TIDMTW.
RNS Number : 6656M
Taylor Wimpey PLC
01 August 2017
1 August 2017
Taylor Wimpey plc
Half year results for the period ended 2 July 2017
Pete Redfern, Chief Executive, commented:
"Trading through the first half of 2017 has been very positive,
supported by favourable UK housing market fundamentals and good
customer confidence. In the central London market in particular, we
are pleased to see improved customer confidence following a period
of uncertainty.
Although the wider political backdrop could have an impact on
confidence levels and market dynamics, we have seen no material
change in trading since the General Election, and our first half
performance has been strong. Our business is built to maximise
performance in all market conditions, benefiting from a robust
balance sheet and high-quality landbank. With a strong forward
order book and a disciplined strategy to manage the business
through the cycle, we remain on track to meet both our full year
objectives and medium term strategic goals".
UK operational performance
-- Completed a total of 6,580 homes, excluding joint ventures,
an increase of 9.3% (H1 2016: 6,019)
-- 6.3% increase in total average selling price to GBP253k (H1
2016: GBP238k), excluding joint ventures
-- 24.2% increase in pre-exceptional operating profit* to
GBP346.2 million (H1 2016: GBP278.8 million)
-- Strong order book representing 8,741 homes (3 July 2016:
8,683) with a total value of GBP2,111 million (3 July 2016:
GBP2,156 million), excluding joint ventures, which has continued to
grow to GBP2,224 million as at 23 July 2017 (2016 equivalent
period: GBP2,237 million)
-- Short term landbank of 76,503 plots with 58% sourced from the strategic land pipeline
-- Provision of GBP130 million has been recorded as an
exceptional item in the H1 2017 accounts as a result of the
leasehold review.
Group profit before tax of GBP205.0 million (H1 2016: GBP268.8
million).
Returns to shareholders announced
Announce today a special dividend of GBP340 million (c.10.4p
pence per share) to be paid in July 2018 (July 2017: GBP301 million
and 9.20 pence per share). Confirm Ordinary Dividend Policy of
approximately 5% of Group net assets and at least GBP150 million
per annum through the cycle.
Target to return GBP1.3 billion in dividends over period 2016-18
will be successfully achieved.
Interim ordinary dividend of 2.3 pence per share (H1 2016: 0.53
pence per share) to be paid on 3 November 2017, bringing 2017 total
dividends to c.GBP451 million or 13.8 pence per share.
Balance sheet remains strong with significant further growth in
net cash to GBP429.0 million at 2 July 2017 (3 July 2016: GBP116.7
million).
Group financials
H1 2017 H1 2016 Change FY 2016
Revenue GBPm 1,727.5 1,457.2 18.5% 3,676.2
-------- -------- -------- --------
Operating profit* GBPm 349.0 279.1 25.0% 764.3
-------- -------- -------- --------
Operating profit* margin 20.2% 19.2% 1.0ppt 20.8%
-------- -------- -------- --------
Profit before tax and exceptional
items GBPm 335.0 266.6 25.7% 733.4
-------- -------- -------- --------
Profit before tax GBPm 205.0 268.8 (23.7)% 732.9
-------- -------- -------- --------
Earnings for the period before
exceptional items GBPm 271.1 213.3 27.1% 589.7
-------- -------- -------- --------
Earnings for the period GBPm 165.7 215.1 (23.0)% 589.3
-------- -------- -------- --------
Adjusted basic earnings per
share pence 8.3 6.5 27.7% 18.1
-------- -------- -------- --------
Basic earnings per share pence 5.1 6.6 (22.7)% 18.1
-------- -------- -------- --------
Tangible net asset value per
share pence 94.0 88.5 6.2% 88.6
-------- -------- -------- --------
Net cash**** GBPm 429.0 116.7 267.6% 364.7
-------- -------- -------- --------
Return on net operating assets** 30.8% 25.2% 5.6ppt 30.7%
-------- -------- -------- --------
Current trading and outlook
Trading through the first half of 2017 has been very positive,
supported by favourable UK housing market fundamentals and good
customer confidence. The Group has reported impressive profit
growth for the period and ended H1 2017 with net cash of GBP429.0m,
materially higher than last year.
The UK net private sales rate for H1 2017 has been strong and
stands at 0.87, c.12% higher than the equivalent period last year.
The net private sales rate for the year to date (w/e 23 July)
stands at 0.86 (2016 equivalent period: 0.77). As at 23 July 2017
we were c.90% forward sold for private completions for 2017, with a
total order book value of GBP2,224 million (2016 equivalent period:
GBP2,237 million), excluding joint ventures.
The proportion of FY 2017 forecast completions that have been
delivered in the first half is slightly higher than last year as we
continue to focus on the smoothing of the home delivery profile as
part of our improved customer journey. This approach impacts the
relative growth rates in the respective periods (2016: 44% / 56%)
but leaves us on track to deliver in line with our FY 2017 volume
guidance of being up c.4-5% year on year.
We have reported a notable improvement in UK net operating asset
turn * which increased to 1.45 times (H1 2016: 1.25 times; FY 2016:
1.46 times), benefiting from the combination of on-going
improvement in land acquisition terms, revenue growth and cost
control.
The market is underpinned by a competitive mortgage environment,
the Help To Buy scheme and low interest rates. Customer interest
remains high, with website visits solid and customers continuing to
register interest in forthcoming developments and progress their
home purchase plans. The cancellation rate for H1 2017 was 11%,
compared to 12% in H1 2016.
The markets in all our geographies continue to trade positively.
Customer confidence in central London has improved after a period
of uncertainty, while the outer London market remains robust. In
central London the land environment has changed, and we are seeing
opportunities emerge. Having remained disciplined on acquisition
criteria in the past 18 months in central London we are working on
certain potential opportunities that would be significant and
financially attractive and would provide the backbone for this
regional business for a number of years.
In the period since the General Election we have seen no
material change in our trading activity, nor have we implemented
any significant change to our strategy. However, we do recognise
that the outcome of the General Election, combined with the
on-going Brexit negotiations, has resulted in greater political
uncertainty, and we are therefore alert to the potential risk of a
future change in customer confidence. Our strategy, based on a
robust balance sheet, a high-quality landbank and a strong order
book provides the flexibility and resilience to enable us to deal
with changing market conditions, if required.
We confirm our prior guidance for build cost increases in 2017
of c.3-4%. The land market remains fundamentally attractive, and we
have continued to acquire land at compelling investment margins and
returns in the period. We remain focused on pursuing opportunities
that are in high-quality locations and meet our investment
criteria.
We have a clear strategy and a strong focus on where we can add
further value to the business. In this way, we are confident that
we can adapt to all market conditions from a position of strength
and perform well, underpinning our value proposition to
shareholders and other stakeholders. Our focus remains on steady,
sustainable growth as we maximise efficiency through operational
excellence and discipline on our sites and throughout our
business.
We remain fully committed to the Dividend Policy set out in May
2016 and our objective to provide a consistent and reliable income
stream for investors. We have announced today a special dividend
for 2018 of GBP340 million, which, alongside the ordinary dividend,
will take total dividends paid in the period 2016-18 to GBP1.3
billion, in line with our target. We confirm our intention to make
further material capital returns to shareholders in 2019 and beyond
and will provide an update on the future approach to capital
returns at the next Strategy Day in H1 2018.
* Operating profit is defined as profit on ordinary activities
before net finance costs, exceptional items and tax, after share of
results of joint ventures.
** Return on net operating assets is defined as 12-month rolling
operating profit divided by the average of the opening and closing
net operating assets, which is defined as net assets less net cash
less net tax balances, excluding any accrued dividends.
*** Operating cash flow is defined as cash generated by
operations before tax and interest paid on a rolling 12-month
basis.
****Net cash is defined as cash and cash equivalents less bank
and other loans.
Tangible net assets per share is defined as net assets before
any accrued dividends excluding goodwill and intangible assets
divided by the number of ordinary shares in issue at the end of the
period.
Adjusted basic earnings per share represents earnings attributed
to the shareholders of the parent, excluding exceptional items and
tax on exceptional items, divided by the weighted average number of
shares in issue during the period.
* Net operating asset turn is defined as total revenue divided
by the average of opening and closing net operating assets. Based
on rolling 12 months.
** The method of calculation is in line with the Annual Injury
Incidence Rate methodology and covers the period between 1 January
2017 and 2 July 2017.
A reconciliation of the above alternative performance measures
to statutory measures is disclosed on pages 34 to 37.
- Ends -
A presentation to analysts will be hosted by Chief Executive
Pete Redfern and Group Finance Director Ryan Mangold at 9am on
Tuesday 1 August 2017. This presentation will be webcast live on
our website: www.taylorwimpey.co.uk/corporate
An archived version of the webcast will be available on our
website in the afternoon of 1 August 2017.
For further information please contact:
Taylor Wimpey plc Tel: +44 (0) 7823 419000
Pete Redfern, Chief Executive
Ryan Mangold, Group Finance Director
Harry Goad, Investor Relations
Finsbury Tel: +44 (0) 20 7251 3801
Faeth Birch
Anjali Unnikrishnan
Notes to editors:
Taylor Wimpey plc is a UK-focused residential developer which
also has operations in Spain.
For further information please visit the Group's website:
www.taylorwimpey.co.uk
Follow us on Twitter @TaylorWimpeyplc
Managing through the cycle - Group strategy and returns
We operate in a cyclical market where factors such as customer
confidence and mortgage cost inevitably have a direct impact on the
short term outlook. We believe that a long term view and a
proactive and flexible approach is needed to manage through the
cycle. Our strategy is built on this and so seeks to protect
shareholder value whilst mitigating future downside risk and
affords us the flexibility to take advantage of opportunities and
drive further value from the business.
Whilst we have not yet seen any impact on our business we
recognise that political and macro uncertainty have both increased
in recent months, and we are alert as to the impact this could have
on consumer confidence. Should political or economic developments
impact upon market conditions we are confident that the business is
positioned appropriately to protect shareholder value while also
capitalising on opportunities.
We reiterate the medium term targets announced in May 2016 and
are pleased with the progress we continue to make:
-- An average annual return on net operating assets** of 30%
-- An average operating profit* margin of c.22%
-- A total of GBP1.3 billion of dividends to be paid in cash to shareholders over the period
Whilst the targets are stretching we believe these to be the
best medium term measure of performance for our business, and they
remain appropriate goals for the three-year period to the end of
2018.
With the announcement today of the 2018 special dividend the
total dividends announced now meet the GBP1.3 billion total
dividend target for the 2016-18 period. The return on net operating
assets** at 30.8% for H1 2017 also shows that we are at the
necessary run rate to meet or exceed the RONOA target. We continue
to deliver improvements in the operating profit* margin, as shown
in both the H1 2017 and FY 2016 results, although this remains the
most challenging of the three targets that we set.
The Group is rated investment grade by all three major credit
rating agencies, which we believe provides further vindication of
our financial strength and operational strategy.
Returns to shareholders
Our Dividend Policy, as an output of our strategy, is inherently
linked to the cyclical environment in which we operate. It
comprises an ordinary dividend to be paid through all stages of the
cycle and a special dividend to be paid at appropriate times in the
cycle. We remain confident that we can continue to be significantly
cash generative. This will enable us to sustain a significant
ordinary dividend to shareholders on an annual basis through all
stages of the cycle, including through a 'normal downturn'.
Accordingly, from 2017, and as previously announced in May 2016,
subject to shareholder approval each year, the Company will pay an
ordinary dividend of approximately 5% of Group net assets and which
will be at least GBP150 million per annum. This Ordinary Dividend
Policy was, prior to its announcement, the subject of prudent and
comprehensive stress testing against various downside scenarios,
which also included a reduction of 20% in prices and a 30%
reduction in volumes. This Ordinary Dividend Policy is intended to
provide a minimum annual return to shareholders throughout the
cycle.
The payment of ordinary dividends will also continue to be
supplemented by additional significant special dividends at
appropriate times in the cycle. Since commencing the payment of
special dividends in 2014, we have returned c.GBP900 million of
special dividends to shareholders, including GBP301 million paid to
shareholders in July 2017. Our Special Dividend Policy will pay out
to shareholders the free cash generated by the Group after land
investment, all working capital, taxation and other cash
requirements of the business in executing our strategy in the near
term, and once the Group's ordinary dividend has been met.
In 2017, shareholders will receive total dividends (including
ordinary and special dividends) of c.GBP451 million or 13.8 pence
per share.
