Preliminary Results 2005

Bovis Homes Group PLC 13 March 2006 BOVIS HOMES GROUP PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2005 Issued 13 March 2006 The Board of Bovis Homes Group PLC today announced its preliminary results for 2005 which have been prepared in accordance with International Financial Reporting Standards as adopted by the EU ('IFRS'). â€¢ Pre tax profit of Â£116.1 million (2004: Â£144.8 million) â€¢ Earnings per share of 69.0p (2004: 86.8p) â€¢ Final dividend increased to 16.7p net per ordinary share making 25.0p for the year, a 25% increase over the prior year â€¢ Year end net borrowings of Â£61.8 million (10% geared) â€¢ Operating margin at 24.0% (2004: 27.1%) â€¢ Plots with planning consent increased by 1,610 plots to 13,138 plots (4.9 years land supply) (owned: 12,696 plots/ controlled: 442 plots) â€¢ Strategic landholdings at 22,116 potential plots (circa 8 years potential land supply) after gaining planning consent on 2,384 plots during 2005 Commenting on the results, Malcolm Harris, the Chief Executive of Bovis Homes Group PLC said: 'Bovis Homes has succeeded in adding considerable shareholder value despite the commercial challenges which arose in 2005. The Group generated healthy profits and retained a strong operating margin which underpins the high quality nature of the Group's profits. During 2005, the Group was able to grow its consented land bank to 13,138 plots, adding 2,384 plots from the successful conversion of strategic land at a substantial discount to market value. Responding to the changing marketplace, the Group has evolved its product offering to provide a greater number of smaller, more affordable, private homes which target a wide cross-section of home purchasers. The Group entered 2006 with a stronger order book than in previous years. Reservation levels to date this year have been encouraging and at 10 March 2006, the Group had secured 1,368 reservations for legal completion in 2006. The Group's strategy of long term investment in strategic land is fundamental to its growth and profitability. The Group is well on course to deliver its predicted 9,000 plots from strategic land between 2004 and 2006. Having gained planning consent on 4,539 strategic plots in 2004 and 2005, on 8 March 2006, the Group secured a resolution to grant planning consent, subject to signing the necessary legal documents, for the first phase of the site controlled by the Group at Wellingborough. This consent, when released, will provide the Group the ability to construct over 3,000 homes together with substantial commercial development. The Group is well positioned to expand and deliver value for its shareholders. The Board remains content with its previous statement in respect of dividends. As previously declared, subject to a stable business environment, the full year dividend will be doubled to 40 pence per share over the four year period to 2008.' Enquiries: Malcolm Harris, Results issued by: Andrew Best / Emily Bruning Chief Executive Shared Value Limited David Ritchie, On Monday 13 March - Finance Director tel: 020 7321 5010 Bovis Homes Group PLC On Monday 13 March - tel: 020 7321 5010 Thereafter - tel: 01474 876200 Chairman's statement During 2005, Bovis Homes has demonstrated that it is able to produce healthy profits in a more challenging housing market. The Group has been able to generate a strong operating margin which underpins the high quality nature of the Group's profits and has maintained low debt levels closing the year with only 10% gearing. The Group is well positioned to expand in the current competitive environment. Results Profit on ordinary activities before tax for the year ended 31 December 2005 was Â£116.1 million, compared with Â£144.8 million in 2004. This result was achieved from total revenue of Â£521.2 million compared with Â£559.5 million in 2004. Basic earnings per share was 69.0 pence per ordinary share compared to 86.8 pence per ordinary share in 2004. In 2005, the Group focused on delivering smaller, more affordable, properties which had the effect of reducing the average sales price achieved. Consequently, the absolute profit achieved per home legally completed reduced. Importantly, whilst appropriately adapting its market position, the Group retained its ability to generate strong trading profit margins on the homes that it legally completed in 2005. The operating margin remained strong at 24.0% compared with 27.1% in 2004. In a year when there was significant investment in working capital, the Group achieved a good return on average capital employed of 20%. Dividend The Board proposes a final dividend for the year ended 31 December 2005 of 16.7 pence, to be paid on 26 May 2006 to shareholders on the register at the close of business on 31 March 2006. This dividend, when added to the interim dividend of 8.3 pence paid on 25 November 2005, totals 25.0 pence for the year and is covered 2.8 times by the basic earnings per share of 69.0 pence. The total dividend per share for the year represents an increase of 25% over the total dividend for 2004 of 20.0 pence. The Board remains content with its previous statement in respect of dividends. It intends, conditional on any necessary approvals required at future general meetings, to increase the full year dividend for 2006 to 30.0 pence net per share followed by 5.0 pence per share increases in 2007 and 2008. This commitment, which remains, as previously declared, subject to a stable business environment, will double the full year dividend to 40.0 pence net per share from its 2004 base of 20.0 pence. The Board intends to offer a scrip dividend alternative, pursuant to which the shareholders may elect to receive the whole or part of their dividend in new ordinary shares credited as fully paid instead of cash, for the 2005 final dividend. Market conditions The 2005 calendar year represented the most competitive and challenging period the housing market has seen for many years. Activity in the housing market depends, to a great extent, on consumer confidence. Whilst affordability continued to be good throughout 2005, consumers demonstrated caution in making significant purchasing decisions. Housing represents one of the largest purchasing decisions an individual makes. Without the confidence generated by job security and greater stability of mortgage repayments, many consumers deferred their purchase decisions during 2005. This was demonstrated through the level of property transactions in England and Wales during 2005, which was 11% lower than in 2004. The Bank of England Monetary Policy Committee has held the base interest rate steady at 4.5% since it reduced the rate by 25 basis points in August 2005. This base rate, along with a consistently competitive mortgage market, has maintained good affordability. Whilst consumers will continue to observe base interest rates carefully and can be expected to react to future changes, the current affordable level of interest rate alongside improving confidence should assist a recovery in property transaction levels. During 2005, the rate of earnings growth was 3.8%, which was closer to the annual increase in house prices than it has been for many years. According to the Halifax, house prices in the United Kingdom increased by 5.1% during 2005 whilst the Office of the Deputy Prime Minister reported that house prices in the United Kingdom increased in 2005 by 2.2%. At these rates of house price growth, house owners' ability to meet mortgage repayments has been maintained. Strategy The Group continues to adapt its strategy as market conditions change. The Group has exploited its strategy of procuring a cost effective supply of land through long term investment followed by a design, construction and marketing process which has achieved a high level of return from each home constructed and legally completed. This has been a successful strategy in a rising housing market, generating strong sales prices and high trading profit margins. The Group recognises, however, that its historical strategy