Download - Investors seminar 2013 presentation
HEADLINE FIGURES2012/13 2011/12
Turnover £380.0m £369.0m
Income from lettings £254.0m £237.0m
Operating Profit before interest
£97.8m £96.2m
Profit before Tax £17.1m £17.4m
TREASURY HIGHLIGHTS
• Credit ratings– Moody’s A2 / stable– Standard & Poor’s A+ / stable
• 1.5x Interest Cover before depreciation• 1.2x Interest Cover after depreciation• Interest rate risk contained at 20.4%• Gearing at 52%
TREASURY HIGHLIGHTS
• Continue to match spending to available funding• Undrawn committed facilities £198m in place• Investors continue to support Places for People
notwithstanding volatility in financial markets• Continued diversification of Investor base both in
the UK and overseas
RESULTS ANALYSIS 2012/13
236.0
255.0
269.5
248.3 248.4
210.0
220.0
230.0
240.0
250.0
260.0
270.0
280.0
2009 2010 2011 2012 2013
£’m
Revenue reserves including pension liability
RESULTS ANALYSIS 2012/13
239.2256.4 271.2
291.6310.5
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
2009 2010 2011 2012 2013
£’m
Revenue reserves excluding pension liability and mark to market
KEY ACHIEVEMENTS
2.9
3.1 3.1 3.1
3.3
2.7
2.8
2.9
3
3.1
3.2
3.3
3.4
2009 2010 2011 2012 2013
£’bn
Gross Fixed Asset Base
FUNDING STRATEGY
Core funding strategy to: • Diversify Investor Base• Rebalance Debt Portfolio to targeted 60%
unsecured• Up from a base of 5% of total debt to 36.3%• JPY 5b (£35m) loan notes issued Jan 13
PENSIONS
2013 2012
Pension deficit £40.1m £35.2m
• Pension scheme has been closed to future accrual as of October 2010
• Increase in deficit reflects reduction in discount rates affecting most schemes
• Plan agreed to eliminate deficit in the current year
2013/14
• Another challenging year but on course to deliver business plan
• No material financial impact due to Welfare Reform
• Robust Liquidity• Cash flow, investment and cost control• Interest rate, liquidity and refinancing risk all
contained within strategic target
Last year – 2012/13
• Growing the Group
• Business diversification
• Strong performance
• Supporting customers
The Housing ChallengeDwelling Completions (England) 1946 - 2012
Source : DCLG Housing Statistics, Historical data series
Trends in Housing Tenure (England)1981 to 2012
Owner occupiers
Social renters
Private renters
Source: English Housing Survey 2011-12
200
9
201
02
011
2012
Housing Tenure
??
2016
?
?
?
A range of requirements
A range of solutions
Affordable Rent
Market Rent
Try before
you buy
Share
d ow
ners
hip
Sha
red
equi
tyStaircasing
Supported Housing
Equity Release
Buy outright
AccessAffordable rent
Rent conversionSave a deposit scheme
Try before you buyMarket rent
Our Approach
ServicesPlace management
Facilities managementProperty management
Individual SupportLeisure management
Development
MasterplanningPartnerships & JVs
Ensuring successful places
and enabling people to reach their potential
FacilitiesManagement
Sales Regeneration
2011/2012
2012/2013
61,978homes81,556homes 2,000+ FTE
employees5,000+ FTEemployees
£369mturnover£380m
turnover
31% increase Increase of more than 2500
£11m increase
Plus RMG =
143,000 homes
A year of growth…
Homes• Targeted support for
customers facing Welfare Reform
• Direct debit success• Sustaining tenancies• Involving customers
Housing Managementand RepairsPerformance:•Occupation 99%•Rent collection 100%•Gas servicing 100%•Stock turnover reduced by 7%
Neighbourhoods• 21 out of 47 targeted
areas moved from ‘Amber’ to ‘Green’
• Helped 283 people into employment and 1538 into learning
• £16m asset management investment in the year
Corporate Responsibility• Retained Platinum Award in the BiTC
2013 Corporate Responsibility Index• Retained ISO14001 environmental
management certification• Helped over 2,600 customers increase
their household income by over £1.5m in total
• 11 Community Games events held – attended by over 1,800 people
• 829 tonnes carbon saved across housing stock through asset investment
Awards• Housebuilder of the Year – Building Awards 2013• Property Manager of the Year - RESI• Homes for Scotland – Best Partnership in Planning• Best Landlord – Landlord and Lettings Awards• Housing Association National Accountancy Award
from NHF for Financial Innovation
Creating and realising value• Property Management
• Development of places and long term investment
• Synergies and efficiencies
• Selling products and services into new and existing markets
• Our people
Deliver ing our Vision • Deliver 2013/14 Business Plan and budgets
• Long-term strategy
• Managing risks
• Opportunities arising from changes in the housing market and government policy