morrison homes analyst/investor presentation the howard hotel – london 14 april 2005
TRANSCRIPT
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Morrison HomesAnalyst/Investor
Presentation
Morrison HomesAnalyst/Investor
Presentation
The Howard Hotel – London
14 April 2005
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Morrison HomesGrowth StrategyMorrison HomesGrowth Strategy
Steve Parker
President Morrison Homes
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Morrison Growth Strategy 1Morrison Growth Strategy 1
Growth markets large population growth employment growth inward migration
Susan Jacobson-KulakDivision President, Phoenix
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Morrison Growth Strategy 2Morrison Growth Strategy 2
Growth through satellite operations reduces overhead costs manages land and market risk develops management
Successful track record Jacksonville, Sarasota, Central Valley
Bob WalterSenior Vice President, West
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Morrison Growth Strategy 3Morrison Growth Strategy 3
Growth through product development lower price points Townhomes low-rise condominiums
Mike StoreyDivision President, Tampa
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Morrison Growth Strategy 4Morrison Growth Strategy 4
Addressing underperforming businesses sale of Atlanta assets in hand Texas market showing improvement Texas improvement plan well under way a long way to go – but potential for longer term growth
John NapolitanExecutive Vice President
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US economy and housing market US economy and housing market
Bruce Van Stee
Chief Financial Officer
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US economyUS economy 1st Quarter Forecast 2004 2005 2005
GDP Growth 4.4% 4.0% >3.5%
Job Growth 2.2M .5M 2.0M
Fed Funds Rate 2.25% 2.75% 3.75%
30 Year Fixed Mortgage Rate 5.75% 6.0% 6.5%
CPI (excl. food/energy) 2.2% 2.4% -
Consumer Confidence 102.7 102.4 -
US market
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Morrison position within the US marketMorrison position within the US market
(in thousands) 2004 2004 Job Growth Rank Single Family
Permits Rank
Florida 281 1 185 1California 217 2 147 3Texas 121 3 148 2Arizona 88 4 81 5Colorado 47 9 39 12
754 600
National Results 2,200 1,600Morrison Markets 34.3% 37.5%
US market
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US housing market – near termUS housing market – near term
Strong first quarter demand Inventory levels well controlled Staged sales releases occurring in Phoenix, Orlando and
Tampa as demand exceeds supply Some moderating of price increases in markets where high
price appreciation has occurred – Southern California, Las Vegas and parts of Northern California (Bay Area)
Mortgage rate increases will be offset by solid economic and job growth
Forecast for 2005 permit activity indicate a slight drop (3% to 4%) from 2004 record levels (1.6M)
US market
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US housing market – longer termUS housing market – longer term
Long term industry fundamentals still very strong New household formations projected at 1.2M annually
through 2020 Homebuilding still highly fragmented business, market share
of large public builders around 23% Well capitalized builders have advantage as land market
becomes more difficult
US market
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Morrison HomesGrowth Strategy 1
Growth Markets
Morrison HomesGrowth Strategy 1
Growth Markets
Susan Jacobson-Kulak
Division President, Phoenix
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Phoenix – the marketPhoenix – the market
Population 3,500,000 2004 Single Family Permits 60,825% change from 2003 27.46%Position in US 1
Job growth: 2003 + 20,6002004 +
40,8002005 (projected) +
46,600
Morrison closings: 2004 542
Growth markets
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Phoenix - key business strengthsPhoenix - key business strengths
Strong leadership and management team Sound Morrison business practices and disciplines Product offering - right price points and products Effective and stable field staffing – both construction and
sales Good geographic coverage
/land position
Growth markets
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Phoenix geographic marketPhoenix geographic market
Growth markets
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281
336 326
510
585
0
100
200
300
400
500
600
2000 2001 2002 2003 2004
Phoenix – sales (units)Phoenix – sales (units)
Growth markets
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20.3
12.8
6.88.7
6.6
17.4%
12.9%10.8%
12.3%11.1%
0
5
10
15
20
25
2000 2001 2002 2003 2004
0%
5%
10%
15%
20%
PBIT Margin
millions
Phoenix PBIT & operating marginPhoenix PBIT & operating margin
Growth markets
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705857
957848
1714
0
500
1000
1500
2000
2000 2001 2002 2003 2004
Phoenix landbank (units)Phoenix landbank (units)
Growth markets
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Phoenix - potential for organic growthPhoenix - potential for organic growth
Strong market to continue Landbank in place to grow to 800 units in 2006 Potential to increase growth to >1000 units by 2007 Longer term potential for development
of satellite operation in Tucson
Growth markets
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Morrison HomesGrowth Strategy 2
Growth through satellite operations
Morrison HomesGrowth Strategy 2
Growth through satellite operations
Bob Walter
Senior Vice President, West
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What is a satellite operation?What is a satellite operation?
