Taylor Wimpey - Finance Director

Taylor Wimpey - Finance Director

Finance Director East Midlands Candidate Information Pack

Contents

Introduction • Welcome • History • Culture & Values

Company Info • Business overview • Where we operate • 2018 overview • Strategy

Role Profile • Job Description • Why consider this role?

Process & Timelines

Technical Director

Introduction

Dear applicant, Thank you for taking the opportunity to consider applying for the role of Finance Director at Taylor Wimpey East Midlands, based out of the Leicester office.

Taylor Wimpey is a FTSE 100 business and one of the largest residential developers in the UK, building new homes and communities across England, Scotland and Wales. Our people are passionate about the house building industry and about our customers. Culturally we pride ourselves in having a diverse work force with an opportunity to grow a career in a variety of environments. We look to develop our people in the skills and areas they are most interested in so if you are looking to join a thriving company going through an exciting period then please get in touch. Our vision is to become the UK’s leading residential developer for creating value and delivering quality. We build over 10,000 homes each year, from one-bedroom apartments to six-bedroom houses all across the country. We are looking for an experienced Finance Director to lead the finance function, bringing their experience to the regional Board. This is a pivotal appointment and will play a significant role in the future growth of the region.

Finance Director

Introduction

In 2007 George Wimpey and Taylor Woodrow merged to form Taylor Wimpey. We are proud of the home building and construction heritage of both companies, which dates back more than 100 years.

We are one of the largest homebuilders in the UK, operating from 24 regional offices across England, Scotland and Wales, and we aim to be the developer of choice for customers, employees, communities and shareholders. We build a wide range of properties, from one- and two-bedroom apartments to six bedroom detached houses, with a broad price range including both private and affordable homes. We are truly national and we cover most regions across the UK. Our regional businesses are run as local homebuilders and have in depth knowledge and experience of the local market. We understand that development is about more than creating homes and we provide millions of pounds

worth of infrastructure, for example roads, sewers, landscaping and community facilities, every year across the UK. We aim to develop vibrant communities with a true sense of place that fit into their surrounding area and meet the needs of local people. We are a responsible community developer, committed to working with local people, community groups and local authorities and keeping them informed about our work, both before we build and throughout the life of the development. We focus on getting the basics of homebuilding right first time, such as quality, customer service and health and safety, and we aim to continually improve all parts of our business.

Finance Director

Introduction

Core values and cultural principles These are the Taylor Wimpey values that will help us achieve our vision and mission, and the cultural principals that underpin them: Be respectful, fair and deliver together - Communicate well and collaborate - Encourage and embrace diversity - Set clear professional standards - Develop good relations and behave with integrity Continuosly improve and innovate - Be future-focused and drive change - Find solutions and dont accept second best - Make informed decisions - Be well planned and organised Build a proud legacy - Never compromise on safety - Be passionate about customers - Delievr right first time and keep promises - Commit to a sustainable future

Finance Director

Introduction

Our Cultural Principles outlined below are the values that underpin everything that we do: • If something is worth doing, it’s worth doing properly; • If we make a mistake, we put it right; • We are competitive and don’t accept second best;

• We will not compromise in ensuring that everyone leaves our sites safe and well; • We behave with integrity, are honest and forthright and support each other; • We strive to enhance the environment and local community and to run our business in a way that is sustainable. • Knowledge and information are key, we take our decisions on fact not emotion. • We value individuals from diverse backgrounds and aim to develop potential to the mutual benefit of the individual and the business. We strive to treat our employees fairly and with respect, and to provide a safe place for them to work. Our UK Employee Handbook sets out our approach to our employees as well as the standard of behaviour that we expect of them. We believe that by embracing diversity we will be able to succeed through a workforce that is inclusive, creative and innovative. We support the United Nations’ Universal Declaration on Human Rights and have policies and processes in place to ensure that we act in accordance with our values in relation to areas such as equal opportunities, anti-corruption and whistleblowing. We encourage employees and sub-contractors to speak up about concerns over wrongdoing at work and we provide access to an independent reporting hotline service. Taylor Wimpey operates in diverse communities. During 2012, we undertook a review of the diversity of our employees and will map this against catchment areas to determine any discrepancies. Our new recruitment practices are designed to help us develop an increasingly diverse workforce.

