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Taylor Wimpey Plc Interim Results 2007

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Taylor Wimpey Plc Interim Results 2007 Taylor Wimpey plc Interim Results 2007 1 Disclaimer This presentation is not intended, and does not, constitute or form part of, any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in Taylor Wimpey plc or any other invitation or inducement to engage in investment activities, nor shall this presentation (or any part of it) nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. Past performance cannot be relied upon as a guide to future performance. Certain statements made in this presentation are forward looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from any expected future events or results referred to in these forward looking statements. 2 Interim Results for the half year ended 30 June 2007 Basis of preparation of pro forma information To assist investors in understanding the performance of the enlarged Taylor Wimpey plc Group, pro forma analyses have been prepared, in which the two underlying sets of financial and operational information for the six months to 30 June 2007 for Taylor Woodrow plc (“TW”) and the 26 weeks to 1 July 2007 for George Wimpey Plc (“GW”), have been aggregated to illustrate the effect of the merger of TW and GW as if the transaction had taken place on 1 January 2007. The results from the two businesses have been prepared on the basis of the existing accounting policies in the two Groups. In aggregating the two sets of financial information, intra-Group trading and balances between the two entities have not been eliminated. The excess of the fair value of shares issued to acquire the GW business over the net assets less book goodwill has been recognised as an provisional goodwill number. Full acquisition accounting will be performed during the second half of 2007 in which this provisional goodwill number will change due to accounting policy alignments, fair value adjustments on the GW net assets acquired and the recognition of other intangibles. The financial statements for Taylor Wimpey plc for the year ended 31 December 2007 will include the full impact of acquisition accounting. 3 Interim Results for the half year ended 30 June 2007 Introduction Norman Askew, Chairman 4 Agenda > Introduction Norman Askew > Financial Review Peter Johnson > Integration, Strategy and Outlook Pete Redfern > Questions and Answers 5 Interim Results for the half year ended 30 June 2007 Group performance > Merger of George Wimpey Plc and Taylor Woodrow plc became effective on 3 July 2007 > Integration progressing well: substantial progress made, operating as a combined business in both UK and North America > Operating businesses combined with strong management teams in place > Annualised pre-tax synergy estimate increased to £100m > Strong UK Housing margin performance, with both businesses advancing margins significantly in the first half of 2007 > Land provisions of £86m in Taylor Woodrow’s North American business arising from continued decline in Florida and California markets (including the £25.1m announced in early May) > Interim dividend: 5.5 pence per share (H1 2006: 5.0p) > £750m share buy back commencing today, to be completed during the next eighteen months 6 Interim Results for the half year ended 30 June 2007 Financial Review Peter Johnson, Group Finance Director 7 Pro forma combined group Summary income statement Six months to 30 June 2007 £m TW GW Pro forma † Consolidated revenue 1,401.9 1,270.0 2,671.9 Cost of sales (1,170.1) (1,056.2) (2,226.3) Gross profit 231.8 213.8 445.6 Profit on disposal of properties and investments 5.8 - 5.8 Administrative expenses (99.6) (54.4) (154.0) Share of results of joint ventures 12.2 3.6 15.8 Profit from operations before exceptional items 150.2 163.0 313.2 Exceptional items (101.5) (16.6) (118.1) Profit from operations 48.7 146.4 195.1 Net finance costs (30.4) (23.8) (54.2) Profit before tax 18.3 122.6 140.9 Tax 4.6 (39.7) (35.1) Profit for the period 22.9 82.9 105.8 † Basis of preparation of pro forma information is detailed on slide 3 8 Interim Results for the half year ended 30 June 2007 2007 First half segmental analysis Revenue £m Profit from Operating operations* £m margin* % £m H1 2007 H1 2006 H1 2007 H1 2006 H1 2007 H1 2006 GW UK 1,042 1,031 162 114 15.5 11.1 GW US 228 366 870 3.5 19.1 Other - - (7) (6) GW total 1,270 1,397 163 178 12.8 12.7 TW UK 752 713 101 80 13.4 11.3 TW NA 343 433 46 96 13.4 22.2 TW Spain 30 43 212 6.0 27.3 TW Construction 277 262 150.6 2.0 TW total 1,402 1,451 150 193 10.7 13.3 Pro forma total 2,672 2,848 313 374 11.7 13.1 * Before exceptional items and after joint venture interest and tax 9 Interim Results for