TIDM17YE
RNS Number : 8051G
Platform HG Financing PLC
29 July 2021
29 July 2021
Platform HG Financing Plc
Platform Housing Group Limited
Results for the year ended 31 March 2021
Highlights
-- The Covid-19 pandemic dominated much of the year, with our
key priority throughout being the safety and wellbeing of our
residents and employees
-- Whilst the pandemic affected many parts of our operations
during quarter one, normal levels of activity were largely restored
and our people's dedication and resilience resulted in continued
robust financial performance
-- Annual turnover increased by 5% to GBP269.9m (2020: GBP257.1m)
-- Annual operating surpluses increased by 3.9% to GBP100.5m (2020: GBP96.7m)
-- Reshaping of the board to align capabilities with future Group strategy
-- Adopted the Sustainability reporting Standard as a means of
articulating Platform's ESG activities and ambitions
-- Ratings of A+ were re-affirmed with S&P Global Ratings
(S&P) and a new rating, also A+, assigned by Fitch Ratings
(Fitch)
-- The Regulator of Social Housing (RSH) undertook a scheduled
governance and viability 'in-depth' assessment and the highest
ratings of 'G1/V1' were re-affirmed
-- External audit services were tendered, with KPMG successful
-- Inaugural GBP350m (GBP50m retained) bond issue in quarter two
followed by the establishment of a multi-currency, ESG enabled GBP1
billion Euro Medium Term Note Programme in quarter four
At or for the year ended 31 March 2020 2021 Change
--------------------------------------- ---------- ---------- ---------
Turnover GBP257.1m GBP269.9m 5.0%
Operating surplus(1) GBP96.7m GBP100.5m 3.9%
New homes completed 1,449 909 -37.3%
Investment in new and existing homes GBP220.6m GBP207.7m -5.8%
Share of turnover from social housing
lettings 83.67% 83.48% -0.19ppt
Social housing lettings margin(2) 42.13% 42.90% +0.77ppt
Current tenant arrears(3) 2.87% 2.70% -0.17ppt
Gearing(2) 43.5% 41.9% -1.6ppt
EBITDA-MRI interest cover(2) 203% 218% +15ppt
---------------------------------------- ---------- ---------- ---------
Notes
(1) Surplus excluding gains on disposal of property, plant and
equipment and movements in the valuation of investment
properties
(2) Regulator for Social Housing Value for Money metric; for more information go to https://www.gov.uk/government/publications/value-for-money-metrics-technical-note/value-for-money-metrics-technical-note-guidance-june-2020
(3) Current tenant arrears includes all general needs tenants
(this excludes shared ownership properties)
Elizabeth Froude, Platform's CEO commented:
"This year has been an unprecedented year of trading and as we
reflect on our performance for the year I am proud that we have
remained true to our strategic direction, whilst protecting our
residents, staff and financial strength. It is pleasing to report
strong results and our current position of strength places us well
to progress our strategic ambitions for the coming year.
"Throughout the year we largely maintained our activities,
bringing in new, smarter ways of working to ensure we continued to
provide our services in a consistent and safe manner. Some of these
will fall away as restrictions ease, but some will provide lasting
efficiencies that will help us provide an improved service to
customers for years to come.
"I'm delighted to report that during the year we finalised our
five year Corporate Strategy for 2021-2026. Our strategy holds
customers at the heart of everything we do, ensuring that we help
to support our customers by providing services that are accessible
at a time and in a manner that works for them. In addition, we look
to continue our focus on developing and maintaining affordable
housing in a sustainable way, with the target of getting all of our
homes to EPC 'C' or better by 2028.
"In order to support the Corporate Strategy we are progressing
the roll out of our Treasury Strategy, with the establishment of a
GBP1 billion ESG enabled EMTN programme. This programme will help
fund our organisation over the next 3-5 years and we intend to
start making use of the programme in the coming months.
"I thank our investor base for their continued support and I am
certain the consistency of our results reflects the stability of
our organisation and sustainable approach to growth."
Conference call for the credit community to be hosted by
Elizabeth Froude, CEO and Rosemary Farrar, CFO
29 July 2021, 11.00am (UK time)
Join audio of presentation by phone To view the presentation
or web Click below and follow instructions
Numbers: 0800 640 6441/+44 20 3936 https://www.netroadshow.com/nrs/home/#!/?show=870e51cc
2999 or go to www.platformhg.com/investor-centre
www.incommuk.com/customers/online
Access code: 680734
Investor enquiries Media enquiries
Ben Colyer - +44 7918 160990 media@platformhg.com
investors@platformhg.com
Disclaimer
These materials have been prepared by Platform Housing solely
for use in publishing and presenting its results in respect of the
year ended 31 March 2021.
These materials do not constitute or form part of and should not
be construed as, an offer to sell or issue, or the solicitation of
an offer to buy or acquire securities of Platform Housing in any
jurisdiction or an inducement to enter into investment activity. No
part of these materials, nor the fact of their distribution, should
form the basis of, or be relied on or in connection with, any
contract or commitment or investment decision whatsoever. Neither
should the materials be construed as legal, tax, financial,
investment or accounting advice. This information presented herein
does not comprise a prospectus for the purposes of Regulation (EU)
2017/1129 as it forms part of domestic law by virtue of the
European Union (withdrawal) Act 2018 (the UK Prospectus regulation)
and/or Part VI of the Financial Services and Markets Act 2000.
These materials contain statements with respect to the financial
condition, results of operations, business and future prospects of
Platform Housing that are forward-looking statements. By their
nature, forward-looking statements involve risk and uncertainty
because they relate to events and depend on circumstances that will
occur in the future. There are a number of factors that could cause
actual results and developments to differ materially from those
expressed or implied by these forward-looking statements, including
many factors outside Platform Housing's control. Among other risks
and uncertainties, the material or principal factors which could
cause actual results to differ materially are: the general
economic, business, political and social conditions in the key
markets in which Platform Housing operates; the ability of Platform
Housing to manage regulatory and legal matters; the reliability of
Platform Housing's technological infrastructure or that of third
parties on which it relies; interruptions in Platform Housing's
supply chain and disruptions to its development activities;
Platform Housing's reputation; and the recruitment and retention of
key management. No representations are made as to the accuracy of
such forward looking statements, estimates or projections or with
respect to any other materials herein. Actual results may vary from
the projected results contained herein.
