Final Results
Taylor Woodrow PLC
19 March 2002
Embargoed: 07.00 hrs 19 March 2002
TAYLOR WOODROW plc PRELIMINARY RESULTS STATEMENT
(for the year ended 31 December 2001)
32 per cent rise in underlying profit before tax to £202.3 million
Highlights
• Operating profits up 35 per cent to £224.2 million
• Profit before tax rises to £202.3 million
• Housing operating profits up 68 per cent to £190.8* million
• Return on average capital employed rises to 18.6* per cent
• Adjusted basic earnings per share up 8 per cent to 26.2 pence
• Full year dividend rises by 9.5 percent to 6.7 pence per share
Taylor Woodrow plc, the housing and development group, today announced a 32 per
cent increase in pre-tax profit, excluding year 2000 business disposals, to a
record £202.3 million for the year ended 31 December 2001.
Turnover exceeded £2 billion for the first time and operating profits rose 35
per cent to £224.2 million on the previous year. This reflects the acquisition
of Bryant Group plc, now fully integrated into the Taylor Woodrow group.
Return on average capital employed increased to 18.6* per cent and adjusted
basic earnings per share rose by 8 per cent to 26.2 per cent. The board is
recommending a final dividend of 4.7 pence, making a total dividend for the year
of 6.7 pence, a rise of 9.5 per cent on 2000.
*pre goodwill and integration costs
Housing
The Group's housing operations, predominantly focused in the UK and North
America, recorded a 68 per cent rise in operating profit to £190.8* million.
Worldwide, Taylor Woodrow sold 11,551 homes and lots, a rise of 97 per cent.
Housing now accounts for 78 per cent of the Group operating profit.
The UK housing operation posted operating profits of £127.7* million, a rise of
193 per cent. Housing completions and lot sales increased 161 per cent to 5,883.
Bryant Homes contributed £125.7* million to Group operating profit with
operating margins improving to 14.8* per cent. The average Bryant selling price
rose 8 per cent to £157,000 during the year. Bryant has a strong land bank of
19,994 owned or controlled plots with planning permission, representing some 3.5
years supply. Bryant entered 2002 with a strong order book of around £180
million, a rise of 25 per cent on the previous year.
Taylor Woodrow confirmed that it had secured the £15 million of sustainable
annual synergies identified at the time of the Bryant acquisition.
In response to Government planning policy, demographics and the changing
lifestyle aspirations of consumers, the development of brownfield land and
mixed-use schemes form a growing part of the Group's UK development portfolio.
At year-end, there were eight major schemes under development or in planning,
with a total project value in the region of £1.2 billion.
Among these schemes are some of the largest urban regeneration projects
currently in development in the UK including Edinburgh Royal Infirmary;
Macintosh Village in Manchester; Baltic Quay in Newcastle and the redevelopment
of the Lots Road power station in London.
North America
The North American business had a difficult year, with the Californian operation
posting a £12 million operating loss. Consequently operating profit fell by 12
per cent to £53.3 million and return on capital was reduced to 17.8 per cent.
In California, where the product was at the high-end of the market, the Group's
operations were severely affected by the sharp slowdown in the technology
sector. A new management team has refocused the business towards more affordable
properties and reduced the land bank in this region by 23 per cent. Taylor
Woodrow expects the business to return to profit in 2002.
In North America as a whole, a total of 3,874 home and lot completions were
achieved at an average home selling price of £319,000. At the beginning of 2002,
the total order book for North America was £279 million, comprising 1,919 units
and lots, representing around half of all 2001 completions. The land bank in
North America holds 3.9 years' supply.
Spain and Gibraltar
Taylor Woodrow's businesses in Spain and Gibraltar continued to perform well,
contributing £8.7 million to group operating profits, a rise of 43 per cent on
2000. Return on capital increased to 36.7 per cent. Taylor Woodrow completed the
disposal of its non-core Australian housing operation for a consideration of £30
million.