We announce today, subject to approval at the 2018 AGM, that we
intend to pay GBP340 million to shareholders in July 2018 by way of
a special dividend. As such, in 2018 shareholders will receive a
total dividend of c.GBP500 million (c.15.3 pence per share),
comprising an ordinary dividend of c.GBP160 million (c.4.9 pence
per share) and the special dividend (c.10.4 pence per share).
We confirm our intention to make further material capital
returns to shareholders in 2019 and beyond and will provide an
update on the future approach to capital returns at the next
Strategy Day in H1 2018. The Board will keep the mechanics of how
the Company will return capital to shareholders, including the
merits of undertaking a share buyback at some point in the future
should it become appropriate to do so, under regular review.
Operational review
Taylor Wimpey plc is a UK-focused residential developer which
also has operations in Spain. Our operational review is for the UK
only as the majority of metrics do not apply to our Spanish
business. A short summary of the Spanish business follows. The
financial analysis is presented at Group level, which includes
Spain, unless otherwise indicated.
Joint ventures are excluded from the operational review and
Group financial review, unless stated otherwise. For the purpose of
clarity, joint ventures are separated out in the Group financial
review.
Our key performance metrics
UK H1 2017 H1 2016 Change FY 2016
Contribution per legal completion
GBPk 65.5 59.7 9.7% 65.5
-------- -------- --------- --------
Forward order book as a % of
forecast FY completions (as
at period end) 60.3% 63.1% (2.8)ppt 54.8%
-------- -------- --------- --------
Owned and controlled plots with
planning or resolution to grant 76,503 77,805 (1.7)% 76,234
-------- -------- --------- --------
Strategic land pipeline conversion
plots 5,166 5,782 (10.7)% 9,519
-------- -------- --------- --------
% of completions from strategically
sourced land 53% 53% 0ppt 51%
-------- -------- --------- --------
Customer satisfaction % 87.2% 84.9% 2.3ppt 85%
-------- -------- --------- --------
Health and Safety Annual Injury
Incidence Rate (per 100,000
employees and contractors) ** 81 108 (25.0)% 211
-------- -------- --------- --------
Employee turnover % (voluntary)
rolling 12 months 14.5% 13.3% 1.2ppt 13.9%
-------- -------- --------- --------
Sales, completions and pricing
The UK housing market was very positive in the first six months
of 2017, with strong sales rates and modest house price growth.
Overall, we estimate that market led house price growth for our
regional mix was c.3-4% in the 12 months to 2 July 2017.
Whilst there were some regional variations, we saw a generally
positive market across all geographies. Approximately 6% of our
outlets are located inside the M25 which continued to have strong
underlying fundamentals, particularly at the mid-market price
points and below. Trading in central London was stable, with
improving confidence, while the outer London market remained
robust.
In the first half of 2017, total home completions (excluding
joint ventures) increased by 9.3% to 6,580 (H1 2016: 6,019). During
the first half of 2017, we delivered 1,361 affordable homes (H1
2016: 1,184), equating to 20.7% of total completions (H1 2016:
19.7%). Our net private reservation rate for the first half of the
year was 0.87 homes per outlet per week (H1 2016: 0.78).
Cancellation rates remained low at 11% (H1 2016: 12%). Average
selling prices on private completions increased by 7.9% to GBP287k
(H1 2016: GBP266k), once again benefiting from our focus on better
quality locations. Our total average selling price increased by
6.3% to GBP253k (H1 2016: GBP238k).
First time buyers accounted for 42% of total sales (H1 2016:
41%) in the first half of 2017. Investor sales continued to be at a
very low level at 4% (H1 2016: 4%).
During the first half of 2017 approximately 45% of total sales
used the Help to Buy scheme, as we worked with 3,470 households to
take the first step to home ownership or to move up the housing
ladder (H1 2016: c.42% and 3,005). Approximately 77% of sales
through Help to Buy in the first half of 2017 were to first time
buyers (H1 2016: 78%).
As at 2 July 2017 our order book represented 8,741 homes (3 July
2016: 8,683 homes) and has reduced in value by 2.1% to GBP2,111
million (3 July 2016: GBP2,156 million), excluding joint ventures.
The Central London order book is 261 homes (3 July 2016: 407
homes), at a value of GBP232 million (3 July 2016: GBP390
million).
During the first half of 2017 we opened 63 new outlets (H1 2016:
59). As at 2 July 2017 we had 296 outlets (3 July 2016: 287)
located in high-quality locations.
Customers
During the first half of 2017 we achieved a customer
satisfaction score of 87.2% (H1 2016: 84.9%), as we saw our
improvement plans start to impact on performance. Last year we
introduced a number of changes to our customer service approach,
including the appointment of a newly created and boosted role of
Head of Customer Service in each of our 24 regional businesses and
the Home Quality Inspection (HQI) process on all of our sites. As
we are continuing to instil our new customer approach across our
business operations we are encouraged to see positive feedback from
both customers and employees, but we also recognise that it will
take time to fully embed. Customer service will remain a key
priority for Taylor Wimpey on an ongoing basis.
Within the AGM trading update in April we published the
conclusions of our leasehold review, and announced that we would
make a provision, before tax, of GBP130 million in the first half
accounts, which we continue to believe is an appropriate estimate.
We expect the cash outflow to be spread over a number of years. The
process of negotiation with the owners of the freeholds to these
leasehold properties is on-going, and is proceeding in line with
our expectations, and we continue to keep customers updated on the
progress of these discussions.
Land and planning
Our short term landbank stands at 76,503 plots, equating to
c.5.3 years of supply at current completion levels. We have been
broadly operating on a replacement basis in the short term landbank
for a number of years and have had an extremely selective and
targeted approach to further land investment. The land market
remains fundamentally attractive and we have continued to acquire
land at compelling investment margins in the period. We remain
focused on only pursuing the opportunities that are both in high
quality locations and meet our investment criteria.
In the short term owned landbank the average cost of land as a
proportion of average selling price remains very low at 15.1%,
affording significant value upside and protection (H1 2016:
16.3%).
In the first half of 2017 we acquired 2,828 plots in the short
term land market (H1 2016: 3,110 plots), focused on where we can
add value and seek to maximise the returns from our investments. In
the period, we achieved a 0.9% upside to acquisition margins on
completions from land acquired since 2009.
The average selling price in the UK short term owned landbank in
the first half of 2017 increased by 5.1% to GBP267k (H1 2016:
GBP254k), driven by the quality of additions and the improvement in
the housing market.
We have one of the largest strategic pipelines in the sector
which stood at c.105k potential plots as at 2 July 2017 (3 July
2016: c.104k potential plots). During the first six months of 2017
we converted a further 5,166 plots from the strategic pipeline to
the short term landbank (H1 2016: 5,782 plots).
In the period, 53% of our completions were sourced from the
strategic pipeline (H1 2016: 53%).
Build costs, efficiency and product
During the first half of 2017 build cost per unit increased to
GBP137.4k (H1 2016: GBP129.4k). In the period build cost increases
(excluding house type mix impact) stood at c.3-4% year on year (H1
2016: c.3-4%). Cost pressures are generally more weighted towards
labour, with the decent availability of building materials largely
keeping cost inflation under control. Looking forward, and in line
with our previous estimates, we anticipate underlying build costs
will increase by c.3-4% overall in 2017.
We have improved our UK net operating asset turn * to 1.45 times
(H1 2016: 1.25 times), benefitting from work in progress
efficiency, revenue growth, and a low land cost as a percentage of
average selling price in the short term owned landbank of 15.1% (H1
2016: 16.3%), as a result of higher margin short term landbuying
and increased strategic conversion. The higher proportion of
strategic land conversion results in higher work in progress spend
due to these sites generally requiring greater infrastructure
investment. Good progress continues to be made on our medium term
target of 30% average annual return on net operating assets** as
set out in May 2016.
Health and safety
The health and safety of individuals on our sites will always be
our number one priority and continues to be the first item
discussed at every plc Board, Group Management Team and regional
board meeting. We are committed to providing a safe place in which
our employees and subcontractors can work and our customers can
live, and we will not compromise on ensuring that everyone leaves
our sites safe and well. We have a comprehensive Health, Safety and
Environmental (HSE) Strategy and a fully integrated HSE Management
System in place which is regularly reviewed at all levels.
Following the tragic fire at Grenfell Tower in London we have
been conducting our own internal reviews into our current and
historic developments, including working with building owners and
managing agents. All of our developments have robust fire safety
strategies in place and each apartment block has an individual fire
safety strategy that has been carefully developed during the design
stage. All Taylor Wimpey homes are built to comply with the
relevant Building Regulations, the Regulatory Reform Fire Safety
Order, and British Standards and codes of practice. We will
continue to review and remain in contact with current building
owners and managers as the causes and implications of the Grenfell
Tower fire become better understood.
Our Annual Injury Incidence Rate ** (AIIR) for reportable
injuries per 100,000 employees and contractors was 81 in the first
half of 2017, against 108 in the first half of 2016, back in line
with our very strong performance in 2015. Our AIIR for major
injuries per 100,000 employees and contractors was 32 in the first
half of 2017 (H1 2016: 36). Although our AIIR remains well below
industry levels, we are committed to reducing it further.
People and skills
Individually, and by working together, our employees are crucial
to driving our success. We aim to be the employer of choice in the
housebuilding industry, attracting and retaining the best people to
establish a culture that gives all individuals the opportunity and
support to develop their full potential, regardless of market
conditions or their background.
During the first half of 2017 we directly employed, on average,
4,883 people across the UK (H1 2016: 4,622). Our rolling 12 months
voluntary employee turnover rate was 14.5% (H1 2016: 13.3%). This
is well below historic norms and gives us a significant competitive
advantage and additional stability in an extremely competitive
environment for skills.
We continue to invest in the skills and development of our
employees across the business and to ensure that Taylor Wimpey
attracts and retains the best people in the industry through the
cycle. Last year we introduced a new flexible benefit package for
all employees and a new approach to flexible working, with
maternity, paternity and adoption policies significantly
enhanced.
We are pleased to report that Taylor Wimpey achieved a total of
62 Quality Awards (2016: 57) in the National House-Building
Council's (NHBC) Pride in the Job Awards 2017.
Local communities and sustainability
We aim to balance the long term economic stability and growth of
the Company with our responsibilities to the environment, society
and the economies in which we operate.
In the first half of 2017, we contributed over GBP173 million to
the local communities in which we build across the UK via planning
obligations, providing, for example, local infrastructure,
affordable homes, public transport and education facilities (H1
2016: GBP147 million).
Spain
We completed 68 homes in the first half of 2017 (H1 2016: 53) at
an average selling price of EUR394k (H1 2016: EUR342k). The total
order book as at 2 July 2017 was 406 homes (3 July 2016: 399
homes). The Spanish business delivered an operating profit* of
GBP2.8 million for the first half of 2017 (H1 2016: GBP0.3 million)
and an operating profit* margin of 11.4% (H1 2016: 2.0%).
Total plots in the landbank stand at 2,834 (FY 2016: 2,140),
with net operating assets at GBP57.2 million (FY 2016: GBP46.8
million).
Looking ahead, we remain cautiously optimistic about trading and
performance for 2017 and beyond.
Group financial review of operations
Performance of the Group is monitored internally using a variety
of statutory and alternative performance measures as outlined
below. Alternative performance measures are used where they are
considered to be more indicative of underlying trading or in
monitoring performance against strategy. Definitions of the
alternative performance measures discussed below and
reconciliations to the equivalent statutory measures are detailed
on pages 34 to 37.
Income statement
Group revenue increased by 18.5% to GBP1,727.5 million in the
first half of 2017 (H1 2016: GBP1,457.2 million) from 6,648
completions (H1 2016: 6,072). The increase was driven by improved
selling prices in the UK, up 6.3% to GBP253k (H1 2016: GBP238k),
and UK volume growth of 9.3% to 6,580 completions (H1 2016: 6,019).
Average selling prices on private completions increased by 7.9% to
GBP287k (H1 2016: GBP266k) in the UK, with this increase being a
result of both our underlying shift to better quality locations and
by capturing market sales price increases.
The UK land cost per unit sold, at GBP43.7k, was slightly higher
than the prior year (H1 2016: GBP40.3k), due to trading from a
greater proportion of higher quality sites. Total UK land cost per
completion as a percentage of selling prices was 17.3% (H1 2016:
16.9%).
