George Wimpey Plc

1
George Wimpey Plc

• Preliminary Results
• for the year ended 31 December 2006
• 21 February 2007

2
Disclaimer

• This presentation is not intended, and does not,
  constitute or form part of, any offer, invitation
  or the solicitation of an offer to purchase,
  otherwise acquire, subscribe for, sell or
  otherwise dispose of, any securities in George
  Wimpey Plc or any other invitation or inducement
  to engage in investment activities, nor shall
  this presentation (or any part of it) nor the
  fact of its distribution form the basis of, or be
  relied on in connection with, any contract or
  investment decision.
• Past performance cannot be relied upon as a
  guide to future performance.
• Certain statements made in this presentation are
  forward looking statements. Such statements are
  based on current expectations and are subject to
  a number of risks and uncertainties that could
  cause actual events or results to differ
  materially from any expected future events or
  results referred to in these forward looking
  statements.

3
Welcome

• John Robinson (Chairman)

4
Agenda

• Introduction Peter Redfern
• Financial review Andrew Carr-Locke
• US housing review Steve Parker
• UK housing review Peter Redfern
• Outlook and strategy Peter Redfern
• Questions and answers

5
Introduction

• Peter Redfern (Group Chief Executive)

6
Group performance 2006Highlights

• Group profit before tax and pre-exceptional items
  at 370.9 million
• Group volumes at an all time high of 17,963
• 14 growth in UK profits delivered
• UK margins improved and progress plan accelerated
• Cost savings of 25m and 20m targeted for 2007
• Cash flow of 434m generated before growth land
  investment, tax and returns to investors
• Strong balance sheet as gearing reduced to 23
• New skills and strengths added across the Group

7
Taking the business forwardClear strategic
priorities

• Leadership
• UK Ian Sutcliffe, Managing Director George Wimpey
  UK
• Land
• UK Paul Churchouse, Head of Land Development
• UK Head of Planning appointed, starts April
• Cost
• US Lou Steffens, Senior VP Florida Region
• UK Peter Williams, Head of Procurement
• Sales and marketing
• Graham Hughes transferred to US from UK
• US Sheryl Palmer, Senior VP West Region

8
2006 financial review

• Andrew Carr-Locke (Group Finance Director)

9
2006Full year results
m 2006before exceptional items 2006exceptional items 2006total 2005total Change
Revenue 3,147.4 - 3,147.4 3,003.2 5
Operating profit 422.8 (60.7) 362.1 437.5 - 17
Interest (51.9) - (51.9) (71.0) - 27
Profit before tax 370.9 (60.7) 310.2 366.5 - 15

Tax (114.9) 22.7 (92.2) (113.7)
EPS 64.4 (9.6) 54.8 64.3
NAV per share 426p 389p
10
2006Full year results
m 2006 2005 Change
Revenue 3,147.4 3,003.2 5
Operating profit 422.8 437.5 - 3
Interest (51.9) (71.0) - 27
Profit before tax 370.9 366.5 1

Tax 30 31
EPS 64.4 64.3
NAV per share 426p 389p
DPS 19.4p 17.6p
ROACE 20.3 22.3
Note EPS, ROACE, operating profit and profit
before tax are all shown before exceptional items
11
Segmental analysisFull year 2006
Turnover Turnover Operating profit Operating profit Operating margin Operating margin
m Change m Change 2006 2005
UK 2,391.2 11 317.6 14 13.0 12.9
US 756.2 - 11 116.9 - 31 15.5 20.0
Corporate - (11.7)

TOTAL 3,147.4 5 422.8 - 3
Before exceptional items Operating margin
before JVs and exceptional items Exchange rate in
2006 1.84 2005 1.82
12
CompletionsFull year 2006
Completions Completions Ave selling price Ave selling price
No Change / Change
UK private 11,982 12 186.4 - 1
UK affordable 1,634 15 94.9 - 4
UK total 13,616 13 175.4 - 2

US 4,347 - 12 319.6 1

GROUP TOTAL 17,963 6
13
Interest charge
m 2006 2005 Change
Loans 43.9 50.0 - 12
Pensions 6.8 8.5 - 20
Derivatives (5.6) 5.3
Other 6.8 7.2 - 6
TOTAL 51.9 71.0 - 27
14
US land write-downsBreakdown
m m
Land write-downs 104.9 53.6
Options write-off 13.8 7.1
Exceptional earnings pre-tax charge 118.7 60.7
Less deferred tax (44.4) (22.7)
Exceptional earnings post-tax charge 74.3 38.0
EPS impact 9.6p

