Final Results, Dividend and Directorate

RNS Number : 0317G

RIT Capital Partners PLC

27 February 2015

 



Please click here to view the Company's Report and Accounts

http://www.rns-pdf.londonstockexchange.com/rns/0317G_1-2015-2-26.pdf

27 February 2015

RIT Capital Partners plc

Results for the year ended 31 December 2014

RIT Capital Partners plc today published its results for the year ended 31 December 2014.

Financial Highlights:

·       Growth in net assets of £200 million (before distributions)

·       Total net assets stood at £2.3 billion, a new all-time high

·       Share price total return, over the period, of 13.3% 

·       Net asset value (NAV) total return of 9.5% for the year

·       NAV per share 1,483 pence at 31 December 2014

·       3.3% NAV growth, in the month of January 2015, to 1,531 pence

·       Share price now at its highest level since the Company listed

Performance Highlights:

·       The Quoted Equity portfolio contributed half of the total return

·       Private Investments contributed returns both from direct investments and external fund investments

·       Management of currency exposure, with a focus on the US Dollar, was a positive contributor to performance

·       Increased allocation to  Absolute Return & Credit contributed to returns across the portfolio

·       Performance with net quoted equity exposure averaging 56% over the year

Summary:

·       Over the last two years, net assets have grown by over £0.5 billion (before distributions)

·       Over the same two year period, share price total return was 29.1%

·       Since inception, RIT has now participated in 75% of market upside but only 38% of market declines. Over the same period, NAV per share compounded at 11.6% per annum

 Dividends:

·       Dividends paid in April and October 2014 totalled 29.4 pence per share

·       Board intends to pay dividends of 30 pence, comprising 15 pence per share in April 2015 and 15 pence per share in October 2015. This represents an increase of 2% over the previous year

Commenting, Lord Rothschild, Chairman of RIT Capital Partners plc, said;

"Against a background of volatility and risks in world markets, I am able to report that the net asset value per share of your Company during 2014 increased from 1,384 pence to 1,483 pence, representing a total return of 9.5%. The discount at which your Company's shares trade narrowed during the course of the year with the result that the total shareholder return amounted to 13.3%.

Net assets increased by approximately £200 million (before dividends of £46 million) to a total of £2.3 billion, a new all-time high. There has been a further 3.3% growth in our NAV in January 2015 to 1,531 pence. Your Company's share price is now trading at its highest levels since RIT, in its present form, was listed more than 25 years ago.

We have kept our quoted equity exposure at moderate levels and have sought to add to returns through a widely diversified range of activities. Returns in the year under review were achieved through stock selection, by sub-contracting capital to talented and specialised investment managers and active currency positioning.

In addition, we took advantage of your Company's ability to borrow at low rates of interest and invested, via credit managers, into higher yielding debt instruments with acceptable credit risk."

ENQUIRIES:

Brunswick Group LLP:

Tom Burns / Ben Fry 020 7404 5959

About RIT Capital Partners plc:

RIT Capital Partners plc is an investment company listed on the London Stock Exchange.  Its net assets have grown from £280 million on listing to over £2.3 billion today.   It is chaired by Lord Rothschild, whose family interests retain a significant holding. www.ritcap.com

FINANCIAL SUMMARY

	31 December 2014	31 December 2013	Change
Net assets	£2,300m	£2,146m	+£154m
NAV per share	1,483p	1,384p	+99p
Share price	1,397p	1,260p	+137p
Discount	-5.8%	-9.0%	+3.2%
Dividends paid	29.4p	28.0p	+1.4p
Gearing	15.4%	5.2%	+10.2%
Ongoing Charges %	0.74%	0.83%	-0.09%
NAV per share total return			9.5%
Share price total return			13.3%
RPI¹ plus 3.0%			4.6%
MSCI All Country World Index2			10.0%

Performance History	1 Year	5 Years	10 Years
NAV per share total return	9.5%	48.4%	139.3%
RPI1 plus 3.0%	4.6%	36.3%	80.6%
MSCI All Country World Index2	10.0%	62.6%	104.8%

¹ Retail Price Index

² The MSCI All Country World Index (ACWI) we have adopted is a total return index and is based on 50% of the ACWI measured in Sterling and 50% measured in local currencies.

