Half Yearly Report -8-
August 23 2010 - 1:00AM
UK Regulatory
performed were GBP29,575 (six months ended 30 June 2009: nil; year ended 31
December 2009: nil). In addition, a loan of GBP1,450,355 (six months ended 30
June 2009: nil; year ended 31 December 2009: nil) was provided to Bovis Peer LLP
on an annual interest rate of LIBOR plus 2.4%. Interest charges made in respect
of the loan were GBP11,674 (six months ended 30 June 2009: nil; year ended 31
December 2009: nil).
Transactions between the Group and key management personnel in the first half of
2010 were limited to those relating to remuneration, previously disclosed as
part of the Group's Report on directors' remuneration published with the Group's
Annual report and accounts 2009. No material change has occurred in these
arrangements in the first half of 2010.
Mr Malcolm Harris, a Group Director, is a non-executive Director of the Home
Builders Federation (HBF) and was a non-executive director of the National
House-Building Council (NHBC) until 26 June 2010. The Group trades in the
normal course of business, on an arms-length basis, with the NHBC for provision
of a number of building-related services, most materially for provision of
warranties on new homes sold and for performance bonding on infrastructure
obligations. The Group pays subscription fees and fees for research as required
to the HBF.
+--------------------------+----------+-+----------+-+------------+-+
| (unaudited) | Six | | Six | | Year | |
| | months | | months | | ended | |
| | ended | | ended | | | |
+--------------------------+----------+-+----------+-+------------+-+
| | 30 June | | 30 June | | 31 | |
| | 2010 | | 2009 | | December | |
| | | | | | 2009 | |
+--------------------------+----------+-+----------+-+------------+-+
| | GBP000 | | GBP000 | | GBP000 | |
+--------------------------+----------+-+----------+-+------------+-+
| NHBC | 834 | | 291 | | 724 | |
+--------------------------+----------+-+----------+-+------------+-+
| HBF | 68 | | 73 | | 78 | |
+--------------------------+----------+-+----------+-+------------+-+
There have been no related party transactions in the first six months of the
current financial year which have materially affected the financial performance
or position of the Group, and which have not been disclosed.
9 Reconciliation of net cash flow to net cash/(debt)
+----------------------------+----------+--+----------+--+----------+--+
| (unaudited) | Six | | Six | | Year | |
| | months | | months | | ended | |
| | ended | | ended | | | |
+----------------------------+----------+--+----------+--+----------+--+
| | 30 June | | 30 June | | 31 Dec | |
| | 2010 | | 2009 | | 2009 | |
+----------------------------+----------+--+----------+--+----------+--+
| | GBP000 | | GBP000 | | GBP000 | |
+----------------------------+----------+--+----------+--+----------+--+
| | | | | | | |
+----------------------------+----------+--+----------+--+----------+--+
| Net (decrease)/increase in | (25,281 | )| (6,843 | )| 102,961 | |
| cash and cash equivalents | | | | | | |
+----------------------------+----------+--+----------+--+----------+--+
| (Drawdown)/repayment of | (8,305 | )| 101,000 | | 118,000 | |
| borrowings | | | | | | |
+----------------------------+----------+--+----------+--+----------+--+
| Fair value adjustments to | 80 | | (103 | )| (337 | )|
| interest rate swaps | | | | | | |
+----------------------------+----------+--+----------+--+----------+--+
| Movement in refinancing | - | | (1,964 | )| (8,270 | )|
| prepayment | | | | | | |
+----------------------------+----------+--+----------+--+----------+--+
| Net cash/(debt) at start | 112,258 | | (100,096 | )| (100,096 | )|
| of period | | | | | | |
+----------------------------+----------+--+----------+--+----------+--+
| Net cash/(debt) at end of | 78,752 | | (8,006 | )| 112,258 | |
| period | | | | | | |
+----------------------------+----------+--+----------+--+----------+--+
| | | | | | | |
+----------------------------+----------+--+----------+--+----------+--+
| Analysis of net | | | | | | |
| cash/(debt): | | | | | | |
+----------------------------+----------+--+----------+--+----------+--+
| Cash | 89,314 | | 4,791 | | 114,595 | |
+----------------------------+----------+--+----------+--+----------+--+
| Bank and other loans | (10,305 | )| (19,000 | )| (2,000 | )|
+----------------------------+----------+--+----------+--+----------+--+
| Issue costs | - | | 6,306 | | - | |
+----------------------------+----------+--+----------+--+----------+--+
| Fair value of interest | (257 | )| (103 | )| (337 | )|
| rate swaps | | | | | | |
+----------------------------+----------+--+----------+--+----------+--+
| Net cash/(debt) | 78,752 | | (8,006 | )| 112,258 | |
+----------------------------+----------+--+----------+--+----------+--+
10 Circulation to shareholders
This interim report is be sent to shareholders. Further copies are available on
request from the Company Secretary, Bovis Homes Group PLC, The Manor House,
North Ash Road, New Ash Green, Longfield, Kent DA3 8HQ. Further information on
Bovis Homes Group PLC can be found on the Group's corporate website
www.bovishomes.co.uk/plc including the analyst presentation document which will
be presented at the Group's results meeting on 23 August 2010.
Statement of Directors' responsibility
We confirm to the best of our knowledge:
· The condensed set of financial statements has been prepared in accordance
with IAS34 Interim Financial Reporting as adopted by the EU;
· The interim management report includes a fair review of the information
required by:
(a) DTR 4.2.7.R of the Disclosure and Transparency Rules, being an indication
of important events that have occurred during the first six months of the
financial year and their impact on the condensed set of financial statements;
and a description of the principal risks and uncertainties for the remaining six
months of the year; and
(b) DTR 4.2.8.R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the entity during that period; and any changes in the related
party transactions described in the last annual report that could do so.
For and on behalf of the Board,
David Ritchie
Chief Executive
20 August 2010
Independent review report by KPMG Audit Plc to Bovis Homes Group PLC
Introduction
We have been instructed by the Company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 30 June
2010 which comprises the Group income statement, Group statement of
comprehensive income, Group balance sheet, Group statement of changes in equity,
Group statement of cash flows and the related explanatory notes. 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 the terms of our
engagement to assist the Company in meeting the requirements of the Disclosure
and Transparency Rules ("the DTR") of the UK's Financial Services Authority
("the UK FSA"). Our review has been undertaken so that we might state to the
Company those matters we are required to state to it in this 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 reached.
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 DTR of the UK FSA.
As disclosed in note 1, the annual financial statements of the Group are
prepared in accordance with IFRSs as adopted by the EU. The condensed set of
financial statements included in this half-yearly financial report has been
prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the
EU.
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 UK. A review of interim financial information
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