31년 2023월 XNUMX일로 종료된 연도의 결과
로신두스
€26.60
16:30 05/04/19
월 25 2024
헨리 부트 PLC
('Henry Boot', '회사' 또는 '그룹')
티커: BOOT.L: 주요 시장 프리미엄 목록: FTSE: 부동산 투자 및 서비스.
31년 2023월 XNUMX일로 종료되는 회계연도의 미감사 결과
Resilient 2023 performance; Positioned well for market recovery; 10% dividend increase
토지 판촉, 부동산 투자 및 개발, 건설에 종사하는 회사인 Henry Boot PLC는 31년 2023월 XNUMX일로 종료되는 회계연도의 미감사 결과를 발표했습니다.
CEO인 Tim Roberts는 다음과 같이 말했습니다.
"Our focus on high quality land, commercial property development and housebuilding in prime locations meant that demand for our premium products remained resilient and allowed Henry Boot to perform relatively well against a backdrop of a slowing economy, rising interest rates, high inflation and decreasing volumes in our key markets. While constraining our ability to bring forward developments in one respect, the government's consistent failure to make much needed reforms to an increasingly dysfunctional planning system does play to the strengths of our land promotion business while helping underpin demand from national housebuilders, who are still actively acquiring prime strategic sites to shore up their future pipelines. This alongside some well timed development disposals and Stonebridge Homes increasing house sales by 43%, helped deliver a resilient performance.
We are not immune from the challenges that the UK economy presents to the near-term trading environment and as previously reported, we expect a lag in performance in the year ahead. However, the outlook for both inflation and interest rates is improving and it's beginning to feel as though the UK economy has turned a corner, with recent reductions in mortgage rates also pointing towards a hopefully brighter future. With this in mind, and given the Group's continued strong financial position, we remain confident in achieving our medium term growth and return targets, as reflected in the 10% dividend increase we have announced today."
재무 하이라이트
· 5.3% increase in revenue to £359.4m (2022: £341.4m) driven by land disposals, property development and housing completions
· Profit before tax of £37.3m (2022: £45.6m) and underlying profit¹ of £36.7m (2022: £56.1m), in line with market expectations and supported by our focus on high quality land and development in prime locations
· Capital employed has increased by 4.5% to £417m (2022: £399m) continuing our stated growth strategy and progressing, towards our medium target of £500m
· ROCE² of 9.9% (2022: 12.0%), rounded, at the lower end of our medium-term target of 10-15%
· NAV³ per share is up by 3.7% to 306p (2022: 295p), due to resilient operational performance. Excluding the defined benefit pension scheme surplus, NAV per share showed an underlying increase of 3.4% to 300p (December 2022: 290p)
· Strong balance sheet, with net debt? of £77.8m (2022: £48.6m) reflecting continued investment in committed developments and selective acquisitions. Gearing at 19.0% (2022: 12.3%) within the optimum stated range of 10-20%
· Proposed final dividend of 4.40p (2022: 4.00p), an increase of 10.0%, in line with our progressive dividend policy, bringing the total dividend for the year to 7.33p (2022: 6.66p)
· We remain confident in achieving our medium term growth and return targets
운영 하이라이트
· £248.5m (2022: £241.9m) of land and property sales led by our land promotion, development and housebuilding businesses, despite a challenging economy and slower market conditions, reflecting the demand for our prime projects and buildings
· 토지 진흥
o 1,944 plots sold (2022: 3,869) at an increased gross profit per plot of £15,480 (2022: £6,066) due to significant freehold sale at Tonbridge, more than offsetting the volume reduction
o The total land bank has grown to 100,972 plots (2022: 95,704 plots)
o 8,501 plots with planning permission (2022: 9,431), all held at cost and 13,468 in for planning (2022: 12,297)
· 부동산 투자 및 개발
o Gross Development Value of completed schemes £126m (HB share £111m) dominated by prime industrial development which was all successfully pre-let and/or pre-sold
o High quality committed development programme of £159m, with 50% pre-sold or pre-let, including c.550,000 sq ft of Industrial & Logistics development underway (HB share: £91m GDV)
o £1.5bn development pipeline (HB share £1.3bn GDV), 59% of which is focused on Industrial & Logistics markets
o The market value of the investment portfolio including our share of JVs market value increased to £112.9m (2022: £108.6m) and continued to outperform the CBRE UK monthly Index, with a total return5 of 6.7% for year ending 2023
o Four accretive investment property sales, plus Banner Cross Hall, for a combined value of £12.7m, at an average 23% premium to December 2022 valuations
o Stonebridge Homes increased annual sales output by 43%, completing 251 homes (2022: 175 homes) and grew total owned and controlled land bank to 1,513 plots (2022: 1,094 plots) as the business continues scaling up in line with its growth aspirations
· 건설
o The construction segment achieved turnover of £99.5m (2022: £128.6m) in a challenging market and remained profitable, achieving an operating profit of £6.5m (2022: £12.1m)
· 책임 있는 사업
o The Group continues to make progress against its Responsible Business Strategy and published 2025 interim targets, launching a Health and Wellbeing programme and continued progress in achieving our GHG emissions target to support reaching NZC by 2030
참고 사항 :
1 Underlying profit is an alternative performance measure (APM) and is defined as profit before tax excluding revaluation movements on completed investment properties. Revaluation movement on completed investment properties includes gains of £0.5m (2022: £7.3m losses) on wholly owned completed investment property and a gain of £0.1m (2022: £3.2m losses) on completed investment property held in joint ventures. This APM is used as it provides the users with a measure that excludes specific external factors beyond management's control and reflects the Group's underlying results. This measure is used in the business in appraising senior management performance.
2 사용 자본 수익률은 APM이며 영업 이익/사용 자본으로 정의됩니다. 여기서 사용된 자본은 대차대조표 개시일과 마감일의 총 자산에서 유동 부채와 연금 자산/의무를 뺀 평균.
3 주당 순자산가치(NAV)는 APM이며 법정 측정 순자산/보통주식자본을 사용하여 정의됩니다.
4 Net debt is an APM and is reconciled to statutory measures in note 7.
5 Total property return is a metric that combines capital and income returns for the investment portfolio. It is calculated as the percentage value change plus net income accrual, relative to the capital employed and is calculated on a monthly basis and then indexed in line with the benchmark.
? Total Accounting Return is an APM and is defined as the growth in NAV per share plus dividends paid, expressed as a percentage of NAV per share at the beginning of the period.
자세한 내용은 문의하시기 바랍니다 :
헨리 부팅 PLC
팀 로버츠, CEO
Darren Littlewood, 최고재무책임자
Daniel Boot, 수석 기업 커뮤니케이션 관리자
전화 : 0114 255 5444
www.henryboot.co.uk
도이체 누미스
공동기업 Broker
Ben Stoop/Will Rance
전화 : 020 7260 1000
필 헌트 LLP
공동기업 Broker
에드 알솝/찰스 배튼
전화 : 020 7418 8900
FTI 컨설팅
재무 홍보
자일스 배리/리처드 선덜랜드
+ 020 3727 1000
분석가와 투자자를 위한 웹캐스트는 오늘 오전 9.30시 XNUMX분에 열릴 예정이며 프레젠테이션 슬라이드는 다음을 통해 다운로드할 수 있습니다. www.henryboot.co.uk. 실시간 전화 접속 시설 및 웹캐스트에 대한 세부 정보는 다음과 같습니다.
참가자(영국): | 전화 : 44 (0) 33 0551 |
확인 코드: | Quote "Henry Boot" |
웹 캐스트 링크 : | https://stream.brrmedia.co.uk/broadcast/65bbc7e532e07c0e79477b59 |
헨리 부트 PLC 소개
Henry Boot PLC(BOOT.L)는 135년 전에 설립되었으며 영국의 선도적이고 오랜 부동산 투자 및 개발, 토지 진흥 및 건설 회사 중 하나입니다. 셰필드에 기반을 둔 그룹은 다음 세 부분으로 구성됩니다.
토지 판촉:
한람랜드 매니지먼트(주)
부동산 투자 및 개발:
HBD (헨리 부트 개발 제한), Stonebridge 주택 제한
구성:
헨리 부츠 건설 제한, 배너 공장 제한, 로드 링크(A69) 제한
이 그룹은 고품질의 전략적 토지 포트폴리오, 상당한 투자 부동산 포트폴리오 및 공동 소유 주택 건설 사업 확장으로 뒷받침되는 부동산 개발 시장에서 부러운 평판을 보유하고 있습니다. 공공 부문과 민간 부문 모두에서 건설 전문성을 보유하고 있으며 오랜 기간 플랜트 렌탈 사업을 영위하고 있으며 Road Link(A69) Limited를 통해 PFI 계약을 통해 강력한 현금 흐름을 창출하고 있습니다.
www.henryboot.co.uk
의장 소개
Henry Boot has performed resiliently in 2023, delivering a profit before tax (PBT) of £37.3m (2022: £45.6m) or on an underlying profit basis £36.7m (2022: £56.1m), after excluding revaluation movements on completed investment property. Throughout last year, the Group traded in a slowing economy, facing stubbornly high inflation and rising interest rates. Despite these conditions, our focus on high quality land and development in prime locations has meant the Group delivered an increase in overall sales, growing revenue to £359.4m (2022: £341.4m).
As previously reported, we expect a lag in performance for 2024 due to the time it takes for projects and sales to complete, and we remain cautious of the near-term trading environment. Whilst believing that it is crucial that any new government deals with a reform of the planning system, the outlook for both inflation and interest rates are improving, supported by recent reductions in mortgage rates. With this in mind, it feels as though the UK economy has turned a corner, leaving us with continued conviction in achieving our medium term growth and return targets.
The Group remains in a strong financial position, with a robust balance sheet and NAV per share increasing by 3.7% to 306p (2022: 295p) or by 3.4% to 300p (2022: 290p), excluding the defined benefit pension scheme surplus. Net debt increased to £77.8m (2022: £48.6m) as we maintained our focus on investing in our prime land portfolio, building out our high quality committed development programme and continuing to grow our premium housebuilder. Additionally, there was continued investment to support our long term ambitions, including the relocation of our head office as well as investment in our people, marketing and technology. This resulted in our gearing moving to 19.0%, which remains within our optimum stated range of 10-20%.
On other strategic objectives that support our long-term ambitions of the business, I am pleased to report:
· After launching our Responsible Business Strategy in 2022, we continue to make great progress against our targets. In 2023, we launched our Health and Wellbeing Strategy which includes resources and guidance on a range of key topics, such as neurodiversity and mental health. In regard to reducing our total direct greenhouse gas emissions (Scopes 1 and 2), at the end of 2023 there was a 14% reduction against the 2019 baseline, and we are on track to hit net zero carbon (NZC) by 2030.
· In November 2023, we relocated our head office to the Isaac's Building in Sheffield city centre. Our new HQ supports the aim to reduce our carbon footprint and the goal of achieving NZC by 2030, with an expected emission reduction of 79% compared with the former head office. On top of this, it offers a far superior working environment which not only encourages greater collaboration and cohesiveness across our teams, but also helps us retain and attract talent.
· In regard to our Group Employee Engagement Survey, which we conduct annually to gain feedback from our people so we can continue to improve our employee experience, we achieved an employee Net Promoter Score (eNPS) of 30 (2022: 39). Despite a decrease in our eNPS, the score is considered very good, and 46 points higher than construction and heavy industry averages, while continuing to show very high levels of advocacy, pride and loyalty in Henry Boot.
