RNS Number : 6749M
Utilico Investments Limited
19 September 2012
 



Date:                19 September 2012

 

Contact:           Charles Jillings                                              

                        Utilico Investments Limited                             

                        01372 271 486                                               

 

 

 

Utilico Investments Limited

Audited Statement of Results

for the year to 30 June 2012

 

 

 

 

 

 

 

 

 

Financial Highlights

 

·     Revenue return per ordinary share 11.99p (7.65p)

·     Capital return per ordinary share 2.73p (26.05p)

·     Total return per ordinary share 14.72p (33.70p)

·     Ordinary dividend per share 7.00p (6.50p plus a special dividend of 1.75p per share)

·     Cash raised from ZDP share placings of £41.2m

              Figures in brackets are for the prior year

CHAIRMAN'S STATEMENT

Outlook

 

 

 

 

 

Dr R J Urwin
19 September 2012

 

 



INVESTMENT MANAGER'S REPORT

 

Portfolio

Major Investments

Gold mining - 26%

Renewables - 13%

Electricity - 11%

Infrastructure IT - 5%

Airports - 5%

 

Financial Services - 5%

Oil and Gas - 5%

Derivatives

Debt

ZDP Shares

Revenue Returns

Capital Return

ICM Limited
Investment Manager
19 September 2012

 

PRINCIPAL RISKS AND RISK MITIGATION 

 

The Company's assets consist mainly of listed and quoted securities and its principal risks are therefore market related or currency 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, counter party and revenue streams. 

 

Other key risks faced by the Company relate to investment strategy, management and resources, regulatory issues, operational matters, financial controls and external events.

 

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 2012. The Annual Report and Accounts is published on the Company's website, www.utilico.bm.

 



DIRECTOR'S STATEMENT OF  RESPONSIBILITIES

 

The Directors are responsible for preparing the Annual Report and Accounts of the Group and Company in accordance with applicable Bermuda law and IFRSs, as adopted by European Union.

 

The Directors are required to prepare accounts for each financial period which present fairly the financial position, the financial performance and cash flows of the Group and the Company for that period. In preparing the accounts the Directors are required to:

 

·      select suitable accounting policies and then apply them consistently;

·      make judgements and estimates that are reasonable and prudent;

·      state whether IFRSs have been followed subject to any material departure disclosed and explained In the accounts; and

·      prepare the accounts on a going concern basis unless it is inappropriate to presume that the Group will continue in business.

 

The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the Group and Company accounts comply with Bermuda law. They are also responsible for safeguarding the assets of the Group and Company and hence for taking reasonable steps for prevention and detection of fraud and other irregularities.

 

 

Dr R J Urwin

Chairman



consolidated PERFORMANCE SUMMARY

 

 

30 June

2012

30 June

2011

Change

2011/12

Ordinary shares

 

 

 

Total return (annual) (1) 

7.3%

24.2%

n/a

Annual compound total return (since inception)

10.8%

11.2%

n/a

Net asset value per ordinary share

209.67p

201.63p

4.0%

Share prices and indices

 

 

 

Ordinary share price

144.00p

147.25p

(2.2%)

Discount

31.3%

27.0%

n/a

FTSE All-Share Total Return Index

4,101

4,234

(3.1%)

Returns and dividends

 

 

 

Revenue return per ordinary share

11.99p

7.65p

56.7%

Capital return per ordinary share

2.73p

26.05p

(89.5%)

Total return per ordinary share

14.72p

33.70p

56.3%

Dividend per ordinary share

7.00p

8.25p(2)

(15.2%)

Zero dividend preference (ZDP) shares(3)

 

 

 

2012 ZDP Shares

 

 

 

Capital entitlement per ZDP share

173.52p

162.15p

7.0%

ZDP share price

175.50p

168.50p

4.2%

2014 ZDP Shares

 

 

 

Capital entitlement per ZDP share

142.33p

132.69p

7.3%

ZDP share price

154.00p

142.75p

7.9%

2016 ZDP Shares

 

 

 

Capital entitlement per ZDP share

142.33p

132.69p

7.3%

ZDP share price

148.50p

133.50p

11.2%

2018 ZDP Shares

 

 

 

