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- Housing stock owned or managed grew to 62,034 homes, supporting long-term rental income.
- Revenue reserves excluding pension liability grew to £200m in 2011 from £150m in 2007.
- The gross fixed asset base remained stable at £3.1bn in 2010/11.
- Places for People successfully diversified its investor base and debt portfolio through various bond issuances.
The PSD Business Office has achieved significant accomplishments in indirect cost recovery, budget forecasting accuracy, and interest income generation over the past decade. It has won numerous awards from organizations like GFOA and ASBO for financial reporting excellence and meritorious budgeting. In FY 2010 alone, the office generated over $3.7 million in indirect cost recovery and achieved a 99.2% accuracy rate in its budget forecasts.
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- This allows Northern Graphite to add a value-added purification plant and production of spherical graphite, but requires an additional $15 million in capital expenditures.
- Turnover increased from £340m in 2010/11 to £369m in 2011/12, with income from lettings rising to £237m. Operating profit before interest increased to £96.2m.
- The group continues to match spending to available funding and has £312.5m in undrawn committed facilities. Investors continue to support the group despite financial market volatility.
- The housing stock owned or managed grew to 61,978 homes by April 2012, supporting long-term rental income streams.
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- Turnover increased from £340m in 2010/11 to £369m in 2011/12, with income from lettings rising to £237m. Operating profit before interest increased to £96.2m.
- The group continues to match spending to available funding and has £312.5m in undrawn committed facilities. Investors continue to support the group despite financial market volatility.
- The housing stock owned or managed grew to 61,978 homes by April 2012, supporting long-term rental income streams.
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- CLS Holdings reported strong interim results for the first half of 2014, with NAV up 11.3% and profit after tax increasing 173.1% compared to the same period in 2013.
- The company benefited from healthy growth in property valuations, particularly in London, as well as enhanced cash generation from acquisitions made in 2013.
- CLS maintained a low cost of debt of 3.73% and a record low vacancy rate of 3.5% across its diversified property portfolio, which is concentrated in major European cities like London, Paris, and Berlin.
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Peterborough City Council budget report and final accounts 2010/11, presented to the council's audit committee on Monday 27June 2011.
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Tim O'Rahilly from PwC gave a presentation to the Dublin Chamber of Commerce on 30 November 2011 about the current Irish tax environment, Budget 2012, and trends in tax-efficient structuring. He discussed how the tax system has changed significantly in recent years due to the public finances crisis, with new taxes introduced and reliefs restricted. Budget 2012 is expected to raise additional tax revenue through further income tax increases, an annual property tax, and a possible increase to the VAT and capital gains tax rates. Common tax planning trends involve using personal service companies, employee growth shares, and restructuring property and debt holdings into companies.
Law Debenture reported its annual results for 2015. It increased its long-term gearing in September 2015 and repaid short-term borrowings. The independent fiduciary services business was fair valued as of December 31, 2015 with restated historical data. The net asset value per share was 513.54 pence as of December 31, 2015, down slightly from the prior year, with the share price at a 3% discount. Revenue per share increased 6.8% to 18.10 pence for the year. The company aims to grow its businesses safely while maintaining its tax efficiency to enhance shareholder returns.
The document outlines a comprehensive approach to decarbonizing Vermont's existing building stock through zero energy retrofits, noting that this would create up to 2,500 good-paying jobs, spur economic development, and meet the state's 2050 carbon reduction goals in an affordable way for building owners. It provides details on the designed approach, projected costs and savings, job and economic impacts, and a proposed roadmap to completing retrofits on 280,000 buildings by 2050 through ramping up contractors and funding over time.
This document discusses earthquake strengthening from the perspective of the Property Council of New Zealand. It summarizes the Property Council's position on government actions around earthquake strengthening requirements between 2012-2015. It also discusses the challenges commercial property owners face regarding deciding whether to strengthen buildings and pay the substantial costs involved, and the debate around strengthening heritage buildings.
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The UK banking system differs from other European systems in that it has a significant presence of foreign banks and is more oriented toward foreign currency activities. Foreign currency business is at least as important as sterling activity on banking sector balance sheets. The largest banks in the UK are HSBC, Barclays, Royal Bank of Scotland, and Lloyds Banking Group. Banks have increasingly relied on non-interest income like fees as a source of total income in recent years. Relatively high margins, lower costs, and strong economic conditions led to increased bank profitability in the UK from 1992 to 1999.