· Finally, during 2023, we began to assess our brand value proposition by completing a series of internal and external workshops. As a result, I am pleased to say that in early summer we will be launching our refreshed brand, which focuses on improving customer experience and giving greater clarity to our business model.
The Board proposes to pay a final dividend of 4.40p per share which, together with the 2.93p interim dividend, gives a total of 7.33p (2022: 6.66p), an increase of 10.0% for the year. Subject to approval at the AGM, this will be paid on 31 May 2024 to shareholders on the register at the close of business on 3 May 2024.
On behalf of the Board, I would like to thank everyone at Henry Boot for their dedication and hard work. Once again, their expertise and high levels of engagement have been instrumental in the business producing, against a challenging backdrop, resilient results.
피터 모슨
의장
CEO의 리뷰
Henry Boot performed relatively well against a backdrop of a slowing economy, rising interest rates, high inflation and decreasing volumes in our key markets. Our focus on high quality land, commercial property development and housebuilding in prime locations has meant demand for our product remained resilient, allowing us to complete £248.5m (2022: £241.9m) of sales. Whilst we have worked hard to mitigate the pressures facing the business, they have inevitably had an effect on PBT at £37.3m (2022: £45.6m). However, in the circumstances, we are pleased with this result, which was in line with our expectations.
In line with our strategy, we continue to grow the business, with NAV, on a statutory basis, increasing by 4.0% to £410m (2022: £394m), generating a total accounting return6 of 6.1% (2022: 12.8%). With our 100,972 plot strategic land portfolio and £1.3bn development pipeline all held at the lower of cost or net realisable value, rather than being regularly revalued on a mark-to-market basis, there is significant latent value across the Group not reflected in our understated NAV.
The rapid and sustained rise in interest rates has affected our key markets. The resultant increase in mortgage rates has materially slowed down house sales, with new build sales typically down in volume by c.20%. House prices, at best, have stopped growing but, in most cases, have fallen, decreasing by 1.8% in 2023 according to Nationwide.
Despite this, Stonebridge Homes (SH), has managed to increase volume by 43% and sell at prices slightly ahead of budget. SH is one of our most ambitious growth targets. The business has grown total homes sold since setting our medium-term objectives in 2021 by 109%. This year, reflecting 50% forward sales (2022: 56%) and what is anticipated to be a slowly recovering market, we have been marginally more cautious and expect completions to increase by 10% to 275 homes in 2024. We remain committed to hitting our medium-term objective of scaling this business up to 600 homes per annum.
According to Savills Research, UK greenfield land values decreased by 6.5% in 2023. Against this backdrop, our land promotion business Hallam Land Management (HLM) performed well, selling 1,944 plots (2022: 3,869) and maintaining profitability through a higher percentage of freehold sales. More crucially, since the start of 2024 HLM has already disposed of 276 plots and exchanged on a further 793 plots for completion across 2024-2026, as well as having an additional 1,556 plots under offer. In the current constrained planning environment, it shows our main customers, the national housebuilders, are still acquiring prime strategic sites. Not all of these transactions will contribute to profit in 2024, as a number of sites have been sold with staggered completions as housebuilders have adjusted their land acquisition strategies to reflect the reduction in sales volumes.
The Government has consistently failed to carry out much needed reform of what, I am afraid to say, is an increasingly dysfunctional and under resourced planning system. The delays and uncertainties caused by planning not only affect housing and commercial property, but also investment and productivity in the UK. The recent CMA market study into housebuilding (which we contributed data to) concluded that land banking was more a symptom of the issues identified with the complex planning system, rather than it being a primary reason for the shortage of new homes. The Government's latest updates to the National Planning Policy Framework (NPPF) are at best tactical but may lead to marginally speeding up development plan preparation. Labour have made it clear if they are in government they will prioritise reviewing planning. Our plots with planning have fallen in recent years to 8,501 (2022: 9,431), primarily due to difficulties of the planning system, accentuated by delays during COVID. However, at 13,468 (2022: 12,297) we now have a high number of plots in for planning and an additional 8,227 have an allocation or draft allocation. Given our long-term track record we believe we are as skilled as anyone in the country at navigating the planning system. So, as we continue to grow the portfolio, and convert applications, we expect to build back up our valuable store of plots with planning consent.
On industrial investment, in line with the slowdown in the wider UK real estate market, volumes were down 52% in 2023 to £5.1bn according to JLL. There was also lower activity in occupational markets, with Gerald Eve data showing that take up declined c.30% in 2023 to 44.5m sq ft. Nevertheless, when factoring in that 2022 demand was boosted by COVID, last year's take up is now back in line with the 2015-19 average. However, industrial performance remained strong with rental value growth at 6.9% during 2023 according to the CBRE UK Monthly Index, meaning capital values were up by 1.4% despite further modest yield expansion. This sustained occupier demand allowed us to successfully complete 661,000 sq ft of industrial development, all of which was pre-let or pre-sold. Industrial will continue to be the largest element of our development business going forward. Our aim is to drawdown on our £1.3bn Gross Development Value (GDV) pipeline (59% of which is in industrial) over the next twelve months or so to build back up our committed programme towards our medium-term objective of completing £200m of development per annum. For the time being, new development will be pre-sold or pre-let led, and therefore likely to contribute towards profit in 2025 and beyond.
Cities are continuing to recover from the social and economic effects caused by COVID, not least both businesses and people's slightly misguided, and now seemingly reducing, desire to work from home. The major cities outside of London where we focus will, therefore, continue to attract people to live, work and play. This is demonstrated by the rise in residential rents this year at a very healthy 8.3%, although the increase in interest rates has, for the time being, cooled investor demand for funding Build-to-Rent (BtR). However, whilst investment activity has fallen across all real estate sectors, BtR has proven more resilient with investment volumes of £4.3bn during 2023, down a modest 3% on 2022 according to Cushman & Wakefield. Likewise, the demand for prime office buildings with strong ESG credentials, as businesses look to fulfil their NZC commitments and attract talent back into the office, is still healthy with regional prime office rental growth of 5.0% in 2023. Investor demand for prime offices, like that for BtR, has waned with the rise in interest rates but, as rates fall, investors are likely to return to these growth markets.
With committed development of £240m (HB share) in 2022, we have tactically reduced our committed programme to £159m (HB share) in 2023 as markets have slowed, of which 50% is pre-let or pre-sold (including units reserved at Setl). A key focus for 2024 will be converting customer interest in our three speculative schemes which will all complete this year: Setl - our premium apartments to sell in the heart of the Jewellery Quarter in Birmingham City Centre; Island - our prime, NZC office building in Manchester City Centre; and Rainham our high quality NZC industrial development in Greater London. Our target is to sell all apartments in Setl this year and, in this respect, we have reservations/exchanged in-line with pricing expectations on 30% already. On Island, we are now looking to lease the building on a floor-by-floor basis and our aim is to secure our first letting prior to completion in Q3 24. On Rainham, which completes in Q2 24, our aim is to have the majority of the scheme let within a year. As we do this the level of pre-let / pre-sold will rise above our strategic target of 65% which will give us greater scope to replenish our committed developments.
The Group's investment portfolio (IP) has outperformed again, with a total return of 6.7%, compared to the CBRE UK Index total return of 1.7% in 2023. A capital return of 1.5% against commercial markets, which fell by 1.4%, helped the market value of the portfolio grow to £112.9m (2022: £108.6m). Our structural weighting towards industrial assisted this out performance and, as we did last year, we helped ourselves by making selective accretive sales. We sold four investments plus Banner Cross Hall, the Group's former HQ, for a total of £12.7m at an average 23% premium to December 2022 valuations. We also retained three completed developments in Luton, Markham Value and Pool with a combined value of £21.2m. We have been patient in growing the IP to its medium-term target of £150m and based on market corrections in 2022 and 2023, this has proven to be the correct approach. Going forward there will be plenty of opportunity to grow this portfolio.
Our construction segment, like the rest of the UK construction market, had a challenging year. Henry Boot Construction's (HBC) performance on two of our largest projects of which both are in the centre of Sheffield, the BtR Kangaroo Works (£40m contract value) and the Heart of the City mixed use scheme (£42m contract value), were hit by the availability of materials and suffered delays. HBC starts 2024 with 49% of its order book secured (against a target of 65%), as we remain determined not to take on work where either the terms or pricing are commercially unattractive. With Pre-Construction Services Agreements (PCSAs) of £50m there are opportunities for us to secure further new work in 2024 but, again, some of this turnover could slip into 2025.
Banner Plant traded slightly below budget in a market where demand has fallen, and sales have been volatile. Road Link (A69), yet again, has traded broadly in line with expectation. Significantly, given that S&P UK Construction PMI has been running below the neutral 50.0 level for much of 2023, showing a fall in activity, the construction segment overall still contributed to the Group's profit.
Cost inflation remained challenging throughout 2023, and, whilst we have learned that there can be external shocks, it feels that its effect will be more subdued in 2024. We are planning for build cost inflation in SH and Construction to be running at between 3-4%.
In line with our ambition to grow the business, we have invested a combined total of £60.4m in increasing our strategic land portfolio to 100,972 plots, completing and building out our high-quality development programme, and growing the landbank of our premium housebuilder, SH. This has helped us to increase our capital employed by 4% to £417m. It has, however, meant our gearing has risen to 19.0% (net debt £77.8m), but is still within our optimal stated range of 10-20%. Whilst the Group's £105m facility runs until January 2025, we have agreed terms with existing lenders and expect to have a new facility in place during Q2 24.
So, all in all we are pleased with the way the business has performed, during what for our key markets has been a difficult year. We are now firmly focused on 2024 and our medium term growth targets - which remain very achievable. Whilst there is a path to lower inflation and reduced interest rates the expected recovery is very likely to be weighted towards the second half of the year. More detail on this is in the outlook, following a review of our medium term targets and operations below.
전략
The Group set a medium-term strategy in 2021 to grow the size of the business through a 40% increase in capital employed to over £500 million and a targeted focus on three key markets: Industrial & Logistics (I&L), Residential and Urban Development, while maintaining ROCE within a 10-15% range.
Our key metric of capital employed has risen to £417m (2022: £399m) and ROCE at 9.9% which rounded, was within our targeted range of 10-15%. Over the last two years we have delivered a ROCE of 10.8% pa which we believe to be a very creditable performance given the decline in commercial property and land values of 22.1% and 8.6% respectively from their mid-2022 peaks. We maintain our belief that we can achieve our main medium-term target of £500m capital employed, whilst continuing to generate attractive returns.
