Good morning, ladies and gentlemen, and welcome to the 2022 AGM of Fleetwood Limited. My name is John Klepec , and I'm the chair of the Fleetwood Limited company. With restrictions now easing, we thought it was prudent to take a hybrid approach and keep the online version going while we revert back to the traditional person-to-person approach to AGMs. I'll begin by acknowledging the traditional owners of the land on which we meet today, the Gadigal people, who are the traditional custodians of the Eora country. We pay our respects to elders past, present, and emerging, and also acknowledge traditional custodians of the many lands that we are meeting from online today. We have a quorum, and I declare the meeting open. With me today is our board. Bruce Nicholson, our Managing Director and CEO.
Jeff Dowling, our non-exec director and chair of the audit committee. Adrienne Parker, non-exec director and our chair of the Nominations and Diversity Committee. Mark Southey, non-executive director and chair of the Remuneration committee, and d own the end there, Martin Monro, our non-executive director, and he is chair of our risk committee. Also joining us from management today, here on my right, for those in the room, is Andrew Wackett, our CFO and also company secretary. Unfortunately, Liz our general counsel and company secretary is ill, so she is not with us today, but w e acknowledge all the work that she has done for the meeting today, and she will be listening to us online.
Before I invite our MD Bruce, and CEO to speak, I'll begin today's proceedings with some initial comments, including about Fleetwood's recent results and our operating environment. Overall, Fleetwood is heading in the right direction. However, the result of the Building Solutions business, as frustrating as it is disappointing, is just not acceptable. The board and management and staff are absolutely focused on the need to return the whole company, especially the Building Solutions business, to profitability in FY23, and importantly, increase our earnings and generate an acceptable level of return on assets for our shareholders. There is still more work to be done to capture the opportunity that we believe that exists in the current market that we operate in Building Solutions. FY22 saw the commencement of Bruce as CEO.
He took the reins of Fleetwood back in at the start, very start of the financial year in FY22, which now we're looking back on it was a great time. It was a time of great uncertainty given the global pandemic and everything which prevailed around that time. This prevented him from meeting many of his new colleagues face-to-face for more than five months. Given the issues that we were having in terms of the management of the company, it was a considerable bridge to cross. His leadership has been critical to Fleetwood successfully navigating that pandemic, recruiting key management as the foundation for a new team to rebuild our flagship business and return it to profitable operations.
Throughout the rapidly changing conditions endured in the past 12 months, the board and executive team have remained focused on the implementation of the strategic plan, which remains appropriate and must continue to be progressed despite the ongoing attention Building Solutions' operational issues have demanded from the executive on a day-to-day basis. This strategy has been central to the management of operations and decision-making during the year, despite the variety of challenges that impacted operations. Bruce will address that more in detail of how we are, you know, the operations of the business, the issues that we're confronting, plus the direction of where we wanna take the business and where we need to get to capitalize on that opportunity that exists in the market. Significant opportunities remain for all Fleetwood businesses, and we look forward to delivering on these for the benefit of all shareholders.
Building Solutions is a leader in the modular construction, the industry for the educational, custodial, mining, and affordable housing market segments across Australia. The acceptance of modular construction and modular products continues to grow, and we are positioned to be a major participant in this segment of the Australian market. The senior management team in the Building Solutions business in several states has been substantially replaced, reflecting some of the underlying issues that have impacted the FY22 financial results. In a full employment market, as we have had and continue to have, it has been difficult to find the right people in a timely manner, which has exacerbated issues on two major projects, one of which has just been completed currently. After a quieter year at Searipple in FY22, the future for Community Solutions is positive.
The recent five-year agreement with Rio Tinto underpins the base utilization for the medium term of that facility. Meanwhile, the northwest of Western Australia has multiple upcoming major projects across different commodities, which will require accommodation solutions where our Searipple is located in Karratha. The forecast level of activity presents a material opportunity for the Community Solutions business. Additionally, many state governments are actively looking at affordable housing solutions which present similar opportunities. Many of you would have seen the recent budget is also focused on this across the Australian landscape. RV Solutions continues to benefit from strong domestic tourism demand. While some of this demand is forecast to decline as international travel returns, the larger fleet of imported and domestic caravans already purchased will continue to fuel the second-hand and aftermarket demand for the services and products of RV Solutions for years to come.
