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Developing the and Creating the That Needs

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Developing the and Creating the That Needs TELFORD HOMES PLC ANNUAL REPORT 2018 DEVELOPING THE HOMESAND CREATING THE PLACESTHAT LONDONNEEDS ANNUAL REPORT 2018 TELFORD HOMES PLC OVERVIEW STRATEGIC REPORT Annual Report 2018 01–03 04–47 CONTENTS OVERVIEW HIGHLIGHTS OF THE YEAR 01 AT A GLANCE 02 INVESTMENT CASE 02 STRATEGIC REPORT WHAT WE DO 06 BUSINESS MODEL 12 AMBITION AND STRATEGY 14 MARKET OVERVIEW 16 CHIEF EXECUTIVE'S REVIEW 18 FINANCIAL REVIEW 26 KEY PERFORMANCE INDICATORS 34 PRINCIPAL RISKS AND 36 UNCERTAINTIES OUR PEOPLE 40 DEVELOPMENT AND TRAINING 42 HEALTH AND SAFETY 44 SUSTAINABILITY 46 GOVERNANCE BOARD OF DIRECTORS 50 CORPORATE GOVERNANCE 52 REPORT STATEMENT OF DIRECTORS’ 55 RESPONSIBILITIES AUDIT COMMITTEE REPORT 56 REMUNERATION COMMITTEE 58 REPORT DIRECTORS’ REPORT 66 KEY MANAGEMENT INFORMATION GROUP INCOME STATEMENT 70 GROUP BALANCE SHEET 71 FINANCIAL STATEMENTS GROUP INCOME STATEMENT 74 GROUP STATEMENT OF 74 COMPREHENSIVE INCOME BALANCE SHEET 75 STATEMENT OF CHANGES 76 IN EQUITY CASH FLOW STATEMENT 77 STATEMENT OF ACCOUNTING 78 POLICIES NOTES TO THE FINANCIAL 83 STATEMENTS OTHER SIGNIFICANT INTERESTS 109 INDEPENDENT AUDITORS' REPORT 110 ADVISORS 114 Denotes a computer generated image GOVERNANCE KEY MANAGEMENT INFORMATION FINANCIAL STATEMENTS 48–67 68–71 72–114 01 HIGHLIGHTS £316.2m £46.0m £291.9m OUR £245.6m £34.1m £32.2m AWARD £173.5m £25.1m £140.8m £19.2m WINNING YEAR 14 15 16 17 18 14 15 16 17 18 TOTAL REVENUE TOTAL PROFIT BEFORE TAX £316.2m £46.0m 2017: £291.9m 2017: £34.1m ADJUSTED GROSS MARGIN GEARING 26.5% 44.6% 2017: 22.3% 2017: 7.0% ADJUSTED OPERATING MARGIN DEVELOPMENT PIPELINE 16.7% £1.3 bn 2017: 13.4% 2017: £1.5bn EARNINGS PER SHARE FORWARD SALES 49.8p £344m 2017: 36.8p 2017: £546m DIVIDEND CUSTOMER PER SHARE RECOMMENDATION RATE 17.0 p 100% 2017: 15.7p 2017: 99% Telford Homes Plc use a range of statutory performance measures in accordance with Generally Accepted Accounting Principles (GAAP) and alternative performance measures (APMs) when reviewing the performance of the Group against its strategy. As a result, all highlights include the Group’s share of joint venture results. Statutory revenue in accordance with GAAP is £294.8 million (2017: £266.0 million) and profit before tax is £46.3 million (2017: £34.6 million). Definitions of APMs and detailed calculations and reconciliations to statutory figures can be found in note 22. For details of the Group’s key performance indicators see pages 34 and 35. View our new corporate video on our website www.telfordhomes.london TELFORD HOMES PLC OVERVIEW STRATEGIC REPORT 02 Annual Report 2018 01–03 04–47 AT A GLANCE ESTABLISHED IN 2000, TELFORD HOMES HAS GROWN TO BECOME ONE OF LONDON’S LARGEST RESIDENTIAL DEVELOPERS Who we are What we do Today we have over 280 employees Telford Homes Plc is a listed Our customers include individual dedicated to developing the homes and developer of residential-led, mixed investors, owner-occupiers, housing creating the places that London needs. use sites in London. associations and, increasingly, institutional investors in the build to rent Our goal is to significantly increase our We focus on brownfield opportunities sector, a growing market in London. output of new homes over the next in locations