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					Disclaimer

       This presentation is being made only to and is directed at (a) persons who have
       professional experience in matters relating to investments falling within Article
       19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order
       2001 (the "Order") or (b) any other persons to whom it may otherwise lawfully be
       communicated, falling within Article 49(1)of the Order (all such persons being
       referred to as "relevant persons").

       Any person who is not a relevant person should not act or rely on this presentation
       or any of its comments.

       The financial information set out in this document does not constitute the
       Company's statutory accounts. Statutory accounts for 2002, which received an
       auditors' report that was unqualified and did not contain any statement concerning
       accounting records or failure to obtain necessary information and explanations,
       have been filed with the Registrar of Companies.
George Wimpey Plc
Interim Results
for the half year ended 30 June 2003

Wednesday 30 July 2003
Welcome


John Robinson
Chairman
Agenda


     Introduction          Peter Johnson

     H1 Financial Review   Andrew Carr-Locke

     UK Business Review    Keith Cushen

     US Business Review    Peter Johnson

     Summary and Outlook   Peter Johnson
Introduction


Peter Johnson
Group Chief Executive
Highlights

        A strong set of H1 results in both UK and US.
         Operating profit: George Wimpey core business up 26%
                           £12m contribution from Laing in line with expectations
                           Morrison up 64% in dollar terms

        Operating margins increased ahead of plan
          from 11.4% to 16.5% in George Wimpey UK
          from 8.5% to 11.1% in Morrison Homes


        Full year outlook around top end of market expectations
          strong order books in both UK and US
          improved land positions in both UK and US

        Confidence reflected in strengthened dividend policy
                                                                               7
H1 2003 financial review


Andrew Carr-Locke
Group Finance Director
First half results

                              H1             H1
                    £m                                     Change
                             2003           2002

        Turnover             1,059         1,017             +4%
        Operating profit     148.0         105.5            +40%
        Interest charge      (25.3)        (19.2)           +32%
        Profit before tax    122.7          86.3            +42%

        Earnings per share   22.5p         15.7p            +43%
        Dividend per share   3.8p           3.2p            +19%

        ROACE*               24.1%         21.2%

                                      *Last 12 months, before exceptionals 9
     Segmental analysis

                                                                     Operating              Operating
                                            Turnover
                                                                       profit1               margin1
                                                                                            H1     H1
                                           £m       Change           £m      Change
                                                                                           2003 2002

                     George Wimpey        691        (13)%          114       +26% 16.5% 11.4%

                     Laing Homes          114               -        12          -       10.6%           -

                     Morrison Homes2      254        +13%            28       +47%       11.1% 8.5%

                     Group                   -              -        (6)         -


See appendix:        TOTAL              1,059 +4%                   148       +40%
(vii) (viii) (xvi)
                                   1                            2
(xxi) (xxii)                       After fair value items       Exchange rate in 2002 $/£=1.45, 2003 $/£=1.61 10
    First half completions

                                    Completions      Ave selling price
                                    No     Change     £/$           Change
                    GW PD          4,125    (22)%   £163,000          +16%

                    GW social1     245      (49)%   £75,000           +17%

                    Laing PD       310        -     £331,000              -

                    Laing social    9         -     £102,000              -

                    UK total       4,689    (19)%

                    US total       1,521    +15%    $266,000           +9%

See appendix:
                    GROUP TOTAL    6,210    (13)%
(vii) (xvi) (xxi)
                                                      1
                                                      Includes contract partnership 11
Strengthened dividend
policy
       Over past two years earnings growth of 40% p.a. has been achieved
       compared with dividend growth of 10% p.a.