CHAIRMAN'S STATEMENT

Against a background of volatility and risks in world markets, I am able to report that the net asset value per share (NAV) of your Company during 2014 increased from 1,384 pence to 1,483 pence, representing a total return of 9.5%. The discount at which your Company's shares trade narrowed during the course of the year with the result that the total shareholder return amounted to 13.3%. Net assets increased by approximately £200 million (before dividends of £46 million) to a total of £2.3 billion, a new all-time high. There has been a further 3.3% growth in our NAV in January 2015 to 1,531 pence. Your Company's share price is now trading at its highest levels since RIT, in its present form, was listed more than 25 years ago.

Our policy has been clearly expressed over the years. Simply put, it is to deliver long-term capital growth while preserving shareholders' capital; the realisation of this policy comes at a time of heightened risk, complexity and uncertainty. The economic and geopolitical environment therefore becomes increasingly difficult to predict.

The world economy grew at a disappointing and uneven rate in 2014 after six years of monetary stimulus and extraordinarily low interest rates. Stock market valuations however, are near an all-time high with equities benefiting from quantitative easing. Not surprisingly, the value of paper money has been debased as countries have sought to compete and generate growth by lowering the value of their currencies - the Euro and the Yen depreciated by over 12% against the US Dollar during the course of the year and Sterling by 5.9%. The unintended consequences of monetary experiments on such a scale are impossible to predict.

In addition to this difficult economic background, we are confronted by a geopolitical situation perhaps as dangerous as any we have faced since World War II: chaos and extremism in the Middle East, Russian aggression and expansion, and a weakened Europe threatened by horrendous unemployment, in no small measure caused by a failure to tackle structural reforms in many of the countries which form part of the European Union.

However, in a world of zero or even negative bond yields, equities may well remain the destination of choice for investors. Furthermore, the majority of companies are reporting profits exceeding forecasts together with steady earnings growth. In Europe, the combination of a more competitive Euro, an aggressive programme of quantitative easing and the yields available on equities, may well lead to even higher valuations.

In this complex situation we have kept our quoted equity exposure at moderate levels and have sought to add to returns through a widely diversified range of activities. Returns in the year under review were achieved through stock selection, by sub-contracting capital to talented and specialised investment managers and active currency positioning. In addition, we took advantage of your Company's ability to borrow at low rates of interest and invested, via credit managers, into higher yielding debt instruments with acceptable credit risk.

For private investments, it has been a year of exercising selectivity on new commitments with our focus being on realisations and rationalisation of the existing portfolio. Cash realisations came about from the sale of Martin Currie - the investment manager, Chart Show - the media company, and Metron - the oil services company, which specialises in the Norwegian North Sea. Results for the year were satisfactory with the balance of the portfolio showing some valuation gains. Our most significant direct investments have all made progress during the course of the year.

During January 2015 we completed the acquisition of 100% of GVO, the investment management company. GVO is a specialist manager focusing on UK stocks with an excellent record and approximately £370 million of assets under management. These consist of Strategic Equity Capital, an investment trust company where we acquired a 17% stake, and the GVO UK Focus Fund. Several awards have been given to this group over the last few years including Best UK Investment Trust 2014 (What Investment) and Fund Manager of the Year (Grant Thornton). We are confident that assets under management can be grown in the years ahead.

Dividend

We are intending to pay a dividend of 30 pence per share in 2015, an increase above the current rate of inflation. This will be paid in two equal payments of 15 pence each in April and October. We expect to maintain or increase this level in the years ahead, subject to unforeseen circumstances.

Your Company's Board and Management

Sandra Robertson, who is the CEO of the Oxford University Endowment Fund, has served your Company as a Director for more than six years; sadly she has decided in the light of her commitments not to stand for re-election at the AGM. I would like to place on record our thanks for the considerable support she has given to us. We will miss an individual who has been a most valuable colleague. We are fortunate that Amy Stirling has joined your Company's Board to replace her. Amy is a trustee of The Prince's Trust and a non-executive member of the Cabinet Office Board. She was previously CFO of the TalkTalk Telecom Group as well as holding various senior positions within the Carphone Warehouse Group.

