Berkeley Group Holdings Plc · LSE:BKG
Berkeley — The Berkeley Group Holdings — H1 2010 Earnings Presentation
19 slides from Berkeley's earnings presentation, Dec 4, 2009
Slide 1: Interim Results Presentation
Interim Results Presentation Half year ended 31st October 2009 4th December 2009
Slide 2: Format of Presentation
Format of Presentation Interim results for the half year ended 31st October 2009 • Chairman’s Introduction Tony Pidgley • Managing Director’s Review Rob Perrins • Review of Results Nick Simpkin • Questions Tony Pidgley (Chairman) Rob Perrins (Managing Director) Nick Simpkin (Finance Director)
Slide 3: Tony Pidgley, Chairman
FOR EXTERPRISE: TONY PIDGLEY CHAIRMAN
Slide 4: Nextgeneration Benchmark 2009
NEXTGENERATION NEXTGENERATION BENCHMARK 2009 The Berkeley Group Crest Nicholson Miller Homes NEXT Inspace Partnerships Barratt Developments. Taylor Wimpey Crosby Lend Lease Galliford Try Countryside Properties Redrow Keepmoat Limited Persimmon Bellway Bovis Kier Residential Cala Group Gladedale Hold
Slide 5: Rob Perrins, Managing Director
ROB PERRINS MANAGING DIRECTOR
Slide 6: Managing Director's Review
Managing Director’s Review • Introduction • People – The Berkeley Difference • Results • The Market • Land • New sites • Optimising existing sites • Strategic land • St Edward • Local authority partnerships • Sustainability • Planning • Outlook
Slide 7: Nick Simpkin, Finance Director
NICK SIMPKIN FINANCE DIRECTOR
Slide 8: Review of Interim Results
Review of Interim Results Half year ended 31st October 2009 • Summary of Performance • Summary of Financial Position • Cash Flow • Homes Completed and ASP • Income Statement • Balance Sheet • Inventories • Creditors • Land Holdings
Slide 9: Summary of Performance
Summary of Performance 6 months to 6 months to Oct 2009 Oct 2008 Change Operating profit £50.5m £80.6m - £30.1m - 37.3% Operating margin 17.4% 17.8% Profit before tax £52.0m £79.6m - £27.6m - 34.7% EPS – Basic 28.1p 47.8p - 19.7p - 41.2% Weighted ave. no. of shares 131.4m 119.2m + 12.2m +10.2% Cash
Slide 10: Summary of Financial Position
Summary of Financial Position At 31 Oct At 30 Apr 2009 2009 Change Shareholders Funds £839.7m £801.3m + £38.4m + 4.8% Net Asset Value per Share 625.7p 615.4p + 10.3p + 1.7% Shares in issue 134.2m 130.2m + 4.0m + 3.1% Closing Net Cash £344.7m £284.8m + £59.9m Land Bank - Plots 30,541 30,044 + 497 - G
Slide 11: Abridged Group Cash Flow
Abridged Group Cash Flow 6 Months to 6 Months to Oct 2009 Oct 2008 Change £m £m £m Profit before tax 52.0 79.6 (27.6) Underlying working capital movements 33.7 75.9 (42.2) Tax (7.0) 11.7 (18.7) Investing activities (4.4) (1.1) (3.3) Non-cash items and other movements 3.3 5.0 (1.7) 77.6 171.1 (93.5)
Slide 12: Homes Completed and Average Selling Price
Homes Completed and Average Selling Price Units ASP Units ASP 2009/10 HY01 914 £299,000 2008/09 HY02 533 £388,000 1,501 £395,000 2008/09 HY01 968 £399,000 2007/08 HY02 1,537 £347,000 3,167 £295,000 2007/08 HY01 1,630 £245,000 2006/07 HY02 1,556 £285,000 3,293 £291,000 2006/07 HY01 1,737 £296,000 200
Slide 13: Abridged Group Income Statement (1)
Abridged Group Income Statement (1) 6 Months to 6 Months to Oct 2009 Oct 2008 Change £m £m £m House-building 281.8 402.4 - 120.6 - 30.0% Land Sales - 25.5 - 25.5 Commercial 8.3 24.7 - 16.4 Revenue 290.1 452.6 - 162.5 - 35.9% Gross margin 76.2 26.3% 122.3 27.0% - 46.1 - 37.7% Overheads (25.7) 8.8% (4
Slide 14: Abridged Group Income Statement (2)
Abridged Group Income Statement (2) 6 Months to 6 Months to Oct 2009 Oct 2008 Change £m £m £m Profit before interest and tax 49.0 79.3 - 30.3 - 38.2% - Bank interest 3.5 1.7 + 1.8 - Other (0.5) (1.4) + 0.9 Net finance costs 3.0 0.3 + 2.7 Profit before tax 52.0 17.9% 79.6 17.6% - 27.6 - 34.7% Tax (15
Slide 15: Abridged Group Balance Sheet
Abridged Group Balance Sheet At 31 Oct At 30 Apr 2009 Movements 2009 £m £m £m Non-current assets - Intangible assets 17.3 - 17.3 - Investment in JV’s 23.5 1.0 22.5 - Deferred taxation 26.2 (11.7) 37.9 - PPE 3.3 (0.4) 3.7 Inventories 1,182.1 67.3 1,114.8 Debtors 51.7 0.7 51.0 Creditors (809.1) (78.4)
Slide 16: Inventories
Inventories At 31 Oct Underlying JV Assets At 30 Apr 2009 Movements Acquired 2009 £m £m £m £m Land not under development 165.4 30.3 10.5 124.6 Work in progress: Land cost 505.2 (15.6) 14.7 506.1 670.6 14.7 25.2 630.7 Work in progress: Build cost 424.1 8.7 3.0 412.4 Completed units 87.4 15.7 - 71.7 P
Slide 17: Creditors
Creditors At 31 Oct At 30 Apr 2009 Movements 2009 £m £m £m Trade creditors and accruals 226.9 (6.5) 233.4 Deposits and on account receipts 412.3 77.5 334.8 Short-term land creditors 25.1 6.5 18.6 Short-term creditors 664.3 77.5 586.8 Current tax liability 83.6 (2.7) 86.3 Long-term land creditors 61.
Slide 18: Land Bank
Land Bank At 31 Oct Variance At 30 Apr 2009 2009 Owned 24,002 + 430 23,572 Contracted 5,674 - 733 6,407 Agreed 865 + 800 65 Plots * 30,541 + 497 30,044 Sales value £7,510m + £329m £7,181m Average selling price £246k + £7k £239k Average plot cost £35k + £2k £33k Land cost % 14.0% + 0.1% 13.9% Gross m
Slide 19: Questions
Questions Tony Pidgley Chairman Rob Perrins Managing Director Nick Simpkin Finance Director
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