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Annual Report and Accounts 2014 Bovis Homes Group PLC

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Annual Report and Accounts 2014 Bovis Homes Group PLC Annual report and accounts 2014 Bovis Homes Group PLC www.bovishomesgroup.co.uk Annual report and accounts Strategic report Business overview 4 2 2014 highlights Chairman’s statement A review of our business 4 Chairman’s statement model, strategy and Ian Tyler discusses how the 6 What we do summary financial and Group is well placed for 8 Reasons to invest operational performance the future 10 Housing market overview Our business and strategy 12 Chief Executive’s report 18 Our business model 20 Business objectives 22 Strategic priorities 28 Principal risks and uncertainties 12 Our financial performance Chief Executive’s report 32 Financial review David Ritchie provides an overview of the year and Our Governance 34 Directors and officers discusses the plans ahead 35 Corporate governance report Detailed discussion of our 45 Remuneration report governance framework and 62 Audit Committee report application of the 64 Nomination Committee report remuneration policy 66 Directors’ report 72 Auditor’s report Financial 75 Group income statement 32 75 Group statement of Financial review statements comprehensive income Jonathan Hill reports on the Financial statements 76 Balance sheets financial performance for and notes 77 Group statement of changes the year in equity 78 Statement of cash flows 79 Notes to the financial statements 101 Five year record Supplementary 102 2015 AGM Notice 105 Explanatory notes to the information AGM Notice 107 Shareholder information 108 Principal offices Contents 2014 highlights Financial highlights 46% s in revenues 53% s in ROCE to 16.2% 69% s in profit before tax Net assets per share 159% s in dividends of 655p Revenue (£m) Profit before tax (£m) Active sales outlets Private reservations £809.4m £133.5m 97 3,218 809.400024 133.499984 97.00 3218.0 97 647.520020 90 133.5 809.4 100.124988 72.75 2413.5 3,218 82 73 485.640015 2,773 66.749992 48.50 1609.0 556.0 323.760010 78.8 1,873 425.5 33.374996 24.25 804.5 1,653 53.2 161.880005 364.8 32.1 0.000000 0.000000 0.00 0.0 2011 2012 2013 2014 2011 2012 2013 2014 2011 2012 2013 2014 2011 2012 2013 2014 Housing gross margin (%) Net margin (%) Average sales price (£) Legal completions 24.5% 17.0% £216,600 3,635 24.500 216600 3635.00 17.0 24.5 23.5 2726.25 3,635 18.375 22.6 12.750002 162450 14.9 20.8 216,600 13.3 195,100 12.250 8.500001 108300 1817.50 2,813 170,700 2,355 162,400 10.0 2,045 6.125 4.250001 54150 908.75 Business overview Business | 0.000 0.000000 0 0.00 2011 2012 2013 2014 2011 2012 2013 2014 2011 2012 2013 2014 2011 2012 2013 2014 ROCE (%) Earnings per share (p) Sites added to land bank Consented land bank 16.2% 78.6p 42 sites 18,062 plots 16.200001 78.599998 42.0 18063.00 42 78.6 16.2 12.150001 58.949999 31.5 13547.25 18,062 27 8.100000 39.299999 21.0 9031.50 14,638 13,723 13,776 10.6 44.9 8.0 19 18 4.050000 19.650000 10.5 4515.75 30.2 5.5 0.000000 0.000000 17.5 0.0 0.00 2011 2012 2013 2014 2011 2012 2013 2014 2011 2012 2013 2014 2011 2012 2013 2014 Strategic report Strategic 2 | Annual report and accounts | Strategic report | Business overview The Group has delivered significant growth in Return on Capital Employed during 2014 Operational highlights 8% s in average active 286 PRS homes legally sales outlets completed 11% s in average sales price 16% s in private reservations RevenueRevenue (£m) (£m) Profit beforeProfit taxbefore (£m) tax (£m) Active salesActive outlets sales outlets Private reservationsPrivate reservations £809.4£809.4m m £133.5£133.5m m 97 97 3,2183,218 809.400024 809.400024 133.499984 133.499984 97.00 97.00 3218.0 3218.0 97 97 90 647.520020 647.520020 90 133.5 133.5 809.4 809.4 100.124988 100.124988 72.75 72.75 2413.5 2413.5 3,218 3,218 82 82 73 73 485.640015 485.640015 2,773 2,773 66.749992 66.749992 48.50 48.50 1609.0 1609.0 556.0 556.0 323.760010 323.760010 78.8 78.8 1,873 1,873 425.5 425.5 33.374996 33.374996 24.25 24.25 804.5 804.51,653 1,653 53.2 53.2 161.880005 161.880005364.8 364.8 32.1 32.1 0.000000 0.000000 0.000000 0.000000 0.00 0.00 0.0 0.0 2011 20122011 2013 2012 2014 2013 2014 2011 20122011 2013 2012 2014 2013 2014 2011 20122011 2013 2012 2014 2013 