RNS Number : 3855T
Utilico Emerging Markets Limited
19 November 2013
 



Date:                19 November 2013

 

Contact:           Charles Jillings                                              

                        Utilico Emerging Markets Limited                    

                        01372 271 486                                               

 

Alastair Moreton

Westhouse Securities Limited

0207 601 6100

 

 

 

Utilico Emerging Markets Limited

 

Unaudited Statement of Results

for the six months to 30 September 2013

 

Highlights of results 

 

 

·    Two quarterly dividends of 1.525p each, representing an annualised yield of 3.5%.

 

·    Utilico Emerging Markets Limited's ("UEM") net asset value ("NAV") per ordinary share fell by 6.4% on a total return basis when adding back dividends, while the MSCI Emerging Markets Total Return Index fell by 8.6%.

 

·    Since inception UEM 's average annual compound total return is 12.7%.

 

 



CHAIRMAN'S STATEMENT

 

UEM's net asset value total return per ordinary share fell by 6.4% in the six months to 30 September 2013, while the MSCI Emerging Markets Total Return Index (GBP adjusted) fell by 8.6%. The decline in value of the Company has resulted in it dropping out of the FTSE 250 Index in its September 2013 review.

 

Since inception, UEM has achieved an average annual compound total return of 12.7% including the return on warrants converted on 2 August 2010.

 

A feature of the six months has been the currency weakness in emerging markets. UEM's top four markets, China, Brazil, Malaysia and the Philippines (74.4% of gross assets) saw currencies weaken by 6.1% (HKD), 15.1%, 10.9% and 12.1% respectively. Had exchange rates been unchanged, UEM's NAV based on its closing portfolio would be some 10% higher.

 

In addition, emerging market share prices were for the most part weak. Brazil, Thailand and the Philippines market indices were down 7.1%, 11.4% and 9.6% respectively, while China was up 2.5%.

 

UEM investee companies on the whole reported strong operational performances.

 

Revenue earnings per share ("EPS") increased by 10.7% to 3.73p. This has been driven by a strong increase in total income which rose by £1.0m to £9.8m, up 11.5%.

 

The Board has declared and paid a first quarterly dividend of 1.525p in September 2013 and is declaring a second quarterly dividend of 1.525p, payable on 13 December 2013. This amounts to a total dividend in the half year of 3.05p. This is covered 1.23x by the interim EPS and represents a yield of 3.5% on an annualised basis on the 30 September 2013 share price of 173.00p.

 

During the six months UEM bought back 2.3m ordinary shares at a total cost of £3.9m, or 172.00p per share. All these shares have been cancelled.

 

I am pleased to welcome Susan Hansen to the Board of UEM. Susan has a wealth of relevant experience and we all look forward to her contribution over the coming years.

 

Outlook

The world's stock markets appear to be recovering. We anticipate the recovery to be broadly based and to be stronger than expected in our sectors. This should benefit UEM, as we focus on stock selection and that investment strategy continues to work well.

 

 

Alexander Zagoreos

Chairman

19 November 2013



 

INVESTMENT MANAGER'S REPORT

 

The six months to 30 September 2013 have again been testing. The world's economies have moved towards a synchronised growth model which looks as if it could deliver strong earnings growth next year. However, the twists and turns to get there have unsettled investors. In overview there has been a strong move out of emerging market assets and into US equities. This has led to significant depreciation of emerging market exchange rates and some share price weakness. If the exchange rates behind UEM's closing portfolio had been those prevailing on 31 March 2013, UEM's assets would have been some 10% or £40m higher.

 

Against these weak emerging market conditions, UEM's portfolio held up reasonably well, with a negative total return NAV of 6.4%.

 

PORTFOLIO

UEM's gross assets in sterling terms decreased by 5.9% reflecting significant weakness in the wider markets, particularly currencies, and ended the half-year at £425.3m (March 2013: £452.1m).

