TIDMUTL TIDMUTLA TIDMUTLB TIDMUTLC TIDMUTLD
RNS Number : 8850X
Utilico Investments Limited
22 February 2012
Date: 21 February 2012
Contact: Charles Jillings
Utilico Investments Limited
01372 271 486
Utilico Investments Limited
Unaudited Statement of Results
for the six months to 31 December 2011
Financial Highlights
-- Net asset value total return per ordinary share of 15.3% in
the six months to 31 December 2011
-- Portfolio gains of GBP27.7m
-- Revenue earnings per share rose to 6.54p (December 2010: 3.92p)
-- Interim dividend of 3.50p up from 3.25p last half year
CHAIRMAN'S STATEMENT
I am very pleased to report that Utilico Investments Limited
("Utilico" or "the Company") achieved a total return per ordinary
share of 15.3% in the six months to 31 December 2011. This is an
excellent performance in challenging markets and substantially
ahead of the FTSE All-Share Index, which declined 6.2% over the six
months.
Since August 2003 Utilico's net asset value ("NAV") per ordinary
share plus cumulative dividends of 24.95p has increased 155.6%,
resulting in an average annual compound total return per ordinary
share of 12.3%. The FTSE All-Share Total Return Index achieved 7.5%
compound annual growth during the same period. The increase in
Utilico's NAV over the six months under review was driven by
continued gains on the portfolio, which amounted to GBP27.7m at 31
December 2011.
While these have been difficult times for investors, the asset
and funding profile of Utilico has been good. Over the last three
years the investment manager, ICM Limited ("ICM"), has followed its
strong convictions on the recovery of Resolute Mining Limited
("Resolute"), emerging markets, by way of the Company's investment
in Utilico Emerging Markets Limited ("UEM"), and Infratil Limited
("Infratil"). These assets are all benefitting from recovery,
growth and stability respectively. This growth has been leveraged
by the zero dividend preference ("ZDP") shares. The Company's
strategy of being long gold, emerging markets, Australia and New
Zealand and short Sterling has, to date, proved right.
Much of the portfolio gains, of GBP27.7m, have been driven by
Resolute. ICM's view is that the increase in share price is due
partly to recovery and partly to the strength in gold prices. Today
the investment manager's firm belief is that Resolute's share price
remains on the recovery path.
Clearly a stronger gold price and increased reserves will
deliver a higher valuation. This has resulted in rising
concentration in the portfolio as Resolute's performance outstrips
that of UEM and Infratil. Resolute is the largest holding in the
portfolio at GBP136.2m and this concentration is expected to
continue.
The decision was taken to reduce the investment in Infratil
which had risen to 25.7% of Utilico's portfolio as at 30 June 2011
and the investment manager placed out 22.1% of the shareholding
before the period end and has agreed to sell an additional 5.0m
shares at NZ$1.85 per share on 31 March 2012. At 31 December 2011,
Utilico's holding in Infratil, including the 5.0m shares held for
sale, represents 19.4% of the portfolio. Utilico's new investments
have continued to remain modest over the six months.
The revenue income has risen strongly to GBP8.5m as a result of
dividend distributions from our unlisted transport ticketing
related investments. This, together with reduced funding costs, has
resulted in the revenue earnings per share ("EPS") rising to 6.54p
in the six months to 31 December 2011 on a year on year basis
(December 2010: 3.92p). The Directors have decided to declare an
interim dividend of 3.50p, up from 3.25p last half year. The
revenue reserves carried forward are 9.38p per ordinary share (the
liability for the declared interim dividend is not included).
The redemption date for the 2012 ZDP shares is 31 October 2012.
In December 2011 Utilico Finance Limited, the 100% owned
subisidiary of Utilico, announced proposals to offer the holders of
these 2012 ZDP shares the opportunity to elect to roll part of
their investment into new 2018 ZDP shares. This offer closed on 13
January 2012 with 6.1m 2012 ZDP shares electing to roll into the
2018 ZDP shares. The 39.3m 2012 ZDP shares not rolled over will be
redeemed on their redemption date for cash. To provide funds for
this redemption the Company issued GBP11.9m 2018 ZDP shares for
cash with new investors. In addition, the Company is proposing to
place out up to a further 10.0m 2014 ZDP shares and 10.0m 2016 ZDP
shares and up to 27.6m 2018 ZDP shares to raise cash in advance of
the redemption. Details of these proposals were set out in a
prospectus which can be found on Utilico's website.
