Interim Results

Barratt Developments PLC 29 March 2006 29 March 2006 BARRATT DEVELOPMENTS PLC Results for the half year ended 31 December 2005 Highlights: •UK turnover £1,172.0m (2004: £1,148.2m) up by 2%. •Underlying pre-tax profit* increased by 4% from £157.1m to £163.9m. Pre-tax profit increased to £163.9m (2004: £163.5m). •Adjusted basic earnings per share* were up 3% to 48.2p (2004: 46.9p). Basic earnings per share were 48.2p (2004: 48.8p). •Interim dividend 10.34p (2004: 8.99p) up by 15%. •ROACE was 30.1%. Again, one of the highest in the industry. •UK housebuild operating margin increased to 14.8% (2004: 14.4%). •UK completions rose to 7,003 (2004: 6,866). •Average selling price of £166,600 (2004: £165,600). •Land stocks strengthened to 63,365 plots - 4.3 years supply. •Net cash of £3.3m (2004: £149.8m net cash). •Forward sales of £708m (2004: £803m) - now increased to £910m. Together with completions to date, this secures 90% of the full year requirement. * Underlying pre-tax profit and adjusted basic earnings per share exclude the £6.4m profit on the disposal of ground rents in 2004. Charles Toner, Chairman of Barratt Developments commented: I am pleased to report another half year of solid achievement with further increases in completions and profits. Our national geographic coverage, wide product range, expertise in brownfield development and expanding social housing, have all contributed to another strong performance. We remain well positioned for future growth. David Pretty, Group Chief Executive of Barratt Developments commented: Our team performed well across the country despite a very competitive market place. Together with an intense focus on all aspects of operational management, this secured another good result. At the same time, we again strengthened our land bank. Healthy forward sales at the half year have now increased to £910m which, together with completions to date, secures 90% of our full year requirement. On current form we are on track for another successful year and are in good shape going forward. For further information please contact: Barratt Developments PLC David Pretty, Group Chief Executive On the day: 020 7067 0700 Colin Dearlove, Group Finance Director Thereafter: 0191 286 6811 Weber Shandwick Square Mile Terry Garrett/Chris Lynch 020 7067 0700 The financial analysts' presentation slides will be available on the Barratt corporate website: www.barratt-investor-relations.co.uk from 10.30 am today. CHAIRMAN'S STATEMENT Notwithstanding a competitive market place, I am pleased to report another half year of solid achievement. Further increases in completions and underlying profits puts us on course for a 14th consecutive year of progress. The main features of the results for the half year ended 31 December 2005, with comparisons to the same period last year and prepared in accordance with International Financial Reporting Standards (IFRS), are as follows:- • Pre-tax profit increased to £163.9m against £163.5m. Underlying pre-tax profit, excluding the £6.4m profit on disposal of ground rents in 2004, increased by 4% from £157.1m to £163.9m. • Basic earnings per share amounted to 48.2p against 48.8p. Adjusted basic earnings per share 48.2p (2004: 46.9p, after adjusting for the £4.5m profit after tax on the disposal of ground rents), up 3% • An interim dividend of 10.34p per share will be paid, on 26 May 2006, to shareholders on the register on 5 May 2006, against 8.99p the previous year, an increase of 15%, 4.7 times covered. This represents one third of the expected dividend for the year. • UK completions rose to 7,003 homes, up 2%, at an overall average selling price of £166,600, up 1%. • Turnover on continuing UK operations rose 2% to £1,172.0m against £1,148.2m last year. • UK housebuild operating margin increased from 14.4% to 14.8% • Net cash in hand was £3.3m compared to £149.8m. This was achieved notwithstanding a £296.0m increased investment in land and work in progress. • UK land stocks, including plots agreed, increased during the year by over 3,900 plots to a record 63,365 plots, equating to 4.3 years' supply. • Return on average capital employed was 30.1%, again amongst the highest in the industry. • Forward sales at the half year stood at £708m and have since increased to £910m which, with completions to date, secures 90% of our full year projection. These results reflect the benefits of our core strengths and proven marketing ability to achieve sales in tougher times. Our extensive product range enabled us to provide homes in most market sectors, whilst maintaining an affordable average selling price of £166,600. Further growth in our social housing activity was another strength. Together with our national geographic coverage, these ensured our homes appealed to the widest range of buyers and we were able to increase market share despite competitive conditions. Our brownfield development skills also continued to be a great benefit and reinforced our leading position in urban regeneration, with over 80% of our homes built on brownfield