary activities before
     income tax expense
Profit before income tax expense has been arrived at after charging the following items:

Profitof salesincome tax expense has been arrived at after charging the following items:
Cost before                                                                                           319,181    192,349

Depreciation and amortisation of:
Cost of sales                                                                                         319,181    192,349
 buildings                                                                                                 69         69
 leasehold and amortisation of:
Depreciationimprovements                                                                                4,595      4,435
  buildings
  plant and equipment                                                                                      69
                                                                                                        8,577         69
                                                                                                                   6,942
  leasehold improvements
  product development                                                                                   4,595
                                                                                                          808      4,435
                                                                                                                   1,351
  plant and equipment                                                                                   8,577      6,942
  product development                                                                                  14,049
                                                                                                          808     12,797
                                                                                                                   1,351

                                                                                                       14,049     12,797
Finance costs:
  Bank loans and overdraft                                                                              1,705        496
Finance costs:hire purchases
  Charges on                                                                                              106          -
  Bank loans and overdraft                                                                              1,705        496
  Charges on hire purchases                                                                             1,811
                                                                                                          106        496
                                                                                                                       -

                                                                                                        1,811        496
Net bad and doubtful debts                                                                                 67         85

Research and development costs                                                                             73         98
Net bad and doubtful debts                                                                                 67         85
Superannuation expense                                                                                  5,264      3,623
Research and development costs                                                                             73         98
Equity settled share-based payments                                                                     1,880        917
Superannuation expense                                                                                  5,264      3,623
Equity settled share-based payments                                                                     1,880        917




Fleetwood Corporation Limited Financial Report 2011                                                             Page 9

Fleetwood Corporation Limited Financial Report 2011                                                             Page 9
                                                                                                                    2011           2010
                                                                                                                    2011           2010
                                                                                                                   $ '000         $ '000
                                                                                                                   $ '000         $ '000
4 Taxation
4 Taxation
Income tax recognised in profit or loss
Income tax recognised in profit or loss
Current tax expense                                                                                               22,789         16,784
Current tax expense                                                                                               22,789         16,784
Deferred tax expense relating to origination and reversal of temporary differences                                  (185)          (829)
                                                                                                                    (185)          (829)
Deferred tax expense relating to origination
Over provision of income tax in prior year and reversal of temporary differences                                    (256)          (125)
Over provision of income tax in prior year                                                                          (256)          (125)
                                                                                                                  22,348         15,830
                                                                                                                  22,348         15,830

Reconciliation of prima facie tax expense on accounting
Reconciliation of prima facie tax expense on accounting
profit to income tax expense
profit to income tax expense
Prima facie income tax expense calculated at 30% (2010: 30%) on profit from ordinary
Prima facie income tax expense calculated at 30% (2010: 30%) on profit from ordinary
activities                                                                                                        22,079         16,347
activities                                                                                                        22,079         16,347
  Amortisation of leasehold improvements                                                                                8             8
  Amortisation of leasehold improvements                                                                                8             8
  Non-deductible expenses                                                                                            564            275
  Non-deductible expenses                                                                                            564            275
  Research & development allowance                                                                                    (68)         (122)
  Research & development allowance                                                                                    (68)         (122)
  Sundry items                                                                                                         21            11
  Sundry items                                                                                                         21            11
  Investment allowance                                                                                                  -          (564)
  Investment allowance                                                                                                  -          (564)
                                                                                                                  22,604         15,955
                                                                                                                  22,604         15,955
  Over provision of income tax in prior year                                                                        (256)          (125)
  Over provision of income tax in prior year                                                                        (256)          (125)
                                                                                                                  22,348         15,830
                                                                                                                  22,348         15,830

Taxable and deductible temporary differences arise
Taxable and deductible temporary differences arise
from the following:
from the following:
                                                       Balance at      Charged       Balance at   Acquired        Charged     Balance at
                                                       Balance at      Charged       Balance at   Acquired        Charged     Balance at
                                                            2009      to income           2010                  to income          2011
                                                            2009      to income           2010                  to income          2011
                                                           $ '000          $ '000        $ '000       $ '000         $ '000       $ '000
                                                           $ '000          $ '000        $ '000       $ '000         $ '000       $ '000
Consolidated
Consolidated
Deferred tax
Deferred tax
 Property, plant and equipment                             (1,283)          708           (574)          97          1,153           676
 Property, plant and equipment                             (1,283)          708           (574)          97          1,153           676
 Provisions / accruals                                      1,690           121          1,811        1,576           (968)        2,417
 Provisions / accruals                                      1,690           121          1,811        1,576           (968)        2,417
                                                              407           829          1,237        1,673            185         3,093
                                                              407           829          1,237        1,673            185         3,093

Tax consolidation
Tax consolidation
The Company and its wholly-owned Australian resident entities have elected to be taxed as a single entity from 1 July 2003.
The Company and its wholly-owned Australian resident entities have elected to be taxed as a single entity from 1 July 2003.
Fleetwood Corporation Limited, as the head entity, and the subsidiaries in the tax consolidated group continue to account for their own
Fleetwood deferred tax amounts. The amounts are measured as if each the tax the tax consolidated group to account be a stand-
current andCorporation Limited, as the head entity, and the subsidiaries in entity inconsolidated group continuecontinues tofor their own
current and deferred tax right. The current tax balances are then transferred to in head entity via intercompany balances.
alone taxpayer in its own amounts. The amounts are measured as if each entitythe the tax consolidated group continues to be a stand-
alone taxpayer in its own right. The current tax balances are then transferred to the head entity via intercompany balances.
The method used to calculate current and deferred tax amounts is summarised in Note 1.8.
The method used to calculate current and deferred tax amounts is summarised in Note 1.8.
The entities within the Group have entered a tax funding arrangement whereby each subsidiary will compensate the head entity for the
The entities within the Group have entered a tax funding arrangement whereby each subsidiary will compensate the head entity for the
amount of tax payable that would be calculated as if the subsidiary was a tax paying entity.
amount of tax payable that would be calculated as if the subsidiary was a tax paying entity.




Fleetwood Corporation Limited Financial Report 2011                                                                           Page 10
Fleetwood Corporation Limited Financial Report 2011                                                                           Page 10
5 Segment information
5 Segment information
Information provided to the chief operating decision maker for the      purposes    of resource allocation and assessment of segment
performance focuses on types of products or services delivered or       provided.    The Group's reportable segments are therefore as
Information provided to the chief operating decision maker for the
follows:                                                                purposes    of resource allocation and assessment of segment
performance focuses on types of products or services delivered or       provided.    The Group's reportable segments are therefore as
follows:
Business segments                         Products / Services
Recreational Vehicles
Business segments                           Products / of caravans
                                            Manufacture Services and vehicle parts and accessories
Manufactured Accommodation                  Design, manufacture, sale and rental of manufactured accommodation
Recreational Vehicles                       Manufacture of caravans and vehicle parts and accessories
The following Accommodation                 Design, manufacture, reportable operating segment:
Manufactured is an analysis of the Group's revenue and results bysale and rental of manufactured accommodation

                                                                                      Depreciation
The following is an analysis of the Group's revenue and results by reportable operating segment: &
                                                     Segment revenue                   amortisation            Segment result (EBIT)
                                                                                      Depreciation &
                                                     2011            2010           2011           2010           2011         2010
                                                     Segment revenue                   amortisation            Segment result (EBIT)
                                                    $ '000         $ '000         $ '000          $ '000        $ '000        $ '000
                                                     2011            2010           2011           2010           2011         2010
Recreational Vehicles                             173,822
                                                    $ '000       154,692
                                                                   $ '000          2,735
                                                                                  $ '000          3,287
                                                                                                  $ '000       18,088
                                                                                                                $ '000      15,505
                                                                                                                              $ '000
Manufactured Accommodation                        292,180        136,302         11,078           9,254        61,202       41,257
Recreational Vehicles                             173,822
                                                       622       154,692           2,735
                                                                                     236          3,287        18,088
                                                                                                                (3,881)     15,505
Corporate and other overheads                                         345                            256                     (1,777)
Manufactured Accommodation                        292,180        136,302         11,078           9,254        61,202       41,257
Corporate and other overheads                          622
                                                  466,624             345
                                                                 291,339             236
                                                                                 14,049              256
                                                                                                 12,797         (3,881)
                                                                                                               75,409        (1,777)
                                                                                                                            54,985
Finance costs                                    466,624         291,339            14,049        12,797       (1,811)
                                                                                                               75,409           (496)
                                                                                                                              54,985
Finance costs income tax expense
Profit before                                                                                                  (1,811)          (496)
                                                                                                               73,598         54,489
Income tax expense tax expense
Profit before income                                                                                           (22,348)
                                                                                                                73,598       (15,830)
                                                                                                                              54,489
Income tax expense                                                                                             (22,348)      (15,830)
Profit attributable to members of the parent entity                                                             51,250        38,659

Profit attributable to members of the parent entity                                                    51,250        38,659
Segment result represents the earnings before interest and tax of each segment without the allocation of corporate and other
overheads. This is the measure reported to the chief operating decision maker for the purposes of resource allocation and
Segment result represents the earnings before interest and tax of each segment without the allocation of corporate and other
assessment of segment performance.
overheads. This is the measure reported to the chief operating decision maker for the purposes of resource allocation and
assessment of segment performance.
The following is an analysis of the Group's assets and liabilities by reportable operating segment:
                                                                                      Acquisitions
The following is an analysis of the Group's assets and liabilities by reportable operating segment: of
                                                     Segment assets                 non-current assets          Segment liabilities
                                                                                      Acquisitions of
Recreational Vehicles                              97,186
                                                     Segment assets  93,288          3,413          2,290
                                                                                    non-current assets         23,347       23,610
                                                                                                               Segment liabilities
Manufactured Accommodation*                       185,091            93,455         17,956         10,041      50,101       20,847
                                                   97,186            93,288          3,413          2,290      23,347       23,610
Recreational
Unallocated Vehicles                               25,200            23,758             111            18      27,800         9,171
Manufactured Accommodation*                       185,091            93,455         17,956         10,041      50,101       20,847
Unallocated                                        25,200
                                                  307,477            23,758
                                                                    210,501             111
                                                                                    21,480             18
                                                                                                   12,349      27,800
                                                                                                              101,248         9,171
                                                                                                                            53,628

                                                  307,477       210,501         21,480            12,349      101,248         53,628
The following is an analysis of the Group's assets and revenues by geographical segment:
                                                                                  Acquisitions of
The following is an analysis of the Group's assets and revenues by geographical segment:
                                                     Segment assets             non-current assets              Segment revenue
                                                                                  Acquisitions of
Australia*                                        298,318       201,112
                                                     Segment assets             21,147        11,763
                                                                                non-current assets            457,358     281,087
                                                                                                               Segment revenue
New Zealand                                         9,159         9,389            333            586           9,266      10,252
Australia*                                        298,318       201,112         21,147        11,763          457,358     281,087
New Zealand                                         9,159
                                                  307,477         9,389
                                                                210,501            333
                                                                                21,480            586
                                                                                              12,349            9,266
                                                                                                              466,624      10,252
                                                                                                                          291,339

                                                 307,477        210,501          21,480         12,349        466,624        291,339
*Acquisition of non-current assets excludes assets acquired as part of the business combination.

*Acquisition of non-current assets excludes assets acquired as part of the business combination.




Fleetwood Corporation Limited Financial Report 2011                                                                        Page 11

Fleetwood Corporation Limited Financial Report 2011                                                                        Page 11
                                                                                                  2011          2010
                                                                                                 $ '000        $ '000
                                                                                                  2011          2010
6 Dividends                                                                                      $ '000        $ '000

6 Dividends
Recognised
Interim 2011 - paid 32 cents per share fully franked
Recognised                                                                                       18,418              -
Final 2010 - paid 38 cents per share fully franked                                               21,590             -
Interim 2011 - paid 32 cents per share fully franked                                             18,418             -
Interim 2010 - paid 30 cents per share fully franked                                                  -        16,027
Final 2010 - paid 38 cents per share fully franked                                               21,590             -
Final 2009 - paid 36 cents per share fully franked                                                    -        18,941
Interim 2010 - paid 30 cents per share fully franked                                                  -        16,027
Final 2009 - paid 36 cents per share fully franked                                               40,008
                                                                                                      -        34,968
                                                                                                               18,941

                                                                                                 40,008        34,968
Unrecognised
Final 2011 - 41 cents per share fully franked                                                    23,718              -
Unrecognised
Final 2011 - 41 cents per share fully franked                                                    23,718              -

                                                                                                 23,718              -
On 22 August 2011 the directors declared a final dividend to be paid on 30 September
2011. The dividend was not announced until after 30 June 2011 and has not been included
On liability in 2011 the directors declared a final dividend to be paid on 30 September
as a22 August these financial statements.
2011. The dividend was not announced until after 30 June 2011 and has not been included
as a liability in these financial statements.
Dividend franking account
30% franking credits available to shareholders of Fleetwood Corporation Limited for
Dividend franking account
subsequent years                                                                                18,072          8,775
30% franking credits available to shareholders of Fleetwood Corporation Limited for
subsequent years                                                                                18,072          8,775
The reduction in the franking account due to dividends not recognised will be $10,164,709.

The reduction in the franking account due to dividends not recognised will be $10,164,709.
7 Earnings per share
7 Earnings per share
Earnings used in the calculation of basic and diluted earnings per share                        51,250         38,659

Earnings used in the calculation of basic and diluted earnings per share                        51,250         38,659
The weighted average number of ordinary shares used in the calculation of earnings per
share:
The weighted average number of ordinary shares used in the calculation of earnings per           Weighted average
share:                                                                                       number of shares used
                                                                                                 Weighted average
Basic earnings per share                                                                     number of 53,257,708
                                                                                             56,923,609 shares used
Number of shares deemed to be issued for no consideration in respect of employee and
Basic earnings per share                                                                     56,923,609
                                                                                                939,479    53,257,708
                                                                                                              813,173
executive options
Number of shares deemed to be issued for no consideration in respect of employee and
Diluted earnings per share                                                                      939,479
                                                                                             57,863,088       813,173
                                                                                                           54,070,881
executive options
Diluted earnings per share                                                                   57,863,088    54,070,881
Basic earnings per share (cents)                                                                    90.0          72.6

Diluted earnings per share (cents)
Basic earnings per share (cents)                                                                   88.6
                                                                                                   90.0          71.5
                                                                                                                 72.6

Diluted earnings per share (cents)                                                                 88.6          71.5
There are no potential ordinary shares that are anti-dilutive.

There are no potential ordinary shares that are anti-dilutive.




Fleetwood Corporation Limited Financial Report 2011                                                        Page 12

Fleetwood Corporation Limited Financial Report 2011                                                        Page 12
                                                                                              2011         2010
                                                                                               '000
                                                                                             $2011          '000
                                                                                                          $2010

8 Cash and cash equivalents                                                                  $ '000       $ '000

8 Cash and cash equivalents
Cash and cash equivalents                                                                    17,985      15,599
Cash and cash equivalents                                                                    17,985      15,599
Cash at bank is at call and receives interest at a weighted average rate of 3.71% (2010:
2.77%). bank is at call and receives interest at a weighted average rate of 3.71% (2010:
Cash at
2.77%).
9 Trade and other receivables
9 Trade and other receivables
Current
Current
Trade debtors                                                                                65,360      35,515
Less: debtors
Trade allowance for doubtful debts                                                              (93)
                                                                                             65,360        (140)
                                                                                                         35,515
Less: loans - secured
Term allowance for doubtful debts                                                                 5
                                                                                                (93)          8
                                                                                                           (140)
Other debtors
Term loans - secured                                                                          9,458
                                                                                                  5       5,106
                                                                                                              8
Other debtors                                                                                 9,458
                                                                                             74,730       5,106
                                                                                                         40,489
                                                                                             74,730      40,489
Trade and other debtors are non-interest bearing and are generally on terms ranging
Trade and other debtors are non-interest bearing sales of generally on terms ranging
between 7 and 60 days. The average credit period onand are goods is 30 days.
between 7 and 60 days. The average credit period on sales of goods is 30 days.
Non-current
Non-current secured
Term loans -                                                                                     25          30
Term loans - secured                                                                             25          30
The weighted average interest rate on term loans which have varying maturity dates is
12.5% (2010: 12.5%). interest rate on term loans which have varying maturity dates is
The weighted average
12.5% (2010: 12.5%).
Concentrations of risk
Concentrations of risk
The five largest outstanding receivables at 30 June 2011 by customer are as follows:
The five largest Pty Ltd
Velocity Villagesoutstanding receivables at 30 June 2011 by customer are as follows:         24,372           -
Department of Education & Early Childhood Development
Velocity Villages Pty Ltd                                                                     9,911
                                                                                             24,372           -
                                                                                                              -
GE Commercial Finance & Early Childhood Development
Department of Education                                                                       5,218
                                                                                              9,911       5,232
                                                                                                              -
Department of Education & Training
GE Commercial Finance                                                                         2,372
                                                                                              5,218           -
                                                                                                          5,232
Department of EducationTechnology & Administration
Department of Services, & Training                                                            2,154
                                                                                              2,372           -
                                                                                                              -
Department of Services, Technology & Administration                                           2,154              -
Trade receivables include amounts that are past due at the end of the reporting period but
Trade receivables include amounts that are an allowance for doubtful reporting period but
against which the Group has not recognised past due at the end of thereceivables because
against which been a significant change in the credit quality and receivables are still
there has not the Group has not recognised an allowance for doubtfulthe amounts because
there has recoverable. The Group does in hold any quality over these balances. An
considerednot been a significant change not the credit collateraland the amounts are still
considered recoverable. The included below:
analysis of aged receivables isGroup does not hold any collateral over these balances. An
analysis of3aged receivables is included below:
Less than months                                                                              4,810       2,319
Less than 6 months
Between 33- months                                                                              375
                                                                                              4,810          15
                                                                                                          2,319
Between 3 - 6 months
Longer than 6 months                                                                          2,614
                                                                                                375       1,101
                                                                                                             15
Longer than 6 months                                                                          2,614
                                                                                              7,799       1,101
                                                                                                          3,435
                                                                                              7,799       3,435




Fleetwood Corporation Limited Financial Report 2011                                                    Page 13
Fleetwood Corporation Limited Financial Report 2011                                                    Page 13
                                                                                              2011         2010
                                                                                               '000
                                                                                             $2011          '000
                                                                                                          $2010

10 Inventories                                                                               $ '000       $ '000

10 Inventories
Raw materials & stores                                                                       8,579        6,749
Workmaterials & stores
Raw in progress                                                                             14,837
                                                                                             8,579        6,661
                                                                                                          6,749
Finished goods
Work in progress                                                                            22,143
                                                                                            14,837       24,075
                                                                                                          6,661
Finished goods                                                                              22,143
                                                                                            45,559       24,075
                                                                                                         37,485
                                                                                            45,559       37,485
The cost of inventories recognised as an expense during the year in respect of continuing
operations was $185.1 million (2010: $122.4 million).
The cost of inventories recognised as an expense during the year in respect of continuing
operations was $185.1 million (2010: $122.4 million).

