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East Midlands Housing Group Investor Presentation
Presenting Team:
Chan Kataria - Group Chief Executive
Andrew Kilby - Executive Director Finance
December 2015
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Key highlights
Established in 1946, now one of the largest housing groups in England
Rated AA- by Standard & Poor’s
Long and successful track record of operations, services and development program delivery
Strong focus on low-risk social housing activities
Very high demand for social housing in areas of operations
High operating margin of c. 30%
Financially robust with strong coverage ratios (not relying on property sales)
Stable and experienced management team with strong group board oversight
Strong risk management culture at all levels of the organisation
Recognised “partner of choice” with key stakeholders
Our vision: “To be widely recognised as the best social housing and care businesses in the country, leading the market as service provider and employer”
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Agenda
1. EMH Group introduction and overview
2. Impact of Government policy changes on EMH
3. Financial performance
4. Funding and treasury strategy
5. Transaction highlights
6. Appendices
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Turnover – Breakdown by type FY 15A
Social housing lettings – Breakdown by type FY 15A
Established in 1946
Leading social housing provider in the UK
Owns and/or manages c18,000 properties
Providing over 10,000 hours per week of care and support
Annual turnover >£94m, employing over 1,100 people
Clear and streamlined group and governance structure
Stable and experienced management team with strong group
board oversight
Geographically focused on the East Midlands, a region
characterised by a very high demand for social housing
A reputation for high quality service delivery:
Investors in People (silver) and top 100 Apprenticeship
Employer
Highest rating for Governance and Viability from the Social
Housing Regulator (G1 / V1)
Key highlights
EMH Group at a glance
Core values: I DO ACE (integrity, diversity, openness, accountability, clarity, excellence)
78%
17%
5%
Social Housing Lettings
Care and Support
Other
67%
28%
5%
General Needs
Supported Housing &Housing for Older People
Low Cost Home Ownership
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History – a long and successful track record of operation
5
EMH Group – key milestones
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Geographical profile and growth
Homes owned across the East Midlands Evolution of turnover
Evolution of housing units owned and managed
44.1
58.0
72.3
91.3 94.3
30.0
50.0
70.0
90.0
FY 11 FY 12 FY 13 FY 14 FY 15
£m
11,545
17,013 17,254 17,432 17,833
10,000
12,000
14,000
16,000
18,000
FY 11 FY 12 FY 13 FY 14 FY 15
Un
its
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7
Development programme – Overview
Development programme¹
High priority areas
Breakdown by funding
Breakdown by usage
Ashfield Mansfield
Erewash
South Derbyshire
NW Leicestershire
Charnwood
Leicester
Blaby
Harborough
Kettering
Wellingborough
Northampton
Daventry
Development programme – Priority areas
Other priority areas
83%
17%
Social and affordable rent
Shared ownership
22%
72%
Section 106 Developed
¹Breakdown from 3 year programme of identified units
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Development programme – current pipeline
Key highlights
Development strategy designed to reflect the specific needs of local authorities
Strong albeit flexible pipeline with currently 893 units
Development pipeline strongly linked to financial plan with regular monitoring controls
Focus on affordable rent and shared ownership
Currently 10 market rented units in pipeline
Grant funding of £13m secured via AHP2 15/18 programme to deliver 607 units; grant from OPS £2.5m
“Hello Homes” shared ownership sales brand
Currently only 14 shared ownership units unsold
Shared ownership sales over last 3 years 181, average sales price c£130k, average first tranche sale 32%
Pipeline – Developed vs. section106
Pipeline – Completed vs Committed
Year Completed Committed Pipeline Feasibility
Total Rent SO Rent SO Rent SO Rent SO
2015-16 82 48 52 20 5 0 0 0 207
2016-17 0 0 176 28 54 22 13 1 294
2017-18 0 0 162 17 73 13 123 4 392
Total 82 48 390 65 132 35 136 5 893
Year Completed Committed Pipeline Feasibility
Total Developed S106 Developed S106 Developed S106 Developed S106
2015-16 55 75 44 28 0 5 0 0 207
2016-17 0 0 158 46 76 0 14 0 294
2017-18 0 0 162 17 75 11 123 4 392
Total 55 75 364 91 151 16 137 4 893
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Streamlined group structure
