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Pin to quick picksPenarian H.f 52 Regulatory News (71HO)

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Half-year Report

13 Dec 2017 09:48

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 to

30th September

2017

Year to

31st March

2017

 

 

 

 

 

 

 

 

 

 

£'000

£'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

reserve

 £'000

Income and expenditure reserve

£'000

 

Total

reserves

£'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

2017

 

31 March

2017

 

 

 

 

 

 

 

 

 

£'000

 

£'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 £5.564m for the first six months of 2017/18 compared to £9.842m for the year ended 2016/17. This compares favourably also with a six month budget of £4.364m, and an annual budget of £8.728m.

However, there is an overall deficit of £13.799m. This is after allowing for breakage costs of £15.904m as part of the Group's decision to review its borrowing in the first quarter of this year. On 7th June the Group repaid £126.943m 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 £160m offering £250m publicly listed bonds, retaining £90m. This was then on-lent to Clwyd Alyn to repay its existing debt, pay the breakage costs, and retain £17m 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
 
END
 
 
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