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Date/Time	Headline	Source
1
Tue 04:32	Glance-PRESS DIGEST - British business - Nov 17	AFX UK Focus
Daily Telegraph ALCHEMY TURNS BACK ON ANY NEW DEALS Alchemy has no plans for new investments and is effectively being run down. Alchemy will make only bolt-on additions to existing portfolio companies and no further fund-raising will be sought in the foreseeable future. Observers believe the private equity firm will likely sell off assets and return cash to investors, just as optimism begins to return to the private equity sector. A source at Alchemy said it is currently in "pause-mode", with the decision being made by the management, rather than being forced by investors. SVG HIGHLIGHTS BRIGHTER OUTLOOK FOR PRIVATE EQUITY SVG Capital has reported a more positive market for asset sales is being enjoyed by private equity firms. SVG's private equity assets, which account for 13 percent of its portfolio, were written up by 55 percent since June, increasing by 26.5 million pounds to 75 million pounds. SVG said in its interim management statement: "We believe that the prospects for realisation activity, particularly for the more mature and defensive investments, are improving." FORMER OWNERS FACE THRESHERS LIABILITY Punch Taverns and Whitbread could be forced to take over Threshers stores following the collapse of First Quench Retailing -- the group which owned the wine retailer. Punch and Whitbread previously owned First Quench, and although administrator KPMG has yet to quantify how many off licences could be forced into their ownership both companies said they believed the number would not be "material". KPMG is believed to have received numerous offers for small groups of stores, with a dozen bidders interested in acquiring a larger part of the group. The Independent LLOYDS TO RESCUE DEBT-LADEN ADMIRAL Lloyds Banking Group is attempting to bring about a financial restructuring of the troubled pubs group Admiral Taverns, which may include a 600 million pound debt-for-equity swap. Although such a deal will not give Lloyds a majority stake in Admiral, it would effectively give it ownership of the company. In order to enable Admiral to continue trading, Lloyds is understood to be considering a pre-pack administration deal which could be unveiled this week. PERSIMMON EXPECTS "HEALTHY" ORDER BOOK Despite warning about the effect that high unemployment and a lack of mortgage availability will have on the property market, the housebuilder Persimmon has reported it has extended its good performance over the summer into the autumn. With the average price of homes reserved since July 1 2009 up six percent to 173,000 pounds, the company expects to retain a "healthy" order book into 2010. Net debt at the firm also fell from 960 million pounds to 399 million pounds during the year to the end of October. 130 STAFF LOSE JOBS AT MEALS-ON-WHEEL FIRM The meals-on-wheels company Flowfood has collapsed with the loss of 130 jobs, after no buyer was willing to come forward for the Leeds-based business. Flowfood worked with seven councils -- Gateshead, Salford, Staffordshire, Milton Keynes, Oxford, St. Helens and East Riding -- to provide food for vulnerable people. Its demise has meant councils have had to fall back on emergency supplies of ready meals. Staffordshire and Milton Keynes councils said they have managed to make alternative arrangements with another supplier. The Guardian SLASHING PUBLIC SPENDING WILL LEAD TO A "ZOMBIE ECONOMY" The general secretary of the TUC, Brendan Barber, has warned against cutting public spending too dramatically at the "Beyond Crisis" conference on how to revitalise the British economy. While allowing that the UK's national debt would have to be reduced in the long-term, Barber said premature action to cut the deficit could result in a slower recovery and a "lost decade" similar to that that experienced by Japan in the 1990s. MINIDRESSES GIVE A LIFT TO ASOS SALES The online fashion retailer Asos has reported an impressive 112 percent rise in its overseas sales during the six months to September 30 2009, with sales growth in the UK at a relatively mediocre 33 percent. Total first-half profits at the group amounted to 4.4 million pounds, a nine percent rise on the previous year which exceeded market expectations. The chief executive Nick Robertson said he was "cautiously optimistic" about the second half of the year, but warned that demand in Britain for its products is trailing off. DRINKERS' NEW WORLD SYMPATHY LIFTS PROFITS AT MAJESTIC The wine warehouse chain Majestic Wine has reported a nine percent increase in first-half profits to 6.1 million pounds, with like-for-like sales rising 5.4 percent in the 26 weeks to September 28. The company noted that drinkers have developed a tendency to buy cheaper wines from North America, and Prosecco instead of champagne. Shares in Majestic rose 3.7 percent, and finished the day at 254 pence. The Times J SAINSBURY DISPUTES REPORT THAT IT IS LOSING MARKET SHARE J Sainsbury has reacted against a report that it is losing customers to its rivals, saying that it had gained share during the 12 weeks to November 1. The normally confidential switching data report was published by The Times on Monday, and showed customers moving to Tesco, Waitrose and Aldi, totalling a loss of about 8.5 million pounds to Sainsbury. TNS Worldpanel, the company responsible for the report, says market share data like this is subject to ebbs and flows and is strategically unimportant. BA TURNS UP TEMPERATURE ON CABIN CREW British Airways has written a letter to the joint secretaries of Unite, saying it will not tolerate union members promoting strike action at work and would consider pressing criminal charges against anyone found putting stickers on the company's property. It is another sign of the fraught relationship between BA bosses and its workers in advance of the upcoming strike ballot. The company is attempting to cut 4,000 full-time jobs by reducing the number of cabin crew on its flights, a move met with resistance from the union. Prepared for Reuters by Durrants `Keywords: PRESS DIGEST British business Nov 17` COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
Tue 04:12	Glance-PRESS DIGEST - Financial Times - Nov 17	AFX UK Focus
Financial Times GROUP AIMS TO PROMOTE FINANCIAL SECTOR The City of London Corporation is to work with financial services industry "heavy hitters" in launching an umbrella body, to be known as TheCityUK, which will promote the British financial services industry in Brussels, Washington and elsewhere. It will coordinate lobbying by existing trade groups. The organisation will launch next spring and will be chaired by Stuart Popham, senior partner at law firm Clifford Chance. TheCityUK will be funded initially by the City of London Corporation before becoming a non-for-profit organisation supported by membership dues. MPC MEMBER UPBEAT ON THE ECONOMY According to comments by Andrew Sentance, a member of the Bank of England's monetary policy committee, Britain's economy is probably already out of recession despite official figures that showed economic growth continued to fall during the third quarter of the year. Speaking at the University of London, Sentance said the wider body of evidence -- including indicators tracked by the Organisation for Economic Cooperation and Development and the CBI's industrial trends survey -- suggested that current output levels were even higher than at similar stages of previous recessions. SCRAMBLE FOR RISK MANAGERS BOOSTS THEIR PAY According to Interim Partners, a leading provider of financial interim managers, increased demand for interim managers from financial services companies has increased the pay of those specialising in risk and compliance by an average of 50 percent over the past two years, with many now typically earning around 1,500 pounds a day. Jane Hanson, a consultant who advises companies on interim posts, said the shift in power within banks and financial companies from sales staff and traders towards those dealing with credit control, risk and compliance had been given greater urgency following Sir David Walker's report on governance in the financial sector. LONMIN FEARS STRONG RAND AFTER DEEP LOSS Lonmin, one of the world's biggest platinum producers, said an industry recovery was being hampered by the strength of the South African rand. Shares in the miner rose nine percent to 17.40 pounds on Monday despite the announcement of a 272 million dollar pre-tax loss in the year to September 30, compared to a 779 million dollar profit the previous year. Chief executive Ian Farmer predicted the start of a "gradual improvement" in 2010 as manufacturing in the automobile and technology sectors picks up. PERSIMMON UPBEAT AS ORDERS SWELL Persimmon said on Monday it has already met sales targets for 2009. The housebuilder also said it has secured 500 million pounds worth of forward orders for 2010, a 50 percent improvement on orders at the same stage last year. Chief executive Mike Farley said interest from first-time buyers had improved on the diminished levels seen over the last 18 months, with 18 percent of sales across the group involving first-time buyers, compared with ten percent last year. Net debt fell from 960 million pounds to 399 million pounds. MAJESTIC WINE CHEERED BY ONLINE SPARKLE Majestic Wine saw a nine percent rise in first-half pre-tax profit to 6.1 million pounds, driven by an 8.9 percent increase in sales to private customers and a 24.6 percent rise in online sales. Majestic used a blog and notices on the Twitter website to attract online customers. Chief executive Steve Lewis said: "We've unleashed the potential of the twenty-somethings in our business, improving the blog written by staff and selling parcels of wine which are too small to send to stores as online exclusives." Shares rose nine pence to 254 pence. ASOS EXPANDS AND PLAYS DOWN SUPERMARKET THREAT Asos chief executive Nick Robertson has dismissed the potential threat from supermarkets to Asos's online fashion business. Tesco said last month it is aiming to become the number one retailer in the clothing market by volume. Robertson said: "My fashion-loving customers aren't going to be all over the Tesco clothing website." Asos saw international sales rise 161 percent in the seven weeks to November 15. UK growth over the same period was 23 percent, marking a slowdown from the 33 percent growth seen in the first half. Shares were steady at 413 pence. TERRA FIRMA WIRITES DOWN EMI VALUE Terra Firma has written off its investment in the music company EMI by 90 percent. The private equity house run by Guy Hands offered to inject more equity into EMI in exchange for Citigroup writing off one billion pounds of its 2.6 billion pound loan to EMI, a proposal that has been rejected by the American bank, resulting in negotiations between the two sides currently being at stalemate. A person close to Citigroup said: "(Mr Hands) is trying to get us to do something that is not economic." CHI-X PROFILE RAISED IN UK WITH IG LINK IG Group has connected to the equities trading platform Chi-X Europe in a move that will allow ordinary investors access to the fast growing alternative to the London Stock Exchange. IG estimates that the link-up will benefit 80,000 of the spread betting group's 133,000 customers. IG is to also connect to the Turquoise trading platform and is to offer customers "smart order routing", a technology that compares and finds the best prices across various trading platforms. INVESCO PERPETUAL LAUNCHES SPLIT CAP Invesco Perpetual has launched a new split cap investment trust in response to demand from investors for investments that are taxed as capital gains rather than investments. The new Dual Return Trust is to be structured along the same lines as the original split capital funds of the 1960s, rather than more complex versions in which many investors lost money in the early 2000s. Invesco aims to raise 75 million pounds through the fund this year, with a further 50 million pound tranche planned for early 2010. Prepared for Reuters by Durrants `Keywords: PRESS DIGEST Financial Times Nov 17` COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
Mon 12:31	Persimmon Plc - Blocklisting Interim Review	RNS
This news article is displayed preformatted as it may contain results tables RNS Number : 5657C Persimmon PLC 16 November 2009 Persimmon Plc - Block Listings Following the release of the six monthly block listing returns dated 11 November 2009 for its various share schemes, Persimmon Plc announces that there are no options remaining under the following schemes:- Persimmon Plc Long Term Incentive Plan 1998 Beazer Group Discretionary Share Option Scheme 1994 Beazer Homes Sharesave Scheme 1994 This information is provided by RNS The company news service from the London Stock Exchange END BLRBFBTTMMTBBPL More
Mon 12:24	Persimmon Plc - Blocklisting Interim Review	RNS
