TIDMCLIG
RNS Number : 9927O
City of London Investment Group PLC
15 February 2016
15th February 2016
CITY OF LONDON INVESTMENT GROUP PLC
("City of London", "the Group" or "the Company")
HALF YEAR RESULTS TO 31ST DECEMBER 2015
City of London (LSE:CLIG) announces half year results for the
six months to 31st December 2015.
SUMMARY
-- Funds under Management ("FuM") of US$3.8 billion (GBP2.6
billion) at 31st December 2015. This compares with US$4.2 billion
(GBP2.7 billion) at the beginning of this financial year on 1st
July 2015 and US$4.0 billion (GBP2.6 billion) at 31st December
2014
-- FuM at 31st January 2016 of US$3.5 billion (GBP2.5
billion)
-- Revenues representing the Group's management charges on FuM,
were GBP11.8 million (2014: GBP12.2 million)
Profit before tax of GBP3.6 million (2014: GBP4.3 million)
-- Maintained interim dividend of 8p per share payable on 11th
March 2016 to shareholders on the register on 26th February
2016
-- Cash and cash equivalents at the period end of GBP8.4 million
(2014: GBP8.1 million)
This release includes forward-looking statements, which may
differ from actual results. Any forward-looking statements are
based on certain factors and assumptions, which may prove
incorrect, and are subject to risks, uncertainties and assumptions
relating to future events, the Group's operations, results of
operations, growth strategy and liquidity.
For further information, please visit www.citlon.co.uk or
contact:
Barry Olliff (CEO)
City of London Investment Group PLC
Tel: +1 215 313 3774
Roger Lambert
Canaccord Genuity Limited
Financial Adviser and Broker
Tel: +44 (0)20 7523 8000
CHAIRMAN'S STATEMENT
The expression "May you live in interesting times" is often
erroneously attributed to the Chinese. There can be little
question, however, that the immediate trigger for the current
"interesting times" is attributable to the Chinese but we should
not forget that in giving the global economy a very extended diet
of highly intoxicating free money, Western governments are surely
to blame for the inevitable huge underlying debt fuelled problems
that the global economy now faces. I know that some people hold
that the best cure for a hangover is another drink, but when it
comes to the global economy I would have hoped that the world's
economists could have come up with a better solution.
At City of London Investment Group we have certainly not been
immune from these problems. With markets falling across both the
developed and emerging economies we have at least been fortunate to
record, if only on a relative basis, a strong performance. As a
consequence we have been favoured by contrarian investors awarding
us new mandates including asset allocations for our diversification
products.
At end December 2015 total Funds under Management (FuM) were
US$3.8 billion (GBP2.6 billion), down from US$4.2 billion (GBP2.7
billion) at the 30th June 2015 year end. The new mandates noted
above combined with good relative performance reduced the actual
decline in FuM to 11% against a fall in the MSCI Emerging Markets
index of 17%.
Results - unaudited
Unaudited profit before taxation for the period was GBP3.6
million which compares to GBP4.3 million for the six months to end
December 2014. In a falling market these results were exacerbated
by losses incurred on our seed investments. No let up could be
afforded in our ongoing programme of cost controls.
Gross revenue for the period fell back to GBP11.8 million (2014:
GBP12.2 million), whilst commissions payable to our ex-third party
marketing consultant continued to reduce amounting to GBP0.8
million (2014: GBP1.2 million). Custody fees relating to the
safekeeping and administration of the assets of our commingled
funds were unchanged at GBP0.4 million (2014: GBP0.4 million).
Administrative expenses were GBP6.9 million (2014: GBP6.4
million). The largest components of which were staff costs
(essentially salaries, benefits and related employment taxes) of
GBP3.3 million (2014: GBP3.0 million) and profit-share, including
related employment taxes, of GBP1.8 million (2014: GBP1.9
million).
