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Better Ways to Build Homes Better ways Cairn Homes plc to build Cairn Homes plc Annual Report 2020 Annual Report 2020 Agile & Innovative We are creative and open to new ideas, ready to implement change when required. We are prepared and able to adapt to changing market conditions and customer expectations. Honest & Straight Talking Maintaining an open and transparent dialogue. Saying what needs to be said and not just what people want to hear. Being open and transparent means that we can find better solutions quicker. Better ways to build homes OUR PURPOSE Building homes and creating places where people love to live. HOMES Building more sustainably by innovating and working closely in partnership with all stakeholders who share our vision of providing families with high quality housing. PLACES A focus on sustainable placemaking. Taking a long-term view from initial planning and design to ensure that we are creating public spaces that promote people’s health, happiness and wellbeing. PEOPLE People come first. We put people at the heart of every decision and try to get to the core of what really matters for all stakeholders. Strategic Report 02-65 02 2020 Highlights 04 Investment Case 06 Chairman’s Statement 10 Chief Executive Officer’s Statement 16 At a Glance Collaborative 18 Business Model Collaboration is at the core of our 20 Stakeholder Engagement homebuilding. Projects involve hundreds of people from varied disciplines and 22 Market Overview professions working together to achieve a 30 Our Strategy clear common goal – to build great homes. 40 Risk Report 48 Chief Financial Officer’s Report 50 Sustainability Report Corporate Governance 66-106 66 Board of Directors 68 Senior Management Team 70 Site Management Team Committed & Engaged 72 Corporate Governance Report 80 Audit & Risk Committee Report We are all in. We will be there to deliver on our customers needs throughout their 84 Nomination Committee Report journey with us, sharing our knowledge, 87 Directors’ Remuneration Report our insights and our expertise to guide, support and reassure. 104 Directors’ Report Financial Statements 107-153 108 Statement of Directors’ Responsibilities in respect of the Annual Report and the Financial Statements 109 Independent Auditor’s Report 114 Consolidated Statement Commercially of Profit or Loss and Other Comprehensive Income Minded 115 Consolidated Statement Being sector aware. Knowing the customer. of Financial Position Seeking value and making savings. As well as building great and competitively priced new 116 Consolidated Statement homes, we are building sustainable long-term of Changes in Equity value for all of our stakeholders. 118 Consolidated Statement of Cash Flows 119 Notes to the Consolidated Financial Statements 145 Company Statement of Financial Position 146 Company Statement of Changes in Equity 148 Company Statement of Cash Flows 149 Notes to the Company Financial Statements Additional Information 156 156 Company Information Cairn Homes plc Annual Report 2020 01 2020 Highlights FINANCIAL HIGHLIGHTS REVENUE €261.9m GROSS PROFIT GROSS MARGIN €42.7m 16.3% OPERATING PROFIT OPERATING MARGIN EPS €24.4m 9.3% 1.7 cent INVENTORIES NET DEBT OPERATING CASH OUTFLOW €968.2m (€168.3m) (€40.6m) 02 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OPERATIONAL HIGHLIGHTS Back on our growth trajectory Primary focus since March 2020 on operating and maintaining safe working environments for our employees, subcontractors, suppliers, customers and the communities in which we live and work. Active on 19 sites, including five 2020 new site commencements, supporting over 2,000 full-time jobs at year-end. Construction productivity back at 85 – 90% of pre-pandemic levels at year-end. Growth agenda supported by 10% increase in our new home commencements in 2020 (compared to broader industry -18%). Strong sales momentum into 2021, particularly in H2 2020 and the early months of 2021 from starter home and trade-up/down schemes from private, mortgage-backed customers. 925 closed and forward sales as at 3 March 2021, with a net sales value of €307m, underpins our growth for 2021. Fundamentals of multifamily market remain positive as evidenced by our recent announcement of the forward sale of 150 new homes at Shackleton Park. Strategic decision taken to invest in sites which will deliver sales and profits into 2021 and beyond. Net investment of €73.3m in construction work in progress in a supply-constrained market during 2020. Customer-focused product innovation approach intensified through continually advancing and improving design and construction methodologies. Cairn Homes plc Annual Report 2020 03 Investment Case Why invest in Cairn Homes We have a clear strategy, defined business model and supporting culture which will drive our growth