 

Most investee companies reported particularly strong operational results in the six months and the portfolio is well positioned to deliver further positive operational results over the coming years.

 

The composition of the top 10 holdings has seen movement once again. In particular, MyEG Services Berhad ("MYEG") and APT Satellite Holdings Ltd ("APT") have risen to 6th and 10th respectively from 12th and 39th at the year end, both mainly as a result of strong share price appreciation. They have replaced Companhia de Saneamento de Minas Gerais and Santos Brasil Participaceos S.A. in the top ten.

 

International Container Terminal Services, Inc. ("ICT") reported strong operational results in the six months to June 2013. Two new container terminals have come on line in Pakistan and Indonesia, and contributed to the increase in earnings of 20.8% and EBITDA of 26.2% for the six months to June 2013. With the development of a number of new terminals expected to come on line over the next few years in Mexico and Argentina and with the inclusion of the newly acquired Honduras terminal, the outlook for ICT remains good.

 

ICT's share price over the period to September 2013 was up 5.4%. We reduced UEM's holding in ICT by 11.9% realising £5.0m, as it exceeded 10.0% of the portfolio's gross assets. Notwithstanding this, ICT ended the six months as UEM's top holding, and we remain strong supporters of the company.

 

Malaysia Airport Holdings Berhad ("MAHB") reported a strong operational performance as well. Over the six month period to June 2013 passenger numbers and revenues grew 13.6% and 12.4% respectively. EBITDA for the six month period to June 2013 however was only up 2.3% given higher operating costs relating to the future opening of the new airport terminal KLIA2 at KL International Airport and the third runway.

 

MAHB has made significant progress on the delivery of these projects, with the market now expecting both to be opened in May 2014.

 

The airlines using KLIA have seen significant changes which should result in increasing passenger numbers going forward. Malaysia Airlines has joined the One World Alliance. AirAsia has IPOed and has announced it will be increasing its fleet significantly, while confirming KLIA as a key hub for them. MAHB's marketing efforts have also attracted new foreign carriers which should underpin longer term growth. In addition, the government of Malaysia is investing heavily in "Visit Malaysia Year" for 2014, which resulted in a step change in the number of tourists the last time it was promoted.

 

We remain confident about MAHB's outlook and have invested a further £2.0m. MAHB shares rose 31.1% in the six months to September 2013.

 

Eastern Water Resources Development and Management PCL's ("Eastwater") underlying operations remain attractive, with reporting revenues up 8.1% and EBITDA up 8.7% in the six months to 30 June 2013. However, we were disappointed by the turn of events which saw CEO Praphant Asava-Aree, the chief architect of Eastwater's successes and a strong defender of minority rights, step down from the board.

 

Eastwater's share price performance has been weak, falling 14.7% over the six months to September 2013 and underperforming the SET (Thailand) Index by 3.8%. We believe this is in part as a result of Praphant's departure. UEM has reduced its shareholding in Eastwater by 8.6% in the six months to September 2013.

 

Ocean Wilsons Holdings Limited ("Ocean Wilsons") was one of the few underperformers operationally in the six months. The performance of its major investment, Wilson Sons, was hindered by weaker Brazilian GDP and higher cost inflation. The port operations have continued to struggle with TEU (twenty-foot equivalent units) volumes being flat for the six months to June 2013.

 

By comparison the two value drivers of the business, the offshore and towage businesses, continue to perform well with net revenues increasing by 15.9% and 9.5% respectively. However, the overall result saw revenues only up by 3.1% and adjusted earnings down 32.1%. Wilson Sons' share price was down 8.2% for the period, reflecting weaker operational performance but also wider market concerns that Brazilian regulated companies may see their concessions tampered with by the Brazilian government.

 

Ocean Wilsons itself continues to trade at a 26.7% discount to the sum of its parts. The investment portfolio was valued at £233.5m at 30 June 2013.

 

Ocean Wilsons' share price for the six months to September 2013 was down 8.7%, reflective of the share price fall of its majority asset, Wilson Sons.