Good progress has been made against our stated medium-term targets as set out below:
캠페인 측정 | 중기 목표 | FY 23 실적 | 진행 |
고용된 자본 | £ 500m 이상 | £417m as at 31 December 2023 | £500m 이상으로 고용된 자본을 성장시키는 과정에 있습니다. |
평균 고용 자본 수익률 | 연간 10%-15% | FY 9.9에 23% | We maintain our aim to be within the target range of 10-15% through the cycle |
토지 프로모션 플롯 판매 | 연간 c.3,500 | 1,944 plots in FY 23, with returns from the reduction in plots sold offset by a significant sale of freehold land | The running five year average stands at 2,850 plots pa, but forecast remains on track to achieve our medium-term target |
개발 완료 | 우리의 몫 c.연간 £200m | Our share completed: £111m in FY 23, with committed programme of £159m (HB Share) | In the current market, the committed programme has been reduced; however, we have optionality to build it back up from our future pipeline of £1.3bn |
투자 포트폴리오 성장 | 약 £150m | £112.9m at 31 December 2023 | Value increased primarily due to retained I&L developments. We have made accretive tactical sales and have opportunities to build the portfolio up to its target |
Stonebridge 주택 판매 | 연간 최대 600개 | 251 homes completed in FY 23, compared to target of 250. This is a 109% increase in homes sold since 2021 | Continue to target increased output in 2024, albeit at a slower growth rate, given current market conditions. Our goal is to complete 275 homes in 2024, a further 10% increase |
공사 발주서 확보 | 다음 연도에 대한 최소 65% | 49 년 2024 % | Difficult market conditions impacting order book for 2024. In response, the opportunity pipeline has been refocused, with £50m PCSAs in progress |
책임 있는 사업 전략
We launched our Responsible Business Strategy in January 2022, with our primary aim to be NZC by 2030 with respect to Scopes 1 & 2. Our strategy is guided by three principal objectives:
o 비즈니스가 적응할 수 있도록 상업적 의사 결정에 ESG 요소를 추가로 포함하여 그룹의 이해 관계자를 위한 장기적인 지속 가능성과 가치 창출을 보장합니다.
o To empower and engage our people to deliver long term meaningful change and impact for the communities and environments Henry Boot works in.
o 비즈니스에 가장 중요하고 중요한 것으로 간주되는 문제에 집중하고 진행 상황을 정기적으로 보고하여 책임을 집니다.
24-month performance against our 2025 targets
As we approach the midpoint of our Responsible Business Strategy, the table below highlights the good progress we have made so far against our 2025 objectives and targets.
우리 민족 | 퍼포먼스 | 우리의 장소 | 퍼포먼스 |
Develop and deliver a Group-wide Health and Wellbeing Strategy
| Health and Wellbeing Strategy and Programme launched in Q1 23. On top of this, 50 employees trained as Mental Health First Aiders | Contribute £1,000,000 of financial (and equivalent) value to our charitable partners | We have contributed (financial and equivalent value of) c.£450,000 to our charitable and community partners so far. |
Increase gender representation, aiming for 30% of our team and line managers being female | We have made progress, with female representation across our workforce increasing to 28% (2022: 25%) | Contribute 7,500 volunteering hours to a range of community, charity and education projects | More than 5,000 volunteering hours have been delivered, putting us well over half way to our goal. |
우리의 행성 | 퍼포먼스 | 파트너십 소개 | 퍼포먼스 |
Reduce Scope 1 and 2 GHG emissions by over 20% to support reaching NZC by 2030 | Total direct GHG emissions (Scopes 1 and 2) in 2023 were 2,833 tonnes which equates to a 14% reduction from the 2019 baseline. Remain on course to achieve the decarbonisation trajectory | Pay all of our suppliers a minimum of the real living wage and secure accreditation with the Living Wage Foundation | Internal experts are working with the Living Wage Foundation to meet the criteria of membership with accreditation to be achieved in 2024. |
피할 수 있는 것의 소비를 줄인다 플라스틱 50% | Sustainability audits completed and a reduction action plan is in development | Collaborate with all our partners to reduce our environmental impact | We continue to engage with membership organisations and our supply chain to share knowledge and best practice |
As the Group strategy continues to progress, we have evolved our strategic framework to embed our Responsible Business commitments. Whilst the fundamentals and the commercial medium term objectives of our strategy remain unchanged, we now also measure ourselves on five pillars: performance, people, partners, places, and planet.
Although the primary measure of success is financial performance, we know that we also need to make a wider impact on a variety of factors that will help ensure we remain the high performing, responsible long-term business we want to be.
Outlook
Looking ahead it feels the economy has turned a corner, with inflation falling and the path of interest rates trending down. This is very likely to move us on from the shallow recession we faced at the end of 2023 into a recovering economy. This is encouraging news for our rate sensitive markets. The demand for houses and, therefore, residential land should pick up. Lower rates will also stimulate investor interest in commercial property and BtR. All of this in turn boosts construction activity. However, planning uncertainties and delays will continue to be a problem and we also face the uncertainty of a General Election during 2024.
Not surprisingly, we do not have clear visibility on how all of this will unfold and, with key transactions to execute and complete this year in both land promotion and development, we expect 2024 results will be heavily second half weighted.
We have confidence in the long-term fundamentals of our key markets, with growing conviction that our concentration on prime, high quality buildings and projects together with our focus on developments with strong ESG credentials will reward us with improved liquidity and enhanced returns. Our balance sheet remains rock solid and, with agreed terms from our banks on renewing and enlarging our facilities expected to be in place during Q2 24, we have the resources to continue to grow the business in line with our medium term targets.
팀 로버츠
최고 경영자(CEO)
비즈니스 리뷰
토지 판촉
HLM performed well in 2023, achieving an operating profit of £21.4m (2022: £17.3m) from selling 1,944 plots (2022: 3,869) at seven locations. Although the number of plots sold in the year decreased, average gross profit per plot increased to £15,480 (December 2022: £6,066) due primarily to a significant freehold sale at Tonbridge, Kent, offsetting the volume reduction.
UK greenfield land values decreased by 6.5% in 2023 according to Savills Research. Transactions slowed significantly relative to 2022, with downward pressures on land values reflecting a fall in housebuilders' new build sales rates. However, with 16% fewer homes granted planning consent in England during 2023 compared to 2022, there continues to be competition for available prime sites resulting in land values in those locations being more resilient.
HLM's land bank has grown to 100,972 plots (December 2022: 95,704 plots), of which 8,501 plots (December 2022: 9,431 plots) have planning permission (or a Resolution to Grant subject to S106). Although there continues to be delays and challenges within the planning system, the updates to the NPPF appear not to be quite as restrictive as anticipated. In short the updated NPPF incentivises local authorities to drive forward in preparing and publishing development plans, allowing them to allocate housing sites in their administrative areas and giving them a defence against speculative planning applications. Whilst HLM is not immune from the revisions of the NPPF, given that it generally pursues larger sites of c.500 plots or above, which normally results in sites being allocated in development plans more frequently than smaller sites, the business should benefit marginally from the quicker publication of development plans.
Last year, HLM gained planning permission on 1,014 plots, which is an increase from the 435 plots granted in 2022. During the period, there were 2,185 plots submitted for planning, taking the total plots awaiting determination to 13,468 (December 2022: 12,297 plots), with a further 8,227 plots having an allocation or draft allocation for housing (but with no application as yet). HLM's land bank remains well positioned to benefit from the delays and complexities in the planning system due to the high levels of stock in premium locations, both with planning and awaiting determination, the team's specialist skill set and its strategically placed regional coverage. Despite the challenges, the number of plots in the portfolio continues to increase, giving us confidence in the medium term that our stock levels with planning will rise.
There is significant latent value in the Group's strategic land portfolio, which is held as inventory at the lower of cost or net realisable value. As such, no uplift in value is recognised in the balance sheet relating to any of the 8,501 plots with planning, and any gain will only be recognised on disposal.
주거용 토지 플롯 | |||||||
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허가를 받아 | 계획에서 | 미래 | 금액 | ||||
b/f | 부여 | 판매 | c/f | ||||
2023 | 9,431 | 1,014 | (1,944) | 8,501 | 13,468 | 79,003 | 100,972 |
2022 | 12,865 | 435 | (3,869) | 9,431 | 12,297 | 73,976 | 95,704 |
2021 | 15,421 | 452 | (3,008) | 12,865 | 11,259 | 68,543 | 92,667 |
2020 | 14,713 | 2,708 | (2,000) | 15,421 | 8,312 | 64,337 | 88,070 |
2019 | 16,489 | 1,651 | (3,427) | 14,713 | 10,665 | 51,766 | 77,144 |
중요한 계획과 관련하여:
· At Tonbridge, Kent, HLM sold 125 plots to national housebuilder Cala Homes. The site was originally contracted under option in 2004, with the freehold subsequently purchased in 2021. The scheme includes additional community benefits such as new cycle and pedestrian links to a local railway station and a contribution to improved public transport infrastructure. The deal was completed in two phases over H1 and H2 of 2023, resulting in an ungeared internal rate of return (IRR) of 25% p.a.
· At Coventry, the 2,400-plot site known as Pickford Gate, saw the sale of phase one, comprising 250 plots to Vistry in H1 23. Following this, in H2 23 HLM began to market phase two, which consists of 1,123 plots, and has received strong interest from several major housebuilders.
· At Swindon, a site jointly held with Taylor Wimpey, where over 20 years ago HLM secured an option on the site which in August 2021 received outline planning consent for a total of 2,380 plots (HLM share 1,063 plots). In December 2023, a contract was exchanged to acquire the land whilst simultaneously exchanging contracts to sell 760 plots (HLM's share) to Vistry, generating an IRR of 10% p.a. The scheme is contracted for completion in two phases during H2 24 and H1 26. HLM will retain 304 plots for future sale. The wider scheme includes local community benefits such as a new primary school, community and sport buildings as well as woodlands and green infrastructure.
Since the start of 2024 HLM has already completed the disposal of 276 plots and exchanged on a further 793 plots for completion across 2024-2026, as well as having an additional 1,556 plots under offer. This shows that despite the slowdown in the housing and residential market the demand for strategic sites endures.
부동산 투자 및 개발
Property Investment and Development, which includes HBD and SH, delivered a combined operating profit of £22.2m (2022: £25.7m).
According to the CBRE UK Monthly Index, commercial real estate values declined by 3.9% in 2023. Industrial property was the best performing sector with values up 1.4% during the year, whilst values for both retail and offices declined by -4.2% and 11.5% respectively. The rate of yield expansion across all three sectors slowed during 2023 following the significant capital value correction in 2022. Whilst I&L take up has slowed from record levels during the COVID pandemic, the industrial sector delivered the highest rental growth in 2023 at 6.9%, due to the longer-term structural drivers and limited supply of high-quality space. At the same time, whilst BtR yields have risen from historic lows, the average rent for new residential lets increased by 8.3% during 2023 according to Zoopla, driven by continued strong demand and a lack of available units.
HBD has performed ahead of expectations, with continued growth of its completed schemes to a GDV of £126m (HBD share £111m, 2022: HBD share £83m), of which 100% was pre-let or pre-sold. In the year, HBD completed on the following developments:
o Three industrial schemes in Nottingham, Luton and Preston totalling 661,000 sq ft with a combined GDV of £104m (HBD share: £89m).
o A 40 bed state of the art care facility for The Disabilities Trust in York (HBD share: £22m GDV) which has achieved a BREEAM Excellent rating.
2023년 완성된 계획
계획 | GDV (백만 파운드) | GDV의 HBD 점유율 (백만 파운드) | Commercial ('000제곱피트) | 주거 규모 (단위) | Status |
산업(공업) | |||||
Nottingham, Power Park | 54 | 54 | 426 | - | 사전 판매 |
루턴, 디플로마 | 20 | 20 | 85 | - | 프리렛 |
Preston East, DPD & DHL | 30 | 15 | 150 | - | Pre-let / pre-sold |
104 | 89 | 661 | - | ||
도시 주거 | |||||
요크, TDT | 22 | 22 | 해당 사항 없음 | - | 사전 판매 |
올해 총계 | 126 | 111 | 661 | - |
The committed development programme now totals a GDV of £299m (HBD share: £159m GDV) and is currently 50% pre-let, pre-sold or under offer, with 98% of development costs fixed.