• Write-down reflects selling price reduction
  needed to provide a normal sales rate calculated
  on a prudent basis

15
US land write-downsIndustry comparisons
Land write-downand options write-off m Land stocks (years)
Morrison Homes 118.7 3.5
Centex 590.8 6.4
DR Horton 334.0 6.1
Hovnanian 332.9 5.3
KB Homes 414.6 5.1
Lennar 570.9 6.8
Pulte 505.0 6.6
Ryland 80.7 4.1
Standard Pacific 73.7 6.0
Toll Brothers 138.9 8.6
Credit Suisse estimates/companys own reports
2006 year end
16
Balance sheet
m 31 Dec 2006 31 Dec 2005
Fixed assets and joint ventures 71.8 57.6
Land 2,339.9 2,153.4
Deferred terms (607.3) (380.5)
Other net operating assets 497.2 469.9
Tax and provisions (90.6) (104.9)
Net pension deficit (116.8) (129.2)

TOTAL CAPITAL EMPLOYED 2,094.2 2,066.3
17
Balance sheetFinancing
31 Dec 2006 31 Dec 2005
Shareholders funds m 1,707.1 1,544.4
Net debt m 387.1 521.9

Capital employed m 2,094.2 2,066.3

Gearing 23 34
Interest cover last 12 months 7.0x 6.2x
Cash interest cover last 12 months 8.3x 8.8x
18
Cash flow summary
m 2006 2005
Operating profit 362.1 437.5
Land realisations 896.6 737.4
Replacement land spend (781.1) (762.7)
Other working capital movements (43.2) (49.0)
Cash inflow before growth 434.4 363.2

Growth land spend (129.3) (76.3)
Cash inflow from operations 305.1 286.9

Interest / tax (151.4) (171.3)
Dividends (58.2) (53.7)
Exchange rate / other 39.3 (62.9)
Decrease (increase) in net debt 134.8 (1.0)
19
Financial summaryFull year 2006

• Group profit before tax 370.9 m 1
• UK operating profit 317.6 m 14
• US operating profit 214.7 m - 30
• ROACE last 12 months 20.3 (2005 22.3)
• Gearing 23 (2005 34)
• Shareholders funds 1,707.1 m 11
• Dividend 19.4p 10

Before exceptional items Operating profit
including JVs
20
US housing review

• Steve Parker (President, Morrison Homes)

21
US housingFinancial summary
2006 2005 Change 2004
Legal completions 4,347 4,921 - 12 4,422
Ave selling price 319,600 312,700 2 288,900
Revenue m 1,389.1 1,538.8 - 10 1,277.3

Operating profit m 214.7 308.3 - 30 188.3
Operating margin 15.5 20.0 - 4.5pp 14.7
22
US housing2006 market conditions

• 2006 started with soft market conditions,
  steadily worsened through to Q4
• Tough market conditions caused by
• increased interest rates
• affordability
• investors cancelling homes under contract
• overstocking of inventory
• incentives/discounting by US competitors
• Consistently weak across Arizona, Florida and
  Northern California

23
Short term market conditions Total US stock
position
Dec 2006 June 2006 Dec 2005 June 2005
Existing homes 3.5 m 3.7 m 2.8 m 2.7 m
Months supply 6.8 6.8 5.1 4.3
New homes 0.54 m 0.57 m 0.48 m 0.50 m
Months supply 5.9 6.1 4.8 4.2
Source NAR/US Census Bureau

• New homes includes homes completed, under
  construction and not yet started

24
US housingIndustry comparisons 2006
Company PBIT margins ROACE Land stocks (years)
Morrison Homes 15.5 24.6 3.5
Centex 11.7 11.6 6.4
DR Horton 14.6 12.9 6.1
Hovnanian 5.4 5.3 5.3
KB Homes 13.8 15.8 5.1
Lennar 14.2 18.4 6.8
Pulte 12.7 13.7 6.6
Ryland 14.9 19.4 4.1
Standard Pacific 17.2 11.8 6.0
Toll Brothers 20.4 14.9 8.6
Estimates from Credit Suisse, pre-exceptional
figures based on latest full year
25
US housingTotal landbank
26
US housing2007 market conditions