Group structure amalgamation completed in September
2013
Legal structure based around two business divisions, EMH
Homes and Enable, as well as three specialist entities
Clear separation and ring-fencing of social housing
activities regulated by the HCA
Significant benefits achieved including:
More efficient governance and focused Executive
Management team
Higher degree of consistency in operational management
while maintaining local preferences
Holistic approach to asset management strategy
£1.3m efficiency savings and greater economies of scale
EMH Group – New legal structure Key highlights
Sharpes Garden Services Limited
EMH Treasury Plc
Special purpose vehicle (SPV)
Enable Housing Association Limited
Not registered with HCA Charitable C&CBS
Closed membership
Enable Care and Home Support Limited
Charity Commission registered Company limited by guarantee
EMH Housing & Regeneration Limited (EMH Homes)
Registered provider Charitable C&CBS
Closed membership
Midlands Rural Housing and Village Development Associated Limited
Not registered with HCA Non-charitable C&CBS
East Midlands Housing Group Limited (EMH Group)
Non-charitable C&CBS Registered Provider
Group parent
Main operating entities
Specialist entities
Enable
EMH Homes
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10
A strong governance structure in place
Subsidiary Boards Board committees
Sets strategic direction of the group
Set the long term strategic direction for the organisation
Ensure that the board fulfils its duties in terms of compliance and monitoring risk
Ensure an effective business plan and budget is in place
Ensure that performance is monitored and managed through internal controls and delegation
Approve key policies to allow the organisation to achieve its objectives
Operational delivery
EMH Homes Enable
Responsible for the delivery of the business plan
Audit
Treasury
Remuneration
Adherence to National Housing Federation’s (NHFs) revised
Code of Governance
Highest governance rating provided by the regulator
Strengthened governance structure :
Group and subsidiary boards reduced to 9 members
Independent board members (except for chief executive)
of each board nominated following an in-depth skills-
based selection process
Succession in place over the next few years; moving
towards harmonised board structure
Each Board member is appraised and the effectiveness of
the Board as a whole is evaluated on an annual basis
Clear separation between strategic role of the Board and
executive role of the management team
Systematic focus, review and identification of key strategic
risks
Subsidiaries’ Boards responsible for the operational delivery
of the business plan
EMH Group Board Key highlights
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A strong and stable executive management team
EMH Group – Executive Management Team
Chris Ashton
Executive Director Housing
Chan Kataria
Group Chief Executive
Key highlights
Highly stable and experienced senior
management team
Current Group Chief Executive only the
third one since creation in 1946
CEO has been a statutory appointee in
troubled organisations
CEO is sector representative on key trade
bodies
EMT has over 100 years of sector expertise
Track record of transformational change
Strong relationships with key stakeholders,
including the regulator and local authorities
Play a leading role in a range of organisations,
including National Housing Federation,
Chartered Institute of Housing, Placeshapers
and Health and Supporting People
commissioning bodies
Andrew Kilby
Executive Director Finance
Jim Patman
Executive Director Development
Margaret Mitchell
Executive Director Human Resources
Joanne Tilley
Executive Director Business Support
Joanna Grainger
Executive Director Care & Support
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High demand for social housing in areas of operations
Estimated population growth in the East Midlands
High level of demand for social housing in the East Midlands; housing associations in the area provide affordable homes for over 145,000² families
Average house price of £177k in the region represents over 7 times the average regional income22
Number of households expected to increase by around 22,0001 a year between 2012 and 2033, equating to a c.23% rise
The region is building just 45%1 of the new homes needed each year
64% of EMH Homes properties let on first offer
Tenant turnover 8.4% in 14/15
Key highlights
Affordability / Supply Data2 (selection of key local authorities)
4.50 4.544.58
4.90
4.624.66
0.89% 0.88%0.87% 0.87%
4.2
4.4
4.6
4.8
5.0
2011 2012 2013 2014 2015 2021
Millions
0.70%
0.75%
0.80%
0.85%
0.90%
Population % growth
Sources: 1. CLG statistics; 2. NHF 2015-16 Hometruths