These materials contain certain information which has been
prepared in reliance on publicly available information (the "Public
Information"). Numerous assumptions may have been used in preparing
the Public Information, which may or may not be reflected herein.
Actual events may differ from those assumed and changes to any
assumptions may have a material impact on the position or results
shown by the Public Information. As such, no assurance can be given
as to the Public Information's accuracy, appropriateness or
completeness in any particular context, or as to whether the Public
Information and/or the assumptions upon which it is based reflect
present market conditions or future market performance. Platform
Housing does not make any representation or warranty as to the
accuracy or completeness of the Public Information.
These materials are believed to be in all material respects
accurate, although it has not been independently verified by
Platform and does not purport to be all-inclusive. The information
and opinions contained in these materials do not purport to be
comprehensive, speak only as of the date of this announcement and
are subject to change without notice. Except as required by any
applicable law or regulation, Platform Housing expressly disclaims
any obligation or undertaking to release publicly any updates or
revisions to any information contained herein to reflect any change
in its expectations with regard thereto or any change in events,
conditions or circumstances on which any such information is
based.
None of Platform Housing, its advisers nor any other person
shall have any liability whatsoever, to the fullest extent
permitted by law, for any loss arising from any use of the
materials or its contents or otherwise arising in connection with
the materials. No representations or warranty is given as to the
achievement or reasonableness of any projections, estimates,
prospects or returns contained in these materials or any other
information. Neither Platform nor any other person connected to it
shall be liable (whether in negligence or otherwise) for any
direct, indirect or consequential loss or damage suffered by any
person as a result of relying on any statement in or omission from
these materials or any other information and any such liability is
expressly disclaimed.
Any reference to "Platform" or "Platform Housing" means Platform
Housing Group Limited and its subsidiaries from time to time and
their respective directors, board members, representatives or
employees and/or any persons connected with them.
Operating review
Introduction
The world has changed beyond recognition in the last year due to
the Covid-19 pandemic. The impacts have been wide reaching,
affecting many areas of our operations and people. Our formerly
office based colleagues have been working remotely for over a year
and those that work directly with customers have had to adjust to a
life with appropriate safety measures and more digital ways of
working. This year more than ever, the safety and wellbeing of our
colleagues, residents and partners has remained our top priority.
The dedication of colleagues who have remained hugely committed and
worked tirelessly, whilst staying safe, to maintain our operations
and serve our customers and communities during this very difficult
time has been inspiring.
Our success in responding to the demands placed on us with
agility, empathy and speed ensured that we produced strong results
for the year. Operating surpluses and margins were ahead of last
year. This was partly due to the effects of the Covid-19 pandemic
and the related lockdown, particularly the reduction in
non-essential maintenance, repairs and development activities that
temporarily lowered costs in these areas. Overall surpluses were
down as a result of pension adjustments and one-off capitalised
interest and offices impairment adjustments, with the underlying
position ahead of the prior year.
We are hopeful that the coming year will see the end of lockdown
restrictions and a return to pre-Covid freedoms. However, we are
aware that some practices have changed forever as a result of
improvements and digitisations that have been accelerated through
the pandemic. For example, we expect more of our colleagues to be
working out of our offices, allowing us to reduce our office space
and carbon footprint. In addition, as we continue the
implementation of our ERP project, PlatformOne, more will be
offered digitally for those customers who prefer to access our
services in this way. We will continue to make these changes with a
strong focus on managing controllable costs, and are committed to
maintaining quality, sustainable homes that meet the Platform
Standard in accordance with our newly approved Asset Management
Strategy.
Service review
Supporting our customers, welfare benefits and arrears
Covid-19 has had significant impacts on the physical, mental and
economic welfare of our residents and we have redoubled our support
for them during this challenging period. We moved our service offer
from 'in person' to digital and this has worked well. As part of
this we introduced personalised digital calls and virtual
neighbourhood surgeries to ensure our customers are well supported
and we continue to be connected. In addition, we have supported
customers through the rent collection process by managing accounts
proactively and offering advice and guidance to those in financial
difficulties. These initiatives have been enhanced by the creation
of a well-being fund which disbursed approximately GBP300,000 in
the year, helping over 1,000 customers who were struggling to meet
the costs of food, clothing and other essential items. Of this,
over GBP80,000 was donated to foodbanks and charities, with the
remainder going directly to customers. The fund will continue to
support customers in the year to March 2022, with GBP1.4 million
set aside to help those most in need.
Our efforts to support customers has helped to manage arrears,
with overall arrears of 2.70% at 31 March 2021, down from 2.87% at
31 March 2020. Within this, arrears from customers in receipt of
Universal Credit ('UC') have reduced significantly from 7.16% to
3.64%. This was supported by a number of Platform-led initiatives,
as well as a change by the Department for Work and Pensions,
aligning direct payments to when rent is due where previously there
was a lag.
Growth in the known number of residents receiving UC continued
during the year, with 12,530 in receipt of UC at the year-end, a
growth of 43% in comparison to 31 March 2020 (8,743 customers).
This is largely due to the on-going migration of eligible customers
to UC, however there was an acceleration in March and April 2020 as
cases increased due to Covid-19, with an average of 863 customers
transitioning for these months in comparison with an average of 267
for May 2020 - March 2021. After full roll out we expect
approximately 18,000 of our customers to be in receipt of UC.
Voids management
It was a challenging year to let properties, with the first
during lockdown preventing customers from accessing potential new
homes and our maintenance teams having to prepare properties for
re-letting on a slower basis. Later in the year we saw higher than
usual tenancy cessations as people opted to move either back to, or
nearer family. We have continued to let our homes throughout,
working closely with our Local Authority partners to identify
suitable properties for some of the most vulnerable households
within our communities. Approximately 95% of all new tenancy
sign-ups take place digitally, without the need for any face to
face contact with customers, although a more tailored and bespoke
service remains available to those who require support. At 31 March
2021 we had 422 vacant homes, down 32% on the prior year figure (31
March 2020: 620), including just over 200 shared ownership homes.
Our average re-let period at 31 March 2021 was also down, from 39.9
days to 33.5 days, a 16% reduction. Both measures reflect the hard
work of colleagues and success of new ways of working.
PlatformONE
In the year we delivered the initial phases of our post-merger
integration ERP project, PlatformONE. This started with the
implementation of a cloud based telephony system, allowing the
phasing out of land line based systems for both colleagues and our
customer hub. This will offer our residents an enhanced service,
increased first call resolution and provide us with new insights
into customer behaviours.
