Interim Results
Merrill Lynch Commodities Income IT
11 July 2006
11 July 2006
MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc
Interim announcement of results in respect of the six months
ended 31 May 2006
• Company's NAV rose by 5.6% and share price by 3.7% on a total return
basis.
• Dividends paid in respect of the period amounted to 2.125 pence per
share.
• Earnings per share amounted to 2.90 pence for the period.
For further information please contact:
Jonathan Ruck Keene, Managing Director Investment Trusts - 020 7743 2178
-
Richard Davis, Fund Manager - 020 7743 2668
Nigel Webb, Director Media & Communications
020 7743 5938
Merrill Lynch Investment Managers
Or
William Clutterbuck
The Maitland Consultancy - 020 7379 5151
The Chairman, Alan Hodson, comments:
'Performance
I am delighted to present the inaugural report on the Merrill Lynch Commodities
Income Investment Trust which commenced dealings on 13 December 2005. Initially
75 million ordinary shares were issued with a further 600,000 shares being
issued on 4 May 2006 at a substantial premium to net asset value (NAV). Over the
period to 31 May 2006 both commodities themselves and commodity related
companies saw a period of mixed performance with new highs being set in April
followed by a period of extreme volatility during May. Against this background
the Company's NAV ended the period at 102.50 pence per share, an increase of
5.6% (in total return terms) above its initial value of 98.0 pence per share.
Over the same period, the share price rose to 102.75 pence per share, a rise of
3.7% (in total return terms).
Dividends
As set out in the prospectus dated 22 November 2005, it is the Company's
intention to pay dividends quarterly with an initial annual dividend yield
target of 4.25%. The first quarterly dividend of 1.0625 pence per share was paid
on 28 April 2006 to shareholders on the register on 31 March 2006 (ex-dividend
date 29 March 2006). The second quarterly dividend of 1.0625 pence per share
will be paid on 28 July 2006 to shareholders on the register on 30 June 2006
(ex-dividend date 28 June 2006).
Discount Control Mechanism
As stated in the Company's prospectus the Directors have the discretion to make
a semi-annual tender offer at the prevailing net asset value less 2% for up to
20% of the issued share capital. The first tender offer calculation date is 31
August 2006. Since the launch of the Company the shares have usually traded at a
premium with the premium at the time of writing being 2.4%. In view of this the
Board announced on 19 June 2006 that it would not on this occasion exercise its
discretion to implement a tender offer as at 31 August 2006.
Gearing
The Company operates a flexible gearing policy depending upon prevailing
investment conditions. The maximum gearing during the period was 7.7% and on 31
May 2006 gearing amounted to 3.6%.
Prospects
Although economic growth may slow during the second half of this year, energy
demand growth is expected to remain robust. The mining sector appears to be
underpinned by sustained levels of demand against a background of supply
constraints. These conditions are expected to generate continued earnings and
dividend growth in the commodities sector, where share prices still appear to
offer good value.'
Commenting upon performance and the outlook for the Company, Richard Davis of
Merrill Lynch Investment Managers, the Investment Manager, notes:
'Commodity Market Overview
For the period ended 31 May 2006, the Company's NAV and share price rose by 5.6%
and 3.7% (in total return terms) respectively. The Manager is pleased to report
that the portfolio generated income in excess of the level required in order to
pay the quarterly dividends for the periods ended February and May 2006.
It has only been five-and-a-half months since the inception of the Company, yet
in that time investors have experienced some extreme movements in commodity and
equity prices. In December, we would not have predicted that the market would
see gold at US$720/oz, copper at US$4/lb and oil at US$75/Bbl so soon after the
Company's launch. The period under review could be described as 'a game of four
quarters': the market began the year strongly and then ran into some technical
selling; it surged higher again in April and early May before being knocked back
at the end of the period. Notwithstanding the sharp correction in May, most
traded commodities - with the exception of lead and natural gas - made
significant gains.
An important component in the commodities market has been the growing interest
in the sector from the financial markets. In the past three years, there has
been a significant increase in demand for commodities from institutional
investors and the growth in commodity funds and investable indices such as the
Goldman Sachs Commodity Index, is testament to their positive stance on the
sector. This is not to say, however, that the bullish trend in commodities has
been driven by investor fund flows. The Manager believes that strong consumer
demand in conjunction with lower than expected production and historically low
inventories, are responsible for the underlying bullish trend in the commodities
sector. The investment community has simply added another dimension to the
market - increased volatility. It should also be noted that funds allocated to
the sector represent only a very small part of the global capital markets.
