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Disclaimer. The information in this presentation does not constitute an offer to sell or an invitation to buy shares in George Wimpey Plc or any other invitation or inducement to engage in investment activities. Past performance cannot be relied upon as a guide to future performance. 2.

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Disclaimer

Disclaimer

The information in this presentation does not constitute an offer to sell or an invitation to buy shares in George Wimpey Plc or any other invitation or inducement to engage in investment activities.

Past performance cannot be relied upon as a guide to future performance

2


George wimpey plc interim results for the 26 weeks to 3 july 2005

George Wimpey PlcInterim Resultsfor the 26 weeks to 3 July 2005

Tuesday 6 September 2005


Welcome

Welcome

John Robinson

Chairman


Agenda

Agenda

  • H1 Financial ReviewAndrew Carr-Locke

  • UK Business ReviewPete Redfern

  • US Business ReviewPeter Johnson

  • Strategy and OutlookPeter Johnson

5


H1 2005 financial review

H1 2005 financial review

Andrew Carr-Locke

Group Finance Director


Ias reconciliation income statement

IAS reconciliationIncome statement

£m

H1 2005

H1 2004

UK GAAP*

IAS

UK GAAP*

IAS

Operating profit

158.0

156.5

181.6

181.8

Interest

(27.3)

(34.2)

(23.1)

(27.9)

PBT

130.7

122.3

158.5

153.9

Tax

(41.0)

(37.9)

(49.1)

(47.8)

Profit after tax

89.7

84.4

109.4

106.1

7

*Consistent 2004 UK GAAP basis


First half results

First half results

£m

H1

2005

H1

2004*

Change

Turnover

1,190

1,220

-2%

Operating profit

156.5

181.8

-14%

Interest charge

(34.2)

(27.9)

+23%

Profit before tax

122.3

153.9

-21%

Earnings per share

21.5p

27.7p

-22%

NAV per share

348p

296p

+52p

Dividend per share

5.7p

5.2p

+10%

ROACE**

22.7%

25.6%

8

*restated for IAS**last 12 months


Segmental analysis

Segmental analysis

Turnover

Operating

profit

Operating

margin

£m

Change

£m

Change

H1

2005

H1

2004

GWUK

858

-10%

107

-32%

12.4%

16.4%

Morrison Homes*

332

+24%

55

+64%

16.4%

12.4%

Other

-

-

(5)

-

Total

1,190

-2%

157

-14%

9

*Exchange rate in 2005 $/£=1.87, 2004 $/£=1.81


First half completions

First half completions

Completions

Ave selling price

No

Change

£ / $

Change

GWUK private

4,154

-11%

£194,000

-

GWUK affordable

422

-6%

£88,000

+2%

GWUK

4,576

-10%

£185,000

-

Morrison Homes

1,996

+16%

$302,000

+9%

GROUP TOTAL

6,572

-3%

10


Cash flow summary

Cash flow summary

H1

2005

H1

2004*

£m

Operating profit

157

182

Land spend

(502)

(462)

Land realisations

284

284

Other working capital movements

(134)

(137)

CASH INFLOW FROM OPERATIONS

(195)

(133)

Interest

(27)

(23)

Tax

(55)

(55)

Dividends

(41)

(16)

Exchange rate effects

(31)

5

Other movements

(11)

(3)

INCREASE IN NET DEBT

(360)

(225)

11

*restated for IAS


Balance sheet net assets

Balance sheet - net assets

3 Jul

2005

30 Jun

2004*

£m

Fixed assets and joint ventures

45

29

Land

2,136

1,767

Land creditors

(240)

(147)

Other net operating assets

546

451

Tax and provisions

(94)

(63)

Net pension deficit

(145)

(129)

TOTAL NET ASSETS EMPLOYED

2,248

1,908

* restated for IAS

12


Balance sheet financing

Balance sheet -financing

3 Jul

2005

30 June

2004*

Shareholders’ funds £m

1,367

1,154

Net debt £m

881

754

Capital employed £m

2,248

1,908

Gearing

64%

65%

Interest cover last 12 months

7.1x

7.6x

Cash interest cover last 12 months

9.4x

9.8x

13

* restated for IAS


Financial summary

Financial summary

  • Results now published under IAS

  • Challenging market conditions in the UK

    • GWUK margins down 4.0pp, volumes down 10%

  • Continued strength in the US

    • Morrison margins up 4.0pp, volumes up 16%

  • Group PBT down 21% at £122m

  • Gearing in line with prior year at 64%

  • ROCE at 22.7% remains healthily above cost of capital

  • Half year dividend increased by 10% to 5.7p

14


Impact of ias interest charge net payable

Impact of IASInterest charge – net payable

£m

H1 2005

H1 2004

UK GAAP basis*

(27.3)

