Interim Results

Taylor Woodrow PLC 5 September 2000 TAYLOR WOODROW plc INTERIM STATEMENT for the six months ended 30 June 2000 (unaudited) 'Excellent results - major strategic objectives achieved' - Operating profit from continuing operations up 34 percent to £76.5m - Worldwide housing profits up 59 percent to £53.4m - Taywood Homes profits increase 67 percent to £15m - ROCE up from 13 percent to 16 percent - Key Strategy 2000 objectives achieved: - Construction restructured - Monarch minority acquired - North American business streamlined - Greenham Trading sold for £76.4 million - Other non-core assets disposed of GROUP FINANCIAL SUMMARY Six months to 30 June (unaudited) 2000 1999 as restated Group turnover £736.4m £684.1m Group operating profit £ 78.8m £ 60.5m Profit before taxation £ 89.4m £ 49.7m Basic earnings per share 16.4p 8.1p Dividends per share 1.82p 1.65p 30 June 2000 31 December 1999 (unaudited) as restated Net debt £195.9m £112.6m Net gearing 24.1% 15.1% Shareholders' funds per share 212.8p 195.1p Commenting on the results, Keith Egerton, Group Chief Executive, said, 'Taylor Woodrow, the international developer, enjoyed a successful first half of 2000. In addition to excellent operational results, we made considerable progress in implementing our Strategy 2000 initiatives which will deliver superior returns in the future. Operating profit from continuing operations for the six months ended 30 June 2000 grew 34 percent over the same period last year, to £76.5 million. Return on capital employed improved from 13 percent to 16 percent. Our core housing and property businesses performed particularly strongly. Housing's operating profit increased 59 percent, to £53.4 million and Property's operating profit rose 12 percent, to £23.7 million. Underlying operating margins in Construction were similar to the first half of 1999 on reduced turnover. Construction's order book at 30 June 2000 stood at £644 million, of which £147 million was long-term PFI facilities management work. We recorded exceptional profits on the disposal of investments and properties, notably £15.3 million on the sale of Greenham Construction Materials. Basic earnings per share calculated after these exceptional profits more than doubled to 16.4p. The Board has declared an interim dividend of 1.82p per share, an increase of 10 percent over the comparable payment last year. There was a net cash outflow of £79.1 million in the first half. This was entirely due to the £94 million acquisition of the 45 percent interest in our Canadian subsidiary Monarch Development Corporation and was largely funded by proceeds from the sale of Greenham Trading which was completed in July. The major part of the Strategy 2000 restructuring and re-organisation costs were charged in the first half. These include £5 million of net redundancy costs at Taylor Woodrow Construction. At 30 June 2000 total shareholders' funds were £812.5 million, compared with £743.9 million at the end of 1999. This is equivalent to 212.8p per share, an increase of 17.7p per share from the year end position. Net debt was £195.9 million and net gearing 24.1 percent. REVIEW OF OPERATIONS UK Operating profit from UK operations in the first half rose 82 percent over last year's comparable period, to £42 million. Taywood Homes, which is responsible for the Group's UK housing activities outside Central London, increased its operating profit 67 percent and improved its margin to 13.4 percent, compared with 11 percent for the first half of 1999. Home completions increased 14 percent, to 748 and its average selling price rose 22 percent, to £132,800. Taywood Homes' seven regional operations are all in prosperous parts of the UK. This geographic spread provided the business with some protection against the slowdown evident in the UK housing market, particularly in the South East. Its Lifestyle division, launched in 1998 to provide quality, well located homes for active retirees, has already substantially sold out its first three developments and is on track to be an important part of Taywood Homes' activities. During the first half Taywood Homes adopted a cautious approach to purchasing land on the open market in the face of high prices, focusing instead on several urban redevelopment prospects where the skills of other Taylor Woodrow businesses can also be used. With land prices beginning to moderate, Taywood Homes anticipates improving land purchase opportunities in