Finance Director

Company Information

Taylor Wimpey plc is a UK-focused residential developer which also has operations in Spain. We aim to be the developer of choice for our customers, employees, communities and shareholders. We are experts in land acquisition, home and community design, urban regeneration and the development of supporting infrastructure which improves our customers’ quality of life and adds value to the homes that we build. We build a wide range of homes in the UK, from apartments to six-bedroom houses with prices ranging from under £100k to over £3m. We completed 14,387 new homes in 2017, excluding joint ventures. In addition, we build affordable housing across the UK, which represented c.19% of our 2017 completions. We aim to deliver aspirational homes for our customers that are ef cient to build.

Where we Operate

Finance Director

Company Information

Taylor Wimpey are hugely proud to announce that we have been voted in the Top 10 Best Places to Work in the UK in Glassdoor’s list of Best Places

to Work 2019. To find out more, follow this link: http://glassdoor.com/slink.htm?key=vQOyW

Finance Director

Company Information

What we look for Our goal is to become the employer of choice in the industry, attracting and retaining people because of our culture and the opportunities we provide for career development. House building is an exciting and rewarding sector in which to build your career. Having the right people in place is key to our corporate strategy and commercial success. Where we can, we always look to recruit and promote from within, however, we also realise the benefits of diversifying our workforce by combining internal talent with the best skillsets and backgrounds from outside of the business. Regardless of what level role you are applying for, or what business function you are interested in, there are certain behaviours that we look for in all our people. Below are a few examples of the competencies that are vital to success at Taylor Wimpey irrespective of your level in the business or functional area. • A Collaborative approach to work. In a business with 24 different regional offices with separate priorities specific to the communities in which they build, it is vital that we share ideas, learn from our colleagues and communicate regularly and effectively. • Be Open to Change in a sector that is always adapting to legislation, innovation and customer feedback. • Always Focus on our Customer and their needs. Without them we would not be the business we are today – in fact we wouldn’t be a business at all! • A Passion for People Development. Whether you’re an employee showing interest in the development of your colleagues or a line manager looking at progression and opportunities for your team members, it’s vital part of what makes our business great. • A Solution Focused approach in a complex industry that presents plenty of challenges on a day to day basis. These behaviours, amongst others, make up a key part of our selection process for all jobs we recruit for so if you are thinking about a career with Taylor Wimpey then we would encourage you to always think about our key competencies.

Finance Director

The next five years to 2023

Diversity and Inclusion

As a FTSE100 company, our aim is to be the employer of choice in our industry, attracting and retaining the best people because of our culture and the opportunities that we provide. All our job vacancies are advertised on The Diversity Group’s website.

We run several initiatives aimed at creating opportunities for all. We are currently partnered with Leonard Cheshire Disability’s Change 100 programmes that we introduced to Taylor Wimpey in 2015. Change 100 aims to change the employment landscape for students and recent graduates with a disability by offering placements and work experience within businesses like Taylor Wimpey. We are proud to partner with the Leonard Cheshire Disability on this programme and look forward to a lasting relationship.

At Taylor Wimpey we pride ourselves on offering our people valuable career development opportunities and look to nurture talent at all levels within our Company; from site based roles such as site managers and sales executives, to office based opportunities across our business functions, like land & planning, commercial and finance. Embracing diversity enables Taylor Wimpey to succeed in a competitive market. We make all our hiring decisions without prejudice towards age, gender, race, disability, sexual orientation or religion and aim to treat all of our people fairly. Our honest and open approach to recruitment and our people is one of the defining factors in Taylor Wimpey’s culture and future workforce.

Finance Director

New goals for the next five years to 2023

Defining Our Strategy Our new strategy, announced in May 2018, refocuses our business purpose and firmly puts the customer at the heart of all the decisions we make today and in the future. We will seek to use our high-quality landbank more efficiently to deliver growth, both in the number and quality of homes built for a wider range of customers. We will also aim to grow the operational capacity of the business through investment in our skills, supply chain development and research and development. The strategy that we have outlined will result in a larger scale business with strong and secure cash generation, as we work our existing and future assets harder to deliver more homes over the next five years. OUR FINANCIAL TARGETS FOR THE NEXT FIVE YEARS (2018-2023) • Increase of return on net operating assets** to 35%. • Maintaining operating profit* margins at c.21-22%. • Operating cash conversion of between 70 and 100% of operating profit into operating cash flow. • Increased landbank efficiency - reducing length of short term owned and controlled landbank years by c.1 year to 4-4.5 years.

