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
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