31st Jul 2007 07:02
Taylor Wimpey PLC31 July 2007 31 July 2007 Taylor Wimpey plc Interim Results for 6 months to 30 June 2007 Group Highlights: • Merger of George Wimpey Plc and Taylor Woodrow plc became effective on 3 July 2007 • Integration progressing well: substantial progress made, management teams in place, operating as a combined business in both UK and North America. • Annualised pre-tax synergy estimate increased to £100m. • Strong UK Housing margin performance, with both businesses advancing margins significantly in the first half of 2007. • Land provisions of £86m in Taylor Woodrow's North American business arising from continued decline in Florida and California markets (including the £25m announced in early May). • Interim dividend: 5.5 pence per share (H1 2006: 5.0p) • £750m share buy back commencing today and to be completed during the next eighteen months. Group Financial Highlights6 months to 30 June 2007Pro forma combined* H1 2007-----------------------------------------------------Home completions 12,228Revenue £2,671.9mProfit from operations before exceptional £313.2mitemsProfit before tax before exceptional items £259.0mProfit before tax £140.9mNet assets £4,113.4m----------------------------------------------------- * These pro forma numbers reflect the aggregate of the underlying financialinformation of Taylor Woodrow plc and George Wimpey Plc. In aggregating the twosets of financial information no alignment of accounting policies has beenperformed and intra-Group trading and balances between the two entities have notbeen eliminated. Whilst the pro forma numbers contain an illustrative goodwillfigure before fair value adjustments, a detailed fair value exercise will beperformed prior to publishing the final accounts for the year ending 31 December2007. Detailed pro forma numbers, along with details of the basis of preparationcan be found at the end of this announcement. Historical Taylor Woodrow plc business6 months to 30 June 2007 H1 2007 H1 2006-------------------------------------------------------------------Home completions 4,857 5,052Revenue £1,441.4m £1,494.4mPre-exceptional profit from operations £152.8m £195.1mbefore JV interest and taxPre-exceptional profit before tax £119.8m £160.8mProfit before tax £18.3m £160.8mEquity shareholders' funds per share 357.1 pence 345.4 penceGearing 34.1% 40.1%------------------------------------------------------------------- Pete Redfern, Group Chief Executive, Taylor Wimpey plc commented: "We have made excellent progress in the UK in the first half of 2007, with bothTaylor Woodrow and George Wimpey demonstrating significant margin improvement.As expected, given very difficult trading conditions, the respectiveperformances in North America are substantially below the record resultsachieved in the first half of 2006. The completion of the merger on 3 July has created the UK's largest homebuilder.We are well-placed to continue to deliver margin improvement in the UK throughcost synergies and the combination of George Wimpey's build cost efficiencieswith Taylor Woodrow's land development skills. In North America, the combinationof our two businesses leaves Taylor Wimpey well positioned to manage the toughconditions, and benefit as the market recovers." Contacts: For further information, please contact:Pete Redfern, Group Chief Executive James MurgatroydPeter Johnson, Group Finance DirectorJonathan Drake, Investor RelationsTaylor Wimpey plcTel: +44 (0) 7816 517039 on 31 July 2007 FinsburyTel: +44 (0) 207 963 6352 thereafter Tel: +44 (0) 20 7251 3801 A presentation to analysts will be made at 09:00 hours. This presentation willbe broadcast live on www.taylorwimpey.com. Chairman and Chief Executive's Review This is the first interim review for Taylor Wimpey plc, following the merger ofTaylor Woodrow plc and George Wimpey Plc, which completed on 3 July 2007. Inthis Chairman and Chief Executive's review we focus on the forward strategy forthe combined business, as well as the historical performance for the first halffor Taylor Woodrow, as the acquiring entity. Where practical we have alsoprovided pro forma numbers for the combined Group for illustrative purposes. We have already made significant progress on our primary objective of UK marginimprovement, and on the process of merging the two businesses. Despite thedifficult trading conditions in the US, we are confident of deliveringsignificant value to shareholders through both future earnings growth and theefficient management and investment of capital. Taylor Wimpey overview and strategy UK Housing Our primary objective in the UK is to drive improvement in the operating margin.Excellent progress has been made in the first half, with a strong increase inunderlying housing margin in both parts of the business. We have extended GeorgeWimpey's commitment to an operating margin of over 14 per cent for 2007 to thewhole Taylor Wimpey UK housing business. The medium term target remains toachieve industry average margins over a 2-3 year period. The drivers of this improvement are the changes in land strategy, the drive toreduce costs and the impact of an improved sales strategy. The merger has allowed us to move quickly to a balanced portfolio of short,medium and long term land. This provides the opportunity to add value throughplanning and development, a more stable base for business planning and theopportunity for land swaps and dual branding. We will also reduce our level ofland sales as we focus on delivering value from the landbank. The merger will also allow us to reduce overhead costs per completionsignificantly once the full synergies have been attained. However, we expect thelargest benefit to be achieved in build costs where the opportunities for bothprocurement efficiencies and design and engineering savings are significant. As previously stated, we will seek to maximise margin performance by controllingsales incentives tightly. We have maintained a strategy of strong forwardselling, and as at 30 June our pro forma order book is 5 per cent by value aheadyear on year. This strategy will enable us to manage more effectively the lessbuoyant market conditions we expect in the second half. In addition to improving margins, a further key objective in the UK is todeliver volume growth by increasing outlet numbers. We have already identified anumber of new outlets from sharing sites between the Bryant Homes and GeorgeWimpey brands and from potential land swaps. We currently have 471 open outletsacross the Group, with many more in the pipeline. Our business structure has thecapacity to manage 600 outlets. This long term target is clearly reliant on theplanning system, which is becoming increasingly difficult. North American Housing Our existing markets benefit from significant inward migration of both peopleand jobs. Our long term strategy is to grow the North American business inmarkets of significant employment driven demand growth. In the short to mediumterm, market conditions are expected to remain difficult. We will focus on costreductions and cash management whilst preserving the long term capacity of thebusiness and the value locked up in excellent long term positions. These actionswill both maintain the underlying value of the business and put us in the bestposition to reinvest in new sites as value opportunities become available. We expect to have