Finally, I would like to thank our shareholders for their ongoing support and acknowledge my fellow board members for their commitment and hard work during the past year. Despite the unacceptable performance of Building Solutions this past year, our priority is to bring the business back to profitability, and we look forward to meeting the challenges of the year ahead. I personally remain excited about the future for our business and committed to the group achieving the business transformation and expect and know is possible. I would now like to hand over to Bruce to overview the operational performance of Fleetwood and comment on their outlook for the coming financial year. Bruce?
Thanks John. For those of you who are online, we're on slide five now. Just kicking off. That's actually MacGregor School up in Queensland. Having recently passed my first anniversary with Fleetwood, I've been reflecting on the challenges that the business has faced in the last 12 months, and the key lessons learned, as well as the challenges and changes required and starting to be implemented into the business. I'm pleased today to be able to provide shareholders with an update on our path ahead. In many ways, financial year 2022 has been a pivotal year for the company. The way that we've identified and overcome the challenges, the way we've developed our build, transform, and grow strategy and commenced the implementation. We've become one Fleetwood in the last 12 months, and we've positioned and shaped the business for the next several years.
As John noted, the impact of COVID lockdowns and management changes last year has meant understanding the business and winning the hearts and minds of our leaders hasn't been without its challenges. We recently brought together the top 50 leaders in Fleetwood to gain alignment on our strategy, our vision and purpose, our values, as well as workshopping our transformation and improvement plans, particularly in the Building Solutions business. While transformation and change are often difficult subjects to discuss, I was energized with the debate and engagement of our leaders with the strategy and what it means for them and how they can play their part in delivering for our company. Moving over to slide six now, our operating segments.
Turning to the Fleetwood operations, financial year 2022 delivered mixed results across the three businesses. As John said, the performance of our building solutions business is clearly unacceptable. I'll outline several changes to prevent the reoccurrence that have been implemented and will continue to be implemented, addressed as this financial year goes along. Moving to slide seven. At Fleetwood, we've introduced a clear vision, purpose, and set of values. Our vision is to be the leader in reimagining sustainable places, and our purpose is to create innovative spaces so that people can thrive. We are well-placed to achieve these. We have a platform, we have the products, we have the innovation platform, and the people now to deliver on those vision. Our values guide the way we operate on a day-to-day basis. First and foremost is zero harm to our people and to the environment.
We want people to go home from work at the end of the day in the same condition they arrived in the morning. We want to make a positive contribution to the environment. We need to embrace innovation to help us grow and achieve our vision and purpose. Innovation will set us apart from our competitors and be a key differentiator. We can achieve more through collaboration, working together and leveraging our combined strengths, national footprint, and capabilities. Finally, with everything we do, we do it with the utmost integrity. As we've said up there, we say what we do, we do what we say. We also hold ourselves fully accountable for our decisions and our performance. Moving over to slide eight.
As I said, FY 2022 recorded an EBITDA loss of AUD 12.3 million compared to a AUD 26.3 million dollar profit in FY 2021. As previously reported, this underperformance was related to the Building Solutions business, and in particular, overruns on major projects, materials and labor shortages, as well as COVID-19 pandemic construction industry lockdowns. Community Solutions delivered a sound result to the expectation, given the short-term excess capacity in the Pilbara, as we have previously flagged. While the RV Solutions business delivered a strong result on the back of, as John said, domestic travel demand, and is likely to remain solid for the first half of this financial year.
We've been prudent with our working capital and CapEx and maintained a strong cash position at the end of the financial year with AUD 55.3 million, despite those difficulties we talked about in Building Solutions. To drive business improvements, several long-term strategic initiatives have commenced, including the appointment of a new AGM of our Building Solutions business, David Bolton, a new National Sales Manager, Tom Gleeson, National Manufacturing Manager, Tara Goldsworthy, to drive diversification and revenue and to deliver our manufacturing transformation. We've also appointed a new executive general manager for our important WA business, Giles Everest. Demand for Searipple is strengthening, with several major projects in the Pilbara advancing during the year. Since the end of the financial year, we've been awarded a five-year contract with Rio Tinto for accommodation at Searipple, which underpins the future utilization and earnings of that business.