0.01.53.04.56.07.59.0
10.5
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13
High demand for social housing in priority development areas
Affordable housing waiting list data (Dec 15)
Current data collected from LA’s in key priority development areas
c18,000 on waiting lists of the 6 Local Authorities
Total homes required annually from SHMA c5,000
Homes delivered in 14/15 c4,000
Numbers presenting statutory homeless in 14/15 576
Key highlights
Annual Homes Required per SHMA¹ New Homes Delivered in 2014-15
0200400600800
1,0001,2001,4001,600
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Other
¹Strategic Housing Market Assessment
0
200
400
600
800
1,000
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Affordable
Other
1,149 787
10,580
1,936 3,300
696
0
2,000
4,000
6,000
8,000
10,000
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Social and market rents in the East Midlands
Social and market rent in key areas of operations1 Key highlights1
Average EMH Group rents of c. £88 a week, just over two thirds of the £124 weekly cost of an equivalent home in the private rented sector
Private sector rents in the East Midlands expected to rise by 67% in the next 10 years, representing an increase of £342 per month
Average house price in the East Midlands in 2014 of £177,000 compared to £266,000 for England
Sources: (1) CLG data, valuation office agency rent officers’ data, Homes and Communities Agency, Regulatory and Statistical Return
sNote:: (1) Key areas defined as local authorities with over 500 units
-
20
40
60
80
100
120
140
160
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Re
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Market Rent EMH Group
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High quality and well-maintained housing stock
Stock by property type1
EMH Group – Stock profile (as of November 2015)
Stock by no. of bedrooms (general needs)
Stock by age Stock by usage1
Note: (1) “Other” includes commercial properties, garage and caravans
Note: (1) “Other” includes commercial properties, garage and caravans
61% 8%
21%
4%
5%
General Needs
Shared Ownership
Housing for Older People
Supported Housing
Other
65%
30%
5%
Houses / Bungalows
Flat
Other
19%
34%
44%
2% 1%
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
Other
16%
25%
17%
10%
13%
19%
Prior 1950
1950-1970
1970-1980
1980-1990
1990-2000
Post 2000
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Well-balanced tenant profile
Key highlights Age profile
Breakdown by economic status
Favourable age profile limiting level of bad debts and arrears
Low exposure to tenants below 24, traditionally the segment with high arrears
High percentage of retired tenants (c30%)
Strong emphasis on collecting tenants information which allows the group to plan the impact of welfare reforms and tailor services to meet individual needs
Current tenant arrears at lowest ever point (3.2%)
Breakdown by category
5%
32%
26%
22%
10% 5%
24 or less
25-44
45-59
60-74
75-84
Over 85
29%
19% 11%
14%
13%
11%
3% Retired
Full time employment
Job Seeker
Not seeking work
Long term sickness/disability
Part-time employment
Other
34%
22%
15%
11%
7%
11% Working age, no benefits
Working age, full benefits
Working age, partial benefits
Pension age, full benefits
Pension age, partial benefits
Pension age, no benefits
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Agenda
1. EMH Group introduction and overview
2. Impact of Government policy changes on EMH
3. Financial performance
4. Funding and treasury strategy
5. Transaction highlights
6. Appendices
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Spending Review/Housing and Planning Bill
Spending Review Key Priorities
Increased focus on Low Cost Home Ownership
Funding for starter homes
Funding for elderly persons accommodation
Limited funding for rented properties
Impact on Development Programme
Increase proportion of Low Cost Home Ownership from 25% to 50%
Rented programme will be dependent on availability of funding – mainly RTB replacements and residual S106 schemes
Local Housing Allowance Restriction
General needs properties – worst case only £4k reduction
Under 35 lettings – worst case £186k reduction assuming all on housing benefit
Supported living / extra care will be impacted if included
Rent reductions will reduce future impact
Housing and Planning Bill
Pay to Stay:
Not a major issue in region
Not included in financial plan
Any impact will be marginally positive
ONS Reclassification
No change to governance arrangements
Government commitment to take action to reverse the decision
Supporting NHF in lobbying
Voluntary Right to Buy
Currently being piloted
Very restricted application (e.g. 10 tenancy)