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This document summarizes trends in business funding in 2011 and expectations for 2012. It notes that while debt funding from banks increased in 2011, levels were still below 2006-2008. Equity deals decreased in 2011. For 2012, it is expected that the number of equity-backed deals will increase substantially. New sources of equity funding are also emerging, such as crowdfunding platforms and angel investor groups. Overall, the implications are that equity funding may play a larger role in 2012 compared to debt funding.
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4. Headline Figures
2010/11 2009/10
Turnover £340m £312m
Income from lettings £232m £228m
Op Profit before interest £80.3m £83.5m
Provision for impairment
of land values £0m £25.1m
Fair value adjustment on
acquisition £0m £36.3m
Profit after Tax £20.5m £22.5m
5. Treasury Highlights
• Credit Ratings - Moody’s Aa3 / stable
- Standard & Poor’s A+ / stable
• Interest Cover - 1.5x
• Interest rate risk - continued to 25%
• Gearing - 51.1%
• Liquidity - 3.3x
• Continue to match spending to available funding
• Undrawn committed facilities £547M in place
• Investors continue to support Places for People
notwithstanding volatility in financial markets
6. Results Analysis 2010/11
Housing Stock
62,500
61,500
60,500
Housing stock owned
Units 59,500
or managed
58,500
57,500
56,500
05
06
07
08
09
10
11
20
20
20
20
20
20
Growth in housing stock owned or managed 20
supporting long-term rental income streams.
At 1 April 2011, 62,034 homes owned or managed.
8. Key Achievements –
Gross Fixed Asset Base
£’bn
3.5
3.0
2.5
Gross
Assets
2.0
(£bn)
1.5
1.0
0.5
0.0
2005 2007 2009 2011
• 7 years of sustained growth
• Fixed Asset base remains at £3.1bn
• £3,075k in 2010 to £3,060k in 2011
9. Innovative Funding Strategy
Core funding strategy to:
• Diversify Investor Base
• Rebalance Debt Portfolio to targeted 60% unsecured
Successfully achieved by:
• £175M 20 yr Unsecured Bonds
• £140M 5½ yr Retail Bonds
• US Private Placements
10. Pensions
2011 2010
Pension deficit £28.2m £33.1m
• Pension scheme has been closed to future accrual as
of October 2010
• Plan agreed to eliminate deficit in the next 15 years.
11. 2011/12
• Another Challenging Year
• Robust Liquidity
• Cashflow, Investment & Cost Control
• Short Term Refinancing Secured
12. Operations and
Service Delivery
2010/11
Kieran Keane
Group Director, Operations
13. Operations and Service Delivery
Performance for 2010/11
The Operations Business
• 62,000 properties
• Lettings activity £232m
• > 7000 property lettings
• > 2,000 staff across operations
14. Housing Management
• We provide a dedicated housing
management service to customers living in
our 62,000 homes in England, Wales and
Scotland
• We have experienced teams on the ground
as well as a 24-hour Customer Contact
Centre which deals with around 1,500 calls
each day
15. Repairs and Stock Investment
We have an in-house property maintenance,
repairs and gas servicing team which operates
365 days a year
• This covers c. 90% and all of our gas servicing
and property repairs needs
• This year 232,000 repairs were carried out
• We have a £150 million five year stock
investment programme underway
16. Care and Support Services
• We have been providing high-quality care
and support services for over 40 years
• Working with around 200 local authorities
across England and Scotland we provide
homes and services to 6,752 people
17. • We also provide services to private
individuals who buy tailored care and support
packages from us to help them live
independently in their own home.
19. Rental and Other Income
• The Group has a large
customer base of long term
renters
• Our housing stock generated
over £232m of gross rental
income
• Operating margin pre interest
was 36%.
