Annual Report Presentation to the Human Settlements Portfolio Committee. Mr. Samson Moraba CEO 02 September 2011

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1 Annual Report Presentation to the Human Settlements Portfolio Committee Mr. Samson Moraba CEO 02 September 2011

2 Mandate, Vision, Mission Strategic Objectives NHFC Values NHFC Outcomes NHFC Past Performance NHFC Other Impact Operating Environment Key delivery highlights 2011 Factors impacting performance Business Performance Strategic Investments Financial Performance NHFC footprint and target market Corporate Governance Way forward CONTENTS 8/22/2011 2

3 NHFC S MANDATE, VISION, MISSION, The National Department of Human Settlements established the National Housing Finance Corporation Limited (NHFC) as a Development Financial Institution (DFI) in 1996 with the principle mandate of broadening and deepening access to affordable housing finance for the low to middle income households To be the leader in development finance for the low to middle income housing market Providing innovative and affordable housing finance solutions to the low and middle income households 8/22/2011 3

4 NHFC S STRATEGIC OBJECTIVES Expand housing finance activities, through the effective provision of housing finance solutions, thus enabling the low to middle income households to have choice of renting or owning or incrementally building, to meet their housing needs. Facilitate the increased and sustained lending by financial institutions to the lower end of the housing market. Mobilise funding into the human settlement space, on a sustainable basis, in partnership with the broadest range of institutions. Conduct the business activities of the NHFC in a manner that ensures the continued economic sustainability of the Corporation whilst promoting lasting social, ethical and environmental development.. Stimulate the low to middle income housing sector, by providing robust, relevant and timely research and market analysis to practitioners and housing consumers. 8/22/2011 4

5 THE NHFC VALUES 5

6 Outcomes NHFC S OUTCOMES Housing opportunities created: Affordable Rental, Ownership and Incremental 9,539 Number of beneficiaries benefitting 36,248 Funding Impact R1,02 billion Disbursements R501 million Private capital and investment leveraged R520 million Jobs created Value of disbursements targeted towards women-managed / owned companies R32 million Profit before tax R76 million 8/22/2011 6

7 NHFC PAST PERFORMANCE The housing units provided in the 15 years of the existence of NHFC equate to an average of per year. This compares to an average of mortgage bonds provided per year for each of the major banks during the FSC period. The capital provided to NHFC amounted to R1,08 billion and from this loans of R4,46 billion have been made since inception. Many of the loans, particularly to social housing institutions and inner city landlords are long term loans. 7

8 Enterprise development NHFC OTHER IMPACT NHFC has funded and capacitated a total of 58 enterprises including Social Housing Institutions, Integrated Housing Developments, Commercial Clients and Private Clients. Funding initiatives In the year under review, the NHFC was involved in a number of projects that positively contributed to sustainable social development of communities. Yeast City: Gilead House project for people with terminal illness Tau Village: Residential project for young woman and girls at risk Johannesburg Inner City Regeneration: AFHCO: CityKidz Pre- and Primary School Corporate Social Responsibility In the North West Province, in Lichtenburg, the NHFC contributed funds towards furniture and appliances for houses built under the Women s Build Project, in partnership with the government and the private sector. The project, in the Woman s month, enabled five elderly and highly indigent women to not only own their homes for the first time, but to have functional facilities.. Environmental sustainability initiatives : Through funding secured from the AFD and EIB, the NHFC is funding the development of environmentally friendly projects. The Corporation has, for third time, committed to partner with other stakeholders in hosting an international energy efficient building competition. Having a rural focus, the proposed event will take place in Cala in the Eastern Cape. At a corporate level the NHFC partnered with ABSA Bank, the NHBRC, Agre ment.s.a., Agence Franciase De Development, the Western Province, Drakenstein Municipality, the NDoHS, the Swiss Development Corporation and the Pretoria University in the development of the International Housing Innovation Competition.

