Beyond Housing Ltd Half-year Report (6443H)

TIDM63SQ

RNS Number : 6443H

Beyond Housing Ltd

25 November 2022

Beyond Housing

Financial Performance September 2022

Unaudited Figures

Income and Expenditure at September 2022

 
                             Actual Sept 2022   Budget Sept 2022   Variance to budget   Fav/un fav 
                                   GBPm               GBPm                GBPm 
                            -----------------  -----------------  -------------------  ----------- 
 Turnover                         44.574             47.833              3.259          Adverse 
                            -----------------  -----------------  -------------------  ----------- 
 Operating Costs                  34.602             36.391              1.789          Favourable 
                            -----------------  -----------------  -------------------  ----------- 
 Operating Surplus                9.972              11.442              1.470          Adverse 
                            -----------------  -----------------  -------------------  ----------- 
 Net Interest Payable             3.280              3.406               0.126          Favourable 
                            -----------------  -----------------  -------------------  ----------- 
 Disposal of Fixed Assets        (0.725)            (0.329)             (0.296)         Favourable 
                            -----------------  -----------------  -------------------  ----------- 
 Net Surplus excl asset 
  sales                           6.692              8.036               1.344          Adverse 
                            -----------------  -----------------  -------------------  ----------- 
 

Turnover marginally lower due to development pace and new housing units arising, rents on budget. Operating costs lower due to less outright sales costs and corporate overhead spending. Interest payable and disposals per budget. Net surplus reflects income and operating costs.

Balance Sheet at September 2022

 
                         Actual Sept 2022   Actual March 2022    Movement   Fav/un fav 
                         GBPm               GBPm                GBPm 
                        -----------------  ------------------  ----------  ----------- 
 Fixed Assets            415.894            399.618             16.276      Favourable 
                        -----------------  ------------------  ----------  ----------- 
 Current Assets          46.462             58.967              12.505      Adverse 
                        -----------------  ------------------  ----------  ----------- 
 Current Liabilities     12.907             19.525              6.618       Favourable 
                        -----------------  ------------------  ----------  ----------- 
 Net Current Assets      33.555             39.442              5.887       Adverse 
                        -----------------  ------------------  ----------  ----------- 
 Long term Labilities 
  - loans                229.998            230.003             5           Favourable 
                        -----------------  ------------------  ----------  ----------- 
 Capital & Reserves      449.449            439.060             10.389      Favourable 
                        -----------------  ------------------  ----------  ----------- 
 

Fixed asset value increasing due to new homes and capital programme (roofing, kitchens, bathrooms etc) investment in stock. Current assets lower due to lower cash (development spend) and prepayments. Current liabilities higher due to lower creditors. No change in long term loans.

Treasury Position

-- Board approved business plan sets 'golden rules' at tighter levels than lender covenants to ensure a healthy buffer is sustained

   --     Cash balance cGBP31m  September 2021 

-- Beyond completed at GBP250m ESG 30-year bond refinancing May 2021 (GBP85m retained with GBP165m drawn to principally refinance GBP130m of existing loans)

   --     Moodys credit rating update at Sept 2022 (A2 unstable). 
 
                                    Golden rule                    Performance (as at August 2022) 
  EBITDA-MRI interest cover         121%                           279%-285% 
                                  -----------------------------  --------------------------------- 
  Asset cover ratio                 126.5%                         119%-137% 
                                  -----------------------------  --------------------------------- 
  Net borrowing: Housing assets 
   at cost                          <63%                           39%-43% 
                                  -----------------------------  --------------------------------- 
  Net debt per unit                 <GBP22,500                     GBP13.591 
                                  -----------------------------  --------------------------------- 
  Cash and cash equivalents         To cover at least 21 months    more than 36 months 
                                     or requirements 
                                  -----------------------------  --------------------------------- 
  Current ratio                     >1.0                           2.6 
                                  -----------------------------  --------------------------------- 
  Open market sales                 <20% of turnover p.a.          0% 
                                  -----------------------------  --------------------------------- 
 

Performance at August 2022. Performance represents range across lenders. Golden rules set by the board above bank and funder requirement. Asset Cover ration golden rule average across all lenders.

Lender Facilities

 
       Lender -            RCF                 Fixed/drawn         Sub total           Undrawn             Total 
       September 
       2022 
                           GBP                 GBP                 GBP                 GBP                 GBP 
       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                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 
 

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November 25, 2022 05:09 ET (10:09 GMT)