2024년 커밋된 프로그램
계획 | GDV (백만 파운드) | GDV의 HBD 점유율 (백만 파운드) | Commercial ('000제곱피트) | 주거 규모 (단위) | Status | 완성 |
산업(공업) |
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레인햄, 모멘텀 | 120 | 24 | 380 | - | 위험한 | Q2 24 |
Southend, Ipeco2 and Cama, | 20 | 20 | 156 | - | 사전 판매 | Q1 24 |
Walsall, SPARK 교정 | 37 | 37 | - | - | 포워드 펀딩 | Q2 24 |
Leicester, TMS
| 10
| 10
| 29
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187 | 91 | 565 | - | |||
도시 주거 | ||||||
버밍엄, 세틀 | 32 | 32 | - | 102 | Speculative -30% reserved | Q2 24 |
애버딘, 돈 다리 | 12 | 1 | - | TBC | 과소 제안 | Q2 24 |
애버딘, 클로버힐
| 2
| 2
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| 500
| 선판매 및 DM 수수료 | Q2 24
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46 | 35 | - | 602 | |||
도시 상업 | ||||||
맨체스터, 아일랜드 | 66 | 33 | 91 | - | 위험한 | Q3 24 |
올해 총계 | 299 | 159 | 656 | 602 |
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% 판매 또는 선입금 | 29% | 50 % * |
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*This includes space under offer and units reserved at Setl- 01/03/24
Within the committed programme there is 565,000 sq ft of I&L space (HBD share: £91m GDV), a total of 602 urban residential units (HBD share: £35m GDV) and 91,000 sq ft of urban office space (HBD share: £33m GDV). This comprises:
o At Momentum, Rainham (in an 80:20 JV with Barings), the four unit I&L development, targeting NZC, serving Greater London, works are on course for completion in Q2 24, with HBD now marketing the space to potential occupiers with the aim of having the majority of the scheme let within a year.
o In H1 23, two freehold design and build transactions totalling 156,000 sq ft, at HBD's 52 acre I&L scheme in Southend, Essex, were added at a combined value of £20m. A 129,000 sq ft headquarters facility will be developed for Ipeco, a supplier of aircraft seating. CAMA Asset Store, specialists in sustainable storage for the creative industries, will take occupation of a 27,600 sq ft warehouse facility with ancillary office accommodation. Both units are on track for completion in Q1 24.
o Setl, the 102 premium apartment scheme in Birmingham, is on track to be completed in Q2 24. After launching presales in Q4 23, the full sales campaign was launched in mid-March. HBD has now secured reservations for 30% of the total units, as of March 2024, at the target price.
o At Island, Manchester a 50:50 JV scheme with Greater Manchester Pension Fund, delivering a 91,000 sq ft NZC office building is scheduled for completion in Q3 24. Marketing of the scheme has commenced and has attracted several enquiries on a floor-by-floor basis, with the aim of securing its first pre-let prior to completion.
HBD's future total development pipeline value is £1.5bn GDV (HBD share: £1.3bn GDV). All of these opportunities sit within the three key markets of I&L (59%), Urban Commercial (21%) and Urban Residential (20%). Within the development pipeline, we have c.200m near-term, occupier led schemes which have the potential to be added to the committed programme within the next twelve months comprising:
o Neighbourhood, Birmingham (HBD share: £123m GDV) - after securing planning approval in March 2023 for a 404-unit BtR development, HBD is continuing preparatory works and are now considering a number of options to progress to development including a forward funding for the scheme.
o Roman Way, Preston (HBD share: £43m GDV) - a planning consent was granted in Q4 23 to deliver c.700,000 sq ft of I&L space. In December 2023, HBD exchanged conditionally with Tilemaster to deliver a serviced plot of 10 acres which will accommodate a 150,000 sq ft manufacturing unit, which is set to commence works in Q2 24. There is also interest on a number of additional units.
o Spark, Walsall (HBD Share: £110m GDV) - HBD is set to complete remediation works in Q2 24 and are in talks to secure the schemes first pre-let on a 250,000 sq ft I&L unit (£42.5m GDV).
o Welwyn Garden City (HBD share £20m GDV) - HBD is close to securing a pre-let on 25% of this 71,200 sq ft industrial scheme and subject to this being concluded are targeting a start on site in Q3 2024.
Beyond the near-term pipeline, HBD are progressing on:
o Golden Valley, Cheltenham (HBD share of phase one: £155m GDV) - in December 2023, following the buyout of its JV partner, HBD became the sole developer of a £1bn GDV mixed-use campus, including the new National Cyber Innovation Centre. A £95m funding agreement with Cheltenham Borough Council for the delivery of phase one has now been secured as well as a £20m pledge from the Department for Levelling Up, Housing and Communities. Following planning, construction of phase one is expected to commence in 2025.
Investment Portfolio - key stats
12월 2023 | 12월 2022 | |
Market values - inc. share of JV's | £ 112.9m | £ 108.6m |
Total area - '000 sq ft | 795 | 856 |
'충전된' 순 초기 수익률 | 5.8% | 5.8% |
반전 수익률 | 6.5% | 6.5% |
만료 예정¹ | 10.8년 | 10.7년 |
점유² | 93% | 88% |
¹Weighted average unexpired lease term (WAULT) on commercial properties
²As a percentage of completed property portfolio estimated rental value (ERV)
The total market value of the IP (including share of properties held in JVs) has increased to £112.9m (December 2022: £108.6m). Whilst the CBRE UK Monthly Index showed commercial property values decreased by3.9% during 2023, HBD's portfolio increased in value by 1.1% on a like for like basis driven by continued rental value growth for the industrial and logistics assets of 2.8% over the year. The portfolio total return of 6.7% was again ahead of the CBRE Index (1.7%) and over the past three years it has outperformed the index with a total return of 7.9% pa against a benchmark return of 3.5% pa. Occupancy increased during the year to 93% (December 2022: 88%) with the weighted average unexpired lease term now 10.8 years (December 2022: 10.7 years).
During 2023, we made further accretive sales of four investment properties along with Banner Cross Hall, the Group's former HQ, for a combined value of £12.7m, at an average 23% premium to December 2022 valuations. In addition to the sales, we retained three completed high quality developments at Luton, Markham Value and Pool with a total value of £21.2m, which together with the valuation uplift were the main drivers of an increase in the value of the IP.
The Group is also committed to ensuring that all the properties within the IP have a minimum EPC rating of 'C'. Currently 73% of these properties have a rating of 'C' or higher, of which 42% of the total portfolio are rated 'A-B'. The majority of the remaining 27% of the portfolio that are currently below a 'C' rating, have redevelopment potential in the near-term with a target range of 'A' or 'B'.
The UK housing market remained subdued during 2023 as homebuyer demand continued to be impacted by higher mortgage rates. According to Nationwide UK, house prices decreased by 1.8% during 2023 and are now almost 4.5% below their mid 2022 peak. Whilst monthly housing transactions are running at c.10% below pre-COVID levels those involving a mortgage are down c.20%. There have been some encouraging signs for potential buyers recently with average earnings increasing in real terms and mortgage rates edging down over the last few months, whilst unemployment remains low by historic standards.
SH completed 251 homes during 2023 (171 Private / 80 Social) (2022: 175 - 124 private / 51 social), increasing its annual sales by 43% and performing in line with its medium term growth target of delivering 600 units.
The average selling price (ASP) for private units remained firm at £461k (2022: £503k) in-line with budget, however, the ASP reduced as the business expanded its sales outlets into its second region in the North East of England, where selling prices are slightly lower. In line with the UK new build housing market, the average sales rate for the year decreased, with SH securing 0.45 (2022: 0.51) units per week per outlet, for private houses. Notwithstanding this, sales rates in Q4 23 improved marginally to 0.46 homes per site per week (Q4 22 0.36), as mortgage rates began to fall.
Whilst supply chain availability and cost pressures remained a key focus, both issues began to improve and moderate last year. SH expects build cost inflation to be around 3% in 2024, with discussions ongoing with both suppliers and subcontractors to assist in build cost savings.
SH total owned and controlled land bank increased materially to 1,513 plots (2022: 1,094) - of which 923 plots (2022: 872) have detailed or outline planning equating to 3.4 years supply based on anticipated one-year forward sales. During 2023, SH added a further 670 plots over seven sites to its owned and controlled landbank, of which 302 plots have some form of planning and the remaining 368 plots with no form of planning have been secured under option agreements.
SH enters 2024 with the benefit of mortgage rates stabilising and cost pressures beginning to ease. Whilst not underestimating the current uncertainty in the UK housing market, SH has begun the year relatively well. In January and February 2024, an average sales rate of 0.51 (Jan and Feb 23: 0.46) houses per week per outlet was achieved, which has resulted in SH securing 50% of its sales target against a delivery target of 275 homes (206 private/ 69 social).
건설
Trading in the Group's construction segment was below expectations in 2023, as a result of deteriorating market conditions, achieving an operating profit of £6.5m (2022: £12.1m). UK construction activity slowed during 2023, with all new work decreasing by 2.1%, with the most significant reduction of 13.6% for new private housing.
HBC, the Group's construction business, traded below expectations, delivering a turnover of £70.1m (2022: £101.5m) having experienced difficult operating conditions in line with the UK construction market. However, the business has the lowest capital employed of any subsidiary of the Group and, therefore, the risk it imposes on Henry Boot's strategic growth plans remains limited.
Despite both schemes suffering delays, subcontractor and material availability issues, the Kangaroo Works, a £40m BtR scheme, completed in August 2023, with the Heart of the City, Sheffield Block H, a £42m urban development scheme, completing in phases between December 2023 and January 2024. In addition to the two significant schemes in Sheffield, a residential project at Clipstone, Mansfield also impacted HBC's 2023 performance, as the project's developer fell into administration, resulting in building costs not being fully recovered.
At HBC's largest active site, the Cocoa Works in York, after a significant variation for the Pavilion and Library buildings, the contract value of the residential development increased to £57m and the project is now expected to complete in late 2024.
At the beginning of 2024, HBC has secured 49% of its order book (94% of its costs have fixed price orders placed or contractual inflation clauses). The business remains cautious to difficult trading conditions, and while HBC is actively pursuing PCSAs of £50m across urban development and residential opportunities for 2024, it is expected that some of these opportunities could now fall into the 2025 order book as the business becomes more selective in the work it pursues.
As the business review and explore all the options to deal with the current commercial challenges, the difficult decision has been made to make operational changes which has resulted in a restructuring within the business. Whilst this is regrettable, it is being carried out to protect the long term future of HBC.
Banner Plant traded slightly below budget in 2023 and in response has adjusted its sales strategy. Road Link (A69) performed in line with management expectations as traffic volumes continue to increase.
재무 검토
재무 성과 요약
2023 파운드 | 2022 파운드 | 변화 % | |
총 수익 | |||
부동산 투자 및 개발 | 191.9 | 169.0 | +14 |
토지 진흥 | 68.0 | 43.8 | +55 |
건설 | 99.5 | 128.6 | -23 |
359.4 | 341.4 | +5 | |
영업이익/(손실) |
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부동산 투자 및 개발 | 22.2 | 25.7 | -14 |
토지 진흥 | 21.4 | 17.3 | +24 |
건설 | 6.5 | 12.1 | -46 |
그룹 오버헤드 | (9.9) | (8.6) | +15 |
40.2 | 46.5 | -14 | |
순금융비용 및 기타 | (2.9) | (0.9) | +222 |
과세 전 소득 | 37.3 | 45.6 | -18 |
The Group performed well in 2023, with only a 14% fall in operating profit despite the backdrop of an economy in a technical recession. Group profit before tax of £37.3m (2022: £45.6m) or £36.7m on an underlying profit basis1 (2022: £56.1m) remains very credible and testament to the Group's resilience.
Our focus on high quality land and development opportunities in prime locations across our three key markets continues to support this resilience.