Your Company's operating subsidiary and manager, J Rothschild Capital Management, performed well during the course of the year under the outstanding leadership of Francesco Goedhuis. The team has been strengthened and is cohesive, settled and effective. We are confident they will be able to navigate shareholders' interests to good effect in the risky and complex world which lies ahead.

Rothschild

26 February 2015

EXTRACT FROM STRATEGIC REPORT

Strategic Aims

Our strategic aims are best illustrated by our Corporate Objective:

"to deliver long-term capital growth, while preserving shareholders' capital; to invest without the constraints of a formal benchmark, but to deliver for shareholders increases in capital value in excess of the relevant indices over time."

We believe this accurately reflects our long-term aim. However a degree of clarification may assist shareholders in understanding what we are trying to achieve for them over time - in particular because we differ from many other trusts who always aim to be fully invested in equities.

The most important objective is long-term capital growth while preserving shareholders' capital. The essence of our investing DNA is about protecting and enhancing shareholders' wealth.

There may be times when we will deliberately place protection of shareholders' funds ahead of growth - as happened during the latter stages of the dot-com era and also in the run up to the most recent financial crisis. However we recognise that such 'market timing' is unlikely to be sustainable in the long term.

We believe that our approach of active management of equity exposure, combined with early identification of opportunities and themes across asset classes, is more likely to lead to long-term outperformance. We would hope to display healthy participation in up markets, and reasonable protection in down markets. Over time, this should allow us to compound ahead of markets throughout the cycles.

Indeed, since your Company's listing in 1988, we have participated in 75% of the market upside but only 38% of the market declines. This has resulted in our NAV per share compounding at 11.6% per annum; a meaningful outperformance of global equity markets.

Investment Approach

The strategic aims are expressed in more practical terms in our Investment Policy:

"to invest in a widely diversified, international portfolio across a range of asset classes, both quoted and unquoted; to allocate part of the portfolio to exceptional managers."

It is this policy which guides us as we manage your portfolio. So, while we retain at our core an equity bias, we nonetheless have the freedom to invest your portfolio across multiple asset classes, geographies, industries and currencies. This has been the basis of our style over many years - combining thematic investing with individual securities, and private investments with public stocks. The long-term success of your Company has been drawn from a distinctive blend of individual stocks, private investments, equity funds and currency positioning, all overlaid with macro exposure management.

We believe the extent of our global reach and network of contacts allows us to maximise our ability to deploy capital. We seek to capitalise on the optimum blend of the skills of an in-house investment team working closely with our external managers, the majority of whom are closed to new investors.

Our approach is long term. For example, in relation to private investments, we are not constrained by the typical industry model of a limited life partnership. This means we can hold such investments over the long term and choose to realise at an optimum time. In addition, we aim to avoid being forced sellers of stocks if we are comfortable with their underlying fundamentals.

PERFORMANCE

The contribution to the 9.5% NAV per share total return over the year is summarised below:

Asset Category	31 December 2014 % NAV	Contribution %
Quoted Equities	68.7%	4.7%
Private Investments	23.6%	3.1%
Absolute Return & Credit	16.6%	1.3%
Real Assets	3.8%	0.1%
Government Bonds & Rates	0.0%	(1.2)%
Currency¹	0.1%	3.0%
Liquidity, Borrowings & Other	(12.8)%	(1.5)%
Total	100.0%	9.5%

¹ Currency exposure is managed centrally on an overlay basis with the translation impact and the profits from the overlay activity included in the Currency category.

