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Notting Hill Housing Trust Notting Hill Housing Trust Kate Davies Chief Executive Paul Phillips Finance Director Andrew Sugden Assistant Finance Director 21-25 July 2011 www.nottinghillhousing.org.uk Table of Contents 1. Introduction 2. The Social Housing Update 3. Overview of Notting Hill Housing 4. Notting Hill Housing Group Financial Review 5. Treasury Policies & Ratings 6. Possible Issue and Security Summary Appendix A: Supporting Materials Page 2 1 Introduction Park Village East, Camden Hammersmith street property 661 London Road, Hounslow Page 3 Introduction • Notting Hill Housing Trust (“NHHT”) is the parent of Notting Hill Housing Group (“NHHG”) • NHHT may, subject to market conditions, look to tap its outstanding Aa3 rated 5.25% Secured Bonds due 2042 in the coming months • The proceeds will be used to fund the group’s development programme • Last week the HCA announced grant support for NHHG’s affordable home programme Page 4 2 Social Housing Sector Update • No losses to secured creditors • Cuts to capital grant (from c. 50% of cost to c.25%) • Opportunity to increase rents to 80% of market rent • Housing Benefit caps • Universal credit (not yet clear) • Housing Benefit Direct will be altered • HCA London moves to Mayor • Sector regulation moves to HCA Page 5 3 Overview of Notting Hill Housing Group Colville Square – W11 St John Street – EC1 Earls Court Mansions - SW5 Page 6 Key Highlights: Notting Hill Housing Group • High demand, high value housing • Stable Aa3 credit rating - BCA of 8 • Strong management team and track record • Committed development funding in place • Significant capacity • Flexibility to adapt to political change • Varied portfolio, wide ranging skills and flexible board Page 7 Progress Since Last Year • Rationalised Board and Group Structure • Integrated Presentation Housing Association • Delivered development programme • Implemented Altogether Better • Cut operating costs • Stabilised and increased returns from Temporary Housing • Achieved Decent Homes Standard Page 8 Notting Hill Housing Group Structure Notting Hill Housing Trust Registered Charity Incorporated as I&P The Issuer Registered with the TSA (“NHHT”) Social Rented Homes Temporary Housing Supported Housing Notting Hill Notting Hill Notting Hill Notting Hill Home Commercial Properties Market Rent Student Lets Ownership Student Shared ownership Investment vehicle Open market rent accommodation Page 9 Summary of NHHG Housing Stock Number of managed homes by type 30,000 Social Rented Shared Ownership Temporary Housing Leased Housing Market Rent Intermediate Rent 25,000 Student Accommodation Supported Housing Leasehold in management 20,000 15,000 10,000 5,000 0 2005 2006 2007 2008 2009 2010 2011 2010 - Acquisition of Presentation Page 10 NHHG Housing Stock (Locations) Page 11 Core NHHG Asset Base Top five locations of NHHG assets (67% of all stock) Borough Units Share of Total Hammersmith & Fulham 4,804 19% Kensington & Chelsea 4,275 17% Hounslow 2,817 11% Lambeth 2,686 11% Ealing 2,237 9% Average gross cost per social rented unit - £92,000 Page 12 NHHG Governance Structure Board Members Executive Management Team Paul Hodgkinson (Chairman) Kate Davies (Chief Executive) Alex Phillips Paul Phillips (Finance) Sophie Warner John Hughes (Development) Debra Yudolph Andy Belton (Operations) Mohan Yogendran Alastair Clegg (Corporate Services) Barbara Matthews Kath King (Asset Management) Annabelle Louvros Bukky Bird Page 13 £1.8bn Affordable Housing Programme • NHHG has received an allocation for grant (subject to contract with the HCA) The basis of the bid was on the following assumptions: • 55% rented, 45% shared ownership • Circa 80% of developments on owned or controlled sites • Affordable Rents capped at a maximum of £230 per week • Average rent is 65% of market (at 40% today) • 50% of relets converted to higher Affordable Rents • No sales of existing stock to support bid • Overall target for NHHG development programme remains 1,200 homes p.a. Page 14 Geographical details of NHHG Allocation • HCA grant will support development at these sites Page 15 Recent Typical NHHG Development • St John Street, Islington (EC1) • Completed May 2011 • 32 residential properties, 10 social rent and 22 shared ownership • Two commercial units • Cost: £8.5m Grant: £3.2m • Shared Ownership Statistics • Average sales period: 2 weeks • Average first tranche: 45% • First tranche profit: £1m Page 16 4 NHHG Financial Review Lonsdale Road, Kensington, W11 Page 17 Financial Highlights Year Ending 31 March 2011 Historical 5-Year Performance • Operating surplus before interest of • Turnover up 77% £40.9m • Reserves up from £167m to £240m • Group surplus of £9.8m • Housing assets valued at cost up • Gearing (Loans/Housing at cost) 98% remains low at 37% • Homes under management up 49% • Successful sales programme • TSA reviewed NHHG finances in 2010 and retained ‘top’ finance rating • Committed funding lines available of £264m (at 31 March 2011) Page 18 NHHG Key Financial Statistics Group highlights - five year