Resultados preliminares no auditados del año fiscal hasta el 31 de enero del 24
9 de abril de 2024
S&U plc
("S&U", "el Grupo" o "la Compañía")
RESULTADOS PRELIMINARES NO AUDITADOS PARA EL EJERCICIO FINALIZADO EL 31 DE ENERO DE 2024
S&U plc (LSE: SUS), the motor finance and specialist lender, today announces its preliminary results for the year ended 31 January 2024.
Datos financieros clave del grupo:
· Los ingresos aumentaron un 12 % hasta los 115.4 millones de libras esterlinas (2023: 102.7 libras esterlinas)m)
· Profit before tax ("PBT"): £33.6m (2023: £41.4m)
· Las cuentas por cobrar netas del grupo al final del año aumentaron un 10 % hasta los 462.9 millones de libras esterlinas (2023: 420.7 millones de libras esterlinas)
· Group impairment charge of £24.2m (2023: £13.9m) reflecting increased motor arrears during H2
· Group net finance costs at £15.0m (2023: £7.5m) on higher borrowings and increased base rates this year
· Ganancias básicas por acción: 209.2p (2023: 277.5p)
· finalal dividendo de 50 peniques por acción ordinaria a pagar el 12 de julio de 2024 (2023: 60 peniques)
· Préstamos netos a £ 224.4 millones (2023: £ 192.4 millones) - apalancamiento al 95.8% (2023: 85.5%)
Aspectos destacados de Advantage Motor Finance:
· Los ingresos aumentaron un 9 % hasta los 98.2 millones de libras esterlinas (2023: 89.8 millones de libras esterlinas)
· PBT: 28.8 millones de libras esterlinas (2023: £ 37.2 millones)
· Cargo por deterioro: £ 23.3m (2023: £12.9m) reflecting increased arrears during H2
· Live monthly repayments at 92.1% of due (2023: 93.6%)
· Anticipos netos anuales: 175.9 millones de libras esterlinas (2023: 186.6 millones de libras esterlinas)
· Net receivables at year end at £332.5m (2023: £306.8m)
Puntos destacados del puente de Aspen:
· Los ingresos aumentaron un 34 % hasta los 17.3 millones de libras esterlinas (2023: 12.9 millones de libras esterlinas)
· PBT: £ 4.8m (2023: £ 4.5 millones)
· Annual PBT performance underpinned by good advances at sensible Loan to Values
· Good repayments this year and impairment charge remains low at £0.9m (2023: £1.0m)
· Cantidades por cobrar de clientes ahora £ 130.4 millones (2023: £ 113.9 millones)
Anthony Coombs, presidente de S&U plc declaró:
"Enthusiastic and supportive customers underpin S&U's long success and guarantee its future. Current trends, both at Advantage and Aspen, prove that S&U has an abundance of these and trading since our year-end is encouraging. Of course, challenges remain. As Marcus Aurelius, a second century Roman Emperor and Stoic philosopher once said, "sometimes the art of living is more like wrestling than dancing". Confident in our people, business philosophy and the markets we serve so well, we wrestle on."
Para más información, por favor póngase en contacto con:
antonio coombs | S&U plc | c/o SEC Comunicaciones Newgate |
Bob Huxford, Molly Gretton, Harry Handyside | Comunicaciones de SEC Newgate | 020 7653 9848 |
Andrew Buchanan y Sam Milford | Peel Hunt LLP | 020 7418 8900 |
Una conferencia telefónica de presentación para analistas se llevará a cabo el 9th 2024 de abril a las 9.30 h
OPINIÓN DEL PRESIDENTE
Introducción
Times of change and contrasting fortune often bring out the best in people. The past year has been such a time. After a first half which saw profit before tax ahead of both 2022/23 and budget, a combination of prolonged and raised interest rates, a British economy sliding towards recession and, most of all, a flurry of regulatory activity has seen profits for the year as a whole at £33.6m against £41.4m (the highest normalised profit in S&U's history) last year.
Whilst short of the "emerging opportunities" we foresaw a year ago, the results do not do justice to the solid underlying trading of the Group, nor to the sterling efforts of our staff. Working as always together, they will continue to ensure that we shall overcome short-term challenges and restore S&U to its habitual path of steady and sustainable growth.
The strength of S&U's trading is demonstrated by Group revenue this year at £115.4m (2023: £102.7m) and record equity of £234.2m (2023: £224.9m). Customer numbers in both Advantage, our Grimsby-based motor finance provider, and at Aspen our property financier in Solihull, are at a record. So are the Group total repayments they produce of nearly £370m, up 18.5% on 2023. Net receivables for S&U have now reached a best ever £462.9m, and Aspen has recently attained the £500m mark for lending over its seven-year history.
That growth has occurred whilst preserving sustainable quality. Our repayments are one indicator of our historically good relations with our valued customers. Thus, despite what we anticipate to be a temporary hiatus in the last quarter, Advantage live monthly repayments as percent of due finished at 92.1% for the year (2023: 93.6%) with bad debt and voluntary termination write-offs remaining within budget and just under 10% more than last year. Meanwhile, not only were Aspen's profits at a record £4.8m (2023: £4.5m) but its total repayments reached £144.4m for the first time, with just 15 loans beyond term at year end.
Aspectos financieros más destacados*
2024 | 2023 | |
Ingresos: | 115.4m | 102.7m |
Beneficio antes de impuestos ("PBT"): | 33.6m | 41.4m |
Beneficio por acción ("EPS") | 209.2p | 277.5p |
Activos netos del grupo: | 234.2m | 224.9m |
Group gearing*: | 95.8% | 85.5% |
Group total repayments*: | 369.8m | 311.9m |
Dividendo propuesto: | 120 peniques por acción ordinaria | 133p |
* key alternative performance measurement definitions are given in note 2.4 below.
Ventaja financiera ("Ventaja")
The contrast between the very creditable trading record mentioned in my introduction and the results we announce at Advantage can be explained in two ways. The first is a persistently higher level of borrowing costs as books have grown and interest rates remained higher than anticipated. As a result, on Advantage year-end borrowings £18m higher than last year, interest payable has risen by £4.4m for the year as a whole.
Second, and even more significant, there has been an upsurge over the past months in regulatory activity by the Financial Conduct Authority involving inquiries into Advantage alongside, we understand, the majority of firms in the motor lending industry. One such current inquiry is into the linking of interest rates charged to customers to the level of commission paid by lenders to broker introducers. Happily, Aventaja is not involved since it has never engaged in this practice which would cut across its long-standing model of matching rate to risk.
Sin embargo, Another FCA inquiry focusing on affordability, forbearance and vulnerable customers has been initiated by the FCA across the industry to ease the perceived burden of a prolonged period of cost-of-living increases. This FCA inquiry has increased Advantage's costs and inhibited both the range of products we offer our customers, and our ability to sensibly help them maintain their loan repayments - which bolsters their future credit rating.
These inquiries should not detract from the underlying strength of Advantage's results and business model. Receivables have reached a record £332.5m (2023: £306.8m) and revenue is up to a record £98.2m (2023: £89.8m). Total new deal numbers were over 21,500, which was on budget. Live monthly repayments were a record £172.1m representing 92.1% of due for the year (2023: 93.6%). Total deal numbers written off to bad debt were 3717 of a total c. 65,000 on the books, under budget, but up 540 on a year ago and 74% of customers were up to date at year end, against 77.6% a year ago.
