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CAIRN HOMES PLC ANNUAL REPORT 2021

CAIRN HOMES PLC

ANNUAL REPORT 2021

Our investment

in sustainable homes

Our investment in sustainable homes.

Cairn has been leading the way in the Irish

housing market since 2015. In that time the business has scaled and today we are active on 21 residential development sites with the resources to deliver a broad choice of new homes, to a broad and widening buyer pool in great locations where people want to live now and into the future.

Strategic Report 02-73

02 20 21 Highlights

04 A t a Glance 06 C hairman"s Statement 12 C hief Executive Officer"s Statement 18 Mar ket Overview 26
B usiness Model 28
O ur Strategy 30
St ategy in Action 50
S takeholder Engagement 52

Sustainability

60
Chie f Financial Officer"s Report 62
R isk Report

IN THIS REPORT

You can also read our Annual Report

online at cairnhomes.com/investors 04

AT A GLANCE

An analysis of our historic low-cost

c. 17,700 unit landbank by individual site, location, planning status and average plot cost.

Re ad more about our portfolio

on pages 4 and 5. 18

MARKET OVERVIEW

A focus on the fundamentals of the

Irish economy, the Irish homebuilding

sector and Cairn's positioning within the Irish new homes market.

Le arn more about how the property

market is developing on pages 18 to 25. 28

OUR STRATEGY AND STRATEGY IN ACTION

Our end to end business model and

the five strategic pillars under which we run our business: customers, homes, places, people and operational excellence.

Fi nd out more about our strategy and

what we are doing on pages 28 to 49.

ABOUT CAIRN

01CAIRN HOMES PLC ANNUAL REPORT 2021

FINANCIAL STATEMENTSCORPORATE GOVERNANCESTRATEGIC REPORT

Corporate Governance 74-110

74

Board of Directors

76 Senior Leadership Team

78 Corporate Governance Report

87

Audit & Risk Committee Report

91

Nomination Committee Report

94

Directors' Remuneration Report

108

Directors' Report

Financial Statements 111-161

112

Statement of Directors'

Responsibilities in respect

of the Annual Report and the Financial Statements

113 Independent Auditor's Report

119 Consolidated Statement

of Profit or Loss and Other

Comprehensive Income

120 Consolidated Statement

of Financial Position

121 Consolidated Statement

of Changes in Equity

123 Consolidated Statement

of Cash Flows 124

Notes to the Consolidated

Financial Statements

151 Company Statemen t

of Financial Position

152 Company Statemen t

of Changes in Equity

154 Company Statemen t

of Cash Flows 155

Notes to the Company

Financial Statements

Additional Information 162

162 Company Informa tion

Cover image: Archer's Wood, Delgany

52

OUR SUSTAINABILITY COMMITMENTS

We are building on the enthusiasm,

commitment and culture for sustainability that already exists in Cairn and have disclosed our sustainability metrics against which our Sustainability Agenda can be measured.

Read more on our sustainability

commitments on pages 52 to 59. 62

MANAGING RISKS

Our risk management framework

is embedded into all of our business processes to protect and bolster our operations.

Read more about our risk

management on pages 62 to 73. 02 13.8% 9.3%

20202021

OPERATING CASHFLOW*

+€138.2m

REVENUE

+62%

NET DEBT**

-€58.8m

OPERATING PROFIT

+139%

GROSS MARGIN

+350 bps

OPERATING MARGIN

+450 bps

2021 HIGHLIGHTS

FINANCIAL HIGHLIGHTS

* Before any capital allocation considerations, including reductions of debt, dividends or accretive strategic acquisitions, JVs or investments. Calculated as €88.5 million net cash from operating activities plus €43.8 million invested in accretive strategic land acquisitions (2020: operating cash outflow of €5.9 million, defined as €40.6 million net cash used in operating activities plus €34.7 million invested in accretive strategic land acquisitions).

See Chief Financial Officer's Report on

pages 60 and 61 for details of net debt. Defined as Profit after Tax divided by Total Equity at Year End. Calculated as €43.2m/€778.8m (2020 ROE: €12.7m/€750.6m).

2021 was another year

of building a sustainable, long-term, profitable business which will contribute greatly to

Irish society.

03CAIRN HOMES PLC ANNUAL REPORT 2021

FINANCIAL STATEMENTSCORPORATE GOVERNANCESTRATEGIC REPORT EPS +4.1 cent

GROSS PROFIT

+€41.2m

ROE***

+390 bps

OPERATIONAL HIGHLIGHTS

Building a long-term competitive and market advantage.

OUR CONTINUED INVESTMENT

In people, our operating platform and

supply chain providing our business with a unique and compelling long-term competitive and market advantage.

OUR INVESTMENT IN INNOVATION

Continued use of innovative off-site

manufacturing and new construction methodologies, in addition to programme management tools and standardisation of construction programme delivery.

CONTINUING TO SCALE

Currently active on 21 sites, including eight

new site commencements since May 2021.

In 2022, Cairn will be supporting over 3,000

full-time positions on an average of 22
active sites building high quality, sustainable new homes on well-located developments with full planning permission.