In the base metals arena, the outstanding performers were zinc and copper, which
gained 114.6% and 77.6% respectively (US dollar terms). Supply disruptions have
been particularly acute for these metals. In the precious metals market,
platinum remained solidly above the US$1,000/oz, which it passed for the first
time in December. Again, supply deficits and healthy demand have supported
prices. Platinum producers also benefited from increases in by-products,
including palladium and rhodium. Gold prices trended higher on the back of a
range of positive factors including stagnant mine supply, inflationary fears,
geopolitical concerns and the possibility of further weakness in the US Dollar.
Energy prices were positively influenced by geopolitics. Iran and Nigeria, which
are respectively the world's fourth and twelfth largest oil producers, took
centre stage. While rebels shut down significant oil production in Nigeria, the
security of Iranian oil supply came under question with the controversy
surrounding the country's nuclear programme. In April, President Ahmadinejad
announced that his country had been successful in enriching uranium and amid the
ensuing speculation of US-led military action, the price of oil reached US$75/
Bbl. Other bullish factors included ongoing supply disruptions in Iraq and
Venezuela. By contrast, natural gas prices fell 61.2% (US dollar terms).
Inventories were maintained at relatively high levels following the warm winter
in the US.
In May the market experienced a significant increase in volatility, although
there was no discernible change in the underlying fundamentals. In the early
part of the month, several commodities reached new highs. The gains were in part
driven by the unwinding of distressed short positions in the market. Later in
the month, concerns about inflation and economic growth triggered a sharp
sell-off in global equity markets. Commodities, which were viewed by some
investors as a leveraged play on the economy, were sold. Commodity equities,
particularly those in emerging markets, suffered the most. As a result, mining
and energy equities underperformed metal and oil prices respectively during the
sell-off and both sectors now look 'out of kilter' with commodity prices. For
example, Brazil's CVRD, the world's largest producer of iron ore, fell 21.2% (US
dollar terms) from its high (compared with a 14.7% (US dollar terms) fall in the
HSBC Global Mining Index), despite successfully negotiating a 19% (US dollar
terms) increase in iron ore prices for 2006.
Corporate activity has been an important feature of the market, particularly in
the mining sector. The key battleground has been Toronto, where Inco announced
an agreed bid for Falconbridge. Subsequently, Xstrata and Teck Cominco have made
bids for Falconbridge and Inco respectively.
In late June, Phelps Dodge, the US copper producer entered the fray with an
agreed three-way combination with Inco and Falconbridge valued at US$56 billion.
As part of this deal, Inco has lifted its bid for Falconbridge. Inco's offer for
Falconbridge and Phelps Dodge's offer for Inco are due to close in July and
September respectively. If successful, Phelps Dodge Inco, as the new company
will be called, would be the world's largest producer of nickel, the
second-largest producer of copper and molybdenum and the third largest producer
of cobalt. Meanwhile in the North American energy sector, Anadarko Petroleum
made bids for Kerr McGee and Western Gas Resources in a US$23 billion all cash
deal.
Portfolio
In line with the Company's objectives set out in the prospectus, our investment
strategy is to invest in companies in the mining and energy sectors with the
following attributes:
• Excellent cash flow generation and dividend paying capacity;
• Balance sheet strength;
• Potential for long term capital growth.
At 31 May, the Company held 45 stocks invested across a broad range of mining
and energy sub-sectors. The portfolio is also well diversified in terms of its
geographic exposure. A brief description of the portfolio's ten largest
investments, which make up 41% of assets, is provided after the outlook.
The Company held one unquoted investment - Polyus Gold - during the period. This
company was formed when Norilsk Nickel, the Russian nickel and precious metals
producer, 'spun out' its gold assets to shareholders. Polyus Gold is now quoted
on the Russian Trading System (RTS). During the period, the portfolio did not
hold any physical assets.