Our new customers portal, Your Platform, was launched in
December 2020 allowing customers to log repair requests, set up
direct debits, make payments and update account details at a time
that suits them. At the year-end over 5,000 customers had signed up
for the service. The next phase of rollout provided case management
functionality, allowing the accurate tracking of customer enquiries
and enhanced management of anti-social behaviour cases and
reporting.
Further functionality is due to be added in the first half of
the current year, enhancing lettings, allocations and providing
additional sales and lettings functions such as virtual tours. This
will all be supported a dedicated Transformational Director who was
recruited during the year.
The benefits of the programme will be felt by both customers and
the organisation, as automation releases staff capacity in our
customer hub and operations teams. We expect to see efficiencies
with less resource required to perform functions and more agile
customer interactions, leading to increased customer
satisfaction.
Asset management
Throughout the first lockdown in quarter one we worked hard to
maintain compliance and other essential maintenance activity,
whilst protecting our residents and colleagues. We also quickly
restarted planned works shortly after the lockdown and have
maintained a near to full programme since. Repairs satisfaction
remained high throughout averaging 88%, although below our target
of 92%. Gas and fire risk assessment compliance was 99.7% and 100%
at 31 March 2021 (31 March 2020: 99.6% and 99.0%), with some access
issues preventing gas compliance checks. This has been exacerbated
by Covid-19.
The expansion of Platform Property Care ('PPC'), our internal
maintenance business, continued as planned in the year. PPC now
covers our entire portfolio, providing responsive repairs, voids
works and gas compliance.
Environmental, social and governance ('ESG')
Many ESG themes are deeply embedded in our sector and indeed,
are the foundation of our role providing affordable homes to those
not served by the private rental sector. During the year we signed
up to be an early adopter of the Sustainability Reporting Standard
(the Standard). The Standard will complement our ESG objectives and
provide an opportunity to articulate both our activities during the
last year and lay out our ambitious plans for the years ahead. Our
first report under the Standard can be seen on our website. We are
also in the process of creating a sustainable finance framework
that we hope to use in the coming months.
A number of initiatives are underway to enhance our
environmental performance which will benefit residents through
reduced energy bills and fuel poverty. Whilst the business has one
of the more energy efficient housing portfolios amongst our peers
(with over 70% of stock estimated to have an energy performance
certificate ('EPC') rating of C or better at 31 March 2021), we
have recently committed to achieving 100% EPC C ratings by 2028,
well in advance of the UK Government's target of 2030. This
programme is expected to have an aggregate cost of approximately
GBP50 million, which is already provided for in our Long Term
Financial Plan. In addition, we are currently assessing our impact
on scope one, two and three green houses and the outcome of this
analysis will feed into a Group wide Green Strategy that is due to
be completed during the year.
We continue to make a strong social contribution. For example,
over the 2 years to March 2020 we built more social and affordable
homes in England than any other social housing provider. At March
2021, 99% of the homes we owned were let for a social purpose and
all of those developed in the year were let at a social or
affordable rent, or sold on a shared ownership basis. We let our
homes at rents that are below the private rented sector (PRS) to
help those most in need to be able to afford a home. Our rents are
on average 63% of PRS rents.
Platform is committed to maintaining the highest standards of
governance and we are delighted to have concluded the final phase
of a focussed Board recruitment campaign in the year. The new
members bring specific expertise aligned with the deliverables of
our corporate strategy. As well as the Board, the final appointment
was made to the Executive Team (Executive Director - Growth and
Development) and the Senior Leadership Team was also
restructured.
Governance has also been enhanced in the year through the tender
of external and internal audit services, with KPMG (external) and
Mazars (internal) appointed. At the same time we have had our
credit rating affirmed with S&P (A+, stable), a new rating with
Fitch published (A+, stable) and had the highest ratings for
governance and financial viability affirmed by the Regulator of
Social Housing as part of a scheduled in-depth assessment ('G1 /
V1').
Development review
Strategy
Platform is committed to tackling the housing shortages across
the Midlands and provide enhanced life prospects for more local
people by delivering high quality, sustainable, affordable homes.
Our development plans are focused on gradually increasing our
annual home completions in the coming years. To enable this we are
taking a number of steps such as expanding into adjacent
geographies and gaining better delivery control via land-led
development. To support our strategy, we recruited a new executive
director for growth and development in the first quarter. In
addition, the development function has been restructured with
senior leaders appointed to enhance our land acquisition
capabilities, maximise shared ownership sales and optimise the
delivery of our build programme in partnership with Homes England
and others.
Home building programme
During the year our home building programme was affected by
restrictions and disruptions caused by the Covid-19 pandemic. This
affected work on site, contractors and supporting services, with
reduced staff and social distancing slowing progress. We completed
909 homes in the year to 31 March 2021 (31 March 2020: 1,449).
These were all for affordable tenures - 28% for social rent, 31%
for affordable rent and 41% for shared ownership. Given our current
pipeline, we expect to build 1,500 homes in the year to March 2022.
At 31 March 2021, Platform owned a total of 46,151 homes (31 March
2020: 45,510).
A significant bid has been submitted to Homes England as part of
the 2021-2026 affordable homes grant funded programme. As part of
the bid we will develop over 4,500 homes at a total cost of
approximately GBP1.1bn and grant of approximately GBP250m. All of
these homes will be for affordable tenures, with approximately 20%
for social rent. In accordance with the requirements of the
programme, 50% will provide affordable routes into home ownership
and 25% will be built using modern methods of construction. We
expect to start on site for schemes in the year to March 2023, with
completions coming in years March 2024-26.
In the year to 31 March 2021 development expenditures were
GBP198m, 4.8% lower than the prior year (2020: GBP208m). The
reduction in completions noted above is not mirrored by an
equivalent reduction in expenditures because Covid-19 has had a
more significant effect on handovers in comparison to construction.
In addition, there has been greater investment in purchasing larger
sites in the current year in comparison to the prior year.
Governmental and regulatory developments
The Charter for Social Housing Residents: Social Housing White
Paper was published in November 2020 and sets out the actions the
UK Government will take to ensure that residents in social housing
are safe, are listened to, live in good quality homes and have
access to redress when things go wrong. Platform have already
reviewed services against the requirements of the White Paper and
have put together an action plan to ensure that we address any
areas covered.