20. Outstanding Rent Owed by Customers
(Arrears as a % of total rent)
March 2010 March 2011
Group 3.24 3.19
Homes 2.94 2.90
Individual Support 0.54 1.40
Castle Rock Edinvar 4.10 3.71
Cotman HA 5.26 4.01
21. Time Taken to Relet an Empty
Property (days)
March March
2010 2011
Group 44.4 28.7
Homes 39.0 21.0
Individual Support 33.0 37.0
Cotman HA 24.0 25.0
Castle Rock Edinvar 30.1 29.4
22. Total Void Loss (% of total rent)
March March
2010 2011
Group 2.13 1.36
Homes 1.78 0.89
Individual Support 4.32 3.82
Castle Rock Edinvar 0.96 0.80
Cotman HA 0.82 0.75
23. Property Maintenance - % of
Repairs Completed Within Target
Mar ’10 Mar ‘11
Emergency Repairs 96.13% 98.40%
Urgent Repairs 94.31% 98.38%
Routine Repairs 98.14% 98.97%
Gas Servicing Compliance 99.60% 99.70%
24. Customer Satisfaction
• 80% of customers would recommend
Places for People as a landlord
• 97% of customers satisfied or very
satisfied with the repairs service
(34% / 66%)
25. “Decent Homes” Achieved
• By the December 2010 deadline, following an
ambitious programme of investment, all of our
homes met the Government’s Decent Homes
Standard
• The programme has brought improvements to
around 10,000 homes
26. Health & Safety
• Seeking to improve employee health
and safety risk and minimise the risk
to our customers
Year Staff Customer Contractor
RIDDORs RIDDORs RIDDORs
2010/11 30 10 1
2009/10 21 4 1
* RIDDOR - Reporting of Injuries, Diseases and Dangerous Occurrences Regulations
27. Create Social Value for our Customers
e.g. Employment Training
Year People People into People into Business Business
accessing learning and employment start up supported
services training
2010/11 4527 1184 623 32 348
2009/10 3647 655 290 63 109
Places for People secured funding of £2.25m from the
Future Jobs Fund to provide opportunities for 325 young
people aged 18-24 to gain valuable experience in the
workplace
28. Controlling Costs
• Reduction of operational costs
• Managing / influencing repairs volumes
• Improvements in operating efficiencies
• Simplifying management structures
• These continue to flow through to the bottom
line
• These remain key objectives continuing during
the current year.
29. Development
Review
David Shaw
Group Director of Development
30. Last year versus this year…….
• Last year we told you what we were
going to do on our Major Developments
• This year I am going to show you what
we have achieved
• But first to recap these were our
objectives
31. Strategic Response to a
Changing Marketplace
• Investment model focuses on long term returns over
whole life of a development
• Developed Flexible tenure options
• Revised programme and resources
• Focusing on Strategic Projects to deliver Group
placemaking vision
• Integrated development with PfP Group offer
• Use available existing funding streams more
imaginatively
32. Investment Model
Whole life approach
• Asset Creation: DEVELOPMENT APPRAISAL
– Land purchase/trading
– Planning
– Construction
– Sales and Marketing – including flexible tenure offer
• Asset Performance: LONG TERM RETURNS
– Interim Land Uses
– Return on investment portfolio
– Rental Streams
– Affordable Housing/retained equity
– ESCO’s/Infrastructure returns
– Mortgages/Financial Services
• Asset Management: PLACE OFFER
– Life Cycle Costings
– Service delivery
– Management & maintenance
– Energy/utilities
– Domiciliary care
– Childcare/nursery services
33. Investment Model
IMPACT OF SENSITIVITY MULTI-PHASE/ ECONOMIC
MULTIPLE/ FLEXIBLE ANALYSIS ON IMPACT ON SENSITIVITY:
TENURES COSTS/INCOMES OVERALL HPI/BCIS
PROGRAMME
DEVELOPMENT APPRAISAL: COSTS/INCOMES
OPTMISATION OF APPORTIONMENT OF IMPACT OF LAND SALE OR RENT?
MIX/TENURES INFRASTRUCTURE SALES
CASHFLOWED: 25 YEAR+ IMPACT TO THE GROUP
NPV/IRR & ROCE
WHOLE LIFE BUSINESS PLAN
36. Key issues/barriers for Customers
• Affordability is not now, in many cases, the major constraint
– The majority of people continue to aspire to home
ownership
– More affordable rent alone is not a long term sustainable
solution
– Eligibility criteria for “affordable housing”
– Need for intermediate tenures
– Too many different products and options?