       UK restructuring has created a strong business now delivering
       improved results

       A high degree of political and economic uncertainty reduced
         UK outlook sound, US outlook good
         margins risen to industry levels
         strong forward order books


       Confidence in continued earnings growth reflected in revised dividend
       policy enhancing long term value for shareholders
         ensuring prudent balance sheet structure
         enhancing dividend growth rate to reduce cover over time              12
Cash flow summary

                                       H1      H1
                         £m           2003    2002
      Operating profit                148     106
      Land spend                      (482)   (237)
      Acquisitions                    (120)   (85)
      Land realisations               254     243
      Other working capital           (157)   (17)
      Tax                             (54)    (25)
      Funding costs                   (34)    (28)

      CASH OUTFLOW BEFORE FINANCING   (445)   (43)
                                                      13
       Balance sheet -
       net assets
                                         June    June
                                 £m      2003    2002
                Fixed assets              27      23

                Land                     1,642   1,257

                Land creditors           (168)   (164)

                Other current assets     491     337

                Tax and provisions       (66)    (43)

                Deferred consideration   (92)    (161)

See appendix:   TOTAL NET ASSETS         1,834   1,249
(iv)
                                                         14
Analysis of increase in
assets in last 12 months                                              £m
         George Wimpey     McAlpine payments               163
                                                   1
                            Investment in land             106
                               Investment in WIP            52
                                         Sub-total                               321

         Laing Homes      Acquisition payments             200
                                                   2
                            Investment in land              60
                          Other working capital            (23)
                                         Sub-total                               237

         Morrison Homes        Investment in land           43
                               Other mainly exchange       (10)
                                         Sub-total                               33

         Corporate                       Sub-total                               (6)

         TOTAL                                                                  585
                           1                           2
                            Net of creditors           Net of creditors, since acquisition   15
       Balance sheet -
       financing
                                             June                 June
                                             2003                 2002
                Shareholder’s funds £m       1,022                 833

                Net debt £m                  812                   416

                Capital employed £m          1,834                1,249


                Gearing                      79%                   50%

                Interest cover*              8.5x                  6.6x
                Underlying interest cover*   10.5x                 9.5x
See appendix:   net of imputed interest
(iv)
                                              *Last 12 months, before exceptionals 16
    Land owned and controlled
    PD and social housing

                                                  GW           Laing         Morrison
                                           June    June      June   June   June    June
                                           2003    2002      2003   2002   2003    2002

                     Total land value £m   1,209   1,133     280       -    153    120

                     Owned plots           30,605 29,788 3,214         -   12,574 10,636

                     Controlled plots      11,957 12,515     912       -   2,751   1,900

                     Short term plots      42,562 42,303 4,126         -   15,325 12,536

                     Short term landbank
                                            3.4        3.3   3.4       -    4.1     4.1
                     in years
See appendix:
                                                                                          17
(xii) (xiii) (xiv) (xix) (xxiv)
Financial summary

      Group PBT +42% despite reduction in UK first half volumes

      Operating margins H1 2002 to H1 2003:
        George Wimpey 11.4% to 16.5%
        Morrison Homes 8.5% to 11.1%

      Dividend
        increase in dividend growth reflects confidence in the future and
        commitment to reduce dividend cover over time

      Increased gearing (debt/equity) to 79%

      Improved interest cover, underlying cover increased from 9.5x to 10.5x


                                                                                18
UK business review


Keith Cushen
Chief Executive, George Wimpey UK
       Financial summary

                                            George Wimpey         Laing Homes

                                           H1 2003   H1 2002           H1 2003

                    Legal completions       4,370     5,776                319

                    PD ave selling price   £163,000 £140,000          £331,000

                    Turnover £m              691      793                  114


                    Operating profit £m     114.0     90.5                 12.0

See appendix:
                    Operating margin*       16.5%    11.4%               10.6%
(vi) (vii) (viii)
                                                               * after fair value items   20
(xi)
Highlights

       Restructuring now complete
         common approach across all businesses
         strong management team in place
         continuous improvement the order of the day

       Land bought earlier in the year and on better terms
         to accommodate lengthier planning process
         to deliver 2004/2005 outlets
         >90% of 2004 plots now in place
         and continuing to buy land at improving margins


       Business well in control of costs
         both materials and labour costs remain stable
         cost lessons of PPG3 learnt and reflected in current practices   21
UK housing market

      Short term factors
        affordability - interest rates lowest since 1955
        high employment - continued job creation in public sector


      Long term factors
        demand - population growth, immigration, ageing population
        supply - restricted by planning regime
         continued housing shortfall, c.40,000 units in 2002