Build cost per unit in the UK increased to GBP137.4k (H1 2016:
GBP129.4k), driven by marginal build cost inflation, the impact of
higher infrastructure costs due to a higher proportion of strategic
sites and mix and specification improvements. Other direct costs
and selling expenses per unit decreased to GBP6.5k (H1 2016:
GBP6.8k), due to volume growth and sales efficiencies.
UK contribution per completion increased by 9.7% to GBP65.5k for
the period (H1 2016: GBP59.7k), continuing to benefit from improved
land mix from completions and improved sales prices partially
offset by build cost increases.
Group gross profit, of GBP444.0 million (H1 2016: GBP366.0
million), increased by 21.3% and included a positive contribution
of GBP11.8 million (H1 2016: GBP4.4 million), driven mostly from
sales of legacy sites in the period. Positive contribution
represents previously written down inventory allocated to a plot
which has subsequently resulted in a gross profit on completion.
This can be due to revenue outperformance, cost efficiencies or
product mix improvements. These amounts are stated before the
allocation of overheads which are excluded from the Group's net
realisable value exercise.
In the first half of 2017, 5% (H1 2016: 4%) of the Group's UK
completions were from sites that had been previously impaired. In
Spain, 16 plots (H1 2016: 11) were completed that had previously
been impaired. The Group anticipates that c.5% of UK 2017
completions will come from sites that have been previously
impaired.
During the period, completions from joint ventures were 87 (H1
2016: 25). The total order book value of joint ventures as at 2
July 2017 was GBP18 million (3 July 2016: GBP62 million),
representing 32 homes (3 July 2016: 126). Our share of results of
joint ventures in the period was a profit of GBP4.4 million (H1
2016: GBP0.1 million loss).
Operating profit* increased to GBP349.0 million (H1 2016:
GBP279.1 million), delivering an operating profit* margin of 20.2%
(H1 2016: 19.2%).
Net finance costs for the period were GBP14.0 million (H1 2016:
GBP12.5 million). Interest on overdraft, bank and other loans
decreased by GBP2.6 million year on year, following the repayment
of the term loan in 2016.
Pre-exceptional profit before tax for the period from operations
increased by 25.7% to GBP335.0 million (H1 2016: GBP266.6 million).
The pre-exceptional tax charge was GBP63.9 million (H1 2016:
GBP53.3 million) with an underlying tax rate of 19.1% (H1 2016:
20.0%) that largely reflects the statutory tax rate in the UK.
Profit before tax for the period from operations decreased by 23.7%
to GBP205.0 million as a result of the exceptional provision.
This resulted in a profit, before exceptional items, for the
half year of GBP271.1 million (H1 2016: GBP213.3 million), 27.1% up
on the prior year.
Earnings for the period were GBP165.7 million, down 23.0% on H1
2016, as a result of the exceptional charge relating to the
leasehold review. We continue to view the provision, before tax, of
GBP130 million as an appropriate estimate.
Basic earnings per share was 5.1 pence (H1 2016: 6.6 pence). The
adjusted basic earnings per share was 8.3 pence (H1 2016: 6.5
pence), up 27.7%.
Balance sheet
Net operating assets as at 2 July 2017 were GBP2,646.1 million
(31 December 2016: GBP2,539.6 million), reflecting a net investment
of GBP137.2 million (3 July 2016: GBP351.0 million) year on year in
land and work in progress, funded by increased profitability.
Return on net operating assets** increased by 560 basis points to
30.8% (H1 2016: 25.2%), reflecting growth and improved
profitability while maintaining balance sheet discipline.
Group net operating asset turn * increased to 1.46 times (H1
2016: 1.25 times, FY 2016: 1.48 times). Asset turn has benefited
from the combination of on-going improvement in land acquisition
terms, revenue growth and cost control.
Net assets at 2 July 2017 stood at GBP2,778.9 million (3 July
2016 GBP2,592.2 million, 31 December 2016 GBP2,900.3 million). The
net asset decrease from 31 December 2016 was driven by
profitability in the period and lower pension deficit offset by the
ordinary dividend paid and the accrual of the special dividend,
paid on 14 July 2017.
As at the balance sheet date, the Group held certain land and
work in progress that had been written down to net realisable value
of GBP119.6 million (31 December 2016: GBP138.3 million) of which
the balance in the UK was GBP101.2 million (31 December 2016:
GBP119.6 million). As at 2 July 2017, the associated write-downs
were GBP115.9 million (31 December 2016: GBP147.0 million) of which
the balance in the UK was GBP68.2 million and principally related
to 13 locations.
As at 2 July 2017, in the UK, 2.5% of our short term owned and
controlled land was impaired (31 December 2016: 3%), with 82% of
the short term owned and controlled landbank purchased after 2009,
71% of which was sourced through our strategic pipeline, resulting
in a land cost to average selling price in the short term owned
landbank of 15.1% (31 December 2016: 15.4%).
The review of land and work in progress net realisable values
did not result in any movement in the provision.
We continue to use land creditors as a way of funding land
acquisitions where this makes the most commercial sense and is
value-enhancing for the business. Land creditors reduced to
GBP526.1 million (31 December 2016: GBP599.8 million) and, combined
with net cash, resulted in adjusted gearing of 3.5% (31 December
2016: 8.1%). Included within the land creditor balance is GBP124.5
million of UK land overage commitments (31 December 2016: GBP130
million). GBP267.8 million of Group land creditors are expected to
be paid within 12 months and GBP159.4 million between one and two
years from balance sheet date.
The mortgage debtor balance was GBP71.3 million at 2 July 2017
(31 December 2016: GBP78.0 million), with the decrease due to
redemption receipts of GBP8.3 million and interest income of GBP1.6
million.
Our net deferred tax asset relates principally to our pension
deficit and decreased to GBP40.5 million in the period (31 December
2016: GBP57.4 million). GBP8.4 million of this asset relates to the
temporary differences of our Spanish business, including brought
forward trading losses.
Pensions
Retirement benefit obligations of GBP130.2 million at 2 July
2017 (31 December 2016: GBP234.1 million) comprise a defined
benefit pension liability of GBP129.0 million (31 December 2016:
GBP232.7 million) and a post-retirement healthcare liability of
GBP1.2 million (31 December 2016: GBP1.4 million). The pension
deficit decreased by GBP103.7 million in H1 2017 to GBP129.0
million. This is due to asset outperformance partially offset by a
small decrease of 0.05% in the discount rate. The volatility of the
deficit remains low due to the c.GBP200 million buy-in completed in
2014 (c.10% of the liabilities) combined with c.75% liability
hedging against interest rates and inflation risk exposure. In the
first half of 2017 we contributed GBP14.1 million in pension
contributions.
The triennial valuation of the pension scheme as at 31 December
2016 is expected to be concluded in early 2018.
Cash flow
Net cash increased to GBP429.0 million at 2 July 2017 from
GBP116.7 million at 3 July 2016, despite returning GBP392.3 million
to shareholders by way of dividends in the 12-month period to 2
July 2017. This improvement in net cash is largely as a result of
strong performance in underlying trading and maintaining balance
sheet discipline, as well as the timing of potential land
acquisitions.
Net land spend, including the payment of land creditors, was
GBP295.3 million (H1 2016: GBP361.7 million).
The sum of GBP1,088.3 million has been invested in work in
progress in the period (H1 2016: GBP1,067.4 million). In the first
half of 2017, we paid GBP2.8 million in interest costs (H1 2016:
GBP4.1 million) and GBP74.8 million in dividends (H1 2016: GBP38.5
million).
In the period the Group paid GBP61.4 million in tax (H1 2016:
GBP0.7 million, FY 2016 GBP71.0 million), with the increase due to
the historic operational losses brought forward being exhausted in
H1 2016.
In the 12 months to 2 July 2017 we converted 104% of operating
profit* into operating cash flow*** (H1 2016 rolling 12 months:
55%).
Financing structure
Our committed borrowing facilities are currently GBP638 million
with an average maturity of 3.1 years. The GBP550 million revolving
credit facility is undrawn. Average net cash for the half year was
GBP223.8 million (H1 2016: GBP2.7 million net cash; FY 2016:
GBP87.4 million net debt).
Dividends
We have today provided a further update on our special dividend
payment for 2018, as well as the 2017 interim dividend.
The Board has declared that a 2017 interim dividend of 2.3 pence
per share is to be paid on 3 November 2017 to shareholders on the
register at the close of business on 22 September 2017 (H1 2016
interim dividend: 0.53 pence per share). This has been set in line
with the Ordinary Dividend Policy of approximately 5% of net assets
per annum.
This dividend will be paid as a cash dividend, and shareholders
are once again being offered the opportunity to reinvest all of
their dividend under the Dividend Re-Investment Plan (DRIP),
details of which are available from our Registrar and on our
website. Elections to join the Plan must reach the Registrar by 9
October 2017 in order to be effective for this dividend. Further
details can be found on our website www.taylorwimpey.co.uk
In addition, on 14 July 2017, we returned GBP301 million to
shareholders by way of a special dividend, equating to 9.20 pence
per share.
We remain fully committed to the enhancements to the Dividend
Policy we announced in May 2016.
From 2017, subject to shareholder approval, the Company will pay
an ordinary dividend of approximately 5% of Group net assets and
which will be at least GBP150 million per annum. This is intended
to provide a minimum annual return to shareholders throughout the
cycle, including through a 'normal downturn'. This ordinary
dividend will be paid equally as a final dividend in May and as an
interim dividend in November each year.
We have announced today that we intend to return GBP340 million
to shareholders in July 2018, equating to c.10.4 pence per ordinary
share, subject to shareholder approval at the 2018 AGM.
We confirm our intention to make further material capital
returns to shareholders in 2019 and beyond and will provide an
update on the future approach to capital returns at the next
Strategy Day in H1 2018. The Board will keep the mechanics of how
the Company will return capital to shareholders, including the
merits of undertaking a share buyback at some point in the future
should it become appropriate to do so, under regular review.
Principal risks and uncertainties
As with any business, Taylor Wimpey faces a number of risks and
uncertainties in the course of its day to day operations. It is
only by identifying and managing these risks and uncertainties that
we are able to deliver on our medium term targets of average
operating profit* margin of c.22%, an average annual return on net
operating assets** of 30% and a total of GBP1.3 billion of
dividends to be paid in cash to shareholders over the period.
The key business risks and uncertainties are in line with those
outlined in the 2016 Annual Report. In addition to the principal
industry related risks, we also closely monitor a number of other
key internal and external factors. These include the impact on the
Group from the result of the EU Referendum, the impact from a
successful cyber-attack and those factors likely to affect our
reputation. The key business risks, not listed in order of
importance, now include:
-- Impact of market environment on mortgage availability and
affordability and housing demand - The majority of the homes that
we build are sold to individual purchasers who take on mortgages to
finance their purchases. A change in business confidence,
employment opportunities or significant changes in the base rate
may impact on the demand for housing. The cost of servicing a
mortgage continues to be at historic lows. However, sustained
growth in interest rates and low wage inflation could challenge
mortgage affordability, leading to lower selling prices as a result
of falling demand. Although the Government has extended the Help to
Buy equity loan to 2021, there is uncertainty around the impact to
consumers and the housing market after this point.
Loss of business and consumer confidence as a result of the
changes from leaving the EU, may impact on demand for new build
housing and the sales price. This may be tempered to some extent by
the current imbalance between demand and supply. However, future
decisions made by the Government around homebuyer initiatives, new
legislation, stamp duty and by the Bank of England around interest
rates, is likely to create both risks and opportunities for
homebuilders and their customers.
-- Government regulations, planning policy and political
pressures - The NPPF and Localism Act are well established,
although have yet to facilitate the delivery of greater housing
availability for the UK against Government targets. The Housing and
Planning Act 2016 aims to address the disparity between demand and
supply for housing in the UK, by seeking changes to the planning
system. The Neighbourhood Planning Act, aims to address delays
caused by pre-commencement planning conditions, streamline the
Compulsory Purchase Order process and strengthen neighbourhood
planning. The Housing White Paper published in February 2017, is
being consulted upon and, in totality, is helpful to progress
housing delivery of all tenures. Recent legislature and changes
could have a disruptive effect on the planning system, sales rate,
site mixes and customer behaviour.
-- Materials and subcontractors cost pressures - Increased
housing production could reduce the availability of materials and
subcontractors and put pressure on utility firms to keep up with
the pace of production. Further, leaving the EU could impact on the
availability of skilled workers. Together this could result in
build programme delays and unexpected cost increase.