land. Total completions rose by 2%, with private completions just 1% lower at 5,569 homes but with social housing completions increasing by 14% to 1,434 homes. This is another important and expanding sector where we have established leadership and which will increasingly benefit us in the future. Overall, it was a challenging market throughout 2005 as it continued its adjustment from previous high levels of activity. We had prepared for tougher times, with wide-ranging and improved efficiencies in our selling and marketing operation and also by steadily increasing sales outlets. Combined, these helped counter the effects of the testing market and kept our sales on track. A wide range of incentives and marketing support continued to be necessary. However, quite apart from our ongoing strict control of building costs, last year we implemented a wide-ranging programme of overhead efficiencies in every one of our divisions. This has mitigated the effect of higher sales costs and ensured satisfactory operating margins. Whilst the market remains competitive, there have been positive signs in the first weeks of 2006 that buyer confidence is improving with encouraging recent sales trends. It is too early to predict the market for the rest of the year, but current conditions are sufficient for us to achieve our goals. As a result, forward sales have increased and now stand at a healthy £910m. With completions to date, this secures 90% of our full year projection. These remain above our historic norms. The fundamentals of the housing market are sound with low interest rates, good employment levels and the serious constraint on supply due to continuing delays in the planning system. We see a steady market in the year ahead with prices rising modestly. This should continue to increase buyer confidence and improve affordability which, in turn, should benefit our future sales performance. We continued to steadily improve our land bank securing quality sites in a wide variety of locations throughout the country. During the half year we acquired 9,305 plots, increasing our land stocks to 56,365 plots. A further 7,000 plots are agreed subject to contract giving an overall land bank of 63,365 plots, which currently equates to 4.3 years supply. The planning system remains very difficult but we now have planning permissions in place for 90% of our 2006/07 requirement. Subject to continued planning progress, we expect our sales outlets to increase to an average of circa 465 during 2006. I am pleased to report that for a third consecutive year, our site construction staff won an increased number of NHBC 'Pride in the Job' awards for quality workmanship. A total of 73 awards were achieved, a new record and more than any other housebuilder. Three of our Site Managers also achieved national recognition. After 25 years with the Group, the last 14 of which as Group Finance Director, Colin Dearlove will be retiring at the end of this financial year. We wish him a long and happy retirement after his exemplary service to the Group. Mark Pain, formerly Group Finance Director at Abbey National PLC, joined the Group as an Executive Director on 1 March 2006 to succeed Colin. They will work closely to ensure an orderly handover. In summary, we competed well in all operational areas despite testing market conditions. Our national geographic coverage and wide product range, combined with our urban regeneration and social housing expertise, all contributed to another improved performance. Together with our strong forward sales, quality land bank and strong finances, these core strengths leave us well positioned for the full year and for the future. Charles Toner Chairman 29 March 2006 For further information please contact: Barratt Developments PLC David Pretty, Group Chief Executive On the day: 020 7067 0700 Colin Dearlove, Group Finance Director Thereafter: 0191 286 6811 Weber Shandwick Square Mile Terry Garrett/Chris Lynch 020 7067 0700 The financial analysts' presentation slides will be available on the Barratt corporate website: www.barratt-investor-relations.co.uk from 10.30 am today, together with photographic images of Charles Toner, David Pretty and a selection of Barratt developments. Further copies of the announcement can be obtained from the Company Secretary's office at: Barratt Developments PLC, Wingrove House, Ponteland Road, Newcastle upon Tyne NE5 3DP Consolidated Income Statement for the half year ended 31 December 2005 Half year ended Year ended 31 December 31 December 30 June 2005 2004 2005 (Restated) (Restated) (Unaudited) Note £m £m £m _________________________________________________________________________________________ Continuing operations Revenue 1,172.0 1,148.2 2,484.7 Cost of sales (953.9) (942.2) (2,008.0) _________________________________________________________________________________________ Gross profit 218.1 206.0 476.7 Net operating expenses (46.9) (42.1) (86.3) Profit on disposal of ground rents - 6.4 15.9 _________________________________________________________________________________________ Profit from operations 171.2 170.3 406.3 Finance income 0.4 1.7 2.8 Finance costs (7.7) (8.5) (14.8) _________________________________________________________________________________________ Profit before tax 163.9 163.5 394.3 Tax expense 3 (49.1) (49.1) (112.2) _________________________________________________________________________________________ Profit for the period from continuing operations 114.8 114.4 282.1 Discontinued operations Profit for the period from discontinued operations 4 - - - _________________________________________________________________________________________ Profit for the period 114.8 114.4 282.1 _________________________________________________________________________________________ Earnings per share - continuing basis Basic 6 48.2p 48.8p 119.9p Diluted 6 47.5p 48.2p 118.5p Adjusted earnings per share - continuing basis Basic 6 48.2p 46.9p 115.2p Diluted 6 47.5p 46.3p 113.8p Consolidated Statement of Recognised Income and Expense £m £m £m _________________________________________________________________________________________ Profit for the period 114.8 114.4 282.1 Disposal/(purchase) of own shares 2.3 (3.4) 1.7 _________________________________________________________________________________________ Total recognised income for the period 117.1 111.0 283.8 _________________________________________________________________________________________ Consolidated Balance Sheet at 31 December 2005 At 31 December At 31 December At 30 June 2005 2004 2005 (Restated) (Restated) (Unaudited) £m £m £m _________________________________________________________________________________________ Assets Non-current assets Property, plant and equipment 10.8 11.8 11.3 Deferred tax 40.0 34.8 37.6 _________________________________________________________________________________________ 50.8 46.6 48.9 _________________________________________________________________________________________ Current assets Inventories 2,574.8 2,142.2 2,390.6 Trade and other receivables 68.8 38.0 34.3 Cash and cash equivalents 113.4 161.6 285.1 _________________________________________________________________________________________ 2,757.0 2,341.8 2,710.0 _________________________________________________________________________________________ _________________________________________________________________________________________ Total assets 2,807.8 2,388.4 2,758.9 _________________________________________________________________________________________ Liabilities Current liabilities Loans and borrowings 106.9 8.3 4.8 Trade and other payables 1,027.7 989.4 1,182.7 Current tax liabilities 56.4 56.9 60.7 _________________________________________________________________________________________ 1,191.0 1,054.6 1,248.2 _________________________________________________________________________________________ Non-current liabilities Loans and borrowings 3.2 3.5 3.4 Retirement benefit obligations 89.5 88.3 88.9 Other liabilities 118.8 76.0 92.8 _________________________________________________________________________________________ 211.5 167.8 185.1 _________________________________________________________________________________________ Total liabilities 1,402.5 1,222.4 1,433.3 _________________________________________________________________________________________ Net assets 1,405.3 1,166.0 1,325.6 _________________________________________________________________________________________ Equity Share capital 24.3 24.0 24.2 Share premium 201.4 192.0 197.9 Share based payment reserve 6.5 2.9 4.7 Retained earnings 1,173.1 947.1 1,098.8 _________________________________________________________________________________________ Total equity 1,405.3 1,166.0 1,325.6 _________________________________________________________________________________________ Reconciliation of Movements in Consolidated Equity for the half year ended 31 December 2005 Half year ended Year ended 31 December 31 December 30 June 2005 2004 2005 (Restated) (Restated) (Unaudited) Note £m £m £m _________________________________________________________________________________________ Profit for the period 114.8 114.4 282.1 Dividends on equity shares 5 (42.8) (35.3) (56.4) Shares issued 3.6 1.3 7.4 Proceeds from sale of own shares 2.3 - 1.7 Purchase of own shares - (3.4) - Share-based payments 1.8 1.7 3.5 _________________________________________________________________________________________ Net increase in equity 79.7 78.7 238.3 Opening equity 1,325.6 1,087.3 1,087.3 _________________________________________________________________________________________ Closing equity 1,405.3 1,166.0 1,325.6 _________________________________________________________________________________________ Consolidated Cash Flow Statement for the half year ended 31 December 2005 Half year ended Year ended 31 December 31 December 30 June 2005 2004 2005 (Restated) (Restated) (Unaudited) £m £m £m _________________________________________________________________________________________ Cash flows from operating activities Profit from