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Annual Report 2017 ANNUAL REPORT WorldReginfo - 22402b38-d2ed-40b2-8616-40f06de69103 BERKELEY ANNUAL REPORT 2017 STRATEGIC REPORT BERKELEY ANNUAL REPORT 2017 STRATEGIC REPORT 01 STRATEGIC REPORT STRATEGIC BERKELEY’S BUSINESS IS ABOUT 02 PLACEMAKING; IT’S ABOUT CREATING ABOUT THIS REPORT GOVERNANCE STRONG COMMUNITIES WHERE PEOPLE ENJOY A GREAT QUALITY OF LIFE. Welcome to the 2017 Annual Report of the Berkeley Group Holdings plc (“the Berkeley Berkeley has a strategic appreciation of the cyclical nature of Group”, “Berkeley”, “the Group”), a publicly the property market and recognises that there are significant owned company, listed on the London Stock operational risks in identifying, designing, building and selling Exchange. The Strategic Report explains Berkeley’s strategy, business model, risk homes and creating places. management processes and provides an overview of current performance and outlook. Berkeley mitigates these risks by focusing on development The Governance section covers the role and in London and the South East of England, markets which activities of the Board in running the business it knows and understands, and forward selling new homes and their remuneration. The detailed Financials, wherever possible. In doing this, Berkeley maintains a strong accompanied by a report from the Group’s 03 auditors, complete the Annual Report. balance sheet, keeps financial risk low and carefully allocates FINANCIALS resources to the right projects at the right time, matching supply to demand wherever it can. 01 02 03 STRATEGIC REPORT GOVERNANCE FINANCIALS 2 2017 Performance Highlights 78 Board of Directors 114 Independent Auditors’ Report 6 Chairman’s Statement 82 Corporate Governance Report 120 Consolidated Income Statement 8 Chief Executive’s Statement 86 Audit Committee Report 120 Consolidated Statement 14 Berkeley’s Strategic Framework 88 Nomination Committee Report of Comprehensive Income 18 Our Vision 89 Directors’ Remuneration Report 121 Consolidated Statement 42 Berkeley Foundation 108 Directors’ Report of Financial Position 46 Our Business Model 122 Consolidated Statement 56 Where We Operate of Changes in Equity 59 How We Manage Risk 123 Consolidated Cash Flow Statement 72 Trading and Financial Review 124 Notes to the Consolidated Financial Statements 148 Company Balance Sheet 149 Company Statement of Changes in Equity 150 Notes to the Company Financial Statements 154 Five Year Summary 155 Financial Diary 155 Registered Office and Advisors Front cover: The refurbished Chapel at St Joseph’s Gate combining classical Grade II listed period features with modern, bespoke interior design. Inside Front Cover: Dickens Yard, W5 – A stylish combination of heritage buildings, cutting edge design and public open spaces providing a vibrant new urban quarter for Ealing. 1WorldReginfo - 22402b38-d2ed-40b2-8616-40f06de69103 BERKELEY ANNUAL REPORT 2017 STRATEGIC REPORT BERKELEY ANNUAL REPORT 2017 STRATEGIC REPORT 01 STRATEGIC REPORT STRATEGIC 2017 PERFORMANCE HIGHLIGHTS FINANCIAL KEY PERFORMANCE INDICATORS FINANCIAL OUTLOOK KEY PERFORMANCE INDICATORS 02 GOVERNANCE PROFIT BEFORE TAX BASIC EARNINGS PER SHARE RETURN ON EQUITY NET ASSET VALUE PER SHARE CASH DUE ON GROSS MARGIN ON LAND FORWARD SALES HOLDINGS £812.4 467.8 P 41.1% £15.56 £2,743 £6,378 MILLION MILLION MILLION 2017 £812.4m 2017 467.8p 2017 41.1% 2017 £15.56 2017 £2,743m 2017 £6,378m 03 FINANCIALS 2016 £530.9m 2016 295.8p 2016 30.8% 2016 £13.14 2016 £3,259m 2016 £6,146m 2015 £539.7m 2015 313.0p 2015 35.1% 2015 £11.99 2015 £2,959m 2015 £5,272m 2014 £380.0m 2014 221.8p 2014 27.5% 2014 £10.66 2014 £2,274m 2014 £4,514m 2013 £270.7m 2013 160.0p 2013 22.4% 2013 £10.09 2013 £1,453m This is our core measure of profitability, This measure of profitability allows for total The efficiency of the returns generated This balance sheet measure reflects This measures cash due from customers This provides a measure of expected value our absolute return from the sale and profit after tax and takes into account the from shareholder equity in the business the value of shareholders’ interests in during the next three financial years under in the Group’s existing land holdings in the delivery of new homes in the year. weighted average number of shares in issue is measured by calculating profit before the net assets of the business on an unconditional contracts for sale, and provides event that the Group successfully sells and during the year. Earnings cover is illustrated tax as a percentage of the average of historical cost basis. good visibility over future cash flows. delivers the developments planned for. by showing the proportion of earnings per opening and closing shareholders’ funds. share paid as dividends per share in the year. NON-FINANCIAL KEY PERFORMANCE INDICATORS ANOTHER YEAR OF EXCELLENT ACCIDENT INCIDENT RATE APPRENTICES GREENHOUSE GAS EMISSIONS NET PROMOTER SCORE PER 1,000 PEOPLE AND TRAINING INTENSITY FINANCIAL AND NON-FINANCIAL PERFORMANCE WHILST MAINTAINING A STRONG BALANCE SHEET TO SUPPORT FUTURE DELIVERY. 