Those fundamental strengths were not reflected in Advantage's PBT of £28.8m for two reasons. The first is that provisions prudently made on an IFRS9 estimate of future cash flows have increased by £8.2m on last year. Whether these prove overcautious or otherwise will be evident as the year progresses. The second relates to additional costs incurred as a result of the FCA's inquiries in "professional fees" as well as an increase in base rate driving extra finance costs in Advantage of over £4m on last year. Both are not expected to persist.
More widely than just at Advantage, on an industry wide basis, this recent upsurge in regulation has a number of important characteristics and implications.
Before delving into the specifics, it's essential to acknowledge that S&U endorses the FCA's objectives aimed at enhancing the consumer experience, safeguarding customers from the infrequent but possible negligence within the finance sector and assisting individuals in navigating challenges that may arise during the tenure of their loan. We have consistently maintained that lending is not a win-lose scenario, and believe that transparent, straightforward, and mutually agreed-upon regulations serve the best interests of both the customer and the lender. This perspective aligns with the FCA's additional responsibilities to uphold the integrity of the UK's financial system and to foster competitive practices that benefit consumers. By fulfilling these roles, the FCA, along with other regulatory bodies, can more effectively meet its broader mandate to support the international competitiveness and growth of the UK economy.
This includes efforts to broaden access to credit for all consumer segments, particularly those often categorized as non-prime by traditional financial standards. Such initiatives can stimulate consumption, which constitutes a significant portion of overall demand, thereby driving economic expansion.
In recent years, a notable trend has emerged contrary to expectations. The workforce of the FCA has expanded to 4,289 employees, an increase of 1,100 in the last year, paralleled by a substantial contraction in credit availability. A February report by Clearscore, a data provider and credit scorer, in collaboration with Ernst and Young, highlights a marked decrease in the availability of debt products for non-standard customers over the last twelve years. Specifically, the non-prime market has seen a reduction of more than 30% since 2019. Consequently, Clearscore/E&Y estimates indicate that the number of people whose credit needs are not met has risen from 12 to 13 million in 2018 to 16 to 17 million. This has led to a greater reliance on illegal money lending.
The report by Clearscore and E&Y also notes the inherent challenges in regulation, which must consider the 'fairness' of outcomes for customers in diverse situations. This has been reflected in the FCA's continuous issuance of guidance, including the recent introduction of an outcome-based consumer duty. This approach, often based on retrospective assessment, introduces a degree of uncertainty regarding customer relationships, which in the case of Advantage, have been established and refined over 25 years. Unintended consequences may include a dampening effect on innovation and the introduction of new products. Furthermore, there has been a notable decrease in industry capital, with Ernst & Young estimating a reduction of £2 billion in recent years, as funders grow cautious due to concerns about repayment reliability.
Additionally, imposing restrictions on customers' ability to address their arrears, in pursuit of comprehensive and sometimes intrusive affordability assessments, may inadvertently lead to a preventable worsening of their credit scores.
Central to ensuring consistent and equitable outcomes for customers is the precise definition of terms such as 'affordability' and 'vulnerability', which are inherently subjective and fluctuate over time, particularly in an inflationary environment where the lines between 'essential' and 'discretionary' spending may become indistinct.
In efforts to clarify these critical issues, Advantage actively collaborates with regulators, prioritizing the long-term interests of its customers. The company takes pride in its high customer satisfaction ratings, evidenced by a 4.7 out of 5 score on FEEFO and Trustpilot, and remains committed to offering a spectrum of forbearance options to assist customers facing payment challenges, ensuring they can continue to use their vehicles whenever feasible.
Advantage's strap line for new customers is "We see more than your score" an initial assessment which goes alongside Advantage's traditional aim to improve a customer's credit rating following the successful repayment of their loan. Since a typical 'non-prime' customer has experience of credit arrears and often default in the years prior to application, this is an approach many customers find comforting and valuable as Advantage testimonials show. Almost all can improve their credit score following successful repayment of an Advantage loan.
Preparations for the Consumer Duty at Advantage last summer were thorough. Readiness for the new Duty was overseen by independent legal advisers and then reviewed by RSM, S&U's internal auditors. Moreover, a previous FCA review of affordability at Advantage had been deemed satisfactory.
In response to ongoing concerns regarding the cost of living and its declared objective to "deliver quantifiable consumer benefits," the FCA has launched comprehensive inquiries across the industry, affecting approximately two-thirds of non-prime motor finance companies. In anticipation of the findings, Advantage has consented to specific limitations on its repayment processes. These modifications have temporarily influenced monthly repayments and recovery efforts. However, following constructive dialogues with the regulatory body, these measures are being thoughtfully adjusted to ensure flexibility and effectiveness.
As the motor finance industry transitions to new modes of regulation and evolving assurance of fair customer outcomes, it is to be expected that the mutual learning and understanding between firms and regulator will cause some temporary disruption. In future however, Advantage expects that its long-term experience and humane approach to every customer, irrespective of their background, as evidenced by its industry-leading customer satisfaction and Ombudsman "uphold" rates, will be vindicated and rightly bear fruit.
Finally, I have great pleasure in welcoming Karl Werner as the new Chief Executive of Advantage. Karl has impressed enormously in the few months he has been with us, and his long experience of the finance industry and its regulation, particularly at MotoNovo and Aldermore Bank will make him a distinguished successor to Graham Wheeler.
Puente de álamo temblón
Aspen has continued its impressive progress. Despite an increase in finance costs of £3.6m, profit this year has reached a record £4.8 m (2023: £4.5m) on revenues of £17.3 m (2023: £12.9m). Net receivables are now £130.4 m (2023: £113.9m) following record deal numbers in the year. As Aspens' reputation amongst the finance broking community grows, so does the quality of deal and customer it attracts. As we foresaw last year, this has meant a continuation of last year's higher £0.9m average loan size, whilst average Loan to Values were under 70%, a small reduction on last year. This reflects high quality security and the more experienced developer/investor customers Aspen now attracts.
This is welcome, given the uncertainty surrounding the housing market, which continues to mirror the wider economic issues of the past two years. Annual UK residential transactions last year were 1 million, about 15% down on the year before. However, as mortgage approvals recover, this is expected to reach 1.1 million transactions next year. Average prices for residential properties, which are Aspens' main security, fell slightly last year but have shown recent signs of recovery. Predictions for the current year range from a 3% average rise at Knight Frank to a 3% price fall from Halifax. Given the prospects for a further fall in mortgage rates and a healthy labour market feeding latent demand, our view is that house prices will rise up to 5% on average this year, and possibly more in the south east, where most bridging activity occurs.
These trends are also reflected in the refinance market which has seen average falls of nearly one percent in both interest and stress test rates over the past six months. All this is reflected in total repayments in the year by Aspen of a record £144.4m (2023: £96.1m). A growing book requires expert supervision, and Aspen has strengthened its risk and recoveries department by recruiting further experience in that area. The capital receivables book of c£133 million is high quality. Of 163 current loans, just 15 are beyond term, up just one on last year. Only four properties were in repossession at year end, for which recovery is in progress and adequate provision has been made.
The team at Aspen, based in Solihull in newly expanded offices, has grown to 25 from 21 two years ago. Since Aspen's live book debt has roughly doubled to £130.4m in that period, productivity has substantially increased.
Efficiency measures are carried out quarterly; current trends on all measures are impressive and will be maintained.
