Unaudited Preliminary Results
Electra Private Equity PLC
20 November 2007
TUESDAY 20 NOVEMBER 2007
ELECTRA PRIVATE EQUITY PLC
Unaudited Preliminary Results for Year ended 30 September 2007
• Strong net asset value growth - up 29.5% over the year to 2,001p per
share at
30 September 2007 - Unaudited net asset value per share at 31 October 2007
of 2,008p
• Share price outperformance relative to FTSE All-Share Index - Electra
rose by 22.5% versus an Index increase of 8.7% over the year. Share price
up 263.2% over five years versus an Index increase of 84.1%
• Return on equity of 22.6% on an annualised basis for the five years to
30 September 2007
• Busy year of investment activity - £322 million invested and £303
million realised
• Net liquid resources at 30 September 2007 of £156m
• Special Dividend of 25p per share reflecting high level of distributable
revenue
Commenting on the Results, Sir Brian Williamson, Chairman, said:
'The year has seen a positive start to Electra's return to full investment and
Electra Partners has delivered a strong performance. Recent concerns about the
economic outlook and availability of bank finance may reduce the level of
realisations in the short term but will generate opportunities for those such as
Electra with capital to invest.'
For further information:
Sir Brian Williamson, Chairman, Electra Private Equity PLC 020 7306 3883
Hugh Mumford, Managing Partner, Electra Partners LLP 020 7214 4200
Nick Miles, M: Communications Limited 020 7153 1535
Net Asset Value Per Share
30 September 30 September 31 October 2007
----------------------- 2007 2006 -----------
----------- -----------
Net asset value per
share 2,001p 1,545p 2,008p
Increase since 30
September 2006 29.5%
Increase in FTSE
All-Share Index
since 8.7%
30 September 2006
The unaudited net asset value per share at 31 October 2007 was calculated on the
basis of the net asset value at 30 September 2007 adjusted to reflect the
purchases and sales of investments, currency movements and bid values on that
day in respect of listed investments.
A copy of the Chairman's Statement, Manager's Review and the Preliminary
Announcement are attached.
The figures and financial information for the year ended 30 September 2007 do
not constitute the statutory financial statements for that year. Those financial
statements have not yet been delivered to the Registrar, nor have the Auditors
yet reported on them. The figures and financial information for the year ended
30 September 2006 do not constitute the statutory financial statements for that
year. The financial statements in respect of the year ended 30 September 2006
have been delivered to the Registrar and included the Auditors' Report which was
unqualified and did not contain a statement under either section 237(2) or
section 237(3) of the Companies Act 1985.
The Report and Accounts will be sent to shareholders in January 2008 and will
thereafter be available from the Company's registered office at Paternoster
House, 65 St Paul's Churchyard, London EC4M 8AB. The Annual General Meeting will
be held on Wednesday 6 February 2008 at the Barber-Surgeons' Hall, Monkwell
Square, London EC2 at 12 Noon.
CHAIRMAN'S STATEMENT
Overview
Electra's return to full investment in October 2006 was followed by a busy
period of investment activity, both in terms of successful realisation of
portfolio companies and through new investments. Successful realisations during
the year have resulted in Electra's net liquid resources at the year end
amounting to £156 million despite investments this year totalling
£322 million. These resources, together with unutilised borrowing facilities,
will enable Electra to make new investments in a time when a troubled financial
market may require a greater equity capital commitment.
Results
Over the last year Electra once again delivered both strong net asset value
growth and good share price performance. This continued the success of the
previous four years. The net asset value per share increased by 29.5% from
1,545p to 2,001p. Together with the Special Dividend of 17p per share paid in
March 2007, this represents a total return of 30.6% for the year. Over the same
period the share price increased by 22.5% while the FTSE All-Share Index
increased by 8.7%. Over the five years to 30 September 2007 Electra's net asset
value per share, inclusive of the two dividends paid in 2006 and 2007, increased
by 166.9% and Electra achieved a return on equity of 22.6% on an annualised
basis. Over the same period the share price rose by 263.2% and the FTSE
All-Share Index increased by 84.1%. These are excellent results.
