Kier Group plc. Interim results for the six months to 31 December March Building confidence
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1 Kier Group plc Interim results for the six months to 31 December 19 March 2007 Building confidence
2 Interim highlights Pre-tax profits up 27.5% to 36.2m (2005: 28.4m) EPS* up 26.3% to 75.8p (2005: 60.0p) Dividend increased by 17.1% to 9.6p (2005: 8.2p) Net funds of 114.4m (2005: 87.6m) Strong Construction and Support Services order books Homes order book over 50% ahead of last year with over 80% of projected unit sales secure Demand for development properties remains strong * Before amortisation of intangibles Kier Group plc interim results for the six months to 31 December 2
3 EPS record since 1996 (after flotation) st Half UK GAAP 2nd Half IFRS Into 15 th year of continuous growth since buyout Compound growth in EPS of 23% per annum since flotation Earnings per share (pence) Record shown after deducting amortisation of intangible assets and before exceptional profits Kier Group plc interim results for the six months to 31 December 3
4 Financial summary consolidated income statement Six months to 31 December 2005 Change % Year to 30 June Revenue 1, ,838.3 Operating profit - Group Operating profit - joint ventures Group and share of joint ventures Share of joint ventures - finance cost (1.7) (1.3) - (2.6) -tax (0.9) (0.8) - (1.4) Profit from operations Net finance cost (0.1) (0.2) - (0.1) Profit before tax Taxation (9.9) (7.8) - (16.2) Profit after tax Kier Group plc interim results for the six months to 31 December 4
5 Financial summary (continued) Six months to 31 December 2005 Year to 30 June Change % Dividend per share 9.6p 8.2p p Dividend cover 7.7x 7.1x - 4.6x Adjusted earnings per share excluding amortisation of intangibles - undiluted 75.8p 60.0p p - fully diluted 74.8p 59.5p p Basic earnings per share - undiluted 73.9p 58.0p p - fully diluted 72.9p 57.5p p Kier Group plc interim results for the six months to 31 December 5
6 Performance by segment Six months to 31 December 2005 Change % Year to 30 June Revenue: Construction ,218.1 Support Services Homes Property Infrastructure Investment , ,838.3 Operating profit:* Construction Support Services Homes Property Infrastructure Investment 0.5 (0.2) - (0.7) Corporate overhead (4.8) (5.4) - (11.7) * Before joint venture finance costs and tax 1 After amortisation of intangible assets of 1.0m (December 2005: 1.0m, June : 1.9m) Kier Group plc interim results for the six months to 31 December 6
7 Segmental analysis net operating assets At 31 December 2005 Change At 30 June Construction (241.0) (200.4) (215.3) Support Services (6.1) (0.9) Homes Property Infrastructure Investment (0.6) (5.7) +5.1 (3.3) Centre (56.6) (114.8) (61.4) Net operating assets/(liabilities) 25.1 (32.2) (2.7) Cash, net of debt Net assets Kier Group plc interim results for the six months to 31 December 7
8 Balance sheet summary At 31 December 2005 Change At 30 June Intangible assets Property, plant and equipment Investment in joint ventures Inventories Other working capital (474.8) (383.3) (431.6) Cash (net) Long-term borrowings (30.2) (30.1) -0.1 (30.1) Provisions (22.6) (20.1) -2.5 (19.0) Pensions (net of tax) (28.9) (93.0) (42.1) Tax and deferred tax (14.0) (9.8) -4.2 (1.9) Net assets Kier Group plc interim results for the six months to 31 December 8
9 Pensions IAS 19 At 31 December 2005 At 30 June December - June Change Kier Group Pension Scheme: Market value of assets Present value of liabilities (562.7) (578.3) (534.0) Deficit in the scheme (48.1) (137.5) (67.0) Deferred tax asset Net pension liability (33.7) (96.2) (46.9) Net effect of Sheffield Scheme Net pension liability (28.9) (93.0) (42.1) Special contributions of 8.0m in the six months to 31 December ( 31.5m in the six months to 30 June ) Remaining deficit to be eliminated over 10 years Kier Group plc interim results for the six months to 31 December 9