elongated the period of financial return from the point of investment, with a slower sales rate necessary to achieve the Group's higher levels of profit per home. The Group has evolved its product offering away from detached housing, historically the most significant category of housing constructed by the Group, towards smaller, more affordable, private homes which appeal to a larger cross-section of house purchaser, including first time buyers. These homes sell more easily in a challenging housing market. Importantly, this has not involved the Group increasing significantly the number of apartments within its overall mix. The number of social and partnership homes legally completed was also increased during 2005, based on pre-agreed sales to housing associations. Houses are released for sale at an earlier stage of the build cycle to facilitate early reservations. Design and build phases of the process are being accelerated through the use of efficient house designs and enhanced labour supply to the sites. These changes will assist the Group to expand the volume of its legal completions going forward while still exploiting the benefit of a cost-effective land supply through long term investment. The approach to land investment remains unchanged. The Group continues to aspire to replace all of the land used in any one financial period with land procured through strategic means. This will maintain a land asset with a cost base below market value which provides for strong trading profit margins on the homes constructed and sold on this land. The Group is committed to implementing this evolving strategy over a wider regional structure. Land investment in targeted locations, often of a strategic type, will provide the nucleus for new regions. An increased number of fully operational regions is intended to contribute to a growth in volume of legal completions. In a housing market where sales price increases may be difficult to achieve, the Group's strategy to accelerate the delivery of homes on site and grow the size of its business through increased coverage of England and Wales is considered the optimum way forward. This strategy does not involve significant dilution of financial returns and will allow the Group to increase revenue, whilst retaining a strong margin. The Board Following the retirement from the Board on 9 September 2005 of Sir Nigel Mobbs, non-executive Chairman, I was honoured to be appointed as Nigel's successor. I undertook the role of acting non-executive Chairman from 9 September until the date of my appointment as non-executive Chairman on 14 November 2005. The Board recognises the enormous contribution which Nigel made to the development of the Group before and since its flotation in 1997. The Board's deepest condolences were extended to Nigel's family following his untimely death on 21 October 2005. The Board is pleased to announce the appointment of a new non-executive director, Mr John Warren, who joined the Board on 1 March 2006. Mr Warren is a qualified chartered accountant and has considerable financial experience, having served as Group Finance Director for WH Smith PLC between 2000 and 2005, and Group Finance Director for United Biscuits plc between 1991 and 2000. He is also a non-executive director of Rank Group plc, Arla Foods UK plc and Spectris plc. The Board now comprises four non-executive directors, including myself as Chairman, and two executive directors. Employees Bovis Homes is a people business and I would like to thank all our employees for their contribution during a challenging year. It is essential that the right individuals are recruited, trained and motivated. The objective is to ensure that the Group employs the highest calibre of employees, who add value to the business. Our employees are encouraged to be sensitive to the demands and requirements of the Group's customers, whilst demonstrating the entrepreneurial drive and flair to move the operation forward without compromising sound corporate governance. Prospects After a year when house prices increased at a rate similar to earnings growth, affordability for house purchasers remains good. It is likely that house prices in 2006 will increase modestly, at a rate likely to be lower than earnings growth. This will sustain affordability, assuming that interest rates remain reasonably stable. The fundamentals of the housing market remain strong with demand in the areas in which the Group operates exceeding supply. The rate of new homes construction in the United Kingdom during 2005 was 7.5% lower than in 2004 based on private housing registrations recorded by the National House Building Council. It is generally accepted that the development of new housing is not keeping pace with the generation of new households and that the housing shortage is worsening. On this basis, the marketplace in which the Group operates should be capable of supporting increased numbers of property transactions, as well as sustaining house prices. To ensure the Group is well placed to exploit this marketplace, the houses offered for sale during 2006 will include an increased number of small affordable private homes. The Group started 2006 with a strong land bank of 13,138 consented plots, with a low average plot carrying value relative to the market value of these plots. Considerable shareholder value has been generated from the Group's consistent policy of long term investment, both in respect of land purchased with residential planning consent and land controlled without such consent. The consented land bank, which approximates to five years of land supply when measured against 2005's volume of legal completions, represents a low cost, ready supply of asset on which to develop new homes and with which the Group should be able to maintain a strong operating margin in the future. The Group has a further eight years of potential land supply within its strategic land bank. The Group is well on course to delivering its predicted 9,000 plots of consented land from the strategic land bank between 2004 and 2006, having gained residential planning consent on approximately 4,500 strategic plots during 2004 and 2005. The value generated from strategic land sites gaining residential planning consent can be considerable and this value, which is not reflected in the Group's net assets, will contribute strongly to profits in future years as these strategic sites gain residential planning consent and development proceeds. In summary, the Group started 2006 with five years supply of good value consented residential land and a further eight years potential supply of strategic land. The range of homes currently being built on the Group's sites is ideal for targeting a wide cross-section of home buyers. This should enable the Group to increase its volume of legal completions in the prevailing competitive marketplace. Profit margins are underpinned by the high quality, low cost land controlled by the Group. As land is utilised through the development of homes, replacement land will become available at a discount to market value from the Group's strategic landholdings. The Group is well positioned to expand and to deliver further value for its shareholders. Tim Melville-Ross Chairman Chief Executive's operational review Results Considerable shareholder value was created in 2005 through the successful conversion of strategic landholdings. During the year, 2,384 plots were transferred from strategic land to the Group's consented landholdings at a substantial discount to market value. The Group's new range of homes, which target a wide cross-section of home purchasers, has been well received, culminating in the number of private, one and two bedroom properties legally completed in the year, increasing to 602 homes (23% of volume) compared with 418 homes (15% of volume) in 2004. The decision to expand the Group's partnership and social housing business has also been timely, resulting in 596 legal completions (22% of volume) in 2005 compared with 303 legal completions (11% of