Investment Activity
Since October 2006, Electra Partners, the Company's Manager, has quickly
developed a strong dealflow which has resulted in the completion of a number of
new investments during the year. In certain cases these investments were
structured to give greater downside protection through an emphasis on debt like
instruments. For much of the year readily available bank finance greatly
assisted realisations on attractive terms before the sub-prime crisis in the
United States led to banks adopting a more cautious approach.
£322 million was invested during the year and £303 million was realised from
portfolio investments. Full details of the investment activity are set out in
the Investment Manager's Review from Electra Partners.
Investment Strategy
Under new FSA listing rules Electra, like other closed-ended investment funds,
is required to include in the annual financial report details of its investment
policy and give additional information relating to its portfolio. Electra's
shareholders approved the new investment strategy at the Extraordinary General
Meeting held in October 2006 and details of Electra's objectives and investment
policy are set out elsewhere in this Announcement. Other information will be
given under the new rules in relation to the continued appointment of Electra
Partners and the principal terms of its compensation arrangements.
The Board and Committees of the Board
Colette Bowe and Lucinda Webber joined the Board with effect from 1 March 2007
and the Board is already benefiting from their wide and varied experience.
Lord King of Bridgwater and Professor Sir George Bain will be retiring from the
Board at the Annual General Meeting to be held on Wednesday 6 February 2008.
They have been stoutly independent throughout their 25 combined years and their
wisdom has been incalculable in steering the Company through its development.
They can reflect with pleasure on their contribution to the excellent results of
recent years.
With the exception of Michael Walton, all other Directors will retire and offer
themselves for re-election at the Annual General Meeting.
With the return to full investment the Board has established a Valuations
Committee whose purpose is to consider the portfolio valuations of Electra
Partners. The Committee will add a further level of oversight to the valuation
process carried out by Electra Partners under its contractual arrangements with
Electra. Colette Bowe and Lucinda Webber will join this Committee which is
chaired by Michael Walton.
Further Authority to Buy Back Shares
During the year ended 30 September 2007, Electra made on-market purchases at a
cost of £22 million and cancelled 1.47 million shares. The Company currently has
the ability to buy back and cancel up to a further 5.4 million shares during the
remaining period of this authority which will cease at the Annual General
Meeting when Directors will seek to renew this general authority.
Special Dividend
In the year ended 30 September 2007 Electra again received distributable revenue
at a level which requires it as an investment trust to pay a dividend.
Accordingly the Board is proposing a special dividend of 25p per share which
will be paid on 7 March 2008 to shareholders on the Register of Members at the
close of business on 25 January 2008 subject to approval by shareholders at the
forthcoming Annual General Meeting. This is the third year in which a dividend
has been proposed for this reason. Shareholders should note that this is not a
variation in the policy of maximising capital growth. The Board would not expect
dividend payments to continue on a regular basis.
Articles of Association
Following a review of Electra's Articles of Association, the Board has decided
to seek shareholders' approval to changes to Electra's Articles of Association
in the light of certain provisions of the Companies Act 2006, dealing with
electronic communications and Directors' conflicts of interest. It is also
taking the opportunity to increase the limit on Directors' ordinary remuneration
which was last agreed in 1997.
The Articles of Association will be reviewed again after the remaining
provisions of the Companies Act have come into effect.
Outlook
The year has seen a positive start to Electra's return to full investment and
Electra Partners has delivered a strong performance. Recent concerns about the
economic outlook and availability of bank finance may reduce the level of
realisations in the short term but will generate opportunities for those such as
Electra with capital to invest.
Sir Brian Williamson
Chairman
OBJECTIVE & INVESTMENT POLICY
At the Extraordinary General Meeting held in October 2006 shareholders approved
Electra's revised investment strategy and policy which is set out below.
The business and affairs of Electra are managed on an exclusive and fully
discretionary basis by Electra Partners LLP, an independent private equity fund
manager, whose senior management team has worked together since 1992. Electra is
managed as an HM Revenue and Customs approved investment trust.