9 OPERATING ENVIRONMENT Slow economic recovery from first recession in 17 years. Shedding of jobs. Declining real disposable income. Affordability challenges due to high levels of indebtedness. Low inflation and interest rates are not translating into increased lending. The residential property market remained weak for most part of 2010 and early 2011, and could still experience negative growth. 8/22/2011 9

10 KEY DELIVERY HIGHLIGHTS The NHFC is on track with the development and implementation of the Mortgage Default Insurance (MDI) Operating Model, backed by the R1bn Guarantee. Successful mobilisation of external affordable funding into Integrated Human Settlement development (allocation and disbursement of the AfD and EIB funds, into the private and social affordable rental market). The distressed clients turnaround and collection recovery strategy was successfully implemented. NHFC's pioneering strategic investment in inner city regeneration, Trust for Urban Housing Finance (TUHF), loan portfolio reaches more than R 1bn mark (R 1.2bn). Highest number of NHFC project launches within a single year, proving the extent to which the Corporation is making a difference, in the lives of the many underserved low income households. Concluded an agreement with Old Mutual Life Assurance Company of South Africa and its BEE partners to participate in an Affordable Housing Fund with initial funding of R900 million. NHFC company profit before tax is 11% higher than the previous year. 8/22/

11 FACTORS IMPACTING PERFORMANCE IMPACT Constraint Banks lending and Household Over-indebtedness Dependence on Subsidy Funding of Social Rental Housing Timing of Complex Structured Deals Graduation of some of the NHFC clients Entry of new funding entities in the affordable space Single obligor limits / concentration risk 8/22/

12 FACTORS IMPACTING PERFORMANCE FINANCIAL Lending income impacted by below budgeted disbursements and lower interest rates. Sale of houses mainly impacted by the delay in bond approvals which in turn led to a delay in transferring of completed units as well as construction of top structures. Other income - Positive variance mainly due to investment properties. revaluation of Impairments Reversal of impairments previously raised following conclusion of settlement agreement. Below budgeted operating expenses. 8/22/

13 BUSINESS PERFORMANCE DIVISIONS WHOLESALE 2011 RETAIL 2011 Number of loans approved 9 Value of loans approved (R m) 287 Value of disbursements (R m) 394 Housing opportunities created Number of loans approved 443 Value of loans approved (R m) 83 Value of disbursements (R m) 107 Housing opportunities created 709 8/22/

14 STRATEGIC INVESTMENTS Cape Town Community Housing Company (CTCHC) Increased focus to turn-around subsidiary into a viable and sustainable operation to attract potential equity investors. Increased Board participation with inclusion of three members from the NHFC Executive team. CTCHC has now delivered close to units of which are for people qualifying for housing subsidies. Another have been upgraded in its rectification programme, with new windows, gutters, ceilings, paving and painting. Trust for Urban Housing Finance (TUHF) TUHF remains a conspicuous example of the NHFC s success story of significantly expanding its impact through Strategic partnership. The NHFC s initial investment of R10 million in 2003, has translated into a viable entity, with a loan book of R 1.2bn, and having created housing opportunities, mainly in the city of Johannesburg. TUHF is now expanding its reach, and has now branched out to KZN (Durban), and the Eastern Cape (Port Elizabeth). As part of its strategy to strengthen TUHF s ability to significantly grow its business in the next five years, the NHFC will increase its shareholding in TUHF and help raise additional capital funding, to improve TUHF s capital adequacy ratio. 14

15 STRATEGIC INVESTMENTS Housing Investment Partnership (HIP) Recent developments in HIP saw the exit of Pan African Capital Holding as a Shareholder, with the NHFC and Old Mutual remaining with 33% and 67%, Shareholding, respectively. Inclusion of a third investor will have a significant developmental impact of facilitating large institutional investors to participate in the funding into the affordable human settlement space. The HiP income-linked home loan enhances the affordability level of first time home buyers enabling the acquisition of decent housing in the housing gap market segment. The uniqueness from the product arises from the fact that the loan repayments are disengaged from interest rate volatility. 15

16 FINANCIAL PERFORMANCE Abridged statement of financial position Group Company Restated* Restated* R'000 R'000 R'000 R'000 Loans and receivables - advances Instalment sale receivables Investment property Other non-current assets Non - current assets Properties developed for sale Other current assets Total assets Net assets Non-current liabilities Current liabilities Total assets and liabilities /22/

17 FINANCIAL PERFORMANCE Summary statement of financial performance Group Company Actual Variance Budget Actual Variance Budget R'000 % R'000 R'000 % R'000 Lending activities % % Investment activities % % Sale of houses % Other income % % Total income % % Impairments (4 427) 81% (23 708) (4 427) 81% (23 708) Cost of sales (47 795) 66% ( ) Operating expenses ( ) 14% ( ) ( ) 4% ( ) Operating profit % % Share of loss of an associate - HiP (1 544) -147% (626) Share of profit of an associate - TUHF Interest paid (1 150) 92% (13 863) (611) 95% (13 191) Surplus before tax % % Tax (15 689) 11% (17 573) (14 736) 16% (17 573) Surplus after tax % % /22/