Capital entitlement per ZDP share

103.03p

-

n/a

ZDP share price

104.00p

-

n/a

Warrants

 

 

 

2012 warrant price - expired 30 April 2012

-

0.55p

n/a

Equity holders funds (£m)

 

 

 

Gross Assets(4)

434.5

408.7

6.3%

Bank debt

-

30.9

n/a

ZDP shares

224.4

172.8

29.9%

Other debt

1.2

3.5

(65.7%)

Equity holders' funds

208.9

201.5

3.7%

Revenue account (£m)

 

 

 

Income

15.9

11.9

33.6%

Costs (management and other expenses)

3.0

2.9

3.4%

Finance costs

0.8

2.0

(60.0%)

Financial ratios of the Group

 

 

 

Revenue yield on average gross assets

4.0%

3.1%

n/a

Ongoing charges figure(5)

1.7%

2.0%

n/a

Bank loans, ZDP shares and other loans gearing on gross

 assets

 

61.3%

 

50.7%

 

n/a

 

 

(1) Total return is calculated as change in NAV per ordinary share plus dividends re-invested.

(2) Includes special dividend of 1.75p per share

(3) Issued by Utilico Finance Limited, a wholly owned subsidiary of Utilico Investments Limited.

(4) Gross assets less current liabilities excluding loans and ZDP shares.

(5) Expressed as a percentage of average net assets. Ongoing charges comprise all operational, recurring costs that are payable by the Company or suffered within underlying investee funds, in the absence of any purchases or sales of investments.



GROUP STATEMENT of comprehensive income

 

 

Year to 30 June 2012

Year to 30 June 2011

 

Revenue

Capital

Total

Revenue

Capital

Total

 

return

return

return

return

return

Return

 

£'000s

£'000s

£'000s

£'000s

£'000s

£'000s

 

 

 

 

 

 

 

Gains on investments

-

13,403

13,403

-

50,200

50,200

Gains/(losses) on derivative instruments

-

942

942

-

(12,960)

(12,960)

Exchange gains/(losses)

-

1,792

1,792

(1)

(1,594)

(1,595)

Investment and other income

15,850

-

15,850

11,935

43

11,978

Total income

15,850

16,137

31,987

11,934

35,689

47,623

Income not receivable

(126)

-

(126)

-

-

-

Management and administration fees

(2,022)

-

(2,022)

(1,796)

-

(1,796)

Other expenses

(928)

(7)

(935)

(1,085)

(13)

(1,098)

Profit before finance costs and taxation

12,774

16,130

28,904

9,053

35,676

44,729

Finance costs

(783)

(13,401)

(14,184)

(1,962)

(11,602)

(13,564)

Profit before taxation

11,991

2,729

14,720

7,091

24,074

31,165

Taxation

(21)

-

(21)

(18)

-

(18)

Profit for the year

11,970

2,729

14,699

7,073

24,074

31,147

 

 

 

 

 

 

 

Earnings per ordinary share (basic) - pence

11.99

2.73

14.72

7.65

26.05

33.70

Earnings per ordinary share (diluted) - pence

11.99

2.73

14.72

7.65

26.05

33.70

 

The total column of this statement represents the Group's Income Statement and the Group's Statement of Comprehensive Income, prepared in accordance with IFRS.

The supplementary revenue return and capital return 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 year, and therefore the 'profit for the year' is also the 'total comprehensive income for the year', 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.

 



COMPANY STATEMENT of comprehensive income

 

 

Year to 30 June 2012

Year to 30 June 2011

 

Revenue

Capital

Total

Revenue

Capital

Total

 

return

return

return

return

return

return

 

£'000s

£'000s

£'000s

£'000s

£'000s

£'000s

 

 

 

 

 

 

 

Gains on investments

-

13,338

13,338

-

45,113

45,113

Gains/(losses) on derivative instruments

-

1,002

1,002

-

(7,810)

(7,810)

Exchange gains/(losses)

-

1,772

1,772

-

(1,626)

(1,626)

Investment and other income

15,850

-

15,850

11,928

43

11,971

Total income

15,850

16,112

31,962

11,928

35,720

47,648

Income not receivable

(126)

-

(126)

-

-

-

Management and administration fees

(2,022)

-

(2,022)

(1,796)

-

(1,796)

