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Annual R Eport & a Ccounts 2020

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Annual R Eport & a Ccounts 2020 Chairman’s Letter CEO’s Review CFO’s Review Business Model & Strategy Governance Financial Statements Annual Report & Accounts 2020 Accounts & Annual Report Chairman’s Letter CEO’s Review CFO’s Review Business Model & Strategy Governance Financial Statements Building high quality homes for where and how our customers Marina Village Greystones, Co. Wicklow want to live. Chairman’s Letter CEO’s Review CFO’s Review Business Model & Strategy Governance Financial Statements 3 CONTENTS Silver Banks Stamullen, Co. Meath Glenveagh at a Glance 4 Chairman’s Letter 6 CEO’s Review 10 CFO’s Review 14 Our KPIs 19 Silver Banks Business Model & Strategy Stamullen, Co. Meath Strategic Report 22 Business Units 32 Development Risk Management Report 38 Town, County Sustainability Report 50 Governance Cluain Adain Clonmagadden, Navan Corporate Governance Report 102 Audit and Risk Committee Report 110 Remuneration Committee Report 116 ACCESS QUALITY INNOVATION Nomination Committee Report 136 We are giving more people We do not compromise on We achieve quality and Board of Directors 138 the opportunity of owning quality. We build homes greater accessibility to Directors’ Report 141 their own new home — that last, are energy new homes by relentlessly Building where they want efficient, and are designed innovating the way we Financial Statements 147 to live and at a price that is for the way that people plan, design and build. We more affordable. live today. bring new ideas home. Company Information 208 Chairman’s Letter CEO’s Review CFO’s Review Business Model & Strategy Governance Financial Statements 4 Glenveagh Properties PLC Annual Report and Accounts 2020 Glenveagh at a Glance 5 GLENVEAGH AT Our vision is that everyone should have the A GLANCE opportunity to access great value, high-quality homes in flourishing communities across Ireland. € Financials 2020 Construction 2020 €232.3m 14.1% €36.0m 18 3 Net cash at Revenue Core gross margin % Active Site openings 31 December construction sites €29.8m €821.2m 100% Underlying Inventory at Next year's deliveries Gross Profit* 31 December from existing sites Sales Activity 2020 Land Utilisation On track to deliver greater land utilisation 16 700 950 Selling sites Unit completions Units sold, signed €710m or reserved** On track to deliver €668m €659m >€100m reduction in landbank(1) €311K 96% €619m €610m ASP Pricing <€450k*** Targeting a Maximum of June December June December 2021 5-year Landbank at Scale * Pre-asset impairment of €20.3 million in H1 2020 2019 2019 2020 2020 Target ** At Annual Report approval date *** Suburban portfolio at year end Notes: (1) vs June 2019 Chairman’s Letter CEO’s Review CFO’s Review Business Model & Strategy Governance Financial Statements 6 Glenveagh Properties PLC Annual Report and Accounts 2020 Chairman's Letter 7 CHAIRMAN’S LETTER Marina Village Greystones, I am pleased to present our Annual Co. Wicklow Report for the year ended 31 December 2020. The Company’s successful Our Culture performance in 2020, despite a challenging operating environment, demonstrates that we continue to Innovative Customer- Safety Led Collaborative Can-Do Environment implement the right strategy and Centred provide attractive, affordable and high- Total revenue for the year was €232.3 million (2019: now employs over 300 staff and has a subcontractor quality homes to owner occupiers, local €284.6 million) as the Group delivered for our network of more than 2,000. customers in a pandemic dominated and demanding operational environment with 700 unit sales completed The health and safety of our people is our number one authorities and institutional investors. John Mulcahy (2019: 844). Glenveagh finished the year with almost priority and we work relentlessly to promote a safety- Chairman 700 units contracted or reserved for 2021 (2019: 240) first culture to protect our people and our reputation. providing further evidence of the strong demand and While Glenveagh’s performance was impacted as maturing sales profile within the business. construction sites were closed for six weeks as part of a Government enforced industry-wide lockdown as Purpose and Culture Looking ahead, we expect the market environment to the pandemic initially took hold, we moved quickly to remain favourable with significant owner occupier and develop extensive health and safety protocols in line The Group’s overarching purpose is to build a business that is synonymous with institutional demand for housing, particularly starter with Government and health organisations advice to the provision of access to high quality, energy and thermal efficient homes in homes. Government policy is supportive of increased ensure a safe return to work for our people when sites flourishing communities across Ireland. output from individual sites by bringing a larger cohort began to reopen in May. of buyers into the system via a combination of the The Group has positioned itself as ‘Home of the New’ in Irish residential expanded help-to-buy scheme, shared equity