National funding will be restricted
Estimated 5,600 EMH Group tenancies could be eligible
PRTB already available to c3,500 tenants resulting in approximately 20 sales per year
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Budget July 2015: Rent reductions
Impact
Business Plan originally based on CPI plus 1%
Applies to all properties excluding Shared Ownership and Specialised Supported Housing
Assumption of CPI of 0.5% in 16/17 rising to 2.0% in 19/20
Rental income therefore reduced by 12% by 19/20
Rent reduction of £10m per annum by 19/20
Possible reduction in valuations in loan security
Board Objectives
Well placed after amalgamation in 2013 and £1.3m of resultant efficiency gains
Maintain financial viability and credit rating
Maintain cautious approach to financial planning
Continue to develop new housing
Maintain frontline services as far as possible
Implement organisational review to identify efficiency gains
Review reinvestment in existing properties
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Budget July 2015: Mitigating action Actions underway New Business Plan produced, published on website
and submitted to Regulator
Assumptions reviewed
Development under AHP 15/18 programme protected; future development capacity maintained at 350 units per year with increased focus on shared ownership
Increased programme of disposals – extra 60 units per annum by 18/19
£1m annual reduction in capital reinvestment programme
Front loaded efficiency strategy agreed at Group Board on 4 December 15
Revised Financial Projections
Financial viability maintained
Average Group operating margins 28%; average operating margins for EMH Homes 33%
Group surplus in excess of £4.5m
EMH Homes interest cover low point 127% in 15/16 (exc. surplus on sales)
£1m contingencies in respect of efficiency gains
Failure to deliver efficiencies will not breach loan covenants
EBITDA MRI margins improved
Mitigating Actions as % Lost Revenue EBITDA MRI Margins / Interest Cover¹
28%
18% 29%
25%
Management (£3m)
Maintenance (£2m)
Reduced Surplus (£3m)
Other (Bad Debts, Sales &Interest, £3m)
¹ EBITDA MRI Group / Interest Cover EMH Homes
25% 30% 35%
FY15A
FY16F
FY17F
FY18F
FY19F
FY20FRevisedForecast
OriginalForecast
Actual
110% 120% 130% 140%
FY15A
FY16F
FY17F
FY18F
FY19F
FY20F
RevisedForecast
OriginalForecast
Actual
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Welfare reform act: potential impact on EMH Group
Key highlights
Key risks identified by the group in relation to welfare reform: (Universal credit , Under occupation and Benefit cap. The application of Local Housing Allowance is also likely to impact on new single tenants aged under 35
Comprehensive and continuous assessment of potential impact on tenants and the organisation as whole
Use of an impact assessment tool as well as maximising the use of tenant profiling
Weekly dashboard to identify any emerging trends
1. Universal credit
17 tenants now in receipt of Universal Credit. Arrears on these tenancies currently c 12%
All but 6 local authorities are live. These will be live by February 2016
c.3,300 tenants potentially affected this financial year (i.e. tenants supported by full or partial housing benefits)
Highly conservative assumption in current financial plan: gradual increase of bad debt from 1.4% of social housing turnover in FY 2016 to 3.2% in FY 2021
Revert back to direct payment if arrears reach 8 weeks
Impact has been minimised through transfers and tenants entering employment
c1,100 properties in total under occupied but not all on benefits
Estimated potential impact on arrears overall is £109,000 and reducing
Proactive management of accounts
Government announced in July 2015 that the overall benefit cap was to be reduced from the current level of £23k per year to £20k per year
Estimated impact once introduced to be 3 times the previous level. This will still be low over all the stock – approximately 150 properties
2. Under-occupation 3. Benefit cap
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Welfare reform act: a pro-active approach
Key initiatives…
Detailed Welfare Reform Strategy overseen by Executive Directors with an action plan in place to ensure that the Group is well prepared for the potential impact of the reform
Dedicated welfare reform group that focuses on impacts and takes early action
Reports on recent developments reviewed at each Executive Management and Board meeting
Comprehensive approach to address the impacts of universal credit including:
proactively targeting singles under 25 and couples who are transferring to UC now
tailored and targeted support and information based on personal circumstances
risk assessed interventions