 

China Gas Holdings Ltd ("China Gas") has continued to deliver strong operational results. In the full year to 31 March 2013 China Gas reported gas sales volumes up 22.7%, EBITDA up 24.7%, and the company more than doubled its dividend. The outlook for growth in natural gas distribution in China remains positive, underpinned by central government policy.

 

China Gas' share price performed well and increased by 9.2% in the six months to September 2013, building on the significant price rise last year of 105.9%. We remain positive on China Gas' potential and have maintained our position over the six months.

 

MyEG Services Berhad ("MYEG") also reported impressive operational results in the half year. The company reported revenue and EBITDA growth in the year to June 2013 of 19.1% and 25.3% respectively. MYEG is a Malaysian IT services company, principally engaged in offering government services electronically. Key services include online payment of road tax and traffic fines, issuance and renewal of driving licences and administering driving theory testing on behalf of the Malaysian government.

 

UEM has had a holding in MYEG for many years and increased its shareholding by 2.0% in the six months. MYEG's share price increased by 145.3% over the six months to September 2013.

 

Asia Satellite Telecommunications Holdings Limited ("AsiaSat") performed well during the six months to September 2013. There was a 3.9% decline in revenues (due to a divestment) but an 8.8% increase in EBITDA for the six months to June 2013 compared to the prior year. Guidance for the rest of the year is conservative, but two new satellites are due to be launched in the first half of 2014, which should drive revenue growth in the second half of next year.

 

AsiaSat's shares were up 2.1% and together with dividends of HK$1.80 achieved a total return of 9.0% over the period to 30 September 2013. UEM has held its position through the period.

 

Gasco S.A. ("Gasco") reported impressive operational results. In its half year results to June 2013 Gasco reported EBITDA up 93.5% YoY and a near quadrupling of net income. A significant factor on these results was a one-off step change down in imported gas costs. Shareholders further benefitted from a more than doubling of dividends per share in the six months to 30 September 2013.

 

The share price of Gasco rose 21.6% in the six months to September 2013; UEM increased its shareholding by 15.2% over the period.

 

Companhia de Concessoes Rodoviarias S.A. ("CCR") was another positive performer operationally in the period. CCR reported 4.1% growth in traffic volumes in the six months to June 2013 with EBITDA up 11.4% and net income up 25.0%. The company remains well placed to capitalise on a number of future concessions being auctioned, although it remains conservative in its bidding approach.

 

CCR's share price has declined by 15.5% over the six months to 30 September 2013 as investors are increasingly cautious on prospects after the Brazilian government deferred tariff increases in the face of widespread protests over inflation. UEM maintained its investment in CCR over the period.

 

APT Satellite Holdings Limited ("APT") had excellent results during the half year. As with AsiaSat, APT is a Hong Kong-based satellite operator. Traditionally its revenues have been significantly lower than those of AsiaSat despite similar, but aging, satellite infrastructure. A new satellite launched in May 2012 has been transformative. Revenues in the six months to June 2013 were 39.0% higher than the prior year, EBITDA rose 47.1% and net income was up 116.5%. The share price has risen strongly and ended the period to 30 September 2013 at HK$7.95, up 47.2%. UEM invested £4.5m over the period, increasing its holding by 141.2%.

 

PORTFOLIO GENERAL

Over the six months to 30 September 2013 UEM invested £46.7m and realised £53.4m from sales. In the top 10 UEM invested £8.7m in APT, Gasco and MAHB and realised £8.1m from ICT and Eastwater.

 

The amount invested in China has continued to increase within the portfolio, rising from 26.7% to 29.2% as a result of both new investments and share price rises. Brazil has decreased from 24.5% to 20.1% mainly as a result of a depreciation in the Brazilian Real but weaker share prices were a factor too. Malaysia has risen strongly from 10.0% to 15.2% mainly as a result of improved share prices.