Brexit
The United Kingdom (UK) officially withdrew from the European
Union on 31 January 2021. Platform is a UK domiciled organisation,
with all current and future turnover expected to come from within
the UK. Much of Platform's supplies are also based in the UK, with
the majority of materials and labour similarly coming from within
the country. As at 31 March 2021, some inflationary pressures have
been experienced to development and maintenance costs, with lead
times also being extended. However, since the year end this trend
has become more pronounced and there now appears to be a clear
upward trend in the cost of certain materials. It is difficult to
fully determine the impact of Brexit with those of Covid-19 in this
regard, but Brexit does appear to be having a contributory
impact.
Brexit related risks are included within our risk register and
modelled as part of our stress testing, which includes appropriate
mitigation strategies should the impacts become material. A new
Procurement Strategy has been created that incorporates the
potential adverse effects of Brexit.
Financial review
Turnover
In the year to 31 March 2021, total turnover grew 5.0% to
GBP269.9m (2020: GBP257.1m).
Year ended 31 March 2020 2021
GBPm GBPm Change
--------------------------------- ------ ------ -------
Social housing lettings 215.1 225.3 4.7%
Shared ownership first tranche
sales 27.8 32.1 15.5%
Other social housing activities 3.8 2.0 -47.4%
---------------------------------- ------ ------ -------
Total social housing turnover 246.7 259.4 5.1%
Non-social housing activities 10.4 10.5 1.0%
---------------------------------- ------ ------ -------
Total turnover 257.1 269.9 5.0%
================================== ====== ====== =======
Social housing lettings turnover increased 4.7% to GBP225.3m
(2020: GBP215.1m), partly reflecting the first rent increase we
have been able to make for 4 years implemented in phases from 1
April 2020. The maximum increase permitted was CPI (1.7%, set at
September 2019) plus 1%. The effects of the rent increase on
turnover was supported by a year on year increase in social housing
units, together with an increase in other grants turnover due to
furlough receipts, with approximately GBP1.0m received from the
furlough scheme in the first quarter.
Shared ownership first tranche sales performed well in the year,
significantly improving once the initial Covid-19 lockdown
restrictions were lifted. Turnover increased 15.5% to GBP32.1m
(2020: GBP27.8m). This reflected a 12.4% increase in sales to 408
homes (2020: 363 homes) and a higher average selling price than in
the prior year. With new shared ownership completions of 372 units
and transfers into shared ownership from other property categories
of a further one unit, unsold shared ownership stock declined from
241 units at 31 March 2020 to 206 units at 31 March 2021.
Total social housing turnover of GBP259.4m (2020: GBP246.7m)
accounted for 96.1% (2020: 96.0%) of Platform's total turnover in
the period.
Operating costs and costs of sale
Total costs increased 5.6% to GBP169.4m (2020: GBP160.4m), with
operating costs increasing 2.6% to GBP141.1m (2020: GBP137.5m) and
costs of sale increasing 23.6% to GBP28.3m (2020: GBP22.9m).
Year ended 31 March 2020 2021
GBPm GBPm Change
------------------------------------ ------ ------ -------
Social housing lettings operating
costs 124.5 128.7 3.4%
Other social housing costs
- shared ownership costs of sale 21.8 26.0 19.3%
- other social housing operating
costs 4.8 5.1 6.3%
------------------------------------- ------ ------ -------
Total social housing costs 151.1 159.8 5.8%
Developments for sale costs of
sale 1.1 2.3 109.1%
Other non-social housing operating
costs 8.2 7.3 -11.0%
------------------------------------- ------ ------ -------
Total costs 160.4 169.4 5.6%
===================================== ====== ====== =======
Social housing lettings operating costs make up most of our
costs and they increased by 3.4% to GBP128.7m (2020: GBP124.5m),
driven by impairment to our offices of GBP5.9m. This impairment
relates to prior years and is the result of aligning the approach
to office valuations made by the two legacy organisations,
following the amalgamation of subsidiaries in 2019/20. The effect
of the impairment was offset by reduced maintenance activity during
the Covid-19 lockdowns, particularly in the first quarter. Overall,
our per unit social housing costs, calculated using the definition
in the Regulator of Social Housing's ('RSH') Value for Money
('VfM') standard were broadly consistent at GBP2,463 (year to 31
March 2020: GBP2,458). Further commentary of the VfM metrics is
shown below.
Shared ownership cost of sales increased slightly ahead of
related turnover due to additional build costs, as cost inflation
was affected by high demand after the first national lockdown and
materials shortages as a result of Covid-19 affecting supply
chains. The developments for sale relate to schemes that were built
for, and sold to Local Authority partners at cost. The cost of
sales increase is mirrored by an equivalent increase to income for
these schemes.
Interest costs
Total net interest payable in the year ended 31 March 2021
increased 8.7% to GBP54.3m (2020: GBP50.0m). This was principally
due to the consolidation of the Group's interest capitalisation
policies (following amalgamation of Waterloo Housing Group Limited
and Fortis Living Limited in December 2019). Underlying net
interest payable decreased 1.1% to GBP54.0m (2020: GBP54.6m) due to
refinancing approximately GBP45m of legacy borrowings over the two
years to March 2021 with lower yielding debt from the capital
markets.
Surpluses and margins
Maintaining surpluses is crucial to our business model as 100%
is reinvested in our homes and services. This combined with funding
from financial markets and government grants enables us to invest
in existing homes and services and build more affordable homes.
Operating surpluses and margins for social housing lettings
improved on the prior year due to the increased turnover and lower
costs in our core social housing lettings activities outlined
above. Total operating surpluses were also up, but margins were
adversely impacted by the one-off write down of a number of
offices. The overall surplus after tax that incorporate interest
costs and pensions valuations declined to GBP37.6m (2020:
GBP76.2m), driven by non-cash actuarial pension's adjustments
(GBP36.8m), offices impairment (GBP5.9m) and the consolidation of
the Group's interest capitalisation policies (which included prior
year adjustments) (GBP5.4m). The different measures of surplus and
related margins for the current and prior year are set out
below.