      House price inflation returning to sustainable levels
        still experiencing increases in the north
        moderate increases in the midlands
        levelling off in the south

                                                                      22
UK Options
                                                              Revenue
                                                               per plot
       High:               GW East London                      £9,133

                           George Wimpey                       £4,860
       Average:
                           Laing Homes                         £3,565

       Low:                GW Midland                          £2,865

      Total UK options turnover £21.2 million +24%

      Laing Homes only recently introduced - opportunity for the future

      First Regional Options Centre in Edinburgh - £9,500 per customer
        two new centres to be opened in 2003, a further three in 2004


      Improving services offered to customers making it even easier to buy a
      George Wimpey home - financial services joint venture established
                                                                                23
George Wimpey
2003 a ‘normal’ market

                        H1 2003              H1 2002              H1 2001
                      Visitors   Sales    Visitors   Sales      Visitors   Sales
                      per site    per     per site    per       per site    per
                     per week    week    per week    week      per week    week


       GW             12.9       0.88     12.6       0.95       10.7       0.85

       Average weekly visitors above 2002
         very strong in the North

       H1 2003 sales per outlet slightly behind H1 2002
         North and Midlands above last year
         certain markets in south remain behind 2002
         for whole of core business, sales rates experienced in June and July
         ahead of 2002
       Incentives remain at ‘normal’ levels
         at week 29 use of P/X and APP at lowest levels ytd                       25
George Wimpey sales rates

                               1.20
     Sales per week per site

                               1.00

                               0.80

                               0.60

                               0.40

                               0.20

                               0.00
                                      1   4   7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
                                                                 Week no

                                                          2001      2002   2003

                                                                                          26
     Margin reconciliation

                                             H1 2003               H1 2002
                                           £m      % to sales    £m      % to sales

                Gross profit              186.8     27.0%       161.2     20.3%

                Fair value items           2.0       0.3%        5.7       0.7%

                Overhead costs            (72.8)    10.5%       (70.7)     8.9%

                Operating profit          116.0     16.8%       96.2      12.1%
                before fair value items

                Operating profit          114.0     16.5%       90.5      11.4%
                after fair value items
See appendix:
(viii)
                                                                                  27
Land purchase margins
     18%


     16%


     14%


     12%


     10%


      8%
                                                                                 PBIT%
      6%


      4%


      2%


      0%
           H1 2000   H2 2000   H1 2001   H2 2001   H1 2002   H2 2002   H1 2003

                                                                                    28
     Landbank

                     Land being bought earlier in the year to allow for extra planning time
                       time taken to gain planning approval has increased by a third in past
                       two years


                     George Wimpey have continued to buy land in the right locations at the
                     right price
                                                              H1            H1
                                   % landbank                2003          2002
                           North                              31%           34%
                           Midlands                           35%           34%
                           South                              34%           32%

See appendix:        as promised strategic landbank now delivering land into short term
(xii) (xiii) (xiv)   landbank
                                                                                                29
SAS Headquarters Hereford

      September 2000: Site identified as mixed-use site in local plan
                       LPE drawn up

      March 2001: site purchased unconditionally for £5.75 million
        500 plots anticipated
        assumed value with planning permission £12 million

      July 2002
        outline planning granted for 160 units subject to S106 agreement
        S106 agreement expected to be complete by end of August 2003

      September 2003: demolition planned to start, infrastructure
      construction commencing October 2003

      September 2003 outline consent for remainder of site expected        30
       Product mix

                Impact of PPG3: increase in apartments, attached and 3 storey products
                  increase in coverage c.12,000 sqft per acre - 17,000 sqft per acre
                  changing dynamics of business, different process, build and sales
                  programme
                  still broad spread
                                                    H1           H1            H1
                  % completions from:              2003         2002          2001
                  Apartments                       21%           18%            9%
                  1 & 2 bed houses                  8%           10%           13%
                  3 bed houses                     26%           26%           26%
                  4 & 5 bed houses                 45%           46%           52%
See appendix:
(ix)            54% brownfield completions H1 2003
                                                                                        31
Laing Homes
In line with expectations

       Laing Homes benefiting from George Wimpey business improvement
       experiences in benchmarking and sharing best practice