Other expenses

(899)

(7)

(906)

(1,053)

(13)

(1,066)

Profit before finance costs and taxation

12,803

16,105

28,908

9,079

35,707

44,786

Finance costs

(783)

(13,388)

(14,171)

(2,028)

(11,602)

(13,630)

Profit before taxation

12,020

2,717

14,737

7,051

24,105

31,156

Taxation

(21)

-

(21)

(9)

-

(9)

Profit for the year

11,999

2,717

14,716

7,042

24,105

31,147

 

 

 

 

 

 

 

Earnings per ordinary share (basic) - pence

12.02

2.72

14.74

7.62

26.08

33.70

Earnings per ordinary share (diluted) - pence

12.02

2.72

14.74

7.62

26.08

33.70

 

The total column of this statement represents the Company's Income Statement and the Company's Statement of Comprehensive Income, prepared in accordance with IFRS.

The supplementary revenue return and capital return are prepared under guidance published by the Association of Investment Companies in the UK.

The Company does not have any income or expense that is not included in the profit for the year, and therefore the 'profit for the year' is also the 'total comprehensive income for the year', 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.

 



GROUP STATEMENT OF CHANGES IN EQUITY

 

 

for the year to 30 June 2012









Ordinary

Share



Non-





share

premium

Special

Warrant

distributable

Capital

Revenue



capital

account

reserve

reserve

reserve

reserves

reserve

Total


£'000s

£'000s

£'000s

£'000s

£'000s

£'000s

£'000s

£'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 year

-

-

-

-

-

2,729

11,970

14,699

Ordinary dividends paid

-

-

-

-

-

-

(6,745)

(6,745)

Conversion of warrants

-

2

-

-

-

-

-

2

Transfer on cancellation of warrants

 

-

 

-

 

-

 

(3,049)

 

-

 

3,049

 

-

 

-

Shares purchased by the Company

 

(30)

 

(509)

 

-

 

-

 

-

 

-

 

-

 

(539)

Balance at 30 June 2012

9,963

29,743

233,866

-

32,069

(108,055)

11,308

208,894

 

 

 

 

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


£'000s

£'000s

£'000s

£'000s

£'000s

£'000s

£'000s

£'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

 



COMPANY STATEMENT OF CHANGES IN EQUITY

 

 

for the year to 30 June 2012









Ordinary

Share



Non-





share

premium

Special

Warrant

distributable

Capital

Revenue



capital

account

reserve

reserve

reserve

reserves

reserve

Total


£'000s

£'000s

£'000s

£'000s

£'000s

£'000s

£'000s

£'000s

Balance at 30 June 2011

9,993

30,250

233,866

3,049

32,069

(113,938)

6,188

201,477

Profit for the year

-

-

-

-

-

2,717

11,999

14,716

Ordinary dividends paid

-

-

-

-

-

-

(6,745)

(6,745)

Conversion of warrants

-

2

-

-

-

-

-

2

Transfer on cancellation of warrants

 

-

 

-

 

-

 

(3,049)

 

-

 

3,049

 

-

 

-

Shares purchased by the Company

 

(30)

 

(509)

 

-

 

-

 

-

 

-

 

-

 

(539)

Balance at 30 June 2012

9,963

29,743

233,866

-

32,069

(108,172)

11,442

208,911

 

 

 

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


£'000s

£'000s

£'000s

£'000s

£'000s

£'000s

£'000s

£'000s

Balance at 30 June 2010

8,637

223,501

10,365

3,050

32,068

(138,043)

4,142

143,720

Profit for the year

-

-

-

-

-

24,105

7,042

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)

Balance at 30 June 2011

9,993

30,250

233,866

3,049

32,069

(113,938)

6,188

201,477



BALANCE SHEETs

 

At 30 June

 

GROUP

 

COMPANY

 

2012

2011

2012

2011

 

£'000s

£'000s

£'000s

£'000s

Non-current assets

 

 

 

 

Investments

423,243

407,560

432,165

408,005

Current assets

 

 

 

 

Other receivables

6,056

1,623

2,020

1,623

Derivative financial instruments

4,739

1,625

927

1,251

Cash and cash equivalents

8,246

1,293

7,908

1,206

 

