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Utilico Emerging Markets - Annual Report and Accounts
Hamilton, Bermuda: June 12, 2007 --
HIGHLIGHTS
- Raised £100.0m in May 2006
- Fully invested in early August 2006
- Increased bank facility to £60.0m from £25.0m in March 2007
- Profit for the period of £57.3m
- Net asset value increased by 22.6% to 146.45p
- Earnings per share of 2.96p on the revenue account
- Dividends per share of 2.70p (final 0.70p)
The Chairman, Mr Alexander Zagoreos, commented, "Since launch in July 2005 the initial ordinary shareholders have seen their NAV increase from 98.36p to 146.45p. This increase, including dividends, represents a compound annual growth of 28.4%.
While we expect the world's economic activity to retreat from the high growth levels seen over the last 12 months we still anticipate sound economic progress in the emerging markets.
UEM's portfolio is well positioned to benefit from this progress."
PERFORMANCE SUMMARY
|
|
31 March 2007 |
31 March 2006(1) |
% Change |
|
|
|
|
|
|
Undiluted net asset value per ordinary share |
146.45p |
119.48p |
+22.6 |
|
Diluted net asset value per ordinary share |
138.80p |
116.23p |
+19.4 |
|
Ordinary share price |
137.25p |
126.00p |
+8.9 |
|
(Discount)/premium(2) |
(1.1%) |
8.4% |
|
|
|
|
|
|
|
Earnings per share (basic) |
|
|
|
|
- Capital |
34.19p |
19.50p |
+75.3 |
|
- Revenue |
2.96p |
1.62p |
+82.7 |
|
- Total |
37.15p |
21.12p |
+75.9 |
|
|
|
|
|
|
Dividends per ordinary share |
|
|
|
|
- Interim paid |
2.00p |
- |
} +80.0 |
|
- Final declared (2006: paid) |
0.70p(3) |
1.50p | |
|
- Total |
2.70p |
1.50p |
+80.0 |
|
|
|
|
|
|
Equity holders' funds (£'m) |
241.6 |
89.7 |
+169.3(4) |
|
|
|
|
|
|
Gross assets (£'m) |
303.4 |
111.0 |
|
|
|
|
|
|
|
Debt (£'m) |
45.0 |
17.5 |
+157.1 |
|
|
|
|
|
|
Gearing on gross assets |
14.8% |
15.8% |
|
|
|
|
|
|
|
Revenue account expenses (£'m) |
2.0 |
0.7 |
+185.7 |
|
|
|
|
|
|
Total expense ratio(5) |
0.9% |
0.9% |
- |
(1) Period from 9 June 2005, the date of incorporation of the Company, to 31 March 2006.
(2) Based on diluted net asset value.
(3) The final declared dividend has not been included as a liability in these accounts.
(4) Includes £100.0m raised through the issue of C shares.
(5) Revenue account expenses over monthly average gross assets.
INCOME STATEMENT
|
|
Year to 31 March 2007 |
Period from 9 June 2005 to 31 March 2006* | ||||
|
|
Revenue |
Capital |
Total |
Revenue |
Capital |
Total |
|
|
£'000s |
£'000s |
£'000s |
£'000s |
£'000s |
£'000s |
|
|
|
|
|
|
|
|
|
Gains and losses on investments |
- |
58,094 |
58,094 |
- |
17,057 |
17,057 |
|
Gains and losses on derivative instruments |
- |
2,450 |
2,450 |
- |
(18) |
(18) |
|
Exchange gains and losses |
- |
1,830 |
1,830 |
1 |
(234) |
(233) |
|
Investment and other income |
8,457 |
- |
8,457 |
2,073 |
- |
2,073 |
|
Total income |
8,457 |
62,374 |
70,831 |
2,074 |
16,805 |
18,879 |
|
Management and administration fees |
(1,275) |
(7,102) |
(8,377) |
(431) |
(2,141) |
(2,572) |
|
Other expenses |
(709) |
(77) |
(786) |
(290) |
(30) |
(320) |
|
Profit before finance costs and taxation |
6,473 |
55,195 |
61,668 |
1,353 |
14,634 |
15,987 |
|
Finance costs |
(1,417) |
- |
(1,417) |
(81) |
- |
(81) |
|
Profit before tax |
5,056 |
55,195 |
60,251 |
1,272 |
14,634 |
15,906 |
|
Taxation |
(488) |
(2,421) |
(2,909) |
(57) |
- |
(57) |
|
Profit for the period |
4,568 |
52,774 |
57,342 |
1,215 |
14,634 |
15,849 |
|
|
|
|
|
|
|
|
|
Earnings per share (basic) - pence |
2.96 |
34.19 |
37.15 |
1.62 |
19.50 |
21.12 |
|
|
|
|
|
|
|
|
|
Earnings per share (diluted) - pence |
2.87 |
33.14 |
36.01 |
1.59 |
19.15 |
20.74 |