volume) in 2004. Profit before tax was Â£116.1 million, reflecting the challenging market conditions. The Group's operating margin was strong at 24.0%, particularly taking into account the increase in social and partnership housing. Despite the significant investment in consented landholdings, gearing remained low at 10%. Trading environment The first six months of 2005 witnessed consumer caution following increases in interest rates during 2004, accompanied by concerns as to the robustness of house prices and fears that interest rates could increase further. One, two and three bedroom homes continued to sell steadily. The detached housing market and retirement homes segment, however, was subdued largely due to difficulties in securing the sale of dependent properties. The housing market remained slow until the last quarter of the year. Following the reduction in base rate in August, the market responded with an improvement in confidence which resulted in an increase in activity. The overall level of property transactions in England and Wales was 11% lower in 2005 than the preceding year. Housing affordability was maintained during the year with earnings increasing in line with the combined effects of movement in interest rates and house prices. Product mix and average sales price The Group legally completed 2,702 homes, including 147 homes constructed on third party owned land, compared to 2,700 homes in 2004, including 127 homes on third party owned land. Market sector analysis Year ended 31 December 2005 2004 % Units Average % Units Average House type sales price sales price Â£ Â£ ---------------------------------------------------------------------------------- One and two bedroom 23 602 135,100 15 418 136,800 Three bedroom 31 845 183,900 37 989 184,900 Four bedroom 12 321 266,500 17 468 245,300 Five or more bedroom 9 254 313,600 15 397 313,400 Retirement Living 3 84 239,100 5 125 243,400 Social housing 17 449 94,300 6 176 91,500 Partnership housing (third party owned land units) 5 147 74,100 5 127 67,200 ---------------------------------------------------------------------------------- Group 100 2,702 175,500 100 2,700 197,900 ---------------------------------------------------------------------------------- The Group's average sales price was Â£175,500 compared with Â£197,900 in the previous year, an 11.3% decrease. The average size of unit decreased by 11.5% to 1,014 square feet (2004: 1,146 square feet), therefore, the average sales price per square foot increased by 0.2%. Excluding social and partnership housing, the average sales price per square foot for private units increased by 2.7%. Product mix analysis Year ended 31 December 2005 2004 % Units Average % Units Average House type sales price sales price Â£ Â£ ----------------------------------------------------------------------------------- Traditional 28 758 194,200 31 858 185,900 Room in the roof 13 354 295,000 19 512 292,300 Three storey 21 558 202,200 25 663 206,000 Apartments 13 352 135,500 9 239 140,700 Retirement Living 3 84 239,100 5 125 243,400 Social housing 17 449 94,300 6 176 91,500 Partnership housing (third party owned land units) 5 147 74,100 5 127 67,200 ----------------------------------------------------------------------------------- Group 100 2,702 175,500 100 2,700 197,900 ----------------------------------------------------------------------------------- Regional performance Unit completions and average sales price Year ended 31 December 2005 2004 Units Average Units Average sales price sales price Â£ Â£ -------------------------------------------------------------------------------- South East 986 187,100 873 204,700 South West 678 149,700 809 171,100 Central 500 179,000 531 213,900 Eastern 222 173,900 178 202,500 Northern 232 173,700 184 202,300 Retirement Living 84 239,100 125 243,400 -------------------------------------------------------------------------------- Group 2,702 175,500 2,700 197,900 -------------------------------------------------------------------------------- The average sales price achieved by the Group was significantly influenced by the change in product mix of homes legally completed with 23% of legal completions (2004: 15%) being one and two bedroom homes. The contribution to the product mix from social and partnership housing increased from a combined 11% in 2004 to a combined 22% in 2005. Within individual regions the impact of these product mix changes varied, however, each region was impacted to a degree. The increased contribution from social housing was particularly notable in the South East, South West and Central regions. There was positive growth in the number of legal completions in both Eastern and Northern. The decrease in average size of private unit and the increase in both regions of social housing, reduced the average sales price achieved. The Retirement Living region was significantly impacted during 2005 by the slower second hand housing market. Detached properties were more difficult to sell and as many of Retirement Living's customers trade down from expensive detached properties, the ability to convert reservations into legal completions was a greater challenge. Operating margins Year ended 31 December 2005 2004 % % -------------------------------------------------------------------------------- South East 30.1 28.9 South West 20.1 23.5 Central 19.5 29.3 Eastern 24.1 31.5 Northern 18.8 18.8 Retirement Living 24.1 35.0 -------------------------------------------------------------------------------- Group 24.0 27.1 -------------------------------------------------------------------------------- Regional operating margins were influenced in 2005 by the level of contribution from homes constructed on strategically sourced land, the increased number of social and partnership housing in the mix, and the ability of a region to sustain the volume of legal completions, thus maintaining the efficiency of recovery of overheads. The South East region maintained its gross margin during 2005 with 48% of its profits generated from strategically sourced land (2004: 35%) and was able to improve its operating margin through more efficient overhead absorption. In the South West region, the mix of properties adversely affected the operating margin with a higher percentage of social and partnership properties at 28% compared with the prior year's 22%. In Central region, the increase in social housing from 10% of volume in 2004 to 28% of volume in 2005 had a significant effect on the margin generated. In addition, the reduction in percentage of profit generated from units sourced from strategic land from 34% in 2004 to 23% in 2005 also affected the operating margin. The expansion of the Eastern region was facilitated during 2005 by legal completions on new land acquisitions which generated good profit margins. The comparison with 2004's operating margin was adverse due to legal completions in that year arising to a greater degree from historical land owned by the Group within the Eastern region's geographic boundaries when the region was established. In respect of Retirement Living, the reduction in volume year on year reduced the efficiency of overhead absorption. Land and planning Consented land bank Total plots as at 31 December 2005 2004 Plots Plots -------------------------------------------------------------------------------- South East 3,404 3,531 South West 3,341 2,464 Central 2,260 2,210 Eastern 2,057 1,135 Northern 1,383 1,526 Retirement Living 251 308 -------------------------------------------------------------------------------- Group (exc. third party owned land plots) 12,696 11,174 Third party owned land plots South East 88 - South West 354 354 -------------------------------------------------------------------------------- Group 13,138 11,528 -------------------------------------------------------------------------------- Years' supply based upon legal completions in the year 4.9 4.3 -------------------------------------------------------------------------------- The average plot cost of the consented