Basic earnings per share, after a 27% tax charge of GBP1.0
million (2014: GBP1.2 million also representing 27% of profit
before tax), were 10.6p (2014: 12.7p). Diluted earnings per share
were 10.4p (2014: 12.5p).
Dividends
As I have previously noted, it is recognised by your Board that
for many of our shareholders a strong and consistent dividend is
particularly important. For this reason we have endeavoured over
the recent more difficult years to at least maintain the dividend,
whilst always ensuring that our finances have remained sound. In
view of your Company's strong balance sheet and cash reserves (cash
and cash equivalents at end December 2015 were GBP8.4 million up
from GBP8.1 million at end December 2014), your Board has agreed to
maintain the 8p interim dividend payable on 11th March 2016 to
shareholders on the register on 26th February 2016. Whilst it
remains your Board's policy that over a rolling five year period
the intention is to achieve an average dividend cover of circa 1.2
times, in the light of current trading some flexibility in this
policy may be advisable. No decision on the final dividend will be
taken until both the results for the full year are known and the
outlook for 2017 is much clearer.
Your Board
Following the 2015 AGM we have welcomed two new directors, Mark
Dwyer, CIO Emerging Markets and Tracy Rodrigues, Finance Director
to the CLIG Board. Their contribution has been greatly appreciated
particularly at a time of Carlos Yuste's departure after 15 years
at CLIG. The handover of Carlos's broadly based business
development and client responsibilities has gone well with clear
benefits in terms of staff motivation in taking on the new roles
that became available. Achieving success over the longer term in
fund management is very dependent on staff continuity and as a firm
we are constantly looking for ways to improve on our already
impressive level of key staff retention. We hope in 2016 to be able
to ensure staff further identify their interests with those of
shareholders by enabling a higher level of equity ownership
throughout the firm whilst avoiding shareholder dilution.
Outlook
Notwithstanding our demonstrated success in attracting new
mandates and the early success of our diversification strategies,
it remains the case that our fortunes are closely tied to those of
the emerging markets. The benchmark index for our core emerging
markets product (MSCI Emerging Markets index) has, at the time of
writing, given up over 10 years of gains. Whether this is now a buy
opportunity is not for me to opine - I leave that up to individual
investors - however if markets do turn, and they are often in the
habit of overshooting, then I am confident that our well
established investment process will ensure that we provide icing on
any positive cake.
Finally, it is worth noting, in his CEO report Barry Olliff
again sets out a template whereby shareholders and interested
investors can work out on the basis of given assumptions the likely
level of profitability. The template is self explanatory however I
draw shareholders' attention to the importance of the US$ to GBP
Sterling exchange rate. A weak pound vs the US$ has a very
beneficial effect on profits.
Post-tax profit: Illustration of US$/GBP rate effect
FUM US$bn: 3.0 3.5 4.0 4.5 5.0
----------- ---------- ---- ---- ---- -----
US$/GBP Post-tax,
GBPm
----------- ---------- ---- ---- ---- -----
1.35 4.3 5.9 7.5 9.2 10.8
----------- ---------- ---- ---- ---- -----
1.40 4.1 5.6 7.2 8.7 10.3
----------- ---------- ---- ---- ---- -----
1.45 3.9 5.4 6.9 8.4 9.9
----------- ---------- ---- ---- ---- -----
1.50 3.7 5.1 6.6 8.0 9.5
----------- ---------- ---- ---- ---- -----
1.55 3.5 4.9 6.3 7.7 9.1
----------- ---------- ---- ---- ---- -----
Assumes:
Average net fee 0.85%
Annual operating costs GBP4.0m plus $7m plus S$1m (GBP1 =
S$2)
Profit-share 30% of operating profit
Average tax rate 27%
Note: The above table is intended to illustrate the approximate
impact of movement in US$/GBP, given an assumed set of trading
conditions. It is not intended to be interpreted or used as a
profit forecast.
In conclusion I am confident that we will continue to make the
best of very uncertain markets and that we will again weather the
storms just as we have in previous downturns.