-- Ability to attract, motivate and retain key skills - In a
buoyant housebuilding market, there is a risk of increased staff
turnover in certain trades and professions, often as a result of
poaching by competitors. This could lead to business disruption,
process failure and knowledge drain, in addition to the cost of
staff replacement.
-- Site and customer safety - Building sites are inherently
dangerous places. Unsafe practices by our employees or
subcontractors can, if not managed properly, have the potential to
cause death or serious injury.
-- Land availability and cost - The purchase of land of poor
quality, at too high a price, or the incorrect timing of land
purchases relative to the economic cycle could impact the Group's
future profitability.
Further detail can be found on pages 44 to 47 of the 2016 Annual
Report and Accounts.
Cautionary note concerning forward looking statements
This report contains certain forward looking statements. These
statements are made by the Directors in good faith based on the
information available to them up to the time of their approval of
this report, and such statements should be treated with caution due
to the inherent uncertainties, including both economic and business
risk factors, underlying such forward looking information.
Taylor Wimpey plc
Condensed Consolidated Income Statement
For the half year ended 2 July 2017
(Reviewed) (Reviewed) (Audited)
Half Half year Half Half Half Half Year Year Year
year ended year year year year ended ended ended
ended 2 ended ended ended ended 31 December 31 December 31
2 July 2017 2 3 July 3 July 3 July 2016 2016 December
July July 2016 2016 2016 2016
2017 2017
Before Exceptional Total Before Exceptional Total Before Exceptional Total
exceptional items exceptional items exceptional items
items (Note items (Note items (Note
GBP million Note 3) 3) 3)
---------------- ----
Continuing
operations
Revenue 1,727.5 - 1,727.5 1,457.2 - 1,457.2 3,676.2 - 3,676.2
Cost of sales (1,283.5) - (1,283.5) (1,093.4) 2.2 (1,091.2) (2,735.8) (0.5) (2,736.3)
---------------- ---- ----------- ----------- --------- ----------- ----------- --------- ----------- ----------------------- ---------
Gross profit
before
positive
contribution 432.2 - 432.2 359.4 2.2 361.6 927.3 (0.5) 926.8
Positive
contribution
from written
down
inventory 11.8 - 11.8 4.4 - 4.4 13.1 - 13.1
---------------- ---- ----------- ----------- --------- ----------- ----------- --------- ----------- ----------------------- ---------
Gross
profit/(loss) 444.0 - 444.0 363.8 2.2 366.0 940.4 (0.5) 939.9
Net operating
expenses (99.4) (130.0) (229.4) (84.6) - (84.6) (177.3) - (177.3)
---------------- ---- ----------- ----------- --------- ----------- ----------- --------- ----------- ----------------------- ---------
Profit/(loss) on
ordinary
activities
before finance
costs 344.6 (130.0) 214.6 279.2 2.2 281.4 763.1 (0.5) 762.6
Interest
receivable 4 0.4 - 0.4 0.3 - 0.3 0.7 - 0.7
Finance costs 4 (14.4) - (14.4) (12.8) - (12.8) (31.6) - (31.6)
Share of results
of joint
ventures 4.4 - 4.4 (0.1) - (0.1) 1.2 - 1.2
---------------- ---- ----------- ----------- --------- ----------- ----------- --------- ----------- ----------------------- ---------
Profit/(loss) on
ordinary
activities
before tax 335.0 (130.0) 205.0 266.6 2.2 268.8 733.4 (0.5) 732.9
Tax
(charge)/credit 5 (63.9) 24.6 (39.3) (53.3) (0.4) (53.7) (143.7) 0.1 (143.6)
---------------- ---- ----------- ----------- --------- ----------- ----------- --------- ----------- ----------------------- ---------
Profit/(loss)
for
the period 271.1 (105.4) 165.7 213.3 1.8 215.1 589.7 (0.4) 589.3
Attributable to:
Equity holders
of
the parent 165.7 215.1 589.3
Non-controlling
interests - - -
---------------- ---- ----------- ----------- --------- ----------- ----------- --------- ----------- ----------------------- ---------
165.7 215.1 589.3
---------------- ---- ----------- ----------- --------- ----------- ----------- --------- ----------- ----------------------- ---------
Basic earnings
per
share 6 5.1p 6.6p 18.1p
Diluted earnings
per share 6 5.1p 6.6p 17.9p
Adjusted basic
earnings
per share 6 8.3p 6.5p 18.1p
Adjusted diluted
earnings per
share 6 8.3p 6.5p 18.0p
---------------- ---- ----------- ----------- --------- ----------- ----------- --------- ----------- ----------------------- ---------
Taylor Wimpey plc
Condensed Consolidated Statement of Comprehensive Income
For the half year ended 2 July 2017
Half year ended 2 Half year ended 3 July 2016 Year
July 2017 ended 31 December 2016
GBPmillion (Reviewed) (Reviewed) (Audited)
------------------------------------------ ----------------- --------------------------- -----------------------
Items that may be reclassified
subsequently to profit or loss:
Exchange differences on translation of
foreign operations 1.6 5.8 6.3
Movement in fair value of hedging
derivatives and loans (1.1) (5.1) (5.0)
Items that will not be reclassified
subsequently to profit or loss:
Actuarial gain/(loss) on defined benefit
pension schemes 94.8 (12.2) (69.3)
Tax (charge)/credit on items taken directly
to other comprehensive income (15.2) 2.4 10.7
------------------------------------------- ----------------- --------------------------- -----------------------
Other comprehensive income/(expense) for
the period net of tax 80.1 (9.1) (57.3)
Profit for the period 165.7 215.1 589.3
------------------------------------------- ----------------- --------------------------- -----------------------
Total comprehensive income for the period 245.8 206.0 532.0
------------------------------------------- ----------------- --------------------------- -----------------------
Attributable to:
Equity holders of the parent 245.8 206.1 532.0
Non-controlling interests - (0.1) -
------------------------------------------- ----------------- --------------------------- -----------------------
245.8 206.0 532.0
------------------------------------------ ----------------- --------------------------- -----------------------
Taylor Wimpey plc
Condensed Consolidated Balance Sheet
As at 2 July 2017
2 July 3 July 31 December 2016
2017 2016
GBP million Note (Reviewed) (Reviewed) (Audited)
------------------------------- ---- ---------- ---------- ----------------
Non-current assets
Intangible assets 3.9 3.5 3.5
Property, plant and equipment 22.0 20.8 21.0
Interests in joint ventures 55.1 41.1 50.3
Trade and other receivables 66.5 83.4 87.2
Deferred tax assets 5 40.5 53.7 57.4
------------------------------- ---- ---------- ---------- ----------------
188.0 202.5 219.4
------------------------------- ---- ---------- ---------- ----------------
Current assets
Inventories 4,055.2 4,278.5 3,984.0
Trade and other receivables 164.1 148.5 91.4
Tax receivables - 0.2 0.2
Cash and cash equivalents 7 516.8 300.7 450.2
4,736.1 4,727.9 4,525.8
------------------------------- ---- ---------- ---------- ----------------
Total assets 4,924.1 4,930.4 4,745.2
------------------------------- ---- ---------- ---------- ----------------
Current liabilities
Trade and other payables (1,034.8) (1,161.1) (988.1)
Tax payables (36.7) (48.3) (61.6)
Provisions 10 (78.9) (33.9) (28.0)
Accrued dividends 12 (300.0) (300.0) -
(1,450.4) (1,543.3) (1,077.7)
------------------------------- ---- ---------- ---------- ----------------
Net current assets 3,285.7 3,184.6 3,448.1
------------------------------- ---- ---------- ---------- ----------------
Non-current liabilities
Trade and other payables (392.9) (427.2) (442.5)
Bank and other loans 7 (87.8) (184.0) (85.5)
Deferred tax liabilities 5 - - -
Retirement benefit obligations 8 (130.2) (181.1) (234.1)
Provisions 10 (83.9) (2.6) (5.1)
------------------------------- ---- ---------- ---------- ----------------
(694.8) (794.9) (767.2)
------------------------------- ---- ---------- ---------- ----------------
Total liabilities (2,145.2) (2,338.2) (1,844.9)
------------------------------- ---- ---------- ---------- ----------------
Net assets 2,778.9 2,592.2 2,900.3
------------------------------- ---- ---------- ---------- ----------------
GBP million
------------------------------- ---- ---------- ---------- ----------------
Equity
Share capital 288.5 288.4 288.4
Share premium account 762.9 762.9 762.9
Own shares (8.2) (1.6) (12.2)
Other reserves 43.7 42.6 43.2
Retained earnings 1,691.1 1,499.0 1,817.3
------------------------------- ---- ---------- ---------- ----------------
Equity attributable to parent 2,778.0 2,591.3 2,899.6
Non-controlling interests 0.9 0.9 0.7
------------------------------- ---- ---------- ---------- ----------------
Total equity 2,778.9 2,592.2 2,900.3
------------------------------- ---- ---------- ---------- ----------------
Taylor Wimpey plc
Condensed Consolidated Statement of Changes in Equity
For the half year ended 2 July 2017
Reviewed half year ended 2 Share capital Share premium Own shares Other reserves Retained earnings Total
July 2017
GBP million
----------------------------- ------------- ------------- ---------- -------------- ----------------- -------
Balance as at 1 January 2017 288.4 762.9 (12.2) 43.2 1,817.3 2,899.6
------------------------------ ------------- ------------- ---------- -------------- ----------------- -------
Exchange differences on
translation of foreign
operations - - - 1.6 - 1.6
Movement in fair value of
hedging derivatives and loans - - - (1.1) - (1.1)
Actuarial gain on defined
benefit pension schemes 94.8 94.8
Deferred tax charge - - - - (15.2) (15.2)
------------------------------ ------------- ------------- ---------- -------------- ----------------- -------
Other comprehensive income for
the period net of tax - - - 0.5 79.6 80.1
Profit for the period - - - - 165.7 165.7
------------------------------ ------------- ------------- ---------- -------------- ----------------- -------
Total comprehensive income for
the period - - - 0.5 245.3 245.8
New share capital subscribed 0.1 - - - - 0.1
Own shares acquired - - - - - -
Utilisation of own shares - - 4.0 - - 4.0
Cash cost of satisfying share
options - - - - (3.2) (3.2)
Share-based payment credit - - - - 5.8 5.8
Tax credit on items taken
directly to statement of
changes in equity - - - - 0.7 0.7
Dividends approved and paid - - - - (74.8) (74.8)
Dividends approved - - - - (300.0) (300.0)
Equity attributable to parent 288.5 762.9 (8.2) 43.7 1,691.1 2,778.0
Non-controlling interests 0.9
Total equity 2,778.9
------------------------------ ------------- ------------- ---------- -------------- ----------------- -------
Reviewed half year ended 3 Share capital Share premium Own shares Other reserves Retained earnings Total
July 2016
GBP million
----------------------------- ------------- ------------- ---------- -------------- ----------------- -------
Balance as at 1 January 2016 288.3 762.9 (3.2) 41.9 1,632.7 2,722.6
------------------------------ ------------- ------------- ---------- -------------- ----------------- -------
Exchange differences on
translation of foreign
operations - - - 5.8 - 5.8
Movement in fair value of
hedging derivatives and loans - - - (5.1) - (5.1)
Actuarial loss on defined
benefit pension schemes - - - - (12.2) (12.2)
Deferred tax credit - - - - 2.4 2.4
------------------------------ ------------- ------------- ---------- -------------- ----------------- -------
Other comprehensive
income/(expense) for the
period net of tax - - - 0.7 (9.8) (9.1)
Profit for the period - - - - 215.1 215.1
------------------------------ ------------- ------------- ---------- -------------- ----------------- -------
Total comprehensive income for
the period - - - 0.7 205.3 206.0
New share capital subscribed 0.1 - - - - 0.1
Own shares acquired - - (0.7) - - (0.7)
Utilisation of own shares - - 2.3 - - 2.3
Cash cost of satisfying share
options - - - - (2.4) (2.4)
Share-based payment credit - - - - 3.6 3.6
Tax charge on items taken
directly to statement of
changes in equity - - - - (1.7) (1.7)
Dividends approved and paid - - - - (38.5) (38.5)
Dividends approved (300.0) (300.0)
Equity attributable to parent 288.4 762.9 (1.6) 42.6 1,499.0 2,591.3
Non-controlling interests 0.9
Total equity 2,592.2
------------------------------ ------------- ------------- ---------- -------------- ----------------- -------
Taylor Wimpey plc
Condensed Consolidated Statement of Changes in Equity
(continued)
For the half year ended 2 July 2017
Audited year ended 31 Share capital Share premium Own shares Other reserves Retained earnings Total
December 2016
GBP million
--------------------------- ------------- ------------- ---------- -------------- ----------------- ---------
Balance as at 1 January 2016 288.3 762.9 (3.2) 41.9 1,632.7 2,722.6
---------------------------- ------------- ------------- ---------- -------------- ----------------- ---------
Exchange differences on
translation of foreign
operations - - - 6.3 - 6.3
Movement in fair value of
hedging derivatives and
loans - - - (5.0) - (5.0)
Actuarial loss on defined
benefit pension schemes - - - - (69.3) (69.3)
Deferred tax credit - - - - 10.7 10.7
---------------------------- ------------- ------------- ---------- -------------- ----------------- ---------
Other comprehensive
income/(expense) for the
year net of tax - - - 1.3 (58.6) (57.3)
Profit for the year - - - - 589.3 589.3
---------------------------- ------------- ------------- ---------- -------------- ----------------- ---------
Total comprehensive income
for the year - - - 1.3 530.7 532.0
New share capital subscribed 0.1 - - - - 0.1
Own shares acquired - - (10.6) - - (10.6)
Utilisation of own shares - - 1.6 - - 1.6
Cash cost of satisfying
share options - - - - 0.7 0.7
Share-based payment credit - - - - 9.8 9.8
Tax charge on items taken
directly to statement of
changes in equity - - - - (0.7) (0.7)
Dividends approved and paid - - - - (355.9) (355.9)
Equity attributable to
parent 288.4 762.9 (12.2) 43.2 1,817.3 2,899.6
Non-controlling interests 0.7
Total equity 2,900.3
---------------------------- ------------- ------------- ---------- -------------- ----------------- ---------
Taylor Wimpey plc
Condensed Consolidated Cash Flow Statement
For the half year ended 2 July 2017
Half year ended 2 Half year ended 3 July 2016 Year
July 2017 ended 31 December 2016
GBP million Note (Reviewed) (Reviewed) (Audited)
------------------------------------- ---- ----------------- --------------------------- -------------------------
Net cash from/(used in) operating
activities 7 142.0 (45.2) 537.7
Investing activities:
Interest received 0.4 0.3 0.7
Proceeds on disposal of property,
plant and equipment - 0.3 0.3
Purchases of property, plant and
investments (2.0) (1.4) (3.1)
Purchases of software (1.0) (1.4) (2.0)
Amounts loaned to joint ventures (0.3) (14.1) (22.0)
Net cash used in investing activities (2.9) (16.3) (26.1)
------------------------------------- ---- ----------------- --------------------------- -------------------------
Financing activities:
Repayment of bank loans - - (100.0)
Proceeds from other loans - 84.0 83.0
Proceeds from sale of own shares 0.1 0.1 0.1
Net (cash cost)/cash received from
satisfying share options (0.8) (0.1) 2.3
Purchase of own shares - (0.7) (10.6)
Dividends paid (74.8) (38.5) (355.9)
Net cash generated (from)/used in
financing activities (75.5) 44.8 (381.1)
------------------------------------- ---- ----------------- --------------------------- -------------------------
Net increase/(decrease) in cash and
cash equivalents 63.6 (16.7) 130.5
Cash and cash equivalents at
beginning of period 450.2 323.3 323.3
Effect of foreign exchange rate
changes 3.0 (5.9) (3.6)
------------------------------------- ---- ----------------- --------------------------- -----------------------
Cash and cash equivalents at end of
period 516.8 300.7 450.2
------------------------------------- ---- ----------------- --------------------------- -------------------------
Taylor Wimpey plc
Notes to the Condensed Consolidated Financial Statements
For the half year ended 2 July 2017
1. Accounting policies
Basis of preparation
The half year report has been prepared in accordance with the
recognition and measurement criteria of International Financial
Reporting Standards (IFRSs) as adopted by the European Union and
the disclosure requirements of the Listing Rules.
The condensed set of financial statements included in this half
year report has been prepared in accordance with IAS 34 'Interim
Financial Reporting', as adopted by the European Union. These
should be read in conjunction with the Group's annual financial
statements for the year ended 31 December 2016, which have been
prepared in accordance with applicable IFRSs.
The information contained in this Interim Report for the year
ended 31 December 2016 does not constitute statutory accounts as
defined in section 434 of the Companies Act 2006. A copy of the
statutory accounts for that year has been delivered to the
Registrar of Companies. The auditor reported on those accounts:
their report was unqualified, did not draw attention to any matters
by way of emphasis and did not contain a statement under sections
498 (2) or (3) respectively of the Companies Act 2006.
The accounting policies and method of computations adopted in
the preparation of the half year 2017 condensed consolidated
financial statements are consistent with those followed in the
preparation of the Group's annual financial statements for the year
ended 31 December 2016. At the date of authorisation of these
condensed financial statements, the Group has not applied the
following new and revised IFRSs that have been issued but are not
yet effective and in some cases had not yet been adopted by the
EU:
-- IFRS 9 - Financial Instruments
-- IFRS 15 - Revenue from Contracts with Customers
-- IFRS 16 - Leases
-- IFRS 2 (amendments) - Classification and Measurement of
Share-based Payment Transactions
-- IAS 7 (amendments) - Disclosure Initiative
-- IAS 12 (amendments) - Recognition of Deferred Tax Assets for
Unrealised Losses
-- IFRS 10 and IAS 28 (amendments) - Sale or Contribution of
Assets between an Investor and its Associate or Joint Venture
Where material, the expected impact to the Group Financial
statements on adoption of the above standards is detailed in the
Annual Report and Accounts at 31 December 2016. This assessment has
not changed in the period to 2 July 2017.
Taxes on profits for the six month period are accrued based on
the rate expected to be applicable for the full year.
Going concern
The Group continues to be profitable and based on the latest
budgets there are sufficient resources available for the Group to
continue for the foreseeable future. As such the condensed
consolidated financial statements have been prepared on a going
concern basis.
Estimates and judgements
The preparation of a condensed set of financial statements
requires management to make judgements, estimates and assumptions
about the carrying amounts of assets and liabilities at each period
end. The estimates and associated assumptions are based on
historical experience and other factors that are considered to be
relevant. Actual results may differ from these estimates. The
estimates and underlying assumptions are reviewed on an ongoing
basis.
In preparing these condensed consolidated financial statements,
the significant judgements made by management in applying the
Group's accounting policies and the key sources of estimation
uncertainty were principally the same as those applied to the
Group's consolidated financial statements as at and for the year
ended 31 December 2016. In addition to those applied at 31 December
2016, the announcement of the recognition of a GBP130.0 million
provision in respect of the leasehold review at the AGM on 27 April
2017 is an additional area of estimation uncertainty in the period
to 2 July 2017. This has been considered further in Note 3.
Taylor Wimpey plc
Notes to the Condensed Consolidated Financial Statements
(continued)
For the half year ended 2 July 2017
2. Operating segments
IFRS 8 'Operating segments' requires information to be presented
in the same basis as it is reviewed internally.
The Group operates in two countries, being the United Kingdom
and Spain.
The United Kingdom is split into three geographical operating
segments, each managed by a Divisional Chairman who sits on the
Group Management Team. In addition there is a 'Corporate' operating
segment which includes the corporate functions, Major Developments
and Strategic Land.
Segment information about these businesses is presented
below:
Central
& South London
Half year ended 2 July 2017 North West & South
GBP million Division Division East Division Corporate Spain Total
------------------------------------------- --------- --------- -------------- --------- -------- ---------
Revenue
External sales 634.4 531.0 529.3 8.2 24.6 1,727.5
Result
Profit/(loss) on ordinary activities
before joint ventures, finance costs
and exceptional items 144.7 130.5 108.1 (41.5) 2.8 344.6
Share of results of joint ventures 0.1 - 4.3 - - 4.4
------------------------------------------- --------- --------- -------------- --------- -------- ---------
Profit/(loss) on ordinary activities
before finance costs, exceptional items
and after share of results of joint
ventures 144.8 130.5 112.4 (41.5) 2.8 349.0
Exceptional items (Note 3) - - - (130.0) - (130.0)
------------------------------------------- --------- --------- -------------- --------- -------- ---------
Profit/(loss) on ordinary activities
before finance costs, after share of
results of joint ventures and exceptional
items 144.8 130.5 112.4 (171.5) 2.8 219.0
Net finance costs (14.0)
------------------------------------------- --------- --------- -------------- --------- -------- ---------
Profit on ordinary activities before
taxation 205.0
Taxation (including exceptional tax) (39.3)
------------------------------------------- --------- --------- -------------- --------- -------- ---------
Profit for the period 165.7
------------------------------------------- --------- --------- -------------- --------- -------- ---------
Central
& South London
As at 2 July 2017 North West & South
GBP million Division Division East Division Corporate Spain Total
------------------------------------------- --------- --------- -------------- --------- -------- ---------
Assets and liabilities
Segment operating assets 1,184.5 1,269.6 1,482.5 220.9 154.2 4,311.7
Joint ventures 2.7 3.4 46.5 2.5 - 55.1
Segment operating liabilities (375.5) (466.9) (436.4) (344.9) (97.0) (1,720.7)
------------------------------------------- --------- --------- -------------- --------- -------- -----------
Net operating assets/(liabilities) 811.7 806.1 1,092,6 (121.5) 57.2 2,646.1
Net current taxation (36.7)
Net deferred taxation 40.5
Accrued dividends (300.0)
Net cash 429.0
------------------------------------------- --------- --------- -------------- --------- -------- -----------
Net assets 2,778.9
------------------------------------------- --------- --------- -------------- ------------- ---- -----------
Taylor Wimpey plc
Notes to the Condensed Consolidated Financial Statements
(continued)
For the half year ended 2 July 2017
2. Operating segments (continued)
Central
& South London
Half year ended 3 July 2016 North West & South
GBP million Division Division East Division Corporate Spain Total
------------------------------------------- --------- --------- -------------- --------- -------- ---------
Revenue
External sales 580.7 499.9 361.7 0.1 14.8 1,457.2
Result
Profit/(loss) on ordinary activities
before joint ventures, finance costs
and exceptional items 136.8 116.2 60.1 (34.2) 0.3 279.2
Share of results of joint ventures 0.1 - (0.2) - - (0.1)
------------------------------------------- --------- --------- -------------- --------- -------- ---------
Profit/(loss) on ordinary activities
before finance costs, exceptional items
and after share of results of joint
ventures 136.9 116.2 59.9 (34.2) 0.3 279.1
Exceptional items 2.2 2.2
------------------------------------------- --------- --------- -------------- --------- -------- ---------
Profit/(loss) on ordinary activities
before finance costs, after share of
results of joint ventures and exceptional
items 136.9 118.4 59.9 (34.2) 0.3 281.3
Net finance costs (12.5)
------------------------------------------- --------- --------- -------------- --------- -------- ---------
Profit on ordinary activities before
taxation 268.8
Taxation (including exceptional tax) (53.7)
------------------------------------------- --------- --------- -------------- --------- -------- ---------
Profit for the period 215.1
------------------------------------------- --------- --------- -------------- --------- -------- ---------
Central
& South London
As at 3 July 2016 North West & South
GBP million Division Division East Division Corporate Spain Total
------------------------------------------- --------- --------- -------------- --------- -------- ---------
Assets and liabilities
Segment operating assets 1,230.9 1,356.8 1,654.2 151.6 141.2 4,534.7
Joint ventures 2.3 3.1 34.5 1.0 0.2 41.1
Segment operating liabilities (365.3) (541.3) (549.7) (276.8) (72.8) (1,805.9)
------------------------------------------- --------- --------- -------------- --------- -------- ---------
Net operating assets/(liabilities) 867.9 818.6 1,139.0 (124.2) 68.6 2,769.9
Net current taxation (48.1)
Net deferred taxation 53.7
Accrued dividends (300.0)
Net cash 116.7
Net assets 2,592.2
------------------------------------------- --------- --------- -------------- ------------- ---- ---------
Taylor Wimpey plc
Notes to the Condensed Consolidated Financial Statements
(continued)
For the half year ended 2 July 2017
2. Operating segments (continued)
Central London
For the year to 31 December 2016 North & South & South
GBP million Division West Division East Division Corporate Spain Total
------------------------------------------- --------- -------------- -------------- --------- -------- ---------
Revenue
External sales 1,239.4 1,204.5 1,137.0 1.7 93.6 3,676.2
Result
Profit/(loss) on ordinary activities
before joint ventures, finance costs
and exceptional items 279.9 280.7 249.3 (67.4) 20.6 763.1
Share of results of joint ventures 0.1 - 1.1 - - 1.2
------------------------------------------- --------- -------------- -------------- --------- -------- ---------
Profit/(loss) on ordinary activities
before finance costs, exceptional items
and after share of results of joint
ventures 280.0 280.7 250.4 (67.4) 20.6 764.3
Exceptional items - 2.2 - - (2.7) (0.5)
------------------------------------------- --------- -------------- -------------- --------- -------- ---------
Profit/(loss) on ordinary activities
before finance costs, after share of
results of joint ventures and exceptional
items 280.0 282.9 250.4 (67.4) 17.9 763.8
Net finance costs (30.9)
------------------------------------------- --------- -------------- -------------- --------- -------- ---------
Profit on ordinary activities before
taxation 732.9
Taxation (including exceptional tax) (143.6)
------------------------------------------- --------- -------------- -------------- --------- -------- ---------
Profit for the period 589.3
------------------------------------------- --------- -------------- -------------- --------- -------- ---------
Central London
As at 31 December 2016 North & South & South
GBP million Division West Division East Division Corporate Spain Total
------------------------------------------- --------- -------------- -------------- --------- -------- ---------
Assets and liabilities
Segment operating assets 1,155.1 1,241.0 1,451.9 215.4 123.7 4,187.1
Joint ventures 2.6 3.3 43.2 1.2 - 50.3
Segment operating liabilities (341.7) (514.4) (459.9) (304.9) (76.9) (1,697.8)
------------------------------------------- --------- -------------- -------------- --------- -------- ---------
Net operating assets/(liabilities) 816.0 729.9 1,035.2 (88.3) 46.8 2,539.6
Net current taxation (61.4)
Net deferred taxation 57.4
Net cash 364.7
------------------------------------------- --------- -------------- -------------- --------- -------- ---------
Net assets 2,900.3
------------------------------------------- --------- -------------- -------------- -------------- --- ---------
3. Net operating expenses and profit on ordinary activities before finance costs
Profit on ordinary activities before financing costs has been
arrived at after charging/(crediting):
Half year Half year Year ended
ended 2 ended 3 July 31 December
GBP million July 2017 2016 2016
------------------------ ---------- ------------- ------------
Administration expenses 97.4 91.6 189.2
Other expense 5.0 3.0 9.5
Other income (3.0) (10.0) (21.4)
Exceptional items 130.0 (2.2) 0.5
------------------------ ---------- ------------- ------------
Net other income includes profits on the sale of property, plant
and equipment, revaluation of certain shared equity mortgage
receivables.
