RNS Number:1541T
Utilico Investment Trust PLC
16 March 2007
Date: 16 March 2007
Contact: Charles Jillings
Utilico Investment Trust plc
01372 271 486
Utilico Investment Trust plc
Unaudited Statement of Results
for the six months to 31 December 2006
HIGHLIGHTS OF RESULTS
* Profit for the period of #74.6m
* Equity shareholders' funds increased 51.5% to #219.2m
* NAV per share undiluted up 51.5% at 336.97p
* Equity gearing reduced to 1.6x
* Undiluted average annual compound return per ordinary share of 51.6%
COMMENT
* The Chairman, Alan Wheatley, commented, "Once again I can report on a
very satisfactory first half. The infrastructure and utilities sector remains a
key focus for the markets and the two key factors influencing this sector,
corporate activity and strong earnings, remain in place and should continue to
benefit investors. Utilico's portfolio should benefit from these factors,
although rising interest rates could challenge this outlook."
SUMMARY OF UNAUDITED RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2006
31 December 2006 30 June 2006 Change
Ordinary shares
Capital value
Net asset value per ordinary share (undiluted) 336.97p 222.35p 51.5%
Net asset value per ordinary share (diluted) 268.22p 187.68p 42.9%
Share price and indices
Ordinary share price 244.25p 180.25p 35.5%
Discount (based on diluted NAV per share) 8.9% 4.0%
FTSE All-Share Index 3,221 2,968 8.5%
Dow Jones World Utilities Index (GBP adjusted) 119.0 105.0 13.3%
Zero dividend preference shares
Net assets per ZDP share 118.44p 114.37p 3.6%
ZDP share price 124.25p 118.50p 4.9%
Convertible unsecured loan stock
Paid up amount of nominal 100p CULS 100.00p 100.00p
CULS price 174.25p 141.50p 23.1%
Warrants
Warrant price 110.50p 86.00p 28.5%
Six months to Six months to
31 December 2006 31 December 2005
Returns and dividends
Revenue return per ordinary share (undiluted) (1.18p) 0.30p
Capital return per ordinary share (undiluted) 116.75p 26.97p
Total return per ordinary share (undiluted) 115.57p 27.27p
Dividend per ordinary share - -
UNAUDITED CONSOLIDATED INCOME STATEMENT
Six months to 31 December 2006 Six months to 31 December 2005
Revenue Capital Total Revenue Capital Total
return return return return return return
#'000s #'000s #'000s #'000s #'000s #'000s
Gains and losses on investments - 91,300 91,300 - 21,680 21,680
Gains and losses on derivative instruments - (2,289) (2,289) - 483 483
Exchange gains and losses (34) 415 381 (1) (1,258) (1,259)
Investment and other income 2,549 - 2,549 3,298 - 3,298
Total income 2,515 89,426 91,941 3,297 20,905 24,202
Advisory and administration fees (923) (12,237) (13,160) (772) (1,832) (2,604)
Other expenses (309) (7) (316) (327) (3) (330)
Profit before finance costs and taxation 1,283 77,182 78,465 2,198 19,070 21,268
Finance costs (2,004) (1,845) (3,849) (1,823) (1,717) (3,540)
Profit before taxation (721) 75,337 74,616 375 17,353 17,728
Taxation (40) - (40) (185) - (185)
Profit for the period (761) 75,337 74,576 190 17,353 17,543
Earnings per share (basic) - pence (1.18) 116.75 115.57 0.30 26.97 27.27
Earnings per share (diluted) - pence (1.18) 87.34 87.11 0.27 20.35 21.23
The total return of this statement represents the Group's Income Statement,
prepared in accordance with IFRS.
The supplementary revenue return and capital return are both prepared under
guidance published by the Association of Investment Companies.
All items in the above statement are derived from continuing operations.
All income is attributable to the equity holders of the Company. There are no
minority interests.
