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Annual Report & Accounts 2009 www.bellway.co.uk Annual Report & Accounts 2009 Bellway p.l.c. ReportAnnual Accounts 2009 & p.l.c. Bellway Seaton Burn House, Dudley Lane, Seaton Burn, Newcastle upon Tyne NE13 6BE Tel: (0191) 217 0717 Fax: (0191) 236 6230 DX: 711760 Seaton Burn www.bellway.co.uk Bellway p.l.c. Annual Report & Accounts 2009 Introduction Since its formation more Bellway p.l.c. Seaton Burn House, Dudley Lane, Seaton Burn, Newcastle upon Tyne NE13 6BE than 50 years ago, Bellway Tel: (0191) 217 0717; Fax: (0191) 236 6230; DX: 711760 Seaton Burn; Website: www.bellway.co.uk Bellway Homes Limited has built over 100,000 NORTHERN REGION SOUTHERN REGION East Midlands Essex Wessex No. 3 Romulus Court Bellway House Bellway House homes. It is recognised Meridian East 1 Rainsford Road Embankment Way Meridian Business Park Chelmsford Castleman Business Centre Braunstone Town Essex CM1 2PZ Ringwood throughout the industry Leicester LE19 1YG Tel: (01245) 259 989 Hampshire BH24 1EU Tel: (0116) 282 0400 Fax: (01245) 259 996 Tel: (01425) 477 666 Fax: (0116) 282 0401 DX: 121935 Chelmsford 6 Fax: (01425) 476 774 for building quality homes. DX: 45710 Ringwood North East North London Peel House Bellway House OTHER SUBSIDIARY Main Street, Ponteland Bury Street, Ruislip Newcastle upon Tyne Middlesex HA4 7SD Bellway Housing Trust Limited NE20 9NN Tel: (01895) 671 100 Seaton Burn House Contents Tel: (01661) 820 200 Fax: (01895) 671 111 Dudley Lane Business Review Fax: (01661) 821 010 Seaton Burn Financial Highlights 01 DX: 68924 Ponteland 2 Northern Home Counties Newcastle upon Tyne Chairman’s Statement 02 Oak House NE13 6BE Chief Executive’s Operating Review 06 North West Woodlands Business Park Tel: (0191) 217 0717 Corporate Responsibility Policy 12 Bellway House Breckland, Linford Wood Fax: (0191) 236 6230 2009 Corporate Responsibility Statement 15 2 Alderman Road Milton Keynes MK14 6EY DX: 711760 Seaton Burn Key Performance Indicators 17 Liverpool L24 9LR Tel: (01908) 328 800 Environmental Policy Statement 18 Tel: (0151) 486 2900 Fax: (01908) 328 801 Financial Review 20 Fax: (0151) 336 9393 DX: 729383 Milton Keynes 16 Operating Risk Statement 24 Scotland South East Governance Bothwell House Bellway House Board of Directors 26 Hamilton Business Park London Road North Advisers 27 Caird Street Merstham Report of the Directors 28 Hamilton ML3 0QA Surrey RH1 3YU Tel: (01698) 477 440 Tel: (01737) 644 911 Report of the Board on Directors’ Remuneration 35 Fax: (01698) 477 441 Fax: (01737) 646 319 Statement of Directors’ Responsibilities in respect of the Annual Report and Accounts 42 DX: HA13 Hamilton Independent Auditors’ Report to the Thames Gateway Members of Bellway p.l.c. 43 West Midlands Osprey House Bellway House Crayfields Business Park Accounts Relay Point New Mill Road Group Income Statement 44 Relay Drive, Tamworth Orpington Statements of Recognised Income and Expense 44 Staffordshire B77 5PA Kent BR5 3QJ Balance Sheets 45 Tel: (01827) 255 755 Tel: (01689) 886 400 Cash Flow Statements 46 Fax: (01827) 255 766 Fax: (01689) 886 410 Accounting Policies 47 DX: 717023 Tamworth Notes to the Accounts 52 Wales Yorkshire Alexander House Other Information 2 Deighton Close Excelsior Road Five Year Record 76 Wetherby Western Avenue Shareholder Information 77 West Yorkshire LS22 7GZ Cardiff CF14 3AT Notice of Annual General Meeting 81 Tel: (01937) 583 533 Tel: (029) 2054 4700 Notes 84 Fax: (01937) 548 443 Fax: (029) 2054 4701 Principal Offices Inside Back Cover DX: 16815 Wetherby Front cover: Top left – Aspire, Chelmsford, Essex. Right – Employee Tanya Davies at The Edge development in Bocking, Essex. Middle – Rubicon, London Borough of Greenwich. Designed and produced by Radley Yeldar www.ry.com Bottom left – Blakenhall, Wolverhampton, West Midlands. Printed on paper sourced from sustainable sources, using vegetable-based inks. Bellway p.l.c. 01 Annual Report & Accounts 2009 Financial Highlights Completed sales Average price achieved Business Review 4,380 homes £154,005 (2008 – 6,556) (2008 – £169,729) Total Group revenue Profit before taxation Governance £683.8m £29.8m* (2008 – £1,149.5m) (2008 – £165.7m)* Exceptional items Earnings per ordinary share Accounts £66.3m 17.7p* (2008 – £130.9m) (2008 – 104.2p)* Final dividend for the year Gearing of 6.0p 3.8% Other Information (2008 – 6.0p) having reduced borrowings by £180.9m to £36.8m (excluding preference shares) (2008 – 21.7%) * Pre-exceptional items (note 5) Bellway p.l.c. 02 Annual Report & Accounts 2009 Chairman’s Statement Quality We build homes of quality and character that provide good value for money. Bellway p.l.c. 03 Annual Report & Accounts 2009 “I am pleased to report that the Group ended the year with net bank Business Review borrowings of £36.8 million (2008 – £217.7 million), a £180.9 million reduction.” Governance Strategy The Results Share Placing In the summer of 