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07:46 20/03/24
BELLWAY PLC ('BELLWAY' O EL 'GRUPO'), LA CONSTRUCTORA NACIONAL DE VIVIENDAS, ANUNCIA HOY, MARTES 26 DE MARZO DE 2024, SUS RESULTADOS PROVISIONALES DEL SEMESTRE TERMINADO EL 31 DE ENERO DE 2024.
Resumen
Maintaining resilience and positioning for recovery
Medio año terminado 31 enero 2024 | Medio año terminado 31 enero 2023 | Movimiento | |
Housing completions | 4,092 | 5,695 | (28.1%) |
Ingresos | 1,273.1m | 1,809.3m | (29.6%) |
Underlying performance measures: | |||
Beneficio bruto (subyacente) | 210.5m2,3 | 389.3m2,3 | (45.9%) |
Margen bruto (subyacente) | 16.5%2,3 | 21.5%2,3 | (500 puntos básicos) |
Beneficio operativo (subyacente) | 139.9m2,3 | 317.7m2,3 | (56.0%) |
Margen operativo (subyacente) | 11.0%2,3 | 17.6%2,3 | (660 puntos básicos) |
Beneficio antes de impuestos (subyacente) | 134.2m2,3 | 312.1m2,3 | (57.0%) |
Ganancia por acción (subyacente) | 80.6p2,3 | 190.5p2,3 | (57.7%) |
RoCE (subyacente) | 8.1%2,3 | 18.6%2,3 | (1,050 puntos básicos) |
Statutory and other measures: | |||
Gasto neto de seguridad del edificio heredado | 16.8m | 6.2m | 171.0% |
Beneficio antes de impuestos | 117.4m | 305.9m | (61.6%) |
Ganancias por acción | 70.6p | 186.8p | (62.2%) |
Dividendo a cuenta por acción | 16.0p | 45.0p | (64.4%) |
Valor liquidativo por acción | 2,888p2 | 2,819p2 | 2.4% |
El efectivo neto | 76.6m2 | 292.5m2 | (73.8%) |
Reserva de suelo (parcelas totales) | 94,4924 | 100,3674 | (5.9%) |
Jason Honeyman, director ejecutivo del grupo, comentó:
"Bellway has delivered another resilient performance in a period of challenging trading conditions. Although the economic backdrop remains uncertain, the gradual reduction in mortgage interest rates throughout the first half has helped to ease affordability constraints and we have been encouraged by the improvement in reservations since the start of the new calendar year.
The Group remains on track to deliver volume output of around 7,500 homes (31 July 2023 - 10,945 homes) in the full financial year and, if market conditions remain stable, we are well-placed to build the order book through the second half which will serve as a platform for a return to growth in financial year 2025.
Overall, the long-term fundamentals of the UK housebuilding industry remain attractive, given the shortage of energy efficient and affordable homes across the country. We remain confident that the Group's robust balance sheet and operational strength, combined with the depth and quality of our land bank, will enable Bellway to successfully navigate changing market conditions and capitalise on future growth opportunities."
Financial performance in line with our expectations
§ Housing completions of 4,092 homes (2023 - 5,695 homes) at an overall average selling price of £309,278 (2023 - £316,929), both in line with the Board's expectations.
§ Total revenue of £1,273.1 million (2023 - £1,809.3 million), a reduction of 29.6% driven primarily by the lower level of private reservations in the prior year.
§ The private reservation rate in the first half of financial year 2024 increased by 15.4% to 105 per week (2023 - 91), representing a private reservation rate per outlet per week of 0.43 (2023 - 0.38).
§ El margen operativo subyacente fue del 11.0%2,3 (2023 - 17.6%), with the reduction reflecting the effect of lower volume output, cost inflation and the use of sales incentives, together with extended site durations.
§ El beneficio subyacente antes de impuestos fue de 134.2 millones de libras esterlinas2,3 (2023 - £312.1 millones).
High-quality land bank to support strong outlet opening programme and volume recovery
§ The Group has a high-quality land bank which comprises a total of 94,492 plots4 (2023 - 100,367 plots).
§ Bellway's owned and controlled land bank of 49,365 plots (2023 - 57,720 plots) remains healthy and provides good visibility with regards to outlet openings.
§ The Group traded from an average of 243 outlets (2023 - 238), an increase of 2.1% driven by our strong land bank and achieved against the backdrop of a challenging planning system.
§ Our site teams successfully opened 34 new sales outlets in the period, and we remain on track to open over 40 additional new outlets in the second half of the financial year. This, together with our strong work-in-progress position, supports our plans for future volume recovery.
§ Building upon our increased activity in the strategic land market in recent years, there has been further expansion of our strategic land bank, which rose to 44,200 plots (2023 - 41,700 plots). This underpins the Group's longer-term growth prospects for a relatively low initial capital outlay.
§ The strong period of investment prior to financial year 2023 has enabled an ongoing cautious and targeted approach to shorter-term land acquisition in the first half, with the Group contracting to purchase 1,237 owned and controlled plots (2023 - 2,428 plots) across 9 sites (2023 - 16 sites).
§ Given the improving outlook in terms of both lower interest rates and house price stability, we have been more active in the land market since the start of the new calendar year. Our future pipeline of potential acquisitions is rebuilding, with Heads of Terms agreed on around 6,600 plots at 10 March 2024.
Robust and well-capitalised balance sheet
§ Robust balance sheet with net cash of £76.6 million2 (2023 - 292.5 millones de libras esterlinas) y bajo apalancamiento ajustado, incluidos los acreedores de tierras, de solo el 4.7 %2 (2023-2.3%).
§ In addition to the net cash position, the Group has access to significant levels of committed debt finance, totalling £530 million.
§ Net asset value per share increased by 2.4% to 2,888p2 (2023 - 2,819p).
§ The interim dividend is 16.0p per share (2023 - 45.0p) which reflects reduced underlying earnings and the Board's previously stated target of underlying dividend cover of 2.5 times2,3 for the full financial year.
'Better with Bellway' - our responsible and sustainable approach to business
§ The efforts of our colleagues in delivering our 'Better with Bellway' sustainability strategy have been reflected through multiple industry awards, including 'Large Housebuilder of the Year' and 'Best Staff Development Award' at the 2023 Housebuilder Awards.
§ The Group's flagship 'Future Homes' research project into carbon reduction at the University of Salford has also won several accolades, including 'Best Sustainability Initiative' at the 2023 Housebuilder Awards and 'Major Project of the Year' at the 2023 National Sustainability Awards.
§ Our ongoing focus on providing high-quality homes and service for our customers has resulted in Bellway being recognised as a five-star5 homebuilder for the eighth consecutive year.
§ Bellway remains fully committed to acting responsibly with regards to building safety, and we continue to make good progress on assessing and remediating legacy properties through our dedicated Building Safety division.
Encouraging recent trading and improving outlook
§ The moderation in mortgage interest rates through the first half helped to ease affordability constraints and, together with a seasonal pick-up in customer demand, has supported an improvement in reservation rates in the early weeks of the spring selling season.
§ In the six weeks since 1 February, the private reservation rate increased by 20.7% to 163 per week (1 February to 12 March 2023 - 135), representing a private reservation rate per outlet per week of 0.67 (1 February to 12 March 2023 - 0.56). The overall reservation rate rose by 7.8% to 207 per week (1 February to 12 March 2023 - 192).
§ Reflecting recent trading and volume output, the order book has increased from the level at 31 January 2024. The forward order book at 10 March 2024 comprised 4,914 homes (12 March 2023 - 5,842 homes) with a value of £1,301.9 million2 (12 March 2023 - £1,602.0 million).
§ Headline pricing has remained firm and, in line with previous guidance, the overall average selling price for financial year 2024 is expected to be around £295,000 (31 July 2023 - £310,306). The moderation from 2023 reflects a further planned increase in the proportion of social homes in the second half of the current financial year and the ongoing use of targeted sales incentives.
§ In financial year 2024 the Board continues to anticipate a reduction in the underlying operating margin2,3 of at least 600 basis points from the level in the prior year (31 July 2023 - 16.0%). The decrease will be driven by a lower volume output and average selling price, together with the effects of build cost inflation and extended site durations.
§ Bellway is well-placed to deliver volume output of around 7,500 homes in the current financial year (31 July 2023 - 10,945 homes) and, if recent reservation rates are sustained throughout the spring, to build the order book through the second half which will serve as a platform for a return to growth in financial year 2025.
§ The combination of Bellway's operational and financial strength leaves the Group very well-placed to deliver long-term sustainable growth and ongoing value creation for shareholders.
1 Todas las cifras relacionadas con las terminaciones, la cartera de pedidos, las reservas, las cancelaciones y el precio medio de venta excluyen la participación del Grupo en sus empresas conjuntas, a menos que se indique lo contrario.
2 Bellway utiliza una gama de medidas de rendimiento estatutarias y medidas de rendimiento alternativas cuando revisa el rendimiento del Grupo en comparación con su estrategia. Las definiciones de las medidas de rendimiento alternativas y una conciliación con las medidas de rendimiento estatutarias se incluyen en la nota 14.
3 Subyacente se refiere a cualquier medida de rendimiento estatutaria o medida de rendimiento alternativa antes de los gastos netos de seguridad del edificio heredado y elementos excepcionales (nota 2).
4 Incluye la participación del Grupo en terrenos que son propiedad y están controlados a través de socios de empresas conjuntas que comprenden 927 parcelas (2023 - 947 parcelas).
5 As measured by the Home Builders' Federation using the eight-week NHBC Customer Satisfaction survey.
6 Los comparativos son para el semestre terminado el 31 de enero de 2023 o al 31 de enero de 2023 ('2023') a menos que se indique lo contrario.
Presentación del analista, webcast y conferencia telefónica
There will be an analyst presentation held at the offices of Deutsche Numis at 9.00am today. The presentation will be hosted by Jason Honeyman, Group Chief Executive and Keith Adey, Group Finance Director.
Un webcast de solo escucha y una conferencia telefónica acompañarán la presentación. Para unirse al webcast, vaya al sitio web corporativo de Bellway plc, www.bellwayplc.co.uk/investor-centre.
To join via the conference call, participants should dial +44 (0)33 0551 0200 and quote 'Bellway Interim Results' when prompted by the operator.
Una función de reproducción estará disponible en nuestro sitio web corporativo poco después de que termine la presentación.
Para más información, por favor póngase en contacto con:
Bellway plc
Jason Honeyman, director ejecutivo del grupo
Keith Adey, director financiero del grupo
Gavin Jago, Director de Relaciones con los Inversores del Grupo
0191 217 0717
Preguntas de los medios
Paul Lawler, jefe del grupo de comunicaciones
07813 392 669
Powerscourt (relaciones públicas financieras)
justin griffiths
Nick Dibden
Victoria Heslop
0207 250 1446
Introducción
Bellway has delivered another resilient operational performance against a backdrop of ongoing challenges for our industry. On behalf of the Board, I would like to express our gratitude to our colleagues, subcontractors and supply chain partners who have shown continued resourcefulness and commitment to providing high-quality homes and service for our customers.
The hard work and dedication of our teams has been recognised through several industry accolades in the period, including 'Large Housebuilder of the Year' at the 2023 Housebuilder Awards. I am also delighted that Bellway has been awarded five-star5 homebuilder status by the HBF for the eighth consecutive year.
Prioridades estratégicas
The Group has a clear focus on maintaining financial and operational strength to enable ongoing value creation for shareholders through the delivery of our strategic priorities. Further details of these priorities are set out below:
§ Deliver long-term volume growth;
§ Drive a long-term improvement in RoCE; and
§ Operar de manera responsable y sostenible a través de nuestra estrategia 'Better with Bellway'.
Crecimiento del volumen a largo plazo
Given the generally weaker trading conditions since the summer of 2022 and ongoing challenges in the planning system, we expect a decrease in volume output in the current financial year from last year's near-record high. Notwithstanding this near-term reduction, the housing market outlook is improving, and we are beginning to rebuild our order book. Given these factors, the Board is confident that the Group is well-positioned to build on its proven track record of organic volume growth from financial year 2025 onwards. The Group's plans for volume recovery will be further supported by the strength of our land bank and programme of sales outlet openings, together with a healthy work-in-progress position.
The long-term housing market fundamentals remain positive, and we are hopeful that this can be bolstered by improved clarity over future housing policy beyond the next General Election. Bellway's balance sheet strength will enable future investment to ensure the Group continues to play an important role in meeting the need for new energy efficient homes across the country.
Long-term improvement in RoCE
The Group has a clear focus on driving both profitable growth and a long-term improvement in RoCE, given the positive compounding effect on shareholder value that this can create. While lower expected profitability in the current financial year will lead to a further reduction in underlying RoCE (31 July 2023 - 15.8%2,3), we are encouraged that some industry headwinds, including affordability constraints and cost inflation, are receding from the elevated levels in the last two years. As market conditions stabilise, and if planning challenges ease over the longer-term, the Board is optimistic that Bellway is well-placed to deliver a normalised underlying RoCE of up to 20%2,3.
In addition to our ongoing close management of costs, we are aiming to deliver meaningful benefits from the expansion of our strategic land bank and increased use of timber frame. These areas of focus can support improvements in both margin and asset turn and combined with our value-driven approach to capital allocation, we have a strong platform to drive a recovery in returns beyond the current financial year.
'Mejor con Bellway'
'Better with Bellway' is the Group's strategy and long-term commitment with regards to acting responsibly and sustainably. The strategy outlines ambitious targets in respect of our three flagship areas of Carbon Reduction, Customers and Communities, and becoming an Employer of Choice.
Through a range of initiatives, we have embedded the 'Better with Bellway' sustainability strategy across the Group's operations, and we are delighted that the efforts of our colleagues have been recognised through several industry awards. More details are set out later in this report and are also available on our website at www.bellwayplc.co.uk/sustainability.
In relation to building safety, our ongoing focus on this serious matter is reflected by the proactive approach to assessing and remediating schemes through our dedicated Building Safety division. We remain fully committed to acting responsibly with regards to building safety and since the start of our remediation programme, the Group has spent over £120 million on legacy building safety issues.
Creación de valor para los accionistas
The successful delivery against our strategic priorities will ensure the Group continues to generate long-term value for shareholders, and the Board believes this is best gauged through increasing NAV per share and supplemented by capital returns.
In the half year to 31 January 2024, NAV increased to 2,888p2 per share (31 July 2023 - 2,871p), with the benefit of the £100 million share buyback completed in October 2023 offsetting the effect of the reduction in earnings in the first half and the payment of the 2023 final dividend of 95.0p per share.
In the current financial year and in line with the Board's previously stated target, underlying dividend cover will be around 2.5 times2,3. Reflecting this, and the lower expected earnings in financial year 2024, the Board has announced an interim dividend of 16.0p per share (2023 - 45.0p).
Looking ahead, the strength of our land bank and balance sheet provides a solid foundation from which we can return to growth and, in turn, a recovery in earnings should drive a commensurate increase in dividend payments. Furthermore, the reinvestment of capital into compelling land opportunities will be critical to achieving our strategic objectives and will continue to be balanced with future shareholder returns.
Competition and Markets Authority - Housebuilding market study
The UK Competition and Markets Authority ('CMA') launched a market study into the housebuilding sector in England, Scotland and Wales in February 2023, the results of which were published in the CMA's final report on 26 February 2024.
The CMA's wide-ranging study found that the UK's complex and unpredictable planning system was primarily responsible for the persistent under delivery of new homes. The report highlighted that local authority planning departments are typically under resourced, and several do not have up to date local plans, clear targets or strong incentives to deliver the number of homes needed in their areas. Furthermore, the practice of housebuilders holding land banks was seen as a symptom of the planning system, rather than a primary reason for the shortage of new homes. The CMA has recommended a streamlining of the planning system, together with improved consumer protections, to support the increased delivery of new homes across the country, which we wholly support.
