Interim Results
Barratt Developments PLC
28 February 2007
28 February 2007
BARRATT DEVELOPMENTS PLC
Results for the half year ended 31 December 2006
Highlights:
•Turnover £1,194.4m (2005: £1,172.0m) up by 2%.
•Pre-tax profit increased by 10% from £163.9m to £180.2m.
•Basic earnings per share were up 9% to 52.6p (2005: 48.2p).
•Interim dividend 11.38p (2005: 10.34p) up by 10%.
•ROACE of 26.9% (2005: 30.1%).
•Completions rose to 7,206 (2005: 7,003) up by 3%.
•Average selling price of £165,000 (2005: £162,900)(1), up by 1.3%.
•Housebuild operating margin increased to 16.3% (2005: 14.8%).
•Land stocks strengthened to 70,500 plots - 4.8 years supply.
•Net borrowings of £226.7m (2005: £3.3m net cash).
•Forward sales of £1,030m at 31 December 2006 (2005: £700m)
Charles Toner, Chairman of Barratt Developments commented:
'We have delivered a strong performance in the first half of our financial year
with a 10% increase in pre-tax profits. This was driven by further growth in
completions, an improved mix between private and social housing and increased
average selling prices. This, combined with our continued focus on cost
efficiency, has helped to improve margins.
We have strengthened our landbank and have achieved a record forward sales
position up 47% in a housing market where demand continues to outstrip supply.'
Mark Clare, Group Chief Executive of Barratt Developments commented:
'Our strong performance in the first six months gives us a platform for future
growth which will be enhanced by the proposed acquisition of Wilson Bowden.
Together the businesses will have an improved land position and a strengthened
presence across the market from social housing to higher priced properties and
from urban regeneration to commercial development.
Our priority now is to complete the acquisition of Wilson Bowden and integrate
the businesses, whilst continuing to deliver the cost efficiencies and growth
that will underpin further improvements in performance.'
For further information please contact:
Barratt Developments PLC
Mark Clare, Group Chief Executive On the day: 020 7067 0700
Mark Pain, Group Finance Director Thereafter: 0191 227 2000
Weber Shandwick Financial
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.
Note 1: The average selling price for social housing completions for the six
months to 31 December 2005 has been adjusted to exclude the revenue received
in the period in respect of stage payments for the land element of units which
were not physically completed, to be consistent with the treatment in the six
months to 31 December 2006. This had a negligible profit impact in the six
months to 31 December 2005 and no profit impact for the year ended 30 June 2006.
Chairman's Statement
I am pleased to report another strong trading performance for the six months
ended 31 December 2006.
Pre-tax profits increased to £180.2m, up 10% on the first half of 2005 at
£163.9m. Basic earnings per share increased to 52.6p, up 9% from the 48.2p
delivered in 2005.
As a result of this strong first half performance, and as already indicated on 5
February 2007, an interim dividend of 11.38p per share will be paid on 25 May
2007, to shareholders on the register on 30 March 2007. This interim dividend
will be 4.6 times covered and represents an increase of 10% over last year's
10.34p per share payment.
This performance, together with increased investment in land in the first half,
positions us to achieve growth going forward. Whatever the uncertainties are
over the likely strength of the market for the rest of this year, we will
continue to focus on our operational performance and on driving improved
overhead efficiencies through increased scale and strict control of build costs
to support our margins.
This is a good foundation upon which to build and we have a strong management
team in place led by Mark Clare our new Chief Executive who joined us in October
2006. He is ably supported by a highly skilled team operating across Great
Britain which has demonstrated its ability to succeed in a competitive market
place.
Mark succeeds David Pretty who has retired after 27 years with the Group,
including 16 years as a Board Member and four years as Chief Executive. Geoff
Hester has also retired from the Board and will leave the Group at the end of
June. This follows the integration of the KingsOak business into the Barratt
divisional structure. Geoff made a substantial contribution to the growth of the
Group over the last ten years, seven of them as a Board Member. We wish them
both a long and happy retirement.
Looking ahead we are well placed to continue our growth. The housing market is
sound and the underlying business is strong. We hope to capitalise on this
position as we look to complete the acquisition and integration of Wilson
Bowden. This will bring new capabilities to the Group which, when combined with
our track record of growth and operational efficiency, will create a formidable
player in the housing market committed to increasing shareholder value.
