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Annual Report and Accounts 2010

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Annual Report and Accounts 2010 Annual Report and Accounts 2010 www.bellway.co.uk Introduction A sound business... Since its formation more than 50 years ago, Bellway has built over 100,000 homes. It is recognised throughout the industry for building quality homes. In this year’s report... 1 24 42 73 Business Review Governance Accounts Other Information 1 Financial Highlights 24 Board of Directors 42 Group Income Statement 73 Five Year Record 2 Bellway at a glance 25 Advisers 42 Statements of Comprehensive 74 Shareholder Information 4 Chairman’s Statement 26 Report of the Directors Income 77 Notice of Annual 6 Chief Executive’s Operating 32 Report of the Board on 43 Statement of Changes in Equity General Meeting Review Directors’ Remuneration 45 Balance Sheets 80 Glossary 12 Corporate Responsibility 40 Statement of Directors’ 46 Cash Flow Statements 82 Notes Policy Responsibilities in respect 47 Accounting Policies IBC Principal Offices 14 2010 Corporate Social of the Annual Report and 52 Notes to the Accounts Responsibility Statement Accounts 16 Key Performance Indicators 41 Independent Auditors’ 17 Environmental Policy Report to the Members of Bellway p.l.c. 18 Group Finance Director’s Review 22 Operating Risk Statement Bellway p.l.c. Annual Report and Accounts 2010 Business Review Governance Accounts Other Information Financial Highlights A solid performance... Completed sales Average price achieved 4,595 homes £163,175 (2009 – 4,380) (2009 – £154,005) Total Group revenue Profit before taxation £768.3m £44.4m (2009 – £683.8m) (2009 – £29.8m)(1) Exceptional items Earnings per ordinary share £nil 29.7p (2009 – £66.3m write down) (2009 – 17.7p)(1) Final dividend for the year Forward order book at 30 September 6.7p £396.7m (2009 – 6.0p) (2009 – £349.4m) (1) before exceptional items (note 5 – page 53). Front cover: Top – Lounge at The Pines, Linton, Northumberland. Bottom centre – Glastian Meadows, Kinglassie, Fife Main left – Customers Ryan and Melanie outside their Bottom Right – Les Arrowsmith, Site Manager at new home at Parchment Place, Havant, Hampshire. Eaton Lodge, Rugeley, Staffordshire. For more information on our business, Main right – The Pastures, Bruton, Somerset. please go to www.bellway.co.uk Bellway p.l.c. 1 Annual Report and Accounts 2010 Bellway at a glance A focused business model... Through sustainable construction we aim to create new communities and life-supporting environments for people now and in the future. We use some of the following Key Performance Indicators (“KPIs”) to measure our progress: Key Facts Percentage of Number of NHBC homes developed on Number of 7m3 skips Pride in the Job Awards brownfield sites per homes sold 79% 84% 80% 4.30 3.60 3.70 18 (2009 – 15) Number of homes built per hectare 63 2008 2009 2010 2008 2009 2010 (2009 – 67) Number of homes Financial contribution under built with renewable Tonnes of plasterboard Section 106 agreements energy technology recyled 307 636 1,653 2,868 1,408 1,660 £13m (2009 – £2m) Number of current sites with SUDS (Sustainable Urban Drainage Systems) 86 2008 2009 2010 2008 2009 2010 (2009 – 77) 2 Bellway p.l.c. Annual Report and Accounts 2010 Business Review Governance Accounts Other Information A nationwide presence... With its headquarters in the North East of England, the Group’s operations are located throughout the UK. Bellway provides a wide range of house types covering one, two and three-bedroom apartments; terraced homes; three storey homes; semi-detached homes; and three, four and five- bedroom detached homes. The Group is active in major inner city regeneration schemes across the country and is a leading provider of affordable homes. Number of homes built to The Code for Sustainable Homes Level 3 1,186 (2009 – 428) Number of homes built to Lifetime 1 Wyfold Place, Fulham, London Borough 1 Uplands, Stowmarket, Suffolk. Homes Standards of Hammersmith and Fulham. 690 (2009 – nil)(1) Customers who would recommend Bellway to a friend 1 The Wardale family choosing their new home at 1 Herons Reach, Barnsley, South Yorkshire. Wheatridge Park, Seaton Delaval, Tyne and Wear. 86% (2009 – 89%) Number of sites registered with Considerate Constructors Scheme 89 (2009 – 56) 1 Broadheath, Newport, Gwent. (1) This is the first year of reporting. Bellway p.l.c. 3 Annual Report and Accounts 2010 Chairman’s Statement Introduction (after exceptionals) of £36.6 million last year. Basic earnings per share have increased I am pleased to report that Bellway has to 29.7p from a loss per share (after returned to profitability in the year ended exceptionals) of 23.9p in 2009. The net asset 31 July 2010, in the wake of the difficulties value per ordinary share at 31 July 2010 that the housing market has endured since has grown from 839p to 856p per share. 