 

Water and waste is down from 22.1% to 16.7% as a result of both Eastwater and Copasa's weaker share prices, weaker currencies and some sales. Gas increased from 10.3% to 12.7% mainly due to Gasco's and China Gas' share price performance. Airports rose from 6.5% to 8.8% mainly as a result of MAHB's share price improvement and investments.

 

CURRENCY

As we have noted, currencies have been a strong headwind against the portfolio and have also impacted income receipts. The Hong Kong Dollar, Brazilian Real, Malaysian Ringgit, Thai Baht and Philippine Peso declined by 6.1%, 15.1%, 10.9%, 12.2% and 12.1% respectively versus Sterling. If exchange rates had held constant over the six months UEM's NAV would have been some 10.0% higher. The exchange rate weakness held back the dividend receipts relative to last year as dividends were converted at lower prevailing rates.

 

Looking forward it is difficult to foresee changes to the short term challenges for the emerging markets' currencies. In addition they are difficult to hedge and as such we have not hedged currencies.

 

MARKET HEDGING

There has been little change in the market hedged position over the six months. However, the continued performance of the US S&P Index has undermined the carrying value of the hedged position and resulted in a loss of £2.6m in the six months.

 

BANK DEBT

Net debt increased over the six months to £12.2m, up from £6.6m at the year end. Gross debt more than doubled from £9.2m to £21.7m. At the half year, gross debt was drawn £17.5m in UK Sterling and £4.2m in Euros.

 

UEM has a £50.0m facility with Scotiabank Europe plc which expires in February 2014.

 

CAPITAL RETURNS

Capital returns of minus £36.8m were recorded in the six months, mainly as a result of losses on investments of £34.2m, which were principally attributed to currency weakness.

 

Taxation was positive £1.0m as a result of the reversal of tax accruals made in prior periods reflecting lower asset values over the six months.

 

The Capital EPS loss for the six months was 17.15p (2012: loss of 4.13p).

 

REVENUE RETURNS

Revenue income was up 10.7% at £9.8m (2012: £8.8m). This represents an average annualised portfolio yield of 4.7% (September 2012: 4.6%), although earnings have always been skewed to the first half year. Expenses were in line with last year. The net effect was an increase in profit before tax to £8.0m versus £7.3m last year. The Revenue EPS increased 10.7% to 3.73p (2012: 3.37p).

 

BUYBACKS

UEM bought back 2.3m ordinary shares during the period at an average cost per share of 172.00p and a total cost of £3.9m at an average discount of 10.5%. All these shares have been cancelled.

 

 

 

ICM Limited

19 November 2013

 



 

GROUP PERFORMANCE SUMMARY

 

 

 

 

 

 %Change

 

Half-year

Half-year

Annual

March -

 

30 Sep 13

30 Sep 12

31 Mar 13

Sep 2013

 

 

 

 

 

Total return(1) 

(6.4%)

(0.4%)

20.5%

n/a

Annual compound total return (since

inception) (2)

 

12.7%

 

11.4%

 

14.2%

 

n/a

 

 

 

 

 

Net asset value per ordinary share

189.28p

171.72p

205.49p

(7.9)

Ordinary share price

173.00p

159.00p

191.20p

(9.5)

Discount

(8.6%)

(7.4%)

(7.0%)

n/a

 

 

 

 

 

Earnings per ordinary share (basic)

 

 

 

 

- Capital

(17.15p)

(4.13p)

30.71p

n/a

- Revenue

3.73p

3.37p

5.20p

10.7(3)

- Total

(13.42p)

(0.76p)

35.91p

n/a

 

 

 

 

 

Dividend per ordinary share

 

 

 

 

- 1st Quarter

1.525p

1.375p

1.375p

10.9

- 2nd Quarter

1.525p(4)

1.375p(4)

1.375p

10.9

- 3rd Quarter

-

-

1.525p

n/a

 - 4th Quarter

-

-

1.525p

n/a

- Total

-

-

5.800p

n/a

 