With regard to consumer protections, we are striving to continually improve our levels of customer service and Bellway is a registered developer with the New Homes Quality Board, which offers consumers protection through the current industry code of practice, the New Homes Quality Code ('NHQC'). To ensure that all housebuilders work to a consistent set of quality standards, the CMA considers that the NHQC could be evolved to be a single mandatory consumer code, covering the quality of new homes and customer service. We welcome this recommendation and believe it would contribute to a further improvement in standards across the wider sector.
During the study, the CMA also found evidence which indicated some housebuilders may be sharing commercially sensitive information with competitors, which could be influencing the build-out rate of sites and the prices of new homes. While the CMA does not consider such sharing of information to be one of the main factors in the persistent under delivery of homes, the CMA is concerned that it may weaken competition in the market. As a result, the CMA has launched an investigation under the Competition Act 1998 into eight housebuilders, including Bellway. The CMA has not yet reached any conclusions, and Bellway will continue to engage positively and co-operate fully with the CMA during the investigation.
Futuro éxito a largo plazo
Bellway has an experienced leadership team with operational strength-in-depth across the organisation. Given these qualities and our robust balance sheet, I am confident that the Group is well-positioned to capitalise on future growth opportunities, deliver against our strategic priorities and create a positive outcome for our stakeholders over the long term.
Juan Tutte
Presidente
25 de marzo de 2024
Revisión operativa y de mercado del director ejecutivo
Mercado
Customer confidence and reservation rates gradually improved throughout the period, driven by wage increases and a moderation of both consumer price inflation and mortgage interest rates. Demand for our high-quality new homes was further supported by good availability of mortgage finance, although affordability remains relatively constrained for those customers requiring higher loan-to-value mortgages.
While sales rates have been impacted by higher borrowing costs since the summer of 2022, the improvement in affordability through the first half of the current financial year led to a 15.4% increase in the private reservation rate to 105 per week (2023 - 91). This represented a private reservation rate per outlet per week of 0.43 (2023 - 0.38), including a modest contribution of 0.03 from bulk sales (2023 - nil). There were encouraging levels of customer enquiries in the traditionally quieter winter trading period and together with a seasonal pick-up, this resulted in an increase in the private reservation rate in January to 0.59 per outlet per week (January 2023 - 0.45).
Notwithstanding the higher demand for private housing, the overall reservation rate rose only slightly to 140 per week (2023 - 138), which partly reflects the expected reduction in social housing output in financial year 2025 from the current elevated levels. Customer confidence continued to improve which led to a lower cancellation rate of 16% (2023 - 20%) for the whole of the first half and a reduction to a normalised level of around 13% during January 2024.
The Group traded from an average of 243 outlets in the period (2023 - 238), in line with our expectations and ahead of the closing position of 240 outlets at 31 July 2023. The 2.1% increase in average outlets was driven by our strong land bank and achieved despite the ongoing delays in the planning system. The Group's Ashberry brand is used on over 9% of our active outlets, and typically on larger sites alongside our core Bellway brand. Ashberry offers customers a choice of layouts and elevational treatments, all from our standard house type range, and the use of dual branding on sites can drive both enhanced sales rates and an improvement in RoCE.
Overall, headline pricing across our regions has remained firm, and our sales teams continue to use a range of targeted incentives to encourage further customer interest and secure reservations. The use of selling incentives has generally increased since the summer of 2023, although there has been more limited use in regions where affordability remains good in the context of the local market and in areas with healthy employment levels. In this regard and supported by good-quality sites and new outlet openings, our divisions in Manchester and Northern Home Counties enjoyed strong customer demand, with an average private reservation rate in excess of 0.60 per outlet per week in the first half.
As part of our range of controlled incentives used to generate increased sales, the 'Own New Rate Reducer' scheme has recently been launched. Supported by a subsidy from Bellway, it offers customers significantly reduced monthly mortgage payments for a fixed period of between two and five years. In conjunction with some of the UK's major mortgage lenders, the scheme is available on new-build homes only, for both first time buyers and home movers. While affordability pressures have generally eased in recent months, we are optimistic that this scheme will widen our customer base and add further support to the improving market backdrop.
High-quality land bank to support strong outlet opening programme and volume recovery
The Group has a high-quality land bank, which was enhanced by a period of front-footed investment prior to financial year 2023. Bellway's owned and controlled land bank remains strong and comprises 49,365 plots (2023 - 57,720 plots), with the decrease reflecting the volume output and lower land buying activity during the last year. Within our owned and controlled land bank, we have 29,765 plots (2023 - 31,420 plots) with an implementable detailed planning permission ('DPP') and 19,600 pipeline plots (2023 - 26,300 plots).
El siguiente cuadro analiza las tenencias de suelo del Grupo:
| 31 enero 2024 | 31 enero 2023 |
|
|
|
DPP: plots with implementable detailed planning permission | 29,765 | 31,420 |
Pipeline: plots pending an implementable DPP | 19,600 | 26,300 |
Parcelas propiedad y controladas por Bellway |
49,365 |
57,720 |
Participación de Bellway en la tierra propiedad y controlada por empresas conjuntas | 927 | 947 |
| ||
Total de parcelas propias y controladas | 50,292 | 58,667 |
Tenencias estratégicas de tierra | 44,200 | 41,700 |
Banco total de tierras4 |
94,492 |
100,367 |
Our investment in strategic land has continued during the period, which has enhanced our overall land supply for a relatively low initial capital outlay. In the first half, we entered into option agreements to buy 10 sites (2023 - 12 sites), building upon our increased activity in the strategic land market in recent years. Bellway's strategic land portfolio now comprises 44,200 plots (2023 - 41,700 plots), which has grown by around 60% over the last three years (31 January 2021 - 27,700 plots).
Overall, the Group's ongoing investment in strategic land continues to provide balance sheet efficiency and financial flexibility through the use of option and promotion agreements, while also supporting our longer-term growth ambitions.
The strength of our land bank has enabled an ongoing cautious and targeted approach to shorter-term land acquisition in the period. This has been focused on securing land interests which offer compelling and enhanced financial returns and, where possible, include significant flexibility in the contract terms. During the first half, the Group contracted to purchase 1,237 owned and controlled plots (2023 - 2,428 plots) across 9 sites (2023 - 16 sites) with a total contract value of £103.4 million (2023 - £197.3 million), and we also decided not to proceed with the purchase of 1,359 plots (2023 - 418 plots) across 7 previously approved sites (2023 - 3 sites). This resulted in a net cancellation of 122 owned and controlled plots (2023 - net addition of 2,010 plots).
While overall plots contracted in financial year 2024 are expected to be below volume output, our experienced land teams have been more active in the land market since the start of the new calendar year, reflecting the improving outlook in terms of both lower interest rates and house price stability. Ongoing disciplined investment in land will be essential to achieving our strategic priority of long-term volume growth and we are rebuilding our future pipeline of potential acquisitions, with Heads of Terms agreed on around 6,600 plots at 10 March 2024.
The Group was operating from 246 outlets as at 31 January 2024, having opened 34 new sales outlets in the period and as noted earlier, having traded from an average of 243 (2023 - 238). We have good visibility on the expected timing of near-term planning decisions and, notwithstanding the risks to further planning delays in the run up to this year's General Election, we currently expect to open over 40 additional new selling outlets in the second half.
In line with previous guidance, the Group remains well-positioned to deliver a modest increase in the number of outlets from the half year level by the end of the current financial year, with the outcome also dependent on sales rates and therefore the number of outlets closing.
Producción y control de costes.
Build cost inflation has moderated and was running in the low single digits by the end of the period. The easing of cost increases has been supported by the combined effect of lower levels of construction activity and the continued fall in energy costs since their peak in the summer of 2022.
The industry-wide decline in order books and construction activity has reduced the demand for building materials, resulting in limited overall material cost inflation on new tenders. This changing backdrop enabled the Group to negotiate recent cost reductions on several products, and many suppliers are reintroducing normalised fixed price periods of between 9 and 12 months.
While there are presently good levels of product availability across the Group, we are mindful of the potential risks to global supply chains, particularly for commodities such as semi-conductors, which are used in kitchen appliances and gas boilers. In this regard, our experienced procurement teams continue to work closely with our wide range of supply chain partners on demand planning, and to ensure we are prepared for our targeted increase in volume output in financial year 2025 and beyond.
Bellway has well-established relationships with its subcontract partners and together with our strong commercial disciplines, the Group's subcontract labour costs continue to be tightly managed. As construction output has declined across the country, requests for subcontract price increases remain low for most trades. The Group's outlet opening programme has provided good visibility on pipeline work for subcontractors and remains beneficial when negotiating new labour contracts and pricing.
Our subcontractors are also becoming increasingly familiar with our Artisan Collection house-types, which continue to drive a range of other benefits across the Group, including improved site layouts. Artisan homes are expected to increase to around 55% of total legal completions in the current financial year (31 July 2023 - 45%). As part of our growth strategy, we are increasing the use of sustainably sourced timber-frame construction across the Group, which can improve build efficiencies and asset turn, as well as reducing embodied carbon and sequestering emissions throughout the tree growing and replanting phase.
While underlying cost pressures are currently more moderate, the higher levels of inflation experienced on costs incurred in earlier periods, and carried in our work-in-progress, will be realised through the income statement for legal completions in the months ahead.
As the industry works towards building to the requirements of the Future Homes Standard beyond this financial year, our Artisan Collection standard house-types and centralised approach to design, procurement and site layout reviews will continue to help the Group maintain efficiency and mitigate cost pressures.
Negociación reciente
The lower opening order book position and the higher expected weighting of housing completions in the first half of the current financial year led to a reduced, yet still sizeable, order book at 31 January 2024. This comprised 3,970 homes (2023 - 5,108 homes), with a value of £1,012.5 million2 (2023 - £1,386.8 millones).
In the early weeks of the spring selling season, the combination of competitive mortgage interest rates, pent-up customer demand and a seasonal uplift has led to a sustained improvement in trading. In the six weeks since 1 February, the private reservation rate increased by 20.7% compared to the equivalent period in the prior year to 163 per week (1 February to 12 March 2023 - 135). This represented a private reservation rate per outlet per week of 0.67 (1 February to 12 March 2023 - 0.56). The overall reservation rate rose by 7.8% to 207 per week (1 February to 12 March 2023 - 192).
Reflecting recent trading and volume output, the order book has increased from the level at 31 January 2024. The forward order book at 10 March 2024 comprised 4,914 homes (12 March 2023 - 5,842 homes) with a value of £1,301.9 million2 (12 March 2023 - £1,602.0 million).
Outlook
The encouraging levels of website traffic and visitors to our outlets since the start of the calendar year reflect the strong underlying demand for our homes. This, combined with our order book and healthy work-in-progress position leaves the Group on track to deliver volume output of around 7,500 homes in the current financial year (31 July 2023 - 10,945 homes).
There has been early customer interest in the 'Own New Rate Reducer' scheme since its launch earlier this month and while there has been a modest increase in mortgage interest rates over the same period, customer enquiry levels have remained healthy. Given this backdrop and our outlet opening programme, we are well-placed to build the order book through the second half. While the Board remains alert to future risks to customer demand and cost inflation, if market conditions remain stable, Bellway is in a strong position to return to growth in financial year 2025.
Over the long-term, Bellway's divisional structure has significant capacity to deliver sustainable organic volume growth. We remain confident that the Group's robust balance sheet and operational strength, combined with the depth of our land bank, will enable Bellway to successfully navigate changing market conditions and capitalise on future growth opportunities.
Jason Honeyman
Consejero Delegado del Grupo
25 de marzo de 2024
Financial Review,en
Rendimiento comercial
The Group has delivered housing revenue of £1,265.6 million (2023 - £1,804.9 million), a reduction of 29.9%, which was in line with our expectations and follows a period of reduced private reservations in the prior financial year. Other revenue was £7.5 million (2023 - £4.4 million) and comprises ancillary items including commercial sales and management fee income earned on our joint venture schemes. Total revenue was 29.6% lower at £1,273.1 million (2023 - £1,809.3 million).
El siguiente cuadro muestra el número y precio promedio de venta de viviendas terminadas en el período, analizadas geográficamente, entre viviendas particulares y viviendas sociales:
| Viviendas vendidas (número)
|
| Precio de venta promedio (£ 000) | ||||||||||||||
| Privado
| Social | Total |
| Privado | Social | Total | ||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||
North | 1,651 | 2,368 | 268 | 473 | 1,919 | 2,841 | 316.0 | 333.2 | 146.4 | 127.8 | 292.3 | 299.0 | |||||
Sur | 1,427 | 2,151 | 746 | 703 | 2,173 | 2,854 | 388.4 | 385.5 | 201.5 | 179.6 | 324.2 | 334.8 | |||||
Grupo procesos | 3,078 | 4,519 | 1,014 | 1,176 | 4,092 | 5,695 | 349.6 | 358.1 | 186.9 | 158.7 | 309.3 | 316.9 | |||||
The number of completions reduced by 28.1% to 4,092 homes (2023 - 5,695 homes), with the decline reflecting the generally softer market conditions since late summer 2022 and the lower order book at 1 August 2023.
The overall average selling price was £309,278 (2023 - £316,929), and the modest reduction of 2.4% was primarily driven by the lower proportion of private completions which reduced to 75.2% of the total (2023 - 79.4%). We continue to expect the full year overall average selling price to be around £295,000 (31 July 2023 - £310,306), reflecting a further increase in the proportion of social homes in the second half and a continued use of targeted incentives, together with geographic and mix changes.
The Group began to accelerate the construction of social homes as part of a wider programme of cash generation and maintaining financial resilience when trading conditions became challenging in late summer 2022. This led to the delivery of 2,779 social homes in financial year 2023. In the current financial year, as previously guided, we expect the number of social completions to be around 2,100 homes, and they will rise as a proportion of total volume (31 July 2023 - 25.4%) given the lower level of private completions. Given these two years of elevated social output, in financial year 2025, we anticipate a lower number of social completions, and as we target a sustained recovery in overall volume over the longer-term, the proportion of social homes is expected to normalise towards around 20% of total volume output.
Desempeño operativo subyacente
The Group's commercial disciplines and proactive management of site-based overheads helped to alleviate some of the margin pressures faced during the period. Notwithstanding this, the impact of build cost inflation, extended site durations and the increased use of customer incentives led to a 500 basis point reduction in the underlying gross margin to 16.5%2,3 (2023 - 21.5%). As a result, underlying gross profit decreased by 45.9% to £210.5 million2,3 (2023 - £389.3 millones).
Other operating income and expenses, which net to an expense of £0.9 million (2023 - £0.3 million), relate to the running of our part-exchange programme. Part-exchange activity remained disciplined and was used for only 2.8% (2023 - 1.2%) of completions with a balance sheet investment at 31 January 2024 of £20.1 million (2023 - £10.7 million). The Group has strong controls around the use of part-exchange as a selling tool, and we have the financial capacity to increase its use in the future, in a controlled manner, if market conditions require it.
Administrative expenses decreased by 2.2% to £69.7 million (2023 - £71.3 million). The reduction reflects the lower headcount resulting from workforce planning in calendar year 2023, which was partly offset by underlying cost inflation and increases in pay and employee benefits. As a proportion of revenue, administrative expenses were 5.5%2 (2023 - 3.9%), and we continue to expect full year administrative expenses to be similar to the prior year (31 July 2023 - £142.2 million).
El margen operativo subyacente para el semestre fue del 11.0%2,3 (2023 - 17.6%), with the decrease driven by the lower gross margin and operational gearing effect of the decline in volume output. There will be a further reduction in the second half of the financial year, primarily due to reduced overhead absorption, given the weighting of housing revenue to the first half.