The Board, in consultation with ICM, has supported the move to
transfer the company secretarial function to ICM and I am delighted
that Amanda Marsh has joined the ICM Group and will perform the
role of company secretary from April 2012. F&C Management
Limited will continue to be our valued service provider in regards
to execution, settlement, accounting and record keeping. They
continue to offer an outstanding service to Utilico, the Board and
ICM.
I am delighted to have been asked by my fellow Board members to
assume the Chairmanship and I look forward to this opportunity. I
would like to thank the Board for their contributions and valued
input over recent difficult markets.
On behalf of the Board, I must thank Michael Collier for his
support, enthusiasm and guidance as Chairman of Utilico, under
which Utilico has made significant progress. We are all pleased
Michael is continuing as a Director.
It is with deep sadness I report that Lloyd Morrison passed away
earlier this month. Lloyd was the inspirational founder of Infratil
and over the last two decades created a world class New Zealand
based investment fund. Infratil has been an outstanding investment
for our group over the last 17 years, and I expect this
outperformance to continue with the current management team. He was
a friend and advisor to many including Utilico. His leadership,
drive, and encouragement will be missed by all of us.
Most of our investee companies continue to make good progress
with improving results. The economic challenges which we have
outlined over the last three years remain a deep concern. A number
of developed markets remain overleveraged both at a bank and
sovereign level with artificially low interest rates, weakening
economic activity and high political and central bank intervention.
However, our portfolio looks well positioned to meet these
challenges and deliver value longer term.
Dr R Urwin 21 February 2012
INVESTMENT manager's REPORT
Utilico has performed well in the six months to December 2011
with a positive total return of 15.3%, outperforming the FTSE
All-Share Index total return which was negative 6.2% over the same
period. The average annual compound return since inception is
12.3%.
Portfolio
The top ten investments on a look through basis have seen
changes as a result of both strong performance and investment and
disposals in the underlying portfolio. Resolute continues to be our
largest investment at GBP136.2m both on an absolute basis and on a
look through basis. Malaysia Airports Holdings Berhad ("Malaysia
Airport") re-entered the top ten replacing Ocean Wilsons Holdings
Limited ("Ocean Wilson") due to UEM substantially reducing its
holding in Ocean Wilson. Both of these investments are held via
Utilico's investment in UEM.
Resolute has made significant progress in its recovery in the
six months, the last step being the conversion of the 12%
Convertible Loan Notes and exercise of options on 31 December 2011.
As a result Resolute ended the six months largely ungeared (debt
was A$11.0m and cash and bullion were A$71.0m), unhedged and a
leading independent producer of gold. In the quarter to 31 December
2011 Resolute produced 95,668 ounces of gold at a cash cost of
A$777/oz. In the year to 30 June 2012 Resolute has forecast
production of up to 410,000 ounces at an average cash cost of
A$730/oz, up from 330,000 ounces at a cash cost of A$908/oz last
year.
In December 2011 Utilico converted its Resolute options and its
Convertible Loan Notes into Resolute ordinary shares and ended the
year with a holding of 125.9m ordinary shares representing 19.1% of
Resolute's ordinary share capital. Resolute's ordinary share price
increased by 42.0% over the six months. Overall Utilico's leveraged
holding increased 50.7% to GBP136.2m during the six months.
While the operational and structural transformation at Resolute
has largely been completed, we believe the year end share price of
A$1.64 has not truly reflected this achievement.
Infratil (which holds the investment in TrustPower, Wellington
Airport, Infratil Energy Australia and Z Energy) held up well in
weak markets, gaining 5.5% over the six months to 31 December 2011
on a total return basis. In addition the company increased its
interim dividend by 20%. During the six months we realised GBP23.4m
from the sale of ordinary shares. The value of Utilico's investment
has reduced by GBP22.0m as a result of the disposal offset in part
by the price increase.
In the six months from June to December 2011 Infratil refinanced
all its 2011 and 2012 bond maturities and renewed its bank
facility. The company reaffirmed its 2012 earnings guidance and
raised projections around the operating cash flows for the year.
This is testament to the good positioning of the companies'
underlying assets even though the economies in which the businesses
operate showed very low growth.