David Cardale
Chairman
12th February 2016
CHIEF EXECUTIVE OFFICER'S REVIEW
Funds under management (FuM) at the Group's half year end on
31st December 2015 were US$3.8 billion (GBP2.6 billion). This
compares with US$4.2 billion (GBP2.7 billion) at the year-end on
30th June 2015.
The fall in underlying FuM (US$) of 11% compares with a fall of
17% in the MSCI Emerging Markets TR Index (NDUEEGF).
The first six months of our financial year have continued with
net inflows and also outperformance aiding both FuM and the
P&L. Unfortunately the index that we use to measure the
environment in which we work has not been so accommodating.
As shareholders will be aware this has been a difficult time for
fund managers who invest in emerging markets. It is only fund
managers who are outperforming, providing clients with useful
solutions and managing their businesses efficiently that will
survive and prosper.
We believe that it is as a result of the Size Weighted Average
Discount (SWAD) being so wide that there is at present such
significant interest in emerging markets via closed-end funds.
With confirmed additional net inflows of just under US$200
million in the next 3-6 months, we are in a good place both within
our peer group and also from a client stability perspective.
(MORE TO FOLLOW) Dow Jones Newswires
February 15, 2016 02:00 ET (07:00 GMT)
While subsequent to 31st December the emerging markets have
continued to fall, we have continued to notice the return of some
risk taking with recent allocations being to Global Tactical Asset
Allocation, Frontier, EM and three specialist China mandates. This
level of asset allocation diversity is not something that we have
experienced in the past. In addition our book of potential
business, at well in excess of US$500 million, is as large as we
have experienced in the recent past. As usual, shareholders and
other interested parties will be kept up to date with our progress
in this regard on a monthly basis via our web site
www.citlon.co.uk.
Since the end of our financial year in June, the MSCI Emerging
Markets TR Index has fallen significantly but because we were
aggressive in terms of cost reductions in July and August and with
the effects of this now coming through to the P&L, we have come
out of the recent downturn in much better condition than if we had
not acted.
Opportunities have been taken to switch resources so that more
responsibilities are automated, or put another way we have placed
additional resources in Operations which we see as the engine room
for creating additional technology related efficiencies.
As a result of the afore referenced increase in risk appetite,
shareholders and other interested parties should note that in our
dividend cover template we have increased the amount of new
emerging markets FuM from US$250 million to US$500 million for next
financial year, 2016/2017. We have maintained the diversification
products figure at US$250 million.
The template shows the quarterly estimated cost of a maintained
dividend over a three year period against actual post-tax profits
and assumed post-tax profit based upon some key assumptions.
Given these assumptions it should be possible for shareholders
and other interested parties to construct models projecting our
profitability based upon their own opinions while taking into
account changing market circumstances.
The updated template can be viewed on our website
www.citlon.co.uk/shareholders/announcement.php.
Over the next few months we intend to put in place an improved
incentive scheme for staff as the present scheme that was put
together prior to listing has become out-dated in many
respects.
