Interim Results

Utilico Emerging Markets Limited 04 December 2006 Date: 4 December 2006 Contact: Charles Jillings Utilico Emerging Markets Limited 01372 271 486 Utilico Emerging Markets Limited Unaudited Statement of Results for the six months to 30 September 2006 Highlights of results â€¢ Raised Â£100m through the issue of C shares â€¢ Fully invested by August â€¢ Recovery in net asset value following sharp sell-off in emerging markets â€¢ Dividend per ordinary share of 2.00p The Chairman, Mr Alexander Zagoreos, commented, 'The past six months have been testing times for emerging market investors. However, despite this, I am pleased to report that UEM has continued to make progress. Initially the NAV per ordinary share rose from 119.48p at 31 March 2006 to peak at 121.77p on 9 May 2006. The markets then declined sharply and the NAV per ordinary share fell back to 103.62p on 13 June 2006. Since then the NAV per ordinary share has made steady progress to end marginally ahead of where it began at 119.74p after paying a maiden final dividend of 1.50p in June 2006. In the two months since 30 September 2006 the NAV per share has risen to 126.09p as at 28 November 2006.' SUMMARY OF UNAUDITED RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2006 30 September 31 March 2006 2006 Change Undiluted net asset value per ordinary share 119.74p 119.48p 0.2% Diluted net asset value per ordinary share 116.45p 116.23p 0.2% Ordinary share price 110.50p 126.00p (12.3)% Discount/(Premium) - (based on diluted NAV) 5.1% (8.4)% Equity holders' funds (Â£m) 197.1* 89.7 119.7% Debt (Â£m) 25.3 17.5 44.6% Gearing on gross assets 11.2% 15.8% 6 months to 20 July 2005 30 September to 30 September 2006 2006 Earnings per share (basic) - Capital 4.49p 5.03p - Revenue 2.39p 0.48p - Total 6.88p 5.51p Dividend per share 2.00p - *Includes Â£100.0m raised through the issue of C shares. UNAUDITED INCOME STATEMENT 6 months to 9 June 2005 to 30 September 2006 30 September 2005 Revenue Capital Total Revenue Capital Total return return return return return return Â£'000s Â£'000s Â£'000s Â£'000s Â£'000s Â£'000s Gains and losses on investments - 6,372 6,372 - 3,886 3,886 Gains and losses on derivative financial instruments - 8 8 - - - Exchange gains and losses - 1,052 1,052 1 (111) (110) Investment and other income 4,994 - 4,994 611 - 611 Total income 4,994 7,432 12,426 612 3,775 4,387 Management and administration fees (541) 85 (456) (135) - (135) Other expenses (315) (97) (412) (94) (1) (95) Profit before finance costs and taxation 4,138 7,420 11,558 383 3,774 4,157 Finance costs (399) - (399) (11) - (11) Profit before taxation 3,739 7,420 11,159 372 3,774 4,146 Taxation (303) (945) (1,248) (14) - (14) Profit for the period 3,436 6,475 9,911 358 3,774 4,132 Earnings per share (basic) - pence 2.39 4.49 6.88 0.48 5.03 5.51 Earnings per share (diluted) - pence 2.33 4.40 6.73 0.47 4.97 5.44 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 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. UNAUDITED STATEMENT OF CHANGES IN EQUITY 6 months to 30 September 2006 Ordinary Share Non- Retained earnings share premium Warrant distributable Capital Revenue capital account reserve reserve reserves reserve Total Â£'000s Â£'000s Â£'000s Â£'000s Â£'000s Â£'000s Â£'000s Balance at 31 March 2006 7,507 62,284 4,050 1 14,634 1,215 89,691 Profit for the period - - - - 6,475 3,436 9,911 Ordinary dividend paid - - - - - (1,126) (1,126) Issue of ordinary share capital and warrants 8,955 85,984 5,100 - - - 100,039 Cost of issuing ordinary share capital - (1,398) - - - - (1,398) Balance at 30 September 2006 16,462 146,870 9,150 1 21,109 3,525 197,117 9 June 2005 to 30 September 2005 