Amundi Mill Esg Discussion Threads

[glennborthwick] 12/1/2009 23:28

Think the retiree might walk. Its probably saved him blowing his £100 grand retirement fund.

[banjomick] 12/1/2009 23:11

Evening glennborthwick,

Yes and should be a very interesting series.I set a thread up on MAM with no comments added as yet,very strange how no one set up a thread hours/days before but people will happily talk about anything and have opinions on the most ridiculous subjects! lolz

[glennborthwick] 12/1/2009 22:46

New series - trading floor set up with a load of amateurs.

[waldron] 18/11/2007 11:47

From The Sunday TimesNovember 18, 2007

Housebuilder sale sparks family feudJenny Davey
A FAMILY feud is brewing at one of Britain's largest private companies after a group of shareholders at Miller Group, the housebuilding and construction empire, put its majority stake up for sale.

Members of the Miller family, who together speak for 60% of the shares, have appointed accountants Ernst & Young to carry out a strategic review of their holding. This is expected to trigger a sale that could value the business at about £1.2 billion.

But Keith Miller, the group chief executive, who controls 17%, is not part of the group.

One City source said: "The management team are not going to be fazed by this, but it looks like it could be heading for a big family fight."

Related Links
Miller looks east with £60m move
Fairclough acquisition puts Miller Group into top league
Miller, one of Britain's biggest players in housing, commercial property and public-sector building contracts, was founded in Edinburgh 74 years ago. It now employs about 2,000 people across the UK. Keith is the son of John Miller, one of the trio of brothers who set up the firm.

It is understood the group pushing for the sale comprises predominantly second and third-generation family members, including James Miller, a former chairman of the company who is Keith's cousin.

It is believed the group have the majority of their personal wealth locked up in the business, and are keen to cash in on the group's strong growth and the consolidation in the housebuilding and property sector.

It is understood they are keen to sell out ahead of changes to the capital gains regime next year which would increase their tax bill from the sale.

Ernst & Young has approached a number of leading housebuilders, as well as banks and private-equity groups.

Keith Miller claimed this weekend there was "nothing unusual" about the proposed stake sale. "Some of the shareholders want to diversify their investment portfolio. It is their prerogative to do that," he said.

It is believed the Miller board has put forward its own proposal to buy back a significant part of the 60% stake, but so far no agreement has been reached.

Well-placed City sources said the group had an estimated enterprise value - the value of its shares plus its debts - of about £1.2 billion. The debt amounts to about £700m.

At the half-year stage, the group unveiled a 5% increase in profits before tax and exceptional items to £35.8m, boosted by a 50% rise in property profits and a record £650m order book.

One housebuilder familiar with the sale process warned the auction was ill-timed because of the uncertain housing market.

[waldron] 09/9/2007 06:54

Sun 9 Sep 2007

Europe looms larger as Miller sales soar
TERRY MURDEN
MILLER Developments is cranking up its investment in mainland Europe where it continues to see big opportunities in commercial property.

It is spending €36m in Portugal which will help the company meet its target of achieving half of its property business in Europe.

The deal comes ahead of group interim figures this week that are expected to reveal another leap in profits and little sign of the construction sector slowing down.

The figures are likely to show Miller on target to beat last year's £1.2bn of sales, which have roared ahead on the back of the housing boom.

Miller Developments, the property division, is now accounting for an increasing proportion of group business. It made £28m of last year's £130m operating profit before interest and exceptionals.

Finance director John Richards said the latest 210,000sq ft project being developed with local partners at Alverca took the company back to Portugal where it began its European adventure in the early Nineties. "We are operating in nine countries now and building in seven," he said.

The company is using its expertise in many parts of Europe, particularly the European Union accession states, to develop retail parks, factory outlets and shopping centres which are sometimes new to these territories.

Keith Miller, group chief executive, said the expansion into Europe "demonstrates the success of our diversification strategy with a significant proportion of our property portfolio now represented by our European activities".

Miller Developments' chief executive Phil Miller said Portugal had been a successful market for the company. The latest development increases total investment in Portugal to €100 million at four retail parks, with two more schemes representing another €70m being progressed through planning.

