Annual Report 21

Our reporting

This year we moved to a more integrated Annual Report and Accounts.

Our stakeholder sections within the strategic report and governance sections explain our approach to stakeholder engagement and the steps we took to consider stakeholders in our decision making process and to communicate and work with our stakeholders throughout the year.

We also produce a Sustainability Supplement and ESG Addendum that provides further background on our approach to ESG. Our Gender Pay Gap Report explains how we are working towards greater gender diversity as well as making Taylor Wimpey a more widely inclusive organisation.

Our key priorities

During 2021, we have continued to drive performance through a business-wide commitment to our key priorities:

1. Operational excellence and discipline driving an increase in operating margin

2. Progressing recent land acquisitions through planning to facilitate outlet growth in late 2022 and volume growth in 2023

3. Continue to deliver consistently great build quality, customer service and employee experience and identify where we can add value

4. Further embedding sustainability through the business, targeting areas where we can make the most difference to future proof the business

Our business model

Investment: Shareholder capital management
- c.85k plots in our UK short term landbank (2020: c.77k)
- c.£3.4bn land on the balance sheet
(2020: c.£2.9bn)

Development: Protecting capital and adding value
- 77 planning applications granted (2020: 68)
- 11.1k subcontractors worked on average during 2021 (2020: 12.3k)
Realising value: Optimising stakeholder return
- c.14.3k new homes (including joint ventures) completed for our customers (2020: 9.8k)
- 5.4k directly employed on average during 2021 (2020: 6.0k)
Business model


* Operating profit is defined as profit on ordinary activities before net finance costs, exceptional items and tax, after share of results of joint ventures.
** Return on net operating assets (RONOA) is defined as rolling 12-month operating profit divided by the average of the opening and closing net operating assets, which is defined as net assets less net cash, excluding net taxation balances and accrued dividends.
*† Net operating asset turn is defined as 12-month rolling total revenue divided by the average of opening and closing net operating assets.
† Tangible net assets per share is defined as net assets before any accrued dividends excluding goodwill and intangible assets divided by the number of ordinary shares in issue at the end of the period.
†† Adjusted basic earnings per share represents earnings attributed to the shareholders of the parent, excluding exceptional items and tax on exceptional items, divided by the weighted average number of shares in issue during the period.
‡ Net cash is defined as total cash less total borrowings.
‡‡ Cash conversion is defined as operating cash flow divided by operating profit on a rolling 12-month basis, with operating cash flow defined as cash generated from operations (which is before taxes paid, interest paid and payments related to exceptional charges).
‡‡‡‡ Adjusted gearing is defined as adjusted net debt divided by net assets. Adjusted net debt is defined as net cash less land creditors.



Annual Report and Accounts 2021

Strategic report

Directors' report: governance

Financial statements 

Notice of 2022 Annual General Meeting

Sustainability Supplement and ESG Addendum 2021

Gender Pay Gap Report 2022