Net Assets by Category

Asset Category	31 December 2014 % NAV	31 December 2013 % NAV
Quoted Equities	68.7%	62.7%
Private Investments	23.6%	25.5%
Absolute Return & Credit	16.6%	7.0%
Real Assets	3.8%	4.0%
Government Bonds & Rates/Currency	0.1%	0.7%
Total Investments	112.8%	99.9%
Liquidity, Borrowings & Other	(12.8)%	0.1%
Net Assets	100.0%	100.0%
Average Net Equity Exposure	56%	59%

  Note: Exposure reflects notional exposure through derivatives and adjustments for derivatives/liquidity held by managers.

cURRENCY EXPOSURE OF NET ASSETS

	31 December 2014 % Net Assets	31 December 2013 % Net Assets
US Dollar	67%	44%
Sterling	50%	54%
Indian Rupee	4%	0%
Mexican Peso	1%	4%
Chinese Renminbi	-7%	0%
Australian Dollar	-6%	0%
Euro	-5%	-6%
Canadian Dollar	-5%	0%
Japanese Yen	-2%	0%
Other	3%	4%
Total	100%	100%

Consolidated Income Statement

	Revenue	Capital	Total
For the year ended 31 December 2014	£ million	£ million	£ million
Income
Investment income	21.1	-	21.1
Other income	2.2	-	2.2
	23.3	-	23.3
Gains/(losses) on portfolio investments held at fair   value	-	213.3	213.3
Exchange gains/(losses) on monetary items and   borrowings	-	(1.0)	(1.0)
	23.3	212.3	235.6
Expenses
Administrative expenses	(17.1)	(3.8)	(20.9)
Investment management fees	(3.7)	(0.7)	(4.4)
Profit/(loss) before finance costs and tax	2.5	207.8	210.3
Finance costs	(9.4)	-	(9.4)
Profit/(loss) before tax	(6.9)	207.8	200.9
Taxation	0.2	0.1	0.3
Profit/(loss) for the year	(6.7)	207.9	201.2
Earnings per ordinary share - basic	(4.3p)	134.3p	130.0p
Earnings per ordinary share - diluted	(4.3p)	134.1p	129.8p

The total column of this statement represents the Group's Consolidated Income Statement, prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union. The supplementary revenue and capital columns are both prepared under guidance published by the Association of Investment Companies. All items in the above statement derive from continuing operations.

Consolidated Statement of Comprehensive Income

For the year ended 31 December 2014	Revenue £ million	Capital £ million	Total £ million
Profit/(loss) for the year	(6.7)	207.9	201.2
Other comprehensive income/(expense) that will not be subsequently reclassified to profit or loss:
Revaluation gain/(loss) on property, plant and equipment	-	2.4	2.4
Deferred tax (charge)/credit allocated to actuarial loss	0.5	-	0.5
Actuarial gain/(loss) in defined benefit pension plan	(2.5)	-	(2.5)
Total comprehensive income/(expense) for the year	(8.7)	210.3	201.6

The amounts included above are net of tax where applicable.

Consolidated Income Statement

	Revenue	Capital	Total
For the year ended 31 December 2013 (restated)	£ million	£ million	£ million
Income
Investment income	16.8	-	16.8
Other income	1.0	-	1.0
	17.8	-	17.8
Gains/(losses) on portfolio investments held at fair value	-	339.8	339.8
Exchange gains/(losses) on monetary items and borrowings	-	7.1	7.1
	17.8	346.9	364.7
Expenses
Administrative expenses	(19.8)	(1.3)	(21.1)
Investment management fees	(3.3)	(0.3)	(3.6)
Profit/(loss) before finance costs and tax	(5.3)	345.3	340.0
Finance costs	(4.0)	-	(4.0)
Profit/(loss) before tax	(9.3)	345.3	336.0
Taxation	(0.7)	(0.9)	(1.6)
Profit/(loss) for the year	(10.0)	344.4	334.4
Earnings per ordinary share - basic	(6.5p)	222.3p	215.8p
Earnings per ordinary share - diluted	(6.4p)	222.1p	215.7p

The total column of this statement represents the Group's Consolidated Income Statement, prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union. The supplementary revenue and capital columns are both prepared under guidance published by the Association of Investment Companies. All items in the above statement derive from continuing operations.

