Final Results

Barratt Developments PLC 28 September 2005 28th September 2005 BARRATT DEVELOPMENTS PLC Results for the year ended 30th June 2005 Group Highlights: • Group turnover £2,512.7m (2004: £2,516.0m) • Group operating profit £411.3m (2004: £375.6m) up 10% • Group pre-tax profit £406.6m (2004: £367.7m) up 11% • Basic earnings per share 123.6p (2004: 111.4p) up 11% • Dividend for the year 26.98p (2004: 21.58p) up 25% • Net cash in hand £276.9m (2004: £189.7m in hand) with average gearing of 2% • Successful disposal of US housing division for £85m in August 2004 • ROACE remains one of the strongest in the sector at 31% (2004: 37%) UK Housing Highlights: • UK housebuild turnover £2,472.4m (2004: £2,327.6m) up 6% • UK housebuild operating profit (before exceptional items) £395.7m (2004: £366.4m) up 8% • UK housebuild operating margin increased to 16.0% (2004: 15.7%) • UK unit sales 14,351, up 2%, again more than any other housebuilder • More than 11,700 homes on brownfield sites, Britain's leading urban regenerator • Leading private sector provider of social housing, 1,760 homes (2004:1,308) • UK average selling price £172,200 up 4% • 300,000th home completed in year Charles Toner, Chairman of Barratt Developments commented: 'Once again, Barratt has demonstrated its ability to succeed in a competitive market place. Despite challenging conditions, the Group improved margins, posted record pre-tax profits of £406.6m and achieved its 13th consecutive year of organic growth. We also built more homes in total and more homes on brownfield sites than any other housebuilder. We have the land bank, financial resources and capacity to ensure our long term growth strategy remains unchanged. Our decision to increase the dividend by 25% reflects our confidence in our future prospects.' David Pretty, Group Chief Executive of Barratt Developments commented: 'Our wide geographic spread and product range, together with our urban regeneration and social housing expertise all contributed to a good result for the year. The immediate economic outlook may be uncertain but a healthy forward order book of £900m, together with completions to date, puts us in a good position. It's too early to assess the market for the rest of the year but we are working on the basis that it will remain challenging. Nevertheless, we are targeting to maintain volumes this year but, should the market improve, we have the ability to immediately respond and move volumes forward. All in all, we are well placed for the future. For further information please contact: Barratt Developments PLC David Pretty, Group Chief Executive On the day: 020 7067 0700 Colin Dearlove, Group Finance Director Thereafter: 0191 286 6811 Weber Shandwick Square Mile Terry Garrett/Chris Lynch 020 7067 0700 The financial analysts' presentation slides will be available on the Barratt corporate website: www.barratt-investor-relations.co.uk from 10.30am today. CHAIRMAN'S STATEMENT I am very pleased to report that, notwithstanding the challenging market conditions throughout the year, the Group achieved further growth in volume and margins producing a record £406.6m pre-tax profit. This was our 13th consecutive year of organic growth and we continue to build more homes in total and more homes on brownfield sites than other housebuilder in Britain. We are also well positioned for the future, having ended the financial year with healthy forward sales of £774m. With further sales progress since 1st July 2005, forward sales now stand at £900m which, together with completions to date, already secures 52% of our full year requirement. Key features of the results for the year ended 30th June 2005 are as follows:- • Group pre-tax profit amounted to £406.6m against £367.7m the previous year, an increase of 11%. • UK pre-tax profit, before the exceptional item of £15.9m from the disposal of ground rents, was £390.7m compared to £358.3m the previous year, up 9%. • Basic earnings per share amounted to 123.6p against 111.4p the previous year, an increase of 11%. • A final dividend of 17.99p per share will be recommended, payable on 18 November 2005 to shareholders on the register on 21 October 2005, against 14.68p the previous year. This gives a total dividend for the year of 26.98p, an increase of 25%, 4.6 times covered. This increase reflects our progress and the Board's confidence in the future performance of the Group. • Net cash in hand at the year end was £276.9m (2004: £189.7m cash in hand) with an average gearing over the year of just 2%. This was achieved notwithstanding a £234.0m increased investment in land stocks and work in progress. • On 30 August 2004 we completed the disposal of our small Southern California operation, for net proceeds of £85m, in line with the Group's strategy to focus on our UK operations. • Return on average capital employed continued to be amongst the highest in the industry at 31% (2004: 37%). These robust results demonstrate the continued success of our organic growth strategy and the fundamental strengths of our Group. The medium and long term fundamentals of the housing market remain sound, bolstered by a continuing serious shortage of new homes due to the very slow planning system. The economic outlook in the short term, however, remains uncertain notwithstanding the recent 0.25% cut in interest rates. With over nine months of our financial year yet to run it is, therefore, too early to accurately