Berkeley Group Holdings Plc · LSE:BKG
Berkeley — The Berkeley Group Holdings — H1 2010/11 Earnings Presentation
26 slides from Berkeley's earnings presentation, Dec 3, 2010
Slide 1: Interim Results Presentation
Interim Results Presentation Half year ended 31st October 2010 3rd December 2010
Slide 2: Format of Presentation
Format of Presentation Chairman’s Introduction Tony Pidgley Review of Results Nick Simpkin Managing Director’s Review Rob Perrins Questions
Slide 3: Tony Pidgley, Chairman
5 A 2020 Berkeley Group TONY PIDGLEY CHAIRMAN The Berkeley Group Holdings plc
Slide 4: Nick Simpkin, Finance Director
NICK SIMPKIN FINANCE DIRECTOR
Slide 5: Review of Interim Results
Review of Interim Results • Summary of Performance • Summary of Financial Position • Homes Completed and ASP • Group Income Statement • Abridged Group Cash Flow • Abridged Group Balance Sheet • Inventories • Creditors • Land Holdings
Slide 6: Summary of Performance
Summary of Performance 6 months to 6 months to Oct 2010 Oct 2009 Change Operating profit £58.6m £50.5m + £8.1m + 16.0% Operating margin 17.4% 17.4% Profit before tax £61.6m £52.0m + £9.6m + 18.5% EPS – Basic 33.5p 28.1p + 5.4p + 19.2% Weighted ave. no. of shares 132.9m 131.4m +1.5m +1.1% Cash (utili
Slide 7: Summary of Financial Position
Summary of Financial Position At 31 Oct At 30 Apr 2010 2010 Change Shareholders’ funds £874.8m £858.6m + £16.2m + 1.9% Net Asset Value per share 667.6p 636.7p + 30.9p + 4.9% Shares in issue 131.0m 134.9m - 3.9m - 2.9% Closing net cash £252.7m £316.9m - £64.2m Land creditors £234.9m £63.8m + £171.1m
Slide 8: Homes Completed and ASP
Homes Completed and ASP Units ASP Units ASP 2010/11 HY01 1,249 £262,000 2009/10 HY02 1,287 £238,000 2,201 £263,000 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 £2
Slide 9: Group Income Statement
Group Income Statement 6 months to 6 months to Oct 2010 Oct 2009 Change £m £m £m Revenue 336.2 290.1 + 46.1 + 15.9% Gross profit 93.3 27.8% 76.2 26.3% + 17.1 + 22.4% Overheads (34.7) 10.3% (25.7) 8.8% - 9.0 + 35.0% Operating profit 58.6 17.4% 50.5 17.4% + 8.1 + 16.0% Net finance income 1.8 3.0 - 1.2
Slide 10: Abridged Group Cash Flow
Abridged Group Cash Flow 6 months to 6 months to Oct 2010 Oct 2009 £m £m Profit after tax 44.2 37.0 Increase in inventory – land (211.8) (14.7) Increase in inventory – build WIP & stock (104.4) (24.4) Increase in land creditors 171.1 10.1 Other working capital movements 64.7 62.7 Investing activitie
Slide 11: Abridged Group Balance Sheet
Abridged Group Balance Sheet At 31 Oct At 30 Apr 2010 Movements 2010 £m £m £m Non-current assets - Intangible assets 17.2 - 17.2 - Investment in JV’s 37.4 11.4 26.0 - Deferred taxation 14.6 (0.2) 14.8 - PPE 9.6 (0.1) 9.7 Inventories 1,570.3 316.2 1,254.1 Debtors 68.3 10.6 57.7 Creditors (1,091.8) (2
Slide 12: Inventories
Inventories At 31 Oct At 30 Apr 2010 Movements 2010 £m £m £m Land not under development 395.6 153.5 242.1 Work in progress: Land cost 557.3 58.3 499.0 952.9 211.8 741.1 Work in progress: Build cost 567.2 120.5 446.7 Completed units 50.2 (16.1) 66.3 1,570.3 316.2 1,254.1
Slide 13: Creditors