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months to 31 December 2006
CULS
conversion
reserve - Share Non- Retained earnings
Share equity premium Special Warrant distributable Capital Revenue
capital component account reserves reserve reserves reserves reserve Total
#'000s #'000s #'000s #'000s #'000s #'000s #'000s #'000s #'000s
Balance at 30 June 2006 1,007 1,986 241 42,649 3,929 82 94,309 443 144,646
Conversion of warrants 3 - 131 - (58) 58 - - 134
Conversion of CULS 1 (10) - - - 98 - - 89
Profit for the period - - - - - - 75,337 (761) 74,576
Ordinary dividends paid - - - - - - - (257) (257)
Transfer of ZDP shares
finance costs - - - (1,845) - - 1,845 - -
Balance at
31 December 2006 1,011 1,976 372 40,804 3,871 238 171,491 (575) 219,188
for the six months to 31 December 2005
CULS
conversion
reserve - Share Non- Retained earnings
Share equity premium Special Warrant distributable Capital Revenue
capital component account reserves reserve reserves reserves Reserve Total
#'000s #'000s #'000s #'000s #'000s #'000s #'000s #'000s #'000s
Balance at 30 June 2005 1,005 1,986 144 46,116 3,969 42 67,990 127 121,379
Conversion of warrants 1 - 48 - (20) 20 - - 49
Profit for the period - - - - - - 17,353 190 17,543
Ordinary dividends paid - - - - - - - (257) (257)
Transfer of ZDP shares
finance costs - - - (1,717) - - 1,717 - -
Balance at
31 December 2005 1,006 1,986 192 44,399 3,949 62 87,060 60 138,714
for the year ended 30 June 2006
CULS
conversion
reserve - Share Non- Retained earnings
Share equity premium Special Warrant distributable Capital Revenue
Capital component account reserves reserve reserves reserves reserve Total
#'000s #'000s #'000s #'000s #'000s #'000s #'000s #'000s #'000s
Balance at 30 June 2005 1,005 1,986 144 46,116 3,969 42 67,990 127 121,379
Conversion of warrants 2 - 97 - (40) 40 - - 99
Profit for the period - - - - - - 22,852 573 23,425
Ordinary dividends paid - - - - - - - (257) (257)
Transfer of ZDP shares
finance costs - - - (3,467) - - 3,467 - -
Balance at
30 June 2006 1,007 1,986 241 42,649 3,929 82 94,309 443 144,646
UNAUDITED CONSOLIDATED BALANCE SHEET
At 31 Dec 2006 At 31 Dec 2005 At 30 June 2006
#'000s #'000s #'000s
Non-current assets
Investment 361,137 222,893 240,573
Current assets
Sales for future settlement - 684 860
Other receivables 1,844 684 969
Derivatives financial instruments 7,327 3,456 9,059
Cash and cash equivalents 672 30,309 27,956
9,843 35,133 38,844
Current liabilities
Bank overdrafts (6,101) - (888)
Bank loans (19,909) (22,094) (25,040)
Purchases for future settlement (586) - (2,959)
Other payables (13,713) (2,762) (4,671)
Derivatives financial instruments (3,115) (483) (781)
(43,424) (25,339) (34,339)
Net current (liabilities)/assets (33,581) 9,794 4,505
Net assets less current liabilities 327,556 232,687 245,078
Non-current liabilities
Bank loans (35,760) (25,431) (29,915)
CULS - liability component (18,785) (18,520) (18,692)
Zero dividend preference shares (53,823) (50,022) (51,825)
(108,368) (93,973) (100,432)
Net assets 219,188 138,714 144,646
Equity attributable to equity holders
Ordinary share capital 1,011 1,006 1,007
CULS conversion reserve - equity
component 1,976 1,986 1,986
Share premium account 372 192 241
Special reserves 40,804 44,399 42,649
Warrant reserve 3,871 3,949 3,929
Non-distributable reserves 238 62 82
Capital reserves 171,491 87,060 94,309
Revenue reserve (575) 60 443
Total attributable to equity holders 219,188 138,714 144,646
Net asset value per ordinary share
Basic - pence 336.97 213.09 222.35
Diluted - pence 268.22 181.46 187.68
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
Six months to Six months to
31 December 2006 31 December 2005
#'000s #'000s
Cash flows from operating activities (33,655) 23,577
Cash flows from investing activities - -
Cash flows before financing activities (33,655) 23,577
Financing activities
Equity dividend paid (257) (257)
Proceeds from borrowings 1,407 4,452
Proceeds from warrants exercised 287 97
Cash flows from financing activities 1,437 4,292
Net (decrease)/increase in cash and cash equivalents (32,218) 27,869
Cash and cash equivalents at the beginning of the period 27,068 2,423
Effect of movement in foreign exchange (279) 17
Cash and cash equivalents (including bank overdrafts) at
the end of the period (5,429) 30,309
Notes
The directors do not propose to pay an interim dividend, (31 December 2005: #nil
and 30 June 2006 final dividend: #257,000).
The results for the six months to 31 December 2006 and the six months to 31
December 2005, which are unaudited, constitute non-statutory accounts within the
meaning of Section 240 of the Companies Act 1985. The latest published accounts,
which have been delivered to the Registrar of Companies are for the year ended
30 June 2006; the report of the auditors thereon was unqualified and did not
contain a statement under Section 237 of the Companies Act 1985. The abridged
financial statements shown above for the year ended 30 June 2006, are an extract
from those accounts.
The Interim Report & Accounts will be posted to shareholders towards the end of
March 2007. Copies may be obtained during normal business hours from the
Company's registered office, Exchange House, Primrose Street, London EC2A 2NY.
By order of the Board
F&C Management Limited, Secretary
16 March 2007
This information is provided by RNS
The company news service from the London Stock Exchange
END
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