EVO LVE H O U S I N G A N N UA L R E P O RT 2 0 2 0 – 2 0 2 1
F INA N CE FINANCIAL COMMENTARY ANNUAL REPORT 2020–2021
Financial Year 2020–2021 has been another year of solid revenue growth for Evolve Housing, driven predominantly by growth in owned and managed properties and support from NSW Government to deliver significant programs for new and existing resident cohorts through the Together Home and Maintenance Stimulus programs. The significant increased spend on property main-
From a balance sheet perspective, Evolve Housing
tenance during this financial year not only ensures
has continued to increase its total net assets
that we are delivering high quality properties for our
through a combination of increased properties, greater
residents but also ensures that we are preserving and
investment in property maintenance, favourable
growing the long term value in our underlying assets.
market conditions and strong management of working capital. Cash flow management has continued to be
The continuing impacts of COVID-19 have necessitated
a key focus resulting in an overall increase in cash
us to rethink and adapt both our internal operations
held of a further $3.0M which, combined with the
and our outward service delivery strategy. Through
growth in the value of our property assets of $11.0M,
continuing investment in our technology platforms,
has positioned the business well to embark on its
our people and our processes we have been able
forecast growth plans to ensure we deliver on our
to ensure that our employees have been able to
purpose of “enabling more people in need to live in
continue to deliver quality outcomes from a largely
quality homes in thriving and inclusive communities”.
remote working environment. * Note: A complete set of financial statements is available on request.
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