       Immediate integration plans complete
         removal of centralised functions and overhead

       Cost savings analysis now complete - savings being implemented in
          homestyle        sales and marketing           procurement
          overheads        standard detailing
         £10 million on target for 2004

       Increased investment in land, being acquired on improved margins

       Experienced management team retained after acquisition
                                                                            33
    Market conditions
                All price points selling equally



                PD completions                                  Nov / Dec
                               H1 2003                %                     %
                    £000                                          2002

                <300                      181         58           227      61
                301 - 500                  87         28           105      28
                500 +                      42         14            39      11

                Total                     310        100           371      100
                Visitor rates similar to 2002
                Sales rates down on 2002
See appendix:
                Investors starting to return
(xvii)
                June and July ahead of 2002 for both visitors and sales          34
Platform for growth

       Programme of land investment since acquisition
         100% of plots for 2004 now owned or controlled
         70% of plots for 2005 now owned or controlled

       Land now being purchased at better margins
         increased hurdle rates, coming in line with George Wimpey

       Potential for increased options revenue
         learning from shared experiences with George Wimpey and Morrison

       Operating margins targeted to return to historic levels (c.16%) over time

       Improving trend in visitor and sales rates


                                                                                35
UK summary
We have created a strong
business
       Simple strategy for improvement over past 21/2 years

         created the right business structure
         introduced strong discipline of cost control
         delivered significant sustainable improvement in operating margin
         ahead of plan
         acquired Laing Homes premium brand
         improved customer focus to provide opportunities for the future
         received 30% of NHBC ‘Pride in the Job’ awards


       Combined George Wimpey and Laing Homes order book >£1bn
         outlets at June 2003 in line with June 2002
         targeting H2 2002 volumes for H2 2003

                                                                              37
US business review


Peter Johnson
US housing market

      Positive outlook for US housing and Morrison markets, in particular:

      Short term factors
      continuing low 30-year mortgage rates
      job and income growth predicted for H2 2003
      NAHB predicts record new homes sales in 2003, just under 1m units
      Florida and California staying strong; Texas, Phoenix picking up

      Long term factors
      demand set to remain high (~1m SF houses) until at least 2020
      record 9 million 1990’s immigrants entering house ownership market
      echo baby boomers - 60m births 1979 to 1994 - also entering market
      ageing population with record home ownership - up to 68%
      continuing job and retirement migration to south and west

                                                                             39
Immigration and birth rates
1940-2000
                      10,000,000                                                                               4,500,000
                                                                                    Echo Boom      9,095,417
                      9,000,000                                                                                4,300,000
                                               Baby Boom
                      8,000,000                                                                                4,100,000
                                                                                       7,338,062
                      7,000,000                                                                                3,900,000
     No. immigrants




                      6,000,000                                                                                3,700,000




                                                                                                                           No. births
                                                                         4,493,314
                      5,000,000                                                                                3,500,000

                      4,000,000                                                                                3,300,000
                                                             3,321,677
                      3,000,000                2,515,479                                                       3,100,000

                      2,000,000                                                                                2,900,000
                                   1,035,039
                      1,000,000                                                                                2,700,000

                              0                                                                                2,500,000
                                     1940's      1950's        1960's      1970's         1980's     1990's

                                                           Immigrants        Birth Rate                                    40
    Financial summary


                                                              %
                                      H1 2003 H1 2002
                                                            change

                Legal completions      1,521      1,325     +15%

                Ave selling price     $266,000   $245,000    +9%

                Revenue $m              409        326      +25%


                Operating profit $m     45.3       27.7     +64%

                Operating margin %      11.1       8.5      +2.6pp
See appendix:
(xxi) (xxii)
                                                                     41
    Margin reconciliation

                                      H1 2003               H1 2002
                                    $m      % to sales    $m      % to sales

                Gross profit       93.9      23.0%       69.8      21.4%

                Selling expenses   (23.9)    (5.9)%      (20.3)    (6.2)%

                Overhead costs     (24.7)    (6.0)%      (21.8)    (6.7)%

                OPERATING PROFIT   45.3      11.1%       27.7       8.5%



See appendix:
(xxii)
                                                                            42
Profit growth underpinned