summary 2011 2010 2009 2008 2007 For the year ended 31 March Restated £m £m £m £m £m Statistics Surplus for the year as % of turnover 4% 4% 4% 10% 13% Surplus for the year as % of income from lettings 6% 5% 4% 15% 15% Operating Margin 16% 14% 12% 16% 19% Rent losses (void and bad debts as % of rent and service charges receivable) 2% 4% 4% 4% 5% Rent arrears (gross arrears as % of rent and service charges receivable) 12% 14% 10% 11% 10% Gearing (total loans as % housing properties at cost) 37% 38% 34% 27% 24% Interest cover (surplus before interest payable and depreciation and amortisation of housing properties as % of net interest payable) 203% 142% 156% 213% 221% Page 19 5 Treasury Policy and Ratings Viridian, 75 Battersea Park Road, Wandsworth, SW8 Page 20 Summary of Debt and Liquidity Position Summary of NHHG Debt Position at 31 March 2011 NHHG Debt Maturity Profile • Average life of drawn debt: 21 years 300 • Average cost of drawn debt: 4.18% 250 • Average drawn margin: 0.48% 200 • Total Borrowings: £831m £m 150 100 • Undrawn facilities: £264m 50 • Cash Balance: £20m 0 0-1 1-2 2-5 5-10 10-20 20-30 30-40 years years years years years years years • No cross default between NHHT and other Group companies Loan Covenants • NHHT Interest Cover Covenant set at 110% (202% at 31 March 2011) • NHHT Gearing Covenant set at 65% (33% at 31 March 2011) Page 21 Summary of Treasury Position Latest NHHG Debt Position (at 30 June 2011) Facilities (£m) Drawn (£m) Undrawn (£m) Group 1,093 921 172 NHHT Only 759 643 116 Strong interest rate management is optimised with the use of derivatives Maintain prudent level of variable rate debt (greater flexibility for sales receipts) Circa 9,000 unencumbered properties remain in NHHT after bond tap NHHT Debt Mix Position (at 30 June 2011) • Fixed 54% • Floating 39% • Inflation linked 7% Page 22 6 Possible Issue and Security Summary Colville Gardens, Kensington, W11 Page 23 Summary of Possible Future Issue Terms • Issuer Notting Hill Housing Trust • Deal size: £[100-120]mm • Format: Tap issue of existing 5.25% 2042 issue • Rating: Aa3 “Stable Outlook” • Security: Secured on additional Social Housing Assets Fungible with existing issue security Secured investors rank senior to Social Housing Grant • Asset Cover: 105% EUV-SH, 115% MV-ST • Information Covenants: Compliance certificates, accounts, meetings on request • Use of Proceeds: General Corporate purposes • Regulatory Information: Regulatory assessments publicly available • Bookrunners: Goldman Sachs and Santander GBM • Security and Bond Trustees: Prudential Trustee Company Limited • Expected timing of issue: Following completion of the roadshow (subject to market conditions) Page 24 Summary of Bond Security Following the proposed tap • 2,477 properties with value as security for bondholders • All secured properties within London • Social rent, keyworker rent and supported housing units • £642m - indicative vacant possession value • £355m – value as bond security Page 25 Breakdown of Bond Security Breakdown of security following the proposed tap Number of Value for Bond Secured Units Security Purposes Amount EUV–SH 240 22.2 21.2 MV–T 2,237 332.9 289.5 Nil value 90 nil nil Total 2,567 355.1 310.7 Number of Units Social Rented 2,347 Supported Housing 88 Keyworker Rented 42 Nil value 90 Total 2,567 Page 26 Summary 661 London Road, Hounslow, TW7 Page 27 To Conclude, We have: • Implicit Government support provided by Social Housing Grant and Housing Benefit • A diverse prime property portfolio mainly within London • Strong financial business with borrowing capacity to invest in future high value housing development • Conservative and well managed operation underlined by a strong credit rating from Moody’s at Aa3 (Stable) Page 28 Disclaimer For the purposes of the following disclaimer, references to this presentation shall mean these presentation slides and shall be deemed to include references to any related speeches made by or to be made by the management of Notting Hill Housing Trust (NHHT), any questions and answers in relation thereto and any other related verbal or written communications. This presentation may only be communicated or caused to be communicated in the United Kingdom to persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or high net worth entities who fall within Article 49(2)(a) to (d) of the Order (all such persons being referred to as “relevant persons”). Any investment or investment activity to which this presentation relates is available only to relevant persons and will be engaged only with relevant persons. This presentation is being directed at you solely in your capacity as a relevant person (as defined above) for your information and may not be reproduced, redistributed or passed on to any other person or published, in whole or in part, for any purpose, without the prior written consent of NHHT. The information in this presentation is confidential and subject to change without notice, its accuracy is not guaranteed, and it may be incomplete and is condensed.
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