Year ended 31 March 2020 2021
Amount Margin Amount Margin
GBPm % GBPm %
--------------------------------- ---------- ------- ---------- -------
Social housing lettings surplus 90.6 42.1 96.6 42.9
Overall operating surplus(1) 96.7 37.6 100.5 37.2
Surplus after tax 76.2 29.6 37.6 13.9
Adjusted surplus after tax(2) 57.9 22.5 56.1 20.8
--------------------------------- ---------- ------- ---------- -------
Notes
(1) Excluding gains on disposal of property, plant and equipment
(2) Excluding actuarial non-cash losses / gains on pension schemes
The table below sets out the key drivers of the variance in
Platform's surplus after tax between the year to March 2021 and
prior year.
Income Expenditure Surplus
GBPm GBPm GBPm
--------------------------------------- ------- ------------ --------
Year ended 31 March 2020(1) 57.9
Social housing lettings turnover 10.2 10.2
Other turnover (excluding sales) -2.9 -2.9
Property sales(2) 5.5 -5.4 0.1
Repairs and maintenance costs 1.9 1.9
Offices impairment -5.9 -5.9
Other social housing lettings costs 0.6 0.6
Gains on disposal of property, plant
and equipment -8.4 6.6 -1.8
Net interest costs -0.3 0.6 0.3
Capitalised interest -5.4 -5.4
Non-cash interest pension adjustments 0.4 0.4
Other 0.6 0.1 0.7
--------
Year ended 31 March 2021(1) 56.1
Notes
(1) Before actuarial adjustments to pension schemes
(2) Property sales include shared ownership first tranche sales
and developments for sale at cost to Local Authority partners
Treasury review
Financing activity
In July 2020 Platform completed a very successful inaugural own
name bond, a GBP350m (with GBP50m retained) 35 year issue. The
1.625% coupon and 1.706% yield achieved represent all time record
lows for both the social housing sector and all single A rated
issuance by corporates in the long-dated sterling bond market.
This was followed with the establishment of a GBP1 billion
multi-currency, ESG enabled, Euro Medium Term Note ("EMTN")
programme rated A+ by S&P and Fitch.
Platform prepaid a GBP20m legacy loan during quarter one on
terms that provided a net present value benefit and immediately
enhanced its cash flow based coverage ratios.
Debt and liquidity
At 31 March 2021, Platform's net debt was GBP1,094.4m (31 March
2020: GBP1,076.2m). Net debt comprised nominal values of GBP582.2m
in bond issues, GBP80.0m in private placements and GBP630.7m in
term loan and revolving credit facilities, partially offset by
GBP188.6m in cash and cash equivalents and GBP9.9m in unamortised
financing fees and other accounting adjustments.
The average cost and average life of Platform's gross drawn
nominal debt at 31 March 2021 was 3.40% and 22 years respectively
(31 March 2020: 3.80% and 19 years) with the enhanced metrics
driven by the bond issued in July 2020.
Platform had sufficient liquidity as at 31 March 2021
(approximately GBP700m including undrawn committed facilities and
cash and cash equivalents) to meet all its forecast needs until
half way through 2023, taking into account projected operating cash
flows, forecast investment in new and existing properties and debt
service and repayment costs.
Financial ratios
Gearing, measured as the ratio of net debt to the net book value
of housing properties, was 41.9% at 31 March 2021 (31 March 2020:
43.5%). Gearing was also comfortably within Platform's golden rule
of maintaining gearing below 50% and tightest financial covenant in
its banking arrangements (60%).
EBITDA-MRI interest cover for the year to March 2021 was 218%
(31 March 2020: 203%). It remains well above Platform's golden rule
(120%) and tightest financial covenant in its banking arrangements
(110%).
Both ratios have been favourably impacted by lower development
and major repairs expenditures as a result of the Covid-19
pandemic. It is expected that both expenditures will increase in
the coming year, which will increase gearing and reduce interest
cover, but retain headroom to targets.
At 31 March 2021, Platform had over 6,500 unencumbered
properties with an estimated value of approximately GBP460m,
providing the business with substantial financial flexibility to
raise additional financing given its existing substantial cash and
undrawn facilities and current liquidity horizon.
Review of value for money (VfM) performance for year ended 31
March 2021
Achieving VfM in all that we do is an essential part of
achieving our charitable objective of providing affordable housing
and ensures we make the best use of our resources. Platform
assesses its performance against the RSH's VfM metrics for the year
in the context of a group of other major social housing providers.
This analysis is helpful as these metrics are defined by the RSH
and reported on across the sector, providing a greater degree of
comparability. Peer group information is currently not available
for the year to 31 March 2021, so a comparison against prior year
has been undertaken. When we report our half year results we will
include a full comparison against our peer group for the year to
March 2021.
We have included data published by Platform and 13 other major
social housing providers in this assessment and our performance
versus this group on the metrics is set out in the table below. The
providers included in the analysis are set out in the footnotes to
the table.
Platform Platform
RSH VfM metric(1)(2) Lowest Average(3) Highest Mar-20 Ranking(4) Mar-21
Reinvestment 3.5% 7.0% 10.2% 9.2% 3 8.0%
New supply (social housing
units) 0.3% 1.8% 3.2% 3.2% 1 2.0%
New supply (non-social
housing units) 0.0% 0.3% 1.4% 0.0% 1(5) 0.0%
Gearing 28.1% 43.9% 53.3% 43.5% 7 41.9%
EBITDA-MRI interest cover 107% 166% 268% 203% 4 218%
Headline social housing GBP2,458 GBP4,260 GBP6,394 GBP2,458 1 GBP2,463
CPU(6)
Operating margin (SHL)(6) 12.6% 31.0% 42.1% 42.1% 1 42.9%
Operating margin (total) 15.4% 25.9% 37.6% 37.6% 1 37.2%
Return on capital employed 2.5% 3.4% 5.1% 4.3% 3 4.1%
Notes
(1) Sample of social housing providers includes Platform
Housing, Bromford, Clarion, Guinness Partnership, Karbon Homes,
Metropolitan Thames Valley, Midland Heart, Notting Hill Genesis,
Optivo, Orbit, Peabody, Riverside, Sanctuary and Sovereign Housing.