Cost and price management in RV Solutions remains strong and led to an excellent result. If I move over to slide nine, Building Solutions major project overview. Specifically speaking to the Building Solutions results, major project underperformance accounted for approximately 80% of the AUD 24.3 million loss in that business. Specifically, the vast majority of the loss related to the Rio Tinto Tea Tree Rail camp upgrade mining project in Western Australia. The project experienced significant delays and cost escalations during the year, and in preparing the year-end accounts, a further review of the project and its associated risk was undertaken, and we adopted a conservative approach and a further onerous contract provision of AUD 8.9 million was taken at the year end.
Fleetwood's intention is to complete the project and will continue to pursue a number of material claims which remain the subject of ongoing commercial negotiations with Rio. These claims have not been accounted for in the financial year 2022 results. On a pleasing note, the recent performance of the project has been within our estimates and expectations. However, the owner's contract provisions accounted for in the results will impact our cash position in the first half of this current financial year. Other major projects, such as the Centers for National Resilience, also affected the efficient flow of work through our many facilities. The result is reduced utilization and unrecovered overheads, further impacting our performance.
When we realized the impact these major projects were having on our Building Solutions business, we implemented the following criteria to pivot our bidding for new work to lower risk projects that better align with our current capabilities. Specifically, our criteria are buildability and flow through our factories. Have we got the right margin on the project? Do we have a deep understanding of the risks and opportunities on the project, and can we manage them? Is the client or customer the genuine partner we want to deal with? The result of this pivot has been that from a high of 50% of our order book in December 2021, major projects only accounted for 15% of our order book at the end of June.
As at the end of September, it only accounts for 5% of our order book, which really relates to the tail of these projects that commenced last calendar year. We've also implemented a detailed lessons learned from our projects and have a far more robust project review process in place in the business, which has already seen us walk away from several key projects in recent months. While this reduced our revenue in FY23, our bridges profitability will improve. Moving over to slide 10 now, our Building Solutions performance. Building Solutions recorded significantly more revenue compared to our previous corresponding period. As mentioned, this revenue was driven by the award of the Centers for National Resilience contracts in Melbourne, Brisbane and Perth. While on their own profitable for the company, these projects were a one-off nature and will not contribute materially to the FY23 result.
Second half earnings reflected the ongoing underperformance of the Rio Tinto Tea Tree Rail project and significant impact of supply chain issues leading to cost escalations, material and labor shortages being felt across the entire building industry. Further significant delays and cost escalations were experienced on the Tea Tree Rail Upgrade project in Western Australia, and works remain on track to substantially complete this by the end of the first half in FY23. In addition, a combination of project delays associated with poor weather on the East Coast, as well as labor and material shortages, resulted in lower than expected progress on projects in New South Wales, Victoria and WA during the second half. Specifically, we have been struggling to source qualified trades and key materials.
Overall, the order backlog remains solid at AUD 116 million compared to AUD 130 million at the end of June 2022. If I flip to slide 11 now with our lessons learned for Building Solutions. When reviewing the performance challenges that Building Solutions experienced, several key issues were identified and subsequent changes have been implemented to either prevent or mitigate the reoccurrence of those in the future. The main issues identified include the relative size and scope of these key major projects in comparison to our order book and the traditional scope of works that Building Solutions has done in the past. The more bespoke nature of these projects increased the requirements for skilled labor and reduced the manufacturing efficiencies that more standardized modular construction offers.
In addition, labor supply shortages, material supply shortages rapidly drove higher raw material costs, further eroding our margin on our medium to long term projects. To address these issues, the forward order book has not been taken on any new projects or complex projects, as I've just said. A return to a more standard product platform will reduce complexity and allow margins to rise back to acceptable levels. Recent leadership restructuring aims to improve the coordination across the business and the use of technology designed to foster collaboration, innovation and scalability within the Building Solutions business, but also knowledge transfer within the broader Fleetwood business. If I go to slide 12, our strategy and outlook for Building Solutions. We anticipate an improvement in earnings in FY23.
This is expected to come from a combination of a solid order book, a reduced impact of the major project cost overruns and overhead reductions. Unlike previous periods, the current order book does not have any material major one-off projects, as I've said before, or high complexity projects in an environment of limited skilled labor and outside of traditional scope in building materials and Building Solutions. During FY22, these included the highlighted Tea Tree project and the Centers for National Resilience, as well as several other bespoke projects. While Building Solutions will continue to feel the ongoing effects of labor shortages and higher raw material costs in the near term, we're seeing volatility as expected reduce in coming months. Opportunities within government, including housing, education and defense, are expected to increase as adoption of modular and building gathers momentum.
