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Barratt Developments PLC Report & Accounts 2004

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Barratt Developments PLC Report & Accounts 2004 Barratt Report & Accounts 2004 Financial Highlights Consistent growth has been achieved across all key financial performance indicators. 367.7 111.4 288.7 89.1 68.6 220.0 55.1 178.4 143.9 43.3 00 01 02 03 04 00 01 02 03 04 Pre-tax Profits £m Basic Earnings Per Share pence Year ended 30 June Year ended 30 June 366.4 14,021 290.5 13,304 12,250 11,310 10,636 223.3 183.8 150.0 00 01 02 03 04 00 01 02 03 04 UK Housing Operating Profit £m UK Legal Completions Units Year ended 30 June Year ended 30 June 2,327 49.4 45.3 2,033 40.1 1,660 35.1 31.7 1,391 1,165 00 01 02 03 04 00 01 02 03 04 UK Housing Turnover £m UK Land Bank 000’s plots 2 Year ended 30 June Year ended 30 June Contents Barratt Developments PLC Annual Report and Accounts for the year ended 30 June 2004. Registered in England No. 604574. Chairman's Statement 4-5 Group Balance Sheet 39 Group Chief Executive’s Review 6-18 Group Cash Flow Statement 40 Award Winners 19-21 Accounting Policies 41 Directors and Professional Advisers 22 Notes to the Accounts 42-50 Notice of Annual General Meeting 23 Company Balance Sheet 51 Directors' Report 24-30 Five Year Record and Financial Calendar 52 Remuneration Report 31-37 Auditors' Report 53 Group Profit and Loss Account 38 Group Structure and Directory 54-55 Statement of Total Recognised Gains and Losses 38 Main cover image and below: Crown Heights, Basingstoke. This major urban regeneration project provided 288 homes, plus retail and leisure facilities. 3 • UK land stocks owned and contracted increased to 49,355 plots. Together with an additional 7,000 plots agreed this brings the total land bank to 56,355 – four years’ supply at current volumes. • Reflecting our constant focus on cash management, we had net cash in hand at the year end of £189.7m (2003: £81.6m cash in Charles Toner, Group Chairman, hand). This was achieved Barratt Developments PLC. notwithstanding a £249m We are also well placed for the increased investment in land Chairman’s future, having ended the financial stocks and work in progress. Statement year with forward sales of £880m, • Return on average capital up 10%. With further sales progress employed improved again, to 37% Once again, I am very since 1st July 2004, forward sales (2003: 34%), which maintains our now stand at £1bn which, together position amongst the highest in the pleased to report the with completions to date, already industry. Group has achieved record secures 55% of our full year These excellent results demonstrate requirement. results with growth in the success of our organic growth both volume and margins, Key features of the results for the strategy and the continuing generating £367.7m pre- year ended 30th June 2004 are as strengthening of our business across follows:- all areas of operation. tax profit and increasing earnings per share by • UK completions rose to a total of We greatly benefited from our total 14,021, up 5%, at an average geographic spread and by selling to 25%. This excellent all- selling price of £166,000, up 9%. all market sectors at prices from round performance £80,000 to £1.7m, with an average • More than 11,000 homes were selling price of £166,000. All of our delivered our 12th year of completed on brownfield sites. regional markets across Britain consistent growth and • Turnover rose to £2,516m against remain sound and all produced maintained our record of £2,171m the previous year, an increased sales and profits. As increasing earnings per increase of 16%. anticipated, the market has moderated in recent months but • Pre-tax profit amounted to share by over 20% per continues to perform satisfactorily £367.7m against £288.7m the annum. In addition, for and in line with expectations. previous year, an increase of 27%. the second year running, Demand remains underpinned by low • Basic earnings per share amounted unemployment, interest rates which we completed more to 111.4p against 89.1p the are still historically low and restricted homes in total, and more previous year, an increase of 25%. supply due to planning constraints. on brownfield sites, than • A final dividend of 14.68p per We continue to demonstrate our any other housebuilder. share will be recommended commitment and ability to grow the (payable on 19th November 2004 business organically, which is largely to shareholders on the register on attributable to our land buying, 22nd October 2004) against design and planning, and urban 12.32p the previous year. This regeneration skills. Together with our gives a total dividend for the year national coverage, these enable us to of 21.58p, an increase of 25%, take advantage of a greater range of 5.2 times covered. This rate of land and development opportunities increase reflects the progress of and the Government’s emphasis on our Group and the confidence of urban regeneration. the Board in our future prospects. 