PenArian Housing Finance PLC Half-year Report (2125Z)

TIDM71HO

RNS Number : 2125Z

PenArian Housing Finance PLC

13 December 2017

PENNAF LIMITED

GROUP STATEMENT OF COMPREHENSIVE INCOME

For the period ended 30 September 2017

 
 
                                                    Six months         Year to 
                                                            to          31(st) 
                                                        30(th)           March 
                                                     September            2017 
                                                          2017 
 
                                                       GBP'000         GBP'000 
 
    TURNOVER                                            19,261          37,472 
    Operating costs                                   (13,697)        (27,630) 
                                                --------------  -------------- 
    OPERATING SURPLUS                                    5,564           9,842 
    Surplus on sale of 
     fixed asset properties                                 78             593 
    Interest receivable 
     and similar income                                      4              24 
    Interest payable 
     and similar charges                               (3,492)         (6,581) 
    Loan breakage costs                               (15,904)               - 
                                                --------------  -------------- 
    (DEFICIT) / SURPLUS 
     ON ORDINARY ACTIVITIES 
     BEFORE TAXATION                                  (13,750)           3,878 
    Tax on surplus on 
     ordinary activities                                  (49)            (81) 
                                                --------------  -------------- 
    (DEFICIT) / SURPLUS 
     FOR THE PERIOD AND 
     TOTAL COMPREHENSIVE 
     INCOME                                           (13,799)           3,797 
 
 
 

The Group's turnover and expenses all relate to continuing operations.

GROUP STATEMENT OF CHANGES IN RESERVES

 
                                        Restricted            Income           Total 
                                           reserve   and expenditure        reserves 
                                           GBP'000           reserve         GBP'000 
                                                             GBP'000 
 
 
 At 1 April 2016                                 -            11,578          11,578 
 
 Surplus and total comprehensive 
  income for the year                            -             3,797           3,797 
 Big Lottery Grant received                     54                 -              54 
 Big Lottery Grant expenditure                (30)                 -            (30) 
 
                                    --------------    --------------  -------------- 
 At 31 March 2017                               24            15,375          15,399 
 
 Deficit and total comprehensive 
  income for the period                          -          (13,799)        (13,799) 
 Big Lottery Grant received                     35                 -              35 
 Big Lottery Grant expenditure                (25)                 -            (25) 
                                    --------------    --------------  -------------- 
 At 30 September 2017                           34             1,576           1,610 
 
 

PENNAF LIMITED

GROUP STATEMENT OF FINANCIAL POSITION

As at 30 September 2017

 
 
                                                                30 September        31 March 
                                                                        2017            2017 
 
                                                                     GBP'000         GBP'000 
    FIXED ASSETS 
    Tangible assets 
    Housing properties - Cost                                        408,995         399,025 
                                    - Depreciation                  (51,051)        (49,224) 
                                                              --------------  -------------- 
                                                                     357,944         349,801 
    Other tangible fixed assets                                        3,418           3,374 
 
    FIXED ASSET INVESTMENTS 
    Homebuy loan                                                       3,010           2,593 
                                                              --------------  -------------- 
                                                                     364,372         355,768 
                                                              --------------  -------------- 
    CURRENT ASSETS 
    Stocks                                                               139             125 
    Debtors - due after one 
     year                                                                400             407 
    Debtors - due within one 
     year                                                              1,533           2,750 
    Investments                                                           65              65 
    Cash at bank and cash 
     equivalents                                                      41,239          31,018 
                                                              --------------  -------------- 
                                                                      43,376          34,365 
    CREDITORS: AMOUNTS FALLING 
     DUE 
    WITHIN ONE YEAR                                                  (9,410)        (17,033) 
                                                              --------------  -------------- 
     NET CURRENT ASSETS                                               33,966          17,332 
                                                              --------------  -------------- 
    TOTAL ASSETS LESS CURRENT 
     LIABILITIES                                                     398,338         373,100 
 
    CREDITORS: AMOUNTS FALLING 
     DUE 
     AFTER MORE THAN ONE YEAR                                      (397,078)       (358,051) 
 
    DEFERRED TAXATION                                                    350             350 
                                                              --------------  -------------- 
    NET ASSETS                                                         1,610          15,399 
 
    CAPITAL AND RESERVES 
    Non-equity share                                                       -               - 
     capital 
    Reserves                                                           1,610          15,399 
                                                              --------------  -------------- 
                                                                       1,610          15,399 
 
 

PENNAF LIMITED

GROUP STATEMENT OF FINANCIAL POSITION

As at 30 September 2017

The Group is showing an operating surplus of GBP5.564m for the first six months of 2017/18 compared to GBP9.842m for the year ended 2016/17. This compares favourably also with a six month budget of GBP4.364m, and an annual budget of GBP8.728m.

However, there is an overall deficit of GBP13.799m. This is after allowing for breakage costs of GBP15.904m as part of the Group's decision to review its borrowing in the first quarter of this year. On 7(th) June the Group repaid GBP126.943m of Clwyd Alyn Housing Association Limited's debt with six lenders, with the associated breakage costs.

On the same day PenArian Housing Finance plc received GBP160m offering GBP250m publicly listed bonds, retaining GBP90m. This was then on-lent to Clwyd Alyn to repay its existing debt, pay the breakage costs, and retain GBP17m for further development. The new interest rate applicable is 3.212%, which compares very favourably with its previous average loan rate of 4.02%.

The Group's Operating Surpluses continue to improve.

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR GCBDDSSBBGRX

(END) Dow Jones Newswires

December 13, 2017 04:48 ET (09:48 GMT)