It is good to see Infratil's management team substantially
increase their investment in Infratil. The management team
participated in Utilico's placement and increased their equity
interest to 10.3%. It is also pleasing to see Infratil buy back
shares in the current environment.
UEM performed well in weak emerging markets. Its NAV per share
decreased by 13.0% to 159.04p versus the MSCI Emerging Markets
Index which declined 16.3% (Sterling adjusted). UEM's portfolio and
strategy remained broadly unchanged over the six months. UEM
migrated to the official list at the London Stock Exchange, from
the Alternative Investment Market ("AIM"), on 14 October 2011. As a
result UEM saw a narrowing of its discount.
TrustPower Limited ("TPW") saw improved results, recording an
18% increase in like for like earnings in the six month period to
September 2011. TrustPower's recent investments in wind energy have
perhaps made the company's earnings more variable than they have
been historically, and the results benefited from a return to more
normal wind speeds after a poor 2010. The company has continued to
make progress in developing new renewable generation assets in both
New Zealand and Australia. In the six months to December 2011,
TPW's share price fell by 1.8%. Again, it is pleasing to see TPW
buying back shares.
Vix Technology Pty Ltd ("Vix") continues to make progress. In
the year to 30 June 2011 the core group of companies within Vix
reported turnover of A$165.0m and an EBITDA of A$8.7m. During the
period Vix returned GBP0.8m to Utilico while GBP3.3m was advanced
in new loans to Vix.
Bermuda Commercial Bank Limited ("BCB") continues to make
progress. For the year to 30 September 2011 BCB reported a profit
before tax of BD$2.6m, up from $1.2m on total assets which
increased by BD$122.3m to BD$532.0m from BD$409.7m in 2010. BCB's
capital ratio of 27.1% remains more than double the Bank of
International Settlement's target of 12.0% and is also
substantially ahead of proposed Basel III capital levels.
Jersey Electricity plc ("JEL") reported results for the year to
September 2011 which were in line with the previous year. This is
disappointing as the company benefitted from stable electricity
prices in France, from where the company imports 97.0% of its
electricity requirements.We remain frustrated that the company is
unable to maintain a fair pricing tension and therefore a fair
return on assets and profitability. Their customer tariffs were
reduced by 5.0% compared to the prior year, despite continuing
capex investment. Capex in the twelve months of GBP15.0m,
outstripped depreciation of GBP8.2m. We welcome the dividend
increase of 4.9% to 10.75p. JEL's share price fell by 3.6% in the
six months to December 2011.
Infratil Energy Australia Pty Ltd ("IAE") is Infratil's
Australian energy business and consists of peak load generation
assets and an energy retailing business, Lumo Energy. The business
reported revenue growth of 9.0% over the six months to September
2011 due to the growing customer base at Lumo and Perth Energy,
plus the new 120MW generation plant at Kwinana.
Renewable Energy Generation Limited ("REG") Over the six months
to December 2011, REG has announced two further projects which help
underpin near term growth. Projects have been acquired in Northern
Ireland (4 MW), and planning permission has been received on a
reasonably sized site in Cornwall (10MW). The company is about to
embark upon construction of the Sancton Hill site in Yorkshire
(10MW), and the South Sharpley site in County Durham (6MW). The UK
Government has pared back the amount of subsidy which can be
claimed by on-shore wind turbines; however, this is offset by the
continued fall in capital costs. Longer term, REG is well
positioned to take advantage of any increase in UK wholesale
electricity prices which may occur as existing nuclear power
stations are de-commissioned, and some older coal plants are also
closed as a result of EU emissions rules. REG's share price
increased by 6.7% in the six months to December 2011.
Z Energy Limited is Infratil's 50% owned joint venture with the
New Zealand Superannuation Fund, set up to purchase and operate
Shell NZ's downstream New Zealand business, including 220 service
stations, refining, port infrastructure, and pipelines. 2010 was
the first year of Infratil's ownership of this business and in the
half year to September 2011 Z Energy is reported to be
outperforming the industry despite poor trading conditions over the
last six months, in terms of volume and market share. Z Energy has
made significant progress on a number of key strategic initiatives
and opportunities for further enhancement continue to be
identified.
Malaysia Airports Holdings Berhad ("MAHB") is the sole operator
and manager of Malaysia's 39 airports, the largest of which is
Kuala Lumpur International Airport ("KLIA"). Over the financial
year to September 2011 the company produced another solid set of
results, with passenger growth of 12.0% and revenue growth of 7.0%.