Electra's objective is to target a rate of return on equity of between 10 - 15%
per annum over the long-term by investing in a portfolio of private equity
assets. Unless required to do so as an investment trust, Electra's Directors
would not propose to recommend the payment of dividends on a regular basis.
Electra Partners, on behalf of Electra, will aim to achieve this target rate of
return by:
• Exploiting a track record of successful private equity investment;
• Utilising the proven skills of its senior management team with a strong record
of dealflow generation and long-term presence in the private equity market;
• Investing in a number of value creating transactions with a balanced risk
profile across a broad range of investment sectors through a variety of
financial instruments;
• Actively managing its total capital position and levels of gearing in light of
prevailing economic conditions. Total bank borrowings by Electra will always be
less than 2.5 times its total assets.
Additionally, an on-market share buyback programme will be managed to generate
shareholder value.
Electra Partners will target private equity opportunities (including direct
investment, fund investment and secondary buyouts of portfolios and funds) so
that the perceived risks associated with such investments are justified by
expected returns. These investments will be made across a broad range of sectors
and types of financial instrument such as equity, senior equity, convertibles
and mezzanine debt.
The investment focus will be principally on Western Europe, with the majority of
investments expected to be made in the United Kingdom, where historically
Electra Partners has made the majority of investments. Electra Partners would
expect there to be an emphasis on areas where its senior management team has
specific knowledge and expertise. In circumstances where Electra Partners feel
that there is merit in gaining exposure to countries and sectors outside Electra
Partners' network and expertise, consideration will be given to investing in
specific funds managed by third parties or co-investing with private equity
managers with whom it has developed a relationship.
In implementing Electra's investment strategy, Electra Partners typically
targets investments at a cost of £25-70 million in companies with an enterprise
value of £70-200 million.
THE PORTFOLIO
Electra's portfolio consists of an investment portfolio together with net liquid
resources. Net liquid resources comprise cash and floating rate notes less bank
loans. The portfolio consists of direct investments and investments through
third party private equity funds. An overall analysis is given below:-
--------------------- ------------ ------------
As at 30
September 2007 2006
£m £m
--------------------- ------------ ------------
Portfolio *
Direct Investments 525 315
Funds 95 65
--------------------- ------------ ------------
620 380
Net Liquid Resources 156 238
--------------------- ------------ ------------
Portfolio and Net Liquid Resources 776 618
--------------------- ------------ ------------
* These amounts at 30 September 2007 exclude accrued income of £13,419,000
(2006: £5,874,000).
At 30 September 2007 Electra had direct investments in 60 companies with an
aggregate value of £525 million and investments in 35 private equity funds with
an aggregate value of £95 million. Of the direct investments those with an
aggregate value of £76 million were quoted on a recognised stock exchange but
were subject to restrictions on sale. The top ten and twenty direct investments
accounted for 61% and 84% respectively, of the total direct investments.
Geographically, 78% of the investment portfolio was situated in the UK or
Continental Europe, 14% was based in the USA and 8% in Asia.
INVESTMENT MANAGER'S REVIEW
Investment Portfolio Analysis
The year to 30 September 2007 proved to be another period of excellent progress
for Electra. The net asset value per share increased from 1,545p to 2,001p, a
rise of 29.5% following rises of 29% and 31% in the previous two years.
Importantly, with all restrictions on new investment removed for the first time
since 1999 the Company entered a new era. Electra was able to quickly
re-establish its presence in the private equity market, a fact demonstrated
clearly by the rate of new investment which increased by 145% over the previous
year.
The year was characterised by two distinct phases. Until July the market was
strongly influenced by the aggressive lending of financial institutions to the
private equity sector. This resulted among other things, in high values being
achieved on the realisation of investments. Post July the problems created by
the sub-prime debt crisis led to a substantial change in the lending market with
the onset of much greater caution. Electra was able to take advantage of these
conditions achieving a level of realisation which amounted to 80% of the value
of the portfolio at the beginning of the year. These disposals in turn gave rise
to a very high level of realised gains. New investments on the other hand were
achieved at good value by adopting a cautious and selective approach, by
investing in smaller companies where competition was lower and by focusing on
off market transactions.