10 Movement in cash balances summary for the six months to 31 December Opening net funds at 30 June Cash inflow from operating activities 44.7 Acquisition of Hugh Bourn Homes (20.0) Investment in joint ventures (5.4) Net capital expenditure (6.8) Financing, tax and dividends (9.3) Excellent cash generation from Construction and Support Services Increase in land creditors 8.0m special contributions to pensions Closing net funds* * Includes 42.3m (2005: 32.3m, June ( 37.6m) in joint arrangements and captive insurance company Kier Group plc interim results for the six months to 31 December 10
11 Group structure (revenue figures for the six months to 31 December ) Construction Support Services Homes Property Infrastructure Investment Regional Contracting Mid-range construction projects delivered by locally managed business units across the UK. Building Major Projects Affordable Housing Infrastructure & Overseas Civil engineering & mining, projects in the UK and overseas. Kier Support Services Comprehensive facilities management, reactive and planned building maintenance, M&E design and installation, plant hire and other outsourced services for both private and public sectors. Kier Residential High quality private housebuilding. Kier Property Commercial property development. Kier Project Investment Promotes and manages the Group s interests in the Private Finance Initiative bringing together Kier s expertise and resources in worldwide construction, property development, housing and facilities management. Revenue 675.2m Revenue 142.7m Revenue 151.8m Revenue 43.5m Revenue 7.3m Kier Group plc interim results for the six months to 31 December 11
12 Construction key performance indicators Operating profit 24 Six months to 31 December 2005 Year to 30 June 22 Operating margin 1.4% 1.4% 1.5% 20 Cash at period end 322.4m 278.3m 298.7m 18 Order book* 1,196m 1,057m 1,270m Contract awards 597m 522m 1,311m * Order book at 28 February 2007 and and 30 June Order book excludes a further 470m of work executed under limited letters of intent (February : 282m) and a further 400m of work pending award * * UK GAAP 1 st half 2 nd half Kier Group plc interim results for the six months to 31 December 12
13 Kier Regional Regional contracting, building major projects, affordable housing Six months to 31 December 2005 Contract awards 581m 493m Public sector awards 49% 50% Private sector awards 51% 50% 100% 100% Year to 30 June 1,216m 43% 57% 100% Negotiated and twostage bids 65% 59% 65% Competitive tender 35% 41% 100% 100% Average contract size 3.7m 2.7m 35% 100% 3.2m Kier Group plc interim results for the six months to 31 December 13
14 Kier Regional key markets and opportunities Sector % of awards in six months Key clients Growth prospects Commercial property 25 Ballymore Properties Kier Property Arlington Office construction expected to see a continued increase in activity Education 19 Local authorities, PFI, universities and colleges Academies Framework: total market 1.7bn over 4 years. Total schools capital funding forecast 6.4bn in 2007/08 rising to 8bn by Prisons & custodial 14 Home Office Custodial Properties - Framework Significant expenditure anticipated due to demand for prison spaces 8,000 extra spaces by 2012 Residential 11 Local Authorities RSL Frameworks Further growth in new build and refurbishment is anticipated Health 10 NHS Falling off in health for traditionally funded projects Retail 8 Tesco Waitrose & John Lewis Sainsbury Sainsbury s has restarted expansion programme. M&S and John Lewis plan for refurbishment and new stores Morrisons Kier Group plc interim results for the six months to 31 December 14
15 Kier Construction UK civil engineering, mining and overseas UK: Completed remediation projects for Kier Property and Kier Residential on time and within budgets South Hook progressing satisfactorily Greenburn opencast coal mine: Cumulative production exceeded 1.5m tonnes 1.8m tonnes of original deposit left, 68% forward sold Planning consent approved for a further 0.8m tonnes Life expectancy of mine increased to 2011 Fengate remediation Greenburn opencast coal mine Kier Group plc interim results for the six months to 31 December 15
