29th Mar 2006 07:01
Barratt Developments PLC29 March 2006 29 March 2006 BARRATT DEVELOPMENTS PLC Results for the half year ended 31 December 2005 Highlights: •UK turnover £1,172.0m (2004: £1,148.2m) up by 2%. •Underlying pre-tax profit* increased by 4% from £157.1m to £163.9m. Pre-tax profit increased to £163.9m (2004: £163.5m). •Adjusted basic earnings per share* were up 3% to 48.2p (2004: 46.9p). Basic earnings per share were 48.2p (2004: 48.8p). •Interim dividend 10.34p (2004: 8.99p) up by 15%. •ROACE was 30.1%. Again, one of the highest in the industry. •UK housebuild operating margin increased to 14.8% (2004: 14.4%). •UK completions rose to 7,003 (2004: 6,866). •Average selling price of £166,600 (2004: £165,600). •Land stocks strengthened to 63,365 plots - 4.3 years supply. •Net cash of £3.3m (2004: £149.8m net cash). •Forward sales of £708m (2004: £803m) - now increased to £910m. Together with completions to date, this secures 90% of the full year requirement. * Underlying pre-tax profit and adjusted basic earnings per share exclude the£6.4m profit on the disposal of ground rents in 2004. Charles Toner, Chairman of Barratt Developments commented: I am pleased to report another half year of solid achievement with furtherincreases in completions and profits. Our national geographic coverage, wideproduct range, expertise in brownfield development and expanding social housing,have all contributed to another strong performance. We remain well positionedfor future growth. David Pretty, Group Chief Executive of Barratt Developments commented: Our team performed well across the country despite a very competitive marketplace. Together with an intense focus on all aspects of operational management,this secured another good result. At the same time, we again strengthened ourland bank. Healthy forward sales at the half year have now increased to £910mwhich, together with completions to date, secures 90% of our full yearrequirement. On current form we are on track for another successful year and arein good shape going forward. For further information please contact: Barratt Developments PLC David Pretty, Group Chief Executive On the day: 020 7067 0700Colin Dearlove, Group Finance Director Thereafter: 0191 286 6811 Weber Shandwick Square MileTerry Garrett/Chris Lynch 020 7067 0700 The financial analysts' presentation slides will be available on the Barratt corporate website: www.barratt-investor-relations.co.uk from 10.30 am today. CHAIRMAN'S STATEMENT Notwithstanding a competitive market place, I am pleased to report another halfyear of solid achievement. Further increases in completions and underlyingprofits puts us on course for a 14th consecutive year of progress. The main features of the results for the half year ended 31 December 2005, withcomparisons to the same period last year and prepared in accordance withInternational Financial Reporting Standards (IFRS), are as follows:- • Pre-tax profit increased to £163.9m against £163.5m. Underlying pre-tax profit, excluding the £6.4m profit on disposal of ground rents in 2004, increased by 4% from £157.1m to £163.9m. • Basic earnings per share amounted to 48.2p against 48.8p. Adjusted basic earnings per share 48.2p (2004: 46.9p, after adjusting for the £4.5m profit after tax on the disposal of ground rents), up 3% • An interim dividend of 10.34p per share will be paid, on 26 May 2006, to shareholders on the register on 5 May 2006, against 8.99p the previous year, an increase of 15%, 4.7 times covered. This represents one third of the expected dividend for the year. • UK completions rose to 7,003 homes, up 2%, at an overall average selling price of £166,600, up 1%. • Turnover on continuing UK operations rose 2% to £1,172.0m against £1,148.2m last year. • UK housebuild operating margin increased from 14.4% to 14.8% • Net cash in hand was £3.3m compared to £149.8m. This was achieved notwithstanding a £296.0m increased investment in land and work in progress. • UK land stocks, including plots agreed, increased during the year by over 3,900 plots to a record 63,365 plots, equating to 4.3 years' supply. • Return on average capital employed was 30.1%, again amongst the highest in the industry. • Forward sales at the half year stood at £708m and have since increased to £910m which, with completions to date, secures 90% of our full year projection. These results reflect the benefits of our core strengths and proven marketingability to achieve sales in tougher times. Our extensive product range enabledus to provide homes in most market sectors, whilst maintaining an affordableaverage selling price of £166,600. Further growth in our social housing activitywas another strength. Together with our national geographic coverage, theseensured our homes appealed to the widest range of buyers and we were able toincrease market share despite competitive conditions. Our brownfield developmentskills also continued to be a great benefit and reinforced our leading positionin urban regeneration, with over 80% of our homes built on brownfield land. Total completions rose by 2%, with private