continuing and discontinued operations 114.8 114.4 282.1 Depreciation, and non cash items 3.5 4.9 6.5 Taxation 49.1 49.1 112.2 Finance income (0.4) (1.7) (2.8) Finance costs 7.7 8.5 14.8 Movements in working capital Increase in inventories (195.8) (282.6) (528.7) Increase in trade and other receivables (34.5) (8.1) (4.4) (Decrease)/increase in trade and other payables (122.7) 82.7 288.6 Interest paid (2.6) (3.1) (7.5) Tax paid (55.8) (52.9) (113.8) _________________________________________________________________________________________ Net cash (outflow)/inflow from operating activities (236.7) (88.8) 47.0 _________________________________________________________________________________________ Cash flows from investing activities Purchases of fixed assets (0.6) (0.8) (1.9) Proceeds from sale of fixed assets 0.2 - 2.6 Proceeds from disposal of subsidiary - 84.5 83.2 Interest received 0.4 1.7 2.8 Disposal/(purchase) of own shares 2.3 (3.4) 1.7 _________________________________________________________________________________________ Net cash inflow from investing activities 2.3 82.0 88.4 _________________________________________________________________________________________ Cash flows from financing activities Proceeds from issue of share capital 3.6 1.3 7.4 Dividends paid (42.8) (34.4) (55.6) Loan drawdowns/(repayments) 101.9 (28.9) (32.5) _________________________________________________________________________________________ Net cash inflow/(outflow) from financing activities 62.7 (62.0) (80.7) _________________________________________________________________________________________ _________________________________________________________________________________________ Net (decrease)/increase in cash and cash equivalents (171.7) (68.8) 54.7 _________________________________________________________________________________________ Cash and cash equivalents at beginning of period 285.1 230.4 230.4 _________________________________________________________________________________________ _________________________________________________________________________________________ Cash and cash equivalents at end of period 113.4 161.6 285.1 _________________________________________________________________________________________ Reconciliation of net cash flow to net cash/(debt) _________________________________________________________________________________________ Net (decrease)/increase in cash and cash equivalents (171.7) (68.8) 54.7 Cash (inflow)/outflow from (increase)/ decrease in debt (101.9) 28.9 32.5 _________________________________________________________________________________________ Movement in net (debt)/cash in the period (273.6) (39.9) 87.2 Opening net cash 276.9 189.7 189.7 _________________________________________________________________________________________ Closing net cash 3.3 149.8 276.9 _________________________________________________________________________________________ Net cash/(debt) Cash and cash equivalents 113.4 161.6 285.1 Borrowings (110.1) (11.8) (8.2) _________________________________________________________________________________________ Net cash 3.3 149.8 276.9 _________________________________________________________________________________________ The cashflows from discontinued activities have not been disclosed separately as they are not considered to be material. Notes to the Financial Statements (unaudited) 1. Basis of accounting _________________________________________________________________________________________ The interim financial statement has been prepared in accordance with applicable International Financial Reporting Standards (IFRS). There is, however, a possibility that the directors may determine that some changes are necessary when preparing the full annual financial statements for the first time in accordance with IFRS, in particular as the IFRS standards and International Financial Reporting Interpretations Committee (IFRIC) interpretations that will be applicable and adopted for use in the European Union at 30 June 2006 are not known with certainty at the time of preparing this interim financial information. The financial information does not constitute statutory accounts within the meaning of the Companies Act 1985. A copy of the statutory accounts for the year ended 30 June 2005, prepared under UK GAAP, has been filed with the Registrar of Companies on which the auditors gave an unqualified opinion. 