Our land promotion business Hallam Land traded well in the year disposing of 1,944 residential plots (2022: 3,869) at an increased average gross profit per plot of £15.5k (2022: £6.1k), generating an operating profit of £21.4m (2022: £17.3m) as demand for well located premium sites continued, despite falling house prices and volumes across the UK.
Property investment and development exceeded expectation with HBD successfully completing a number of significant development schemes, particularly in the industrial sector. It also made opportune disposals of property assets at a premium to book value and progressed three speculative schemes in Manchester, Birmingham and London. Meanwhile Stonebridge increased its output 43%, completing 251 homes (2022: 175) in line with its medium term growth target of delivering 600 units per annum. Together resulting in an operating profit of £22.2m (2022: £25.7m) from the property investment and development segment.
연결포괄손익계산서
Revenue increased 5% to £359.4m (2022: £341.4m) as the land promotion business made disposals at a premium site in Tonbridge increasing the segments revenue 55% to £68.0m (2022: £43.8m). The ongoing growth of Stonebridge (43% increase in output) resulted in a 38% increase in revenue to £97.2m (2022: £70.6m). Construction segment revenue declined £29.1m in a challenging market where clients are taking longer to make decisions. We continued to deliver urban development works in Sheffield and from a number of framework agreements, while becoming increasingly selective of future opportunities.
Gross profit of the Group reduced £4.8m to £76.8m (2022: £81.6m), a gross profit margin of 21% (2022: 24%) and reflects healthy returns across all our operating segments. Other income of £4.8m (2022: nil) relates to a legal settlement on a property development contract completed in 2016. Administrative expenses increased by £3.9m (2022: £2.2m) as we continued to invest in our people and processes to support future growth.
Property revaluation gains amounted to £0.4m (2022: £8.2m losses), incorporating £0.3m revaluation gains (2022: £4.9m losses) on wholly owned investment property and £0.1m revaluation gains (2022: £3.2m losses) on our share of investment property held in joint ventures.
Property revaluation gains/(losses) | 2023 | 2022 |
완전 소유 투자 부동산: |
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- 완공된 투자부동산 | 0.5 | (7.3) |
- 건설 중인 투자부동산 | (0.2) | 2.4 |
0.3 | (4.9) | |
합작 투자 및 관계사: |
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- 완공된 투자부동산 | 0.1 | (3.2) |
- 건설 중인 투자부동산 | - | - |
0.1 | (3.2) | |
0.4 | (8.2) |
Profit on sale of investment properties of £0.7m (2022: £0.6m), relates to the disposal of legacy assets at Bath and Malvern and an industrial unit at Southend. Profit on disposal of assets held for sale of £1.6m (2022: £0.1m loss) relates largely to the disposal of the Group's former head office in Sheffield.
Share of profit of joint ventures and associates of £0.4m (2022: £9.1m) includes completion and sale of two industrial units in Preston and completion of a development in Wakefield, all by the property investment and development segment. Joint ventures continue to be a key part of our operating model however the timing of returns will vary.
Profit on disposal of joint ventures and subsidiaries were £nil (2022: 0.7m), with the prior year reflecting the Group's disposal of a long standing 50% interest in a joint venture entity in Huddersfield by the 부동산 투자 및 개발 부문.
Overall, operating profits decreased by 13.5% to £40.2m (2022: £46.5m) and, after adjusting for net finance costs, we delivered a profit before tax of £37.3m (2022: £45.6m).
세그먼트 결과 분석은 다음을 보여줍니다.
· Property investment and development operating profit decreased to £22.2m (2022: £25.7m) following a very strong result in 2022, 40% up on 2021, offset by an increase in Stonebridge housing unit disposals to 251 (2022: 175), and a valuation gain on wholly owned investment property of £0.3m (2022: £4.9m loss).
· Land promotion operating profit increased to £21.4m (2022: £17.3m) as we completed on disposals at seven sites, including a high margin site in Tonbridge that increased our average gross profit per plot in the year to £15.5k (2022: £6.1k).
· Construction segment operating profits decreased to £6.5m (2022: £12.1m) as our construction business experienced difficult operating conditions, with performance on two significant projects impacted by the availability of materials and the resultant delays. Plant hire and our PFI concession continued to generate healthy contributions to the segment.
우리는 계속해서 광범위한 운영 모델의 이점과 이를 통해 어려운 시기에 순환 시장의 영향을 관리하고 그에 따른 시장 회복을 활용할 수 있는 방법을 보여줍니다. 우리는 부동산 개발 및 동의된 주거 부지의 중요한 파이프라인을 유지합니다. 이러한 영역에서 거래 완료의 가변적인 시기는 계약이 최종적으로 체결되는 시기에 따라 달라질 수 있는 재정적 결과를 초래합니다. 우리는 그룹 내 비즈니스의 혼합과 장기적으로 궁극적으로 그룹의 혼합 성장이 제공되는 비즈니스 모델을 통해 이를 완화합니다.
부가세
해당 연도의 세금 부과액은 £8.8m(실효세율: 23.5%) (2022: £7.7m; effective tax rate: 16.9%) and is in line with (2022: lower) the standard rate of tax (2022: due to adjustments for joint ventures and associates reported net of tax). Current taxation on profit for the year was £6.7m (2022: £8.5m), deferred tax was a charge of £2.1m (2022: £0.8m credit).
주당순이익 및 배당금
Basic earnings per share decreased 21% to 19.7p (2022: 25.0p) in line with the fall in profits attributable to owners of the Parent Company. Total dividend for the year increased 10% to 7.33p (2022: 6.66p), with the proposed final dividend increasing to 4.40p (2022: 4.00p), payable on 31 May 2024 to shareholders on the register as at 3 May 2024. The ex-dividend date is 2 May 2024.
고용 자본 수익률2 ('로체')
로체2 decreased in the year to 9.9% (2022: 12.0%), given current challenges in our markets this is expectedly toward the bottom end of the Group's target range of 10%-15% which we believe remains appropriate for our current operating model and the markets we operate in.
금융 및 기어링
Net finance costs increased to £2.9m (2022: £0.9m) reflecting the increase in UK interest rates and higher borrowing levels during the year.
순이자(기타 대여금 및 수취채권에 대한 이자 제외)에 대한 영업이익(투자부동산의 평가변동, 처분 및 합작투자 이익 제외)의 비율로 표시되는 이자보상액은 9 배(2022년: 22배). 어느 연도에 발생한 이자는 자산 비용으로 자본화되지 않았습니다.
The Group's banking facilities were agreed on 23 January 2020 at £75.0m. The facility with Barclays Bank PLC, HSBC UK Bank plc and National Westminster Bank Plc runs for three years and includes two one-year extensions. On 20 January 2022, the banks agreed to the Group's second extension taking the facility to 23 January 2025 and on 9 October 2022 to a call on the accordion increasing the total committed facility to £105.0m. The Group has agreed terms with lenders to refinance for a further five year period but while this facility is being formalised the Group has put in place an option to extend the existing facility for a further year to 23 January 2026 which provides security of funding throughout the going concern period. The Group had drawn £83.5m of the facility at 31 December 2023 (2021: £50.0m).
On 20 December 2021, the Group signed a £25.0m receivables purchase agreement with HSBC Invoice Finance UK Limited (HSBC) that allows it to sell deferred income receivables to the bank. The risk and rewards of ownership are deemed to fully transfer to HSBC and, therefore, this agreement is recorded off balance sheet. The Group had sold £14.7m of receivables under the agreement at 31 December 2023 (2022: £7.6m).
2023년말 순차입금4 was £77.8m (2022: £48.6m) resulting in gearing of 19.0% (2022: 12.3%), at the upper end of our targeted range of 10%-20% following continued investment in our prime land portfolio, growing our premium housebuilder and delivering our high quality committed development programme.
All bank borrowings continue to be from facilities linked to floating rates or short-term fixed commitments. Throughout the year, we operated within the facility covenants and continue to do so.
현금 흐름 요약
2023 | 2022 | |
영업 이익 | 40.2 | 46.5 |
감가상각비 및 기타 비현금성 항목 | (1.1) | (3.4) |
고용을 위해 보유된 장비의 순 이동 | (2.1) | (4.1) |
운전자본의 이동 | (31.2) | (55.6) |
운영에서 발생하는 현금 | 5.8 | (16.6) |
Net capital (investments)/disposals | (16.4) | 16.6 |
순이자 및 세금 | (7.4) | (3.6) |
배당금 지급 | (12.8) | (12.4) |
합작 투자로부터 받은 배당금 | 0.9 | 7.1 |
기타 | 0.7 | 0.8 |
순부채의 변화 | (29.2) | (8.1) |
이월된 순부채 | (48.6) | (40.5) |
이월된 순 부채 | (77.8) | (48.6) |
During 2023, the cash inflow from operations amounted to £5.8m (2022: £16.6m outflow) after net investment in equipment held for hire of £2.1m (2022: £4.1m), and cash outflows from a net increase in working capital of £31.2m (2022: £55.6m). Our increase in working capital arises from additional investment in housebuilder inventories, strategic land sales on deferred terms and the ongoing development of schemes in progress.
Net capital investment of £16.4m (2022: £16.6m disposals) arose primarily from investment in joint ventures of £12.4m (2022: £2.3m redemption) the prior year containing significant disposals of an industrial unit in Wakefield and a motorway service station in Kent.
Net dividends, totalled £11.9m (2022: £5.3m), with those paid to equity shareholders of £9.3m (2022: £8.4m), increasing by 10%, and dividends to non-controlling interests of £3.5m (2022: £4.0m), being offset by dividends received from joint ventures during the year of £0.9m (2022: £7.1m).
순이자 및 세금 £7.4m(2022년: £3.6m) 후, 순 현금 £29.2m(2022년: £8.1m)의 전체 유출이 발생하여 순 부채가 £77.8m(2022년: £48.6m) 발생했습니다. 중).
재무상태표 요약
2023 | 2022 | |
매각예정으로 분류된 투자부동산 및 자산 | 100.6 | 97.1 |
무형 자산 | 2.2 | 2.9 |
사용권 자산을 포함한 유형자산 | 33.2 | 29.8 |
합작 투자 및 관계 기업에 대한 투자 | 10.5 | 10.0 |
146.5 | 139.8 | |
재고 | 297.6 | 291.8 |
채권 | 129.3 | 122.9 |
채무 | (88.1) | (113.6) |
기타 | (5.2) | (4.2) |
순영업자산 | 480.2 | 436.7 |
순 부채 | (77.8) | (48.6) |
퇴직금 자산 | 7.7 | 6.2 |
순자산 | 410.1 | 394.3 |
덜: 비유동 부채 및 연금 자산 | 6.6 | 4.8 |
고용된 자본 | 416.7 | 399.1 |
Wholly owned investment properties increased in value to £100.6m (2022: £97.1m), following the retention of newly completed industrial assets in Luton and Pool with a combined book value of £19.0m. Offset by disposals of an office in Bath, a leisure asset in Malvern and an industrial unit in Southend, together they sold at a premium to December 2022 book value of £7.0m. Property revaluation gains amounted to £0.4m (2022: £8.2m loss), incorporating £0.3m gains (2022: £4.9m loss) on wholly owned investment property and a £0.1m gain (2022: £3.2m loss) on our shares of investment property held in joint ventures.
Intangible assets reflect goodwill of £1.0m (2022: £1.2m), being Road Link (A69) of £0.1m (2022: £0.3m) and Banner Plant depots £0.9m (2022: £0.9m) and the Group's investment in Road Link (A69) of £1.2m (2022: £1.7m). The treatment of the Road Link investment as an intangible asset is a requirement of IFRIC 12 and arises because the underlying road asset reverts to National Highways at the end of the concession period in March 2026.