A summary of the changes in the portfolio compared to the previous two years is
shown in the table below.
------------------ ------------ ------------ ------------
Year ended 30
September 2007 2006 2005
£m £m £m
------------------ ------------ ------------ ------------
Opening valuation 380 353 413
Investments 322 131 82
Realisations (303) (257) (250)
Net capital increase 221 153 108
Closing portfolio * 620 380 353
------------------ ------------ ------------ ------------
* These amounts at 30 September 2007 exclude accrued income of £13,419,000
(2006: £5,874,000, 2005: £17,024,000).
Over the year, additions to the portfolio amounted to £322 million compared to
£131 million in the previous year. Realisations were also very substantial
giving rise to £303 million of cash proceeds. Net capital increases recorded in
the year amounted to £221 million of which the majority arose from realisations.
As a result of the investment activity in the year, Electra's invested portfolio
rose by 63% from £380 million to £620 million.
At the end of the year, net liquid resources stood at £156 million compared to
£238 million at the beginning of the period. Despite the rise in the portfolio,
Electra thus remains with substantial liquid assets available for further new
investment.
Outlook
The last two years have produced exceptional returns for Electra's shareholders
driven by a high level of well priced realisations. With the change in market
conditions occurring in the latter half of the year it is likely that the
holding period of investments may be longer and refinancings may be more
difficult. Returns may therefore fall to a lower level. It is worth noting,
however, that Electra operates in a segment of the market where the financing of
potential targets and sale of investments has been least affected by market
changes.
Electra, therefore, remains in a good position. The portfolio has been
significantly increased based on carefully selected transactions, with
substantial upside potential. Furthermore, Electra has retained a high level of
liquid assets with which to take advantage of investment opportunities which may
arise on more favourable terms given the current market turmoil.
INVESTMENT MANAGER'S REVIEW
Investments
In the year to 30 September 2007, Electra invested £322 million in additions to
the investment portfolio. This compares to investments of £131 million made in
the previous year. This very significant step up in activity resulted from the
removal of restrictions on investment which were in place up to October 2006.
With an unrestricted investment strategy, Electra has been able to re-enter the
private equity market in a fully committed way. This in turn produced a
significant increase in dealflow and subsequent investment. In looking at new
investments, Electra adopted a relatively cautious approach in view of the
competitive nature of the market and the plentiful supply of bank funds which
led to escalating prices in the first nine months of the financial year.
The investment of £322 million made by Electra included £265 million in direct
investments and £56 million drawn down under commitments to private equity
funds. The most significant direct investments included £63 million in the £246
million buyout of Kingfield Heath, £34 million in the £73 million buyout of
Nuaire, £26 million in the £83 million buyout of Lil-lets and £33 million in the
buyout of Premier Asset Management.
Kingfield Heath is the second largest office products distributor in the UK and
Ireland, offering the widest range of office products and electronic office
supplies available in the market place. Nuaire is one of the UK's largest
ventilation product manufacturers and has been designing and manufacturing
innovative quality products for home and overseas markets since 1963. Lil-lets
sells a range of feminine hygiene products both in the UK and South African
markets where it is a clear market leader. Premier Asset Management is a retail
fund manager, distributing fund of funds and specialist open and closed-ended
funds predominantly through IFAs but also through other discretionary and
advisory channels.
------------------- -------------- ---------- ----------
Company Activity Deal Type Cost
(£m)
------------------- -------------- ---------- ----------
New Investment
Kingfield Heath Office products MBO 63
Nuaire Ventilation systems MBO 34
Lil-lets Feminine hygiene MBO 26
Premier Asset Management Fund management MBO 33
Reinvestment
Allflex Animal tagging MBO 41
Capital Safety Group Safety harnesses MBO 18
Funds MBO investments - 56
Other Investments Various - 51
------------------- -------------- ---------- ----------
322
------------------- -------------- ---------- ----------
In addition to these new investments Electra reinvested in the secondary buyout
of Capital Safety Group ('CSG') and in the refinancing of Allflex.