assess the market for the year ahead, although we are well placed to achieve further growth in completions if market conditions allow. Our experienced management team across Britain has, once again, demonstrated its ability to succeed in a very competitive market place. I would like to thank all of our local teams throughout the Group, both office and site based, for all their hard work. Our record performance is a result of their teamwork, skills and enthusiasm. We are pleased to welcome a new Non-Executive Director, Mr Bill Shannon, who joined the Board in September. Mr Shannon has had a long and distinguished career with Whitbread PLC, serving as an Executive Director between 1994 and 2004. He is also a Non-Executive Director of Aegon UK PLC and Matalan PLC and brings with him a wealth of experience in the business sector. Looking ahead, we are well placed to continue to progress. Despite the short term economic uncertainties, our long term strategy remains unchanged and undoubtedly there will be many growth opportunities going forward. Our wide geographic spread and extensive product range, together with our urban regeneration and social housing expertise, all contributed to a good result for the year. These core strengths, together with our healthy forward sales, strong finances and experienced management team leave us well positioned for the future and able to quickly respond as market conditions improve. Charles Toner Chairman CHIEF EXECUTIVE'S OPERATIONAL REVIEW Our teams across the country successfully adapted to a more demanding and competitive market place, achieved yet another record result for the Barratt Group - our 13th consecutive year of organic growth. We built more new homes in total and more homes on regenerated brownfield land than any other housebuilder for the third consecutive year. We also strengthened our leading position in the provision of social housing. No housebuilder does more to create sustainable communities than Barratt. In addition, during the year, we had the pleasure of handing over the keys to the 300,000th Barratt home completed since our Group was formed in 1958 by Sir Lawrie Barratt. At the same time as growing our business, our work has been recognised this year by a record number of design, quality and environmental awards. UK HOUSING A total of 14,351 new homes were completed, an increase of 2%, helping increase UK housebuild turnover by 6% to a new record of £2,472.4m (2004: £2,327.6m). A further improvement in our margin, combined with the £15.9m exceptional profit from the sale of our freehold ground rent portfolio and low gearing, produced a record Group pre-tax profit of £406.6m, an increase of 11%. The underlying operating profit from our core UK housing activity increased to £395.7m, up 8%, with the operating margin increasing again from 15.7% to 16.0%. Our average selling price increased by 4% to £172,200. Total private completions were 1% down, at 12,591 units, with an increased selling price of £182,100, up 5%. Social housing completions increased by 35% to 1,760, at an average selling price of £101,700, up 14%. We continue to benefit from the strength of our long-standing national purchase agreements with our main suppliers. These helped us maintain our stringent control of costs. We are also taking positive action to reduce costs further in every part of our business. HOUSING MARKET The housing market throughout our financial year was certainly one of the most challenging for years, but one which we had anticipated and prepared for. As a result, and despite the weaker general economic situation and buyer hesitancy, we were able to compete well in all of our operational areas. Forward sales at the year end stood at a healthy £774m. Whilst down on last year's all time record, which reflected the previous year's over-heated market, in percentage terms this remains at the upper end of our historic norm. This has now increased to £900m which together with completions to date, secures 52% of our full year requirement, with 9 months of the financial year yet to come. The fundamentals of the housing market remain sound, supported by low interest rates and good employment levels. These are underpinned by restricted supply caused by constant planning delays, and the enormous need for new housing which will have to be met in due course. Quite apart from these factors, our Group greatly benefits from a number of core strengths which continue to boost our performance and provide valuable protection from market fluctuations. GEOGRAPHIC AND PRODUCT DIVERSITY Our wide geographic spread and product range are just two of our core strengths. These ensure we avoid an over-dependence on any one geographic area or market sector and enable us to adjust production, sales and land buying in line with market conditions. Today, we have 450 sites in production being built by our 32 operating divisions working throughout England, Scotland and Wales. We are able to serve all sectors of the market at prices currently from £72,000 to £2m. Together with our affordable average selling price of £172,200 this maximises our appeal to the widest range of buyers. We have identified areas where we consider both coverage and market share can be increased. Accordingly, we have established an East Anglia division and land has already been acquired for this new operation. The first homes are targeted for completion this financial