= Flexible tenure approach
• Access to mortgages remain the primary issue
– LTV’s continue to fall
– FTB’s trying to save 25% deposits
– Lack of mortgage provider confidence in shared ownership
(shared equity less of an issue)
= PfP Mortgages & equity loans
38. Brooklands
• Phase 1 no of units196
• Sales/Occupation rate 4.5 per month
• Average Selling price £215,462
• Occupations on site 40
–Shared Ownership 37
–Outright Sale 3
• Income per sq ft average PfP in Milton Keynes = £229
• Income per sq ft average new build in Milton Keynes = £180
40. Marlborough Park
• Phase 1 no of units 216
• Sales/Occupation rate 3.9 per month
• Average Selling price £150,673
• Occupations on site 47
–12 Market Rent
–Shared Ownership 29
–Outright Sale 6
• Income per sq ft average PfP in Marlborough Park = £194
• Income per sq ft average New build in Swindon = £188
44. Scotland
• Entered LLP with Edinburgh City Council to develop
188 mid market rent units under the National
Housing Trust initiative
Homes & Communties Agency
• Bid for and allocated 249 units under the
Affordable Homes programme
45. Business
Development
Mary Parsons
Group Director – Business Development
46. Strategic Business Development
Goals
• Increase the amount of new services provided to
existing and new customers
• Future investment in new assets and business
development to focus on short and longer term
profitable projects and business propositions
• Achieve growth and generate returns from revenue
based activities
• Clear focus on marketing and driving commercial
returns for our internal expertise
47. UNDERSTANDING THE EXTERNAL ENVIRONMENT
Competition Political
POLITICAL ECONOMIC
Devolution of power to Local Authorities and communities Slashing the deficit
Right to build / neighbourhood planning Public spending at all levels cut
GP led commissioning Local Authority social spend “un ring fenced”
Public spending cuts Authorities combining for outsourcing units of scale
Reduced regulation Affordable rent
Energy incentives – Green Deal VAT increase
Code for Sustainable Homes commitment Low lending, high deposits
Vocational skills build Interest in UK property investment from overseas
Security of coalition Raising energy costs
Local politics vs central (local mayors) House price inflation / future market shifts
Environment
Legislation
Big Society – local charity Wage growth / high inflation
SOCIAL TECHNOLOGICAL
High unemployment / lack of vocational skills Global market place
Lack of community engagement Online tracking of bidding opportunities
Aging population Customer relationship management systems
Equity sat with older generations Remote working technology
Young unable to buy Social media
Wealth gap Online spend transparency
Environmentally friendly consumers System compatibility (NHS / partners)
Households set to grow Contact centre
House building low, waiting lists high Telecare
Availability of Labour & Supply Chain
48. Business Development Strategy
Existing customer
base
Existing homes & @ home/Financial
services Services
Existing customer @hand/ Dom Care
base
Assistive Technology
Leaseholders
Retirement proposition
Housing &
Tenancy
Management to
Third Parties
Gas servicing & Energy Services?
maintenance –
Non-Residential FM?
B2B and B2C
Domicillary Care
Social Alarms
Public & Private
sector
50. Homes & Neighbourhoods
• Housing & Tenancy Management:
– 2*+ service with excellent prospects
– Year on year performance
improvements
– Market rent/investment portfolios
• Community Safety
• Income Collection
• Contact Centre/Social Alarms
• Neighbourhood Planning
• Target Markets
– Public Sector/ALMO Out-sourcing
– Other Registered Providers
– Private Sector Landlords
– Investment Funds
• Live major opportunities include
Cheshire West & MOD large scale out-
sourcing
51. Property Maintenance
• Gas Servicing/CP12
• Property Maintenance & repairs
• Landscaping
• Handyman
• New installs
• Target Markets
– Local Authorities – Residential contracts
– Other Registered Providers
– Private Sector Landlords
• Secured first gas servicing contract for
Managing Agent for 2000+ units
52. Care & Support
Services / Activities / Track Record
Products
Housing Related Support Verified as excellent
and Floating Support
Domiciliary and Personal CQC verified as excellent
Care
Domestic Services Good
Assisted Technology Good
• Target Markets
– Bidding for the retention of existing
services
– Services being tendered to for
Business to Business
– Growth of Personalisation business
to customers including self -directed
services and private payers
53. New Routes to Market
Business Development priorities
54. Green Services
• Containerised Plant (Biomass &
Gas) – “Biomass in a Box” – RHI
• Feed In Tariff – c. £250k revenue pa
from rent a roof programme
• Green Deal?
• Energy Performance Contracting
• Environmental Consultancy
• Target Markets
– Local Authorities
– Other RSL’s
– Private Sector Landlords
– Housing Developers
– Individual Customers
57. Retirement Proposition
• In the next 15 years, the number of 50-69year olds in the UK will
increase by 3million.