Property
Taylor Woodrow's UK property business remained resilient in a weaker development
market. Operating profit was reduced by 10 per cent to £35.4 million, on
turnover of £146.7 million. This was mainly due to reduced net rental income
following the sale of investment properties. Return on average capital employed
was slightly lower at 10.6 per cent.
The Group continues to dispose of investment property with the sale of 17
properties in 2001 generating proceeds of £86.6 million. The year-end value of
the investment property portfolio was £259.9 million mostly comprised of the St
Katharine Docks estate. The Group intends to sell this property as soon as
market conditions allow a sale that delivers value to shareholders.
Construction
Taylor Woodrow's construction operation reported operating profit of £10.8
million,
evidence of the success of the restructuring of the business towards higher
margin projects. Underlying operating margins, at 2.9 per cent, are amongst the
highest in this industry. At the end of 2001, the construction order book stood
at £595 million, a rise of 5 per cent on the previous year. Increasingly, this
division will focus on key blue chip partnerships and supporting the housing and
development operations of the Group.
Commenting on the Group's results, Iain Napier, Group Chief Executive, said:
'2001 was another good year for Taylor Woodrow. In UK housing, the purchase and
integration of Bryant Group has been a success. In North America, disappointing
results in California were offset by strong performances in Florida and Toronto.
'Taylor Woodrow has delivered on its promises, but there is still much to be
done. 2002 will be a year in which we continue to build our business by further
improving our UK housing operations, continuing our withdrawal from investment
property and identifying opportunities for improved efficiencies.
'We have an enviable strength in the UK that comes from our ability to offer
integrated development solutions, using our core skills of housing, property
development and construction. Offering this unique mix of expertise gives us the
capability to tackle the most complex brownfield and mixed-use schemes in the
UK. Our strong financial position is also key to being able to manage some of
the risks in large mixed-use and regeneration schemes.
'Our business strategy is to create sustainable shareholder value, by growing
both organically and by acquisition, as a developer of living and working
environments. In our year-end trading statement we said that our businesses were
well positioned for growth in 2002. This is still the case. Taylor Woodrow is
financially strong and has the unique set of skills to benefit in the mixed-use
environment'.
Dr Robert Hawley, Chairman, added:
'Taylor Woodrow enters 2002 with one of the strongest forward order books in its
history. The underlying UK housing market fundamentals remain favourable and in
North America our Florida and Toronto operations continue to enjoy buoyant
demand, with good forward order books. Although it is always difficult to
forecast with absolute confidence the short to mid-term prospects for the
business sectors and markets in which we operate, our businesses are set to
deliver another year of progress in 2002.
'With the appointment of Iain Napier, the Group now has the management in place
to take Taylor Woodrow into the next phase of its strategy'.
Shareholder Information
Subject to approval of the shareholders at the annual general meeting, which
will be held on Wednesday 29 May 2002, the final dividend will be paid on Monday
1 July 2002 to shareholders whose names appear on the register of members at the
close of business on Friday 3 May 2002.
The Company will again be offering a Dividend Re-investment Plan, which provides
shareholders with a facility to use their cash dividends to purchase Taylor
Woodrow plc shares in the market. Full details of the facility will be sent to
shareholders with the annual report, which is expected to be mailed on 16 April
2002.
Copies of the annual report will be available from the company's registered
office, Venture House, 42-54 London Road, Staines, Middlesex, TW18 4HF from 16
April 2002.
- ends -
Notes to Editors
Attached is:
Group Profit & Loss Account for the year ending 31 December 2001.
Group Balance Sheet for the year ending 31 December 2001.
Group Cash Flow Statement for the year ending 31 December 2001.
Notes to the Preliminary Accounts.
High-resolution photographs of Taylor Woodrow's Chairman, Dr Robert Hawley and
Chief Executive, Iain Napier are available to the media, free of charge at
www.newscast.co.uk. For any queries, please contact Rachael Morgan (01784 428773
/07904 528106).