• First 7 weeks show early signs of stabilisation
• steady housing inventory levels
• flattening of incentives
• cancellation rates back to historical levels
• traffic levels higher than 2006
• improving press coverage

27
US housingMorrison sales performance
Week 7 2007 H2 2006 H1 2006 2005 2004
Ave outlets open 115 112 102 95 100
Ave sales rate 0.66 0.36 0.77 1.05 0.93
Ave sales price 301 308 333 313 289
Ave cancellation rate 20 52 26 15 14

No. in order book 1,018 754 2,075 1,995 1,705
28
US housingAverage weekly sales rates
29
US housingPerformance initiatives

• Land
• renegotiation of existing land contracts
• land buying process
• 20 million targeted cost savings
• 5 initial reduction in build costs
• initiatives across all areas of the business
• outsource second year warranty programme
• Overhead reductions 20 across the business
• right-sizing the business
• Sales
• clear strategy
• focus on opening outlets on time
• achieve and maintain a consistent sales rate
• re-build backlog levels

30
US housingSummary

• Early 2007 shows signs of market stability
• Order book low coming into 2007
• Firm actions taken in 2006
• 2007 challenging year
• focus on driving sales volume in H2 to build the
  backlog
• We believe we are well placed for 2008

31
UK housing review

• Peter Redfern (Group Chief Executive)

32
UK housing Financial summary
2006 2005 Change
Legal completions total 13,616 12,100 13
Private 11,982 10,678 12
Affordable 1,634 1,422 15
Ave selling price total 175,400 178,000 - 1
Private 186,400 188,600 - 1
Affordable 94,900 98,600 - 4
Revenue m 2,391.2 2,157.6 11

Operating profit m 317.6 278.0 14
Operating margin 13.0 12.9 0.1pp
Excluding JV results
33
UK housing Delivery on promises
H1 2006 low point of margin Gross margin in H2 2.2 ahead
Better H1/2 balancing H1 2006 compared to H1 2005 over 25 improvement
Impact of strong order book Real benefits of stronger negotiating position delivered in H2 2006
Develop our good cost saving performance Significant savings underpinned margins in 2006. New target for 2007
Deal with underperforming businesses The 6 lowest performing businesses in 2005 have increased margins by over 4
34
UK housingMarket conditions

• Market stable throughout period
• total market volumes improved on slow 2005
• second hand market quite strong
• buyer confidence solid
• George Wimpey underlying house price movement was
  3 4
• Continuing imbalance between supply and demand is
  supporting market
• Affordability remains constrained, but limited
  impact from interest rate rises

35
UK housingGeorge Wimpey sales performance
FY 2006 FY 2005 FY 2005 FY 2004
Ave outlets open 275 307 307 295
Ave sales rate 0.85 0.71 0.71 0.69
Ave sales price (private) 189.5 190.9 190.9 193.8

No. in order book (private) 3,288 3,045 2,421 2,421

• Record 2007 opening order book gives great
  platform
• Open outlets remain as main target area for
  improvement

36
UK housing Spotlight on cost

• Cost management has always been a strength of the
  business
• Ian Sutcliffe has brought a new professional
  focus and structure to this
• specific targets set for key elements
• over 80 cost reduction initiatives underway or
  identified to activate
• new national Head of Procurement identifying
  significant savings
• Sales and marketing costs are a key target
• 2007 target to reduce by over 12m
• driven by national/regional media and advertising
  production buying
• driven by savings in show homes and sales
  benchmarking
• Construction costs remains an area of focus
• specification and design savings key
• national preferred house type range now in effect
  with 3,000 homes under construction

37
UK housing Spotlight on cost
000 2006 2005 2004 2003
Build cost as a of revenue 51.4 52.0 50.1 51.7
Build cost per plot 90.2 92.8 93.2 90.3
Build cost per sq ft 97.5 95.7 91.9 99.3
/per sq ft
2005 cost 95.7
Estimated impact of mix changes 0.9
Impact of estimated 3.5 cost inflation 3.4
Savings in construction costs (2.5)
2006 cost 97.5
Impact of 2.50 per sq ft saving equates to circa
35m pa
38
UK housing Strengthened land position
Owned and controlled land Owned and controlled land Strategic acres Strategic acres
2006 2005 2006 2005
North 15,637 15,137 6,880 5,112
Midlands 19,126 13,466 4,508 4,662
South 21,213 19,027 4,458 4,395
City 1,779 3,355
G2 244 -