11 Property, plant and equipment
11 Property, plant and equipment
Freehold land
Cost
Freehold land                                                                                3,218        3,218
Cost                                                                                         3,218        3,218
Buildings
Cost
Buildings                                                                                    2,747        2,747
Accumulated depreciation
Cost                                                                                          (397)
                                                                                             2,747         (328)
                                                                                                          2,747
Accumulated depreciation                                                                      (397)
                                                                                             2,350         (328)
                                                                                                          2,419
                                                                                             2,350        2,419
Leasehold property and improvements
Cost
Leasehold property and improvements                                                          46,188      46,147
Accumulated amortisation
Cost                                                                                        (21,862)
                                                                                             46,188     (17,269)
                                                                                                         46,147
Accumulated amortisation                                                                    (21,862)
                                                                                             24,326     (17,269)
                                                                                                         28,878
                                                                                            24,326       28,878
Plant and equipment
Cost and equipment
Plant                                                                                        98,735      80,332
Accumulated depreciation
Cost                                                                                        (40,536)
                                                                                             98,735     (30,661)
                                                                                                         80,332
Accumulated depreciation                                                                    (40,536)
                                                                                             58,199     (30,661)
                                                                                                         49,671
                                                                                            58,199       49,671
Assets under construction
Cost under construction
Assets                                                                                       5,865          219
Cost                                                                                         5,865
                                                                                            93,958          219
                                                                                                         84,405
                                                                                            93,958       84,405
Reconciliation of the carrying amounts for each class of property, plant and equipment is
set out below: of the carrying amounts for each class of property, plant and equipment is
Reconciliation
set out below:
Freehold land
Carrying land
Freeholdamount at beginning of year                                                          3,218        3,218
Carrying amount at beginning of year                                                         3,218        3,218
                                                                                             3,218        3,218
                                                                                             3,218        3,218
Buildings
Carrying amount at beginning of year
Buildings                                                                                    2,419        2,487
Depreciation
Carrying amount at beginning of year                                                           (69)
                                                                                             2,419          (69)
                                                                                                          2,487
Depreciation                                                                                   (69)         (69)
                                                                                             2,350        2,419
                                                                                             2,350        2,419
Leasehold property and improvements
Carrying amount at beginning of year
Leasehold property and improvements                                                         28,878       31,942
Additionsamount at beginning of year
Carrying                                                                                        43
                                                                                            28,878        1,371
                                                                                                         31,942
Amortisation
Additions                                                                                   (4,595)
                                                                                                43       (4,435)
                                                                                                          1,371
Amortisation                                                                                (4,595)      (4,435)
                                                                                            24,326       28,878
                                                                                            24,326       28,878




Fleetwood Corporation Limited Financial Report 2011                                                    Page 14
Fleetwood Corporation Limited Financial Report 2011                                                    Page 14
                                                                                             2011         2010
                                                                                              '000
                                                                                            $2011          '000
                                                                                                         $2010
                                                                                            $ '000       $ '000
11 Property, plant and equipment (continued)
11 Property, plant and equipment (continued)
Reconciliations (continued)
Reconciliations (continued)
Plant and equipment
Plant and equipment
Carrying amount at beginning of year                                                        49,671      48,625
Additionsamount at beginning of year
Carrying                                                                                    49,671
                                                                                            14,862      48,625
                                                                                                         9,198
Additions
Disposals                                                                                   14,862
                                                                                            (5,569)      9,198
                                                                                                        (1,907)
Disposals
Acquisition through entity acquired                                                         (5,569)
                                                                                             7,593      (1,907)
                                                                                                             -
Acquisition from assets under construction
Transferredthrough entity acquired                                                           7,593
                                                                                               219           -
                                                                                                           697
Transferred from assets under construction
Depreciation                                                                                   219
                                                                                            (8,577)        697
                                                                                                        (6,942)
Depreciation                                                                                (8,577)     (6,942)
                                                                                            58,199      49,671
                                                                                            58,199      49,671
Assets under construction
Assets under construction of year
Carrying amount at beginning                                                                  219          697
Additionsamount at beginning of year
Carrying                                                                                     5,865
                                                                                               219         219
                                                                                                           697
Transferred to plant and equipment
Additions                                                                                     (219)
                                                                                             5,865        (697)
                                                                                                           219
Transferred to plant and equipment                                                            (219)       (697)
                                                                                             5,865         219
                                                                                             5,865         219
No items of property, plant and equipment are pledged as security.
No items of property, plant and equipment are pledged as security.
12 Goodwill
12 Goodwill
Goodwill                                                                                    64,435      28,311
Goodwill                                                                                    64,435      28,311
Reconciliation of the carrying amount of Goodwill is set out below:
Reconciliation of the carrying amount of Goodwill is set out below:
Carrying amount at beginning of year                                                        28,311      28,311
Additional amounts beginning of yearbusiness combinations occurring during the period
Carrying amount at recognised from                                                          36,124
                                                                                            28,311           -
                                                                                                        28,311
Additional amounts recognised from business combinations occurring during the period        36,124           -
                                                                                            64,435      28,311
                                                                                            64,435      28,311
Goodwill has been allocated for impairment testing purposes to individual cash-generating
units (CGU) as follows:
Goodwill has been allocated for impairment testing purposes to individual cash-generating
units (CGU) as follows:
Caravan manufacturing                                                                        7,097       7,097
Parts and accessories
Caravan manufacturing                                                                       12,401
                                                                                             7,097      12,401
                                                                                                         7,097
Parts and trays and accessories
Canopies, accessories                                                                        6,617
                                                                                            12,401       6,617
                                                                                                        12,401
Manufactured accommodation
Canopies, trays and accessories                                                             38,320
                                                                                             6,617       2,196
                                                                                                         6,617
Manufactured accommodation                                                                  38,320       2,196
                                                                                            64,435      28,311
                                                                                            64,435      28,311
The recoverable amount of cash-generating units is determined based on a value in use
The recoverable amount flow projections units         determined budgets value in by
calculation using cash of cash-generating basedis on financial based on aapproved use
calculation using cash flow projections based on 29% (2010: 11%) for caravan
management and utilising a cash flow growth rate offinancial budgets approved by
management CGU, 7.9% a cash flow growth rate of 29% (2010: 11%) for caravan
manufacturing and utilising (2010: 11%) for parts and accessories CGU, 8.6% (2010: 7.5%)
manufacturing trays and accessories CGU and 4% (2010: 0%) for (2010: 7.5%)
for canopies, CGU, 7.9% (2010: 11%) for partsand accessories CGU, 8.6%manufactured
for canopies, CGU.
accommodationtrays and accessories CGU and 4% (2010: 0%) for manufactured
accommodation CGU. rate of 18.7% pa reflects the consolidated entity's pre-tax weighted
The implied discount
The implied of capital, and 18.7% pa reflects the consolidated entity's pre-tax weighted
average costdiscount rate ofhas been used in the recoverable amount calculations of each
CGU. cost of capital, and has been used in the recoverable amount calculations of each
average
CGU.
Testing for impairment is carried out on a bi-annual basis. No impairment charge has been
Testing for impairment is carried out The recoverable amount of each CGU exceeds the
recorded since recognising goodwill.on a bi-annual basis. No impairment charge has been
recorded since of goodwill goodwill. 2011.
carrying amountrecognising at 30 JuneThe recoverable amount of each CGU exceeds the
carrying amount of goodwill at 30 June 2011.




Fleetwood Corporation Limited Financial Report 2011                                                   Page 15
Fleetwood Corporation Limited Financial Report 2011                                                   Page 15
                                                                                              2011         2010
                                                                                               '000
                                                                                             $2011          '000
                                                                                                          $2010
                                                                                             $ '000       $ '000
13 Intangible assets
13 Intangible assets
Product development
At cost
Product development                                                                           6,987       6,557
Accumulated amortisation
At cost                                                                                      (5,479)
                                                                                              6,987      (4,670)
                                                                                                          6,557
Accumulated amortisation                                                                     (5,479)     (4,670)
                                                                                              1,508       1,887
                                                                                              1,508       1,887
Product development WIP
At cost
Product development WIP                                                                        882          856
At cost                                                                                         882         856
                                                                                              2,390       2,743
                                                                                              2,390       2,743
Reconciliation of the carrying amounts is set out below:
Reconciliation of the carrying amounts is set out below:
Product development
Carrying amount at beginning of year
Product development                                                                           1,887       2,467
Carrying amount product development
Transferred from at beginning of year WIP                                                       428
                                                                                              1,887         770
                                                                                                          2,467
Amortisationfrom product development WIP
Transferred                                                                                    (808)
                                                                                                428      (1,351)
                                                                                                            770
Amortisation                                                                                   (808)     (1,351)
                                                                                              1,508       1,887
                                                                                              1,508       1,887
Product development WIP
Carrying amount at beginning of year
Product development WIP                                                                        856          860
Additionsamount at beginning of year
Carrying                                                                                       481
                                                                                               856          851
                                                                                                            860
Disposals
Additions                                                                                      (27)
                                                                                               481          (84)
                                                                                                            851
Transferred to product development
Disposals                                                                                      (428)
                                                                                                (27)       (770)
                                                                                                            (84)
Transferred to product development                                                             (428)       (770)
                                                                                                882         856
                                                                                               882          856
14 Other financial assets
14 Other financial assets
Current
Current cash
Restricted                                                                                    5,302              -
Restricted cash forward contracts
Foreign currency                                                                                  -
                                                                                              5,302         202
                                                                                                              -
Foreign currency forward contracts                                                                -         202
                                                                                              5,302         202
                                                                                              5,302         202
Restricted cash balances are funds held on term deposit as security for work to be
performed cash balances are funds held on The deposit is unable for work these
Restricted for various construction contracts. term company as security to access to be
funds until for various construction to the satisfaction of the is unable to The weighted
performed work has been completedcontracts. The company counterparty. access these
funds until work rate on these deposits at 30 June 2011 of the counterparty.
average interest has been completed to the satisfaction is 4.75% (2010: N/A). The weighted
average interest rate on these deposits at 30 June 2011 is 4.75% (2010: N/A).

15 Trade and other payables
15 Trade and other payables
Trade creditors                                                                              35,715      26,097
Other creditors and accruals
Trade creditors                                                                              30,926
                                                                                             35,715      14,631
                                                                                                         26,097
Other creditors and accruals                                                                 30,926      14,631
                                                                                             66,641      40,728
                                                                                             66,641      40,728
Payables include amounts for goods received not invoiced. Trade and other payables are
Payables include amounts for goods received on purchases is 45 and other payables are
non-interest bearing. The average credit periodnot invoiced. Trade days.
non-interest bearing. The average credit period on purchases is 45 days.




Fleetwood Corporation Limited Financial Report 2011                                                    Page 16
Fleetwood Corporation Limited Financial Report 2011                                                    Page 16
                                                                                                      2011        2010
                                                                                              Note     '000
                                                                                                     $2011         '000
                                                                                                                 $2010
                                                                                              Note   $ '000      $ '000
16 Provisions
16 Provisions
Current
Employee benefits
Current                                                                                               4,336      2,918
Employee benefits                                                                                     4,336      2,918
Non-current
Non-current
Employee benefits                                                                                     3,217      2,703
Employee benefits                                                                                     3,217      2,703
Aggregate employee benefits                                                                           7,553      5,621
Aggregate employee benefits                                                                           7,553      5,621

17 Interest bearing liabilities
17 Interest bearing liabilities
Current
Current
Hire purchase creditors - secured                                                                      398              -
Hire purchase creditors - secured                                                                      398              -
Non-current
Non-current
Bank loans - secured                                                                          18     20,000             -
Bankpurchase creditors - secured
Hire loans - secured                                                                          18        890
                                                                                                     20,000             -
                                                                                                                        -
Hire purchase creditors - secured                                                                       890             -
                                                                                                     20,890             -
                                                                                                     20,890             -
Hire purchases are used by the company to finance the acquisition of property, plant and
Hire purchases are used by the company to finance the acquisition payable of 6.18% to
equipment, have terms ranging from 1 to 5 years, with interest ratesof property, plant and
11.07% (2010: N/A).
equipment, have terms ranging from 1 to 5 years, with interest rates payable of 6.18% to
11.07% (2010: N/A).

18 Financing arrangements
18 Financing arrangements
The consolidated entity has access to the following lines of credit:
The consolidated entity has access to the following lines of credit:
Facilities available
Bank overdraft
Facilities available                                                                                  5,000      5,000
Bank loans
Bank overdraft                                                                                       20,000
                                                                                                      5,000          -
                                                                                                                 5,000
Bank guarantees
Bank loans                                                                                           15,000
                                                                                                     20,000     35,000
                                                                                                                     -
Bank guarantees                                                                                      15,000     35,000
Multi Option Facility                                                                                40,000     40,000
Multi Option Facility                                                                                40,000     40,000
Under the terms of the Multi Option Facility, the consolidated entity is allowed to draw on
any mix of commercial bill, bank guarantee, standby letter of credit or bank overdraft.
Under the terms of the Multi Option Facility, the consolidated entity is allowed to draw on
any mix of commercial bill, bank guarantee, standby letter of credit or bank overdraft.
Facilities utilised
Bank loans
Facilities utilised                                                                           17     20,000          -
Bank guarantees
Bank loans                                                                                    17      6,073
                                                                                                     20,000      1,256
                                                                                                                     -
Bank guarantees                                                                                       6,073      1,256
                                                                                                     26,073      1,256
                                                                                                     26,073      1,256
Facilities not utilised                                                                              13,927     38,744
Facilities not utilised                                                                              13,927     38,744




Fleetwood Corporation Limited Financial Report 2011                                                           Page 17
Fleetwood Corporation Limited Financial Report 2011                                                           Page 17
18 Financing arrangements (continued)
                          (continued)

Bank overdrafts
Bank overdrafts
The bank overdraft is secured by a mortgage debenture over the assets of the consolidated
The bank overdraft is secured by a mortgage debenture over the assets of the consolidated
entity, and is payable on demand subject to annual review with interest charged at
entity, and is payable on demand subject to annual review with interest charged at
prevailing market rates. The effective interest rate at the end of the financial year was
prevailing market rates. The effective interest rate at the end of the financial year was
9.18% (2010: 8.95%).
9.18% (2010: 8.95%).
Bank loans
Bank loans
Bank loans are secured by a mortgage debenture over the assets of the consolidated entity
Bank loans are secured by a mortgage debenture over the assets of the consolidated entity
and bear interest at the bank's prime rate plus 0.60% (2010: 0.60%) plus a line fee of 0.6%
and bear interest at the bank's prime rate plus 0.60% (2010: 0.60%) plus a line fee of 0.6%
(2010: 0.9%). The effective annual interest rate at the end of the financial year was 5.55%
(2010: 0.9%). The effective annual interest rate at the end of the financial year was 5.55%
(2010: 5.10%).
(2010: 5.10%).
Bank guarantees
Bank guarantees
Bank guarantees are utilised for construction contracts. No liability has been recognised in
Bank guarantees are utilised for construction contracts. No liability has been recognised in
the statement of financial position with respect to bank guarantees.
the statement of financial position with respect to bank guarantees.

                                                                                                           2011
                                                                                                           2011        2010
                                                                                                                       2010
                                                                                                          $ '000
                                                                                                          $ '000      $ '000
                                                                                                                      $ '000
19 Commitments

Operating lease commitments
Operating lease commitments
Within one year
Within one year                                                                                           9,462
                                                                                                          9,462       5,775
                                                                                                                      5,775
One year or later and no later than five years
One year or later and no later than five years                                                           21,695
                                                                                                         21,695      13,277
                                                                                                                     13,277
Later than five years
Later than five years                                                                                         -
                                                                                                              -       1,936
                                                                                                                      1,936

                                                                                                         31,157
                                                                                                         31,157      20,988
                                                                                                                     20,988

Operating lease receivables
Operating lease receivables
Within one year
Within one year                                                                                          48,492
                                                                                                         48,492      22,161
                                                                                                                     22,161
One year or later and no later than five years
One year or later and no later than five years                                                            2,121
                                                                                                          2,121         144
                                                                                                                        144
Later than five years
Later than five years                                                                                         -
                                                                                                              -           -
                                                                                                                          -

                                                                                                         50,613
                                                                                                         50,613      22,305
                                                                                                                     22,305


The group has a number of non-cancellable operating lease arrangements with lease terms
The group has a number of non-cancellable operating lease arrangements with lease terms
of between 1 to 5 years. The leases have varying terms and renewal rights. The majority of
of between 1 to 5 years. The leases have varying terms and renewal rights. The majority of
these lease contracts contain market review clauses in the event that the lessee exercises
these lease contracts contain market review clauses in the event that the lessee exercises
its option to renew. The lessee does not have the option to purchase the property at the
its option to renew. The lessee does not have the option to purchase the property at the
expiry of the lease period.
expiry of the lease period.