reduced headcount in our North American business by nearly 25per cent by the end of the year from a combination of synergies and reductionsdue to market conditions. The drive to reduce build costs is also seeing somesignificant gains, with Morrison homes already exceeding our previously statedtarget of $10m of build cost savings. The merger has ensured that we have scale positions in almost all of our currentmarkets. We have reviewed all of our existing markets, and have as a resultdecided to exit the Dallas market, which has never been a successfulcontributor. Where we have outstanding longer term positions (sometimes with up to 6-7 yearsof future potential), we will continue to manage these positions carefully inorder to maintain long term value. However we have adjusted carrying values toreflect current market conditions. Although we have been and remain extremelycautious in the land market in most states, we are starting to see somesignificant changes in the quality and pricing of land available for sales. In anumber of instances these are in 'A' locations that were unavailable in theheated markets of 2004/5. We do not at this point anticipate major cashinvestment in the short term but believe that there will be an increasing numberof attractive opportunities, which we are well placed to take advantage of atthe appropriate time. In order to release cash for reinvestment and maintain momentum in the rest ofthe business, we will actively look to work through other, shorter term, sitesat a steady rate. In markets where we had taken this view already, we haveestablished sales pricing at levels which allow us to obtain sensible tractionand a sub-normal but steady sales rate of around 0.65 per site per week. In thisway we can reduce our investment in these short term sites steadily, and recyclecash into new investments. It became increasingly evident over the course of the second quarter thatcertain US markets had continued to deteriorate. In particular, in both Floridaand Southern California the depth and severity of the adverse conditions hasmeant that projections of any recovery must be deferred. In light of this, inrespect of the first half of 2007 we have reviewed Taylor Woodrow's landportfolio in these markets and the bases of provisions. As a consequence we areproviding a further £60.9 million against land holdings in both the abovemarkets. This is in addition to the provisions announced in May. Approximately90% of these additional provisions are in respect of Florida landholdings. Theconsequence of these provisions will be to permit, where appropriate, the pricereductions necessary to achieve realistic sales rates in line with the rest ofthe North American businesses. Total NRV provisions for the Taylor Woodrowbusiness in the first half of 2007 total £86 million. A significant proportionof the land affected will not be brought forward to market until 2009 or beyond. Integration The integration of the businesses is progressing extremely well. In the UK, themanagement team and their direct reports were in place at completion, and thebusiness is operating extremely well. In North America, these conclusions havebeen finalised and implemented during July. Taylor Wimpey's philosophy is to operate with very slim Group functions. The newCorporate function was in place from the day of completion and will move into anew London office during September. In the UK, the combined Housing business will operate under the Bryant Homes,George Wimpey and G2 brands, with the Laing Homes and Wilson Connolly brandsbeing retired. The business will consist of three divisions, focusing on theNorth, Midlands and South. Each division will be headed by a Chairman and therewill be a total of 34 regions. Four regional offices will close as a result ofthe merger, along with the George Wimpey City business and the former TaylorWoodrow head office in Solihull. A new UK Head Office has been identified, andthe move is expected to be complete by the end of the year. In North America the combined business will operate under the Taylor Woodrow,Morrison Homes and Monarch brands. The geographical spread of the businesses ishighly complementary and, therefore, regional offices will be combined in fourlocations where there is an overlap as a result of the merger. The formerMorrison Homes head office will also close. Across the Group efforts have been made to redeploy affected staff into othervacancies across the business, but total redundancies are expected to be around700. In almost all instances the staff affected have been informed, with thefinal consultation period finishing on 3 August. The speed and effectiveness of the integration process is a testament to theskill and diligence of our employees and we would like to record our particularthanks for the professionalism of those people who will not have a continuingrole within the combined business. In the merger prospectus and associated documentation we announced ourexpectation of achieving annualised pre-tax synergies significantly in excess of£70m. Integration work undertaken since the publication of the documentation hasconfirmed the potential for a further £30m of savings arising principally frombuild cost efficiencies. We are therefore revising our synergy target upwards to£100m. The additional £30m of synergies are expected to be delivered by the endof 2009. We continue to expect one-off costs associated with the merger ofaround £60m. Review of capital requirements Following announcement of the merger to create Taylor Wimpey, the companyannounced an intention to review the ongoing capital requirements of the groupand to communicate the conclusions of this review before the end of 2007. Thepurpose of this review, which has now been completed, was to ensure that therequirements for growth are balanced by a suitable and efficient capitalstructure. Following this review the Board has authorised a share buy backprogramme of up to £750 million, to be completed over the next 18 months. Whilstwe will be commencing this programme with immediate effect, we will require theapproval of shareholders to the extent that the buyback exceeds 10 per cent ofthe Group's issued share capital. We will seek to maintain year end adjustedgearing (excluding goodwill and pensions) within a range of 40 per cent to 60per cent and interest cover between five and seven times in normal marketconditions. We believe that this policy will allow the group to pursue an ambitious growthplan over the next several years, whilst also delivering strong cash returns toshareholders through the buyback programme and continued progressive growth inour dividend. Board changes On behalf of the Board, we would like to record our thanks for the contributionsmade by the outgoing Board members. In the case of Taylor Woodrow plc, Ian Smith and Vernon Sankey resigned from theBoard at the time of the merger. Following the completion of the merger, JohnLandrum has also left the Board with effect from today. John has helped usthrough the early stages of integration in North America and will continue to beavailable as this process continues. He plans to pursue other entrepreneurialreal estate investments outside the Group in the future. John will be succeededas CEO of the North American business by Sheryl Palmer. Sheryl has had 18 yearsof experience in the homebuilding and land development