2. Accounting Policies ________________________________________________________________________________ Barratt Developments PLC will be presenting its 30 June 2006 accounts in accordance with applicable International Financial Reporting Standards (IFRS) which are effective (or available for early adoption) as at 30 June 2006. The same accounting policies and methods of computation have been followed in this interim report. The more important accounting policies, which are expected to be disclosed in the IFRS compliant financial statements of the Group for the year ended 30 June 2006 are set out below: - Basis of consolidation The Group accounts include the results of the holding company and all its subsidiary undertakings made up to 30 June for the full year and 31 December for the interim. The financial statements of subsidiary undertakings are consolidated from the date when control passed to the Group using the acquisition method of accounting and up to the date of disposal. All transactions with subsidiaries and inter-company profits or losses are eliminated on consolidation. On acquisition of a subsidiary, all of the subsidiary's identifiable assets and liabilities existing at the date of acquisition are recorded at their fair values reflecting their conditions at that date. All changes to those assets and liabilities, and the resulting gains and losses that arise after the Group has gained control of the subsidiary are charged to the post-acquisition income statement. Revenue Revenue comprises the total proceeds of building and development on legal completion during the year excluding inter-company transactions and value added tax. The sale proceeds of part exchange houses are not included in turnover. Inventories Inventories and work in progress, are valued at the lower of cost and net realisable value. Property, plant and equipment Freehold properties are depreciated on a straight line basis over twenty five years. Plant is depreciated on a straight line basis over its expected useful life, which ranges from one to seven years. Leases Operating lease rentals are charged to the income statement in equal instalments over the life of the lease. Share-based payments The Group issues equity-settled share-based payments to certain employees and has applied the requirements of IFRS 2 'Share-based payments'. In accordance with the transitional provisions, IFRS 2 has been applied to all grants of equity instruments after 7 November 2002 that had not vested as at 1 January 2005. Equity-settled share-based payments are measured at fair value at the date of grant. The fair value is expensed on a straight line basis over the vesting period, based on the Group's estimate of shares that will eventually vest. Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on the profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are tax deductible in other years and it further excludes items that are never taxable or deductible. The Group's liability for current tax is calculated using tax rates that have been enacted or substantially enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Pensions The Group operates a defined contribution pension scheme for certain employees. The Group's contributions to the scheme are charged against profits in the year in which the contributions are made. For the defined benefit scheme, the obligations are measured at discounted present value whilst plan assets are recorded at fair value. The calculation of the net obligation is performed by a qualified actuary. The operating and financing costs of the plan are recognised separately in the income statement; service costs are spread systematically over the lives of the employees and financing costs are recognised in the period in which they arise. Actuarial gains and losses are spread over a number of years, as an adjustment to the pension expense in the income statement, making use of the 10% corridor to reduce volatility. Cumulative actuarial gains and losses were recognised at 1 July 2004, the beginning of the first IFRS reporting period, and are reflected within the net obligation at that date. 3. Taxation _________________________________________________________________________________________ Half year ended Year ended 31 December 31 December 30 June 2005 2004 2005 (Restated) (Restated) £m £m £m _________________________________________________________________________________________ Current taxation (51.5) 51.3) (117.1) Deferred taxation 2.4 2.2 4.9 _________________________________________________________________________________________ (49.1) (49.1) (112.2) _________________________________________________________________________________________ Corporation tax for the interim period is charged at 30% (half year ended to 31 December 2004: 30%), representing the best estimate of the corporation tax rate. 4. Discontinued Operations _________________________________________________________________________________________ On 30 August 2004 the group disposed of its small Southern California housebuilding operation at no profit or loss. The results of the discontinued operations, which have been included in the consolidated income statement were as follows: _________________________________________________________________________________________ Half year ended Year ended 31 December 31 December 30 June 2005 2004 2005 (Restated) (Restated) £m £m £m _________________________________________________________________________________________ Revenue - 28.0 28.0 _________________________________________________________________________________________ Operating profit - 0.4 0.4 Finance costs - (0.4) (0.4) Taxation - - - _________________________________________________________________________________________ Post tax results from discontinued operations - - - _________________________________________________________________________________________ During the period ended 30 August 2004 the operation contributed £0.4m to the group's net operating cash flows. 