70.8(2016: 71.2) 1.83(2016: 2.40) 11.7%(2016: n/a) 1.76(2016: 2.29) The six-month rolling Net Promoter Managing health and safety on our sites Calculated as the percentage of our direct This measure relates our annual Score is an indicator of the success of is a priority, to protect the wellbeing of and indirect workforce that is undertaking greenhouse gas emissions to the the customer journey and is used across our staff and contractors. This measure an apprenticeship or vocational training, number of direct employees across all industry sectors. Our high levels of relates the number of reportable injuries this is a measure of the skills development the Group and the number of contractors customer satisfaction, as a result of our to the number of direct employees across opportunities that are available across the working on our sites. This provides continued efforts to provide world-class the Group and the number of contractors business and the contractors working on a more meaningful measure than customer service, are evidenced through working on our sites. our sites. absolute emissions as it takes changes the Net Promoter Score. in productivity into account. See page 22 See page 40 See page 35 See page 109 2 3WorldReginfo - 22402b38-d2ed-40b2-8616-40f06de69103 02 GOVERNANCE 03 FINANNCIAALS 01 STRATEGIC REPORT WorldReginfo - 22402b38-d2ed-40b2-8616-40f06de69103 - WorldReginfo 5 STRATEGIC REPORT STRATEGIC STRATEGIC REPORT STRATEGIC 01 BERKELEY ANNUAL REPORT 2017 2017 REPORT BERKELEY ANNUAL STRATEGIC REPORT STRATEGIC One Tower Bridge One Tower BERKELEY ANNUAL REPORT 2017 2017 REPORT BERKELEY ANNUAL 4 BERKELEY ANNUAL REPORT 2017 STRATEGIC REPORT BERKELEY ANNUAL REPORT 2017 STRATEGIC REPORT 01 STRATEGIC REPORT STRATEGIC CHAIRMAN’S STATEMENT BERKELEY’S CONTRIBUTION TO HOUSEBUILDING, JOB CREATION AND THE WIDER ECONOMY REMAINS STRONG. “ BERKELEY HAS BUILT 19,000 NEW HOMES IN THE Last year, Berkeley made a series of strategic commitments designed to 02 LAST FIVE YEARS AND OUR CONTRIBUTION TO create value for our business, for our GOVERNANCE HOUSEBUILDING, JOB CREATION AND THE WIDER shareholders and for society, as part of £2.6 BN 19,000 a ten year plan for the company. We ECONOMY REMAINS STRONG.” have had more than 650 apprentices on CONTRIBUTION TO ECONOMY HOMES BUILT our sites and in our teams over the last year, a figure that has nearly doubled • Berkeley’s contribution to UK GDP • Berkeley has built a total of 19,000 Berkeley’s unique operating model is At the same time, the headwinds from in the last 12 months. With an ageing was £2.6 billion in 2016, up 20% homes over the last five years. focused on developing complex sites, changes in recent years to SDLT and construction workforce, a substantial from 2015 and the 8th consecutive which others are not willing or able to mortgage interest deductibility, coupled amount of which in London comes from year of growth. Proud to be a member of take on, creating fantastic, sustainable with the planning environment’s increasing Europe, introducing the next generation the Berkeley Group of Companies places with homes built to a high quality demands from the combination of to the sector is a top priority for our in which our customers want to live Affordable Housing, CIL, Section 106 industry, working in partnership with and with which planning authorities are obligations and review mechanisms, are Government and Further Education 03 proud to be associated. This is what resulting in reduced levels of new housing colleges. Our Net Promoter Score, which FINANCIALS differentiates Berkeley. The additional starts in London. measures customer service, is in the 30,000 £2.3 BN operational risk associated with this model top quartile, sitting alongside the UK’s CONTRIBUTED TO requires Berkeley to maintain its financial For Berkeley, this leads to greater leading retail brands. Our safety record JOBS SUPPORTED strength at all stages in the cycle and this uncertainty around the timing of delivery is the best in our history and people’s THE TREASURY is reflected in today’s strong results and of homes from our land bank but will life satisfaction on estates like Kidbrooke • Berkeley supported through its financial position. not change our absolute focus on the Village, which ten years ago were beset business and supply chain a total • Berkeley has contributed a total quality of the homes and places we by crime and inequality, is now more than of 30,000 jobs in 2016. Berkeley of £2.3 billion to the Treasury over The housing market has stabilised in create. Notwithstanding the uncertainty, 20% higher than the UK average, thanks supports more than five jobs for the last five years, through direct London and the South East but, while Berkeley’s strong forward sales position to the regeneration led by Berkeley in every new home built. and wider taxation. Berkeley is in excellent shape with further and land bank provide sufficient partnership with the local authority.
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