Financial commentary

FINANCE

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 maintenance during this financial year not only ensures that we are delivering high quality properties for our residents but also ensures that we are preserving and growing the long term value in our underlying assets.

The continuing impacts of COVID-19 have necessitated us to rethink and adapt both our internal operations and our outward service delivery strategy. Through continuing investment in our technology platforms, our people and our processes we have been able to ensure that our employees have been able to continue to deliver quality outcomes from a largely remote working environment. From a balance sheet perspective, Evolve Housing has continued to increase its total net assets through a combination of increased properties, greater investment in property maintenance, favourable market conditions and strong management of working capital. Cash flow management has continued to be a key focus resulting in an overall increase in cash held of a further $3.0M which, combined with the growth in the value of our property assets of $11.0M, has positioned the business well to embark on its forecast growth plans to ensure we deliver on our purpose of “enabling more people in need to live in quality homes in thriving and inclusive communities”.

* Note: A complete set of financial statements is available on request.