As an example, the Western Australian Department of Housing is now using modular solutions for their affordable housing after engagement with Fleetwood in the last 12 months. Our build, transform and growth strategy provides a roadmap for a medium to long term improvement in the quality and consistency of our earnings. The build phase involves improving our capability, systems and processes, lifting our brand awareness to underpin our long term sustainable growth. The business has moved to a national functional leadership model to improve coordination and effectiveness in our important functions of sales, estimating and design, procurement, manufacturing, health, safety and people and finance. The senior management teams as John said, in several states have been substantially replaced, reflecting the underlying issues that they have impacted our last financial year's results.
The transform component of our strategy includes revenue diversification and moving from being a bespoke builder to a repeatable builder and a manufacturer. This involves qualifying work coming to our pipeline against the key measures I've met before buildability for modular, correct margin, understanding of risks and opportunities, and the right customers to partner with. The major work streams in our transform include aligning our national workflows and developing a common set of processes and procedures across the entire Building Solutions business. Introducing a sales and operational planning system to improve our capability to push and pull orders through our factories to optimize those factories' utilization. Balancing the build complexity with standardization of modular components to open up pathways to automation in the future. Focusing on national procurement to reduce our costs by consolidating our purchasing and leveraging our buying power as a national business.
Over the medium term, this is expected to see stable growth in earnings, able to effectively leverage the advantages of modular. Reducing the build time or speed of construction, lowering the cost, especially when design variations are considered, improving the quality when compared to in situ or stick builds, as they're called, and better ESG credentials, especially around reducing waste, sustainability, and the ability to recycle, repurpose, and reuse the buildings that Fleetwood manufactures. Moving to slide 13, our Community Solutions business. We finished with an EBITDA of AUD 8.3 million on a revenue of AUD 31.7 million. As expected, Community Solutions returned a similar result the second half of FY 2021, ahead of major project demand. The COVID-19 rosters we experienced in FY 2021 were not repeated during FY 2022. While we also saw the impact, full impact of the increased room supply in the Karratha market.
Osprey Village in Port Hedland remains fully occupied and with a wait list of potential tenants. Slide 14. Our strategy and outlook for Community Solutions. The recent five-year agreement with Rio Tinto underpins the base utilization and profitability moving forward for that business and creates a strong negotiating position for ongoing negotiations with additional clients to support the planned major projects over coming periods. Subsequent to year-end, further smaller contracts have been secured with Woodside Energy and Yara Pilbara Fertilisers, which further underpins future demand for Searipple operation. The commercialization of a keyless lock and energy management system using the Fleetwood developed Glide technology is underway. Fleetwood's developed the technology and its availability to deliver through our Building Solutions business positions the company to be a real digital market leader. The outlook for Community Solutions is buoyant, with strong prospect that Northwest WA's.
WA's northwest will see significant future development of key projects in oil and gas, fertilizer, and green energy sectors. Securing of existing demand for customers places Fleetwood in a strong position for the medium term. A growing number of low carbon economy projects are currently under consideration in the northwest of WA, and the requirement for communities to house and facilitate these projects is significant in our medium term for the Community Solutions business. Community Solutions is well-placed to pursue build, own, operate, transfer, or build-to-rent opportunities in the residential aged care sector and to leverage our ability to source new villages at a competitive cost through our Building Solutions business and utilizing Fleetwood's balance sheet. Our RV Solutions business finished FY22 with an EBIT of AUD 9.8 million on a revenue of AUD 81.2 million.
The result was driven by a strengthening of both the OEM markets and the aftermarkets and excellent trading conditions created by ongoing interest in domestic tourism. Strong measure of pricing against increased raw materials and freight costs allowed gross margins to be maintained and excellent cost control of the operating costs saw our increased demand translate into earnings growth. Continued growth in the new caravan registrations and sales of second-hand caravans has been a key contributing factor to the growth of RV Solutions over the past 12 months. The medium-term outlook for RV Solutions remains positive. While international travel has resumed, the forward order book for manufacturers remains at solid levels. The business will likely remain in a strong position through exposure to the local built RV markets via our parts business, Camec, and to overseas imports through our services and certification business, Northern RV.
