PREMIER UTILITIES TRUST PLC
Preliminary unaudited announcement
in respect of the six months ended 30 June 2006
PREMIER UTILITIES TRUST PLC
Unaudited Interim Report for the six months ended 30 June 2006
INCOME STATEMENT
(Unaudited)
Six months ended 30 June 2006
Revenue Capital Total
�000 �000 �000
Gains on investments: realised - 6,422 6,422
unrealised - (1,851) (1,851)
Income:
Dividends 1,475 - 1,475
Interest 77 - 77
Management fee (297) (157) (454)
Other expenses (152) - (152)
Net return before finance costs & taxation 1,103 4,414 5,517
Finance costs (4) (756) (760)
Net return on ordinary activities before taxation 1,099 3,658 4,757
Taxation on ordinary activities (111) - (111)
Net return on ordinary activities after taxation
attributable to equity shares 988 3,658 4,646
Total
Return per ordinary share (pence): 25.61
PREMIER UTILITIES TRUST PLC
Unaudited Interim Report (continued)
INCOME STATEMENT
(Unaudited)
Six months ended 30 June 2005
Revenue Capital Total
�000 �000 �000
Gains on investments: realised - 2,361 2,361
unrealised - 248 248
Income:
Dividends 1,232 - 1,232
Interest 75 - 75
Management fee (256) (19) (275)
Other expenses (211) - (211)
Net return before interest payable and taxation 840 2,590 3,430
Finance costs (14) (706) (720)
Net return on ordinary activities before taxation 826 1,884 2,710
Taxation on ordinary activities (167) - (167)
Net return on ordinary activities after taxation 659 1,884 2,543
Total
Return per ordinary share (pence): 14.01
PREMIER UTILITIES TRUST PLC
Unaudited Interim Report (continued)
INCOME STATEMENT
(Audited)
Year ended 31 December 2005
Revenue Capital Total
�000 �000 �000
Gains/(losses) on investments: realised - 5,061 5,061
unrealised - (148) (148)
Gains on foreign exchange 27 27
Income:
Dividends 2,318 - 2,318
Interest 157 - 157
Management fee (531) (271) (802)
Other expenses (393) - (393)
Net return before interest payable and taxation 1,551 4,669 6,220
Interest payable (14) (1,449) (1,463)
Net return on ordinary activities before taxation 1,537 3,220 4,757
Taxation on ordinary activities (228) - (228)
Net return on ordinary activities after taxation 1,309 3,220 4,529
Total
Return per ordinary share (pence): 24.96
PREMIER UTILITIES TRUST PLC
Unaudited Interim Report (continued)
BALANCE SHEET as at 30 June 2006
Notes (Unaudited) (Unaudited) (Audited)
30 June 30 June 31 December
2006 2005 2005
�000 �000 �000
Fixed assets
Investments held at fair value through the
income statement 1 49,317 41,563 48,988
Current assets
Debtors 399 280 404
Cash at bank 5,738 6,598 1,472
6,137 6,878 1,876
Creditors - amounts falling due within one year
Creditors 1 (250) (85) (382)
Net current assets 5,887 6,793 1,494
Total assets less current liabilities 55,204 48,356 50,482
Creditors - amounts falling due after more than one year:
Zero dividend preference shares 2 (22,924) (21,425) (22,168)
Net assets 32,280 26,931 28,314
Capital and reserves
Equity share capital 181 181 181
Redemption Reserve 10 10 10
Special reserve 2 17,474 17,474 17,474
Capital reserve - realised 8,720 1,526 3,211
Capital reserve - unrealised 4,986 7,245 6,837
Revenue reserve 909 495 601
Total shareholders' funds 32,280 26,931 28,314
NAV per ordinary share (pence) 177.90 148.43 156.06
NAV per zero dividend preference share (pence) 119.75 111.92 115.80
PREMIER UTILITIES TRUST PLC
Unaudited Interim Report (continued)
RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
for the six months ended 30 June 2006
(Unaudited)
Capital Capital
Share Redemption reserve reserve Special Revenue
capital reserve realised unrealised reserve reserve Total
�'000 �'000 �'000 �'000 �'000 �'000 �'000
Balance at
1 January
2006 181 10 3,211 6,837 17,474 601 28,314
Return on
ordinary
activities
after
taxation - - 5,509 (1,851 ) - 988 4,646
Dividend
paid - - - - - (680 ) (680 )
Balance at
30 June
2006 181 10 8,720 4,986 17,474 909 32,280
RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
for the year ended 31 December 2005
(Audited)
Capital Capital
Share Redemption reserve reserve Special Revenue
capital reserve realised unrealised reserve reserve Total
�'000 �'000 �'000 �'000 �'000 �'000 �'000
Balance at 1
January 2004
as
originally
reported 372 1,586 (157 ) 7,043 36,426 108 45,378
Restatements (191 ) (1,576 ) - (58 ) (18,952 ) 408 (20,369 )
Balance at
31 December
2004
(restated) 181 10 (157) 6,985 17,474 516 25,009
Return on
ordinary
activities
After
taxation - - 3,368 (148 ) - 1,309 4,529
Dividends
paid - - - - - (1,224 ) (1,224 )
Balance at
31 December
2005 181 10 3,211 6,837 17,474 601 28,314
PREMIER UTILITIES TRUST PLC
Unaudited Interim Report (continued)
CASH FLOW STATEMENT for the six months ended 30 June 2006
(Unaudited) (Unaudited) (Audited)
Six months Six months Year
ended ended ended
31
30 June to 30 June December
2006 2005 2005
�000 �000 �000
Operating activities
Income received from investments 1,489 1,438 2,394
Interest received 61 70 161
Other income received - - 9
Investment management fees paid (716) (1,500) (1,699)
Other cash payments (30) (171) (402)
Net cash (outflow)/inflow from operating activities 804 (163) 463
Servicing of finance
Interest paid (4) (14) (14)
Taxation
Overseas tax paid (96) (167) (221)
Financial investments
Purchases of investments (35,398) (20,752) (50,527)
Sales of investments 39,640 26,848 51,469
Liquidation of futures and options - 1,073 1,073
Net cash inflow from financial investments 4,242 7,169 2,015
Equity dividends paid (680) (680) (1,224)
Increase in cash 4,266 6,145 1,019
PREMIER UTILITIES TRUST PLC
Unaudited Interim Report (continued)
NOTES
1. These financial statements are prepared under the historical cost
convention as modified by the revaluation of fixed asset investments and in
accordance with applicable accounting standards and with the Statement of
Recommended Practice 2003, revised in December 2005 regarding the Financial
Statements of Investment Trust Companies ("SORP") and in accordance with the
Companies Act, 1985.
