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Annual Report 2013 Berkeley Group Annual Report 2012

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Annual Report 2013 Berkeley Group Annual Report 2012 SPINE BACK COVER 8.5mm FRONT COVER Annual Report 2013 Berkeley Group Berkeley Group Annual Report 2012 Annual Report The Berkeley Group Holdings plc Berkeley House 19 Portsmouth Road Cobham Surrey KT11 1JG UK T +44 (0)1932 868555 F +44 (0)1932 868 667 www.berkeleygroup.co.uk Design by Hunter Design Printed in England by Crystal This report is printed on EBB Chromomat Our vision for the future 9597_001_RA_2013_Cover_AW.indd 1-3 22/07/2013 14:37 SPINE 8.5mm SPINE INSIDE FRONT 8.5mm INSIDE BACK CONTENTS Highlights Financials About this report 1 Who We Are and What We Do 86 Independent Auditors’ report on the Welcome to the Annual Report of The 2 Business Performance consolidated financial statements Berkeley Group Holdings plc (“the Berkeley 3 Chairman’s Statement 87 Consolidated income statement Group” or “Berkeley”), a publicly owned 4 Running a Sustainable Business Consolidated statement of company, listed on the London Stock 5 Managing Director’s Statement comprehensive income Exchange within the FTSE 250. In this 88 Consolidated statement of report, we give an overview of Berkeley’s Building Homes for Everyone financial position performance this year in the Highlights 89 Consolidated statement of changes section followed by a showcase of our 6 Building Homes for Everyone in equity portfolio of developments in London and 90 Consolidated cash flow statement Running a Sustainable Business the South of England in Building Homes for 91 Notes to the consolidated financial Everyone, before explaining how we operate 22 Running a Sustainable Business statements in Running a Sustainable Business and a 110 Independent Auditors’ report on review of the year in our Trading and Financial Trading And Financial Review the Company financial statements Review. Our Governance section and the 111 Company balance sheet detailed Financials accompanied by a report 41 Trading Review 112 Notes to the Company financial from the Group’s auditors, complete the 47 Financial Review statements Annual Report. 52 Berkeley’s Principal Operating Risks 115 Five year summary 116 Financial diary, registered office Governance and advisors 56 Board of Directors 58 Directors’ Report 61 Remuneration Report 78 Corporate Governance Report This page: Fulham Reach, Hammersmith Cover: Beaufort Park, Hendon One Blackfriars This image is computer This image is computer generated and indicative only. generated and indicative only. 9597_001_RA_2013_Cover_AW.indd 4-6 22/07/2013 14:37 SPINE 8.5mm HIGHLIGHTSHighlights HIG H LIG H TS WHO WE ARE AND WHAT WE DO BUIL DI The Berkeley Group Holdings plc NG (“Berkeley”) is a developer of residential- FOR HOMES led, mixed-use schemes, with a history of creating successful, sustainable places. EV ER Berkeley builds homes and YONE neighbourhoods in its core markets of R London and the South of England where UNN its knowledge, expertise and proven track ING A SU record, with over thirty years of experience in this market, gives it an unrivalled ability STAI N to deliver new homes and communities. AB LE BU Berkeley will continue to forward sell SI N its developments wherever possible, ESS maintaining a strong balance sheet and TRADI keeping financial risk low in order to NG mitigate the operating risks of delivery & FI and carefully allocating capital to the NAN right projects at the right time, matching CIAL RE supply to demand wherever it can. V IEW GOVERNANCE FI NAN CIA LS LS Proud to be a member of the Berkeley Group of Companies BERKELEY ANNUAL REPORT 2013 1 9597_001_RA_2013_Front_AW.indd 1 22/07/2013 15:20 HIGHLIGHTS BUSINESS PERFORMANCE This year’s performance is a direct result of a period of sustained investment since early 2009 during which we have committed over £1.0 billion to new land and £2.4 billion to construction, delivering over 12,000 new homes in London and the South of England. Profit before tax Earnings per share £270.7 million 160.0 pence 2010 £110.3m 2010 60.0p 2011 £136.2m 2011 72.1p 2012 £214.8m 2012 121.0p 2013 £270.7m 2013 160.0p Return on equity Cash due on forward sales 22.4% £1,453 million 2010 13.3% 2010 £648m 2011 15.3% 2011 £814m 2012 21.2% 2012 £1,056m 2013 22.4% 2013 £1,453m Net asset value per share Land bank estimated future gross margin 1,009 pence £2,852 million 2010 637p 2010 £2,038m 2011 709p 2011 £2,304m 2012 839p 2012 £2,580m 2013 1,009p 2013 £2,852m 2 BERKELEY ANNUAL REPORT 2013 9597_001_RA_2013_Front_AW.indd 2 22/07/2013 15:20 HIGHLIGHTS HIGHLIGHTS CHAIRMAN’S STATEMENT BUILDING HOMES FOR EVERYONE BUILDING HOMES FOR EVERYONE “I am delighted to report a strong set of results must be central to the way we operate, and we which underline the benefit of a strategy aligned have sought to build partnerships, create