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Our Vision Is to Lead the Future of Housebuilding by Putting Customers

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Our Vision Is to Lead the Future of Housebuilding by Putting Customers Strategic Report Governance Financial Statements Other Information Welcome to Key highlights1 Barratt Developments Continued strong performance Our vision is to lead 20172 2016² Change the future of housebuilding Total completions3 (plots) 17,395 17,319 0.4% by putting customers first Revenue (£m) 4,650.2 4,235.2 9.8% and at the heart Gross margin (%) 20.0 18.9 1.1 ppts Adjusted gross margin4 (%) 20.2 18.9 1.3 ppts of everything we do. Profit from operations (£m) 799.2 668.4 19.6% By investing in our people, Adjusted profit from operations4 (£m) 808.0 668.4 20.9% we are leading construction Operating margin (%) 17.2 15.8 1.4 ppts Adjusted operating margin4 (%) 17.4 15.8 1.6 ppts to create great places Profit before tax (£m) 765.1 682.3 12.1% where people aspire Adjusted profit before tax4 (£m) 773.9 682.3 13.4% to live and generating ROCE (%) 29.8 27.1 2.7 ppts sustainable returns Total dividend per share (pence) 41.7 30.7 35.8% for our shareholders. Net cash (£m) 723.7 592.0 22.2% Net assets (£m) 4,322.2 4,010.2 7.8% 1 Refer to page 175 for definitions of KPIs. 2 Unless otherwise stated, all numbers quoted exclude joint ventures (‘JV’) and are for the year ended 30 June throughout this Annual Report and Accounts. 3 Includes JV completions in which the Group has an interest. 4 Calculated before commercial adjusted item disclosed in note 2.2 of the Financial Statements. Annual Report and Accounts 2017 – Barratt Developments PLC 1 Strategic Report Governance Financial Statements Other Information A snapshot of our business We are the nation’s leading housebuilder operating across Britain with 27 housebuilding divisions delivering 17,3951 homes this year. Our year in numbers Our homes Our customers We are a HBF 5 Star homebuilder We put our customers first. We build Total completions1 Average active outlets Housebuilding divisions and create great places to live. great homes and aim to provide customer service that exceeds expectations. 2017 completions by unit type 2017 completions by deal type 17,395 366 27 2016: 17,319 2016: 365 2016: 27 Owned and controlled land bank plots Employees2 2017 2016 2017 2016 75,043 6,193 1 and 2 bedroom houses 12% 11% Help to Buy 35% 32% 3 bedroom houses 32% 34% Part-exchange 8% 8% 2016: 71,351 2016: 6,209 4 bedroom houses 32% 31% Other private 31% 35% 5 and 6 bedroom houses 4% 5% Investor 6% 8% Flats London 6% 7% Affordable 20% 17% 1 Total completions, including joint ventures, were 17,395 (2016: 17,319) for the year. Private completions for the year were 13,303 (2016: 13,198). Flats non-London 14% 12% Affordable completions for the year were 3,342 (2016: 2,707) and JV completions in which the Group had an interest were 750 (2016: 1,414). 2 Employee numbers, excluding sub-contractors, taken as at 30 June. 2 Barratt Developments PLC – Annual Report and Accounts 2017 Strategic Report Governance Financial Statements Other Information Our geographic spread (including JV’s) Our brands We are the nation’s leading housebuilder committed to operating throughout Britain1. Completion volumes in the year were: We have three housebuilding brands – Barratt Homes, David Wilson Homes and Barratt London. Commercial developments are delivered by Wilson Bowden Developments. 1 2 3 Scotland Northern Central 1,708 2,141 3,389 1 2016: 1,556 2016: 2,055 2016: 3,241 2 4 5 6 East West London and Southern 3 4 3,469 2,433 4,255 6 2016: 3,534 2016: 2,392 2016: 4,541 5 1 Housebuilding contributes 98.7% (2016: 98.1%) of revenues. We also have a commercial developments business which contributes 1.3% (2016: 1.9%) of revenues. Annual Report and Accounts 2017 – Barratt Developments PLC 3 Strategic Report Governance Financial Statements Other Information Our performance and financial highlights1 Another record year. We delivered our highest number of completions for nine years with continued strong performance against our financial and operational key performance indicators. Financial KPIs KPI Adjusted gross margin2 (%) KPI Adjusted profit before tax2 (£m) KPI Return on capital employed (ROCE) (%) 20.2% £773.9m 29.8% +1.3 ppts +13.4% +2.7 ppts 20.2 773.9 29.8 19.0 18.9 682.3 27.1 16.8 23.9 565.5 13.8 19.5 192.0 390.6 11.5 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Target Target Target 20% by FY17 Profit before tax in line with consensus At least 25% by FY17 Status: Achieved Status: Achieved Status: Achieved KPI Year end net cash/(debt) (£m) KPI Earnings per share (pence) KPI Total shareholder return £723.7m 61.3p +£131.7m +11.3% 723.7 61.3 81.3% 55.1 592.0 45.5 186.5 31.2 Total shareholder return for the (25.9) 73.1 7.7 three years ended 30 June 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Target Target (2016: 88.7% Total shareholder return for the Year end net cash 59.9p broadly in line with consensus at the start three years ended 30 June 2016) of the financial year Status: Achieved Status: Achieved See the full Total shareholder return performance graph page 104 1 Refer to page 175 for definitions of KPIs. 2 Gross margin and profit before tax are stated as adjusted measures following the inclusion of the adjusted commercial item as disclosed in note 2.2 of the Financial Statements. The value of key metrics disclosed in the prior year are unaffected by this change. 