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Proud to Be Wates Annual Review 2013

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Proud to Be Wates Annual Review 2013 Annual Review 2013 Above all, it’s about people Wates GroupWates Proud to be Wates Annual Review 2013 3 At a glance What we do Construction Our business includes Developments with expertise in land, planning and joint venture developments; Needspace? which provides fl exible workspace for entrepreneurial businesses; Wates Construction focuses and our General Construction business which comprises Living on three key areas: Space and Construction, delivering for core markets such as government and public sector; education, new build affordable housing, local authorities, education; and commercial heritage projects, commercial and mixed-use developments, building projects where we planned and responsive maintenance as well as Interiors have strong relationships and Retail which provides high quality fi t-out, structural – 75% of our business is from re-engineering and national roll-out of high volume projects. repeat customers. It is this diversity across market sectors that underlines the strength and stability of the Group. Turnover New contract wins in 2013 £403m* 36 Living Space Interiors and Retail Wates Living Space is Wates Interiors and Retail the partner of choice for delivers high quality, high local authorities and social volume, national roll-outs, landlords. We have practical retail and offi ce fi t-outs and solutions to assist in the cut-and-carve projects for a delivery of new affordable range of customers including housing and planned and TSB, Royal Mail, John Lewis responsive maintenance. and the Home Offi ce. Turnover New contract wins in 2013 Turnover New contract wins in 2013 £349m** 58 £110m 510 Developments Needspace? Our team of land buying, We provide fl exible, managed planning and development workspace for entrepreneurs experts select the best sites and growing businesses in the best locations in in convenient locations in Southern England to deliver London and the South East. new housing to meet local needs. Turnover New sites secured in 2013 Turnover Deals completed in 2013 £67m* 6 £2m 60 Total number of employees Total contract wins in 2013 2,074 670 * includes share of joint ventures’ turnover ** includes share of joint ventures’ and associates’ turnover At a glance What we do Construction Who we do it for How we have performed Our business includes Developments with expertise in land, We work with a diverse range of customers in both the public Wates delivered a solid performance in 2013, despite a planning and joint venture developments; Needspace? which and private sectors. Each of our businesses has a distinct challenging year for the construction industry as a whole. provides fl exible workspace for entrepreneurial businesses; Wates Construction focuses market focus enabling us to get close to all our customers, We are well positioned to take advantage of an improvement and our General Construction business which comprises Living on three key areas: and we enjoy high levels of repeat business. in market conditions in 2014. Space and Construction, delivering for core markets such as government and public sector; education, new build affordable housing, local authorities, education; and commercial heritage projects, commercial and mixed-use developments, building projects where we planned and responsive maintenance as well as Interiors have strong relationships and Retail which provides high quality fi t-out, structural – 75% of our business is from re-engineering and national roll-out of high volume projects. repeat customers. It is this diversity across market sectors that underlines the strength and stability of the Group. Turnover New contract wins in 2013 Group turnover (£m)** £403m* 36 £931m Living Space Interiors and Retail 2013 £931m 2012 £1,194m Wates Living Space is Wates Interiors and Retail 2011 £1,117m the partner of choice for delivers high quality, high local authorities and social volume, national roll-outs, landlords. We have practical retail and offi ce fi t-outs and Group profi t before tax (£m) solutions to assist in the cut-and-carve projects for a delivery of new affordable range of customers including housing and planned and TSB, Royal Mail, John Lewis £22.3m responsive maintenance. and the Home Offi ce. Turnover New contract wins in 2013 Turnover New contract wins in 2013 2013 £22.3m ** 2012 £25.7m £349m 58 £110m 510 2011 £40.1m Developments Needspace? Net assets (£m) Our team of land buying, We provide fl exible, managed £79.1m planning and development workspace for entrepreneurs experts select the best sites and growing businesses in the best locations in in convenient locations in 2013 £79.1m Southern England to deliver London and the South East. 2012 £70.2m new housing to meet local needs. 