industry, much of it withPulte Homes and Del Webb, prior to joining Morrison Homes in early 2006. In the case of George Wimpey Plc, the Board would also like to thank JohnRobinson, Andrew Carr-Locke, Steve Parker, Robert Sharpe and Christine Cross. Dividends In line with its progressive dividend policy, the Board has declared an interimdividend of 5.5 pence per share (H1 2006: 5.0 pence). This dividend will be paidon 1 November 2007 to shareholders on the register at close of business on 28September 2007. The company offers shareholders the opportunity to use their dividends topurchase shares on the market under the terms of the Dividend Re-InvestmentPlan. Further details can be found on our website www.taylorwimpey.com. Outlook In the UK, we anticipate that the impact of recent interest rate rises willresult in more subdued market conditions for the second half of 2007. Currentconditions are stable and the business is in a strong position to respond to anychange in the market. Our strong pro forma order book, which is 5 per cent upyear on year, combined with completions to date accounts for over 80 per cent ofour full year volume expectations. Taylor Wimpey enters the second half of theyear with a strong landbank, with a good balance between short-term, medium-termand strategic land. We will continue to invest in our UK landbank, in order tosupport our future growth ambitions. We are confident in the delivery of ourimprovement plans for the business. In North America, short term market conditions remain difficult to predict. Wecontinue to expect completions, margins and return on capital employed for thefull year to be significantly lower than those achieved in 2006. Our focus inNorth America remains on managing costs and cash and maintaining a steady salesrate. In the medium-term, the merger leaves us well positioned to benefit from areturn to more normal market conditions. Market conditions in mainland Spain remain subdued and we expect full yearprofits to be well below the levels achieved in 2006. Construction remains oncourse to deliver a stable performance in 2007, with profit timing weightedtowards the second half. Historical Taylor Woodrow Results Results Total revenue for Taylor Woodrow plc for the six months to 30 June 2007 was£1.44bn (2006: £1.49bn). Profit before tax was £119.8m before the effect of theexceptional provisions in North America (H1 2006: £160.8m). Exceptionalprovisions of £101.5 million were made in the first half as detailed below.Including the effect of these exceptional items, profit before tax was £18.3m.Also as a result of the provisions in North America, a tax credit of £4.6m hasbeen recorded in the period (H1 2006: £48.8m charge). Basic earnings per share before exceptional items were 14.9 pence (2006: 19.5pence). Including the effect of these exceptional items basic earnings per sharewere 3.9 pence. Equity per share increased by 3 per cent to 357.1 pence. Total equity before minority interests stood at £2,072.8m at 30 June 2007 (2006:£1,979.6m). Net debt was £706.0m (2006: £793.7m) resulting in net gearing of34.1 per cent (2006: 40.1 per cent). UK Housing H1 2007 H1 2006 Change FY 2006----------------------------------------------------------------------Revenue, including joint 780.3 742.2 5.1% 1,842.0ventures £mProfit from operations* £m 103.0 82.0 25.6% 221.5Operating margin* % 13.2 11.0 2.2ppt 12.0Home completions 3,378 3,369 0.3% 8,294---------------------------------------------------------------------- The UK Housing business has performed well in the first half of the year,capitalising on a solid UK housing market. Home completions were broadly flatyear on year, and good progress was made on margin improvement as a result ofongoing value engineering and design initiatives. Housing operating margins haveincreased to 13.2 per cent (H1 2006: 11.0 per cent). Average selling prices were ahead by 6 per cent year on year at £205k (2006:£193k), despite an increase in the proportion of social housing completions from14 per cent to 17 per cent. Average selling prices per square foot increased by6 per cent over the same period. Taylor Woodrow made a number of land sales during the first half, generating atotal operating profit, after allocated overhead, of £15.8m (H1 2006: £9.4m). Weanticipate that in the future land sales will represent a significantly smallerproportion of UK Housing profit, although we will continue to make some landsales and swaps as part of our management of larger sites. As at 30 June 2007, the owned and controlled landbank stood at 34,131 plots(December 2006: 34,827 plots) in addition to its strategic landbank of 79,000potential plots (December 2006: 79,000). The order book at 30 June 2007 stood at £700m, up by 8 per cent on the positionat 30 June 2006. * Throughout the Chairman and Chief Executive's review, the profit fromoperations and operating margins in the historical Taylor Woodrow results arebefore joint ventures' interest and tax (see Note 3) and exceptional items (seeNote 9); joint venture revenue is used in the margin calculation (see Note 3). North America Housing H1 2007 H1 2006 Change FY 2006----------------------------------------------------------------------Revenue, including joint 353.2 446.7 (20.9)% 1,194.3ventures £mProfit from operations before 46.4 96.0 (51.7)% 221.3exceptional items* £mOperating margin before 13.1 21.5 (8.4)ppt 18.5exceptional items * %Exceptional provisions (101.5) - N/A -Home completions 1,376 1,512 (9.0)% 4,492---------------------------------------------------------------------- Market conditions in North America continue to be very challenging. The marketsin Arizona, California and Florida remain very tough, with conditions in Floridaparticularly worsening during the period. However, in Texas, where we operate inAustin and Houston, we have seen a limited impact from reduced creditavailability. Our markets in Canada remain healthy. The tough market conditions are reflected in the comparison of first halfprofits for the North America business, which reported record profits in theequivalent period of 2006. The business has seen reduced home completions during2007, although average selling prices were higher at US$455k (H1 2006: US$440k). As previously announced, Taylor Woodrow took the decision to suspend sales forthree high-rise tower projects in Florida following a very poor Spring sellingseason. This has resulted in a one-off non-cash provision of £15.6m relating toland holdings in this sector. As the market has continued to weaken, and in our view the likely duration ofthe downturn has increased, we have reviewed the carrying value of all landholdings and the bases of provisions. As highlighted above, this review hasresulted in a £60.9m provision against land holdings and projects in Florida andCalifornia, in addition to the £9.5m announced in early May. As disclosed in the 2006 Report and Accounts, a jury trial in Florida awardeddamages against Taylor Woodrow subsidiaries totalling £22.7m in November 2006.On 4 April 2007, the judge ruled on post-trial motions filed by Taylor Woodrowand reduced the award to £13.9m. We will be pursuing an appeal, but aspreviously announced we have provided £15.5m this year against the potentialliability including associated costs. As a result of our ongoing caution in the land market, the owned and controlledlandbank stood at 29,452 plots