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Bovis Lend Lease UK

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Bovis Lend Lease UK Bovis Lend Lease Europe, Middle East & Africa (EMEA) 13th July Bovis Lend Lease UK 1 CEMEA Organisation Chart 2 Bovis Lend Lease – Geographic spread 3 Bovis Lend Lease UK Bovis Lend Lease UK - Overview • Workload volume : £1.4bn • Five regional operations • 1,600 staff • Sector diversity and product range • Strong asset client base with long term contracts • UK market leader • Consistent growth in profitability 5 Range of Services • Construction Management • Management Contracting Design & Build Lum 16% Sum Construction • Two Stage Lump Sum and Management Guaranteed Maximum Price 49% Guaranteed Maximum Price including design 35% • Project Management • Programme Management • Other consultancy services 6 Current projects Current projects The Scottish Parliament HM Treasury Client: Client: Scottish Parliamentary Corporate Body Exchequer Partnership plc (Stanhope & Contract: Bovis Lend Lease JV) Construction Management Contract: Construction Value: PFI. Design & Build £335m Value: West: £112.5m East: £142.5m 8 Current projects SLAM Prime Contract South West Regional Prime Client: Client: Defence Estates Defence Estates Contract: Contract: Prime Contract Prime Contract Design, Manage & Construct Design, Manage & Construct Value: Value: Capex: £525m Capex: £175m Opex: £75m Opex: £325m 9 Current projects Manchester Arndale Manchester Civil Justice Centre Client: Client: Prudential Assurance Company Ltd Allied London Properties Contract: Contract: Two stage Design & Build Design and Build Two stage Lump Sum Value: Value: £112m £113m 10 Current projects BBC Broadcasting House BBC White City Client: Client: Land Securities for British Broadcasting Land Securities Trillium Corporation Contract: Contract: Two stage Design & Build Two stage Design & Build Value: Value: £250m £402m 11 Current projects Chapelfield, Norwich Bridgewater Place, Leeds Client: Client: Lend Lease Properties Ltd Bridgewater Place Ltd Contract: Contract: Construction Management Design and Build Two stage Value: Lump Sum £120m Value: £59m 12 Current projects BP Alliance Worcester Hospital • Commenced in UK in 1996 Client: • Design, rebuild, new build and Catalyst Healthcare (Worcester) maintenance of all BP retail outlets Plc across Europe, US and Mexico. Contract: • 50-180 stations delivered each year in PFI Two Stage Design and Build Europe Value: • Turnover £0.23bn p.a. £82.5m 13 Current projects Paternoster Square W8 Regent Street Client: Client: Mitsubishi Estate Company/Stanhope Crown Estates/Stanhope Contract: Contract: Construction Management Construction Management with Guaranteed with Guaranteed Maximum Price Maximum Price Value: Value: £127m £47m 14 Current projects Chelsea Bridge Wharf Bankside 1 Client: Client: Berkeley Homes Land Securities Contract: Contract: Construction Management Two Stage Design and Build Lump Sum Value: Value: £154m £106m 15 Future projects Future projects Manchester Hospital Leeds Hospital Client: Client: Department of Health Leeds General Hospital Trust Contract: Contract: PFI Design and Build PFI Design and Build Value: Value: £370m £173m 17 Future projects Battersea Power Station Grand Arcade, Cambridge Client: Client: Parkview International Grosvenor Contract: Contract: Two stage Guaranteed Maximum Price Two Stage Lump Sum Value: Value: £1bn £78m 18 Pacific Quay, Glasgow Pacific Quay, Glasgow Royex House Client: Client: Land Securities Scottish Widows Contract: Contract: Two Stage Lump Sum Two Stage Design and Build Lump Sum Value: Value: £68m £72m 19 Warrington Golden Square Warrington Golden Square P&O Drake Circus, Plymouth Client: Client: Legal & General/Lend Lease JV P&O Developments Contract: Contract: Two Stage Design and Build Two Stage Lump Sum Value: Value: £70m £68m 20 Construction: market growth forecast 2002–2012 Sustained growth expected Lend Lease position in addressable market CAGR % Outlook Rank Share Increase in UK Government 129.3 Leading 5% housing budget from £4.8bn 4.0% 100 40.8 (02/03) to £5.9bn (03/06) Health spending increased by 7% p.a. 02-07: 100 new 80.5 4.8% 37.9 hospitals built by 2010 317% n b 27.5 Defence Estates spending US$ increases 5% p.a. to 2006 50 4.2% 23.8 21.9 Redevelopment by existing retail centres takes over from 46% Greenfield sites 14.5 6.9% Revival in office development 28.7 18% 14.7 as part of cyclical upturn 0 Actual 2002 Forecast 2012 Office Commercial Institutional Industrial 21 Source: Global Insight Bovis Lend Lease is exploiting market dynamics Bovis Lend Lease is winning, fewer larger contracts earning superior margins 160 4 3 Multiplex 120 80 15 Bovis Lend Lease 60 Average 18 project size (£m) 13 40 R McAlpine 22 14 Laing O'Rourke 20 17 23 54 21 HBG 95 71 61 2000 2002 2003 Source: Glennigans Project Database 22 