During the period, MAHB also announced that the construction of its
new KLIA2 terminal at KL Airport, the world's largest purpose built
terminal for low cost carriers, enabling it to hand up to 45
million passengers and capitalise on the non-aeronautical revenues
generated from passengers passing through, will be completed by
April 2013. The new terminal will be a long term value driver for
the stock. Over the period the share price decreased 11.1%.
Wellington International Airport Ltd ("Wellington") saw a
decrease in passenger numbers of 1.4% in the interim six month
period to September 2011, as traffic numbers were affected by the
Chilean volcanic dust cloud which reduced its services in June. The
airport however was recognised as the best airport in Australasia
at the 2011 World Travel Awards and should see an improvement in
passenger numbers in the latter half of 2011 on the back of the
international surge associated with the Rugby World Cup.
During the six months Utilico invested GBP16.3m, of which the
biggest investment was GBP6.0m on the exercise of Resolute Options,
and realised GBP25.9m, the majority of which was the sale of
Infratil ordinary shares realising GBP23.4m.
As a result of Resolute's continued strength the top ten has
become more concentrated and has risen from 61.0% to 65.1% of the
total investments.
The geographic and sectoral weightings have remained broadly in
line with the position at June 2011 with the exception of Gold
Mining which increased from 22% to 32% both geographically and
sectorally as a result of the strong performance of Resolute
together with the exercise of Utilico's Resolute options position.
Further, New Zealand has reduced from 21% to 14% as a result of the
reduction of the Infratil holding.
Bank Debt
Bank debt decreased from GBP30.9m to GBP17.9m. This reflects
part utilisation of the GBP30.0m bank facility. As at 31 December
2011 this was drawn in New Zealand Dollars and Sterling.
Hedging
Having reduced the market hedge position to nil in September
2011, the position was modestly re-established in the last two
months of 2011. At 31 December 2011 the investment in the hedge was
GBP2.9m.
Utilico has maintained currency hedges to partially protect the
Sterling value of certain investments. At the period end, forward
currency sale contracts were in place for a nominal NZ$55.4m,
EUR11.9m and A$11.3m. This level of protection reflects the
investment manager's view that Sterling is likely to be stronger
rather than weaker against certain currencies of Utilico's
investments.
Revenue Return
The total income is up significantly in the six months to 31
December 2011 compared to the prior year, mainly as a result of
dividend income from Utilico's unlisted transport ticketing
investments. Management and administration fees increased as a
result of higher gross assets. Finance costs were significantly
reduced due to lower debt and reduced margins. The combined effect
of the above resulted in the revenue EPS rising 66.8% to 6.54p.
Capital Return
Capital returns recorded a further gain of GBP24.4m due mostly
to gains on investments of GBP27.7m. Gains on derivatives and
exchange rates partly reversed the losses in the previous period.
Finance costs were up marginally as the ZDP Shares' accumulated
capital base increased. The resulting EPS on the capital return was
24.4p.
Expense Ratio
Utilico's total expenses excluding finance costs and taxation
were GBP1.4m. This represents an annualised TER of 0.6%, marginally
down on the prior year.
DIRECTORS' STATEMENT OF PRINCIPAL RISKS AND UNCERTAINTIES
The Group's assets consist mainly of quoted equity securities
and its principal risks are therefore market related. The large
number of investments held, together with the geographic and sector
diversity of the portfolio, enables the Company to spread its risk
with regard to liquidity, market volatility, currency movements and
revenue streams.
Other key risks faced by the Group relate to investment
strategy, external events, management and resources, regulatory
issues, operational matters, financial controls and loan covenant
compliance.
These risks, and the way in which they are managed, are
described in more detail under the heading "Principal risks and
risk mitigation" within the Report of the Directors contained
within the Group's Report and Accounts for the year ended 30 June
2011. The Group's principal risks and uncertainties have not
changed materially since the date of that report. The Annual Report
and Accounts is published on the Company's website,
www.utilico.bm.