A presentation to analysts will be made at 10.30 hrs.
This is being broadcast live on taylorwoodrow.com.
For further information, please contact
Miranda Bellord 01784 428768 / 07946 722381
Rachael Morgan 01784 428773 / 07904 528106
Taylor Woodrow Public Relations
Jonathan Murrin 01784 428718 / 07789 922536
Taylor Woodrow Investor Relations
Scott Fulton 020 7269 7130 / 07788 144993
Peter Otero 020 7269 7103 / 07979 537408
Financial Dynamics
Group profit and loss account
for the year ended 31 December 2001
Notes Before Goodwill 2001 2000
goodwill amortisation & £m £m
amortisation & stocks fair
stocks fair value
value adjustment
adjustment
1
£m
£m
Turnover: Group and share of joint ventures
Continuing operations 1,515.6 - 1,515.6 1,475.3
Acquisitions 634.3 - 634.3 -
2,149.9 - 2,149.9 1,475.3
Discontinued operations - - - 82.6
2,149.9 - 2,149.9 1,557.9
Less: share of joint ventures' turnover (11.5) - (11.5) (18.2)
Group turnover 1 2,138.4 - 2,138.4 1,539.7
Cost of sales (1,766.1) (6.4) (1,772.5) (1,257.5)
Gross profit 372.3 (6.4) 365.9 282.2
Distribution costs 1 - - - (15.3)
Administrative expenses (including goodwill) (131.0) (10.7) (141.7) (101.2)
Continuing operations 145.7 - 145.7 163.5
Acquisitions 95.6 (17.1) 78.5 -
241.3 (17.1) 224.2 163.5
Discontinued operations - - - 2.2
Group operating profit 1 241.3 (17.1) 224.2 165.7
Share of operating profit in joint ventures 3.3 - 3.3 5.5
244.6 (17.1) 227.5 171.2
Profit on disposal of discontinued operations - 31.7
Profit on disposal of investments and properties 7.9 18.6
Profit on ordinary activities before interest 235.4 221.5
Interest receivable 5.2 8.7
Interest payable: Group (34.3) (24.3)
Joint ventures (4.0) (4.4)
(38.3) (28.7)
Profit on ordinary activities before taxation 202.3 201.5
Tax on profit on ordinary activities 3 (66.8) (54.4)
Profit on ordinary activities after taxation 135.5 147.1
Minority equity interests (2.5) (7.3)
Profit for the financial year 133.0 139.8
Dividends paid and proposed 4 (37.2) (31.7)
Profit retained 95.8 108.1
Basic earnings per share 5 24.9p 37.0p
Diluted earnings per share 5 24.8p 36.8p
Adjusted basic earnings per share 5 26.2p 24.3p
Group statement of total recognised gains and losses
for the year ended 31 December 2001
2001 2000
£m £m
Profit for the financial year 133.0 139.8
Unrealised (deficit)/ surplus on revaluation of properties (2.5) 18.6
Tax on realised revaluation surplus (1.3) -
129.2 158.4
Currency translation differences on foreign currency net (0.8) 13.4
investments
Total recognised gains and losses relating to the year 128.4 171.8
Reconciliation of movements in group shareholders' funds
for the year ended 31 December 2001
2001 2000
£m £m
Profit for the financial year 133.0 139.8
Dividends (37.2) (31.7)
95.8 108.1
Other recognised gains and losses relating to the year (net) (4.6) 32.0
New share capital subscribed 406.5 2.3
Shares repurchased (50.3) -
Goodwill previously written off included in retained profit for - 1.4
the year
Net increase in shareholders' funds 447.4 143.8
Opening shareholders' funds 887.7 743.9
Closing shareholders' funds 1,335.1 887.7
Balance sheet
as at 31 December 2001
Group
£m 2001 2000
£m £m
Fixed assets
Intangible assets
Goodwill 247.0 -
Tangible assets
Investment properties 259.9 346.7
Other 71.9 75.7
Investments
Joint ventures
Share of gross assets (2000: £58.3m) 37.1
Share of gross liabilities (2000: (36.8)
£57.1m)
0.3 1.2
Group undertakings - -
579.1 423.6
Current assets
Stocks 1,441.4 880.1
Debtors 189.5 131.6
Current asset investments 4.3 7.2
Cash at bank and in hand 116.5 204.4
1,751.7 1,223.3
Creditors: amounts falling due within one year (756.1) (498.2)
Net current assets 995.6 725.1