Strong consistent growth • Gross Profit Margin risen from £27.4m in 1996 to £59.6m in 2003 • Strong overhead control has led to increase in profitability ratio of currently 49% • Average margins across all sectors currently 4% • Sector diversity, product expansion and focus on key client account management 23 Bovis Lend Lease GPM shows sector diversity Focus on a balanced sector portfolio 2003/04 2007/2008 12% 21% 24% 2% commercial - Private 3% Commercial - public 38% 1% Health 7% Defence 5% Retail Alliance Urban 12% 9% Other 5% 31% 4% 26% 24 Bovis Lend Lease UK GPM by client Focus on long term client relationships 2003/04 2007/2008 29% 35% 41% 45% 4% 8% 5% 5% 4% 24% Asset clients NHS MOD BP Other 25 Source: Global Insight and BLL Management Reports and BLL Plan Asset Clients Asset clients represent more than 50% of the GPM in 2003/04 BLL UK: GPM % by client type 2003/04 2007/2008 2.19% 22.81% 40.10% Asset Clients 32.89% Stanhope Land Securities British Land Integrated Asset Othe r John Lewis MOD (Debut) Development Securities Department of Health 37.75% (Catalyst) Othe r INTEGRATED ASSET MOD (Debut) 27.17% Department of Health (Catalyst) Asset Clients 31.74% Other Stanhope BP Land Securities Asset British Land 5.36% John Lewis Integrated asset Development Securities BP 26 Asset Clients Blue chip clients providing long term revenue • BBC • Department of Health • BP Berkley Homes • Development Securities PLC • British Land • John Lewis Partnership • Chelsfield • Land Securities Trillium • Grosvenor • Network Rail • Defence Estates • Peel • Department for Education & • Prudential Skills • Stanhope 27 New Work Secured 70 60 £66.8m 50 £58.7m £m 40 30 £37m 20 10 0 2000/01 2001/02 2002/03 28 UK market leader 29 Market opportunity Good opportunities in large identified market • Very large market • 1:2 hit rate 30% 28% • Negotiated and limited competition • Controlled overhead 42% negotiated limited competition other Pipeline value £3.3bn 30 Contribution to Lend Lease • Positive cash flow • Significant profit after tax contribution • High return on capital business with negative working capital • Provides a low capital and risk platform for entry into new markets/geographies • Provides a large network for accessing new partners, clients and opportunities for the broader group • It has a significant year on year growth potential 31 Current long term projects Secured long term income streams • SLAM 7 years • SW Prime 7 years • BP Alliance 5 years • BBC Broadcasting House 5 years • Peter Jones 5 years • Scottish Parliament 5 years • Chelsea Bridge Wharf 3 years • HM Treasury 4 years • Network Rail 10 years (1st project 1994) • Victoria & Albert Museum 1997- 07 • Strategic Rail Authority 4 years (2001) • LandSecuritiesTrillium 2000 ongoing - Job Centre Plus, BT/Telereal, BBC, Pension Processing Centres 32 Future long term projects • Central Prime 7 years • Battersea 5 years • Manchester Hospital 5 years • Leicester Hospital 7 years • Stanhope programme 5 years • Peel programme 4 years 33 Risk Robust risk procedures Processes for two stage lump sum projects, from submission to close out Contract stage Project Go/No Go Bid Process 1 & 2 Construction • Go/No Go • Tender Period Checklist • Limits of Authority • Limits of Authority • Limits of Authority • Limits of Authority • Key Document File • Standard Project Procedures • Credit Assessment • Audit Programme • Project Execution Plan (PEP) Scorecard • Procurement Strategy • Key Document File • Conversion Strategy • Shift Statement • Internal Monthly Reports • Pre-commitment Review • Risk Assessment • Monthly Reports to Client • Risk Assessment • Letters of Intent •Audit Programme • Project Profit Plan • Pre-commitment • Financial Controls • Tender Settlement Review • Letters of Intent Meeting Agenda • Project Profit Plan • Project Close Out • Tender Close Out Report • Shift Statement • Start Sheet 34 Incident & Injury Free (IIF) Lend Lease will operate Incident & Injury Free and we are committed to realising this wherever we have a presence 35 IIF implementation to date IIF is becoming a differentiator and supports Corporate Social Governance • Launch in Europe Oct 2002 • Safety Leadership Teams • Vision and Plans • IIF for Designers • Report of Findings • IIF for Clients • Leadership Commitment • IIF Communications Workshops • Supply Chain Workshops • 4 hour Orientation Workshops • Star Projects • IIF Leadership Programme • Best practice transfer • Front Line Supervisors • IIF to the Workforce Training 36 Excellence is recognised - Awards • CIOB Construction Manager of the Year • BCI – Treasury Commendation – 1 Gold, 1 Silver • Building Specialist Contractor Awards • Contract Journal Awards • Green Apple Awards various projects 2003/04 – Global Alliance Long Term Partnering. • RIBA (Chiswick Park and Empress State) • Building
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