Hire purchase commitments
Hire purchase commitments                                                                                   Present value of
                                                                                                            Present value of
                                                                              Minimum lease payments minimum lease payments
                                                                              Minimum lease payments minimum lease payments
                                                                                      2011
                                                                                      2011      2010
                                                                                                2010       2011
                                                                                                           2011        2010
                                                                                                                       2010
                                                                                     $ '000
                                                                                     $ '000    $ '000
                                                                                               $ '000     $ '000
                                                                                                          $ '000      $ '000
                                                                                                                      $ '000
Within one year
Within one year                                                                        470
                                                                                       470          -
                                                                                                    -       398
                                                                                                            398              -
                                                                                                                             -
One year or later and no later than five years
One year or later and no later than five years                                         969
                                                                                       969          -
                                                                                                    -       890
                                                                                                            890              -
                                                                                                                             -
Later than five years
Later than five years                                                                    -
                                                                                         -          -
                                                                                                    -         -
                                                                                                              -              -
                                                                                                                             -

                                                                                     1,439
                                                                                     1,439          -
                                                                                                    -      1,288
                                                                                                           1,288             -
                                                                                                                             -
Less: future finance charges
Less: future finance charges                                                          (151)
                                                                                      (151)         -
                                                                                                    -          -
                                                                                                               -             -
                                                                                                                             -
Present value of minimum lease payments
Present value of minimum lease payments                                              1,288
                                                                                     1,288          -
                                                                                                    -      1,288
                                                                                                           1,288             -
                                                                                                                             -




Fleetwood Corporation Limited Financial Report 2011
Fleetwood Corporation Limited Financial Report 2011                                                                Page 18
                                                                                                                   Page 18
20 Employee and Executive Options
20 Employee plan Executive Options
Employee option and
Employee option plan
In accordance with the provisions of the plan, employees with more than 2 years service with the consolidated entity are granted options
to purchase ordinary shares in Fleetwood Corporation Limited. No amounts are payable for the options. 50% of the options are
In accordance with the provisions of the plan, employees with more than 2 years service with the consolidated entity are granted options
exercisable 1 year from the date of issue and a further 25% are exercisable in each of the next 2 years. The options expire 5 years
to purchase ordinary shares in Fleetwood Corporation Limited. No amounts are payable for the options. 50% of the options are
from the date of issue. There are no voting or dividend rights attaching to the options.
exercisable 1 year from the date of issue and a further 25% are exercisable in each of the next 2 years. The options expire 5 years
from the date of issue. There movements or dividend rights attaching to the options.
The following is a summary of are no votingunder the plan:
The following is a summary of movements under the plan:                                                                         Fair value
                                                                      Options                                               (market value)
                                                                                                                                Fair value
                            Options at                   Options    exercised
                                                                      Options       Options       Vested      Proceeds        of shares at
                                                                                                                            (market value)
Issue         Exercise      Options of
                          beginning at      Options     expired /
                                                         Options      (shares
                                                                    exercised      at end of
                                                                                    Options        end of
                                                                                                atVested    received on
                                                                                                              Proceeds             date of
                                                                                                                              of shares at
date
Issue            price
              Exercise            year
                          beginning of      granted
                                            Options     forfeited
                                                        expired /     issued)
                                                                      (shares           year
                                                                                   at end of         year
                                                                                                at end of      exercise
                                                                                                            received on           exercise
                                                                                                                                   date of
date                 $
                 price            year      granted     forfeited     issued)          year         year              $
                                                                                                               exercise                  $
                                                                                                                                  exercise
                     $                                                                                                $                  $
31/10/04          7.85
2010
31/10/04          7.85         164,025             -   (164,025)             -              -           -              -                  -
2010                           164,025             -   (164,025)             -              -           -              -                  -
31/10/05          6.40
2011
31/10/05          6.40         244,258             -   (192,238)     (52,020)             -           -        332,928            639,535
2010
2011                           273,277
                               244,258             -
                                                   -    (22,100)
                                                       (192,238)      (6,919)
                                                                     (52,020)       244,258
                                                                                          -     244,258
                                                                                                      -         44,282
                                                                                                               332,928             58,137
                                                                                                                                  639,535
2010                           273,277             -    (22,100)      (6,919)       244,258     244,258         44,282             58,137
31/10/06          6.38
2011
31/10/06          6.38         339,087             -    (30,000)     (65,937)       243,150     243,150        420,678            751,026
2010
2011                           385,887
                               339,087             -
                                                   -    (37,275)
                                                        (30,000)      (9,525)
                                                                     (65,937)       339,087
                                                                                    243,150     339,087
                                                                                                243,150         60,770
                                                                                                               420,678             78,947
                                                                                                                                  751,026
2010                           385,887             -    (37,275)      (9,525)       339,087     339,087         60,770             78,947
31/10/07          8.30
2011
31/10/07          8.30         397,876             -    (34,438)     (39,052)       324,386     324,386        324,132            456,777
2010
2011                           451,000
                               397,876             -
                                                   -    (51,250)
                                                        (34,438)      (1,874)
                                                                     (39,052)       397,876
                                                                                    324,386     397,876
                                                                                                324,386         15,554
                                                                                                               324,132             17,803
                                                                                                                                  456,777
2010                           451,000             -    (51,250)      (1,874)       397,876     397,876          15,554             17,803
14/11/08          4.20
2011
14/11/08          4.20         402,500             -    (36,400)     (56,850)       309,250     217,825        238,770            654,391
2010
2011                           476,000
                               402,500             -
                                                   -    (55,800)
                                                        (36,400)     (17,700)
                                                                     (56,850)       402,500
                                                                                    309,250           -
                                                                                                217,825         74,340
                                                                                                               238,770            150,604
                                                                                                                                  654,391
2010                           476,000             -    (55,800)     (17,700)       402,500           -         74,340            150,604
31/10/09          6.00
2011
31/10/09          6.00         550,800           -      (54,400)     (44,983)       451,417     203,217        269,898            531,979
2010
2011                                 -
                               550,800     557,200
                                                 -       (6,400)
                                                        (54,400)            -
                                                                     (44,983)       550,800
                                                                                    451,417           -
                                                                                                203,217              -
                                                                                                               269,898                  -
                                                                                                                                  531,979
2010                                 -     557,200       (6,400)            -       550,800           -              -                  -
31/10/10          8.02
2011
31/10/10          8.02                -    665,280              -            -      665,280             -              -                  -
2011                                 -     665,280             -            -       665,280           -               -                 -
Total 2011                   1,934,521     665,280     (347,476)    (258,842)     1,993,483     988,578       1,586,406         3,033,708
Total 2011
Total 2010                   1,750,189
                             1,934,521     557,200
                                           665,280     (336,850)
                                                       (347,476)     (36,018)
                                                                    (258,842)     1,934,521
                                                                                  1,993,483     981,221
                                                                                                988,578         194,946
                                                                                                              1,586,406           305,491
                                                                                                                                3,033,708
Total 2010average
Weighted                     1,750,189     557,200     (336,850)     (36,018)     1,934,521     981,221        194,946            305,491
price ($)
Weighted average
2011 ($)
price                             6.22         8.02         6.29         6.13          6.82         6.45
2010
2011                              6.42
                                  6.22         6.00
                                               8.02         7.02
                                                            6.29         5.41
                                                                         6.13          6.22
                                                                                       6.82         7.16
                                                                                                    6.45
2010                              6.42         6.00         7.02         5.41          6.22         7.16
                                                                                                             Weighted           Weighted
                                                                                                         average share
                                                                                                             Weighted       average share
                                                                                                                                Weighted
                                                                                                               price at
                                                                                                         average share             price at
                                                                                                                            average share
                                                                                          Share price at exercise date
                                                                                                               price at      exercise date
                                                                                                                                   price at
                                                                                             grant date
                                                                           Exercise price Share price at exercise2011
                                                                                                                  date       exercise2010
                                                                                                                                      date
Issue Date                                                                              $
                                                                           Exercise price             $
                                                                                             grant date              $
                                                                                                                  2011                  $
                                                                                                                                     2010
Issue Date                                                                              $              $               $                 $
31/10/05                                                                             6.40           6.82           12.29              8.40
31/10/06
31/10/05                                                                             6.38
                                                                                     6.40           6.98
                                                                                                    6.82           11.39
                                                                                                                   12.29              8.29
                                                                                                                                      8.40
31/10/07
31/10/06                                                                             8.30
                                                                                     6.38          10.68
                                                                                                    6.98           11.70
                                                                                                                   11.39              9.50
                                                                                                                                      8.29
14/11/08
31/10/07                                                                             4.20
                                                                                     8.30           5.25
                                                                                                   10.68           11.51
                                                                                                                   11.70              8.51
                                                                                                                                      9.50
31/10/09
14/11/08                                                                             6.00
                                                                                     4.20           7.57
                                                                                                    5.25           11.83
                                                                                                                   11.51                 -
                                                                                                                                      8.51
31/10/10
31/10/09                                                                             8.02
                                                                                     6.00          10.02
                                                                                                    7.57               -
                                                                                                                   11.83                 -
                                                                                                                                         -
31/10/10                                                                             8.02          10.02                -                 -



Fleetwood Corporation Limited Financial Report 2011                                                                            Page 19
Fleetwood Corporation Limited Financial Report 2011                                                                            Page 19
20 Employee and Executive Options (continued)
Executive option and
20 Employee plan Executive Options (continued)
In accordance with the provisions of the plan, executives are granted options to purchase ordinary shares in Fleetwood Corporation
Executive option plan
Limited. No amounts are payable for the options. One third of the options are exercisable after the 30 June subsequent to the date of
issue, a further with the provisions of the plan, executives eachgrantednext 2 years. The options are only exercisable if theCorporation
In accordance one third of the options are exercisable in are of the options to purchase ordinary shares in Fleetwood company’s
Limited. No amounts are payable for the options. One third of the options inception of the plan (1999) and subsequent greater than
total shareholder return equals or exceeds 15% p.a. compounded from the are exercisable after the 30 June is equal to orto the date of
issue, a further one third Accumulation are exercisable in expire the next 2 years. The issue. There are no voting if dividend rights
the ASX300 All Industrial of the options Index. The optionseach of 5 years from the date ofoptions are only exercisableor the company’s
attaching to the options. equals or exceeds 15% p.a. compounded from the inception of the plan (1999) and is equal to or greater than
total shareholder return
the ASX300 All Industrial Accumulation Index. The options expire 5 years from the date of issue. There are no voting or dividend rights
The following is a summary of movements under the plan:
attaching to the options.
                                                                                                                                Fair value
The following is a summary of movements under the plan:                 Options                                            (market value)
                              Options at                    Options exercised        Options       Vested      Proceeds      of Fair value
                                                                                                                                shares at
 Issue         Exercise     beginning of      Options     expired /     Options
                                                                        (shares     at end of    at end of received on (marketdate of
                                                                                                                                    value)
 date               price     Options at
                                    year      granted       Options
                                                           forfeited exercised
                                                                        issued)      Options
                                                                                         year      Vested
                                                                                                      year     Proceeds
                                                                                                                exercise     of shares at
                                                                                                                                 exercise
 Issue         Exercise $   beginning of      Options     expired /     (shares     at end of    at end of received on $           date of
                                                                                                                                         $
 date               price           year      granted      forfeited    issued)          year         year      exercise         exercise
                        $                                                                                              $                 $
 31/10/04            7.85
 2010                             67,000             -    (67,000)            -             -            -              -                -
 31/10/04            7.85
 2010                             67,000             -    (67,000)            -             -            -              -                -
 31/10/05            6.40
 2011                             16,667             -             -   (16,667)             -            -      106,669          161,170
 31/10/05
 2010                6.40        116,667             -             - (100,000)        16,667       16,667       640,000          648,000
 2011                             16,667             -             -   (16,667)             -            -      106,669          161,170
 2010                            116,667             -             - (100,000)        16,667       16,667       640,000          648,000
 31/10/06            6.38
 2011                             30,000             -             -   (30,000)             -            -      191,400          344,658
 31/10/06
 2010                6.38         48,334             -             -   (18,334)       30,000       30,000       116,971          118,804
 2011                             30,000             -             -   (30,000)             -            -      191,400          344,658
 2010                             48,334             -             -   (18,334)       30,000       30,000       116,971          118,804
 31/10/07            8.30
 2011                            225,000             -             - (191,000)        34,000       34,000     1,585,300        1,996,370
 31/10/07
 2010                8.30        335,000             -    (43,334)     (66,666)      225,000     133,334        553,328          633,327
 2011                            225,000             -             - (191,000)        34,000       34,000     1,585,300        1,996,370
 2010                            335,000             -    (43,334)     (66,666)      225,000     133,334        553,328          633,327
 14/11/08            7.25
 2011                            261,250             -             - (106,249)       155,001       78,332       770,305        1,109,540
 14/11/08
 2010                7.25        405,000             - (102,084)       (41,666)      261,250       76,666       302,079          395,827
 2011                            261,250             -             - (106,249)       155,001       78,332       770,305        1,109,540
 2010                            405,000             - (102,084)       (41,666)      261,250       76,666       302,079          395,827
 31/10/09            6.00
 2011                            276,250             -             -   (96,249)      180,001       16,667       577,494        1,018,373
 31/10/09
 2010                6.00                -    370,000     (93,750)            -      276,250             -              -                -
 2011                            276,250             -             -   (96,249)      180,001       16,667       577,494        1,018,373
 2010                                   -     370,000     (93,750)            -      276,250             -              -                -
 31/10/10            8.02
 2011                                    -    198,000              -          -      198,000             -              -                -
 31/10/10            8.02
 2011 2011
 Total                           809,167-     198,000
                                              198,000              - (440,165)
                                                                   -          -      198,000
                                                                                     567,002     128,999 -    3,231,168 -      4,630,111 -
Total 2010                     972,001      370,000    (306,168)     (226,666)      809,167      256,667       1,612,377          1,795,958
Total 2011                     809,167      198,000            -     (440,165)      567,002      128,999       3,231,168          4,630,111
Weighted average
Total 2010                     972,001      370,000    (306,168)     (226,666)      809,167      256,667       1,612,377          1,795,958
price ($)
Weighted average
2011                               7.07         8.02            -         7.34          7.19         7.37
price
2010 ($)                           7.51         6.00         7.15         7.11          7.07         7.64
2011                               7.07         8.02            -         7.34          7.19         7.37
2010                               7.51         6.00         7.15         7.11          7.07         7.64
                                                                                                                Weighted          Weighted
                                                                                                            average share     average share
                                                                                                                Weighted
                                                                                                                   price at       Weighted
                                                                                                                                     price at
                                                                                           Share price at   average share
                                                                                                             exercise date    average share
                                                                                                                               exercise date
                                                                            Exercise price    grant date           price at
                                                                                                                      2011           price at
                                                                                                                                        2010
Issue Date                                                                               $ Share price at
                                                                                                       $     exercise date
                                                                                                                         $     exercise date
                                                                                                                                           $
                                                                            Exercise price    grant date              2011              2010
Issue Date                                                                               $              $                $                 $
31/10/05                                                                              6.40           6.82             9.67              8.40
31/10/06                                                                              6.38           6.98            11.49              8.29
31/10/05
31/10/07                                                                              6.40
                                                                                      8.30           6.82
                                                                                                    10.68             9.67
                                                                                                                     10.45              8.40
                                                                                                                                        9.50
31/10/06
14/11/08                                                                              6.38
                                                                                      7.25           6.98
                                                                                                     5.25            11.49
                                                                                                                     10.44              8.29
                                                                                                                                        8.51
31/10/07
31/10/09                                                                              8.30
                                                                                      6.00          10.68
                                                                                                     7.57            10.45
                                                                                                                     10.58              9.50
                                                                                                                                           -
14/11/08
31/10/10                                                                              7.25
                                                                                      8.02           5.25
                                                                                                    10.02            10.44
                                                                                                                         -              8.51
                                                                                                                                           -
31/10/09                                                                              6.00           7.57            10.58                 -
31/10/10                                                                              8.02          10.02                -                 -

Fleetwood Corporation Limited Financial Report 2011                                                                              Page 20

Fleetwood Corporation Limited Financial Report 2011                                                                              Page 20
20 Employee and Executive Options (continued)
Total Employee and Executive share options outstanding at the end of the financial year had a weighted average remaining contractual
life of 1,336 days.
The grant date weighted average fair value of options in existence at reporting date is as follows:
         Options issued in 2007: $1.04 per option
         Options issued in 2008: $1.64 per option
         Options issued in 2009: $0.32 per option
         Options issued in 2010: $1.73 per option
         Options issued in 2011: $3.24 per option
Options were priced using the Black-Scholes option pricing model. Where relevant, the expected life used in the model has been
adjusted based on management’s best estimate for the effects of exercise restrictions and behavioral considerations. The expected
volatility is based on the historical share price volatility over the past 5 years (40.00%), whilst the risk free interest rate (4.50%) and
dividend yield (6.09%) have been assessed based on prevailing market conditions.

                                                                                                                      2011             2010
                                                                                                                     $ '000           $ '000

21 Issued capital

Issued and paid-up capital

57,847,937 (2010: 53,967,182) ordinary shares, fully paid                                                          164,448           125,780


Changes to the then Corporations Law abolished the authorised
capital and par value concept in relation to share capital from 1
July 1998. Therefore, the company does not have a limited
amount of authorised capital and issued shares do not have a par
value.