on 30 June 2007, a reduction of 18 per centagainst the position at 30 June 2006. The order book stood at £484m at 30 June 2007, a decline of 45 per cent from 30June 2006, reflecting the continuing market weakness. Spain and Gibraltar Housing Our markets in Mallorca and Gibraltar remain stable, but we have seen asignificant slowing in our markets in mainland Spain. This reflects overcapacityin these markets, along with the dampening effect of higher interest rates ondemand from British buyers. We sold 103 homes in the first half of 2007 (H1 2006: 171), at an increasedaverage selling price of £284k (H1 2006: £190k) reflecting an increasedproportion of completions from Gibraltar. Operating margins are below the stronglevels of recent years, as a result of the increased level of competition forsales. The major contributory factor to the fall in operating profits for thefirst half is a significant land sale in the same period last year. Our landbank of 2,388 plots remains at a similar level to that reported inDecember 2006 and the order book of £91m is broadly similar to the position atthe end of June 2006. Construction Our Construction business continues to build strong relationships with both bluechip and public sector clients. The profit from operations was £1.6m (H1 2006:£5.2m) and the external order book was increased by 7 per cent to £1.16bn (2006:£1.09bn). Historical George Wimpey Results At a Group level, George Wimpey Plc delivered profit before tax of £122.6m (H12006: £152.3m) from revenue of £1.27bn (H1 2006: £1.40bn). Total equity stood at£1.79bn at 30 June 2007 (H1 2006: £1.61bn). Net debt was £525.9m (H1 2006:698.4m) resulting in net gearing of 29 per cent (H1 2006: 43 per cent). George Wimpey's UK Housing business delivered a strong performance in the firsthalf of 2007. Operating profit at £159m was 38 per cent ahead of 2006. Homecompletions stood at 5,828 (H1 2006: 5,854), with an average selling price of£179k (H1 2006: £176k). Excellent progress has been made on margin improvement,with the first half margin of 15.2 per cent significantly ahead of the prioryear comparative (H1 2006: 11.2 per cent). The UK order book at 30 June 2007stood at £1,084m, an increase of 2 per cent year on year (H1 2006: £1,057m). Thebusiness remains on track to deliver the previously announced £25m of costreductions, in addition to the synergies arising from the merger. In the US, as expected Morrison Homes has continued to encounter tough tradingconditions. Home completions fell to 1,543 (H1 2006: 1,968) and margins werealso lower at 3.6 per cent (H1 2006: 19.1 per cent). Land values were reviewedas at the end of the period and no additional net realisable value provisionswere found to be required. The US order book at 30 June 2007 stood at £174m (H12006: £373m). Acquisition accounting Full acquisition accounting will be performed in the second half of 2007,including alignment of accounting policies, fair value adjustments on the GeorgeWimpey net assets acquired and the recognition of other intangibles includinggoodwill. The financial statements for Taylor Wimpey plc for the year ended 31December 2007 will include the full impact of acquisition accounting. Other This report was approved by the Board of Directors on 30 July 2007. INDEPENDENT REVIEW REPORT TO TAYLOR WIMPEY PLC Introduction We have been instructed by the company to review the financial information forthe six months ended 30 June 2007 which comprise the consolidated incomestatement, the consolidated statement of recognised income and expense, theconsolidated balance sheet, the consolidated cash flow statement and relatednotes 1 to 10 and the reconciliation of movements in consolidated equity. Wehave read the other information contained in the interim report and consideredwhether it contains any apparent misstatements or material inconsistencies withthe financial information. This report is made solely to the company in accordance with Bulletin 1999/4issued by the Auditing Practices Board. Our work has been undertaken so that wemight state to the company those matters we are required to state to them in anindependent review report and for no other purpose. To the fullest extentpermitted by law, we do not accept or assume responsibility to anyone other thanthe company, for our review work, for this report, or for the conclusions wehave formed. Directors' responsibilities The interim report, including the financial information contained therein, isthe responsibility of, and has been approved by, the directors. The directorsare responsible for preparing the interim report in accordance with the ListingRules of the Financial Services Authority which require that the accountingpolicies and presentation applied to the interim figures are consistent withthose applied in preparing the preceding annual accounts except where anychanges, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with the guidance contained in Bulletin1999/4 issued by the Auditing Practices Board for use in the United Kingdom. Areview consists principally of making enquiries of group management and applyinganalytical procedures to the financial information and underlying financial dataand, based thereon, assessing whether the accounting policies and presentationhave been consistently applied unless otherwise disclosed. A review excludesaudit procedures such as tests of controls and verification of assets,liabilities and transactions. It is substantially less in scope than an auditperformed in accordance with International Standards on Auditing (UK and Ireland)and therefore provides a lower level of assurance than an audit. Accordingly,we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications thatshould be made to the financial information as presented for the six monthsended 30 June 2007. Deloitte & Touche LLPChartered AccountantsLondon, UK 30 July 2007 Taylor Wimpey plc Consolidated income statement for the six months to 30 June 2007for the historical Taylor Woodrow plc business Audited Reviewed Year to 31 Before Six months to 30 June December exceptional Exceptional 2007 2006 2006 Note items items * £m £m £m---------------------------------------------------------------------------------------Continuing operationsRevenue: Group and 3 1,441.4 1,441.4 1,494.4 3,679.0share of joint venturesLess share of joint (39.5) (39.5) (43.0) (106.9)ventures---------------------------------------------------------------------------------------Consolidated revenue 3 1,401.9 1,401.9 1,451.4 3,572.1Cost of sales (1,170.1) (101.5) (1,271.6) (1,175.1) (2,933.4)---------------------------------------------------------------------------------------Gross profit 231.8 (101.5) 130.3 276.3 638.7Profit on disposal of 5.8 5.8 5.5 9.1properties andinvestmentsAdministrative expenses (99.6) (99.6) (97.8) (200.1)Share of results of 12.2 12.2 9.1 22.1joint ventures---------------------------------------------------------------------------------------Profit from operations 3 150.2 (101.5) 48.7 193.1 469.8 Interest receivable 5.2 5.2 3.6 9.1Finance costs (35.6) (35.6) (35.9) (73.3)---------------------------------------------------------------------------------------Profit before tax 119.8 (101.5) 18.3 160.8 405.6 Tax 4 (33.6) 38.2 4.6 (48.8) (115.0)---------------------------------------------------------------------------------------Profit for the period 86.2 (63.3) 22.9 