This news article is displayed preformatted as it may contain results tables RNS Number : 5646C Persimmon PLC 16 November 2009 BLOCK LISTING SIX MONTHLY RETURN Information provided on this form must be typed or printed electronically and provided to an ris. Date: 11 November 2009 Name of applicant: Persimmon Plc Name of scheme: 1997 Share Option Plan Period of return: From: 12/05/09 To: 11/11/09 Balance of unallotted securities under scheme(s) from previous return: 40,900 Plus: The amount by which the block scheme(s) has been increased since the date of the 0 last return (if any increase has been applied for): Less: Number of securities issued/allotted under scheme(s) during period (see 0 LR3.5.7G): Equals: Balance under scheme(s) not yet issued/allotted at end of period: 40,900 Name of contact: Miss S Hickman Telephone number of contact: 01904 642199 BLOCK LISTING SIX MONTHLY RETURN Information provided on this form must be typed or printed electronically and provided to an ris. Date: 11 November 2009 Name of applicant: Persimmon Plc Name of scheme: 1997 Share Option Scheme Period of return: From: 12/05/09 To: 11/11/09 Balance of unallotted securities under scheme(s) from previous return: 183,750 Plus: The amount by which the block scheme(s) has been increased since the date of 0 the last return (if any increase has been applied for): Less: Number of securities issued/allotted under scheme(s) during period (see 0 LR3.5.7G): Equals: Balance under scheme(s) not yet issued/allotted at end of period: 183,750 Name of contact: Miss S Hickman Telephone number of contact: 01904 642199 BLOCK LISTING SIX MONTHLY RETURN Information provided on this form must be typed or printed electronically and provided to an ris. Date: 11 November 2009 Name of applicant: Persimmon Plc Name of scheme: 1998 SAYE Period of return: From: 12/05/09 To: 11/11/09 Balance of unallotted securities under scheme(s) from previous return: 403,233 Plus: The amount by which the block scheme(s) has been increased since the date of the 0 last return (if any increase has been applied for): Less: Number of securities issued/allotted under scheme(s) during period (see 0 LR3.5.7G): Equals: Balance under scheme(s) not yet issued/allotted at end of period: 403,233 Name of contact: Miss S Hickman Telephone number of contact: 01904 642199 BLOCK LISTING SIX MONTHLY RETURN Information provided on this form must be typed or printed electronically and provided to an ris. Date: 12 November 2009 Name of applicant: Persimmon Plc Name of scheme: The Westbury 1995 Executive Share Option Scheme Period of return: From: 12/05/09 To: 11/11/09 Balance of unallotted securities under scheme(s) from 10,660 previous return: Plus: The amount by which the block scheme(s) has been 0 increased since the date of the last return (if any increase has been applied for): Less: Number of securities issued/allotted under scheme(s) 0 during period (see LR3.5.7G): Equals: Balance under scheme(s) not yet issued/allotted at 10,660 end of period: Name of contact: Miss S Hickman Telephone number of contact: 01904 642199 BLOCK LISTING SIX MONTHLY RETURN Information provided on this form must be typed or printed electronically and provided to an ris. Date: 11 November 2009-11-11 Name of applicant: Persimmon Plc Name of scheme: LTIP Period of return: From: 12/05/09 To: 11/11/09 Balance of unallotted securities under scheme(s) from previous return: 140,382 Plus: The amount by which the block scheme(s) has been increased since the date of the 0 last return (if any increase has been applied for): Less: Number of securities issued/allotted under scheme(s) during period (see 0 LR3.5.7G): Equals: Balance under scheme(s) not yet issued/allotted at end of period: 140,382 Name of contact: Miss S Hickman Telephone number of contact: 01904 642199 BLOCK LISTING SIX MONTHLY RETURN Information provided on this form must be typed or printed electronically and provided to an ris. Date: 11 November 2009 Name of applicant: Persimmon Plc Name of scheme: Beazer Group Sharesave Scheme 1994 Period of return: From: 12/05/09 To: 11/11/09 Balance of unallotted securities under scheme(s) from previous return: 33,661 Plus: The amount by which the block scheme(s) has been increased since 0 the date of the last return (if any increase has been applied for): Less: Number of securities issued/allotted under scheme(s) during 0 period (see LR3.5.7G): Equals: Balance under scheme(s) not yet issued/allotted at end of 33,661 period: Name of contact: Miss S Hickman Telephone number of contact: 01904 642199 BLOCK LISTING SIX MONTHLY RETURN Information provided on this form must be typed or printed electronically and provided to an ris. Date: 11 November 2009 Name of applicant: Persimmon Plc Name of scheme: Beazer Group Discretionary Share Option Scheme 1994 Period of return: From: 12/05/09 To: 11/11/09 Balance of unallotted securities under scheme(s) from 22,083 previous return: Plus: The amount by which the block scheme(s) has been 0 increased since the date of the last return (if any increase has been applied for): Less: Number of securities issued/allotted under 0 scheme(s) during period (see LR3.5.7G): Equals: Balance under scheme(s) not yet 22,083 issued/allotted at end of period: Name of contact: Miss S Hickman Telephone number of contact: 01904 642199 This information is provided by RNS The company news service from the London Stock Exchange END BLRBFBTTMMTBBJL More
Mon 07:01	Persimmon Plc - Interim Management Statement	RNS
This news article is displayed preformatted as it may contain results tables RNS Number : 5279C Persimmon PLC 16 November 2009 INTERIM MANAGEMENT STATEMENT 16 NOVEMBER 2009 Persimmon plc today releases its third quarter Interim Management Statement which covers the period from 1 July 2009 to 16 November 2009. Since we announced our Half Year Results on 25 August 2009 trading activity levels have continued ahead of last year. We expect to legally complete c. 9,000 homes for the year ending 31 December 2009. Sales volumes over recent weeks have continued to be satisfactory with the encouraging rate of sales achieved through the summer months being maintained during the autumn period. Prices have also held firm. Forward sales are now well ahead of last year and we expect to carry forward a healthy order book into 2010. We are currently fully sold up for 2009 and have a further c. �500 million of sales already taken for 2010 which is c. 50% ahead of the same point last year. Continued good visitor levels, low cancellation rates of c. 16% and the increase of c. 6% in the average selling price of homes reserved since 1 July 2009 to c. �173,000 provides a more positive position. The improvement in average selling price is largely the result of a change in sales mix, but also reflects some modest price growth in some regional markets. We have sold a greater proportion of private houses and fewer apartments in the period, whilst Housing Association sales volumes have been lower. We are focusing on margin enhancement wherever possible. Whilst we are increasing investment in new site openings and some selective land purchases, close control of cash generation continues. Debt continues to reduce, notwithstanding the increased investment in work in progress for year end legal completions and a further 50 new site openings in the second half of 2009 for completions in 2010. At 31 October 2009 total borrowings were �399 million (31 October 2008: �960 million). October is usually a peak debt month and therefore we expect borrowings at the year end to be significantly lower than the �400 million guidance we gave at the announcement of our Half Year Results, which itself was an improvement from previous guidance. This puts us in a very strong position to continue to open new outlets and purchase new land as and when it becomes available. In the second half we have agreed terms to buy c. 2,850 plots on 34 new sites, including c. 350 plots from our strategic landbank. Most of these additional plots are located in the south of England. We currently have c. 62,500 plots of land owned and under control. Whilst sales volumes have been consistent, we still have significant concerns regarding the availability of mortgages, particularly the higher loan to value products required by first time buyers. However, we have been pleased with the customer interest in the Government HomeBuy Direct Scheme. We have worked hard to maximise these sales on numerous sites across the UK and recently the 1,000th Persimmon home was reserved with this scheme since its launch in March this year. In summary, whilst we remain concerned about the potential impact on our markets of any significant increase in unemployment over the coming months, debt is reducing well ahead of our previous guidance, sales volumes have stabilised and pricing conditions are currently more positive. Having strengthened our forward order book and reduced borrowings significantly, the Group's financial position remains strong. We will give a further update on progress and trading following the year end on Thursday 7 January 2010. For further information, please contact: Edward Orlebar Charlotte McMullen Maryl? Guernier Mike Farley, Group Chief Executive Mike Killoran, Group Finance Director Persimmon plc M:Communications Tel: +44 (0) 1904 642199 Tel: +44 (0) 20 7920 2333 --------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange END IMSUOSBRKARAAAA More
02-11-09	Persimmon Plc - Total Voting Rights	RNS
RNS Number : 7874B Persimmon PLC 02 November 2009 Persimmon Plc ("the Company")- Voting Rights and Capital In conformity with the Disclosure and Transparency Rule 5.6.1, we announce that as at 31 October 2009 the Company's issued share capital consisted of 302,591,431 ordinary shares of 10p each. The Company holds 2,155,299 ordinary shares in Treasury. Therefore, the total number of voting rights in the Company is 300,436,132. The above figure of 300,436,132 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in the Company. This information is provided by RNS The company news service from the London Stock Exchange END TVRCKBKPQBDDFDK More
29-10-09	Persimmon Plc - Holding(s) in Company	RNS
RNS Number : 6155B Persimmon PLC 29 October 2009 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES `1. Identity of the issuer or the underlying issuer of PERSIMMON PLC` existing shares to which voting rights are attached: 2 Reason for the notification (please tick the appropriate box or boxes): `X` An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify): `3. Full name of person(s) subject to ABERDEEN ASSET MANAGEMENT PLC'S` `the notification obligation: FUND MANAGEMENT OPERATING` SUBSIDIARIES `4. Full name of shareholder(s) (if N/A` different from 3.): `5. Date of the transaction and date 27/10/2009` on which the threshold is crossed or reached: `6. Date on which issuer notified: 28/10/2009` `7. Threshold(s) that is/are crossed 5%` or reached: 8. Notified details: A: Voting rights attached to shares `Class/type of Situation previous Resulting situation after the triggering transaction` `shares to the triggering` `transaction` if possible using the ISIN CODE `Number Number Number Number of voting % of voting` `of of of shares rights rights` `Shares Voting` `Rights` `Direct Direct Indirect Direct Indirect` `GB0006825383 14,315,674 14,315,674 16,877,874 16,877,874 5.62%` B: Qualifying Financial Instruments Resulting situation after the triggering transaction `Type of financial Expiration Exercise/ Number of voting % of voting` `instrument date Conversion rights that may be rights` `Period acquired if the` `instrument is` `exercised/` `converted.` C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction `Type of financial Exercise Expiration Exercise/ Number of voting % of voting rights` `instrument price date Conversion rights instrument` `period refers to` `Nominal Delta` Total (A+B+C) Number of voting rights Percentage of voting rights `16,877,874 5.62%` 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information: `14. Contact name: IAN GRANT` `15. Contact telephone number: 01224 404 301` This information is provided by RNS The company news service from the London Stock Exchange END HOLILFLEILLAFIA More
26-10-09	Persimmon Plc - Treasury Stock	RNS
RNS Number : 3970B Persimmon PLC 26 October 2009 26 October 2009 Persimmon Plc ("the Company") - Transfer of Shares held in Treasury Persimmon Plc announces that on 26 October 2009 it transferred 168 Ordinary Shares held in Treasury to a participant in the Persimmon Plc Savings Related Share Option Scheme 1998 to satisfy the exercise of an option at a price of £3.26. Following this transfer the Company holds 2,155,299 Ordinary Shares of 10p each in Treasury and the Company's issued share capital is 300,436,132 Ordinary Shares (excluding Treasury Shares). This information is provided by RNS The company news service from the London Stock Exchange END POSFGMZGVVGGLZM More