Finally, I would like to thank all our people right across the business for
their continuing efforts that have, once again, delivered outstanding results.
Charles Toner
Chairman
Chief Executive's Review
Operations
Our housebuilding turnover was £1,190.8m (2005: £1,166.8m) up by 2%.
Total completions increased by 2.9% to 7,206 (2005: 7,003) at an average selling
price of £165,000, (2005: £162,900(2)). The average selling price was constrained
by the highly competitive market and changes to the product mix.
Private completions were 4.0% higher at 5,791 (2005: 5,569), at an increased
average selling price of £184,200, up 1.2%. Social housing completions decreased
by 1.3% to 1,415, at an average selling price of £86,600, down 2%
(2005: £88,400(2)) again as a result of mix changes.
Housebuild operating margins increased to 16.3% up from 14.8% during the same
period in 2005. This margin improvement resulted from a combination of a number
of higher margin sites coming through to completion in the six months to
December 2006 as well as continued focus on overhead efficiencies and strict
control of building costs.
Pre-tax profit increased by 10% from £163.9m to £180.2m.
As previously indicated, our return on capital employed, which for the six
months ended 31 December 2006 was 26.9%, is likely to reduce to between 20% to
25% going forward. This is as a result of increased land investment and other
work in progress to underpin future growth and the need to establish the right
balance between ROACE and margin to deliver higher value going forward.
Our KingsOak divisions have been integrated into the Barratt Regional operating
structure and this has enabled us to reduce costs and make better use of our
land bank and management across both brands. We have opened a new KingsOak
division in Yorkshire focusing on the higher end of the housing market.
Sales
We have delivered a solid sales performance in the first half with good sales
rates and robust visitor levels. All areas and regions sold at a satisfactory
rate during the first six months.
Looking forward, total reservations are now 25% better than a year ago with
forward sales at 31 December 2006 of approximately £1,030m (2005: £700m). This
has now increased to £1,368m which, together with completions to date, secures
83% of the full year's expected volumes.
Land
In the six months to December 2006, we have continued to strengthen our land
position. Our land bank has increased 11.9% to c.70,500 plots (December 2005:
c.63,000), including 8,000 plots (December 2005: 7,000 plots) agreed subject to
contract. This equates to 4.8 years' supply at 2005/6 volumes (December 2005:
4.3 years). The continued investment in land and work in progress has resulted
in the business running higher average gearing levels.
We spent £462m on land in the first half compared to £431m in the six months to
the end of December 2005, an increase of £31m (7%). We currently expect to spend
approximately £1billion on land over the full year compared to £841m in 2006.
Despite inherent ongoing difficulties in the planning system, we achieved an
increased level of planning approvals in the first half of 10,516 plots, up 7%
over last year. 96% of land required for 2007/8 is now owned or contracted, and
over 79% for 2008/9.
Note 2: The average selling price for social housing completions for the six
months to 31 December 2005 has been adjusted to exclude the revenue received
in the period in respect of stage payments for the land element of units which
were not physically completed, to be consistent with the treatment in the six
months to 31 December 2006. This had a negligible profit impact in the six
months to 31 December 2005 and no profit impact for the year ended 30 June 2006.
Financing
At the half year borrowings were £226.7 million and average gearing was 17% in
the period. As previously stated gearing is likely to increase towards an
average of 25% as a result of rising land investment and work in progress,
before taking account of the impact of the acquisition of Wilson Bowden.
Housing Market
The housing market in the first half was highly competitive but stable, with
good buyer confidence being sustained despite the increase in interest rates.
The fundamentals of the market remain sound with demand continuing to outstrip
supply.
These market conditions have underpinned a robust sales performance in the first
two months of 2007 despite a further interest rate increase. With the spring
selling period still to come, it remains too early to be certain of future
trends, but given the fundamentals of the market our expectation remains that we
will perform satisfactorily.
Group Strategy
During the six months to December 2006, we took the opportunity to assess our
market position and future outlook. We have identified significant strengths in
terms of our geographic and product diversity, our position in urban
regeneration and brownfield developments and social housing partnerships. This
is supported by a strong operational performance culture across the Group which
has delivered strong organic growth. We believe that these capabilities make
Barratt one of the most successful housebuilders in the UK, accounting,
approximately, for a 9% share of a highly fragmented national market.