Ordinary Share Non- Retained earnings share premium Warrant distributable Capital Revenue capital account Reserve reserve reserves reserve Total Â£'000s Â£'000s Â£'000s Â£'000s Â£'000s Â£'000s Â£'000s Profit for the period - - - - 3,774 358 4,132 Issue of ordinary share capital and warrants 7,502 63,470 4,051 - - - 75,023 Cost of issuing ordinary share capital - (1,230) - - - - (1,230) Balance at 30 September 2005 7,502 62,240 4,051 - 3,774 358 77,925 9 June 2005 to 31 March 2006 Ordinary Share Non- Retained earnings share premium Warrant distributable Capital Revenue capital account reserve reserve reserves reserve Total Â£'000s Â£'000s Â£'000s Â£'000s Â£'000s Â£'000s Â£'000s Profit for the period - - - - 14,634 1,215 15,849 Issue of ordinary share capital and warrants 7,507 63,514 4,050 1 - - 75,072 Cost of issuing ordinary share capital - (1,230) - - - - (1,230) Balance at 31 March 2006 7,507 62,284 4,050 1 14,634 1,215 89,691 UNAUDITED BALANCE SHEET 30 September 2006 30 September 2005 31 March 2006 Â£'000s Â£'000s Â£'000s Non-current assets Investments 218,075 54,029 108,056 Current assets Other receivables 965 226 780 Derivative financial instruments 2,035 - 883 Cash and cash equivalents 5,365 24,350 1,238 8,365 24,576 2,901 Current liabilities Bank loans (25,338) - (17,528) Other payables (2,614) (680) (3,575) Derivative financial instruments (426) - (163) (28,378) (680) (21,266) Net current (liabilities)/assets (20,013) 23,896 (18,365) Total assets less current liabilities 198,062 77,925 89,691 Non-current liabilities Deferred tax (945) - - Net assets 197,117 77,925 89,691 Equity attributable to equity holders Ordinary share capital 16,462 7,502 7,507 Share premium account 146,870 62,240 62,284 Warrant reserve 9,150 4,051 4,050 Non-distributable reserve 1 - 1 Capital reserves 21,109 3,774 14,634 Revenue reserve 3,525 358 1,215 Total attributable to equity holders 197,117 77,925 89,691 Net asset value per ordinary share Basic - pence 119.74 103.87 119.48 Diluted - pence 116.45 103.22 116.23 UNAUDITED CASH FLOW STATEMENT 6 months to 9 June 2005 to 9 June 2005 to 30 September 2006 30 September 2005 31 March 2006 Â£'000s Â£'000s Â£'000s Cash flows from operating activities (102,224) (26,833) (67,324) Cash flows from investing activities - - - Cash flows before financing activities (102,224) (26,833) (67,324) Financing activities Equity dividends paid (1,126) - - Proceeds from borrowings 8,930 - 17,428 Proceeds from warrants exercised 1 - 4 Proceeds from issue of ordinary share capital 98,614 51,294 51,264 Cash flows from financing activities 106,419 51,294 68,696 Net increase in cash and cash equivalents 4,195 24,461 1,372 Cash and cash equivalents at the beginning of the period 1,238 - - Effect of movement in foreign exchange (68) (111) (134) Cash and cash equivalents at the end of the period 5,365 24,350 1,238 NOTES The Directors have declared an interim dividend in respect of the period ended 30 September 2006 of 2.00p per ordinary share payable on 29 December 2006 to shareholders on the register at close of business on 15 December 2006. The total cost of the dividend which has not been accrued in the results for the period ended 30 September 2006, is Â£3,292,000 based on 164,623,573 shares in issue. The Report & Accounts will be posted to shareholders around the middle of December 2006. Copies may be obtained during normal business hours from Exchange House, Primrose Street, London EC2A 2NY. By order of the Board F&C Management Limited, Secretary 4 December 2006 This information is provided by RNS The company news service from the London Stock Exchange D IR FSEFMLSMSELE

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