Total assets less current liabilities 1,574.7 1,148.7
Creditors: amounts falling due after more than (211.6) (237.1)
one year
Provisions for liabilities and charges (27.4) (20.8)
1,335.7 890.8
Represented by:
Capital and reserves - equity
Called up ordinary share capital 137.9 95.8
Share premium account 590.5 233.7
Revaluation reserve 134.2 142.5
Capital redemption reserve 21.5 14.2
Profit and loss account 451.0 401.5
Shareholders' funds 1,335.1 887.7
Minority interests in equity of subsidiary 0.6 3.1
undertakings
1,335.7 890.8
Group cash flow statement
2001 2000
for the year ended 31 December 2001
Notes £m £m £m £m
Operating activities
Cash inflow from operating activities 6 219.0 113.6
Dividends from joint ventures 1.0 1.2
Returns on investments and servicing of finance
Interest received 5.5 8.5
Interest paid (34.9) (24.2)
Dividends paid by subsidiary undertakings to (9.9) (0.2)
minority shareholders
Net cash outflow from returns on investments and (39.3) (15.9)
servicing of finance
Taxation
UK Corporation tax paid (48.2) (13.9)
Overseas tax paid (30.3) (34.9)
Tax paid (78.5) (48.8)
Capital expenditure and financial investment
Purchase of fixed assets and properties (11.4) (20.5)
Sale of fixed assets and properties 140.4 92.1
Net cash inflow from capital expenditure and 129.0 71.6
financial investment
Acquisitions and disposals
Purchase of subsidiary undertakings 7 (222.3) -
Net overdrafts acquired with subsidiary 7 (58.0) -
Purchase of minority interest in subsidiary - (94.4)
undertakings
Sale of subsidiary undertakings - 67.3
Net cash sold with subsidiary undertakings - (3.1)
Net cash outflow from acquisitions and disposals (280.3) (30.2)
Equity dividends paid (36.4) (21.2)
Net cash (outflow)/ inflow before use of liquid (85.5) 70.3
resources and financing
Management of liquid resources
Cash withdrawn from / (placed on) short-term 47.9 (10.9)
deposit
Sale/ (purchase) of current asset investments 2.9 (1.5)
Net cash inflow/(outflow) from management of 6 50.8 (12.4)
liquid resources
Financing
Issue of ordinary share capital by Taylor 2.3 2.3
Woodrow plc less contributions to employee share
trust
Repurchase of ordinary share capital (50.3) -
Debt due within one year:
new loans 286.8 7.2
Repayment of loans (120.8) (23.8)
Debt due after one year:
new loans 141.4 82.0
Repayment of loans (262.4) (79.3)
Net cash outflow from financing (3.0) (11.6)
(Decrease)/ increase in cash in the year 6 (37.7) 46.3
Notes to the preliminary accounts
for the year ended 31 December 2001
1. Segmental analysis
2001 Group turnover 2001 Group 2001 Capital
£m by origin £m operating employed
2000 profit £m 2000
£m 2000
£m £m
By activity
Housing 1,523.0 925.4 182.4 113.6 1,106.4 573.9
Property development and 176.7 141.9 41.7 48.8 354.4 428.0
investment
Construction 438.7 389.8 10.8 1.1 (74.5) (67.2)
Continuing operations 2,138.4 1,457.1 234.9 163.5 1,386.3 934.7
Discontinued operations:
Greenham Trading - 82.6 - 2.2 - -
2,138.4 1,539.7 234.9 165.7 1,386.3 934.7
Goodwill amortisation/ (10.7) - 247.0 -
goodwill - housing
224.2 165.7 1,633.3 934.7
By market
United States of America 454.2 453.5 35.5 47.1 198.8 234.7
Canada 156.8 130.7 22.6 23.0 102.8 176.3
Rest of World 134.4 149.4 18.8 15.6 (15.3) 35.0
Total overseas 745.4 733.6 76.9 85.7 286.3 446.0
United Kingdom 1,393.0 806.1 158.0 80.0 1,100.0 488.7
2,138.4 1,539.7 234.9 165.7 1,386.3 934.7
Goodwill amortisation/ (10.7) - 247.0 -
goodwill - United Kingdom
224.2 165.7 1,633.3 934.7
Net debt (297.6) (43.9)
Minority interests (0.6) (3.1)
Equity shareholders' funds 1,335.1 887.7
Turnover by origin represents sales to third parties and is not materially
different from turnover to third parties by destination.
