Half-year Report

RNS Number : 3163I

Beyond Housing Ltd

13 April 2022

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	<63%	41%
Net debt per unit	<£22,500	£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	<20% of turnover p.a.	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

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