Staff are encouraged into CPD; partly as a result, staff turnover has remained low and morale high. Aspen runs a female-managed football team, predictably 'Aspen Villa', promoted last season. Regular staff excursions and celebrations occur, most recently to mark £500m of lending. Momentum is being maintained with current lending at over £15m per month. Since its launch in 2017, Aspen has more than met S&U's expectations, and great things are expected of it in the future.
Dividendos
Whilst recognising its primary responsibilities to its shareholders, S&U has always sought to balance the interests of all its stakeholders. This year's fall in profit together with our wish to protect our loyal staff from recent increases in the cost of living has made this a particularly delicate one this year.
Thus, except for senior directors, average salaries this year have matched the rate of inflation, with more for living wage earners. Higher base interest rates have cost the Group an additional £8m this year, and our incoherent Government have raised the rate of corporation tax by nearly a third.
Taking all this into account, subject to the approval of shareholders at our AGM on 6 June, the board proposes a final dividend of 50p per ordinary share (2023: 60p). This will be paid on 12 July 2024 to the shareholders on the register on 21 June 2024. Total dividends for the year will then be 120p per share (2023: 133p).
Financiamiento y Tesorería
Our confidence in S&U's business strategy, in our customers and the market we serve has been reflected in the additional £32m invested in our businesses over the past year. Net borrowings at year-end was £224.4m (2023: £192.4m). Current Group gearing therefore stands at 95.8%, well within banking covenants and S&U's traditionally conservative risk appetite. The first half of the year saw Group funding facilities increase by £70m, excluding overdrafts, to £280m from our funding partners, comfortably in excess of our anticipated requirements until 2026. In the meantime, we budget for the current Bank rate, but hope for speedy reductions and a more growth-friendly approach from the Bank of England.
Gobernanza y Regulación
The recent period of modest economic growth, alongside political uncertainties, has heightened awareness of the critical role that corporate sustainability and profitability play in any functioning free-market system. This shift in focus has even led figures like Larry Fink, who was once a staunch advocate for corporations in the United States, to reconsider the overriding importance of the Environmental, Social, and Governance (ESG) agenda.
S&U's extensive experience in engaging with respectable individuals, who may not have flawless credit histories, predates the establishment of the FCA by seventy-five years. While acknowledging that the commercial landscape evolves, my stance has been consistent on two fronts.
Firstly, I believe that in organizations where Christian and family values are at the core, such as S&U, there is a natural alignment between commercial pursuits and consumer protection. History has shown that a well-regulated free-market system is unparalleled in enhancing welfare and living standards.
Secondly, S&U has always been a proponent of the critical role the FCA plays in ensuring fair treatment for consumers. Nonetheless, for the markets serving these consumers to remain stable and competitive, ensuring access is paramount. Without this, numerous vulnerable consumers might find themselves resorting to unregulated, and potentially illicit, lending options-a scenario diametrically opposed to the expectations of a civilized society.
S&U's commitment to such a society is evidenced in part by the community activities in which our employees are involved. At Group level this year saw the tenth anniversary of the Keith Coombs Trust, named para my father and former chairman. The Trust focuses its work on children and young people with all kinds of disability - mental, physical and emotional. Through charities in Birmingham, London, Kidderminster and in Africa and India, it funds and promotes work for those who are unable to help themselves.
Finally, in challenging times we should remind ourselves that sustainable success depends upon happy and satisfied customers and the people who serve them. The past six months have not been easy and I pay tribute to all of them; and also, to Graham Wheeler who, over the past four years has led Advantage through COVID, a cost of living crisis and regulatory change. On his retirement, I am pleased that he has now agreed to join S&U's board in a non-executive capacity.
Comercio actual y perspectivas
Enthusiastic and supportive customers underpin S&U's long success and guarantee its future. Current trends, both at Advantage and Aspen, prove that S&U has an abundance of these and trading since our year end is encouraging. Of course, challenges remain. As Marcus Aurelius, a second century Roman Emperor and Stoic philosopher once said, "sometimes the art of living is more like wrestling than dancing". Confident in our people, business philosophy and the markets we serve so well, we wrestle on.
antonio coombs
Presidente
8 de abril de 2024
CUENTA DE RESULTADOS CONSOLIDADA |
| ||||
Ejercicio finalizado el 31 de enero de 2024 | Note |
| |||
2024 |
| 2023 | |||
000 £ |
| 000 £ | |||
Ingresos | 3 | 115,437 |
| 102,714 | |
El costo de ventas | 4 | (22,821) |
| (23,676) | |
Cargo por deterioro | 5 | (24,203) |
| (13,877) | |
Beneficio bruto |
| 68,413 |
| 65,161 | |
Gastos administrativos | 6 | (19,767) |
| (16,256) | |
Beneficio operativo |
| 48,646 |
| 48,905 | |
Costos financieros | 7 | (15,062) |
| (7,495) | |
Beneficio antes de impuestos |
| 33,584 |
| 41,410 | |
Taxation | (8,147) |
| (7,692) | ||
Beneficio del ejercicio atribuible a los accionistas |
| 25,437 |
| 33,718 | |
Utilidad por acción básica | 9 | 209.2p |
| 277.5p | |
Beneficio por acción diluido | 9 | 209.2p |
| 277.5p | |
Dividendos por acción |
| ||||
- Propuesta de Dividendo Final | 50.0p |
| 60.0p | ||
- Dividendos a cuenta del ejercicio | 70.0p |
| 73.0p | ||
- Dividendo total respecto del año | 120.0p |
| 133.0p | ||
- Pagado en el año | 133.0p |
| 128.0p | ||
All activities derive from continuing operations | |||||
DECLARACIÓN CONSOLIDADA DE INGRESO COMPRENSIVO |
| ||||
2024 |
| 2023 | |||
000 £ |
| 000 £ | |||
Beneficio del ejercicio atribuible a los accionistas |
| 25,437 |
| 33,718 | |
Pérdida actuarial en el plan de pensiones de prestaciones definidas | (6) |
| (13) | ||
Resultado integral total del año | 25,431 |
| 33,705 | ||
Los elementos anteriores no se reclasificarán posteriormente al estado de resultados. |
HOJA DE BALANCE CONSOLIDADO |
| ||||
31 de enero de 2024 | Note |
| |||
2024 |
| 2023 | |||
000 £ |
| 000 £ | |||
BIENES |
| ||||
Activos no corrientes |
| ||||
Propiedad, planta y equipo, incluidos los activos por derecho de uso | 2,310 |
| 2,616 | ||
Cantidades por cobrar de los clientes | 8 | 241,985 |