Operating profit for construction excludes its share of the construction
joint ventures and interest. Profit before taxation for construction is
£22.8m (2000: £6.6m) including these items.
Operating profit in the United Kingdom is stated after deduction of
exceptional administrative expenses of £9.8m (£8.4m in respect of the
integration of Bryant and Taywood Homes housing operations and £1.4m in
respect of the integration of Taylor Woodrow and Bryant Construction
operations).
Analysis of continuing and discontinued items:
2001 2000
Continuing Discontinued Total Continuing Discontinued Total
operations operations £m operations operations £m
£m £m £m £m
Turnover 2,138.4 - 2,138.4 1,457.1 82.6 1,539.7
Cost of sales (1,772.5) - (1,772.5) (1,199.0) (58.5) (1,257.5)
Gross profit 365.9 - 365.9 258.1 24.1 282.2
Distribution costs - - - - (15.3) (15.3)
Administrative expenses (141.7) - (141.7) (94.6) (6.6) (101.2)
Operating profit 224.2 - 224.2 163.5 2.2 165.7
Following the acquisition of Bryant Group plc in 2001, the Group reviewed
its accounting policy on the classification of distribution costs.
The Bryant Group historically included all distribution costs within cost of
sales whereas the Group disclosed distribution costs separately.
Following disposal of Greenham Trading in 2000, it is considered most
appropriate for the Group to include distribution costs within cost of
sales.
Accordingly, that element of housing operations' costs which was previously
disclosed as distribution costs (2000: £30.8m) is now included within cost
of sales. This change in presentation does not affect operating profit,
retained profit or net assets for either the current or previous accounting
period.
The total figures for continuing operations in 2001 include the following
amounts relating to acquisitions:
Turnover Cost of sales Operating profit
£m £m Gross Administrative £m
Profit Expenses
£m £m
Housing 565.2 (462.4) 102.8 (26.0) 76.8
Construction 69.1 (62.8) 6.3 (4.6) 1.7
634.3 (525.2) 109.1 (30.6) 78.5
These trading figures arise from projects that existed in the Bryant
business prior to acquisition and new projects acquired by the ongoing
Bryant business after 2 March 2001. The trading figures are stated net of
the unwinding of the fair value adjustment to stocks, which reduces the
reported housing gross profit and operating profit by £6.4m and net of
integration costs which total £9.8m.
Due to the extent of the integration of the Group's existing UK housing and
construction businesses with the acquired Bryant businesses, which was
implemented from 1 July 2001, it is only possible to provide an estimation
of administrative expenses resulting from acquisitions.