completions just 1% lower at 5,569homes but with social housing completions increasing by 14% to 1,434 homes. Thisis another important and expanding sector where we have established leadershipand which will increasingly benefit us in the future. Overall, it was a challenging market throughout 2005 as it continued itsadjustment from previous high levels of activity. We had prepared for toughertimes, with wide-ranging and improved efficiencies in our selling and marketingoperation and also by steadily increasing sales outlets. Combined, these helpedcounter the effects of the testing market and kept our sales on track. A wide range of incentives and marketing support continued to be necessary.However, quite apart from our ongoing strict control of building costs, lastyear we implemented a wide-ranging programme of overhead efficiencies in everyone of our divisions. This has mitigated the effect of higher sales costs andensured satisfactory operating margins. Whilst the market remains competitive, there have been positive signs in thefirst weeks of 2006 that buyer confidence is improving with encouraging recentsales trends. It is too early to predict the market for the rest of the year,but current conditions are sufficient for us to achieve our goals. As a result,forward sales have increased and now stand at a healthy £910m. With completionsto date, this secures 90% of our full year projection. These remain above ourhistoric norms. The fundamentals of the housing market are sound with low interest rates, goodemployment levels and the serious constraint on supply due to continuing delaysin the planning system. We see a steady market in the year ahead with pricesrising modestly. This should continue to increase buyer confidence and improveaffordability which, in turn, should benefit our future sales performance. We continued to steadily improve our land bank securing quality sites in a widevariety of locations throughout the country. During the half year we acquired9,305 plots, increasing our land stocks to 56,365 plots. A further 7,000 plotsare agreed subject to contract giving an overall land bank of 63,365 plots,which currently equates to 4.3 years supply. The planning system remains verydifficult but we now have planning permissions in place for 90% of our 2006/07requirement. Subject to continued planning progress, we expect our sales outletsto increase to an average of circa 465 during 2006. I am pleased to report that for a third consecutive year, our site constructionstaff won an increased number of NHBC 'Pride in the Job' awards for qualityworkmanship. A total of 73 awards were achieved, a new record and more than anyother housebuilder. Three of our Site Managers also achieved nationalrecognition. After 25 years with the Group, the last 14 of which as Group Finance Director,Colin Dearlove will be retiring at the end of this financial year. We wish him along and happy retirement after his exemplary service to the Group. Mark Pain,formerly Group Finance Director at Abbey National PLC, joined the Group as anExecutive Director on 1 March 2006 to succeed Colin. They will work closely toensure an orderly handover. In summary, we competed well in all operational areas despite testing marketconditions. Our national geographic coverage and wide product range, combinedwith our urban regeneration and social housing expertise, all contributed toanother improved performance. Together with our strong forward sales, qualityland bank and strong finances, these core strengths leave us well positioned forthe full year and for the future. Charles TonerChairman 29 March 2006 For further information please contact: Barratt Developments PLCDavid Pretty, Group Chief Executive On the day: 020 7067 0700 Colin Dearlove, Group Finance Director Thereafter: 0191 286 6811 Weber Shandwick Square MileTerry Garrett/Chris Lynch 020 7067 0700 The financial analysts' presentation slides will be available on the Barrattcorporate website: www.barratt-investor-relations.co.uk from 10.30 am today,together with photographic images of Charles Toner, David Pretty and a selectionof Barratt developments. Further copies of the announcement can be obtained from the Company Secretary's office at:Barratt Developments PLC, Wingrove House, Ponteland Road, Newcastle upon Tyne NE5 3DP Consolidated Income Statementfor the half year ended 31 December 2005 Half year ended Year ended 31 December 31 December 30 June 2005 2004 2005 (Restated) (Restated)(Unaudited) Note £m £m £m_________________________________________________________________________________________Continuing operations Revenue 1,172.0 1,148.2 2,484.7 Cost of sales (953.9) (942.2) (2,008.0)_________________________________________________________________________________________Gross profit 218.1 206.0 476.7 Net operating expenses (46.9) (42.1) (86.3) Profit on disposal of ground rents - 6.4 15.9_________________________________________________________________________________________Profit from operations 171.2 170.3 406.3 Finance income 0.4 1.7 2.8 Finance costs (7.7) (8.5) (14.8)_________________________________________________________________________________________Profit before tax 163.9 163.5 394.3 Tax expense 3 (49.1) (49.1) (112.2)_________________________________________________________________________________________ Profit for the period from continuing operations 114.8 114.4 282.1 Discontinued operations Profit for the period from discontinued operations 4 - - -_________________________________________________________________________________________ Profit for the period 114.8 114.4 282.1_________________________________________________________________________________________ Earnings per share - continuing basis Basic 6 48.2p 48.8p 119.9pDiluted 6 47.5p 48.2p 118.5p Adjusted earnings per share - continuing basisBasic 6 48.2p 46.9p 115.2pDiluted 6 47.5p 46.3p 113.8p Consolidated Statement of Recognised Income and Expense £m £m £m_________________________________________________________________________________________Profit for the period 114.8 114.4 282.1Disposal/(purchase) of own shares 2.3 (3.4) 1.7_________________________________________________________________________________________Total recognised income for the period 117.1 111.0 283.8_________________________________________________________________________________________ Consolidated Balance Sheetat 31 December 2005 At 31 December At 31 December At 30 June 2005 2004 2005 (Restated) (Restated)(Unaudited) £m £m £m_________________________________________________________________________________________AssetsNon-current assets Property, plant and equipment 10.8 11.8 11.3 Deferred tax 40.0 34.8 37.6_________________________________________________________________________________________ 50.8 46.6 48.9_________________________________________________________________________________________Current assets Inventories 2,574.8 2,142.2 2,390.6 Trade and other receivables 68.8 38.0 34.3 Cash and cash equivalents 113.4 161.6 285.1_________________________________________________________________________________________ 2,757.0 2,341.8 2,710.0_________________________________________________________________________________________ _________________________________________________________________________________________Total assets 2,807.8 2,388.4 2,758.9_________________________________________________________________________________________ LiabilitiesCurrent liabilities Loans and borrowings 106.9 8.3 4.8 Trade and other payables 1,027.7 989.4 1,182.7 Current tax liabilities 56.4 56.9 60.7_________________________________________________________________________________________ 1,191.0 1,054.6 1,248.2_________________________________________________________________________________________ Non-current liabilities Loans and borrowings 3.2 3.5 3.4 Retirement benefit obligations 89.5 88.3 88.9 Other liabilities 118.8 76.0 92.8_________________________________________________________________________________________ 211.5 167.8 185.1_________________________________________________________________________________________Total liabilities 1,402.5 1,222.4 1,433.3_________________________________________________________________________________________Net assets 1,405.3 1,166.0 1,325.6_________________________________________________________________________________________ Equity Share capital 24.3 24.0 24.2 Share premium 201.4 192.0 197.9 Share based payment reserve 6.5 2.9 4.7 Retained earnings 1,173.1 947.1 1,098.8_________________________________________________________________________________________Total equity 1,405.3 1,166.0 1,325.6_________________________________________________________________________________________ Reconciliation of Movements in Consolidated Equityfor the half year ended 31 December 2005 Half year ended Year ended 31 December 31 December 30 June 2005 2004 2005 (Restated) (Restated)(Unaudited) Note £m £m £m_________________________________________________________________________________________Profit for the period 114.8 114.4 282.1Dividends on equity shares 5 (42.8) (35.3) (56.4)Shares issued 3.6 1.3 7.4Proceeds from sale of own shares 2.3 - 1.7Purchase of own shares - (3.4) -Share-based payments 1.8 1.7 3.5_________________________________________________________________________________________Net increase in equity 79.7 78.7 238.3Opening equity 1,325.6 1,087.3 1,087.3_________________________________________________________________________________________Closing equity 1,405.3 1,166.0 1,325.6_________________________________________________________________________________________ Consolidated Cash Flow Statementfor the half year ended 31 December 2005 Half year ended Year ended 31 December 31 December 30 June 2005 2004 2005 (Restated) (Restated)(Unaudited) £m £m £m_________________________________________________________________________________________Cash flows from operating activities Profit from continuing and discontinued operations 114.8 114.4 282.1 Depreciation, and non cash items 3.5 4.9 6.5 Taxation 49.1 49.1 112.2 Finance income (0.4) (1.7) (2.8) Finance costs 7.7 8.5 14.8Movements in working capital Increase in