The recent boom in caravan sales during the past two years will likely continue to deliver demand for our aftermarket service and renovation offering, and continued strong management of price and input cost is expected to support margins moving forward. New products such as sandwich panel walls and aluminum wall frames are now coming to market in the RV business. The increase in second-hand van sales provides an opportunity for our products and promotion of renovations through our service offering. Challenges do remain around raw material supply and price, freight costs, and across the skilled labor. Although we are seeing these ease. The potential impact of recent interest rate rises, fuel increases, and the impact on discretionary spending are being monitored closely in the RV business. If I move to slide 17, our summary and outlook.
Overall, the business is positioned to generate improved results in the future. All three businesses have clear plans to improve revenue, quality, to capture future opportunities, increase utilization, manage costs, and in doing so, improving our margins. These plans aim to return the company to profitability this financial year, and I note that our dividend policy remains a payout of 100% of our net profit after tax. The company is becoming more adept at identifying and managing challenges, and I'm confident that the team will continue to find ways to identify and successfully navigate these challenges as they occur. Our balance sheet is expected to remain solid despite the payment of the onerous contract provisions in FY22, an upcoming seasonal peak in education spending. I'd like to thank all of our shareholders for their understanding during these difficult times.
I'll now hand back to our Chairman.
Thank you Bruce, for that comprehensive overview of the business and the outlook for the FY23 year. Today's AGM is the opportunity for shareholders to hear and put questions to the Board, our MD and CEO, Bruce, and external auditors, EY, Ernst & Young. I encourage shareholders to use the various platforms available to participate in this meeting. Given the crossover between physical meeting here in the room in Sydney and those online, I'll outline some of the procedural matters associated with this meeting. We welcome shareholders and proxy holders attending in person to ask questions and online to ask questions. As in past years, shareholders, proxy holders, attorneys, and corporate representatives are permitted to vote and ask questions. There are two ways to ask questions.
If you're here in the room, raising your hand and using a microphone that is available here. Online, by typing and submitting a question on the online platform. To ask a question, select the Q&A icon on your screen, type the question into the text box, and once you've finished typing, hit the Send button. For those shareholders or proxy holders attending online who wish to ask the question verbally, please follow the instructions written below the broadcast. Information about the submission of questions via the online platform is set out in our online meeting guide, which is also available on our website. Please note that while you submit questions or ask questions from now on, I will not address them until the end of the meeting to ensure a streamlined approach.
If your question relates to a specific item of business, please refer to that item of business when you submit your question. Please also ensure your questions are relevant to shareholders as a whole. Voting today will be conducted by way of a poll on all items of business. In order to provide you with enough time to vote, and in case you are not able to stay for the full meeting, I will shortly open voting for all resolutions. If you're eligible to vote at this meeting, there are two ways to cast your vote: in person here in the room or via the online platform. If you're present here today, you may vote using the green voting slip, which you were handed when you entered this room. The green voting slip is for all the resolutions.
When called upon to vote, please do so by marking your voting slip either for, against, or abstain. Your voting slips will be collected prior to the end of the meeting. If you don't have a pen or you believe you're entitled to vote but do not have a voting slip, please raise your hand and you'll be provided with one. No one raising their hand, so we proceed. If you are casting your vote using the online platform, once the voting opens, press the Vote icon and all the resolutions will be activated with the options there, applicable. To cast your vote, simply select one of the options. There is no need to hit a Submit or Enter button as the vote is automatically recorded. You'll receive a vote confirmation notice on your screen.
To change your vote, select click here to change your vote and select a different option to override your initial vote if you'll change your mind at the last minute, obviously. You can change your vote up until the time I declare voting closed. If you require any technical assistance during the meeting, please refer to our online guide available or contact Computershare here in the room. We have worked hard to ensure the webcast runs smoothly. However, should you experience any technical difficulties, a recording of the meeting will be made available on our website after we conclude the meeting. I now declare the voting open for all items of business. I'll give you a final warning before I move to close the voting. Onto the resolutions, the formal part of the meeting.