Holders of ordinary shares are entitled to receive dividends as
declared and to one vote per share held.
                                                                                               2011                           2010
                                                                                    # Shares           $ '000     # Shares            $ '000

Movements in ordinary share capital

Balance at beginning of year                                                      53,967,182          125,780   52,598,325           114,637
Equity settled share-based payments                                                        -            1,880            -               917
Shares issued pursuant to Dividend Reinvestment Plan                                 681,748            7,146    1,106,173             8,419
Shares issued pursuant to Employee and Executive Option Plans                        699,007            4,817      262,684             1,807
Shares issued as consideration for acquisition of BRB Modular                      2,500,000           24,825            -                 -

Balance at the end of year                                                        57,847,937          164,448   53,967,182           125,780


Ordinary shares are allotted under the dividend reinvestment plan
at a discount to the weighted average price of ordinary shares sold
on the Stock Exchange over the period of 5 business days up to
and including the record date. The current discount is 2.5%.

Shares issued as consideration for acquisition of BRB Modular
were subject to a 12 month escrow period which expired 18
August 2011.

Since the end of the financial year 274,221 shares have been
issued pursuant to the exercise of employee and executive
options.




Fleetwood Corporation Limited Financial Report 2011                                                                              Page 21
                                                                                            2011         2010
                                                                                           $ '000       $ '000

22 Reserves

Foreign currency translation reserve                                                       (1,001)       (649)
Hedging reserve                                                                                 -         202

                                                                                           (1,001)       (447)


Foreign currency translation reserve
Balance at beginning of year                                                                 (649)       (737)
Translation of foreign operations                                                            (352)         89

                                                                                           (1,001)       (649)

Hedging reserve
Balance at beginning of year                                                                  202           -
Gain on cash flow hedges                                                                        -         202
Settlement of cash flow hedges                                                               (202)          -

                                                                                                -         202


Reserves relate to exchange differences on the translation of self-sustaining foreign
operations and hedging gains or losses recognised on the effective portion of cash flow
hedges.


23 Retained earnings

Balance at beginning of year                                                               31,540      27,849
Profit attributable to members of the parent entity                                        51,250      38,659
Dividends recognised                                                                      (40,008)    (34,968)

                                                                                           42,782      31,540


                                                                                            2011         2010
                                                                                               $            $

24 Auditors' remuneration
Audit services                                                                            171,000     148,875
Other services                                                                             39,012      62,438

                                                                                          210,012     211,313


The auditor of Fleetwood Corporation Limited is Deloitte Touche Tohmatsu.




Fleetwood Corporation Limited Financial Report 2011                                                  Page 22
25 Deed of cross guarantee

Pursuant to an ASIC Class Order 98/1418 dated 13 August 1998, relief was granted to the wholly owned subsidiaries listed below from
the requirement to prepare, have audited and lodge financial reports.
It is a condition of the Class Order that the Company and each of the subsidiaries listed below enter into a Deed of Cross Guarantee.
The effect of the Deed is that the Company guarantees to each creditor, payment in full of any debt in the event of winding up of any
subsidiaries under certain provisions of the Corporations Act 2001. If a winding up occurs under other provisions of the Law, the
Company will only be liable in the event that after six months any creditor has not been paid in full. The subsidiaries have also given
similar guarantees in the event that the Company is wound up.
Subsidiaries subject to the deed are:
     A.C.N. 008 763 193 Pty Ltd
     BRB Modular Pty Ltd
     Camec Pty Ltd
     Coromal Caravans Pty Ltd
     Fleetwood Finance (WA) Pty Ltd
     Fleetwood Pty Ltd
     Flexiglass Challenge Pty Ltd
     Windsor Caravans Pty Ltd
A consolidated statement of financial performance and financial position comprising the Company and its subsidiaries, which are party
to the Deed, after eliminating all transactions between parties to the Deed of Cross Guarantee is set out below:


                                                                                                                   2011          2010
                                                                                                                  $ '000        $ '000

Income statement
Sales revenue                                                                                                   457,273       281,856
Other income                                                                                                        765           155
Materials used                                                                                                 (179,461)     (116,305)
Sub-contract costs                                                                                              (71,307)      (21,570)
Employee benefits expense                                                                                       (74,593)      (48,517)
Operating leases                                                                                                (10,804)       (6,417)
Other expenses                                                                                                  (33,754)      (22,748)

Profit before interest, tax, depreciation and amortisation (EBITDA)                                              88,119        66,454

Depreciation and amortisation expense                                                                           (13,937)      (12,678)

Profit before interest and tax (EBIT)                                                                            74,182        53,776

Finance costs                                                                                                    (1,811)          (496)

Profit before income tax expense                                                                                 72,371        53,280
Income tax expense                                                                                              (22,124)      (15,469)

Profit attributable to members of the parent entity                                                              50,247        37,811




Fleetwood Corporation Limited Financial Report 2011                                                                         Page 23
                                                                                                                   2011           2010
                                                                                                                  $ '000         $ '000

25 Deed of cross guarantee (continued)

Balance sheet
Current assets
Cash and cash equivalents                                                                                         12,759        11,394
Trade and other receivables                                                                                       73,418        39,063
Inventories                                                                                                       43,239        34,376
Other financial assets                                                                                             5,302           202

Total current assets                                                                                            134,718         85,035

Non-current assets
Trade and other receivables                                                                                           25            30
Investments                                                                                                          124           111
Property, plant and equipment                                                                                     93,762        84,080
Intangibles                                                                                                        2,390         2,743
Goodwill                                                                                                          64,457        28,333
Deferred tax assets                                                                                                3,075         1,782

Total non-current assets                                                                                        163,833        117,079

Total assets                                                                                                    298,551        202,114

Current liabilities
Trade and other payables                                                                                          65,816        39,413
Interest bearing liabilities                                                                                         398             -
Tax liabilities                                                                                                    5,996         7,307
Provisions                                                                                                         4,303         2,820

Total current liabilities                                                                                         76,513        49,540

Non-current liabilities
Interest bearing liabilities                                                                                      20,890             -
Deferred tax liabilities                                                                                               -           577
Provisions                                                                                                         3,217         2,703

Total non-current liabilities                                                                                     24,107         3,280

Total liabilities                                                                                               100,620         52,820

Net assets                                                                                                      197,931        149,294

Equity
Issued capital                                                                                                  164,450        125,780
Reserves                                                                                                          (1,001)         (446)
Retained earnings                                                                                                34,482         23,960

Total equity                                                                                                    197,931        149,294



26 Financial instruments
Capital management
The group manages capital to ensure entities in the group will be able to continue as a going concern, while maximising returns to
shareholders through optimisation of debt and equity balances. The categories of financial instruments of the entity are apparent from
the face of the statement of financial position.
The group’s overall strategy remains unchanged from 2010.
The capital structure of the group consists of debt, which includes borrowings disclosed in Note 17, cash and cash equivalents and
equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in Notes 21,
22 and 23 respectively.
Operating cash flows are used to maintain and expand the group’s operating assets, make payments of tax and dividends and to repay
maturing debt. The group’s policy is to borrow centrally to meet anticipated funding requirements. The group does not have a target
gearing ratio.




Fleetwood Corporation Limited Financial Report 2011                                                                          Page 24
26 Financial instruments (continued)
Financial risk management objectives
Principal financial instruments comprise cash, receivables, payables, hire purchase creditors, and bank loans disclosed in Notes 8, 9,
15, 17, and 18 respectively. All financial instruments are carried at amortised cost. The group manages its exposure to key financial
risks, including interest rate and currency risk, in accordance with the group's financial risk management policy. The objective of the
policy is to support delivery of financial targets whilst providing financial security.
The main financial instrument risks are interest rate risk, foreign currency risk, credit risk and liquidity risk. Different methods are used
to measure and manage different types of risks including monitoring exposure to interest rate and foreign exchange risk and
assessments of market forecasts for interest and foreign exchange rates. Ageing analysis and monitoring of specific credit allowances
are undertaken to manage credit risk. Liquidity risk is monitored through the development of future rolling cash flow forecasts.
Policies for managing each of these risks is summarised below.

Foreign currency
30 June 2011 (and 30 June 2010) exposure to foreign currency was immaterial.

Interest rate
Interest rate risk arises from borrowings disclosed in Note 18. Group policy is to manage finance costs by using a mix of fixed and
variable rate debt after considering market forecasts. The following table summarises the sensitivity of the Group’s financial assets and
liabilities to interest rate risk:

Interest rate sensitivity analysis

                                                                                              - 75 bps                     + 75 bps
                                                                       Carrying
                                                                        amount           Profit          Equity        Profit         Equity
                                                                         $ '000          $ '000          $ '000        $ '000         $ '000
Financial assets
Cash and cash equivalents - 2011                                         17,985           (135)          (135)           135            135
Cash and cash equivalents - 2010                                         15,600           (117)          (117)           117            117

Financial liabilities
Borrowings - 2011                                                        21,288            160            160           (160)          (160)
Borrowings - 2010                                                             -              -              -               -              -
Total - 2011                                                                                 25             25           (25)           (25)
Total - 2010                                                                              (117)          (117)           117            117


Exposure to interest rate risk on financial assets and liabilities, both recognised and unrecognised, has been disclosed in Notes 8, 9, 14
and 18.

Credit
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the group. The
group’s policy is to deal with creditworthy counterparties and obtain sufficient collateral where appropriate as a means of mitigating the
risk of financial loss from defaults. Reviews of each new customer’s creditworthiness are undertaken before the group’s standard
payment and delivery terms are offered. The review assesses credit quality of the customer, taking into account its financial position,
past experience, industry reputation and other factors. Purchase limits are established for each customer. Compliance by customers
with credit limits is regularly monitored by management. Customers that fail to meet the benchmark creditworthiness may transact with
the group only on a prepayment basis. Sales to retail customers are required to be settled in cash or by using major credit cards,
mitigating credit risk.
The carrying amount of financial assets recorded in the financial statements represents the group’s maximum exposure to credit risk.
Liquidity
Ultimate responsibility for liquidity risk management rests with the Board of Directors, who have built an appropriate liquidity risk
framework for the management of short, medium and long-term funding. Liquidity risk is managed by maintaining adequate reserves
and banking facilities, by monitoring forecast and actual cash flows and by matching the maturity profiles of financial assets and
liabilities. Included in Note 18 is a listing of unused facilities that the group has at its disposal to further reduce liquidity risk. The
remaining contractual maturities of the group and parent entity’s financial liabilities are:

         3 months or less: Trade and other payables as disclosed at Note 15.
         12 months or less: Hire purchase creditors – 2011 $398,279 (2010: Nil).
         Greater than 12 months: Commercial Bills – 2011 $20,000,000 (2010: Nil).
         Greater than 12 months: Hire purchase creditors – 2011 $890,367 (2010: Nil).




Fleetwood Corporation Limited Financial Report 2011                                                                               Page 25
26 Financial instruments (continued)
26 Financial instruments (continued)
Fair value of financial assets and liabilities
Fair value of financial assets and liabilities
The fair value of financial assets and liabilities recognised in the statement of financial position is based on cash flows due from
customers or payable to suppliers. The cash flows have not in the statement of financial position
The fair value of financial assets and liabilities recognised been discounted to their present value.is The carrying values approximate
                                                                                                          based on cash flows due from
fair value.
customers or payable to suppliers. The cash flows have not been discounted to their present value. The carrying values approximate
fair value.
The fair values of financial instruments are derived from quoted prices (unadjusted) in active markets for identical assets or liabilities.
There are clearly financial instruments are for all financial instruments held by the Group.
The fair values of observable quoted prices derived from quoted prices (unadjusted) in active markets for identical assets or liabilities.
There are clearly observable quoted prices for all financial instruments held by the Group.
                                                                                                                      2011             2010
                                                                                                                       '000
                                                                                                                     $2011              '000
                                                                                                                                     $2010
                                                                                                                     $ '000          $ '000
27 Notes to the statement of cash flows
27 Notes to the statement of cash flows
27.1 Reconciliation of profit from ordinary activities after income tax to net
       Reconciliation of operating ordinary
27.1 cash provided by profit fromactivities activities after income tax to net
       cash provided by operating activities
Operating profit after income tax                                                                                  51,250         38,659
Operating profit after income tax                                                                                  51,250         38,659
Less items classified as investing activities:
Less items classified as investing activities:
Loss on sale of non-current assets                                                                                      25              5
Loss on sale of non-current assets                                                                                      25              5
Add non-cash items:
Add non-cash items:
Equity settled share-based payments                                                                                 1,880            917
Equity settledand amortisation expense
Depreciation share-based payments                                                                                  14,049
                                                                                                                    1,880         12,797
                                                                                                                                     917
Written down and amortisation expense
Depreciation value of rental fleet sold                                                                             4,801
                                                                                                                   14,049          1,855
                                                                                                                                  12,797
Written down value of rental fleet sold                                                                             4,801          1,855

Changes in assets and liabilities during the year:
Changes in assets and liabilities during the year:
(Increase) decrease in inventories                                                                                   9,410        (1,927)
                       trade and other receivables
(Increase) decrease in inventories                                                                                 (21,048)
                                                                                                                     9,410        (3,936)
                                                                                                                                  (1,927)
                       other financial assets
(Increase) decrease in trade and other receivables                                                                  (5,302)
                                                                                                                   (21,048)            -
                                                                                                                                  (3,936)
Increase (decrease) trade and other payables
(Increase) decrease in other financial assets                                                                       (2,004)
                                                                                                                    (5,302)        4,656
                                                                                                                                       -
                       provisions
Increase (decrease) in trade and other payables                                                                     (1,131)
                                                                                                                    (2,004)          572
                                                                                                                                   4,656
                       income taxes payable
Increase (decrease) in provisions                                                                                      275
                                                                                                                    (1,131)        2,048
                                                                                                                                     572
Decrease in deferred taxes payable
Increase (decrease) in income taxes payable                                                                           (370)
                                                                                                                       275          (829)
                                                                                                                                   2,048
Decrease in deferred taxes payable                                                                                    (370)         (829)
Net cash provided by operating activities                                                                           51,835        54,817
Net cash provided by operating activities                                                                           51,835        54,817

27.2 Non-cash financing and investing activities
27.2 Non-cash financing and investing activities
During the year, dividends of $7,145,923 (2010: $8,418,361) were reinvested in the Company as 681,748 (2010: 1,106,173) fully paid
ordinary shares dividends the Dividend (2010: $8,418,361)
During the year,pursuant toof $7,145,923Reinvestment Plan. were reinvested in the Company as 681,748 (2010: 1,106,173) fully paid
ordinary shares pursuant to the Dividend Reinvestment Plan.
The Company received dividends of $51,693,018 (2010: $33,647,296) from controlled entities by way of an increase in controlled
entities loan accounts.
The Company received dividends of $51,693,018 (2010: $33,647,296) from controlled entities by way of an increase in controlled
entities loan accounts.

28 Contingent liabilities
28 Contingent liabilities Guarantee, the Company has guaranteed the repayment of all current and non-current liabilities
Under the terms of the Deed of Cross
totalling $99,950,425 (2010: of Cross Guarantee, the Company entities which are party to the Deed are wound up.
Under the terms of the Deed$52,819,912) in the event any of the has guaranteed the repayment of all current and non-current liabilities
totalling $99,950,425 (2010: $52,819,912) in the event any of the entities which are party to the Deed are wound up.
The directors are not aware of any circumstances or information that would lead them to believe these liabilities will crystallise and
consequently are not aware of any circumstances or statements that would lead them to believe these liabilities will crystallise and
The directors no provisions are included in the financial information in respect of these matters.
consequently no provisions are included in the financial statements in respect of these matters.
Certain claims arising out of construction and insurance contracts have been made by or against controlled entities in the ordinary
course claims arising out of construction and insurance contracts have been made by or against that the outcome in the ordinary
Certain of business, some of which involved litigation or adjudication. The directors do not consider controlled entities of any of these
claims of have a material of which involved the financial position of The directors entity.
course will business, some adverse impact on litigation or adjudication.the consolidateddo not consider that the outcome of any of these
claims will have a material adverse impact on the financial position of the consolidated entity.