For the full year and in line with previous guidance, the Board continues to anticipate a reduction in the underlying operating margin2,3 of at least 600 basis points from the level in the prior year (31 July 2023 - 16.0%).
Beyond the current financial year, higher profit margins will help to achieve our strategic priority of improving RoCE. With the expected rise in volume from financial year 2025, overhead recovery will improve, and we will continue with our disciplined approach to land investment and cost management. Together with the support of stable conditions in the housing market, the Board is confident that an underlying operating margin in the mid-to high-teens2,3 is sustainable over the longer-term.
Adjusting item: net lgasto de seguridad del edificio egcy
Bellway continues to act responsibly with regards to building and resident safety, and this is reflected by the significant resource and funding the Group has committed to remediate its legacy apartments.
In the first half, the Group has recognised a net adjusting charge of £16.8 million (2023 - £6.2 million) in relation to the Self-Remediation Terms ('SRT') and associated review provision, including £8.0 million (2023 - £3.0 million) through cost of sales, predominantly reflecting a reduction in discount rates in the period.
The charge also included an adjusting finance expense of £8.8 million (2023 - £3.2 million) in relation to the unwinding of the discount on the SRT and associated review provision, which is in line with previous guidance. The primary driver of the increase in the adjusting finance expense was the application of higher discount rates to the provision which arose from the movement in gilt rates in the six months to 31 July 2023.
The total amount Bellway has set aside for the SRT and associated review in England, Scotland and Wales since 2017 is £599.6 million, with a remaining provision of £479.6 million at 31 January 2024. Costs have been provided regardless of whether Bellway still retains ownership of the freehold interest in the building or whether warranty providers have a responsibility to carry out remedial works. The provision has been calculated based on our extensive experience to date, using analysis of previously tendered works and prudent, professional estimates based on our knowledge of known issues. For buildings where full investigations have not yet been undertaken or cost reports obtained, an allowance has been made for as yet undiscovered problems, based on experience to date from similar developments.
In March 2023 the Group signed the SRT with the Department of Levelling Up, Housing and Communities ('DLUHC'), and we have also signed up to the Welsh Government Building Safety Developer Remediation Pact (the 'Pact') and the Scottish Safer Buildings Accord, reinforcing our responsible UK-wide approach to legacy building safety.
Under the terms of the SRT, developers have agreed to identify and remediate life-critical fire safety defects in residential buildings over 11 metres in height that they have developed or refurbished since April 1992. Signing the SRT has led to improved clarity on the standards required for internal and external remediation, including Publicly Available Specification 9980:2022, which is the code of practice for Fire Risk Appraisals of External Wall construction ('FRAEW'). Buildings are deemed to be assessed under the requirements of the SRT when a qualifying assessment has been approved by the DLUHC. This requires the completion of both a FRAEW and a Fire Safety Assessment ('FSA').
The development of remediation strategies is a complex exercise, involving many third parties, and there is often a requirement to obtain planning and regulatory approval before works commence. During the period we have experienced ongoing delays in relation to obtaining building access licences for our site remediation teams. Despite this challenging backdrop, the Group's dedicated Building Safety division is making progress with assessment and remediation.
As at 31 January 2024 and in addition to those freeholders that have been awarded an application by the Building Safety Fund or ACM Funds, Bellway has a total of 119 buildings where work is complete or underway, or where remediation programmes and scope are being determined.
In the second half of financial year 2023, the Group identified an isolated design issue with the reinforced concrete frame of an apartment scheme built 13 years ago in Greenwich, London, and recognised a structural defects provision of £30.5 million at 31 July 2023. In the first half of the current financial year, and in relation to this provision, the Group recognised a credit through cost of sales of £0.6 million and a net finance expense of £0.6 million, which netted to an adjusting charge of £nil. As a result, the remaining structural defects provision as at 31 January 2024 was £30.5 million (2023 - £nil).
The adjusting finance expense is subject to a range of assumptions, and based on the 31 January 2024 forward looking discount rate, we currently anticipate a total net legacy building safety adjusting finance expense, in relation to both the SRT and associated review provision and structural defects provision, of around £8 million in the second half of financial year 2024.
Since the start of our remediation programme, the Group has spent over £120 million on building safety. We have a strong, well-capitalised balance sheet with net cash of £76.6 million2, net assets of £3,434.2 million and committed debt facilities
of £530 million. In this regard, the Group is well-placed to meet its future legacy building safety commitments and importantly, the expected level and timings of the costs will not be detrimental to our long-term strategic priorities.
Beneficio operativo
After taking the cost of sales adjusting items into consideration, total operating profit decreased by 57.9% to £132.5 million (2023 - £314.7 million).
Gasto financiero neto subyacente
The underlying net finance expense was £4.3 million2,3 (2023 - £6.0 million). This includes notional interest on land acquired on deferred terms of £5.3 million (2023 - £6.3 million), with the decrease reflecting the reduction in land creditors. The expense also comprises interest on the Group's fully drawn fixed rate US Private Placement ('USPP') loan notes of £1.7 million (2023 - £1.7 million) and net bank interest income of £0.5 million (2023 - £1.3 million). Net bank interest income includes net interest receivable on cash balances, commitment fees and refinancing costs, and the reduction largely reflects the lower average cash balance in the period.
Based on prevailing interest rates and in line with previous guidance, the underlying net finance expense2,3 in financial year 2024 is anticipated to be similar to the prior year (31 July 2023 - £9.9 million).
Beneficio antes de impuestos
Including our share of loss from joint ventures of £1.4 million (2023 - £0.4 million share of profit), which reflects upfront financing costs on a long-term scheme, underlying profit before taxation reduced by 57.0%, to £134.2 million2,3 (2023 - £312.1 million). Reported profit before taxation was £117.4 million (2023 - £305.9 million).
Taxation
The income tax expense was £33.4 million (2023 - £75.9 million), reflecting an effective tax rate of 28.4% (2023 - 24.8%). The increase in the tax rate in the period was driven by the full year effect of the six percentage points increase in the standard rate of UK corporation tax in April 2023.
Beneficio del período
El beneficio subyacente del período fue inferior en un 59.1 %, a 95.9 millones de libras esterlinas.2,3 (2023 - £234.6 millones) y las ganancias subyacentes por acción fueron de 80.6 peniques2,3 (2023 - 190.5p).
After considering the net legacy building safety expense, reported profit for the period reduced by 63.5% to £84.0 million (2023 - £230.0 million). Basic earnings per share was 70.6p (2023 - 186.8p).
Sólido balance y posición financiera
Bellway's well-capitalised balance sheet principally comprises amounts invested in land and work-in-progress. Within total inventories of £4,542.4 million (2023 - £4,417.3 million), the carrying value of land was £2,438.2 million (2023 - £2,696.6 million) and work-in-progress increased by 21.9% to £1,953.8 million (2023 - £1,602.5 million). The higher work-in-progress balance reflects our ongoing investment in site infrastructure and early-stage foundation work, in preparation for our strong programme of outlet openings, together with underlying build cost inflation.
Notwithstanding the lower volume output in the period, we have maintained financial resilience and net cash at 31 January 2024 was £76.6 million2 (2023 - £292.5 million). During the first half, expenditure on land, including payment of land creditors, was £257 million (2023 - £231 million), primarily comprising cash payments on contracts approved in previous financial years. Committed land obligations have reduced significantly to £238.5 million (2023 - £372.4 million) and adjusted gearing, inclusive of land creditors, remains low at 4.7%2 (2023-2.3%).
Creación de valor a largo plazo.
Net assets decreased slightly in the half year to £3,434.2 million (31 July 2023 - £3,461.6 million), as lower profitability was offset by cash dividend payments made in the period totalling £112.7 million. The positive effect of the £100 million share buyback completed in October 2023 led to a modest increase in NAV per share to 2,888p2 (31 julio 2023 - 2,871p).
El rendimiento subyacente después de impuestos sobre el capital fue del 5.6%2,3 (2023 - 13.7 %) y el RoCE subyacente fue del 8.1 %2,3 (2023 - 18.6%), or 7.5%2,3 (2023 - 16.7%) when including land creditors as part of the capital base. The reduction in these returns metrics was driven by the lower asset turn and underlying operating margin, and a further moderation is expected for the full financial year given the anticipated lower volume output and underlying operating profit.
Looking beyond the near-term and given Bellway's financial strength and high-quality land bank, the Board is confident that through improvements in both asset turn and underlying operating margin, the Group can deliver a normalised, longer-term recovery in underlying RoCE of up to 20%2,3.
keith adey
Director de Finanzas del Grupo
25 de marzo de 2024
'Mejor con Bellway'
Nuestro enfoque responsable y sostenible de los negocios
'Better with Bellway' is the Group's strategy and long-term commitment with regards to acting responsibly and sustainably, which encompasses issues around people and the environment. Through a range of initiatives, we continue to embed the strategy across the Group's operations, and we are delighted that the efforts of our colleagues have been recognised through several industry awards, including 'Large Housebuilder of the Year' at the 2023 Housebuilder Awards.
'Better with Bellway' covers eight priority areas each with their own specific targets and KPIs linked to the underlying operations of the Group. The strategy includes ambitious targets in respect of our three flagship priority areas of Carbon Reduction, Customers and Communities, and becoming an Employer of Choice. Some recent highlights in these areas are shown below:
Reducción de carbono
To achieve a lower carbon footprint at Bellway, we have committed to a significant reduction in scope 1 to 3 greenhouse gas emissions by 2030. We have already made strong headway in laying the foundations to meet our stretching targets, which were validated by the Science Based Targets initiative ('SBTi') in 2022.
As part of our detailed plan to cut emissions, we have several research projects underway across the business, where we are trialling new technologies and working with our customers, to drive best practice for carbon reduction.
Our flagship research project is at the University of Salford where a Bellway 'Future Home' has been constructed in the 'Energy House 2.0' environmental chamber, which can recreate a range of temperatures and weather conditions. In this controlled environment, testing is underway for a variety of innovative technologies and the project has already produced valuable data on the performance of the fabric of the 'Future Home' which will help to inform how Bellway will build homes in the years ahead and achieve the requirements of the Future Homes Standard.
In recognition of the important work being carried out at 'Energy House 2.0', we are delighted that the research project has recently won several accolades, including 'Best Sustainability Initiative' at the 2023 Housebuilder Awards and 'Major Project of the Year' at the 2023 National Sustainability Awards.
As we work towards reducing the level of embodied carbon in the supply chain, we will need to adopt new construction practices and the use of alternative materials. In this regard, we have increased the use of timber frame construction across the Group, as compared to other mainstream building materials, sustainably sourced timber requires minimal processing and has lower levels of embodied carbon. Timber frame construction is now being increasingly used in five of Bellway's divisions, including its long-established use in our two Scottish divisions.
To achieve our ambitious targets and in addition to our ongoing projects, we are considering several further initiatives to reduce scope 1 to 3 carbon emissions in the years ahead.
Clientes y Comunidades
Bellway aims to provide a consistently high service and quality homes to all our customers, and the efforts under our Customer First programme have resulted in the Group retaining its position as a five-star5 homebuilder for the eighth consecutive year. This was awarded by the HBF using the NHBC's most recent Customer Satisfaction survey, which asks customers whether they would recommend Bellway to a friend, when surveyed eight weeks after their moving date.
While we are proud of this achievement, our teams are working hard to continually improve levels of customer service through a range of initiatives underway within the business. These include investment in technology to streamline the quality assurance process and ongoing training across our sales, customer care and construction teams.
As part of our Customer First programme, we launched Bellway's 'Meet the Builder' days in financial year 2023, where our customers can visit their new home prior to taking ownership. These are being successfully rolled out across our developments, providing customers with an insight into the build process and an opportunity to have any questions answered by our site managers.
To complement 'Meet the Builder' days, we have introduced Bellway's 'House to Home' on all new sites starting construction in financial year 2024. On each of these sites, a 'House to Home' standardised demonstration plot is divided into areas showing different construction stages to help develop customers' knowledge of the materials used in the build process, our sustainability principles, our commitment to energy efficiency and the benefits of buying a Bellway home. This initiative has received strong positive feedback, and we believe it will enhance the overall customer experience and underpin confidence in the quality of our new homes.
Empleador de elección
Bellway is aiming to be an 'Employer of Choice' in the industry by creating a safe, diverse and inclusive environment that our colleagues can thrive in, and we are very proud that this priority area of our 'Better with Bellway' strategy won the 'Best Staff Development Award' at the 2023 Housebuilder Awards.
Despite the challenging market conditions over the last year, in our most recent employee engagement survey, 89% of colleagues said they would recommend Bellway as 'a great place to work'. The Group is aiming to improve on this high level of employee satisfaction, and we continue to seek feedback from our colleagues to attract talent and improve staff retention.
Bellway has an ongoing programme of structured apprenticeships and graduate training, and we continue to operate as a fully accredited Living Wage Employer, which covers both directly employed and subcontracted staff. Overall, these measures will help to achieve our aim of increasing the proportion of employees in 'earn and learn' positions (31 July 2023 - 8.3%) and support the ongoing success of the business.
The Group has several initiatives in place to promote diversity and inclusion and, together with a range of opportunities for career progression through our Bellway Academy, will help to ensure Bellway continues to be a rewarding place to work in the years ahead.
Mayor progreso
El Grupo ha avanzado mucho hacia los objetivos y los KPI establecidos para las otras áreas prioritarias dentro de 'Mejor con Bellway' y esperamos informar más avances en nuestra estrategia de sustentabilidad con nuestros Resultados preliminares en octubre de 2024.
Todos nuestros objetivos y KPI, junto con más información de antecedentes, se publican en nuestro sitio web en www.bellwayplc.co.uk/sustainability.