This article:

Last updated: 08-Sep-07 00:40 BST

[waldron] 19/8/2007 05:49

From The Sunday TimesAugust 19, 2007

Miller looks east with £60m moveJohn Penman
THE property arm of Miller Group is investing £60m in two new developments as part of a plan to shift its focus more towards Europe.

Miller Developments, part of the UK's largest privately owned housebuilding, property development and construction business, is developing a £46m shopping centre in Sliema, Malta, and a £14m retail park in Hassloch, Germany.

The two ventures are the first since Miller said it was looking to raise almost £700m to invest in retail property across Europe.

No decision has been made on the make-up of the fund but Miller is thought to be keen to work with private investors rather than go down the stock-market route.

The company plans to change the balance of its portfolio with more than 50% of developments and investments in Europe by the end of next year.

Phil Miller, chief executive of Miller Developments, said rising interest rates and a tightening property market in Britain meant there were fewer opportunities.

"We are still looking at development opportunities in the UK rather than investments because of the current condition of the market. We are fortunate because we have a strong equity position," said Miller.

"But Europe, especially the EU accession countries, continues to offer a massive opportunity."

The company is working in Bulgaria, Romania and Hungary as well as in Spain and Portugal. Miller said Malta was attractive for developers as it benefits from EU membership. Debenhams will anchor the Point Shopping centre development at Sliema, near Valletta, which is due for completion in 2009.

"Malta's raised its game and getting more tourists. The arrival of low-cost carriers, a well-educated workforce and close proximity to many European and North African countries also help," he said.

Miller is currently operating in eight countries and about to undertake a strategic review to consider new possibilities.

"China and India, as well as Russia, have obvious attractions but risk as well," said Miller, who has been with the company for 17 years but is no relation to the family that owns the group. He said the Maltese and German developments would be joint ventures with local partners.

The property arm had an operating surplus of £28.3m last year. Group profits were £81.7m on a turnover of £1.2 billion. Interim results are due out next month.

[grupo guitarlumber] 27/5/2007 13:45

Sun 27 May 2007
Printer friendly
Send to friend
Comments (0)
Miller seeks €1bn for Europe expansion
TERRY MURDEN IN BUDAPEST

MILLER Developments is looking to raise up to €1bn (£676m) in the next 18 months to invest in retail property in Europe.

The company, part of Edinburgh-based Miller Group, has built a wide portfolio of property interests - mainly new-build schemes - but is also keen to make longer-term investments in existing developments in order to cash in on a booming property market, particular in central Europe.

During a visit to an out-of-town scheme which the company developed in Hungary, chief executive Phil Miller last week revealed that he may launch a European investment fund to raise between €500m and €1bn.

"We are prepared to have a certain amount of equity in longer-term plays," he said, adding that the company would consider putting up 20%, with the rest coming from third-party investors.

Miller, who has been with the company for 17 years but is no relation to the family owners, says there are "massive opportunities" in Europe. The company has spent nine years there developing projects with local joint-venture partners. "We are almost mistake-free, and that is down to working in joint ventures," he said.

The company has built retail parks in Germany, Portugal, Romania and Spain, where it is to embark on its largest project in mainland Europe after buying a 14-hectare site.

Miller has formed a joint venture with Portugal's Sonae Sierra to acquire the site in Granada, where it plans to build a £72m retail scheme.

The Hungarian project, 10 miles west of Budapest, is the first US-style factory outlet selling discounted brand name goods in a country that has had no previous experience of the concept.

The Premier Outlets Center has proved so popular that top retailers such as Levi, Nike and Puma have taken more space since it opened in 2004.

The first two phases were sold for €70m in August to Morley Fund Management on behalf of its Aviva Central European Property Fund. A third phase will open in November and a similar centre is being built in Denmark.

Miller is close to doing other retail deals in Greece and Malta and is also looking at Bulgaria. He says there are a lot of UK-based property investors in Europe but Miller is among the few undertaking developments.

"I think they are missing an opportunity, as the EC is expanding and these markets are opening up," he said.