2014 2011 20122011 2013 2012 2014 2013 2014 HousingHousing gross margin gross (%)margin (%) Net marginNet (%)margin (%) AverageAverage sales price sales (£) price (£) Legal completionsLegal completions 24.5%24.5% 17.0%17.0% £216,600£216,600 3,6353,635 24.500 24.500 216600 216600 3635.00 3635.00 17.0 17.0 24.5 24.5 23.5 23.5 2726.25 2726.25 3,635 3,635 18.375 18.375 22.6 22.6 12.750002 12.750002 162450 162450 14.9 14.9 20.8 20.8 216,600 216,600 13.3 13.3 195,100 195,100 12.250 12.250 8.500001 8.500001 108300 108300 1817.50 1817.50 2,813 2,813 170,700 170,700 2,355 2,355 162,400 162,400 10.0 10.0 2,045 2,045 6.125 6.125 4.250001 4.250001 54150 54150 908.75 908.75 0.000 0.000 0.000000 0.000000 0 0 0.00 0.00 2011 20122011 2013 2012 2014 2013 2014 2011 20122011 2013 2012 2014 2013 2014 2011 20122011 2013 2012 2014 2013 2014 2011 20122011 2013 2012 2014 2013 2014 ROCE (%)ROCE (%) EarningsEarnings per share per (p) share (p) Sites addedSites to added land bankto land bank ConsentedConsented land bank land bank 16.2%16.2% 78.6p78.6p 42 sites42 sites 18,06218,062 plots plots 16.200001 16.200001 78.599998 78.599998 42.0 42.0 18063.00 18063.00 42 42 78.6 78.6 16.2 16.2 12.150001 12.150001 58.949999 58.949999 31.5 31.5 13547.25 13547.25 18,062 18,062 27 27 8.100000 8.100000 39.299999 39.299999 21.0 21.0 9031.50 9031.50 14,638 14,638 13,723 13,723 13,776 13,776 10.6 10.6 44.9 44.9 8.0 8.0 19 19 18 18 4.050000 4.050000 19.650000 19.650000 10.5 10.5 4515.75 4515.75 30.2 30.2 5.5 5.5 0.000000 0.000000 0.000000 0.00000017.5 17.5 0.0 0.0 0.00 0.00 2011 20122011 2013 2012 2014 2013 2014 2011 20122011 2013 2012 2014 2013 2014 2011 20122011 2013 2012 2014 2013 2014 2011 20122011 2013 20122014 2013 2014 Bovis Homes Group PLC | 3 Chairman’s statement number of consented sites, combined with ongoing constraints for smaller housebuilders to access funding. Improving performance During 2014, the Group has made significant improvements in returns, both profit margins and capital turn contributed positively. In a year of record legal completions, the targeted return on capital employed has been achieved with a 53% improvement year on year to 16.2%. While delivering these excellent results in 2014, the Group is in a strong position for 2015, continuing to be well capitalised with a strong balance sheet. In line with our strategy, the record year of Ian Tyler land investment in 2014 and the pipeline of land for acquisition in 2015 will lead to growth in business capacity during 2015 and Chairman 2016. The Board has confidence that, assuming a stable market, this will deliver further strong growth in capital turn, profitability, Having completed my first full year as and ultimately shareholder returns. Chairman, I have been pleased with the Group’s excellent progress during 2014. Updated strategic plan While the market moderated during 2014 During 2014, the Group laid out a clear and robust strategic to a more sustainable level, the Group has plan. The Board recognises the fact that the housing market is delivered a strong result with an increase in cyclical in nature and that our strategic plan needs, therefore, earnings per share of 75% and achieved our to deliver strong returns across the cycle. We continue to view targeted return on capital employed. this as being an early point in the housing cycle and believe that this is an excellent time to invest positively in a disciplined The ambitious strategic plan laid out during 2014 provides real manner to grow towards our optimal scale. Our business model clarity as to the future direction of the Group. Delivery of this is clear with a well defined geographic and product focus. Above plan is on track and I see considerable opportunity for the Group all, we recognise that our success depends on delivering high going forward. quality homes to our customers, built in a safe way by motivated employees and suppliers. A robust market Dividends While the UK economic backdrop has remained relatively robust throughout 2014, the housing market has evolved during the In light of the Group’s strong performance in 2014 and our year, with strong demand and pricing in the first half of the year, confidence in the progress in delivering the strategic plan, as followed by more moderate activity in the second half.
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