Jason Honeyman
Consejero Delegado del Grupo
25 de marzo de 2024
Estado de resultados condensado del grupo
Note | Medio año terminó 31 enero 2024 | Medio año terminado 31 de enero de 2023 | Año terminó 31 julio 2023 | |
£ m | £ m | £ m | ||
| ||||
Ingresos | 1 | 1,273.1 | 1,809.3 | 3,406.6 |
El costo de ventas | (1,070.0) | (1,423.0) | (2,757.9) | |
Analizado como: |
| |||
costo de ventas subyacente | (1,062.6) | (1,420.0) | (2,719.3) | |
Elemento de ajuste: gasto neto de seguridad del edificio heredado | 2 | (7.4) | (3.0) | (38.6) |
| ||||
Beneficio bruto | 203.1 | 386.3 | 648.7 | |
| ||||
Otros ingresos operativos | 22.7 | 9.0 | 29.1 | |
Otros gastos operacionales | (23.6) | (9.3) | (30.3) | |
Gastos administrativos | (69.7) | (71.3) | (142.2) | |
| ||||
Beneficio operativo | 132.5 | 314.7 | 505.3 | |
| ||||
Ingresos financieros | 8 | 4.7 | 3.7 | 9.9 |
Gastos financieros | 8 | (18.4) | (12.9) | (30.8) |
Analizado como: |
| |||
Gastos financieros subyacentes | (9.0) | (9.7) | (19.8) | |
Elemento de ajuste: gasto neto de seguridad del edificio heredado | 2,8 | (9.4) | (3.2) | (11.0) |
| ||||
Participación en el resultado de negocios conjuntos | (1.4) | 0.4 | (1.4) | |
| ||||
Beneficio antes de impuestos | 117.4 | 305.9 | 483.0 | |
| ||||
Ingreso por gastos de impuesto | 4 | (33.4) | (75.9) | (118.0) |
| ||||
Utilidad del período * | 84.0 | 230.0 | 365.0 | |
|
| |||
Utilidad por acción ordinaria - Básica | 3 | 70.6p | 186.8p | 297.7p |
Utilidad por acción ordinaria - Diluida | 3 | 70.1p | 186.1p | 296.3p |
|
| |||
Dividendo por acción ordinaria | 11 | 16.0p | 45.0p | 140.0p |
* Todo atribuible a los accionistas de la controladora. |
|
Ajustar elementos |
| |||
Note | Medio año terminado 31 de enero de 2024 | Medio año terminado 31 de enero de 2023 | Año terminó 31 julio 2023 | |
£ m | £ m | £ m | ||
| ||||
Beneficio bruto |
| |||
Beneficio bruto según la Cuenta de Resultados del Grupo Resumida | 203.1 | 386.3 | 648.7 | |
Elemento de ajuste: gasto neto de seguridad del edificio heredado | 2 | 7.4 | 3.0 | 38.6 |
Beneficio bruto subyacente | 210.5 | 389.3 | 687.3 | |
| ||||
Beneficio operativo |
| |||
Beneficio de explotación según la Cuenta de Resultados del Grupo Resumida | 132.5 | 314.7 | 505.3 | |
Elemento de ajuste: gasto neto de seguridad del edificio heredado | 2 | 7.4 | 3.0 | 38.6 |
Beneficio operativo subyacente | 139.9 | 317.7 | 543.9 | |
|
Beneficio antes de impuestos |
| |||
Beneficio antes de impuestos según la Cuenta de Resultados del Grupo Resumida | 117.4 | 305.9 | 483.0 | |
Elemento de ajuste: gasto neto de seguridad del edificio heredado | 2 | 16.8 | 6.2 | 49.6 |
Beneficio subyacente antes de impuestos | 134.2 | 312.1 | 532.6 | |
| ||||
Beneficio del período |
| |||
Resultado del ejercicio según la Cuenta de Resultados del Grupo Resumida | 84.0 | 230.0 | 365.0 | |
Elemento de ajuste: gasto neto de seguridad del edificio heredado | 2 | 16.8 | 6.2 | 49.6 |
Adjusting item: income tax on net legacy building safety expense | 2 | (4.9) | (1.6) | (12.4) |
Beneficio subyacente del período | 95.9 | 234.6 | 402.2 | |
|
Estado de resultados global condensado del grupo
Note | Medio año terminó 31 enero 2024 | Medio año terminado 31 de enero de 2023 | Año terminó 31 julio 2023 | |
£ m | £ m | £ m | ||
| ||||
Beneficio del período | 84.0 | 230.0 | 365.0 | |
| ||||
Otro gasto integral |
| |||
Elementos que no se reciclarán a la cuenta de resultados: |
| |||
Reevaluación de pérdidas en planes de pensión de beneficios definidos | (1.1) | (3.3) | (4.9) | |
Income tax on other comprehensive expense | 4 | 0.3 | 1.0 | 1.4 |
| ||||
| ||||
Otro resultado integral del período, neto de impuesto a las ganancias | (0.8) | (2.3) | (3.5) | |
Resultado integral total del período * |
83.2 |
227.7 |
361.5 | |
| ||||
* Todo atribuible a los accionistas de la controladora. |
|
Estado condensado de cambios en el patrimonio neto del grupo
Note | Capital emitido | Compartir premium | Redención de capital reserva | Otras reservas | Ganancias retenidas | Total equidad | |
£ m | £ m | £ m | £ m | £ m | £ m | ||
Semestre finalizado el 31 de enero de 2024 | |||||||
Saldo al 1 de agosto de 2023 | 15.0 | 182.0 | 20.4 | 1.5 | 3,242.7 | 3,461.6 | |
Resultado integral total del período |
| ||||||
Beneficio del período | - | - | - | - | 84.0 | 84.0 | |
Otro gasto integral * | - | - | - | - | (0.8) | (0.8) | |
Resultado integral total del período | - | - | - | - | 83.2 | 83.2 | |
Transacciones con accionistas registradas directamente en patrimonio: |
| ||||||
Dividendos sobre acciones de capital | 11 | - | - | - | - | (112.7) | (112.7) |
Crédito en relación con opciones sobre acciones e impuestos sobre las mismas |
4 |
- |
- |
- |
- |
2.5 |
2.5 |
Share buyback programme and cancellation of shares |
10 |
(0.2) |
- |
0.2 |
- |
(0.4) |
(0.4) |
Total de contribuciones y distribuciones a los accionistas |
|
(0.2) |
- |
0.2 |
- |
(110.6) |
(110.6) |
Saldo al 31 de enero de 2024 |
|
14.8 |
182.0 |
20.6 |
1.5 |
3,215.3 |
3,434.2 |
Semestre finalizado el 31 de enero de 2023 | |||||||
|
| ||||||
Saldo al 1 de agosto de 2022 |
| 15.4 | 182.0 | 20.0 | 1.5 | 3,148.9 | 3,367.8 |
|
| ||||||
Resultado integral total del período |
| ||||||
Beneficio del período | - | - | - | - | 230.0 | 230.0 | |
Otro gasto integral * | - | - | - | - | (2.3) | (2.3) | |
Resultado integral total del período | - | - | - | - | 227.7 | 227.7 | |
Transacciones con accionistas registradas directamente en patrimonio: |
| ||||||
Dividendos sobre acciones de capital | 11 | - | - | - | - | (117.0) | (117.0) |
Crédito en relación con opciones sobre acciones e impuestos sobre las mismas |
4 |
- |
- |
- |
- |
2.9 |
2.9 |
Total de contribuciones y distribuciones a los accionistas |
- |
- |
- |
- |
(114.1) |
(114.1) | |
Saldo al 31 de enero de 2023 |
15.4 |
182.0 |
20.0 |
1.5 |
3,262.5 |
3,481.4 | |
|
|
|
|
|
|
| |
Año terminado el 31 de julio de 2023 |
|
|
|
|
|
| |
|
|
|
|
|
|
| |
Saldo al 1 de agosto de 2022 | 15.4 | 182.0 | 20.0 | 1.5 | 3,148.9 | 3,367.8 | |
| |||||||
Resultado integral total del período | |||||||
Beneficio del período | - | - | - | - | 365.0 | 365.0 | |
Otro gasto integral * | - | - | - | - | (3.5) | (3.5) | |
Resultado integral total del período | - | - | - | - | 361.5 | 361.5 | |
Transacciones con accionistas registradas directamente en patrimonio: | |||||||
Dividendos sobre acciones de capital | 11 | - | - | - | - | (171.7) | (171.7) |
Crédito en relación con opciones sobre acciones e impuestos sobre las mismas |
4 |
- |
- |
- |
- |
4.5 |
4.5 |
Share buyback programme and cancellation of shares |
10 |
(0.4) |
- |
0.4 |
- |
(100.5) |
(100.5) |
Total de contribuciones y distribuciones a los accionistas |
(0.4) |
- |
0.4 |
- |
(267.7) |
(267.7) | |
Saldo al 31 de julio de 2023 |
|
15.0 |
182.0 |
20.4 |
1.5 |
3,242.7 |
3,461.6 |
* Se proporciona un desglose adicional en el Estado de Resultados Integrales del Grupo Resumido.
Balance general condensado del grupo
Note | At 31 enero 2024 | At 31 enero 2023 | At 31 julio 2023 | |
£ m | £ m | £ m | ||
BIENES |
| |||
Activos no corrientes |
| |||
Propiedad, planta y equipo. | 30.1 | 33.4 | 31.7 | |
Activos financieros | 47.6 | 28.2 | 38.6 | |
Acuerdos conjuntos contabilizados por el método de la participación | 3.5 | 6.6 | 4.9 | |
Activos por impuestos diferidos | 4 | - | 0.1 | 1.7 |
Activos por prestaciones de jubilación | 1.4 | 4.0 | 2.5 | |
| ||||
82.6 |
72.3 |
79.4 | ||
| ||||
Activos circulantes |
| |||
Los inventarios | 5 | 4,542.4 | 4,417.3 | 4,575.6 |
Cuentas comerciales y otras cuentas por cobrar | 66.6 | 139.6 | 88.3 | |
Impuesto sobre sociedades por cobrar | 4 | - | - | 8.8 |
Efectivo y equivalentes de efectivo | 7 | 206.6 | 422.5 | 362.0 |
| ||||
| ||||
4,815.6 | 4,979.4 | 5,034.7 | ||
|
| |||
los activos totales | 4,898.2 | 5,051.7 | 5,114.1 | |
| ||||
PASIVO |
| |||
Pasivos no corrientes |
| |||
Préstamos y empréstitos que devengan intereses | 7 | (130.0) | (130.0) | (130.0) |
Comerciales y otras cuentas a pagar | (97.0) | (121.9) | (107.3) | |
Pasivos por impuestos diferidos | 4 | (2.4) | (7.1) | (6.2) |
Provisiones | 6 | (401.5) | (413.5) | (403.5) |
| ||||
(630.9) |
(672.5) |
(647.0) | ||
| ||||
Pasivo circulante |
| |||
Impuesto de sociedades por pagar | 4 | (11.1) | (4.6) | - |
Comerciales y otras cuentas a pagar | (713.4) | (825.8) | (900.8) | |
Provisiones | 6 | (108.6) | (67.4) | (104.7) |
| ||||
|
| |||
| (833.1) | (897.8) | (1,005.5) | |
|
| |||
Pasivos totales | (1,464.0) | (1,570.3) | (1,652.5) | |
|
| |||
|
| |||
|
| |||
Activos netos | 3,434.2 | 3,481.4 | 3,461.6 | |
|
| |||
EQUIDAD |
| |||
Capital emitido | 10 | 14.8 | 15.4 | 15.0 |
Compartir premium | 182.0 | 182.0 | 182.0 | |
Reserva de amortización de capital | 10 | 20.6 | 20.0 | 20.4 |
Otras reservas | 1.5 | 1.5 | 1.5 | |
Ganancias retenidas | 10 | 3,215.3 | 3,262.5 | 3,242.7 |
|
| |||
|
| |||
Equidad total | 3,434.2 | 3,481.4 | 3,461.6 |
Estado de flujo de efectivo condensado del grupo
Note | Medio año terminado 31 de enero de 2024 | Medio año terminado 31 de enero de 2023 | Año terminó 31 julio 2023 | |
| £ m | £ m | £ m | |
| ||||
flujos de efectivo por actividades operacionales |
| |||
Beneficio del período | 84.0 | 230.0 | 365.0 | |
| ||||
Cargo de depreciación | 2.6 | 2.9 | 6.0 | |
Ingresos financieros | 8 | (4.7) | (3.7) | (9.9) |
Gastos financieros | 8 | 18.4 | 12.9 | 30.8 |
Gastos de pago basados en acciones | 2.3 | 2.9 | 4.5 | |
Participación en el resultado después de impuestos de las empresas conjuntas | 1.4 | (0.4) | 1.4 | |
Ingreso por gastos de impuesto | 4 | 33.4 | 75.9 | 118.0 |
Disminución / (aumento) de inventarios | 33.2 | 6.3 | (152.0) | |
Disminución / (aumento) de cuentas por cobrar comerciales y otras | 21.6 | (23.2) | 28.7 | |
Disminución de cuentas por pagar comerciales y otras | (167.3) | (94.8) | (75.3) | |
(Disminución) / aumento de provisiones | 6 | (7.5) | 36.2 | 55.7 |
| ||||
Entrada de efectivo de las operaciones | 17.4 | 245.0 | 372.9 | |
|
| |||
Pago interesado | (3.3) | (3.8) | (6.9) | |
Impuesto a las ganancias pagado | (15.1) | (72.8) | (129.8) | |
| ||||
Efectivo neto (salida) / entrada de actividades operativas | (1.0) | 168.4 | 236.2 | |
| ||||
Flujos de efectivo de actividades de inversión |
| |||
Adquisición de propiedades, planta y equipo | (0.9) | (1.3) | (2.7) | |
Ingresos por venta de propiedades, planta y equipo | - | 0.1 | 0.1 | |
Aumento de préstamos a empresas conjuntas | (7.0) | (6.5) | (15.6) | |
Dividendos de empresas conjuntas | - | 3.1 | 3.0 | |
Interés recibido | 2.9 | 2.2 | 6.9 | |
| ||||
Salida neta de efectivo de las actividades de inversión | (5.0) | (2.4) | (8.3) | |
|
| |||
Flujos de efectivo de actividades de financiación |
| |||
Pago de pasivos por arrendamiento | (1.8) | (1.8) | (3.5) | |
Programa de recompra de acciones | 10 | (34.9) | - | (66.0) |
Dividendos pagados | 11 | (112.7) | (117.0) | (171.7) |
| ||||
Salida neta de efectivo de las actividades de financiación | (149.4) | (118.8) | (241.2) | |
| ||||
(Disminución) / aumento neto de efectivo y equivalentes de efectivo | (155.4) | 47.2 | (13.3) | |
| ||||
Efectivo y equivalentes de efectivo al comienzo del período | 362.0 | 375.3 | 375.3 | |
| ||||
|
| |||
Efectivo y equivalentes de efectivo al final del período | 7 | 206.6 | 422.5 | 362.0 |
|
Notas
Base de preparación
Bellway plc (la 'Compañía') es una empresa constituida en Inglaterra y Gales.
Estos estados financieros intermedios condensados consolidados, preparados al 31 de enero de 2024, incluyen los resultados de la Compañía, sus subsidiarias y la participación del Grupo en acuerdos conjuntos (en conjunto, el 'Grupo').
Estos estados financieros intermedios resumidos consolidados no están auditados y fueron autorizados para su emisión por el Directorio el 25 de marzo de 2024.
a) Base de preparación
Este conjunto de estados financieros intermedios resumidos consolidados ha sido preparado de acuerdo con la NIC 34 'Información financiera intermedia' adoptada por el Reino Unido.
The comparative figures for the financial year ended 31 July 2023 are not the Group's statutory financial statements for that financial year as defined in section 434 of the Companies Act 2006. Those financial statements have been reported on by the Group's auditor and delivered to the Registrar of Companies. The report of the auditor was (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
The annual financial statements of the Group for financial year ended 31 July 2024 will be prepared in accordance with UK adopted International Accounting Standards ('IAS'). As required by the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, these condensed consolidated interim financial statements have been prepared applying the accounting policies and presentation that were applied in the preparation of the Group's published consolidated financial statements for the year ended 31 July 2023.
b) Going concern
The Group's activities are financed principally by a combination of ordinary shares and cash in hand less debt. At 31 January 2024, Bellway had net cash of £76.6 million2 (nota 7), con salidas de efectivo de £155.4 millones (nota 7) durante el período, incluidos £17.4 millones de efectivo generado por las operaciones.
El Grupo ha operado dentro de todos sus convenios de deuda a lo largo del período, y el cumplimiento del convenio se consideró como parte de la evaluación de negocio en marcha. Además, el Grupo tenía líneas de crédito bancarias por valor de £400.0 millones a 31 de enero de 2024, con vencimiento en tramos hasta diciembre de 2027. Además, en febrero de 2021, el Grupo dispuso de una colocación privada en libras esterlinas de EE. UU. ('USPP') por un monto total de £ 130.0 millones, como parte de sus acuerdos de financiación del curso ordinario de los negocios, que tiene fechas de vencimiento en 2028 y 2031. En total, el Grupo tenía líneas de deuda comprometidas por £530.0 millones al 31 de enero de 2024.
Incluyendo líneas de deuda comprometidas y efectivo, Bellway tuvo acceso a fondos totales de £606.6 millones, junto con activos corrientes netos (excluyendo efectivo) de £3,775.9 millones al 31 de enero de 2024, proporcionando al Grupo la liquidez adecuada para cumplir con sus pasivos corrientes a medida que caen. adeudado.