DIRECTOR'S STATEMENT OF RESPONSIBILITIES
In accordance with Chapter 4.2 of the Disclosure and
Transparency Rules the Directors confirm that to the best of their
knowledge:
i) the condensed set of financial statements has been prepared
in accordance with applicable International Accounting Standards
and gives a true and fair view of the assets, liabilities,
financial position and return of the Group;
ii) the Chairman's Statement and Investment Manager's Report
(constituting the Interim Report) includes a fair review of the
important events that have occurred in the six months to 31
December 2011 and their impact on the condensed set of financial
statements;
iii) the Directors' Statement of Principal Risks and
Uncertainties shown above is a fair review of the principal risks
and uncertainties for the remainder of the financial year; and
iv) the condensed set of financial statements include a fair
review of the information required by DTR 4.2.8R, being related
party transactions that have taken place in the first six months of
the financial year and that have materially affected the financial
position or performance of the Company during the period, and any
changes in the related party transactions described in the last
Annual Report that could do so.
The financial statements are published on the Company's website,
www.utilico.bm, the maintenance and integrity of which is the
responsibility of the Company.
Signed on behalf of the Board
Dr R Urwin
Chairman
21 February 2012
UNAUDITED CONSOLIDATED PERFORMANCE SUMMARY
31 December 30 June
2011 2011 Change
--------------------------------------------------- --------------------- ---------------- -------------
Ordinary shares
Total return 15.3%(1) 24.2% n/a
Annual compound total return since inception 12.3% 11.2% n/a
Net asset value per ordinary share 229.29p 201.63p 13.7%
Share prices and indices
Ordinary share price 159.00p 147.25p 8.0%
Discount 30.7% 27.0% n/a
FTSE All-share Index total return 3,970 4,233 (6.2%)
Zero dividend preference (ZDP) shares (2)
2012 ZDP shares
Capital entitlement per ZDP share 167.77p 162.15p 3.5%
ZDP share price 172.25p 168.50p 2.2%
2014 ZDP shares
Capital entitlement per ZDP share 137.45p 132.69p 3.6%
ZDP share price 147.87p 142.75p 3.6%
2016 ZDP shares
Capital entitlement per ZDP share 137.45p 132.69p 3.6%
ZDP share price 147.25p 133.50p 10.3%
--------------------------------------------------- --------------------- ---------------- -------------
Warrants
2012 warrant price 0.55p 0.55p -%
--------------------------------------------------- --------------------- ---------------- -------------
Equity holders funds (GBPm)
Gross assets (3) 427.2 408.7 4.5%
Bank debt 17.9 30.9 (42.1%)
ZDP debt 178.9 172.8 3.6%
Other debt 1.3 3.5 (62.9%)
Equity holders' funds 229.1 201.5 13.7%
Financial ratios of the Group (4)
Revenue yield on average Gross Assets 4.1% 3.1% n/a
Total expense ratio (5) on average Gross Assets 0.7% 0.8% n/a
Bank loans, other loans and ZDP shares gearing
on Gross Assets 46.4% 50.7% n/a
--------------------------------------------------- --------------------- ---------------- -------------
Six months to Six months to
Returns and dividends 31 Dec 11 31 Dec 10
Revenue return per ordinary share (undiluted) 6.54p 3.92p
Capital return per ordinary share (undiluted) 24.38p 67.24p
Total return per ordinary share (undiluted) 30.92p 71.16p
Dividend per ordinary share 3.50p(6) 5.00p(7)
------------------------------------------------------------------- ------------------ ------------------
(1) For the six months to 31 December 2011
(2) Issued by Utilico Finance Limited, a wholly owned subsidiary
of Utilico Investments Limited, in June 2007. 2012 ZDP shares
previously issued by Utilico Investment Trust plc.
(3) Gross assets less current liabilities excluding loans.
(4) For comparative purposes the total expense and revenue
figures have been annualised.
(5) Excluding performance fee.
(6) The interim dividend declared has not been included as a
liability in these accounts.
(7) 3.25p interim dividend plus 1.75p special dividend.
