IntroductionToAnnington-2019-web - Page 24



Introduction to Annington 2019
FINANCIAL PERFORMANCE
HIGHLIGHTS
2019 Financial year
• The carrying value of Group
investment properties is £7.7 billion,
up from £7.1 billion.
• At 31 March 2019, the Group’s
investment properties comprised
40,383 completed units (2018:
40,348 units).
• Rental income was £196.8 million
(2018: £193.1 million).
• Profit after taxation was £457.1
million driven largely by the
revaluation in 2019. In 2018 the
loss after tax was £1,059.8 million
largely due to the one off costs of
refinancing in 2018.
LONG-TERM, LOW AND FIXED COST CAPITAL STRUCTURE
JULY 2017: SUCCESSFUL GROUP REFINANCING
Key development 2019
Annington Homes (Guernsey) Limited conversion to an Open
Ended Investment Company
• On 5 April 2019, the sole shareholder of Annington Limited
(“Annington”), Annington Holdings (Guernsey) Limited (“AH(G)L”), was
converted into an Open Ended Investment Company. This conversion
will have a number of positive benefits for the Annington Group,
including the following:
i.
ii.



It facilitates the raising of new equity by AH(G)L.
Debt profile (£ million)
700
600
500
400
It will allow existing investors to redeem their shares at a price
calculated with reference to NAV, provided in every case that
this does not prejudice the fundamental credit standing of
Annington.
300
200
400
526
625
600
625
625
2022
2024
2025
2029
2034
2047
100
• The Group sold 66 (2018: 121)
properties and recognised £15.1
million (2018: £34.9 million) in sales
income.
0
GBP bond1
EUR bond
Debt profile (£ million)
Term Loan
Key terms
• 100% unencumbered assets
8%
• BBB rating from Fitch and S&P with stable outlook
24
• £3,401 million of unsecured debt outstanding
• c.13 years average remaining maturity
14%
£3.4bn total
available
debt
• 3.3% average cost of debt
• Undrawn £300m RCF
67%
• Dividend distribution possible (subject to meeting
covenant ratios)
• Gross LTV of 44%2
GBP bond1
Redruth, Cornwall
EUR bond
Term Loan
1. Euro bonds are swapped to GBP
2. Calculated in accordance with bond and debt covenants
RCF (undrawn)
The Board of Annington Limited is committed to
retaining Annington’s Investment Grade bond rating
| Annington Limited Introduction to Annington 2019
| Annington Limited Introduction to Annington 2019
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