Archive | Fisher and Paykel

F&P Healthcare signs construction contract for 4th East Tamaki building

Fisher & Paykel Healthcare Ltd said on Monday it had signed a contract for Leighs Construction Ltd to construct the fourth building on its 42ha Auckland campus at Maurice Paykel Place, East Tamaki.

The new building will have a gross floor area of 35,700m² and consist of a mix of research & development, pilot manufacturing and warehousing areas. Groundworks have been substantially completed and construction will start in late January, with an expected operational date of 2020.

2300 employees – over half Fisher & Paykel Healthcare’s global workforce of 4100 – work at the campus’s existing 3 buildings. Supply chain, environment & facilities general manager Jonti Rhodes said the new building would accommodate expected growth until about 2023.

“The blend of R&D, manufacturing & warehousing that we have in our existing buildings gives us a very open working environment and helps us work collaboratively across functional groups. It’s a unique, modern way of working that we are looking forward to developing further in the new building,” he said.

The company has also started a building programme in Tijuana, Mexico, where construction of a second manufacturing facility is underway with an anticipated completion date of late 2018. The company has 950 employees in Tijuana, where it’s been manufacturing in a leased facility since 2010.

The total cost of the building projects in New Zealand & Mexico is expected to be about $200 million.

Fisher & Paykel Healthcare designs, manufactures & markets products & systems for use in respiratory care, acute care, surgery & the treatment of obstructive sleep apnea. The company’s products are sold in over 120 countries.

Attribution: Company release.

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ANZ head syndicate refinancing F&P Finance

Published 2 October 2008

Fisher & Paykel Appliances Holdings Ltd said today its subsidiary, Fisher & Paykel Finance Ltd, had secured new funding facilities from a syndicate of banks led by ANZ Bank.

 

The syndication comprises a multi-tranche cash advance facility through 3 lenders and replaces the bilateral banking facilities previously provided by those banks.The $335 million facility comprises multiple tranches of one-, 2- & 3-year terms of $125 million, $105 million & $105 million.Fisher & Paykel Appliances chief executive & managing director John Bongard said the company continued to receive strong support from its retail investor base, with reinvestment rates averaging 65% over the last 3 months and 70% in September.He said the syndicated facility provides Fisher & Paykel Finance with significantly longer-term liquidity than was provided by the previous bilateral facilities, and said: “As at 30 September, the company had in excess of $125 million of undrawn committed bank facilities, providing strong liquidity to continue to support existing customer relationships and develop new business opportunities.”

 

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Attribution: Company statement, story written by Bob Dey for the Bob Dey Property Report.

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F&P operations perform well and outlook to separation strong

Balance-date exchange rate slashes profit

Fisher & Paykel Industries Ltd increased its March-year operating surplus before unusuals and tax by 10.4% to $92.2 million on revenue up 13.6% to $929 million, then slashed its bottom-line return by 80% to $11 million after taking into account $73 million of unusuals, including $64.2 million of unrealised losses on forex instruments. These could be regained (or get worse) on contract close-outs, if the exchange rate is above (below) US40.3c.

The East Tamaki-based whiteware and humidifier manufacturer wrote off $4.7 million of restructuring costs in New Zealand, but wrote back $1.4 million in Australia. It wrote off $5.5 million of its investment in retail chain Hill & Stewart, and in loans to the group, and said it wanted to sell its stake in the next year.

F&P’s timetable for separating its businesses into two new listed entities, F&P Appliances Holdings Ltd and F&P Healthcare Corp Ltd, is expected to kick off with High Court orders in August, enabling a shareholder meeting in late September/October and completion of the separation by the end of this year.

Directors said after-tax operating profit should rise through to separation.

Appliances’ pretax operating profit fell 19% to $31.3 million, but only 8% in the second half. Appliances’ trading profit grew 22% to $44 million, excluding forex impacts, on revenue up 11% to $693 million. Australian revenue rose 10% to $355 million on unit sales up 6.7% to 480,000. Revenue from other markets, mainly the US, rose 44% to $128 million. New Zealand sales rose 2% to $199 million, but unit sales fell 2.8% to 243,000.

Healthcare’s pretax operating profit rose 30% to $66.6 million on revenue up 34% to $193 million. Sales of its own products rose 39% while it distributed 6% less ($16 million) of other manufacturers’ products. Sales of respiratory humidification devices, 53% of the business, rose 32%.

Group net cashflow rose 20% to $105 million. F&P has increased its final dividend by 20%, from 15c to 18c.

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