The first item of business is to receive and consider the financial statements of the company and reports of the directors and auditor for the year ending June 30th , 2022. Ladies and gentlemen, this item of business does not require a vote. However, the report's open for questions, and we have arranged for the company auditors for the FY22 financial year from Ernst & Young to be available today to answer any questions about the conduct of the audit, the preparation and content of the auditor's report, the accounting policies adopted in preparing the financial statements, and the auditor's independence. Are there any questions relating to this item of business? Is there anything online? Okay. That's good. We'll move to the next item of business. These are the remaining items of resolutions for your consideration and voting therein.
I propose to keep the process as short as possible by noting in advance the following items. Resolution one is the adoption of the Remuneration Report. It's an advisory resolution only. It does not bind the board or the company. Resolution 2 is in relation to re-election of Jeff Dowling. It is an ordinary resolution and would pass if more than 50% of the votes of those present and eligible to vote are cast in favor of the resolution. Resolution three is regarding the issue of performance rights to the MD and CEO of Fleetwood, Bruce Nicholson, under Fleetwood's long-term incentive plan, and the issue of shares following any vesting of the performance rights. This will also be passed if more than 50% of the votes cast by those present and eligible to vote are cast in favor of the resolution.
The resolutions were set out in the notice of annual general meeting, and as each is considered, it will be shown on the screen together with a summary of the proxy instructions received by the Company Secretary in respect of the relevant resolution. I intend to vote all open proxies that I hold on the card in favor of all three resolutions. Resolution 1. Resolution 1 is to adopt the remuneration report that forms part of the directors' report in the company's annual report for the financial year June 30th, 2022. The remuneration report details the principles used to determine the nature and amount of remuneration, sets out the remuneration details of each director and other senior executives of Fleetwood, and provides a detailed summary of the short and long-term incentives and how performance is measured against them.
The Corporations Act requires the preparation of a remuneration report and that resolution be put to members that the remuneration report be adopted. Voting on this resolution, as mentioned, is not binding on the company or directors and is advisory only. However, the board takes seriously the view of members on this matter, and they will be given proper consideration when we review our remuneration practices and policies. The proxy votes in relation to resolution 1 are here on the screen. Where I've been appointed as proxy with discretion, I intend to vote in favor of the resolution. I now put to the meeting that the remuneration report for the year ending June 30th, 2022 as set out in the 2022 annual report be adopted. Please select your vote by marking one of the options available if you haven't already done so.
We'll now move to resolution to item two, resolution 2, the re-election of Jeff Dowling. I'm very pleased to propose the re-election of Jeff as a director of Fleetwood. Jeff was initially appointed as a non-executive director on the July 1st, 2017 and was last re-elected in 2019. Jeff is a highly experienced corporate leader with over 35 years' experience in professional services with Ernst & Young. He held numerous leadership roles within that organization, which focus on mining, oil and gas and other industries, together with senior national management roles. Jeff's expertise centers around audit, risk, and finance derived from acting as a lead partner on numerous large public company audits, capital raisings, and corporate transactions.
Since retiring as managing partner of the Perth Ernst & Young office in 2011, he has acted in various non-executive director roles as both chair of the board and chair of the Audit and Risk Committee. A copy of Jeff's bio was set out in the notice of annual general meeting and is on our website. In recommending this election, the board notes that Jeff confirms he will continue to have sufficient capacity to fulfill his duties as director of Fleetwood and recognizes his contributions as an experienced, diligent, and committed director. The board, in the absence of Jeff, unanimously recommends that shareholders vote in favor of the resolution. The proxy votes for this resolution 2 are on the screen. Where I've been appointed as proxy with the discretion, I intend to vote in favor of the resolution.
I now put to the meeting that Jeff Dowling, being a director of the company, who retires in accordance with Fleetwood's constitution and being eligible, is re-elected as the director of Fleetwood. Please select your vote by marking one of the options available if you haven't already done so. My voice is struggling a bit, but we'll continue on. Resolution three, we're getting there, is to seek approval to issue 222,603 performance rights to the MD and CEO of our company Bruce Nicholson, an issue of shares following any vesting of the performance rights. In accordance with Fleetwood's long-term incentive plan for the FY23 financial year.