       Outlet numbers broadly level, but improved sales rates
          H1 volume up 15%
          order book c.$440m; >85% of years completions in hand

       San Antonio exited; improvement plans in place in Dallas and Atlanta
          poor outlets being sold out
          new sites at better margins
          asset levels reduced until performance is improved

       Land acquired at improved margins to meet 2004 volume growth
          c.90% of 2004 plots in hand to deliver further volume growth
          options and higher asset turn limit cash required to sustain growth

                                                                                 43
Summary and outlook


Peter Johnson
Next steps

       Actions taken provide platform for growth in 2003 and beyond

       George Wimpey operating margins at sustainable levels

       costs well under control in a low-inflation environment

       land programme in place to allow steady growth in UK volumes

       longer term profit growth from Laing Homes cost reduction programme
       and improved land purchase terms

       ongoing growth in options and options related income

       Morrison well-placed to sustain strong volume and profit growth

                                                                              45
Outlook

      Market conditions remain healthy in both UK and US
      Encouraging recent sales rates in both markets

      UK
           GW order book and current sales at margins similar to H1
           H2 volumes likely to be similar to or slightly ahead of H2 2002
           Laing Homes 2003 full year results expected to be in line with 2002


      Morrison Homes
           strong order book and current sales support full year volume growth
           order book and current sales at margins similar to H1

          The Board is confident of achieving full year results around the
                         top end of market expectations
                                                                                  46
Appendix


To interim results presentation for half year to 30 June 2003
30 July 2003
Published results

                        £m             H1 2003   H1 2002

       Operating profit                 148.0     105.5

       Interest charge                  (25.3)    (19.2)

       Profit before tax                122.7     86.3

       Interest cover last 12 months    8.5x      6.6x




                                                           ii
Cash flow summary

                                       H1      H1
                          £m          2003    2002
      Operating profit                148     106
      Land spend                      (482)   (237)
      Land realisations               254     243
      Other working capital           (157)   (17)
      Acquisitions and disposals      (120)   (85)
      Tax                             (54)    (25)
      Funding costs                   (34)    (28)

      CASH OUTFLOW BEFORE FINANCING   (445)   (43)
                                                      iii
Balance sheet
                                 June    June
                            £m   2003    2002
       Shareholders funds        1,022    833
       Net debt                   812     416
       CAPITAL EMPLOYED          1,834   1,249

       Fixed assets                27      23
       Land                      1,642   1,257
       Land creditors            (168)   (164)
       Other current assets       491     337
       Deferred Tax                16      16
       Tax and provisions         (82)    (59)
       Deferred consideration     (92)   (161)
       ASSETS EMPLOYED           1,834   1,249

       Gearing                   79%     50%
       Shareholder’s funds       268p    222p
                                                 iv
World-wide sales

                                                    Per outlet /
                        Sales         Ave sites      per week
                      H1      H1      H1     H1     H1      H1
                     2003    2002    2003   2002   2003    2002
      GW PD          6,371   7,597   280    308    0.88     0.95
      Laing PD       530        -    35       -    0.58       -

      GW social      263     284
      Laing social    70        -

      UK TOTAL       7,234   7,881   315    308
      US TOTAL       1,938   1,884   103    109    0.73     0.66

      GROUP TOTAL    9,172   9,765   418    417
                                                                   v
George Wimpey -
PD completions analysis

                                     H1      H1      H2      2002
                                    2003    2002    2002    full year

       Ave house size sqft          1,056   1,062   1,058    1,059


       Ave selling price £ / sqft   154.5   132.3   145.3    139.7




                                                                        vi
George Wimpey -
turnover analysis
                                         H1      H1            H2            2002
                                        2003    2002          2002         full year

     PD        -               volume   4,125   5,298         6,847         12,145
                      ave price £000s   163.1   140.4         153.7         147.9
                         turnover £m    673     744           1,052         1,796

     Partnership* -            volume   245     478            651          1,129
                      ave price £000s    75      64             74             70
                         turnover £m     18      31             48             79