land bank (excluding social housing and third party owned land) was Â£45,300 which represented 22.7% of the average sales price achieved in 2005 (excluding social housing and units constructed on third party owned land). This compared with the average plot cost at the start of 2005 of Â£45,600, the reduction being contributed to by the successful conversion of strategic land into consented land during 2005. In particular, the achievement of planning consent at Brockworth Airfield in Gloucestershire increased the consented landholdings by 1,300 plots at an average plot cost of Â£25,600. Strategic land bank Total potential plots as at 31 December 2005 2004 Plots Plots -------------------------------------------------------------------------------- South East 8,207 9,095 South West 5,124 5,938 Central 7,099 6,349 Eastern 336 434 Northern 1,180 872 Retirement Living 220 143 -------------------------------------------------------------------------------- Group 22,166 22,831 -------------------------------------------------------------------------------- Years' supply based upon completions in the year 8.2 8.5 -------------------------------------------------------------------------------- Strategic landholdings at 31 December 2005 were 22,166 potential plots after transferring 2,384 plots to the consented land bank during the year at a substantial discount to market value. Planning consent has been gained on 4,539 strategic land plots during 2004 and 2005 and the Group anticipates attaining residential planning consent during 2006 on a number of significant landholdings to achieve the objective of delivering 9,000 strategic plots with a residential planning consent over the three year period 2004 to 2006. In particular, a resolution to grant planning consent, subject to signing the necessary legal documents, was approved on 8 March 2006 for the first phase of the site controlled by the Group at Wellingborough. This consent when released will provide the ability for the Group to construct over 3,000 homes plus substantial commercial development. The consistent and continuing investment in this important part of the Group's business will provide a solid base from which to provide the shareholders with high levels of profitability and dividend growth. Legal completions generated on plots sourced through strategic land contributed 32% (2004: 29%) of the Group's development profit in the year. Partnership housing The Group is actively involved with housing associations, local authorities and other similar bodies providing quality new homes at affordable prices, either for rent or shared ownership, to communities throughout the country. The Group has total in-house capability to handle all aspects of each project, including major regeneration schemes. In addition to design and build, there exists expertise to provide cross subsidies from the development and sale of open market housing and commercial buildings. The Horfield regeneration project in Bristol remains the largest partnership scheme currently being developed by the Group and is now expected to deliver over 900 properties when completed. The Group has been confirmed as preferred development partner on a number of new regeneration projects which may generate opportunities to develop over 2,000 dwellings. This part of the Group's business is programmed to grow over the coming years, and provides a further opportunity to work in partnership with local authorities, Government and registered social landlords. Research and development The Group believes that continuous improvement through research and development is key to the continuing success of the business and is a significant factor in delivering environmental, social and sustainability objectives. The Group engages with many stakeholder organisations, including housebuilding industry warranty providers and building control bodies, the House Builders Federation, the Building Research Establishment, the ODPM in respect of building regulation development, and actively partners many manufacturers and suppliers. Further details are contained in the Group's Corporate Social Responsibility report which is available to all shareholders. Health, safety and environment Best practice in health, safety and environmental awareness and management is an important element in the continuing success of the Group. The objective is to maintain the highest practical levels of health and safety and effective environmental policies. The Health, Safety and Environmental Consultative Committee oversees these important matters, formulating and promulgating policy to all stakeholders. The Committee is chaired by a Bovis Homes Limited director by annual rotation to ensure that fresh ideas and initiatives are constantly introduced, assessed and, where appropriate, implemented on a consistent basis. The chairman is supported by a committee comprising Group employees from numerous disciplines complemented by the Health and Safety Director and external independent professional advisers. The chairman reports formally to the Board through submission of a Health and Safety report tabled at each Board meeting. Bovis Homes promotes all aspects of safety and environmental management throughout its operations in the interests of all stakeholders. Its record of success was once again recognised in 2005 with the Gold Medal Award from the Royal Society for the Prevention of Accidents and the National Award from the British Safety Council. Further details are available in the Group's Corporate Social Responsibility report. Bovis Homes' objective is to achieve sustainable construction and reduce environmental impact. The Group seeks to protect and, wherever possible, improve the environment by retaining mature landscaping and introducing new planting and habitats. It is also committed to planning for the most efficient and effective use of development land. The Group has introduced higher density properties with flexible accommodation which addresses the changing lifestyles of its customers, including the ability to work from home. The Group has issued to employees within the Group an Environmental Management Manual containing the Environmental Policy, Environmental Effects Document and Best Practice Checklists. It is a comprehensive approach consolidating policies, procedures and systems, explaining how all employees can assist and make a positive contribution to the environment. Legislation and taxation The planning system continues to be burdened by further legislation and bureaucracy. Delays in the processing of applications is now the norm rather than the exception. Staff shortages within many local authorities coupled with ever-changing requirements from Government burden the industry. The possible introduction of Home Information Packs, if implemented as currently proposed, is likely to adversely affect the volume of transactions and will increase the cost of selling a property, with no obvious corresponding value benefit to the buyer. The possible introduction of a planning gain supplement in 2008 is likely to further reduce land supply and add additional complexity and delay to the processing of land purchases. Aggregate tax, landfill tax, climate change levy and stamp duty add to the cost of providing homes in the UK. Pension scheme The Group made a commitment during 2004 to fund the past service deficit on its defined benefits pension scheme, as identified in the actuarial valuation completed in June 2004, by 2007. Up to 31 December 2005, special contributions had been paid into the pension scheme amounting to Â£3.6 million. Group structure The new Wessex and South Midlands operations were established on 1 July 2005 and are operating as sub-regions of existing fully operational regions until fully established as separate businesses. Outlook for 2006 The current economic outlook suggests market stability. Earnings are expected to increase above the change in retail prices, which will increase levels of disposable income and therefore assist affordability