We may evolve the precise make-up of the sample in future
(2) Definitions of these metrics are set out at https://www.gov.uk/government/publications/value-for-money-metrics-technical-note/value-for-money-metrics-technical-note-guidance-june-2020
(3) Unweighted or simple average of performance across the
selected group of social housing providers
(4) Platform ranking is based on performance against peers as reported in the year to March 2020
(5) A low focus on building non-social housing is viewed as
giving a strong ranking due to property market risks related with
such activities
(6) CPU: cost per unit; SHL: social housing lettings
This year has been an exceptional year with activity
significantly affected by Covid-19. Despite the challenges
encountered in the year, we have continued to invest in new and
existing homes. Our strong reinvestment has kept pace with the
prior year and reflects our commitment to sustained significant,
prudent investment, supported by our strong margins and cash flows,
competitive cost of debt and grant funding from Homes England. This
is core to our key purpose of alleviating the Midlands housing
shortage and providing enhanced life prospects for as many local
people as possible.
Our investments in new housing properties is shown in new supply
metrics, with the supply of new units representing 2% of total
units. These metrics also highlight our focus on affordable
tenures, with no non-social units developed.
On the two credit metrics monitored by the RSH, we sit broadly
at the average point on gearing whilst ranking strongly in terms of
EBITDA-MRI interest cover. These measures have both been
strengthened during the year as Covid-19 has reduced projected
expenditures on maintenance and development activities.
Performance on headline social housing cost per unit, operating
margins and return on capital employed are amongst the best in the
sector and leading amongst our peers. Performance in these areas is
inter-linked, with efficient management structures and geographical
stock concentrations helping to keep costs low. The average age of
our homes is relatively low at 35 years, which also strengthens
performance against these metrics by supporting lower maintenance
costs.
Outlook
Platform has delivered a robust financial performance during an
unprecedented year of trading. We expect some of the factors that
assisted our performance in the year to self-correct, in particular
we expect maintenance activity to experience an element of catch
up, which will bring margins and key credit metrics into line with
pre-Covid performance. These movements are expected to be offset by
adverse one-off capitalised interest and offices impairment falling
away.
Platform moves forwards with increased focus on sustainability
and we are committed to increasing the EPC ratings of all our homes
to C and above by 2028. This will cost approximately GBP50m and has
been fully provided for within our Long term Financial Plan. It is
not expected to have a material impact on performance. In addition,
we have not identified any major refurbishments required to our six
buildings that are over 18 meters high.
The UK Government's furlough scheme is due to end in September
2021. This may adversely affect arrears collections if there is a
material knock-on effect to employment and the number of Universal
Credit claimants.
The end of another UK Government initiative, the 'stamp duty
holiday', ended in its current guise in June 2021 and will end
altogether in September 2021. This is not expected to have a
material impact on Platform's sales activity, because shared
ownership sales are usually below the threshold for stamp duty land
tax.
In the longer term our resilient financial and operational model
leaves us well placed to continue delivering our long-term
objectives, centred on the provision and maintenance of high
quality, affordable and sustainable housing, alleviating the
Midlands housing shortage and providing enhanced life prospects for
more local people.
Financial Statements
Legal Status
Platform Housing Group (the parent company) is incorporated in
England under the Co-operative and Community Benefit Societies Act
2014 and is registered with the Regulator of Social Housing as a
Private Registered Provider of Social Housing. The registered
office is 1700 Solihull Parkway, Birmingham Business Park,
Solihull, B37 7YD.
Platform Housing Group comprises the following entities:
Name Incorporation Registration
Platform Housing Group Co-operative and Community Registered
Limited Benefit Societies
Act 2014
--------------------------- ---------------
Platform Housing Limited Co-operative and Community Registered
Benefit Societies
Act 2014
--------------------------- ---------------
Platform Property Companies Act 2006 Non-registered
Care Limited
--------------------------- ---------------
Platform New Homes Companies Act 2006 Non-registered
Limited (formerly
ESHA (Developments)
Limited)
--------------------------- ---------------
Platform HG Financing Companies Act 2006 Non-registered
PLC
--------------------------- ---------------
Waterloo Homes Limited Companies Act 2006 Non-registered
(Dormant)
--------------------------- ---------------
Basis of Accounting
The Group's financial statements have been prepared in
accordance with applicable United Kingdom Accounting Generally
Accepted Accounting Practice (UK GAAP), the Statement of
Recommended Practice for registered housing providers: Housing SORP
2018 Update and Financial Reporting Standard 102 ('FRS 102').
Platform Housing Group is a Public Benefit Entity under the
requirements of FRS 102. The Group is required under the
Co-operative and Community Benefit Societies (Group Accounts)
Regulations 1969 to prepare consolidated Group accounts.
The financial statements comply with the Co-operative and
Community Benefit Societies Act 2014, the Co-operative and
Community Benefit Societies (Group Accounts) Regulations 1969, the
Housing and Regeneration Act 2008 and the Accounting Direction for
Private Registered Providers of Social Housing 2019. Following the
implementation of FRS 102, housing properties are stated at deemed
cost at the date of transition and additions are record at cost.
Investment properties are recorded at valuation. The accounts are
presented in sterling and are rounded to the nearest GBP1,000.
As a Public Benefit Entity, The Group has applied the 'PBE'
prefixed paragraphs of FRS102.
Statement of Comprehensive Income for the year ended 31 March
2021
Year ended Year ended
31 March 2021 31 March 2020
Note GBP000 GBP000
Turnover 1&2 269,873 257,117
Operating Expenditure 1&2 (141,077) (137,569)
Cost of Sales 1&2 (28,286) (22,846)
Gain on disposal of property,
plant and equipment - 8,929 10,740
Increase/(Decrease) in valuation
of investment properties - 720 (125)
Operating Surplus 110,159 107,317
Interest receivable 4 244 543
Interest payable and financing
costs 4 (54,337) (49,981)
Surplus before tax 56,066 57,879
Taxation - - -
Surplus for the period after
tax 56,066 57,879
Actuarial gain / (loss) in respect
of pension schemes - (18,449) 18,354
Total comprehensive income for
the period 37,617 76,233
=============== ===============
The Group's results all relate to continuing activities.