Electra invested £18 million in CSG's successor vehicle in order to participate
further in the growth of the company. In August 2007 Electra reinvested £41
million in the third refinancing of Allflex for a 38% equity interest. Allflex
is the world's leading manufacturer and distributor of visual and electronic
animal identification tags and operates in a market with continued growth
opportunities.
Electra has continued its strategy of investing in third party private equity
funds where, in the view of the Manager, the relationship created is likely to
give rise to significant co-investment or co-underwriting opportunities. During
the year, £56 million was invested in private equity funds of which £25 million
was invested in funds managed by TCR, a private equity management company based
in France. Of this amount, £20 million represented the purchase of a secondary
interest and a further £5 million was drawn down under outstanding commitments.
The remaining £31 million was invested primarily in five other private equity
funds.
In addition to the amounts invested during the year, Electra had outstanding
commitments of £128 million to make further investments in private equity. Of
this amount, £78 million represented commitments to third party private equity
funds.
Realisations
The total proceeds realised from the portfolio during the year amounted to £303
million. This compares to a valuation of the portfolio at the beginning of the
year of £380 million. The total proceeds thus represented 80% of the opening
value of the investment portfolio. This high level of realisations reflected
market conditions up to the end of July when the sub-prime debt crisis brought
with it a rapid change. Where investments were realised overall proceeds
exceeded their value at the beginning of the year by more than 2.5 times.
Largest Investment Realisations
--------------- ------------------- ---------------
Company Valuation at 30 Proceeds from
September 2006 Disposal
£'m £'m
--------------- ------------------- ---------------
Capital Safety Group
II 24 113
Allflex 31 97
--------------- ------------------- ---------------
55 210
--------------- ------------------- ---------------
The two largest realisations related to CSG and Allflex. In the case of CSG, the
company was sold in a $565 million secondary buyout arranged by Candover
Partners. On completion of the transaction, Electra received gross proceeds of
£113 million compared to a value at the beginning of the year of £24 million.
Electra originally purchased CSG in 1998 investing
£30 million in the £98 million management buyout. Including the proceeds from
the refinancing in 2005, Electra achieved a multiple of over five times its
original investment with a net IRR to Electra over nine years of 23%.
In August 2007 Allflex was refinanced for the third time generating gross
proceeds to Electra of £97 million compared to a value at the beginning of the
year of £31 million. This refinancing was achieved despite the difficult
conditions in the debt market which is a reflection of the strength of Allflex's
business. Allflex was also purchased in 1998. Based on the aggregate proceeds
since then and the retained investment, Electra has achieved a multiple of over
five times the original investment with a net IRR to Electra over nine years of
25%. Both Allflex and CSG have developed very successfully during the period of
time they have been backed by Electra. These investments demonstrate one of the
strengths of Electra, namely that the flexible nature of its investment policy
allows lengthy holding periods, enabling full benefit to be gained from long
term strategy without the need to sell on a pre-determined timescale.
Electra received almost £100 million from the sale of other investments
including £17 million from Freightliner and £12 million from Safeland. Over the
year the proceeds from private equity funds amounted to £49 million.
Shortly after the year end Electra realised its investment in Dakota, Minnesota
& Eastern Railroad ('DM&E') for £35 million with further contingent
consideration of £33 million at current exchange rates. These payments are
contingent upon the future success of the Powder River Basin project and no
value has been recognised in respect of these potential payments due to the
uncertainty at this stage. This represents an excellent conclusion to an
investment made 21 years ago when Electra originally invested $800,000 with a
further investment of $1.4 million.
Performance
The year to 30 September 2007 was one in which the portfolio produced an
exceptional performance. Net capital appreciation recognised during the year
amounted to
£221 million, with the result that the investment portfolio rose by 58.2%. This
compares to 43.3% and 26.2% in the two previous years.
Once again, the performance resulted for the most part, from realised gains as
opposed to unrealised appreciation. Inclusive of the sale of DM&E completed
shortly after the year end, realised gains exceeded £200 million. The change in
unrealised appreciation over the year was insignificant and amounted to a net
decrease of £10 million made up of fair valuation increases of £20 million
offset by £30 million of decreases.