21-10-09	Persimmon Plc - Notice of Interim Management Statement	RNS
This news article is displayed preformatted as it may contain results tables RNS Number : 1476B Persimmon PLC 21 October 2009 21 October 2009 PERSIMMON: NOTICE OF INTERIM MANAGEMENT STATEMENT Persimmon will be issuing its next Interim Management Statement on Monday 16 November 2009 at 7am. For further information, please contact: M:Communications Marylene Guernier: +44 (0)20 7920 2369 guernier@mcomgroup.com Charlotte McMullen: +44 (0)20 7920 2349 mcmullen@mcomgroup.com Edward Orlebar: +44 (0)20 7920 2323 orlebar@mcomgroup.com --------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange END MSCUARRRKRRRUAA More
20-10-09	Persimmon Plc - Director/PDMR Shareholding	RNS
RNS Number : 1121B Persimmon PLC 20 October 2009 20 October 2009 Directors' Share Transactions Persimmon plc (the "Company") announces that on 20 October 2009 it was informed that on the same day Jeffrey Fairburn, executive Director sold 1,650 shares in the Company and his wife Mrs J Fairburn sold 1,680 shares at an average price of £4.466 per share. Also on 20 October 2009 Mr and Mrs Fairburn each purchased 1,595 shares into an ISA at an average price of £4.472 per share. As a result of these transactions Jeffrey Fairburn and his wife are interested in 35,454 shares or 0.01% of the issued share capital of the Company (excluding Treasury Shares). The issued share capital of the Company on 20 October 2009 is 300,435,964 ordinary shares, excluding Treasury Shares. This information is provided by RNS The company news service from the London Stock Exchange END RDSEASEEADXNFFE More
20-10-09	Persimmon Plc - Director/PDMR Shareholding	RNS
RNS Number : 1074B Persimmon PLC 20 October 2009 20 October 2009 Directors' Share Transactions Persimmon plc (the "Company") announces that on 20 October 2009 it was informed that on the same day Jeffrey Fairburn, executive Director sold 1,650 shares in the Company and his wife Mrs J Fairburn sold 1,680 shares at an average price of £4.466 per share. Also on 20 October 2009 Mr and Mrs Fairburn each purchased 1,595 shares into an ISA at an average price of £4.472 per share. As a result of these transactions Jeffrey Fairburn and his wife are interested in 35,454 shares or 0.01% of the issued share capital of the Company (excluding Treasury Shares). The issued share capital of the Company on 20 October 2009 is 300,435,964 ordinary shares, excluding Treasury Shares. This information is provided by RNS The company news service from the London Stock Exchange END RDSEALEEASXNFFE More
05-10-09	UPDATE 1-M. Stanley places 6 mln Persimmon shares - sources	AFX UK Focus
LONDON, Oct 5 (Reuters) - Morgan Stanley has placed 6 million shares in British housebuilder Persimmon at 428-435 pence, sources familiar with the deal said on Monday. `At the mid-point of that range, the sale would be worth 26 million pounds ($41.4 million), representing a 2.2 percent discount to Persimmon's closing price.` `The York-based housebuilder is one of the country's biggest by market value.` (Reporting by Daisy Ku, Simon Falush and Atul Prakash; Editing by Dan Lalor) ($1 = 0.6279 pound) Keywords: PERSIMMON/PLACING (daisy.ku@thomsonreuters.com; +44 207 542 5106; Reuters Messaging: daisy.kureuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
05-10-09	Morgan Stanley places 6 mln shares in Persimmon-sources	AFX UK Focus
LONDON, Oct 5 (Reuters) - Morgan Stanley has placed 6 million shares in British housebuilder Persimmon at between 428 pence and 435 pence each, sources familiar with the deal said on Monday. `The York-based housebuilder is one of the country's biggest by market value.` `(Reporting by Daisy Ku) Keywords: PERSIMMON/PLACEMENT` (daisy.ku@thomsonreuters.com; +44 207 542 5106; Reuters Messaging: daisy.kureuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
14-09-09	BRIEF-RESEARCH ALERT-Citigroup raises price targets on UK housebuilders	AFX UK Focus
Sept 14 (Reuters) - UK Housebuilders: CITIGROUP RAISES BARRATT DEVELOPMENTS PLC TO HOLD FROM SELL CITIGROUP RAISES BELLWAY PLC PRICE TARGET TO 1060P FROM 910P CITIGROUP RAISES BERKELEY GROUP PRICE TARGET TO 1225P FROM 1200P CITIGROUP RAISES BOVIS HOMES PRICE TARGET TO 630P FROM 585P CITIGROUP RAISES PERSIMMON PLC PRICE TARGET TO 630P FROM 600P CITIGROUP RAISES REDROW PLC PRICE TARGET TO 205P FROM 150P (Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
08-09-09	Persimmon Plc - Holding(s) in Company	RNS
RNS Number : 7072Y Persimmon PLC 08 September 2009 Form TR-1 with annex. FSA Version 2.1 updated April 2007 For filings with the FSA include the annex For filings with issuer exclude the annex TR-1: Notifications of Major Interests in Shares `1. Identity of the issuer or the underlying issuer Persimmon` of existing shares to which voting rights are attached: 2. Reason for notification (yes/no) `An acquisition or disposal of voting rights Yes` `An acquisition or disposal of financial instruments which may result in No` the acquisition of shares already issued to which voting rights are attached `An event changing the breakdown of voting rights No` `Other (please specify):______________ No` `3. Full name of person(s) AEGON UK Group of Companies` subject to notification obligation: 4. Full name of shareholder(s) (if different from 3): `5. Date of transaction (and 4th September 2009` date on which the threshold is crossed or reached if different): `6. Date on which issuer 8th September 2009` notified: `7. Threshold(s) that is/are 4-5%` crossed or reached: 8: Notified Details A: Voting rights attached to shares `Class/type of shares Situation previous to the triggering Resulting situation after the triggering transaction` If possible use ISIN code transaction `Number of shares Number of voting Number of shares Number of voting rights Percentage of voting` `rights rights` `Direct Indirect Direct Indirect` `GB0006825383 14,688,779 14,688,779 15,383,868 14,491,768 892,100 4.82 0.30` B: Financial Instruments Resulting situation after the triggering transaction Type of financial instrument Expiration date Exercise/ conversion No. of voting rights Percentage of voting `period/date that may be acquired rights` `(if the instrument` `exercised/converted)` Total (A+B) Number of voting rights Percentage of voting rights `15,383,868 5.12%` 9. Chain of controlled undertakings through which the voting rights and /or the financial instruments are effectively held, if applicable: AEGON UK Group of companies - parent undertaking of: AEGON Asset Management UK plc AEGON Investment Management UK ltd. AEGON ICVC Proxy Voting: `10. Name of proxy holder: AEGON UK Group of Companies` 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information: AEGON UK Group of Companies consists of: `AEGON Asset Management UK plc` `AEGON Investment Management UK ltd` AEGON ICVC `14 Contact name: Miranda Beacham` 15. Contact telephone name: 0131 549 3460 For notes on how to complete form TR-1 please see the FSA website. Note: Annex should only be submitted to the FSA not the issuer Annex: Notification of major interests in shares A: Identity of the persons or legal entity subject to the notification obligation `Full name AEGON Asset Management UK plc` (including legal form of legal entities) `Contact address AEGON House,` `(registered office for legal entities) 3 Lochside Avenue,` `Edinburgh Park,` `Edinburgh,` EH12 9SA `Phone number & email 0870 60 90 101` `Other useful information Ian G Young, Company secretary,` `(at least legal representative for legal persons) 0131 549 6398` B: Identity of the notifier, if applicable `Full name Miranda Beacham` `Contact address AEGON House,` `3 Lochside Avenue,` `Edinburgh Park,` `Edinburgh,` EH12 9SA `Phone number & email 0131 549 3460` `miranda.beacham@` `aegon.co.uk` Other useful information (e.g. functional relationship with the person or legal entity subject to the notification obligation) C: Additional information This information is provided by RNS The company news service from the London Stock Exchange END HOLILFIVAFITIIA More
04-09-09	BRIEF-RESEARCH ALERT-Credit Suisse starts Bellway, Bovis, Redrow with outperform	AFX UK Focus
Sept 4 (Reuters) - UK Housing: CREDIT SUISSE STARTS BELLWAY PLC WITH OUTPERFORM RATING; PRICE TARGET `of 1200P` CREDIT SUISSE STARTS BOVIS HOMES WITH OUTPERFORM RATING; PRICE TARGET `of 750P` CREDIT SUISSE STARTS REDROW PLC WITH OUTPERFORM RATING; PRICE TARGET `of 309P` CREDIT SUISSE RAISES PERSIMMON PLC TO OUTPERFORM FROM NEUTRAL CREDIT SUISSE REMAINS OVERWEIGHT ON UK HOUSING SECTOR (Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
28-08-09	Persimmon Plc - Half Yearly Report	RNS
RNS Number : 2258Y Persimmon PLC 28 August 2009 Half Year Report for the six months ended 30 June 2009 Copies of the Half Year Report for the six months ended 30 June 2009 have been submitted to the UK Listing Authority. This document will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility which is situated at: Financial Services Authority 25, The North Colonnade Canary Wharf London E14 5HS Tel. no. (0)20 7066 1000 The Half Year Report is also available to view on our Company website: http://corporate.persimmonhomes.com/ This information is provided by RNS The company news service from the London Stock Exchange END DOCUWASRKORWUAR More
25-08-09	FACTBOX-Comparison of major UK housebuilders	AFX UK Focus
Aug 25 (Reuters) - British housebuilder Persimmon posted lower first-half results on Tuesday but signalled that further writedowns were unlikely. Its positive comments on price stabilisation added support to growing confidence in the sector. Here is a comparison of major UK housebuilders based on June 30, 2009, results: BOVIS HOMES Units completed - 754 Average selling price - 159,700 pounds Land Holdings - 12,851 plots Total reservations for legal completion in 2009 at 1,530 homes. BARATT Units completed - 13,202 (June 30, 2009) Average selling price - 157,000 pounds Land Holdings - 68,000 plots (June 30, 2009) Total number of forward sales as at June 30, 2009 totalled 464.3 million pounds ($760.8 million) PERSIMMON Units completed - 4,006 Average Selling Price - 155,524 pounds Land Holdings - 64,347 plots Current forward sales since July 1, 2009, are 910 million pounds with an average selling price of 174,000 pounds REDROW Units completed - 2,113 ended June 30, 2009 Average Selling Price - 137,500 pounds Land Holdings - 12,500 plots (June 30, 2009) Total number of forward sales as at June 30, 2009, stands at 1,147 homes TAYLOR WIMPEY <RDW.L Units completed - 4,702 Average selling price - 153,000 pounds Land Holdings - 69,167 plots Total reservations in H1 2009 - 6,155 units Source: Reuters; Company reports (Writing by Carl Bagh, Bangalore Editorial Reference Unit; Editing by David Cutler and Erica Billingham) `($1=.6103 Pound) Keywords: PERSIMMON/` (carl.bagh@thomsonreuters.com; +91 80 41355917; Reuters Messaging: carl.bagh@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
25-08-09	Persimmon Plc - Half Yearly Report	RNS
RNS Number : 9310X Persimmon PLC 25 August 2009 TUESDAY 25 AUGUST 2009 HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2009 PRE-TAX PROFIT OF &POUND;9.8 MILLION AFTER THE EXCEPTIONAL RELEASE OF &POUND;27.9 MILLION OF NET REALISABLE VALUE PROVISION (H1 2008: &POUND;36.9 MILLION - AFTER EXCEPTIONAL CHARGE OF &POUND;64.0M) LEGAL COMPLETIONS FOR H1 2009 OF 4,006 UNITS (H1 2008: 5,501) AT AN AVERAGE SELLING PRICE OF &POUND;155,524* (H1 2008: &POUND;181,485) TOTAL SALES REVENUE OF &POUND;611.8 MILLION (H1 2008: &POUND;998.4 MILLION) OPERATING PROFIT OF &POUND;36.5 MILLION* (H1 2008: &POUND;75.7 MILLION) BORROWINGS REDUCED TO &POUND;494.2 MILLION**** (H1 2008: &POUND;905.5 MILLION) - AHEAD OF EXPECTATIONS YEAR END DEBT NOW EXPECTED TO BE BELOW &POUND;400 MILLION - IMPROVEMENT ON PREVIOUS GUIDANCE RECENT VISITOR LEVELS EXCEEDED THOSE OF LAST YEAR AND CANCELLATION RATES HAVE BEEN SIGNIFICANTLY LOWER THROUGHOUT THE PERIOD AT C.16% (FY 2008: C. 30%) CURRENT FORWARD SALES INCLUDING LEGAL COMPLETIONS SINCE 1 JULY 2009 INCREASED C.9% TO C.