Taylor Wimpey plc
Notes to the Condensed Consolidated Financial Statements
(continued)
For the half year ended 2 July 2017
3. Net operating expenses and profit on ordinary activities
before finance costs (continued)
Half year
ended Half year Year ended
Exceptional items: 2 July ended 3 31 December
GBP million 2017 July 2016 2016
------------------------------------------------------ --------- ---------- ------------
Provision in respect of leasehold review 130.0 - -
------------------------------------------------------ --------- ---------- ------------
Net (addition to)/reversal of inventory impairments - (2.2) 0.5
------------------------------------------------------ --------- ---------- ------------
Tax (credit)/charge (24.6) 0.4 (0.1)
------------------------------------------------------ --------- ---------- ------------
Net exceptional items charged to the income statement 105.4 (1.8) 0.4
------------------------------------------------------ --------- ---------- ------------
Leasehold provision
As announced at the AGM on 27 April 2017, we are taking measures
which we believe will address our customers concerns regarding
historical lease structures in an appropriate and fair manner. Our
review has focused on a specific lease structure which provides
that the ground rent doubles every 10 years until the 50th year, at
which point the rent is capped. This lease structure was introduced
by Taylor Wimpey in good faith in 2007 and was one of a variety of
lease types used on new developments during that period until late
2011, when we stopped using them on new developments commenced
after that date.
The doubling clauses are considered to be entirely legal and are
clearly set out in the relevant lease documentation. In addition,
when buying their Taylor Wimpey property, all customers received
independent legal advice as part of the standard conveyancing
process. In line with normal practice the relevant freehold
reversions have been sold to a number of third parties over several
years.
On behalf of customers who acquired from, and remain the owners
of a Taylor Wimpey leasehold properties which are subject to this
specific doubling clause, we have already entered into negotiations
with the respective owners of the majority of the freeholds with
the objective of converting our customer's leases to an alternative
lease structure, focused on resolving concerns that have been
raised by some customers regarding the mortgageability or
saleability of properties with this lease type, with the Group
bearing the financial cost of doing so. In the event that we are
not able to reach agreement with individual freeholders, we will
continue to pursue other avenues to help our customers. As a result
of this review the Group has recognised an exceptional provision,
before tax, of GBP130 million as at 2 July 2017.
This provision has been calculated using a range of assumptions
including the total number of properties still owned by the
original purchaser and an average valuation per leasehold unit. The
outcomes of these assumptions made currently remain unknown and
could vary over time. Assumptions will be regularly reviewed.
However given the information available at 2 July 2017 it is
considered that the provision announced at the AGM on 27 April 2017
of GBP130.0 million remains appropriate. We expect the cash outflow
to be spread over a number of years; this will be determined by the
outcome of the ongoing negotiations with the current freeholders of
the properties and the timing of applications from customers.
Inventory impairment
The markets in our core geographies, which are the primary
drivers of our business, continue to trade positively. However we
recognise the outcome of the general election, combined with
on-going Brexit negotiations, and as such we are alert to the
potential risk of a change in customer confidence.
At the half year, the Group completed a net realisable value
assessment of inventory with these factors in mind. This review did
not result in any additional impairment provisions (3 July 2016:
GBP1.8 million) being recognised or any existing provisions being
released (3 July 2016: GBP4.0 million). This is because the
majority of the impairment provision remaining is on sites which
have suffered from adverse planning decisions or are impacted by
other site specific factors rather than wider market factors.
The Group undertakes a detailed review on a site by site basis
of the net realisable value of its land and work in progress. The
results from this review are sensitive to the assumptions used.
Therefore, we also consider when the inventory is likely to be
realised, and whether or not there has been a sustained change in
market conditions and the wider economic environment existing at
the balance sheet date. As disclosed in the 2016 Annual Report, a
1% movement in revenue or build costs results in an immaterial
impact on the net realisable value of land and work in
progress.
At the balance sheet date the Group held land and work in
progress in the UK that had been written down to net realisable
value of GBP101.2 million (31 December 2016: GBP119.6 million) with
associated impairments of GBP68.2 million (31 December 2016:
GBP96.8 million). As at 2 July 2017, 2.5% (31 December 2016: 3%) of
our UK short term owned and controlled land is impaired.
Taylor Wimpey plc
Notes to the Condensed Consolidated Financial Statements
(continued)
For the half year ended 2 July 2017
3. Net operating expenses and profit on ordinary activities before finance costs (continued)
In the half year 5% (H1 2016: 4%) of the Group's UK completions
were from sites that had been previously impaired.
Only 16 plots (H1 2016: 11) were completed in Spain that had
previously been impaired. In Spain there was inventory written down
to net realisable value of GBP18.4 million as at 2 July 2017 (31
December 2016: GBP18.7 million) with associated impairments of
GBP47.7 million (31 December 2016: GBP50.2 million).
The gross profit for the period includes GBP11.8 million (H1
2016: GBP4.4 million) of positive contribution, on completions and
land sales from sites with previously impaired inventory. Of this
GBP5.6 million was in relation to the sale of land which was
previously impaired.
4. Finance costs and interest receivable
Half year Half year
Interest receivable: ended ended Year ended
2 July 3 July 31 December
GBP million 2017 2016 2016
----------------------------- --------- --------- ------------
External interest receivable 0.4 0.3 0.7
----------------------------- --------- --------- ------------
Half year Half year
Finance costs: ended ended Year ended
2 July 3 July 31 December
GBP million 2017 2016 2016
----------------------------------------------------- --------- --------- ------------
Interest on overdrafts, bank and other loans 2.8 5.4 10.9
Movement on interest rate derivatives and foreign
exchange movements 0.1 (2.5) (1.6)
----------------------------------------------------- --------- --------- ------------
2.9 2.9 9.3
Unwinding of discount on land creditors and interest
on other payables and other items 8.4 6.7 16.2
Notional net interest on pension liability 3.1 3.2 6.1
----------------------------------------------------- --------- --------- ------------
Total finance costs 14.4 12.8 31.6
----------------------------------------------------- --------- --------- ------------
5. Taxation
Tax (charged)/credited in the income statement is analysed as
follows:
GBP million Half year ended 2 July 2017 Half year ended 3 July 2016 Year ended 31 December 2016
------------------- --------------------------- --------------------------- ---------------------------
Current tax:
UK (36.6) (51.8) (134.0)
Foreign tax (0.9) (0.2) (2.3)
------------------- --------------------------- --------------------------- ---------------------------
Total current tax (37.5) (52.0) (136.3)
------------------- --------------------------- --------------------------- ---------------------------
Deferred tax:
UK (1.8) (1.7) (6.1)
Foreign tax - - (1.2)
------------------- --------------------------- --------------------------- ---------------------------
Total deferred tax (1.8) (1.7) (7.3)
------------------- --------------------------- --------------------------- ---------------------------
(39.3) (53.7) (143.6)
------------------- --------------------------- --------------------------- ---------------------------
The effective tax rate for the period is 19.2% (3 July 2016:
20.0%). The tax charge of GBP39.3 million (3 July 2016: GBP53.7
million) predominantly relates to current tax. Included within the
total tax charge is an exceptional tax credit of GBP24.6 million
related to the leasehold review provision. Included within the
total tax charge at 3 July 2016 is a GBP0.4 million exceptional
charge related to the reversal of impairment of inventory recorded
in the period.
Closing deferred tax on UK temporary differences has been
calculated at the rates expected to apply for the period when the
asset is realised or the liability is settled. Accordingly, the UK
temporary differences have been calculated at rates between 19% and
17%.
Taylor Wimpey plc
Notes to the Condensed Consolidated Financial Statements
(continued)
For the half year ended 2 July 2017
6. Earnings per share
Half year Half year Year ended
ended 2 ended 3 31 December
July 2017 July 2016 2016
--------------------------------------------------------------------------- ---------- ---------- ------------
Basic earnings per share 5.1p 6.6p 18.1p
Diluted earnings per share 5.1p 6.6p 17.9p
Adjusted basic earnings per share 8.3p 6.5p 18.1p
Adjusted diluted earnings per share 8.3p 6.5p 18.0p
Weighted average number of shares for basic earnings per share - million 3,263.8 3,258.3 3,259.7
Weighted average number of shares for diluted earnings per share - million 3,278.0 3,276.7 3,283.2
--------------------------------------------------------------------------- ---------- ---------- ------------
Adjusted basic and adjusted diluted earnings per share, which
exclude the impact of exceptional items and the associated net tax
charges, are shown to provide clarity on the underlying performance
of the Group.
A reconciliation from profit from operations attributable to
equity shareholders used for basic and diluted earnings per share
to that used for adjusted earnings per share is shown below:
Half year Half year Year ended
ended 2 ended 3 31 December
GBP million July 2017 July 2016 2016
-------------------------------------------------------------------------------- ---------- ---------- ------------
Profit from operations for basic earnings per share and diluted earnings per
share 165.7 215.1 589.3
Adjust for exceptional net (reversal)/addition of inventory write-downs - (2.2) 0.5
Adjust for exceptional provision in respect of leasehold review 130.0 - -
Adjust for tax on exceptional items (24.6) 0.4 (0.1)
-------------------------------------------------------------------------------- ---------- ---------- ------------
Profit for adjusted basic and adjusted diluted earnings per share 271.1 213.3 589.7
-------------------------------------------------------------------------------- ---------- ---------- ------------
7. Notes to the cash flow statement
Half year Half year Year ended
ended 2 ended 3 31 December
GBP million July 2017 July 2016 2016
----------------------------------------------------------------------- ---------- ---------- ------------
Profit on ordinary activities before finance costs 214.6 281.4 762.6
Adjustments for:
Depreciation of plant and equipment 1.0 0.7 2.1
Exceptional items (Note 3) 130.0 (2.2) 0.5
Amortisation of software development 0.6 0.5 1.2
Pension contributions in excess of charge to the income statement (12.3) (12.7) (20.1)
Share-based payment charge 5.8 3.6 9.8
Profit on disposal of property and plant - (0.2) (0.3)
(Decrease)/increase in provisions (excluding exceptional items) (0.4) 2.6 (0.9)
----------------------------------------------------------------------- ---------- ---------- ------------
Operating cash flows before movements in working capital 339.3 273.7 754.9
Increase in inventories (137.2) (351.0) (113.3)
(Increase)/decrease in receivables (65.1) (12.7) 42.3
Increase/(decrease) in payables 69.2 49.6 (61.7)
Cash generated by/(used in) by operations 206.2 (40.4) 622.2
Income taxes paid (61.4) (0.7) (71.0)
Interest paid (2.8) (4.1) (13.5)
----------------------------------------------------------------------- ---------- ---------- ------------
Net cash from/(used in) operating activities 142.0 (45.2) 537.7
----------------------------------------------------------------------- ---------- ---------- ------------
Taylor Wimpey plc
Notes to the Condensed Consolidated Financial Statements
(continued)
For the half year ended 2 July 2017
7. Notes to the cash flow statement (continued)
Cash and cash equivalents (which are presented as a single class
of assets on the face of the balance sheet) comprise of cash at
bank and other short term highly liquid investments with an
original maturity of three months or less.