Income
The Company's initial annualised target yield is 4.25% based on the launch price
of 100 pence per share. Accordingly, the Company has declared dividends of
1.0625 pence per share per quarter, amounting to 2.125 pence per share for the
interim period. Revenue after tax for the period amounted to £2,181,000,
equivalent to 2.90 pence per share. There remains £581,000 in reserves at the
period end.
Dividends paid by the Company's investments contributed £2,609,000. As expected,
these were the primary source of income, accounting for 82% of the total income
received. Approximately 40% of dividend income was generated by the Company's
copper and platinum holdings. On the back of strong rises in these commodities,
some producers were in a position to declare special dividends during the
period. An additional 40% of dividends were paid by investments in the
diversified mining, integrated oil and coal sectors.
In the derivatives market, the Company can generate income by selling equity
options in its subsidiary. Our strategy is to sell options with exercise prices
at which stock could be called away or put to the Company at levels that the
Manager considers to be attractive. This generated £432,000 of income in the
period.
The Company also received £83,000 in interest on corporate bonds and cash (net
of gearing expenses). At 31 May, the Company had £2.8m in gearing, equivalent to
3.6% of NAV. This reflects the Manager's positive view on the commodities market
going forward.
Outlook
This year looks to be another good one for the fundamentals of the mining and
energy sectors. While the strong economic growth conditions seen earlier this
year have undoubtedly moderated, we see no reason to believe that demand for
commodities will be significantly reduced going forward. In terms of supply, we
anticipate further disruptions from operations and project delays. With
inventories at low levels, we believe, therefore, that commodity prices could
remain substantially above long term averages. In the equity markets, higher
commodity prices have enabled many investments in the portfolio to report
increased cash flows, earnings and dividends and we see this trend continuing in
both the mining and energy sectors. Equities are attractively priced relative to
commodity prices, their historic valuations and the broader stockmarket.'
Ten Largest Investments:
Canadian Oil Sands Trust (5.3%) is the largest owner of the Syncrude Joint
Venture, located in the Athabasca region of Northeastern Alberta. Syncrude
produces crude oil through the mining of oil sands. Syncrude also operates
bitumen extraction plants and an upgrading complex that processes bitumen into a
light sweet crude oil.
BHP Billiton (5.2%) is the world's largest diversified natural resources
company, formed in 2001 following the merger of UK's Billiton and Australia's
BHP. The company has major interests in aluminium, iron ore, copper, coal,
manganese and diamonds. The company also has significant oil and gas assets. In
2005, BHP Billiton purchased WMC Resources, adding uranium to its portfolio of
commodities.
CVRD (5.0%) CVRD is the world's largest producer of iron ore. Based in Brazil,
the company also has significant interests in other commodities including
aluminium, copper and gold. In addition to its mining interests, CVRD owns and
operates transport infrastructure.
Norsk Hydro (4.7%) is an offshore producer of oil and gas, and an integrated
aluminium supplier with operations in nearly 40 countries. In energy, the
Company develops, produces and supplies oil, gas and hydropower. In mining,
Hydro supplies primary aluminium, rolled products, extruded and other fabricated
products. It is also engaged in the development of energy forms, such as wind
power and hydrogen, and manages energy trading and transport operations.
Rio Tinto (4.2%) is one of the most successful major mining companies. The
company has interests in a wide range of commodities including iron ore, copper,
coal, industrial minerals, gold and diamonds.
Fording Canadian Coal Trust (3.5%) holds a 60% interest in Elk Valley Coal
Partnership, a general partnership between Fording and Teck Cominco Limited. Elk
Valley Coal's principal activities are the mining and processing of
metallurgical coal for export.
Peyto Energy Trust (3.4%) is involved in the development and production of
natural gas in Alberta's deep basin. The company's production consists of
approximately 83% natural gas and 17% natural gas liquids and oil. Peyto also
has eight drilling rigs active in its core areas.
Phelps Dodge (3.4%) is one of the world's leading producers of copper. The
company is also a world leader in the production of molybdenum, and the largest
producer of molybdenum-based chemicals and continuous-cast copper rod. Based in
the US, Phelps Dodge operates mines and processing facilities in North and South
America, Europe and China. The company also produces other minerals as
by-products, such as gold, silver and rhenium.