Statement of Financial Position at 31 March 2021
2021 2020
Note GBP000 GBP000
Fixed assets
Housing properties 5 2,609,866 2,471,698
Other tangible fixed assets - 11,359 20,322
Intangible fixed assets - 4,196 -
Investment properties - 16,495 15,775
Homebuy loans receivable - 8,220 8,738
Fixed asset investments - 16,141 15,389
Investment in subsidiaries - -
------------ ------------
2,666,277 2,531,922
Current assets
Stocks: Housing properties for sale - 38,683 35,419
Stocks: Other - 146 147
Trade and other Debtors - 17,846 19,679
Cash and cash equivalents 188,603 83,844
------------ ------------
245,278 139,089
Less: Creditors: amounts falling due within one year - (210,279) (163,355)
Net current assets / (liabilities) 34,999 (24,266)
Total assets less current liabilities 2,701,276 2,507,656
------------ ------------
Creditors: amounts falling due after more than one year - (1,673,559) (1,534,945)
Provisions for liabilities
Pension provision - (65,842) (47,913)
Other provisions - - (100)
Total net assets 961,875 924,698
Reserves
Non-equity share capital - - -
Income and expenditure reserve 744,693 703,790
Revaluation reserve 217,182 220,908
Total reserves 961,875 924,698
Consolidated Statement of Changes in Reserves
Income and Property Investment Total
Expenditure Revaluation Revaluation
Reserve Reserve Reserve
GBP000 GBP000 GBP000 GBP000
Balance at 1 April 2019 626,582 221,233 200 848,015
Surplus for the year 57,879 - - 57,879
Actuarial gain / (loss)
on pension scheme 18,354 - - 18,354
Valuation in the year - - 450 450
Transfer between reserves 975 (975) - -
Balance at 31 March 2020 703,790 220,258 650 924,698
------------- ------------- ------------- ---------
Surplus for the period 56,066 - - 56,066
Actuarial gain / (loss)
on pension scheme (18,449) - - (18,449)
Valuation in the period - - (440) (440)
Transfer between reserves 3,286 (3,286) - -
Balance at 31 March 2021 744,693 216,972 210 961,875
============= ============= ============= =========
Consolidated Statement of Cash Flows for the period ended 31
March 2021
Year ended 31 March 2021 Year ended 31 March 2020
GBP000 GBP000
Net cash generated from operating activities (see note i
below) 125,948 114,716
Cash flow from investing activities
Purchase of tangible fixed assets (173,240) (196,273)
Proceeds from sales of tangible fixed assets 14,652 30,822
Grants received 69,169 38,571
Interest received 204 717
Homebuy and Festival Property Purchase loans repaid 518 202
Investments - (5,891)
Cash flow from financing activities
Interest paid (54,493) (51,598)
New secured debt 418,119 44,613
Repayment of borrowings (296,118) (44,834)
------------------------- -------------------------
Net change in cash and cash equivalents 104,759 (68,955)
Cash and cash equivalents at the beginning of the period 83,844 152,799
------------------------- -------------------------
Cash and cash equivalents at the end of the period 188,603 83,844
------------------------- -------------------------
Note i
Surplus for the period 56,066 57,879
Adjustments for non-cash items
Depreciation of tangible fixed assets 34,593 33,751
Amortisation of grants (5,368) (4,686)
Impairment losses 5,943 -
Movement in properties and other assets in the course of sale (3,264) (5,959)
Increase in stock 1 (35)
(Increase) / decrease in trade and other debtors (2,564) (6,990)
(Decrease) / increase in trade and other creditors (1,100) 1,124
Movement in investments (770) -
Increase / (decrease) in provisions 1,693 359
Adjustments for investing or financing activities
Proceeds from sale of tangible fixed assets (8,929) (10,740)
Interest payable 54,337 49,981
Interest receivable (244) (543)
Movement in fair value of financial instruments (3,726) 450
Increase in valuation of investment property (720) 125
Net cash generated from operating activities 125,948 114,716
------------------------- -------------------------
1. Turnover, Cost of Sales, Operating Expenditure and Operating
Surplus
Group 2021
Turnover Cost of Sales Operating Expenditure Operating Surplus / (Deficit)
GBP000 GBP000 GBP000 GBP000
Social housing lettings
(see note 2) 225,291 - (128,650) 96,641
Other social housing activities
Development services 53 - (3,822) (3,769)
Management services 153 - (469) (316)
Support services 366 - (569) (203)
Sale of Shared Ownership first
tranche 32,099 (26,007) - 6,092
Other 1,392 - (296) 1,096
--------- -------------- ---------------------- ------------------------------
34,063 (26,007) (5,156) 2,900
Activities other than social
housing
Developments for sale 2,335 (2,279) - 56
Student accommodation 9 - (12) (3)
Market rents 1,189 - (635) 554
Other 6,986 - (6,624) 362
--------- -------------- ---------------------- ------------------------------
10,519 (2,279) (7,271) 969
Total 269,873 (28,286) (141,077) 100,510
========= ============== ====================== ==============================
1. Turnover, Cost of Sales, Operating Expenditure and Operating
Surplus (continued)
Group 2020
Turnover Cost of Sales Operating Expenditure Operating Surplus / (Deficit)
GBP000 GBP000 GBP000 GBP000
Social housing lettings
(see note 2) 215,124 - (124,495) 90,629
Other social housing activities
Development services 73 - (2,526) (2,453)
Management services 201 - (184) 17
Support services 525 - (631) (106)
Sale of Shared Ownership first
tranche 27,849 (21,770) - 6,079
Other 2,915 - (1,482) 1,433
--------- -------------- ---------------------- ------------------------------
31,563 (21,770) (4,823) 4,970
Activities other than social
housing
Developments for sale 1,113 (1,076) - 37
Student accommodation 7 - (54) (47)
Market rents 1,159 - (698) 461
Other 8,151 - (7,499) 652
--------- -------------- ---------------------- ------------------------------
10,430 (1,076) (8,251) 1,103
Total 257,117 (22,846) (137,569) 96,702
========= ============== ====================== ==============================
2. Turnover and Operating Expenditure for Social Housing
Lettings
2021
Group General Needs Affordable Rent Supported Low Cost Home Intermediate Total
Housing Housing & Ownership rent
Housing for
older people
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Income
Rent receivable
net of
identifiable
service
charges 133,331 37,971 13,686 16,030 2,430 203,448
Service charge
income 5,628 1,201 5,783 2,743 3 15,358
Other grants 768 137 66 111 9 1,091