year and we would expect this new division to produce circa 400 homes per annum by 2010. We have always had a strong presence in the area known as the Thames Gateway and have currently 3 operating divisions covering that area. However, due to the increased complexity of urban regeneration, and the need for more focus, we have formed a new Thames Gateway operation to act as a specialist facilitator for our local divisions. Already, two large sites, totalling circa 600 homes have been agreed with English Partnerships under the London Wide Initiative. Construction is due for commencement during 2006, with completions following from 2008 onwards. At the same time, we have taken the opportunity to redeploy our resources to ensure greater coverage of expansion areas in Kent. Our former South London division has been relocated to Sevenoaks and renamed Barratt Kent. Its previous operating area has been redistributed between our two major West and East London divisions, both of which have excellent track records in all aspects of urban renewal. These changes will improve both our specialist urban regeneration opportunities in the capital and our Group coverage for all types of housing. Other areas of the country have been identified where we can, at the appropriate time, increase coverage and market share. These will be actioned when the time is right. URBAN REGENERATION AND BROWNFIELD DEVELOPMENT We lead the industry in the regeneration of Britain's cities and urban areas with a track record based on 30 years of experience. 82% of our homes in the year were built on brownfield sites, which equates to over 11,700 homes, rising to over 95% in London. This significantly exceeds the Government's 60% target and, once again, is more than any other housebuilder. Whilst much of our urban regeneration has been undertaken in the South, our brownfield activities in other towns and cities across the rest of the country continue to expand and prosper. Apart from London and the South East, we are currently active in many towns and cities, including Edinburgh, Glasgow, Newcastle, Leeds, Birmingham, Leicester, Cardiff, Bristol, Brighton and Southampton. In addition, important new projects totalling over 4,000 homes have recently won planning approval and are underway or soon to start. These include Aberdeen, Edinburgh, Stockton-on-Tees, Hull, Liverpool, Rochdale, Wolverhampton, Bedford, Torquay, Southampton and in London. Many other brownfield projects, large and small, are in the planning pipeline and others are at an advanced stage of negotiation. Furthermore, we have been chosen by the London Borough of Barnet, together with our partner Metropolitan Housing Trust, as preferred developer for the major West Hendon Regeneration Scheme. This should produce over 2,000 new homes, again over the next 10 years. We have also been selected, again as preferred developer, for the regeneration of East Central Rochdale. Together with our partner Artisan, we will be commencing the first phase of 80 new homes in 2006 with a potential of 1,500 new homes over the next 10 years. Brownfield development has massive potential and we continue to commit substantial resources to this growing sector. With our unrivalled track record we remain very well placed to contribute to, and benefit from, the Government's ongoing emphasis on urban regeneration. SOCIAL HOUSING PARTNERSHIPS Our social housing partnerships continue to prosper. We have reinforced our leadership in the provision of affordable housing, be it low cost homes for sale, rent, shared ownership or for those with special needs. In the year just ended we significantly increased output, building 1,760 homes for our housing association partners, an increase of 35%. Our production in this key sector has increased 116% over the past 4 years and we are now the largest provider of social housing from the private sector. Currently, we have 91 partnerships underway across Britain, with a further 87 due to start. As with urban regeneration, the provision of much needed affordable social housing is receiving much greater Government priority. This key sector is likely to grow further and, with our long experience in this field and local network, we are well placed to contribute. LAND AND PLANNING Our land acquisition and planning skills continue to serve us well in a difficult planning environment. We remained prudent in the land market throughout the year, but were able to acquire 19,059 plots which was 4,708 plots, 33%, more than we used. These extra plots increased the land bank to 54,063 plots and, including 7,000 further plots agreed, this brings our total UK land bank to over 61,000, the highest ever. This is 4.25 years' supply at current volumes. During the year we spent £745m on land acquisition, an increase of £94m over the year. This increase largely represents the redeployment of the £85m proceeds from the USA disposal. Notwithstanding the serious planning delays bedevilling the industry, we secured an increased level of planning approvals for 16,400 plots. This is 6% more than the previous year. As a result, we have all the necessary approvals in place to achieve our requirements for this year. Furthermore, over 90% of the land required for 2006/07 is already owned or contracted, with over 70% for the following year, 2007/08. On the back of our planning progress, we would expect our average outlets to continue their steady increase, which will help mitigate the effects of a more moderate market. Subject to planning approvals being obtained on programme, we would expect outlets to increase over the new financial year to an average of circa 465. ADVANCE HOUSING Our joint venture operation, Advance Housing, increased production of steel framed modular housing from its automated production facility in Daventry, Northamptonshire. It is now in its second year of production, increasing output from 81 homes to 151 homes. 