China Shenhua Energy (3.4%) is engaged in the coal and power businesses in
China. The company owns 21 coal mines in western and northern China and operates
and develops power plants in regions such as Beijing-Tianjin-Hebei, Zhejiang and
Guangdong. The Company also owns and operates a large-scale integrated coal
transportation network, which consists of dedicated rail lines and port
facilities.
Precision Drilling (3.2%) Based in Calgary, Alberta, the company provides
contract drilling services to the Canadian oil and natural gas industry. The
company is Canada's leading drilling contractor with a 32% market share.
Precision Drilling also offers a complete range of oil and gas well services
including completions, workovers, abandonments and well maintenance.
All percentages reflect the value of the holding as a percentage of total
investments.
CONSOLIDATED INCOME STATEMENT
for the period ended 31 May 2006
Notes Revenue return Capital Total
31 May 2006 return 31 May 2006
(unaudited) 31 May 2006 (unaudited)
£'000 (unaudited) £'000
£'000
Income from investments held at fair value
through profit or loss
3 2,623 - 2,623
Other operating income 3 566 - 566
-------- -------- --------
Total revenue 3,189 - 3,189
-------- -------- --------
Gains on investments held at fair value
through profit or loss - 2,541 2,541
-------- -------- --------
3,189 2,541 5,730
-------- -------- --------
Expenses
Management fees 4 (110) (328) (438)
Other expenses 5 (157) (395) (552)
Finance costs (16) (47) (63)
-------- -------- --------
Total operating expenses (283) (770) (1,053)
-------- -------- --------
Profit before tax 2,906 1,771 4,677
Tax (725) 113 (612)
-------- -------- --------
Net profit for the period 7 2,181 1,884 4,065
-------- -------- --------
Return per ordinary share 7 2.90p 2.51p 5.41p
-------- -------- --------
The total column of this statement represents the Group's Income Statement, prepared in accordance with
International Financial Reporting Standards. The supplementary revenue and capital return columns are both
prepared under guidance published by the Association of Investment Trust Companies ('AITC'). All items in the
above statement derive from continuing operations. No operations were acquired or discontinued in the period.
All income is attributable to the equity shareholders of Merrill Lynch Commodities Income Investment Trust plc.
There are no minority interests.
Details of dividends paid and proposed at the balance sheet date are given in note 6.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the period ended 31 May 2006
Ordinary Share Special Capital Revenue Total
share premium reserve reserve reserves
capital account £'000 £'000 £'000 £'000
£'000 £'000
At launch on 13 December 2005 750 74,250 - - - 75,000
Launch costs - (1,500) - - - (1,500)
Cancellation of share premium
account - (72,750) 72,750 - - -
Shares issued 6 717 - - - 723
Profit for the period - - - 1,884 2,181 4,065
First interim dividend paid (note 5) - - - - (797) (797)
-------- ---------- --------- -------- -------- ----------
At 31 May 2006 756 717 72,750 1,884 1,384 77,491
-------- ---------- --------- -------- -------- ----------
CONSOLIDATED BALANCE SHEET
as at 31 May 2006
Notes 31 May 2006
(unaudited)
£'000
Non-current assets
Investments held at fair value through profit or loss 80,382
---------
Current assets
Other receivables 465
Cash and cash equivalents 406
---------
871
---------
Total assets 81,253
---------
Current liabilities
Bank overdrafts (2,760)
Other payables (1,002)
---------
(3,762)
---------
Net assets 77,491
=====
Equity attributable to equity holders
Ordinary share capital 8 756
Share premium account 717
Special reserve 72,750
Capital reserves 1,884
Revenue reserve 1,384
---------
Total equity 77,491
=====
Net asset value per ordinary share 7 102.50p
======
CONSOLIDATED CASH FLOW STATEMENT
for the period ended 31 May 2006
Period ended 31
May 2006
(unaudited)
£'000
Net cash outflow from operating activities before financing (75,785)
---------
Financing activities
Shares issued 75,723
Launch costs paid (1,485)
Equity dividend paid (797)
---------
Net cash inflow from financing 73,441
---------
Decrease in cash flow (2,344)
Effect of foreign exchange rate changes (10)
---------
Cash, cash equivalents and bank overdrafts at end of period (2,354)
=====
RECONCILIATION OF NET INCOME BEFORE TAX TO NET CASH INFLOW FROM OPERATING
ACTIVITIES
for the period ended 31 May 2006
Period ended 31
May 2006
(unaudited)
£'000
Profit before tax 4,677
Gains on investments held at fair value through profit or loss (2,541)
Increase in other receivables (391)
Increase in other payables 598
Net purchases of investments (77,830)
Tax on investment income included within gross income (298)
---------
(75,785)
=====
Notes to the Interim Report
1. Principal activity
The principal activity of the Company is that of an investment trust company within the meaning of section 842 of the
Income and Corporation Taxes Act 1988.