4 Barratt Developments PLC – Annual Report and Accounts 2017 Strategic Report Governance Financial Statements Other Information Non Financial KPIs KPI Health and Safety KPI Customer service KPI Employee engagement score (SHE audit compliance) 96% 78% Target Target Target 94% 5 Star Upper quartile engagement1 Status: Achieved Status: Achieved Status: Achieved KPI Owned and controlled land bank (years) KPI Land approvals (plots) KPI Total completions including joint ventures (units) 4.5 years 18,497 17,395 4.7 24,387 4.5 4.5 4.5 17,319 17,395 4.4 21,478 16,447 18,536 18,497 14,838 16,956 13,663 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Target Target Target c.4.5 years supply 16,000-18,000 plots approved Disciplined growth in completion volumes for purchase Status: Achieved Status: Achieved greater than target Status: Achieved 1 Assessed against the UK all sectors comparator group by IBM Kenexa. Annual Report and Accounts 2017 – Barratt Developments PLC 5 Strategic Report Governance Financial Statements Other Information How we create and preserve value Our business model focuses on delivering value across the housebuilding value chain, creating sustainable returns for shareholders and making a positive difference in the communities in which we operate. What we do Long term sustainable value Shareholders Total shareholder returns including dividends 1 2 3 4 5 > Two and a half times dividend cover > Special cash payment programme in the four year period to November 2018 > In total £1.4bn1 Capital Return Plan to November 2018 Targeted Outstanding Construction Innovative Industry leading land buying design excellence and sales and customer Customers and society and effective efficiency marketing experience > Quality homes planning > Local investment and regeneration > Job creation > Taxation revenues Critical inputs Financial Our Local Landowner Availability Affordable Contractors Community capital people government engagement of building mortgages relations engagement materials See page 39 See page 30 See page 25 See page 25 See page 35 See page 11 See page 35 See page 36 1 See page 15 for further details. 6 Barratt Developments PLC – Annual Report and Accounts 2017 Strategic Report Governance Financial Statements Other Information 1 2 3 4 5 Targeted land buying Outstanding Construction excellence Innovative sales Industry leading and effective planning design and efficiency and marketing customer experience We purchase land in targeted locations We design outstanding homes and We build quality homes efficiently, We constantly innovate our sales and We focus on maintaining the very highest which at least meets our hurdle rates places for our customers, using with centralised procurement and marketing methods to customers and levels of quality seeking to understand of 20% gross margin and 25% site standard house designs, developed sharing of best practice, whilst invest in IT to deliver strong sales rates. customer needs and provide a first class ROCE. We then work closely with local using customer research. ensuring high standards of health We have strong, well-recognised brands – customer experience. communities and authorities to deliver This means our quality products are well and safety. Our experienced teams Barratt Homes, David Wilson Homes and We are the only major national effective planning permissions. designed to fit our customers’ lifestyles help ensure efficient delivery of Barratt London that have carefully defined housebuilder to achieve 5 Star HBF Our capability to deliver developments with developments that enhance the complex developments. market positions. rating for customer satisfaction for eight of all levels of complexity from standard local community, with our aim that all We have long standing relationships with consecutive years. housing to large and highly complex new developments meet Building for Life material suppliers which are centrally What we do London schemes, and our geographical 12 standards. contracted, managing our cost base and portfolio means we can manage risk ensuring continuity of supply. We also through our diversity.
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