2. The figures and financial information for the period ended 31 December
2005 are an extract from the latest published accounts and do not constitute
statutory accounts. Full accounts for that period have been delivered to the
Registrar of companies and included the report of the auditors which was
unqualified. The accounts for the six months ended 30 June 2006 and the six
months ended 30 June 2005 are unaudited and do not constitute statutory
accounts.
3. On 31 July 2006 the Directors declared a second interim dividend of
1.5p net per Ordinary shares for the year ending 31 December 2006 to holders of
Ordinary Shares on the Register on 1 September 2006. The Ordinary shares will
be marked ex-dividend on 30 August 2006 and the dividend will be paid on 29
September 2006.
4. The total return per Ordinary share is based on the return on ordinary
activities after taxation of �4,646,000 (six months ended 30 June 2005: �
2,543,000; year ended 31 December 2005 �4,529,000) and on 18,143,433 Ordinary
shares in issue during the six months ended 30 June 2006 (six months ended 30
June 2005: 18,143,433 shares; year ended 31 December 2005: 18,143,433 shares).
5. At 30 June 2006 there were 18,143,433 Ordinary shares of 1p each and
19,143,433 Zero Dividend Preference shares of 1p each in issue.
6. The net asset value per Zero Dividend Preference share of 119.75p at 30
June 2006 (111.92p at 30 June 2005) has been calculated in accordance with the
Articles of Association.
7. The interim report will be mailed to shareholders on or around 14
August, 2006. It will not be advertised in newspapers, but copies will be
available from that date at the Company's Registered Office at Eastgate Court,
High Street, Guildford, Surrey GU1 3DE.
PREMIER UTILITIES TRUST PLC
Unaudited Interim Report (continued)
CHAIRMAN'S STATEMENT
Portfolio performance
The first half of the year was encouraging despite a relatively volatile period
for equity markets. The total assets of your Company rose from �50.1m to �55.3m
or an increase of 10.4%. Net assets attributable to the Ordinary shares rose
from �28.3m to �32.3m an increase of 14.0%. This equated to an increase in net
asset value per Ordinary share from 156.05p to 177.90p. Net asset value per ZDP
share rose from 115.80p to 119.75p whilst terminal cover for the ZDP shares
rose to 177.7%.
The performance of the Company's assets was good both in an absolute and
relative context. Your Board does not consider the performance of the Manager
against a specific benchmark but rather against a set of reference points. In
this context it is encouraging to note that the FTSE Global Utilities Index
rose by 4.7% over the period whilst the FTSE World Index actually declined
0.8%, both in sterling terms.
Performance over the period was largely attributable to a number of the
portfolio's largest investments having performed well notably Clean Power
Income Trust, China Shenhua and BAA, the latter stock being the subject of a
takeover by Ferrovial of Spain.
The performance of US and European utility stocks also sharply diverged over
the period as merger and acquisition activity abated in the US but intensified
in Europe. To this extent the decision to invest largely in Europe was a sound
one.
Share price performance
Over the period the Company's package discount of Ordinary and ZDP shares
widened to 9.5%. Although this discount is still reasonable in the context of
other trusts in the sector it was marginally disappointing that the good
performance of the portfolio was not reflected in a narrower discount. Despite
this several new shareholders have joined the register which has broadened
considerably over the last year.
Dividends
Your Board has declared and paid a dividend in respect of the year ending 31
December 2006 of 1.5p per Ordinary share. This dividend was paid to
shareholders on the 31 March 2006. A second interim dividend for the current
financial year of 1.5p per Ordinary share was declared on 31 July 2006. This
dividend will be paid on 29 September 2006 to shareholders on the register at
the close of business on 1 September 2006.The Ordinary shares will be marked
ex-dividend on 30 August 2006.
PREMIER UTILITIES TRUST PLC
Unaudited Interim Report (continued)
CHAIRMAN'S STATEMENT (continued)
Outlook
Political tensions in certain parts of the world together with uncertainty
surrounding interest rate levels in some major markets mean that global equity
markets are likely to remain volatile in the near term. However equity
valuations are not demanding given consensus expectations for economic growth.
Therefore the medium term prospects for equity returns are much better. It is
encouraging to note that shareholder returns of companies within the utilities
sector continue to be supported by good levels of cashflow, and we are
cautiously optimistic regarding their prospects for the future.
Geoffrey Burns
Chairman
31 July 2006
Premier Utilities Trust PLC
Eastgate Court ,
High Street,
Guildford,
Surrey
GU1 3DE
Enquiries: Andrew Whalley (Telephone: 01483 400400)
END
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