Barry Olliff
Chief Executive Officer
12th February 2016
For further information please see the most recent presentation
to CLIG shareholders. This is on our website www.citlon.co.uk
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31ST DECEMBER 2015
Six months
Six months ended
ended 31st Dec 30th June
Note 31st 2014 2015 (audited)
Dec 2015 (restated) GBP
(unaudited) (unaudited)
GBP GBP
--------------------- ------ ------------- ------------ ----------------
Revenue
Gross fee income 2 11,761,261 12,203,702 25,356,009
Commissions payable (823,557) (1,191,994) (2,274,745)
Custody fees
payable (361,730) (365,916) (737,513)
--------------------- ------ ------------- ------------ ----------------
Net fee income 10,575,974 10,645,792 22,343,751
--------------------- ------ ------------- ------------ ----------------
Administrative
expenses
Staff costs 5,114,846 4,937,907 10,418,571
Other administrative
expenses 1,696,006 1,415,564 3,027,637
Depreciation
and amortisation 75,806 77,049 170,852
--------------------- ------ ------------- ------------ ----------------
(6,886,658) (6,430,520) (13,617,060)
Operating profit 3,689,316 4,215,272 8,726,691
Interest receivable
and similar gains 3 (112,506) 81,227 204,979
--------------------- ------ ------------- ------------ ----------------
Profit before
tax 3,576,810 4,296,499 8,931,670
Income tax expense (982,495) (1,151,471) (2,318,004)
--------------------- ------ ------------- ------------ ----------------
Profit for the
period 2,594,315 3,145,028 6,613,666
--------------------- ------ ------------- ------------ ----------------
Profit attributable
to:
Equity shareholders
of the parent 2,632,839 3,161,769 6,577,845
Non-controlling
interest (38,524) (16,741) 35,821
--------------------- ------ ------------- ------------ ----------------
Basic earnings
per share 4 10.6p 12.7p 26.4p
--------------------- ------ ------------- ------------ ----------------
Diluted earnings
per share 4 10.4p 12.5p 26.0p
--------------------- ------ ------------- ------------ ----------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31ST DECEMBER 2015
Six months Six
ended months
ended
31st Dec 31st
2015 (unaudited) Dec
2014
GBP (unaudited) 30th
June
2015
(audited)
GBP GBP
---------------------------- ------------------ ------------- -----------
Profit for the period 2,594,315 3,145,028 6,613,666
---------------------------- ------------------ ------------- -----------
Fair value (losses)/gains
on available-for-sale
investments*
Release of fair value
gains on disposal
of available-for-sale (1,971) 353 2,117
investments*
Foreign currency movements - - 40
in foreign operations 96,018 - -
Foreign exchange gains
on non-monetary assets 28,245 55,981 50,988
---------------------------- ------------------ ------------- -----------
Other comprehensive
income 122,292 56,334 53,145
---------------------------- ------------------ ------------- -----------
Total comprehensive
income for the period 2,716,607 3,201,362 6,666,811
---------------------------- ------------------ ------------- -----------
Attributable to:
Equity holders of
the parent 2,755,131 3,218,103 6,630,990
Non-controlling interest (38,524) (16,741) 35,821
*Net of deferred tax
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31ST DECEMBER 2015
31st
Dec 2014
31st (restated) 30th
Dec 2015 (unaudited) June
(unaudited) 2015
(audited)
Note GBP GBP GBP
-------------------------- ----- ------------- ------------- -----------
Non-current assets
Property and equipment 398,916 393,132 384,083
Intangible assets 205,816 219,072 196,343
Other financial
assets 2,073,625 1,940,006 2,075,954
Deferred tax asset 451,013 415,249 395,354
-------------------------- ----- ------------- ------------- -----------
3,129,370 2,967,459 3,051,734
-------------------------- ----- ------------- ------------- -----------
Current assets
Trade and other
receivables 4,082,052 4,230,870 4,509,184
Other financial
assets - 58,798 -
Cash and cash equivalents 8,382,280 8,129,359 10,226,705
-------------------------- ----- ------------- ------------- -----------
12,464,332 12,419,027 14,735,889