Las previsiones internas del Grupo se han actualizado periódicamente, incorporando nuestra experiencia real junto con nuestro resultado futuro esperado. Se ha sensibilizado la última previsión base disponible, que recoge la resiliencia del Grupo frente a los principales riesgos e incertidumbres en el escenario más severo pero plausible. La sensibilidad incluye una recesión debido a la incertidumbre económica y un deterioro en la confianza del cliente. Esto podría llevar a una reducción tanto en el número total de terminaciones legales como en el precio de venta promedio privado, y los gastos generales, el gasto en terrenos y el gasto en construcción se reducirían en consecuencia.
Esta sensibilidad incluye los siguientes supuestos principales:
§ Private completions in H2 FY24 are supported by the forward order book, but still fall to 66% of that achieved in H1 of FY24. In the 12 months to 31 July 2025, private completions reduce by around 50% compared to the 12-month pre-stress peak in FY22. This is followed by a gradual recovery based on the lower base position.
Notas (continuación)
Base de preparación (continuación)
b) Going concern (continued)
§ Private average selling price in H2 FY24 remains in line with internal forecasts due to the order book position. In the 12 months to 31 July 2025, the private average selling price reduces by 10% compared to the latest achieved pricing. This is followed by a gradual recovery based on the lower base position.
§ Estos supuestos reflejan la experiencia del Grupo en la Crisis Financiera Global de 2008-09.
Se incorporaron una serie de medidas de mitigación prudentes en el plausible pero grave escenario a la baja, que incluyen:
§ Las parcelas en el banco de tierras solo se reemplazan al mismo ritmo que se utilizan.
§ El gasto en construcción se reduce en línea con los ingresos por vivienda.
§ Los dividendos se redujeron en línea con las ganancias.
The sensitivity analysis was modelled over the period to 31 July 2025 for the going concern assessment. In addition to the scenario, several additional mitigating measures remain available to management that were not included in the scenario. These include withholding discretionary land spend and instead trading out of the substantial existing land holdings.
In the scenario, the Group had significant headroom in both its financial debt covenants and existing debt facilities and met its liabilities as they fall due. In relation to climate risks, and in particular the requirement of the Group to reduce carbon emissions, the going concern assessment is not considered to be materially affected by the Future Homes Standard.
Los Administradores consideran que el Grupo está bien situado para gestionar los riesgos financieros y de negocio en el entorno económico actual. En consecuencia, los Directores confían en que el Grupo tendrá fondos suficientes para continuar cumpliendo con sus obligaciones a medida que vencen para el período hasta el 31 de julio de 2025, alineándose con el final del primer año después del período mínimo de evaluación de 12 meses, y por lo tanto han preparado el estados financieros intermedios resumidos consolidados sobre la base de negocio en marcha.
c) Accounting policies
Effect of new accounting standards and amendments
The adoption of the new accounting standards and amendments effective for the first time in these condensed consolidated interim financial statements have not had a material effect on the Groups' equity or profit for the period.
d) Estimaciones y juicios contables
While preparing these condensed consolidated interim financial statements, the Directors are required to make significant estimates and judgements that could have a significant effect on these financial statements when applying the Group's accounting policies.
En la preparación de estos estados financieros intermedios resumidos consolidados, los juicios principales en la aplicación de las políticas contables del Grupo y las principales fuentes de incertidumbre en la estimación fueron los aplicados en el Informe y Cuentas Anuales del Grupo para el año terminado el 31 de julio de 2023.
e) Estacionalidad
Al igual que el resto de la industria de la construcción de viviendas del Reino Unido, la actividad se produce durante todo el año, pero está sujeta a las dos temporadas principales de venta de viviendas de primavera y otoño. Como estas temporadas caen en semestres separados, los resultados financieros del Grupo no suelen estar sujetos a variaciones estacionales significativas.
Notas (continuación)
Rendimiento del período
1. Ingresos
Análisis segmentario
La Junta Ejecutiva (el responsable de la toma de decisiones operativas según se define en la NIIF 8 'Segmentos operativos') revisa regularmente el desempeño del Grupo y la posición del balance tanto a nivel consolidado como divisional. Cada división es un segmento operativo según lo define la NIIF 8 en el sentido de que la Junta Ejecutiva evalúa el desempeño y asigna recursos a este nivel. Todas las divisiones se han agregado en un segmento de informe sobre la base de que comparten características económicas similares, que incluyen:
§ Existen acuerdos nacionales de suministro para insumos clave, incluidos los materiales.
§ La deuda se recauda centralmente y el costo de capital es el mismo en cada división.
§ La demanda de ventas en cada división está sujeta a los mismos factores macroeconómicos, como la disponibilidad de hipotecas y la política gubernamental.
En la Revisión financiera se ha incluido información adicional sobre los precios de venta promedio y la división de ventas de unidades entre norte, sur, privado y social. Sin embargo, la Junta no considera que estas categorías sean segmentos reportables separados, ya que revisan todas las operaciones a nivel consolidado y divisional al evaluar el desempeño y tomar decisiones sobre la asignación de recursos.
Ingresos por contratos con clientes
Un análisis de los ingresos del Grupo es el siguiente:
Medio año terminado 31 enero 2024 | Medio año terminado 31 enero 2023 | Año terminó 31 julio 2023 | |
£ m | £ m | £ m | |
| |||
Ingresos de vivienda | 1,265.6 | 1,804.9 | 3,396.3 |
Ingresos no relacionados con la vivienda | 7.5 | 4.4 | 10.3 |
| |||
| |||
Los ingresos totales | 1,273.1 | 1,809.3 | 3,406.6 |
| |||
Los ingresos de vivienda del Grupo se pueden analizar de la siguiente manera: |
| ||
| |||
(a) Private/social |
| ||
| Medio año terminado 31 enero 2024 | Medio año terminado 31 enero 2023 | Año terminó 31 julio 2023 |
£ m | £ m | £ m | |
| |||
Privado | 1,076.0 | 1,618.2 | 2,931.3 |
Social | 189.6 | 186.7 | 465.0 |
| |||
| |||
Ingresos totales de vivienda | 1,265.6 | 1,804.9 | 3,396.3 |
| |||
(b) North/South |
| ||
| Medio año terminado 31 enero 2024 | Medio año terminado 31 enero 2023 | Año terminó 31 julio 2023 |
£ m | £ m | £ m | |
| |||
North | 561.0 | 849.5 | 1,608.8 |
Sur | 704.6 | 955.4 | 1,787.5 |
| |||
| |||
Ingresos totales de vivienda | 1,265.6 | 1,804.9 | 3,396.3 |
Notas (continuación)
2. Gasto neto de seguridad del edificio heredado
Profit before taxation has been arrived at after recognising the following items in the income statement:
Semestre finalizado el 31 de enero de 2024 | Semestre finalizado el 31 de enero de 2023 | |||||
| ||||||
SRT and associated review | Defectos estructurales | Total | SRT and associated review | Defectos estructurales | Total | |
£ m | £ m | £ m | £ m | £ m | £ m | |
|
|
| ||||
Provisiones (nota 6) | 8.0 | (0.6) | 7.4 | 53.0 | - | 53.0 |
Reembolso de activos | - | - | - | (50.0) | - | (50.0) |
Costo neto de ventas (nota 6) | 8.0 | (0.6) | 7.4 | 3.0 | - | 3.0 |
Finance expenses (notes 6, 8) | 8.8 | 0.6 | 9.4 | 3.2 | - | 3.2 |
Gasto total neto en seguridad del edificio heredado | 16.8 | - | 16.8 | 6.2 | - | 6.2 |
|
|
| Año terminado el 31 de julio de 2023 | |||
|
|
| ||||
|
|
| SRT and associated review | Defectos estructurales | Total | |
| £ m | £ m | £ m | |||
|
|
| ||||
Provisiones |
|
|
| 58.1 | 30.5 | 88.6 |
Reembolso de activos |
|
|
| (50.0) | - | (50.0) |
Net cost of sales |
|
|
| 8.1 | 30.5 | 38.6 |
Gastos financieros (nota 8) |
|
|
| 11.0 | - | 11.0 |
Gasto total neto en seguridad del edificio heredado |
|
|
| 19.1 | 30.5 | 49.6 |
The net legacy building safety expense was expanded during the year ended 31 July 2023 to include structural defects relating to a legacy building, as explained below. As at 31 January 2023 and prior, the net legacy building safety expense only included items related to the SRT and associated review.
La tasa del impuesto sobre la renta aplicada al gasto neto total de seguridad del edificio heredado en el estado de resultados es la tasa estándar del impuesto sobre la renta del Grupo, que incluye tanto el impuesto de sociedades como el impuesto de promotor inmobiliario residencial ('RPDT'), del 29.0% (31 de enero de 2023 - 25.0 %, 31 de julio de 2023 - 25.0%).
SRT and associated review
Bellway continues to act responsibly with regards to building and resident safety, and this is reflected by the significant resource and funding the Group has committed to remediate its legacy apartments.
In March 2023 the Group signed the SRT with DLUHC. Under the terms of the SRT, developers have agreed to identify and remediate, life-critical fire safety defects in residential buildings over 11 metres in height that they have developed or refurbished since April 1992. The Group contractually committed to remediate its legacy buildings in both Wales and Scotland by signing the Pact with The Welsh Ministers (the 'Pact') in May 2023 and the Scottish Safer Buildings Accord in July 2023.
Signing the SRT has led to improved clarity on the standards required for internal and external remediation, including Publicly Available Specification ('PAS') 9980:2022, which is the code of practice for Fire Risk Appraisals of External
Notas (continuación)
2. Net legacy building safety expense (continued)
Wall construction ('FRAEW'). Buildings are deemed to be assessed under the requirements of the SRT when a qualifying assessment has been approved by the DLUHC. This requires the completion of both a FRAEW and a Fire Safety Assessment ('FSA').
In total, for the half year ended 31 January 2024 Bellway set aside a net exceptional pre-tax expense of £16.8 million (2023 - £6.2 million), in relation to the SRT and associated review. Of this expense, a net £8.0 million (2023 - £3.0 million) is recognised in cost of sales and an adjusting finance expense of £8.8 million (2023 - £3.2 million) in relation to the unwinding of the discount of the provision to present value. The net amount recognised in cost of sales includes £10.3 million (2023 - £95.2 million) relating to cost estimate increases and £7.8 million (2023 - £23.2 million reduction) following a decrease (2023 - increase) in discount rates during the period (note 6), which are offset by provision releases of £10.1 million (2023 - £19.0 million).
The total amount Bellway has set aside in relation to the SRT and associated review since 2017 is £599.6 million (31 July 2023 - £582.8 million). Costs have been provided regardless of whether Bellway still retains ownership of the freehold interest in the building or whether warranty providers have a responsibility to carry out remedial works.
The provision has been calculated using cost estimates based on our extensive experience to date, using analysis of previously tendered works and prudent, professional estimates based on knowledge of known issues. In addition, on developments where full investigations have not yet been undertaken or cost reports obtained, costs to date on similar developments have been used to estimate the likely cost. We have also made assumptions with regards to the likely cost of resolving potential issues, that we have not yet been made aware of, on schemes covered by the 30-year period.
El cálculo de la provisión utiliza los plazos esperados de las salidas de efectivo que se ajustan por la inflación de costos estimada futura de acuerdo con el índice Build Cost Information Service ('BCIS'), un proveedor líder de información de costos y precios para la industria de la construcción. La provisión se descuenta nuevamente a un valor actual utilizando tasas de gilt del Reino Unido con vencimientos que reflejan el momento esperado de las salidas de efectivo. La reversión de este descuento se carga a través del estado de resultados como un gasto financiero de ajuste.
The majority of the cash outflow is expected to be over the next five years, although there will be some residual expenditure beyond this. The anticipated timing reflects the complex issues around remediation including identifying the works required, design and planning obligations, interpretation of the PAS 9980:2022, liaison and negotiations with building owners, appointment of contractors and time taken to obtain access licences.
As at 31 January 2024 and in addition to those freeholders that have been awarded an application by the Building Safety Fund or ACM Funds, Bellway has a total of 119 buildings where work is complete or underway, or where remediation programmes and scope are being determined.
The net exceptional cost of sales expense includes one-off cost recoveries of £nil (2023 - £50.0 million).
Total recoveries recognised since 2017 are £80.0 million (31 July 2023 - £80.0 million). Reimbursement assets of £nil (2023 - £50.0 million) remained outstanding at the period end.
Defectos estructurales
During the year ended 31 July 2023 a structural defect relating to the reinforced concrete frame was identified at a historical high-rise apartment scheme in Greenwich, London with the remediation work expected to cost £30.5 million. This cost estimate is based on an expert third-party report and reflects management's expected scope of works. A provision has been recognised as Bellway has a legal obligation to undertake the remedial work.
In total, for the half year ended 31 January 2024 Bellway set aside a net exceptional pre-tax expense of £nil (2023 - £nil), in relation to the structural defects. Of this, £0.6 million of net income (2023 - £nil) is recognised in cost of sales which is offset by an adjusting finance expense of £0.6 million (2023 - £nil) relating to the unwinding of the discount of the provision to present value. The net amount recognised in cost of sales includes provision releases of £0.9 million (2023 - £nil), which are offset by £0.3 million (2023 - £nil) following a decrease in discount rates during the period (note 6).
Notas (continuación)
2. Net legacy building safety expense (continued)
The provision calculation uses the expected timings of cash outflows which are adjusted for future estimated cost inflation in accordance with the BCIS index. The provision is discounted back to a present value using UK gilt rates with maturities which reflect the expected timing of cash outflows. The unwinding of this discount is charged through the income statement as an adjusting finance expense.
The Group has carried out a review of other buildings constructed by, or on behalf of Bellway, where the same third parties responsible for the design of the frame in the Greenwich development have been involved. To date, no other similar design issues with reinforced concrete frames have been identified.
We are actively seeking recoveries in relation to the structural defect identified, but as these are not virtually certain at the balance sheet date, no reimbursement assets have been recognised.
The cash outflow is expected to be over the next three years.
3. Beneficio por acción ordinaria
Basic earnings per ordinary share is calculated by dividing earnings by the weighted average number of ordinary shares in issue during the six month period (excluding the weighted average number of ordinary shares held by the Company or Bellway Employee Share Trust (1992) which are treated as cancelled).
Diluted earnings per ordinary share uses the same earnings figure as the basic calculation. The weighted average number of shares has been adjusted to reflect the dilutive effect of outstanding share options allocated under employee share schemes where the market value exceeds the option price. Diluted earnings per ordinary share is calculated by dividing earnings by the diluted weighted average number of ordinary shares.
Las conciliaciones de las ganancias y el número promedio ponderado de acciones utilizadas en los cálculos se describen a continuación:
| Ganancias | Promedio ponderado de ordinarios las acciones | Ganancias por acción | Ganancias | Peso promedio número de ordinario las acciones | Ganancias por acción |
2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |
£ m | Número | p | £ m | Número | p | |
|
|
| ||||
Para ganancias básicas por acción ordinaria | 84.0 | 119,014,789 | 70.6 | 230.0 | 123,157,330 | 186.8 |
Efecto diluyente de opciones y premios | 764,651 | (0.5) | 414,600 | (0.7) | ||
|
|
| ||||
Para ganancias diluidas por acción ordinaria |
84.0 |
119,779,440 |
70.1 |
230.0 |
123,571,930 |
186.1 |
Underlying basic and underlying diluted earnings per share exclude the effect of adjusting items and any associated net tax amounts. Reconciliations of these are outlined below:
| Subyacente ganancias | Promedio ponderado de ordinarios las acciones | Ganancias por acción subyacentes | Subyacente ganancias | Peso promedio número de ordinario las acciones | Ganancias por acción subyacentes |
2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |
£ m | Número | p | £ m | Número | p | |
|
|
| ||||
For basic underlying earnings per ordinary share | 95.9 | 119,014,789 | 80.6 | 234.6 | 123,157,330 | 190.5 |
Efecto diluyente de opciones y premios | 764,651 | (0.5) | 414,600 | (0.7) | ||
|
|
| ||||
For diluted underlying earnings per ordinary share |
95.9 |
119,779,440 |
80.1 |
234.6 |
123,571,930 |
189.8 |
Notas (continuación)
Taxation
4. Impuestos
El gasto por Impuesto sobre Sociedades incluye tanto el Impuesto sobre Sociedades como el RPDT. Se calcula aplicando la mejor estimación de la tasa anual esperada del impuesto de sociedades y la tasa RPDT al beneficio antes de impuestos ajustado por elementos no imponibles y deducciones mejoradas.