(23.1)

Interest charge on discounted

pension liabilities under IAS 19

(4.2)

(4.0)

Reallocate JV interest

0.6

-

Interest charge on

discounted land creditors

(3.1)

(1.4)

Notional interest expense

booked to cost of inventory

1.1

0.6

Movement on interest

rate derivatives

(1.3)

-

IAS basis

(34.2)

(27.9)

15

*Consistent 2004 UK GAAP basis


Financial summary1

Financial summary

  • Results now published under IAS

  • Challenging market conditions in the UK

    • GWUK margins down 4.0pp, volumes down 10%

  • Continued strength in the US

    • Morrison margins up 4.0pp, volumes up 16%

  • Group PBT down 21% at £122m

  • Gearing in line with prior year at 64%

  • ROCE at 22.7% remains healthily above cost of capital

  • Half year dividend increased by 10% to 5.7p

16


Uk business review

UK business review

Pete Redfern

Chief Executive, GWUK


Financial summary2

George Wimpey

Laing Homes

H1 2005

H1 2004

H1 2005

H1 2004

Financial summary

Total completions

4,177

4,560

399

533

Private completions

3,793

4,220

361

423

Private ASP

£182,900

£183,600

£316,400

£308,100

Turnover £m

739.3

809.3

119.1

142.9

Gross margin %

24.3%

26.8%

20.3%

23.1%

GWUK

H1 2005

H1 2004*

Operating profit £m

106.7

156.2

Operating margin %

12.4%

16.4%

18

* restated for IAS


Uk market conditions

UK market conditions

  • Market continues to be

    • tough but steady

    • very price sensitive and incentive led

  • Second hand market (down 30%) affecting new build sales and conversion rates.

  • Summer visitor levels are slightly better than last year

    • cancellation rates below peak in November 2004

  • Geographically no clear difference in market conditions,

    • in the South slightly more confidence in the short term

  • Apartment market is particularly price sensitive - occupier and investor

19


Ave weekly sales rates gwuk 2003 2005

Ave weekly sales ratesGWUK 2003 – 2005

1.2

1

0.8

0.6

Sales per site per week

0.4

0.2

0

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

20

2003

2004

2005


Net sales prices on reservations gwuk 2003 2005

Net sales prices on reservationsGWUK 2003 – 2005

210

200

190

180

ASP achieved on reservations £000s

170

160

150

140

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

21

2003

2004

2005


Price points

Price points

1400

1200

2005

1000

2004

800

Total completions

600

400

200

0

£0-50k

£51-100k

£101-150k

£151-200k

£201-250k

£251-300k

£301-500k

£500k+

22

Price band


Product mix

Product mix

PD completions %

H1

2005

H2

2004

H1

2004

Apartments

34%

29%

32%

2 / 3 bed houses

32%

29%

35%

4 / 5 bed houses

34%

42%

33%

100%

100%

100%

23


Margin reconciliation

Margin reconciliation

H1 2005

H1 2004

Change

FY 2004

Turnover

100%

100%

-

100%

Land costs

26.5%

23.9%

(2.6)%

24.2%

Build & other costs

49.7%

49.7%

0.0%

49.5%

Direct selling expenses

4.7%

3.8%

(0.9)%

3.3%

Overhead costs

6.6%

6.1%

(0.5)%

5.2%

Operating profit

12.4%

16.4%

(4.0)%

17.8%

24


Build costs

Build Costs

  • Underlying cost pressures remain, pressure on labour rates and availability has reduced

  • Material cost pressure remains high, driven by higher energy and other input costs, partly balanced by scale

  • Cost management program enabled us to hold build costs

  • Confident of £20m cost saving program, c.£17m impacts on 2005 with much of the balance locked up in WIP and build