2. Profit on ordinary activities before taxation
2001 2000
£m £m
Ordinary profit before taxation includes
Rents on investment properties, less outgoings 18.3 28.7
Profit on disposal of businesses 1.1 16.2
Profit on sale of investments 3.3 -
Profit on disposal of investment and fixed asset 3.5 2.4
properties
Profit on disposal of investments and properties 7.9 18.6
Profit on disposal of businesses includes the disposal of the subsidiary
company, Taylor Woodrow Holdings (Pty) Limited (2000: Greenham Construction
Materials Limited). Profit on disposal of investments includes the sale of
the Autolink Concessionaires (A19) Limited joint venture and the write down
of other investments.
3. Tax on profit on ordinary activities
2001 2000
£m £m
United Kingdom tax
Corporation tax 52.9 21.0
Relief for overseas tax (9.0) (4.5)
Deferred tax (3.4) 2.7
Joint ventures (0.2) 0.1
Overseas tax
Current 35.4 33.1
Deferred Current year (2.6) 2.0
Prior year (6.3) -
66.8 54.4
The effective overall tax rate is 33% (2000: 27%). The tax charges in 2000
were below standard tax rates mainly due to the utilisation of tax losses.
There is no material difference between the tax rates on ordinary activities
and exceptional items.
4. Ordinary dividends on equity shares
2001 2000
£m £m
Interim of 2.0p per share (2000: 1.82p) 11.6 6.9
Proposed final of 4.7p per share (2000: 4.3p) 25.6 24.8
37.2 31.7
5. Earnings per share
2001 2000
£m £m
Earnings per share have been calculated by
dividing:
Profit for the financial
year 133.0 139.8
by the weighted average number of shares for 534.3m 377.6m
basic earnings per share
Weighted average of dilutive options 1.8m 1.0m
Weighted average of dilutive awards under the 0.5m 1.2m
Group Executive Bonus Plan
for diluted earnings per share 536.6m 379.8m
Adjusted basic earnings per share adjusts profit
for financial year as follows:
add: exceptional integration costs (net of tax 6.6 -
effect)
less: losses / (profits) on sale of businesses 0.3 (47.9)
(net of tax effect)
for adjusted basic earnings per share 139.9 91.9
6. Group cash flow statement
2001 2000
£m £m
Reconciliation of operating profit to net cash
flow from operating activities
Operating profit 224.2 165.7
Depreciation and amortisation 22.0 9.5
Decrease/ (increase) in stocks 78.6 (84.3)
Increase in debtors (26.2) (8.6)
(Decrease)/ increase in creditors (75.7) 32.3
Exchange differences (3.9) (1.0)
Continuing operating activities 219.0 108.1
Discontinued operating activities - 5.5
Net cash inflow from operating activities 219.0 113.6
Reconciliation of net cash flow to movement in
net debt
(Decrease)/Increase in cash in year (37.7) 46.3
Cash (inflow)/ outflow from increase/decrease in (45.0) 13.9
debt
Cash (inflow)/ outflow from increase/decrease in (50.8) 12.4
liquid resources
Change in net debt resulting from cash flows (133.5) 72.6
Amortisation of discount on issue of 9.5% first (0.3) (0.3)
mortgage debenture stock 2014
and expenses of issue for the year
Loan notes issued as part of consideration for (5.4) -
acquisition
Debt acquired with subsidiary (116.5) -
Exchange movement 2.0 (3.6)
Movement in net debt in the year (253.7) 68.7
Net debt at 1 January 2001 (43.9) (112.6)
Net debt at 31 December 2001 (297.6) (43.9)
Analysis of net debt
At Cash Acquisition Non-cash Exchange At
1 January flow (excl cash and changes movement 31 December 2001
2001 £m overdrafts) £m £m £m
£m £m
Cash at bank and in hand 204.4 (89.1) - - 1.2 116.5
Less:
Deposits due after one day (100.4) 47.9 - - (0.1) (52.6)
Overdrafts on demand (11.3) 3.5 - - (0.1) (7.9)
(37.7)
Debt due after one year
Debenture loans (175.1) 15.2 (49.5) 9.9 0.7 (198.8)
Bank loans (54.4) 105.8 (57.0) 4.8 0.3 (0.5)
Debt due within one year
Debenture loans (14.7) 19.2 - (15.6) (0.1) (11.2)
Bank loans and (11.3) (181.7) (10.0) (4.8) (0.1) (207.9)
overdrafts
Add back overdrafts on 11.3 (3.5) - - 0.1 7.9
demand
(45.0)
Liquid resources
Deposits due after one day 100.4 (47.9) - - 0.1 52.6
Current asset investments 7.2 (2.9) - - - 4.3
(50.8)
Total (43.9) (133.5) (116.5) (5.7) 2.0 (297.6)
7. Acquisitions
Bryant Group plc
On 2 March 2001, the Group declared its offer for Bryant Group plc
unconditional. The company offered 0.72 shares and 80 pence in cash for each
share issued and to be issued in Bryant Group plc. The consideration
amounted to the issue of 196.3m ordinary shares of 25 pence each in the
company and £222.3m in cash, including the expenses of the acquisition.