agenda. Cairn has an unrivalled track record in delivering high quality, energy efficient, A-rated new homes across the price spectrum which appeal to a deep buyer pool in all segments of the market. Track Cairn Market record differentiators opportunity First mover advantage on land with Strong, asset-backed balance sheet, Strategically positioned within the 75% of total landbank investment made including €968m inventories, and €175m low density housing and high density within 9 months of June 2015 IPO. available liquidity. apartment markets. €911m invested to date in a c. 16,800 unit landbank. Broad product range and buyer pool 8,400 private units in our landbank through c. 11,700 housing sites and priced between €250,000 and €350,000. Unparalleled planning expertise with c. 5,100 apartment sites with 55% of First time buyers (“FTB”) are supported over 8,200 new homes granted planning our new homes expected to be priced by the enhanced Help to Buy scheme permission since 2015. below €350,000. (10% of purchase price or €30,000). Active on 19 sites at year-end, including With the high quality of the new Counterparty of choice in the multifamily five new site commencements in homes we build, we have developed market and uniquely positioned to bring 2020, with up to seven new site a market leading brand and reputation completed stock to the market in 2021 commencements planned in 2021. with strong customer and stakeholder ready for near-term rental. recognition. Over 4,000 customers have chosen Regional expansion in the next a Cairn home, including 2,750 first time Commitment to building homes 12 months in a market with continuing buyers who have bought one of our and creating places that contribute supply challenges. starter homes. positively to communities and society and minimise our impact on the Government policy committed to Award winning planning and design environment. increase the supply of social and for our developments at Marianella, Six affordable housing through initiatives Hanover Quay, Oak Park and Parkside. Our innovation agenda and knowledge like the Urban Renewal Development capture has created a scalable and Fund (€177m allocated to Clonburris) flexible operational platform which and Shared Equity (€150m funding) will turns land into great places where be impactful for the c. 575,000 people our customers want to live. in Ireland earning between €50,000 and €80,000. CAIRN CUSTOMERS SINCE IPO LANDBANK UNITS THAT CAN DEMAND EXCEEDS SUPPLY BY AVAIL OF HELP TO BUY +4,000 14,000 12,600 new homes in 2020 04 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS Scale and Great procurement People advantages Talented team of homebuilders with national and international experience Market leading efficiency as the and technical expertise. industry’s largest procurer of labour and materials. Organisational effectiveness agenda which has built increased capacity and Plc platform of scale across low density capability to drive business results. housing and high density apartments. Expanded the depth of our senior Nearly €1bn procured since IPO, management team in 2020 with including €249m in 2020 with a current key appointments complementing committed order book of €350m. existing skillset. Committed and loyal subcontractor We retain the best people and ensure base – top 20 subcontractors account that they can do their best work by for 64% of total procurement, averaging supporting their development and €30m each and working across an providing them with the tools they need. average of 12 sites each. Experienced construction and site Procurement initiatives driving value management teams supported by through our supply chain. central functions delivering award winning developments. Innovation agenda, including off-site manufacturing, standardisation and technology driving further efficiencies. PROCURED SINCE 2015 PEOPLE IN FULL-TIME EMPLOYMENT €1bn 2,000 across our sites Cairn Homes plc Annual Report 2020 05 Chairman’s Statement Better ways to grow our business Having successfully navigated a challenging year in 2020, the Company is ready and positioned for significant and sustainable growth into 2021 and beyond. At Cairn, all of our decisions are guided by our Our Executive Directors immediately opened Shareholder Returns driving purpose: building places and homes up channels of communication with all key As the impact of COVID-19 was uncertain and where people love to live while providing stakeholders, a central part to protecting our unpredictable, which it remains to an extent an acceptable and sustainable return to our collaborative approach in times of difficulty. today, the Board took certain precautionary shareholders. As a business, we recognise Despite our sector being acutely impacted steps to protect the
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