economically robust locations. Changes in the planning process are resulting in longer lead times in bringing sites forward for development. At 30 June 2000 Taywood Homes' owned and controlled land bank totalled 5,476 lots, equivalent to 2.5 years' projected supply. In addition, Taywood Homes benefits from a flow of sites from its strategic land bank acquired in previous years. The company has launched several initiatives to improve its product offering and customer service. Its Conservation range at Chelmsford won the prestigious Year 2000 RIBA Housing Design Award and is now a benchmark for quality developments in higher density locations. An IT and business process platform is being introduced across the company to enhance the operational effectiveness of every part of the business. The supply chain is being improved through closer working with preferred sub-contractors and a reduction in the number of suppliers and merchants. Drawing upon the experience of our North American businesses, it is enhancing its web based communication with prospective purchasers. In Central London, prices stayed firm despite a quietening market. Only one apartment remains unsold at City Quay, four at Montevetro and four at Drury Lane. Interest in Greenwich Millennium Village continues at a very high level; 90 percent of the first phase units were sold in the first two weeks of being offered. In March we acquired, in joint arrangement with Hutchison Whampoa, the Lots Road power station site in Chelsea. We are making good progress in developing our master plan for this exciting £350 million mixed-use residential project. Taylor Woodrow Property recorded a strong first half, supported by excellent occupier demand for its developments throughout the UK. It sold nine let developments and is close to selling another six, which together will deliver the profit target for the year. It strengthened its trading portfolio with 12 new sites, including several in central Scotland. Its dramatic £100 million mixed-use Baltic Quays scheme, in Gateshead, which it is developing in collaboration with Taylor Woodrow's housing and construction businesses, progresses well with first revenues anticipated in the final quarter of 2001. In the investment portfolio, voids are being maintained at less than 2 percent and good rental growth is being achieved. Our sale of assets is progressing in line with our strategy to reduce the investment portfolio to £200 million by the end of 2001. The benefits of Taylor Woodrow Construction's strategy to provide selected clients with innovative, technology-led solutions in clearly defined sectors were apparent in the first half. It secured several contracts totalling over £75 million from Tesco, a contract to refurbish the 14- storey AA building in Cardiff in conjunction with Taywood Homes, a major facilities management contract from Lex Service and it commenced work on the UK's largest land reclamation project at Newcastle upon Tyne. Under its new management team it made significant progress in introducing a customer-orientated structure, improving its procurement programmes and reducing overhead. NORTH AMERICA Profits from our North American operations grew 15 percent over last year's comparable period, to £33.8 million, which account for 43 percent of the Group's operating profit. In Florida, demand for our golf course developments remained high. Aggressive price increases were successfully implemented, resulting in exceptional operating margins. Construction has commenced on the 2,300- acre Mirasol (formerly known as Golf Digest) project in Palm Beach Gardens and plans are well advanced for other new developments in Tampa and Naples. In California, operating profits more than doubled as a result of larger volumes and increased selling prices, in line with the business' strategy to target the higher value market. We continued our profitable expansion into Northern California with the acquisition of a prime parcel of land in Sonoma. Planning and final entitlement of the 2,500 acre Steiner Ranch, in Austin, Texas progresses well, with substantial revenues expected in 2001. We purchased an additional 661 acres adjacent to Steiner Ranch in July. Demand for home sites in Austin remains strong and we are confident this development will prove very successful. Our activities in Canada benefited from continued sustained demand for our high rise apartment developments in and around Toronto, where we completed on 