 

 

 

 

Equity holders' funds (£m)

403.6

370.1

442.9

(8.9)

Gross assets (£m)(5)

425.3

387.0

452.1

(5.9)

Ordinary shares bought back (£m)

3.9

-

-

n/a

 

 

 

 

 

Cash (£m)

9.5

2.7

2.6

265.4

Bank debt (£m)

(21.7)

(16.9)

(9.2)

135.9

Net debt (£m)

(12.2)

(14.2)

(6.6)

84.8

Net debt gearing on gross assets

2.9%

3.7%

1.5%

n/a

 

 

 

 

 

Management and administration

fees and other expenses (£m)

 

 

 

 

· excluding performance fee

1.9

1.6

3.4

18.8(3)

· including performance fee

1.6

1.6

12.9

0.0(3)

 

 

 

 

 

Ongoing charges figure (6)

 

 

 

 

· excluding performance fee

0.8%

0.9%

0.8%

n/a

· including performance fee

0.8%

0.9%

3.2%

n/a

 

(1)   Total return is calculated based on NAV per ordinary share return plus dividends reinvested from the payment date

(2)   Annual compound total return based on diluted NAV per ordinary share return, plus dividends reinvested from the payment date

and return on warrants converted on 2 August 2010

(3)   Percentage change based on comparable six month period to 30 September 2012

(4)   The quarterly dividend declared has not been included as a liability in the accounts

(5)   Gross assets less liabilities excluding loans

(6)   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

 

 

 

 

 



 

INTERIM MANAGEMENT REPORT AND RESPONSIBILITY STATEMENT

 

The Chairman's Statement and the Investment Manager's Report give details of the important events which have occurred during the period and their impact on the financial statements.

 

Principal risks and uncertainties

The principal risks faced by the Group include:

• Inappropriate long-term investment strategy

• Inappropriate asset allocation

• Poor stock selection

• Excessive gearing

• Loss of management personnel

 

The Board reported on the principal risks and uncertainties faced by the Group and the way they are mitigated are described in more detail under the heading "Internal Controls and Management of Risk" in the Corporate Governance section of the Annual Report and Accounts for the year ended 31 March 2013. In the view of the Board, there have not been any changes to the fundamental nature of these risks since the previous report and these principal risks and uncertainties are equally applicable to the remaining six months of the financial year as they were to the six months under review.

 

The Annual Report and Accounts is available on the Company's website, www.uem.bm

 

Related Party Transactions

Details of related party transactions in the six months to 30 September 2013 are set out in Note 12 to the Notes on the Accounts published on the website, and details of the fees paid to the Investment Manager are set out in Note 2 to the Notes on the Accounts.

 

Susan Hansen was appointed as a Director in the period under review; the current Directors of the Company are listed on page 25 of the Report and Accounts published on the website. The basic Directors' fee was increased to £28,500 per annum and the Chairman's fee was increased to £39,500 per annum with effect from 1 April 2013. The Chairman of the Audit Committee receives an additional £8,000 per annum (a total of £36,500 per annum).

 

Directors' Responsibility Statement

The Disclosure and Transparency Rules of the UK Listing Authority require the Directors to confirm their responsibilities in relation to the preparation and publication of the Interim Management Report and Financial Statements.

 

The Directors confirm to the best of their knowledge that:

• the condensed set of financial statements contained within the report for the six months to 30 September 2013 has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and gives a true and fair view of the assets, liabilities, financial position and return of the Group;

the interim management report, together with the Chairman's Statement and Investment Manager's Report, include a fair review of the information required by 4.2.7R and 4.2.8R of the FSA's Disclosure and Transparency Rules.