  • Key initiative is rationalisation of house types

    • September 2004 - every business had own house designs

    • no core national range since 2001

    • today - a ‘preferred range’ of 30 products

25


Landbank

Landbank

  • Planning approvals achieved on 14,500 plots in last 12 months

Owned and

controlled plots

Long term acres

Jun 2005

Jun 2004

Jun 2005

Jun 2004

North

15,555

15,630

4,784

4,908

Midlands

12,360

12,147

5,329

5,497

South

16,648

16,078

6,218

7,720

City

3,559

2,398

-

-

Laing

6,258

4,648

-

-

TOTAL

54,380

50,901

16,331

18,125

26


Land cost

Land cost

  • Cost per plot of 2005 acquisitions is higher due to Laing / South mix

  • Continued focus on larger sites where competition slightly reduced and scale gives advantage

  • Significant skills developed since 2003 on partnership schemes like Bracknell and Dartford

For PD owned

plots only

H1 2005

Landbank

ASP £000s

194.5

194.3

Cost per plot £000s

52.3

54.0

Land value % ASP

26.6%

27.8%

27


Bracknell case study

Bracknell case study

  • Existing planning consent - 584 PD units, 146 affordable units

  • Phased land payment terms, above standard gross margin

  • Pursuing enhanced planning application, including 38% affordable provision

  • c.£260k average selling price

  • Mix includes

    • c.20% 1&2 bed apartments

    • 2-5 bed houses

    • EcoHomes ‘Very Good’

  • Anticipated site start Feb 06

  • based on existing consent

28


Dartford case study

Dartford case study

  • 794 private development units, 340 affordable units

  • Phased land payment terms, above standard gross margin

  • 39% apartments across the development

  • c.£230k average selling price

  • Design codes for integrated mixed use development

  • Land acquired fully serviced

  • ‘Fastrack’ - dedicated

    transport service

  • Anticipated site start mid 06

29


Summary

Summary

  • Challenging first half

    • market tough, use of incentives essential

    • order book at 90% of expected full year volumes, margins below first half

    • build cost pressures significant but balanced by savings

  • Outlook for H2

    • early to call autumn market

    • balance between customer demand and supply availability is critical factor

    • cost pressures remain but mitigated by savings

    • operating margins improved by volume weighting

30


Us business review

US business review

Peter Johnson

Group Chief Executive


Us housing market continued healthy economic data

US housing marketcontinued healthy economic data…

  • Employment

    • 240,000+ new jobs in July, 169,000 in August

    • unemployment at four-year low

  • Consumer confidence

    • up to 105.6 in August (vs. 106.2 max 2004 and 2005)

  • 30-year mortgage rates

    • 5.71% - still near record lows

32


Us housing market underpinned by demographics

US housing marketunderpinned by demographics

US Homeownership rates

71%

70%

69%

A homeownership rate of 70% in 2010 would imply the creation of c.1.28m households pa from 2004-2010, compared to the 800,000 created pa from 1999-2004

68%

67%

66%

70.0

69.2

68.6

68.3

65%

68.0

67.5

66.9

66.4

64%

65.7

65.4

65.1

64.1

64.1

64.1

63%

64.0

63.9

62%

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2010E

Source: CSFB

33


Morrison homes h1 performance

Morrison HomesH1 performance

  • More outlets open in continuing businesses

    • 1 Jan = 89 outlets 1 Sep = 98 outlets

H1 2005

H1 2004

Change

Visitor rates per site

19.6

18.2

+8%

Sales rates per site

1.15

1.08

+6%

Ave selling price

$302,000

$278,000

+9%

34


Financial summary3

Financial summary

H1 2005

H1 2004*

Change

Legal completions

1,996

1,714

+16%

Ave selling price

$302,000

$278,000

+9%

Revenue $m

621

484

+28%

Operating profit $m

101.9

60.3

+69%

Operating margin %

16.4%

12.4%

+4.0pp

35

* restated for IAS


Margin performance

Margin performance

  • Margins above these levels in sales proceeding

  • Implied operating margin LPEs year to date = 16.5%

  • H1 cost inflation c.7% annualised (Source: CSFB)

  • Some labour and material shortages in strongest markets

H1 2005

H1 2004

Change

Gross margin

27.1%

24.0%

+3.1pp

Operating margin

16.4%

12.4%

+4.0pp

36


Disclaimer

Land

  • Land in place for growth in 2006 and largely in place for 2007

  • Good regional balance

Jun 05

Dec 04

Jun 04

Plots owned / under option

19,661

18,892

17,456

Plots controlled

3,058

2,687

2,606

Total landbank

22,719

21,579

20,062

Net additions (plots, last 6 months)

