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Persimmon Plc | Annual Report | December 2018 2

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Persimmon Plc | Annual Report | December 2018 2 DELIVERING ON OUR LONG TERM STRATEGY ANNUAL REPORT 2018 CONTENTS Strategic report Governance Financial statements 2 Chairman’s Statement Directors’ Report: 91 Statement of Directors’ 6 Who We Are 51 Chairman’s Introduction to Responsibilities 8 Social Contribution Statement 2018 Corporate Governance 92 Independent Auditor’s Report 10 Our Business Model 53 Overview 99 Consolidated Statement of Comprehensive Income 12 Our Strategic Objectives 54 Our Stakeholders 56 Board of Directors 100 Balance Sheets Performance Review: 58 Corporate Governance Statement 101 Statement of Changes in 14 Our Key Performance Indicators Shareholders’ Equity 63 Audit Committee Report 16 Key Trends Affecting Our Business 103 Cash Flow Statements 68 Other Disclosures 18 How We Performed within the 104 Notes to the Financial Statements Market Place 71 Remuneration Committee 22 Financial Performance Chairman’s Statement Other information 24 Current Trading Outlook 74 Annual Report on Remuneration 26 Strategic Update 86 Summary of Directors’ 148 Shareholder Information 44 How We Manage Risk Remuneration Policy 148 Financial Calendar 2019 45 Our Principal Risks 148 Five Year Record 49 Viability Statement OUR CUSTOMERS OUR COMMUNITIES For more information see pages 26-30 For more information see pages 31-35 OUR PEOPLE OUR SUPPLIERS For more information see pages 36-38 For more information see pages 41-42 1 We are one of the UK’s leading housebuilders, reportStrategic with a clear purpose: TO BUILD GOOD QUALITY HOMES AT A RANGE OF PRICE POINTS ACROSS THE UK. WE AIM TO CREATE AND PROTECT SUPERIOR AND SUSTAINABLE LEVELS OF VALUE FOR THE Governance BENEFIT OF OUR CUSTOMERS, WORKFORCE, SUPPLIERS AND SHAREHOLDERS THROUGH THE HOUSING CYCLE. Our strategy, set out on pages 12 and 13 shows how we achieve this. Financial statements HIGHLIGHTS Revenue +4% Operating margin +9% Dividend – £3.74bn 29.0% 235p 2017: £3.60bn 2017: 26.5% 2017: 235p Free cash generation1 –15% Profit before tax +13% Net assets per share –3% Other information £686.0m £1,090.8m 1,006.0p 2017: £806.3m 2017: £966.1m 2017: 1,036.6p Cash generation Charitable foundation Affordable homes3 +11% pre land investment2 –22% donations +86% 3,333 £1,082.8m £1.3m 2017: 3,005 2017: £1,382.6m 2017: £0.7m 1 Free cash generation is defined as net cash flow before financing activities and before £46.7m of employers National Insurance contribution payments in respect of share based payments. 2 Cash generation pre land investment is net cash flow before capital return (£732.3m) and net land investment £605.1m (2017: capital return £416.6m and net land investment £576.3m). Key performance indicators 3 Homes provided to our housing association partners and Discounted Open Market Value homes. See pages 14 and 15 Persimmon Plc | Annual Report | December 2018 2 CHAIRMAN’S STATEMENT DELIVERING ON OUR LONG TERM STRATEGY I was appointed Chairman on 1 June 2018. Persimmon is a great company with an “The Group’s long term excellent track record of growth. And as one of the largest housebuilders in the UK, strategy prioritises the creation Persimmon places great importance on the contribution the Company makes to and preservation of superior the communities it serves. The Company shareholder value through the continues to deliver strong commercial performance and we appreciate that economic cycle by building success remains dependent on delivery for all our stakeholders – notably our good quality homes for our customers, our people, our suppliers and Government. We are stepping up our customers; providing rewarding efforts to continue to improve customer satisfaction levels with a number of new careers for our employees and initiatives being introduced which we believe will bring significant improvements giving continuity of business for our customers. Alongside that we are changing our pay and incentives to include to our suppliers.” greater emphasis on both quality and customer care with plans that are more Roger Devlin rigorous than we have had in the past. Chairman We remain focused on making a good contribution to increasing the industry’s output of new homes across the UK so that more people gain access to good value, well-designed homes in line with Government policy and targets. We will continue to invest in our own manufacturing capabilities – timber frame construction, brick and tile works – to ensure we are able to support our development programmes over future years. Results Persimmon delivered a very strong performance in 2018, with revenues increasing by 4% to £3,737.6m (2017: £3,597.8m) and profit before tax increasing by 13% to £1,090.8m (2017: £966.1m). The Group delivered 16,449 new homes to customers across the UK (2017: 16,043), an increase of 406 new homes compared with last year. The Group’s average selling price of £215,563 was 1% higher (2017: £213,321). Persimmon Plc | Annual Report | December 2018 3 The Group’s long term strategy prioritises The Group has continued to reinvest for reportStrategic OPERATIONAL HIGHLIGHTS the creation and preservation of superior the future acquiring 17,092 plots of new shareholder value through the economic land across 84 high quality locations Homes sold +3% cycle by building good quality homes for through the year, with our strategic land our customers; providing rewarding careers holdings contributing 3,772 plots. In the for our employees and giving continuity of second half of 2018 we acquired 6,020 business to our suppliers. We are focused plots of new land across 39 locations. 