2011 £64.3m Turnover New sites secured in 2013 Turnover Deals completed in 2013 Group forward order book (£bn) £67m* 6 £2m 60 £2.4bn 2013 £2.4bn 2012 £1.6bn Total number of employees Total contract wins in 2013 2011 £2.0bn 2,074 670 * includes share of joint ventures’ turnover ** includes share of joint ventures’ and associates’ turnover In this review Case Study – Page 26 2013 Overview and Performance 1 See how we have At a glance created a new façade for Debenhams’ fl agship store Chief Executive’s Review – Page 3 Strategic Report Pages 2 – 41 “Wates combines the fl exibility, agility and Chairman’s Welcome 2 long-term perspectives of Chief Executive’s Review 3 a family-owned company Executive Committee 4 with robust processes and Financial Review 6 corporate rigour.” Market Overview 8 Business Model and Strategy 10 Corporate Governance Pages 42 - 54 Resources and Relationships 12 Risk Management 14 Chairman’s introduction 43 Business Review and Case Studies 17 Wates Group Board 44 Wolverhampton Homes 21 Wates Executive Committee 46 Erith Park 22 Corporate Governance Report 47 Lion Salt Works 25 Audit Committee 49 Debenhams 26 Remuneration Committee 51 Metropolitan Police 28 Nominations Committee 52 Whitmore Park Primary 29 Group Risk Committee 53 Dixons Allerton Academy 31 TSB 33 Royal Mail 34 Lindfi eld 35 Supplementary Information Pages 55 - 61 The Frythe, Old Welwyn 36 Computer Games designers grow with Needspace? 37 Summary Consolidated Profi t and Loss Account 56 Summary Consolidated Balance Sheet 57 Our Executive Committee – Page 46 Summary Consolidated Statement of Total Recognised Gains and Losses 58 Summary Consolidated Cash Flow Statement 58 Segmental Information 59 Group Five Year Summary 60 Advisors 60 Addresses 61 2013 Overview and Performance 00-001 Our success over the last Proud to 117 years has been built on our reputation. A reputation be Wates that is underpinned by our values. We strive to deliver the best for our customers, partners, employees and shareholders and work hard to generate excellent results. We respect people and the communities in which we work. We take an intelligent approach to everything we do and our relationships are built on trust. We work as a team. These values make a difference to the way we think, act and do business with our customers and suppliers. They are what make us proud to be Wates. Wates Annual Review 2013 1 Chairman’s Welcome Chief Executive’s Review Strategic Report 00-002 – 41 The arrival of a new Group Chief Executive represents a milestone Investing for for any business. We welcome Andrew Davies, who has joined us Commitment to from BAE Systems and who brings tremendous experience in high level strategy, major government programmes and capital future growth projects. His wealth of experience will help to develop our business our customers, as we write new chapters and embrace new challenges at Wates. communities and Our priority, in the immediate future, is ongoing investment for future growth. Wates Living Space is investing in responsive maintenance in order to take a bigger share of this substantial the environment market. We are also working with our customers to find innovative ways to finance much-needed affordable new homes and Despite continuing difficult market conditions for the creating developmental partnerships with our customers. James Wates Our focus on values construction industry, I am pleased to report that the Wates We are also investing in more residential developments Chairman When I joined the Wates Group in January 2014, I was Group delivered a solid performance in 2013. This in itself is through our Development business. attracted by the opportunity to lead one of the most testimony to the diligence of our people right across the Andrew Davies successful and highly regarded construction companies business; and provides a platform for future growth. In order to make the very most of the economic opportunities Chief Executive in the UK – a company that combines the flexibility, agility that are, slowly, emerging we have introduced a number of and long-term perspectives of a family-owned company Our balance sheet and cash positions are strong and our programmes such as ‘Delivering the Promise’ to provide our with robust processes and corporate rigour. rigorous financial management, together with strong, long-term customers with unparalleled project delivery on time and on commitment from the Wates family, means that we are well budget by focusing on operational excellence. This is not It is a business that focuses on five key values: integrity placed to take advantage of an upturn in the market in 2014. rhetoric, it’s a commitment to how we behave. – we do what we say; intelligence – we think beyond the obvious; performance – we go the extra mile for our In 2013 we won some significant new business. Living Space We’re proud to have won a number of awards in 2013. These customers; responsibility for people and communities; continues to be one of the UK’s leading affordable homes include the inaugural Corporate Citizenship award at the National and teamwork because everybody at Wates plays a part. contractors and is building long-term partnerships with key Business Awards which we won against stiff competition.
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