135 units in our Queens Harbour development. Following the Group's acquisition of the minority interest in Monarch, we streamlined our North American activities into one management structure. This reorganisation will not only improve the reporting process, it will also enable the management teams throughout North America to share resources, product development and general management expertise, thereby sharpening our operational performance and prospects in this key market. OTHER INTERNATIONAL Our housing activities in Spain go from strength to strength. Last year's excellent sales and profit performance across developments in Mallorca, Menorca and the Costa del Sol were sustained throughout the first half of 2000, with strong interest in our properties being shown by local purchasers and European second home owners. The housing market in Australia was impacted by uncertainty relating to interest rate pressures and the introduction of Goods and Services Tax (GST). However, our major residential development at Harrington Park, Sydney continues to sell exceptionally well, with completions for the year anticipated to be around 250 for the second successive year. Our land development expertise was acknowledged during the first half when we won four awards from the Urban Development Industry in Australia, including 'Best Community Development' for Harrington Park. Taylor Woodrow Construction continued to be active in Africa and Asia, targeting high margin projects where risks can be tightly managed. NON-CORE ACTIVITIES We have made excellent progress in disposing of the activities we identified in March as being non-core. In July we announced that Greenham Trading had been sold to Bunzl plc for £76.4 million. Greenham reported lower operating profits in the first half of 2000 at £2.3 million compared with £3.4 million for the equivalent period of 1999. Turnover was up 1 percent, at £71.7 million. In March we sold Greenham Construction Materials for £30 million and in May sold our minority shareholding in the Fife Sand and Gravel Company. These transactions completed the disposal of our mineral operations. During the first half Taylor Woodrow Construction sold its Foundation Engineering and Inshore Technical Services plant and continued to run down its Precast business. OUTLOOK Our strong market positions, combined with the actions we have taken following our strategic review, gives us confidence for the future. The international spread of our activities (just under one half of our operating profits are derived from overseas) provides some protection against a downturn in any one market. For instance, buoyed by strong economic activity in and around Toronto, demand for our Canadian high rise developments shows continued strength. Likewise our activities in Spain remain robust. Uniquely among UK housebuilders, our extensive international housing activities reduce significantly our exposure to uncertainties associated with the UK market and its challenging planning process. While our UK housing business is experiencing a softening in some of its markets, particularly in the South East, this is balanced by strength elsewhere. Our geographical spread in other economically robust parts of the UK gives us a good deal of protection. We expect house prices to stabilise prior to returning to their long-term growth trend. Taywood Homes will stay focused on improving volume and margins. By harnessing its housebuilding skills with the Group's expertise in property, construction and Central London development we expect to secure a significant share of the UK's large mixed use and brownfield market. We anticipate continued good demand for our UK property development projects as the supply of well located, high quality sites remains tight. We are confident we will achieve our target of having 3.5 million square feet of development activity with an end value in excess of £550 million through the period to 2004. We will reduce our UK property investment holdings in a controlled manner to around £200 million by the end of 2001. Despite a moderation in the US new housing market we expect further improvement in profitability and returns from our North American activities following the integration and more active management of our businesses there by the new management team. We expect to reduce our investment property holdings in Canada by 60 percent. The performance of Taylor Woodrow Construction will be enhanced further