digital inclusion project to prepare for on line paperless benefit applications
…combined with a change in culture and approach
Change in policy and cultural approach towards the collection of rents
Provision of advice and support to affected tenants
Stricter line on rent arrears (‘say it, do it’ approach)
“In-credit” approach from the outset of the tenancy
Centralised income recovery team
Maximise income collection through pro-active tenant profiling
Target contacts to tenants on a risk assessed basis
Rent arrears currently at the lowest level seen
Universal credit
Emphasis on accurate tenant profiling updated at each contact with tenants: age, gender, relationship with lead household, economic status
Close relationship with local authorities and DWP to regularly update and monitor the list of affected tenants
Cross organisational approach ensuring residents get early advice
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Agenda
1. EMH Group introduction and overview
2. Impact of Government policy changes on EMH
3. Financial performance
4. Funding and treasury strategy
5. Transaction highlights
6. Appendices
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Robust operational performance as demonstrated by low levels of voids, arrears and bad debts
Key highlights Evolution of voids
Evolution of bad debts Evolution of rent arrears
Consistently low levels of voids over the last 5 years demonstrating strength of demand
Level of bad debts and rent arrears maintained at very low levels on a sustained basis, despite the challenging economic environment
Emphasis on Income Team responding swiftly to any missed payments, frequent contacts with tenants, in order to minimise level of bad debts and arrears
Actual current tenant arrears now at lowest ever point (3.2%)
1.4% 1.3% 1.3%
2.0% 2.1%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
FY 11A FY 12A FY 13A FY 14A FY 15A
% g
ross
re
nta
l in
com
e
0.8% 0.9%
0.8%
1.0%
1.3%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
1.4%
FY 11A FY 12A FY 13A FY 14A FY 15A
% n
et
ren
tal i
nco
me
4.0%
3.1% 3.2% 3.3% 3.7%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
FY 11A FY 12A FY 13A FY 14A FY 15A
% n
et
ren
tal i
nco
me
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Key financial ratio performance
Key Financial Ratios
Key Ratios Actual FY11 Actual FY12 Actual FY13 Actual FY14 Actual FY15
Turnover from Social Housing Lettings as % Total Revenues 86% 89% 90% 77% 78%
Social Housing Interest Coverage (x) 1.79 1.63 1.79 1.64 1.76
Recurrent Cash Interest Coverage (x) 1.89 1.73 1.96 1.84 1.92
Operating Surplus as % of Turnover 36% 31% 30% 25% 31%
Surplus before tax as % of Turnover 15% 10% 10% 7% 12%
Long Term Debt to Assets at Cost 47% 49% 47% 54% 48%
Net Capex as % of Turnover 65% 38% 28% 30% 29%
Debt to Revenues (x) 4.9 5.3 4.3 4.1 3.8
¹ FY12 and FY14 where relevant negative goodwill excluded
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Agenda
1. EMH Group introduction and overview
2. Impact of Government policy changes on EMH
3. Financial performance
4. Funding and treasury strategy
5. Transaction highlights
6. Appendices
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Capital structure
Key highlights Source of funding (Oct 2015)
Projected Debt maturity profile
Total debt: £360m as of October 2015; 97% Fixed
Repayable within 5 years: £36m
Weighted average hedged interest rate of 5.67%
Bank loans represent c.50% of gross debt; bond issue 42%
RCF of £80m, all undrawn. £50m secured and available to draw. £30m expiring 2016
New sources of funding - £50m retained bonds; £50m 5 year RCF
c1,000 unencumbered properties; estimated value for loan security purposes £50m (post retained bonds)
Charged Security¹
Revolving credit facility Breakdown of debt instruments
Total debt: 360m Total facility: 80m
50% 42%
8%
Bank Bond Other
62%
38%
Secured Not secured
-
100
200
300
400
500
15A 17F 19F 21F 23F 25F 27F 29F 31F 33F 35F 37F 39F
Fun
din
g £
m
Bond Other
¹Securing funding of £450m including retained bonds. LTV 73%
Valuation Basis MVT EUV Total
Unit Numbers 4962 9939 14901
Valuation (£m) 314 301 615
Average (£k) 63 30 41
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Agenda
1. EMH Group introduction and overview
2. Impact of Government policy changes on EMH
3. Financial performance
4. Funding and treasury strategy
5. Transaction highlights
6. Appendices
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Transaction highlights
Key highlights
EMH group intends to sell its £50m retained bonds to fund its development pipeline
c.1,100 units with a value of approximately £57m (combination of EUV and open market value subject to tenancy) are being offered as security for the retained element;