112.0 290.6---------------------------------------------------------------------------------------Attributable to:Equity holders of the parent 22.7 111.5 289.5Minority interest 0.2 0.5 1.1--------------------------------------------------------------------------------------- 22.9 112.0 290.6--------------------------------------------------------------------------------------- Earnings per shareFrom continuingoperationsBasic 6 3.9p 19.5p 50.5p---------------------------------------------------------------------------------------Diluted 6 3.9p 19.2p 50.1p--------------------------------------------------------------------------------------- * Refer to accounting policies (note 2). The current period items refer to legalprovisions and land write-off provisions (note 9). Consolidated statement of recognised income and expense for the six months to 30 June 2007 for the historical Taylor Woodrow plc business Audited Reviewed Year to 31 Six months to 30 June December 2007 2006 2006 £m £m £m--------------------------------------------------------------------------------------------Net exchange differences on translation of foreign operations 1.4 (23.9) (49.0)Effect of change in tax rate on the pension deficit deferred tax (3.9) - -Actuarial gains/(losses) on defined benefit pension schemes - 16.3 (1.6)Tax on actuarial gains/(losses) taken directly to equity - (4.9) 0.5Net surplus on revaluation - - 1.0--------------------------------------------------------------------------------------------Net expense recognised directly in equity (2.5) (12.5) (49.1)Profit for the period 22.9 112.0 290.6--------------------------------------------------------------------------------------------Total recognised income and expense for the period 20.4 99.5 241.5-------------------------------------------------------------------------------------------- Reconciliation of movements in consolidated equity for the six months to 30 June 2007 Audited Reviewed Year to 31 Six months to 30 June December Note 2007 2006 2006 £m £m £m----------------------------------------------------------------------------------------Total recognised income for the period 20.4 99.5 241.5Dividends on equity shares 5 (56.6) (51.0) (79.7)New share capital subscribed 0.1 3.1 3.8Purchase of own shares - (0.5) (6.1)Proceeds from sale of own shares 8.1 3.1 15.0Share-based payments 2.1 3.5 6.1(Decrease)/increase in share-based payment tax reserve - (2.7) 4.2Cash cost of satisfying share options (4.9) - (8.0)Loss on disposal of own shares (3.2) -Increase / (decrease) in other reserve 0.3 (0.1) (0.6)Decrease in minority interests (0.2) (0.5) -----------------------------------------------------------------------------------------Net (decrease) / increase in equity (30.7) 51.2 176.2Opening equity 2,105.5 1,929.3 1,929.3----------------------------------------------------------------------------------------Closing equity 2,074.8 1,980.5 2,105.5---------------------------------------------------------------------------------------- Consolidated balance sheet at 30 June 2007 for the historical Taylor Woodrow plc business Reviewed Audited 30 June 31 December 2007 2006 2006 £m £m £m-------------------------------------------------------------------------------Non-current assetsGoodwill 362.9 363.4 363.1Property and plant 23.3 24.7 25.5Interests in joint ventures 54.2 53.6 56.2Trade and other receivables 26.7 65.1 56.0Deferred tax assets 131.8 79.3 95.4------------------------------------------------------------------------------- 598.9 586.1 596.2-------------------------------------------------------------------------------Current assetsInventories 3,041.2 3,147.0 2,946.5Trade and other receivables 387.6 314.2 294.9Tax receivables 21.7 - 19.7Cash and cash equivalents 151.3 84.7 236.5------------------------------------------------------------------------------- 3,601.8 3,545.9 3,497.6--------------------------------------------------------------------------------------------------------------------------------------------------------------Total assets 4,200.7 4,132.0 4,093.8-------------------------------------------------------------------------------Current liabilitiesTrade and other payables (883.1) (870.0) (926.0)Tax liabilities (50.5) (37.9) (74.1)Debenture loans (2.3) (4.1) (2.5)Bank overdrafts and loans (22.8) (49.5) (12.3)------------------------------------------------------------------------------- (958.7) (961.5) (1,014.9)--------------------------------------------------------------------------------------------------------------------------------------------------------------Net current assets 2,643.1 2,584.4 2,482.7------------------------------------------------------------------------------- Non-current liabilitiesTrade and other payables (97.8) (123.3) (123.1)Debenture loans (563.3) (621.5) (610.6)Bank loans (268.9) (203.3) (2.4)Retirement benefit obligation (210.0) (206.9) (208.6)Deferred tax liabilities (0.8) (0.9) (0.8)Long-term provisions (26.4) (34.1) (27.9)------------------------------------------------------------------------------- (1,167.2) (1,190.0) (973.4)--------------------------------------------------------------------------------------------------------------------------------------------------------------Total liabilities (2,125.9) (2,151.5) (1,988.3)--------------------------------------------------------------------------------------------------------------------------------------------------------------Net assets 2,074.8 1,980.5 2,105.5-------------------------------------------------------------------------------EquityShare capital 148.6 148.5 148.5Share premium account 758.4 759.0 758.8Revaluation reserve 0.5 0.5 1.5Own shares (36.9) (51.4) (45.0)Share-based payment tax reserve 8.2 1.3 8.2Capital redemption reserve 31.5 31.5 31.5Other reserve 5.1 5.3 4.8Translation reserve (17.7) 6.0 (19.1)Retained earnings 1,175.1 1,078.9 1,214.3-------------------------------------------------------------------------------Equity attributable to equity holders of the 2,072.8 1,979.6 2,103.5parentMinority interests 2.0 0.9 2.0-------------------------------------------------------------------------------Total equity 2,074.8 1,980.5 2,105.5------------------------------------------------------------------------------- Consolidated cash flow statement for the six months to 30 June 2007 for the historical Taylor Woodrow plc business Audited Year to Reviewed 31 Six months to 30 June December 2007 2006 2006 Note £m £m £m--------------------------------------------------------------------------------- Net cash from operating activities 7 (341.4) (408.6) 57.0 Investing activitiesInterest received 5.3 4.5 9.1Dividends received from joint ventures 8.1 15.6 22.6Proceeds on disposal of properties, plant and 13.4 43.8 48.0investmentsPurchases of properties, plant and (3.4) (3.2) (6.7)investmentsAmounts invested in joint ventures (2.0) (5.5) (9.2)Amounts repaid by joint ventures 3.2 3.4 5.3---------------------------------------------------------------------------------Net cash from investing activities 24.6 58.6 69.1--------------------------------------------------------------------------------- Financing activitiesEquity dividends paid - - (79.7)Dividends paid by subsidiaries to minority (0.1) (0.5) (0.1)shareholdersIssue of ordinary share capital 0.1 3.1 3.3Proceeds from sale of own shares 8.1 3.1 15.9Purchase of