Consolidated Statement of Comprehensive Income

For the year ended 31 December 2013 (restated)	Revenue £ million	Capital £ million	Total £ million
Profit/(loss) for the year	(10.0)	344.4	334.4
Other comprehensive income/(expense) that will not be subsequently reclassified to profit or loss:
Revaluation gain/(loss) on property, plant and equipment	-	5.5	5.5
Actuarial gain/(loss) in defined benefit pension plan	1.5	-	1.5
Total comprehensive income/(expense) for the year	(8.5)	349.9	341.4

The amounts included above are net of tax where applicable.

Consolidated balance sheet

	31 December 2014 £ million	Restated 31 December 2013 £ million		Restated 1 January 2013 £ million
Non-current assets
Investments held at fair value	2,634.0	2,224.9		1,943.9
Investment property	30.2	29.0		26.9
Property, plant and equipment	26.8	24.7		19.4
Deferred tax asset	1.8	1.0		2.6
Retirement benefit asset	-	0.5		-
Derivative financial instruments	5.0	0.4		-
	2,697.8	2,280.5		1,992.8
Current assets
Derivative financial instruments	29.4	27.2		25.0
Sales for future settlement	1.0	0.7		66.9
Other receivables	44.3	110.9		25.2
Tax receivable	0.4	0.2		0.5
Cash at bank	101.4	51.0		65.1
	176.5	190.0		182.7
Total assets	2,874.3	2,470.5		2,175.5
Current liabilities
Borrowings	(402.9)	(197.4)		(147.8)
Purchases for future settlement	(1.2)	(0.8)		(4.5)
Derivative financial instruments	(27.4)	(5.8)		(20.2)
Provisions	(0.8)	(0.2)		(1.2)
Other payables	(135.6)	(117.4)		(146.8)
	(567.9)	(321.6)		(320.5)
Net current assets/(liabilities)	(391.4)	(131.6)		(137.8)
Total assets less current liabilities	2,306.4	2,148.9		1,855.0
Non-current liabilities
Derivative financial instruments	(3.2)	-		-
Provisions	(2.1)	(2.4)		(5.4)
Finance lease liability	(0.5)	(0.5)		(0.5)
Retirement benefit liability	(1.0)	-		(1.9)
	(6.8)	(2.9)		(7.8)
Net assets	2,299.6	2,146.0		1,847.2
Equity attributable to owners of Company
Share capital	155.4	155.4		155.4
Share premium	17.3	17.3		17.3
Capital redemption reserve	36.3	36.3		36.3
Own shares reserve	(9.2)	(5.5)		(6.4)
Share-based payment reserve	6.2	5.0		4.7
Foreign currency translation reserve	0.2	0.2		0.2
Capital reserve	2,066.8	1,904.4		1,603.8
Revenue reserve	12.4	21.1		29.6
Revaluation reserve	14.2	11.8		6.3
Total equity	2,299.6	2,146.0		1,847.2
Net asset value per ordinary share - basic	1,486p		1,385p	1,192p
Net asset value per ordinary share - diluted	1,483p		1,384p	1,191p

