Final Results - Part 2

Berkeley Group Holdings (The) PLC 29 June 2007 PART 2 Consolidated Income Statement Year ended Year ended 30 April 2007 30 April 2006 Unaudited Audited Notes Â£'000 Â£'000 ================================================================================ Continuing operations Revenue 2(a) 918,410 917,926 Cost of sales (649,549) (686,166) -------------------------------------------------------------------------------- Gross profit 268,861 231,760 Net operating expenses (91,789) (70,885) -------------------------------------------------------------------------------- Operating profit 2(b) 177,072 160,875 Finance income 3 10,121 19,968 Finance costs 3 (5,941) (27,304) Share of post tax results of joint ventures using the equity method 2(c) 6,798 11,562 -------------------------------------------------------------------------------- Profit on ordinary activities before taxation 188,050 165,101 Taxation 4 (52,505) (43,736) -------------------------------------------------------------------------------- Profit on ordinary activities after taxation 135,545 121,365 Discontinued operations Profit from discontinued operations 5 - 80,782 -------------------------------------------------------------------------------- Profit for the financial year attributable to equity shareholders 135,545 202,147 ================================================================================ Dividends per Ordinary Share - - ================================================================================ Earnings per Ordinary Share - Basic 6 112.6p 168.4p ------------------------------------------------------------------ |- Continuing operations 112.6p 101.1p | |- Discontinued operations - 67.3p | ------------------------------------------------------------------ - Diluted 6 112.3p 167.4p ------------------------------------------------------------------ |- Continuing operations 112.3p 100.5p | |- Discontinued operations - 66.9p | ------------------------------------------------------------------ Consolidated Statement of Recognised Income and Expense Year ended Year ended 30 April 2007 30 April 2006 Unaudited Audited Â£'000 Â£'000 ================================================================================ Profit for the financial year 135,545 202,147 Actuarial gain recognised in the pension scheme 961 1,925 Deferred tax on actuarial gain recognised in the pension scheme (288) (578) Deferred tax in respect of employee share schemes 23,850 6,440 -------------------------------------------------------------------------------- Total recognised income for the financial year 160,068 209,934 ================================================================================ Consolidated Balance Sheet At 30 April At 30 April 2007 2006 Unaudited Audited Notes Â£'000 Â£'000 ================================================================================ Assets Non-current assets Intangible assets 19,686 - Property, plant and equipment 2,368 2,252 Investments accounted for using equity method 1,729 68,995 Deferred tax assets 34,594 18,285 -------------------------------------------------------------------------------- 58,377 89,532 -------------------------------------------------------------------------------- Current assets Inventories 1,057,994 763,873 Trade and other receivables 27,601 23,692 Cash and cash equivalents 140,330 220,670 -------------------------------------------------------------------------------- 1,225,925 1,008,235 -------------------------------------------------------------------------------- Liabilities Current liabilities Borrowings (59,368) (85) Trade and other payables (341,860) (202,267) Current tax liabilities (38,680) (32,589) -------------------------------------------------------------------------------- (439,908) (234,941) -------------------------------------------------------------------------------- Net current assets 786,017 773,294 -------------------------------------------------------------------------------- Total assets less current liabilities 844,394 862,826 -------------------------------------------------------------------------------- Non-current liabilities Retirement benefit obligation - (10,342) Other non-current liabilities (62,819) (15,294) -------------------------------------------------------------------------------- (62,819) (25,636) -------------------------------------------------------------------------------- Net assets 781,575 837,190 ================================================================================ Shareholders' equity Share capital 18,123 24,164 Share premium 264 264 Capital redemption reserve 12,132 6,091 Other reserve (961,299) (961,299) Revaluation reserve 17,725 - Retained profit 1,694,299 1,735,475 Joint ventures' reserves 331 32,495 -------------------------------------------------------------------------------- Total equity 7 781,575 837,190 ================================================================================ Consolidated Cash Flow Statement Year ended Year ended 30 April 2007 30 April 2006 Unaudited Audited Notes Â£'000 Â£'000 ================================================================================ Cash flows from operating activities Cash generated from operations 199,053 276,435 Dividends from joint ventures 6,016 5,396 Interest received 10,121 19,968 Interest paid (2,716) (37,384) Tax paid (51,540) (35,413) -------------------------------------------------------------------------------- Net cash flow from operating activities 8 160,934 229,002 -------------------------------------------------------------------------------- Cash flows from investing activities Purchase of property, plant and equipment (1,183) (1,419) Sale of property, plant and equipment 345 467 Purchase of shares in joint ventures (5) (10) Sale of shares in joint ventures 10 - Movements in loans with joint ventures 6,528 (858) Acquisition of subsidiary undertaking 9 (97,457) - Cash balance in subsidiary acquired 34,658 - Expenses relating to acquisition of subsidiary 9 (1,812) - Disposal of subsidiary undertaking - 250,736 Overdraft balance of subsidiary disposed - 572 Expenses relating to disposal of subsidiary - (2,765) -------------------------------------------------------------------------------- Net