El tipo impositivo efectivo, incluido el RPDT, para el período es del 28.4 % (31 de enero de 2023 - 24.8 %, 31 de julio de 2023 - 24.4 %).
As part of the UK adoption of the Organisation for Economic Cooperation and Development ('OECD') Pillar Two rules, the UK government announced two new taxes, the Multinational Top-up Tax and the Domestic Top-up Tax which are designed to ensure corporations pay tax at a rate of at least 15%. The Domestic Top-up Tax will apply to the Group from 1 August 2024. As the Group's current effective tax rate is in excess of 15%, it is expected the introduction of this tax will not affect Bellway. The Multinational Top-up Tax is not expected to affect Bellway.
The carrying amount of the gross deferred tax asset is reviewed at each balance sheet date and is recognised to the extent that there will be sufficient taxable profits to allow the asset to be recovered.
The deferred tax assets/liabilities of the Group at 31 July 2023 were valued at the substantively enacted corporation tax and RPDT rates of 29.0%. At 31 January 2024 the Group recognised a deferred tax liability of £2.4 million (31 January 2023 - net deferred tax liability of £7.0 million, 31 July 2023 - net deferred tax liability of £4.5 million).
Capital de trabajo
5. Inventarios
Medio año terminó 31 enero 2024 | Medio año terminó 31 enero 2023 | Año terminó 31 julio 2023 | |
£ m | £ m | £ m | |
| |||
CARGA TERRESTRE | 2,438.2 | 2,696.6 | 2,578.8 |
Trabajo en progreso | 1,953.8 | 1,602.5 | 1,861.6 |
Casas piloto | 130.3 | 107.5 | 117.2 |
Part-exchange properties | 20.1 | 10.7 | 18.0 |
| |||
| |||
Total | 4,542.4 | 4,417.3 | 4,575.6 |
|
In the ordinary course of business, inventories have been written down by a net £4.6 million in the period (31 January 2023 - £3.5 million, 31 July 2023 - £18.4 million).
The Directors consider all inventories to be essentially current in nature although the Group's operational cycle is such that a proportion of inventories will not be realised within 12 months. It is not possible to determine with accuracy when specific inventory will be realised as this is subject to a number of factors including consumer demand and planning permission delays.
Notas (continuación)
6. Provisiones
SRT and associated review | Defectos estructurales | Total legacy building safety improvements | |
£ m | £ m | £ m | |
|
|
| |
A 1 de agosto de 2023 | (477.7) | (30.5) | (508.2) |
Partida de ajuste - costo de ventas (nota 2) | (8.0) | 0.6 | (7.4) |
Analizado como: | |||
Adiciones | (10.3) | - | (10.3) |
Publicado | 10.1 | 0.9 | 11.0 |
Cambio en la tasa de descuento | (7.8) | (0.3) | (8.1) |
Utilizado | 14.9 | - | 14.9 |
Unwinding of discount - finance expense (notes 2,8) | (8.8) | (0.6) | (9.4) |
| |||
Al 31 de enero de 2024 |
(479.6) |
(30.5) |
(510.1) |
Provisions are classified as follows:
SRT and associated review | Defectos estructurales | Total legacy building safety improvements | |
£ m | £ m | £ m | |
Current | (107.5) | (1.1) | (108.6) |
No corriente | (372.1) | (29.4) | (401.5) |
| |||
Total |
(479.6) |
(30.5) |
(510.1) |
The Group has established a provision for the cost of performing fire remedial works on a number of legacy developments and a structural defect relating to a historical high rise apartment scheme (note 2).
Financiación
7. Analysis of net cash
Al 1 de agosto | efectivo | Al 31 de enero | |
2023 | flujos | 2024 | |
£ m | £ m | £ m | |
|
|
| |
Efectivo y equivalentes de efectivo | 362.0 | (155.4) | 206.6 |
Billetes USPP de tasa fija en libras esterlinas | (130.0) | - | (130.0) |
| |||
El efectivo neto |
232.0 |
(155.4) |
76.6 |
Notas (continuación)
8. Ingresos y gastos financieros
Medio año terminó 31 enero 2024 | Medio año terminado 31 enero 2023 | Año terminó 31 julio 2023 | |
£ m | £ m | £ m | |
| |||
Intereses por cobrar sobre depósitos bancarios | 2.3 | 2.8 | 7.2 |
Net interest receivable on defined benefit asset | 0.1 | 0.1 | 0.3 |
Otros intereses por cobrar | 2.3 | 0.8 | 2.4 |
| |||
Ingresos financieros |
4.7 | 3.7 | 9.9 |
| |||
Intereses pagaderos sobre préstamos bancarios y descubiertos | 1.8 | 1.5 | 2.8 |
Intereses a pagar sobre pagarés USPP en libras esterlinas a tasa fija | 1.7 | 1.7 | 3.4 |
Intereses sobre tierras a pagar a plazo diferido | 5.3 | 6.3 | 13.1 |
Unwinding of the discount on the SRT and associated review provision (notes 2, 6) | 8.8 | 3.2 | 11.0 |
Unwinding of the discount on the structural defects provision (notes 2, 6) | 0.6 | - | - |
Intereses pagaderos por arrendamientos | 0.2 | 0.2 | 0.5 |
| |||
Gastos financieros |
18.4 | 12.9 | 30.8 |
9. Instrumentos financieros - información a revelar sobre el valor razonable
The fair value of financial assets and liabilities are determined based on discounted cash flow analysis using current market rates for similar instruments.
The carrying values of financial assets and liabilities reasonably approximate the fair value of the instruments.
Capital social
10. Reservas
Capital emitido
El Grupo tenía 118,928,949 (2023 - 123,487,367) asignadas, exigidas y totalmente desembolsadas 12.5p acciones ordinarias a 31 de enero de 2024.
During the period, the Company purchased 1,631,263 of its own ordinary shares for a total consideration of £34.9 million, including transaction costs of £0.4 million. All shares purchased were for cancellation, as part of the £100.0 million share buyback programme entered into on 28 March 2023 and completed on 27 October 2023.
Acciones propias poseídas
The Group holds shares within the Bellway Employee Share Trust (1992) (the 'Trust') for participants of certain share-based payment schemes. These are held within retained earnings. During the period nil shares were purchased by the Trust (2023 - nil shares) and the Trust transferred 1,000 (2023 - 3,913) shares to employees and directors. The number of shares held within the Trust and on which dividends have been waived, at 31 January 2024 was 326,202 (2023 - 327,202). These shares are held within the financial statements at a cost of £8.8 million (2023 - £8.8 million). The market value of these shares at 31 January 2024 was £9.0 million (2023 - £6.9 million).
Reserva de amortización de capital
El 7 de abril de 2014, la Sociedad reembolsó 20,000,000 acciones preferentes de 1 libra esterlina, estando todas las acciones preferentes en circulación. Un importe de 20 millones de libras esterlinas, equivalente al valor nominal de las acciones amortizadas, se transfirió a una reserva de amortización de capital en la misma fecha.
Over the course of the calendar year 2023 the Company purchased 4,560,057 of its own shares which it cancelled. On cancellation of the shares, the aggregate nominal value of £0.6 million was transferred from issued capital to the capital redemption reserve.
Esta reserva no es distribuible.
Notas (continuación)
11. Dividends on equity shares
Importes reconocidos como distribuciones a los accionistas en el período:
Medio año | Medio año | Año | |
terminó | terminó | terminó | |
31 enero | 31 enero | 31 julio | |
2024 | 2023 | 2023 | |
£ m | £ m | £ m | |
| |||
Dividendo complementario del ejercicio finalizado el 31 de julio de 2023 de 95.0 peniques por acción (2022 - 95.0p) | 112.7 | 117.0 | 117.0 |
Dividendo a cuenta del ejercicio cerrado el 31 de julio de 2023 de 45.0p por acción (2022 - 45.0p) | - | - | 54.7 |
| |||
112.7 |
117.0 |
171.7 | |
|
| ||
Interim dividend for the year ending 31 July 2024 de 16.0 peniques por share (2023 - 45.0p) |
19.0 | 55.4 | 114.5 |
The interim dividend was approved by the Board on 25 March 2024 and, in accordance with IAS 10 'Events after the Reporting Period', has not been included as a liability in these condensed consolidated interim financial statements. The interim dividend will be paid on Monday 1 July 2024 to all ordinary shareholders on the Register of Members on Friday 24 May 2024. The ex-dividend date is Thursday 23 May 2024.
Contingencias y partes relacionadas
12. Pasivos contingentes
SRT and associated review
Seguimos adoptando un enfoque proactivo para las preocupaciones a nivel nacional con respecto a la seguridad contra incendios en edificios de gran altura en todo el Reino Unido. Bellway reconoce sus responsabilidades en su cartera de apartamentos heredados y continúa revisando los riesgos de combustión, en los sistemas de paredes externas, en desarrollos de gran altura anteriores.
As detailed in note 2, Bellway has identified a number of developments, which obtained building regulation approval at the time of construction, where the building materials used may not fully comply with the most recent government guidance or where remedial works may need to be performed in line with the SRT, Welsh Pact or Scottish Safer Buildings Accord. For these developments we have established that the cost of the remedial works satisfies the accounting requirements of a provision at the balance sheet date. While a prudent approach has been taken, the extent of the provision could increase or reduce in line with normal accounting practice, if new issues are identified or if estimates change, as Bellway and building owners continue to undertake investigative works on these and other schemes within the legacy portfolio.
13. Transacciones con partes relacionadas
No ha habido transacciones con partes relacionadas en los primeros seis meses del año fiscal actual que hayan afectado materialmente la posición financiera o el desempeño del Grupo.
Other than the restoration of Seaton Eight Limited, a previously dissolved, dormant wholly owned subsidiary, the related parties are consistent with those disclosed in the Group's Annual Report and Accounts for the year ended 31 July 2023.
Notas (continuación)
Más información (opcional – piso, bloque edificio, puerta, etc.)
14. Medidas de desempeño alternativas
Bellway uses a variety of alternative performance measures ('APMs') which, although financial measures of either historical or future performance, financial position or cash flows, are not defined or specified by IFRSs. The Directors use a combination of APMs and IFRS measures when reviewing the performance, position and cash of the Group.
Las APM utilizadas por el Grupo se definen a continuación:
§ Beneficio bruto subyacente y beneficio operativo subyacente - Both of these measures are stated before net legacy building safety expense and exceptional items, and are reconciled to total gross profit and total operating profit on the face of the Condensed Group Income Statement. The Directors consider that the removal of the net legacy building safety expense provides a better understanding of the underlying performance of the Group.
§ Margen bruto subyacente - This is gross profit before net legacy building safety expense and exceptional items divided by total revenue. The Directors consider this to be an important indicator of the underlying trading performance of the Group.
§ Gastos administrativos como porcentaje de los ingresos - Esto se calcula como los gastos generales administrativos totales divididos por los ingresos totales. Los Directores consideran que este es un indicador importante de la eficiencia con la que el Grupo gestiona su base de gastos generales administrativos.
§ Margen operativo subyacente - This is operating profit before net legacy building safety expense and exceptional items divided by total revenue. The Directors consider this to be an important indicator of the operating performance of the Group.
§ Gasto financiero neto subyacente - This is the net finance expense before any directly attributable finance expense or finance income relating to the net legacy building safety expense and exceptional items. The Directors consider this to be an important measure when assessing whether the Group is using the most cost effective source of finance.
§ Gastos financieros netos - This is finance expenses less finance income. The Directors consider this to be an important measure when assessing whether the Group is using the most cost effective source of finance.
§ Beneficio subyacente antes de impuestos - This is the profit before taxation before net legacy building safety expense and exceptional items. The Directors consider this to be an important indicator of the profitability of the Group before taxation.
§ Beneficio subyacente del período - This is the profit for the period before net legacy building safety expense and exceptional items. The Directors consider this to be an important indicator of the profitability of the Group.
§ Ganancias por acción subyacentes - This is calculated as underlying profit for the period divided by the weighted average number of ordinary shares in issue during the period (excluding the weighted average number of ordinary shares held by the Company or Trust which are treated as cancelled).
§ Cobertura de dividendos subyacentes - This is calculated as underlying profit for the period per ordinary share for the period divided by the dividend per ordinary share relating to that period. At the half year the dividend per ordinary share is the interim ordinary dividend, and for the full year it is the interim dividend paid plus the proposed final dividend. The Directors consider this an important indicator of the proportion of underlying earnings paid to shareholders and reinvested in the business.
§ Cobertura de dividendos - This is calculated as earnings per ordinary share for the period divided by the dividend per ordinary share relating to that period. At the half year the dividend per ordinary share is the interim ordinary dividend, and for the full year it is the interim dividend paid plus the proposed final dividend. The Directors consider this an important indicator of the proportion of earnings paid to shareholders and reinvested in the business.
Notas (continuación)
14. Medidas de rendimiento alternativas (continuación)
§ Capital invertido en terrenos, neto de acreedores de terrenos y trabajos en curso - This is calculated as shown in the table below. The Directors consider this as an important indicator of the net investment by the Group in the period to achieve future growth.
31 de enero de 2024 | 31 de enero de 2023
| |||||
31 de enero de 2024 | 31 julio 2023 | Movimiento | 31 de enero de 2023 | 31 julio 2022 | Movimiento | |
por balance | £ m | £ m | £ m | £ m | £ m | £ m |
|
|
| ||||
CARGA TERRESTRE | 2,438.2 | 2,578.8 | (140.6) | 2,696.6 | 2,786.4 | (89.8) |
Trabajo en progreso | 1,953.8 | 1,861.6 | 92.2 | 1,602.5 | 1,524.8 | 77.7 |
|
|
| ||||
Decrease in capital invested in land and work-in-progress in the period |
|
|
(48.4) |
(12.1) | ||
|
|
| ||||
Acreedores de tierras | (238.5) | (368.8) | 130.3 | (372.4) | (393.4) | 21.0 |
|
|
| ||||
Aumento del capital invertido en terrenos, neto de acreedores de terrenos y obras en curso en el período |
|
|
81.9 |
8.9 |
§ Valor liquidativo por acción ordinaria ('NAV') - This is calculated as total net assets divided by the number of ordinary shares in issue at the end of each period. The Directors consider this to be a proxy when reviewing whether value, on a share by share basis, has increased or decreased in the period.
§ Capital empleado - Capital employed is defined as the total of equity and net debt. Equity is not adjusted where the Group has net cash. The Directors consider this to be an important indicator of the operating efficiency and performance of the Group.