Fleetwood Corporation Limited Financial Report 2011                                                                              Page 26
Fleetwood Corporation Limited Financial Report 2011                                                                              Page 26
29 Particulars relating to controlled entities
Fleetwood Corporation Limited (Ultimate parent entity)
29 Particulars relating to controlled entities                                                                       Interest held
                                                                                                                                   2         2
Fleetwood Corporation Limited (Ultimate parent entity)                                                               Interest held
                                                                                                                    2011         2010
Controlled entities                                                                                                    %           2%        2
                                                                                                                    2011         2010
A.C.N. 008 763 193 Pty Ltd
Controlled entities                                                                                                  100
                                                                                                                       %           100
                                                                                                                                     %
BRB Modular Pty Ltd                                                                                                  100             0
Camec Pty 763
A.C.N. 008 Ltd 193 Pty Ltd                                                                                           100           100
BRB Modular Pty Ltd Ltd
Coromal Caravans Pty                                                                                                 100             0
                                                                                                                                   100
Fleetwood Ltd
Camec PtyPty Ltd                                                                                                     100           100
Fleetwood Finance (WA) Pty
Coromal Caravans Pty Ltd Ltd                                                                                         100           100
Flexiglass Pty Ltd
Fleetwood Challenge Pty Ltd                                                                                          100           100
Windsor Caravans (WA) Pty
Fleetwood Finance Pty Ltd Ltd                                                                                        100           100
Flexiglass Challenge Industries (NZ) Limited (incorporated in New Zealand)
                     Pty Ltd                                                                                         100           100
Windsor Caravans (incorporated in New Zealand) – formerly Serada Limited
Camec NZ Limited Pty Ltd                                                                                             100           100
Flexiglass Challenge Industries (NZ) Limited (incorporated in New Zealand)                                           100           100
Camec NZ Limited (incorporated in New Zealand) – formerly Serada Limited                                             100           100
30 Related parties
Directors
30 Related        parties
The names of each person holding the position of director of Fleetwood Corporation Limited during the financial year are S Gill, P
Directors
Gunzburg, M Hardy, and G Tate. Details of directors’ remuneration is set out in the Remuneration Report contained in the Directors’
The names of each person holding the position of director of Fleetwood Corporation Limited during the financial year are S Gill, P
Report.
Gunzburg, M Hardy, and G Tate. Details of directors’ remuneration is set out in the Remuneration Report contained in the Directors’
No director has entered into a material contract with the Company or the consolidated entity since the end of the financial year and
Report.
there were no material contracts involving directors’ interests existing at year-end.
No director has entered into a material contract with the Company or the consolidated entity since the end of the financial year and
there were the Company or its involving entities may purchase goods year-end.
Directors ofno material contractscontrolled directors’ interests existing at from the consolidated entity. These purchases are on the same
terms and conditions as those entered into by other consolidated entity employees.
Directors of the Company or its controlled entities may purchase goods from the consolidated entity. These purchases are on the same
Directors’ and executives’ shareinto by other consolidated entity employees.
terms and conditions as those entered and option holdings
The interestanddirectors and executives of the consolidated entity and its related entities, in shares and options of Fleetwood
Directors’ of executives’ share and option holdings
Corporation Limited are
The interest of directors and executives of the consolidated entity and its related entities, in shares and options of Fleetwood
Corporation Limited are                                                    Shares at        Options      Net other     Shares at
                                                                   beginning of year       exercised       change    end of year
Directors                                                                  Shares at        Options      Net other     Shares at
                                                                   beginning of year       exercised       change    end of year
Stephen Gill
Directors
2011                                                                       2,989,395                -       39,428     3,028,823
Stephen Gill
2010                                                                       2,907,360          50,000        32,035     2,989,395
2011                                                                       2,989,395                -       39,428     3,028,823
Robert McKinnon
2010                                                                       2,907,360          50,000        32,035     2,989,395
2010                                                                          10,000         108,332     (118,332)             -
Robert McKinnon
Greg Tate
2010                                                                          10,000         108,332     (118,332)             -
2011                                                                       6,577,653         179,999        40,860     6,798,512
Greg
2010 Tate                                                                  6,307,518          50,000       220,135     6,577,653
2011                                                                       6,577,653         179,999        40,860     6,798,512
2010
Executives                                                                 6,307,518          50,000       220,135     6,577,653
Bradley Denison
Executives
2011                                                                               18,130          58,000               -         76,130
Bradley Denison
2010                                                                               24,296           8,334        (14,500)         18,130
2011                                                                               18,130          58,000               -         76,130
Bradley
2010 Van Hemert                                                                    24,296           8,334        (14,500)         18,130
2011                                                                              150,996          72,667           1,185        224,848
Bradley
2010 Van Hemert                                                                   169,889               -        (18,893)        150,996
2011                                                                              150,996          72,667           1,185        224,848
Wayne
2010 Manners                                                                      169,889               -        (18,893)        150,996
2010                                                                                5,000               -         (5,000)              -
Wayne Manners
2010
2011                                                                             5,000
                                                                            9,736,174         310,666-         (5,000)
                                                                                                               81,473    10,128,313  -
2010                                                                        9,424,063         216,666          95,445     9,736,174
2011                                                                        9,736,174         310,666          81,473    10,128,313
2010                                                                        9,424,063         216,666          95,445     9,736,174
There are no shares held nominally. Steve Price, Steve Carroll and Ben Rosser did not hold any shares as at 30 June 2011 (2010: nil).

There are no shares held nominally. Steve Price, Steve Carroll and Ben Rosser did not hold any shares as at 30 June 2011 (2010: nil).




Fleetwood Corporation Limited Financial Report 2011                                                                            Page 27

Fleetwood Corporation Limited Financial Report 2011                                                                            Page 27
30 Related parties (continued)
                              Options at                                                       Vested                           Proceeds
                            beginning of         Granted                     Options at     during the     Vested at          received on
                                    year       (forfeited)   Exercised      end of year           year    end of year            exercise
Directors                                                                                                                               $
Stephen Gill
2011                                       -             -             -               -              -               -                -
2010                                  50,000             -      (50,000)               -              -               -          320,000
Robert McKinnon
2010                              225,000        (29,168)     (108,332)                -        75,000                -          855,406
Greg Tate
2011                              350,000              -      (179,999)        170,001         116,667         45,000           1,357,910
2010                              275,000        125,000       (50,000)        350,000          75,000        108,334             320,000

Executives
Steve Carroll
2011                                       -      15,000               -         15,000               -               -                 -
2010                                       -           -               -              -               -               -                 -
Bradley Denison
2011                              111,000         40,000        (58,000)        93,000          37,000         10,000            421,500
2010                               86,334         33,000         (8,334)       111,000          21,000         31,000             53,171
Bradley Van Hemert
2011                              196,667         40,000        (72,667)       164,000          50,000         73,999            513,869
2010                              186,667         10,000               -       196,667          33,334         96,667                  -
Wayne Manners
2010                                  85,000     (85,000)              -               -              -               -                 -
Stephen Price
2011                                       -      50,000               -         50,000               -               -                 -
2010                                       -           -               -              -               -               -                 -
Ben Rosser
2011                                       -      30,000               -         30,000               -               -                 -
2011                              657,667        175,000      (310,666)        522,001         203,667        128,999           2,293,279
2010                              908,001         53,832      (216,666)        657,667         204,334        236,001           1,548,577




All vested options are exercisable.
The aggregate compensation of the key management personnel of the consolidated entity and the Company for the year is set-out
below:
                                                                                                                    2011             2010
                                                                                                                          $                $

Short-term employee benefits                                                                                   3,212,031         1,721,225
Post-employment benefits                                                                                         131,983           150,042
Share-based payment                                                                                              381,037           340,451

                                                                                                               3,725,051         2,211,718



Transactions between Fleetwood Corporation and its related parties
During the financial year, the following transactions occurred between the company and its other related parties:
         Subsidiaries of the parent company made dividend payments totaling $51,693,018 (2010: $33,647,296) to the parent entity.
The following balances arising from transactions between the company and its other related parties are outstanding at reporting date:
         Current loans totaling $113,570,418 (2010: $106,229,367) are repayable to the parent.
Transactions and balances between the company and its subsidiaries were eliminated in the preparation of the consolidated financial
statements of the Group.




Fleetwood Corporation Limited Financial Report 2011                                                                              Page 28
31 Business combination

31 Business combination
Fleetwood Corporation Ltd (Fleetwood) entered into an agreement to purchase all of the issued capital of BRB Modular Pty Ltd (BRB)
on 10 August 2010.
The fair value of the identifiable assets and liabilities of BRB at the purchase all of the issued capital of BRB Modular and the cash
Fleetwood Corporation Ltd (Fleetwood) entered into an agreement todate of acquisition, the total cost of the acquisition Pty Ltd (BRB)
flow at acquisition were as follows:
on 10 August 2010.
The fair value of the identifiable assets and liabilities of BRB at the date of acquisition, the total cost of the acquisition and the cash
                                                                                                                    Carrying     Fair Value
flow at acquisition were as follows:
                                                                                                                       Value Recognised
                                                                                                                      $ '000
                                                                                                                    Carrying           '000
                                                                                                                                 Fair$Value
Cash and cash equivalents                                                                                                           11,716
                                                                                                                     11,716 Recognised
                                                                                                                       Value
Trade and other receivables                                                                                          11,538
                                                                                                                      $ '000        11,306
                                                                                                                                     $ '000
Inventories
Cash and cash equivalents                                                                                            18,470
                                                                                                                     11,716         17,930
                                                                                                                                    11,716
Prepayments
Trade and other receivables                                                                                              674
                                                                                                                     11,538             674
                                                                                                                                    11,306
Property, plant and equipment
Inventories                                                                                                           7,925
                                                                                                                     18,470           7,593
                                                                                                                                    17,930
Current tax assets
Prepayments                                                                                                           1,788
                                                                                                                         674          1,788
                                                                                                                                        674
Deferred tax assets equipment
Property, plant and                                                                                                   1,300
                                                                                                                      7,925           1,576
                                                                                                                                      7,593
Current tax assets
Total assets                                                                                                          1,788
                                                                                                                     53,411           1,788
                                                                                                                                    52,583
Deferred tax assets                                                                                                   1,300           1,576

Trade and other payables
Total assets                                                                                                        14,266
                                                                                                                    53,411         15,016
                                                                                                                                   52,583
Unearned revenue                                                                                                    12,214         12,214
Provisions
Trade and other payables                                                                                             2,416
                                                                                                                    14,266          3,250
                                                                                                                                   15,016
Finance lease liabilities
Unearned revenue                                                                                                     2,178
                                                                                                                    12,214          2,178
                                                                                                                                   12,214
Deferred tax liabilities
Provisions                                                                                                               -
                                                                                                                     2,416            (97)
                                                                                                                                    3,250
Finance lease liabilities
Total liabilities                                                                                                    2,178
                                                                                                                    31,074          2,178
                                                                                                                                   32,561
Deferred tax liabilities                                                                                                 -            (97)
Fair value of identifiable net assets acquired                                                                      22,337         20,022
Total liabilities                                                                                                   31,074         32,561
Book value of net assets (including working capital and plant and equipment)
Fair value of identifiable net assets acquired                                                                      22,337         20,022
Goodwill                                                                                                                           36,124
Book value of net assets (including working capital and plant and equipment)                                                       20,022
                                                                                                                                   56,146
Goodwill                                                                                                                           36,124

The receivables acquired, which principally comprised trade receivables, had gross contractual amounts receivable of $11,538,000.
                                                                                                                          56,146
The best estimate, at acquisition date, of the contractual cash flows not expected to be collected was $232,000.
The receivables acquired, which principally comprised trade receivables, had gross contractual amounts receivable of $11,538,000.
The of the combination:
Costbest estimate, at acquisition date, of the contractual cash flows not expected to be collected was $232,000.
Fair value of shares issued                                                                                               24,825
Cost of the combination:
Cash paid                                                                                                                 31,321
Direct costs relating issuedacquisition (recorded in the income statement)
Fair value of shares  to the                                                                                                 200
                                                                                                                          24,825
Cash paid of the combination
Total cost                                                                                                                31,321
                                                                                                                          56,346
Direct costs relating to the acquisition (recorded in the income statement)                                                  200

The cash outflow combination
Total cost of the on acquisition is as follows:                                                                                    56,346
Net cash acquired with the subsidiary                                                                                              11,716
Direct costs relating acquisition is as
The cash outflow on to the acquisitionfollows:                                                                                       (200)
Cash paid
Net cash acquired with the subsidiary                                                                                             (31,321)
                                                                                                                                   11,716
Direct costs relating to the acquisition
Net consolidated cash outflow                                                                                                        (200)
                                                                                                                                  (19,805)
Cash paid                                                                                                                         (31,321)

The acquired business outflow
Net consolidated cashcontributed revenues of $118,835,312 and net profit after tax of $7,887,514 (excluding incremental interest) to
                                                                                                                            (19,805)
the Group for the period 10 August 2010 to 30 June 2011. Had BRB been acquired at 1 July 2010, the revenue for the group would
have been $479,647,855, and the profit attributable to members of the parent entity would have been $52,113,807. The directors have
The acquired business contributed revenues of $118,835,312 and net profit after tax of $7,887,514 (excluding incremental interest) to
determined these 'pro-forma' numbers to represent an approximate measure of the performance of the group on an annualised basis.
the Group for the period 10 August 2010 to 30 June 2011. Had BRB been acquired at 1 July 2010, the revenue for the group would
In determining the 'pro-forma' the profit attributable the group had BRB been acquired at have 2010, the directors have extrapolated
have been $479,647,855, and revenue and profit of to members of the parent entity would 1 Julybeen $52,113,807. The directors have
the revenue and earnings for BRB for to period from approximate measure of the performance month period, an added them to the
determined these 'pro-forma' numbers therepresent an acquisition date to 30 June 2011 over a 12of the group on andannualised basis.
revenues and profits of the remainder of the group for the year.
In determining the 'pro-forma' revenue and profit of the group had BRB been acquired at 1 July 2010, the directors have extrapolated
the revenue and earnings for BRB for the period from acquisition date to 30 June 2011 over a 12 month period, and added them to the
revenues and profits of the remainder of the group for the year.




Fleetwood Corporation Limited Financial Report 2011                                                                             Page 29
                                                                                                               2011          2010
                                                                                              Note            $ '000        $ '000

32 Parent entity disclosures

32.1 Financial position

Assets
Current assets                                                                                               13,385        11,846
Non-current assets                                                                                          191,739       128,541

Total assets                                                                                                205,124       140,387


Liabilities
Current liabilities                                                                                            7,542         8,787
Non-current liabilities                                                                                       20,300           385

Total liabilities                                                                                             27,842         9,172


Equity
Issued capital                                                                                              164,448       125,780
Retained earnings                                                                                            12,834         5,435

Total equity                                                                                                177,282       131,215


32.2 Financial performance


Total comprehensive income                                                                                    47,406       31,959


32.3 Guarantees entered into by the parent entity in relation to the debts of
     its subsidiaries

Guarantee provided under the deed of cross guarantee                                           25           100,620        52,820



Under the terms of the Deed of Cross Guarantee, the Company has guaranteed the repayment of all current and non-current liabilities
totaling $99,950,425 (2010: $52,819,912) in the event any of the entities which are party to the Deed are wound up.


33 Events after the reporting period
There were no material events after the end of the reporting period.




Fleetwood Corporation Limited Financial Report 2011                                                                      Page 30
Corporate Governance Statement
Corporate Governance Statement
Compliance with the ASX Corporate Governance Council’s Principles and
Compliance with the ASX Corporate Governance Council’s Principles and
Recommendations
Recommendations
Fleetwood has a governance culture based on the ASX Corporate Governance Council’s Corporate Governance Principles and
Fleetwood has a (ASX Principles).
Recommendations governance culture based on the ASX Corporate Governance Council’s Corporate Governance Principles and
Recommendations (ASX Principles).
This statement outlines the main corporate governance practices of the Company, which were in place throughout the year and at the
date statement outlines the main corporateASX Principles, the Company Company, which were incorporate governance year and at the
This of this report. In accordance with the governance practices of the has posted copies of its place throughout the practices on its
websitethis report. In accordance with the ASX Principles, the Company has posted copies of its corporate governance practices on its
date of www.fleetwood.com.au.
website www.fleetwood.com.au.
Areas of non-compliance and the reasons for non-compliance are noted in this statement.
Areas of non-compliance and the reasons for non-compliance are noted in this statement.
Role of the Board and Chief Executive Officer
Role of the Boardin accordance with the general principles set out in its charter, which is available from the corporate governance
The Board operates and Chief Executive Officer
The Board operates in accordance with the general the Board are to:
section of the Company’s website. The major roles ofprinciples set out in its charter, which is available from the corporate governance
section of the Company’s website. The major roles of the Board are to:
          Set the strategic direction of the Group with management and monitor implementation of the strategy;
          Set the strategic direction of Executive Officer, determine conditions of service and monitor strategy;
           Select and appoint the Chief the Group with management and monitor implementation of theperformance;
          Select and appoint of the Chief Financial Officer and Company Secretary;
           Ratify appointment the Chief Executive Officer, determine conditions of service and monitor performance;
          Ratify appointment of service and monitor performance of senior executives;
           Approve conditions of the Chief Financial Officer and Company Secretary;
          Monitor conditions of service and monitor performance
           Approvefinancial outcomes and the integrity of reporting;of senior executives;
          Set limits of authority for committing to expenditure, entering into contracts or acquiring businesses;
           Monitor financial outcomes and the integrity of reporting;
          Ensure effective audit, risk management and compliance systems are in place;
           Set limits of authority for committing to expenditure, entering into contracts or acquiring businesses;
          Monitor compliance with regulatory requirements and ethical standards;
           Ensure effective audit, risk management and compliance systems are in place;
          Review compliance with regulatory requirements and ethical standards;
           Monitor executive succession planning and development on a regular basis; and
          Ensure executive succession planning Shareholders.
           Review effective and timely reporting toand development on a regular basis; and
          Ensure effective and timely reporting to Shareholders.
The Board has delegated responsibility for managing the strategic direction and day–to-day operations of the Group to the Chief
The Board has delegated responsibility communication established between and day–to-day operations of the Group
Executive Officer. There are clear lines offor managing the strategic direction the Chairman and Chief Executive Officer. to the Chief
Executive Officer. There are clear lines of communication established between the Chairman and Chief Executive Officer.
Board Structure
Board Structure Board size and composition, subject to limits imposed by the Company’s constitution.
The Board determines
The Board determines Board size and composition, subject to limits imposed by the Company’s constitution.
At the date of this Annual Report the Board was comprised of four non-executive Directors, two of whom are independent. Mr. G. Tate
At the date of this Annual Report the Board was and are not four non-executive their shareholdings in are independent. Mr. Hardy,
and Mr. S. Gill are both non-executive Directorscomprised of independent due toDirectors, two of whom the Company. Mr. M.G. Tate
and is the Gill are both non-executive Directors and are not independent due to are shareholdings in the Company. Mr. M. which
who Mr. S. Chairman, and Mr. P. Gunzburg, are both non-executive Directors and their free of any business or other relationshipHardy,
could interfere with them exercising independent judgment.
who is the Chairman, and Mr. P. Gunzburg, are both non-executive Directors and are free of any business or other relationship which
could interfere with them exercising independent judgment.
The Board recognises that its composition does not comply with Recommendation 2.1 of the ASX Principles, however considers that its
The Board recognises that its composition does decisions with Recommendation variety of perspectives and skills considers that its
composition is conducive to making appropriatenot comply as its members bring a2.1 of the ASX Principles, however to the Board and
composition right to seek independent professional advice as its members bring a variety of perspectives and skills to the Board and
each has theis conducive to making appropriate decisions at the Company’s expense.
each has the right to seek independent professional advice at the Company’s expense.
The Company recognises the importance of having a Board comprised of directors with an appropriate range of backgrounds, skills,
The Company recognises the importance of having a appointment to the Board, the Company considers the following factors:
diversity and experience. In considering candidates for Board comprised of directors with an appropriate range of backgrounds, skills,
diversity and experience. In considering candidates for appointment to the Board, the Company considers the following factors:
          Qualifications, expertise and experience of the person; and
          Qualifications, expertise and experience of person.
           Professional and personal reputation of the the person; and
          Professional and personal reputation of the person.
The period of office together with the backgrounds, skills and experience of each director is described on page 5 of this Annual Report.
The period of office together with the backgrounds, skills and experience of each director is described on page 5 of this Annual Report.
The Board considers that the establishment of a Nominations Committee is unnecessary as the Board is not of a size sufficient to justify
The Board considers that the establishment of a Nominations Committee is unnecessary as the Board with of a size sufficient to of the
the formation of a sub-committee for this task and in this regard the responsible entity does not complyis notRecommendation 2.4 justify
ASX Principles. a sub-committee for this task and in this regard the responsible entity does not comply with Recommendation 2.4 of the
the formation of
ASX Principles.
Review of Senior Executives and Board Performance
Review of Senior Executives to review the performance of senior executives and Board members.
Fleetwood has processes in place and Board Performance
Fleetwood has processes in place to review the performance of senior executives and Board members.
The assessment and monitoring of the Chief Executive Officer is undertaken annually by the Chairman and discussed with Board
members. The Chief Executive Officer’sChief Executive evaluated undertaken annuallyoverall performance of the Company together
The assessment and monitoring of the performance is Officer is by reference to the by the Chairman and discussed with Board
with relevant key performance indicators. performance is evaluated by reference to the Financial Officer is undertaken annually by the
members. The Chief Executive Officer’s The assessment and monitoring of the Chief overall performance of the Company together
Chief Executive Officer and the Board. The Chief Financialand monitoring of the Chief Financial Officer is undertaken annually by the
with relevant key performance indicators. The assessment Officer’s performance is evaluated by reference to the financial results of
Chief Executive Officer and the Board. The Chief Financial Officer’s performance the performance of the Chief Executive Officer and
the Company and relevant key performance indicators. During the reporting period is evaluated by reference to the financial results of
     Company and Officer key performance indicators. During the reporting period
the Chief Financialrelevantwas reviewed in accordance with the process disclosed. the performance of the Chief Executive Officer and
the Chief Financial Officer was reviewed in accordance with the process disclosed.
The Chairman is responsible for monitoring the contribution of individual Directors. The Board plays a similar role in respect of the
Chairman’s performance.
The Chairman is responsible for monitoring the contribution of individual Directors. The Board plays a similar role in respect of the
Chairman’s performance.
The Board undertakes an annual performance review of itself that compares the performance of the Board with the requirements of its
charter.
The Board undertakes an annual performance review of itself that compares the performance of the Board with the requirements of its
charter.
Each year the Board devotes time to consideration of broad corporate governance matters. Subject to normal privacy requirements
Each year the unfettered access to Company records broad corporate governance matters. Subject to other privacy requirements
Directors have Board devotes time to consideration of and information, to the Company Secretary andto normalsenior executives and
Directors They receive regular detailed reports on financial and operational aspects of the Company’s business and may request
officers. have unfettered access to Company records and information, to the Company Secretary and to other senior executives and
elaboration or explanation of those reports at any time.
officers. They receive regular detailed reports on financial and operational aspects of the Company’s business and may request
elaboration or explanation of those reports at any time.