within the housing market. Oil and other energy supplies and their pricing remain a concern. However, the effect of increases during 2005 has, to date, been surprisingly moderate. Significant changes have been made during 2005 to the Group's product mix, procedures and resources to enable legal completion volumes to be increased during 2006 and beyond. The early release of properties for sale has resulted in an improved forward order book. Group landholdings, both consented and strategic, are strong. The business is well positioned to expand and deliver sustainable shareholder value. Malcolm Harris Chief Executive Financial review Overview The 2005 financial year for Bovis Homes was notable on two fronts. Firstly, the Group enjoyed considerable success in gaining planning consent on a significant number of strategic land plots and converting these plots into the Group's consented land bank at a healthy discount to market value. Secondly, the Group endured the frustration of its attempts to expand activity levels in a housing market in which transaction levels were reducing. The enhanced land bank now controlled by the Group provides opportunity to generate significant shareholder value in the future. Throughout 2005, the consumer displayed caution in purchase decisions. Uncertainty over the direction of interest rates and ongoing media speculation over whether house prices would fall contributed to reduced levels of property transactions in England and Wales. The Group succeeded in maintaining its volume of legal completions during 2005 with 2,702 homes compared to 2,700 homes in 2004. In 2005, the Group witnessed the major effect from the deliberate realignment of its product offering towards smaller, more affordable, private homes. This change in mix was important in assisting the Group to be able to offer homes to a wider spectrum of the housing market encompassing first time buyers as well as mature homeowners. Whilst the change in mix provides an opportunity to grow volumes it clearly has an adverse effect on average sales price and hence the absolute average profit generated per unit. The Group's land bank increased by 14% to 13,138 controlled plots with residential planning consent. Whilst this represented significant investment in working capital, the Group continued to operate with low levels of gearing, which closed 2005 at 10% and averaged 16% during the year. 2005 was an eventful year in respect of accounting rules. The Group's results have been prepared for the first time under the requirements of International Financial Reporting Standards as adopted by the EU ('IFRS'). Compared to the results which would have been prepared under the previous UK GAAP, the IFRS reported pre tax profits were Â£0.4 million lower and the Group's IFRS net assets were reduced by Â£6.0 million. Profit before tax and earnings per share The profit on ordinary activities before tax for the year ended 31 December 2005 amounted to Â£116.1 million. This compared with Â£144.8 million in the previous year. Basic earnings per share was 69.0 pence compared with 86.8 pence in 2004. Revenue Total revenue achieved was Â£521.2 million (2004: Â£559.5 million). Included within this figure was housing revenue of Â£474.2 million (2004: Â£534.4 million). As mentioned above, legal completions were broadly in line with the prior year at 2,702 units, hence the decrease in housing revenue was primarily due to an 11.3% decrease in average sales price to Â£175,500 compared with Â£197,900 in 2004. The average sales price per square foot increased by 0.2% whilst the average size of unit decreased by 11.5% to an average 1,014 square feet (2004: 1,146 square feet). Land sales amounted to Â£34.2 million compared with Â£19.6 million in 2004 whilst other income, mainly arising from sales of commercial interests, was Â£12.8 million compared with Â£5.5 million in 2004. Operating profit The Group achieved an operating profit of Â£125.1 million, compared with Â£151.5 million in the previous year, and generated an operating margin of 24.0%. Analysis of margin Private housing Group 2005 2004 2005 2004 % % % % -------------------------------------------------------------------------------------- Revenue 100.0 100.0 100.0 100.0 Land costs (19.1) (19.8) (19.2) (19.6) Construction costs (48.0) (45.2) (48.3) (45.2) -------------------------------------------------------------------------------------- Gross profit 32.9 35.0 32.5 35.2 Administrative expenses (inc. sales and marketing costs) (8.5) (8.2) (8.5) (8.1) -------------------------------------------------------------------------------------- Operating profit 24.4 26.8 24.0 27.1 -------------------------------------------------------------------------------------- The Group indicated during 2005 that cost pressures in excess of sales price improvements would reduce the trading profit margins available from selling homes. This manifested itself mainly through increased construction costs rather than increased land costs. The average land cost per private legal completion was Â£38,200 compared with Â£42,200 in 2004, representing 19.1% of private housing revenue compared with 19.8% in 2004. Construction costs per legal completion were Â£86,100 compared with Â£90,300 in 2004, a reduction of 4.7% per unit. Construction costs represented 48.3% of Group revenue compared with 45.2% in 2004. In addition to inflationary cost pressures prevailing in the marketplace, this increase in construction costs as a share of revenue reflected the more significant contribution to legal completions from apartments and smaller houses which typically have higher construction costs per square foot due to the higher proportion of non variable costs within the cost base. Land sale profits less option costs generated a net profit of Â£13.1 million in 2005 (2004: Â£9.4 million). Administrative expenses, which include all sales and marketing costs, as a percentage of revenue were 8.5% compared with 8.1% in 2004. Administrative expenses decreased by 3.3% to Â£44.1 million compared with Â£45.6 million in the previous year. Financing Net interest payable amounted to Â£9.0 million (2004: Â£6.7 million), and was covered 14 times by profit before interest. The Group's average borrowings during 2005 were Â£88.1 million which generated a bank interest charge, including arrangement fees and undrawn commitment fees, of Â£6.0 million. On adoption of IFRS, land purchased on deferred terms is capitalised at cost and any difference between cost and the nominal price to be paid to the vendor is charged as a finance charge over the period of deferment using the effective interest method. During 2005, the Group incurred Â£3.0 million of such finance charges. Taxation The Group's tax charge for the year amounted to Â£34.6 million, after crediting an adjustment in respect of prior years amounting to Â£0.4 million. The current tax charge included Â£0.5 million of tax credit associated with Â£1.75 million of special pension contributions paid during 2005 as part of a medium term plan to eliminate the past service pension deficit identified in the last actuarial valuation. A deferred tax charge of Â£0.3 million has been accounted for within the Group's tax charge. This deferred tax charge included a charge of Â£0.3 million to reflect the temporary difference in respect of the pension scheme contributions not charged to the income statement. Dividends Under IFRS, dividends have to be declared to enable them to be charged and accrued. During May 2005, the Group approved and paid the final dividend for 2004 of 13.6 pence per share, at a total cost of Â£16.1 million. During September 2005, the Group declared the 2005 interim dividend of 8.3 pence per share, which was paid in November 2005 and amounted to Â£9.8 million. Therefore, the dividend charge for 2005 amounted to Â£25.9 million (2004: Â£20.5 million) and was covered 3.2 times by post tax earnings. Dividend cover measured by the basic earnings per share of 69.0 pence over the total paid and proposed dividends in 2005 of 25.0 