TOTAL 57,999 50,985 15,846 14,169

• 14 growth in owned and controlled plots
• All 2007 expected completions have planning

39
UK housing Source of short term owned and
controlled landbank

• Optimum mix
• 40 short term
• 30 medium term
• 30 long term

40
UK housing Strengthened owned land position
Cost per plot [phone]
Opening landbank 46.5 45.4
Acquired 50.4 49.8
Completions (49.1) (47.1)
Closing landbank 47.3 46.5

Land value ASP 25.3 26.0

• Plot cost in landbank below that on completions
• Shift in landbank mix will start to come through
  in 2007

41
UK housing Margin commitments firmed up
H2 2006 H1 2006 H2 2005 H1 2005
Gross margin 21.5 19.3 20.3 23.5

• Commitment to improvement from H1 2006 low
  point delivered
• Clear statement of future operating margin
  targets
• 14 in 2007
• ongoing growth to 16 over 2-3 years
• longer term target of 18

42
UK housingOutlook

• All plots for 2007 have planning
• Cost savings offsetting build inflation
• Market conditions remain stable
• Very strong order book over 40 of full year
  completions sold
• Margins in order book are ahead of H2 2006
  completions

43
Group outlook and strategy

• Peter Redfern (Group Chief Executive)

44
Group strategy update

• Stated our objectives in July 2007
• to become the leading housebuilder in the UK
• to achieve top 3 positions in the high growth
  markets of the US
• In all of our businesses we believe these results
  are best achieved by focusing on the basics of a
  housebuilding business
• land
• continuous cost reduction
• customers and sales processes
• people
• Growth and financial results automatically follow
  where we get these basics right
• Significant step changes in 2006 over previous
  years

45
Group strategy US strategy update

• In difficult markets we have re-examined our
  strategy, and believe that it holds good
• The US homebuilding markets in growth states
  retain their capacity to deliver exceptional
  profits over time
• We have reduced our total risk exposure without
  damaging the long term capacity of the business
• We have enhanced the competitive position of
  Morrison
• landbank value protected
• exceptional people recruited
• cost management approach upgraded significantly
• sales processes reviewed and strengthened

46
George Wimpey PlcOutlook

• UK market stable, some interest rate risk, but
  currently robust
• Strong forward position in the UK
• order book
• landbank
• 2007 planning
• Commitment to exceed 14 UK operating margin in
  2007
• 2007 expected to remain tough on bottom line in
  the US
• weak order book and pressure on prices
• However all signs are of US market stabilising
• good chance of recovery towards stronger 2008

47
George Wimpey PlcForthcoming events

• AGM statement and trading update 26 April 2007
• Pre-close trading update
• management dinner 27 June 2007
• Interim results 1 August 2007
• Site visit October 2007

48
George Wimpey Plc

• Preliminary Results
  for the year ended 31 December
  2006
• APPENDIX

49
George Wimpey PlcUndeveloped land disposals
m 2006 2005
Land sales UK 32.2 24.3
US 0.3 13.2
TOTAL 32.5 37.5

Profit UK 17.2 15.4
US 0.3 1.6
TOTAL 17.5 17.0
Land sales are not included in revenue. Profits on land sales are included in net operating expenses Land sales are not included in revenue. Profits on land sales are included in net operating expenses Land sales are not included in revenue. Profits on land sales are included in net operating expenses
50
George Wimpey Plc Group reservations
Reservations Reservations Ave outlets Ave outlets Per outlet / per week Per outlet / per week
2006 2005 2006 2005 2006 2005
UK private 12,225 11,318 275 307 0.85 0.71
UK affordable 1,624 1,881
UK TOTAL 13,849 13,199

US TOTAL 3,106 5,211 107 95 0.56 1.05

GROUP TOTAL 16,955 18,410 382 402
51
Impact of dollar
2006 2005 Change
Morrison Homes turnover m 1,389.1 1,538.8 - 9.7
Morrison Homes op profit m 214.7 308.3 - 30.4