cash flow from investing activities (58,916) 246,723 -------------------------------------------------------------------------------- Cash flows from financing activities Redemption of shares (241,641) - Repayment of loan stock - (3) Increase in short-term borrowings 59,283 - Repayment of bank loan - (600,000) -------------------------------------------------------------------------------- Net cash flow from financing activities (182,358) (600,003) -------------------------------------------------------------------------------- Net decrease in cash and cash equivalents (80,340) (124,278) Cash and cash equivalents at start of the financial year 220,670 344,948 -------------------------------------------------------------------------------- Cash and cash equivalents at end of the financial year 140,330 220,670 ================================================================================ 1 Basis of preparation The unaudited financial information for the year ended 30 April 2007 and the comparative audited information for the year ended 30 April 2006 does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. This information was approved by the Board on 29 June 2007, and has been extracted from the Group's statutory accounts which have not yet been signed, nor have the auditors yet reported on them. This information, including the comparative information for the year ended 30 April 2006, has been prepared in accordance with EU endorsed International Financial Reporting Standards ('IFRS'), International Financial Reporting Interpretations Committee ('IFRIC') interpretations and in accordance with the listing rules of the Financial Services Authority and consistently in accordance with the accounting policies set out in the 2006 Annual Report. The statutory accounts for the year ended 30 April 2006 have been delivered to the Registrar of Companies. The report of the auditors on these financial statements was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. 2 Analysis by Activity Year ended Year ended 30 April 2007 30 April 2006 Unaudited Audited Continuing operations Â£'000 Â£'000 =============================================================================== (a) Revenue Residential housebuilding 867,944 890,539 Commercial property and other activities 50,466 27,387 ------------------------------------------------------------------------------- 918,410 917,926 ------------------------------------------------------------------------------- (b) Operating profit Residential housebuilding 170,097 156,846 Commercial property and other activities 6,975 4,029 ------------------------------------------------------------------------------- 177,072 160,875 ------------------------------------------------------------------------------- (c) Share of post tax results of joint ventures Residential housebuilding 6,765 11,469 Commercial property and other activities 33 93 ------------------------------------------------------------------------------- 6,798 11,562 =============================================================================== All revenue and profit disclosed in the table above relate to continuing activities of the Group and are derived from activities performed in the United Kingdom. Included in Group residential housebuilding revenue and operating profit are Â£43,997,000 and Â£9,245,000 in respect of land sales (2006: Â£1,142,000 and Â£889,000). 3 Net finance income / (costs) Year ended Year ended 30 April 2007 30 April 2006 Unaudited Audited Continuing operations Â£'000 Â£'000 =============================================================================== Finance income 10,121 19,968 ------------------------------------------------------------------------------- Finance costs Interest payable on bank loans and overdrafts (3,000) (26,153) Other finance costs (2,941) (1,151) ------------------------------------------------------------------------------- (5,941) (27,304) ------------------------------------------------------------------------------- Net finance income / (costs) 4,180 (7,336) =============================================================================== 4 Taxation Year ended Year ended 30 April 2007 30 April 2006 Unaudited Audited Continuing operations Â£'000 Â£'000 =============================================================================== Current tax UK corporation tax payable (63,106) (35,158) Adjustments in respect of previous periods 4,610 469 ------------------------------------------------------------------------------- (58,496) (34,689) Deferred tax 5,991 (9,047) ------------------------------------------------------------------------------- (52,505) (43,736) =============================================================================== 5 Profit from discontinued operations The Group completed the sale of The Crosby Group plc ('Crosby') to Lend Lease Corporation Limited on 8 July 2005 for consideration of Â£250,736,000 which included the settlement of Â£151,306,000 of intercompany balances. The profit from discontinued operations which was included within the consolidated income statement for the year ended 30 April 2006 was Â£80,782,000. 6 Earnings per Ordinary Share Earnings per Ordinary Share is calculated as the profit for the financial year of Â£135,545,000 (2006: Â£202,147,000) divided by the weighted average number of Ordinary Shares in issue during the year of 120,335,736 (2006: 120,067,044). For diluted earnings per Ordinary Share, the weighted average number of Ordinary Shares in issue is adjusted to assume the conversion of all dilutive potential Ordinary Shares. The dilutive potential Ordinary Shares relate to shares granted under employee share schemes where the exercise price is less than the average market price of the Ordinary Shares during the year. The effect of the dilutive potential Ordinary Shares is 388,267 shares (2006: 681,083), which gives a diluted weighted average number of Ordinary Shares of 120,724,003 (2006: 120,748,127). 