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Berkeley Group 2019 Annual Report About Berkeley Building Communities

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Berkeley Group 2019 Annual Report About Berkeley Building Communities Berkeley Group 2019 Annual Report Building communities 2019 Annual Report WorldReginfo - bc63e6a2-9b7e-42ea-b5fe-f4d09221c18b About Berkeley Building communities Berkeley creates homes and neighbourhoods across London, Birmingham and the South-East of England. For Berkeley, development is all about people. We take a holistic approach to placemaking, which goes beyond the conventional role of a developer and puts the strength and well-being of the wider community at the heart of every plan. We think long-term and we invest more to create welcoming, sustainable and biodiverse places. Every development has a unique, locally inspired masterplan with a mix of beautiful public spaces, natural landscapes and amenities that bring people together to enjoy community life. Our developments provide homes for everyone; from families to first-time buyers, students to older people, and a mix of affordable homes which meet the needs of the local community. Berkeley has the financial strength and placemaking expertise to take on the most difficult, long-term, capital intensive developments. Transforming these underused places into successful neighbourhoods creates greater economic, social, environmental and commercial value over the full development cycle. No other UK developer has the capacity or experience to regenerate brownfield land on this scale. WorldReginfo - bc63e6a2-9b7e-42ea-b5fe-f4d09221c18b Woodberry Down Highlights Report Strategic Delivering for all stakeholders Financial Highlights Profit before tax Pre-tax return on equity Net cash £775.2m 27.9% £975.0m Corporate Governance (2018: £977.0m) (2018: 41.9%) (2018: £687.3m) Net asset value per share Cash due on forward sales Future gross margin in land holdings £23.05 £1,831m £6,247m Statements Financial (2018: £19.38) (2018: £2,193m) (2018: £6,003m) Operational Highlights >£525m 3,698 >11,000 homes delivered of subsidies people provided to deliver affordable housing includes more than 10% of London’s working across our sites, and committed to wider community new private and affordable homes including over 500 apprentices and infrastructure benefits in the year Launch of a Pioneering approach to second Construction 73.5 enhancing nature and Academy Net Promoter Score biodiversity, at Southall Waterside Maintained industry leading recognised by Government, Net Promoter Score (NPS) and with net biodiversity gain to be customer service ratings a national policy requirement Read more on page 24 Read more on page 16 Strategic Report Corporate Governance Financial Statements p 01-73 p 74–117 p 118–172 01 Highlights 76 Board of Directors 120 Independent Auditors’ Report 04 Berkeley at a Glance 80 Governance at a Glance 128 Consolidated Income Statement 06 Long-Term Regeneration 82 Chairman’s Introduction to the 128 Consolidated Statement of 08 Chairman’s Statement Corporate Governance Statement Comprehensive Income 18 Chief Executive’s Statement 83 The Board’s Focus Areas 129 Consolidated Statement of Financial Position 26 Berkeley Foundation 84 Corporate Governance Report 130 Consolidated Statement of Changes in Equity 28 Business Model 88 Audit Committee Report 131 Consolidated Cash Flow Statement 30 Key Performance Indicators 91 Nomination Committee Report 132 Notes to the Consolidated Fnancial Statements 32 Business Strategy: Our Vision 92 Directors’ Remuneration Report 165 Company Balance Sheet 54 Sustainable Development Goals 114 Directors' Report 166 Company Statement of Changes in Equity 55 Non-Financial Reporting Statement 167 Notes to the Company Financial Statements 56 Stakeholder Engagement 171 Five Year Summary 58 How We Manage Risk 172 Financial Diary and Registered Office and Advisers 70 Trading and Financial Review Berkeley Group 2019 Annual Report 01 WorldReginfo - bc63e6a2-9b7e-42ea-b5fe-f4d09221c18b The hard and isolated landscape of the former Ferrier Estate is being transformed into a welcoming neighbourhood with biodiverse parks and wetlands, 4,800 mixed tenure homes, a new village centre and a mix of lively community events led by local people. Find out more: www.berkeleygroup.co.uk/kidbrookevillage Berkeley Group 02 2019 Annual Report WorldReginfo - bc63e6a2-9b7e-42ea-b5fe-f4d09221c18b Strategic Report Strategic Strategic Report 01 Highlights 54 Sustainable Development Goals 04 Berkeley at a Glance 55 Non-Financial Reporting Statement 06 Long-Term Regeneration 56 Stakeholder Engagement 08 Chairman’s Statement 58 How We Manage Risk 18 Chief Executive’s Statement 70 Trading and Financial Review 26 Berkeley Foundation 28 Business Model 30 Key Performance Indicators 32 Business Strategy: Our Vision Corporate Governance Financial Statements Financial Berkeley