Creditors At 31 Oct At 30 Apr 2010 Movements 2010 £m £m £m Trade creditors and accruals 283.4 57.6 225.8 Deposits and on account receipts 482.5 20.9 461.6 Land creditors 234.9 171.1 63.8 Current tax liability 91.0 8.1 82.9 Creditors 1,091.8 257.7 834.1 Land creditors due < 6 months 164.4 161.4 3.0 L
Slide 14: Land Holdings
Land Holdings At 31 Oct At 30 Apr 2010 Movements 2010 Owned 28,647 + 1,553 27,094 Contracted 226 - 709 935 Agreed 41 - 29 70 Plots * 28,914 + 815 28,099 Sales value £8,213m + £993m £7,220m Average selling price £284k + £27k £257k Average plot cost £41k + £5k £36k Land cost % 14.5% + 0.5% 14.0% Gross
Slide 15: Rob Perrins, Managing Director
ROB PERRINS MANAGING DIRECTOR
Slide 16: The Development Cycle
2 & 2020 ss T=. The Development Cycle INNOVATION QUALITY PARTNERSHIPS DELIVERY he 3. Product, €sign and customet? The Berkeley Group Holdings plc
Slide 17: Sites Acquired - London since March 2009
Sites Acquired —- =. LOndon since March 2009 Berkeley ¢ Group 190 Strand Acton Carnwath Road, Fulham Clapham Hammersmith & Johnson House, Belgravia Kew Ey Kew Bridge Road, Brentford By Putney J Richmond 6 [1.4] Roehampton 5 ; oe Battersea io} 11} | Abell and Cleland House 13} Westminster Fulham Reac
Slide 18: Sites Acquired - South East since March 2009
oe . Sites Acquired - ae 2020 ss SS=. South East since March 2009 ~ Hi: Bedfordshire Hertfordshire Berkshire Basingstoke Hampshire East Sussex Eastbourne Bloxham Burleigh Road, Ascot Cavendish Road, Weybridge Cleves School, Weybridge East Grinstead Hare Lane, Claygate Hurstleigh Park, Ascot Reigate
Slide 19: The Development Cycle
2 & 2020 ss T=. The Development Cycle INNOVATION QUALITY PARTNERSHIPS DELIVERY he 3. Product, €sign and customet? The Berkeley Group Holdings plc
Slide 20: The Development Cycle
2 & 2020 ss T=. The Development Cycle INNOVATION QUALITY PARTNERSHIPS DELIVERY 3. Product, Cesign and custome? The Berkeley Group Holdings plc
Slide 21: Vision 2020
2020 vision2020 (Our vision for the future THE CUSTOMER BUILDING GREENER EXPERIENCE HOMES rs | A SUSTAINABLE BUSINESS vision 2020 [ier Our vision for the future DELIVERING SUSTAINABLE RUNNING A SUSTAINABLE COMMUNITIES BUSINESS The Berkeley Group Holdings plc
Slide 22: The Development Cycle
2 & 2020 ss T=. The Development Cycle INNOVATION QUALITY PARTNERSHIPS DELIVERY den: 3. Product, €sign and custome The Berkeley Group Holdings plc
Slide 23: The Development Cycle
2 & 2020 ss T=. The Development Cycle INNOVATION QUALITY PARTNERSHIPS DELIVERY he 3. Product, €sign and customet? The Berkeley Group Holdings plc
Slide 24: Evolution of our Brand
é e020 : == Evolution of our Brand = (Our vision for the future The Berkeley Group plc a, PPA] S’ EDWARD . —a Ber “g St Fal berkeley DETR cy ST‘-GEORGE ale HOMES first Berkeley (peer Berkeley PARTNERSHIP, = GRAB PET ALE QIC commercia The Berkeley Group Holdings plc
Slide 25: Berkeley brands
Bf Berkeley foe Group Berkeley -« Designed for life ,StGeorge StJames Es St Edward a Berkeley yy s Designed for life Designed for life fi rst Berkeley Berkeley Berkeley Partnership Homes Strategic ~/ — Commercia The Berkeley Group Holdings plc
Slide 26: Questions
Questions Tony Pidgley Chairman Rob Perrins Managing Director Nick Simpkin Finance Director
The Berkeley Group Holdings — H1 2010/11 Earnings Presentation on 6ix