as it focuses on providing technology-led solutions through construction, PFI, facilities management and consultancy. We have embarked on a £7 million investment programme to equip us with best-in-class technological and communication systems. We will capitalise on the e-commerce experience of our Californian housing operations to create leading edge web applications. To improve operational effectiveness and secure closer co-ordination we will co-locate the senior corporate and business unit teams in the UK into one head office during the second half of 2000. As the new Taylor Woodrow takes shape we expect to report another set of good results for 2000 and remain optimistic about our longer-term prospects.' SHAREHOLDER INFORMATION The interim dividend will be paid on Wednesday 1 November 2000 to shareholders whose names appear on the register of members at the close of business Friday 15 September 2000. The company offers a Dividend Re-investment Plan which provides shareholders with a facility to use their cash dividends to purchase Taylor Woodrow plc shares in the market. Details will be sent to shareholders with the interim statement, which is expected to be mailed on 5 September 2000. Copies of the interim statement and the Dividend Re-investment Plan literature will be available from the company's registered office (4 Dunraven Street, London, W1Y 3FG) from 5 September 2000. Analyst enquiries: Adrian Auer Office 020 7629 1201 Media enquiries: Nicholas Jones Office 020 7629 1201 Mobile 07879 433119 Gavin Anderson: Neil Garnett Office 020 7496 1426 DETAILED FINANCIAL INFORMATION FOLLOWS TAYLOR WOODROW plc SUMMARY CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS TO 30 JUNE 2000 Six months to Year to 30 June (unaudited) 31 December 2000 1999 1999 as as restated restated Notes £m £m £m Turnover: Group and share of joint ventures 745.6 691.8 1,522.0 Less share of joint ventures' turnover (9.2) (7.7) (18.0) ----- ----- ------- Continuing operations 664.7 613.3 1,362.4 Discontinued operations 7 71.7 70.8 141.6 Group turnover 1 736.4 684.1 1,504.0 ===== ===== ======= Continuing operations 76.5 57.1 132.4 Discontinuing operations 7 2.3 3.4 6.9 Group operating profit 1 78.8 60.5 139.3 Share of operating profit in joint ventures 3.2 0.8 2.0 Profit on disposal of investments and properties 17.1 - 3.6 ----- ----- ------- Profit on ordinary activities before interest 99.1 61.3 144.9 Net interest payable 3 (9.7) (11.6) (22.3) ----- ----- ------- Profit on ordinary activities before taxation 89.4 49.7 122.6 Tax on profit on ordinary activities 4 (22.4) (14.0) (34.4) ----- ----- ------- Profit on ordinary activities after taxation 67.0 35.7 88.2 Minority equity interests (5.1) (3.1) (6.0) ----- ----- ------- Profit for the financial period 61.9 32.6 82.2 Dividends (6.9) (6.6) (20.9) ----- ----- ------- Profit retained 55.0 26.0 61.3 ===== ===== ======= Basic earnings per share 5 16.4p 8.1p 20.7p ==== ==== ==== Diluted earnings per share 5 16.3p 8.0p 20.5p ==== ==== ==== Dividends per ordinary share 1.82p 1.65p 5.45p ==== ==== ==== CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE SIX MONTHS TO 30 JUNE 2000 Six months to Year to 30 June (unaudited) 31 December 2000 1999 1999 as as restated restated £m £m £m Profit for the financial period 61.9 32.6 82.2 Unrealised surplus on revaluation of properties - - 25.9 Tax on realised revaluation surplus - (0.9) (0.9) Currency translation differences on foreign currency net investments 12.9 15.1 11.7 ---- ---- ----- Total recognised gains and losses relating to the period 74.8 46.8 118.9 ==== ===== Prior year adjustment (note 2) (6.4) ---- Total gains and losses recognised since the last annual report 68.4 ==== SUMMARY CONSOLIDATED BALANCE SHEET AT 30 JUNE 2000 30 June 31 December 2000 1999 (unaudited) as restated £m £m £m Fixed assets Investment properties 371.3 378.5 Other tangible assets 84.8 101.6 Investments Joint ventures (note 2) Share of gross assets (31 Dec. 1999 as restated:£58.7m) 59.7 Share of gross liabilities (31 Dec. 1999 as restated:£56.4m) (57.9) 1.8 2.3 ---- ------- ------- 457.9 482.4 ------- ------- Current assets Stocks 874.1 781.3 Debtors 151.4 153.2 Current asset investments 5.9 5.7 Cash at bank and in hand 138.4 138.6 ------- ------- 1,169.8 1,078.8 Creditors: amounts falling due within one year (note 2) (492.1) (487.8) ------- ------- Net current assets 677.7 591.0 ------- ------- Total assets less current liabilities 1,135.6 