Property, plant and equipment comprises Group occupied buildings valued at £4.7m (2022: £7.0m), leasehold improvements of £2.4m (2022: nil), and plant, equipment and vehicles with a net book value of £26.1m (2022: £22.8m), including £4.0m (2022: £1.0m) of right-of-use assets under IFRS 16. Property, plant and equipment, along with right-of-use assets, have increased as new additions of £8.7m (2022: £3.8m) are offset by disposals and the depreciation charge for the year. Leasehold improvements and right-of-use assets have increased largely due to the lease of the Group's new head office in Sheffield.
조인트 벤처 및 관계 기업에 대한 투자 increased £0.5m to £10.5m (2022: £10.0m), being the Group's share of profits of £0.4m (2022: £9.1m) (including fair value increases of £0.1m), additional investment of £1.0m (2022: £2.1m), less distributions of £0.9m (2022: £7.2m) and net disposals of £nil (2022: £4.1m). We continue to undertake property development projects with other parties where mutually beneficial.
Inventories were £297.6m (2022: £291.8m) as we increased our housebuilder land and work in progress to £93.0m (2022: £80.6m). We continue to invest in land, expand regionally into the North East and increase annual plot disposals. Property inventory decreased to £80.6m (2022: £91.2m) as the Group completed committed developments in York and Southend, and retained an industrial scheme which was transferred to investment property. In our strategic land business we continue to invest in owned land and land interests under agency agreements at a lower capital cost amounting to £42.2m (2022: £28.2m). Inventories are held at the lower of 원가 또는 순실현가능 가치는 당사의 회계 정책에 따라 처리되며, 따라서 계획 허가를 확보하여 창출된 가치 상승은 폐기될 때까지 당사 계정에서 인식되지 않습니다.
Receivables, including contract assets, increased £6.5m to £129.3m (2022: £122.9m) due to an increase in loans to joint ventures and associates and as we progress development schemes. Deferred payment receivables remain a function of the number and size of strategic land development schemes sold, and levels of construction contract activity undertaken.
Payables decreased to £88.1m (2022: £113.6m) with trade and other payables decreasing to £76.0m (2022: £100.0m), provisions decreasing to £4.4m (2022: £5.4m) as strategic land provisions unwind and we near the end of our PFI concession arrangement. Contract liabilities decreased to £1.1m (2022: £4.0m), as large construction schemes near completion.
Net debt included cash and cash equivalents of £13.0m (2022: £17.4m), borrowings of £86.5m (2022: £65.0m), including £3.0m other loans (2022: £nil) arising from sale and lease back, and lease liabilities of £4.3m (2022: £1.0m). In total, net debt was £77.8m (2022: 48.6m).
At 31 December 2023, the IAS 19 pension valuation was a surplus of £7.7m (2022: £6.2m surplus), driven by interest on the existing surplus and contributions paid by the Group to the scheme. The pension scheme's assets continue to be invested globally, with high-quality asset managers, in a broad range of assets. The pension scheme Trustees regularly consider the merits of both the managers and asset allocations and, along with the Company, review the returns achieved by the asset portfolio against the manager benchmarks. They then make changes, as the Trustee considers appropriate, in conjunction with investment advice received.
Overall, the net assets of the Group increased by 4.0% to £410.1m (2022: £394.3m), arising from retained profits less distributions to shareholders with NAV per share3 increasing 3.7% to 306p (2022: 295p).
대런 리틀우드
최고 재무담당자(CFO)
참고 사항 :
1 Underlying profit is an alternative performance measure (APM) and is defined as profit before tax excluding revaluation movements on completed investment properties. Revaluation movement on completed investment properties includes gains of £0.5m (2022: £7.3m losses) on wholly owned completed investment property and gain of £0.1m (2022: £3.2m losses) on completed investment property held in joint ventures. This APM is used as it provides the users with a measure that excludes specific external factors beyond management's controls and reflects the Group's underlying results. This measure is used in the business in appraising senior management performance.
2 사용 자본 수익률은 APM이며 영업 이익/사용 자본으로 정의됩니다. 여기서 사용된 자본은 대차대조표 개시일과 마감일의 총 자산에서 유동 부채와 연금 자산/의무를 뺀 평균.
3 주당 순자산가치(NAV)는 APM이며 법정 측정 순자산/보통주식자본을 사용하여 정의됩니다.
4 Net debt is an APM and is reconciled to statutory measures in note 7.
미감사 연결포괄손익계산서
31년 2023월 XNUMX일로 종료되는 회계연도
2023 £'000 | 2022 £'000 | ||
수익 | 359,399 | 341,419 | |
매출원가 | (282,634) | (259,829) | |
매출 총 이익 | 76,765 | 81,590 | |
다른 수입 | 4,800 | - | |
관리비 | (44,342) | (40,455) | |
37,223 | 41,135 | ||
Increase/(decrease) in fair value of investment properties | 307 | (4,921) | |
투자부동산 매각이익 | 733 | 646 | |
Profit/(loss) on sale of assets held for sale | 1,571 | (149) | |
합작 투자 및 관계 기업의 이익 지분 | 371 | 9,079 | |
조인트벤처 매각이익 | - | 667 | |
영업 이익 | 40,205 | 46,457 | |
금융 수입 | 3,357 | 1,641 | |
금융 비용 | (6,260) | (2,503) | |
과세 전 소득 | 37,302 | 45,595 | |
부가세 | (8,759) | (7,725) | |
계속 운영으로 인한 연간 이익 | 28,543 | 37,870 | |
|
| ||
다음 연도에 당기손익으로 재분류되지 않는 기타포괄손익/(비용): |
| ||
그룹 점유 재산의 재평가 | (228) | 315 | |
재산 재평가에 대한 이연 세금 | 279 | (23) | |
Actuarial (loss)/gain on defined benefit pension scheme | (3,066) | 14,994 | |
Deferred tax on actuarial (loss)/gain | 767 | (3,749) | |
후속 연도에 당기손익으로 재분류되지 않는 총 기타포괄손익 |
(2,248) |
11,537 | |
당해 년도 총 포괄 이익 | 26,295 | 49,407 | |
해당 연도의 이익: |
| ||
모회사 소유주 | 26,299 | 33,319 | |
비 지배 지분 | 2,244 | 4,551 | |
28,543 | 37,870 | ||
총 포괄 손익 : |
| ||
모회사 소유주 | 24,051 | 44,856 | |
비 지배 지분 | 2,244 | 4,551 | |
26,295 | 49,407 | ||
당해 연도 중 지배기업 소유주에게 귀속되는 이익에 대한 보통주당 기본이익 |
19.7p |
25.0p | |
당해 연도 중 지배기업 소유주에게 귀속된 이익에 대한 희석 보통주당 이익 | 19.3p | 24.6p |
미감사 재무상태표
31년 2023월 XNUMX일 현재
| 2023 £'000 | 2022 £'000 | ||
자산 | ||||
비유동 자산 | ||||
무형 자산 |
| 2,179 | 2,933 | |
재산, 식물 및 장비 |
| 29,218 | 28,766 | |
사용권 자산 |
| 3,986 | 997 | |
투자 자산 |
| 100,602 | 97,116 | |
합작 투자 및 관계 기업에 대한 투자 |
| 10,484 | 9,990 | |
퇴직금 자산 |
| 7,725 | 6,188 | |
매출 채권 및 기타 채권 |
| 39,263 | 37,029 | |
이연 법인세 자산 |
| 213 | 249 | |
| 193,670 | 183,268 | ||
유동 자산 |
| |||
재고 |
| 297,618 | 291,778 | |
계약 자산 |
| 13,659 | 19,257 | |
매출 채권 및 기타 채권 |
| 76,416 | 66,601 | |
현금 |
| 13,034 | 17,401 | |
| 400,727 | 395,037 | ||
부채 |
| |||
유동 부채 |
| |||
매입 채무 및 기타 채무 |
| 73,477 | 95,827 | |
계약 부채 |
| 1,060 | 4,006 | |
현재 세금 부채 |
| 6,677 | 3,793 | |
차입금 |
| 84,819 | 65,000 | |
리스 부채 |
| 728 | 426 | |
식량 |
| 3,221 | 4,003 | |
| 169,982 | 173,055 | ||
순유동자산 |
| 230,745 | 221,982 | |
비유동 부채 |
| |||
매입 채무 및 기타 채무 |
| 2,501 | 4,568 | |
차입금 |
| 1,699 | - | |
리스 부채 |
| 3,547 | 607 | |
이연 법인세 부채 |
| 5,372 | 4,401 | |
식량 |
| 1,178 | 1,385 | |
| 14,297 | 10,961 | ||
순자산 |
| 410,118 | 394,289 | |
공평 |
|
|
| |
주식 자본 | 13,799 | 13,763 | ||
자산재평가 적립금 |
| 1,011 | 2,352 | |
이익 잉여금 |
| 383,219 | 365,692 | |
기타 준비금 |
| 8,248 | 7,482 | |
ESOP 신탁이 보유한 주식 비용 |
| (875) | (967) | |
지배기업의 소유주에게 귀속되는 자본 |
| 405,402 | 388,322 | |
비 지배 지분 |
| 4,716 | 5,967 | |
총 자본 |
| 410,118 | 394,289 |
감사되지 않은 자본 변동 명세서
31년 2023월 XNUMX일로 종료되는 회계연도
모회사 소유주에게 귀속 | |||||||||
그룹 | 공유 자본 £'000 | 비즈니스 재산 재평가 비축 £'000 | 잉여금 수입 £'000 | 기타 준비금 £'000 | 비용 주식 개최 ESOP에 의해 신뢰 £'000 | 금액 £'000 | 비 - 제어 이해 £'000 | 금액 공평 £'000 | |
1년 2022월 XNUMX일 | 13,732 | 2,060 | 328,348 | 6,744 | (1,044) | 349,840 | 5,446 | 355,286 | |
올해의 이익 | - | - | 33,319 | - | - | 33,319 | 4,551 | 37,870 | |
기타 포괄 손익 | - | 292 | 11,245 | - | - | 11,537 | - | 11,537 | |
총 포괄 손익 | - | 292 | 44,564 | - | - | 44,856 | 4,551 | 49,407 | |
주식 배당금 | - | - | (8,383) | - | - | (8,383) | (4,030) | (12,413) | |
발행된 주식의 수익 | 31 | - | - | 738 | - | 769 | - | 769 | |
주식 기반 지불 | - | - | 1,163 | - | 77 | 1,240 | - | 1,240 | |
31 | - | (7,220) | 738 | 77 | (6,374) | (4,030) | (10,404) | ||
31년 2022월 XNUMX일 | 13,763 | 2,352 | 365,692 | 7,482 | (967) | 388,322 | 5,967 | 394,289 | |
올해의 이익 | - | - | 26,299 | - | - | 26,299 | 2,244 | 28,543 | |
기타 포괄 손익 | - | 51 | (2,299) | - | - | (2,248) | - | (2,248) | |
총 포괄 손익 | - | 51 | 24,000 | - | - | 24,051 | 2,244 | 26,295 | |
적립금 간 이체1 | - | (1,392) | 1,392 | - | - | - | - | - | |
주식 배당금 | - | - | (9,274) | - | - | (9,274) | (3,495) | (12,769) | |
자사주 매입 | - | - | - | - | (98) | (98) | - | (98) | |
발행된 주식의 수익 | 36 | - | - | 766 | - | 802 | - | 802 | |
주식 기반 지불 | - | - | 1,409 | - | 190 | 1,599 | - | 1,599 | |
| 36 | (1,392) | (6,473) | 766 | 92 | (6,971) | (3,495) | (10,466) | |
31년 2023월 XNUMX일 | 13,799 | 1,011 | 383,219 | 8,248 | (875) | 405,402 | 4,716 | 410,118 |
1 Transfer of realised profits on disposal of revalued property
감사되지 않은 현금 흐름표
31년 2023월 XNUMX일로 종료되는 회계연도
| 2023 £'000 | 2022 £'000 | |||
영업 활동으로 인한 현금 흐름 | |||||
운영에서 발생하는 현금 |
| 5,871 | (16,549) | ||
이자 지급 |
| (5,475) | (1,829) | ||
납부한 세금 |
| (3,797) | (2,918) | ||
영업활동으로 인한 순현금흐름 |
| (3,401) | (21,296) | ||
투자 활동으로 인한 현금 흐름 |
| ||||
부동산, 플랜트 및 장비 구매 |
| (4,074) | (971) | ||
투자부동산 매입 |
| (8,017) | (9,301) | ||
관계기업 투자 매입 |
| - | (2,112) | ||
유형자산 처분대금(임대용장비 제외) |
|
432 |
270 | ||
매각예정자산 처분대금 |
| 4,713 | 10,987 | ||
투자부동산 처분대금 |
| 7,764 | 8,146 | ||
합작 투자 및 관계사에 대한 대출 선지급 |
| (24,321) | (8,560) | ||
합작 투자 및 관계사로부터의 대출금 상환 |
| 10,868 | 10,904 | ||
합작투자 매각대금 |
| - | 6,873 | ||
받은이자 |
| 1,830 | 1,153 | ||
합작 투자로부터 받은 배당금 |
| 900 | 7,160 | ||
투자 활동으로 인한 순 현금 흐름 |
| (9,905) | 24,549 | ||
금융 활동으로 인한 현금 흐름 |
| ||||
발행된 주식의 수익 |
| 802 | 769 | ||
자사주 매입 |
| (98) | - | ||
합작 투자 및 관계 기업에 대한 채무 변동 |
| 12 | 355 | ||
차입금 상환 |
| (36,510) | (70,000) | ||
차입금 |
| 58,028 | 85,000 | ||
리스 지불의 주요 요소 |
| (526) | (679) | ||
배당금 지급 | - 보통주 | (9,253) | (8,362) | ||
| - 비지배지분 | (3,495) | (4,030) | ||
| - 우선주 | (21) | (21) | ||
재무활동으로 인한 순현금흐름 |
| 8,939 | 3,032 | ||
현금 및 현금 등가물 순 (감소) / 증가 |
| (4,367) | 6,285 | ||
연초 순현금및현금성자산 |
| 17,401 | 11,116 | ||
기말순현금및현금성자산 |
| 13,034 | 17,401 |
재무제표에 대한 주석
31년 2023월 XNUMX일로 종료되는 회계연도
1. 준비의 기초
31년 2023월 31일로 종료되는 회계연도의 이 결과는 감사를 받지 않은 것입니다. 이 발표에 명시된 재무 정보는 2023년 회사법 31항에 정의된 대로 2022년 434월 2006일 또는 XNUMX년 XNUMX월 XNUMX일로 종료되는 연도에 대한 그룹의 법정 계정을 구성하지 않습니다.