| 219,305 | |
Activos por impuestos diferidos | 155 |
| 110 | ||
244,450 |
| 222,031 | |||
Activos circulantes |
| ||||
Cantidades por cobrar de los clientes | 8 | 220,953 |
| 201,405 | |
Cuentas comerciales y otras cuentas por cobrar | 1,442 |
| 1,601 | ||
Efectivo y equivalentes de efectivo | 1 |
| 3,137 | ||
222,396 |
| 206,143 | |||
Activos totales |
| 466,846 |
| 428,174 | |
PASIVO |
| ||||
Pasivo circulante |
| ||||
Sobregiros y préstamos bancarios | (881) |
| - | ||
Comerciales y otras cuentas a pagar | (4,897) |
| (4,602) | ||
Responsabilidades fiscales | (564) |
| (888) | ||
Pasivos por arrendamiento | (170) |
| (166) | ||
Cuentas de regularización | (1,971) |
| (1,262) | ||
(8,483) |
| (6,918) | |||
Pasivos no corrientes |
| ||||
Préstamos | (223,500) |
| (195,500) | ||
Pasivos por arrendamiento | (251) |
| (421) | ||
Pasivos financieros | (450) |
| (450) | ||
(224,201) |
| (196,371) | |||
Pasivos totales |
| (232,684) |
| (203,289) | |
ACTIVOS NETOS |
| 234,162 |
| 224,885 | |
Equidad |
| ||||
Llamado capital social | 1,719 |
| 1,719 | ||
Compartir cuenta premium | 2,301 |
| 2,301 | ||
Cuenta de ganancias y Perdidas | 230,142 |
| 220,865 | ||
Equidad total |
| 234,162 |
| 224,885 | |
ESTADO DE CAMBIOS EN EL PATRIMONIO NETO |
| ||||||||
Ejercicio finalizado el 31 de enero de 2024 |
| ||||||||
Convocado |
| Compartir |
| Profit |
| ||||
comparte |
| producto de más alta calidad. |
| y perdida |
| Total | |||
| capital |
| cuenta |
| cuenta |
| equidad | ||
| 000 £ |
| 000 £ |
| 000 £ |
| 000 £ | ||
| |||||||||
Al 1 de febrero de 2022 | 1,718 | 2,301 | 202,728 | 206,747 | |||||
Beneficio por año | - | - | 33,718 | 33,718 | |||||
Otro resultado integral del año | - | - | (13) | (13) | |||||
Resultado integral total del año | - | - | 33,705 | 33,705 | |||||
Emisión de nuevas acciones en el año | 1 | - | - | 1 | |||||
Costo de pagos futuros basados en acciones | - | - | 6 | 6 | |||||
Crédito fiscal sobre partidas patrimoniales | - | - | (28) | (28) | |||||
Dividendos | - | - | (15,546) | (15,546) | |||||
Al 31 de enero de 2023 | 1,719 | 2,301 | 220,865 | 224,885 | |||||
Beneficio por año | - |
| - |
| 25,437 | 25,437 | |||
Otro resultado integral del año | - | - | (6) | (6) | |||||
Resultado integral total del año | - |
| - | 25,431 | 25,431 | ||||
Dividendos | - |
| - | (16,154) | (16,154) | ||||
Al 31 de enero de 2024 | 1,719 | 2,301 | 230,142 | 234,162 | |||||
ESTADO DE FLUJOS DE EFECTIVO CONSOLIDADO |
| |||||
Ejercicio finalizado el 31 de enero de 2024 |
| |||||
Note |
| |||||
2024 |
| 2023 |
| |||
000 £ |
| 000 £ |
| |||
Efectivo neto utilizado en actividades operativas | 11 | (446) |
| (55,265) | ||
Flujos de efectivo utilizados en actividades de inversión |
| |||||
Ingresos por enajenación de propiedades, planta y equipo | 76 |
| 166 | |||
Compras de propiedades, planta y equipo. | (265) |
| (826) | |||
Efectivo neto utilizado en actividades de inversión | (189) |
| (660) | |||
Flujos de efectivo de actividades de financiación |
| |||||
Dividendos pagados | (16,154) |
| (15,546) | |||
Costo financiero pagado | (15,062) |
| (7,495) | |||
Emisión de nuevas acciones | - |
| 1 | |||
Recepción de nuevos empréstitos | 173,500 |
| 84,500 | |||
Reembolso de préstamos | (145,500) |
| - | |||
Aumento/(disminución) en pasivos por arrendamiento | (166) |
| 170 | |||
Aumento/(disminución) neto en sobregiro | 881 |
| (2,568) | |||
Efectivo neto generado por actividades de financiamiento | (2,501) |
| 59,062 | |||
Aumento / (disminución) neto de efectivo y equivalentes de efectivo |
| (3,136) |
| 3,137 | ||
Efectivo y equivalentes de efectivo al inicio del año |
| 3,137 |
| - | ||
Efectivo y equivalentes de efectivo al final del año |
| 1 |
| 3,137 | ||
El efectivo y equivalentes de efectivo comprenden |
| |||||
Efectivo y efectivo en banco | 1 |
| 3,137 | |||
No hay saldos de efectivo y equivalentes de efectivo que no estén disponibles para uso del Grupo (2023: £ cero). |
1. INFORMACIÓN DEL ACCIONISTA
1.1 Anuncio Preliminar
The figures shown for the year ended 31 January 2024 are not statutory accounts within the meaning of section 435 of the Companies Act 2006. The unaudited preliminary announcement was approved by the Board of directors on 8 April 2024. The Company's Annual Report will be finalised subsequent to this preliminary unaudited results announcement. The figures shown for the year ended 31 January 2023 are not statutory accounts. A copy of the statutory accounts has been delivered to the Registrar of Companies, contained an unqualified audit report and did not contain an adverse statement under section 498(2) or 498(3) of the Companies Act 2006. This announcement has been agreed with the Company's auditors for release. A copy of this unaudited preliminary announcement will be published on the website www.suplc.co.uk. Los Directores son responsables del mantenimiento y la integridad del sitio web de la Compañía. La legislación del Reino Unido que rige la preparación y difusión de estados financieros difiere de la legislación de otras jurisdicciones.
Junta General Anual 1.2
The Annual General Meeting will be held on 6 June 2024 and further details of arrangements will be published in the AGM notice.
1.3 Dividendo
Si se aprueba en la Asamblea General Anual, se propone un dividendo final de 50 peniques por acción ordinaria, pagadero el 12 de julio de 2024 con fecha de registro del 21 de junio de 2024.
Informe Anual 1.4
El Informe Anual y los Estados Financieros de 2024 y el aviso de la Junta General de Accionistas se mostrarán en su totalidad en nuestro sitio web www.suplc.co.uk a su debido tiempo y también se publicarán para aquellos Accionistas que aún hayan optado por recibir una copia impresa. Las copias de este anuncio están disponibles en el Secretario de la Compañía, S & U plc, 2 Stratford Court, Cranmore Boulevard, Solihull B90 4QT.
2. POLÍTICAS CONTABLES CLAVE
Los estados financieros de 2024 se prepararon de acuerdo con las normas y políticas contables aplicables; estas políticas contables clave son un subconjunto de las políticas contables completas.
2.1 Base de preparación
Como Grupo que cotiza en bolsa, estamos obligados a preparar nuestros estados financieros consolidados de acuerdo con las normas contables internacionales adoptadas en el Reino Unido. Estos estados financieros han sido preparados bajo la convención de costo histórico. Los estados financieros consolidados incorporan los estados financieros de la Compañía y todas sus subsidiarias para el año terminado el 31 de enero de 2024. Como se discutió en el informe estratégico, los directores tienen una expectativa razonable de que el Grupo tiene recursos adecuados para continuar con su existencia operativa durante el período previsible. futuro. En consecuencia, continúan adoptando la base de negocio en marcha en la preparación del informe anual y las cuentas.
No hay nuevas normas que hayan sido adoptadas por el grupo este año que tengan un impacto significativo en los estados financieros del Grupo.