inventories (195.8) (282.6) (528.7) Increase in trade and other receivables (34.5) (8.1) (4.4) (Decrease)/increase in trade and other payables (122.7) 82.7 288.6Interest paid (2.6) (3.1) (7.5)Tax paid (55.8) (52.9) (113.8)_________________________________________________________________________________________Net cash (outflow)/inflow from operating activities (236.7) (88.8) 47.0_________________________________________________________________________________________ Cash flows from investing activities Purchases of fixed assets (0.6) (0.8) (1.9) Proceeds from sale of fixed assets 0.2 - 2.6 Proceeds from disposal of subsidiary - 84.5 83.2 Interest received 0.4 1.7 2.8 Disposal/(purchase) of own shares 2.3 (3.4) 1.7_________________________________________________________________________________________Net cash inflow from investing activities 2.3 82.0 88.4_________________________________________________________________________________________ Cash flows from financing activities Proceeds from issue of share capital 3.6 1.3 7.4 Dividends paid (42.8) (34.4) (55.6) Loan drawdowns/(repayments) 101.9 (28.9) (32.5)_________________________________________________________________________________________Net cash inflow/(outflow) from financing activities 62.7 (62.0) (80.7)__________________________________________________________________________________________________________________________________________________________________________________Net (decrease)/increase in cash and cash equivalents (171.7) (68.8) 54.7_________________________________________________________________________________________Cash and cash equivalents at beginning of period 285.1 230.4 230.4__________________________________________________________________________________________________________________________________________________________________________________Cash and cash equivalents at end of period 113.4 161.6 285.1_________________________________________________________________________________________Reconciliation of net cash flow to net cash/(debt)_________________________________________________________________________________________Net (decrease)/increase in cash and cash equivalents (171.7) (68.8) 54.7Cash (inflow)/outflow from (increase)/ decrease in debt (101.9) 28.9 32.5_________________________________________________________________________________________Movement in net (debt)/cash in the period (273.6) (39.9) 87.2Opening net cash 276.9 189.7 189.7_________________________________________________________________________________________Closing net cash 3.3 149.8 276.9_________________________________________________________________________________________ Net cash/(debt)Cash and cash equivalents 113.4 161.6 285.1Borrowings (110.1) (11.8) (8.2)_________________________________________________________________________________________Net cash 3.3 149.8 276.9_________________________________________________________________________________________ The cashflows from discontinued activities have not been disclosed separately asthey are not considered to be material. Notes to the Financial Statements (unaudited) 1. Basis of accounting_________________________________________________________________________________________The interim financial statement has been prepared in accordance with applicableInternational Financial Reporting Standards (IFRS). There is, however, apossibility that the directors may determine that some changes are necessarywhen preparing the full annual financial statements for the first time inaccordance with IFRS, in particular as the IFRS standards and InternationalFinancial Reporting Interpretations Committee (IFRIC) interpretations that willbe applicable and adopted for use in the European Union at 30 June 2006 are notknown with certainty at the time of preparing this interim financialinformation. The financial information does not constitute statutory accounts within themeaning of the Companies Act 1985. A copy of the statutory accounts for the yearended 30 June 2005, prepared under UK GAAP, has been filed with the Registrar ofCompanies on which the auditors gave an unqualified opinion. 2. Accounting Policies________________________________________________________________________________Barratt Developments PLC will be presenting its 30 June 2006 accounts inaccordance with applicable International Financial Reporting Standards (IFRS)which are effective (or available for early adoption) as at 30 June 2006. Thesame accounting policies and methods of computation have been followed in thisinterim report. The more important accounting policies, which are expected to be disclosed inthe IFRS compliant financial statements of the Group for the year ended 30 June2006 are set out below: - Basis of consolidation The Group accounts include the results of the holding company and all itssubsidiary undertakings made up to 30 June for the full year and 31 December forthe interim. The financial statements of subsidiary undertakings areconsolidated from the date when control passed to the Group using theacquisition