The worst of times for F&P

2004

August: F&P Appliances issues first of seven profit warnings in three years to 2007.

2005

Announces global manufacturing strategy to move some Australian and NZ-based operations to Clyde, in the US state of Ohio.

2006

Haier makes first approach to F&P. Board reportedly divided, rebuffs the offer. Acquires Italian whiteware brand Elba.

2007

April: Announces NZ-based washer and dryer production will move to Thailand.

August: Announces electronics production is also moving to Thailand.

November: Ceases earnings guidance for full year, due to volatility of raw material prices and the exchange rate.

2008

April: Acquires land and plant in Mexico. Starts building stock in preparation for NZ and Australian plant closures and move to Mexico and Thailand - completed 2009.

May: Posts $54.2 million profit for the year to March.

September: Lehman Bros collapses. Property market sinks, scuppering chance of funding Mexico and Thailand move from property sales. US whiteware market collapses by 20 per cent overall, with decline in top-end sales estimated to be as much as 50 per cent. Kiwi dollar falls sharply, increasing foreign currency debt by $120 million.

2009

January: Mexico DishDrawer line commissioned. Retailers de-stock, F&P inventory peaks at nearly $400 million.

February: Profit forecast downgraded, share price plunges from $1 to 65c, talk of government bailout. US retailer Lowe's takes some F&P product off its floors, compounding US sales woes.

March: Debt peaks at $502 million (due to stock build-up to cover plant relocations). Deutsche Bank's Matt Orr joins as vice-president of corporate planning.

April: Announces Mosgiel closure, loss of 800 jobs.

May: $200.5 million capital raising. Takes on Haier as cornerstone investor, holding 20 per cent of the company worth about $80 million - part of $189 million in new equity. Banking group approves new $575 million debt facility, covenant requires repayment of $235 million by April 30, 2010. Posts $95.3 million loss for the year to March. Slashes promotional spending by 40 per cent.

June: Share price leaps 56 per cent to $1.03 after successful capital raising, analysts respond positively. Plan to reduce debt from $459 million to $153 million by March 2010. Net profit guidance of $34.7 million. Sale of first East Tamaki lot to Direct Property for $53 million.

July: Stuart Broadhurst becomes chief operating officer.

August: Simon Botherway joins as independent director. Thailand plant commissioning starts, completed by November.

September: Chief executive John Bongard steps down, Broadhurst appointed acting CEO.

October: Repays banks $235 million six months early.

December: Broadhurst formally appointed CEO, institutes management and strategy changes, new staff, new structure, switch from country focus to a function focus.

November: Ralph Waters succeeds Gary Paykel as chairman, after being set to quit board. Posts $82.4 million interim loss, expects annualised earnings of $16 million to $23 million. Waters promises more certainty for investors around F&P forecasting.

2010

January: Retailer Hill & Stewart closes.

March: Announces end of exclusive dealership arrangement as of July 1, after some 50 years.

May: First showroom opens in China. Access to 944 Sears stores in US. Opens showroom in Vietnam.

Posts $83 million loss for year to March but shows much stronger second half, with normalised operating profit of $23.7 million and net debt of $171 million - delivering on promise to get debt below $200 million by January 2010.