and direct As we continue to scale our operations we will retain, development, not only in how it builds energy and thermal efficient, high purchases. Reflecting confidence in our operational attract and develop the best talent. We will bring quality homes but in how it selects land and partners, how it plans on land, progress, the Group is targeting the delivery of 3,000 the brightest and best minds to the challenge of how it fosters and embeds relationships with communities and how it utilises units per annum by 2024. innovating how we develop, build and market new technology to innovate in delivering on land. homes in Ireland. Our 3,000 unit output target and our approach to The Group has a clear vision which has resulted in the creation of the leading funding our development expenditure reflects the and most sustainable homebuilding platform in Ireland that recognises and Our Broader Sustainability Agenda Group's continued commitment to invest in operational reinforces the pivotal role played by its people in achieving its aims. To this scale and efficiencies that maximise return on capital. Our developments are designed to promote end, the Group has developed a culture that is safety-led, customer-centred, people's health, happiness, and well-being and to collaborative and innovative. create flourishing communities with a sense of place Delivering For Our People and purpose. Business Model Resilience Demonstrated by Strong The Board recognises the significant role the people Operational Performance within our Company have played in delivering our success We take our commitments to environmental and 3,000 to date. We will continue to support and develop our social stewardship seriously. We recognise that our Our clear strategy to target three business areas - Suburban, Urban and people through refining our culture and communicating developments must be affordable not only in the Partnerships – continues to provide the best platform for targeting the deepest, we continue to target what we value as a Company. The implementation of our economic sense, but also in terms of their environmental and most resilient segments of the market. The benefit of this approach is 3,000 units per culture and values extend beyond employees and include and social impact. Our long-term ‘north star’ demonstrated by the Group’s resilient performance during 2020. annum by 2024 our wider subcontractor and supplier base. Glenveagh sustainability objective is to set a new benchmark in our Chairman’s Letter CEO’s Review CFO’s Review Business Model & Strategy Governance Financial Statements 8 Glenveagh Properties PLC Annual Report and Accounts 2020 Chairman’s Letter 9 sector by delivering the maximum possible social benefit Executive Directors and other senior executives within In the market there continues to be at the lowest possible environmental cost. the business have waived their entitlement to any 2020 annual bonus. More junior employees remained a long-term demand for 34,000 We strive to minimise emissions, waste and resource eligible for a bonus although payment depended on use during construction. We design energy and thermal performance against the pre-set targets. As a result of units per annum. We intend to be efficiency into our homes as standard to enable customers the above factors, the remuneration of the Executive to minimise their own carbon footprint. We seek to make Directors is expected to be materially lower in 2020 than the volume operator supplying these the most efficient use of land possible whilst meeting in 2019. We believe this approach is appropriate given customer requirements. In line with this approach, we the circumstances. units to the market. have established a baseline for Scope 1 and Scope 2 emissions and agreed targets for emissions reduction Engagement with Shareholders per unit. (See page 96). The Board recognises the importance of effective engagement with, and active participation from, Governance and Board Composition its shareholders and is committed to building and The Board was deeply saddened this year by the untimely maintaining successful shareholder relationships through death of the Group’s Senior Independent Director, Lady regular and transparent communication. Barbara Judge CBE. Lady Barbara played an integral role in the growth of the Group from her appointment at IPO This commitment is formalised through the Group’s and on behalf of the Board, I would like to extend our comprehensive investor relations programme. In addition deepest sympathies once again to her family and friends. to the detailed presentations and roadshows conducted after the announcement of interim and full-year results, Following the passing away of Lady Barbara, the Board the Chief Executive Officer ("CEO"), Chief Financial Officer made a number of changes to its committee composition ("CFO") and the Director of IR & Strategy regularly meet and announced Robert Dix as successor to the role of with institutional investors and analysts throughout the Senior Independent Director. Cara Ryan succeeded Robert year and participate in a number of industry conferences.
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