Slide 1: Full Year Results Presentation
Full Year Results Presentation Year ended 30th April 2008 27th June 2008
Slide 2: Tony Pidgley, Managing Director
TONY PIDGLEY MANAGING DIRECTOR
Slide 3: Format of Presentation
Format of Presentation Full Year Results for the year ended 30th April 2008 • Introduction Tony Pidgley • Managing Director’s Review Tony Pidgley • Review of Results Rob Perrins • Questions Tony Pidgley (Managing Director) Rob Perrins (Finance Director) Tony Carey (Executive Director) Greg Fry (Exec
Slide 4: Imperial Wharf
Imperial Wharf ¢ 32 acres in Fulham adjacent to River Thames acquired in 1997 ¢ 1,828 homes and 300,000 sq.ft of commercial space ¢ 1,120 homes completed with balance by 2018 ¢ 10 acres of landscaped parkland and creation of a new railway station The Berkeley Group Holdings plc
Slide 5: St George Wharf
St George Wharf ¢ 7 acres of riverside property at Vauxhall, London ¢ 1,410 homes and 150,000 sq.ft of commercial space ¢ 904 homes completed and balance over next 10 years ¢ 275 meter riverside promenade alongside the River Thames ¢ 180 meter high ‘St George Tower’ to be constructed The Berkeley Gr
Slide 6: Grosvenor Waterside
Grosvenor Waterside 10 acres of riverside property in SW1 acquired in 2000 ¢ 917 homes and 32,000 sq.ft of commercial ¢ 295 homes are complete ¢ Fully sold Due to complete by 2012 The Berkeley Group Holdings plc
Slide 7: Roehampton, former Queen Mary's Hospital
Roehampton 14 acres, the former Queen Mary’s Hospital in Roehampton was acquired in 2006 ¢ Planning consent for 448 homes ¢ Includes the Grade | listed “Queen Mary House’ which will be brought back to life as part of the redevelopment process Due to complete by 2014 The Berkeley Group Holdings plc
Slide 8: The Warren, Woolwich
The Warren, Woolwich ¢ 25 acres acquired in 2005, adjacent to Royal Arsenal, Woolwich ¢ Circa 2,700 homes and 204,000 sq.ft of commercial * Major regeneration of the area in conjunction with LDA and Greenwich Council ¢ The planning includes a new Crossrail station on the site The Berkeley Group Hold
Slide 9: Kidbrooke
5. ay 2 ‘we queen's awanos FOR ENTERPRISE Kidbrooke ¢ 269 acre site acquired from Greenwich Council * Major redevelopment of existing Farrier Estate ¢ The scheme will provide circa 4,000 new homes when complete The Berkeley Group Holdings plc
Slide 10: Managing Director's Review – Why is Berkeley Different?
Managing Director’s Review – Why is Berkeley Different? Unique Operating Model The Result • Innovative land acquisition • Unrivalled land bank • London and South-East focus • Strong balance sheet – ungeared • Entrepreneurial but disciplined • Forward sales • Added value developer with expertise • Aw
Slide 11: Managing Director's Review – Outstanding Shareholder Returns
Managing Director’s Review – Outstanding Shareholder Returns • The Scheme of Arrangement has been an outstanding success Berkeley share price 1 June 2004 927p Dividends 22p B Shares 900p Berkeley share price 26 June 2008 663p 1,585p Berkeley Absolute Shareholder Return + 70.0% Major Listed House-bui
Slide 12: Rob Perrins, Finance Director
ROB PERRINS FINANCE DIRECTOR
Slide 13: Review of Full Year Results
Review of Full Year Results • Summary of Performance • Scheme of Arrangement - payment schedule - proposed revision • Cash Flow • Income Statement • Balance Sheet • Land Holdings • Largest Sites 13
Slide 14: Summary of Performance (1)
Summary of Performance (1) 12 months to 12 months to Apr 2008 Apr 2007 Units ASP Units ASP Group 3,167 £295k 2,852 £285k Joint ventures - - 441 £329k Total 3,167 £295k 3,293 £291k 14
Slide 15: Summary of Performance (2)
Summary of Performance (2) 2008 2007 Change £’m £’m £’m Operating profit- Group 206.0 177.1 + 28.9 + 16.3% - JVs (3.4) 10.0 - 13.4 - 134.0% 202.6 187.1 + 15.5 + 8.3% Profit before tax 194.3 188.1 + 6.2 + 3.2% Cash generated 1 156.1 102.0 Closing net (debt) / cash (4.5) 81.0 1 Before B share payment