&POUND;910 MILLION (2008: &POUND;836 MILLION) 64,347 PLOTS OF LAND OWNED AND UNDER CONTROL - REPRESENTING C.7 YEARS SUPPLY OF LAND INVESTMENT IN PART EXCHANGE STOCK HAS DECREASED SIGNIFICANTLY TO &POUND;11.4 MILLION AT END JUNE (30 JUNE 2008: &POUND;120.0 MILLION) RECENT INTRODUCTION OF HOMEBUY DIRECT SHARED EQUITY SCHEME BY THE GOVERNMENT CONTINUES TO GAIN MOMENTUM AND PROVIDES OPPORTUNITIES FOR FIRST TIME BUYERS. CARRYING VALUE OF SHARED EQUITY ASSET ON THE BALANCE SHEET AT 30 JUNE 2009 &POUND;47.2 MILLION (30 JUNE 2008: &POUND;19.8 MILLION) John White, Group Chairman said: "We expect sales rates to remain resilient due to the successful destocking that has occurred in the industry combined with the continuing good levels of underlying demand for new homes in the UK. Recently, selling prices have stabilised in most parts of mainland UK. Future volume increases and price movements will be dependent upon mortgage availability, job prospects and the health of the general economy. Our strong balance sheet, reduced debt, long landbank and strategic land opportunities, combined with an experienced management team provides an excellent platform to create value for shareholders." CALCULATED FROM NOMINAL VALUE OF TURNOVER - BEFORE &POUND;11.2M ADJUSTMENT TO FAIR VALUE SHARED EQUITY SALES (H1 2008: &POUND;NIL) * STATED AFTER &POUND;11.2M ADJUSTMENT TO FAIR VALUE SHARED EQUITY SALES (H1 2008: &POUND;NIL) INCLUDING THE EXCEPTIONAL RELEASE OF &POUND;27.9 MILLION OF NET REALISABLE VALUE PROVISION (H1 2008: &POUND;64.0M EXCEPTIONAL CHARGE) * STATED BEFORE FINANCE LEASES AND FINANCING EXPENSES For further information, please contact: `Edward Orlebar` `Charlotte McMullen` `Maryl? Guernier` John White, Group Chairman Mike Farley, Group Chief Executive Mike Killoran, Group Finance Director `Persimmon plc M: Communications` `Tuesday 25th August: Tel: +44 (0) 20 7920 2333 Tel: +44 (0) 20 7920 2333` For Future Enquiries: Tel: +44 (0)1904 642199 Analysts wishing to listen to the presentation at 10:30am remotely may dial +44 (0)20 3037 9100 A webcast of today's analyst presentation will be available on http://corporate.persimmonhomes.com/ this afternoon. CHAIRMAN'S STATEMENT RESULTS During the six months ended 30 June 2009 Persimmon legally completed 4,006 units (H1 2008: 5,501) at an average selling price of £155,524 (H1 2008: £181,485). Total sales revenue for the period was £623.0 million (H1 2008: £998.4 million) before adjusting for the fair value of shared equity sales of £11.2 million leaving reported revenues at £611.8 million. Pre-tax profit for the period was £9.8 million (H1 2008: £36.9 million) including the release of £27.9 million of net realisable value provision as an exceptional item. Operating profit was £36.5 million (H1 2008: £75.7 million) on the same basis. Total net borrowings at 30 June 2009 were £494.2 million (H1 2008: £905.5 million). We continue to achieve debt reductions ahead of our expectations and now anticipate reducing borrowings ahead of previous guidance. We expect year end debt to be below £400 million, well within the total facilities for the Group of over £1 billion. These new and amended credit facilities were finalised and signed on 13 March 2009. Net interest charge for the period was £26.7 million (H1 2008: £38.8 million). As previously stated, the Board does not intend to pay a dividend this year. We reported at the time of our trading update that we did not expect to make further provisions against the value of our landholdings in the absence of any substantial change in current market conditions. We reiterate this stance today. As mentioned above, our trading experience over the last six months has resulted in the release of £27.9 million of net realisable value provision previously incurred, which demonstrates the realistic current book value of our landholdings of c. £1.7 billion. CURRENT TRADING Net reservations continue to run ahead of the comparative weeks of 2008. Sales in the historically quieter summer weeks have held up well and are ahead of our expectations. In recent weeks visitor levels have exceeded those of last year, whilst cancellation rates have been significantly lower at c. 16% (Full Year 2008: c. 30%). Mortgage availability continues to be a concern, particularly the scarcity of higher loan to value products. However, the overall situation in respect of the mortgage market and valuations has recently shown signs of improvement. Current forward sales, including legal completions since 1 July 2009, are c. £910 million (2008: £836 million). The average selling price of homes reserved since 1 July 2009, is c. £174,000 compared to c. £163,650 over the same period in 2008. This reflects a higher proportion of traditional housing sales, particularly in the South, and a lower proportion of housing association sales. We expect sales rates to remain resilient due to the successful destocking that has occurred in the industry combined with the continuing good levels of underlying demand for new homes in the UK. The recent introduction of the HomeBuy Direct shared equity scheme by the Government is gaining momentum. The scheme provides shared equity loans held equally by the Government and Persimmon. This allows us to spread our equity over an increased volume of house sales. We are using this scheme to good effect and plan to continue with it. We are confident this remains a most attractive offer in the current mortgage market, particularly to first time buyers, and that it will deliver additional returns over the medium term. We continue to carry shared equity receivables at fair value, having made further provision of £11.2 million on first half completions (H1 2008: £nil) to reflect the deferred receipt of these outstanding sales proceeds. The carrying value of the shared equity asset on the balance sheet at 30 June 2009 was £47.2 million (2008: £19.8 million). Whilst investment in shared equity continues, the investment in part exchange stock has decreased significantly. Part exchange stock owned was £11 million at 30 June 2009 (2008: £120 million). LAND We currently have 64,347 plots of land owned and under control with residential planning permission. This represents c. 7 years supply of land. We remain focussed on improving planning consents on existing sites. We believe there are good opportunities to improve returns by addressing issues surrounding Section 106 Agreements and overall house type and mix improvements. Our exposure to inner city apartment schemes continues to be negligible. We are making good progress with the planning of our strategic land portfolio. This land will provide an excellent source of our new land requirements over future years and can be acquired, in most cases, at a discount to the prevailing market value, which will enhance margins in the future. With our strong, consented landbank and significant strategic land portfolio which is well spread geographically and focussed on traditional house types, we can grow the business without the need to buy large amounts of new land. Indeed the current opportunities available in this respect are limited. However, we have selectively acquired a number of smaller sites for early development at appropriate prices which will deliver a good level of return for the business. We will continue with this carefully managed strategy for the foreseeable future, although with the combination of our current credit facilities and strong cash generation we are in an excellent position to add new land to our portfolio as opportunities arise. OUTLOOK Recently, selling prices have stabilised in most parts of mainland UK, including more latterly in the North of England. In the South, where the market is stronger, we have achieved an increased rate of sales per site per week. Future volume increases and price movements will be dependent upon mortgage availability, job prospects and the health of the general economy. We have continued to monitor all areas of expenditure in our business and are beginning to see the full benefits of the actions we took last year to cut overheads. Whilst we have been careful to maintain our national coverage, operating expenses are currently running at a reduced rate of c. £6.5 million per month. This will generate an overhead saving to the business in excess of £50 million per annum when compared with the level of the latter months of 2007, the period prior to our restructuring. Despite this, we expect that margin recovery to more normal levels will take some time to achieve. However our strong balance sheet, reduced debt, long landbank and strategic land opportunities, combined with an experienced management team provides an excellent platform to create value for shareholders. We are therefore confident that we remain in a strong position to grow our business once again as conditions improve. PERSIMMON PLC Condensed Consolidated Statement of Comprehensive Income (unaudited) For the six months to 30 June 2009 `Six months to 30 June 2009 Six months to 30 June 2008 Year to 31 December 2008` `Before exceptional Exceptional items Before exceptional Exceptional items Before exceptional Exceptional items` `items (Note 2) items (Note 2) items (Note 2)` `£m £m £m £m £m £m` `Note Total Total Total` `£m £m £m` `Revenue 611.8 - 611.8 998.4 - 998.4 1,755.1 - 1,755.1` `Cost of sales (571.6) 27.9 (543.7) (821.1) (49.0) (870.1) (1,489.8) (688.2) (2,178.0)` `Gross profit / (loss) 40.2 27.9 68.1 177.3 (49.0) 128.3 265.3 (688.2) (422.9)` `Other operating income 5.4 - 5.4 13.9 - 13.9 21.4 - 21.4` `Operating expenses (36.5) - (36.5) (51.6) (15.0) (66.6) (91.0) (222.9) (313.9)` `Share of results of jointly (0.5) - (0.5) 0.1 - 0.1 0.8 - 0.8` controlled entities Profit / (loss) from `operations before impairment 10.0 27.9 37.9 139.7 (64.0) 75.7 198.3 (710.1) (511.8)` of intangible assets `Impairment of intangible (1.4) - (1.4) - - - (1.8) (201.0) (202.8)` assets `Profit / (loss) from 8.6 27.9 36.5 139.7 (64.0) 75.7 196.5 (911.1) (714.6)` operations `Finance income 2.3 - 2.3 2.6 - 2.6 4.1 6.3 10.4` `Finance costs (29.0) - (29.0) (41.4) - (41.4) (75.8) - (75.8)` `Profit / (loss) before tax (18.1) 27.9 9.8 100.9 (64.0) 36.9 124.8 (904.8) (780.0)` `Tax 3 5.2 (5.2) - (28.7) 18.2 (10.5) (20.7) 175.7 155.0` `Profit / (loss) after tax (12.9) 22.7 9.8 72.2 (45.8) 26.4 104.1 (729.1) (625.0)` (all attributable to equity holders of the parent) Other comprehensive (expense)/income `Effective portion of changes (0.6) - (0.6) 1.9 - 1.9 (0.8) - (0.8)` in fair value of cash flow hedges `Net actuarial losses on 9 (26.1) - (26.1) (4.3) - (4.3) (43.8) - (43.8)` defined benefit pension schemes `Tax on other comprehensive 7.5 - 7.5 0.7 - 0.7 (11.3) - (11.3)` (expense)/income `Other comprehensive (expense)/income for the (19.2) - (19.2) (1.7) - (1.7) (55.9) - (55.9)` period, net of tax `Total comprehensive (32.1) 22.7 (9.4) 70.5 (45.8) 24.7 48.2 (729.1) (680.9)` (expense)/income for the period Earnings per share i `Basic 5 3.3p 8.8p (208.3p)` `Diluted 5 3.3p 8.8p (208.3p)` Non-GAAP measures - Underlying earnings per share ii `Basic 5 (3.8p) 24.1p 35.3p` `Diluted 5 (3.8p) 24.0p 35.2p` i Earnings per share is calculated in accordance with IAS 33 'Earnings Per Share' ii Underlying earnings per share excludes exceptional items and goodwill impairment PERSIMMON PLC Condensed Consolidated Balance Sheet (unaudited) As at 30 June 2009 `30 June 30 June 31 December` 2009 2008 2008 `Note £m £m £m` ASSETS Non-current assets `Intangible assets 263.2 467.7 264.7` `Property, plant and equipment 36.0 44.9 45.1` `Investments 3.4 3.2 3.9` `Trade and other receivables 52.0 25.2 31.4` `Forward currency swaps 8 15.7 - 96.0` `Deferred tax assets 14.0 51.7 6.5` `384.3 592.7 447.6` Current assets `Inventories 6 2,307.6 3,528.3 2,546.5` `Trade and other receivables 130.5 160.7 138.2` `Forward currency swaps 8 - - 20.8` `Cash and cash equivalents 8 0.3 14.0 0.8` `Assets held for sale 5.7 - -` `2,444.1 3,703.0 2,706.3` `Total assets 2,828.4 4,295.7 3,153.9` LIABILITIES Non-current liabilities `Interest bearing loans and borrowings 8 (385.2) (667.3) (571.2)` `Forward currency swaps 8 (9.5) (46.8) -` `Deferred tax liabilities (26.5) (30.8) (26.5)` `Retirement benefit obligation 9 (116.3) (61.4) (95.3)` `Other liabilities (101.1) (142.0) (132.0)` `(638.6) (948.3) (825.0)` Current liabilities `Interest bearing loans and borrowings 8 (93.7) (191.6) (147.6)` `Forward currency swaps 8 (2.5) (16.7) -` `Trade and other payables (471.9) (745.3) (551.9)` `Current tax liabilities (74.2) (119.0) (74.2)` `(642.3) (1,072.6) (773.7)` `Total liabilities (1,280.9) (2,020.9) (1,598.7)` `Net assets 1,547.5 2,274.8 1,555.2` SHAREHOLDERS' EQUITY `Ordinary share capital issued 30.3 30.3 30.3` `Share premium 233.6 233.6 233.6` `Hedge reserve (0.4) 2.1 0.1` `Other non-distributable reserve 281.4 281.4 281.4` `Retained earnings 1,002.6 1,727.4 1,009.8` `Total shareholders' equity 1,547.5 2,274.8 1,555.2` PERSIMMON PLC Condensed Consolidated Statement of Changes in Shareholders' Equity (unaudited) As at 30 June 2009 `Share capital £m Share premium £m Hedge reserve £m Other non Retained earnings £m Total shareholders` `distributable equity£m` `reserve£m` 6 months ended 30 June 2009: `Balance at 31 December 2008 30.3 233.6 0.1 281.4 1,009.8 1,555.2` `Profit for the period - - - - 9.8 9.8` `Other comprehensive expense - - (0.5) - (18.7) (19.2)` Transactions with owners: `Exercise of share - - - - 0.2 0.2` options/share awards `Share option charge and - - - - 0.9 0.9` taxation thereon `Other reserve movement - - - - 0.6 0.6` `Balance at 30 June 2009 30.3 233.6 (0.4) 281.4 1,002.6 1,547.5` 6 months ended 30 June 2008: `Balance at 31 December 2007 30.3 233.6 0.7 281.4 1,799.4 2,345.4` `Profit for the period - - - - 26.4 26.4` `Other comprehensive expense - - 1.4 - (3.1) (1.7)` Transactions with owners: `Exercise of share - - - - 2.4 2.4` options/share awards `Own shares purchased - - - - (2.2) (2.2)` `Share option charge and - - - - 2.6 2.6` taxation thereon `Dividends approved and paid - - - - (98.1) (98.1)` `Balance at 30 June 2008 30.3 233.6 2.1 281.4 1,727.4 2,274.8` Year ended 31 December 2008: `Balance at 31 December 2007 30.3 233.6 0.7 281.4 1,799.4 2,345.4` `Loss for the year - - - - (625.0) (625.0)` `Other comprehensive expense - - (0.6) - (55.3) (55.9)` Transactions with owners: `Exercise of share - - - - 3.2 3.2` options/share awards `Own shares purchased - - - - (2.4) (2.4)` `Share option charge and - - - - 3.7 3.7` taxation thereon `Dividends approved and paid - - - - (113.1) (113.1)` `Other reserve movement - - - - (0.7) (0.7)` `Balance at 31 December 2008 30.3 233.6 0.1 281.4 1,009.8 1,555.2` PERSIMMON PLC* Condensed Consolidated Cash Flow Statement (unaudited) For the six months to 30 June 2009 `Six months to Six months to Year to` `30 June 30 June 31 December` 2009 2008 2008 `Note £m £m £m` Cash flows from operating activities: `Profit / (loss) for the period 9.8 26.4 (625.0)` Adjustments for: `Tax - 10.5 (155.0)` `Finance income (2.3) (2.6) (4.1)` `Finance costs 29.0 41.4 75.8` `Depreciation charge 3.4 4.5 8.7` `Amortisation of intangible assets 0.1 0.1 0.3` `Impairment of intangible assets 1.4 - 1.8` `Share of results of jointly controlled entities 0.5 (0.1) (0.8)` `Profit on disposal of property, plant and equipment - (0.4) (0.7)` `Share-based payment charge 0.9 3.3 4.4` `Exceptional non-cash items (27.9) 61.8 892.7` `Other non-cash items 1.5 0.4 (3.1)` `Profit from operations before working capital movements 16.4 145.3 195.0` Movements in working capital: `Decrease / (increase) in inventories 266.8 (190.7) 187.8` `(Increase) / decrease in trade and other receivables (11.5) 11.5 (8.1)` `(Decrease) / increase in trade and other payables (118.9) 24.2 (173.6)` `Net cash from operations 152.8 (9.7) 201.1` `Interest paid (24.7) (34.7) (67.6)` `Interest received 0.9 2.6 4.1` `Tax (paid) / received - (43.4) 106.2` `Net cash from / (used in) operating activities 129.0 (85.2) 243.8` Cash flows from investing activities: `Received from jointly controlled entities - 0.1 0.1` `Purchase of property, plant and equipment (0.3) (2.1) (6.9)` `Proceeds from sale of property, plant and equipment 0.3 1.3 2.2` `Net cash used in investing activities - (0.7) (4.6)` Cash flows from financing activities: `Repayment of borrowings (105.1) (75.7) (162.2)` `Drawdown of loan facilities - 280.0 65.0` `Other financing expenses (21.3) - -` `Finance lease principal payments (0.6) (0.7) (1.4)` `Own shares purchased - (2.2) (2.4)` `Exercise of share options - 0.6 0.8` `Dividends paid to Group shareholders - (98.1) (113.1)` `Net cash (used in) / from financing activities (127.0) 103.9 (213.3)` `Increase in net cash and cash equivalents 2.0 18.0 25.9` `7` `Net cash and cash equivalents (22.9) (48.8) (48.8)` at beginning of period `Net cash and cash equivalents at end of period (20.9) (30.8) (22.9)` 8 Notes to the condensed consolidated half year financial statements (unaudited) 1. Basis of preparation and approval of the half year financial statements The half year financial statements for the six months to 30 June 2009 have been prepared in accordance with the Disclosure and Transparency Rules of the Financial Services Authority and with International Accounting Standard 34, "Interim Financial Reporting", as adopted by the European Union. This report should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2008, which have been prepared in accordance with IFRSs as adopted by the European Union. Except as described below, the accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2008, as described in those annual financial statements. The following new standards and amendments to standards are mandatory for the first time for the financial year beginning 1 January 2009: IAS 1 (REVISED), 'PRESENTATION OF FINANCIAL STATEMENTS'. THE MOST significant change within IAS 1 (revised) is the requirement to produce a statement of comprehensive 2. Exceptional items `Six months to Six months to Year to` `30 June 30 June 31 December` 2009 2008 2008 `£m £m £m` Cost of sales: `Net realisable value of (27.9) 40.0 652.3` inventories (i) `Asset impairment and - 9.0 35.9` write-offs (ii) Operating expenses: `Restructuring costs (iii) - 15.0 21.9` `Asset impairment (ii) - - 201.0` `Exceptional (income) / costs (27.9) 64.0 911.1` Finance income: `Other interest receivable (iv) - - (6.3)` `Exceptional items before tax (27.9) 64.0 904.8` `(i) In light of the deterioration in the UK housing market, the Group conducted a review of the net realisable value of its inventory carrying values which resulted in a charge of £40.0m at 30 June 2008 and an additional net impairment of £612.3m at 31 December 2008. At 30 June 2009, the Group continued with this review process which resulted in a net exceptional credit to the Statement of Comprehensive Income of £27.9m. Further details are provided in note 6.` `(ii) Additional impairment reviews of trade and other receivables, and goodwill, resulted in exceptional charges which are fully explained in the audited financial statements for the year ended 31 December 2008. No further exceptional impairments have occurred at 30 June 2009.` `(iii) At 30 June 2008, the Group had incurred expenses of £15.0m in relation to reorganising and restructuring the business. On further restructuring activity, total costs comprising staff redundancy, contract severance costs and costs related to office closures amounted to £21.9m. No such costs were incurred in the period to 30 June 2009.` `(iv) Interest receivable represents monies due following the receipt of tax repayments associated with the exceptional costs.` 3. Tax The effective corporation tax rate for the half year is nil% (half year ended 30 June 2008: 28.5% and year ended 31 December 2008: (19.9%)). This is the estimated effective tax rate for the year ending 31 December 2009, based upon the current estimate of available loss relief. `4. Dividends` `Six months to 30 Six months to 30` `June 2009 June 2008` `£m £m Year to` `31 December 2008` `£m` Dividends paid: `Final dividend for the year ended 31 December 2008 - 98.1 98.1` of nil per share (2007: 32.7p) `Interim dividend for the six months to 30 June 2008 - - 15.0` of 5.0p per share (2007: 18.5p) `Total dividend - 98.1 113.1` Dividends proposed: `Interim dividend for the six months to 30 June 2009 - 15.0 -` of nil per share (2008: 5.0p) 5. Earnings per share `Basic earnings per share is calculated by dividing the earnings` `attributable to ordinary shareholders by the weighted average number of` `ordinary shares in issue during the period, excluding those held in the` `Employee Share Ownership Trust, the Employee Benefit Trust and treasury` `shares all of which are treated as cancelled.` `For diluted earnings per share, the weighted average number of ordinary` `shares in issue is adjusted to assume conversion of all potentially` `dilutive ordinary shares from the start of the accounting period. The` `Company has only one category of dilutive potential ordinary shares:` `those share options and awards granted to directors and employees where` the exercise price is less than the average market price of the Company's `ordinary shares during the period. In accordance with IAS 33, potential` `ordinary shares are only dilutive when their conversion to ordinary` `shares would decrease earnings per share or increase the loss per share` `from continuing operations. Diluted earnings per share is` `The earnings per share from continuing operations were as follows:` `Six months to Six months to Year to` `30 June 2009 30 June 2008 31 December 2008` `Basic earnings per share 3.3p 8.8p (208.3p)` `Underlying basic earnings per (3.8p) 24.1p 35.3p` share `Diluted earnings per share 3.3p 8.8p (208.3p)` `Underlying diluted earnings (3.8p) 24.0p 35.2p` per share `a) Earnings` `Six months to Six months to Year to` `30 June 2009 30 June 2008 31 December 2008` `£m £m £m` `Underlying earnings (11.5) 72.2 105.9` attributable to shareholders Exceptional items net of `related taxation (including 22.7 (45.8) (729.1)` exceptional intangible asset impairment) Goodwill impairment - `utilisation of strategic land (1.4) - (1.8)` holdings `Earnings attributable to 9.8 26.4 (625.0)` shareholders b) Weighted average share capital `Six months to Six months to Year to` `30 June 2009 30 June 2008 31 December 2008` `For basic earnings per share 300,236,765 299,930,754 300,033,700` `Options and awards 757,763 912,715 985,716` `For diluted earnings per share 300,994,528 300,843,469 301,019,416` `6. Inventories` `30 June 2009 30 June 2008 31 December 2008` `£m £m £m` `Land 1,677.9 2,453.2 1,779.5` `Work in progress 553.1 867.3 634.0` `Part exchange properties 11.4 120.0 54.5` `Showhouses 65.2 87.8 78.5` `Total inventories 2,307.6 3,528.3 2,546.5` `As set out in note 2, the Group conducted a further review of the net realisable value of its land and work in progress portfolio` `during the half year ended 30 June 2009. The impact of this review of our net realisable value provisions is an exceptional credit` `to the Statement of Comprehensive Income of £27.9m. The total impairment of land and work in progress recognised during the half` `year was £121.4m (June 2008: £40.0m; December 2008: £652.3m) and a reversal of £149.3m (June 2008: £nil; December 2008: £nil) on` `inventories that were written down in a previous accounting period. Our approach to our net realisable value review has been` `consistent with that conducted at 31 December 2008 which was fully disclosed in the financial statements for the year ended on` `that date.` `The key judgements in estimating the future net present realisable value of a site was the estimation of likely sales prices,` `house types and costs to complete the developments. Sales prices and costs to complete were estimated on a site-` 7. Reconciliation of net cash flow to net debt `Note Six months to Six months to Year to 31 December` `30 June 30 June 2008` `2009 2008 £m` `£m £m` `Increase in net cash and cash 2.0 18.0 25.9` equivalents `Decrease/(increase) in debt 105.7 (203.6) 98.6` and finance lease obligations `Financing expenses paid 21.3 - -` `Decrease /(increase) in net 129.0 (185.6) 124.5` debt from cash flows `New finance lease obligations - (0.4) (0.6)` `Non-cash adjustments (2.7) 1.9 (0.8)` `Decrease/(increase) in net 126.3 (184.1) 123.1` debt `Net debt at beginning of (601.2) (724.3) (724.3)` period `Net debt at end of period (474.9) (908.4) (601.2)` `8` `8. Analysis of net debt` `Note 30 June 30 June 31 December` 2009 2008 2008 `£m £m £m` `Cash and cash equivalents 0.3 14.0 0.8` `Bank overdrafts (21.2) (44.8) (23.7)` `Net cash and cash equivalents (20.9) (30.8) (22.9)` `Bank loans (35.0) (280.0) (63.1)` `US and UK senior loan notes due within one year (69.3) (141.0) (119.4)` `US, UK & EU senior loan notes due after more than one year (369.9) (385.6) (507.0)` `Other loan notes due within one year (2.8) (4.6) (3.2)` `Forward currency swaps 3.7 (63.5) 116.8` `Finance lease obligations (1.8) (2.9) (2.4)` `Financing expenses 21.1 - -` `Net debt at end of period (474.9) (908.4) (601.2)` `7` `On 27 February 2009 the Group reached agreement with its syndicate of` `banks providing the current revolving facility on amendments to the` `amount, terms and conditions of its existing credit facilities and also` `reached agreement with its private placement investors on amendments to` the terms and conditions of its existing credit facilities. The Group also entered into a new revolving credit facility. This Forward Start Facility `of £322m will become available for drawing on 24 November 2010 on the` `maturity of the existing facility and matures on 31 March 2012. Full` documentation was finalised and signed on 13 March 2009. This refinancing `has been accounted for as a modification.` 9. Defined benefit pension schemes The amounts recognised in income are as follows: `Six months to 30 Six months to 30 June Year to` `June 2008 31 December` `2009 £m 2008` `£m £m` `Current service cost 1.7 2.7 4.8` `Curtailment credit - - (2.1)` `Interest cost 9.7 9.6 19.4` `Expected return on schemes' (7.0) (9.7) (19.6)` `assets` `Total recognised in profit 4.4 2.6 2.5` `after tax` `Net actuarial loss 26.1 4.3 43.8` `Total recognised in other 26.1 4.3 43.8` `comprehensive (income) /` `expense` `Total defined benefit schemes 30.5 6.9 46.3` loss recognised in the period The amount included in the balance sheet arising from the Group's obligation in respect of its defined benefit schemes is as follows: `30 June 30 June 31 December` 2009 2008 2008 `£m £m £m` `Present value of funded obligations (347.8) (308.5) (324.0)` `Fair value of schemes' assets 231.5 247.1 228.7` `Deficit in the schemes and net liability in (116.3) (61.4) (95.3)` `the balance sheet` An update on the 31 December 2008 IAS 19 valuation, adjusted for current market conditions has been obtained from the schemes' actuary as at 30 June 2009, which has been used as the basis for these figures. 