Group 2019 Annual Report 03 WorldReginfo - bc63e6a2-9b7e-42ea-b5fe-f4d09221c18b Berkeley at a Glance Creating homes, strengthening communities and improving lives. Berkeley has a unique operating model that is responsive to the cyclical nature of the housing market and focuses on transforming the most challenging and complex sites into exceptional places where communities thrive. Unique long-term operating model Our portfolio 69 Focus on transforming Strategic appreciation sites under construction challenging sites that the market is through complex, capital inherently cyclical intensive regeneration 28 28 15 15 30 4 WEST4 WEST MIDLANDMSIDLANDS E E future sites IR IR CAMBRIDGESHIRECAMBRIDGESHIRE SH SH W W N N O O O O R R T T C C P P E E S S M M Focus on London, Operational risk T T A A E E R R WARWICWKASRWICHIRE KSHIRE H H S S T T Birmingham and the offset through financial H H R R 31 I 31 I O O E E R R N N R R South East strength at all times 99 E E 16 16 I I H H total sites in the S S D D R R land holdings O O B B F F U U E E D D R R C C I I E E H H K K B B S S I I N N D D Holistic approach R R G G O O Recognised brands H H F F T T ESSEX ESSEX to placemaking GLOUCESTERSHIREGLOUCESTERSHIRE A A R R M M E E 9 9 and autonomous OXFOROXFORDSHIREDSHIRE H H S S that adds lasting value for H H IR IR 8 8 experienced teams E E 19 19 all stakeholders 30 30 10 11 10 11 18 18 10 10 29 14 29 14LONDONLONDON 12 12 13 13 20 19 20 19 Market leading in 1 1 Unrelenting commitment BERKSHIREBERKSHIRE 33 1 33 1 16 16 sustainability and the quality 9 5 9 5 32 32 to customer satisfaction 17 3 17 3 27 27 2 2 24 24 of homes and places WILTSHIRWILTE SHIRE 23 23 13 13 8 14 8 14 6 6 6 7 6 7 5 5 11 11KENT KENT SURREYSURREY 12 12 26 26 HAMPSHIREHAMPSHIRE 22 22 7 7 SOMERSESOMT ERSET 17 17 21 21 2 2 15 18 15 18 4 4 EAST SUSSEXEAST SUSSEX WEST SUSSEXWEST SUSSEX Our brands 25 25 3 3 100% owned Joint ventures Berkeley is the original brand, founded St Edward is a joint venture, formed in 2006 in 1976 in Surrey. and co-owned by Berkeley and Prudential. London under construction 1 9 Millbank, Westminster 2 250 City Road, Islington St George was originally formed as a St William is a joint venture, formed in 3 Battersea Reach joint venture with the Speyhawk Group 2014 and co-owned by Berkeley and 4 Beaufort Park, Hendon in 1985 and became wholly owned National Grid. 5 Chelsea Creek in 1991. 6 Clarendon 7 Dickens Yard, Ealing 8 Filmworks, Ealing 9 Fitzroy Gate, Isleworth 10 Forbury, Blackheath St James was originally formed as a 11 Fulham Reach joint venture with Thames Water in 1996 12 Goodman's Fields, Aldgate and became wholly owned in 2007. 13 Kensington Row and Royal Warwick Square 14 Kidbrooke Village 15 King's Road Park, Fulham St Joseph was formed in 2016 to 16 London Dock, Wapping focus on the Birmingham and West 17 One Blackfriars, Southwark 18 Oval Village Midlands markets. Read more online: www.berkeleygroup.co.uk/ourbrands Berkeley Group 04 2019 Annual Report WorldReginfo - bc63e6a2-9b7e-42ea-b5fe-f4d09221c18b Strategic Report Strategic Out of London under Out of London Corporate Governance construction future sites 1 17 – 51 London Road, Staines 1 Ascot 2 Barleycroft, Rudgwick 2 Bath* 3 Bersted Park 3 Camberley 4 Broadacres, Southwater 4 Eastside Locks, 5 Brompton Gardens, Ascot Birmingham* 6 Courtyard Gardens, Oxted 5 Effingham 6 Fleet 28 7 Cranbrook 15 7 Frimley Green 4 WEST 8 Edenbrook Village, Fleet MIDLANDS E 8 Hemel Hempstead IR CAMBRIDGESHIRE 9 Eldridge Park, Wokingham SH W N 9 Hertford O O 10 Elmswater, Rickmansworth R T C P E 10 High Wycombe* S M 11 Fairwood Place, Borehamwood T A E WARWICKSHIRE H Paddock Wood* R T 12 Farnham 11 S R H E 31 I O 12 Reading* Statements Financial R N R 13 Green Park Village, Reading E 16 I H 13 Sevenoaks S 14 Hartland Village, Fleet* D Slough* R 15 Highwood Village, Horsham 14 O B F 15 Snow Hill Queensway, U E Holborough Lakes D R 16 C I E H Birmingham* K B S I 17 Hollyfields, Hawkenbury N D Stratford-Upon-Avon G R 16 O Horsham* H F 18 T ESSEX GLOUCESTERSHIRE A R 17 Sunningdale Park M E 9 19 Huntley Wharf, Reading* OXFORDSHIRE H S Wallingford H 18 IR 8 20 Kennet Island, Reading E 19 19 Watford* 30 21 Knights Quarter, Winchester 10 11 18 10 22 Leighwood Fields, Cranleigh 29 14 LONDON 23 Princes Chase, Leatherhead 12 13 24 Quinton Court, Sevenoaks 20 19 BERKSHIRE 33 1 16 25 Royal Clarence Marina, Gosport 9 1 5 32 26 Royal Wells Park, Tunbridge Wells 17 3 27 2 24 WILTSHIRE 23 13 27 Ryewood, Sevenoaks 8 14 6 Snow Hill Wharf, Birmingham 6 7 5 11 KENT 28 SURREY 12 26 29 Taplow Riverside HAMPSHIRE 22 7 SOMERSET 17 30 The Arches, Watford 21 2 31 The Waterside, Royal Worcester 18 15 32 Victory Pier, Gillingham 4 EAST SUSSEX WEST SUSSEX 33 Woodhurst Park, Warfield 3 25 31 4 7 23 19 Prince of Wales Drive, Battersea London future sites 28 20 Queenshurst, Kingston 1 Bethnal Green 36 8 21 Richmond Chase 2 Bow
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