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Annual Report and Accounts 2009

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Annual Report and Accounts 2009 Taylor Wimpey plc 80 New Bond Street London Annual Report and Accounts 2009 W1S 1SB Annual Report and Accounts 2009 Tauro Offset is a PEFC certified stock that is produced from virgin wood fibre sourced mainly from Germany, Canada and Sweden. It is bleached using a Totally Chlorine Free process and can be disposed of by recycling, incineration for energy and composting. It is produced in a mill that is certified to the ISO14001 environmental management standard. The printing of this report is CarbonNeutral®. 113 Principal Operating Addresses Directors’ Report: Business Review UK Taylor Wimpey plc 02 Business Overview Operational and financial 80 New Bond Street 04 Chairman’s Statement performance in 2009 and prospects for 2010. London 06 Group Chief Executive’s Review W1S 1SB 07 Our Strategy Tel: +44 (0)20 7355 8100 09 Our Group Key Performance Indicators Fax: +44 (0)20 7355 8197 11 Principal Risks and Uncertainties E-mail: [email protected] 13 UK Housing www.taylorwimpeyplc.com 19 North America Housing Registered in England and Wales 24 Spain and Gibraltar Housing number 296805 25 Our Corporate Responsibility Approach Taylor Wimpey UK Ltd. Gate House 28 Group Financial Review Turnpike Road High Wycombe Buckinghamshire HP12 3NR Tel: +44 (0)1494 558323 Directors’ Report: Governance Fax: +44 (0)1494 885663 32 Board of Directors Information regarding the Board Spain and Gibraltar 34 Corporate Governance Report and how they run the business Taylor Woodrow de España S.A.U. for the benefit of shareholders. C/Aragon, 223-223A 41 Remuneration Report 07008 Palma de Mallorca 51 Statutory, Regulatory and Other Formal Information Mallorca Spain Tel: +00 (34)971 706 570 Fax: +00 (34)971 706 565 Taylor Woodrow (Gibraltar) Ltd. Financial Statements 4/5 The Boardwalk Tradewinds 55 Independent Auditors’ Report Detailed analysis of our Marina Bay Road 56 Consolidated Income Statement financial performance. Gibraltar 57 Consolidated Statement of Comprehensive Income Tel: +00 (350) 78780 58 Consolidated Balance Sheet Fax: +00 (350) 75529 59 Consolidated Statement of Changes in Equity North America 60 Consolidated Cash Flow Statement Taylor Morrison, Inc. 61 Notes to the Consolidated Financial Statements 4900 North Scottsdale Road Suite 2000 95 Independent Auditors’ Report More information Scottsdale 96 Company Balance Sheet Arizona 85251 97 Notes to the Company Financial Statements USA Look out for this 103 Particulars of Principal Subsidiary Undertakings Tel: +00 (1) 480 840 8100 icon where you 104 Five Year Review Fax: +00 (1) 480 840 8156 can be directed to more information. Details of all our operating locations More on-line are available on our Web site www.taylorwimpeyplc.com Shareholder Information www.taylorwimpeyplc.com Our Web site contains a 105 Notice of Meeting Information regarding the Annual wide variety of additional 107 Notes to the Notice of Meeting General Meeting, your shares and information about the how to contact us. Group, along with 112 Shareholder Facilities links to our sites 113 Principal Operating Addresses for home buyers. TW012_01-p05_AW.qxp:Layout 1 17/3/10 08:35 Page 1 Directors’ Report Directors’ Report Financial Business Review Governance Statements 1 Taylor Wimpey plc is a focused homebuilding company with operations in the UK, North America, Spain and Gibraltar. We aim to be the homebuilder of choice for customers, employees, shareholders and communities. Our 2009 financial performance 2009 2008 Revenue – continuing (£m) 2,595.6 3,467.7 Operating profit* – continuing (£m) 43.3 96.3 Loss before tax and exceptional items – continuing (£m) (96.1) (74.7) Exceptional items – before tax (£m) (603.8) (1,895.0) Loss for the year – total Group (£m) (640.6) (1,840.0) Adjusted loss per share – continuing (p)† (4.3) (7.2) Loss per share – continuing operations (p)† (25.1) (136.5) Tangible net assets per share (p)†† 47 120 Year-end net debt (£m) 750.9 1,529.3 * Profit on ordinary activities before finance costs, exceptional items, brand amortisation and tax, after share of results of joint ventures. † 2008 figures have been restated to reflect the issue of new shares during 2009. †† Tangible net assets per share is defined as net assets excluding goodwill and intangible assets divided by the number of shares in issue at the period end. The 2008 figure has been restated to reflect the issue of new shares during 2009. www.taylorwimpeyplc.com TW012_01-p05_AW.qxp:Layout 1 17/3/10 08:35 Page 2 2 Directors’ Report: Business Review Business Overview UK Housing Overview We build a wide range of homes in the UK, from one bed Taylor Wimpey is one of the apartments to five bedroom houses, with prices ranging largest homebuilders in the from below £100,000 up to £500,000. UK with national coverage We also build affordable housing across the UK, which from 23 regional offices and represented 17% of