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City of London IT (CTY)

  Print      Mail a friend       Annual reports

Friday 08 February, 2002

City of London IT

Interim Results

City of London Investment Trust PLC
8 February 2002

                                                                 8 February 2002



                                31 DECEMBER 2001

                                                                      6 months           3 Years           5 Years
                                                                             %                 %                 %
The City of London Investment Trust plc
Net Asset Value Total Return*                                             -6.2              +5.3             +50.0

FTSE All-Share Index
Total Return=                                                             -6.4              +1.3             +42.5

Average UK Growth & Income Investment Trust
Net Asset Value Total Return£*                                            -7.6             +10.5             +53.8
* Source: AITC Services Limited

= Source: Datastream

£ size weighted average

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                                     - 2 -


       Unaudited Interim Results for the half year ended 31 December 2001

Chairman's Statement

Market Review

There were two phases in the performance of the UK stockmarket in the six months
to 31 December 2001. During the third quarter of the year, share prices declined
against a background of disappointing corporate news and the horrendous attack
on the World Trade Centre. The low was reached on 21 September at which point
the market had fallen by 22% from 1 July 2001. During the final quarter of the
year, the Bank of England responded to the deteriorating international climate
by cutting interest rates to 4%, the lowest level since 1962. The UK equity
market rallied and recovered a large part of its losses. Overall, the six month
period produced a negative return of 6.4%, as measured by the FTSE All-Share


City of London's objective is to deliver good performance over the longer term.
We set out to be a straightforward investment vehicle that gives an above
average yield and seeks to be one of the leading candidates for regular savings
and capital investment. For the six month period, City of London's net asset
value performance was marginally better than its benchmark, the FTSE All-Share
Index, which maintains the good long-term record and City of London's share
price benefited from a small narrowing of the discount to net asset value.


The Board declared on 6 December 2001 a second interim dividend of 1.98p per
ordinary share, a 7.6% increase in the dividend rate compared with last year.


Expenses have been kept under tight control. They have fallen by 11.8% compared
with the same period last year.

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                                     - 3 -


       Unaudited Interim Results for the half year ended 31 December 2001


Any sustainable general improvement in share prices is likely to require the
catalyst of better prospects for corporate profitability. Although there is
significant recovery potential for companies orientated towards overseas markets
that are currently depressed, the level of global overcapacity in some
industries remains a concern. Companies serving the UK market should continue to
benefit from strong demand. However, this is dependent on the continuing
responsiveness of UK consumers to the low level of interest rates. Overall, the
valuation of UK equities appears attractive relative to the yields available
from either fixed interest investments or cash over the medium term.

S M de Zoete

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                                     - 4 -


       Unaudited Interim Results for the half year ended 31 December 2001

Statement of Total Return (incorporating the revenue account)
for the half year ended 31 December 2001

                                               (Unaudited)               (Unaudited)                   (Audited)
                                           Half Year ended 31         Half Year ended 31        Year ended 30 June 2001
                                              December 2001             December 2000
                                        Revenue Capital   Total   Revenue Capital   Total   Revenue   Capital     Total
                                         £'000   £'000    £'000    £'000   £'000    £'000    £'000     £'000      £'000

Total capital (losses)/gains from            - (40,832) (40,832)       -   19,697   19,697       -    (6,257)    (6,257)
Income from fixed asset investments       7,451      -    7,451    9,739        -    9,739  19,800         -     19,800
Other interest receivable and similar        63      -       63      128        -      128     217         -        217
Gross revenue and capital (losses)/       7,514(40,832) (33,318)   9,867   19,697   29,564  20,017    (6,257)    13,760
Management fee                            (307)   (718)  (1,025)    (360)    (839)  (1,199)   (730)   (1,704)    (2,434)
Other administrative expenses             (216)      -     (216)    (208)       -     (208)   (373)        -       (373)
Net return/(loss) on ordinary
activities before interest payable and
taxation                                  6,991 (41,550)(34,559)   9,299   18,858   28,157  18,914    (7,961)    10,953
Interest payable                           (648) (1,510) (2,158)    (642)  (1,501)  (2,143) (1,286)   (3,000)    (4,286)
Net return/(loss) on ordinary             6,343 (43,060)(36,717)   8,657   17,357   26,014  17,628   (10,961)     6,667
activities before taxation
Taxation on net return/(loss) on            (40)     40       -      (60)      60        -    (117)      117          -
ordinary activities
Net return /(loss) on ordinary            6,303 (43,020)(36,717)   8,597   17,417   26,014  17,511   (10,844)     6,667
activities after taxation
Preference and preferred ordinary           (95)      -     (95)     (95)       -      (95)   (190)        -       (190)
Net return / (loss) attributable to the
ordinary shares                           6,208 (43,020) (36,812)  8,502   17,417   25,919  17,321   (10,844)     6,477
Ordinary shares
First interim payment of 1.98p (2000:    (4,064)      -   (4,064) (3,798)       -   (3,798) (3,798)        -     (3,798)
Second interim payment of 1.98p (2000:   (4,064)      -   (4,064) (3,791)       -   (3,791) (3,791)        -     (3,791)
Third interim (2001: 1.84p)                   -       -        -       -        -        -  (3,779)        -     (3,779)
Fourth interim (2001: 1.98p)                  -       -        -       -        -        -  (4,067)        -     (4,067)
                                        (8,128)       -   (8,128) (7,589)       -   (7,589)(15,435)        -    (15,435)
Transfer (from)/to reserves             (1,920) (43,020) (44,940)    913   17,417   18,330   1,886   (10,844)    (8,958)
Return/(loss) per                         3.02p  (20.95)p (17.93)p  4.12p   8.43p   12.55p   8.40p    (5.26)p     3.14p