16 Kier Construction UK civil engineering, mining and overseas Overseas: Good opportunities in Dubai and Romania Good progress in Jamaica on: Norman Manley Airport Half-Way-Tree Transport Centre Norman Manley Airport Difficulties leading to delay on hotel project in Antigua Half-Way-Tree Transport Centre Kier Group plc interim results for the six months to 31 December 16
17 Kier Support Services key performance indicators Operating profit (before amortisation of intangibles) 10 Six months to 31 December 2005 Year to 30 June Operating margin* 3.5% 2.8% 3.1% 8 Order book 1 1,589m 1,292m 1,396m Cash 17.8m 8.6m 12.5m 6 * Before amortisation of intangible asset 1 Order book at 28 February 2007 and and 30 June * * UK GAAP 1 st half 2 nd half Kier Group plc interim results for the six months to 31 December 17
18 Kier Support Services four business streams Building Maintenance: Local authority and housing association maintenance contracts, Decent Homes and street services Excellent opportunities for growth Managed Services: PFI hard and soft services Public and private sector opportunities Selective on size of contracts Building Services: M&E services, maintenance and design capability Plant: Plant hire both external and internal Decent Homes Kier Plant Kier Group plc interim results for the six months to 31 December 18
19 Kier Support Services Building Maintenance Forward workload principal contracts Local Authority Revenue End date Repairs and maintenance Sheffield City Council 56m pa 2013 Leeds City Council 12m pa 2010 Islington Borough Council 30m pa 2010 Greenwich Borough Council 5m pa 2010 Decent Homes Sheffield City Council 146m over 6 years 2012 Islington Borough Council 40m over 6 years 2012 Lincoln City Council 35m over 5 years 2012 Hackney Borough Council 40m over 5 years 2011 New contracts Harlow District Council 17m pa 2017 One Vision Housing (Sefton) 16m pa 2011 Preferred bidder Kingston upon Hull City Council 17m pa 2012 Shortlisted Stoke-on-Trent City Council 30m pa Est 2017 Harrow Borough Council 17m pa Est 2012 Hackney Borough Council (R&M) 13m pa Est 2011 Kier Group plc interim results for the six months to 31 December 19
20 Kier Support Services future growth strategy Total housing stock in England is c 4.3m homes Kier currently looks after c 185,000 homes Increasing demand for Local Authority outsourcing contracts Decent Homes programme likely to be extended to 2013 Maintenance market: Through Local Authorities c 1.8bn in Through RSL s c 4.2bn in Kier Group plc interim results for the six months to 31 December 20
21 Kier Residential performance Operating profit Six months to 31 December Year to 30 June 2005 Change % Unit sales (units) ,522 Average selling price ( ) 175, , , Revenue from housing () Land sale () Total revenue () Housing operating profit () 20.2 Operating margin % % of total sales are affordable housing units (2005: 11.0%) Unit sales for the year biased towards second half * * UK GAAP 1 st half 2 nd half Kier Group plc interim results for the six months to 31 December 21
22 Residential map Kier Group plc interim results for the six months to 31 December 22
23 Kier Residential completions, average sales price and plot cost Units ASP ( ) Six months to 31 December 2005 Units 2005 ASP ( ) Allison Homes , ,200 Bellwinch Homes , ,500 Hugh Bourn Homes , Kier Homes , ,900 Twigden Homes , , , ,900 Average plot cost - 40,000-45,100 Plot cost as a % of sales price % % Land bank with planning consent (units) - 7,004-5,600 Strategic land bank (units) - 11,800-11,000 Kier Group plc interim results for the six months to 31 December 23
24 Kier Residential key points Acquisition of Hugh Bourn in July : 1,200 residential plots Forms fifth operating area for Kier Residential Order book at 28 February over 50% ahead of last year (43% excluding Hugh Bourn Homes) Over 80% unit sales secured for full year sales biased towards second half Further land expenditure planned to maintain land bank at four years Kier Group plc interim results for the six months to 31 December 24