Given the significant undersupply situation that exists in the sector we expect
the total market size to grow. Continuing consolidation also seems inevitable
and going forward, we believe that the most robust companies in the sector will
have the most success.
We firmly believe that rapid organic growth, one of our historic strengths, is
the way to deliver maximum value to shareholders.
To deliver our ambition for the company we have identified a number of key areas
for management's attention to facilitate growth:
•Increase our investment in people
•Focus on cost control and efficiency improvement
•Accelerate land investment, particularly strategic land
•Participate more fully in the upper end of the housing market
•Focus on leveraging larger, especially mixed-use, development opportunities
We have already made progress in each of these areas over the last few months
and we believe our ability to deliver will be substantially increased once we
have completed the proposed acquisition of Wilson Bowden.
Core Strengths
During the six months to December we continued to reinforce our core strengths.
- Geographic and Product Diversity
Our wide geographic spread and extensive product range continues to be an
important strength that insulates the Group from over-dependence on any one
geographic area or market sector. At the end of December we had some 450 sites
under construction across England, Scotland and Wales.
We have progressed several large-scale multi-tenure projects. For example,
agreement has been reached with Barnet Council and Metropolitan Housing
Partnership, for the regeneration of the West Hendon Estate, which will provide
around 2,000 new homes and community facilities.
In Leeds we commenced a major regeneration project to create 325 homes on a
former industrial site. Affordable first-time buyer homes from £90,000 are
planned and 50 have been allocated to the Government's First-Time Buyers'
Initiative.
Homes for rent, shared ownership and sale are being provided in a major
mixed-use scheme in the London Borough of Croydon. Around 800 new homes are
planned along with community and commercial facilities including workshops and a
medical centre.
Our iPad product targeted at first time buyers is expanding rapidly. We have now
completed over 40 iPads on two sites and at the end of 2006 had 125 under
construction on seven further sites. We have 15 additional sites for 687 soon to
start and a further 44 sites for 1,725 in the pipeline.
- Urban Regeneration
We continue to be a leader of the regeneration of Britain's cities and urban
areas across England, Scotland and Wales. Over 80% of our homes were built on
Brownfield sites.
Our urban regeneration activities are not solely undertaken within London and
the South East. In Swansea for example, a new project will provide over 560 new
homes on a former factory site. This development will create a thriving new
community and retail centre close to the city's rugby and football stadium. In
Leicester we are creating a sustainable new community of up to 1,000 new homes
plus shops and community amenities. This project achieved the best overall score
in The Commission for Architecture and the Built Environment's (CABE) recent
audit of housing design quality in the Midlands.
One of the largest programmes we've undertaken in recent years is in South
Lanarkshire, West Scotland. Here, Barratt and AMEC Developments are working
together, alongside a PFI project being promoted by AMEC to renew schools.
Barratt has secured 9 sites to build almost 1,400 new homes which will reinforce
our position as a leading housebuilder in Scotland.
- Social Housing
Our social partnerships continue to contribute to the success of the Group. We
are one of the industry's leading providers of affordable housing, whether it is
for low cost homes for sale, rent, shared ownership or special needs. This key
sector has growth potential and, with our strengths and experience, we are well
positioned to participate.
We have been awarded funding to provide more than 300 new homes around the
country as part of the Government's First-Time Buyers' Initiative designed to
help people get onto the property ladder. We have received around £30 million to
support the initiative at 9 developments located in Brighton, Bristol, Ely,
Gravesend, Leeds, Liverpool, Romford, Southampton and Watford.
During the period, we built 1,415 homes for our housing association partners, at
an average selling price of £86,600. This included 60 affordable homes in
Hatfield for rent and shared ownership through Aldwyck Housing Association. A
further 96 affordable homes will be provided in the second phase for Circle
Anglia Housing Association, whilst in Edinburgh, close to Princes Street, we are
transforming two large warehouses into 242 homes, including 36 affordable homes.
Customer Care and Quality
We are committed to enhancing the level of customer service across the
organisation and independently compiled buyer surveys show continued
improvement. Applying the same rating system as used in the House Builders
Federation/MORI surveys to our own scores, we believe that 61% of our divisions
are now at 4 star level or above. We are targeting further improvements and are
embedding our Customer Charter and Code of Practice for all staff, suppliers and
subcontractors. This will continue to be an important area of management focus
over the next year.