The principal activity of the subsidiary, Merrill Lynch Commodities Securities Income Company Limited, is investment
dealing.
2. Basis of Preparation
The principal accounting policies adopted by the Group and by the Company are set out below.
(a) Basis of preparation
The Group's interim financial statements have been prepared in accordance with International Financial Reporting
Standards (IFRS) as adopted by the EU. The Company's interim financial statements have been prepared in accordance with
IFRS as adopted by the EU and as applied in accordance with the provisions of the Companies Act 1985.
The Group's interim financial statements are presented in sterling, which is the currency of the primary environment in
which the Group operates. All values are rounded to the nearest thousand pounds (£'000) except when otherwise
indicated.
The interim financial statements have been prepared in accordance with the guidance set out in the Statement of
Recommended Practice ('SORP') for investment trusts issued by the AITC, revised in December 2005.
(b) Basis of consolidation
The Group's interim financial statements consolidate the accounts of the Company and its wholly owned subsidiary, which
is registered and operates in England and Wales, Merrill Lynch Commodities Securities Income Company Limited.
(c) Segmental reporting
The Directors are of the opinion that the Group is engaged in a single segment of business being investment business.
(d) Income
Dividends receivable on equity shares are treated as revenue for the period on an ex-dividend basis. Where no
ex-dividend date is available, dividends receivable on or before the year end are treated as revenue for the year.
Interest income is accounted for on an accruals basis. Premia on options written are recognised as income.
(e) Expenses
All expenses, including interest expenses, are accounted for on an accruals basis. Expenses have been treated as
revenue except as follows:
- expenses which are incidental to the acquisition or disposal of an investment are treated as capital
and separately identified and disclosed on the face of the Consolidated Statement of Changes in
Equity;
- expenses are treated as capital where a connection with the maintenance or enhancement of the
value of the investments can be demonstrated.
- management fees and finance costs of borrowing are apportioned 25% to revenue and 75% to
capital in line with the expected long term split of returns.
(f) Taxation
Deferred tax is recognised in respect of all temporary differences where transactions or events that result in an
obligation to pay more or right to pay less tax in the future have occurred which have originated but not reversed at
the balance sheet date. This is subject to deferred tax assets only being recognised if it is considered more likely
than not that there will be suitable profits from which the future reversal of the temporary differences can be
deducted. Deferred tax assets and liabilities are measured at the rates applicable to the legal jurisdictions in which
they arise.
(g) Investments held at fair value through profit or loss
Purchases of investments are recognised on a trade date basis and designated upon initial recognition as held at fair
value through profit or loss. The sale of assets are recognised at the trade date of the disposal. Proceeds will be
measured at fair value, which will be regarded as the proceeds of sale less any transaction costs. The fair value of
the financial instruments is based on their quoted bid price at the balance sheet date, without deduction for any
estimated future selling costs. Unquoted investments are valued by the Directors at fair value, using International
Private Equity and Venture Capital Association guidelines. This policy applies to all current and non-current asset
investments held by the Group.
Changes in the value of investments held at fair value through profit or loss and gains and losses on disposal are
recognised in the Consolidated Income Statement as 'Gains or losses on investments held at fair value through profit or
loss'. Purchases and sales transaction costs are included within other expenses.
(h) Other receivables and payables
Other receivables do not carry any interest and are short term in nature and are accordingly stated at their nominal
value.
(i) Dividends payable
Under IAS 10 interim dividends should not be accrued in the financial statements unless they have been paid. Final
dividends are accrued when they have been approved by shareholders.
(j) Foreign currency translation
Transactions involving foreign currencies are converted at the rate ruling at the date of the transaction. Foreign
currency monetary assets and liabilities are translated into sterling at the rate ruling on the balance sheet date.