128 homes were occupied by private purchasers on 9 Group developments and a further 23 homes were supplied to our Housing Association clients on 2 developments. The concept is beginning to realise its potential, reflecting, as it does, the Government's continuing emphasis on modern methods of construction. We aim to increase output again this year, subject to achieving the necessary planning approvals. SKILLS TRAINING Once again we have significantly increased our investment in skills training with over 50% of our employees already achieving the CSCS (Construction Skills Certification Scheme) standard in the past year. This puts us ahead of industry targets to have a fully carded and qualified workforce, including our subcontractors, by 2010. Our apprentice training programme remains the largest in the industry, making a real contribution to addressing the national construction skills shortage. Currently, 536 apprentices are receiving on-site skills training on our developments nationwide. In addition, we have 59 graduates on fast-track career paths. An increasing number of our managerial and supervisory staff, both on-site and office based, began their careers on our apprentice and graduate programmes. This augurs well for our future prospects. CUSTOMER CARE Improving customer care is very important to us. We believe good progress has been made over the last three years in comprehensively overhauling our quality and customer services procedures and our independently audited buyer survey responses show continuing improvement. We remain focused on targeting further, and lasting, improvement in all parts of our operation. Last month we launched our new 10 point Customer Charter setting out unequivocally the standards of quality and service we strive to provide to our customers. We are also developing a Customer Care Personal Code of Practice for all our Staff, Suppliers and Sub-Contractors, pledging our commitment to the core values of integrity, respect and courtesy upon which the delivery of quality and service depend. A comprehensive staff training programme for the new Charter is underway and a similar programme will be put in place for the Code of Practice. Like all in the sector, we are highly dependent on our subcontractors and suppliers aspiring to and achieving similar standards of quality, service and customer care to ourselves. A major area of focus in our subcontractor and supplier partnerships in the year ahead will be to ensure that all who work for, and supply to, the Barratt Group are aware of our increased expectations and are fully committed to compliance with our new Customer Charter and Code of Practice. AWARDS Our construction teams produced an excellent performance in this years' NHBC 'Pride in the Job' campaign securing 51 Quality Awards, up from 40 last year, and a new record. This secured 19% of the total nationwide NHBC awards compared to our market share of 9%. The Group also did well in the Daily Express British Housebuilder Awards. KingsOak secured the Best National Builder Award 2005 and a further 6 top awards went to Barratt and KingsOak Divisions. It is very pleasing to report that for a record fourth time we were voted 'Major Housebuilder of the Year' in the 2005 'Building' awards, one of the most prestigious awards in the construction industry. The award recognises the Group's leading role and outstanding contribution to housing and urban renewal. We were also recognised by the Design Council as one of 'an elite' group of quoted British companies, which use good design as a management discipline and tool at the strategic heart of our business. Our leading contribution to design innovation in housebuilding was also recognised in the 2005 House Builders' Federation's publication 'Designing Homes for Life'. No less than 9 of our developments were showcased for their positive design features, more than any other national housebuilder. In addition, the Group won 13 Greenleaf environmental awards which was, for the fourth year running, the most in the industry. THE YEAR AHEAD ......... AND LOOKING FORWARD We have produced another set of record results, and achieved our 13th consecutive year of progress, in a challenging and competitive market place. The short-term economic outlook remains unclear and with only three months of our financial year elapsed, it is too early to assess the market for the rest of the year. We shall be operating on the assumption that the market will remain challenging but are targeting to maintain volumes. We have the benefits of a healthy forward order book, increasing outlets, a growing social housing programme and our proven marketing ability to achieve sales in tougher times. However, should the market improve, we also have the land bank with planning permission and the capacity to immediately respond and increase volumes. Notwithstanding the uncertain short-term economic outlook, the underlying fundamentals of the