§ Rentabilidad subyacente del capital empleado ('RoCE subyacente') - Se calcula como el beneficio de explotación antes de los gastos netos de seguridad del edificio heredado y elementos excepcionales dividido por el capital medio empleado. El capital empleado medio se calcula sobre la base del capital empleado inicial y semestral. El cálculo se muestra en la siguiente tabla. Los Directores consideran que este es un indicador importante de si el Grupo está logrando un rendimiento suficiente de sus inversiones.
| 31 de enero de 2024 | 31 de enero de 2023 | ||||
Capital empleado | Acreedores de tierras | Capital empleado, incluidos los acreedores de tierras | Capital empleado | Acreedores de tierras | Capital empleado, incluidos los acreedores de tierras | |
£ m | £ m | £ m | £ m | £ m | £ m | |
|
|
| ||||
Beneficio operativo subyacente | 139.9 |
| 139.9 | 317.7 | 317.7 | |
|
|
| ||||
Capital empleado/acreedores de tierras: |
|
|
| |||
Apertura | 3,461.6 | 368.8 | 3,830.4 | 3,367.8 | 393.4 | 3,761.2 |
Medio año | 3,434.2 | 238.5 | 3,672.7 | 3,481.4 | 372.4 | 3,853.8 |
|
|
| ||||
Normal |
3,447.9 |
303.7 |
3,751.6 |
3,424.6 |
382.9 |
3,807.5 |
Rentabilidad subyacente anualizada del capital empleado |
8.1% |
|
7.5% |
18.6% |
16.7% |
Notas (continuación)
14. Medidas de rendimiento alternativas (continuación)
§ Retorno sobre el capital empleado ('RoCE') - Se calcula como el resultado de explotación dividido por el capital medio empleado. El capital empleado medio se calcula sobre la base del capital empleado inicial y semestral. El cálculo se muestra en la siguiente tabla. Los Directores consideran que este es un indicador importante de si el Grupo está logrando un rendimiento suficiente de sus inversiones.
| 31 de enero de 2024 | 31 de enero de 2023 | ||||
Capital empleado | Acreedores de tierras | Capital empleado, incluidos los acreedores de tierras | Capital empleado | Acreedores de tierras | Capital empleado, incluidos los acreedores de tierras | |
£ m | £ m | £ m | £ m | £ m | £ m | |
|
|
| ||||
Beneficio operativo | 132.5 |
| 132.5 | 314.7 | 314.7 | |
|
|
| ||||
Capital empleado/acreedores de tierras: |
|
|
| |||
Apertura | 3,461.6 | 368.8 | 3,830.4 | 3,367.8 | 393.4 | 3,761.2 |
Medio año | 3,434.2 | 238.5 | 3,672.7 | 3,481.4 | 372.4 | 3,853.8 |
|
|
| ||||
Normal |
3,447.9 |
303.7 |
3,751.6 |
3,424.6 |
382.9 |
3,807.5 |
Rentabilidad anualizada del capital empleado |
7.7% |
|
7.1% |
18.4% |
16.5% |
§ Underlying post-tax return on equity - This is calculated as profit for the period before net legacy building safety expense and exceptional items, divided by the average of the opening and half year net assets. The Directors consider this to be a good indicator of the operating efficiency of the Group.
31 de enero de 2024 | 31 de enero de 2023 | |
£ m | £ m | |
| ||
Beneficio subyacente del período | 95.9 | 234.6 |
| ||
Activos netos: |
| |
Apertura | 3,461.6 | 3,367.8 |
Medio año | 3,434.2 | 3,481.4 |
| ||
Normal |
3,447.9 |
3,424.6 |
Annualised underlying post-tax return on equity |
5.6% |
13.7% |
§ Post-tax return on equity - Se calcula como la utilidad del período dividida por el promedio de los activos netos de apertura y semestre. Los Administradores consideran que se trata de un buen indicador de la eficiencia operativa del Grupo.
31 de enero de 2024 | 31 de enero de 2023 | |
£ m | £ m | |
| ||
Beneficio del período | 84.0 | 230.0 |
| ||
Activos netos: |
| |
Apertura | 3,461.6 | 3,367.8 |
Medio año | 3,434.2 | 3,481.4 |
| ||
Normal |
3,447.9 |
3,424.6 |
Rentabilidad anualizada después de impuestos sobre el patrimonio |
4.9% |
13.4% |
Notas (continuación)
14. Medidas de rendimiento alternativas (continuación)
§ Crecimiento total en valor por acción ordinaria - The Directors use this as a proxy for the increase in shareholder value since 31 January 2021. A period of 3 years is used to reflect medium-term growth.
Valor liquidativo por acción ordinaria: | ||
Al 31 de enero de 2024 | 2,888p | |
Al 31 de enero de 2021 | 2,564p | |
Crecimiento del valor liquidativo por acción ordinaria | 324p | |
Dividendo pagado por acción ordinaria: | ||
12 meses hasta el 31 de enero de 2024 | 140.0p | |
12 meses hasta el 31 de enero de 2023 | 140.0p | |
12 meses hasta el 31 de enero de 2022 | 117.5p | |
Dividendos acumulados pagados por acción ordinaria | 397.5p | |
Crecimiento total en valor por acción ordinaria | 721.5p | |
|
§ Rentabilidad contable anualizada en NAV y dividendos pagados desde el 31 de enero de 2021 - Se calcula como el incremento anualizado del valor liquidativo por acción ordinaria más los dividendos ordinarios acumulados pagados por acción ordinaria desde el 31 de enero de 2021 (como se detalla anteriormente) dividido por el valor liquidativo por acción ordinaria al 31 de enero de 2021. Los Consejeros lo utilizan como un proxy para el aumento en el valor de las acciones desde el 31 de enero de 2021.
Crecimiento del valor liquidativo por acción ordinaria | 324p |
Dividendo pagado por acción ordinaria | 397.5p |
Crecimiento total en valor por acción ordinaria | 721.5p |
Valor liquidativo por acción ordinaria a 31 de enero de 2021 | 2,564p |
Valor total por acción ordinaria | 3,285.5p |
Rendimiento contable anualizado = (3,285.5/2,564)^(1/3)-1 | 8.6% |
§ Underlying capital growth in the 12 month period - This is calculated as capital growth in the 12 month period before net legacy building safety expense and exceptional items per share.
Crecimiento de capital en el periodo de 12 meses | 209.0p |
Gasto neto por acción en seguridad de edificios heredados | 37.4p |
Crecimiento de capital subyacente en el período | 246.4p |
Net asset value at 31 January 2023 | 2,819p |
Underlying capital growth (246.4p/2,819p) | 8.7% |
Notas (continuación)
14. Medidas de rendimiento alternativas (continuación)
§ Crecimiento de capital en el periodo de 12 meses - This is calculated as the increase in NAV in the 12 month period combined with the ordinary dividend paid in the period.
Valor liquidativo por acción ordinaria: | ||
Al 31 de enero de 2024 | 2,888p | |
Al 31 de enero de 2023 | 2,819p | |
Crecimiento del valor liquidativo por acción ordinaria | 69p | |
Dividendo pagado por acción ordinaria: | ||
12 meses hasta el 31 de enero de 2024 | 140.0p | |
Crecimiento de capital en el periodo de 12 meses | 209.0p |
§ Efectivo neto / (deuda) - This is the cash and cash equivalents less bank debt and fixed rate sterling USPP notes. Net cash/(debt) does not include lease liabilities, which are reported within trade and other payables on the balance sheet. The Directors consider this to be a good indicator of the financing position of the Group. This is reconciled in note 7.
§ Efectivo neto promedio/(deuda) - This is calculated by averaging the net cash/(debt) position at 1 August and each month end during the period. The Directors consider this to be a good indicator of the financing position of the Group throughout the period.
§ Efectivo generado por las operaciones antes de la inversión en terrenos, neto de acreedores de terrenos y trabajos en curso - Esto se calcula como se muestra en la siguiente tabla. Los Administradores consideran esto como un indicador de si el Grupo está generando efectivo antes de invertir en terrenos y obras en curso para lograr el crecimiento futuro.
31 de enero de 2024 | 31 de enero de 2023 | |
£ m | £ m | |
| ||
Efectivo de operaciones | 17.4 | 245.0 |
Más: aumento del capital invertido en terrenos, neto de acreedores de terrenos y trabajos en curso (como se describe anteriormente) | 81.9 | 8.9 |
| ||
Efectivo generado por las operaciones antes de la inversión en terrenos, neto de acreedores de terrenos y trabajos en curso |
99.3 |
253.9 |
§ Engranaje ajustado - This is calculated as the total of net cash/(debt) and land creditors divided by total equity. The Directors believe that land creditors are a source of long-term finance so this provides an alternative indicator of the financial stability of the Group.
§ engranaje - Se calcula como la deuda neta dividida por el patrimonio total. Los Administradores consideran que se trata de un buen indicador de la estabilidad financiera del Grupo.
§ Libro de pedidos - This is calculated as the total expected sales value of current reservations that have not legally completed. The Directors consider this to be an important indicator of the likely future operating performance of the Group.
Notas (continuación)
15. Eventos posteriores al balance
The UK Competition and Markets Authority ('CMA') launched a market study into the housebuilding sector in England, Scotland and Wales in February 2023, the results of which were published in the CMA's final report on 26 February 2024.
The CMA's wide-ranging study found that the UK's complex and unpredictable planning system was primarily responsible for the persistent under delivery of new homes. The report highlighted that local authority planning departments are typically under resourced, and several do not have up to date local plans, clear targets or strong incentives to deliver the number of homes needed in their areas. Furthermore, the practice of housebuilders holding land banks was seen as a symptom of the planning system, rather than a primary reason for the shortage of new homes. The CMA has recommended a streamlining of the planning system, together with improved consumer protections, to support the increased delivery of new homes across the country, which we wholly support.
With regard to consumer protections, we are striving to continually improve our levels of customer service and Bellway is a registered developer with the New Homes Quality Board, which offers consumers protection through the current industry code of practice, the New Homes Quality Code ('NHQC'). To ensure that all housebuilders work to a consistent set of quality standards, the CMA considers that the NHQC could be evolved to be a single mandatory consumer code, covering the quality of new homes and customer service. We welcome this recommendation and believe it would contribute to a further improvement in standards across the wider sector.
During the study, the CMA also found evidence which indicated some housebuilders may be sharing commercially sensitive information with competitors, which could be influencing the build-out rate of sites and the prices of new homes. While the CMA does not consider such sharing of information to be one of the main factors in the persistent under delivery of homes, the CMA is concerned that it may weaken competition in the market. As a result, the CMA has launched an investigation under the Competition Act 1998 into eight housebuilders, including Bellway. The CMA has not yet reached any conclusions, and Bellway will continue to engage positively and co-operate fully with the CMA during the investigation.
Principales riesgos e incertidumbres
Se mantiene un registro de riesgos que detalla todos los riesgos potenciales y nuestros procesos de gestión de riesgos garantizan que se tengan en cuenta todos los aspectos del Grupo, desde la estrategia hasta la ejecución operativa, incluidas las áreas comerciales especializadas.
El registro de riesgos se revisa como parte de nuestros procesos de informes de gestión, lo que da como resultado la evaluación periódica del riesgo, la gravedad y las medidas de mitigación necesarias. La gravedad del riesgo se determina en función de un sistema de puntuación definido que evalúa el impacto y la probabilidad del riesgo.
Se informa un resumen de los riesgos a la gerencia, al Comité de Auditoría y al Directorio, que se compone principalmente, pero no exclusivamente, de riesgos que se consideran fuera de nuestro apetito de riesgo después de la mitigación. Este resumen se revisa a lo largo del año, y el Directorio considera sistemáticamente los riesgos y los cambios que se han producido. Una vez al año, a través del Comité de Auditoría, la Junta determina si el marco de gestión de riesgos está adecuadamente diseñado y opera de manera efectiva.
Hemos identificado los siguientes riesgos principales para nuestro negocio:
Riesgo y descripción | Relevancia estratégica | KPI | Mitigación |
Recursos de construcción Escasez de materiales de construcción y mano de obra calificada |
§ El hecho de no asegurar la cantidad y la calidad requeridas de los recursos provoca retrasos en la construcción, lo que afecta la capacidad de cumplir con los objetivos de crecimiento del volumen. § Las presiones de precios/aumento de los costos impactan en los rendimientos. |
§ Número de viviendas vendidas. § Beneficio operativo. § Margen operativo. § EPS. § Margen bruto. § Puntuación de satisfacción del cliente. |
§ Previsión robusta y planificación anticipada de los requisitos de mano de obra y materiales. § Existen procesos para seleccionar, designar, administrar y construir relaciones a largo plazo con subcontratistas y proveedores. § Revisión del desempeño de subcontratistas y proveedores, con comunicaciones periódicas para comprender su posición y cualquier problema potencial con su propia cadena de suministro. § Tarifas competitivas y pronto pago.
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Economía y mercado Los cambios en el entorno externo (incluidos, entre otros, la inflación de los precios de la vivienda, las tasas de interés, la disponibilidad de hipotecas, el desempleo, la política de vivienda del gobierno y los acuerdos comerciales posteriores al Brexit) reducen la asequibilidad de las nuevas viviendas. |
§ La asequibilidad reducida tiene un impacto negativo en la demanda de nuevos hogares por parte de los clientes y, en consecuencia, en nuestra capacidad para generar ventas con buenos rendimientos. |
§ Número de viviendas vendidas. § Beneficio operativo. § Margen operativo. § RoCE. § EPS. § Margen bruto. § Puntuación de satisfacción del cliente. § Tasa de reserva. § Valor del libro de órdenes. |
§ Monitoreo a nivel de directorio del mercado inmobiliario y el entorno económico junto con métricas comerciales clave, lo que lleva al desarrollo de planes de acción según sea necesario. § Marco operativo disciplinado, balance sólido y bajo apalancamiento financiero. § Gama de productos y estrategia de precios basada en las condiciones del mercado regional. § Compromiso regular con pares de la industria, organismos representativos y prestamistas hipotecarios de nueva construcción. § Uso de incentivos de venta como el intercambio parcial y esquemas respaldados por el gobierno para fomentar el proceso de venta. § Valoraciones trimestrales del sitio y revisiones mensuales del presupuesto basadas en los últimos datos del mercado.