결과는 영국이 채택한 국제 회계 기준에 따라 작성되었습니다. 공정가치로 측정되는 금융상품, 투자부동산, 연결실체가 점유하고 있는 토지와 건물을 제외하고는 역사적 원가를 기준으로 작성되었습니다.
31년 2022월 498일로 종료되는 연도의 재무 정보는 회사 등록관에 전달된 해당 연도의 법정 계정에서 파생됩니다. 현재 감사인인 Ernst & Young LLP는 해당 계정에 대해 보고했으며 그들의 보고서는 부적격이었고 문제 단락의 강조를 포함하지 않았으며 회사법 2의 섹션 3(2006) 또는 (XNUMX)에 따른 진술을 포함하지 않았습니다.
31년 2023월 31일로 종료되는 연도의 법정 계정은 이러한 결과에서 이사가 제시한 재무 정보를 기반으로 확정되며 Henry Boot PLC의 AGM에 따라 회사 등록관에게 전달됩니다. 그룹 웹사이트( www.henryboot.co.uk.
기존 기준에 대한 다음 기준, 개정 및 해석은 31년 2023월 XNUMX일로 종료되는 회계연도에 처음으로 유효하거나 의무적입니다.
유효 | ||
IFRS 17 (issued 2017) | '보험 계약' | 1월 1 2023 |
IFRS 17(2020년 개정) | 'Implementation challenges' | 1월 1 2023 |
IAS 1 and IFRS Practice Statement 2 (amended 2021) | 'Disclosure of accounting policies' | 1월 1 2023 |
IAS 8(2021년 개정) | 'Definition of accounting estimates' | 1월 1 2023 |
IAS 12(2021년 개정) | 'Deferred tax related to Assets and Liabilities arising from a single transaction' | 1월 1 2023 |
IFRS 17(2021년 개정) | 'Initial application of IFRS 17' | 1월 1 2023 |
IAS 12(2023년 개정) | 'International Tax Reform - Pillar Two Model Rules' | Immediately effective |
이 기준은 그룹의 결과에 중대한 영향을 미치지 않았습니다.
연결실체는 아직 의무화되지 않은 표준이나 해석을 조기에 채택하지 않았습니다.
관심가는
In undertaking their going concern review, which covers the period to 31 December 2025, the Directors considered the Group's principal risk areas that they consider material to the assessment of going concern.
As the UK economy continues to prove challenging, the Directors have assessed the Group's ability to operate in a more uncertain environment in modelling a base case scenario. They have also modelled what they consider to be a severe downside scenario, including further curtailment in activities. This downside scenario shows a c34% reduction in sales and c87% reduction in operating profits from the base case in 2024. Construction and Development activity only takes place where contracted and likewise for Hallam Land where no sales are assumed in 2024 unless already contracted. For Stonebridge Homes a 10% decline in house prices is assumed along with a 25% reduction in the number of plots sold and Banner Plant revenue declines c.20%. This downside model assumes that acquisition and development spend is restricted other than that already committed and is all consistent with previous experience in recessionary environments. Having started 2024 with net debt of £77.8m, and with c.£83.7m net debt at 29 February 2024, against current facilities of £105.0m the Directors have concluded that the Group is able to control the level of uncommitted expenditure while delivering contracted schemes, allowing it to retain and even improve the cash position in the event of a severe downside scenario, although the impact of doing so on the profit and loss account would be unavoidable.
The Group meets its day-to-day working capital requirements through a secured loan facility. The existing agreement runs to 23 January 2025 and for the purposes of supporting the Groups going concern assessment, an option, entirely in management's control, to extend the existing facilities by a further 12 months to 23 January 2026 has been put in place. The extension maintains the existing facility terms other than for a rachet interest rate of between 1.60% and 2.00% above SONIA. Management has assumed these financing conditions within the going concern assessment.
While the option provides security of funding throughout the going concern period and has been used for the purposes of preparing the models used to support the going concern assessment, the Group has also agreed terms with existing lenders on a new revolving credit facility which is currently in the legal process and expected to be signed shortly. The new facility level will increase to £125m, for a period of three years and include options to extended by one year to 2028 and a further year to 2029. The facility terms are similar to the existing agreement and will be at a rate of 1.60% above SONIA. The agreement includes an accordion to increase the facility by up to £60m. The new facility is expected to complete in H1 2024.
None of the modelling undertaken by the Directors gives rise to any breach of bank facility covenants or liquidity breaches in the going concern period. The most sensitive covenant in our facilities relates to the ratio of EBIT (Earnings Before Interest and Tax) on a 12-month rolling basis to senior facility finance costs, which is assessed half-yearly. We have performed a reverse stress test to determine at what point this covenant could be breached and it would require a further 15% reduction in EBIT, to the downside scenario, in December 2024. We consider this implausible as our downside modelling includes a 34% reduction in revenue and 87% reduction in operating profit from our base case for 2024 without a breach, and as such we consider any further breach to be remote. Furthermore, the Directors are satisfied that there are further mitigations which can be implemented quickly should the business require in order to satisfy a covenant test. We are satisfied that we are able to comply with covenants throughout the going concern period.
The Directors expect that the Company and the Group will have adequate resources, liquidity and available bank facilities to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the Financial Statements.
2. 구간 정보
이사회가 전략적 결정을 내릴 목적으로 그룹은 현재 세 가지 영업 부문으로 구성되어 있습니다. 부동산 투자 및 개발; 토지 진흥; 및 건설. 그룹 간접비는 보고 대상이 아닙니다. 그러나 IASB는 이에 대한 정보를 보고 부문과 함께 고려합니다.
작업은 전적으로 영국 내에서 수행됩니다.
세그먼트 간 판매는 일반적인 시장 가격으로 청구됩니다.
보고부문의 회계정책은 연결실체의 회계정책과 동일합니다.
부문 이익은 세전 각 부문에서 얻은 이익을 나타내며 리소스 할당 및 부문 성과 평가를 위해 연결실체의 이사회에 보고된 측정치와 일치합니다.