Slide 16: Summary of Performance (3)
Summary of Performance (3) 2008 2007 Change Shareholders Funds £681.4m £781.6m - £100.2m - 12.8% Net Asset Value per Share 564.0p 649.0p - 85.0p -13.1% NAVPS adding back 2008 B Share 764.0p 649.0p + 115.0p + 17.7% Return on Capital Employed 29.3% 28.1% Land Bank - Plots 31,365 30,128 + 1,237 - Gross
Slide 17: Scheme of Arrangement – Payment Schedule
Scheme of Arrangement – Payment Schedule Original Actual Payment Payment 2004 B Share £5 December 2004 3rd December 2004 2006 B Share £2 January 2007 8th January 2007 2008 B Share £2 January 2009 4th January 2008 2010 B Share 1 £3 January 2011 TBC £12 1 At a date to be determined, but no later than
Slide 18: Scheme of Arrangement – Proposed Revision
Scheme of Arrangement – Proposed Revision 2004 B Share £5 single cash payment 3rd December 2004 2006 B Share £2 single cash payment 8th January 2006 2008 B Share £2 single cash payment 4th January 2008 2010 B Share £3 single cash payment by 31st January 2011 Innovative proposal to take advantage of
Slide 19: Shares in Issue and Future Dilution
Shares in Issue and Future Dilution Scheme of Arrangement Currently issued 120.8m 85% Issuable under 2004(b) 21.3m 15% 142.1m 100% Revised Proposals (subject to shareholder approval) 100% Shares 59% Shares Currently issued 120.8 120.8 HY01 2008/09 4.0 124.8 2.36 123.2 HY02 2008/09 4.0 128.8 2.36 125
Slide 20: Abridged Group Cash Flow
Abridged Group Cash Flow 12 Months to 12 Months to Change Apr 2008 Apr 2007 £m £m £m £m £m Profit after tax 137.8 135.5 2.3 Underlying working capital movements (5.5) 107.8 Land payments by St James at acquisition - (93.5) (5.5) 14.3 (19.8) Investing activities (7.1) 5.7 (12.8) Non-cash items and ot
Slide 21: Abridged Group Income Statement (1)
Abridged Group Income Statement (1) 12 Months to 12 Months to Apr 2008 Apr 2007 Change Units 3,167 2,852 + 315 + 11.0% £m £m £m House-building 947.0 823.9 + 123.1 +14.9% Land Sales 13.1 44.0 - 30.9 - 70.2% Commercial 31.4 50.5 -19.1 - 37.8% Revenue 991.5 918.4 + 73.1 + 8.0% Gross margin 304.4 30.7%
Slide 22: Abridged Group Income Statement (2)
Abridged Group Income Statement (2) 12 Months to 12 Months to Apr 2008 Apr 2007 Change £m £m £m Profit before interest and tax 203.6 183.9 + 19.7 + 10.7% - Bank interest 0.3 7.1 - 6.8 - Facility refinancing fees (1.8) - - 1.8 - Other (7.8) (2.9) - 4.9 Net finance costs (9.3) 4.2 - 13.5 Profit before
Slide 23: Abridged Group Balance Sheet
Abridged Group Balance Sheet At 30 Apr Underlying At 30 Apr Underlying At 30 Apr 2008 Movements 2007 Movements 2006 * £m £m £m £m £m Non-current assets - Goodwill 17.2 - 17.2 - 17.2 - Other intangibles 0.7 (1.8) 2.5 (0.8) 3.3 - Deferred taxation 39.1 4.5 34.6 29.6 5.0 - Other 7.0 3.0 4.0 (5.9) 9.9 I
Slide 24: Inventories
Inventories At 30 Apr Underlying At 30 Apr Underlying At 30 Apr 2008 Movements 2007 Movements 2006 * £m £m £m £m £m Land not under development 184.6 78.2 106.4 (103.5) 209.9 Work in progress: Land cost 602.9 26.8 576.1 115.2 460.9 787.5 105.0 682.5 11.7 670.8 Work in progress: Build cost 394.9 (18.3
Slide 25: Land Bank
Land Bank At 30 Apr Variance At 30 Apr Variance At 30 Apr 2008 2007 2006 Owned 23,065 1,856 21,209 1,349 19,860 Contracted 8,014 (834) 8,848 5,584 3,264 Agreed 286 215 71 (624) 695 Plots * 31,365 1,237 30,128 6,309 23,819 Sales value £9,221m £1,512m £7,709m £1,642m £6,067m Average selling price £294
Slide 26: Largest Sites Released to Market
Largest Sites Released to Market Total Complete Exchanged Resv’d Available Not Released Royal Arsenal, Woolwich 4,960 1,244 264 3 29 3,420 Beaufort Park, Hendon 2,800 272 293 12 25 2,198 Imperial Wharf, Chelsea 1,828 1,120 131 9 15 553 St George Wharf, Vauxhall 1,410 904 199 15 8 284 Holborough Vall
Slide 27: Questions
Questions Tony Pidgley Managing Director Rob Perrins Finance Director Tony Carey Executive Director Greg Fry Executive Director 27