own shares (4.9) (2.0) (12.4)New bank loans raised 277.1 315.0 608.7Repayment of debenture loans (50.0) (2.6) (4.3)Repayment of bank loans (13.7) (91.0) (600.9)Increase/(decrease) in bank overdrafts 13.1 19.1 (2.7)---------------------------------------------------------------------------------Net cash from/(used in) financing activities 229.7 244.2 (72.2)--------------------------------------------------------------------------------- ---------------------------------------------------------------------------------Net (decrease)/increase in cash and cash equivalents (87.1) (105.8) 53.9Cash and cash equivalents at beginning of year 236.5 197.3 197.3Effect of foreign exchange rate changes 1.9 (6.8) (14.7)---------------------------------------------------------------------------------Cash and cash equivalents at end of period 151.3 84.7 236.5--------------------------------------------------------------------------------- Notes to the consolidated financial statements for six months to 30 June 2007 for the historical Taylor Woodrow plc business 1. General information The interim report has been prepared in accordance with the recognition and measurement criteria of IFRS and the disclosure requirements of the Listing Rules. The information for the year ended 31 December 2006 does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. A copy of the statutory accounts for that year prepared under IFRS has been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified and did not contain statements under section 237 (2) or (3) of the Companies Act 1985. These interim accounts were approved by the Directors on 30 July 2007. They are unaudited but have been reviewed by the auditors whose review report is set out below. 2. Accounting policies The accounting policies adopted are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2006. Exceptional items are defined as items of income and expenditure which are material and unusual in nature and of such significance that they require separate disclosure on the face of the income statement in accordance with IAS 1, Presentation of Financial Statements. 3. Business segments The following is an analysis of the revenue, results and capital employed, analysed by business segment, the Group's primary basis of segmentation. Housing Housing Housing United North Spain and Housing Kingdom America Gibraltar Total Construction ConsolidatedSix months to 2007 2007 2007 2007 2007 2007 30 June 2007 £m £m £m £m £m £m----------------------------------------------------------------------------------------Revenue:External sales 751.5 342.5 30.0 1,124.0 277.9 1,401.9Inter-segment sales - - - - 20.5 20.5Eliminations - - - - (20.5) (20.5)----------------------------------------------------------------------------------------Total revenue 751.5 342.5 30.0 1,124.0 277.9 1,401.9Share of joint 28.8 10.7 - 39.5 - 39.5ventures' revenue----------------------------------------------------------------------------------------Group and share 780.3 353.2 30.0 1,163.5 277.9 1,441.4of joint ventures---------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------Result:Profit before 96.7 37.9 1.8 136.4 1.6 138.0joint ventures &exceptional itemsShare of joint 6.3 8.5 - 14.8 - 14.8ventures' profit----------------------------------------------------------------------------------------Profit * 103.0 46.4 1.8 151.2 1.6 152.8Exceptional items * - (101.5) - (101.5) - (101.5)Share of joint (2.1) (0.5) - (2.6) - (2.6)ventures'interest and tax----------------------------------------------------------------------------------------Profit from 100.9 (55.6) 1.8 47.1 1.6 48.7operationsFinance costs, net (30.4)----------------------------------------------------------------------------------------Profit before tax 18.3Tax 4.6----------------------------------------------------------------------------------------Profit for the period 22.9---------------------------------------------------------------------------------------- Capital employed** 1,710.6 706.2 97.7 2,514.5 (96.6) 2,417.9---------------------------------------------------------------------------Goodwill 362.9Net debt (706.0)----------------------------------------------------------------------------------------Net assets 2,074.8---------------------------------------------------------------------------------------- * Profit is profit from operations before joint ventures' interest and tax and also before exceptional items. Exceptional items refer to legal provisions and land write-off provisions. *\* The Group is unable to allocate the defined benefit pension scheme assets and liabilities on an actuarial basis by entity. However, for the purposes of the segmental analysis above the Group has allocated the deficit on the basis of contributing members. This allocation is performed solely for the purposes of providing a more meaningful segmental analysis and is not an appropriate apportionment in accordance with IAS 19. 3. Business and geographical segments continued Housing Housing Housing United North Spain and Housing Kingdom America Gibraltar Total Construction ConsolidatedSix months to 2006 2006 2006 2006 2006 2006 30 June 2006 £m £m £m £m £m £m---------------------------------------------------------------------------------------- Revenue:External sales 713.3 432.6 43.6 1,189.5 261.9 1,451.4Inter-segment sales - - - - 34.7 34.7Eliminations - - - - (34.7) (34.7)----------------------------------------------------------------------------------------Total revenue 713.3 432.6 43.6 1,189.5 261.9 1,451.4Share of joint 28.9 14.1 - 43.0 - 43.0ventures' revenue----------------------------------------------------------------------------------------Group and share 742.2 446.7 43.6 1,232.5 261.9 1,494.4of joint ventures---------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------Result:Profit before 77.3 89.7 11.9 178.9 5.1 184.0joint venturesShare of joint 4.7 6.3 - 11.0 0.1 11.1ventures' profit----------------------------------------------------------------------------------------Profit* 82.0 96.0 11.9 189.9 5.2 195.1Share of joint (1.7) (0.3) - (2.0) - (2.0)ventures'interest and tax----------------------------------------------------------------------------------------Profit from 80.3 95.7 11.9 187.9 5.2 193.1operations----------------------------------------------------------------------------------------Finance costs, net (32.3)----------------------------------------------------------------------------------------Profit before tax 160.8----------------------------------------------------------------------------------------Tax (48.8)----------------------------------------------------------------------------------------Profit for the period 112.0 Capital employed** 1,728.2 727.3 69.8 2,525.3 (114.5) 2,410.8----------------------------------------------------------------------------Goodwill 363.4Net debt (793.7)----------------------------------------------------------------------------------------Net assets 1,980.5---------------------------------------------------------------------------------------- 3. Business and geographical segments continued Housing Housing Housing United North Spain and Housing Kingdom America Gibraltar Total Construction ConsolidatedYear to 2006 2006 2006 2006 2006 2006 31 December 2006 £m £m £m £m £m £m----------------------------------------------------------------------------------------Revenue:External