2,765

4,144

3,866

Land spend $m (last 6 months)

156

174

108

37


Progress on strategy four platforms for growth

Progress on strategy:four platforms for growth

  • Focus on growing markets

    • major beneficiaries of underlying trends

  • Establish satellites in neighbouring markets

    • land in place to support 2006 growth in Reno, Ft Myers and Daytona Beach

  • Product development

    • continued success of townhome product

  • Performance improvement in Texas and exit from Atlanta

    • Texas completions + sales proceeding up 53% in H1

    • Atlanta exit largely complete

38


Morrison homes markets major beneficiaries of underlying trends

Morrison Homes marketsmajor beneficiaries of underlying trends

Job

Growth

last 12 mths

Rank

SF

Permits

H1 2005

Rank

000s

California

321

1

104

2

Florida

262

2

106

1

Texas

185

3

82

3

Arizona

116

6

43

6

Colorado

58

18

21

12

TOTAL

941

-

355

-

Total US

2,947

887

32%

Morrison

Markets

40%

39


Morrison homes markets major beneficiaries of underlying trends1

Morrison Homes marketsmajor beneficiaries of underlying trends

Job

Growth

last 12 mths

Rank

SF

Permits

H1 2005

Rank

Morrison

completions

last 12 mths

000s

California

321

1

104

2

1,004

Florida

262

2

106

1

1,954

Texas

185

3

82

3

780

Arizona

116

6

43

6

528

Colorado

58

18

21

12

184

TOTAL

941

-

355

-

4,450

Total US

2,947

887

32%

Morrison

Markets

40%

40


Progress on strategy four platforms for growth1

Progress on strategy:four platforms for growth

  • Focus on growing markets

    • major beneficiaries of underlying trends

  • Establish satellites in neighbouring markets

    • land in place to support 2006 growth in Reno, Ft Myers and Daytona Beach

  • Product development

    • continued success of townhome product

  • Performance improvement in Texas and exit from Atlanta

    • Texas completions + sales proceeding up 53% in H1

    • Atlanta exit largely complete

41


Summary1

Summary

  • Excellent first half performance

    • visitor levels, sales rates, selling prices all up

  • Strongly placed for second half

    • 94% sold or completed for 2005

    • order book margins and prices above first half

    • volumes may be held back by materials shortages

  • Well-positioned for continued growth

    • land already in place to support continuing volume growth in 2006 and largely in place for 2007

42


Strategy and outlook

Strategy and outlook

Peter Johnson

Group Chief Executive


Strategy market background

Strategy Market background

UK

  • underpinned by continuing supply shortfall

  • price growth likely to be limited

  • opportunities at lower price points

    US

  • underpinned by demographics and economy

  • remains strong with wide regional variations

  • will come off peak but remain at historically high levels

44


Strategy

Strategy

UK - focus remains on volume growth

  • plans in place to deliver through

    • expanding existing regions

    • new Laing regions

    • new George Wimpey satellites

  • Government initiatives offer potential for new business

  • implementation depends on market and land prices

    US - sustainedvolume growth

  • “four platforms” growth plan in place

  • land and detailed business plans in place to support growth

  • these plans could deliver 10,000 unit business within 5 years

45


Outlook

Outlook

UK

  • current sales rates ahead of same period 2004

  • premature to draw conclusions on autumn market

  • if sales rates sustained, full year total volumes similar to 2004

  • by 1 September 90% completed or in order book

  • margins in order book below first half actuals

    US

  • visitor and sales rates remaining strong

  • full year volumes still expected to be up c.10%

  • small volume risk from materials and labour shortages

  • by 1 September 94% completed or in order book

  • margins and prices in order book above first half actuals

46


George wimpey plc interim results for the 26 weeks to 3 july 20051

George Wimpey PlcInterim Resultsfor the 26 weeks to 3 July 2005

APPENDIX


Impact of ias balance sheet

Impact of IASBalance sheet

£m

H1 2005

H1 2004

IAS

UK GAAP

IAS

UK GAAP

Fixed assets & JVs

45

44

29

29

Land

2,136

2,143

1,767

1,771

Land creditors

(240)

