Investors Seminar Friday 28 September 2018 London Stock Exchange
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1 Investors Seminar 2018 Friday 28 September 2018 London Stock Exchange 1
2 Welcome and opening address Chris Phillips Group Chairman 2
3 Financial performance Andy Winstanley Group Executive Director, Finance 3
4 Headline Group figures Fiscal Year End 31 March FY 2017 (2) FY 2018 (3) Group Turnover 795.1m 754.4m Profit Before Tax 119.7m 130.2m Reserves 379.0m 489.0m Asset Base 3.7bn 4.5bn Group operating margin (1) (2) (3) 28.0% 26.0% 24.0% 22.0% 20.0% 18.0% 16.0% 14.0% 12.0% 10.0% Current tenant arrears 3.8% 3.6% 3.4% 3.2% 3.0% 2.8% 2.6% 2.4% 2.2% 2.0% * (1) Financial years 2013, 2014 and 2015 prepared under UK GAAP, all other years prepared using FRS 102 (2) Derwent Housing Association included from 16 December 2016 (3) Luminus Group included from 26 March 2018 Places for People Investor presentation 4
5 Group overview Places for People Group owns or manages over 198,640 housing properties Regulated housing activities Non-regulated activities Places for People Homes Places for People Living+ Cotman Housing Association Derwent Housing Association Luminus Homes Castle Rock Edinvar Housing Association Property Management Development Activity Leisure and Property Services Borrower Places for People Treasury plc Borrower Places for People Finance plc Regulated housing activities are ring-fenced with capped investment between regulated and nonregulated activities Strong contribution from commercial activities is supportive of the social housing business Places for People Investor presentation 5
6 Credit and regulator rating RSH Rating G1/V1 PfP Homes Baa 1 stable outlook PfP Group A- Stable outlook Investors Seminar
7 Diversified Strategy Medium term objective to re-balance debt portfolio to 60% unsecured, diversifying the investor base and demonstrating strong commitment to an unsecured borrowing strategy. 2.9bn drawn debt portfolio Strong unsecured debt covenant: Unsecured debt ratio 60% 55% 50% 45% 40% 35% 400m unsecured bond issuance Merged with Derwent HA 380m bond exchange & new issuance Luminus merger 210.7m secured debt Net Available Properties Value 1.1 times the Total Unsecured Debt based upon EUV / MVT valuations. MVT of 5.6bn. Places for People continues to diversify its debt investor base: accessing capital markets in the UK, Europe, US and Australasia. JPY 6% USD 8% HKD 6% EUR 1% AUD 3% GBP 76% As at 31 August 2018 Places for People Investor presentation 7
8 Treasury summary Policy Target Actual 1. Minimum forward cash 12 Months 24 Months 2. P&L interest cover > 1.2x 1.7x 3. Gearing < 60% 57.5% 4. Minimum debt to be fixed 70% 78% 5. All FX exposure fully hedged 100% 100% Cash 109m Available liquidity 1, Group debt maturity profile ( m) 300 Undrawn facilities 616m Facilities Cash As at 31 August 2018 Bank Bond Other Private Placement Places for People Investor presentation 8
9 Challenges and opportunities David Cowans Group Chief Executive 9
10 Housing tenure Trends in tenure (England) 1980 to Source: English Housing Survey Investors Seminar
11 Operating environment Investors Seminar
12 Operating environment Economic risks Political risks Social risks Housing market and land Incomes Economy Brexit Government risks and opportunities Public sector finances Impact on our neighbourhoods Welfare Reform Investors Seminar
13 Responding to changing markets In a downturn In an upturn Move sale to rent Halt development Adjust Market assessment Risk analysis Options appraisal Match market demand Increase development and marketing Result: Market agility; Reduced risk; Competitive advantage Investors Seminar
14 Our products Our ambition is to meet the needs and aspirations of customers whatever stage of life they re at A range of requirements A range of solutions Investors Seminar
15 Our markets Affordable housing & support Management companies Development & construction Placemaking & regeneration Leisure Retirement Growth / incubation Fund management Regulated businesses Over 62,000 affordable rented homes & 20,000 student properties in management Living+ supported housing services Commercial businesses Over 98,000 properties managed by Touchstone & RMG Commercial Property Management Development & construction capability Developing across all tenures Over 16,000 homes in pipeline Large scale master planning, regeneration & development capability Joint ventures 116 leisure facilities in management 50 million customer visits to our centres annually Commercial businesses Around 2,500 retirement rental homes Retirement villages under construction Green services business Emerging international activity Assets and Investments Fund management business Investors Seminar
16 The property value chain Urban planning Project funding Project planning & execution Leasing / usage of property Portfolio management / secondary market Placemaking Investor relations Place Developments Leasehold management Management Regeneration Fund manager Flagship developments Private rent Maintenance Joint Ventures Bond market Mixed tenure Affordable rent Site services Local Authority Private placements Mixed use Retirement rent Landscapes partnerships Supported rent Facilities management Masterplanning Outright sale Care services Land bank Commercial property Leisure services Investors Seminar
17 Our evolution Our ambition is to meet the needs and aspirations of customers whatever stage of life they re at. Provision & regeneration Housing provision and neighbourhood regeneration Rent & sale Moving into market rent and outright sale 02 - Placemaking Placemaking focused on larger scale development 03 - New businesses Building placemaking and management businesses to deliver whole places 04 - Activities Structured relationships to deliver more activities on a larger scale 05 - Additionality Homes England, Fund Management and Asset Management We aim to offer choice and flexibility, and to support people to move between tenures. Investors Seminar
18 Retirement Over 5,000 homes for older people managed 2 retirement villages under construction and planning consent for further four Brio is first retirement village operator to achieve Home Quality Mark Level 3 Investors Seminar
19 Supported housing and care 3.5m development under construction to deliver 22 supported living and complex care apartments Living+ acquired and additional 82 supported housing properties creating 350 bed spaces Provide support services to more than 6,500 people across the UK Investors Seminar
20 Financial and social value Helped 675 people into employment and 1,494 into learning or training 75,000 children have weekly swimming lessons 76m social value generated 559 young people supported to sustain a tenancy 945 apprentices were employed across the Group last year Investors Seminar
21 Awards Group board strategy day 21
22 What is our strategy? Commercial methods to deliver social outcomes Long-term placemaking Quality mixed-use, mixed-tenure places Offer a range of products and services End-to-end offer / supply chain Improvement on previous best Investors Seminar
23
24 Any questions?
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