 

 

The half yearly financial report was approved by the Board on 19 November 2013 and the above responsibility statement was signed on its behalf by the Chairman,

 

 

 

Alexander Zagoreos

For and on behalf of the Board



UNAUDITED CONDENSED GROUP STATEMENT OF COMPREHENSIVE INCOME

 

                                                                                                                             

 

Six months to

 30 September 2013

Six months to

 30 September 2012

 

 

 

 

Revenue

Capital

Total

Revenue

Capital

Total

 

 

return

return

Return

return

return

Return

 

 

£'000s

£'000s

£'000s

£'000s

£'000s

£'000s

 

 

 

 

 

 

 

 

(Losses)/gains on investments

 

-

(34,150)

(34,150)

-

(6,050)

(6,050)

(Losses)/gains on derivative instruments

 

-

(2,601)

(2,601)

-

(2,209)

(2,209)

Exchange losses

 

(52)

(263)

(315)

(53)

(9)

(62)

Investment and other income

 

9,855

-

9,855

8,844

-

8,844

Total income

 

9,803

(37,014)

(27,211)

8,791

(8,268)

523

Management and administration fees

 

(463)

(558)

(1,021)

(420)

(683)

(1,103)

Other expenses

 

(608)

(13)

(621)

(511)

(13)

(524)

Profit/(loss) before finance costs and taxation

 

8,732

(37,585)

(28,853)

7,860

(8,964)

(1,104)

Finance costs

 

(83)

(193)

(276)

(62)

(145)

(207)

Profit/(loss) before taxation

 

8,649

(37,778)

(29,129)

7,798

(9,109)

(1,311)

Taxation

 

(651)

1,005

354

(528)

202

(326)

Profit/(loss) for the period

 

7,998

(36,773)

(28,775)

7,270

(8,907)

(1,637)

 

 

 

 

 

 

 

 

Earnings per ordinary share - pence

 

3.73

(17.15)

(13.42)

3.37

(4.13)

(0.76)

 

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 return and capital return columns are both 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/(loss) for the period and therefore the 'profit/(loss) for the period' is also the 'total comprehensive income/(expense) 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 30 September 2013




Ordinary

Share


Other non-

Retained earnings



share

premium

Special

distributable

Capital

Revenue



capital

account

reserve

reserve

reserves

reserve

Total


£'000s

£'000s

£'000s

£'000s

£'000s

£'000s

£'000s

Balance at 31 March 2013

    21,553

    7,510

204,587

          11,093

  196,325

     1,819

  442,887

(Loss)/profit for the period

          -  

          -  

          -  

                 -  

(36,773)

   7,998

 (28,775)

Ordinary dividends paid

          -  

          -  

          -  

                 -  

           (3,287)

(3,252)

(6,539)

Shares purchased by the Company

(229)

(3,714)

-

-

-

-

(3,943)

Balance at 30 September 2013

    21,324

    3,796

204,587

          11,093

  156,265

     6,565

  403,630

 

 

for the six months to 30 September 2012




Ordinary

Share


Other non-

Retained earnings



share

premium

Special

distributable

Capital

Revenue



capital

account

reserve

reserve

reserves

reserve

Total


£'000s

£'000s

£'000s

£'000s

£'000s

£'000s

£'000s

Balance at 31 March 2012

    21,553

    7,510

204,587

          11,093

  131,473

     2,254

  378,470

(Loss)/profit for the period

          -  

          -  

          -  

                 -  

(8,907)

   7,270

 (1,637)

Ordinary dividends paid

          -  

          -  

          -  

                 -  

(1,352)

(5,383)

(6,735)

Balance at 30 September 2012

    21,553

    7,510

204,587

          11,093

  121,214

     4,141

  370,098

 

 

for the year to 31 March 2013




Ordinary

Share


Other non-

Retained earnings



share

premium

Special

distributable

Capital

Revenue



capital

account

reserve

reserve

reserves

reserve

Total


£'000s

£'000s

£'000s

£'000s

£'000s

£'000s

£'000s

Balance at 31 March 2012

    21,553

    7,510

204,587

          11,093

  131,473

     2,254

  378,470

Profit for the year

          -  

          -  

          -  

                 -  

66,203

   11,200

 77,403

Ordinary dividends paid

          -  

          -  

          -  

                 -  

(1,351)