A la fecha de autorización de este anuncio preliminar, los directores anticipan que la adopción en períodos futuros de cualquier otra Norma e interpretación que esté en circulación pero aún no sea efectiva, no tendrá un impacto significativo en los estados financieros del Grupo.
2.2 Reconocimiento de ingresos
Interest income is recognised in the income statement for all loans and receivables measured at amortised cost using the constant periodic rate of return on the net investment in the loans, which is akin to an effective interest rate (EIR) method. The EIR is the rate that exactly discounts estimated future cash flows of the loan back to the present value of the advance and hire purchase interest income is then recognised using the EIR. Acceptance fees charged to customers and any direct transaction costs are included in the calculation of the EIR. For hire purchase agreements in Advantage Finance which are classified as credit impaired (i.e. stage 3 assets under IFRS 9), the group recognises revenue 'net' of the impairment provision to align the accounting treatment under IFRS 16 with the requirements of IFRS 9 and also with the treatment adopted for similar assets in Aspen. Revenue starts to be recognised from the date of completion of the loan - after completion hire purchase customers have a 14-day cooling off period during which they can cancel their loan.
2.3 Deterioro y valoración de importes por cobrar a clientes
Todas las cuentas por cobrar de los clientes se reconocen inicialmente como la cantidad prestada al cliente más los costos directos de transacción. Después del reconocimiento inicial, los montos por cobrar de los clientes se miden posteriormente al costo amortizado.
El costo amortizado incluye una deducción por provisiones para pérdidas crediticias por pérdidas crediticias esperadas ("ECL") evaluadas por los directores de acuerdo con los requisitos de IFRS9.
Existen 3 etapas de clasificación bajo NIIF9 para el deterioro de las cuentas por cobrar a clientes:
Etapa 1: Sin deterioro crediticio y sin aumento significativo del riesgo crediticio desde el reconocimiento inicial
Etapa 2: Sin deterioro crediticio y un aumento significativo del riesgo crediticio desde el reconocimiento inicial
Etapa 3: Crédito deteriorado
Los directores evalúan si existe evidencia objetiva de que un activo crediticio o grupo de activos crediticios tiene deterioro crediticio y debe clasificarse como etapa 3. Un activo crediticio o un grupo de activos crediticios tiene deterioro crediticio solo si hay evidencia objetiva de deterioro crediticio como como resultado de uno o más eventos que ocurrieron después del reconocimiento inicial del préstamo. La evidencia objetiva puede incluir evidencia de que un prestatario o grupo de prestatarios está experimentando dificultades financieras o morosidad en los pagos. Luego, el deterioro se calcula estimando los flujos de efectivo futuros para dichos préstamos deteriorados, descontando los flujos a un valor presente utilizando el EIR original y comparando esta cifra con el valor en libros del balance general. Todos estos deterioros se imputan a la cuenta de pérdidas y ganancias. Según la NIIF 9, para todas las cuentas de la etapa 1 que no tienen deterioro crediticio, se calcula una provisión colectiva adicional para pérdidas crediticias esperadas en los próximos 12 meses y se carga a la cuenta de resultados.
Los supuestos clave para determinar si un activo crediticio o un grupo de activos crediticios tienen deterioro crediticio incluyen información sobre la probabilidad de que cualquier cuenta entre en incumplimiento (PD) e información sobre la posible pérdida eventual, incluidas las recuperaciones (LGD). Estos supuestos y los supuestos para estimar los flujos de efectivo futuros se basan en datos históricos observados y se actualizan para reflejar las condiciones actuales y futuras. Tal como lo exige la NIIF9, todos los supuestos se revisan periódicamente para tener en cuenta las diferencias entre los flujos de efectivo estimados previamente sobre la deuda deteriorada y las pérdidas eventuales.
For all loans in stages 2 and 3 a provision equal to the lifetime expected credit loss is taken. In addition, and in accordance with the provisions of IFRS9 a collective provision for 12 months expected credit losses ("ECL") is recognised for the remainder of the loan book which is Stage 1. 12-month ECL is the portion of lifetime ECL that results from default events on a financial asset that are possible within 12 months after the reporting date.
En nuestro negocio de financiación de automóviles, todos los préstamos con 1 mes o más de atraso contractual se consideran con deterioro crediticio y, por lo tanto, se incluyen en la etapa 9 de la NIIF 3. Esto da como resultado que una mayor parte de nuestras cuentas por cobrar netas estén en la etapa 3 y que las provisiones para pérdidas crediticias asociadas de la etapa 3 sean más altas. que si adoptáramos un enfoque de cuentas por cobrar de clientes más preferenciales con 3 meses o más de atraso. Nuestro enfoque de 1 mes o más en atrasos contractuales se basa en nuestra observación histórica del desempeño crediticio posterior después de que nuestros clientes tengan 1 mes o más de atrasos contractuales dentro de nuestro libro de cuentas por cobrar de clientes de financiamiento de automóviles no preferenciales. La pérdida crediticia esperada ("ECL") es la estimación ponderada de probabilidad de las pérdidas crediticias.
A PD/LGD model was developed by our Motor Finance business, Advantage Finance, to calculate the expected loss impairment provisions in accordance with IFRS9. Stage 1 expected losses are recognised
on inception/initial recognition of a loan based on the probability of a customer defaulting in the next 12 months. This is determined with reference to historical data updated for current and future conditions. If a motor finance loan falls one month or more in contractual arrears, then this is deemed credit impaired and included in IFRS9 Stage 3. There are some motor finance loans which are up to date with payments but the customer is in some form of forbearance and we deem this to be a significant increase in credit risk and so these loans are included in Stage 2.
As required under IFRS9 the expected impact of movements in the macroeconomy is also reflected in the expected loss model calculations. For motor finance, assessments are made to identify the correlation of the level of impairment provision with forward looking external data regarding forecast future levels of employment, inflation, interest rates and used car values which may affect the customers' future propensity to repay their loan. The macroeconomic overlay assessments for 31 January 2024 reflect that further to considering such external macroeconomic forecast data, management have judged that there is currently a more heightened risk of an adverse economic environment for our customers and the value of our motor finance security. To factor in such uncertainties, management has included an overlay for certain groups of assets to reflect this macroeconomic outlook, based on estimated unemployment, inflation and used vehicle price levels in future periods. An overlay for used vehicle prices was also included at 31 January 2023 as we assumed at that point that these prices would fall by 13.5% after a large increase in the previous 12 months. As at 31 January 2024, we have not included an overlay for used vehicle prices as we assume that used vehicle prices will now remain stable after the anticipated large decrease in the previous 12 months. Further sensitivity over this estimation uncertainty is provided in note 2.5.
Aparte de los cambios de enfoque mencionados anteriormente, no hubo cambios significativos en las técnicas de estimación aplicadas a los cálculos utilizados a 31 de enero de 2023 y a los utilizados a 31 de enero de 2022.
Los cálculos de PD/LGD para las provisiones por deterioro de pérdidas esperadas también se desarrollaron para nuestro negocio Property Bridging Aspen Bridging de acuerdo con IFRS9. Las pérdidas esperadas de la Etapa 1 se reconocen al inicio/reconocimiento inicial de un préstamo en función de la probabilidad de que un cliente se vea afectado en los próximos 12 meses. El producto puente tiene un pago único programado para el final del plazo del préstamo y si un préstamo puente no recibe una prórroga o no se reembolsa más allá del final del plazo del préstamo, se considera que se ha deteriorado el crédito y se incluye en la etapa 9 de la NIIF 3. Debido principalmente a Debido a los altos valores de la garantía de la propiedad adjunta a los préstamos puente, el sector puente generalmente tiene un riesgo crediticio más bajo y un deterioro menor que otros sectores crediticios.
