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Building for the Future

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Building for the Future Building for the future Bellway p.l.c. Annual Report and Accounts 2020 Financial and Strategic Summary 3,213.2 662.6 Group revenue (£m) 2,957.7 Profit before taxation (£m) 641.1 2,225.4 m m £2,225.4 £236.7 236.7 (30.7%) (64.3%) 2018 2019 2020 2018 2019 2020 Average selling price (£) 284,937 291,968 293,054 Order book value as at 1,760.2 31 July (£m)(~) £293,054 1,301.1 1,223.9 +0.4% £1,760.2m 2018 2019 2020 +43.8% 2018 2019 2020 Plots contracted in the 12,962 13,113 Owned and controlled land 44,589 11,921 41,077 42,721 year (plots) bank (plots) 11,921 plots 44,589 plots (9.1%) 2018 2019 2020 +4.4% 2018 2019 2020 In this report About Us Governance Accounts Other Information IFC Financial and 52 Board of Directors and 104 Group Income Statement 133 Five Year Record Strategic Summary Group General Counsel 104 Statements of 134 Alternative IFC In this report & Company Secretary Comprehensive Income Performance Measures 1 Who we are 54 Chairman’s Statement on 105 Statements of Changes 137 Glossary 2 Why Bellway Corporate Governance in Equity 139 Advisers and Group 56 Board Leadership and 107 Balance Sheets General Counsel & Strategic Report Company Purpose 108 Cash Flow Statements Company Secretary 4 Principal KPIs 58 Division of Responsibilities 109 Accounting Policies 140 Shareholder Analysis 5 Chairman’s Statement 60 Nomination 115 Notes to the Accounts 140 Financial Calendar 8 Our Marketplace Committee Report 10 COVID-19 -Our Journey 62 Audit Committee Report 12 Key Stakeholder 72 Remuneration Relationships Committee Report 16 Our Business Model 93 Directors’ Report 24 Strategy 97 Independent 26 Operating Review Auditor’s Report 32 Financial Review 36 Principal Risks 40 Risk Management 42 Going Concern and Long- Term Viability Statements Note: 43 Corporate Responsibility Unless otherwise stated all numbers throughout the Annual Report and Accounts exclude joint ventures. ~ Bellway uses a range of statutory performance measures and alternative For further details on our business please visit: performance measures when reviewing the performance of the Group against its strategy. Definitions of the alternative performance measures and a reconciliation to statutory performance measures can be found on pages 134 to 136. www.bellwayplc.co.uk Throughout this report ‘~’ refers to alternative performance measures. About Us Who we are We are building for the future of… …our customers. …our people. We are building quality We are building careers and sustainable homes. for almost 3,000 people. …our communities. …our shareholders. We build trust by working in a We are building value. sustainable and responsible way. Bellway p.l.c. Annual Report and Accounts 2020 1 Why Bellway Our homes We build high quality homes designed to complement Bellway London was launched in 2018 to provide the the style of existing local architecture in communities, London market with a modern and consistent identity meet local demand and enhance the area in which they that is recognisable across the capital. This covers all of are built. With a range that extends from one-bedroom our developments in London boroughs, with our main apartments to six-bedroom family homes, we offer an focus being outer London boroughs and commuter extensive choice from which customers can choose towns within the M25. Properties range from one- a property that meets their individual requirements. bedroom apartments to four-bedroom townhouses. We also provide homes to housing associations for social housing. Our people Our people are the key to our success and we aim to Our focus is to provide desirable, traditional family provide them with a rewarding and fulfilling career. housing across all our divisions and in addition provide apartments in the more affordable outer commuter Bellway has long had a reputation as a good employer, zones of London. taking an interest in its workforce and supporting career development. As a result, many employees have spent Our brands a large proportion of their working lives with us. Bellway and Ashberry are the main brands we use to sell However, we are not complacent and strive to be an our homes with Bellway being the most recognisable employer of choice. brand. Our Ashberry brand, which was launched a few years ago, is only offered on larger sites, with the Our customers purpose of providing two differentiated outlets and We pride ourselves on understanding the aspirations therefore offering greater customer choice. This has the of all of our customers, not just in the type of home advantage of improving sales rates, often more than can that suits their needs, but the environment in which be achieved through using two Bellway outlets, with a they want to live. All of our customers are treated to resultant improvement in return on capital employed the same high level of customer service. Our high (‘RoCE’). We