PenArian Housing Finance PLC Half-year Report (2125Z)
December 13 2017 - 3:48AM
UK Regulatory
TIDM71HO
RNS Number : 2125Z
PenArian Housing Finance PLC
13 December 2017
PENNAF LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
For the period ended 30 September 2017
Six months Year to
to 31(st)
30(th) March
September 2017
2017
GBP'000 GBP'000
TURNOVER 19,261 37,472
Operating costs (13,697) (27,630)
-------------- --------------
OPERATING SURPLUS 5,564 9,842
Surplus on sale of
fixed asset properties 78 593
Interest receivable
and similar income 4 24
Interest payable
and similar charges (3,492) (6,581)
Loan breakage costs (15,904) -
-------------- --------------
(DEFICIT) / SURPLUS
ON ORDINARY ACTIVITIES
BEFORE TAXATION (13,750) 3,878
Tax on surplus on
ordinary activities (49) (81)
-------------- --------------
(DEFICIT) / SURPLUS
FOR THE PERIOD AND
TOTAL COMPREHENSIVE
INCOME (13,799) 3,797
The Group's turnover and expenses all relate to continuing
operations.
GROUP STATEMENT OF CHANGES IN RESERVES
Restricted Income Total
reserve and expenditure reserves
GBP'000 reserve GBP'000
GBP'000
At 1 April 2016 - 11,578 11,578
Surplus and total comprehensive
income for the year - 3,797 3,797
Big Lottery Grant received 54 - 54
Big Lottery Grant expenditure (30) - (30)
-------------- -------------- --------------
At 31 March 2017 24 15,375 15,399
Deficit and total comprehensive
income for the period - (13,799) (13,799)
Big Lottery Grant received 35 - 35
Big Lottery Grant expenditure (25) - (25)
-------------- -------------- --------------
At 30 September 2017 34 1,576 1,610
PENNAF LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
As at 30 September 2017
30 September 31 March
2017 2017
GBP'000 GBP'000
FIXED ASSETS
Tangible assets
Housing properties - Cost 408,995 399,025
- Depreciation (51,051) (49,224)
-------------- --------------
357,944 349,801
Other tangible fixed assets 3,418 3,374
FIXED ASSET INVESTMENTS
Homebuy loan 3,010 2,593
-------------- --------------
364,372 355,768
-------------- --------------
CURRENT ASSETS
Stocks 139 125
Debtors - due after one
year 400 407
Debtors - due within one
year 1,533 2,750
Investments 65 65
Cash at bank and cash
equivalents 41,239 31,018
-------------- --------------
43,376 34,365
CREDITORS: AMOUNTS FALLING
DUE
WITHIN ONE YEAR (9,410) (17,033)
-------------- --------------
NET CURRENT ASSETS 33,966 17,332
-------------- --------------
TOTAL ASSETS LESS CURRENT
LIABILITIES 398,338 373,100
CREDITORS: AMOUNTS FALLING
DUE
AFTER MORE THAN ONE YEAR (397,078) (358,051)
DEFERRED TAXATION 350 350
-------------- --------------
NET ASSETS 1,610 15,399
CAPITAL AND RESERVES
Non-equity share - -
capital
Reserves 1,610 15,399
-------------- --------------
1,610 15,399
PENNAF LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
As at 30 September 2017
The Group is showing an operating surplus of GBP5.564m for the
first six months of 2017/18 compared to GBP9.842m for the year
ended 2016/17. This compares favourably also with a six month
budget of GBP4.364m, and an annual budget of GBP8.728m.
However, there is an overall deficit of GBP13.799m. This is
after allowing for breakage costs of GBP15.904m as part of the
Group's decision to review its borrowing in the first quarter of
this year. On 7(th) June the Group repaid GBP126.943m of Clwyd Alyn
Housing Association Limited's debt with six lenders, with the
associated breakage costs.
On the same day PenArian Housing Finance plc received GBP160m
offering GBP250m publicly listed bonds, retaining GBP90m. This was
then on-lent to Clwyd Alyn to repay its existing debt, pay the
breakage costs, and retain GBP17m for further development. The new
interest rate applicable is 3.212%, which compares very favourably
with its previous average loan rate of 4.02%.
The Group's Operating Surpluses continue to improve.
This information is provided by RNS
The company news service from the London Stock Exchange
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