ordinary share (note 2)
The revenue columns of this statement represent the revenue accounts of the 

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                                     - 5 -


       Unaudited Interim Results for the half year ended 31 December 2001

Balance Sheet
At 31 December 2001
                                                           (Unaudited)            (Unaudited)      (Audited)
                                                           31 December            31 December        30 June
                                                                  2001                2000              2001
                                                                 £'000               £'000             £'000
Fixed asset investments
Listed at market value in the United Kingdom                   547,007             617,008           592,747
Shares in subsidiary undertakings                                  347                 347               347
                                                               547,354             617,355           593,094
Current assets
Debtors                                                          1,509               3,559             2,100
Bank balances and short term deposits                              966               2,274               544
                                                                 2,475               5,833             2,644
Creditors : amounts falling due within one year                (6,431)             (5,714)           (7,054)
Net current (liabilities)/assets                               (3,956)                 119           (4,410)
Total assets less current liabilities                          543,398             617,474           588,684
Creditors : amounts falling due after more than               (46,000)            (46,000)          (46,000)
one year
Total net assets                                               497,398             571,474           542,684
Capital and reserves
Issued share capital                                            53,398              53,590            53,436
Share premium account                                           28,249              28,249            28,249
Other capital reserves                                         405,404             478,341           448,732
Revenue reserve                                                 10,347              11,294            12,267
Shareholders' funds (including non-equity
interests of £2,086,000; 2000: £2,086,000)                     497,398             571,474           542,684
Net asset value per ordinary share
(note 3)                                                       241.32p             276.38p           263.19p

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                                     - 6 -


       Unaudited Interim Results for the half year ended 31 December 2001

                              Cash Flow Statement

For the half year ended 31 December 2001
                                                         (Unaudited)                 (Unaudited)               (Audited)
                                                     Half year ended             Half year ended              Year ended
                                                    31 December 2001            31 December 2000                 30 June

                                                               £'000                       £'000                   £'000
Net cash inflow from operating activities                      6,710                       7,824                  17,532
Net cash outflow from servicing of finance                   (2,253)                     (2,239)                 (3,794)
Net tax recovered/(paid)                                           -                          35                   (783)
Net cash inflow from purchases and sales of                    4,442                       9,582                   9,589
Equity dividends paid                                        (8,131)                     (7,632)                (15,202)
Net cash inflow before financing                                 768                       7,570                   7,342
Net cash outflow from financing                                (346)                     (5,643)                 (7,145)
Increase in cash                                                 422                       1,927                     197

Reconciliation of operating revenue to net cash inflow from operating activities

Net revenue before interest payable and                        6,991                       9,299                  18,914
Decrease/(increase) in accrued income                            591                       (302)                    (32)
(Decrease)/increase in creditors and other accruals            (154)                          11                     761
Management expenses charged to other capital                   (718)                       (839)                 (1,704)
UK income tax deducted at source                                   -                        (35)                    (71)
Scrip dividends included in investment                             -                       (310)                   (336)
Net cash inflow from operating activities                      6,710                       7,824                  17,532
Reconciliation of net cash flow to movement in net debt
Increase in cash as shown above                                  422                       1,927                     197
Net debt at beginning of the period                         (45,456)                    (45,653)                (45,653)
Net debt at the end of the period                           (45,034)                    (43,726)                (45,456)
Represented by:
Cash at bank and short term deposits                             966                       2,274                     544
Debt falling due after more than one year                   (46,000)                    (46,000)                (46,000)
                                                            (45,034)                    (43,726)                (45,456)

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                                     - 7 -


       Unaudited Interim Results for the half year ended 31 December 2001


1.       Expenses charged to capital

         The Company charges to capital 70% of its finance costs, management and 
         performance fees. All other expenses are charged wholly to revenue. 
         Expenses which are incidental to the purchase or sale of a fixed asset
         investment are included in the cost or deducted from the proceeds of 
         sale of investment.