Los activos en nuestros dos negocios de préstamos garantizados se dan de baja una vez que el activo ha sido embargado y vendido y no hay perspectiva de más acciones legales o de recuperación de deuda. En los casos en que todavía se están llevando a cabo acciones de ejecución, los préstamos no se cancelan. En la financiación de automóviles, donde el activo ya no está presente, otro indicador que se utiliza para determinar si el préstamo debe cancelarse es la falta de un recibo de 12 meses de ese cliente.
2.4 Medidas de rendimiento
i) El rendimiento ajustado al riesgo como % de las cuentas por cobrar mensuales promedio es el rendimiento bruto del período (ingresos menos deterioro) dividido por las cantidades promedio por cobrar de los clientes para el período.
ii) El deterioro acumulado de 12 meses en el porcentaje de ingresos es el deterioro cargado en el estado de resultados durante los 12 meses anteriores a la fecha del informe dividido por los ingresos para el mismo período de 12 meses. Las comparaciones históricas que utilizan esta medida se vieron afectadas por la adopción de las nuevas normas contables IFRS9 y IFRS16 y el rendimiento ajustado al riesgo se considera una guía históricamente más comparable para el desempeño de las cuentas por cobrar.
iii) El rendimiento sobre el capital empleado promedio antes del costo de los fondos se calcula como la Utilidad operativa dividida por el capital empleado promedio (patrimonio total más descubiertos bancarios más préstamos menos efectivo y equivalentes de efectivo)
iv) La cobertura de dividendos es el beneficio básico por acción ordinaria del ejercicio dividido por el dividendo por acción ordinaria decretado para el mismo ejercicio.
v) El apalancamiento de grupo se calcula como la suma de los Adelantos Bancarios más los Préstamos menos el efectivo y equivalentes de efectivo dividido por el patrimonio total.
vi) Group total repayments are the total live monthly repayments, settlement proceeds and recovery collections in motor finance added to the total amount retained from advances, customer redemptions and recovery collections in property bridging.
2.5 Juicios contables críticos y fuentes clave de incertidumbre en la estimación
En la preparación de estos estados financieros, la Compañía ha realizado juicios, estimaciones y supuestos que afectan los montos informados dentro del ejercicio actual y el siguiente. Los resultados reales pueden diferir de estas estimaciones.
Las estimaciones y los juicios se revisan periódicamente con base en la experiencia pasada, las expectativas de eventos futuros y otros factores.
Juicios contables críticos
A continuación se enumeran los juicios contables críticos, además de los de estimación (que se tratan por separado más adelante), que los Administradores han realizado en el proceso de aplicación de las políticas contables de la Sociedad y que tienen el efecto más significativo sobre los importes reconocidos en los estados financieros. declaraciones.
Incremento significativo del riesgo de crédito por clasificación en Stage 2
The Company's transfer criteria determine what constitutes a significant increase in credit risk, which results in a customer being moved from Stage 1 to Stage 2. Stage 2 currently includes customers who have a good payment record but have been identified as vulnerable by trained staff. Vulnerability can be driven by factors including health, life events, resilience or capability. All customer facing staff are trained to help recognise characteristics of vulnerability. Stage 2 previously included some pandemic payment holiday customers but these customers have all now had 12 months to re-establish their post-holiday payment track record and are therefore now either correctly included in another stage or their agreement has finished.
Fuentes clave de incertidumbre en la estimación
Los Administradores consideran que las fuentes de incertidumbre en la estimación que tienen el efecto más significativo sobre los importes reconocidos en los estados financieros son las inherentes a los mercados de crédito al consumo en los que operamos en relación con el deterioro tal y como se describe en el apartado 2.3 anterior. En particular, la provisión por deterioro del Grupo depende de la incertidumbre de la estimación en áreas prospectivas como las tasas de empleo, las tasas de inflación y los precios de los automóviles usados y las propiedades.
El Grupo implementó la NIIF 9 desde el 1 de febrero de 2018 mediante el desarrollo de modelos para calcular las pérdidas crediticias esperadas en una variedad de escenarios económicos. Estos modelos implican el establecimiento de supuestos de modelado, la ponderación de escenarios económicos, los criterios para determinar un deterioro significativo en la calidad crediticia y la aplicación de ajustes a los resultados del modelo. Hemos esbozado supuestos en nuestro modelo de pérdida crediticia esperada en el año en curso. Un movimiento razonable en estos supuestos podría tener un impacto significativo en el valor de la provisión por deterioro.
Superposición macroeconómica para nuestro negocio de financiación de automóviles
Para esta superposición, el Grupo considera cuatro escenarios de probabilidad ponderada en relación con la tasa de desempleo: escenarios base, al alza, a la baja y severo, como se muestra a continuación:
| ||||||||||||||
| ||||||||||||||
El pareo de bases | Al revés | Desventaja | Grave | Ponderado |
| |||||||||
(30% de disminución) | (aumento del 30 %) | (Aumento del 50%) |
| |||||||||||
ponderación
|
| 50% | 10% | 35% | 5% |
| ||||||||
Q1 2024 | 4.40% | 3.08% | 5.72% | 6.60% | 4.84% |
| ||||||||
Q1 2025 | 4.70% | 3.29% | 6.11% | 7.05% | 5.17% |
| ||||||||
Q1 2026 | 4.90% | 3.43% | 6.37% | 7.35% | 5.39% |
| ||||||||
Q1 2027 | 4.90% | 3.43% | 6.37% | 7.35% | 5.39% |
| ||||||||
| ||||||||||||||
Inflation rates were not previously factored into the macroeconomic overlay prior to 31 January 2022 when we included them due to the extraordinary increases forecast for the following 12 months period and the potential impact on our customers and their repayments - high inflation and forecast inflation were still present at 31 January 2023 and to a lesser extent at 31 January 2024. The Group considers four probability-weighted scenarios in relation to inflation rate: base, upside, downside and severe scenarios as follows:
El pareo de bases | Al revés | Desventaja | Grave | Ponderado | ||
(30% de disminución) | (aumento del 30 %) | (Aumento del 50%) | ||||
ponderación
|
| 50% | 10% | 35% | 5% | |
Q1 2024 | 9.70% | 6.79% | 12.61% | 14.55% | 10.96% | |
Q1 2025 | 3.00% | 2.10% | 3.90% | 4.50% | 3.39% | |
Q1 2026 | 1.00% | 0.70% | 1.30% | 1.50% | 1.13% | |
Q1 2027 | 0.40% | 0.28% | 0.52% | 0.60% | 0.45% |
An increase by 0.5% in the weighted average unemployment rate would result in an increase in loan loss provisions by £1.1m. A decrease by 0.5% would result in a decrease in loan loss provisions by £1,108,644. An increase by 0.5% in the weighted average inflation rate would result in an increase in loan loss provisions by £0.5m. A decrease by 0.5% would result in a decrease in loan loss provisions by £0.5m.
