13th Apr 2022 16:01
Beyond Housing 6months financial report 2021.22 (Draft and Unaudited)
We have set out below in summary our financial results for the six months till the end of September 2021. The results highlight good performance against budget and treasury metrics.
Income & Expenditure
Turnover is marginally behind budget due to development sales profiling. Rental income is on budget and arrears within budget. Operating costs are higher due to the volumes of repair work and higher inflatory material costs as we come out of Covid. Interest payable is below budget as higher costs were estimated before the bond refinanced existing loans and break costs were below budget.
Actual Sept 2021 | Budget | Variance to budget | |
£m | £m | £m | |
Turnover | 38.636 | 38.274 | 0.362 |
Operating Costs | 29.101 | 28.831 | 0.270 |
Operating Surplus | 9.535 | 9.443 | 0.92 |
Net Interest Payable | 15.087 | 10.603 | 4.484 |
Disposal of Fixed Assets | (0.242) | 0.786 | 1.028 |
Net Deficit | (5.794) | (0.374) | 5.420 |
Balance Sheet
Actual Sept 2021 | Actual March 2021 | Movement | |
£m | £m | £m | |
Fixed Assets | 380.813 | 371.688 | 9.125 |
Current Assets | 57.340 | 35.583 | 21.757 |
Current Liabilities | 9.856 | 42.512 | 32.656 |
Net Current Assets | 47.484 | (6.929) | 54.413 |
Long term Labilities | 324.628 | 260.687 | 63.941 |
Capital & Reserves | 103.669 | 104.072 | 0.403 |
Treasury
Our treasury metrics relate to all lenders. Our golden rules are set higher than lender covenant requirements giving additional headroom. The net debt per unit is specific to one lender only. Our current ratio is higher than target due to the bond refinancing releasing c£30m of cash after repaying a portfolio of loans and break costs.
Golden rule | Performance (as at Sept 2021) | |
EBITDA-MRI interest cover | 121% | 299% (all lenders) |
Asset cover ratio | 126.5% | 160% (all lenders) |
Net borrowing: Housing assets at cost | 41% | |
Net debt per unit | £12,896 | |
Cash and cash equivalents | To cover at least 21 months or requirements | more than 36 months |
Current ratio | >1.0 | 6.0 (cash high due to bond proceeds) |
Open market sales | 0% |
Lending
Our lending remains well balanced with £104m of unused Revolving Credit Facilities (RCF), the bond represents 70% of fixed/drawn loans, undrawn bond proceeds available are £85m and an average loan life is c19years.
Lender - Sept 2021 | RCF | Fixed/drawn | Sub total | Undrawn | Total |
£ | £ | £ | £ | £ | |
Lloyds | 20,000,000 | 12,300,000 | 32,300,000 | 20,000,000 | 32,300,000 |
RBS | 30,000,000 | 28,300,000 | 58,300,000 | 30,000,000 | 58,300,000 |
Nationwide | 54,000,000 | 29,300,000 | 83,300,000 | 54,000,000 | 83,300,000 |
Bond (issued May 2021) | 0 | 165,000,000 | 165,000,000 | 85,000,000 | 250,000,000 |
Total | 104,000,000 | 234,900,000 | 338,900,000 | 189,000,000 | 423,900,000 |
Development
Development is slower than target for starts and completions due to site and contractor delays. Overall the market remains robust for completions and sales with higher cost headwinds.
Planned model programme contractual starts 433 and completions 250
Less than 10 unsold sale homes on the books at this stage
Affordable five-year programme estimated average NPV of c£5m
Related Shares:
Beyond.hs 51