Ave exchange rate 1.84 1.82

Morrison Homes turnover m 756.2 845.5 - 10.6
Morrison Homes op profit m 116.9 169.4 - 31.0
52
US housing Turnover analysis
2006 2006 2006 2006 2005 2005 2005
Year H2 H1 Year Year H2 H1
Volume 4,347 2,379 1,968 4,921 4,921 2,925 1,996
ASP 000s 320 309 333 313 313 320 302
Turnover m 1,389 734 655 1,539 1,539 936 603
53
US housingMargin analysis
2006 2006 2006 2006 2005 2005 2005
Year H2 H1 Year Year H2 H1
Gross profit m 373.8 172.4 201.4 454.7 454.7 288.2 166.5
Gross margin 26.9 23.5 30.7 29.2 29.2 30.6 27.1
Direct Selling m (81.4) (44.7) (36.7) (72.8) (72.8) (41.2) (31.6)
Overhead costs m (78.3) (38.9) (39.4) (76.4) (76.4) (40.6) (35.8)
Land profits 0.6 0.6 - 2.8 2.8 - 2.8
Operating profit m 214.7 89.4 125.3 308.3 308.3 206.4 101.9
Operating margin 15.5 12.2 19.1 20.0 20.0 22.0 16.9
54
US housingActivity analysis
2006 2006 2006 2006 2005 2005 2005
Year H2 H1 Year Year H2 H1
Ave house size sq ft 2,274 2,151 2,423 2,299 2,299 2,263 2,355
ASP / sq ft 138.7 139.9 137.5 136.0 136.0 141.0 128.2
55
US housing Price mix
2006 2006 2006 2006 2005 2005 2005
Completions Year H2 H1 Year Year H2 H1
0 200k 17 19 16 17 17 15 19
201 250k 14 17 11 17 17 14 20
251 300k 14 14 12 17 17 18 17
301 350k 18 16 19 16 16 19 13
351 - 400k 16 15 17 12 12 13 11
401 - 450k 10 10 11 9 9 9 9
451 500k 6 5 6 6 6 6 6
500k 5 4 8 6 6 6 5

TOTAL 100 100 100 100 100 100 100
56
US housing Geographic mix
2006 2006 2006 2006 2005 2005 2005
Completions Year H2 H1 Year Year H2 H1
West 874 490 384 1,187 1,187 727 460
Southeast 1,638 848 790 2,253 2,253 1,321 932
Southwest 1,835 1,041 794 1,481 1,481 877 604
TOTAL 4,347 2,379 1,968 4,921 4,921 2,925 1,996

Average selling price 000
West 408 396 422 429 429 430 428
Southeast 349 334 365 300 300 313 282
Southwest 251 246 259 239 239 240 237
TOTAL 320 309 333 313 313 320 302
57
US housingRegional performance
Turnover Turnover Operating profit Operating profit Operating margin Operating margin
2006 m 2005 m 2006 m 2005 m 2006 2005
West 356 510 42.9 139.7 12.1 27.0
Southeast 572 675 111.1 141.3 19.4 20.7
Southwest 461 354 77.1 51.0 16.7 14.0
Corporate - - (16.4) (23.7) - -

TOTAL 1,389 1,539 214.7 308.3 15.5 20.0
58
US housing Short term land
2006 2006 2006 2006 2005 2005 2005
Owned and optioned Year H2 H1 Year Year H2 H1
Start of period 20,812 20,136 20,812 18,892 18,892 19,661 18,892
Additions 1,634 342 1,292 6,841 6,841 4,076 2,765
Legal completions (4,347) (2,379) (1,968) (4,921) (4,921) (2,925) (1,996)
End of period 18,099 18,099 20,136 20,812 20,812 20,812 19,661

Controlled
End of period 638 638 3,539 2,702 2,702 2,702 3,058

TOTAL LANDBANK 18,737 18,737 23,675 23,514 23,514 23,514 22,719
LAND SPEND m 284 128 156 303 303 152 151
59
US housing Landbank by region
2006 2005
West 3,047 4,093
Southeast 9,459 11,989
Southwest 6,231 7,432

TOTAL 18,737 23,514
60
UK housing Turnover analysis
2006 2006 2006 2006 2005 2005 2005
Year H2 H1 Year Year H2 H1
Private Private volume 11,982 6,844 5,138 10,678 10,678 6,524 4,154
ASP 000 186.4 185.7 187.2 188.6 188.6 184.8 194.5
turnover m 2,233 1,271 962 2,014 2,014 1,206 808

Affordable Affordable volume 1,634 918 716 1,422 1,422 1,000 422
ASP 000 94.9 97.3 91.7 98.6 98.6 103.3 87.7
turnover m 155 89 66 140 140 103 37