The largest realised gains were made on the sale of CSG (£88 million) and
Allflex
(£66 million) whereas the gain of £33 million on the sale of DM&E was realised
in October. Private equity funds contributed £21 million of gains.
Largest Valuation Changes
---------------------- ------------- ----------- --------
Company Valuation at Valuation %
movement
30 September £'m
---------------------- 2006 £'m ----------- --------
-------------
Capital Safety Group II 24 88 366
Allflex 31 66 212
Dakota, Minnesota & Eastern Railroad 3 33 1,289
Private Equity Funds 67 21 32
Moser Baer 15 13 92
---------------------- ------------- ----------- --------
140 221
---------------------- ------------- ----------- --------
Only two investments were written up during the year, namely Moser Baer and
Freightliner. Moser Baer performed strongly during the year and the valuation
was increased by £13 million to reflect this. Freightliner also continues to
make good progress and was revalued by £8 million. Reductions in valuation were
made in respect of 13 investments.
Unaudited Consolidated Income Statement
--------------------- ------- ------- ------- ------- ------ ------
For the year
ended 30
September Revenue Capital 2007 Revenue Capital 2006
£'000 £'000 Total £'000 £'000 Total
£'000 £'000
--------------------- ------- ------- ------- ------- ------ ------
Net gains on
investments held
at fair value 34,420 170,083 204,503 33,484 143,579 177,063
--------------------- ------- ------- ------- ------- ------ ------
Profits/(losses)
on revaluation
of foreign
currencies 7,637 - 6,122 6,122
- 7,637
--------------------- ------- ------- ------- ------- ------ ------
34,420 177,720 212,140 33,484 149,701 183,185
Other income 2,394 - 2,394 2,437 - 2,437
Priority profit
share paid to
general partners (12,350) - (12,350) (10,681) - (10,681)
Other expenses (2,702) (5,538) (8,240) (3,539) (645) (4,184)
--------------------- ------- ------- ------- ------- ------ ------
Net Profit before
Finance Costs and
Taxation
21,762 172,182 193,944 21,701 149,056 170,757
Finance costs (8,859) - (8,859) (8,799) - (8,799)
Profit on Ordinary
Activities before
Taxation 12,903 172,182 185,085 12,902 149,056 161,958
Taxation (3,624) (7,132) (10,756) (4,286) (7,208) (11,494)
--------------------- ------- ------- ------- ------- ------ ------
Profit after
Taxation 9,279 165,050 174,329 8,616 141,848 150,464
--------------------- ------- ------- ------- ------- ------ ------
Attributable to
Equity
Shareholders 9,279 165,050 174,329 8,616 141,848 150,464
--------------------- ------- ------- ------- ------- ------ ------
Basic and Diluted
Earnings per Ordinary
Share
24.60p 437.49p 462.09p 20.58p 338.80p 359.38p
--------------------- ------- ------- ------- ------- ------ ------
The Total column of this statement represents the Group's Income Statement
prepared in accordance with International Financial Reporting Standards adopted
by the EU ('IFRS'). The supplementary Revenue and Capital columns are both
prepared under guidance published by the Association of Investment Companies.
The amounts dealt with in the Consolidated Income Statement are all derived from
continuing activities.
2007 2006
Number of Ordinary Shares in issue at 30 September 37,252,687 38,722,687
Dividends Paid 2007 2006
Total paid (£'000) 6,375 8,592
Per share 17p 20p
--------------------- ------- ------- ------- ------- ------ ------
Unaudited Consolidated Statement of Changes in Equity
---------------------------- ------------ ------------
For the year ended 30 September 2007 2006
£'000 £'000
---------------------------- ------------ ------------
Total equity at 1 October 598,292 520,883
Adoption of IAS 39 * - 1,239
Profit after Taxation 174,329 150,464
Special dividend to equity shareholders ** (6,375) (8,592)
Exchange differences 1,564 (1,445)
Purchase of own shares (22,304) (64,257)
---------------------------- ------------ ------------
Total Equity Shareholders' Funds at 30 September 745,506 598,292
---------------------------- ------------ ------------
* Opening balance at 1 October 2005 has been restated for IAS 39 such that
listed investments have been valued at bid rather than mid price and
marketability discounts have not been applied.
