Investor Portal (S&P Rating: A+/Negative/--)

Incommunities has enjoyed positive relationships with its funders since transfer in 2003. In 2018/19 Incommunities committed to restructure the Group’s facilities and secure the funding requirements to deliver the “Improving Lives to 2040” strategic objective.

The refinancing allowed Incommunities to:

  • Reduce the overall cost of funding.
  • Increase the average maturity of the debt by refinancing some of the existing debt and providing additional facilities.
  • Diversify the sources of funding.
  • Provide c.£100m of unused facilities (including a £50m retained bond).

This resulted in a more cost effective and diverse funding portfolio.

Read more about us here.

Performance Highlights – 3-Year Summary

3 Year Summary

Statement of Comprehensive Income (£m)

2020-21

2019-20

2018-19

Turnover

99.9

101.4

98.4

Operating Surplus

16.4

26.0

13.1

Surplus for the year

4.8

14.4

(24.7)*

* includes one-off refinancing costs of £24.8m.

 

3 Year Summary - Properties

Number of properties

2020-21

2019-20

2018-19

No. of properties

22,651

22,991

22,088

New homes built

115

113

122

 

Investor Updates

VfM Statement

S&P Ratings

Annual Report and Financial Statements

March 2021

March 2020

March 2019

March 2018

March 2017

To see our other Annual Reports and Financial Statements across the Group please click here.

Regulatory Performance

Governance rating – G2. The provider meets the requirements on governance set out in the Governance and Financial Viability standard but needs to improve some aspects of its governance arrangements to support continued compliance.

(Issued October 2020)

Viability Rating – V1). The provider meets the viability requirements and has the financial capacity to deal with a wide range of adverse scenarios.

(Issued November 2019)

Bonds

On 21 March 2019, Incommunities Treasury Plc issued a 30-year £250m own name public issue dated senior secured bond (the ‘Bond’) at a coupon rate of 3.25%.  The initial offer to the market was for a principal amount of £200m of bonds (the ‘Principal Amount’, the ‘Issued Bond’) with a principal amount of £50m of bonds retained for later issue (the ‘Retained Bond’).  The Issued Bond was priced at 99.184% (the ‘Bond Issue Price’) equivalent to a Discount on Issue of £1,632k (0.816%).  The net funds received were £198.368m (£99.184 per £100 issued).

Investor Contacts

As a valued investor, your primary contacts can be found below:

Francesco Elia, Interim Executive Director, Finance (francesco.elia@incommunities.co.uk)

Mark Wood, Director of Financial Services (mark.wood@incommunities.co.uk)