(244)

(147)

(151)

Other current assets*

547

544

451

452

Tax & provisions

(94)

(103)

(63)

(69)

Net pension deficit / SSAP 24 prepaid

(145)

-

(129)

-

TOTAL NET ASSETS EMPLOYED

2,248

2,384

1,908

2,032

48

*Primarily elimination of interim dividend for IAS


Group reservations

Group reservations

Reservations

Ave sites

Per outlet /

per week

H1

2005

H1

2004

H1

2005

H1

2004

H1

2005

H1

2004

GWUK private

5,936

6,641

321

294

0.71

0.87

GWUK affordable

1,201

835

-

-

-

-

GWUK TOTAL

7,137

7,476

321

294

-

-

US TOTAL

2,804

2,932

93

104

1.16

1.08

GROUP TOTAL

9,941

10,408

414

398

-

-

49


Gwuk turnover analysis

GWUK -turnover analysis

H1

2005

H1

2004

H2

2004

2004

full year

Private - volume

4,154

4,643

6,631

11,274

ave price £000s

194.5

194.9

192.4

193.5

turnover £m

808

905

1,276

2,181

Affordable - volume

422

450

508

958

ave price £000s

87.7

85.9

92.5

89.8

turnover £m

37

39

47

86

Other turnover

13

8

26

34

TOTAL £m

858

952

1,349

2,301

50


Gwuk margin analysis

GWUK - margin analysis

H1

2005

H1

2004*

H2

2004*

2004

full year*

Gross profit £m

203.7

250.0

352.8

602.8

Gross margin %

23.7%

26.2%

26.1%

26.2%

Selling expenses £m

(40.5)

(36.2)

(39.8)

(76.0)

Overhead costs £m

(56.5)

(57.6)

(59.4)

(117.0)

OPERATING PROFIT £m

106.7

156.2

253.6

409.8

Operating margin %

12.4%

16.4%

18.8%

17.8%

51

* restated for IAS


Gwuk pd product mix

GWUK -PD product mix

Completions %

H1

2005

H2

2004

H1

2004

2004

full year

Apartments

34%

29%

32%

31%

2 / 3 bed houses

32%

29%

35%

32%

4 / 5 bed houses

34%

42%

33%

37%

100

100

100

100

52


Gwuk pd price mix

GWUK -PD price mix

H1 2005

H1 2004

Completions

%

Completions

%

£0 – 50k

0

0%

8

0%

£51 – 100k

162

4%

344

7%

£101 – 150k

1250

30%

1332

29%

£151 – 200k

1325

32%

1400

30%

£201 – 250k

792

19%

831

18%

£251 – 300k

311

8%

323

7%

£301 – 500k

268

6%

357

8%

£500k +

46

1%

48

1%

Total

4,154

100%

4,643

100%

53


Gwuk pd activity analysis

GWUK -PD activity analysis

H1

2005

H1

2004

H2

2004

2004

full year

Ave house size sqft

1,015

1,069

1,008

1,033

Ave selling price £ / sqft

192

182

190

187

54


Gwuk pd geographic mix

North

1,205

1,084

172

1,459

1,150

169

2,123

1,095

171

Midlands

1,307

979

168

1,593

1,033

173

1,983

953

166

South

1,202

970

206

1,055

1,036

212

1,843

958

204

City

79

713

242

113

776

267

176

699

237

Laing

361

1,129

316

423

1,088

308

506

1,149

329

Total

4,154

1,015

195

4,643

1,069

195

6,631

1,008

192

GWUK -PD geographic mix

H1 2005

H1 2004

H2 2004

Legals

Size

sqft

ASP

£000

Legals

Size

sqft

ASP

£000

Legals

Size

sqft

ASP

£000

55


Gwuk landbank by region

GWUK -landbank by region

Owned and

controlled plots

Long term acres

June

2005

June

2004

June

2005

June

2004

North

15,555

15,630

4,784

4,908

Midlands

12,360

12,147

5,329

5,497

South

16,648

16,078

6,218

7,720

City

3,559

2,398

-

-

Laing

6,258

4,648

-

-

Total

54,380

50,901

16,331

18,125

56


Gwuk short term land

GWUK -short term land

H1

2005

H1

2004

H2

2004

2004

full year

OWNED - Start of period

37,222

33,559

34,191

33,559

Net additions

7,138

5,725

10,170

15,895

Legal completions

(4,576)