method of accounting and up to the date of disposal. Alltransactions with subsidiaries and inter-company profits or losses areeliminated on consolidation. On acquisition of a subsidiary, all of the subsidiary's identifiable assets andliabilities existing at the date of acquisition are recorded at their fairvalues reflecting their conditions at that date. All changes to those assets andliabilities, and the resulting gains and losses that arise after the Group hasgained control of the subsidiary are charged to the post-acquisition incomestatement. Revenue Revenue comprises the total proceeds of building and development on legalcompletion during the year excluding inter-company transactions and value addedtax. The sale proceeds of part exchange houses are not included in turnover. Inventories Inventories and work in progress, are valued at the lower of cost and netrealisable value. Property, plant and equipment Freehold properties are depreciated on a straight line basis over twenty fiveyears. Plant is depreciated on a straight line basis over its expected usefullife, which ranges from one to seven years. Leases Operating lease rentals are charged to the income statement in equal instalmentsover the life of the lease. Share-based payments The Group issues equity-settled share-based payments to certain employees andhas applied the requirements of IFRS 2 'Share-based payments'. In accordancewith the transitional provisions, IFRS 2 has been applied to all grants ofequity instruments after 7 November 2002 that had not vested as at 1 January2005. Equity-settled share-based payments are measured at fair value at the date ofgrant. The fair value is expensed on a straight line basis over the vestingperiod, based on the Group's estimate of shares that will eventually vest. Taxation The tax expense represents the sum of the tax currently payable and deferredtax. The tax currently payable is based on the profit for the year. Taxable profitdiffers from net profit as reported in the income statement because it excludesitems of income or expense that are tax deductible in other years and it furtherexcludes items that are never taxable or deductible. The Group's liability forcurrent tax is calculated using tax rates that have been enacted orsubstantially enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that haveoriginated but not reversed at the balance sheet date where transactions orevents that result in an obligation to pay more tax in the future or a right topay less tax in the future have occurred at the balance sheet date. A net deferred tax asset is regarded as recoverable and therefore recognisedonly when, on the basis of all available evidence, it can be regarded as morelikely than not that there will be suitable taxable profits from which thefuture reversal of the underlying timing differences can be deducted. Pensions The Group operates a defined contribution pension scheme for certain employees.The Group's contributions to the scheme are charged against profits in the yearin which the contributions are made. For the defined benefit scheme, the obligations are measured at discountedpresent value whilst plan assets are recorded at fair value. The calculation ofthe net obligation is performed by a qualified actuary. The operating andfinancing costs of the plan are recognised separately in the income statement;service costs are spread systematically over the lives of the employees andfinancing costs are recognised in the period in which they arise. Actuarialgains and losses are spread over a number of years, as an adjustment to thepension expense in the income statement, making use of the 10% corridor toreduce volatility. Cumulative actuarial gains and losses were recognised at 1July 2004, the beginning of the first IFRS reporting period, and are reflectedwithin the net obligation at that date. 3. Taxation_________________________________________________________________________________________ Half year ended Year ended 31 December 31 December 30 June 2005 2004 2005 (Restated) (Restated) £m £m £m_________________________________________________________________________________________Current taxation (51.5) 51.3) (117.1) Deferred taxation 2.4 2.2 4.9_________________________________________________________________________________________ (49.1) (49.1) (112.2)_________________________________________________________________________________________ Corporation tax for the interim period is charged at 30% (half year ended to 31December 2004: 30%), representing the best estimate of the corporation tax rate. 4. Discontinued Operations_________________________________________________________________________________________On 30 August 2004 the group disposed of its small Southern Californiahousebuilding operation at no profit or loss. The results of the discontinuedoperations, which have been included in the consolidated income statement wereas follows: _________________________________________________________________________________________ Half year ended Year ended 31 December 31 December 30 June 2005 2004 2005 (Restated) (Restated) £m £m £m_________________________________________________________________________________________Revenue - 28.0 28.0_________________________________________________________________________________________ Operating profit - 0.4 0.4Finance costs - (0.4) (0.4)Taxation - - -_________________________________________________________________________________________Post tax results from discontinued operations - - -_________________________________________________________________________________________ During the period ended 30 August 2004 the operation contributed £0.4m to thegroup's net operating cash flows. 