10. Related parties `Transactions between the Company and its subsidiaries, which are related` `parties, have been eliminated on consolidation and are not disclosed in` `this note.` `Principal risks and uncertainties` The principal risks and uncertainties which could impact the Group for the remainder of the current financial year are those detailed on page 7 of the Group's Annual Report and Accounts 2008 and have not changed. These include: poor economic conditions, disruption in the capital markets and restrictions on mortgage availability. Further details regarding assessment of the risks and current market conditions are included within the Chairman's Statement in this Half Year Report. A copy of the Group's Annual Report and Accounts 2008 is available on the Group's website at www.corporate.persimmonhomes.com. Statement of Directors' Responsibilities We confirm that to the best of our knowledge: THE CONDENSED SET OF FINANCIAL STATEMENTS HAS BEEN PREPARED IN ACCORDANCE WITH IAS 34 INTERIM FINANCIAL REPORTING AS ADOPTED BY THE EU THE HALF YEAR REPORT INCLUDES A FAIR REVIEW OF THE INFORMATION REQUIRED BY: (A) DTR 4.2.7R OF THE DISCLOSURE AND TRANSPARENCY RULES, BEING AN INDICATION OF IMPORTANT EVENTS THAT HAVE OCCURRED DURING THE FIRST SIX MONTHS OF THE FINANCIAL YEAR AND THEIR IMPACT ON THE CONDENSED SET OF FINANCIAL STATEMENTS; AND A DESCRIPTION OF THE PRINCIPAL RISKS AND UNCERTAINTIES FOR THE REMAINING SIX MONTHS OF THE YEAR; AND (B) DTR 4.2.8R OF THE DISCLOSURE AND TRANSPARENCY RULES, BEING RELATED PARTY TRANSACTIONS THAT HAVE TAKEN PLACE IN THE FIRST SIX MONTHS OF THE CURRENT FINANCIAL YEAR AND THAT HAVE MATERIALLY AFFECTED THE FINANCIAL POSITION OR PERFORMANCE OF THE ENTITY DURING THAT PERIOD; AND ANY CHANGES IN THE RELATED PARTY TRANSACTIONS DESCRIBED IN THE LAST ANNUAL REPORT THAT COULD DO SO. The Directors of Persimmon Plc are: `John White Group Chairman` `Mike Farley Group Chief Executive` `Mike Killoran Group Finance Director` `Jeff Fairburn North Division Chief Executive` `Hamish Leslie Melville Non-Executive Director` `David Thompson Senior Independent Director` `Neil Davidson Non-Executive Director` `Nicholas Wrigley Non-Executive Director` `Richard Pennycook Non-Executive Director` By order of the Board `Mike Farley Mike Killoran` `Group Chief Executive Group Finance Director` 24 August 2009 The Group's annual financial reports, half yearly reports and interim management statements are available from the Group's website at www.corporate.persimmonhomes.com. `Independent Review Report to Persimmon Plc` Introduction We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2009 which comprises the Condensed Consolidated Statement of Comprehensive Income, Condensed Consolidated Balance Sheet, Condensed Statement of Changes in Shareholders' Equity, Condensed Consolidated Cash Flow Statement and the related explanatory notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. This report is made solely to the company in accordance with the terms of our engagement to assist the company in meeting the requirements of the Disclosure and Transparency Rules ("the DTR") of the UK's Financial Services Authority ("the UK FSA"). Our review has been undertaken so that we might state to the company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusions we have reached. Directors' responsibilities The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the DTR of the UK FSA. As disclosed in note 1, annual financial statements of the group are prepared in accordance with IFRSs as adopted by the EU. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU. Our responsibility Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2009 is not prepared, in all material respects, in accordance with IAS 34 as adopted by the EU and the DTR of the UK FSA. David Morritt For and on behalf of KPMG Audit Plc Chartered Accountants Leeds 24 August 2009 <HR>--------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange END IR USABRKURWUAR More
25-08-09	Persimmon Plc - Half Yearly Report	RNS
RNS Number : 9310X Persimmon PLC 25 August 2009 TUESDAY 25 AUGUST 2009 HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2009 PRE-TAX PROFIT OF &POUND;9.8 MILLION AFTER THE EXCEPTIONAL RELEASE OF &POUND;27.9 MILLION OF NET REALISABLE VALUE PROVISION (H1 2008: &POUND;36.9 MILLION - AFTER EXCEPTIONAL CHARGE OF &POUND;64.0M) LEGAL COMPLETIONS FOR H1 2009 OF 4,006 UNITS (H1 2008: 5,501) AT AN AVERAGE SELLING PRICE OF &POUND;155,524* (H1 2008: &POUND;181,485) TOTAL SALES REVENUE OF &POUND;611.8 MILLION (H1 2008: &POUND;998.4 MILLION) OPERATING PROFIT OF &POUND;36.5 MILLION* (H1 2008: &POUND;75.7 MILLION) BORROWINGS REDUCED TO &POUND;494.2 MILLION**** (H1 2008: &POUND;905.5 MILLION) - AHEAD OF EXPECTATIONS YEAR END DEBT NOW EXPECTED TO BE BELOW &POUND;400 MILLION - IMPROVEMENT ON PREVIOUS GUIDANCE RECENT VISITOR LEVELS EXCEEDED THOSE OF LAST YEAR AND CANCELLATION RATES HAVE BEEN SIGNIFICANTLY LOWER THROUGHOUT THE PERIOD AT C.16% (FY 2008: C. 30%) CURRENT FORWARD SALES INCLUDING LEGAL COMPLETIONS SINCE 1 JULY 2009 INCREASED C.9% TO C.&POUND;910 MILLION (2008: &POUND;836 MILLION) 64,347 PLOTS OF LAND OWNED AND UNDER CONTROL - REPRESENTING C.7 YEARS SUPPLY OF LAND INVESTMENT IN PART EXCHANGE STOCK HAS DECREASED SIGNIFICANTLY TO &POUND;11.4 MILLION AT END JUNE (30 JUNE 2008: &POUND;120.0 MILLION) RECENT INTRODUCTION OF HOMEBUY DIRECT SHARED EQUITY SCHEME BY THE GOVERNMENT CONTINUES TO GAIN MOMENTUM AND PROVIDES OPPORTUNITIES FOR FIRST TIME BUYERS. CARRYING VALUE OF SHARED EQUITY ASSET ON THE BALANCE SHEET AT 30 JUNE 2009 &POUND;47.2 MILLION (30 JUNE 2008: &POUND;19.8 MILLION) John White, Group Chairman said: "We expect sales rates to remain resilient due to the successful destocking that has occurred in the industry combined with the continuing good levels of underlying demand for new homes in the UK. Recently, selling prices have stabilised in most parts of mainland UK. Future volume increases and price movements will be dependent upon mortgage availability, job prospects and the health of the general economy. Our strong balance sheet, reduced debt, long landbank and strategic land opportunities, combined with an experienced management team provides an excellent platform to create value for shareholders." CALCULATED FROM NOMINAL VALUE OF TURNOVER - BEFORE &POUND;11.2M ADJUSTMENT TO FAIR VALUE SHARED EQUITY SALES (H1 2008: &POUND;NIL) * STATED AFTER &POUND;11.2M ADJUSTMENT TO FAIR VALUE SHARED EQUITY SALES (H1 2008: &POUND;NIL) INCLUDING THE EXCEPTIONAL RELEASE OF &POUND;27.9 MILLION OF NET REALISABLE VALUE PROVISION (H1 2008: &POUND;64.0M EXCEPTIONAL CHARGE) * STATED BEFORE FINANCE LEASES AND FINANCING EXPENSES For further information, please contact: `Edward Orlebar` `Charlotte McMullen` `Maryl? Guernier` John White, Group Chairman Mike Farley, Group Chief Executive Mike Killoran, Group Finance Director `Persimmon plc M: Communications` `Tuesday 25th August: Tel: +44 (0) 20 7920 2333 Tel: +44 (0) 20 7920 2333` For Future Enquiries: Tel: +44 (0)1904 642199 Analysts wishing to listen to the presentation at 10:30am remotely may dial +44 (0)20 3037 9100 A webcast of today's analyst presentation will be available on http://corporate.persimmonhomes.com/ this afternoon. CHAIRMAN'S STATEMENT RESULTS During the six months ended 30 June 2009 Persimmon legally completed 4,006 units (H1 2008: 5,501) at an average selling price of £155,524 (H1 2008: £181,485). Total sales revenue for the period was £623.0 million (H1 2008: £998.4 million) before adjusting for the fair value of shared equity sales of £11.2 million leaving reported revenues at £611.8 million. Pre-tax profit for the period was £9.8 million (H1 2008: £36.9 million) including the release of £27.9 million of net realisable value provision as an exceptional item. Operating profit was £36.5 million (H1 2008: £75.7 million) on the same basis. Total net borrowings at 30 June 2009 were £494.2 million (H1 2008: £905.5 million). We continue to achieve debt reductions ahead of our expectations and now anticipate reducing borrowings ahead of previous guidance. We expect year end debt to be below £400 million, well within the total facilities for the Group of over £1 billion. These new and amended credit facilities were finalised and signed on 13 March 2009. Net interest charge for the period was £26.7 million (H1 2008: £38.8 million). As previously stated, the Board does not intend to pay a dividend this year. We reported at the time of our trading update that we did not expect to make further provisions against the value of our landholdings in the absence of any substantial change in current market conditions. We reiterate this stance today. As mentioned above, our trading experience over the last six months has resulted in the release of £27.9 million of net realisable value provision previously incurred, which demonstrates the realistic current book value of our landholdings of c. £1.7 billion. CURRENT TRADING Net reservations continue to run ahead of the comparative weeks of 2008. Sales in the historically quieter summer weeks have held up well and are ahead of our expectations. In recent weeks visitor levels have exceeded those of last year, whilst cancellation rates have been significantly lower at c. 16% (Full Year 2008: c. 30%). Mortgage availability continues to be a concern, particularly the scarcity of higher loan to value products. However, the overall situation in respect of the mortgage market and valuations has recently shown signs of improvement. Current forward sales, including legal completions since 1 July 2009, are c. £910 million (2008: £836 million). The average selling price of homes reserved since 1 July 2009, is c. £174,000 compared to c. £163,650 over the same period in 2008. This reflects a higher proportion of traditional housing sales, particularly in the South, and a lower proportion of housing association sales. We expect sales rates to remain resilient due to the successful destocking that has occurred in the industry combined with the continuing good levels of underlying demand for new homes in the UK. The recent introduction of the HomeBuy Direct shared equity scheme by the Government is gaining momentum. The scheme provides shared equity loans held equally by the Government and Persimmon. This allows us to spread our equity over an increased volume of house sales. We are using this scheme to good effect and plan to continue with it. We are confident this remains a most attractive offer in the current mortgage market, particularly to first time buyers, and that it will deliver additional returns over the medium term. We continue to carry shared equity receivables at fair value, having made further provision of £11.2 million on first half completions (H1 2008: £nil) to reflect the deferred receipt of these outstanding sales proceeds. The carrying value of the shared equity asset on the balance sheet at 30 June 2009 was £47.2 million (2008: £19.8 million). Whilst investment in shared equity continues, the investment in part exchange stock has decreased significantly. Part exchange stock owned was £11 million at 30 June 2009 (2008: £120 million). LAND We currently have 64,347 plots of land owned and under control with residential planning permission. This represents c. 7 years supply of land. We remain focussed on improving planning consents on existing sites. We believe there are good opportunities to improve returns by addressing issues surrounding Section 106 Agreements and overall house type and mix improvements. Our exposure to inner city apartment schemes continues to be negligible. We are making good progress with the planning of our strategic land portfolio. This land will provide an excellent source of our new land requirements over future years and can be acquired, in most cases, at a discount to the prevailing market value, which will enhance margins in the future. With our strong, consented landbank and significant strategic land portfolio which is well spread geographically and focussed on traditional house types, we can grow the business without the need to buy large amounts of new land. Indeed the current opportunities available in this respect are limited. However, we have selectively acquired a number of smaller sites for early development at appropriate prices which will deliver a good level of return for the business. We will continue with this carefully managed strategy for the foreseeable future, although with the combination of our current credit facilities and strong cash generation we are in an excellent position to add new land to our portfolio as opportunities arise. OUTLOOK Recently, selling prices have stabilised in most parts of mainland UK, including more latterly in the North of England. In the South, where the market is stronger, we have achieved an increased rate of sales per site per week. Future volume increases and price movements