(5,093)

(7,139)

(12,232)

End of period

39,784

34,191

37,222

37,222

CONTROLLED

14,596

16,710

13,897

13,897

TOTAL LANDBANK

54,380

50,901

51,119

51,119

57


Gwuk owned land

GWUK -owned land

H1 2005

H1 2004

Short term

Plots

Cost per

plot £k

Value

£m

Plots

Cost per

plot £k

Value

£m

Opening landbank

37,222

45.6

1,698

33,559

44.6

1,497

Additions

7,138

52.3

373

5,725

47.6

272

Completions

(4,576)

(47.9)

(219)

(5,093)

(44.6)

(227)

End of period

39,784

46.6

1,852

34,191

45.1

1,542

Long term

Acres

Value £m

Acres

Value £m

End of period

16,331

49

18,125

61

58


Morrison homes turnover analysis

Morrison Homes -turnover analysis

H1

2005

H1

2004

H2

2004

2004

full year

Volume

1,996

1,714

2,708

4,422

Ave selling price $000s

302

278

296

289

Turnover $m

603

476

801

1,277

Other turnover

18

8

5

13

TOTAL $m

621

484

806

1,290

59


Morrison homes margin analysis

Morrison Homes - margin analysis

H1

2005

H1

2004*

H2

2004*

2004

full year*

Gross profit $m

168.3

116.4

200.5

316.9

Gross margin %

27.1%

24.0%

24.9%

24.6%

Selling expenses $m

(31.6)

(26.7)

(37.3)

(64.0)

Overhead costs $m

(34.8)

(29.4)

(35.2)

(64.6)

OPERATING PROFIT $m

101.9

60.3

128.0

188.3

Operating margin %

16.4%

12.4%

15.9%

14.6%

60

* restated for IAS


Morrison homes price mix

Morrison Homes -price mix

H1 2005

H1 2004

Completions

%

Completions

%

$0 – 200k

390

19%

344

20%

$201 – 250k

395

20%

442

26%

$251 – 300k

332

17%

318

19%

$301 – 350k

265

13%

281

16%

$351 – 400k

215

11%

190

11%

$401 – 450k

172

9%

75

4%

$451 – 500k

128

6%

20

1%

$500k +

99

5%

44

3%

Total

1,996

100%

1,714

100%

61


Morrison homes activity analysis

Morrison Homes -activity analysis

H1

2005

H1

2004

H2

2004

2004

full year

Ave house size sqft

2,322

2,409

2,371

2,386

Ave selling price $ / sqft

130

115

125

121

62


Morrison homes geographic mix

West

460

402

728

1,130

Southeast

932

816

1,276

2,092

Southwest

604

496

704

1,200

TOTAL

1,996

1,714

2,708

4,422

Morrison Homes -geographic mix

H1

2005

H1

2004

H2

2004

2004

full year

Completions

Average selling price

West

428

372

413

398

Southeast

282

260

263

262

Southwest

237

231

234

233

TOTAL

302

278

296

289

63


Morrison homes regional performance

West

Southeast

Southwest

Corporate

Total

Morrison Homes - regional performance

Turnover

Operating profit*

Operating margin

H1 2005

$m

H1 2004

$m

H1 2005

$m

H1 2004

$m

H1 2005

%

H1 2004

%

204

153

56.5

32.1

27.7%

21.0%

266

215

39.2

24.9

14.8%

11.6%

149

117

16.8

9.3

11.3%

8.0%

2

-

(10.6)

(6.0)

-

-

621

484

101.9

60.3

16.4%

12.4%

64

* restated for IAS


Morrison homes short term land

Morrison Homes - short term land

H1

2005

H1

2004

H2

2004

2004

full year

OWNED AND OPTIONS

Start of period

18,892

15,304

17,456

15,304

Net additions

2,765

3,866

4,144

8,010

Legal completions

(1,996)

(1,714)

(2,708)

(4,422)

End of period

19,661

17,456

18,892

18,892

CONTROLLED

End of period

3,058

2,606

2,687

2,687

TOTAL LAND BANK

22,719

20,062

21,579

21,579

LAND SPEND $m

156

108

174

282

65


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