Superposición de precios de vehículos usados y sensibilidad para nuestro negocio de financiamiento de automóviles
At the year ended 31 January 2024, we have assumed that used vehicle prices will remain stable after a period when used vehicle prices increased during years ended 31 January 2022 and 31 January 2023 and then decreased during year ended 31 January 2024. This assumption as at 31 January 2024 has been made after considering market trends and expectations but is uncertain. If used car prices were assumed to fall by 5% instead, then this would result in an increase in loan loss provisions of £3.0m. If used vehicle prices were assumed to increase by 5% instead, then this would result in a decrease in loan loss provisions of £3.0m.
Sensibilidad de pérdida esperada para nuestro negocio puente de propiedad
The PD/LGD expected loss impairment provision model calculations developed for our Aspen bridging business have been based on extrapolating an inherently low volume sample of historic defaults and losses to reflect the current receivables and current market conditions. If the probability of default were assessed to be 10% higher than these calculations, then this would result in an increase in loan loss provisions of £0.3m. If the probability of default were assessed to be 10% lower than these calculations, then this would result in a decrease in loan loss provisions of £0.3m.
3. ANÁLISIS SEGMENTAL |
| |||||||
Análisis por clase de negocio de ingresos y ganancias antes de impuestos de operaciones continuas | ||||||||
se indican a continuación: |
| |||||||
Ingresos |
| Beneficio antes de impuestos |
| |||||
Año |
| Año |
| Año |
| Año |
| |
terminó |
| terminó |
| terminó |
| terminó |
| |
31.1.24 |
| 31.1.23 |
| 31.1.24 |
| 31.1.23 |
| |
Clase de negocio | 000 £ |
| 000 £ |
| 000 £ |
| 000 £ |
|
Financiamiento del motor | 98,177 | 89,801 | 28,810 | 37,171 | ||||
Financiamiento puente de propiedad | 17,260 | 12,913 | 4,803 | 4,457 | ||||
Costos centrales netos de | - | - | (29) | (218) | ||||
ingresos financieros | ||||||||
115,437 | 102,714 | 33,584 | 41,410 | |||||
A continuación se detallan los análisis por clase de negocio de los activos y pasivos: |
| |||||||
Activos |
| Pasivos |
| |||||
Año |
| Año |
| Año |
| Año |
| |
terminó |
| terminó |
| terminó |
| terminó |
| |
31.1.24 |
| 31.1.23 |
| 31.1.24 |
| 31.1.23 |
| |
Clase de negocio | 000 £ |
| 000 £ |
| 000 £ |
| 000 £ |
|
Financiamiento del motor | 335,502 | 311,168 | (181,944) | (164,452) | ||||
Financiamiento puente de propiedad | 130,808 | 116,714 | (121,431) | (109,485) | ||||
Central | 536 | 292 | 70,691 | 70,648 | ||||
466,846 | 428,174 | (232,684) | (203,289) | |||||
La depreciación de los activos para la financiación de automóviles fue de 399,000 2023 £ (425,000: 14,000 2023 £), para la financiación puente de propiedades fue de 15,000 97,000 £ (2023: 85,000 218,000 £) y para la central fue de 2023 394,000 £ (20,000: 2023 13,000 £). Las adiciones de activos fijos para la financiación de automóviles fueron de 27,000 2023 £ (419,000: XNUMX XNUMX XNUMX £), para la financiación puente de propiedades fueron de XNUMX XNUMX £ (XNUMX: XNUMX XNUMX £) y para centrales fueron de XNUMX XNUMX £ (XNUMX: XNUMX XNUMX £).
The net finance credit for central costs was £2,904,000 (2023: £2,507,000), for motor finance was a cost of £11,018,000 (2023: £6,619,000) and for property bridging finance was a cost of £6,948,000 (2023: £3,383,000). The tax charge for central costs was £25,000 (2023: £58,000 credit), for motor finance was a tax charge of £6,967,000 (2023: £6,901,000) and for property bridging finance was a tax charge of £1,155,000 (2023: £848,000).
Los productos significativos en la financiación de automóviles son los préstamos para automóviles y otros vehículos garantizados mediante acuerdos de compra a plazos.
Los productos significativos en la financiación puente de la propiedad son los préstamos puente garantizados con la propiedad.
Los activos y pasivos de la Sociedad Dominante se clasifican como Centrales.
No geographical analysis is presented because all operations are situated in the United Kingdom
4. COSTO DE VENTAS |
| |||
2024 |
| 2023 | ||
000 £ |
| 000 £ | ||
Costo de ventas: financiamiento de automóviles | 20,726 | 21,687 | ||
Costo de ventas - financiamiento puente de propiedad | 2,095 | 1,989 | ||
Costo total de ventas | 22,821 | 23,676 | ||
5. CARGO POR DETERIORO |
| |||
2024 |
| 2023 | ||
000 £ |
| 000 £ | ||
Cargo por provisiones para préstamos incobrables |
| |||
Cargo por provisión para pérdidas crediticias - financiación de motores | 23,280 | 12,885 | ||
Cargo por provisiones para pérdidas crediticias - Financiamiento puente de propiedad | 923 | 992 | ||
Cargo por deterioro total | 24,203 | 13,877 | ||
6. GASTOS ADMINISTRATIVOS |
| |||
2024 |
| 2023 | ||
000 £ |
| 000 £ | ||
Administrative expenses - motor finance | 14,343 | 11,439 | ||
Administrative expenses - property bridging | 2,491 | 2,092 | ||
Administrative expenses - central | 2,933 | 2,752 | ||
Gastos administrativos totales | 19,767 | 16,283 | ||
7. COSTOS FINANCIEROS |
| |||
2024 |
| 2023 | ||
000 £ |
| 000 £ | ||
Dividendo preferente acumulativo del 31.5 % | 141 | 141 | ||
Intereses del pasivo por arrendamiento | 16 | 12 | ||
Bank loan and overdraft interest payable | 14,905 | 7,342 | ||
Costos financieros totales | 15,062 | 7,495 |
8. CANTIDADES A COBRAR A CLIENTES |
| |||
2024 |
| 2023 | ||
000 £ |
| 000 £ | ||
Compra a plazos de financiación de automóviles | 437,181 | 403,282 | ||
Menos: Financiación de automóviles con provisión para pérdidas crediticias | (104,685) | (96,465) | ||
Importes a cobrar de clientes financiación de automóviles | 332,496 | 306,817 | ||
Préstamos de financiación puente de propiedad | 132,746 | 115,451 | ||
Menos: Financiación puente de la provisión para pérdidas crediticias | (2,304) | (1,558) | ||
Importes por cobrar de la financiación puente de la propiedad de los clientes | 130,442 | 113,893 | ||
Cantidades por cobrar de los clientes | 462,938 | 420,710 | ||
Análisis de la fecha de vencimiento futura | ||||
- Vencimiento dentro de un año | 220,953 | 201,405 | ||
- Vencimiento en más de un año | 241,985 | 219,305 | ||
Cantidades por cobrar de los clientes | 462,938 | 420,710 | ||
Análisis de seguridad | ||||
Préstamos garantizados sobre vehículos bajo contratos de compra a plazos | 327,485 | 302,159 | ||