This article:

Last updated: 26-May-07 00:44 BST

[ariane] 15/3/2007 05:49

Thu 15 Mar 2007
Printer friendly
Send to friend
Comments (0)
Miller ponders acquisitions as profits soar
SCOTT REID
DEPUTY BUSINESS EDITOR ([e-mail])
MILLER Group, the Edinburgh-based housebuilder and property developer, is not ruling out a fresh acquisition on the scale of 2005's takeover of Fairclough Homes for £262 million after booking its 13th successive year of increased profits.

The privately-owned firm, which is now the UK's seventh-largest housebuilders by volume, said group profit before tax and one-off items rose 26 per cent to a record £81.7m.

Turnover in 2006 climbed by more than a third to £1.2 billion, a figure flagged in January's trading update.

Chief executive Keith Miller, who has been at the helm since 1994, described the full-year outcome as a "good all-round performance", highlighting strong growth across the board.

Sales and profits were boosted by the first full year's contribution from the Fairclough acquisition, although operating margins slipped two percentage points to 14 per cent as a result of the deal and a cooling property market.

Miller Group's housing unit racked up 3,960 completions during the year, a rise of 41 per cent, propelling it above Bovis Homes and Crest Nicolson - currently the subject of a takeover bid from a Sir Tom Hunter/Bank of Scotland consortium - in terms of numbers.

Miller forecast further industry consolidation, amid a "tough" trading backdrop, and said the Scots firm intended to play a leading role in any shake-up.

"Given the scale of our business now, there is a lot we can do organically," he told The Scotsman. "Some of our businesses are still underweight and we can look at expanding them. We are always looking at acquisitions."

Asked if the group, which also has a small mining subsidiary, would consider undertaking a deal on the same scale as the takeover of Surrey-based Fairclough, Miller replied: "It's possible, but there are not that many companies of that scale likely to become available. It's more likely to be a smaller acquisition. You have to be careful to get something that fits culturally with what you are trying to do, and that you gain the right quality of landbank."

Turnover at the core housing business leapt 44 per cent to £707m, triggering a 24 per cent hike in operating profits to £97.1m.

However, the earnings gain was even more impressive at Miller's property development division, which banked a record operating surplus of £28.3m, up 59 per cent on 2005. The result was boosted by the group's European interests, ranging from retail parks in Spain and Portugal to factory outlet schemes in Denmark and Hungary.

Closer to home, Miller Developments is involved in the £80m Edinburgh Quay scheme, phase two of which was completed in January, and the South-East Wedge project - a joint venture with Midlothian and Edinburgh councils that aims to provide 4,800 homes, business space, schools and a new rail halt.

Miller, who in 2006 was named Ernst & Young Scottish Entrepreneur of the Year, said the European operations had reached "critical mass" after expanding steadily over the past five or six years. "We expect to see further growth in the business in the current year," he added. "We are looking at Greece, Malta and a number of other locations."

Major transactions completed last year included the 70m (£48m) sale of the first two phases of a factory outlet village in Budapest. The third phase is due to start shortly.

Miller's construction division saw turnover build 35 per cent to £342.6m, breaking through the £300m mark for the first time.

While the various Miller family groupings own the bulk of the 73-year-old business, about 18 per cent is owned by the employees or held in a staff benefit trust.

Miller said that percentage may increase. He added: "We have a very strong savings-related share options scheme. We believe that employee ownership provides a much greater buy-in and allows them to share in the company's success."

HOUSEBUILDING ARM NOT IMMUNE TO PRESSURE
MILLER Group has not been immune to the slowdown in the property market, triggered by three interest rate rises since last August.

The annual results revealed that margins at Miller's housing arm, which operates across the UK, came under pressure last year. Buyer incentives were used to maintain volumes in several locations.

Miller yesterday stressed that forward sales, at over £370 million, were in line with last year.

It also pointed to the strength of its landbank - a key guide to the growth prospects of any housebuilder. With a development value of £2.8 billion, the group's landbank stretches to more than three-and-a-half years' supply.

Chief executive Keith Miller said: "Life is tough - there is no boom market out there. But we are reasonably upbeat.

"We have seen 13 years of growth despite pretty mixed economic conditions. We will be doing our best to get No 14 under our belt."

The average selling price of a Miller property is £185,000, although some homes at the top of the scale are fetching more than £800,000.