1,073.4 Non-current creditors and provisions (321.6) (250.0) ------- ------- 814.0 823.4 ======= ======= Represented by: Capital and reserves - equity Called up ordinary share capital 95.4 95.3 Capital redemption reserve 14.2 14.2 Share premium account 232.6 232.2 Revaluation reserve 136.8 125.0 Profit and loss account (note 2) 333.5 277.2 ----- ----- Shareholders' funds 812.5 743.9 Minority interests in equity of subsidiary undertakings 1.5 79.5 ----- ----- 814.0 823.4 ===== ===== SUMMARY CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS TO 30 JUNE 2000 Six months to Year to 30 June (unaudited) 31 Dec 2000 1999 1999 £m £m £m Group operating profit 78.8 60.5 139.3 Depreciation 4.0 7.0 13.8 Increase in stocks (62.4) (96.8) (93.9) (Increase)/decrease in debtors (3.5) (3.7) 32.3 (Decrease)/increase in creditors (19.0) 9.5 (0.3) Exchange adjustments (0.7) 1.2 1.3 ---- ---- ----- Continuing operating activities (5.8) (29.1) 81.6 Discontinued operating activities (note 7) 3.0 6.8 10.9 Net cash (outflow)/inflow from operating activities (2.8) (22.3) 92.5 Dividends from joint ventures 0.3 0.2 0.6 Returns on investments and servicing of finance (7.3) (9.2) (18.2) Taxation (17.2) (14.2) (26.8) Capital expenditure and financial investment 41.9 (1.4) 41.8 Acquisition of minority interest (note 6) (94.0) - - Equity dividends paid - - (21.1) ---- ---- ----- Net cash (outflow)/inflow before financing (79.1) (46.9) 68.8 Issue of ordinary share capital by Taylor Woodrow plc less contributions to team member share trust 0.7 (0.6) (0.4) Repurchase of ordinary share capital - - (33.4) Exchange/non-cash changes in net debt (4.9) (6.1) (5.9) ---- ---- ----- Movement in net debt (83.3) (53.6) 29.1 ==== ==== ===== MOVEMENT IN NET DEBT £m £m £m (Decrease)/increase in cash in the period (13.1) (5.4) 18.4 Cash inflow from increase in debt (62.4) (44.6) (32.5) (Decrease)/increase in liquid resources (2.9) 2.5 49.1 ----- ----- ----- (Increase)/decrease in net debt resulting from cash flows (78.4) (47.5) 35.0 Exchange/non-cash changes in net debt (4.9) (6.1) (5.9) ----- ----- ----- (Increase)/decrease in net debt in the period (83.3) (53.6) 29.1 Net debt at beginning of the period (112.6) (141.7) (141.7) ----- ----- ----- Net debt at end of the period (195.9) (195.3) (112.6) ===== ==== ===== NOTES ON THE INTERIM ACCOUNTS 1. SEGMENTAL ANALYSIS Group turnover Group operating (by origin) profit Six months to Six months to Capital employed 30 June 30 June 30 June 31 Dec 2000 1999 2000 1999 2000 1999 By activity £m £m £m £m £m £m Housing 398.9 265.3 53.4 33.5 598.8 508.1 Property development and investment 61.3 53.0 23.7 21.2 450.0 474.0 Construction 204.5 295.0 (0.6) 2.4 (71.1) (74.2) ----- ----- ---- ---- ------- ----- Continuing operations 664.7 613.3 76.5 57.1 977.7 907.9 Discontinued operations: Greenham Trading 71.7 70.8 2.3 3.4 32.2 28.1 ----- ----- ---- ---- ------- ----- 736.4 684.1 78.8 60.5 1,009.9 936.0 ===== ===== ==== ==== ======= ===== By market United States of America 195.0 136.1 24.1 23.2 255.1 221.9 Canada 51.7 36.0 9.7 6.2 191.8 165.1 Rest of the world 71.8 81.5 3.0 8.0 36.6 24.5 ----- ----- ---- ---- ------- ----- Total overseas 318.5 253.6 36.8 37.4 483.5 411.5 United Kingdom 417.9 430.5 42.0 23.1 526.4 524.5 ----- ----- ---- ---- ------- ----- 736.4 684.1 78.8 60.5 1,009.9 936.0 ===== ===== ==== ==== Net debt (195.9) (112.6) Minority interests (1.5) (79.5) ----- ----- Shareholders' funds (1999 as restated - note 2) 812.5 743.9 ===== ===== The focus of the Group has been repositioned to an international housing and property development business with construction being less significant and the Greenham Trading business being sold on 28 July 2000. Consequently it has been decided to present the segmental analysis on a Group operating profit and capital employed basis rather than the profit before tax and net assets basis previously presented. Comparative figures for the six months to 30 June 1999 and at 31 December 1999 have been stated accordingly. In addition Group turnover in 1999 included £10.4m analysed as Other in respect of Greenham Construction Materials Limited which was sold early in 2000; this is now analysed as Construction. Operating loss for construction excludes its share of the construction joint ventures and interest. Profit before taxation for construction would be £2.3m including these items. 