pence per share (8.3 pence per share paid and 16.7 pence per share proposed) amounted to 2.8 times. Net assets Net assets increased by Â£59.9 million during the year to Â£598.1 million. This increase included retained earnings after dividend charges of Â£55.6 million and Â£4.8 million of issued share capital and share premium arising from the exercise of share options by employees and scrip dividend elections. Offsetting these increases were actuarial losses, net of deferred tax, of Â£2.0 million on the Group's defined benefits pension scheme which are charged to reserves. Analysis of net assets 2005 2004 Â£m Â£m ------------------------------------------------------------------------------- Net assets at 1 January 538.2 456.2 Retained profit 55.6 81.2 Share capital issued 4.8 1.8 Actuarial loss on defined benefits pension scheme (2.0) (1.3) Deferred tax on other employee benefits 0.9 - Adjustment to the fair value of cash flow hedges 0.3 0.6 Adjustment to reserves through share based payments 0.3 (0.3) ------------------------------------------------------------------------------- Net assets at 31 December 598.1 538.2 ------------------------------------------------------------------------------- Net borrowings The Group ended the year with net borrowings of Â£61.8 million having started 2005 with net borrowings of Â£16.8 million. The Group had fixed rate borrowings at 31 December 2005 of Â£40.8 million, including a fair value adjustment for the interest rate swaps of Â£0.8 million, and floating rate borrowings of Â£15.0 million. The balance of net borrowings arose through use of the Group's bank overdraft facility. Return on average capital employed Return on average capital employed for 2005 amounted to 20% based on the operating profit of the Group of Â£125.1 million and average capital employed of Â£637.4 million. For the eighth consecutive year, the Group has met its objective of achieving a minimum return on capital employed of 20%. Pension scheme accounting The latest triennial actuarial valuation of the Group's defined benefit pension scheme was completed as at 30 June 2004. This valuation indicated that the total market value of the scheme's assets was sufficient to cover 77% of the present value of the scheme liabilities in respect of member service up to the valuation date, including allowance for future salary increases to normal retirement age. The past service deficit based on this funding level amounted to Â£10.23 million. The Group decided to remedy this deficit during the period of July 2004 to April 2007, with a number of agreed special contributions to the pension scheme, totalling approximately Â£11.0 million when interest is taken into account. The first of these special contributions was made during 2004 and amounted to Â£1.85 million. Further payments were made in 2005 totalling Â£1.75 million. Under IFRS, the Group has implemented the requirements of IAS19 (Revised): 'Employee benefits'. The Group's actuary has estimated the position of the defined benefits pension scheme as at 31 December 2005 under the requirements of IAS19. The pension scheme held a deficit at that time of Â£22.4 million which represented an increase in deficit over the position at 1 January 2005 when the deficit was Â£20.5 million. During 2005, the Group contributed Â£3.6 million to the pension scheme. The expense in the income statement in 2005 was Â£2.6 million and the pension scheme endured Â£2.9 million of actuarial losses during the year. Analysis of pension scheme deficit 2005 2004 Â£m Â£m -------------------------------------------------------------------------------- Pension deficit at 1 January 20.5 19.7 Contributions into the pension scheme (3.6) (3.7) Expense to the income statement 2.6 2.6 Actuarial loss on defined benefits pension scheme 2.9 1.9 ------------------------------------------------------------------------------- Pension deficit at 31 December 22.4 20.5 -------------------------------------------------------------------------------- The actuarial losses arose from discounting the pension scheme liabilities at a lower discount rate than before, 4.7% compared to 5.3% in 2004, as required by IAS19. The discount rate is set based on the yield achievable on AA bonds with a similar maturity to the pension scheme liabilities. This generated an actuarial loss of Â£8.8 million. In mitigation of this loss, the pension scheme assets increased in value ahead of expectations giving an actuarial gain of Â£6.3 million. There was also an actuarial experience loss of Â£0.4 million. Cash flow Cash generated from operations amounted to Â£28.2 million (2004: Â£101.6 million). This lower level of cash inflow reflected the Group's significant investment in the working capital base during 2005, particularly in land with residential planning consent. After accounting for capital expenditure, finance costs, dividend payments and tax payments, the net borrowings of the Group increased by Â£45.0 million from Â£16.8 million at 1 January 2005 to Â£61.8 million at 31 December 2005. Bank facilities and liquidity risk The Group held bank facilities of Â£220.0 million at 31 December 2005, made up of bilateral committed revolving loan facilities held with six banks, all being five year facilities put in place on 7 February 2005 with a maturity date of 6 February 2010. The Group's net borrowing position at 31 December 2005 of Â£61.8 million continued to reflect modest gearing of 10%. With average net borrowings of Â£88.1 million, the average gearing of the Group during 2005 was 16%. Given timing differences between the investments in working capital and the flow of legal completion monies from house sales, the Group's peak net borrowings during 2005 were Â£158.9 million. The Group believes that its bank facilities of Â£220.0 million, along with its day to day overdraft facility, are sufficient to enable funding of foreseeable cash flows required for the medium term plans for the Group. As these are bilateral revolving committed loan facilities there is considerable flexibility available to the Group to manage its borrowing needs. Interest rate risk By fixing an element of borrowings through interest rate swaps with varying maturities, the Group has made certain its interest costs on what is considered its core borrowing requirement. Borrowings in excess of this core borrowing are judged on a case by case basis at the time of drawing down the loans in terms of interest rate flexibility and loan maturity. The Group has the ability to borrow using its bilateral committed revolving loan facilities for as little as a few days or up to the period through to maturity of the relevant facility. The Group can decide with its banks whether to fix the interest rate of borrowing through the further use of interest rate swaps, although care is taken to marry together the dates of draw down and maturity of the floating rate borrowing and interest rate swap. Up to 10 December 2005, the Group held interest rate swaps over Â£75 million of its borrowings. On 10 December 2005, a Â£35 million interest rate swap matured and was not renewed given the Group's prevailing borrowings position at that time. Therefore, at 31 December 2005, the Group held interest rate swaps over Â£40 million of its borrowings. The fair value of the Group's fixed rate borrowings at 31 December 2005 exceeded its book value by Â£0.8 million. This reflected the movement in long term interest rates since these financial instruments were established. International Financial Reporting Standards The results for 2005 are the first results reported under IFRS and have been prepared on the basis of IFRSs as adopted by the EU. The comparative results for the year ended 31 December 2004 have been stated under IFRS. The Group published a report on 16 June 2005 entitled 'Preliminary information on the implementation of International Financial Reporting Standards' which provided information on the impacts of IFRS on the Group, presented the Group's IFRS accounting policies, and restated the results