7 Statement of Changes in Shareholders' Equity Year ended Year ended 30 30 April 2007 April 2006 Unaudited Audited Â£'000 Â£'000 =============================================================================== Profit for the financial year 135,545 202,147 Actuarial gain recognised in the pension scheme 961 1,925 Deferred tax on actuarial gain recognised in the pension scheme (288) (578) Revaluation of 50% of net assets of subsidiaries owned prior to acquisition of remaining 50% of net assets in the year 20,297 - Redemption of shares (241,641) - Credit in respect of employee share schemes 5,661 6,347 Deferred tax in respect of employee share schemes 23,850 6,440 ------------------------------------------------------------------------------- Net movement on shareholders' equity (55,615) 216,281 Opening shareholders' equity 837,190 620,909 ------------------------------------------------------------------------------- Closing shareholders' equity 781,575 837,190 =============================================================================== 8 Notes to the Consolidated Cash Flow Statement Year ended Year ended 30 April 2007 30 April 2006 Unaudited Audited Â£'000 Â£'000 =============================================================================== Net cash flows from operating activities Continuing operations Profit for the financial year 135,545 121,365 Adjustments for: - Taxation 52,505 43,736 - Depreciation 1,278 1,648 - Amortisation of intangible assets 746 - - Profit on sale of property, plant and equipment (34) (114) - Finance income (10,121) (19,968) - Finance costs 5,941 27,304 - Share of results of joint ventures after tax (6,798) (11,562) - Non-cash charge in respect of share awards 5,661 6,347 Changes in working capital: - Decrease in inventories 18,385 154,672 - Decrease in receivables 5,354 13,292 - Increase / (decrease) in payables 216 (41,242) - Decrease in employee benefit obligations (9,625) (301) ------------------------------------------------------------------------------- Cash generated from continuing operating activities 199,053 295,177 Dividends from joint ventures 6,016 5,396 Interest received 10,121 19,968 Interest paid (2,716) (37,254) Taxation (51,540) (35,413) ------------------------------------------------------------------------------- Net cash from continuing operating activities 160,934 247,874 ------------------------------------------------------------------------------- Discontinued operations Profit for the financial year - 80,782 Adjustments for: - Taxation - 348 - Depreciation - 58 - Finance costs - 130 - Profit on disposal of subsidiary undertaking - (79,746) - Non-cash movement in profit on disposal of subsidiary - 707 Changes in working capital: - Increase in inventories - (15,785) - Decrease in receivables - 5,925 - Decrease in payables - (11,161) ------------------------------------------------------------------------------- Cash used in discontinued operating activities - (18,742) Interest paid - (130) ------------------------------------------------------------------------------- Net cash used in discontinued operating activities - (18,872) ------------------------------------------------------------------------------- Net cash from operating activities 160,934 229,002 =============================================================================== Other net cash flows from discontinued operations Net cash from investing activities - 248,556 =============================================================================== Year ended Year ended 30 April 2007 30 April 2006 Unaudited Audited Â£'000 Â£'000 =============================================================================== Reconciliation of net cash flow to net cash / (debt) Net decrease in cash and cash equivalents (80,340) (124,278) Cash (inflow) / outflow from (increase) / decrease in debt (59,283) 600,003 ------------------------------------------------------------------------------- Movement in net cash / (debt) in the financial year (139,623) 475,725 Opening net cash / (debt) 220,585 (255,140) ------------------------------------------------------------------------------- Closing net cash 80,962 220,585 =============================================================================== At 30 April At 30 April 2007 2006 Unaudited Audited Â£'000 Â£'000 =============================================================================== Net cash Cash and cash equivalents 140,330 220,670 Borrowings (59,368) (85) ------------------------------------------------------------------------------- Net cash 80,962 220,585 =============================================================================== 9 Acquisition of subsidiary On 6 November 2006 at an Extraordinary General Meeting, the shareholders of The Berkeley Group Holdings plc approved the offer by its wholly-owned subsidiary, The Berkeley Group plc, to acquire from RWE Thames Water plc the 50 per cent of the ordinary share capital of St James Group Limited that it did not already own. Following completion of the acquisition on 7 November 2006, The Berkeley Group plc held 100 per cent of the ordinary share capital of St James Group Limited. The Berkeley Group plc made payments to RWE Thames Water plc to complete the acquisition of Â£97,457,000. Of this: â€¢ Â£68,600,000 related to the purchase of the ordinary share capital of St James Group Limited owned by RWE Thames Water plc; and â€¢ Â£28,857,000 related to the settlement and refinancing of shareholder loans owed by St James to RWE Thames Water plc. Transaction expenses were Â£1,812,000. In the six months ended 31 October 2006, the Group accounted for the results of St James Group Limited using the equity method of accounting for its 50 per cent interest in the joint venture. Following completion on 7 November 2006 of its acquisition of the 50 per cent interest in St James Group Limited that it did not already own, the Group has consolidated the results of St James Group Limited as a wholly owned subsidiary from this date forward. From the date of acquisition to 30 April 2007 St James Group Limited contributed Â£129,531,000 to revenue, Â£23,708,000 to operating profit and Â£20,039,000 to profit before tax. St James Group Limited contributed a net outflow of Â£76,683,000 to the Group's net operating cash flows, paid Â£2,113,000 in respect of interest, and utilised Â£66,000 for capital expenditure. This information is provided by RNS The company news service from the London Stock Exchange

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