Amortised
government
grants 2,699 1,584 123 911 26 5,343
Other income 2 49 - - - 51
---------------- ---------------- ---------------- ---------------- ---------------- ----------
Turnover from
social housing
lettings 142,428 40,942 19,658 19,795 2,468 225,291
Management (17,327) (4,109) (3,067) (2,791) (272) (27,566)
Service charge
costs (7,651) (2,137) (7,938) (3,213) (286) (21,225)
Routine
maintenance (24,369) (5,019) (3,135) (156) (184) (32,863)
Planned
maintenance (4,555) (1,060) (599) (118) (40) (6,372)
Major repairs
expenditure (4,815) (443) (962) (456) (216) (6,892)
Bad debts (742) (235) (171) (128) (25) (1,301)
Depreciation of
housing
properties (19,475) (7,868) (2,105) (2,668) (315) (32,431)
Operating
expenditure on
social housing
lettings (78,934) (20,871) (17,977) (9,530) (1,338) (128,650)
Operating
surplus on
social housing
lettings 63,494 20,071 1,681 10,265 1,130 96,641
================ ================ ================ ================ ================ ==========
Void losses (1,387) (416) (435) (934) (165) (3,337)
2. Turnover and Operating Expenditure for Social Housing
Lettings (continued)
2020
Group General Needs Affordable Rent Supported Shared Intermediate Total
Housing Housing & Ownership rent
Housing for
older people
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Income
Rent receivable
net of
identifiable
service
charges 129,187 34,936 13,478 14,502 2,476 194,579
Service charge
income 5,452 1,146 5,663 2,777 3 15,041
Other grants 795 - - - - 795
Amortised
government
grants 2,703 1,152 112 669 25 4,661
Other income 1 47 - - - 48
---------------- ---------------- ---------------- ---------------- ---------------- ----------
Turnover from
social housing
lettings 138,138 37,281 19,253 17,948 2,504 215,124
Operating expenditure
Management (17,079) (3,725) (2,041) (3,061) (201) (26,107)
Service charge
costs (7,301) (1,344) (4,957) (2,493) (203) (16,298)
Routine
maintenance (21,715) (4,374) (2,869) (111) (219) (29,288)
Planned
maintenance (5,244) (539) (846) (125) (13) (6,767)
Major repairs
expenditure (7,941) (1,388) (2,227) (248) (135) (11,939)
Bad debts (1,354) (366) (326) (143) (99) (2,288)
Depreciation of
housing
properties (19,991) (6,968) (2,315) (2,270) (264) (31,808)
Impairment of
housing
properties - - - - - -
Other costs - - - - - -
---------------- ---------------- ---------------- ---------------- ---------------- ----------
Operating
expenditure on
social housing
lettings (80,625) (18,704) (15,581) (8,451) (1,134) (124,495)
Operating
surplus on
social housing
lettings 57,513 18,577 3,672 9,497 1,370 90,629
================ ================ ================ ================ ================ ==========
Void losses (1,101) (331) (301) (689) (129) (2,551)
3. Units
Social housing properties in management at end of period
2021 2020
Owned and Managed not Total Owned not Total Owned Total Managed Total Owned
managed owned managed managed
Number Number Number Number Number Number Number
General Needs 28,236 8 28,244 8 28,244 28,041 28,062
Affordable
rent 6,897 5 6,902 - 6,897 6,638 6,645
Supported 284 - 284 58 342 284 353
Housing for
older people 2,973 - 2,973 - 2,973 2,973 2,973
Intermediate
rent 458 - 458 - 458 457 525
------------- ------------- ------------- ------------- ------------ -------------- ------------
Total 38,848 13 38,861 66 38,914 38,393 38,558
*Shared
Ownership
<100% 5,600 6 5,606 - 5,600 5,327 5,321
Social Leased
@100% sold 1,118 - 1,118 - 1,118 1,100 1,100
------------- ------------- ------------- ------------- ------------ -------------- ------------
Total social 45,566 19 45,585 66 45,632 44,820 44,979
Non social
housing
Non social
rented 112 - 112 - 112 113 113
Non social
leased 378 - 378 29 407 397 418
Total stock 46,056 19 46,075 95 46,151 45,330 45,510
============= ============= ============= ============= ============ ============== ============
*The equity proportion of a shared ownership property is counted
as one unit.
4. Net Interest
Interest receivable and similar income 2021 2020
GBP000 GBP000
On financial assets measured at amortised cost:
Interest receivable 244 543
244 543
======== ========
Interest payable and financing costs 2021 2020
GBP000 GBP000
On financial liabilities measured at amortised cost:
Loans repayable 43,860 44,496
Loan breakage costs 6,395 6,783
Costs associated with financing 3,735 3,311
-------- --------
53,990 54,590
On defined benefit pension scheme:
Expected return on plan assets (3,955) (4,143)
Interest on scheme liabilities 5,049 5,655
-------- --------
1,094 1,512
On financial liabilities measured at fair value:
Interest capitalised on housing properties (747) (6,121)
54,337 49,981
======== ========
Interest has been capitalised at the rate of 3.4% (2020:
3.8%)
5. Tangible Fixed Assets - Housing Properties
Group
Housing Properties Housing Properties Completed Shared Shared Ownership Total
held for letting in the course of Ownership Properties in the
construction Properties course of
construction
GBP000 GBP000 GBP000 GBP000 GBP000
Cost
At 1 April 2020 2,215,034 105,768 368,702 55,483 2,744,987
Reclassification 2,273 (790) (1,483) - -
Additions 596 107,893 381 89,250 198,120
Works to existing
properties 9,626 - - - 9,626
Disposals (3,876) - (5,541) - (9,417)
Fair value disposal (91) - - - (91)
Transfer (to)/from
current assets (2,275) 408 (28,762) (30,629)
Interest capitalised - (296) - 1,043 747
Schemes completed 108,743 (108,743) 67,763 (67,763) -
At 31 March 2021 2,332,305 101,557 430,230 49,251 2,913,342
-------------------- ------------------- ------------------- ------------------- ----------
Depreciation
At 1 April 2020 256,268 - 17,021 - 273,289
Charge for the year 29,995 - 2,555 - 32,550
Disposals (1,941) - (421) - (2,362)
At 31 March 2021 284,322 - 19,155 - 303,477
-------------------- ------------------- ------------------- ------------------- ----------
Net Book Value
-------------------- ------------------- ------------------- ------------------- ----------
At 31 March 2021 2,047,983 101,557 411,075 49,251 2,609,866
==================== =================== =================== =================== ==========
At 31 March 2020 1,958,766 105,768 351,681 55,483 2,471,698
==================== =================== =================== =================== ==========
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