Movement in net cash/(debt):
GBP million Cash and cash equivalents Overdrafts, banks & other loans Total net cash/(debt)
----------------------- ------------------------- ------------------------------- ---------------------
Balance 1 January 2017 450.2 (85.5) 364.7
Cashflow 63.6 - 63.6
Foreign exchange 3.0 (2.3) 0.7
----------------------- ------------------------- ------------------------------- ---------------------
Balance 2 July 2017 516.8 (87.8) 429.0
----------------------- ------------------------- ------------------------------- ---------------------
GBP million Cash and cash equivalents Overdrafts, banks & other loans Total net cash/(debt)
----------------------- ------------------------- ------------------------------- ---------------------
Balance 1 January 2016 323.3 (100.0) 223.3
Cashflow (16.7) (84.0) (100.7)
Foreign exchange (5.9) - (5.9)
----------------------- ------------------------- ------------------------------- ---------------------
Balance 3 July 2016 300.7 (184.0) 116.7
----------------------- ------------------------- ------------------------------- ---------------------
Cash and cash equivalents Overdrafts, banks & other loans Total net
GBP million Cash/(debt)
------------------------- ------------------------- ------------------------------- ------------
Balance 1 January 2016 323.3 (100.0) 223.3
Cashflow 130.5 17.0 147.5
Foreign exchange (3.6) (2.5) (6.1)
------------------------- ------------------------- ------------------------------- ------------
Balance 31 December 2016 450.2 (85.5) 364.7
------------------------- ------------------------- ------------------------------- ------------
Our committed borrowing facilities are currently GBP638 million
with an average maturity of 3.1 years. Average net cash for the
half year was GBP223.8 million (H1 2016: GBP2.7 million net cash;
FY 2016: GBP87.4 million net debt).
8. Pensions
The Group's defined benefit pension scheme was assessed at 2
July 2017 using assumptions on discount and inflation rates derived
using current market yield curves. The decrease in the defined
benefit pension scheme deficit since 31 December 2016 was
predominantly caused by asset outperformance and pension
contributions of GBP14.1 million, partially offset by a small
decrease of 0.05% in the discount rate.
Taylor Wimpey plc
Notes to the Condensed Consolidated Financial Statements
(continued)
For the half year ended 2 July 2017
9. Financial Instruments' fair value disclosure
The Group held the following financial assets and liabilities
(including financial instruments) at 2 July 2017:
Carrying amount Fair Value
--------------------------- ----------------------------
2 July 3 July 31 December 2 July 3 July 31 December
GBP million 2017 2016 2016 2017 2016 2016
---------------------------- ------ ------ ----------- ------ ------- -----------
Financial Assets
Cash and cash equivalents b 516.8 300.7 450.2 516.8 300.7 450.2
Land receivables b 9.6 24.9 24.1 9.6 24.9 24.1
Trade and other receivables b 102.9 69.5 44.6 102.9 69.5 44.6
Mortgage receivables a 71.3 88.4 78.0 71.3 88.4 78.0
---------------------------- ------ ------ ----------- ------ ------- -----------
Financial Liabilities
Overdrafts, bank and other
loans b 87.8 184.0 85.5 87.8 184.0 85.5
Land creditors b 526.1 656.3 599.8 526.1 656.3 599.8
Trade and other payables b 772.2 735.4 677.9 772.2 735.4 677.9
---------------------------- ------ ------ ----------- ------ ------- -----------
(a) Mortgage receivables relate to sales incentives including
shared equity loans which are separated into a loan receivable and
a non-closely related embedded derivative asset. The embedded
derivative is measured at fair value through the income statement.
The fair value of the derivative is established based on a
publically available national house price index, being significant
other observable inputs (level 2) along with other relevant
assumptions relating to the future recoverability of the asset.
(b) The Directors consider the carrying amounts of financial
assets and liabilities recognised in the condensed consolidated
financial statements approximate their fair values.
Land receivables and trade and other receivables are included in
the balance sheet as trade and other receivables for current and
non-current amounts and include GBP46.8 million (31 December 2016:
GBP31.9 million) of non-financial assets.
Current and non-current trade and other payables on the balance
sheet of GBP1,427.7 million (31 December 2016: GBP1,430.6 million)
includes land creditors of GBP526.1 million (31 December 2016:
GBP599.8 million), trade and other payables of GBP772.2 million (31
December 2016: GBP677.9 million) and non-financial liabilities of
GBP129.4 million (31 December 2016: GBP152.9 million).
Non-financial liabilities include customer deposits and advance
receipts of GBP129.4 million (31 December 2016: GBP117.4
million).
The Group has designated a financial liability in the sum of
EUR54.0 million (2016: EUR54.0 million) as a net investment hedge.
The fair value of the financial liability is based on the
observable exchange rates at the end of the period (level 2). At
the period end the carrying value is considered to approximate its
fair value.
The Group had no financial instruments with fair values that are
determined by reference to significant unobservable inputs (level
3), nor have there been any transfers of assets or liabilities
between levels of the fair value hierarchy. There are no
non-recurring fair value measurements.
10. Provisions
North
Housing America Leasehold
GBP million maintenance disposal review Other Total
=================================== ============ ========= ========= ===== =====
At 31 December 2016 2.6 10.5 - 20.0 33.1
Additional provision in the period 0.1 - 130.0 4.6 134.7
Utilisation of provision - (0.7) (0.6) (3.7) (5.0)
Released - - - - -
=================================== ============ ========= ========= ===== =====
At 2 July 2017 2.7 9.8 129.4 20.9 162.8
2 July 31 December
GBP million 2017 2016
============ ====== ===========
Current 78.9 28.0
Non-current 83.9 5.1
============ ====== ===========
31 December 162.8 33.1
============ ====== ===========
Taylor Wimpey plc
Notes to the Condensed Consolidated Financial Statements
(continued)
For the half year ended 2 July 2017
10. Provisions (continued)
During the period to 2 July 2017, the Group recognised a
GBP130.0 million provision as an exceptional item - see Note 3.
Other provisions include remedial work provision, provisions for
legal claims, onerous leases and other contract-related costs. The
remedial work provision covers various obligations, including
aftercare of Springfield Environmental Limited and our Oxley Woods
development.
Also included in other provisions are amounts for legal claims
and contract-related costs associated with various matters arising
across the Group, the majority of which are anticipated to be
settled within a three year period. Onerous leases and vacant
property costs included in this provision are expected to be
utilised within approximately five years.
11. Related party transactions
Transactions between the Company and its subsidiaries, which are
related parties, have been eliminated on consolidation and are not
disclosed within the financial statements or related notes.
During the period to 2 July 2017, the Group directly purchased
from Travis Perkins plc, a company of which the Chief Executive is
a non executive director, goods to the value of GBP10.2 million
(year to 31 December 2016: GBP18.4 million). In addition, indirect
purchases through sub-contractors amounted to GBP13.2 million (year
to 31 December 2016 GBP18.1 million). Any residual purchases made
at a local level are not material to either party. All transactions
were completed on an arms-length basis.
During the period to 3 July 2016 the following transactions with
Directors took place. There were no such transactions in the period
to 2 July 2017.
The Chief Executive purchased two properties from Taylor Wimpey
de Espana S.A.U., a wholly owned subsidiary of the Company. The
first property was purchased for EUR278,000 representing full
market value. The second property was purchased for EUR356,250
under the staff discount scheme. This property was sold on the same
terms available to all employees pursuant to the Company's Staff
House Purchase scheme. Both of these purchases were approved by
Shareholders at the Company's 2016 Annual General Meeting in
accordance with s.190 and s.191 of the Companies Act 2006 which
relate to substantial property transactions between directors and
companies.
Ryan Mangold, a Director of the Company acquired an apartment
for the sum of GBP648,964 on the Radius development in Osiers Road,
Wandsworth. This property was sold on the same terms available to
all employees pursuant to the Company's Staff House Purchase
scheme. This purchase was approved by Shareholders at the Company's
2016 Annual General Meeting in accordance with s.190 and s.191 of
the Companies Act 2006 which relate to substantial property
transactions between directors and companies.
12. Dividends
Half year ended 2 Half year ended 3 July 2016 Year ended
GBP million July 2017 31 December 2016
--------------------- ----------------- --------------------------- -----------------
Approved and paid 74.8 38.5 355.9
Approved and accrued 300.0 300.0 -
Approved 75.2 17.3 -
Proposed - - 74.9
--------------------- ----------------- --------------------------- -----------------
At the Company's 2017 Annual General Meeting shareholders
approved the special dividend of c.GBP300.0 million paid on 14 July
2017. This dividend was accrued as at the balance sheet.
The Directors have assessed the Company's performance in the
current period and approved an interim dividend of 2.3 pence per
share in line with the Group's dividend policy. The dividend will
be payable to all shareholders on the register at the close of
business on 22 September 2017 and will be paid on 3 November 2017.
This is expected to result in a payment of c.75.2 million.
In accordance with IAS 10 'Events after the balance sheet date'
the approved interim dividend has not been accrued in the 2 July
2017 balance sheet.
Taylor Wimpey plc
Notes to the Condensed Consolidated Financial Statements
(continued)
For the half year ended 2 July 2017
13. Share based payments
The Group recognised a total expense of GBP5.8 million to 2 July
2017 (3 July 2016: GBP3.6 million) in relation to equity-settled
share based payment transactions.
14. Seasonality
Weekly sales rates in some of the Group's key markets
historically experience significant seasonal variation, with the
highest levels of reservations occurring in the spring and autumn
in the UK. As such, economic weakness which affects these peak
selling seasons can have a disproportionate impact on our results
for the year.
This pattern of reservations tends to result in higher levels of
home completions towards the end of the financial year. As a
result, the Group's work in progress and debt profile exhibits
peaks and troughs over the course of the financial year.
15. Events occurring after 2 July 2017
There were no material subsequent events affecting the Group
between 2 July 2017 and the date of this announcement that need to
be disclosed.
Taylor Wimpey plc
Alternative Performance Measures
For the half year ended 2 July 2017
The Group uses a number of alternative performance measures
which are not defined within IFRS. The Directors use these measures
in order to assess the underlying operational performance of the
Group and, as such, these measures should be considered alongside
the IFRS measures. The following Alternative Performance Measures
are referred to throughout the half year results.
Profit before taxation and exceptional items and Profit for the
period before exceptional items
The Directors consider the removal of exceptional items from the
reported results provides more clarity on the performance of the
Group. They are reconciled to profit before tax and profit for the
period respectively, on the face of the Consolidated Income
Statement.
Operating profit and operating profit margin
Within the highlights and throughout, operating profit is used
as one of the main measures of performance, with operating profit
margin being a Key Performance Indicator (KPI). Operating profit is
defined as profit on ordinary activities before net finance costs,
exceptional items and tax, after share of results of joint
ventures. The Directors consider this to be an important measure of
underlying performance of the Group. Operating profit margin is
calculated as operating profit divided by total Group revenue. The
Directors consider this to be a metric which reflects the
underlying performance of the business.