our 2009 completions. TW City specialist projects. We operate as Taylor Wimpey in the UK and are phasing out the legacy Bryant Homes and George Wimpey brands. For more information see pages 13 to 18 North America Housing Overview Our homes in North America range from high-rise Taylor Morrison is a top 10 homebuilder in the apartments in Toronto to full service country club homes United States and also operates in Ontario, Canada. in Florida and from entry level to luxury homes. Our prices range from below £75,000 to above £500,000. Average selling prices vary by geography from £115,000 in Arizona to £228,000 in California. In the United States we sell homes under the Taylor Morrison brand and our business in Canada trades under the Monarch brand. For more information see pages 19 to 23 Spain and Gibraltar Overview Our business in Spain is primarily focused on developing sites Taylor Wimpey operates in three regions in popular locations. in Spain and also in Gibraltar. We announced during 2008 that we are planning to exit our Gibraltar business, which operates in the luxury apartment market. For more information see page 24 We have introduced the Taylor Wimpey brand in our operations in Spain. Taylor Wimpey plc Annual Report & Accounts 2009 TW012_01-p05_AW.qxp:Layout 1 17/3/10 08:35 Page 3 Directors’ Report Directors’ Report Financial Business Review Governance Statements 3 Key highlights Market conditions Short term priorities Following a sharp decline • Deliver competitive offers Completions Proportion of commencing in the second in each local market quarter of 2008, trading Group revenue • Reduce build costs through conditions in the UK saw merger savings, lower labour greater stability over the 10,186 and materials costs and value course of 2009. engineering of sites National house price indices • Replan existing sites with show price increases for 2009, detailed planning consents Average selling price affordability has improved and 65.5% to change product mix and industry volumes are increasing reduce planning obligations gradually from very low levels. £160k • Add new plots to the landbank Although mortgage availability on attractive terms remains restricted, there have been signs of easing over Average outlets recent months. 343 Key highlights Market conditions Short term priorities After a weak first quarter of 2009, • Drive sensible sales rates Completions Proportion of the US housing market showed for each site continued stability. Group revenue • Retain build cost and The sharp price declines seen overhead savings 4,755 since late 2005 have resulted in • Maintain reduced level of record levels of affordability in our investment in land and work in US markets and the number of progress spend where months of supply of both new appropriate Average selling price 31.8% and existing homes continues to reduce. • Grow market share in our key markets £171k Although foreclosures remain a potential issue, they have not had an incremental negative impact in recent months and Average outlets prices have remained stable. The US Government has recently extended its first time homebuyer 172 tax credit to the end of April 2010. The more robust economic conditions in Canada are persisting and this is reflected in a stronger housing market. Key highlights More on-line Completions Average selling price Average outlets www.taylorwimpeyplc.com 225 £260k 18 Our Web site contains a wide variety of additional information about the Group. www.taylorwimpeyplc.com TW012_01-p05_AW.qxp:Layout 1 17/3/10 08:35 Page 4 4 Directors’ Report: Business Review Chairman’s Statement A year of stabilisation After an exceptionally challenging year in 2008, 2009 has delivered greater stability. The Group has taken decisive action to strengthen its financial position over the course of the year. As reported in last year’s Annual Report and Accounts, we reached agreement with all of our debt providers to amend our debt facilities in April 2009. We subsequently raised £510m of new equity, net of expenses, in June 2009 with the proceeds being used to reduce the level of the Company’s debt. The UK housing market has delivered a better performance in 2009 than it did in 2008, with the Nationwide House Price Index recording an increase in house prices of 5.9% for the year as a whole. Norman Askew Affordability is now much better for first Chairman time buyers and industry volumes are After an exceptionally increasing gradually from very low levels. challenging year Although mortgage availability remains at very low levels there have been signs of in 2008, we have the situation easing over recent months. taken decisive After a weak first quarter of 2009, the US housing market has shown continued action in 2009 stability. The sharp price declines seen to strengthen since late 2005 have resulted in record levels of affordability in our US markets the Group’s and the number of months of supply of both new and existing homes continues financial position.
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