sales 1,759.2 1,170.2 92.1 3,021.5 550.6 3,572.1Inter-segment sales 4.1 - - 4.1 60.8 64.9Eliminations (4.1) - - (4.1) (60.8) (64.9)----------------------------------------------------------------------------------------Total revenue 1,759.2 1,170.2 92.1 3,021.5 550.6 3,572.1Share of joint 82.8 24.1 - 106.9 - 106.9ventures'revenue----------------------------------------------------------------------------------------Group and share 1,842.0 1,194.3 92.1 3,128.4 550.6 3,679.0of joint ventures---------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------Result:Profit before 206.8 206.4 26.4 439.6 8.1 447.7joint venturesShare of joint 14.7 14.9 - 29.6 - 29.6ventures' profit----------------------------------------------------------------------------------------Profit* 221.5 221.3 26.4 469.2 8.1 477.3Share of joint (6.1) (1.4) - (7.5) - (7.5)ventures' interest and tax----------------------------------------------------------------------------------------Profit from 215.4 219.9 26.4 461.7 8.1 469.8operationsFinance costs, net (64.2)----------------------------------------------------------------------------------------Profit before tax 405.6Tax (115.0)----------------------------------------------------------------------------------------Profit for the year 290.6---------------------------------------------------------------------------------------- Capital employed** 1,574.4 577.2 89.6 2,241.2 (107.5) 2,133.7----------------------------------------------------------------------------Goodwill 363.1Net debt (391.3)----------------------------------------------------------------------------------------Net assets 2,105.50---------------------------------------------------------------------------------------- 4. Taxation Six months to 30 June Year to 31 December 2007 2006 2006 £m £m £m------------------------------------------------------------------------------------Current taxationUK corporation tax 22.8 17.5 48.9Relief for foreign tax (1.0) - (8.3)Foreign tax 13.6 18.3 72.1 Deferred taxationUK 2.4 0.3 (3.2)Overseas (42.4) 12.7 5.5------------------------------------------------------------------------------------ (4.6) 48.8 115.0------------------------------------------------------------------------------------ Corporation tax for the interim period is credited at 25.1% (six months to 30June 2006: 30.3%). This includes a tax credit on exceptional items of £38.2m.The best estimate of the weighted average annual corporation tax ratepre-exceptional items for the full financial year is 28.0% (2006: 28.3%). The UK tax rate will reduce from 30% to 28% on 1 April 2008, which has resultedin a reduction in the Group net deferred tax asset of £4.3m of which £3.9m hasbeen reflected in the SORIE. 5. Dividends Six months to 30 June Year to 31 December 2007 2006 2006 £m £m £m------------------------------------------------------------------------------------ Final dividend for the year to 31 December 2006 of 9.75p 56.6 51.0 51.0(2005: 8.9p) per shareInterim dividend for the year to 31 December 2006 of 5.0p - 28.7per share------------------------------------------------------------------------------------ 56.6 51.0 79.7------------------------------------------------------------------------------------ Six months to 30 June 2007 2006 £m £m----------------------------------------------------------------------------Proposed interim dividend for the year to 31 December 2007 63.0 28.7of 5.5p (2006: 5.0p) per share---------------------------------------------------------------------------- The proposed interim dividend was approved by the Board on 30 July 2007 and hasnot been included as a liability as at 30 June 2007. This dividend will be paidon 1 November 2007 to shareholders on the register at close of business on 28September 2007. 6. Earnings per share Earnings per share Six months Six months Year to 31 30 June 30 June December 2007 2006 2006---------------------------------------------------------------------- Basic 3.9p 19.5p 50.5pDiluted 3.9p 19.2p 50.1pAdjusted Basic 14.9p 19.5p 50.5pAdjusted Diluted 14.8p 19.2p 50.1p---------------------------------------------------------------------- The calculation of earnings per share is based on the following data: Six months Year to 31 Six months to to 30 June December 30 June 2006 2006 Earnings 2007 £m £m £m-------------------------------------------------------------------------------------Earnings for basic earnings per 22.7 111.5 289.5share and diluted earnings per shareLess: Exceptional legal provisions 101.5 - -and land write-off provisions Plus: Tax effect of exceptional items (38.2) - --------------------------------------------------------------------------------------Adjusted earnings 86.0 111.5 289.5------------------------------------------------------------------------------------- Year to 31 Six months to 30 June December 2007 2006 2006Weighted average number of shares m m m------------------------------------------------------------------------------------For basic earnings per share 579.3 572.4 572.9Weighted average of dilutive options 2.4 7.7 5.0Weighted average of dilutive awards under bonus plans 0.1 0.6 0.5------------------------------------------------------------------------------------For diluted earnings per share 581.8 580.7 578.4------------------------------------------------------------------------------------ 7. Note to the consolidated cash flow statement Year to 31 Six months to 30 June December 2007 2006 2006 £m £m £m------------------------------------------------------------------------------------Profit from operations 48.7 193.1 469.8Adjustments for:Depreciation of plant 3.4 3.0 7.7Share-based payment charge 2.1 3.5 6.1Gain on disposal of property and plant (5.8) (5.5) (9.1)Share of joint ventures' operating profit (12.2) (9.1) (22.1)Exceptional legal provisions and land 101.5 - -write-off provisionsIncrease/(decrease) in other provisions (0.5) 3.1 8.5Operating cash flows before movement in working 137.2 188.1 460.9capitalIncrease in inventories (204.6) (489.7) (347.5)(Increase)/decrease in receivables (65.1) (70.6) (37.2)Increase/(decrease) in payables (100.9) 63.2 174.4Pension contributions - - (27.3)Cash (used in)/generated by operations (233.4) (309.0) 223.3Income taxes paid (62.0) (54.1) (95.2)Interest paid (46.0) (45.5) (71.1)Net cash (used in)/from operating activities (341.4) (408.6) 57.0 Net Debt 31 30 June 30 June December 2007 2006 2006 £m £m £m------------------------------------------------------------------------------------ Cash and cash equivalents 151.3 84.7 236.5Bank overdrafts and bank loans (291.7) (252.8) (14.7)Debenture loans (565.6) (625.6) (613.1)------------------------------------------------------------------------------------ (706.0) (793.7) (391.3)------------------------------------------------------------------------------------ Cash and cash equivalents (which are presented as a single class of asset on theface of the balance sheet) comprise cash at bank and other short-term highlyliquid investments with a maturity of three months or less. 8. Related party transactions Transactions between the company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its joint ventures are as follows: The Group purchased land from joint ventures for £8.0m during the six months to 30 June 2007 (six months to 30 June 2006: £8.9m; year to 31 December 2006: £30.7m). 