Fleetwood Corporation Limited Financial Report 2011                                                                          Page 31
Fleetwood Corporation Limited Financial Report 2011                                                                          Page 31
Directors and senior management are      encouraged to expand and enhance their knowledge of the Company’s business by keeping
Directorsof developments in business
abreast and senior management are        generally by attending relevant professional development Company’s business by keeping
                                         encouraged to expand and enhance their knowledge of the activities. The Company meets
abreast of developments in business
expenses involved in such activities.    generally by attending relevant professional development activities. The Company meets
expenses involved in such activities.
Ethics, Conduct and Diversity
Ethics, Conduct and Diversity
The Company has a policy on conflicts of interest and share trading by Directors, key management personnel and senior managers.
These policies has a policy on the company’s website. Due trading by Directors, products available to facilitate hedging managers.
The Company are available on conflicts of interest and shareto the limited financial key management personnel and seniorof unvested
These policies are available on the company’s website. Due to the limited financial products available to facilitate hedging of unvested
or vested options it is not relevant for the policies on share trading to address such transactions.
or vested options it is not relevant for the policies on share trading to address such transactions.
The Company has implemented codes of conduct for Directors and employees. The codes of conduct establish the standards of ethical
The Company the implemented codes to comply for their legal obligations. The Group also conduct establish the standards of ethical
behaviour and has practices necessary of conduct withDirectors and employees. The codes of has an additional code of conduct entitled
behaviour The Promise” which sets out comply with their legal obligations. The Group also has an additional code of These codes of
“Deliveringand the practices necessary tothe Company’s objective and standards of behaviour expected of its people. conduct entitled
“Delivering The enhance shareholder confidence in the Company by standards of behaviour expected practices of These codes of
conduct seek toPromise” which sets out the Company’s objective and clearly articulating the acceptableof its people. its Board, senior
conduct seek to enhance shareholder confidence in the Company by clearly articulating the acceptable practices of its Board, senior
executives and employees.
executives and employees.
The Group has a Diversity Policy. This policy supports and promotes the achievement of diversity in gender, ethnicity, religion, culture,
language, has a Diversity Policy. This policy supports and by ensuring achievement of diversity in external recruitment practices are
The Groupsexual orientation, disability and age in the Group promotes thethat appropriate internal and gender, ethnicity, religion, culture,
undertaken and that training regimes and management by ensuring that appropriate internal and external recruitment practices are
language, sexual orientation, disability and age in the Group practices (including mentoring, advancement and leadership skills and
programs) and that training regimes and
undertakenare developed and implemented. management practices (including mentoring, advancement and leadership skills and
programs) are developed and implemented.
The current proportion of women employees in the Group is 16.1% with 0.62% holding senior executive positions. The Company has
The current proportion of women employees in the Group is 16.1% with 0.62% holding senior executive positions. The Company has
no female Board members. The Board is currently in the process of establishing measurable objectives for achieving better gender
diversity and at this time does not Board with Recommendation 3.3 of establishing measurable objectives for achieving better gender
no female Board members. The comply is currently in the process of the ASX Principles.
diversity and at this time does not comply with Recommendation 3.3 of the ASX Principles.
The above mentioned codes of conduct and Diversity Policy are available on the Company’s website.
The above mentioned codes of conduct and Diversity Policy are available on the Company’s website.
Audit Committee
Audit Committee
The Audit Committee provides advice and assistance to the Board in fulfilling its responsibilities relating to the Company’s financial
The Audit Committeereporting processes, internal audit, external audit and suchits responsibilities the Board may request from time to
statements, financial provides advice and assistance to the Board in fulfilling other matters as relating to the Company’s financial
statements, financial reporting processes, internal audit, external audit and such other matters as the Board may request from time to
time.
time.
Mr. S. Gill, Mr. M. Hardy and Mr. P. Gunzburg are members of the Audit Committee. All three members are non-executive directors, a
majority of whom are independent of the Company and of the Audit and all of All three members are non-executive directors, a
Mr. S. Gill, Mr. M. Hardy and Mr. P. Gunzburg are membersmanagementCommittee. whom have appropriate business and financial
majority of whom are independent of the Company and management and all of whom have appropriate the Board. The Board
expertise. The chairman of the Audit Committee is nominated by the Board and may not be the Chairman of business and financial
expertise. The chairman        the Audit Committee is nominated      the Company acknowledges Chairman of not fully The Board
appointed Mr. S. Gill asofchairman of the Audit Committee.by The Board and may not be the that it does the Board.comply with
                      Gill as chairman of the as the chairman        not Company acknowledges that it does not opinion that the
appointed Mr. S. 4.2 of the ASX Principles Audit Committee. is The independent. However, the Board is of thefully comply with
Recommendation
chairman’s business of financial Principles as the chairman is not independent. However, to Board is of mandate effectively.
Recommendation 4.2and the ASX expertise enables him to exercise independent judgment and the discharge his the opinion that the
Further, each Director has the right to seek independent professional independent judgment expense.
chairman’s business and financial expertise enables him to exerciseadvice at the Company’sand to discharge his mandate effectively.
Further, each Director has the right to seek independent professional advice at the Company’s expense.
The Audit Committee oversees the adequacy of the Company’s accounting and financial policies and controls. The committee also
holds discussions with management and external auditors and seeks assurance financial policies and controls. The committee also
The Audit Committee oversees the adequacy of the Company’s accounting and on compliance with relevant regulatory and statutory
holds discussions with management and external auditors and seeks assurance on compliance with relevant regulatory and statutory
requirements.
requirements.
In exercising its oversight role, the Audit Committee may investigate any matter relevant to its charter. The Audit Committee reviews
In exercising its its Charterrole, the annually and recommends any changes it considers necessary to the Board.
and reassesses oversight at least Audit Committee may investigate any matter relevant to its charter. The Audit Committee reviews
and reassesses its Charter at least annually and recommends any changes it considers necessary to the Board.
The Audit Committee’s charter is available on the Company’s website.
The Audit Committee’s charter is available on the Company’s website.
Financial Reporting
Financial Reporting
The Chief Executive Officer and the Chief Financial Officer provide undertakings to the Board that the Group’s financial    reports present
a true and fair view and are and the Chief with relevant accounting undertakings to the Board that the Group’s financial
The Chief Executive Officer in accordance Financial Officer provide standards.                                              reports present
a true and fair view and are in accordance with relevant accounting standards.
The Chief Financial Officer and the external auditor attend Audit Committee meetings at the discretion of the committee.    The minutes of
The Chief Financial Officer and are reviewedauditor subsequent meeting of the Board. at the discretion of the committee.
each Audit Committee meeting the external at the attend Audit Committee meetings                                            The minutes of
each Audit Committee meeting are reviewed at the subsequent meeting of the Board.
The role and responsibilities of the Audit Committee includes reviewing:
The role and responsibilities of the Audit Committee includes reviewing:
         The annual audit plan with the external auditor;
         The annual audit plan with the external auditor;
         Accounting and financial reporting practices, ASX listing requirements and corporate legislation;
         Accounting and financial reporting practices, ASX listing requirements and corporate legislation;
         Significant transactions which are not a normal part of the Group’s business;
         Significant transactions which are not a normal part of the Group’s business;
         Half-year and full-year accounts;
         Half-year and full-year accounts;
         Audit reports and reports on risk management activities;
         Audit reports and reports on risk management activities;
         Performance of the external auditor and the use of auditors to provide consulting and other services; and
         Performance of the external auditor and the use of auditors to provide consulting and other services; and
         Other financial matters which the Audit Committee or the Board determines desirable.
         Other financial matters which the Audit Committee or the Board determines desirable.
Continuous Disclosure
Continuous Disclosure
A continuous disclosure regime operates throughout the Group. Policies and procedures are in place to ensure matters that a person
could reasonably expect to have a material effect on the share Policies and procedures are in in a timely manner. Directors person
A continuous disclosure regime operates throughout the Group.price are announced to the ASX place to ensure matters that a receive
could reasonably expect to have a material after notification to the ASX. announced to the ASX in a timelyon the Company’s website
copies of all announcements immediately effect on the share price are All announcements are posted manner. Directors receive
copies of all announcements immediately after notification to the ASX. All announcements are posted on the Company’s website
www.fleetwood.com.au.
www.fleetwood.com.au.
In the event a decision is made not to notify the ASX of a particular event or development, the reasons for non-notification are advised
to the event
In the Board.a decision is made not to notify the ASX of a particular event or development, the reasons for non-notification are advised
to the Board.




Fleetwood Corporation Limited Financial Report 2011                                                                              Page 32
Fleetwood Corporation Limited Financial Report 2011                                                                              Page 32
Shareholders Rights
The Company keeps its Shareholders informed of matters likely to be of interest to them through:
         Reports to the ASX;
         Half-yearly profit announcements;
         Annual Reports; and
         Information provided to analysts.
These are posted on the Company’s website www.fleetwood.com.au.
The Company also conducts teleconferences for shareholders and interested parties upon the release of half year and full year results.
At the Annual General Meeting, questions and comments from Shareholders are encouraged. In the interests of clarity, questions on
operational matters may be answered by the Chief Executive Officer or other appropriate members of management. The external
auditor is available at the meeting to respond to questions about the conduct of the audit and the preparation and content of the
Independent Audit Report.
Risk Management
The Company is committed to the identification, monitoring and management of material risks associated with its business activities and
has embedded in its reporting systems a number of overarching risk management controls.
The Company manages the diverse nature of its operations as autonomous divisions. The management of each division is required by
the Board to design and implement risk management policies and internal control systems to best manage the material business risks of
the division in accordance with the Company’s risk management policy. The effectiveness of the internal control systems of each
division in managing the material business risks have been periodically reported to the Board.
The Board has received a written assurance from the Chief Executive Officer and the Chief Financial Officer that to the best of their
knowledge and belief, the declaration provided by them in accordance with section 295A of the Corporations Act is founded on a sound
system of risk management and internal control and that the system is operating effectively in relation to financial reporting risks in all
material respects.
The Group’s Risk Management Policy is available on the Company’s website.

Remuneration
Details of remuneration policies are set out in the Directors’ Report under the heading “Remuneration Report”.




Fleetwood Corporation Limited Financial Report 2011                                                                             Page 33
Directors’ Report
Directors’ Report
Fleetwood Corporation Limited
Fleetwood Corporation Limited
The Directors of Fleetwood Corporation Limited present their report for the year ended 30 June 2011.
The Directors of Fleetwood Corporation Limited present their report for the year ended 30 June 2011.
Directors
Directors
The names, qualifications, experience, special responsibilities and previous directorships for the last 3 years of the Directors who are in
The names, qualifications, experience, special page 5 of this Annual Report.
office at the date of the report are disclosed on responsibilities and previous directorships for the last 3 years of the Directors who are in
office at the date of the report are disclosed on page 5 of this Annual Report.
Principal Activities
Principal Activities
The principal activities of the entities in the Group during the financial year were:
The principal activities of the entities in the Group during the financial year were:
    Manufacture and sale of caravans, parts and accessories; and

    Design, manufacture, of caravans, parts and accessories; and
     Manufacture and sale sale and rental of manufactured accommodation.
    Design, manufacture, sale and rental of manufactured accommodation.
Review of Operations
Review of Operations
A review of operations for the year is contained in the CEO’s Review.
A review of operations for the year is contained in the CEO’s Review.
State of Affairs
State of Affairs
During the financial year there was no significant change in the state of affairs of the consolidated entity other than as referred to in the
During the financial year there was no significant change in the state of affairs of the consolidated entity other than as referred to in the
financial statements or notes thereto.
financial statements or notes thereto.
Future Developments
Future Developments
The consolidated entity will continue to pursue its policy of increasing profitability and market share in its major business sectors.
Further information as to likely developments and expected future results profitability and market share in its
The consolidated entity will continue to pursue its policy of increasing are disclosed in the CEO’s Review. major business sectors.
Further information as to likely developments and expected future results are disclosed in the CEO’s Review.
Dividends
Dividends
A final dividend for the year to 30 June 2011 of 41 cents per ordinary share will be paid on 30 September 2011. Dividends paid and
declared during for year are to 30 June Note 6 41 cents per statements.
A final dividend the the year disclosed in2011 of to the financialordinary share will be paid on 30 September 2011. Dividends paid and
declared during the year are disclosed in Note 6 to the financial statements.
All dividends paid or declared by the Company since the end of the previous financial year are 100% franked at the corporate income
All dividends paid or declared by the Company since the end of the previous financial year are 100% franked at the corporate income
tax rate of 30%.
tax rate of 30%.
Share Options
Share Options
Unissued shares the subject of options at the date of this Annual Report and shares issued pursuant to the exercise of options during or
Unissued shares the subject disclosed in Note 20 to the financial statements. 717,167 options have the exercise of options during or
since the end of the year areof options at the date of this Annual Report and shares issued pursuant to been issued subsequent to year
since the end of the year are disclosed arrangements in financial at 30 June 717,167 been disclosed in issued subsequent to year
end. Details of all share based payment in Note 20 to the existencestatements. 2011 haveoptions have been Note 20.
end. Details of all share based payment arrangements in existence at 30 June 2011 have been disclosed in Note 20.
Indemnification of Directors and Officers
Indemnification of Directors and Officers
The Company has indemnified current and former Directors of the Company against all liabilities to another person (other than the
Company or a has indemnified current and former Directors of the Company against the Company, except person (other than the
The Company related body corporate) that may arise from their position as Directors of all liabilities to anotherwhere the liability arises
Company or a related body corporate) that The agreement stipulates that the Company will meet the full amount of any liability arises
out of conduct involving a lack of good faith. may arise from their position as Directors of the Company, except where thesuch liabilities,
out of conduct and expenses.
including costsinvolving a lack of good faith. The agreement stipulates that the Company will meet the full amount of any such liabilities,
including costs and expenses.
Insurance premiums in this regard relate to costs and expenses incurred by the relevant Directors and officers in defending
proceedings, whether civil or criminal and to costs and expenses incurred liabilities that may arise from officers in defending
Insurance premiums in this regard relate whatever their outcome and other by the relevant Directors andtheir position, with the
exception of whether civil or criminal and of duty or improper use and other liabilities that may arise from advantage.
proceedings,conduct involving a wilful breachwhatever their outcome of information or position to gain a personaltheir position, with the
exception of conduct involving a wilful breach of duty or improper use of information or position to gain a personal advantage.
The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium.
The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium.
The Company has not otherwise, during or since the end of the financial year, except to the extent permitted by law, indemnified or
agreed to indemnify an otherwise, during or since the end of the financial year, except to the extent as an auditor.
The Company has not auditor of the Company or any related body corporate against a liability incurredpermitted by law, indemnified or
agreed to indemnify an auditor of the Company or any related body corporate against a liability incurred as an auditor.
Directors’, Audit Committee and Remuneration Committee Meetings
Directors’, Audit Committee and Remuneration Committee Meetings
Number of Board, Audit Committee and Remuneration Committee meetings held and attended by each Director of the Company during
Number of Board,
the financial year: Audit Committee and Remuneration Committee meetings held and attended by each Director of the Company during
the financial year:

                                          Board                  Audit Committee        Remuneration Committee
                                      HeldBoard
                                              Attended           Audit Attended
                                                                Held Committee          Remuneration Committee
                                                                                          Held      Attended
                                      Held    Attended          Held     Attended         Held      Attended
 Stephen Gill                          9          7               2          2             1            1
 Stephen Gill
 Peter Gunzburg                        9
                                       9          7
                                                  9               2
                                                                  2          2
                                                                             2             1
                                                                                           1            1
                                                                                                        1
 Peter Gunzburg
 Michael Hardy                         9
                                       9          9
                                                  8               2
                                                                  2          2
                                                                             2             1
                                                                                           1            1
                                                                                                        1
 Michael Hardy
 Greg Tate                             9
                                       9          8
                                                  9               2          2             1            1
 Greg Tate                             9          9




Fleetwood Corporation Limited Financial Report 2011                                                                                Page 34
Fleetwood Corporation Limited Financial Report 2011                                                                                Page 34
Directors’ Shareholdings
Directors’ Shareholdings
The relevant interest of each Director in shares of the Company at the date of this report, as notified by the Directors   to the ASX in
accordance with s205G(1) of Director in shares of the are as follows:
The relevant interest of eachthe Corporations Act 2001 Company at the date of this report, as notified by the Directors    to the ASX in
accordance with s205G(1) of the Corporations Act 2001 are as follows:
                                                                                                          Number of         Number of
                                                                                                          Number of
                                                                                                              shares        Number of
                                                                                                                              options
                                                                                                              shares          options
 Stephen Gill                                                                                               3,028,823               Nil
 Stephen Gill
 Greg Tate                                                                                                  3,028,823
                                                                                                            6,798,512               Nil
                                                                                                                               170,001
 Greg Tate                                                                                                  6,798,512          170,001
Remuneration Report
Remuneration Report
The Remuneration Committee is responsible for determining the remuneration of Board members, senior executives and key
The Remuneration CommitteeGroup. Mr. S. Gill, Mr. M. Hardy and Mr. P. Gunzburg are members of the Remuneration Committee,
management personnel of the is responsible for determining the remuneration of Board members, senior executives and key
management personnel of the Group. Mr. S. Gill, members are and Mr. P. Gunzburg are members of whom are independent of the
with Mr. P. Gunzburg being chairman. All three Mr. M. Hardy non-executive directors a majority of the Remuneration Committee,
with Mr. and management. The Remuneration Committee are non-executive directors a majority of whom are independent of the
CompanyP. Gunzburg being chairman. All three membersreviews and reassesses its charter at least annually, and recommends any
Company considers necessary to the Board. The Remuneration Committee’s charter is available least Company’s website.
changes itand management. The Remuneration Committee reviews and reassesses its charter at on theannually, and recommends any
changes it considers necessary to the Board. The Remuneration Committee’s charter is available on the Company’s website.
During the year the Remuneration Committee reviewed:
During the year the Remuneration Committee reviewed:
          Conditions of service and remuneration of the directors, Chief Executive Officer, Chief Financial Officer and key management
          Conditions
           personnel; of service and remuneration of the directors, Chief Executive Officer, Chief Financial Officer and key management
          personnel;
           Remuneration policies of the Group;
      
          Remuneration policies of under, or changes to, the Company’s option plans;
           Proposals for new issues the Group;
      
          Proposals for new issues under, or changes to,
           Succession plans for senior management; and the Company’s option plans;
      
          Succession plans for senior management; and
           Other related matters.
          Other related matters.
The Remuneration Committee invites external consultants and senior executives to its meetings to seek input on the Group’s
remuneration policies, however invites external consultants and senior executives own meetings to
The Remuneration Committee no senior executive is directly involved in deciding their to itsremuneration. seek input on the Group’s
remuneration policies, however no senior executive is directly involved in deciding their own remuneration.
From 1 July 2010 to 31 December 2010, Mr. G. Tate was an executive director of the Company. During that time, his remuneration
package consisted of a December 2010, Mr. superannuation executive director term Company.
From 1 July 2010 to 31mixture of base salary, G. Tate was an and short and long of theincentives. During that time, his remuneration
package consisted of a mixture of base salary, superannuation and short and long term incentives.
Non-executive directors receive fees determined by the Board, but within the aggregate limits approved by shareholders. Mr. Tate
became a non-executive director on 1 January by the Board, but within the aggregate limits approved by shareholders. Mr. Tate
Non-executive directors receive fees determined2011, his remuneration consists of director fees and post-employment unexercised
became a non-executive director on 1 January 2011, his remuneration consists of director fees and post-employment unexercised
options.
options.
Senior executives and key management personnel of the Group receive a balance of fixed and variable (‘at risk’) remuneration. The
proportion of fixed and key management personnel of the by the Remuneration Committee and variable (‘at risk’) remuneration. The
Senior executives and variable remuneration is determinedGroup receive a balance of fixed and is based on the capacity of the person
to influence fixed and outcome of the Company’s operations and return to shareholders. and is considering the fixed of the person
proportion ofthe overallvariable remuneration is determined by the Remuneration Committee When based on the capacitycomponent of
remuneration, the Remuneration Committee will take into account the persons responsibilities, qualifications the experience. When
to influence the overall outcome of the Company’s operations and return to shareholders. When considering and fixed component of
considering the variable component of remuneration, into account the Committee uses its discretion to consider the capacity of the
remuneration, the Remuneration Committee will take the Remunerationpersons responsibilities, qualifications and experience. When
considering the variable component of remuneration, the Remuneration Committee uses its discretion to consider the capacity of the
person to affect the profit earned by the Company and performance against key performance indicators. The variable remuneration
includes short-term profit earned by the of cash bonuses and long-term incentives in the form indicators. The are subject to vesting
person to affect theincentives in the form Company and performance against key performance of options, which variable remuneration
includes short-term incentives in the form of cash bonuses and long-term incentives in the form of options, which are subject to vesting
provisions and performance hurdles.
provisions and performance hurdles.
Remuneration packages contain the following key elements:
Remuneration packages contain the following key elements:
          Short-term – salary & fees, bonus and non-monetary;
      
          Short-term – salary & fees, bonus and non-monetary;
           Post employment – superannuation; and
      
          Post employment – superannuation; andto performance hurdles.
           Share-based payment – options subject
          Share-based payment – options subject to performance hurdles.




Fleetwood Corporation Limited Financial Report 2011                                                                           Page 35
Fleetwood Corporation Limited Financial Report 2011                                                                           Page 35
Directors' Report
Directors' Report
Remuneration Report (continued)
Remuneration Report (continued)

                                                                                                  Share
                                                                                                  Share
                                                                                       Post       Based                     Performance
                                                                                       Post       Based                     Performance
Key management                                      Short-term                   Employment     Payment                           based
Key management                                      Short-term                   Employment     Payment                           based
personnel                     Salary & fees         Bonus Non-monetary        Superannuation     Options           Total   remuneration
personnel                     Salary & fees         Bonus Non-monetary        Superannuation     Options           Total   remuneration
                                          $              $           $                     $           $               $              %
                                          $              $           $                     $           $               $              %
Directors
Directors
Michael Hardy
Michael Hardy
2011                                 75,000              -                -                 -          -          75,000                -
2011                                 75,000              -                -                 -          -          75,000                -
2010                                 65,000              -                -                 -          -          65,000                -
2010                                 65,000              -                -                 -          -          65,000                -
Stephen Gill
Stephen Gill
2011                                 60,000              -                -                 -          -          60,000                -
2011                                 60,000              -                -                 -          -          60,000                -
2010                                 50,000              -                -                 -          -          50,000                -
2010                                 50,000              -                -                 -          -          50,000                -
Peter Gunzburg
Peter Gunzburg
2011                                 60,000              -                -                 -          -          60,000                -
2011                                 60,000              -                -                 -          -          60,000                -
2010                                 50,000              -                -                 -          -          50,000                -
2010                                 50,000              -                -                 -          -          50,000                -
Robert McKinnon
Robert McKinnon
(Resigned 31/3/2010)
(Resigned 31/3/2010)
2010                                264,154              -          30,122            33,443      76,121        403,840             18.8
2010                                264,154              -          30,122            33,443      76,121        403,840             18.8
Greg Tate
Greg Tate
2011                              1,451,841 (1)    150,000          11,081            25,000     91,035        1,728,957            13.9
2011                              1,451,841 (1)    150,000          11,081            25,000     91,035        1,728,957            13.9
2010                                433,338              -          27,521            50,000    153,315          664,174            23.1
2010                                433,338              -          27,521            50,000    153,315          664,174            23.1
Executives
Executives
Steve Carroll
Steve Carroll
GM, Camec
GM, Camec
2011                                187,594              -          22,539            18,912      19,029        248,074              7.7
2011                                187,594              -          22,539            18,912      19,029        248,074              7.7
2010                                154,029              -          29,454            16,514           -        199,997                -
2010                                154,029              -          29,454            16,514           -        199,997                -
Bradley Denison
Bradley Denison
Chief Financial Officer
Chief Financial Officer
2011                                274,140         25,000          11,338            24,853      83,948        419,279             26.0
2011                                274,140         25,000          11,338            24,853      83,948        419,279             26.0
2010                                207,332         25,000           9,008            18,660      52,099        312,099             24.7
2010                                207,332         25,000           9,008            18,660      52,099        312,099             24.7
Bradley Van Hemert
Bradley Van Hemert
CEO, RV Manufacturing
CEO, RV Manufacturing
2011                                285,000         25,000                -           25,000      85,537        420,537             26.3
2011                                285,000         25,000                -           25,000      85,537        420,537             26.3
2010                                266,055              -                -           23,945      58,916        348,916             16.9
2010                                266,055              -                -           23,945      58,916        348,916             16.9
Stephen Price
Stephen Price
CEO, Fleetwood Corporation
CEO, Fleetwood Corporation
(Appointed 29/3/2010)
(Appointed 29/3/2010)
2011                                418,462              -                -           25,000      63,429        506,891             12.5
2011                                418,462              -                -           25,000      63,429        506,891             12.5
2010                                110,212              -                -            7,480           -        117,692                -
2010                                110,212              -                -            7,480           -        117,692                -
Ben Rosser
Ben Rosser
CEO, Fleetwood Pty Ltd
CEO, Fleetwood Pty Ltd
(Appointed 25/10/2010)
(Appointed 25/10/2010)
2011                                146,872              -           8,164            13,218     38,058          206,313            18.4
2011                                146,872              -           8,164            13,218     38,058          206,313            18.4
Total 2011 Company and            2,958,909        200,000          53,122           131,983    381,037        3,725,051            15.6
Total 2011 Company and            2,958,909        200,000          53,122           131,983    381,037        3,725,051            15.6
Total 2010 Consolidated           1,600,120         25,000          96,105           150,042    340,451        2,211,718            16.5
Total 2010 Consolidated           1,600,120         25,000          96,105           150,042    340,451        2,211,718            16.5

(1) Includes a $350,000 ex-gratia termination payment in recognition of over 20 years service and $686,674 of unused leave
(1) Includes accrued and recognised termination payment in recognition of over 20 years service and $686,674 of unused leave
entitlements a $350,000 ex-gratia in prior periods.
entitlements accrued and recognised in prior periods.
All bonuses were at the discretion of the Remuneration Committee.
All bonuses were at the discretion of the Remuneration Committee.
The amount included in remuneration as share-based payments is not related to or indicative of the benefits (if any) that individual
The amount included in remuneration as share-based payments is No options issued during of the vested (if any) that individual
executives may ultimately realise should the equity instruments vest. not related to or indicativethe yearbenefits during the year and no
executives may ultimately realise should the year because the person did not meetissued during the year vested during the year and no
bonuses or options were forfeited during the equity instruments vest. No options service or performance criteria.
bonuses or options were forfeited during the year because the person did not meet service or performance criteria.




Fleetwood Corporation Limited Financial Report 2011                                                                           Page 36
Fleetwood Corporation Limited Financial Report 2011                                                                           Page 36
Remuneration Report (continued)
In accordance with the provisions of the executive option plan, executives are granted options to purchase ordinary shares in
Fleetwood. No amounts are payable for the options. One third of the options are able to be exercised after the 30 June subsequent to
Remuneration a further one third of the options are able to be exercised in each of the next 2 years. The options are only
the date of issue, Report (continued)
In accordance with the provisions of the executive option plan, executives are granted options to inception ordinary shares in
exercisable if the company’s total shareholder return equals or exceeds 15% pa compounded from the purchase of the plan and the
company’s total amounts are return is for theto or greater than the ASXoptions are able toAccumulation Index. This June subsequent to
Fleetwood. No shareholder payable equal options. One third of the 300 All Industrial be exercised after the 30 performance hurdle
was chosen as it seeks to link executive the options with long term exercised wealth of the next The options expire 5 years only
the date of issue, a further one third ofremuneration are able to be shareholderin each generation. 2 years. The options are from
the date of if the There are total shareholder return equals or exceeds 15% pa No options lapsed the inception of No options were
exercisable issue. company’s no voting or dividend rights attaching to the options. compounded from during the year. the plan and the
forfeited during shareholder return is equal to the holder to the ASX for All share upon exercise at an exercise price of $8.02 per
company’s total the year. Each option entitlesor greater thansubscribe 300 oneIndustrial Accumulation Index. This performance hurdle
share. Due as it limited link executive remuneration facilitate term shareholder wealth generation. the Board does not years any
was chosen to theseeks tofinancial products available towith long hedging of unvested or vested optionsThe options expire 5imposefrom
restrictions in relation to person limiting dividend exposure to the risk in respect No options lapsed the Company.
the date of issue. Thereaare no voting or his or her rights attaching to the options. of options issued byduring the year. No options were
Details during based payment arrangements that were in existence at the share upon exercise at an exercise in Note 20 to the
forfeitedof sharethe year. Each option entitles the holder to subscribe for one reporting date have been disclosed price of $8.02 per
share. Due to the limited financial products available to facilitate hedging of unvested or vested options the Board does not impose any
financial statements.
restrictions in relation to a person limiting his or her exposure to the risk in respect of options issued by the Company.
The terms and conditions of employment of senior executives and key management personnel are governed by individual employment
contracts. Employment payment are not limited in duration and do not at the termination payments. Each employment contract the
Details of share based contracts arrangements that were in existence contain reporting date have been disclosed in Note 20 tomay
financial statements. party upon the giving of 4 weeks’ notice.
be terminated by either
Option values conditions of employment of senior executives and key management personnel are governed by individual employment
The terms andthat form part of current year remuneration is shown below:
contracts. Employment contracts are not limited in duration and do not contain termination payments. Each employment contract may
be terminated by either party upon the giving of 4 weeks’ notice.  Year Options Granted
                                                      2008                2009              2010            2011              Total
Option values that form part of current year remuneration is shown below:
                                                           $                 $                 $               $                  $
                                                                   Year Options Granted
Robert McKinnon                                       2008                2009              2010            2011              Total
2010                                                 16,289$            8,269$                 $
                                                                                          51,563               $-           76,121$

Greg Tate
Robert McKinnon
2011                                                      -              5,700              85,335                    -            91,035
2010                                                 16,289              8,269              51,563                    -            76,121
2010                                                 21,720             16,725             114,870                    -           153,315
Greg Tate
Steve Carroll
2011                                                      -              5,700              85,335                   -             91,035
2011                                                      -                  -                   -              19,029             19,029
2010                                                 21,720             16,725             114,870                   -            153,315
Bradley Denison
Steve Carroll
2011                                                      -                 436             32,769              50,743              83,948
2011                                                      -                   -                  -              19,029              19,029
2010                                                  6,516               1,212             44,371                   -              52,099
Bradley Denison
Bradley Van Hemert
2011                                                      -                 436             32,769              50,743              83,948
2011                                                      -                 660             34,134              50,743              85,537
2010                                                  6,516               1,212             44,371                   -              52,099
2010                                                 10,860               1,836             46,220                   -              58,916
Bradley Van Hemert
Stephen Price
2011                                                      -                 660             34,134              50,743              85,537
2011                                                      -                   -                  -              63,429              63,429
2010                                                 10,860               1,836             46,220                   -              58,916
Ben Rosser
Stephen Price
2011                                                      -                  -                   -              38,058             38,058
2011                                                      -                  -                   -              63,429             63,429
Total 2011
Ben Rosser                                                -              6,796             152,238             222,002            381,036
Total 2010
2011                                                 55,385
                                                          -             28,042
                                                                             -             257,024
                                                                                                 -                   -
                                                                                                                38,058            340,451
                                                                                                                                   38,058

 Total 2011                                            -             6,796            152,238          222,002           381,036
The tables below set out summary information about the consolidated entity’s earnings and movements in shareholder wealth for the
 Total 2010 30 June 2011:
five years to
                                                55,385              28,042            257,024                 -          340,451