will be dependent upon mortgage availability, job prospects and the health of the general economy. We have continued to monitor all areas of expenditure in our business and are beginning to see the full benefits of the actions we took last year to cut overheads. Whilst we have been careful to maintain our national coverage, operating expenses are currently running at a reduced rate of c. £6.5 million per month. This will generate an overhead saving to the business in excess of £50 million per annum when compared with the level of the latter months of 2007, the period prior to our restructuring. Despite this, we expect that margin recovery to more normal levels will take some time to achieve. However our strong balance sheet, reduced debt, long landbank and strategic land opportunities, combined with an experienced management team provides an excellent platform to create value for shareholders. We are therefore confident that we remain in a strong position to grow our business once again as conditions improve. PERSIMMON PLC Condensed Consolidated Statement of Comprehensive Income (unaudited) For the six months to 30 June 2009 `Six months to 30 June 2009 Six months to 30 June 2008 Year to 31 December 2008` `Before exceptional Exceptional items Before exceptional Exceptional items Before exceptional Exceptional items` `items (Note 2) items (Note 2) items (Note 2)` `£m £m £m £m £m £m` `Note Total Total Total` `£m £m £m` `Revenue 611.8 - 611.8 998.4 - 998.4 1,755.1 - 1,755.1` `Cost of sales (571.6) 27.9 (543.7) (821.1) (49.0) (870.1) (1,489.8) (688.2) (2,178.0)` `Gross profit / (loss) 40.2 27.9 68.1 177.3 (49.0) 128.3 265.3 (688.2) (422.9)` `Other operating income 5.4 - 5.4 13.9 - 13.9 21.4 - 21.4` `Operating expenses (36.5) - (36.5) (51.6) (15.0) (66.6) (91.0) (222.9) (313.9)` `Share of results of jointly (0.5) - (0.5) 0.1 - 0.1 0.8 - 0.8` controlled entities Profit / (loss) from `operations before impairment 10.0 27.9 37.9 139.7 (64.0) 75.7 198.3 (710.1) (511.8)` of intangible assets `Impairment of intangible (1.4) - (1.4) - - - (1.8) (201.0) (202.8)` assets `Profit / (loss) from 8.6 27.9 36.5 139.7 (64.0) 75.7 196.5 (911.1) (714.6)` operations `Finance income 2.3 - 2.3 2.6 - 2.6 4.1 6.3 10.4` `Finance costs (29.0) - (29.0) (41.4) - (41.4) (75.8) - (75.8)` `Profit / (loss) before tax (18.1) 27.9 9.8 100.9 (64.0) 36.9 124.8 (904.8) (780.0)` `Tax 3 5.2 (5.2) - (28.7) 18.2 (10.5) (20.7) 175.7 155.0` `Profit / (loss) after tax (12.9) 22.7 9.8 72.2 (45.8) 26.4 104.1 (729.1) (625.0)` (all attributable to equity holders of the parent) Other comprehensive (expense)/income `Effective portion of changes (0.6) - (0.6) 1.9 - 1.9 (0.8) - (0.8)` in fair value of cash flow hedges `Net actuarial losses on 9 (26.1) - (26.1) (4.3) - (4.3) (43.8) - (43.8)` defined benefit pension schemes `Tax on other comprehensive 7.5 - 7.5 0.7 - 0.7 (11.3) - (11.3)` (expense)/income `Other comprehensive (expense)/income for the (19.2) - (19.2) (1.7) - (1.7) (55.9) - (55.9)` period, net of tax `Total comprehensive (32.1) 22.7 (9.4) 70.5 (45.8) 24.7 48.2 (729.1) (680.9)` (expense)/income for the period Earnings per share i `Basic 5 3.3p 8.8p (208.3p)` `Diluted 5 3.3p 8.8p (208.3p)` Non-GAAP measures - Underlying earnings per share ii `Basic 5 (3.8p) 24.1p 35.3p` `Diluted 5 (3.8p) 24.0p 35.2p` i Earnings per share is calculated in accordance with IAS 33 'Earnings Per Share' ii Underlying earnings per share excludes exceptional items and goodwill impairment PERSIMMON PLC Condensed Consolidated Balance Sheet (unaudited) As at 30 June 2009 `30 June 30 June 31 December` 2009 2008 2008 `Note £m £m £m` ASSETS Non-current assets `Intangible assets 263.2 467.7 264.7` `Property, plant and equipment 36.0 44.9 45.1` `Investments 3.4 3.2 3.9` `Trade and other receivables 52.0 25.2 31.4` `Forward currency swaps 8 15.7 - 96.0` `Deferred tax assets 14.0 51.7 6.5` `384.3 592.7 447.6` Current assets `Inventories 6 2,307.6 3,528.3 2,546.5` `Trade and other receivables 130.5 160.7 138.2` `Forward currency swaps 8 - - 20.8` `Cash and cash equivalents 8 0.3 14.0 0.8` `Assets held for sale 5.7 - -` `2,444.1 3,703.0 2,706.3` `Total assets 2,828.4 4,295.7 3,153.9` LIABILITIES Non-current liabilities `Interest bearing loans and borrowings 8 (385.2) (667.3) (571.2)` `Forward currency swaps 8 (9.5) (46.8) -` `Deferred tax liabilities (26.5) (30.8) (26.5)` `Retirement benefit obligation 9 (116.3) (61.4) (95.3)` `Other liabilities (101.1) (142.0) (132.0)` `(638.6) (948.3) (825.0)` Current liabilities `Interest bearing loans and borrowings 8 (93.7) (191.6) (147.6)` `Forward currency swaps 8 (2.5) (16.7) -` `Trade and other payables (471.9) (745.3) (551.9)` `Current tax liabilities (74.2) (119.0) (74.2)` `(642.3) (1,072.6) (773.7)` `Total liabilities (1,280.9) (2,020.9) (1,598.7)` `Net assets 1,547.5 2,274.8 1,555.2` SHAREHOLDERS' EQUITY `Ordinary share capital issued 30.3 30.3 30.3` `Share premium 233.6 233.6 233.6` `Hedge reserve (0.4) 2.1 0.1` `Other non-distributable reserve 281.4 281.4 281.4` `Retained earnings 1,002.6 1,727.4 1,009.8` `Total shareholders' equity 1,547.5 2,274.8 1,555.2` PERSIMMON PLC Condensed Consolidated Statement of Changes in Shareholders' Equity (unaudited) As at 30 June 2009 `Share capital £m Share premium £m Hedge reserve £m Other non Retained earnings £m Total shareholders` `distributable equity£m` `reserve£m` 6 months ended 30 June 2009: `Balance at 31 December 2008 30.3 233.6 0.1 281.4 1,009.8 1,555.2` `Profit for the period - - - - 9.8 9.8` `Other comprehensive expense - - (0.5) - (18.7) (19.2)` Transactions with owners: `Exercise of share - - - - 0.2 0.2` options/share awards `Share option charge and - - - - 0.9 0.9` taxation thereon `Other reserve movement - - - - 0.6 0.6` `Balance at 30 June 2009 30.3 233.6 (0.4) 281.4 1,002.6 1,547.5` 6 months ended 30 June 2008: `Balance at 31 December 2007 30.3 233.6 0.7 281.4 1,799.4 2,345.4` `Profit for the period - - - - 26.4 26.4` `Other comprehensive expense - - 1.4 - (3.1) (1.7)` Transactions with owners: `Exercise of share - - - - 2.4 2.4` options/share awards `Own shares purchased - - - - (2.2) (2.2)` `Share option charge and - - - - 2.6 2.6` taxation thereon `Dividends approved and paid - - - - (98.1) (98.1)` `Balance at 30 June 2008 30.3 233.6 2.1 281.4 1,727.4 2,274.8` Year ended 31 December 2008: `Balance at 31 December 2007 30.3 233.6 0.7 281.4 1,799.4 2,345.4` `Loss for the year - - - - (625.0) (625.0)` `Other comprehensive expense - - (0.6) - (55.3) (55.9)` Transactions with owners: `Exercise of share - - - - 3.2 3.2` options/share awards `Own shares purchased - - - - (2.4) (2.4)` `Share option charge and - - - - 3.7 3.7` taxation thereon `Dividends approved and paid - - - - (113.1) (113.1)` `Other reserve movement - - - - (0.7) (0.7)` `Balance at 31 December 2008 30.3 233.6 0.1 281.4 1,009.8 1,555.2` PERSIMMON PLC* Condensed Consolidated Cash Flow Statement (unaudited) For the six months to 30 June 2009 `Six months to Six months to Year to` `30 June 30 June 31 December` 2009 2008 2008 `Note £m £m £m` Cash flows from operating activities: `Profit / (loss) for the period 9.8 26.4 (625.0)` Adjustments for: `Tax - 10.5 (155.0)` `Finance income (2.3) (2.6) (4.1)` `Finance costs 29.0 41.4 75.8` `Depreciation charge 3.4 4.5 8.7` `Amortisation of intangible assets 0.1 0.1 0.3` `Impairment of intangible assets 1.4 - 1.8` `Share of results of jointly controlled entities 0.5 (0.1) (0.8)` `Profit on disposal of property, plant and equipment - (0.4) (0.7)` `Share-based payment charge 0.9 3.3 4.4` `Exceptional non-cash items (27.9) 61.8 892.7` `Other non-cash items 1.5 0.4 (3.1)` `Profit from operations before working capital movements 16.4 145.3 195.0` Movements in working capital: `Decrease / (increase) in inventories 266.8 (190.7) 187.8` `(Increase) / decrease in trade and other receivables (11.5) 11.5 (8.1)` `(Decrease) / increase in trade and other payables (118.9) 24.2 (173.6)` `Net cash from operations 152.8 (9.7) 201.1` `Interest paid (24.7) (34.7) (67.6)` `Interest received 0.9 2.6 4.1` `Tax (paid) / received - (43.4) 106.2` `Net cash from / (used in) operating activities 129.0 (85.2) 243.8` Cash flows from investing activities: `Received from jointly controlled entities - 0.1 0.1` `Purchase of property, plant and equipment (0.3) (2.1) (6.9)` `Proceeds from sale of property, plant and equipment 0.3 1.3 2.2` `Net cash used in investing activities - (0.7) (4.6)` Cash flows from financing activities: `Repayment of borrowings (105.1) (75.7) (162.2)` `Drawdown of loan facilities - 280.0 65.0` `Other financing expenses (21.3) - -` `Finance lease principal payments (0.6) (0.7) (1.4)` `Own shares purchased - (2.2) (2.4)` `Exercise of share options - 0.6 0.8` `Dividends paid to Group shareholders - (98.1) (113.1)` `Net cash (used in) / from financing activities (127.0) 103.9 (213.3)` `Increase in net cash and cash equivalents 2.0 18.0 25.9` `7` `Net cash and cash equivalents (22.9) (48.8) (48.8)` at beginning of period `Net cash and cash equivalents at end of period (20.9) (30.8) (22.9)` 8 Notes to the condensed consolidated half year financial statements (unaudited) 1. Basis of preparation and approval of the half year financial statements The half year financial statements for the six months to 30 June 2009 have been prepared in accordance with the Disclosure and Transparency Rules of the Financial Services Authority and with International Accounting Standard 34, "Interim Financial Reporting", as adopted by the European Union. This report should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2008, which have been prepared in accordance with IFRSs as adopted by the European Union. Except as described below, the accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2008, as described in those annual financial statements. The following new standards and amendments to standards are mandatory for the first time for the financial year beginning 1 January 2009: IAS 1 (REVISED), 'PRESENTATION OF FINANCIAL STATEMENTS'. THE MOST significant change within IAS 1 (revised) is the requirement to produce a statement of comprehensive income setting out all items of income and expense relating to non-owner changes in equity. There is a choice between presenting comprehensive income in one statement or in two statements comprising an income statement and a separate statement of comprehensive income. The Group has elected to present comprehensive income in one statement. In addition, IAS 1 (revised) requires the statement of changes in shareholders' equity to be presented as a primary statement. The other revisions to IAS 1 have not had a significant impact on the presentation of the Group's financial information. AMENDMENT TO IFRS 2 (SHARE BASED PAYMENTS) CLARIFIES, AMONGST OTHER matters, the treatment of cancelled options. The impact is insignificant. IFRS 8, 'OPERATING SEGMENTS'. IFRS 8 REPLACES IAS 14, 'SEGMENT REPORTING' and requires the disclosure of segment information on the same basis as the management information provided to the chief operating decision maker. The adoption of this standard has not resulted in a change in the Group's reportable segments. The Group has aggregated its geographic operations into one reportable segment, which is housebuilding in the United Kingdom. IAS 23 (AMENDMENT) EFFECTIVE FROM 1 JANUARY 2009. THIS AMENDMENT REQUIRES an entity to capitalise borrowing costs directly attributable to the acquisition, construction and production of a qualifying asset, as part of the cost of that asset. A qualifying asset is one that takes a substantial period of time to get ready for use or sale. Inventories which are produced in large quantities on a repetitive basis over a short period of time are not qualifying assets. This amendment is not expected to have any material impact on the Group's financial statements as the activities performed by the Group do not generally produce qualifying assets. The comparative figures for the financial year ended 31 December 2008 are not the company's statutory accounts for that financial year. Those accounts have been reported on by the company's auditors and delivered to the Registrar of Companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 237(2) or (3) of the Companies Act 1985. After making due enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going 2. Exceptional items `Six months to Six months to Year to` `30 June 30 June 31 December` 2009 2008 2008 `£m £m £m` Cost of sales: `Net realisable value of (27.9) 40.0 652.3` inventories (i) `Asset impairment and - 9.0 35.9` write-offs (ii) Operating expenses: `Restructuring costs (iii) - 15.0 21.9` `Asset impairment (ii) - - 201.0` `Exceptional (income) / costs (27.9) 64.0 911.1` Finance income: `Other interest receivable (iv) - - (6.3)` `Exceptional items before tax (27.9) 64.0 904.8` `(i) In light of the deterioration in the UK housing market, the Group conducted a review of the net realisable value of its inventory carrying values which resulted in a charge of £40.0m at 30 June 2008 and an additional net impairment of £612.3m at 31 December 2008. At 30 June 2009, the Group continued with this review process which resulted in a net exceptional credit to the Statement of Comprehensive Income of £27.9m. Further details are provided in note 6.