2. BASIS OF PREPARATION OF THE INTERIM ACCOUNTS The interim accounts have been prepared on a basis which is consistent with the accounting policies adopted for the year to 31 December 1999, except that following the promulgation of Financial Reporting Standard No. 15, Tangible Fixed Assets, all interest payable is now fully expensed immediately it accrues. Previously interest payable by joint ventures was capitalised during the construction phase of Private Finance Initiative projects where these were financed by specific borrowings. Accordingly prior years' interest payable capitalised by joint ventures of £6.5m (including 1999 interim: £1.3m; 1999 full year: £2.5m) less £0.1m which had already been depreciated in 1999 has been fully expensed as a prior year adjustment. The Group's share of gross assets of joint ventures at 31 December 1999 has been reduced by £6.4m and the Group's share of gross liabilities of joint ventures deducted from this figure has been reduced by £5.0m with a compensating increase of £5.0m in creditors falling due within one year in respect of joint ventures. In accordance with our stated accounting policy, invest- ment and fixed asset properties have not been valued since 31 December 1999 and 31 December 1997 respectively. Investment and fixed asset properties will next be valued at 31 December 2000. The interim accounts were approved by the board of directors on 5 September 2000. These accounts do not constitute statutory accounts. Comparative figures for the year to 31 December 1999 have been extracted from the latest published accounts on which the report of the auditors was unqualified and did not contain a statement made under section 237 (2) or section 237 (3) of the Companies Act 1985. The 1999 annual accounts have been delivered to the Registrar of Companies. 3. NET INTEREST PAYABLE Net interest payable includes the Group's share of joint venture interest payable of £2.4m (1999 interim as re- stated: £2.3m; 1999 full year as restated: £4.4m). 4. TAX ON PROFIT ON ORDINARY ACTIVITIES Year to Six months to 30 June 31 December 2000 1999 1999 £m £m £m United Kingdom 7.2 2.5 10.9 Overseas 15.2 11.3 23.4 Joint ventures - 0.2 0.1 ---- ---- ---- 22.4 14.0 34.4 ==== ==== ==== The effective overall tax rate is 25.1% (1999 interim as restated: 28.2%; 1999 full year as restated: 28.1%). The tax charges are below standard tax rates mainly due to the utilisation of tax losses. 5. EARNINGS PER SHARE Year to Six months to 30 June 31 December 2000 1999 1999 as as restated restated £m £m £m Earnings per share has been calculated by dividing: Profit for the financial period 61.9 32.6 82.2 ===== ===== ===== by the weighted average number of shares for basic earnings per share 377.4m 401.2m 396.7m weighted average of dilutive options 1.8m 3.8m 3.0m weighted average of dilutive awards under the Group Executive Bonus Plan 1.1m 1.0m 1.1m ----- ----- ----- for diluted earnings per share 380.3m 406.0m 400.8m ===== ===== ===== 6. ACQUISITION OF MINORITY INTEREST IN SUBSIDIARY UNDERTAKINGS On 22 May 2000, the Group acquired the 45% of the Monarch Development Corporation Group held by other shareholders for £94.0m (C$213.3m) in cash which was equivalent to the fair value of the minority interest acquired. £m Book value of the minority interest acquired 84.8 Fair value adjustment 9.2 ---- Acquisition cost 94.0 ==== 7. DISPOSAL OF GREENHAM TRADING Following the disposal of Greenham Trading on 28 July 2000, this business segment has been shown as discontinued in the interim accounts. The net cash consideration received on completion was £76.4m. The profit on disposal is subject to finalisation of costs and to completion accounts which are in the process of being prepared and agreed. INDEPENDENT REVIEW REPORT TO TAYLOR WOODROW plc Introduction We have been instructed by the company to review the financial information set out on pages 6 to 11 and we have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors' Responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The Listing Rules of the UK Listing Authority require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review Work Performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board. A review consists principally of making enquiries of Group management and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Review Conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 June 2000. Deloitte & Touche Chartered Accountants Hill House 1 Little New Street London, EC4A 3TR.

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