18 FINANCIAL PERFORMANCE Lending income impacted by below budgeted disbursements. Profit before tax Sale of houses mainly impacted by the delay in bond approvals which in turn led to a delay in transferring of completed units as well as construction of top structures. Impairments Reversal of impairments previously raised following conclusion of settlement agreement. 3% below Other income - Positive variance mainly due to revaluation of investment properties. Operating Expenses Under expenditure in marketing, computer and outsourced services. 14% below 8/22/

19 FINANCIAL PERFORMANCE KEY FINANCIAL INDICATORS 8/22/

20 NHFC Footprint and Target Market Limpopo Limpopo Limpopo Northern NorthernCape Cape Cape Northern Northern Cape Western WesternCape Cape Cape Western Western Cape 8/22/2011 within the NHFC target market distributed across 6 ranges using the equal count method Eastern EasternCape Cape Cape Eastern Eastern Cape Gauteng Gauteng Mpumalanga Gauteng Gauteng Mpumalanga North NorthWest West West North North West KwaZulu-Natal KwaZulu-Natal Free FreeState State State Free Free State NHFC footprint Concentration of households 20

21 CORPORATE GOVERNANCE NHFC conforms to the requirements of the King 2 report and the Protocol on Corporate Governance. Substantially complies with King 3 requirements, action plan adopted for implementation where not fully aligned with. Board reviewed oversight role and established a Board Risk Committee given the complexity of the risks facing the NHFC. Dr S Khoza Ms P Ramarumo Prof. M Katz (chair) Unqualified audit report for 16 years. NHFC Credit Rating Global Credit ratings National Long Term AA- Mr J Coetzee Ms S Swanepoel Mr S Moraba (CEO) National Short Term A1+ NHFC remains a Schedule 3(A) entity. All necessary committees are in place in terms of the PFMA. Mr S Tati Ms A Houston Mr S Ntsaluba 21

22 WAY FORWARD FY2012 The NHFC has a significant contribution to make, in the main, in two of the four Outcome 8 components, namely, the improving of property markets and making affordable rental housing accessible to low and middle income households. Key to the priorities of the NHFC, is the successful building and implementation of the Mortgage Default Insurance (MDI) Operating Model. The NHFC is on track with the building of the MDI operating model, backed by the R1bn Guarantee. The process of winding-down Retail is at an advanced stage. This should be complete within the new financial year. As part of the process, is the change management process that ensures the redeployment of staff, within the greater NHFC. On the Strategic partnership front, the inclusion of a third investor in the HIP s initiative will represent great gains for the human settlements sector. As the market is turning the corner, the NHFC has embarked on a Strategy to build new capabilities, enhance its pricing and efficiency and thus improve its potential to take advantage of the change. 8/22/

23 NHFC Client Showcase Strathdon: Durban CBD Southernwood Square: East London Emerald Sky: East London IMPALA: Rustenburg 8/22/2011 FINANCIER FACILITATOR INNOVATOR 23

24 NHFC Client Showcase Reservoir Mews: East London Kenwick Close: East London 8/22/2011 FINANCIER FACILITATOR INNOVATOR 24

25 NHFC Client Showcase Cavendish Entrance Cavendish: Johannesburg CBD 8/22/2011 FINANCIER FACILITATOR INNOVATOR 25

26 NHFC Client Showcase TUHF: Boston Block Jozi: Coronia Building 8/22/2011 FINANCIER FACILITATOR INNOVATOR 26

27 TUHF: Waverley TUHF: Marshalltown Lofts TUHF: René Court TUHF: Sydney Court 8/22/2011 FINANCIER FACILITATOR INNOVATOR 27

28 TUHF: The President TUHF: The Sands Mettle: Karino Development - Nelspruit Mettle: Karino Development - Nelspruit 8/22/2011 FINANCIER FACILITATOR INNOVATOR 28

29 Mettle: Karino Development - Nelspruit SPACE: Kimberley SPACE: Kimberley SPACE: Evaton 8/22/2011 FINANCIER FACILITATOR INNOVATOR 29

30 SPACE: Evaton SPACE: Randfontein AFHCO: Lustre House AFHCO: Lustre House 8/22/2011 FINANCIER FACILITATOR INNOVATOR 30

31 AFHCO: Lustre House AFHCO: Lustre House AFHCO: Lustre House AFHCO: Lustre House 8/22/2011 FINANCIER FACILITATOR INNOVATOR 31

32 AFHCO: Ilanga House AFHCO: Ilanga House AFHCO: Ilanga House AFHCO: Ilanga House 8/22/2011 FINANCIER FACILITATOR INNOVATOR 32

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