UNAUDITED CONDENSED GROUP STATEMENT OF COMPREHENSIVE INCOME
for the six months to 31 December 2011 2010
Revenue Capital Total Revenue Capital Total
return return return return return return
GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s
----------------------------------------------- --------- --------- --------- --------- --------- ---------
Gains on investments - 27,680 27,680 - 74,783 74,783
Gains/(losses) on derivative instruments - 2,502 2,502 - (9,679) (9,679)
Gains/(losses) on foreign exchange - 353 353 22 (1,311) (1,289)
Investment and other income 8,511 - 8,511 6,003 43 6,046
Total income 8,511 30,535 39,046 6,025 63,836 69,861
Management and administration fees (962) - (962) (871) - (871)
Other expenses (395) (1) (396) (444) (5) (449)
----------------------------------------------- --------- --------- --------- --------- --------- ---------
Profit before finance costs and taxation 7,154 30,534 37,688 4,710 63,831 68,541
Finance costs (616) (6,173) (6,789) (1,082) (5,754) (6,836)
Profit before taxation 6,538 24,361 30,899 3,628 58,077 61,705
Taxation (4) - (4) (241) - (241)
----------------------------------------------- --------- --------- --------- --------- --------- ---------
Profit for the period 6,534 24,361 30,895 3,387 58,077 61,464
----------------------------------------------- --------- --------- --------- --------- --------- ---------
Earnings per ordinary share (basic) - pence 6.54 24.38 30.92 3.92 67.24 71.16
Earnings per ordinary share (diluted) - pence 6.54 24.38 30.92 3.92 67.24 71.16
----------------------------------------------- --------- --------- --------- --------- --------- ---------
The total column of this statement represents the Group's
Condensed Income Statement and the Group's Condensed Statement of
Comprehensive Income, prepared in accordance with IFRS.
The supplementary revenue returns and capital returns are
prepared under guidance published by the Association of Investment
Companies in the UK.
The Group does not have any income or expense that is not
included in the profit for the period, and therefore the 'profit
for the period' is also the 'total comprehensive income for the
period', as defined in International Accounting Standard 1
(revised).
All items in the above statement derive from continuing
operations.
All income is attributable to the equity holders of the Company.
There are no minority interests.
UNAUDITED CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY
for the six months to 31 December 2011
Ordinary Share Non-
share premium Special Warrant distributable Capital Revenue
capital account Reserve reserve reserve reserves reserve Total
GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s
-------------------- ---------- --------- ---------- --------- -------------- ---------- ---------- ----------
Balance at 30 June
2011 9,993 30,250 233,866 3,049 32,069 (113,833) 6,083 201,477
Profit for the
period - - - - - 24,361 6,534 30,895
Ordinary dividends
paid - - - - - - (3,248) (3,248)
Conversion of
warrants - 1 - - - - - 1
-------------------- ---------- --------- ---------- --------- -------------- ---------- ---------- ----------
Balance at 31
December 2011 9,993 30,251 233,866 3,049 32,069 (89,472) 9,369 229,125
-------------------- ---------- --------- ---------- --------- -------------- ---------- ---------- ----------
for the six months to 31 December 2010
Ordinary Share Non-
share premium Special Warrant distributable Capital Revenue
capital account Reserve reserve reserve reserves reserve Total
GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s
--------------------- ---------- --------- --------- --------- -------------- ---------- ---------- ----------
Balance at 30 June
2010 8,637 223,501 10,365 3,050 32,068 (138,218) 4,317 143,720
Profit for the
period - - - - - 58,077 3,387 61,464
Costs incurred for
corporate action - (693) - - - - - (693)
--------------------- ---------- --------- --------- --------- -------------- ---------- ---------- ----------
Balance at 31
December
2010 8,637 222,808 10,365 3,050 32,068 (80,141) 7,704 204,491
--------------------- ---------- --------- --------- --------- -------------- ---------- ---------- ----------
for the year to 30 June 2011
Ordinary Share Non-
share premium Special Warrant distributable Capital Revenue
capital account Reserve reserve reserve reserves reserve Total
GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s
----------------------- --------- ---------- --------- --------- -------------- ---------- --------- ---------
Balance at 30 June
2010 8,637 223,501 10,365 3,050 32,068 (138,218) 4,317 143,720
Profit for the year - - - - - 24,074 7,073 31,147
Ordinary dividends
paid - - - - - - (4,996) (4,996)
Conversion of warrants - 2 - (1) 1 - - 2
Transfer to special
reserve - (223,501) 223,501 - - - - -
Issue of ordinary
shares 1,356 30,867 - - - - - 32,223
Issue costs of
ordinary share
capital - (619) - - - - - (619)
Transfer on loss of
control of subsidiary - - - - - 311 (311) -
----------------------- --------- ---------- --------- --------- -------------- ---------- --------- ---------