Retained bonds to be cash collateralised until property charging process completed (estimated completion date January 2016)
Headroom in charged security c£10m at last valuation
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Issue summary and bond structure
Issuer EMH Treasury Plc
Borrower EMH Housing and Regeneration Limited
Rating AA- (S&P)
Nominal amount £50m (retained element)
Maturity 29 January 2044
Security Initially cash to be replaced with social housing
property in January 2016
Covenants Asset cover ratios: 1.05x EUV-SH, 1.15x MS-ST
Use of proceeds General corporate purposes, including funding the development programme
Bookrunners Lloyds
Terms and Conditions Bond structure
EMH Housing and
Regeneration Ltd
Security trustee
Bondholders
EMH Treasury Plc
Bond trustee
Bonds
Benefit of issuer
security
Security trust deed & security agreement
Loan agreement
Bond trust deed
Security
Cash flows
Benefit of underlying security
East Midlands Housing
Group Ltd (Guarantor)
Guarantee
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Agenda
1. EMH Group introduction and overview
2. Impact of Government policy changes on EMH
3. Financial performance
4. Funding and treasury strategy
5. Transaction highlights
6. Appendices
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Historical – Consolidated income statement
Income statement
Note: FY 12A numbers includes only six months of TVH’s operations
Year end 31 March (£'000) 2010-11 2011-12 2012-13 2013-14 2014-15
FY 11A FY 12A FY 13A FY 14A FY 15A
Turnover 44,132 57,952 72,334 91,329 94,265
% Growth 31.3% 24.8% 26.3% 3.2%
Operating Costs -28,288 -40,181 -50,384 -68,236 -64,711
Operating Surplus before exceptional items 15,844 17,771 21,950 23,093 29,554
% Margin 35.9% 30.7% 30.3% 25.3% 31.4%
Negative Goodwill from acquisitions 0 48,382 0 9,158 0
Operating Surplus 15,844 66,153 21,950 32,251 29,554
Surplus on Sale of Properties 528 943 746 891 1,191
Interest Income 50 325 163 23 631
Interest Expense -9,646 -13,560 -15,653 -17,920 -20,455
Other Financing Costs (Pension Scheme) 25 85 -78 26 173
Surplus on Ordinary Activities before Taxation 6,801 53,946 7,128 15,271 11,094
Tax Expense -197 89 -72 -65 -99
Surplus on Ordinary Activities 6,604 54,035 7,056 15,206 10,995
% Margin (excl. Negative Goodwill) 9.8% 9.8% 6.6% 11.7%
Total Units (Owned and Managed) 11,545 17,013 17,254 17,432 17,833
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Historical – Consolidated balance sheet
Balance sheet
Note: FY 12A numbers includes only six months of TVH’s operations
2010-11 2011-12 2012-13 2013-14 2014-15
Year end 31 March (£'000) FY 11A FY 12A FY 13A FY 14A FY 15A
Tangible Fixed Assets
Housing Properties (Net of Depreciation) 437,009 595,224 613,948 642,657 682,208
Grant -190,814 -195,516 -197,323 -200,754 -219,269
Total Housing Properties 246,195 399,708 416,625 441,903 462,939
Other Tangible Fixed Assets 6,276 7,668 7,868 9,887 10,446
Investments 0 1,184 1,237 1,152 1,367
Homebuy Loan / Grant 0 0 0 0 0
Total Fixed Assets 252,471 408,560 425,730 452,942 474,752
Current Assets
Inventories 3,131 2,037 1,360 1,644 1,475
Debtors 2,660 5,733 4,479 6,266 6,202
Investments 17,812 12,942 5,021 35,565 27,815
Cash at Bank and in Hand 1,614 4,740 5,991 40,393 21,149
Total Current Assets 25,217 25,452 16,851 83,868 56,641
Creditors: Amounts falling due within 1 Year -11,384 -16,333 -16,924 -33,340 -30,899
Net Current Assets/(Liabilities) excl. Pensions 13,833 9,119 -73 50,528 25,742
Pension Asset/(Liability) 510 -4,193 -5,938 -5,280 -8,403
Net Current Assets/(Liabilities) 14,343 4,926 -6,011 45,248 17,339
Total Assets less Current Liabilities 266,814 413,486 419,719 498,190 492,091
Creditors: Amounts falling due after more than one year 214,560 308,374 309,127 371,579 357,358
Provisions for Liabilities and Charges 61 -28 3 6 47
Called up Share Capital 1 1 1 0 0
Designated Reserves 13,938 14,569 15,258 2,352 2,342
Revenue Reserves 38,254 90,570 95,330 124,253 132,344
Total Funds 266,814 413,486 419,719 498,190 492,091
Note: FY 12A numbers include only six months of TVH's operations
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Disclaimer
Your attention is drawn to the following: the information provided in this presentation is confidential and save where it is already in the public domain is not to be disclosed to anyone without our express consent. The information is preliminary in nature. This document sets out certain features of the Group and does not purport to provide a complete description of the Group or its finances. No representation or warranty express or implied is made as to the fairness, accuracy or completeness of the information contained herein and no reliance should be placed upon it