2.       Return/(loss) per ordinary share

         Revenue return per ordinary share is based on the earnings attributable 
         to the ordinary shares of £6,208,000 (half year ended 31 December 2000: 
         £8,502,000; year ended 30 June 2001: £17,321,000) and 205,272,758 
         ordinary shares being the weighted average number of ordinary shares in 
         issue for the period (half year 31 December 2000: 206,508,246; year 
         ended 30 June 2001: 206,295,670).

         Capital loss per share is based on net capital losses of £43,020,000 
        (half year ended 31 December 2000: gains of £17,417,000; year ended 
         30 June 2001: losses of £10,844,000) and on the weighted average number 
         of ordinary shares in issue as stated above.

3.       Net asset value per share

         The net asset value per ordinary share is based on the net assets 
         attributable to the ordinary shares of £495,312,000 (31 December 2000: 
         £569,388,000; 30 June 2001: £540,598,000) and on 205,251,018 ordinary 
         shares (31 December 2000: 206,016,018; 30 June 2001: 205,401,018) being 
         the number of ordinary shares in issue at the end of the period.

4.       Buy-Backs

         During the half year to 31 December 2001, the Company made authorised 
         purchases for cancellation of 150,000 of its own issued ordinary shares 
         of 25p, representing 0.07% of its issued share capital, for an 
         aggregate consideration of £346,000.

5.       Interim Dividend

         The first interim dividend of 1.98p was paid on 30 November 2001. 
         The second interim dividend of 1.98p will be paid on 28 February 2002 
         to shareholders on the register on 18 January 2002.

6.       Accounts for the year ended 30 June 2001

         The figures and financial information for the year ended 30 June 2001 
         are an extact from the latest published accounts of the Company and do 
         not constitute statutory accounts for that year. These accounts have 
         been delivered to the Registrar of Companies and included the report of 
         the auditors which was unqualified and did not contain a statement 
         under either section 237(2) or 237(3) of the Companies Act 1985.

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                                         - 8 -


           Unaudited Interim Results for the half year ended 31 December 2001

7.       Interim Report

         Copies of the Company's interim report for the half year ended 
         31 December 2001 will be posted to shareholders at the end of February 
         2002 and will be available thereafter from the Secretary at the 
         Registered Office, 4 Broadgate, London EC2M 2DA.

        For further information please contact:

        Job Curtis

        Portfolio Manager

        The City of London Investment Trust plc

        Telephone: 020 7818 4367

        Vicki Staveacre

        The Press Office

        Henderson Global Investors

        Telephone: 020 7818 4222

        Stephen Westwood

        Head of Investment Trusts

        Henderson Global Investors

        Telephone: 020 7818 4100


                                     - 9 -


       Unaudited Interim Results for the half year ended 31 December 2001

Largest Investments

The 60 largest investments, convertibles and all classes of equity in any one
company being treated as one investment, were as follows:

                                                 Market value                                               Market value

                                             31 December 2001                                           31 December 2001
                                                        £'000                                                      £'000

GlaxoSmithKline                                        34,164       GUS                                            4,192
BP                                                     32,040       Reckitt Benckiser                              4,019
Vodafone                                               31,995       Royal & Sun Alliance                           3,948
Shell Transport & Trading                              27,848       National Grid                                  3,852
HSBC                                                   27,807       BSkyB                                          3,668
AstraZeneca                                            18,588       Allied Domecq                                  3,665
Royal Bank of Scotland                                 18,392       Kingfisher                                     3,645
Barclays                                               17,062       Imperial Tobacco                               3,624
CGNU                                                   14,999       Marks & Spencer                                3,610
Lloyds TSB                                             14,920       Boots                                          3,595
HBOS                                                   11,940       Granada                                        3,588
Diageo                                                 11,775       Slough Estates                                 3,500
British American Tobacco                                9,320       BHP Billiton                                   3,490
Tesco                                                   8,964       Wolseley                                       3,450
Prudential                                              7,960       Reuters                                        3,400
Legal & General                                         7,950       Associated British Ports                       3,360
Rio Tinto                                               7,896       Safeway                                        3,200
Land Securities                                         7,835       Dixons                                         3,181
BAE Systems                                             5,740       BOC                                            3,180
Unilever                                                5,640       Next                                           3,133
Anglo American                                          5,205       Bovis Homes                                    3,076
Smith & Nephew                                          5,093       WPP                                            3,040
BT                                                      5,060       EMI                                            3,035
Abbey National                                          4,900       Amvescap                                       2,973
Six Continents                                          4,873       Sainsbury (J)                                  2,928
Cadbury Schweppes                                       4,818       Reed International                             2,850
BG                                                      4,760       Cable & Wireless                               2,809
Compass                                                 4,635       BAA                                            2,753
Scottish & Southern Energy                              4,575       Hammerson                                      2,661
Lattice                                                 4,290       Tomkins                                        2,544
These investments total £471,013,000 or 86.11% of the portfolio.

                                    - ENDS -

                      This information is provided by RNS
            The company news service from the London Stock Exchange