Operating profit to profit before interest and tax
reconciliation
Half Half Half Half Half Half Year Year Year
year year year year year year ended ended ended
ended ended ended ended ended ended 31 31 31
2 July 2 July 2 July 3 July 3 July 3 July December December December
2017 2017 2017 2016 2016 2016 2016 2016 2016
Profit Revenue Margin Profit Revenue Margin Profit Revenue Margin
GBPm GBPm % GBPm GBPm % GBPm GBPm %
------------- -------- -------- -------- -------- -------- -------- ---------- ----------- -----------
Profit before
interest and
tax 214.6 1,727.5 12.4 281.4 1,457.2 19.3 762.6 3,676.2 20.7
Adjusted
for:
Share of
results
of joint
ventures 4.4 - 0.3 (0.1) - - 1.2 - 0.1
Exceptional
items 130.0 - 7.5 (2.2) - (0.1) 0.5 - -
-------------- -------- -------- -------- -------- -------- -------- ---------- ----------- -----------
Operating
profit 349.0 1,727.5 20.2 279.1 1,457.2 19.2 764.3 3,676.2 20.8
-------------- -------- -------- -------- -------- -------- -------- ---------- ----------- -----------
Net operating assets and return on net operating assets
Net operating assets is defined as basic net assets less net
cash, excluding net taxation balances and accrued dividends. Return
on net operating assets, another KPI, is defined as 12-month
operating profit divided by the average of the opening and closing
net operating assets. The Directors consider this to be an
important measure of the underlying operating efficiency and
performance of the Group.
Taylor Wimpey plc
Alternative Performance Measures (continued)
For the half year ended 2 July 2017
Net operating assets
2 July 3 July 31 December 31 December 28 June
2017 2016 2016 2015 2015
GBPmillion
------------------------------ -------- -------- ------------ ------------ ----------
Basic net assets 2,778.9 2,592.2 2,900.3 2,723.3 2,417.0
Average basic net assets 2,685.6 2,504.6 2,811.8
Adjusted for:
Cash (516.8) (300.7) (450.2) (323.3) (212.6)
Borrowings 87.8 184.0 85.5 100.0 125.0
Net taxation (3.8) (5.6) 4.0 (57.4) (117.5)
Accrued dividends 300.0 300.0 - - 250.0
------------------------------ -------- -------- ------------ ------------ ----------
Net operating assets 2,646.1 2,769.9 2,539.6 2,442.6 2,461.9
------------------------------ -------- -------- ------------ ------------ ----------
Average net operating assets 2,708.0 2,615.9 2,491.1
------------------------------ -------- -------- ------------ ------------ ----------
Return on net operating assets*
31 31 December 31 December
2 July 2 July 2 July 3 July 3 July 3 July December 2016 2016
2017 2017 2017 2016 2016 2016 2016
Return Return Return
Net on net Net on net on net
assets Profit assets assets Profit** assets Net assets Profit assets
GBPm GBPm % GBPm GBPm % GBPm GBPm %
------------- -------- ------- -------- -------- --------- -------- ----------- ------------ ------------
Average
basic
net assets 2,685.6 695.8 25.9 2,504.6 659.2 26.3 2,811.8 762.6 27.1
Adjusted
for:
Average cash (408.8) - 3.9 (256.7) - 2.6 (386.8) - 4.3
Average
borrowings 135.9 - (1.3) 154.5 - (1.5) 92.8 - (1.0)
Average
taxation (4.7) - 0.1 (61.5) - 0.6 (26.7) - 0.3
Average
accrued
dividends 300.0 - (2.9) 275.0 - (2.8) - - -
Share of
results
of joint
ventures - 5.7 - - 3.4 0.1 - 1.2 -
Exceptional
items - 132.7 5.1 - (2.4) (0.1) - 0.5 -
------------- -------- ------- -------- -------- --------- -------- ----------- ------------ ------------
Average net
operating
assets 2,708.0 834.2 30.8 2,615.9 660.2 25.2 2,491.1 764.3 30.7
------------- -------- ------- -------- -------- --------- -------- ----------- ------------ ------------
*Based on a rolling 12 month period.
**Profit figures for the 6 month period ended 31 December 2015:
Profit before interest and tax: GBP377.8m, Share of results of
joint ventures: GBP3.5m, Exceptional items: GBP0.2m.
Net operating asset turn
This is defined as total Group revenue divided by the average of
opening and closing net operating assets. The Directors consider
this to be good indicator of how efficiently the Group is utilising
its assets to generate value for the shareholders.
Taylor Wimpey plc
Alternative Performance Measures (continued)
For the half year ended 2 July 2017
Net operating asset turn*
31 31 31 December
2 July 2 July 2 July 3 July 3 July 3 July December December 2016
2017 2017 2017 2016 2016** 2016 2016 2016
Net Net Net Net
assets Revenue asset assets Revenue asset Net assets Revenue Net asset
GBPm GBPm turn GBPm GBPm turn GBPm GBPm turn
------------ -------- -------- ------- -------- -------- -------- ----------- ----------- ------------
Average
basic
net
assets 2,685.6 3,946.5 1.47 2,504.6 3,261.7 1.30 2,811.8 3,676.2 1.31
Adjusted
for:
Average cash (408.8) - 0.22 (256.7) - 0.13 (386.8) - 0.21
Average
borrowings 135.9 - (0.07) 154.5 - (0.08) 92.8 - (0.05)
Average
taxation (4.7) - - (61.5) - 0.03 (26.7) - 0.01
Average
accrued
dividends 300.0 - (0.16) 275.0 - (0.13) - - -
------------- -------- -------- ------- -------- -------- -------- ----------- ----------- ------------
Average net
operating
assets 2,708.0 3,946.5 1.46 2,615.9 3,261.7 1.25 2,491.1 3,676.2 1.48
------------- -------- -------- ------- -------- -------- -------- ----------- ----------- ------------
*Based on a rolling 12 month period.
**Total Group revenue for the 6 month period ended 31 December
2015: GBP1,804.5m.
Tangible net assets per share
This is calculated as net assets before any accrued dividends
excluding goodwill and intangible assets divided by the number of
ordinary shares in issue at the end of the period. The Directors
consider this to be a good measure of the value intrinsic within
each ordinary share.
Tangible net assets per share
31 31 31
2 July 2 July 2 July 3 July 3 July 3 July December December December
2017 2017 2017 2016 2016 2016 2016 2016 2016
Net Net
assets assets Net
Net Ordinary per Net Ordinary per Net Ordinary assets
assets shares share assets shares share assets shares per share
GBPm in issue pence GBPm in issue pence GBPm in issue pence
------------ -------- ---------- -------- -------- ---------- -------- --------- ---------- ----------
Basic net
assets 2,778.9 3,272.0 84.9 2,592.2 3,265.0 79.4 2,900.3 3,270.3 88.7
Adjusted
for:
Accrued
dividends 300.0 - 9.2 300.0 - 9.2 - - -
Intangible
assets (3.9) - (0.1) (3.5) - (0.1) (3.5) - (0.1)
------------- -------- ---------- -------- -------- ---------- -------- --------- ---------- ----------
Tangible net
assets 3,075.0 3,272.0 94.0 2,888.7 3,265.0 88.5 2,896.8 3,270.3 88.6
------------- -------- ---------- -------- -------- ---------- -------- --------- ---------- ----------
Net cash
Net cash is defined as total cash less total financing. This is
considered by the Directors to be the best indicator of the
financing position of the Group. This is reconciled in note 7.
Cash conversion
This is defined as cash generated from operations divided by
operating profit. The Directors consider this measure to be a good
indication of how efficiently the Group is turning profit into
cash.
Taylor Wimpey plc
Alternative Performance Measures (continued)
For the half year ended 2 July 2017
Cash conversion*
31 31 31
2 July 2 July 2 July 3 July 3 July 3 July December December December
2017 2017 2017 2016 2016** 2016 2016 2016 2016
Cash Cash Cash
generated generated generated
from Cash from Cash from Cash
Profit operations conversion Profit operations conversion Profit operations conversion
GBPm GBPm % GBPm GBPm % GBPm GBPm %
------------- ------- ----------- ----------- ------- ----------- ----------- --------- ----------- -----------
Profit before
interest
and tax 695.8 868.8 124.9 659.2 365.3 55.4 762.6 622.2 81.6
Adjusted
for:
Share of
results of
joint
ventures 5.7 - (0.9) 3.4 - (0.3) 1.2 - (0.1)
Exceptional
items 132.7 - (19.9) (2.4) - 0.2 0.5 - (0.1)
-------------- ------- ----------- ----------- ------- ----------- ----------- --------- ----------- -----------
Operating
profit 834.2 868.8 104.1 660.2 365.3 55.3 764.3 622.2 81.4
-------------- ------- ----------- ----------- ------- ----------- ----------- --------- ----------- -----------
*Based on a rolling 12 month period.
**Cash generated from operations for the 6 month period ended 31
December 2015: GBP405.7m.
Adjusted gearing
This is defined as adjusted net debt divided by basic net
assets. The Directors consider this to be a more representative
measure of the Group's gearing levels. Adjusted net debt is defined
as net cash less land creditors
Adjusted gearing
2 July 31 December
2017 2016
GBPm GBPm
------------------------------ -------- ------------
Cash 516.8 450.2
Private placement loan notes (87.8) (85.5)
------------------------------- -------- ------------
Net cash 429.0 364.7
Land creditors (526.1) (599.8)
------------------------------- -------- ------------
Adjusted net debt (97.1) (235.1)
------------------------------- -------- ------------
Basic net assets 2,778.9 2,900.3
------------------------------- -------- ------------
Adjusted gearing 3.5% 8.1%
------------------------------- -------- ------------
Adjusted basic earnings per share
This is calculated as earnings attributed to the shareholders,
excluding exceptional items and tax on exceptional items, divided
by the weighted average number of shares. The Directors consider
this provides an important measure of the underlying earnings
capacity of the Group. Note 6 shows a reconciliation from basic
earnings per share to adjusted basic earnings per share.
Taylor Wimpey plc
Statement of Directors' responsibility
For the half year ended 2 July 2017
The Directors confirm that, to the best of their knowledge,
these condensed consolidated interim financial statements have been
prepared in accordance with IAS 34 'Interim Financial Reporting' as
adopted by the European Union.
The interim management report includes a fair review of the
information required by DTR 4.2.7R and DTR 4.2.8R of the Disclosure
and Transparency Rules, namely:
-- an indication of important events that have occurred during
the first half year of the financial year and their impact on the
condensed set of financial statements;
-- a description of the principal risks and uncertainties for
the remaining six months of the financial year; and
-- material related party transactions in the first half year of
the financial year and any material changes in the related party
transactions described in the last Annual Report.
The Directors of Taylor Wimpey plc are listed in the Taylor
Wimpey plc Annual Report and Accounts to 31 December 2016.
A list of current directors is maintained on the Taylor Wimpey
website: www.taylorwimpey.co.uk/corporate
By order of the Board
Kevin Beeston, Chairman
Pete Redfern, Group Chief Executive
31 July 2017
INDEPENDENT REVIEW REPORT TO TAYLOR WIMPEY PLC
We have been engaged by the company to review the condensed set
of financial statements in the half-yearly financial report for the
half-year ended 2 July 2017 which comprises the condensed
consolidated income statement, the condensed consolidated statement
of comprehensive income, the condensed consolidated balance sheet,
the condensed consolidated statement of changes in equity, the
condensed consolidated cash flow statement and related notes 1 to
15. We have read the other information contained in the half-yearly
financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the condensed set of financial statements.
This report is made solely to the company in accordance with
International Standard on Review Engagements (UK and Ireland) 2410
"Review of Interim Financial Information Performed by the
Independent Auditor of the Entity" issued by the Auditing Practices
Board. Our work has been undertaken so that we might state to the
company those matters we are required to state to it in an
independent review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the company, for our review work, for this
report, or for the conclusions we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the directors. The directors are responsible
for preparing the half-yearly financial report in accordance with
the Disclosure and Transparency Rules of the United Kingdom's
Financial Conduct Authority.
As disclosed in note 1, the annual financial statements of the
Group are prepared in accordance with IFRSs as adopted by the
European Union. The condensed set of financial statements included
in this half-yearly financial report has been prepared in
accordance with International Accounting Standard 34 "Interim
Financial Reporting" as adopted by the European Union.
Our responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity" issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK and Ireland) and consequently does not enable us to
obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the half-year ended 2 July
2017 is not prepared, in all material respects, in accordance with
International Accounting Standard 34 as adopted by the European
Union and the Disclosure and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
Deloitte LLP
Statutory Auditor
London, United Kingdom
31 July 2017
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GMGFNGMLGNZZ
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