(11,635)

(12,986)

Balance at 31 March 2013

    21,553

    7,510

204,587

          11,093

  196,325

     1,819

  442,887

 

 

 

 



 

 

 

 

 

UNAUDITED CONDENSED GROUP BALANCE SHEET

 

 

30 September 2013

30 September 2012

31 March 2013

 

£'000s

£'000s

£'000s

Non-current assets

 

 

 

Investments

415,087

373,208

455,901

Current assets

 

 

 

Other receivables

1,795

6,683

2,105

Derivative financial instruments

3,668

7,386

4,702

Cash and cash equivalents

9,450

2,701

2,798

 

14,913

16,770

9,605

Current liabilities

 

 

 

Bank loans

(21,679)

-

(9,228)

Other payables

(3,030)

(834)

(10,723)

 

(24,709)

(834)

(19,951)

Net current (liabilities)/assets

(9,796)

15,936

(10,346)

Total assets less current liabilities

405,291

389,144

445,555

Non-current liabilities

 

 

 

Bank loans

-

(16,863)

-

Deferred tax

(1,661)

(2,183)

(2,668)

Net assets

403,630

370,098

442,887

 

 

 

 

Equity attributable to equity holders

 

 

 

Ordinary share capital

21,324

21,553

21,553

Share premium account

               3,796

               7,510

                       7,510  

Special reserve

204,587

204,587

204,587

Other non-distributable reserve

11,093

11,093

11,093

Capital reserves

156,265

121,214

196,325

Revenue reserve

6,565

4,141

1,819

Total attributable to equity holders

403,630

370,098

442,887

 

Net asset value per ordinary share

 

 

 

Basic - pence

189.28

171.72

205.49

 

 



 UNAUDITED CONDENSED GROUP STATEMENT OF CASH FLOWS

 

 

Six months to

30 September 2013

Six months to

30 September 2012

Year to

31 March 2013

 

£'000s

£'000s

£'000s

Cash flows from operating activities

(2,200)

9,155

15,341

Investing activities:

 

 

 

Purchases of investments

(44,500)

(51,648)

(95,099)

Sales of investments

53,487

45,963

97,240

Purchases of derivatives

(4,325)

(23,282)

(32,111)

Sales of derivatives

2,758

18,598

27,080

Cash flows from investing activities

7,420

(10,369)

(2,890)

Cash flows before financing activities

5,220

(1,214)

12,451

Financing activities:

 

 

 

Ordinary dividends paid

(6,539)

(6,735)

(12,986)

Movements from loans

12,500

12,499

4,634

Cost of ordinary shares purchased

(3,943)

-

-

Cash flows from financing activities

2,018

5,764

(8,352)

 

 

 

 

Net movement in cash and cash

equivalents

7,238

4,550

4,099

Cash and cash equivalents at the

beginning of the period

2,569

(1,773)

(1,773)

Effect of movement in foreign

exchange

(357)

(76)

243

Cash and cash equivalents at

the end of the period

9,450

2,701

2,569

 

 

Comprised of:

 

 

 

Cash

9,450

2,701

2,798

Bank overdraft

-

-

(229)

Total

9,450

2,701

2,569

 

 

 

 

NOTES

 

The Directors have declared a second quarterly interim dividend in respect of the year to 31 March 2014 of 1.525p per ordinary share payable on 13 December 2013 to shareholders on the register at close of business on 29 November 2013. The total cost of the dividend, which has not been accrued in the results for the six months to 30 September 2013, is £3,252,000 based on 213,243,793 ordinary shares in issue at the date of this report.

 

The half-yearly report will be posted to shareholders in early December 2013 and made available on the website www.uem.bm shortly. Copies may be obtained during normal business hours from Exchange House, Primrose Street, London, EC2A 2NY.

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR LIFVALTLALIV