     Other turnover mainly land sales    0       18             37             55

     TOTAL £m                           691     793           1,137         1,930

                                                      * includes contracting partnership   vii
George Wimpey -
margin analysis
                                  H1       H1       H2       2002
                                 2003     2002     2002     full year

     Gross margin %              27.0     20.3     22.5      21.6
     Gross profit £m             186.8    161.2    256.2     417.4
     Selling expenses £m         (29.8)   (27.8)   (29.1)    (56.9)
     Overhead costs £m           (43.0)   (42.9)   (47.4)    (90.3)

     OPERATING PROFIT £m         114.0    90.5     179.7     270.2
     Operating margin %          16.5     11.4     15.8      14.0

     Fair value items (FVI) £m    2.0      5.7      8.1      13.8
     OP MARGIN % before FVI      16.8     12.1     16.5      14.7
                                                                        viii
George Wimpey -
product mix
                               H1     H1     H2     2002
                 %
                              2003   2002   2002   full year

      Flats                    21     18     19       18

      1 & 2 bedroom houses     8      10     11       11

      3 bed semi / terraced    19     19     19       19

      3 bed detached           7      7      6        7

      4 & 5 bedroom houses     45     46     45       45

                              100    100    100      100

                                                               ix
George Wimpey -
price mix
        % completions by price    H1     H1     H2     2002
               £000s             2003   2002   2002   full year
      0 - 50                       0      1     1        1
      51 - 75                      4     10     5        7
      76 - 100                    13     20    16       18
      101 - 125                   16     19    21       20
      126 - 150                   21     17    21       19
      151 - 175                   17     11    12       12
      176 - 200                   10      7     9        8
      201+                         -     15    15       15
      201 - 250                   11      -     -        -
      251 - 300                    4      -     -        -
      301+                         4      -     -        -
                                 100    100    100      100
                                                                  x
George Wimpey -
geographic mix
                    H1 2003                H1 2002                H2 2002
                         Size   ASP             Size   ASP             Size   ASP
                Legals                 Legals                 Legals
                         sqft   £000            sqft   £000            sqft   £000

     North      1,509 1,103 140        1,886 1,071 108        2,428 1,116     127


     Midlands   1,528 1,014 156        1,843 1,016 134        2,324 1,025 150


     South      1,088 1,050 206        1,569 1,105 186        2,095 1,030 189



     Total      4,125 1,056 163        5,298 1,062 140        6,847 1,058 154



                                                                                    xi
George Wimpey -
land
                   Owned and
                                                 Long term acres
                 controlled plots
                 June       June                June*              June
                 2003       2002                2003               2002
      North      13,311      14,344             4,990              5,847

      Midlands   14,811      14,533             5,532              3,822

      South      14,440      13,426             8,322              6,631


      Total      42,562      42,303            18,844             16,300

                          * includes transfer of Laing Homes’ long term acres xii
George Wimpey -
short term land
                           H1        H1        H2       2002
              OWNED       2003      2002      2002     full year

      Start of period     29,536    32,348    29,788   32,348

      Net additions       5,194     2,738     6,595     9,333

      Legal completions   (4,125)   (5,298)   (6,847) (12,145)

      End of period       30,605    29,788    29,536   29,536

      CONTROLLED          11,957    12,515    11,396   11,396

      TOTAL LANDBANK      42,562    42,303    40,932   40,932
                                                                   xiii
George Wimpey -
owned land
                                  H1 2003                       H1 2002
                                   Cost per   Value              Cost per   Value
                         Plots                         Plots
                                    plot £k    £m                 plot £k    £m

    Opening landbank    29,536      34.7      1,025   32,348      32.8      1,062


    Net additions       5,194       44.1      229     2,738       54.1      148


    Legal completions   (4,125)    (37.5)     (155)   (5,298)    (35.9)     (190)


    End of period       30,605      35.9      1,099   29,788      34.2      1,020




                                                                                    xiv
Laing Homes -
PD completions analysis

                                                2002
                                    H1 2003
                                              full year

       Ave house size sqft           1,317     1,138


       Ave selling price £ / sqft    251        243




                                                          xv
Laing Homes -
turnover analysis
                                          H1     H1     H2     2002
                                         2003   2002   2002   full year