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Medio ambiente y cambio climático Incapacidad para desarrollar prácticas y operaciones comerciales sostenibles en respuesta al cambio climático, incluidos los impactos ambientales físicos y los riesgos de transición asociados con la nueva regulación, los requisitos de información y las mayores expectativas sociales/de mercado. |
§ Hay un mayor enfoque en las acciones tomadas por las empresas en respuesta al cambio climático y las divulgaciones realizadas. Si no se mejoran las políticas, los informes y el desempeño de acuerdo con las nuevas regulaciones gubernamentales y las mayores expectativas sociales/del mercado, se podrían generar sanciones financieras y daños a la reputación. § Los impactos físicos del cambio climático (como el clima extremo) podrían provocar interrupciones en la cadena de suministro y en los programas de construcción. |
§ Toneladas de emisiones de carbono por terminación legal. § Porcentaje de electricidad renovable. § Toneladas de residuos por vivienda construida. § Porcentaje de residuos desviados del vertedero. |
§ Monitoreo continuo de requisitos nuevos y en evolución como parte de nuestro marco de cumplimiento legal y regulatorio, incluido TCFD, el Estándar de Viviendas Futuras y la Ley Ambiental. § El cambio climático y la reducción de carbono son una prioridad clave de la estrategia de sustentabilidad 'Better with Bellway' del Grupo. § Recurso dedicado a la biodiversidad, la sostenibilidad y las innovaciones para evaluar los riesgos relacionados con el cambio climático, monitorear el desempeño e impulsar la mejora. § Consulta con asesores externos especializados y expertos en la materia (por ejemplo, consultores de sostenibilidad). § Revisión periódica del diseño y las características de las nuevas viviendas, junto con los métodos de construcción y la sostenibilidad de los materiales, para aumentar la eficiencia energética y reducir los residuos. § Inversión en medidas de ahorro de energía para oficinas y sitios, incluida la transición a electricidad certificada por REGO. § Development and monitoring of science-based carbon reduction targets. |
Salud y seguridad Ocurre una infracción y/o incidente grave de salud y seguridad. |
§ Si no se mantienen condiciones de trabajo seguras, se afectaría el bienestar de los empleados y la creación de un entorno de trabajo positivo. § La lesión de una persona mientras se encuentra en una de nuestras ubicaciones comerciales podría retrasar la construcción y dar lugar a acciones penales, litigios civiles y daños a la reputación. |
§ Número de incidentes notificables de siete días de RIDDOR por cada 100,000 XNUMX operarios del sitio. § Tasa de incidentes de seguridad y salud. § Número de NHBC Pride in the Job Awards. |
§ Política y procedimientos de salud y seguridad implementados, respaldados por capacitación en todo el Grupo. § Visitas regulares a los sitios por parte de nuestra función de Salud y Seguridad del Grupo (independiente de las divisiones) y consultores especialistas externos para monitorear los estándares y el desempeño contra las políticas y la legislación de salud y seguridad. § La Junta considera asuntos de salud y seguridad en cada reunión. |
Recursos humanos Inability to attract, recruit and retain high-quality people. |
§ La falta de atracción y retención de personas con las habilidades adecuadas afectaría nuestra capacidad para realizar y cumplir nuestra estrategia y objetivos de crecimiento de volumen. |
§ Rotación de empleados. § Número de graduados, pasantes y aprendices. § Empleados que han trabajado para el Grupo por 10 años o más. § Días de formación por empleado. § División de género de la alta dirección. § Porcentaje de personal en roles de ingresos y aprendizaje. § Tasa de respuesta de la encuesta de compromiso de los empleados. |
§ Desarrollo continuo de nuestra función de Recursos Humanos del Grupo e implementación de nuestra estrategia de personas. § Programa de recursos humanos establecido para aprendices, graduados y administración del sitio. § Seguimiento de la rotación de personal y análisis de la retroalimentación de las entrevistas de salida. § Paquetes de salarios y beneficios competitivos que se revisan y comparan periódicamente. § Actividades de participación de los empleados realizadas, incluida una encuesta anual, con resultados comunicados a la Junta. § Planes de sucesión establecidos y dependencias de personas clave identificadas y mitigadas. § Sólido programa de capacitación proporcionado a los empleados que se actualiza y refresca periódicamente. § Programas de desarrollo para líderes senior y mandos intermedios en marcha.
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TI y seguridad No contar con sistemas de TI adecuados que cuenten con el respaldo y la seguridad adecuados. |
§ El desempeño deficiente de nuestros sistemas interrumpiría la actividad operativa y afectaría la ejecución de nuestra estrategia. § Una brecha de seguridad de TI podría resultar en la pérdida de datos, con importantes multas potenciales y daños a la reputación. |
§ Beneficio operativo. § Margen operativo. § RoCE. § EPS. § Margen bruto. § Puntuación de satisfacción del cliente. |
§ Inversión continua en infraestructura y medidas de seguridad. § Sistemas en funcionamiento en todo el grupo que están controlados de forma centralizada por una función de TI interna, respaldada por un proveedor subcontratado especializado. § Política y procedimientos de seguridad de TI implementados con capacitación regular en todo el Grupo. § Revisión y pruebas periódicas de nuestras medidas de seguridad informática, planes de contingencia y políticas. § Comité de seguridad en marcha. |
Terreno y planificación Incapacidad para obtener terrenos adecuados con márgenes brutos apropiados y rendimiento del capital empleado.
Retrasos y complejidad en el proceso de planificación. |
§ El terreno insuficiente en los márgenes apropiados, las condiciones de planificación onerosas o la falta de obtener la aprobación de la planificación dentro de los plazos apropiados exacerbarían el desafío de desarrollar nuevas viviendas, restringirían nuestra capacidad para cumplir con los objetivos de crecimiento de volumen e impactarían los rendimientos futuros. |
§ Número de viviendas vendidas. § Beneficio operativo. § Margen operativo. § RoCE. § EPS. § Margen bruto. § Número de parcelas en banco de suelo propio y controlado con DPP. § Número de parcelas en 'tubería'. § Número de parcelas en reserva de suelo estratégico - estado de planeamiento positivo. § Número de parcelas en reserva de suelo estratégico - intereses a más largo plazo. § Número de parcelas adquiridas con DPP. § Número de parcelas convertidas de 'tubería' a mediano plazo. |
§ Desarrollo continuo de la función de Tierras Estratégicas de nuestro Grupo e implementación de nuestra estrategia de tierras. § Mayor inversión en terrenos y más sitios con DPP. § Revisión periódica por parte del Grupo y las divisiones de la cantidad, la ubicación y el estado de planificación de la tierra frente a los objetivos de crecimiento para garantizar que nuestro banco de tierras respalde los requisitos estratégicos inmediatos y a mediano plazo. § Proceso formal de adquisición de terrenos para la evaluación y aprobación de todas las compras de terrenos, incluida la diligencia debida previa a la compra y la impugnación de los supuestos de viabilidad a nivel del Grupo. § Especialistas en planificación de grupos y divisiones en el lugar para apoyar la obtención de permisos de planificación implementables. |
Cumplimiento legal y regulatorio Incumplimiento de la legislación y los requisitos reglamentarios.
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§ La falta de un marco de cumplimiento adecuado y/o las infracciones del cumplimiento podrían generar multas, retrasar las operaciones comerciales y generar un nuevo trabajo en todos los sitios, lo que afectará nuestra reputación y rentabilidad. |
§ Número de viviendas vendidas. § Beneficio operativo. § Margen operativo. § RoCE. § EPS. § Margen bruto. |
§ Experiencia interna de funciones del Grupo como Secretaría de la Empresa, Legal, Salud y Seguridad y Técnica/Diseño, que asesoran y apoyan a las divisiones en materia de cumplimiento legal y regulatorio. § Consulta con agencias gubernamentales, asesores legales externos especializados y expertos en la materia (por ejemplo, ingenieros de seguridad contra incendios). § Políticas, orientación y capacitación fortalecidas en todo el Grupo respaldadas por procedimientos de denuncia y denuncia facilitados externamente. § Monitoreo y revisión continuos de los cambios en la legislación y la regulación, incluida la orientación del gobierno, notas de asesoramiento y actualizaciones específicas del sector. § Enlace regular con colegas de la industria y HBF sobre requisitos y asuntos de cumplimiento. |
Evento significativo imprevisto Ocurre un evento significativo nacional o global imprevisto. |
§ The economic uncertainty brought about by an unforeseen significant national or global event could materially impact the Group's operations and liquidity. § Daño a la reputación si se percibe que el Grupo no sigue las pautas gubernamentales y no actúa de manera responsable.
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§ NAV. § Beneficio operativo. § Margen operativo. § RoCE. § EPS. § Dividendo total por acción ordinaria. § Margen bruto. § Tasa de reserva. § Valor del libro de órdenes. § Rotación de empleados. |
§ Sólido balance, bajo apalancamiento financiero, líneas de crédito bancarias comprometidas y deuda de USPP que ayudarían a garantizar la resiliencia durante una recesión. § Mantenimiento de planes de resiliencia y continuidad del negocio que cubren oficinas, sitios y TI. § Equipos de alta dirección experimentados y bien establecidos. § Inversión continua en sistemas e infraestructura para permitir un trabajo ágil y sólido. § Evaluaciones de riesgos en el lugar y prácticas de trabajo seguras implementadas en todas las oficinas y sitios. § Seguimiento de las directrices del Gobierno (incluido el Consejo de Liderazgo de la Construcción). § Comunicaciones regulares con subcontratistas y proveedores para comprender su posición y cualquier problema potencial con su propia cadena de suministro. |
El Grupo también considera cualquier riesgo emergente que tenga el potencial de afectar el logro de nuestra estrategia, pero que aún no se puede definir y evaluar por completo. Estas incertidumbres se revisan como parte de nuestro marco de gestión de riesgos establecido, la gerencia, el Comité de Auditoría y el Directorio las analizan regularmente, y se elevan a riesgos principales (ya sea como riesgos nuevos o como una extensión de los riesgos existentes) cuando se justifica.
Glosario
Vivienda asequible
Social rented and intermediate housing provided to specified eligible households whose needs are not met by the market, at a cost low enough for them to afford, determined with regard to local incomes and local house prices. It is generally provided by councils and not-for-profit organisations such as housing associations.
El precio de venta promedio
Se calcula dividiendo el precio total de las viviendas vendidas por el número de viviendas vendidas.
Tasa de cancelación
The rate at which customers withdraw from a house purchase after paying the reservation fee, but before contracts are exchanged, usually due to difficulties in obtaining mortgage finance. Reservation fees are refunded in accordance with the Consumer Code for Home Builders.
DLUHC
Department for Levelling up, Housing and Communities.
Ganancias por acción ('EPS')
Profit attributable to ordinary equity shareholders divided by the weighted average number of ordinary shares in issue during the financial year, excluding the weighted average number of ordinary shares held by the Company or Trust which are treated as cancelled.
Consejo Ejecutivo
El Directorio Ejecutivo está compuesto por los Directores Ejecutivos de Bellway plc
Federación de Constructores de Viviendas ('HBF')
El HBF es un organismo industrial que representa a la industria de la construcción de viviendas en Inglaterra y Gales. Representa los intereses de los miembros a nivel nacional y regional para crear el mejor entorno posible en el que entregar viviendas nuevas.
Banco de tierras
The land bank is comprised of three tiers: i) owned or unconditionally contracted land with an implementable detailed planning permission ('DPP'); ii) medium-term 'pipeline' land owned or controlled by the Group, pending an implementable DPP; iii) strategic long-term plots which currently have a positive planning status and are typically held under option or through a promotional agreement.
Land with DPP
Plots owned or unconditionally contracted by the Group where there is an implementable detailed planning permission.
Legacy Building Safety Improvements Provision
Included within this provision, there are two components (i) SRT and associated review, and (ii) Structural defects provision.
Consejo Nacional de Construcción de Viviendas ('NHBC')
El NHBC es el principal proveedor de seguros de garantía y el organismo responsable de establecer los estándares de construcción para la construcción de viviendas en el Reino Unido para viviendas nuevas y recién reformadas.
Net Legacy Building Safety Expense
This contains the income statement movements in relation to the legacy building safety improvements provision and any associated reimbursement assets.
New Homes Ombudsman Service ('NHOS')
This has been introduced with the aim to provide dispute resolution for, and determine complaints by, buyers of new build homes.
New Homes Quality Board ('NHQB')
An independent not-for-profit body which was established for the purpose of developing a new framework to oversee reforms in the build quality of new homes and the customer service provided by developers.
New Homes Quality Code ('NHQC')
An industry code of practice that lays out a mandatory set of requirements which must be adopted and observed by all registered developers.
Tubería
Plots which are either owned or contracted by the Group, pending an implementable detailed planning permission, with development generally expected to commence within the next three years.
Licencia de obras
Usually granted by the local planning authority, this permission allows a plot of land to be built on, change its use or for an existing building to be redeveloped or altered. Permission is either 'outline' when detailed plans are still to be approved, or 'detailed' when detailed plans have been approved.
REGO
Garantías de Origen de las Energías Renovables.
Impuesto de Desarrolladores de Propiedades Residenciales ('RPDT')
RPDT is a tax, introduced in April 2022, which is charged at a rate of 4% on certain profits of companies carrying out residential property development.
Science Based Target initiative ('SBTi')
Science-based targets provide companies and financial institutions with a clearly defined pathway to future-proof growth by specifying how much and how quickly they need to reduce their greenhouse gas emissions.
Section 75 and Section 106 Planning Agreements
These are legally-binding agreements or planning obligations entered into between a landowner and a local planning authority, under section 75 of the Town and Country Planning (Scotland) Act 1997 or section 106 of the Town and Country Planning Act 1990. These agreements are a way of delivering or addressing matters that are necessary to make a development acceptable in planning terms. They are increasingly used to support the provision of services and infrastructure, such as highways, recreational facilities, education, health and affordable housing.
Self-Remediation Terms ('SRT')
Is a commitment to remediate buildings over 11 metres in height with identified life critical fire safety issues, which were constructed in England and Wales since 5 April 1992.
Sitio/Fase
Un sitio es un área concisa de tierra en la que se están construyendo casas. Los sitios más grandes se pueden dividir en varias fases que se desarrollan en diferentes momentos.
Vivienda social
Viviendas que se alquilan a bajo precio y de forma segura a personas que necesitan vivienda. Por lo general, lo proporcionan los ayuntamientos y las organizaciones sin fines de lucro, como las asociaciones de vivienda.
Strategic Plots
Longer-term plots which are typically held under option or through a promotional agreement.
El club del 5%
Members of The 5% Club aspire to achieve 5% of their workforce in 'earn and learn' positions (including apprentices, sponsored students and graduates on formalised training schemes) within 5 years of joining.
Subyacente
Throughout this announcement, underlying refers to any statutory performance measure or alternative performance measure which is before net legacy building safety expenses and exceptional items. The Group believes that underlying metrics are useful for investors as these measures are closely monitored by the Directors in assessing Bellway's operating performance, thereby allowing investors to understand and evaluate performance on the same basis as management.
Declaración de responsabilidades de los directores
Lo confirmamos a nuestro leal saber y entender:
§ los estados financieros intermedios resumidos consolidados han sido preparados de acuerdo con la NIC 34 'Información financiera intermedia' adoptada por el Reino Unido;
§ el Informe Semestral 2024 incluye una revisión justa de la información requerida por:
a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed consolidated interim financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
b) DTR 4.2.8R de las Reglas de Divulgación y Transparencia, siendo transacciones con partes relacionadas que hayan tenido lugar en los primeros seis meses del ejercicio en curso y que hayan afectado materialmente la situación financiera o el desempeño del Grupo durante ese período; y cualquier cambio en las transacciones con partes relacionadas descritas en el último informe anual que pudiera hacerlo.
Los directores de Bellway plc se enumeran en el Informe y cuentas anuales para el año que finalizó el 31 de julio de 2023.
Por y en nombre de la Junta
Jason Honeyman
Consejero Delegado del Grupo
Número de registro 1372603
25 de marzo de 2024
Nota sobre declaraciones prospectivas
Ciertas declaraciones en este anuncio son declaraciones prospectivas que se basan en las expectativas, intenciones y proyecciones de Bellway plc con respecto a su desempeño futuro, eventos o tendencias anticipadas y otros asuntos que no son hechos históricos. Dichas declaraciones prospectivas pueden identificarse por el hecho de que no se relacionan únicamente con hechos históricos o actuales. Las declaraciones prospectivas a veces usan palabras como 'objetivo', 'anticipar', 'objetivo', 'esperar', 'estimar', 'pretender', 'plan', 'objetivo', 'creer' u otras palabras de similar sentido. Estas declaraciones no son garantías de rendimiento futuro y están sujetas a riesgos conocidos y desconocidos, incertidumbres y otros factores que podrían causar que los resultados reales difieran materialmente de los expresados o implícitos en dichas declaraciones prospectivas. Dados estos riesgos e incertidumbres, se advierte a los posibles inversores que no depositen una confianza indebida en las declaraciones prospectivas. Las declaraciones prospectivas se refieren únicamente a la fecha de dichas declaraciones y, salvo que lo exija la ley aplicable, Bellway plc no asume ninguna obligación de actualizar o revisar públicamente ninguna declaración prospectiva, ya sea como resultado de nueva información, eventos futuros o de otro modo.
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