Préstamos garantizados en la propiedad | 130,442 | 113,893 | ||
Otros préstamos no garantizados: financiamiento de automóviles donde la seguridad ya no está presente | 5,011 | 4,658 | ||
Cantidades por cobrar de los clientes | 462,938 | 420,710 |
8. CANTIDADES A COBRAR A CLIENTES (CONTINUACIÓN) | |||||||||
Análisis de provisión para insolvencias y montos por cobrar a clientes (capital) | |||||||||
no crédito |
| no crédito |
| Crédito |
| ||||
Dañado |
| Dañado |
| Dañado |
| ||||
Etapa 1: |
| Etapa 2: |
| Etapa 3: |
| ||||
Sujeto a |
| Sujeto a |
| Sujeto a |
| ||||
12 meses |
| toda la vida |
| toda la vida |
| Total | |||
Al 31 de enero de 2024 |
| ECL |
| ECL |
| ECL |
| ||
000 £ |
| 000 £ |
| 000 £ |
| 000 £ | |||
Importes por cobrar (capital) | |||||||||
Financiamiento del motor | 291,566 | 5,125 | 140,490 | 437,181 | |||||
Financiamiento puente de propiedad | 121,908 | - | 10,838 | 132,746 | |||||
Total | 413,474 | 5,125 | 151,328 | 569,927 | |||||
Provisiones para insolvencias | |||||||||
Financiamiento del motor | (21,315) | (1,323) | (82,047) | (104,685) | |||||
Financiamiento puente de propiedad | (914) | - | (1,390) | (2,304) | |||||
Total | (22,229) | (1,323) | (83,437) | (106,989) | |||||
Montos por cobrar (neto) | |||||||||
Financiamiento del motor | 270,251 | 3,802 | 58,443 | 332,496 | |||||
Financiamiento puente de propiedad | 120,994 | - | 9,448 | 130,442 | |||||
Total | 391,245 | 3,802 | 67,891 | 462,938 | |||||
Etapa 1: |
| Etapa 2: |
| Etapa 3: |
| ||||
Sujeto a |
| Sujeto a |
| Sujeto a |
| ||||
12 meses |
| toda la vida |
| toda la vida |
| Total | |||
Al 31 de enero de 2023 |
| ECL |
| ECL |
| ECL |
| ||
000 £ |
| 000 £ |
| 000 £ |
| 000 £ | |||
Importes por cobrar (capital) | |||||||||
Financiamiento del motor | 285,050 | 2,236 | 115,996 | 403,282 | |||||
Financiamiento puente de propiedad | 108,378 | - | 7,073 | 115,451 | |||||
Total | 393,428 | 2,236 | 123,069 | 518,733 | |||||
Provisiones para insolvencias | |||||||||
Financiamiento del motor | (26,640) | (662) | (69,163) | (96,465) | |||||
Financiamiento puente de propiedad | (1,116) | - | (442) | (1,558) | |||||
Total | (27,756) | (662) | (69,605) | (98,023) | |||||
Montos por cobrar (neto) | |||||||||
Financiamiento del motor | 258,410 | 1,574 | 46,833 | 306,817 | |||||
Financiamiento puente de propiedad | 107,262 | - | 6,631 | 113,893 | |||||
Total | 365,672 | 1,574 | 53,464 | 420,710 |
8. CANTIDADES A COBRAR A CLIENTES (CONTINUACIÓN) | |||||||||
Análisis de provisión para insolvencias y montos por cobrar a clientes (capital) | |||||||||
Etapa 1: |
| Etapa 2: |
| Etapa 3: |
| ||||
Sujeto a |
| Sujeto a |
| Sujeto a |
| Total | |||
| 12 meses |
| toda la vida |
| toda la vida |
| Provisión | ||
Análisis de provisiones para insolvencias |
| ECL |
| ECL |
| ECL |
| ||
000 £ |
| 000 £ |
| 000 £ |
| 000 £ | |||
| |||||||||
Al 1 de febrero de 2022 | 22,575 | 2,769 | 66,783 | 92,127 | |||||
Transferencias netas y cambios en el riesgo de crédito | (10,020) | (1,905) | (1,710) | (13,635) | |||||
Nuevos préstamos originados | 15,599 | 148 | 11,765 | 27,512 | |||||
Cargo total por deterioro en el estado de resultados | 5,579 |
| (1,757) |
| 10,055 |
| 13,877 | ||
Importe deducido de los ingresos de los activos de la etapa 3 | - | - | 8,893 | 8,893 | |||||
Provisión utilizada en castigos | (398) | (350) | (16,126) | (16,874) | |||||
Al 31 de enero de 2023 | 27,756 | 662 | 69,605 | 98,023 | |||||
Transferencias netas y cambios en el riesgo de crédito | (14,755) | 565 | 12,331 | (1,859) | |||||
Nuevos préstamos originados | 11,863 | 354 | 13,845 | 26,062 | |||||
Cargo total por deterioro en el estado de resultados | (2,892) |
| 919 |
| 26,176 |
| 24,203 | ||
Importe deducido de los ingresos de los activos de la etapa 3 | - | - | 9,162 | 9,162 | |||||
Provisión utilizada en castigos | (2,635) | (258) | (21,506) | (24,399) | |||||
Al 31 de enero de 2024 | 22,229 | 1,323 | 83,437 | 106,989 | |||||
9. GANANCIAS POR ACCIÓN ORDINARIA
El cálculo de las ganancias por acción ordinaria ("eps") de las operaciones continuas se basa en una ganancia después de impuestos de £25,437,000 2023 33,718,000 (XNUMX: £XNUMX XNUMX XNUMX).
The number of shares used in the basic eps calculation is the weighted average number of shares in issue during the year of 12,150,760 (2023: 12,149,205). There are a total of nil dilutive share options in issue (2023: nil) and taking into account the appropriate proportion of these dilutive options the number of shares used in the diluted eps calculation is 12,150,760 (2023: 12,149,205).
10. RESPONSABILIDADES CONTINGENTES
Our motor finance subsidiary Advantage was included in the FCA's multi-firm Cost of Living Forbearance Outcomes review in 2023 and as a result the FCA concluded that enhancements may be required to Advantage's approach to arrears management and the application of forbearance. Advantage and the FCA have been in correspondence throughout 2023/24 to discuss and agree the necessary steps and Advantage will carry out an assessment of whether any customers were adversely affected by its practices. Where this is found to be the case Advantage will seek to redress any detriment.
The financial effect of any customer redress cannot be reliably assessed at this early stage of the review. This ongoing assessment is expected to be in advanced stages in Summer 2024, with any redress being made after that.
11. CONCILIACIÓN DEL RESULTADO DE OPERACIÓN CON EL EFECTIVO NETO DE LAS ACTIVIDADES DE OPERACIÓN | |||||
| |||||
2024 |
| 2023 | |||
000 £ |
| 000 £ | |||
Beneficio operativo |
| 48,646 | 48,905 | ||
Impuesto pagado | (8,515) | (7,748) | |||
Depreciación de planta, propiedad y equipo | 510 | 525 | |||
(Utilidad)/pérdida por disposición de planta, propiedad y equipo | (16) | (26) | |||
Aumento de los importes a cobrar de los clientes | (42,228) | (97,795) | |||
Disminución/aumento en cuentas comerciales y otras cuentas por cobrar | 159 | 138 | |||
Aumento de cuentas por pagar comerciales y otras | 295 | 255 | |||
Incremento en provisiones e ingresos diferidos | 709 | 488 | |||
Equity-settled future share-based payments addback | - | 6 | |||
Movimiento en activos / obligaciones por prestaciones de jubilación | (6) | (13) | |||
Efectivo neto utilizado en actividades operativas |
| (446) | (55,265) | ||
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.