This article:

Last updated: 15-Mar-07 01:24 GMT

[ariane] 26/1/2007 17:15

Housebuilder Miller Group tipped to acquire Linden Homes - sources


LONDON (AFX) - The UK's largest private housebuilder, Miller Group, looks
set to snap up its smaller southern rival Linden Homes, according to sources.
Linden has been up for sale ever since AFX revealed at the end of August
that the housebuilder's chief executive Philip Davies had called in NM
Rothschild to organise a sale.
Bellway, Redrow and Barratt have all been mentioned as possible bidders, but
Bellway is known to have pulled out. Miller is not thought to have completed the
deal as yet.
Linden is estimated to be worth around 300 mln stg.
Miller, which is based in Scotland, has been keen to expand in England and
bought Fairclough Homes for 264 mln stg in September 2005. Buying Linden would
give them a greater presence in the south-east of England.
Miller said earlier this month in a trading statement it expected turnover
to have grown by more than a third in 2006 to 1.2 bln stg.
One analyst said the deal would make sense for Miller's strategy of
expanding around the UK.
"These are the guys that recently bought Fairclough and been pretty
aggressive on the acquisitive front," the analyst said. "Half of it has been
driven by the need to expand its geography. They are looking for a foothold in
the south of the country, which Linden certainly would provide."
A spokesperson for Miller Group said the company declined to comment on
individual deals but said it was "always on the lookout for acquisitions."
[e-mail]
gh/tc

[waldron] 19/9/2005 06:53

Miller Group buys Fairclough Homes from Centex for 264 mln stg

LONDON (AFX) - The Miller Group, the UKs largest privately-owned
housebuilding, property development and construction business, said it has
acquired Fairclough Homes from Centex Corporation in a deal which values the
business at 264 mln stg.
Centex is listed on the New York Stock Exchange.
Miller's cash consideration of 264 mln stg includes existing borrowings.
It said the integration of the two businesses will move Miller's
housebuilding operations into the UK's top ten largest housebuilders with
expected annual housing completions of over 4,000 units and will raise housing
and group turnover to around 0.7 bln stg and 1.1 bln stg respectively.
jdd/tc

[waldron] 15/9/2005 06:48

Miller house sales boost profits

ALASTAIR REED


MILLER Group, Britain's largest independent construction firm, has bucked the national trend to post interim results well ahead of last year , despite the recent downturn in the housing market.

The Edinburgh company increased pre-tax profits by 28 per cent to £41.1m in the six months to 30 June. Turnover edged up £1.9m to £354.8m.


Including exceptionals, profits rose by 63 per cent to £38.7m, boosted by the £10.7m from the disposal of assets, principally the sale of its former head office. The group now occupies new premises it built at Edinburgh Park, to the west of the city.

Chief executive Keith Miller said he was "delighted" with the results, and that the group was "going from strength to strength" despite a national downturn in the housing market.

"Obviously housing has been a much tougher market than in recent years, but our geographical spread has taken some of the impact out of that," he said.

The group's housing division, which contributes more than half of total group sales, posted profits up 38 per cent at £36.6m. The division sees almost 98 per cent of its sales come from Scotland and the north of England, meaning it has not been hit as hard by the general UK drop in demand.

With this in mind, industry watchers have considered for a while that the group should be looking at acquisitions to boost its presence in the south.

Miller added: "It's part of our strategy to be looking for acquisitions, and we have the funds to make some pretty chunky ones - but we've not really found very many good quality targets recently," he said, adding that a bolt-on to its housing division would "probably be the most likely".

Profits at the group's property development business, which contributes about 9 per cent of group sales, rose 19 per cent to £5.1m.

Unlocking NMT's value

WHILE NMT's new board is adamant it hopes to find market opportunities for the company's market-leading syringes, shareholders are sceptical - not least because the outgoing board has been trying to do exactly that for a year.

The problem is that the key US market - which uses six billion syringes a year - has failed to enforce legislation requiring health services to use the best medical devices available. At about 2.5 times the cost of a regular syringe, NMT is fighting a losing battle while US authorities remain intransigent.