for the year ended 31 December 2004 under IFRS compared to the previous UK GAAP. This report indicated that the impact of IFRS on the Group at 31 December 2004 was to reduce net assets by Â£7.1 million. As at 31 December 2005, the comparable impact of IFRS was a reduction in net assets of Â£6.0 million. The impact of IFRS on the profit and loss account for the year ended 31 December 2005 was to reduce pre tax profits by Â£0.4 million. David Ritchie Finance Director Bovis Homes Group PLC Group income statement For the year ended 31 December 2005 2005 2004 Â£000 Â£000 -------------------------------------------------------------------------------- Revenue - continuing operations 521,194 559,464 Cost of sales (351,997) (362,316) -------------------------------------------------------------------------------- Gross profit 169,197 197,148 Administrative expenses (44,120) (45,625) -------------------------------------------------------------------------------- Operating profit before financing costs 125,077 151,523 Financial income 557 1,228 Financial expenses (9,556) (7,938) -------------------------------------------------------------------------------- Net financing costs (8,999) (6,710) -------------------------------------------------------------------------------- Profit before tax 116,078 144,813 Income tax expense (34,603) (43,089) -------------------------------------------------------------------------------- Profit for the period attributable to equity holders of the parent 81,475 101,724 -------------------------------------------------------------------------------- Basic earnings per ordinary share 69.0p 86.8p -------------------------------------------------------------------------------- Diluted earnings per ordinary share 68.9p 86.4p -------------------------------------------------------------------------------- Bovis Homes Group PLC Group balance sheet At 31 December 2005 2005 2004 Â£000 Â£000 -------------------------------------------------------------------------------- Assets Property, plant and equipment 14,663 12,910 Investments 23 23 Deferred tax assets 11,447 10,193 Trade and other receivables 5,727 5,870 -------------------------------------------------------------------------------- Total non-current assets 31,860 28,996 -------------------------------------------------------------------------------- Inventories 781,373 699,917 Trade and other receivables 70,523 36,032 Cash 344 59,486 -------------------------------------------------------------------------------- Total current assets 852,240 795,435 -------------------------------------------------------------------------------- Total assets 884,100 824,431 -------------------------------------------------------------------------------- Equity Issued capital 59,699 59,146 Share premium 146,849 142,577 Hedge reserve (561) (889) Retained earnings 392,160 337,381 -------------------------------------------------------------------------------- Total equity 598,147 538,215 -------------------------------------------------------------------------------- Liabilities Bank loans 40,802 40,894 Trade and other payables 32,666 21,465 Retirement benefit obligations 22,370 20,510 Provisions 1,345 1,586 -------------------------------------------------------------------------------- Total non-current liabilities 97,183 84,455 -------------------------------------------------------------------------------- Bank overdraft 6,367 - Bank loans 15,000 35,376 Trade and other payables 151,493 145,298 Tax liabilities 15,910 21,087 -------------------------------------------------------------------------------- Total current liabilities 188,770 201,761 -------------------------------------------------------------------------------- Total liabilities 285,953 286,216 -------------------------------------------------------------------------------- Total equity and liabilities 884,100 824,431 -------------------------------------------------------------------------------- These accounts were approved by the Board of directors on 10 March 2006. Bovis Homes Group PLC Group statement of cash flows For the year ended 31 December 2005 2005 2004 Â£000 Â£000 -------------------------------------------------------------------------------- Cash flows from operating activities Profit for the year 81,475 101,724 Depreciation 1,509 1,465 Investment income (557) (1,228) Interest expense 9,556 7,938 (Profit)/loss on sale of property, plant and equipment (56) 27 Equity-settled share-based payment expenses 423 799 Income tax expense 34,603 43,089 -------------------------------------------------------------------------------- Operating profit before changes in working capital and provisions 126,953 153,814 -------------------------------------------------------------------------------- Increase in trade and other receivables (34,442) (21,952) Increase in inventories (81,456) (67,874) Increase in trade and other payables 18,154 38,662 Decrease in provisions and employee benefits (990) (1,010) -------------------------------------------------------------------------------- Cash generated from operations 28,219 101,640 -------------------------------------------------------------------------------- Interest paid (10,467) (6,289) Income taxes paid (39,450) (40,750) -------------------------------------------------------------------------------- Net cash from operating activities (21,698) 54,601 -------------------------------------------------------------------------------- Cash flows from investing activities Interest received 651 1,155 Acquisition of property, plant and equipment (3,303) (6,232) Proceeds from the sale of plant and equipment 97 68 Purchase of own shares (351) (1,351) Sale of own shares 128 216 -------------------------------------------------------------------------------- Net cash from investing activities (2,778) (6,144) -------------------------------------------------------------------------------- Cash flows from financing activities Dividends paid (25,858) (20,517) Proceeds from issue of share capital 4,825 1,820 Repayment of borrowings (20,000) - -------------------------------------------------------------------------------- Net cash from financing activities (41,033) (18,697) -------------------------------------------------------------------------------- Net (decrease)/increase in cash and cash equivalents (65,509) 29,760 Cash and cash equivalents at 1 January 59,486 29,726 -------------------------------------------------------------------------------- Cash and cash equivalents at 31 December (6,023) 59,486 -------------------------------------------------------------------------------- Bovis Homes Group PLC Group statement of recognised income and expense For the year ended 31 December 2005 2005 2004 Â£000 Â£000 -------------------------------------------------------------------------------- Effective portion of changes in fair value of interest rate cash flow hedges 468 902 Deferred tax on changes in fair value of interest rate cash flow hedges (140) (271) Actuarial losses on defined benefits pension scheme (2,850) (1,880) Deferred tax on actuarial losses on defined benefits pension scheme 855 564 Deferred tax on other employee benefits 869 - -------------------------------------------------------------------------------- Net expense recognised directly in equity (798) (685) Profit for the period 81,475 101,724 -------------------------------------------------------------------------------- Total recognised income and expense for the period attributable to equity holders of the parent 80,677 101,039 -------------------------------------------------------------------------------- Notes to the accounts 1 Basis of preparation Bovis Homes Group PLC ('the Company') is a company domiciled in the United Kingdom. The consolidated financial statements of the Company for the year ended 31 December 2005 comprise the Company and its subsidiaries (together referred to as 'the Group') and the Group's interest in associates. The consolidated financial statements were authorised for