ASX Listing Rule 10.14 requires that shareholders' approval be obtained for the acquisition of securities by, among others, a director of the company under an employee incentive scheme. ASX Listing Rule 10.14 applies to the issue of performance rights to Bruce because he is the MD and CEO of Fleetwood. Resolution 3 therefore seeks the required shareholder approval to issue performance rights to Bruce. The information that must be provided to shareholders in order to obtain shareholder approval under Listing Rule 10.14 and the terms of the long-term incentive plan have been set out in the notice of annual general meeting. The proxy results in relation to this resolution 3 are on the screen. Once again, where I've been appointed as proxy with discretion, I intend to vote in favor of the resolution.
I now put to the meeting that for the purposes of ASX Listing Rule 10.14, and for all other purposes, shareholders approve, as further described in the explanatory notes, the issue of 222,603 performance rights and the issue of shares following any vesting on the performance rights in accordance with the long-term incentive plan to the Managing Director and CEO of the company, Bruce Nicholson, in relation to the FY23 financial year. Please select your vote by marking one of the options if you haven't already done so. Now we've gone through the formalities of the resolutions. We'll now move into the Q&A, and we'll address any questions that we have received online or as mentioned, anyone would like to ask questions from here in the room, we'll address those now.
Let's start with those that we've received online, if we've got any. We haven't received any prior to the meeting, so these are all just as we've been speaking. Go for it.
Chair, we have a question from Mr. John Gatwood, a shareholder, asking: What is the mission statement of Fleetwood?
That is really our purpose. Turn it on. You have to turn it on. Yeah. See over to you Bruce. Glad you jumped in.
Thanks John.
Yeah. I was about to say the same thing. You know, as Bruce said, we've got values, purposes. Our mission is. Go for it.
Yeah. Our mission is really our purpose. What we do, what we get up every day to do is our purpose, to create innovative spaces so people can thrive. Our vision, so our aspirational target, is to be a leader in reimagining sustainable spaces. Our mission statement on a day-to-day basis is really our purpose. Thank you for the question. Oh, look, I'll add to that. As for my address, the immediate mission is to get the business profitable. Simple as that.
Chair, we have a second question from Mr. Gatwood: Why has the GM been moved to Sydney when it is a Western Australian company?
Well, we have a Western Australian heritage. I wouldn't classify the company as Western Australian-centric. It is an Australian business. Being here in Sydney, a majority of our revenue is derived outside of Western Australia. Western Australia has some fantastic assets, including the Searipple Village operation, Osprey Village, and also the operations out at High Wycombe. However, that is only a part of the business. The majority of the business is outside of WA as we've become an Australian-wide operation. Our management team is centered in Sydney, led by Bruce, and the major operations Sydney, Melbourne, and obviously outside of Perth.
Chair, a final question from Mr. Gatwood is: I would like to know what you propose to do about lifting the share price.
Return to profitability and get a multiple that reflects a higher share price than we currently have. One's the outcome of the other. Whereas I've acknowledged that performance of the business has been unacceptable in the Building Solutions business, and if we can turn the business around and return it to a profitability where we believe it is sustainable and returns a level of shareholders funds, I believe the share price will respond accordingly.
Thank you Chair. There's no further online questions.
I must have done a good job on the overview. To the room, any questions? Well done Bruce. No questions means everything's covered. Hopefully. Look, we're available if any shareholders have any burning issues outside this formal process, we're approachable. The major shareholders, Bruce and myself, but we are, you know, we're not in the business of hiding away behind closed doors. We've been as transparent as possible in this presentation and in our annual report and results, so there's an understanding of the business, so the shareholders understand as much as we do about where we are and where we're going and where we believe we can position the business into the future.
Okay. Given we have no further questions, that concludes the discussions of the items of business. In a moment, I'll close the voting system. Please ensure that you all cast your votes on the resolutions. Including mine. You want mine, or you can wait to get that after the.
Before you close it. Make sure it's inside the box before you close it.
By the way, with every being online as well, you can see that we said something and did something different, so we're not in that space. Anyway, let's get all those votes in. Fellow directors voting there. Hopefully they're all for. We'll check afterwards. Yes, thank you, Chair of Audit. That's why I'm not the Chair of Audit, I suppose. We all got that? Yeah, that's good. Well, everything is cast, so the, as per usual, these will be tallied and results will be available on the ASX platform later today, with the official numbers, therein. That concludes the GM for 2022. Thank you for your attendance today, and for those shareholders who participated by proxy, and look forward to addressing you all next year. Thank you.