5. Dividends_________________________________________________________________________________________ Half year ended Year ended 31 December 31 December 30 June 2005 2004 2005 (Restated) (Restated) £m £m £m_________________________________________________________________________________________Final dividend 42.8 35.3 35.3Interim dividend - - 21.1_________________________________________________________________________________________ 42.8 35.3 56.4_________________________________________________________________________________________ Half year ended 31 December 31 December 2005 2004 £m £m_________________________________________________________________________________________Proposed interim dividend for the half year ended31 December 2005 of 10.34p (2004: 8.99p) per share 24.7 21.1_________________________________________________________________________________________The proposed interim dividend has not been included as a liability as at 31December 2005. 6. Earnings Per Share_________________________________________________________________________________________Basic earnings per share is calculated by dividing the earnings attributable toordinary shareholders of £114.8m (half year to 31 December 2004: £114.4m andyear ended 30 June 2005: £282.1m) by the weighted average number of ordinaryshares in issue, excluding those held by the Employee Benefit Trust which aretreated as cancelled, which were 238.0m (half year to 31 December 2004: 234.4mand year ended 30 June 2005: 235.2m). For diluted earnings per share, the weighted average number of ordinary sharesin issue is adjusted to assume conversion of all potentially dilutive ordinaryshares from the start of the accounting period, giving a figure of 241.7m (halfyear to 31 December 2004: 237.4m and year ended 30 June 2005: 238.1m). Half year ended Year ended 31 December 31 December 30 June 2005 2004 2005 (Restated) (Restated)_________________________________________________________________________________________Basic earnings per share (pence)Continuing activities 48.2 48.8 119.9Discontinued activities - - -_________________________________________________________________________________________Total 48.2 48.8 119.9_________________________________________________________________________________________ Adjusted basic earnings per share 48.2 46.9 115.2_________________________________________________________________________________________ Diluted earnings per share (pence)Continuing activities 47.5 48.2 118.5Discontinued activities - - -_________________________________________________________________________________________Total 47.5 48.2 118.5_________________________________________________________________________________________ Adjusted diluted earnings per share 47.5 46.3 113.8_________________________________________________________________________________________ The calculation of basic, diluted, adjusted basic and adjusted diluted earningsper share is based on the following data: Half year ended Year ended 31 December 31 December 30 June 2005 2004 2005 (Restated) (Restated) £m £m £m_________________________________________________________________________________________Earnings for basic and diluted earnings per share 114.8 114.4 282.1Less profit on disposal of ground rents - (6.4) (15.9)Add tax effect on above item - 1.9 4.8_________________________________________________________________________________________Earnings for adjusted basic and adjusted diluted earnings per share 114.8 109.9 271.0_________________________________________________________________________________________ 7. Reconciliation of Prior Periods Statements_________________________________________________________________________________________Reconciliations from UK GAAP to IFRS have already been published and can befound on the Group's website www.barratt-investor-relations.co.uk, for thefollowing primary statements: Income Statement for the year ended 30 June 2005 Balance Sheet as at 30 June 2004 and 30 June 2005 Cash Flow Statement for the year ended 30 June 2005 To complete this information we provide reconciliations below for the IncomeStatement for the half year ended 31 December 2004 and Balance Sheet as at 31December 2004. Restatement of Income Statement for the half year ended 31 December 2004 UK GAAP Changes In Accounting Under: IFRS IFRS 2 IFRS 5 IAS 19 IAS 19 IAS 39 Presentation Share Pension accrual Share of discontinued options and