 Movements in shareholder wealth
The tables below set out summary information about the consolidated entity’s earnings and movements in shareholder wealth for the
five years to 30 June 2011:
                                                                     2011           2010        2009         2008           2007
 Movements in shareholder wealth
 Share price at start of year ($)                                    9.19           5.90        9.25         8.70           6.60
 Share price at end of year ($)                                     11.33           9.19        5.90         9.25           8.70
                                                                     2011           2010        2009         2008           2007
 Dividend per share (cents)                                          73.0           68.0        66.0         65.0           63.0
 Share price at start of year
 Earnings per share (cents) ($)                                      9.19
                                                                     90.0           5.90
                                                                                    72.6        9.25
                                                                                                68.7         8.70
                                                                                                             68.4           6.60
                                                                                                                            54.1
 Share earnings per year (cents)
 Dilutedprice at end ofshare ($)                                    11.33
                                                                     88.6           9.19
                                                                                    71.5        5.90
                                                                                                68.5         9.25
                                                                                                             67.8           8.70
                                                                                                                            53.4
 Dividend per share (cents)                                          73.0           68.0        66.0         65.0           63.0
 $ Million
 Earnings per share (cents)                                          90.0           72.6        68.7         68.4           54.1
 Revenue                                                            466.6          291.3       355.3        344.5          314.4
 Diluted earnings per share (cents)                                  88.6           71.5        68.5         67.8           53.4
 Net profit before tax                                               73.6           54.5        50.6         49.1           38.2
 $ Million
 Net profit after tax                                                51.3           38.7        35.6         34.2           26.6
 Revenue                                                            466.6          291.3       355.3        344.5          314.4
 Net profit before tax                                               73.6           54.5        50.6         49.1           38.2
 Net profit after tax                                                51.3           38.7        35.6         34.2           26.6




Fleetwood Corporation Limited Financial Report 2011                                                                            Page 37
Remuneration Report (continued)
Remuneration Report (continued)
Value of options issued to directors and executives:

Value of options issued to directors and executives:                                       Options               Value
                             Options granted Options exercised (shares issued)              Vested         of options
                                                                                           Options               Value
                             No. at Value at            No.   Value at                          No.       included in
                             Options granted Options exercised (shares issued)              Vested         of options
Key management                grant      grant     during     exercise       Amounts         during    remuneration Remuneration
                             No. at Value at            No.   Value at                          No.       included in
personnel                      date       date        year         date           paid         year       for the year       by options
Key management                grant      grant     during     exercise       Amounts         during    remuneration Remuneration
                                              $                       $              $                                $                 %
personnel                      date       date        year         date           paid         year       for the year       by options
Greg Tate                          -           -
                                              $ 179,999 1,952,588     $      1,357,910
                                                                                     $     116,667              91,035$                5.3
                                                                                                                                        %
Steve Carroll               15,000      35,824            -            -             -            -             19,029                 7.7
Greg Tate                          -           - 179,999 1,952,588           1,357,910     116,667              91,035                 5.3
Bradley Denison             40,000      95,531      58,000     610,460         421,500       37,000             83,948               20.0
Steve Carroll               15,000      35,824            -            -             -            -             19,029                 7.7
Bradley Van Hemert          40,000      95,531      72,667     815,985         513,869       50,000             85,537               20.3
Bradley Denison             40,000      95,531      58,000     610,460         421,500       37,000             83,948               20.0
Stephen Price               50,000     119,413            -            -             -            -             63,429               12.5
Bradley Van Hemert          40,000      95,531      72,667     815,985         513,869       50,000             85,537               20.3
Ben Rosser                  30,000      71,648            -            -             -            -             38,058               18.4
Stephen Price               50,000     119,413            -            -             -            -             63,429               12.5
Ben Rosser                  30,000      71,648            -            -             -            -             38,058               18.4
The issue date of the options granted to the executives is 31 October 2010. Assuming the employee continues to be employed by
Fleetwood one third of the options are able to be exercised after the 30 June subsequent to the date of issue, a further one third of the
options are able to be options granted of the next 2 years.
The issue date of the exercised in eachto the executives is 31 October 2010. Assuming the employee continues to be employed by
Fleetwood one third of the options are able to be exercised after the 30 June subsequent to the date of issue, a further one third of the
Non-audit Services
options are able to be exercised in each of the next 2 years.
The directors are satisfied that the provision of non-audit services during the year by the auditor were compatible with the general
Non-audit Services
standard of independence for auditors imposed by the Corporations Act 2001. The directors are satisfied that the provision of non-audit
The directors are satisfied that the provision of non-audit independence requirement ofthe auditor were compatible withthe following
services by the auditors did not compromise the auditor services during the year by the Corporations Act 2001 for the general
standard of independence for auditors imposed by the Corporations Act 2001. The directors are satisfied that the provision of non-audit
reasons:
services by the auditors did not compromise the auditor independence requirement of the Corporations Act 2001 for the following
        All
reasons: non-audit services have been reviewed by the audit committee to ensure they do not impact impartiality and objectivity of the
   
        auditor;
   
       All non-audit services have been the general the audit relating to auditor independence as set out in Code of Conduct of the
        None of the services undermine reviewed by principlescommittee to ensure they do not impact impartiality and objectivity APES
        auditor;
        110 Code of Ethics for Professional Accountants issued by the Accounting Professional and Ethical Standards board, including
       None of the auditing undermine own work principles relating to auditor independence as set out in the company, acting as
        reviewing or services the auditorsthe generalacting in a management or a decision making capacity for Code of Conduct APES
        110 Code of Ethics for Professional Accountants issued by the Accounting Professional and Ethical Standards board, including
        advocate for the company or jointly sharing economic risks and rewards.
        reviewing or auditing the auditors own work acting in a management or a decision making capacity for the company, acting as
        of the amounts company or jointly sharing economic risks services provided during the year by the auditor are outlined in Note
Details advocate for thepaid or payable to the auditor for non-audit and rewards.
24 to the financial statements.
Details of the amounts paid or payable to the auditor for non-audit services provided during the year by the auditor are outlined in Note
Company Secretary
24 to the financial statements.
Bradley Denison, a Certified Practicing Accountant with 19 years experience in senior financial roles.
Company Secretary
Rounding
Bradley Denison, a Certified Practicing Accountant with 19 years experience in senior financial roles.
The Company
Rounding is of a kind referred to in ASIC Class Order 98/100 dated 10 July 1998 and accordingly amounts in the financial report
and directors’ report have been rounded to the nearest one thousand dollars, unless otherwise indicated.
The Company is of a kind referred to in ASIC Class Order 98/100 dated 10 July 1998 and accordingly amounts in the financial report
and directors’ report have a resolution of the directors one thousand to s.298(2) of otherwise indicated.
Signed in accordance withbeen rounded to the nearest made pursuantdollars, unless the Corporations Act 2001.

Signed in accordance with a resolution of the directors made pursuant to s.298(2) of the Corporations Act 2001.
On behalf of the Directors

On behalf of the Directors




M Hardy
Chairman
M Hardy
Chairman
19 September 2011
19 September 2011




Fleetwood Corporation Limited Financial Report 2011                                                                           Page 38

Fleetwood Corporation Limited Financial Report 2011                                                                           Page 38
                                                                                            Deloitte Touche Tohmatsu
                                                                                            ABN 74 490 121 060

                                                                                            Woodside Plaza
                                                                                            Level 14
                                                                                            240 St Georges Terrace
                                                                                            Perth WA 6000
                                                                                            GPO Box A46
                                                                                            Perth WA 6837 Australia

                                                                                            DX 206
Board of Directors                                                                          Tel: +61 (0) 8 9365 7000
Fleetwood Corporation Limited                                                               Fax: +61 (0) 8 9365 7001
                                                                                            www.deloitte.com.au
21 Regal Street
EAST PERTH WA 6004



19 September 2011


Dear Board Members
                                             Fleetwood Corporation Limited

In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following
declaration of independence to the directors of Fleetwood Corporation Limited.

As lead audit partner for the audit of the financial statements of Fleetwood Corporation Limited for the
financial year ended 30 June 2011, I declare that to the best of my knowledge and belief, there have been no
contraventions of:

          (i) the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
          (ii) any applicable code of professional conduct in relation to the audit.



Yours sincerely




DELOITTE TOUCHE TOHMATSU



Kathleen Bozanic
Partner
Perth, 19 September 2011




Liability limited by a scheme approved under Professional Standards Legislation.
Member of Deloitte Touche Tohmatsu Limited
Directors’ Declaration
Directors’ Declaration
The directors of Fleetwood Corporation Limited declare that:
The directors of Fleetwood Corporation Limited declare that:
     (a) in the directors’ opinion, there are reasonable grounds to believe that the company will be able to pay its debts as and when
           they become due and payable;
     (a) in the directors’ opinion, there are reasonable grounds to believe that the company will be able to pay its debts as and when
           they become due and payable;
     (b) the attached financial statements are in compliance with International Financial Reporting Standards, as stated in Note 1 to
     (b) the financial statements;
               attached financial statements are in compliance with International Financial Reporting Standards, as stated in Note 1 to
           the financial statements;
     (c) in the directors’ opinion, the attached financial statements and notes thereto are in accordance with the Corporations Act
           2001, including compliance with accounting statements and notes thereto are fair view of with the Corporations Act
     (c) in the directors’ opinion, the attached financial standards and giving a true and in accordancethe financial position and
           performance of compliance with accounting standards and giving a true and fair view of the financial position and
           2001, includingthe consolidated entity; and
           performance of the consolidated entity; and
     (d) the directors have been given the declarations required by s.295A of the Corporations Act 2001.
     (d) the directors have been given the declarations required by s.295A of the Corporations Act 2001.
At the date of this declaration, the company is within the class of companies affected by ASIC Class Order 98/1418. The nature of the
deed date of this declaration, the company is within the class of to the deed guarantees to each creditor payment in full nature of the
At theof cross guarantee is such that each company which is partycompanies affected by ASIC Class Order 98/1418. The of any debt in
accordance with the deed such that each company which is party to the deed guarantees to each creditor payment in full of any debt in
deed of cross guarantee isof cross guarantee.
accordance with the deed of cross guarantee.
In the directors’ opinion, there are reasonable grounds to believe that the company and the companies to which the ASIC Class Order
applies, as detailed in Note 25 to the financial grounds to believe group, company meet any obligations which the to which they are,
In the directors’ opinion, there are reasonable statements will, as athat the be able to and the companies toor liabilities ASIC Class Order
or may as detailed in Note 25 to of financial statements will, as
applies,become, subject by virtue thethe deed of cross guarantee. a group, be able to meet any obligations or liabilities to which they are,
or may become, subject by virtue of the deed of cross guarantee.
Signed in accordance with a resolution of the directors made pursuant to s.295(5) of the Corporations Act 2001.
Signed in accordance with a resolution of the directors made pursuant to s.295(5) of the Corporations Act 2001.

On behalf of the Directors
On behalf of the Directors




M Hardy
M Hardy
Chairman
Chairman
19 September 2011
19 September 2011




Fleetwood Corporation Limited Financial Report 2011                                                                              Page 40
Fleetwood Corporation Limited Financial Report 2011                                                                              Page 40
                                                                                         Deloitte Touche Tohmatsu
                                                                                         ABN 74 490 121 060

                                                                                         Woodside Plaza
                                                                                         Level 14
                                                                                         240 St Georges Terrace
                                                                                         Perth WA 6000
                                                                                         GPO Box A46
                                                                                         Perth WA 6837 Australia

                                                                                         DX 206
                                                                                         Tel: +61 (0) 8 9365 7000
                                                                                         Fax: +61 (0) 8 9365 7001
                                                                                         www.deloitte.com.au


Independent Auditor’s Report to the members of
Fleetwood Corporation Limited
Report on the Financial Report

We have audited the accompanying financial report of Fleetwood Corporation Limited, which comprises
the statement of financial position as at 30 June 2011, the statement of comprehensive income, the
statement of cash flows and the statement of changes in equity for the year ended on that date, notes
comprising a summary of significant accounting policies and other explanatory information, and the
directors’ declaration of the consolidated entity, comprising the company and the entities it controlled at
the year’s end or from time to time during the financial year as set out on pages 1 to 30 and 40.

Directors’ Responsibility for the Financial Report

The directors of the company are responsible for the preparation of the financial report that gives a true
and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for
such internal control as the directors determine is necessary to enable the preparation of the financial
report that is free from material misstatement, whether due to fraud or error. In Note 1, the directors also
state, in accordance with Accounting Standard AASB 101 Presentation of Financial Statements, that the
consolidated financial statements comply with International Financial Reporting Standards.

Auditor’s Responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We conducted our
audit in accordance with Australian Auditing Standards. Those standards require that we comply with
relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain
reasonable assurance whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial report. The procedures selected depend on the auditor’s judgement, including the assessment
of the risks of material misstatement of the financial report, whether due to fraud or error. In making
those risk assessments, the auditor considers internal control, relevant to the entity’s preparation of the
financial report that gives a true and fair view, in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s
internal control. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by the directors, as well as evaluating the overall
presentation of the financial report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion.




Liability limited by a scheme approved under Professional Standards Legislation.
Member of Deloitte Touche Tohmatsu Limited
Auditor’s Independence Declaration

In conducting our audit, we have complied with the independence requirements of the Corporations Act
2001. We confirm that the independence declaration required by the Corporations Act 2001, which has
been given to the directors of Fleetwood Corporation Limited would be in the same terms if given to the
directors as at the time of this auditor’s report.

Opinion

In our opinion:

(a) the financial report of Fleetwood Corporation Limited is in accordance with the Corporations Act
    2001, including:

    (i) giving a true and fair view of the consolidated entity’s financial position as at 30 June 2011 and
        of its performance for the year ended on that date; and

    (ii) complying with Australian Accounting Standards and the Corporations Regulations 2001; and

(b) the consolidated financial statements also comply with International Financial Reporting Standards as
    disclosed in Note 1.

Report on the Remuneration Report

We have audited the Remuneration Report included in pages 35 to 38 of the directors’ report for the year
ended 30 June 2011. The directors of the company are responsible for the preparation and presentation of
the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our
responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in
accordance with Australian Auditing Standards.

Opinion

In our opinion the Remuneration Report of Fleetwood Corporation Limited for the year ended 30 June
2011, complies with section 300A of the Corporations Act 2001.




DELOITTE TOUCHE TOHMATSU



Kathleen Bozanic
Partner
Chartered Accountants
Perth, 19 September 2011
ASX Additional Information
as at 16 September 2011
Additional information required by the Australian Securities Exchange Limited Listing Rules and not disclosed elsewhere in this report is
set out below.
 Twenty largest shareholders                                                                                 Number
                                                                                                          of ordinary
 Name                                                                                                    shares held                    %
 Karrad Pty Ltd                                                                                            5,478,189               9.43%
 HSBC Custody Nominees (Australia) Limited                                                                 5,228,519               9.00%
 J P Morgan Nominees Australia Limited                                                                     4,323,920               7.44%
 National Nominees Limited                                                                                 3,701,210               6.37%
 Bendigo Re-Locatable Buildings Pty Ltd                                                                    2,500,000               4.30%
 Adventure Holdings Pty Ltd                                                                                1,924,665               3.31%
 ARGO Investments Limited                                                                                  1,492,485               2.57%
 Fleetwood Retirement Fund Pty Ltd                                                                         1,054,158               1.81%
 Cogent Nominees Pty Limited                                                                                 857,684               1.48%
 Australian Foundation Investment Company Limited                                                            764,020               1.31%
 J P Morgan Nominees Australia Limited <Cash Income A/C>                                                     753,753               1.30%
 Citicorp Nominees Pty Limited                                                                               746,866               1.28%
 Mirrabooka Investments Limited                                                                              720,519               1.24%
 Citicorp Nominees Pty Limited <Colonial First State Inv A/C>                                                526,123               0.91%
 Mr Thomas Joseph Falvey                                                                                     372,000               0.64%
 Mr Greg Tate                                                                                                338,873               0.58%
 RBC Dexia Investor Services Australia Nominees Pty Limited <MLCI A/C>                                       308,087               0.53%
 Mr John Ian Amos & Mrs Cintra Gail Amos <Ningana Super Fund A/C>                                            298,143               0.51%
 AMP Life Limited                                                                                            287,454               0.49%
 Cogent Nominees Pty Limited <SMP Accounts>                                                                  231,586               0.40%

                                                                                                          31,908,254             54.90%


 Substantial shareholders
 The number of shares held by substantial shareholders are set out below:
 Name
 Greg Tate                                                                                                 6,928,718             11.92%
 HSBC Custody Nominees (Australia) Limited                                                                 5,385,376              9.27%
 J P Morgan Nominees Australia Limited                                                                     4,354,628              7.49%
 National Nominees Limited                                                                                 3,701,310              6.37%
 Stephen Gill                                                                                              3,028,823              5.21%

 Distribution of equity security holders
                                                                                                                             Number of
 Category                                                                                                                  shareholders
 1 -1,000                                                                                                                          4,372
 1,001 - 5,000                                                                                                                     4,658
 5,001 - 10,000                                                                                                                      650
 10,001 - 100,000                                                                                                                    291
 100,001 and over                                                                                                                     32

                                                                                                                                  10,003

 Shareholders holding less than a marketable parcel                                                                                  213


 Voting rights of shareholders
 On a show of hands, every member in person or by proxy shall have one vote. Upon a poll, voting rights of such members shall be
 one vote for each share held.

 On market buy-back
 There is no current on market buy-back.

 Other information
 Fleetwood Corporation Limited, incorporated and domiciled in Australia, is a publicly listed company limited by shares.




Fleetwood Corporation Limited Financial Report 2011                                                                           Page 43
21 Regal Place, East Perth, WA 6004 | Tel: (08) 9323 3300 | Fax: (08) 9202 1106 | info@fleetwood.com.au
                                           ABN 69 009 205 261

				
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