25 Kier Residential housing fundamentals There is a significant gap between supply and rising demand for new homes Household growth is driven by: Aging population Divorce Second homes Immigration Latest projections are that households in England will grow by 209,000 per annum to 2026 Over the last 30 years the number of households has increased by 30% and the level of housebuilding has decreased by 50% Annual completions have failed to rise above 185,000 in the last 15 years Kier Group plc interim results for the six months to 31 December 25
26 Kier Property Property Six months to 31 December 2005 Year to 30 June Operating profit: Kier Joint venture Kier Property Commercial property development schemes Gross development value Floor space 7 office schemes 396m 1.7m sq ft 16 industrial schemes 204m 2.3m sq ft 4 retail schemes 58m 0.1m sq ft Revenue 43.5m Including over 1,200 residential units 187m 0.5m sq ft Kier Group plc interim results for the six months to 31 December 26
27 Kier Property recent developments Sales biased to first half of the year, including two to Invista: Mannington Retail Park Reading Central Both with future involvement from Kier Reading Central Sale of Haverhill Retail Park Financial close on Ordnance Survey, Southampton Preferred bidder on Supreme Court, London Haverhill Retail Park Kier Group plc interim results for the six months to 31 December 27
28 Kier Total Solutions Ashford: redevelopment of former rail land. Includes: 800 flats Retail space Involvement from: Kier Residential Kier Partnership Homes Kier Regional Kier Property Ordnance Survey, Southampton. Includes: New headquarters for Ordnance Survey 450 houses/flats Retail and commercial development Involvement from: Kier Property Kier Regional Kier Residential Kier Support Services Ashford Ordnance Survey Kier Group plc interim results for the six months to 31 December 28
29 Kier Project Investment Infrastructure Investment Kier Project Investment Promotes and manages the Group s interests in the Private Finance Initiative bringing together Kier s expertise and resources in worldwide construction, property development, housing and facilities management. Financial close on North Kent Police HQ Health and education PFI slowing New markets being explored including fire stations, social housing and prisons Revenue 7.3m Kier Group plc interim results for the six months to 31 December 29
30 Kier Project Investment current projects Sector Project Status Capital value Kier equity/ loan stock Equity % Health Hairmyres Hospital Operational West Berkshire Hospital Operational Hinchingbrooke Operational Ipswich Hospital Construction Local authority Bournemouth Library Oldham Library Operational Operational Education Tendring Schools Operational Waltham Schools Operational 51 Sheffield Schools Operational 50 Norwich Schools Construction 39 Oldham Schools Construction 54 Others Greenwich Care Homes Operational 18 North Kent Police HQ Construction 25 Committed investment - Green: Kier construction and support services contractor Red: Kier construction contractor Shortlisted: Leicester Hospitals Scheme; Three Counties Police Investigation Centres Kier Group plc interim results for the six months to 31 December 30
31 Prospects Combined order books for Construction and Support Services at record levels strong pipeline of work close to award Homes order book at 28 February over 50% ahead of last year, over 80% of projected units for full year are secure Property Development: good pipeline of developments PFI: new markets are being explored Value from mixed-use developments combining skills from all areas of the Group including growing remediation capability Prospects are excellent for further profitable growth Kier Group plc interim results for the six months to 31 December 31
32 Five-year record year ended 30 June IFRS UK GAAP Turnover 1, , , , ,382.7 Operating profit (Group + JVs) Total finance (cost)/income net (2.7) (4.3) (2.0) (0.6) 1.1 Joint venture tax (1.4) (1.2) Other - exceptionals (2.3) 0.7 Profit before tax EPS - basic including exceptionals 120.8p 103.4p 81.5p 69.5p 60.4p Dividend per share 26.0p 22.2p 19.0p 16.4p 14.2p Shareholders funds 108.5m 52.8m 116.4m 92.7m 73.8m Kier Group plc interim results for the six months to 31 December 32
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