-------------------------- ----- ------------- ------------- -----------
Current liabilities
Trade and other
payables (2,012,317) (2,084,998) (2,609,944)
Current tax payable (686,771) (600,822) (814,638)
-------------------------- ----- ------------- ------------- -----------
Creditors, amounts
falling due within
one year (2,699,088) (2,685,820) (3,424,582)
-------------------------- ----- ------------- ------------- -----------
Net current assets 9,765,244 9,733,207 11,311,307
-------------------------- ----- ------------- ------------- -----------
Total assets less
current liabilities 12,894,614 12,700,666 14,363,041
(MORE TO FOLLOW) Dow Jones Newswires
February 15, 2016 02:00 ET (07:00 GMT)
-------------------------- ----- ------------- ------------- -----------
Non-current liabilities
Deferred tax liability (102,865) (99,624) (115,525)
-------------------------- ----- ------------- ------------- -----------
Net assets 12,791,749 12,601,042 14,247,516
-------------------------- ----- ------------- ------------- -----------
Capital and reserves
Share capital 267,973 269,123 269,123
Share premium account 2,117,888 2,117,888 2,117,888
Investment in own
shares 5 (5,607,771) (5,854,471) (5,692,430)
Fair value reserve 6,648 6,815 8,619
Foreign exchange
reserve 116,612 (2,658) (7,651)
Share option reserve 854,417 816,205 807,106
Capital redemption
reserve 22,747 21,597 21,597
Retained earnings 14,416,559 14,678,883 16,127,877
-------------------------- ----- ------------- ------------- -----------
Total equity 12,195,073 12,053,382 13,652,129
Non-controlling
interest 596,676 547,660 595,387
-------------------------- ----- ------------- ------------- -----------
Total equity 12,791,749 12,601,042 14,247,516
-------------------------- ----- ------------- ------------- -----------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31ST DECEMBER 2015
Total
attributable
Share Investment Fair Foreign Share Capital to
Share premium in own value exchange option redemption Retained share-
capital account shares reserve reserve reserve reserve earnings holders NCI Total
GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP
-------------- --------- ----------- ------------- --------- --------- --------- ----------- ------------- ------------- ---------- -------------
At 1st
July 2015 269,123 2,117,888 (5,692,430) 8,619 (7,651) 807,106 21,597 16,127,877 13,652,129 595,387 14,247,516
Profit
for the
period - - - - - - 2,632,839 2,632,839 (38,524) 2,594,315
Comprehensive
income - - - (1,971) 124,263 - - - 122,292 - 122,292
-------------- --------- ----------- ------------- --------- --------- --------- ----------- ------------- ------------- ---------- -------------
Total
comprehensive
income - - - (1,971) 124,263 - - 2,632,839 2,755,131 (38,524) 2,716,607
Transactions
with owners
Forex movement
on NCI
investment - - - - - - - - - 39,813 39,813
Share option
exercise - - 84,659 - - (13,746) - 13,746 84,659 - 84,659
Share
cancellation (1,150) - - - - - 1,150 (375,502) (375,502) - (375,502)
Share-based
payment - - - - - 9,479 - - 9,479 - 9,479
Deferred
tax - - - - - 51,578 - 100 51,678 - 51,678
Current
tax share
opts - - - - - - - 2,516 2,516 - 2,516
Dividends
paid - - - - - - - (3,985,017) (3,985,017) - (3,985,017)
-------------- --------- ----------- ------------- --------- --------- --------- ----------- ------------- ------------- ---------- -------------
Total
transactions
with owners (1,150) - 84,659 - - 47,311 1,150 (4,344,157) (4,212,187) 39,813 (4,172,374)
-------------- --------- ----------- ------------- --------- --------- --------- ----------- ------------- ------------- ---------- -------------
As at
31st December
2015 267,973 2,117,888 (5,607,771) 6,648 116,612 854,417 22,747 14,416,559 12,195,073 596,676 12,791,749
-------------- --------- ----------- ------------- --------- --------- --------- ----------- ------------- ------------- ---------- -------------
Total
attributable
Share Investment Fair Foreign Share Capital to
Share premium in own value exchange option redemption Retained share-
capital account shares reserve reserve reserve reserve earnings holders NCI Total
GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP
-------------- --------- ----------- ------------- -------- --------- --------- ----------- ------------- ------------- ---------- -------------
At 1st
July 2014 269,727 2,060,809 (4,884,025) 6,462 (58,639) 732,651 20,582 15,759,107 13,906,674 518,494 14,425,168
Profit
for the
period - - - - - - 3,161,769 3,161,769 (16,741) 3,145,028
Comprehensive
income - - - 353 55,981 - - - 56,334 - 56,334
-------------- --------- ----------- ------------- -------- --------- --------- ----------- ------------- ------------- ---------- -------------
Total
comprehensive
income - - - 353 55,981 - - 3,161,769 3,218,103 (16,741) 3,201,362
Transactions
with owners
Forex movement
on NCI
investment - - - - - - - - - 45,907 45,907
Share option
exercise 411 57,079 26,495 - - (13,550) - 13,550 83,985 - 83,985
Share
cancellation (1,015) - - - - - 1,015 (325,054) (325,054) - (325,054)
Purchase
of own
shares - - (996,941) - - - - - (996,941) - (996,941)
Share-based
payment - - - - - (19,308) - - (19,308) - (19,308)
Deferred
tax - - - - - 116,412 - 15,471 131,883 - 131,883
Current
tax share
opts options - - - - - - - 28,828 28,828 - 28,828
Dividends
paid - - - - - - - (3,974,788) (3,974,788) - (3,974,788)
-------------- --------- ----------- ------------- -------- --------- --------- ----------- ------------- ------------- ---------- -------------
Total
transactions
with owners (604) 57,079 (970,446) - - 83,554 1,015 (4,241,993) (5,071,395) 45,907 (5,025,488)
-------------- --------- ----------- ------------- -------- --------- --------- ----------- ------------- ------------- ---------- -------------
As at
31st December
2014 269,123 2,117,888 (5,854,471) 6,815 (2,658) 816,205 21,597 14,678,883 12,053,382 547,660 12,601,042
-------------- --------- ----------- ------------- -------- --------- --------- ----------- ------------- ------------- ---------- -------------
Total
attributable
Share Investment Fair Foreign Share Capital to
(MORE TO FOLLOW) Dow Jones Newswires
February 15, 2016 02:00 ET (07:00 GMT)
Share premium in own value exchange option redemption Retained share-
capital account shares reserve reserve reserve reserve earnings holders NCI Total
GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP
-------------- --------- ----------- ------------- -------- --------- --------- ----------- ------------- ------------- --------- -------------
At 1st
July 2014 269,727 2,060,809 (4,884,025) 6,462 (58,639) 732,651 20,582 15,759,107 13,906,674 518,494 14,425,168
Profit
for the
period - - - - - - - 6,577,845 6,577,845 35,821 6,613,666
Comprehensive
income - - - 2,157 50,988 - - - 53,145 - 53,145
-------------- --------- ----------- ------------- -------- --------- --------- ----------- ------------- ------------- --------- -------------
Total
comprehensive
income - - - 2,157 50,988 - - 6,577,845 6,630,990 35,821 6,666,811
Transactions
with owners
Forex movement
on NCI
investment - - - - - - - - - 41,072 41,072
Share option
exercise 411 57,079 188,536 - - (36,358) - 36,358 246,026 - 246,026
Share
cancellation (1,015) - - - - - 1,015 (325,054) (325,054) - (325,054)
Purchase
of own
shares - - (996,941) - - - - - (996,941) - (996,941)
Share-based
payment - - - - - 10,037 - - 10,037 - 10,037
Deferred
tax - - - - - 100,776 - 8,737 109,513 - 109,513
Current
tax share
opts options - - - - - - - 30,711 30,711 - 30,711
Dividends
paid - - - - - - - (5,959,827) (5,959,827) - (5,959,827)
-------------- --------- ----------- ------------- -------- --------- --------- ----------- ------------- ------------- --------- -------------
Total
transactions
with owners (604) 57,079 (808,405) - - 74,455 1,015 (6,209,075) (6,885,535) 41,072 (6,844,463)
-------------- --------- ----------- ------------- -------- --------- --------- ----------- ------------- ------------- --------- -------------
As at
30th June
2015 269,123 2,117,888 (5,692,430) 8,619 (7,651) 807,106 21,597 16,127,877 13,652,129 595,387 14,247,516
-------------- --------- ----------- ------------- -------- --------- --------- ----------- ------------- ------------- --------- -------------