Many shareholders want to wait and see how things develop in the US, but Dr Loren Hufstetler isn't hopeful. "Volvere spent the whole EGM denying it wants the cash [pile of £6.5m], not once mentioning the product. I think that says it all."

[waldron] 11/9/2005 07:34

September 11, 2005

Miller Group set for record profits
Robert Ballantyne





THE MILLER GROUP, the UK's largest privately owned house-building, property development and construction group, which is headed by Keith Miller, is expected to announce its 12th year of successive interim profit growth next week.

Last year, the Edinburgh-based group revealed profits up 31 % to £52.5m on turnover of £752.2m.

All three businesses are likely to show year-on-year improvement. Housing margins are set to increase due to the firm's geographically heavier concentration in Scotland, the north of England and the Midlands, where the market has been steadier than London and the south.

The property development business now has a higher weighting dedicated to Europe.

The construction business is currently involved in a number of projects including the £85m Beatson Oncology Centre in Glasgow and the new £45m headquarters for Edinburgh city council.

Miller Group's new headquarters in Edinburgh Park were opened last week by the Princess Royal, who unveiled a statue of the group's founder, Sir James Miller, the first man to become Lord Provost of Edinburgh and Lord Mayor of London.

[energyi] 28/8/2005 21:28

Lots of these places are for sale now.
People are trying to catch the buyers who have not yet worked out that
the market is falling. Some of the amateur developers will get caught,
as prices slide. So who knows what sort of prices we might see in 1-2 years

[energyi] 28/8/2005 21:14

Max,
Probably what you say is very true, in the overpriced market of today.

But in 1-2 years, things may be different

[energyi] 28/8/2005 20:58

NOT CHEAP


2 bedrooms, 2 reception rooms, 3 bathrooms - Guide Price of £675,000

This is a charming Nineteenth Century Water Mill, located on the edge of Frome on its own island of approximately one acre.

The property was converted by its current owner, and part of this conversion was to restore the mill's turbine so that it could produce it's own electricity. This was achieved successfully, and the property uses approximately one third of the electricity it produces, selling the remainder back to the National Grid. The planning permission attained at the mill was joint residential and commercial, and the centre section has been designed with a fully insulated sheet metal roof to stay in keeping with the industrial nature of the site. The third section is a former seventeenth century mill building and this is part converted with planning permission for a residential conversion with four bedrooms and four bathrooms.



The main building is arranged over three floors, with the ground floor being used for utility and storage, this is also where the turbine, machinery and mains services are sited. The first floor is laid out as an office suite with a guest bedroom and bathroom, with the main living area being on the second floor, which is an open plan vaulted room, with a kitchen, shower room and a galleried mezzanine floor accessed via a metal spiral staircase.

@:

- -
Others:

[energyi] 28/8/2005 20:51

There is considerable potential for micro hydro electricity in the UK.
There are two types of sites which are particularly worthy of consideration for development:

1. Historic Water Mills Water was once used extensively as a source of motive power in the British Isles. Some estimates put the number of old mill sites in the UK as high as 20,000. Government targets for renewable energy and the development of modern, small-scale turbine units now make re-activation of many of these old sites for electricity generation economically worthwhile. A major advantage of these sites is that it is often possible to reuse some of the existing civil structures such as the weir and the leat, thereby reducing the cost of the installation.

2. Hilly Areas with Spring-Fed Streams In addition to historic sites, considerable potential exists in many hilly areas of Britain for micro hydro power. Turbines are available which can utilise quite small spring fed streams for power generation if the fall is sufficient. These sites can often be developed at reasonable cost since civil structures associated with large flows of water, such as weirs , are not required.

What is Micro Hydro Power and what are the Benefits?