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Restated	Share capital £ million	Share premium £ million	Capital redemption reserve £ million	Own shares reserve £ million	Share- based payment reserve £ million	Foreign currency translation reserve £ million	Capital reserve £ million	Revenue reserve £ million	Revaluation reserve £ million	Total equity £ million
Balance at 1 January 2013	155.4	17.3	36.3	(6.4)	4.7	0.2	1,603.8	29.6	6.3	1,847.2
Profit/(loss) for the year	-	-	-	-	-	-	344.4	(10.0)	-	334.4
Revaluation gain on property, plant and equipment	-	-	-	-	-	-	-	-	5.5	5.5
Actuarial gain/(loss) in defined benefit plan	-	-	-	-	-	-	-	1.5	-	1.5
Total Comprehensive income/(expense) for the year	-	-	-	-	-	-	344.4	(8.5)	5.5	341.4
Dividends paid	-	-	-	-	-	-	(43.4)	-	-	(43.4)
Movement in Own shares reserve	-	-	-	0.9	-	-	-	-	-	0.9
Movement in Share-based payment reserve	-	-	-	-	0.3	-	-	-	-	0.3
Share buy-back	-	-	-	-	-	-	(0.4)	-	-	(0.4)
Balance at 31 December 2013	155.4	17.3	36.3	(5.5)	5.0	0.2	1,904.4	21.1	11.8	2,146.0
Balance at 1 January 2014	155.4	17.3	36.3	(5.5)	5.0	0.2	1,904.4	21.1	11.8	2,146.0
Profit/(loss) for the year	-	-	-	-	-	-	207.9	(6.7)	-	201.2
Revaluation gain on property, plant and equipment	-	-	-	-	-	-	-	-	2.4	2.4
Deferred tax (charge)/credit allocated to actuarial loss	-	-	-	-	-	-	-	0.5	-	0.5
Actuarial gain/(loss) in defined benefit plan	-	-	-	-	-	-	-	(2.5)	-	(2.5)
Total Comprehensive income/(expense) for the year	-	-	-	-	-	-	207.9	(8.7)	2.4	201.6
Dividends paid	-	-	-	-	-	-	(45.5)	-	-	(45.5)
Movement in Own shares reserve	-	-	-	(3.7)	-	-	-	-	-	(3.7)
Movement in Share-based payment reserve	-	-	-	-	1.2	-	-	-	-	1.2
Share buy-back	-	-	-	-	-	-	-	-	-	-
Balance at 31 December 2014	155.4	17.3	36.3	(9.2)	6.2	0.2	2,066.8	12.4	14.2	2,299.6

CONSOLIDATED CASH FLOW STATEMENT

	Year ended 31 December 2014 £ million	Restated Year ended 31 December 2013 £ million
Cashflows from operating activities:
Cash inflow/(outflow) before taxation and interest	(111.0)	(3.4)
Interest paid	(9.4)	(7.6)
Net cash inflow/(outflow) from operating activities	(120.4)	(11.0)
Cashflows from investing activities:
Purchase of property, plant and equipment	(0.1)	(0.3)
Net cash inflow/(outflow) from investing activities	(0.1)	(0.3)
Cashflows from financing activities:
Share buy-back	-	(0.4)
Purchase of ordinary shares by Employee Benefit Trust1	(4.4)	-
Proceeds/(repayment) of borrowings	200.0	51.5
Equity dividend paid	(45.5)	(43.4)
Net cash inflow/(outflow) from financing activities	150.1	7.7
Increase/(decrease) in cash and cash equivalents in the year	29.6	(3.6)
Cash and cash equivalents at the start of the year	86.4	88.3
Effect of foreign exchange rate changes on cash and cash equivalents	2.5	1.7
Cash and cash equivalents at the year end	118.5	86.4
Reconciliation:
Cash at bank	101.4	51.0
Money market funds (included in portfolio investments)	17.1	35.4
Cash and cash equivalents at the year end	118.5	86.4

¹ Shares are disclosed in 'Own shares reserve' on the consolidated balance sheet.

   DIVIDEND

	Year ended 31 December 2014 Pence per share	Restated Year ended 31 December 2013 Pence per share	Year ended 31 December 2014 £ million	Restated Year ended 31 December 2013 £ million
Dividends paid in year	29.4	28.0	45.5	43.4

The above amounts were paid as distributions to equity holders of the Company in the relevant periods.

On 6 March 2013 the Board declared a first interim dividend of 14.0p per share in respect of the year ended 31 December 2013 that was paid on 26 April 2013. A second interim dividend of 14.0p per share was declared by the Board on 15 August 2013 and paid on 18 October 2013.

On 5 March 2014 the Board declared a first interim dividend of 14.7p per share in respect of the year ended 31 December 2014 that was paid on 29 April 2014. A second interim dividend of 14.7p per share was declared by the Board on 14 August 2014 and paid on 24 October 2014.

The Board declares the payment of a first interim dividend of 15.0p per share in respect of the year ended 31 December 2015. This will be paid on 29 April 2015 to shareholders on the register on 7 April 2015.