the half year ended 30 June 2007 2007 Interest charge £m Taylor Woodrow George Wimpey H1 2007 H1 2006 H1 2007 H1 2006 Loans 24.1 28.4 19.7 22.3 Pensions 0.7 2.1 2.5 3.9 Derivatives (1.4) (1.4) (4.5) (3.1) Other 7.0 3.2 6.1 3.0 Total 30.4 32.3 23.8 26.1 10 Interim Results for the half year ended 30 June 2007 Pro forma combined group Balance sheet 30 June 2007 £m TW GW Acquisition Pro forma † entry Goodwill 362.9 5.4 249.8 618.1 Fixed assets and joint 77.5 64.8 - 142.3 ventures Land 1,867.7 2,360.0 - 4,227.7 Deferred terms (314.3) (470.7) - (785.0) Other net operating assets 921.2 529.9 - 1,451.1 Tax and provisions 11.3 (85.9) - (74.6) Net pension deficit (145.5) (88.8) - (234.3) Total capital employed 2,780.8 2,314.7 249.8 5,345.3 † Basis of preparation of pro forma information is detailed on slide 3 11 Interim Results for the half year ended 30 June 2007 Pro forma combined group Cash flow summary £m H1 2007 H1 2007 H1 2007 TW GW Pro forma † Profit from operations before exceptional items 150.2 163.0 313.2 Land realisations 236.1 362.7 598.8 Land spend (320.1) (501.7) (821.8) Other adjustments including movements in (299.6) (85.8) (385.4) working capital Cash outflow from operations (233.4) (61.8) (295.2) Interest / tax (108.0) (62.2) (170.2) Dividends - (28.7) (28.7) Exchange rate / other 26.7 13.9 40.6 Increase in net debt (314.7) (138.8) (453.5) † Basis of preparation of pro forma information is detailed on slide 3 12 Interim Results for the half year ended 30 June 2007 UK Housing Market overview > Overall market has been stable in the first half > Continue to see regional variations > London and surrounding areas stronger than rest of the UK > Price inflation for new build continues to be below levels reported by national surveys > Recent interest rate rises > Lead indicators show a slight change in sentiment > Sales levels remain solid > No material shift in competitive environment > Continuing undersupply of new housing 13 Interim Results for the half year ended 30 June 2007 UK Housing Taylor Woodrow financial summary H1 2007 H1 2006 Change % FY 2006 Ave no of active sites 210 202 4.0 207 Legal completions - total 3,378 3,369 0.3 8,294 Private 2,799 2,914 (3.9) 7,017 Affordable 579 455 27.3 1,277 Ave selling price – total £ 205,400 193,100 6.2 192,700 Private 224,100 207,000 8.3 209,500 Affordable 115,600 104,700 10.4 100,200 Revenue** £m 780.3 742.2 5.1 1,842.0 Profit from operations* £m 103.0 82.0 25.6 221.5 Operating margin* % 13.2 11.0 2.2ppt 12.0 Order book £m 700.0 649.0 7.9 534.0 * Before joint venture interest and tax ** Including share of joint ventures revenue 14 Interim Results for the half year ended 30 June 2007 UK Housing George Wimpey financial summary H1 2007 H1 2006 Change % FY 2006 Average no of outlets 269 286 (5.9) 275 Legal completions - total 5,828 5,854 (0.4) 13,616 Private 5,040 5,138 (1.9) 11,982 Affordable 788 716 10.1 1,634 Ave selling price – total £ 178,600 175,500 1.8 175,400 Private 189,600 187,200 1.3 186,400 Affordable 108,500 91,700 18.3 94,900 Revenue £m 1,041.8 1,030.4 1.1 2,391.2 Operating profit* £m 158.5 114.9 37.9 310.0 Operating margin* % 15.2 11.2 4.0ppt 13.0 Order book £m 1,083.5 1,057.1 2.5 781.9 •Excluding joint ventures Operating profit in H1 2007 includes £23.1m profit received in compensation in relation to land options no longer deemed suitable for residential development. 15 Interim Results for the half year ended 30 June 2007 North America Housing Market overview > US market conditions generally tough > Arizona > High levels of inventory resulting in strong competition on price > Some signs of stabilisation > California > Continues to be difficult, with affordability stretched in most markets > Supply constrained Bay Area market > Florida > Market conditions have worsened as discretionary purchasers delay their decisions > Texas > Healthy, although some submarkets seeing impact from tightening of lending criteria > Canada market remains healthy 16 Interim Results for the half year ended 30 June 2007 North America Housing Taylor Woodrow financial summary H1 2007 H1 2006 Change % FY 2006 Ave no of active sites 124 100 24 108 Home completions 1,376 1,512 (9) 4,492 Ave selling price £ 228,800 243,000 (6) 232,500 Lot completions 354 1,463 (76) 2,640 Revenue** £m 353.2 446.7 (21) 1,194.3 Profit from operations* £m 46.4 96.0 (52) 221.3 Operating margin* % 13.1 21.5 (8.3)ppt 18.5 Order book £m 484 881 (45) 436 * Before joint venture interest and tax ** Including share of joint venture revenue 17 Interim Results for the half year ended 30 June 2007 North America Housing Morrison Homes financial summary H1 2007 H1 2006 Change % FY 2006 Ave no of outlets 117.5 102.2 15 106.9 Legal completions
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