5. Dividends _________________________________________________________________________________________ Half year ended Year ended 31 December 31 December 30 June 2005 2004 2005 (Restated) (Restated) £m £m £m _________________________________________________________________________________________ Final dividend 42.8 35.3 35.3 Interim dividend - - 21.1 _________________________________________________________________________________________ 42.8 35.3 56.4 _________________________________________________________________________________________ Half year ended 31 December 31 December 2005 2004 £m £m _________________________________________________________________________________________ Proposed interim dividend for the half year ended 31 December 2005 of 10.34p (2004: 8.99p) per share 24.7 21.1 _________________________________________________________________________________________ The proposed interim dividend has not been included as a liability as at 31 December 2005. 6. Earnings Per Share _________________________________________________________________________________________ Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders of £114.8m (half year to 31 December 2004: £114.4m and year ended 30 June 2005: £282.1m) by the weighted average number of ordinary shares in issue, excluding those held by the Employee Benefit Trust which are treated as cancelled, which were 238.0m (half year to 31 December 2004: 234.4m and year ended 30 June 2005: 235.2m). For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potentially dilutive ordinary shares from the start of the accounting period, giving a figure of 241.7m (half year to 31 December 2004: 237.4m and year ended 30 June 2005: 238.1m). Half year ended Year ended 31 December 31 December 30 June 2005 2004 2005 (Restated) (Restated) _________________________________________________________________________________________ Basic earnings per share (pence) Continuing activities 48.2 48.8 119.9 Discontinued activities - - - _________________________________________________________________________________________ Total 48.2 48.8 119.9 _________________________________________________________________________________________ Adjusted basic earnings per share 48.2 46.9 115.2 _________________________________________________________________________________________ Diluted earnings per share (pence) Continuing activities 47.5 48.2 118.5 Discontinued activities - - - _________________________________________________________________________________________ Total 47.5 48.2 118.5 _________________________________________________________________________________________ Adjusted diluted earnings per share 47.5 46.3 113.8 _________________________________________________________________________________________ The calculation of basic, diluted, adjusted basic and adjusted diluted earnings per share is based on the following data: Half year ended Year ended 31 December 31 December 30 June 2005 2004 2005 (Restated) (Restated) £m £m £m _________________________________________________________________________________________ Earnings for basic and diluted earnings per share 114.8 114.4 282.1 Less profit on disposal of ground rents - (6.4) (15.9) Add tax effect on above item - 1.9 4.8 _________________________________________________________________________________________ Earnings for adjusted basic and adjusted diluted earnings per share 114.8 109.9 271.0 _________________________________________________________________________________________ 7. Reconciliation of Prior Periods Statements _________________________________________________________________________________________ Reconciliations from UK GAAP to IFRS have already been published and can be found on the Group's website www.barratt-investor-relations.co.uk, for the following primary statements: Income Statement for the year ended 30 June 2005 Balance Sheet as at 30 June 2004 and 30 June 2005 Cash Flow Statement for the year ended 30 June 2005 To complete this information we provide reconciliations below for the Income Statement for the half year ended 31 December 2004 and Balance Sheet as at 31 December 2004. Restatement of Income Statement for the half year ended 31 December 2004 UK GAAP Changes In Accounting Under: IFRS IFRS 2 IFRS 5 IAS 19 IAS 19 IAS 39 Presentation Share Pension accrual Share of discontinued options and deferred Land options operations Er's NI tax adjustments creditors £m £m £m £m £m £m £m ____________________________________________________________________________________________________________ Continuing operations Revenue 1,176.2 - (28.0) - - - 1,148.2 Cost of sales (969.6) - 26.9 - - 0.5 (942.2) ____________________________________________________________________________________________________________ Gross profit 206.6 - (1.1) - - 0.5 206.0 Net operating expenses (40.4) (1.7) 0.7 (0.2) (0.5) - (42.1) Profit on disposal of ground rents 6.4 - - - - - 6.4 ____________________________________________________________________________________________________________ Profit from operations 172.6 (1.7) (0.4) (0.2) (0.5) 0.5 170.3 Finance income 1.7 - - - - - 1.7 Finance costs (3.2) - 0.4 - - (5.7) (8.5) ____________________________________________________________________________________________________________ Profit before tax 171.1 (1.7) - (0.2) (0.5) (5.2) 163.5 Tax expense (51.3) 0.5 - 0.1 0.1 1.5 (49.1) ____________________________________________________________________________________________________________ Profit for the period from continuing operations 119.8 (1.2) - (0.1) (0.4) (3.7) 114.4 Discontinued operations Profit from discontinued operations - - - - - - - ____________________________________________________________________________________________________________ Profit for the period 119.8 (1.2) - (0.1) (0.4) (3.7) 114.4 ____________________________________________________________________________________________________________ Restatement of Balance Sheet at 31 December 2004 UK GAAP Changes In Accounting Under: IFRS IFRS 2 IAS 10 IAS 19 IAS 19 IAS 19 IAS 39 Share Reverse Pension accrual Share options SSAP24 and deferred Land options Dividends Er's NI adjustment tax adjustments creditors £m £m £m £m £m £m £m £m _____________________________________________________________________________________________________________________ Assets Non-current assets Property, plant and equipment 11.8 - - - - - - 11.8 Deferred tax 4.7 0.8 - 0.4 (1.6) 26.4 4.1 34.8 _____________________________________________________________________________________________________________________ 16.5 0.8 - 0.4 (1.6) 26.4 4.1 46.6 _____________________________________________________________________________________________________________________ Current assets Inventories 2,164.8 - - - - - (22.6) 2,142.2 Trade and other receivables 38.0 - - - - - - 38.0 Cash and cash equivalents 161.6 - - - - - - 161.6 _____________________________________________________________________________________________________________________ 2,364.4 - - - - - (22.6) 2,341.8 _____________________________________________________________________________________________________________________ _____________________________________________________________________________________________________________________ Total assets 2,380.9 0.8 - 0.4 (1.6) 26.4 (18.5) 2,388.4 _____________________________________________________________________________________________________________________ Liabilities Current liabilities Loans and borrowings 8.3 - - - - - - 8.3 Trade and other payables 1,014.6 - (21.1) 1.3 (5.4) - - 989.4 Current tax liabilities 56.9 - - - - - - 56.9 _____________________________________________________________________________________________________________________ 1,079.8 - (21.1) 1.3 (5.4) - - 1,054.6 _____________________________________________________________________________________________________________________ Non-current liabilities Loans and borrowings 3.5 - - - - - - 3.5 Retirement benefit obligations - - - - - 88.3 - 88.3 Other liabilities 84.9 - - - - - (8.9) 76.0 _____________________________________________________________________________________________________________________ 88.4 - - - - 88.3 (8.9) 167.8 _____________________________________________________________________________________________________________________ Total liabilities 1,168.2 - (21.1) 1.3 (5.4) 88.3 (8.9) 1,222.4 _____________________________________________________________________________________________________________________ Net assets 1,212.7 0.8 21.1 (0.9) 3.8 (61.9) (9.6) 1,166.0 _____________________________________________________________________________________________________________________ Restatement of Balance Sheet at 31 December 2004 (continued) UK GAAP Changes In Accounting Under: IFRS IFRS 2 IAS 10 IAS 19 IAS 19 IAS 19 IAS 39 Share Reverse Pension accrual Share options SSAP24 and deferred Land options Dividends Er's NI adjustment tax adjustments creditors £m £m £m £m £m £m £m £m _____________________________________________________________________________________________________________________ Equity Share capital 24.0 - - - - - - 24.0 Share premium 192.0 - - - - - - 192.0 Share based payment reserve - 2.9 - - - - - 2.9 Retained earnings 996.7 (2.1) 21.1 (0.9) 3.8 (61.9) (9.6) 947.1 _____________________________________________________________________________________________________________________ Total equity 1,212.7 0.8 21.1 (0.9) 3.8 (61.9) (9.6) 1,166.0 _____________________________________________________________________________________________________________________ This information is provided by RNS The company news service from the London Stock Exchange

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