Micro hydro refers to hydro power systems with a power rating of 100kW or less. A 100kW system will produce 100 standard units of electricity in one hour. Micro hydro systems differ from large hydro power since the flows of water required are much smaller. Micro hydro systems have been popular in some less-developed countries for a number of years enabling rural communities to enjoy the benefits of electrification in areas with hydro power potential but without a grid network. New technology, less stringent regulation of grid-connected micro hydro generators and standardised turbine designs are now encouraging more widespread interest in micro hydro in the UK . The considerable benefits of micro hydro power include the following:

+ ¡¥Fuel-free¡¦ source of power
+ Different to large hydro since environmental impacts of installation are negligible.
+ Renewable energy source therefore helping to reduce greenhouse gas emissions and having a net positive impact on the environment.
+ Constant generation over long periods unlike wind and solar power
+ Good correlation with demand (more hydro energy is available in winter when heating loads are high)
+ Long lifetime of systems, typically 25 years or more
+ Low maintenance requirements and running costs
+ Reasonable payback for grid -connected systems, often 10 years or less

...MORE:

[energyi] 28/8/2005 20:46

SPEECH IN PARLIAMENT...

The Minister for Energy (Malcolm Wicks): It is a pleasure to make my first House of Commons speech as Energy Minister on such an important subject, on which I share the enthusiasm of the hon. Member for Somerton and Frome (Mr. Heath). I congratulate him on securing the debate.

Microgeneration is a key area of the Government's energy policy. It has the potential to play a significant role as we move towards our objective of sustainable, reliable and affordable energy for all, delivered through competitive markets. Increased deployment of microgeneration technologies will have a beneficial impact on all four of the Government's energy policy goals. These technologies can reduce carbon emissions; help to ensure reliable energy supplies by reducing the load on the distribution network and helping to avoid over-dependence on energy imports; promote competitive markets by offering the consumer a wider choice of the means to fulfil their heat and electricity needs; and help to reduce fuel poverty, provided that the fairly substantial up-front costs can be defrayed.

Many different technologies fall under the microgeneration heading: solar power, including photovoltaics, which the hon. Gentleman mentioned; micro-wind turbines; ground source heat pumps; air source heat pumps; and micro-combined heat and power, to name but a few. Micro-hydro power is an illustrious member of this group with a proud history¡Xin the 18th and 19th centuries thousands of mills in this country used the power of water to grind flour and wheat. I wonder whether when they were built they had their protesters too. I understand that a proportion of those old mill sites would be appropriate for generating electricity.

There are obvious limitations to the scope of micro-hydro installations, but this is nevertheless an important technology with much potential in parts of the country that are fortunate enough to benefit from free-flowing water courses.

Our commitment to promoting all forms of microgeneration is long-established. The Energy White Paper set out our vision for 2020¡Xa vision that includes much more diverse local energy generation. We want to see more of these exciting technologies providing heat and electricity for individual consumers and communities. We are already doing much to make that vision a reality. For example, since 2002 we have provided £41 million of support for solar-power projects, and £12.5 million for household and community renewables projects through the clear skies initiative.

We have ensured that most microgeneration technologies benefit from a low¡X5 per cent.¡XVAT level. We amended the renewables obligation order to make it easier for smaller generators to claim renewables obligation certificates. Last year we issued planning policy statement 22 to establish that local authorities could set targets for on-site renewable generation. We

...MORE:

[energyi] 28/8/2005 20:32

YT,
try a search on google.

[yanytoe] 28/8/2005 19:20

energy.

I would just be grateful if a kind individual could point me in the right direction whereby I could,as a DIY , construct a small wind gen'y to produce a little electricity to assist with the house lighting.If sufficient households had such ability then perhaps the countries elec. costs would favourably reflect this contribution.

There,s got to be a very good return for the inventor who creates a battery of suitable ability.

Thanks for your interesting postings.

[energyi] 28/8/2005 18:53

Sowton Mill
One of the smallest hydro schemes in the country, this site has been a mill for 400 years, and has recently been turned into a modern hydro scheme. It is possible to visit the hydro scheme throughout the year, but it is advisable to phone first on 01647 252263. The gardens at Sowton Mill are also open for the National Garden Scheme a few times a year to raise money for a number of charities

@:

[energyi] 28/8/2005 18:17

Old Mill Farm House:
Porthmadog, Gwynedd [Map] Listing Status:
Basic
This is a Basic Listing - no description available.
Address: Fron Oleu Farm, Trawsfyntdd, Porthmadog, Gwynedd LL41 4UN
Tel: [phone]

Map:

@: http://www.friendly-places.com/categories/dog-friendly/dog-friendly.asp?Location=Gwynedd