EARNINGS/ (LOSS) PER ORDINARY SHARE - BASIC AND DILUTED

The basic earnings per ordinary share for the year ended 31 December 2014 is based on the profit of £201.2 million (year ended 31 December 2013: profit of £334.4 million) and the weighted average number of ordinary shares in issue during the year of 154.8 million (year ended 31 December 2013: 154.9 million). The weighted average number of shares is adjusted for shares held in the Employee Benefit Trust in accordance with IAS 33.

	Year ended 31 December 2014 £ million	Restated Year ended 31 December 2013 £ million
Net revenue profit/(loss)	(6.7)	(10.0)
Net capital profit/(loss)	207.9	344.4
Total	201.2	334.4
	Pence per share	Restated Pence per share
Revenue earnings/(loss) per ordinary share - basic	(4.3)	(6.5)
Capital earnings/(loss) per ordinary share - basic	134.3	222.3
Total	130.0	215.8

The diluted earnings per ordinary share for the year ended 31 December 2014 (year ended 31 December 2013) is based on the weighted average number of ordinary shares in issue during the year, adjusted for the weighted average dilutive effect of Share Appreciation Rights (SARs) awards at the average market price for the year ended 31 December 2014 (year ended 31 December 2013).

	Year ended 31 December 2014	Restated Year ended 31 December 2013
Weighted average number of shares in issue (million)	154.8	154.9
Weighted average effect of dilutive SARs (million)	0.3	0.1
Total	155.1	155.0
	Pence per share	Restated Pence per share
Revenue earnings/(loss) per ordinary share - diluted	(4.3)	(6.4)
Capital earnings/(loss) per ordinary share - diluted	134.1	222.1
Total	129.8	215.7

NET ASSET VALUE PER ORDINARY SHARE - BASIC AND DILUTED

Net asset value per ordinary share is based on the following data:

	31 December 2014	Restated 31 December 2013
Net assets (£ million)	2,299.6	2,146.0
Number of shares in issue (million)	155.4	155.4
Own shares (million)	(0.6)	(0.4)
	154.8	155.0
Effect of dilutive potential ordinary shares SARs (million)	0.3	0.1
Diluted shares	155.1	155.1

	31 December 2014 pence	Restated 31 December 2013 pence
Net asset value per ordinary share - basic	1,486	1,385
Net asset value per ordinary share - diluted	1,483	1,384

It is the intention of the Group to settle all SAR exercises using the ordinary shares of the Company.

BASIS OF PRESENTATION

The financial information for the year ended 31 December 2014 has been extracted from the statutory accounts for that year.  The auditors' report on these accounts was unqualified and did not contain a statement under either Section 498(2) or (3) of the Companies Act 2006.  The statutory accounts will be delivered to the Registrar of Companies following the Company's Annual General Meeting.

The financial information for the year ended 31 December 2013 has been extracted from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors' report on these accounts was unqualified and did not contain a statement under either Section 498(2) or (3) of the Companies Act 2006.

Comparative information has been restated to reflect the implementation of Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27) and International Accounting Standard 16 Property, Plant and Equipment.

REPORT AND ACCOUNTS

The full statutory accounts are available to be viewed or downloaded from the Company's website at www.ritcap.com. Neither the contents of the Company's website nor the contents of any website accessible from the Company's website (or any other website) is incorporated into, or forms part of this announcement.

The following information is disclosed in connection with the appointment of Amy Stirling as a Director of the Company on 26 February 2015, as required under the UKLA Listing Rules and the Disclosure Rules and Transparency Rules:

1.   Other directorships in publicly quoted companies held by Mrs Stirling in the previous five years comprise the following:

Pets At Home Group plc (current directorship)

TalkTalk Telecom Group plc (to May 2013)

2.   There are no details requiring disclosure under paragraph LR 9.6.1 of the Listing Rules; and

3.   Mrs Stirling has an interest in 288 £1 ordinary shares of RIT Capital Partners plc

 

END

 

 

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