16,449 2017: 16,043 on delivering high quality growth to meet The Group’s net land spend of £605.1m for market demand across the UK, investing the year includes £279.3m in the second Average selling price +1% in land and infrastructure to support half which included £145.8m of existing further increases in new home construction land creditor payments. The Group’s land which local communities need. To support creditor commitments at 31 December this growth we opened our seventh new 2018 were £548.0m, £19.3m lower than £215,563 2017: £213,321 Governance operating business in four years on the prior year. 2 January 2019, the new team being based Return on average capital employed** Forward sales* –1% near Doncaster in Yorkshire, which takes was 52.8% for 2018, slightly ahead of the total number of Group housebuilding the previous year (2017: 51.5%). businesses to 31. Since the launch of the Group’s new strategy in 2012 Persimmon Long term strategy and £2.02bn 2018: £2.03bn has made a significant contribution to Capital Return Plan increasing housing supply across the UK The Group’s strategy is focused Owned land bank (plots) –2% by investing £3.81bn in land, opening 1,370 on mitigating the risks to sustainable new sales outlets, and delivering 97,175 shareholder value creation inherent new homes to the market by increasing in the UK housing market by maintaining annual production by over 75%. capital discipline and delivering strong 75,793 2017: 77,067 Financial statements Persimmon has been successful in free cash generation through the housing cycle. Minimising financial risk while growing each of its regional housebuilding Trainees and apprentices +7% businesses towards optimal scale retaining flexibility to support an and through achieving the associated appropriate level of reinvestment in the operational efficiencies the Group delivered business are key features of our strategy. Our disciplined approach to land c. 630 a housing operating margin of 30.5% 2017: c. 590 in 2018 which was 260 basis points replacement aims to support each of our 31 housebuilding businesses higher than the prior year (2017: 27.9%). Construction and supply to reach optimal scale by bringing land Operating profit of £1,082.7m was chain jobs*** +2% 13% ahead of last year (2017: £955.1m). into production as promptly as possible. We opened c. 180 new sales outlets Our investment in infrastructure and new in 2018 providing support to the Group’s home construction allows us to offer an Over attractive range and choice of homes to 50,000 lower level of land cost recoveries from 2017: over 49,000 Other information the new home sales legally completed our customers to meet their housing needs. from these sites. Our strategy recognises the potential Profit before tax increased by 13% to for the Group to generate surplus £1,090.8m (2017: £966.1m) and basic capital through strong operational earnings per share of 283.3 pence were delivery. The Board therefore made 11% higher than last year’s 255.0 pence. a long term commitment in early 2012 to deliver £1.9bn (£6.20 per share) In line with our strategic priorities of surplus capital to shareholders over which seek to maximise cash efficiency ten years to 2021 (“the Capital Return and capital discipline through the cycle, Plan”), which was similar to the market the Group’s liquidity remains strong. capitalisation of the Group at the time. The Group held £1,048.1m of cash at the end of the year (2017: £1,302.7m). * As at 25 February 2019 (2018 figure as at 26 February 2018). ** 12 month rolling average and stated before goodwill impairment. *** Estimated using an economic toolkit. Persimmon Plc | Annual Report | December 2018 4 CHAIRMAN’S STATEMENT continued The value of any surplus capital to be Employees The introduction of our new FibreNest returned to shareholders is continually We recognise the importance of having a broadband service demonstrates the assessed after due consideration of the diverse and engaged workforce. To enrich and Group’s desire to serve its customers better appropriate balance between the current strengthen this engagement, during 2018 we by ensuring they are connected to the financial position of the Group and its put in place procedures for a new Employee internet continuously from moving in day.
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