2023 | ||||||
수익 | 비즈니스 재산 투자 과 개발 £'000 | 땅 프로모션 £'000 | 건설 £'000 | 그룹 간접비 £'000 | 제거 £'000 | 금액 £'000 |
외부 판매 | 191,884 | 67,992 | 99,523 | - | - | 359,399 |
부문 간 판매 | 258 | - | 1,050 | 271 | (1,579) | - |
총 수익 | 192,142 | 67,992 | 100,573 | 271 | (1,579) | 359,399 |
총 이익/(손실) | 31,554 | 29,815 | 15,177 | 238 | (19) | 76,765 |
다른 수입 | 4,800 | - | - | - | - | 4,800 |
관리비 및 연금 | (17,172) | (8,371) | (8,682) | (10,136) | 19 | (44,342) |
기타 영업 수입 | 2,989 | (7) | - | - | - | 2,982 |
영업이익/(손실) | 22,171 | 21,437 | 6,495 | (9,898) | - | 40,205 |
금융 수입 | 3,273 | 1,197 | 458 | 25,813 | (27,384) | 3,357 |
금융 비용 | (11,596) | (615) | (480) | (5,437) | 11,868 | (6,260) |
세전 이익/(손실) | 13,848 | 22,019 | 6,473 | 10,478 | (15,516) | 37,302 |
부가세 | (5,741) | (4,470) | (1,686) | 3,138 | - | (8,759) |
해당 연도의 이익/(손실) | 8,107 | 17,549 | 4,787 | 13,616 | (15,516) | 28,543 |
2022 | ||||||
수익 | 비즈니스 재산 투자 과 개발 £'000 | 땅 프로모션 £'000 | 건설 £'000 | 그룹 간접비 £'000 | 제거 £'000 | 금액 £'000 |
외부 판매 | 168,990 | 43,820 | 128,609 | - | - | 341,419 |
부문 간 판매 | 290 | - | 4,453 | 386 | (5,129) | - |
총 수익 | 169,280 | 43,820 | 133,062 | 386 | (5,129) | 341,419 |
총 이익/(손실) | 36,488 | 24,320 | 20,720 | 99 | (37) | 81,590 |
관리비 및 연금 | (16,142) | (6,971) | (8,636) | (8,743) | 37 | (40,455) |
기타영업이익/(비용) | 5,322 | - | - | - | - | 5,322 |
영업이익/(손실) | 25,668 | 17,349 | 12,084 | (8,644) | - | 46,457 |
금융 수입 | 4,015 | 744 | 1,507 | 26,576 | (31,201) | 1,641 |
금융 비용 | (2,226) | (213) | (374) | (3,373) | 3,683 | (2,503) |
세전 이익/(손실) | 27,457 | 17,880 | 13,217 | 14,559 | (27,518) | 45,595 |
부가세 | (3,411) | (3,451) | (2,771) | 1,908 | - | (7,725) |
해당 연도의 이익/(손실) | 24,046 | 14,429 | 10,446 | 16,467 | (27,518) | 37,870 |
2023 £'000 | 2022 £'000 | |
세그먼트 자산 |
| |
부동산 투자 및 개발 | 362,737 | 355,491 |
토지 판촉 | 160,690 | 149,598 |
건설 | 41,635 | 45,766 |
그룹 오버헤드 | 8,363 | 3,612 |
573,425 | 554,467 | |
할당되지 않은 자산 |
| |
이연 법인세 자산 | 213 | 249 |
퇴직금 자산 | 7,725 | 6,188 |
현금 및 현금성 자산 | 13,034 | 17,401 |
총자산 | 594,397 | 578,305 |
부문 부채 |
| |
부동산 투자 및 개발 | 38,101 | 59,113 |
토지 판촉 | 15,635 | 13,114 |
건설 | 22,797 | 36,994 |
그룹 오버헤드 | 4,904 | 568 |
| 81,437 | 109,789 |
할당되지 않은 부채 |
| |
현재 세금 부채 | 6,677 | 3,793 |
이연 법인세 부채 | 5,372 | 4,401 |
유동리스부채 | 728 | 426 |
현재 차입금 | 84,819 | 65,000 |
비유동리스부채 | 3,547 | 607 |
비유동차입금 | 1,699 | - |
총 부채 | 184,279 | 184,016 |
총 순자산 | 410,118 | 394,289 |
3. 세금
2023 £'000 | 2022 £'000 | |
현재 세금: |
| |
올해의 이익에 대한 영국 법인세 | 6,745 | 8,690 |
이전 연도에 대한 조정 | (39) | (152) |
총 현재 세금 | 6,706 | 8,538 |
이연 세금: |
| |
일시적 차이의 발생과 반전 | 2,053 | (813) |
총 이연 법인세 | 2,053 | (813) |
총 세금 | 8,759 | 7,725 |
4. 배당금
2023 £'000 | 2022 £'000 | |
당해 연도에 주주에 대한 분배로 인식된 금액: | ||
누적우선주 우선배당 | 21 | 21 |
31년 2022월 4.00일로 종료되는 회계연도의 최종 배당금 주당 2021p(3.63년: XNUMXp) | 5,336 | 4,822 |
31년 2023월 2.93일로 종료되는 회계연도의 중간 배당금 주당 2022p(2.66년: XNUMXp) | 3,917 | 3,540 |
9,274 | 8,383 |
31년 2023월 4.40일로 종료되는 회계연도에 제안된 최종 배당금은 주당 2022p(4.00년: 7.33p)이며 해당 연도의 총 배당금은 2022p(6.66년: XNUMXp)입니다.
제안된 최종 배당금은 주주총회에서 주주들의 승인을 받아야 하며 이 재무제표에 부채로 포함되지 않았습니다. 지급될 총 예상 배당금은 £5,900,000입니다.
Moore Street Securities Limited는 Employee Share Ownership Plan('ESOP')에 대한 기업 수탁자로서 금년 및 이전 회계 연도에 대한 모든 배당금을 받을 권리를 포기한다는 통지를 받았습니다.
5. 투자 자산
재무상태표에 인식된 공정가치 측정치
다음 표는 재무상태표에 인식된 투자부동산의 공정가치를 관측 가능한 정도에 따라 분석한 것입니다.
레벨 1 £'000 | 레벨 2 £'000 | 레벨 3 £'000 | 2023 £'000 | 2022 £'000 | 증가하다/ (감소하다) 년에 | |
완공된 투자부동산 |
|
|
|
|
| |
산업(공업) | - | - | 73,820 | 73,820 | 52,927 | 20,893 |
여가 | - | - | 5,096 | 5,096 | 9,208 | (4,112) |
주거 | - | - | 4,359 | 4,359 | 4,322 | 37 |
Office | - | - | 3,139 | 3,139 | 6,275 | (3,136) |
소매 | - | - | 14,188 | 14,188 | 14,466 | (278) |
| - | - | 100,602 | 100,602 | 87,198 | 13,404 |
건설중인 투자부동산 |
|
|
| |||
산업(공업) | - | - | - | - | 9,918 | (9,918) |
| - | - | - | - | 9,918 | (9,918) |
총 장부금액 | - | - | 100,602 | 100,602 | 97,116 | 3,486 |
연결실체의 정책은 이전을 야기한 사건이나 상황의 변화일 현재 공정가치 위계구조 수준으로 또는 그 밖의 이전을 인식하는 것입니다. 이사는 해당 자산이 속하는 시장의 비교 가능한 증거 수준과 고유한 활동 수준을 평가하여 해당 자산이 속하는 해당 계층을 결정합니다. 보고일 현재와 연중 내내 모든 재산은 수준 3에 속하는 것으로 결정되어 계층 간 이전이 없었습니다.
공정 가치 계층에 대한 설명:
수준 1 - 공정 가치 측정은 측정일에 기업이 접근할 수 있는 동일한 자산이나 부채에 대한 활성 시장의 공시 가격(조정되지 않음)에서 파생된 것입니다.
수준 2 - 공정 가치 측정은 직접 또는 간접적으로 관찰 가능한 시장 데이터에서 관찰할 수 있는 입력(수준 1에 포함된 공시 가격 제외)이 있는 모델의 사용에서 파생된 것입니다. 그리고
수준 3 - 공정 가치 측정은 관측 가능한 시장 데이터를 기반으로 하지 않는 입력이 있는 모델을 사용하여 파생된 측정입니다.
보고기간말 현재 연결실체의 투자부동산 포트폴리오 구성을 보여주기 위해 투자부동산을 분류하였습니다. 경영진은 결과 집계가 아래에 설명된 각 속성이 속하는 사용 유형에 따라 가장 적절하다고 결정했습니다.
클래스 | |
산업(공업) | 일반적으로 치수와 시공 방법이 유사한 제조 및 창고 보관을 포함합니다. |
여가 | 대중에게 오락 및 레저 시설을 제공하는 것이 주요 활동인 레스토랑, 체육관 또는 자산을 포함합니다. |
혼합 사용 | 하나의 물리적 자산에 다양한 유형의 용도가 포함되며 가장 일반적인 조합은 사무실과 여가입니다. |
주거 | 보증된 임대 주택을 포함합니다. |
Office | 물리적 상품의 저장 또는 처리를 포함하지 않는 비즈니스 활동을 위해 사용되는 건물을 포함합니다. |
소매 | 상품 판매와 관련된 모든 재산을 포함합니다. |
땅 | 미래의 시세차익을 위해 보유하고 있는 토지를 투자로 포함합니다. |
건설 중인 투자 부동산은 해당 부동산의 미래 예상 최고 및 최고 사용을 기준으로 분류됩니다.
6. 자본금 공유
승인, 할당, 발행 및 전액 지불 | ||
2023 £'000 | 2022 £'000 | |
400,000 각 £5.25의 1% 누적 우선주 (2022: 400,000) | 400 | 400 |
133,985,763p 보통주 10주 (2022년: 133,627,922주) | 13,399 | 13,363 |
13,799 | 13,763 |
7. 영업활동으로 발생한 현금
| 2023 £'000 | 2022 £'000 | ||
과세 전 소득 |
|
| 37,302 | 45,595 |
다음에 대한 조정 : |
|
|
| |
PFI 자산의 상각 |
| 551 | 579 | |
영업권 손상 |
| 203 | 203 | |
유형 자산의 감가 상각 |
| 4,462 | 3,957 | |
사용권 자산 감가 상각 |
| 779 | 597 | |
Revaluation (increase)/decrease in investment properties |
| (307) | 4,921 | |
자본화 된 수수료의 상각 |
| 54 | 25 | |
주식기준보상비용 |
| 1,601 | 1,241 | |
연금 제도 크레딧 |
|
| (4,197) | (3,422) |
유형자산처분이익 |
| (341) | (176) | |
임대용 장비 처분 이익 |
| (1,185) | (1,070) | |
투자부동산처분이익 |
|
| (733) | (646) |
(이익)/매각예정자산처분손실 |
|
| (1,571) | 150 |
조인트벤처처분이익 |
| - | (667) | |
금융 수입 |
| (3,357) | (1,641) | |
금융 비용 |
| 6,260 | 2,503 | |
합작 투자 및 관계 기업의 이익 지분 |
| (371) | (9,079) | |
고용을 위해 보류된 장비의 이동 전 영업 현금 흐름 |
|
| 39,150 | 43,070 |
대여용 장비 구매 |
| (3,497) | (5,454) | |
대여용 장비 처분 대금 |
|
| 1,423 | 1,343 |
운전자본 이동 전 영업현금흐름 |
|
| 37,076 | 38,959 |
재고 증가 |
|
| (9,129) | (63,701) |
채권의 감소/(증가) |
|
| 1,503 | (3,763) |
계약자산의 감소/(증가) |
|
| 5,598 | (11,701) |
(감소)/지급금 및 충당금 증가 |
|
| (26,231) | 24,684 |
계약부채 감소 |
|
| (2,946) | (1,027) |
영업 현금 흐름 |
|
| 5,871 | (16,549) |
2023 £'000 | 2022 £'000 | |||
순부채 분석: |
| |||
현금 및 현금성 자산 |
| 13,034 | 17,401 | |
은행 초과 인출 |
| - | - | |
순현금 및 현금성자산 |
| 13,034 | 17,401 | |
은행 대출 |
| (83,500) | (65,000) | |
기타 대출 |
| (3,018) | - | |
리스 부채 |
| (4,275) | (1,033) | |
순 부채 |
| (77,759) | (48,632) |
8. 대차대조표일 이후의 사건
대차대조표일 이후 그룹은 2023년 최종 배당금을 제안했으며 자세한 내용은 주석 4에서 확인할 수 있습니다.
대차대조표일 이후로 연결실체의 재무상태나 성과에 중요한 영향을 미칠 수 있는 다른 중요한 사건은 없었습니다.
9. 이 결과는 이사회의 승인을 받았으며 25년 2024월 XNUMX일 발행을 승인했습니다.
10. 2023년 연차보고서 및 재무제표는 회사 웹사이트( www.henryboot.co.uk 까지 서면 커뮤니케이션을 계속하기로 선택한 주주들에게 발송 22 4월 2024. Copies will be available from The Company Secretary, Henry Boot PLC, Isaacs Building, 4 Charles Street, Sheffield S1 2HS.
11. 회사의 AGM은 다음 날짜에 Double Tree by Hilton, Chesterfield Road South, Sheffield, S8 8BW에서 개최됩니다. 23년 2024월 12.30일 목요일 오후 XNUMX시 XNUMX분에 시작합니다.
RNS는 귀하의 IP 주소를 사용하여 약관 준수 여부를 확인하고, 귀하가 이 커뮤니케이션에 포함된 정보를 사용하는 방식을 분석하고, 그러한 분석을 익명으로 다른 사람과 상용 서비스의 일부로 공유할 수 있습니다. RNS와 런던 증권 거래소가 귀하가 제공한 개인 데이터를 사용하는 방법에 대한 자세한 내용은 개인 정보 보호 정책을 참조하십시오.