issue by the directors on 10 March 2006. The accounts were audited by KPMG Audit Plc. EU law (IAS Regulation EC 1606/2002) requires that the consolidated financial statements of the Group, for the year ended 31 December 2005, be prepared in accordance with International Financial Reporting Standards adopted for use in the EU ('IFRS'). The consolidated financial statements have been prepared on the basis of the recognition and measurement requirements of IFRS in issue endorsed by the EU and effective (or available for early adoption) at 31 December 2005, the Group's first annual reporting date at which it is required to use adopted IFRS. Comparative information for the year ended 31 December 2004 has been stated on an IFRS basis. The financial information included within this statement does not constitute the Company's statutory accounts for the year ended 31 December 2004 or 2005. The information contained in this statement has been extracted from the statutory accounts of Bovis Homes Group PLC for the year ended 31 December 2005, which have not yet been filed with the Registrar of Companies, on which the auditors have given an unqualified audit report, not containing statements under section 237(2) or (3) of the Companies Act 1985. The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The accounting policies have been applied consistently for all periods presented in the consolidated financial statements and in preparing an opening IFRS balance sheet at 1 January 2004 for the purpose of the transition to IFRS. 2 Basis of consolidation The consolidated financial statements incorporate the accounts of the Company and entities controlled by the Company (its subsidiaries) made up to 31 December. Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Associates are those entities in which the Group has significant influence, but not control, over the financial and operating policies. The consolidated financial statements include the Group's share of the total recognised gains and losses of associates on an equity accounted basis, from the date that significant influence commences until the date that significant influence ceases. 3 Accounting policies The Group's IFRS accounting policies were drawn up as part of the Group's IFRS transition and implementation process completed during 2005. These accounting policies were disclosed in full within the Group's interim report published on 12 September 2005. It was noted at that time that the accounting policies were based on interpretations by management of IFRSs which were anticipated to be effective as at 31 December 2005. These interpretations were subject to change as the requirements of IFRSs became more certain and uncertainties were clarified. The Group has finalised its IFRS accounting policies as part of its 2005 financial year end. The substance of the accounting policies has remained unchanged from those previously reported. There has been some minor amendment to the wording of the accounting policies. These accounting policies will be disclosed in full within the Group's forthcoming financial statements. 4 Reconciliation of net cash flow to net debt 2005 2004 Â£000 Â£000 -------------------------------------------------------------------------------- Net (decrease)/increase in net cash and cash equivalents (65,509) 29,760 Repayment of borrowings 20,000 - Fair value adjustments to interest rate swaps 468 902 Net debt at start of period (16,784) (47,446) -------------------------------------------------------------------------------- Net debt at end of period (61,825) (16,784) -------------------------------------------------------------------------------- Analysis of net debt: Cash and cash equivalents (6,023) 59,486 Bank loans (55,000) (75,000) Fair value of interest rate swaps (802) (1,270) -------------------------------------------------------------------------------- Net debt (61,825) (16,784) -------------------------------------------------------------------------------- 5 Income taxes Current tax Current tax expense is the expected tax payable on the taxable income for the year, calculated using a corporation tax rate of 30% applied to the pre-tax income, adjusted to take account of deferred taxation movements. Current tax for current and prior years is classified as a current liability to the extent that it is unpaid. Amounts paid in excess of amounts owed are classified as a current asset. 6 Dividends The following dividends were paid by the Group. 2005 2004 Â£000 Â£000 -------------------------------------------------------------------------------- Prior year final dividend per share of 13.6p (2004: 11.1p) 16,036 12,981 Current year interim dividend per share of 8.3p (2004: 6.4p) 9,822 7,536 -------------------------------------------------------------------------------- Dividend cost 25,858 20,517 -------------------------------------------------------------------------------- A final dividend in respect of 2005 of 16.7 pence per share, amounting to a total dividend of Â£19,813,000 based on the shares in issue as at 10 March 2006, was proposed by the Board on 10 March 2006. This final dividend will be paid on 26 May 2006 to shareholders on the register at the close of business on 31 March 2006. This dividend has not been recognised as a liability at the balance sheet date. 7 Earnings per share Basic earnings per ordinary share for the year ended 31 December 2005 is calculated on profit after tax of Â£81,475,000 (year ended 31 December 2004: Â£101,724,000) over the weighted average of 118,119,910 (year ended 31 December 2004: 117,196,194) ordinary shares in issue during the period. Diluted earnings per ordinary share is calculated on profit after tax of Â£81,691,000 (year ended 31 December 2004: Â£102,034,000) over the diluted weighted average of 118,595,375 (year ended 31 December 2004: 118,125,595) ordinary shares potentially in issue during the period. The diluted average number of shares is calculated in accordance with IAS 33: 'Earnings Per Share'. The dilutive effect relates to the average number of potential ordinary shares held under option during the period. This dilutive effect amounts to the number of ordinary shares which would be purchased using the aggregate difference in value between the market value of shares and the share option exercise price. The market value of shares has been calculated using the average ordinary share price during the period. Only share options which have met their cumulative performance criteria have been included in the dilution calculation. The profit after tax used in the diluted earnings per share calculation includes an adjustment to reverse the charge within the income statement in respect of the fair value of share options in issue. The reversal for the year ended 31 December 2005 was Â£216,000 (year ended 31 December 2004: Â£310,000). 8 Explanation of transition to IFRS An explanation of how the transition from UK GAAP to IFRS has affected the Group's financial position, financial performance and cash flows was published by the Group on its website on 16 June 2005, contained within a document entitled 'Preliminary information on the implementation of International Financial Reporting Standards for the year ended 31 December 2004'. This document included a reconciliation of equity reported under UK GAAP and IFRS at 1 January 2004, the date of transition to IFRS. 9 Circulation to shareholders The consolidated financial statements will be sent to shareholders on or about 5 April 2006. Further copies will be available on request from the Company Secretary, Bovis Homes Group PLC, The Manor House, North Ash Road, New Ash Green, Longfield, Kent DA3 8HQ. Further information on Bovis Homes Group PLC can be found on the Group's corporate website www.bovishomesgroup.plc.uk, including the slide presentation document which will be presented at the Group's results meeting on 13 March 2006. This information is provided by RNS The company news service from the London Stock Exchange

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