RECORD SALES LEVELS

Agreed the sale of over 1,400 new homes

in 2021, including our 5,000 th since our IPO in 2015, with this strong sales momentum continuing in the early months of 2022, particularly from starter home and trade-up/down schemes with private, mortgage-backed customers. 1,218 closed and forward sales as at 2 March 2022, with a net sales value of €463m, underpins 2021 guidance of 1,500 sales completions.

Read more in our Chief Financial Officer's

review on pages 60 to 61.

Donnybrook Gardens, Dublin 4

Mariavilla, Maynooth

Mariavilla, Maynooth

04

High capacity public

transport routes

Coastal commuter train

Rapid city train red line

Rapid city train green line

Commuter railActive at year-end

Future

M1 N11 N81 N7 M50 M4 M3 M2 M50 MEATH

KILDARE

WICKLOW

DUBLIN

450500

400
350
300
250
200
150
100
50

010,000

12,000

8,00018,000

16,000

14,000

6,000 2,000 4,000 0

2015202120202018201920172016

Cumulative Units AcquiredAcquisitions in Period (€"m) c.1 7,700

Units within our landbank across

37
separate sites 21

Active sites today, with up to 6 new site

commencements scheduled over the coming months

€970m

Invested in our landbank through

site acquisitions since June 2015 We have the land and operating platform to deliver our growth agenda and create shareholder value into the long-term. 70%
of total capital deployed in 2015 and 2016 65%
of existing landbank units acquired within one year of IPO

10,000

units granted planning permission since 2015, including c. 1,100 units in 2021 c.17,700 UNIT LANDBANK - BALANCE SHEET CARRYING VALUE €672 MILLION

AT A GLANCE

Our investment

in growth

Source: Cairn Management data

05CAIRN HOMES PLC ANNUAL REPORT 2021

FINANCIAL STATEMENTSCORPORATE GOVERNANCESTRATEGIC REPORT 28%
28%
26%
16% 2% Strategic Development Zone Full Planning Permission In Planning

Residentially Zoned Unzoned

31
applications 17 grants 14 site commencements A s at 2 March 2022, Cairn had received planning permission for 5,734 new homes under the Strategic Housing Development (“SHD") process from 17 successful grants of planning. T his equates to 7.7% of all new homes granted planning permission through this fast-track process. C airn also accounts for over 15% of all new homes commenced under this process. 37
sites with limited planning risk, enhanced by our unrivalled planning track record LANDBANK PLANNING STATUSSUCCESS THROUGH THE SHD PLANNING PROCESS

HOUSES

APARTMENTS

c.13,000 houses within our landbank €29,000 average house site cost c.4 ,700 apartments within our landbank €53,000 average apartment site cost

WE OFFER A DIVERSE RANGE OF HIGH QUALITY NEW HOMES ACROSS ALL PRICE POINTS FROMENTRY LEVEL STARTER HOMES TO PREMIUM APARTMENTS

27 sites:

23
4 housing sites (average c. 570 units) housing and apartment sites (average c. 300 units)

14 sites:

10 4 apartment sites (average c. 350 units) housing and apartment sites (average c. 300 units) 06

CHAIRMAN"S STATEMENT

Our investment

in Quality &

Sustainability

is at the heart of everything we do "At Cairn, our sustainability approach is considered and responsible: building high-quality, sustainable homes; crafting communities and striving to improve the built environment in Ireland."

John Reynolds

Chairman of the Board

07CAIRN HOMES PLC ANNUAL REPORT 2021

FINANCIAL STATEMENTSCORPORATE GOVERNANCESTRATEGIC REPORT

This ensures that we remain an ambitious,

committed and growing business; one which is both an attractive place to work for our growing team and the people within our supply chain, and which can deliver strong long-term returns for shareholders.

High-quality, competitively priced and

energy efficient new homes, an inclusive work environment, sustainable business practices and strong returns are not mutually exclusive. We believe we are delivering against each of these objectives.

They sustained our business throughout

2020 and 2021 and ensure we are

positioned to deliver for all stakeholders in 2022 and beyond as our business continues to grow.

2021 Review

As the year started, the pandemic

continued to impact our business. Strict government restrictions remained in place and directly affected our ability to operate with effectively full residential development site closures until 12 April 2021, albeit we could continue to build and deliver contracted social houses and onsite utility connections. While there was an impact on performance in the first half, we demonstrated the strength of our operating platform in the second half as restrictions eased, delivering the strongest ever half-year performance in the history of the company. This is a performance of which the Board is very proud and a reflection of the strength of our Senior Leadership Team and the dedication of our entire team.

Throughout the pandemic, our absolute

number one priority has been to protect the health, safety and wellbeing of all of our people, customers and the communities in which we operate. While many of us have adjusted to virtual working - several of our board meetings continued to be held virtually during the year - much of the work we do as a homebuilder cannot be done remotely. The safety of our people on our construction sites, while it has always been a priority, took on new meaning during 2020 and 2021. A key priority during the year was to include the full leadership team in sitequotesdbs_dbs26.pdfusesText_32

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