We are continuing to invest in general skills training and over a third of our
work force has now achieved the Construction Skills Certification Scheme
standard. We remain on track to have a fully carded and qualified workforce by
2010. Our Apprentice scheme, which currently has over 500 participants, is one
of the largest in the industry as we continue to work to address the national
construction skills shortage. We have also stepped up our investment in our
graduate recruitment programme to add additional talented people who will form
part of the future management of the company.
Our approach continues to be recognised in a series of external awards. In 2006
we were named What House? Housebuilder of the Year. Additionally we were
recently named 2006 Homebuilder of the Year by Your New Home magazine. These
awards are a testament to the efforts, ideas and talents of our people.
Outlook
We have benefited from a strong first half to the year with pre-tax profits up
10%, a strengthened land bank and forward sales at record levels.
Whilst the fundamentals of the housing market remain sound, there is uncertainty
over further changes to interest rates and the effect these may have on housing
demand.
That said, the market is stable with good visitor levels and interest being
shown going into the key Spring selling season.
There is no doubt that over the next six months our focus must be on achieving
cost reduction targets whilst completing the proposed acquisition of Wilson
Bowden. Meanwhile work is continuing to ensure we can rapidly integrate these
two businesses as soon as we are able to proceed.
Mark Clare
Group Chief Executive
For further information please contact:
Barratt Developments PLC
Mark Clare, Group Chief Executive On the day: 0207 067 0700
Mark Pain, Group Finance Director Thereafter: 0191 227 2000
Weber Shandwick Financial
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, Mark Clare and a selection
of Barratt developments.
Further copies of the announcement can be obtained from the Company
Secretary's office at: Barratt Developments PLC, Rotterdam House, 116 Quayside,
Newcastle upon Tyne NE1 3DA
Consolidated Income Statement
for the half year ended 31 December 2006
(Unaudited) Half year ended Year ended
31 December 31 December 30 June
2006 2005 2006
Note £m £m £m
-------------------------------------------------------------------------------
Continuing operations
Revenue 1,194.4 1,172.0 2,431.4
Cost of sales (957.6) (953.9) (1,940.6)
-------------------------------------------------------------------------------
Gross profit 236.8 218.1 490.8
Net operating expenses (44.6) (46.9) (81.2)
-------------------------------------------------------------------------------
Profit from operations 192.2 171.2 409.6
Finance income 0.3 0.4 2.0
Finance costs (12.3) (7.7) (20.2)
-------------------------------------------------------------------------------
Profit before tax 3 180.2 163.9 391.4
Tax expense (54.1) (49.1) (116.4)
-------------------------------------------------------------------------------
Profit for the period from continuing
operations all attributed to equity
shareholders 126.1 114.8 275.0
===============================================================================
Dividends
Payments to shareholders - £m 4 49.7 42.8 67.5
Proposed/paid dividends per ordinary
share
Interim 4 11.38p 10.34p 10.34p
Final 4 - - 20.69p
Earnings per share - continuing basis
Basic 5 52.6p 48.2p 115.3p
Diluted 5 51.6p 47.5p 113.3p
Consolidated Statement of Recognised Income and Expense
£m £m £m
-------------------------------------------------------------------------------
Profit for the period 126.1 114.8 275.0
Revaluation of available for sale assets 1.8 - (4.5)
Tax on revaluation of available for sale
assets (0.5) - 1.3
-------------------------------------------------------------------------------
Total recognised income for the period
all attributed to equity shareholders 127.4 114.8 271.8
===============================================================================
Consolidated Balance Sheet
at 31 December 2006
(Unaudited) 31 December 31 December 30 June
2006 2005 2006
Note £m £m £m
-------------------------------------------------------------------------------
Assets
Non-current assets
Property, plant and equipment 12.8 10.8 12.1
Available for sale assets 31.2 - 31.3
Trade and other receivables 2.4 5.8 3.5
Deferred tax 39.2 40.0 40.4
-------------------------------------------------------------------------------
85.6 56.6 87.3
-------------------------------------------------------------------------------
Current assets
Inventories 2,964.4 2,574.8 2,644.4
Trade and other receivables 36.0 63.0 39.5
Cash and cash equivalents 68.6 113.4 43.3
-------------------------------------------------------------------------------
3,069.0 2,751.2 2,727.2