Profit center that is an extension of an existing Division An organic growth strategy that leverages:
existing Division management and employee base proven systems and procedures architecture sub-contractors land sellers
Within 2 hour drive of the Division
Growth through satellite operations
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Growth through satellite operations
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138 112
23
134
70
164
72
237
151
0
50
100
150
200
250
300
350
400
2000 2001 2002 2003 2004
Sacramento Central Valley
17%
34%31%
39%
0%
$ million
Sacramento and Central Valley revenueSacramento and Central Valley revenue
Growth through satellite operations
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23 23
4
30
14
44
16
62
42
0
10
20
30
40
50
60
70
2000 2001 2002 2003 2004 2004
Sacramento Central Valley
16%
31%
0%
27%
41%
$ million
Sacramento and Central Valley PBITSacramento and Central Valley PBIT
Growth through satellite operations
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Central Valley satelliteCentral Valley satellite
The Sacramento Division started the satellite operation and within 3 years turned it over to the new Central Valley Division Management Team.
The satellite initiative allowed us to enter the Central Valley market and grow the business organically by leveraging: Sacramento Management Team’s experience and capability proven systems and procedures architecture land seller relationships sub-contractor relationships
Growth through satellite operations
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Central Valley transitions to full Division responsibility over 3 yearsCentral Valley transitions to full Division responsibility over 3 years
Operations
Sales
Construction
Finance
Purchasing
Warranty
SacramentoIncluding
Central Valley
Operations
Sales
Construction
Finance
Purchasing
Warranty
Sacramento
Central ValleySupported by Sacramento
Operations
Sales
Construction
Finance
Purchasing
Warranty
Operations
Sales
Construction
Finance
Purchasing
Warranty
Operations
Sales
Construction
Finance
Purchasing
Warranty
Sacramento Central Valley
2000/2001 2002/2003 2004
Growth through satellite operations
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Key findingsKey findings
We can use this strategy to continue to grow into new markets
This satellite strategy also provides a development opportunity for our future Division leaders
Growth through satellite operations
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5,3812004
4,4792003
3,6422002
Single Family PermitsFRESNO
4,8902004
4,2292003
3,7762002
Single Family PermitsRENO
Growth through satellite operations
What’s next?What’s next?
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Morrison HomesGrowth Strategy 3
Growth through product development
Morrison HomesGrowth Strategy 3
Growth through product development
Mike Storey
Division President, Tampa
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To meet market demand To stay a step ahead of the competition To maintain product in largest price segments
Orlando low $200’s Tampa high $100’s
Opportunity to move into prime inner-city and infill locations Higher density products offsets higher land costs More controllable business
Why Townhomes?Why Townhomes?
Growth through product development
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Resulting benefitsResulting benefits
Greystone 130 sales in 13 months, 10 per month all sales through lottery price increase with every building release
over $40,000 since opening average sale price now over $250,000 current sales at 40% gross margin over 150 closings projected for 2005
Growth through product development
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Resulting benefitsResulting benefits
Alexandria Place 40 sales in 7 months, 6 per month sales through lottery system price increase with every building release
over $30,000 since opening average sale price now over $170,000 current sales at 32% gross margin over 70 closings projected for 2005
Growth through product development
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Resulting benefitsResulting benefits
Townhomes exceed expectations in all financial and performance measurements
True market demand exceeds actual absorptions and has
been managed through controlled monthly releases,and sales holds, as necessary
Improved health and safety conformance Improved production and construction staging efficiency
Growth through product development
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Going forwardGoing forward
Townhomes Orlando Division
12 future Townhome communities planned Tampa Division
5 future Townhome communities planned several others under negotiation
future growth into other Morrison Divisions
Growth through product development
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Going forwardGoing forward
Condominiums condominium communities rapidly gaining market share
in response to demand Orlando and Tampa Divisions evaluating potential for low-
rise condominiums to maintain and expand presence in target price points to address higher inner-city land prices avoids legal liability associated with high rise
Growth through product development
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Why are Morrison Townhomes so successful?Why are Morrison Townhomes so successful?
