EMH Treasury plc Trading Update (7606S)
13 March 2023 - 10:19PM
UK Regulatory
TIDM36GZ
RNS Number : 7606S
EMH Treasury plc
13 March 2023
EMH Treasury Plc
East Midland Housing Group Limited (emh Group) - trading
update
31st December 2022 - 9 months unaudited
We are pleased to present unaudited results for the emh Group
for the 9 months to 31 December 2022.
Despite the current financial challenges, our performance to
date is ahead of budget and we continue to deliver our board
approved strategy of developing new homes and investing in our
existing properties to improve the lives of our residents and
positively impact the communities we operate in.
To date, we have delivered an overall surplus of GBP12.5m
compared to a budgeted surplus of GBP7.1m. This is also ahead of
the full prior year surplus of GBP11.1m. Our improvement on budget
is driven by strong margins on first tranche shared ownership sales
and asset disposals.
Furthermore, we have invested GBP73m in new homes (rented and
shared ownership) and improvements to existing properties. All this
is despite emh and other social housing providers continuing to
face an uncertain operating environment. High inflation, a tight
labour market, and the residual impact of the pandemic on supply
chains have increased costs considerably.
Unaudited statement of comprehensive income
31 December 2022
9 months 9 months 12 months
GBP'000 31.12.2022 31.12.2021 31.03.2022
Turnover 99,393 95,120 121,657
Operating costs and costs
of sales (63,250) (59,736) (78,202)
Depreciation (13,187) (11,478) (16,605)
Gain on sale of fixed assets 4,539 3,805 4,981
Net interest charge (15,037) (15,574) (20,692)
Surplus for the year 12,458 12,1387 11,139
Tax 0 0 (49)
Actuarial gain on pensions 0 0 9,691
Total comprehensive income 12,458 12,137 20,781
------------------------------ ----------- ----------- -----------
Unaudited statement of financial position 31
December 2022
GBP'000 31.12.2022 31.12.2021 31.03.2022
Housing properties at cost 993,883 928,648 928,359
Other fixed assets 19,092 19,993 19,918
Net current assets (8,859) 65,439 43,137
Total assets less current
liabilities 1,004,116 1,014,080 991,414
Creditors: amounts due after
1 year (750,837) (784,018) (746,665)
Provision of liabilities 0 0 (717)
Net pension liability 0 0 (9,288)
Total net assets 253,279 230,062 234,744
------------------------------ ----------- ----------- -----------
Emh is delighted that its Standard & Poor's long term credit
rating was affirmed on 23(rd) January 2023 at A+ (negative).
Key metrics
Credit rating Governance & Viability Liquidity Retained bond Interest Rate Mix
rating
A+ (Negative) G1 / V2 Available facilities GBP100m retained bond Fixed 94.5%
GBP125m available for sale
Standard & Poor's Cash GBP28m Variable 5.5%
Affirmed January 2023
Key Performance Indicators
Year to Date 31-Mar-22 Covenant
Operating margin(1) on social housing lettings(2) 28.8% 27.80%
Social Housing operating margin(3) 27.9% 22.10%
EBITDA MRI interest cover(4) 186% 154% 110%
Gearing(5) 51.2% 48.20% 65%
Net Debt per Unit(6) 25,982 25,669
Liquidity ratio(7) 235.8% 178.8%
Notes:
(1) Operating surplus / Turnover
(2) General Needs, Supported housing, Affordable rent and Low cost home ownership tenures
(3) Operating margin excluding asset sales removes gain or loss on disposal of fixed assets
(4) Operating surplus and surplus on asset disposals adding back depreciation less amortised
grant and major repairs / interest payable
(5) Net debt / Housing assets at historic cost
(6) Net debt / Total units owned and managed
(7) Operating cashflow plus facilities available and secured retained bond / Capital expenditure
and debt servicing over the next 12 months
----
This trading update contains certain forward-looking statements
about eh future outlook for emh Group. These have been prepared and
reviewed by emh Group only and are unaudited. Forward-looking
statements inherently involve a number of uncertainties and
assumptions. Although the Directors of emh Group believe that these
statements are based on reasonable assumptions on the publication
date, any such statements should be treated with caution as outlook
may be influenced by factors that could cause actual and the
audited outcomes and results to be materially different.
Additionally, the information in this statement should not be
construed as solicitation or recommendation to invest in emh
Group's bonds.
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END
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