9. Exceptional Items As a result of weaker markets in Florida and Southern California and a decision to suspend sales efforts in the high-rise tower division in Florida, non cash land write downs of £70.4m (Florida and Southern California) and £15.6m (high-rise tower division in Florida) were booked during the period. As disclosed in our 2006 Report and Accounts, a jury trial in Florida awarded damages against several US-based Taylor Woodrow subsidiaries totalling £22.7m in November 2006. On 4 April 2007, the judge ruled on post-trial motions filed by Taylor Woodrow and reduced the award to £13.9m. We will be pursuing an appeal, but have provided £15.5m this year against the potential liability including associated costs. 10.Post balance sheet event On 3 July 2007 the Group issued 563,919,759 shares in consideration for the total equity of George Wimpey Plc. The statutory results of the Group for the six months ended 30 June 2007 therefore exclude trading of the former George Wimpey Plc businesses. Additional pro forma unaudited financial information for continuing operations Basis of preparation The Group completed the acquisition of George Wimpey Plc on 3 July 2007. The statutory results of the Group for the six months ended 30 June 2007 therefore exclude trading of the former George Wimpey Plc businesses. To assist investors in understanding the performance of the enlarged Taylor Wimpey plc Group, pro forma primary statements have been prepared, in which the two underlying sets of financial information for the six months to 30 June 2007 for Taylor Woodrow plc ("TW") and the 26 weeks to 1 July 2007 for George Wimpey Plc ("GW"), have been aggregated to illustrate the effect of the merger of TW and GW as if the transaction had taken place on 1 January 2007. The results from the two businesses have been prepared on the basis of the existing accounting policies in the two Groups. In aggregating the two sets of financial information, intra-Group trading and balances between the two entities have not been eliminated. This information has not been audited or reviewed. The excess of the fair value of shares issued to acquire the GW business over the net assets less book goodwill has been recognised as a provisional goodwill number. Full acquisition accounting will be performed during the second half of 2007 in which this provisional goodwill number will change due to accounting policy alignments, fair value adjustments on the GW net assets acquired and the recognition of other intangibles. The financial statements for Taylor Wimpey plc for the year ended 31 December 2007 will include the full impact of acquisition accounting. Pro forma unaudited combined group summary income statement for six months to 30 June 2007 ---------------------------------- 6 months to 30 June 2007 ---------------------------------- Taylor George Pro forma Woodrow Wimpey Combined £m £m £m--------------------------------------------------------------------------Consolidated Revenue 1,401.9 1,270.0 2,671.9 Cost of sales (1,170.1) (1,056.2) (2,226.3)--------------------------------------------------------------------------Gross profit 231.8 213.8 445.6 Profit on disposal of 5.8 - 5.8properties and investmentsNet operating expenses (99.6) (54.4) (154.0)Share of results of joint 12.2 3.6 15.8ventures--------------------------------------------------------------------------Profit from operations before 150.2 163.0 313.2exceptional items Exceptional items (note B) (101.5) (16.6) (118.1)--------------------------------------------------------------------------Profit from operations 48.7 146.4 195.1 Net finance costs (30.4) (23.8) (54.2)--------------------------------------------------------------------------Profit before tax 18.3 122.6 140.9 Tax 4.6 (39.7) (35.1)--------------------------------------------------------------------------Profit for the period 22.9 82.9 105.8-------------------------------------------------------------------------- Pro forma unaudited combined group balance sheet at 30 June 2007 ------------------------------------------------ 30 June 2007 ------------------------------------------------ Taylor George Acquisition Pro forma Woodrow Wimpey Entry Combined £m £m £m £m------------------------------------------------------------------------------ Goodwill 362.9 5.4 249.8 618.1Fixed assets and 77.5 64.8 142.3joint venturesLand 1,867.7 2,360.0 4,227.7Land creditors (314.3) (470.7) (785.0)Other net 921.2 529.9 1,451.1operating assetsTax and provisions 11.3 (85.9) (74.6)Net pension deficit (145.5) (88.8) (234.3)------------------------------------------------------------------------------ Capital Employed 2,780.8 2,314.7 249.8 5,345.3 Shareholders' funds 2,072.8 1,788.8 249.8 4,111.4Minority interests 2.0 - - 2.0Net debt 706.0 525.9 - 1,231.9------------------------------------------------------------------------------ 2,780.8 2,314.7 249.8 5,345.3------------------------------------------------------------------------------ Notes to the Pro forma unaudited combined group financial statements for six months to 30 June 2007 A. Pro forma combined group segmental profit from operations before exceptional items --------------------------------------- 6 months to 30 June 2007 --------------------------------------- Taylor George Pro-forma Woodrow Wimpey Combined £m £m £m--------------------------------------------------------------- UK Housing 100.9 162.1 263.0NA Housing 45.9 8.1 54.0Spain & Gibraltar 1.8 - 1.8HousingConstruction 1.6 - 1.6Corporate - (7.2) (7.2)--------------------------------------------------------------- 150.2 163.0 313.2--------------------------------------------------------------- B. Pro forma combined group exceptional items --------------------------------------- 6 months to 30 June 2007 --------------------------------------- Taylor George Pro-forma Woodrow Wimpey Combined £m £m £m----------------------------------------------------------------- Land write down (86.0) (86.0)Provision for legal (15.5) (15.5)Transaction costs (16.6) (16.6)----------------------------------------------------------------- (101.5) (16.6) (118.1)----------------------------------------------------------------- Exceptional items are defined as items of income and expenditure which arematerial and unusual in nature and of such significance that they requireseparate disclosure on the face of the income statement. As a result of weaker markets in Florida and Southern California and a decisionto suspend sales efforts in the high-rise tower division in Florida, a one-offnon cash land write down of £86.0m was booked during the period. As disclosed in our 2006 Report and Accounts, a jury trial in Florida awardeddamages against several US-based Taylor Woodrow subsidiaries totalling £22.7m inNovember 2006. On 4 April 2007, the judge ruled on post-trial motions filed byTaylor Woodrow and reduced the award to £13.9m. We will be pursuing an appeal,but have provided £15.5m this year against the potential liability includingassociated costs. £16.6m of one time transaction costs were incurred by George Wimpey Plc as aconsequence of the merger. As George Wimpey was identified as the acquired underIFRS 3, these costs have been expensed. Transaction costs incurred by TaylorWoodrow plc are held on the balance sheet at 30 June 2007. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Taylor Wimpey