housing market are sound and there will be many growth opportunities for us in the future. Our long-term growth strategy therefore remains unchanged. Our national geographic spread and wide product range, together with our urban regeneration and social housing skills, have all contributed to a good result this year and will boost our performance in the future. These core strengths, together with our healthy forward sales, quality land bank, strong finances and experienced management team, leave us well positioned for the future and poised for further growth once market conditions allow. David Pretty Group Chief Executive 28th September 2005 For further information please contact: Barratt Developments PLC David Pretty, Group Chief Executive On the day: 020 7067 0700 Colin Dearlove, Group Finance Director Thereafter: 0191 286 6811 Weber Shandwick Square Mile Terry Garrett/Chris Lynch 020 7067 0700 The financial analysts' presentation slides will be available on the Barratt corporate website: www.barratt-investor-relations.co.uk from 10.30 am today, together with photographic images of Charles Toner, David Pretty and a selection of Barratt developments. Further copies of the announcement can be obtained from the Company Secretary's office at: Barratt Developments PLC Wingrove House • Ponteland Road • Newcastle upon Tyne NE5 3DP The following are the unaudited results of the Group for the year ended 30th June 2005. ________________________________________________________________________________ 1. Group Profit and Loss Account Unaudited Audited 2005 2004 £m £m ________________________________________________________________________________ Turnover - Continuing operations 2,484.7 2,343.1 - Discontinued operations 28.0 172.9 ________________________________________________________________________________ Group Turnover 2,512.7 2,516.0 ________________________________________________________________________________ Operating profit - Before exceptional items 395.0 364.2 - Exceptional items, profit on disposal of freehold ground rents 15.9 - ________________________________________________________________________________ - Continuing operations 410.9 364.2 - Discontinued operations 0.4 11.4 ________________________________________________________________________________ Operating profit 411.3 375.6 Net interest payable (4.7) (7.9) ________________________________________________________________________________ Profit on ordinary activities before taxation 406.6 367.7 Taxation (115.9) (107.2) ________________________________________________________________________________ Profit on ordinary activities after taxation 290.7 260.5 Dividends (63.9) (51.4) ________________________________________________________________________________ Retained profit 226.8 209.1 ________________________________________________________________________________ Earnings per share - basic 123.6p 111.4p ________________________________________________________________________________ Earnings per share - diluted 122.1p 110.1p ________________________________________________________________________________ Dividend per share 26.98p 21.58p ________________________________________________________________________________ Dividend cover 4.6x 5.2x ________________________________________________________________________________ ________________________________________________________________________________ 2. Statement of Total Recognised Gains and Losses Unaudited Audited 2005 2004 £m £m ________________________________________________________________________________ Profit on ordinary activities after taxation 290.7 260.5 Currency translation differences on foreign currency net investments - (3.9) ________________________________________________________________________________ Total gains and losses recognised since last annual report 290.7 256.6 ________________________________________________________________________________ ________________________________________________________________________________ 3. Group Balance Sheet Unaudited Audited 2005 2004 £m £m ________________________________________________________________________________ Fixed assets Tangible assets 11.3 11.9 ________________________________________________________________________________ Current assets Properties held for sale 7.2 9.7 Stocks 2,403.0 1,977.0 Debtors due within one year 37.7 41.6 Debtors due after more than one year 2.6 1.3 Bank and cash 285.1 230.4 ________________________________________________________________________________ 2,735.6 2,260.0 Current liabilities Creditors due within one year (1,293.4) (1,066.0) ________________________________________________________________________________ Net current assets 1,442.2 1,194.0 ________________________________________________________________________________ Total assets less current liabilities 1,453.5 1,205.9 Creditors due after more than one year (101.5) (89.8) ________________________________________________________________________________ Net assets 1,352.0 1,116.1 ________________________________________________________________________________ Capital and reserves Called up equity share capital 24.2 24.0 Share premium 197.9 190.7 Profit retained 1,129.9 901.4 ________________________________________________________________________________ Equity shareholders' funds 1,352.0 1,116.1 ________________________________________________________________________________ Net assets per share 559p 465p ________________________________________________________________________________ ________________________________________________________________________________ 4. Group Summary Cash Flow Statement Unaudited Audited 2005 2004 £m £m ________________________________________________________________________________ Net cash inflow from operating activities Operating profit 411.3 375.6 Increase in stocks (528.7) (254.4) Increase in debtors (7.2) (6.8) Increase in creditors 294.0 147.5 Other non cash movements 2.3 0.8 ________________________________________________________________________________ 171.7 262.7 Returns on investments and servicing of finance (4.7) (11.5) Taxation (113.8) (98.7) Capital expenditure and financial investment (1.0) (5.4) Acquisitions and disposals 83.2 - Equity dividends paid (55.6) (45.0) ________________________________________________________________________________ Cash inflow before financing 79.8 102.1 Financing (1.6) (15.4) ________________________________________________________________________________ Increase in cash 78.2 86.7 ________________________________________________________________________________ Reconciliation of net cash flow to movement in net funds Increase in cash 78.2 86.7 Cash flow from decrease in debt 9.0 19.1 ________________________________________________________________________________ Change in net funds resulting from cash flows 87.2 105.8 Exchange movements - 2.3 ________________________________________________________________________________ Movement in net funds in the period 87.2 108.1 Net funds at 1st July 189.7 81.6 ________________________________________________________________________________ Net funds at 30th June 276.9 189.7 ________________________________________________________________________________ 5. Statutory Accounts The financial information set out above does not constitute statutory accounts within the meaning of the Companies Act 1985. The figures in the preliminary statement have been taken from the group's draft statutory accounts which have not yet been signed. The figures for the year to 30th June 2004 are an extract from the full accounts for that year, which have been filed with the Registrar of Companies and on which the auditors gave an unqualified opinion. The preliminary financial information has been prepared on the basis of accounting policies set out in the company's Annual Report for the year ended 30th June 2004. Work continues on the changes required for the implementation of International Financial Reporting Standards to ensure compliance for the results to be reported for the year ending 30th June 2006. The major areas of change are expected to relate to accounting for pension costs, share based payments, financial instruments and the timing of dividend payment recognition. ________________________________________________________________________________ 6. Geographical Analysis 2005 2004 Turnover Operating Turnover Operating Profit Profit £m £m £m £m ________________________________________________________________________________ UK housebuild 2,472.4 395.7 2,327.6 366.4 Other UK 12.3 (0.7) 15.5 (2.2) Exceptional items - 15.9 - - ________________________________________________________________________________ UK sub-total 2,484.7 410.9 2,343.1 364.2 USA 28.0 0.4 172.9 11.4 ________________________________________________________________________________ Group total 2,512.7 411.3 2,516.0 375.6 ________________________________________________________________________________ ________________________________________________________________________________ 7. Cash in Hand/(Bank Debt) 2005 2004 £m £m ________________________________________________________________________________ Due within one year (4.8) (28.3) Due after more than one year (3.4) (12.4) ________________________________________________________________________________ (8.2) (40.7) Bank and cash deposits 285.1 230.4 ________________________________________________________________________________ Total net funds 276.9 189.7 ________________________________________________________________________________ 8. Dividends The directors propose a final dividend of 17.99p per share (2004: 14.68p) making a total for the year of 26.98p per share (2004: 21.58p). It is proposed that the final dividend will be paid on 18th November 2005, to shareholders on the register, at close of business, on 21st October 2005. 9. Earnings Per Share Basic earnings per ordinary share is based on the profit after taxation of £290,700,000 (2004: £260,500,000) and the weighted average number of ordinary shares in issue and ranking for dividend during the year of 235,167,051 (2004: 233,904,273). For diluted earnings per share, the weighted average number of shares in issue and ranking for dividend is adjusted to assume the conversion of all dilutive potential shares. The effect of the dilutive potential shares is 2,962,205 (2004: 2,597,644), this gives a diluted weighted average number of shares of 238,129,256 (2004: 236,501,917). 10. Net Assets Per Share Net assets per ordinary share are based on the net assets at 30th June 2005 of £1,352.0m (2004: £1,116.1m) and the number of shares in issue at that date of 241,972,144 (2004: 239,797,852). This information is provided by RNS The company news service from the London Stock Exchange

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