will plot different house types and/or standard of service and build quality is endorsed by our elevations and offer different internal specifications for customers, with 9 out of 10 customers saying they would each brand, with little differentiation in standard of finish recommend Bellway to a friend buying a new home. or pricing. Our Customer First Committee drives improvements to quality and works to develop and share best practice across the Group to further enhance our service to customers. Award Winning Homes 5 Star Rating from the Home Builders Federation Customer Satisfaction survey Bellway p.l.c. 2 Annual Report and Accounts 2020 About Us Our business Our capacity for growth We are committed to being a responsible homebuilder. Despite these challenging times, Bellway is in a robust Our aim is to operate our business in an ethical and position, with a motivated and dedicated workforce. sustainable manner while at the same time building It benefits from a strong, ungeared balance sheet, a attractive, desirable and sustainable developments record order book and has the capability to respond in which customers want to live, in harmony with to evolving market conditions. Our underlying existing communities. operational strength and focus on quality, together with a conservative and responsible approach to managing As one of the UK’s largest homebuilders, we have an the business, will serve the Group well over the important role to play in addressing the national housing longer term. shortage by building high quality homes in desirable locations. We work with a range of stakeholders to build trust so that we can fulfil this role whilst at the same time operating our business in a socially responsible, ethical and sustainable way. We currently operate from 22 divisions covering the main population centres across England, Scotland and Wales. Our divisional structure allows local management teams to respond to specific demands in their area and, through their detailed local knowledge, acquire land on which to design and build homes that meet or exceed the expectations of our customers and contribute to creating strong local communities. The divisional teams are supported by our Regional Chairmen and by our specialist Group teams. Mature divisions Newer divisions Not to scale Bellway p.l.c. Annual Report and Accounts 2020 3 Principal KPIs The Group has seven principal KPIs, which are Number of homes sold (homes) 10,307 10,892 shown below. Our secondary 7,522 performance measures, 7, 52 2 homes which support these KPIs, (30.9%) 2018 2019 2020 are shown on pages 18 to 22. This KPI demonstrates how well the business model is able to support the Group’s strategy of delivering volume growth. (1) (~) (1) (~) 22.1 Operating profit (£m) 652.9 674.9 Operating margin (%) 21.0 14.5 £321.7m 321.7 14.5% (52.3%) (650bps) 2018 2019 2020 2018 2019 2020 Operating profit is another measure of how efficiently the business is Operating margin demonstrates how efficiently the business is being operated and of the profitability of the Group’s core business. being operated. This KPI is one of the measures used to determine the directors’ annual bonus payment. Return on capital employed (%)(1) (~) 27.2 Earnings per ordinary share (p) 423.4 437.8 24.7 % p 10.8 10.8 156.6 156.6 (1,390bps) (64.2%) 2018 2019 2020 2018 2019 2020 Return on capital employed (‘RoCE’) is a key indicator of how we Earnings per ordinary share (‘EPS’) is a useful measure of how are delivering our strategy of building shareholder value, which profitable Bellway is, year on year. is reliant on land acquisition and the subsequent performance of our developments. Net asset value per ordinary 2,372 2,427 Total dividend per ordinary 143.0 150.4 share (p)(~) 2,079 share (p) 2,427p 50.0p 50.0 +2.3% 2018 2019 2020 (66.8%) 2018 2019 2020 The directors consider net asset value per ordinary share (‘NAV’) to be This is another useful indicator of how the directors are delivering the a useful proxy when reviewing whether shareholder value, on a share strategy of generating shareholder value, particularly when combined by share basis, has increased or decreased in the period. with NAV. Note that the 2020 final dividend figure is proposed. Note: Link to remuneration – see pages 72 to 92. 1 Before exceptional items (note 3, page 115 to 116). ~ Bellway uses a range of statutory performance measures and alternative performance measures when reviewing the performance of the Group against its strategy. Definitions of the alternative performance measures and a reconciliation to statutory performance measures can be found on pages 134 to 136. Throughout this report ‘~’ refers to alternative performance measures. Bellway p.l.c. 4 Annual Report and Accounts 2020 Chairman’s Statement Strategic Report Strategic With its long-term and conservative approach to managing the business, Bellway is in a robust position, benefiting from a resilient balance sheet.
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