jobs and with a cyclical market. A combination of 32% growth engage better with local communities across all in earnings in the year, an increase in cash due on of the business. In addition, through the Berkeley forward sales to over £1.4 billion and continued Foundation, we have now committed nearly growth of the land bank means that Berkeley £3 million to more than 40 charities since 2011 and remains on track to meet the first £568 million delivered new jobs and skills training, helping tackle milestone payment by September 2015 under its important issues such as homelessness. I want to ten year plan to return £1.7 billion to shareholders. ensure that Berkeley embraces its role to build trust and empathy with its stakeholders and the In this context, I am pleased to report that the wider community and helps create employment Board has declared a further interim dividend of opportunities for those who most need it. 59 pence per share, payable in September 2013, which will count towards the first return and follows I am delighted with the contribution of our BUSINESS RUNNING A SUSTAINABLE the payment of an interim dividend of 15 pence workforce to this year’s strong performance. per share in April 2013. Berkeley’s success is a direct result of the passion and dedication shown by all of our employees and The growth in earnings this year is a direct result I would like to take this opportunity to thank them of a period of sustained investment since early for this. Their loyalty and hard work, across every 2009 during which Berkeley has committed site and every discipline, is the driving force over £1 billion to new land and £2.4 billion to behind the business and gives the company the construction and completed over 12,000 new stability and expertise which makes it strong. homes in London and the South of England. This investment has enabled us to regenerate derelict In terms of the Board, I am pleased to announce sites across the region, sustaining 16,000 jobs that Adrian Li will join the Company as a through increased activity and committing some Non-executive Director with effect from the Annual £250 million towards crucial local infrastructure General Meeting. Adrian is currently the Deputy improvements including schools, surgeries, parks Chief Executive of The Bank of East Asia Limited. and playgrounds. An increasing supply of new and Alan Coppin has announced his intention to step affordable homes is crucial to supporting economic down as a Non-executive Director at the Annual TRADING & FINANCIAL REVIEW recovery and needs inward investment to support General Meeting on 2 September 2013, having and finance this. London in particular must remain served on the Board since 2006. I would like to competitive on a global scale because it can and thank Alan for his contribution to the Company does attract investment from around the world and and welcome Adrian to the Board. it is this investment which finances the provision of new homes of every tenure and in every price range. We have positioned Berkeley with a clear, sustainable long-term plan. I am confident that Throughout this period of sustained growth, Berkeley can meet its objectives for delivering Berkeley has remained aware that it needs to returns to shareholders, but mindful of the risks balance its aims to be successful and sustainable that geopolitical events, regulation, increases in with a social purpose. The challenges of creating taxation alongside an uncertain future tax policy exceptional places have given us a unique insight and even anti-competitive rhetoric can have on into how a company can create economic value the business and the wider housing market.” in a way that also creates value for society. We GOVERNANCE understand that the pursuit of a “shared value” Tony Pidgley CBE Chairman FINANCIALS “We have positioned Berkeley with a clear, sustainable long-term plan” BERKELEY ANNUAL REPORT 2013 3 HIGHLIGHTS RUNNING A SUSTAINABLE BUSINESS Berkeley’s business is run with long-term sustainable success at its heart, from its corporate strategy and commitments to shareholders, to the framework and objectives set for its people across every discipline of the business. An integrated business strategy is essential to achieve this. Running a sustainable business Remaining one of the most successful and sustainable businesses in Britain Operations Homes Places Customers Running our business Developing high Creating great places Providing exceptional service efficiently and considerately quality, well-designed where people enjoy a good to our customers throughout and working with our homes with low quality of life, now and the purchasing process supply chain environmental impact in the future and after completion Our people Retaining a highly skilled and passionate workforce who work in a safe and supportive environment and help
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