** Special dividend paid of 17p (2006: 20p) per share after share buy-back of
1,000,000 ordinary shares on 18 December 2006, 120,000 ordinary shares on 19
December 2006 and 100,000 ordinary shares on 15 January 2007 (2006: 550,000
ordinary shares on 6 February 2006).
Unaudited Consolidated Balance Sheet
As at 30 Sept 2007 As at 30 Sept 2006
£'000 £'000 £'000 £'000
-------------------------- -------- ------- ------- -------
Non-Current Assets
Investments held at fair value:
Unlisted and listed 633,311 386,033
Floating rate notes 299,437 394,201
-------------------------- -------- ------- ------- -------
932,748 780,234
-------------------------- -------- ------- ------- -------
Current Assets
Trade and other receivables 16,189 1,481
Cash and cash equivalents 16,948 9,875
-------------------------- -------- ------- ------- -------
33,137 11,356
-------------------------- -------- ------- ------- -------
Current Liabilities
Trade and other payables 19,584 15,591
-------------------------- -------- ------- ------- -------
Net Current Assets/(Liabilities) 13,553 (4,235)
-------------------------- -------- ------- ------- -------
Total Assets less Current Liabilities 946,301 775,999
-------------------------- -------- ------- ------- -------
Bank loans 160,699 165,823
-------------------------- -------- ------- ------- -------
785,602 610,176
Deferred tax 12,701 1,299
Provision for liabilities and charges 27,395 10,585
-------------------------- -------- ------- ------- -------
Non-Current Liabilities 40,096 11,884
-------------------------- -------- ------- ------- -------
Net Assets 745,506 598,292
-------------------------- -------- ------- ------- -------
Net asset value per ordinary share 2,001.21p 1,545.07p
-------------------------- -------- ------- ------- -------
Unaudited Consolidated Cash Flow Statement
----------------------- -------- -------- -------- --------
For the year ended 30 September £'000 2007 £'000 2006
£'000 £'000
----------------------- -------- -------- -------- --------
Operating Activities
Purchases of investments (353,116) (457,865)
Amounts paid under incentive (28,641) (13,691)
schemes
Sales of investments 415,782 460,114
Dividends and distributions 2,221 14,560
received
Other investment income received 26,073 28,323
Interest income received 2,098 2,139
Other income received 297 297
Expenses paid (14,638) (13,407)
Taxation paid (6,574) (7,380)
----------------------- -------- -------- -------- --------
Net Cash Inflow from Operating 43,502 13,090
Activities -------- -------- -------- --------
-----------------------
Financing Activities 71,680
Bank loans drawn (56,680)
Bank loans repaid 126,932 (64,257)
Purchase of own shares (123,109) -
Loans received (22,304) (7,451)
Finance costs - (222)
Other finance costs (9,792) (8,592)
Dividend paid (471)
(6,375)
----------------------- -------- -------- -------- --------
Net Cash Outflow from Financing (35,119) (65,522)
Activities -------- -------- -------- --------
-----------------------
Changes in cash and cash 8,383 (52,432)
equivalents
Cash and cash equivalents at 1 9,875 62,610
October
Translation difference (1,310) (303)
----------------------- -------- -------- -------- --------
Cash and cash equivalents at 30 16,948 9,875
September -------- -------- -------- --------
The financial information has been prepared in accordance with IFRS, IFRIC
interpretations and parts of the Companies Act 1985 applicable to companies
reporting under IFRS.
The accounting policies set out in the 2006 Annual Report have been consistently
applied in the preparation of this financial information.
Revenue includes dividends of £2.2 million and interest of £32.2 million (2006:
dividends of
£7.3 million and interest of £26.2 million).
----- E N D -----
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Monday, 20th May 2024
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