across London where the few years to help address the chronic need for homes far exceeds supply. Being a valued partner to landowners, shortage in London. housing associations, local authorities, We invest in the communities we create build to rent investors and our supply Our success is driven by keeping our through our sustainability strategy: chain is a key part of Telford Homes’ promises and being a trusted partner ‘Building a Living Legacy’. strong brand reputation, as is looking to everyone we work with. after everyone who works for us. We have extensive knowledge and Meeting the needs of our customers expertise in acquiring land, obtaining and the local community on each planning permissions and designing and development is our central focus from building high quality developments. initial concept to final delivery. Our buildings are bespoke designs consisting of various housing tenures alongside commercial properties and community buildings. INVESTMENT CASE PROVEN MARKET STRONG KNOWLEDGE STRATEGY OPPORTUNITY PARTNERSHIPS & EXPERIENCE Focus on non-prime Chronic shortage of homes A respected partner to our A highly motivated team locations across London in London and increasing stakeholders, encouraging with extensive experience and forward selling to build to rent investor new opportunities to work of planning and complex de-risk. demand. together. construction in London. Read about our strategy on Read our market overview on See our business model on Read about our Board of directors page 14 page 16 page 12 page 50 GOVERNANCE KEY MANAGEMENT INFORMATION FINANCIAL STATEMENTS 48–67 68–71 72–114 03 E8 A completed mixed use development of 101 open market homes and a new primary school. It received nine awards in 2017 alone, including a Housing Design Award. SUBSTANTIAL DE-RISKED QUALITY GROWING PIPELINE SALES & SERVICE BUSINESS Development pipeline Forward sales secured of Delivering quality homes to Driving significant pre-tax of over 4,000 homes £344 million giving visibility a diverse customer mix with profit growth and paying representing £1.3 billion over future cash flows and an 100% recommendation an increasing dividend to of future revenue. profits. rate in 2017. shareholders. See our Chief Executive’s review See our Financial review See our Chief Executive’s review See our Chief Executive’s review page 18 page 26 page 18 page 18 TELFORD HOMES PLC OVERVIEW STRATEGIC REPORT 04 Annual Report 2018 01–03 04–47 GOVERNANCE KEY MANAGEMENT INFORMATION FINANCIAL STATEMENTS 48–67 68–71 72–114 05 STRATEGIC REPORT WHAT WE DO 06 BUSINESS MODEL 12 AMBITION AND STRATEGY 14 MARKET OVERVIEW 16 CHIEF EXECUTIVE’S REVIEW 18 FINANCIAL REVIEW 26 KEY PERFORMANCE INDICATORS 34 PRINCIPAL RISKS AND UNCERTAINTIES 36 OUR PEOPLE 40 DEVELOPMENT AND TRAINING 42 HEALTH AND SAFETY 44 SUSTAINABILITY 46 TELFORD HOMES PLC OVERVIEW STRATEGIC REPORT 06 Annual Report 2018 01–03 04–47 LAND ACQUISITIONWE BUY BROWNFIELD SITES IN LONDON IN NON-PRIME LOCATIONS WHERE DEMAND EXCEEDS SUPPLY PLANNINGWE USE OUR IN-DEPTH KNOWLEDGE OF EACH BOROUGH TO WORK WITH THEIR PLANNING TEAMS AND PROVIDE IMAGINATIVE CONCEPTS THAT ALIGN WITH POLICY GOVERNANCE KEY MANAGEMENT INFORMATION FINANCIAL STATEMENTS 48–67 68–71 72–114 07 NW6 SOUTH KILBURN Through the London Development Panel, in 2017, the Group was selected by the London Borough of Brent as their partner to redevelop a significant 3.2 acre