Balance at 30 June
2011 9,993 30,250 233,866 3,049 32,069 (113,833) 6,083 201,477
----------------------- --------- ---------- --------- --------- -------------- ---------- --------- ---------
UNAUDITED CONDENSED GROUP BALANCE SHEET
31 December 2011 31 December 2010 30 June 2011
GBP'000s GBP'000s GBP'000s
--------------------------------------- ----------------- ----------------- ------------------
Non-current assets
Investments 426,697 399,329 407,560
--------------------------------------- ----------------- ----------------- ------------------
Current assets
Other receivables 4,359 2,668 1,623
Derivative financial instruments 4,155 581 1,625
Cash and cash equivalents 973 3,832 1,293
--------------------------------------- ----------------- ----------------- ------------------
9,487 7,081 4,541
--------------------------------------- ----------------- ----------------- ------------------
Current liabilities
Loans (1,256) (31,135) (3,555)
Other payables (8,249) (1,578) (1,362)
Derivative financial instruments (751) (2,292) (2,002)
Zero dividend preference shares (76,313) - -
(86,569) (35,005) (6,919)
--------------------------------------- ----------------- ----------------- ------------------
Net current liabilities (77,082) (27,924) (2,378)
--------------------------------------- ----------------- ----------------- ------------------
Total assets less current liabilities 349,615 371,405 405,182
Non-current liabilities
Bank loans (17,868) - (30,943)
Zero dividend preference shares (102,622) (166,914) (172,762)
--------------------------------------- ----------------- ----------------- ------------------
Net assets 229,125 204,491 201,477
--------------------------------------- ----------------- ----------------- ------------------
Equity attributable to equity holders
Ordinary share capital 9,993 8,637 9,993
Share premium account 30,251 222,808 30,250
Special reserve 233,866 10,365 233,866
Warrant reserve 3,049 3,050 3,049
Non-distributable reserve 32,069 32,068 32,069
Capital reserves (89,472) (80,141) (113,833)
Revenue reserve 9,369 7,704 6,083
--------------------------------------- ----------------- ----------------- ------------------
Total attributable to equity holders 229,125 204,491 201,477
--------------------------------------- ----------------- ----------------- ------------------
Net asset value per ordinary share
Basic - pence 229.29 236.75 201.63
--------------------------------------- ----------------- ----------------- ------------------
UNAUDITED CONDENSED GROUP STATEMENT OF CASH FLOWS
Six months to Six months to Year to
31 December 2011 31 December 2010 30 June 2011
GBP'000s GBP'000s GBP'000s
-------------------------------------------------------- ------------------- ------------------- ------------------
Cash flows from operating activities 9,421 (3,098) (3,919)
Cash flows from investing activities - - -
-------------------------------------------------------- ------------------- ------------------- ------------------
Cash flows before financing activities 9,421 (3,098) (3,919)
-------------------------------------------------------- ------------------- ------------------- ------------------
Financing activities:
Ordinary dividends paid (3,248) - (4,996)
Movement on loans (13,216) (442) 1,758
Proceeds from warrants exercised 1 - 2
Cash flows from issue of ordinary shares - (87) 126
Cost of corporate action (279) - -
Cash flows from financing activities (16,742) (529) (3,110)
-------------------------------------------------------- ------------------- ------------------- ------------------
Net decrease in cash and cash equivalents (7,321) (3,627) (7,029)
Cash and cash equivalents at the beginning of the
period 1,293 6,495 6,495
Effect of movement in foreign exchange (171) 964 1,827
-------------------------------------------------------- ------------------- ------------------- ------------------
Cash and cash equivalents at the end of the period (6,199) 3,832 1,293
-------------------------------------------------------- ------------------- ------------------- ------------------
Comprised of:
Cash 973 3,832 1,293
Bank overdraft (7,172) - -
Total (6,199) 3,832 1,293
-------------------------------------------------------- ------------------- ------------------- ------------------
NOTES
The Directors have declared an interim dividend in respect of
the six months to 31 December 2011 of 3.50p per ordinary share
payable on 16 March 2012 to shareholders on the register at close
of business on 2 March 2012. The dividend has not been accrued in
the results for the six months to 31 December 2011.
The half-yearly report is available on the website
www.utilico.bm and will be posted to shareholders at the beginning
of March 2011. Copies may be obtained during normal business hours
from Exchange House, Primrose Street, London, EC2A 2NY.
By order of the Board
F&C Management Limited, Secretary
21 February 2012
This information is provided by RNS
The company news service from the London Stock Exchange
END
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