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Utilico Emerging Markets Utilities Limited Unaudited Statement of Results for the period ended 31 March 2006
Hamilton, Bermuda: 05 June 2006 - Utilico Emerging Markets Utilities Limited (UTILEMU.BH) Unaudited Statement of Results for the period ended 31 March 2006.
Highlights of results
· Raised £51.3m net of expenses
· Acquired seed portfolio of 9 holdings for £22.5m
· Fully invested in 41 positions by December
· Established a £25.0m bank facility
· Net asset value increased by 21.5%
· Earnings per ordinary share of 1.62p on the revenue account
· Dividend per ordinary share of 1.50p proposed
The Chairman, Mr Alex Zagoreos, commented, "The inaugural eight month period has seen a pleasing performance resulting in the net asset value per ordinary share increasing from 98.4p to 119.5p. The emerging markets have experienced a significant loss of investor confidence resulting in sharp declines in most markets. Since the period end the undiluted net asset value per ordinary share has declined to 107.70p at 31 May 2006. UEM has successfully raised £100.0m through an open offer and placing of 100.0m C shares and 20.0m new warrants."
SUMMARY OF UNAUDITED RESULTS FOR THE PERIOD 9 JUNE 2005(1) TO 31 MARCH 2006
|
|
31 March 2006 |
20 July 2005(2) |
Change |
|
|
|
|
|
|
Undiluted net asset value per ordinary share |
119.48p |
98.36p |
+21.5% |
Diluted net asset value per ordinary share |
116.23p |
*98.36p |
+18.2% |
Ordinary share price |
126.00p |
100.00p |
+26.0% |
|
Premium - (based on diluted NAV) |
8.4% |
1.7% |
|
|
|
|
|
|
|
Earnings per share (basic) |
|
|
|
|
- Capital |
19.50p |
n/a |
|
|
- Revenue |
1.62p |
n/a |
|
|
- Total |
21.12p |
n/a |
|
|
|
|
|
|
|
Dividend per share (proposed) |
1.50p |
n/a |
|
|
|
|
|
|
|
Equity holders' funds (£'m) |
89.7 |
73.8 |
+21.5% |
|
|
|
|
|
|
Debt (£'m) |
17.5 |
- |
|
|
|
|
|
|
|
Gearing on gross assets |
15.8% |
- |
|
|
|
|
|
|
*There is no dilution
(1) Date of incorporation of the Company
(2) Date of admission to trading on Alternative Investment Market (AIM)
UNAUDITED INCOME STATEMENT
|
for the period 9 June 2005 to 31 March 2006 | |||
|
| |||
|
|
Revenue |
Capital |
Total |
|
|
£'000s |
£'000s |
£'000s |
|
|
|
|
|
|
Gains and losses on investments |
- |
17,057 |
17,057 |
|
Gains and losses on derivative instruments |
- |
(18) |
(18) |
|
Exchange gains/(losses) |
1 |
(234) |
(233) |
|
Investment income |
1,677 |
- |
1,677 |
|
Other income |
396 |
- |
396 |
|
|
2,074 |
16,805 |
18,879 |
|
Management and administration fees |
(431) |
(2,141) |
(2,572) |
|
Other expenses |
(290) |
(30) |
(320) |
|
Profit before finance costs and taxation |
1,353 |
14,634 |
15,987 |
|
Finance costs |
(81) |
- |
(81) |
|
Profit before taxation |
1,272 |
14,634 |
15,906 |
|
Taxation |
(57) |
- |
(57) |
|
Profit for the period |
1,215 |
14,634 |
15,849 |
|
Earnings per share (basic) - pence |
1.62 |
19.50 |
21.12 |
|
Earnings per share (diluted) - pence |
1.59 |
19.15 |
20.74 |
The total column of this statement represents the Company's Income Statement, prepared in accordance with IFRS.
The supplementary revenue and capital return columns are both prepared under guidance published by the Association of Investment Trust Companies in the UK. All items in the above statement derive from continuing operations.
All income is attributable to the equity holders of the Company.
The Company was incorporated on 9 June 2005 and commenced trading on 20 July 2005.
| UNAUDITED STATEMENT OF CHANGES IN EQUITY | |||||||
| for the period 9 June 2005 to 31 March 2006 | |||||||
| Ordinary | Share | Non- | Retained earnings | ||||
| share | premium | Warrant | Distrib' | Capital | Revenue | ||
| capital | account | reserve | reserve | reserves | reserve | Total | |
| £'000s | £'000s | £'000s | £'000s | £'000s | £'000s | £'000s | |
| Issue of ordinary shares and warrants | 7,507 | 63,514 | 4,050 | 1 | - | - | 75,072 |
| Issue costs of ordinary share capital | - | -1,230 | - | - | - | - | -1,230 |
| Profit for the period | - | - | - | - | 14,634 | 1,215 | 15,849 |
| Balance at 31 March 2006 | 7,507 | 62,284 | 4,050 | 1 | 14,634 | 1,215 | 89,691 |
Non-current assets
Investments
108,056
Current assets
Other receivables
780
Derivative instruments
883
Cash and cash equivalents
1,238
2,901
Current liabilities
Bank loans
(17,528)
Purchases for future settlement
(1,166)
Other payables
(2,409)
Derivative instruments
(163)
(21,266)
Net current liabilities
(18,365)
Net assets
89,691
Equity attributable to equity holders
Ordinary share capital
7,507
Share premium account
62,284
Warrant reserve
4,050
Non-distributable reserve
1
Capital reserves
14,634
Revenue reserve
1,215
Total attributable to equity holders
89,691
Net asset value per ordinary share
Basic - pence
119.48
Diluted - pence
116.23