site for 236 homes located close to Kilburn Park station. South Kilburn is undergoing major regeneration and our involvement represents an exciting new relationship with Brent and our first development in the borough. Work is underway on site with completion anticipated in 2021. NUMBER OF PERCENTAGE OF DUE FOR HOMES AFFORDABLE HOMES COMPLETION 236 47% 2021 WE HAVE SOLD LAND TO TELFORD HOMES ON A NUMBER OF OCCASIONS AND THEY HAVE BEHAVED IMPECCABLY AND AT PACE ON EACH AND EVERY OCCASION. DARREN ARNOLD DIRECTOR, DEVELOPMENT, SAVILLS TELFORD HOMES PLC OVERVIEW STRATEGIC REPORT 08 Annual Report 2018 01–03 04–47 DESIGNWE CREATE DEVELOPMENTS THAT FIT IN WITH LOCAL COMMUNITIES AND MEET THE NEEDS OF OUR CUSTOMERS CONSTRUCTION WE CONTROL THE CONSTRUCTION PROCESS WITH OUR EXTENSIVE IN-HOUSE EXPERTISE, ACTING AS MAIN CONTRACTOR TO DELIVER A QUALITY PRODUCT ON PROGRAMME GOVERNANCE KEY MANAGEMENT INFORMATION FINANCIAL STATEMENTS 48–67 68–71 72–114 09 N4 CITY NORTH City North is a mixed use development that is being delivered through a joint venture with the Business Design Centre. It features 355 new homes and 109,000 sq.ft of commercial space and is due for completion in 2020. We have developed the detailed design and are constructing the scheme. We are working with London Underground and Network Rail to provide an enhanced station at Finsbury Park with step-free access. NUMBER OF COMMERCIAL DUE FOR HOMES SPACE (SQ.FT) COMPLETION 355 109,000 2020 CITY NORTH HAS BEEN CAREFULLY CONSIDERED IN TERMS OF ITS DESIGN AND CONSTRUCTION BY THE TELFORD HOMES TEAM. DOMINIC JONES CHIEF EXECUTIVE, BUSINESS DESIGN CENTRE GROUP LTD TELFORD HOMES PLC OVERVIEW STRATEGIC REPORT 10 Annual Report 2018 01–03 04–47 SALES BALANCING A MIX OF INDIVIDUAL INVESTORS, OWNER-OCCUPIERS AND BUILD TO RENT INVESTORS ALONGSIDE AFFORDABLE HOUSING PROVIDERS CUSTOMERS OUR STRONG FOCUS ON QUALITY AND CUSTOMER SERVICE IS DEMONSTRATED BY OUR 100 PER CENT CUSTOMER RECOMMENDATION RATE IN 2017 GOVERNANCE KEY MANAGEMENT INFORMATION FINANCIAL STATEMENTS 48–67 68–71 72–114 11 E15 NEW GARDEN QUARTER We secured detailed planning consent for this mixed use scheme on Olympic legacy land. In a joint venture with Notting Hill Housing Group (NHHG), we are developing 471 homes and over 10,000 sq.ft of commercial space. The first phase of 286 homes have been sold to Folio London for build to rent and NHHG for affordable homes. In the second phase, the Group successfully launched the homes for sale in January 2018 securing over 100 reservations. NUMBER OF LAND PRICE DUE FOR HOMES COMPLETION 471 £44m 2019 WE ARE VERY CONFIDENT THAT THE HOMES FOR MARKET RENT AT NEW GARDEN QUARTER WILL BE IN HIGH DEMAND GIVEN THE HIGH QUALITY OF PRODUCT SPECIFICATION AND FINISH. LIZZIE STEVENS, DIRECTOR OF MARKET RENT, FOLIO LONDON TELFORD HOMES PLC OVERVIEW STRATEGIC REPORT 12 Annual Report 2018 01–03 04–47 BUSINESS MODEL OUR STRAIGHTFORWARD BUSINESS MODEL HAS CONSISTENTLY DELIVERED VALUE TO OUR STAKEHOLDERS Our key resources What we do and relationships RESOURCES LAND ACQUISITION Brownfield sites in London, with or without planning in Land non-prime locations where demand exceeds supply. Knowledge Construction expertise Our people PLANNING Respected brand Using our knowledge of each borough to work with their planning teams and provide imaginative concepts that align with policy.
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