4 Our Southern California division the Board, I would like to thank all forward sales and we will continue to increased operating profits from of our colleagues throughout the benefit from our full geographic £10.7m to £18.9m, before an Group, both office and site based, for coverage, wide product range and our impairment provision of £7.5m, from all their hard work. Our record track record in urban regeneration. 702 completions and turnover of results would certainly not be These strengths enable us to adapt £172.9m. On 30th August 2004 we achieved without their skills and to changes in market conditions and, completed the disposal of this small enthusiasm. together with our strong financial part of our total Group operation. position, ensure we can target further This was a strategic decision which Looking to the future, we are very steady organic growth across the will now enable us to focus on our well placed to build on our proven country. UK operations. record. Recent interest rate rises have moderated the market and We are pleased to welcome a new brought a welcome return to more non-executive director, Mr Bob normal trading conditions which Davies, who joined the Board in May. should be sustainable and sufficient Mr Davies is the Chief Executive of for us to achieve our goals. Arriva plc and brings with him a Difficulties in the planning system wealth of experience in the business will ensure the supply of new homes sector. cannot meet pent-up demand and Our strong management team across this will also continue to underpin the market going forward. We have a Britain has, once again, demonstrated Charles Toner, its ability to succeed. On behalf of high quality land bank, strong Group Chairman 22 September 2004 Kew Meadows, Kew, Surrey. This small-scale development, on a brownfield site in West London, provided 14 luxury apartments and townhouses and is now fully sold. 5 David Pretty, Group Chief Executive, Barratt Developments PLC, at Visage, Swiss Cottage, London NW3. Group Chief Another excellent team Executive’s performance has again produced a very successful year for the Group. Review All key statistics improved and our 12th consecutive year of organic growth was achieved. Over the past 12 years – when national housing completions remained largely static – Barratt has tripled production and market share. In addition, for the second year running, we completed more new homes in total – and more on brownfield land – than any other housebuilder. We remain committed to further steady growth and will have the capacity to increase production towards 20,000 homes a year by 2010. We have confidence in the underlying fundamental strength of the housing market and our proven ability to increase production to help satisfy the nation’s growing housing needs. Subject to market conditions, we plan to undertake £5bn of urban regeneration projects over the next 3 years, of which £500m will be targeted at social housing. 6 UK Housing operating margin continuing to completions in Scotland, the North increase, from 14.3% to 15.7%. and Midlands and 49% in the South. We completed 14,021 new homes in This improvement reflects the the UK, an increase of 5%. This benefits of continued sales We remain committed to strong cost helped to increase Group turnover by momentum, strengthened revenues, control and maintained 16% to a new record of £2,516m improved overhead recovery, strict administration overheads at 3% of which, combined with a further control of all costs and more revenue, again one of the lowest in improvement in our margin, stringent land acquisition criteria. the industry. We continue to benefit produced a record Group pre-tax from the strength of our long- profit of £367.7m, an increase of Our average private selling price rose standing national purchasing 27%. 10% from £158,600 to £173,900, agreements with our main suppliers. again partially reflecting growth These helped us contain increases in The operating profit from our core south of the Midlands. Our total the year just ended to 5% and we UK housing activity increased to geographic spread has, however, would not expect that increase to be £366.4m, up 26%, with the been maintained with 51% of exceeded this year. Sovereign Quay, Cardiff Bay. This award-winning development in a high-profile location provided 60 apartments, which are now all sold. 7 Group Chief Executive’s Review Housing Market affordability. A more stable market Geographic and Product Diversity will also provide a firm foundation for All of our regions remain sound, our future growth.
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