2008. The lessons learnt by the Board in During the year £208 million was spent previous downturns have been applied on land and at 31 July the Group had net to good effect and as a result, the Group cash of £66 million. has not only returned to profitability but also has net cash on the Balance Sheet. Dividend Having continued to make dividend I am delighted that Bellway has continued to payments throughout the downturn, pay dividends throughout these testing times the Board is now recommending an and the Board is now proposing to increase increase in the total dividend per share. the final dividend by 11.7% from 6p to 6.7p Results per ordinary share, giving a total dividend increase for the year of 11.1% from 9p to The Group completed the sale of 4,595 10p per ordinary share. This dividend, homes, an increase of almost 5% over last which is covered almost three times, will year, and these homes were sold at an be paid on Wednesday 12 January 2011 average selling price of £163,175, an increase to all ordinary shareholders on the Register of almost 6%, mainly due to changes in of Members on Friday 10 December 2010. product mix. These factors, combined with The ex-dividend date is Wednesday other revenue of £18.5 million, principally 8 December 2010. arising from ground rents, meant that turnover for the Group grew by 12.4% People from £683.8 million to £768.3 million. The Board once again would like to express The operating margin of 6.7% is the same its gratitude to all of its employees, suppliers as last year, however this year there are and sub-contractors for their outstanding no exceptional items (2009 – £66.3 million efforts in what has been another very write down). The finance charge of challenging year for the industry. £6.8 million has fallen by almost 57% from £15.8 million, resulting in profit before tax of £44.4 million compared to a loss before tax I am pleased to report that Bellway has returned to profitability. 4 Bellway p.l.c. Annual Report and Accounts 2010 Business Review Governance Accounts Other Information Looking Forward Bellway has seen reservations in 2010 return to a more normal selling pattern with a strong spring selling season. However, following the change of government in May and the emergency Budget in June, buyer confidence slowly ebbed away during the summer as increasing media coverage was given to the new policies of the coalition Government to tackle the deficit. Sales in the early part of what is traditionally an active autumn selling period have picked up, albeit only slightly, following the usual summer lull and it seems that potential homebuyers are awaiting the outcome of the Comprehensive Spending Review. Whilst the Board’s desire to increase volumes annually remains, it is ever mindful of past experiences, however, the Group currently has a strong land bank, a forward order book of £397 million and with £59 million of net cash, the capacity to grow the business should market conditions allow. The Board therefore remains confident as to the Group’s ability to respond effectively to whatever market conditions prevail over the coming months. Howard C Dawe Chairman 18 October 2010 For more information on our business, 1 Duchess Park, Dalkeith, Mid Lothian. please go to www.bellway.co.uk Bellway p.l.c. 5 Annual Report and Accounts 2010 Chief Executive’s Operating Review Introduction homes and shared equity schemes. The last of these incentives was needed for first-time By the beginning of the financial year our buyers in particular who struggled to raise strategy of cash generation had reduced the the necessary deposits. Government’s Group’s indebtedness by £181 million and actions during the year through its this was supplemented in August 2009 with continuance of HomeBuy Direct in England a share placing which raised £43.7 million are to be applauded and 640 first-time putting the Company on a sound financial buyers were qualified to buy homes from footing. Regular meetings were taking place Bellway in the year where the average at this time with lenders’ valuers and deposit required was only 5%. Part-exchange gradually the number of down valuations has been used by our customers on 493 for mortgage purposes began to fall occasions and has been helpful in maintaining compared to the previous year. This process confidence in local markets. At 31 July was reflected in the number of mortgage the stock of second-hand properties approvals which increased throughout 2009 held by the Group stood at £15.0 million to around 60,000 by December helping (2009 – £8.0 million) comprising customer confidence which began to firm 115 homes (2009 – 69 homes). up at that time. Weekly sales rates from August to Market Place December 2009 were broadly consistent Against this backdrop of a more stable but 2010 has seen the market return housing market, Bellway increased legal to its more normal pattern of increased completions of its new homes by 215 to activity in spring followed by a decline 4,595.
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