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total assets 3,154.6 2,807.8 2,814.5
-------------------------------------------------------------------------------
Liabilities
Current liabilities
Loans and borrowings 292.6 106.9 5.9
Trade and other payables 959.8 1,027.7 988.3
Current tax liabilities 59.8 56.4 65.7
-------------------------------------------------------------------------------
1,312.2 1,191.0 1,059.9
-------------------------------------------------------------------------------
Non-current liabilities
Loans and borrowings 2.7 3.2 2.5
Trade and other payables 130.4 118.8 124.3
Retirement benefit obligations 84.3 89.5 87.9
-------------------------------------------------------------------------------
217.4 211.5 214.7
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total liabilities 1,529.6 1,402.5 1,274.6
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Net assets 1,625.0 1,405.3 1,539.9
-------------------------------------------------------------------------------
Equity
Share capital 24.4 24.3 24.3
Share premium 204.7 201.4 202.3
Retained earnings 1,395.9 1,179.6 1,313.3
-------------------------------------------------------------------------------
Total equity 7 1,625.0 1,405.3 1,539.9
===============================================================================
Consolidated Cash Flow Statement
for the half year ended 31 December 2006
(Unaudited) Half year ended Year ended
31 December 31 December 30 June
2006 2005 2006
Note £m £m £m
-------------------------------------------------------------------------------
Net cash outflow from operating
activities 6 (215.6) (236.7) (182.1)
Cash flows from investing activities
Purchases of property, plant and
equipment (4.4) (0.6) (3.3)
Proceeds from sale of property, plant
and equipment 1.6 0.2 2.0
Interest received 0.3 0.4 2.0
-------------------------------------------------------------------------------
Net cash (outflow)/inflow from investing
activities (2.5) - 0.7
-------------------------------------------------------------------------------
Cash flows from financing activities
Proceeds from issue of share capital 2.5 3.6 4.5
Disposal of own shares 3.7 2.3 2.4
Dividends paid 4 (49.7) (42.8) (67.5)
Loan drawdowns 286.9 101.9 0.2
-------------------------------------------------------------------------------
Net cash inflow/(outflow) from financing
activities 243.4 65.0 (60.4)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Net increase/(decrease) in cash and cash
equivalents 25.3 (171.7) (241.8)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Cash and cash equivalents at beginning
of period 43.3 285.1 285.1
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Cash and cash equivalents at end of
period 68.6 113.4 43.3
-------------------------------------------------------------------------------
Reconciliation of net cash flow to net
(debt)/cash
-------------------------------------------------------------------------------
Net increase/(decrease) in cash and cash
equivalents 25.3 (171.7) (241.8)
Cash inflow from increase in debt (286.9) (101.9) (0.2)
-------------------------------------------------------------------------------
Movement in net debt in the period (261.6) (273.6) (242.0)
Opening net cash 34.9 276.9 276.9
-------------------------------------------------------------------------------
Closing net (debt)/cash (226.7) 3.3 34.9
===============================================================================
Net (debt)/cash
Cash and cash equivalents 68.6 113.4 43.3
Loans and borrowings (295.3) (110.1) (8.4)
-------------------------------------------------------------------------------
Net (debt)/cash (226.7) 3.3 34.9
===============================================================================
All cash flows are from continuing operations.
Notes to the Financial Statements (Unaudited)
1. Basis of Accounting
-------------------------------------------------------------------------------
This financial information comprises the consolidated interim balance sheets as
of 31 December 2006 and 31 December 2005 and related consolidated interim
statements of income, recognised income and expense and cash flows for the six
months then ended (hereinafter referred to as 'financial information').
The results for the first half of the financial year have not been audited. The
financial information has been prepared in accordance with the Listing Rules of
the Financial Services Authority.
The financial information does not constitute statutory accounts within the
meaning of the Companies Act 1985. A copy of the statutory accounts for the year
ended 30 June 2006, prepared under IFRS, on which the auditors gave an
unqualified opinion which did not contain a statement made under either s237(2)
or s237(3) of the Companies Act 1985, has been filed with the Registrar of
Companies.