2008 the ghosts of the The Group completed the sale of Whilst the debt reduction programme has last major recession loomed large, with a 4,380 homes, a fall of 33% from last year’s been successful, the industry is, nonetheless, deteriorating economy, low consumer 6,556 homes. The average selling price was cyclical in nature and future earnings growth confidence and poor mortgage availability. lower at £154,005 (£169,729 in 2008), is dependent upon many factors, most The primary strategy of the Board, at that consequently housing turnover fell by 39% notably opportunistic land acquisition. In the time, was simply to repeat the lessons learnt from £1,112.7 million to £674.5 million. spring of 2009, notwithstanding the fragile in previous downturns, make cash generation Other revenue was £9.3 million (2008 – economic climate, some early indications of a priority and a target was set to reduce the £36.8 million), giving total revenue for the price and volume stability began returning to opening debt position of £217.7 million Group of £683.8 million. Sales incentives the housing market, albeit at lower volume (excluding the preference share capital of had to be used extensively and this levels. The Board took the view that the time £20 million) by £100 million by the year end. contributed significantly in the operating may be right to begin selectively acquiring If achieved, this would generate the necessary margin (pre-exceptional) reducing land again, especially in the south of England. Accounts headroom in relation to our bank facilities of from 16.1% to 6.7%. In order to help finance this strategy, £370 million, providing the Group with a When house prices continued to fall 5.7 million shares were placed with existing platform for expansion when the housing throughout August to December 2008, and new institutional shareholders on market returned to more normal conditions. it became necessary to further review the 6 August 2009, raising net proceeds of At the same time the Group was also net realisable value of land and work in £43.7 million. This additional capital, combined determined to continue, where possible, to progress at January 2009. From this arose with current banking facilities, ensures that the sell homes at positive margins throughout the an exceptional charge of £66.3 million. Group is in an excellent position to enter the financial year. In the second half, whilst fragile, some land market, as appropriate opportunities I am pleased to report that the Group stability returned to the market and arise. ended the year with net bank borrowings further exceptional write-downs have Dividend of £36.8 million (2008 – £217.7 million), not been necessary. In these testing times for the industry, the a £180.9 million reduction, significantly Other Information As previously stated, in partnership with Board is delighted that it still feels able to pay exceeding the internal target and resulting our banks, the Group’s facilities were dividends and is therefore proposing to in gearing of 3.8% at the year end re-negotiated in April 2008. Low borrowings, maintain the final dividend at last year’s level (2008 – 21.7%). The forward order book significant reductions in overhead and land of 6.0p, resulting in a total dividend for the at 31 July 2009 stood at £368 million and work in progress expenditure have year of 9.0p (2008 – 24.1p) per ordinary (2008 – £370 million) equivalent to 58% resulted in a 24.6% fall in the net interest share. The payment of the dividend takes into of this year’s planned output. charged to £8.9 million compared with account the favourable current forward order £11.8 million in 2008. When the technical position and the strength of the Group’s financing charges are added the net finance balance sheet. charge has fallen from £19.1 million to The dividend will be paid on Wednesday £15.8 million. The loss before tax for the 20 January 2010, to all ordinary shareholders year after exceptional items is £36.6 million on the Register of Members on Friday (£34.8 million profit in 2008), giving a basic 11 December 2009. The ex-dividend date loss per share of 23.9p (2008 – 23.6p is Wednesday 9 December 2009. earnings). The net asset value per ordinary share at 31 July 2009 stands at 839p (2008 – 871p). fThe Edge, Bocking, Essex. Bellway p.l.c. 04 Annual Report & Accounts 2009 Chairman’s Statement continued f Fairfield Place, Stowmarket, Suffolk. Burtons Farm Park, North Solihull, s West Midlands (part of the Solihull regeneration project). Bellway p.l.c. 05 Annual Report & Accounts 2009 “With national coverage, a robust balance sheet and low gearing, Business Review the Board believes Bellway is well positioned.” Governance People The Board same time carefully monitoring the overall Whilst the human cost of the downturn On behalf of the Board, I would like to thank strength of the autumn housing market.
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