Finance Director

Job Description

Finance Director

25/01/19

Position Title: Function: Reports to: Direct Reports:

Date Finalised/Last Reviewed:

Finance

Managing Director (Dotted reporting line to the Divisional Finance Director)

Senior Finance Manager

Job summary/purpose: The Finance Director is a key member of the regional management team (BUMT), acting in business-wide role to proactively support the Managing Director (MD) to maximise delivered value. The Finance Director will have a deep level of operational knowledge, to enable critical review and challenge of key decisions and information across all functional disciplines within the business unit (BU) including joint ventures (JV). The role leads the finance function and financial capability for the region, providing business and performance insight and challenge. The Finance Director is a steward for the business with an eye to promoting governance in the BU, and provides a business and financial control ethos. However, importantly, the Finance Director is also a catalyst for accelerating value optimisation in the business, on behalf of the shareholders. The Finance Director reports to the regional Managing Director, with a dotted reporting line to the Divisional Finance Director for the Division. The role acts alongside other Finance Directors in the division, developing innovative thinking and solutions for the division and the wider finance function. The Finance Director will work with the Divisional Financial Director (DFD), communicating regularly, and providing accurate and timely information for use by the Divisional Chairman and Group Finance. The Finance Director role covers four broad elements: Catalysing optimal business performance - Review and challenge new business from key operational and performance perspectives, in conjunction with the BUMT. Provide financial oversight and final recommendation which considers all key business aspects including JVs, to the MD. - Lead the business planning process. Review and challenge operational assumptions with the BUMT before critical decisions are taken, and for inclusion in plans and forecasts. Provide accurate and insightful financial information to support creation and articulation of the business plan including JVs. - Challenge and encourage the business unit to optimise value from the landbank, delivering the anticipated financial performance, but maintaining the Group’s customer centric ethos. A businesses strategist - Together with the MD, lead the development of the BU business strategy including JVs, in conjunction with the wider BUMT. Support the strategy with appropriate and tailored financial analysis.

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Job Description

A financial steward - Work to protect the assets of the business, ensure compliance with financial regulation and ensure appropriate care and diligence is taken in the corporate governance of the region. - Provide critical oversight of the core finance outputs and processes operated by the Senior Finance Manager and team. - Provide overview to ensure robust financial processes and controls are consistently maintained. - Work with the BUMT to actively identify business risks, driving possible mitigating solutions well in advance of potential risks crystallising. Horizon-scan for potential opportunities for the business to deliver, to help shape the future of the business. An expert finance operator - Create a team of suitably qualified and experienced finance staff, and develop both technical and soft skills in the team. - Drive the attraction and retention of key talent within the Finance function through a positive and engaging approach. Primary responsibilities: BU Leadership responsibilities • Partnering the MD on all new business decisions, including land acquisitions. Review all aspects of the scheme (e.g. LPE) with the BUMT, critically assessing if the venture is the best use of capital, in line with strategy and the Taylor Wimpey ethos. Sign off financial models, having considered financing options and cash flows, timescales, tax implications and accounting implications. Write the final recommendation to the MD which considers all aspects of the deal, including technical, commercial, sales, as well as finance elements. • Obtain a true understanding of costs and risks for each site, drawing on knowledge from regular site visits. With this background, provide active review and challenge of the costs incurred to date/ cost to complete projections for each site (Cost Value Reconciliations (CVR) prepared by the Commercial team). Attend P&L meetings, and, challenge whether cost excesses/savings are expected and should be recognised. Look for trends in production differences, necessary fixes and expected cost changes. • Lead the management of joint ventures with third parties, including as a Director, chair Board meetings and ensure a robust governance and administration framework including oversight of Board pack preparation to support the joint ventures. • Working with the Production and Sales Directors, ensure the sequence of site delivery considers the appropriate risk factors, but optimises site ROCE.

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Job Description

Key finance accountabilities and responsibilities • Drive discussion at the BUMT board, by presenting analysis, insight and interpretation of performance against business plan. Draw out the operational deliverables needed to allow the business to meet targets and optimise value. • Specify both business performance and financial measures, aimed at monitoring the drivers of performance. Interpret >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18

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