` `(ii) Additional impairment reviews of trade and other receivables, and goodwill, resulted in exceptional charges which are fully explained in the audited financial statements for the year ended 31 December 2008. No further exceptional impairments have occurred at 30 June 2009.` `(iii) At 30 June 2008, the Group had incurred expenses of £15.0m in relation to reorganising and restructuring the business. On further restructuring activity, total costs comprising staff redundancy, contract severance costs and costs related to office closures amounted to £21.9m. No such costs were incurred in the period to 30 June 2009.` `(iv) Interest receivable represents monies due following the receipt of tax repayments associated with the exceptional costs.` 3. Tax The effective corporation tax rate for the half year is nil% (half year ended 30 June 2008: 28.5% and year ended 31 December 2008: (19.9%)). This is the estimated effective tax rate for the year ending 31 December 2009, based upon the current estimate of available loss relief. `4. Dividends` `Six months to 30 Six months to 30` `June 2009 June 2008` `£m £m Year to` `31 December 2008` `£m` Dividends paid: `Final dividend for the year ended 31 December 2008 - 98.1 98.1` of nil per share (2007: 32.7p) `Interim dividend for the six months to 30 June 2008 - - 15.0` of 5.0p per share (2007: 18.5p) `Total dividend - 98.1 113.1` Dividends proposed: `Interim dividend for the six months to 30 June 2009 - 15.0 -` of nil per share (2008: 5.0p) 5. Earnings per share `Basic earnings per share is calculated by dividing the earnings` `attributable to ordinary shareholders by the weighted average number of` `ordinary shares in issue during the period, excluding those held in the` `Employee Share Ownership Trust, the Employee Benefit Trust and treasury` `shares all of which are treated as cancelled.` `For diluted earnings per share, the weighted average number of ordinary` `shares in issue is adjusted to assume conversion of all potentially` `dilutive ordinary shares from the start of the accounting period. The` `Company has only one category of dilutive potential ordinary shares:` `those share options and awards granted to directors and employees where` the exercise price is less than the average market price of the Company's `ordinary shares during the period. In accordance with IAS 33, potential` `ordinary shares are only dilutive when their conversion to ordinary` `shares would decrease earnings per share or increase the loss per share` `from continuing operations. Diluted earnings per share is calculated by` `dividing earnings by the diluted weighted average number of shares.` `Underlying earnings per share excludes exceptional items and goodwill` `impairment.` `The earnings per share from continuing operations were as follows:` `Six months to Six months to Year to` `30 June 2009 30 June 2008 31 December 2008` `Basic earnings per share 3.3p 8.8p (208.3p)` `Underlying basic earnings per (3.8p) 24.1p 35.3p` share `Diluted earnings per share 3.3p 8.8p (208.3p)` `Underlying diluted earnings (3.8p) 24.0p 35.2p` per share `a) Earnings` `Six months to Six months to Year to` `30 June 2009 30 June 2008 31 December 2008` `£m £m £m` `Underlying earnings (11.5) 72.2 105.9` attributable to shareholders Exceptional items net of `related taxation (including 22.7 (45.8) (729.1)` exceptional intangible asset impairment) Goodwill impairment - `utilisation of strategic land (1.4) - (1.8)` holdings `Earnings attributable to 9.8 26.4 (625.0)` shareholders b) Weighted average share capital `Six months to Six months to Year to` `30 June 2009 30 June 2008 31 December 2008` `For basic earnings per share 300,236,765 299,930,754 300,033,700` `Options and awards 757,763 912,715 985,716` `For diluted earnings per share 300,994,528 300,843,469 301,019,416` `6. Inventories` `30 June 2009 30 June 2008 31 December 2008` `£m £m £m` `Land 1,677.9 2,453.2 1,779.5` `Work in progress 553.1 867.3 634.0` `Part exchange properties 11.4 120.0 54.5` `Showhouses 65.2 87.8 78.5` `Total inventories 2,307.6 3,528.3 2,546.5` `As set out in note 2, the Group conducted a further review of the net realisable value of its land and work in progress portfolio` `during the half year ended 30 June 2009. The impact of this review of our net realisable value provisions is an exceptional credit` `to the Statement of Comprehensive Income of £27.9m. The total impairment of land and work in progress recognised during the half` `year was £121.4m (June 2008: £40.0m; December 2008: £652.3m) and a reversal of £149.3m (June 2008: £nil; December 2008: £nil) on` `inventories that were written down in a previous accounting period. Our approach to our net realisable value review has been` `consistent with that conducted at 31 December 2008 which was fully disclosed in the financial statements for the year ended on` `that date.` `The key judgements in estimating the future net present realisable value of a site was the estimation of likely sales prices,` `house types and costs to complete the developments. Sales prices and costs to complete were estimated on a site-by-site basis` `based upon existing market conditions. If the UK housing market were to improve/deteriorate in the future then further adjustments` `to the carrying value of land and work in progress may be required.` `Following this review, £904.6m (June 2008: £306.3m; December 2008: £1,088.9m) of inventories are valued at fair value less costs` `to sell rather than at historical cost.` 7. Reconciliation of net cash flow to net debt `Note Six months to Six months to Year to 31 December` `30 June 30 June 2008` `2009 2008 £m` `£m £m` `Increase in net cash and cash 2.0 18.0 25.9` equivalents `Decrease/(increase) in debt 105.7 (203.6) 98.6` and finance lease obligations `Financing expenses paid 21.3 - -` `Decrease /(increase) in net 129.0 (185.6) 124.5` debt from cash flows `New finance lease obligations - (0.4) (0.6)` `Non-cash adjustments (2.7) 1.9 (0.8)` `Decrease/(increase) in net 126.3 (184.1) 123.1` debt `Net debt at beginning of (601.2) (724.3) (724.3)` period `Net debt at end of period (474.9) (908.4) (601.2)` `8` `8. Analysis of net debt` `Note 30 June 30 June 31 December` 2009 2008 2008 `£m £m £m` `Cash and cash equivalents 0.3 14.0 0.8` `Bank overdrafts (21.2) (44.8) (23.7)` `Net cash and cash equivalents (20.9) (30.8) (22.9)` `Bank loans (35.0) (280.0) (63.1)` `US and UK senior loan notes due within one year (69.3) (141.0) (119.4)` `US, UK & EU senior loan notes due after more than one year (369.9) (385.6) (507.0)` `Other loan notes due within one year (2.8) (4.6) (3.2)` `Forward currency swaps 3.7 (63.5) 116.8` `Finance lease obligations (1.8) (2.9) (2.4)` `Financing expenses 21.1 - -` `Net debt at end of period (474.9) (908.4) (601.2)` `7` `On 27 February 2009 the Group reached agreement with its syndicate of` `banks providing the current revolving facility on amendments to the` `amount, terms and conditions of its existing credit facilities and also` `reached agreement with its private placement investors on amendments to` the terms and conditions of its existing credit facilities. The Group also entered into a new revolving credit facility. This Forward Start Facility `of £322m will become available for drawing on 24 November 2010 on the` `maturity of the existing facility and matures on 31 March 2012. Full` documentation was finalised and signed on 13 March 2009. This refinancing `has been accounted for as a modification.` 9. Defined benefit pension schemes The amounts recognised in income are as follows: `Six months to 30 Six months to 30 June Year to` `June 2008 31 December` `2009 £m 2008` `£m £m` `Current service cost 1.7 2.7 4.8` `Curtailment credit - - (2.1)` `Interest cost 9.7 9.6 19.4` `Expected return on schemes' (7.0) (9.7) (19.6)` `assets` `Total recognised in profit 4.4 2.6 2.5` `after tax` `Net actuarial loss 26.1 4.3 43.8` `Total recognised in other 26.1 4.3 43.8` `comprehensive (income) /` `expense` `Total defined benefit schemes 30.5 6.9 46.3` loss recognised in the period The amount included in the balance sheet arising from the Group's obligation in respect of its defined benefit schemes is as follows: `30 June 30 June 31 December` 2009 2008 2008 `£m £m £m` `Present value of funded obligations (347.8) (308.5) (324.0)` `Fair value of schemes' assets 231.5 247.1 228.7` `Deficit in the schemes and net liability in (116.3) (61.4) (95.3)` `the balance sheet` An update on the 31 December 2008 IAS 19 valuation, adjusted for current market conditions has been obtained from the schemes' actuary as at 30 June 2009, which has been used as the basis for these figures. 10. Related parties `Transactions between the Company and its subsidiaries, which are related` `parties, have been eliminated on consolidation and are not disclosed in` `this note.` `Principal risks and uncertainties` The principal risks and uncertainties which could impact the Group for the remainder of the current financial year are those detailed on page 7 of the Group's Annual Report and Accounts 2008 and have not changed. These include: poor economic conditions, disruption in the capital markets and restrictions on mortgage availability. Further details regarding assessment of the risks and current market conditions are included within the Chairman's Statement in this Half Year Report. A copy of the Group's Annual Report and Accounts 2008 is available on the Group's website at www.corporate.persimmonhomes.com. Statement of Directors' Responsibilities We confirm that to the best of our knowledge: THE CONDENSED SET OF FINANCIAL STATEMENTS HAS BEEN PREPARED IN ACCORDANCE WITH IAS 34 INTERIM FINANCIAL REPORTING AS ADOPTED BY THE EU THE HALF YEAR REPORT INCLUDES A FAIR REVIEW OF THE INFORMATION REQUIRED BY: (A) DTR 4.2.7R OF THE DISCLOSURE AND TRANSPARENCY RULES, BEING AN INDICATION OF IMPORTANT EVENTS THAT HAVE OCCURRED DURING THE FIRST SIX MONTHS OF THE FINANCIAL YEAR AND THEIR IMPACT ON THE CONDENSED SET OF FINANCIAL STATEMENTS; AND A DESCRIPTION OF THE PRINCIPAL RISKS AND UNCERTAINTIES FOR THE REMAINING SIX MONTHS OF THE YEAR; AND (B) DTR 4.2.8R OF THE DISCLOSURE AND TRANSPARENCY RULES, BEING RELATED PARTY TRANSACTIONS THAT HAVE TAKEN PLACE IN THE FIRST SIX MONTHS OF THE CURRENT FINANCIAL YEAR AND THAT HAVE MATERIALLY AFFECTED THE FINANCIAL POSITION OR PERFORMANCE OF THE ENTITY DURING THAT PERIOD; AND ANY CHANGES IN THE RELATED PARTY TRANSACTIONS DESCRIBED IN THE LAST ANNUAL REPORT THAT COULD DO SO. The Directors of Persimmon Plc are: `John White Group Chairman` `Mike Farley Group Chief Executive` `Mike Killoran Group Finance Director` `Jeff Fairburn North Division Chief Executive` `Hamish Leslie Melville Non-Executive Director` `David Thompson Senior Independent Director` `Neil Davidson Non-Executive Director` `Nicholas Wrigley Non-Executive Director` `Richard Pennycook Non-Executive Director` By order of the Board `Mike Farley Mike Killoran` `Group Chief Executive Group Finance Director` 24 August 2009 The Group's annual financial reports, half yearly reports and interim management statements are available from the Group's website at www.corporate.persimmonhomes.com. `Independent Review Report to Persimmon Plc` Introduction We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2009 which comprises the Condensed Consolidated Statement of Comprehensive Income, Condensed Consolidated Balance Sheet, Condensed Statement of Changes in Shareholders' Equity, Condensed Consolidated Cash Flow Statement and the related explanatory notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. This report is made solely to the company in accordance with the terms of our engagement to assist the company in meeting the requirements of the Disclosure and Transparency Rules ("the DTR") of the UK's Financial Services Authority ("the UK FSA"). Our review has been undertaken so that we might state to the company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusions we have reached. Directors' responsibilities The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the DTR of the UK FSA. As disclosed in note 1, annual financial statements of the group are prepared in accordance with IFRSs as adopted by the EU. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU. Our responsibility Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2009 is not prepared, in all material respects, in accordance with IAS 34 as adopted by the EU and the DTR of the UK FSA. David Morritt For and on behalf of KPMG Audit Plc Chartered Accountants Leeds 24 August 2009 <HR>--------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange END IR USABRKURWUAR More

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