deferred Land options operations Er's NI tax adjustments creditors £m £m £m £m £m £m £m____________________________________________________________________________________________________________Continuing operations Revenue 1,176.2 - (28.0) - - - 1,148.2 Cost of sales (969.6) - 26.9 - - 0.5 (942.2)____________________________________________________________________________________________________________Gross profit 206.6 - (1.1) - - 0.5 206.0 Net operating expenses (40.4) (1.7) 0.7 (0.2) (0.5) - (42.1) Profit on disposal of ground rents 6.4 - - - - - 6.4____________________________________________________________________________________________________________Profit from operations 172.6 (1.7) (0.4) (0.2) (0.5) 0.5 170.3 Finance income 1.7 - - - - - 1.7 Finance costs (3.2) - 0.4 - - (5.7) (8.5)____________________________________________________________________________________________________________Profit before tax 171.1 (1.7) - (0.2) (0.5) (5.2) 163.5 Tax expense (51.3) 0.5 - 0.1 0.1 1.5 (49.1)____________________________________________________________________________________________________________Profit for the period from continuing operations 119.8 (1.2) - (0.1) (0.4) (3.7) 114.4 Discontinued operationsProfit from discontinued operations - - - - - - -____________________________________________________________________________________________________________Profit for the period 119.8 (1.2) - (0.1) (0.4) (3.7) 114.4____________________________________________________________________________________________________________ Restatement of Balance Sheet at 31 December 2004 UK GAAP Changes In Accounting Under: IFRS IFRS 2 IAS 10 IAS 19 IAS 19 IAS 19 IAS 39 Share Reverse Pension accrual Share options SSAP24 and deferred Land options Dividends Er's NI adjustment tax adjustments creditors £m £m £m £m £m £m £m £m_____________________________________________________________________________________________________________________AssetsNon-current assets Property, plant and equipment 11.8 - - - - - - 11.8 Deferred tax 4.7 0.8 - 0.4 (1.6) 26.4 4.1 34.8_____________________________________________________________________________________________________________________ 16.5 0.8 - 0.4 (1.6) 26.4 4.1 46.6_____________________________________________________________________________________________________________________Current assets Inventories 2,164.8 - - - - - (22.6) 2,142.2 Trade and other receivables 38.0 - - - - - - 38.0 Cash and cash equivalents 161.6 - - - - - - 161.6_____________________________________________________________________________________________________________________ 2,364.4 - - - - - (22.6) 2,341.8__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Total assets 2,380.9 0.8 - 0.4 (1.6) 26.4 (18.5) 2,388.4_____________________________________________________________________________________________________________________ LiabilitiesCurrent liabilities Loans and borrowings 8.3 - - - - - - 8.3 Trade and other payables 1,014.6 - (21.1) 1.3 (5.4) - - 989.4 Current tax liabilities 56.9 - - - - - - 56.9_____________________________________________________________________________________________________________________ 1,079.8 - (21.1) 1.3 (5.4) - - 1,054.6_____________________________________________________________________________________________________________________Non-current liabilities Loans and borrowings 3.5 - - - - - - 3.5 Retirement benefit obligations - - - - - 88.3 - 88.3 Other liabilities 84.9 - - - - - (8.9) 76.0_____________________________________________________________________________________________________________________ 88.4 - - - - 88.3 (8.9) 167.8_____________________________________________________________________________________________________________________Total liabilities 1,168.2 - (21.1) 1.3 (5.4) 88.3 (8.9) 1,222.4_____________________________________________________________________________________________________________________Net assets 1,212.7 0.8 21.1 (0.9) 3.8 (61.9) (9.6) 1,166.0_____________________________________________________________________________________________________________________ Restatement of Balance Sheet at 31 December 2004 (continued) UK GAAP Changes In Accounting Under: IFRS IFRS 2 IAS 10 IAS 19 IAS 19 IAS 19 IAS 39 Share Reverse Pension accrual Share options SSAP24 and deferred Land options Dividends Er's NI adjustment tax adjustments creditors £m £m £m £m £m £m £m £m_____________________________________________________________________________________________________________________Equity Share capital 24.0 - - - - - - 24.0 Share premium 192.0 - - - - - - 192.0 Share based payment reserve - 2.9 - - - - - 2.9 Retained earnings 996.7 (2.1) 21.1 (0.9) 3.8 (61.9) (9.6) 947.1_____________________________________________________________________________________________________________________Total equity 1,212.7 0.8 21.1 (0.9) 3.8 (61.9) (9.6) 1,166.0_____________________________________________________________________________________________________________________ This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Barratt Developments