Other turnover m 3 - 3 4 4 2 2

TOTAL volume 13,616 7,762 5,854 12,100 12,100 7,524 4,576
ASP 000 175.4 175.4 175.5 178.0 178.0 174.0 184.6
turnover m 2,391 1,360 1,031 2,158 2,158 1,311 847
61
UK housing Margin analysis
2006 2006 2006 2006 2005 2005 2005
Year H2 H1 Year Year H2 H1
Gross profit m 492.1 293.0 199.1 464.2 464.2 265.6 198.6
Gross margin 20.6 21.5 19.3 21.5 21.5 20.3 23.5
Direct Selling m (85.8) (42.8) (43.0) (86.2) (86.2) (45.7) (40.5)
Overhead costs (113.5) (61.7) (51.8) (114.6) (114.6) (58.3) (56.3)
Land profits 17.2 6.6 10.6 15.4 15.4 9.8 5.6

Operating profit m 310.0 195.1 114.9 278.8 278.8 171.4 107.4
Operating margin 13.0 14.3 11.2 12.9 12.9 13.1 12.7

JV results 7.6 8.1 (0.5) (0.8) (0.8) (0.1) (0.7)
Profit before interest 317.6 203.2 114.4 278.0 278.0 171.3 106.7
Operating margin excludes JV results
62
UK housing Private development product mix
2006 2006 2006 2006 2005 2005 2005
Completions Year H2 H1 Year Year H2 H1
Apartments 41 42 40 36 36 37 34
1 / 2 / 3 bed houses 29 28 31 32 32 32 32
4 / 5 bed houses 30 30 29 32 32 31 34
TOTAL 100 100 100 100 100 100 100
63
UK housing Private development activity analysis
2006 2006 2006 2006 2005 2005 2005
Year H2 H1 Year Year H2 H1
Average house size sq ft 954 941 971 994 994 980 1,015
Average selling price (/sq ft) 195 198 193 190 190 189 192
64
UK housing Private development price mix
2006 2006 2006 2006 2005 2005 2005
Completions Year H2 H1 Year Year H2 H1
51 100k 4 4 5 6 6 7 4
101 150k 30 28 33 30 30 31 30
151 200k 32 33 31 32 32 32 32
201 250k 18 19 16 18 18 17 19
251 300k 8 8 8 7 7 6 8
301 500k 7 7 6 6 6 6 6
500k 1 1 1 1 1 1 1

TOTAL 100 100 100 100 100 100 100
65
UK housing Private development geographic mix
2006 2006 2006 2006 2005 2005 2005
Legals Size sq ft ASP 000 Legals Legals Size sq ft ASP 000
North 3,963 1,029 167.9 3,813 3,813 1,043 167.0
Midlands 3,531 973 174.9 3,079 3,079 965 170.2
South 4,057 938 227.9 3,599 3,599 989 225.6
City 152 731 172.5 134 134 802 273.9
TOTAL 11,703 977 190.9 10,625 10,625 999 189.1

Joint Ventures 279 - - 53 53 - -

TOTAL 11,982 954 186.4 10,678 10,678 994 188.6
66
UK housingPrivate development average weekly
sales rates
67
UK housing Private development net sales prices
on reservations
68
UK housing Short term land (private and
affordable)
2006 2006 2006 2006 2005 2005 2005
OWNED Year H2 H1 Year Year H2 H1
Start of period 39,441 41,688 39,441 37,222 37,222 39,784 37,222
Net acquired 17,426 9,325 8,101 14,319 14,319 7,181 7,138
Completions (13,616) (7,762) (5,854) (12,100) (12,100) (7,524) (4,576)
End of period 43,251 43,251 41,688 39,441 39,441 39,441 39,784

CONTROLLED 14,748 14,748 12,829 11,544 11,544 11,544 14,596

TOTAL LANDBANK 57,999 57,999 54,517 50,985 50,985 50,985 54,380
69
UK housing Owned land (private and affordable)
2006 2006 2006 2005 2005 2005
Short term Plots Cost per plot k Value m Plots Cost per plot k Value m
Opening landbank 39,441 46.5 1,833 37,222 45.4 1,690
Net acquired 17,426 50.4 879 14,319 49.8 712
Completions (13,616) 49.1 (668) (12,100) 47.1 (569)
End of period 43,251 47.3 2,044 39,441 46.5 1,833

Strategic Acres Value m Acres Value m Acres Value m Acres Value m Acres Value m Acres Value m
End of period 15,846 81 15,846 81 15,846 81 14,169 71 14,169 71 14,169 71