Foreign exchange differences arising on translation are recognised in the Consolidated Income Statement.
(k) Cash and cash equivalents
Cash comprises cash in hand and demand deposits. Cash equivalents are short term, highly liquid
investments that are readily convertible to known amounts of cash and that are subject to minimal
risk of changes in value.
(l) Bank borrowings
Bank overdrafts are recorded as the proceeds received, net of direct issue costs. Finance charges,
including any premia payable on settlement or redemption and direct issue costs, are accounted for
on an accruals basis in the Consolidated Income Statement using the effective interest rate method
and are added to the carrying amount of the instrument to the extent that they are not settled in
the period in which they arise.
3. Income
Period ended 31
May 2006
(unaudited)
£'000
Investment income
UK listed dividends 491
Overseas listed dividends 2,118
Interest bearing 14
---------
2,623
---------
Other operating income
Bank interest and other income 134
Option premium income 432
---------
566
---------
Total income 3,189
---------
4. Investment management fees
Period ended 31 May 2006 (unaudited)
Revenue return Capital return Total
£'000 £'000 £'000
Investment management fees 104 312 416
Irrecoverable VAT thereon 6 16 22
------- ------- -------
110 328 438
------- ------- -------
The investment management fee is levied quarterly, at a rate of 1.1% per annum based on the value of the
gross assets on the last day of each quarter. The investment management fee is allocated 25% to the
revenue account and 75% to capital reserves.
5. Other operating expenses
Purchases and sales transaction costs of £341,000 and £54,000 respectively are included within other
expenses, charged to capital.
6. Dividends
Ordinary dividends on equity shares are analysed below:
Period ended 31
May 2006
(unaudited)
£'000
First interim dividend for the period ended 28 February 2006 - 1.0625p 797
Second interim dividend for the period ended 31 May 2006 - 1.0625p 803
---------
1,600
---------
A first interim dividend for the period ended 28 February 2006 of £797,000 (1.0625p per ordinary share) was
paid on 28 April 2006 to shareholders on the register at 31 March 2006. A second interim dividend of
£803,000 (1.0625p per ordinary share) is proposed and will be paid on 28 July 2006 to shareholders on the
register of members on 30 June 2006. This dividend has not been accrued in the financial statements for the
period ended 31 May 2006, as under IAS 10, interim dividends are not accrued in the financial statements
until they are declared and paid.
7. Return per share and net asset value per share
Period ended 31
May 2006
(unaudited)
Net revenue attributable to ordinary shareholders (£'000) 2,181
Net capital gains attributable to ordinary shareholders (£'000) 1,884
Equity shareholders funds (£'000) 77,491
The weighted average number of ordinary shares in issue during the period, on
which the return per ordinary share was calculated, was: 75,082,653
The actual number of ordinary shares in issue at the end of the period on which
the net asset value was calculated, was: 75,600,000
Revenue return per share 2.90p
Capital return per share 2.51p
Total return per share 5.41p
Net asset value per share 102.50p
Share price 102.75p
8. Ordinary share capital
31 May 2006 31 May 2006
number £'000
Authorised:
Ordinary shares of 1p each 505,000,000 5,050
Issued and allotted, called up and fully paid:
At launch on 13 December 2005 75,000,000 750
Ordinary shares issued on 4 May 2006 600,000 6
--------------- -------
At 31 May 2006 75,600,000 756
======== ====
During the period the Company issued 600,000 ordinary shares at a premium to net asset value in excess of
6%.
9. Publication of statutory accounts
The financial information contained in this interim report does not constitute statutory accounts as defined in section
240 of the Companies Act 1985. The financial information for the period ended 31 May 2006 has not been audited.
10. Copies of the interim report will be posted to shareholders as soon as practicable. Copies will also be available
to the public from the Company's registered office at 33 King William Street, London EC4R 9AS.
11. Annual results
The Board expects to announce the annual results for the period ended 30 November 2006 in January 2007. Copies of the
preliminary announcement can be obtained from the Secretary on 020 7743 3000. The annual report should be available at
the beginning of February 2007, with the Annual General Meeting being held in March 2007.
11 July 2006
33 King William Street
London EC4R 9AS
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