      PD        -               volume   310    558    728     1,286
                     ave price £000s     331    258    293      276
                          turnover £m    103    144    211      355

      Social    -              volume     9      74    130      204
                     ave price £000s     102     95     96       96
                          turnover £m     1      7      13       20

      Other turnover mainly land sales    10     14     10       24

      TOTAL £m                           114    165    234      399
                                                                          xvi
Laing Homes -
product mix
                                          2002
              Completions %   H1 2003
                                        full year

      Flats                     38         44

      3 bed                     23         25

      4 & 5 bed                 39         31

                               100        100




                                                    xvii
Laing Homes -
price mix
                    H1           2002
         £ 000s           %                 %
                   2003         full year

      100 - 150     -      -      207       16
      151 - 200     43    14      351       27
      200 - 250     88    28      194       15
      251 - 300     50    16      130       10
      301 - 500     87    28      301       24
      501 - 1000    42    14      103        8

      TOTAL        310    100    1,286      100


                                                  xviii
Laing Homes -
land
                           June    Dec
                   Plots
                           2003    2002

      Owned                3,214   2,690

      Controlled           912     923

      TOTAL LANDBANK       4,126   3,613




                                           xix
Morrison Homes -
PD completions analysis

                                     H1      H1      H2      2002
                                    2003    2002    2002    full year

       Ave house size sqft          2,344   2,393   2,417    2,407


       Ave selling price $ / sqft   113.3   102.4   106.1    104.6




                                                                        xx
Morrison Homes -
turnover analysis
                                     H1      H1      H2      2002
                                    2003    2002    2002    full year

     PD      -            volume    1,521   1,325   1,872    3,197

                 ave price $000s    266     245     256       252

                      turnover $m   404     324     480       804

     Other turnover                  5       2       0         2


     TOTAL $m                       409     326     480       806



                                                                        xxi
Morrison Homes -
margin analysis
                            H1       H1       H2       2002
                           2003     2002     2002     full year

     Gross margin %        23.0     21.4     22.1      21.9
     Gross profit $m       93.9     69.8     106.2     176.0
     Selling expenses $m   (23.9)   (20.3)   (26.9)    (47.2)
     Overhead costs $m     (24.7)   (21.8)   (26.3)    (48.1)

     OPERATING PROFIT $m   45.3     27.7     53.0      80.7
     Operating margin %    11.1      8.5     11.0      10.0




                                                                  xxii
Morrison Homes -
regional performance
                   Turnover       Operating profit    Operating margin
                H1 2003 H1 2002   H1 2003   H1 2002   H1 2003   H1 2002
                  $m      $m        $m        $m         %         %

    West         157     115       29.7      16.9      18.9      14.7

    Southeast    175     158       15.5      15.5      8.9       9.8

    Southwest     77      53       5.2       0.9       6.8       1.7

    Corporate     -        -       (5.1)     (5.6)       -         -

    Total        409     326       45.3      27.7      11.1      8.5



                                                                       xxiii
Morrison Homes -
short term land
                           H1        H1        H2        2002
      OWNED AND OPTIONS
                          2003      2002      2002      full year

      Start of period     11,796    10,160    10,636    10,160

      Net additions       2,299     1,801     3,032      4,833

      Legal completions   (1,521)   (1,325)   (1,872)   (3,197)

      End of period       12,574    10,636    11,796     11,796

      CONTROLLED          2,751     1,900     1,643      1,643

      TOTAL LAND BANK     15,325    12,536    13,439    13,439

      LAND SPEND $m         83        56       117        173
                                                                    xxiv
Morrison Homes -
legal completions
                     H1      H1      H2      2002
                    2003    2002    2002    full year

       West         521     433     644      1,077


       Southeast    687     673     868      1,541


       Southwest    313     219     360       579



       TOTAL        1,521   1,325   1,872    3,197

                                                        xxv
Morrison Homes -
average selling price
                         H1     H1     H2     2002
               $ 000s
                        2003   2002   2002   full year

       West             297    265    288      279


       Southeast        254    235    242      239


       Southwest        238    235    239      237



       TOTAL            266    245    256      252

                                                         xxvi

				
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