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31ST DECEMBER 2015
Six months Six months
ended ended
31st Dec 31st Dec 30th June
2015 (unaudited) 2014 2015 (audited)
GBP (unaudited) GBP
GBP
--------------------------- ------------------ ------------ ----------------
Cash flow from operating
activities
Operating profit 3,689,316 4,215,272 8,726,691
Adjustments for:
Depreciation charges 51,028 54,319 125,392
Amortisation of intangible
assets 24,778 22,730 45,460
Share-based payment
charge 9,479 (19,308) 10,037
Translation adjustments (79,804) (147,946) (154,153)
(Profit) on disposal
of fixed assets (50) - -
Cash generated from
operations before
changes
in working capital 3,694,747 4,125,067 8,753,427
Decrease/(increase)
in trade and other
receivables 427,132 (592,765) (873,707)
(Decrease)/increase
in trade and other
payables (597,627) 787,914 1,315,488
Cash generated from
operations 3,524,252 4,320,216 9,195,208
Interest received 22,246 34,072 57,482
Interest paid - - -
Taxation paid (1,123,995) (1,281,553) (2,219,304)
--------------------------- ------------------ ------------ ----------------
Net cash generated
from operating activities 2,422,503 3,072,735 7,033,386
--------------------------- ------------------ ------------ ----------------
Cash flow from investing
activities
Purchase of property
and equipment (72,042) (41,118) (108,136)
Proceeds from sale
of property and equipment 225 - -
Purchase of non-current - - -
financial assets
Proceeds from sale
of non-current financial
assets - - 5,960
Purchase of current
financial assets - (332,088) (328,962)
Proceeds from sale
of current financial
assets - 322,676 329,382
--------------------------- ------------------ ------------ ----------------
Net cash used in
investing activities (71,817) (50,530) (101,756)
--------------------------- ------------------ ------------ ----------------
Cash flow from financing
activities
Proceeds from issue
of ordinary shares - 57,491 57,490
Ordinary dividends
paid (3,985,017) (3,974,788) (5,959,827)
Purchase and cancellation
of own shares (375,502) (325,054) (325,054)
Purchase of own shares
by employee share
option trust - (996,941) (996,941)
Proceeds from sale
of own shares by
employee
share option trust 84,659 26,495 188,536
--------------------------- ------------------ ------------ ----------------
Net cash used in
financing activities (4,275,860) (5,212,797) (7,035,796)
--------------------------- ------------------ ------------ ----------------
Net decrease in cash
and cash equivalents (1,925,174) (2,190,592) (104,166)
--------------------------- ------------------ ------------ ----------------
Cash and cash equivalents
at start of period 10,226,705 10,242,906 10,242,906
Effect of exchange
rate changes 80,749 77,045 87,965
--------------------------- ------------------ ------------ ----------------
Cash and cash equivalents
at end of period 8,382,280 8,129,359 10,226,705
--------------------------- ------------------ ------------ ----------------
NOTES
1 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
The financial information contained herein is unaudited and does
not comprise statutory financial information within the meaning of
section 434 of the Companies Act 2006. The information for the year
ended 30th June 2015 has been extracted from the latest published
audited accounts. The report of the independent auditor on those
financial statements contained no qualification or statement under
s498(2) or (3) of the Companies Act 2006.
These interim financial statements have been prepared in
accordance with the Disclosure and Transparency Rules of the
Financial Conduct Authority and IAS 34 "Interim Financial
Reporting" as adopted by the European Union. The accounting
policies are consistent with those set out and applied in the
statutory accounts of the Group for the period ended 30th June
2015, which were prepared in accordance with IFRSs as adopted by
the European Union. In line with current accounting policies the
six months ended 31st December 2014 have been restated to account
for the effects of adopting IFRS10.
2 SEGMENTAL ANALYSIS
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