2. Accounting Policies
-------------------------------------------------------------------------------
The interim financial statements have been prepared using accounting policies
and methods of computation consistent with those applied in the preparation of
the Group's Annual Report and Accounts for the year ended 30 June 2006.
3. Taxation
-------------------------------------------------------------------------------
Half year ended Year ended
31 December 31 December 30 June
2006 2005 2006
£m £m £m
-------------------------------------------------------------------------------
Current taxation (53.4) (51.5) (117.9)
Deferred taxation (0.7) 2.4 1.5
-------------------------------------------------------------------------------
(54.1) (49.1) (116.4)
-------------------------------------------------------------------------------
Corporation tax for the interim period is charged at 30% (half year ended to 31
December 2005: 30%), representing the best estimate of the corporation tax rate.
4. Dividends
-------------------------------------------------------------------------------
Half year ended Year ended
31 December 31 December 30 June
2006 2005 2006
£m £m £m
-------------------------------------------------------------------------------
Final dividend 49.7 42.8 42.8
Interim dividend - - 24.7
-------------------------------------------------------------------------------
49.7 42.8 67.5
-------------------------------------------------------------------------------
-------------------------------------------------------------------
Proposed interim dividend for the half
year ended 31 December 2006 of 11.38p
(2005: 10.34p) per share 27.4 24.7
-------------------------------------------------------------------
The proposed interim dividend has not been included as a liability as at 31
December 2006.
DIVIDEND PAYMENT DATES
Final paid 29 November 2006 18 November 2005
Interim proposed/paid 25 May 2007 26 May 2006
5. Earnings Per Share
-------------------------------------------------------------------------------
Basic earnings per share is calculated by dividing the earnings attributable to
ordinary shareholders of £126.1m (half year to 31 December 2005: £114.8m and
year ended 30 June 2006: £275.0m) by the weighted average number of ordinary
shares in issue, excluding those held by the Employee Benefit Trust which are
treated as cancelled, which were 239.8m (half year to 31 December 2005: 238.0m
and year ended 30 June 2006: 238.5m).
For diluted earnings per share, the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all potentially dilutive ordinary
shares from the start of the accounting period, giving a figure of 244.3m (half
year to 31 December 2005: 241.7m and year ended 30 June 2006: 242.8m).
6. Note to the Cash Flow Statement
-------------------------------------------------------------------------------
Half year ended Year ended
31 December 31 December 30 June
2006 2005 2006
£m £m £m
-------------------------------------------------------------------------------
Cash flows from operating activities
Profit from continuing operations 126.1 114.8 275.0
Depreciation and non cash items (1.8) 3.5 (10.9)
Taxation 54.1 49.1 116.4
Finance income (0.3) (0.4) (2.0)
Finance costs 12.3 7.7 20.2
Movements in working capital
Increase in inventories (320.0) (195.8) (253.3)
Decrease/(increase) in trade and other
receivables 4.6 (34.5) (8.7)
Decrease in trade and other payables (22.4) (122.7) (163.9)
Decrease/(increase) in available for
sale assets 0.1 - (31.3)
Interest paid (9.0) (2.6) (10.7)
Tax paid (59.3) (55.8) (112.9)
-------------------------------------------------------------------------------
Net cash outflow from operating
activities (215.6) (236.7) (182.1)
-------------------------------------------------------------------------------
7. Reconciliation of Movements in Consolidated Equity
-------------------------------------------------------------------------------
Half year ended Year ended
31 December 31 December 30 June
2006 2005 2006
£m £m £m
-------------------------------------------------------------------------------
Profit for the period 126.1 114.8 275.0
Disposal of own shares 3.7 2.3 2.4
Dividends (49.7) (42.8) (67.5)
Issue of share capital 2.5 3.6 4.5
Equity share options issued 1.2 1.8 3.1
Revaluation of available for sale
assets 1.8 - (4.5)
Tax on revaluation of available for
sale assets (0.5) - 1.3
-------------------------------------------------------------------------------
Net increase in equity 85.1 79.7 214.3
Opening equity 1,539.9 1,325.6 1,325.6
-------------------------------------------------------------------------------
Closing equity 1,625.0 1,405.3 1,539.9
-------------------------------------------------------------------------------
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