Growth through product development
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30 foot wide (1,405-2,215 sq. ft.) Two-car garage Designed for the upscale homebuyer Architecturally rich details including varied roof lines, dormers and
appealing window configurations
Greystone Orlando, Florida
Growth through product development
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Greystone Orlando, FloridaGreystone Orlando, Florida
Growth through product development
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High quality amenities add to the value of inner market location
Growth through product development
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Alexandria Place Tampa, Florida 20 foot wide (1,527-1,790 sq. ft.) One-car garage Designed for first time buyers Smaller designs do not sacrifice architectural appeal
Growth through product development
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Why Morrison Townhomes?Why Morrison Townhomes?
Buyers do not sacrifice design quality of a single family home Buyers gain
value a desirable location and a carefree lifestyle
Growth through product development
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Morrison HomesGrowth Strategy 4
Addressing underperforming businesses
John NapolitanExecutive Vice President
Morrison HomesGrowth Strategy 4
Addressing underperforming businesses
John NapolitanExecutive Vice President
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Austin – the marketAustin – the market
Population 1,400,000
2004 Single Family Permits 12,600% change from 2003 +12%Position in US 24
Job growth: 2003 -6,1002004 4,5002005 (projected) 17,000
Morrison closings: 2004 228
Addressing underperforming businesses
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Austin - key improvement areasAustin - key improvement areas
Leadership and management Expansion to lower price points Re-position from ‘semi-custom’ builder Sales staffing and sales execution Install business processes
for high production
Addressing underperforming businesses
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Austin DivisionAustin Division
YTD 2005 ResultsChange from 2004
Sales +83%
Closings +43%
Sales Proceeding +102%
Addressing underperforming businesses
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Houston – the marketHouston – the market
Population 4,600,0002004 Single Family Permits 42,500% change from 2003 +17%Position in US 5
Job growth: 2003 -16,3002004 17,3002005(projected) 43,000
Morrison closings: 2004 303
Addressing underperforming businesses
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Houston - key improvement areasHouston - key improvement areas
Leadership and management Expansion to lower price points Expand geographic coverage from northwest segment Update and rationalize product offerings Sales staffing and sales execution Re-build a number of key business processes
Addressing underperforming businesses
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Houston DivisionHouston Division
YTD 2005 Results Change from 2004
Sales Flat
Closings +80%
Sales Proceeding Flat
Addressing underperforming businesses
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Dallas / Ft. Worth – the marketDallas / Ft. Worth – the market
Population 6,000,000
2004 Single Family Permits 44,000% change from 2003 +10%Position in US 4
Job growth: 2003 -28,5002004 12,4002005(projected) 57,000
Morrison closings: 2004 127
Addressing underperforming businesses
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Dallas - key improvement areasDallas - key improvement areas
Leadership and management Install proven Morrison business practices and disciplines Expansion to lower price points Update and rationalize product offerings Sales staffing and sales execution Drive frontline margin
improvement
Addressing underperforming businesses
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Dallas DivisionDallas Division
YTD 2005 ResultsChange from 2004
Sales +73%
Closings +76%
Sales Proceeding +120%
Addressing underperforming businesses
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Texas markets - summaryTexas markets - summary
Employment now positive in all 3 markets Almost 100,000 permits in 2004 Significant potential for Morrison profit growth
leverage from current under performance longer term unit volume growth
Addressing underperforming businesses
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Texas markets - summaryTexas markets - summary
Significant changes have been made in the past 9 months we are seeing first signs of progress
Austin will reach performing status this year further potential for volume and margin growth
Houston and, especially Dallas will take more time must take time to get fundamentals right
Potential for substantial growth in all 3 markets Meanwhile, maintain cautious approach to land purchases
Addressing underperforming businesses
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Morrison HomesGrowth Strategy
Summary
Steve ParkerPresident Morrison Homes
Morrison HomesGrowth Strategy
Summary
Steve ParkerPresident Morrison Homes
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Morrison Growth Strategy - summaryMorrison Growth Strategy - summary
Growth plan in place Underperforming businesses being addressed Strong landbank 5 year growth
operating profits 37% pa 2005 has started very strongly
Morrison growth strategy
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LandbankLandbankLand in place to support strong growth
Morrison growth strategy
2004 2003 2002 2001 2000
18,892Lots owned / under option 15,304 11,796 10,160 8,330
2,687Lots controlled 1,663 1,643 2,075 1,640
21,579Total landbank 16,967 13,439 12,235 9,970
282Land spend $m 203 173 132 119
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Morrison Growth Strategy - summaryMorrison Growth Strategy - summary
Growth plan in place Underperforming businesses being addressed Strong landbank 5 year growth
operating profits 37% pa 2005 has started very strongly
Morrison growth strategy
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Morrison HomesAnalyst/Investor
Presentation
Morrison HomesAnalyst/Investor
Presentation
The Howard Hotel – London
14 April 2005