Identifiable assets and liabilities acquired and their provisional fair
value to the Group:
Book Fair value Accounting Company
value adjustments policy alignment
£m £m £m £m
Fixed assets - tangible assets 14.2 - - 14.2
Current assets
Stocks 655.4 31.6 (15.3) 671.7
Debtors 27.2 (1.7) - 25.5
Total assets 696.8 29.9 (15.3) 711.4
Creditors
Debenture loans (49.5) - - (49.5)
Bank loans and overdrafts (125.0) - - (125.0)
Taxation (13.2) - - (13.2)
Other creditors (135.6) (1.5) - (137.1)
Provisions (16.7) 4.4 - (12.3)
Total liabilities (340.0) 2.9 - (337.1)
Net assets 356.8 32.8 (15.3) 374.3
Goodwill 257.7
632.0
Satisfied by:
£m
Shares issued 404.3
Loan notes issued 5.4
Cash 222.3
632.0
The fair value adjustments are in respect of stocks of residential land and
provision for pension liabilities. The accounting policy alignment is in
respect of the expensing of professional fees regarding options and
strategic land and amortising option costs over the period of the options.
Net cash outflows in respect of the acquisition comprised:
£m
Cash consideration 222.3
Bank overdrafts acquired 58.0
280.3
Bryant Group plc earned a profit after taxation and for the financial period
from 1 June 2000 to 1 March 2001 of £25.0m
(year to 31 May 2000: £62.8m). The unaudited summarised profit and loss
account from 1 June 2000 to 1 March 2001, shown on the basis of the
accounting policies of Bryant Group plc prior to the acquisition, is as
follows:
£m
Turnover 473.7
Cost of sales (391.9)
Gross profit 81.8
Administrative expenses (including exceptional abortive (34.5)
merger expenses of £8.4m)
Operating profit 47.3
Net interest payable (7.6)
Profit on ordinary activities before taxation 39.7
Taxation (14.7)
Profit on ordinary activities after taxation and for the 25.0
financial period
There were no recognised gains and losses other than profit for the above
financial period. Prior to acquisition Bryant Group plc proposed an interim
dividend of £4.8m which was paid subsequent to acquisition.
8. Post balance sheet event
Taylor Woodrow plc issued £250.0m 6.625% Guaranteed Bonds due 2012 on 7
February 2002 for net proceeds of £246.2m. The Bonds are listed on the
London Stock Exchange; official dealings commenced on 8 February 2002.
9. General
The preliminary accounts have been prepared on a basis which is consistent with
the accounting policies adopted for the year to 31 December 2000.
The preliminary accounts were approved by the board of directors on 19 March
2002.
These accounts do not constitute the company's statutory accounts for the years
ended 31 December 2001 or 2000 but are derived from those
accounts. Statutory accounts for 2000 have been delivered to the Registrar of
Companies and those for 2001 will be delivered following the company's
annual general meeting. The auditors have reported on these accounts; their
reports were unqualified and did not contain a statement under section
237 (2) or (3) of the Companies Act 1985.
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