19,041

4,541

10,855

4,080

Current liabilities

 

 

 

 

Loans

(1,253)

(3,555)

(1,253)

(3,555)

Other payables

(5,437)

(1,362)

(231,813)

(174,108)

Zero dividend preference shares

(66,275)

-

-

-

Derivative financial instruments

(2,304)

(2,002)

(1,043)

(2,002)

 

(75,269)

(6,919)

(234,109)

(179,665)

Net current liabilities

(56,228)

(2,378)

(223,254)

(175,585)

Total assets less current liabilities

367,015

405,182

208,911

232,420

Non-current liabilities

 

 

 

 

Bank loans

-

(30,943)

-

(30,943)

Zero dividend preference shares

(158,121)

(172,762)

-

-

Net assets

208,894

201,477

208,911

201,477

 

 

 

 

 

Equity attributable to equity holders

 

 

 

 

Ordinary share capital

9,963

9,993

9,963

9,993

Share premium account

29,743

30,250

29,743

30,250

Special reserve

233,866

233,866

233,866

233,866

Warrant reserve

-

3,049

-

3,049

Non-distributable reserve

32,069

32,069

32,069

32,069

Capital reserves

(108,055)

(113,833)

(108,172)

(113,938)

Revenue reserve

11,308

6,083

11,442

6,188

Total attributable to equity holders

208,894

201,477

208,911

201,477

 

 

 

 

 

Net asset value per ordinary share

 

 

 

 

Basic - pence

209.67

201.63

209.68

201.63

 



CASH FLOW STATEMENTs

 

for the year to 30 June

 

GROUP

 

COMPANY

 

2012

2011

2012

2011

 

£'000s

£'000s

£'000s

£'000s

Cash flows from operating activities

2,453

(3,919)

215

(3,874)

Cash flows from investing activities

-

-

-

-

Cash flows before financing activities

2,453

(3,919)

215

(3,874)

Financing activities

 

 

 

 

Equity dividends paid

(6,745)

(4,996)

(6,745)

(4,996)

Movement on loans

(31,551)

1,758

(31,551)

1,758

Cash flow from ZDP shares

(2,007)

-

-

-

Proceeds from warrants exercised

2

2

2

2

Proceeds from issue of ordinary shares

-

126

-

126

Proceeds from issue of zero dividend preference shares

 

40,240

 

-

 

40,240

 

-

Cost of share buy back

(539)

-

(539)

-

Cash flows from financing activities

(600)

(3,110)

1,407

(3,110)

 

 

 

 

 

Net increase/ (decrease) in cash

 and cash equivalents

 

1,853

 

(7,029)

 

1,622

 

(6,984)

Cash and cash equivalents at the

beginning of the year

 

1,293

 

6,495

 

1,206

 

6,362

Effect of movement in foreign

exchange

 

1,733

 

1,827

 

1,713

 

1,828

Cash and cash equivalents at the

end of the year

 

4,879

 

1,293

 

4,541

 

1,206

 

 

 

Comprised of:

 

 

 

 

Cash

8,246

1,293

7,908

1,206

Bank overdraft

(3,367)

-

(3,367)

-

Total

4,879

1,293

4,541

1,206



NOTES

 

 

The Directors have declared a final dividend of 3.50p per ordinary share in respect of the year to 30 June 2012 payable on 19 October 2012 to all ordinary shareholders on the register at close of business on 5 October 2012. The total cost of the dividend which has not been accrued in the results for the year to 30 June 2012, is £3,487,000 based on 99,632,214 ordinary shares in issue at the date of this report.

 

The Company is an investment company incorporated in Bermuda and listed on The London Stock Exchange.

 

This statement was approved by the Board on 19 September 2012. It is not the Company's statutory accounts. The statutory accounts for the financial year to 30 June 2012 have been approved and audited, and received an audit report which was unqualified and did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying the report. The statutory accounts for the financial year to 30 June 2011 received an audit report which was unqualified and did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying the report.

 

The Report & Accounts will be posted to shareholders in early October and are made available on the website www.utilico.bm. Copies may be obtained during normal business hours from Exchange House, Primrose Street, London, EC2A 2NY.

 

 

 

By order of the Board

ICM Limited, Secretary

19 September 2012

 

 


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