• 2/3 of people who have ever reached the age of 65 are alive
today
• 10m people – 20% of the population – will be over 65 in 4 years’
time
• 1.3m people over retirement age are still working – a 50%
increase since 2000
• The first baby boomers retire in 2012
but ….
• Over half will be living alone by the age of 75
• But 2/3 will suffer a limiting illness in their later years
• Demand for long term care will rise by 70% over next 2 decades
58. The Charmed Generation:
What can we offer?
• Our Target customer has
“A non-ageing mind, in an ageing body – with a maturing
wallet”
• Aspirational – not a distress choice
• Financial & tenure models that work for our customers
• Lifestyle premium – not just care but “hotel” services as
well?
• All inclusive rent packages?; Lifestyle Bonds?
• Flexibly designed homes that meet their needs at 55 and
can be readily adapted for assisted living from 70’s+
• Assistive technology & Telecare services
59. Conclusions:
Developing our business
• Maximising new market opportunities to grow the business
by creating profitable revenue streams
• Leverage existing products & services to enhance
efficiency
• Structure ourselves to respond to B2B and B2C emerging
markets
• Building on the Group’s current market strength and
reputation to deliver to a wider customer base through new
and innovative routes to market
• Generate sustainable enterprises within the Group and new
investment opportunities
• Ensure a balanced portfolio in terms of market sectors, risk,
returns and timescales to help underpin the Group’s future
growth ambitions
• Bring together the Group’s strength in terms of financial
innovation, quality of housing offer and service excellence
61. The World is Changing
• House building is at its lowest level since
1923 - in 2010, only 103,000 homes were
built with 50% funded by the public sector
• Average age of first time buyers without
assistance from parents is now 37
• 25% of 25 to 29 year old men and 13% of 25
to 29 year old women live with their parents
62. The UK Housing Challenge
• Home ownership in England is predicted to
decline to 64%
• Steep rises in private rentals are forecast as
mortgage lending is constrained and deposits
remain high
• Social housing waiting lists are at a record
high
63. The UK Housing Challenge
• In Quarter 2 this year 25,000 residential
permissions were granted
• This is the second lowest number of
permissions granted in a quarter in the last 5
years
• To meet projected household formations
60,000 permissions are required per quarter
65. “The best way to predict the
future is to invent it.”
66. Our Aim
• Enable access to housing in places that meet
people’s aspirations, in a way that suits their
circumstances:
–New build housing
–Flexible housing products
–Decent Neighbourhoods
–Place Management
67. A range of
requirements
A range of Su
ppo
n t solutions r ted
le Re Eq Ho
us
ab u ity ing
ord St Re
Aff t ai
rc
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en as se
et
R
uy
” Bu in
rk b y g
ip
Ma u ou
ity
yo
sh
trig
r
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re
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ht
ow
be
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ry
d
are
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ar
Sh
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68. Place Management
• Decent Neighbourhoods Standard developed
to help deliver on the Big Society agenda
• Working to a standard strips out waste and
duplication, empowering local residents
• Starting to see the results in our
neighbourhoods where we have adopted this
approach
• New work streams in regeneration
69. Working to provide aspirational
homes and inspirational places
Development Services
Masterplanning Place Management
Partnerships & JVs Facilities Facilities Management
Management Asset Management
Care and Support
Ensuring
Successful
Places
Sales Regeneration
Access
Affordable rent
Rent conversion
Save a deposit scheme
Try before you Buy
Market rent
70. Corporate Responsibility
• Gold Award in the BiTC 2011 Corporate
Responsibility Index – the best performance of any
organisation in our sector
• Neighbourhood plans are in place covering over
15,000 homes
• Energy saving measures installed in nearly 4000
homes
• Over 40% of people we employed through the Future
Jobs Fund went on to secure employment
71. Getting maximum value from our
current strengths
•Development of Places
•Property Management
•Leveraging our products and services
•Selling our products and services into new
markets
•New services
72. Getting maximum value from our
current strengths
•Long term investment in places
•Strong Management
•Diversity of business
•Creating value
•Our people
73. Delivering our Vision
• Deliver 2011/12 Business Plan and budgets
• Long-term strategy
• Opportunities arising from changes in the
Housing Market and Government Policy