Interim Results
Utilico Emerging Mkts Utilities Ltd
07 December 2005
Date: 6 December 2005
Contact: Charles Jillings
Utilico Emerging Markets Utilities Limited 01372 271 486
Lisa Stanley
Lansons Communications 020 7294 3692
UTILICO EMERGING MARKETS UTILITIES LIMITED
Unaudited Interim Statement
for the period ended 30 September 2005
Highlights of results
• Increase in shareholders' funds of 5.6% to £77.9 million
• Net asset value per ordinary share increased by 5.6%
• Earnings per ordinary share of 5.51p
The Chairman, Mr Alex Zagoreos, commented, 'Utilico Emerging Markets Utilities
Limited (UEM) has performed steadily since the admission of the Company trading
on AIM on 20 July 2005, with shareholders' funds up by 5.6% to £77.9 million.
The process of investing the proceeds from the Company's launch is progressing
well with the Company's investments at 30 September 2005 comprising 69% of the
net assets.'
Current financial information can be found on the Company's website, at
www.utilicoemergingmarkets.com
Summary of unaudited results for the period from 9 June 2005(1) to
30 September 2005
30 September 20 July
2005 2005(2) Change
Undiluted net asset value per
ordinary share 103.87p 98.36p 5.6%
Diluted net asset value per
ordinary share 103.22p 98.36p* 4.9%
Ordinary share price 106.50p 100.00p 6.5%
Premium (based on diluted NAV) 3.2% 1.7%
Earnings per share (basic) 5.51p
Equity shareholders' funds (£'m) 77.93 73.79 5.6%
*There is no dilution
(1) Date of incorporation of the Company
(2) Date of admission to trading on AIM and Bermuda Stock Exchange
Unaudited Statement of Total Return
for the period 9 June 2005 to 30 September 2005
Revenue Capital Total
£'000s £'000s £'000s
Gains on investments held at fair value - 3,886 3,886
Exchange gains/(losses) 1 (111) (110)
Other income 611 - 611
Management and administration fees (135) - (135)
Other expenses (94) (1) (95)
Profit before finance costs and taxation 383 3,774 4,157
Finance costs (11) - (11)
Profit before taxation 372 3,774 4,146
Taxation (14) - (14)
Profit for the period 358 3,774 4,132
Earnings per share (basic) - pence 5.51
Earnings per share (diluted) - pence 5.44
The Total column of this statement represents the Company's Income Statement,
prepared in accordance with IFRS. The supplementary Revenue Return 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 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 from 9 June 2005 to 30 September 2005
Share
Premium Warrant Retained
Share Capital Account Reserve Earnings Total
£'000s £'000s £'000s £'000s £'000s
Issue of ordinary shares and warrants 7,502 63,469 4,051 - 75,022
Issue costs of ordinary share capital - (1,229) - - (1,229)
Profit for the period - - - 4,132 4,132
Balance at 30 September 2005 7,502 62,240 4,051 4,132 77,925
Unaudited Balance Sheet
30 September
2005
£'000s
Non current assets
Investments held at fair value 54,029
Current assets
Receivables 226
Cash and cash equivalents 24,350
24,576
Current liabilities
Payables (680)
Net current assets 23,896
Net assets 77,925
Equity attributable to equity holders
Ordinary share capital 7,502
Share premium account 62,240
Warrant reserve 4,051
Retained earnings 4,132
Total equity shareholders' funds 77,925
Net asset value per ordinary share
Basic - pence 103.87
Diluted - pence 103.22
Unaudited Summarised Cash Flow Statement
for the period ended 30 September 2005
£'000s
Cash flows from operating activities 335
Interest paid (11)
Total tax paid (12)
Cash flows from investing activities (27,145)
Cash flows before financing activities (26,833)
Cash flows from financing activities 51,294
Net increase in cash and cash equivalents 24,461
Effect of foreign exchange changes (111)
Cash and cash equivalents at the end of the period 24,350
No interim dividend will be paid on the ordinary shares.
The Interim Report and Accounts will be posted to shareholders in late December
2005. Copies shall be available during normal business hours from the Company
Secretary, at Exchange House, Primrose Street, London EC2A 2NY.
By order of the Board
F&C Management Limited - Secretary
6 December 2005
This information is provided by RNS
The company news service from the London Stock Exchange