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City of London IT (CTY)

  Print      Mail a friend       Annual reports

Monday 09 February, 2009

City of London IT

Half Yearly Report

RNS Number : 9736M
City of London Investment Trust PLC
09 February 2009
 




   9 February 2009


THE CITY OF LONDON INVESTMENT TRUST PLC


Unaudited Results for the Half Year Ended 31 December 2008


This announcement contains regulated information




Total Returns

Six Months to

31 December 2008

Net asset value per ordinary share *

-16.1%

FTSE All-Share 4% Capped Index # (Benchmark)

-22.5%

NAV outperformance

6.4%

Ordinary share price *

-9.5%

FTSE All-Share Index #

-21.1%

Average UK Growth & Income Investment Trust NAV * †

-17.%



Sources:  * AIC Information Services Limited

              # Thomson Financial, Datastream

              † size weighted average




INTERIM MANAGEMENT REPORT


Performance 


Earnings and Dividends

Earnings per share rose by 10.9%, an increase that included the benefit of the fall in sterling for the profits and dividends of our companies with overseas interests. As has already been announced, the minimum dividend increase for the year will be 6.2%.  Our shares currently yield 5.9% on the forecast for the current year, which compares very favourably with interest rates being paid on savings accounts. Shareholders should also derive comfort in these uncertain times from the fact that we have built up revenue reserves of some £26m.  


Net Asset Value Total Return

The six months to 31 December 2008 were marked by unprecedented conditions in financial markets. The banking crisis, the lack of credit availability and the de-leveraging of banks and hedge funds have led to markedly changed market conditions for companies and those that invest in them. The credit crunch, which has come upon us so rapidly, has brought about a sharp fall in economic activity in the UK and overseas. This is starkly evidenced by the collapse of commodity prices and the worldwide drop in interest rates. 


City of London had a relatively low exposure to the mining sector, which fell sharply. We also benefited from an underweight position in banks and so we avoided the worst of the bank sector's fall. A further positive factor was the relatively strong performance of the large consumer staples holdings in British American Tobacco and Diageo. Although City of London's net asset value total return was a negative 16.1%, this was 6.4 percentage points better than the total return of the FTSE All-Share 4% Capped Index which was a negative 22.5%.  City of London also outperformed the AIC UK Growth & Income sector average by 1.3 percentage points.  The share price total return was a negative 9.5%, which was better than the net asset value total return, reflecting a narrowing of our discount. 




- MORE -


        Page 2 of 10


THE CITY OF LONDON INVESTMENT TRUST PLC


Unaudited Results for the Half Year Ended 31 December 2008


INTERIM MANAGEMENT REPORT (continued)


Material Events and Transactions during the Period

Our gearing increased very slightly from 10.1% as at 30 June 2008 to 10.5% as at 31 December 2008. Exposure to the bank sector was significantly reduced with sales of all holdings in Royal Bank of Scotland and HBOS and a majority of the holding in LloydsTSB. A new holding in the emerging markets bank Standard Chartered was purchased. Other new holdings bought were all companies with profits predominantly from overseas markets: Rotork, in the engineering sector, Thomson-Reuters, in the media sector and Victrex, in the chemicals sector.  Holdings in companies that our Manager considered unlikely to pay a dividend were sold.


Expenses

As a result of the outperformance achieved during the period relative to the benchmark, a performance fee of £227,000 has been accrued. This has been charged 89% to capital and 11% to revenue to reflect from where the outperformance has been derived. However, outperformance needs to be maintained through to 30 June 2009 for any performance fee to be payable.


The Total Expense Ratio (TER), which is the investment management fee and other non-interest expenses as a percentage of shareholders' funds, remains low compared with most other equity savings products. The TER for the six months is equivalent to a full year's rate of approximately 0.54% of net assets.


VAT On Fund Management Fees

A further VAT reclaim of £234,000 has been recognised on top of the £1,641,000 included in our last financial year. In addition, estimated interest of £275,000 has been recognised in the Income Statement.


Outlook for the six months to 30 June 2009

Shareholders will recall that in the annual accounts to June 2008 I referred to the likelihood of high volatility and sector performance disparity. These conditions may well continue for some time and we now know that businesses will have to operate in an environment that will be materially different to anything that we have seen in the recent past. Companies and financial institutions will no longer be able to operate with substantially leveraged balance sheets, and private individuals will be offered limited credit facilities. Put simply, the world has changed.  Markets, however, look forward and some of the problems are already discounted. Equities are at historically low levels and selectively do offer opportunities.  


Many companies will conserve cash by reducing their dividend distributions. We recognise that income is very important to our shareholders and we have set as a priority for our Manager to ensure that sector and stock selection takes into account the need to protect our income flow and reflects the longer term impact of the credit crunch.  We have increased our dividend in every year for the last 42 years and that is a track record that we aim to extend into the future.


S M de Zoete

Chairman



- MORE -






        Page 3 of 10


THE CITY OF LONDON INVESTMENT TRUST PLC


Unaudited Results for the Half Year Ended 31 December 2008


  INCOME STATEMENT 

  for the half year ended 31 December 2008



(Unaudited)

Half year ended 

31 December 2008

(Unaudited)

Half year ended 

31 December 2007

(Audited)

Year ended 

30 June 2008


Revenue

Return

Capital 

Return


Total

Revenue

Return

Capital 

Return


Total

Revenue

Return

Capital 

Return


Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000











Losses on investments held at fair value through profit or loss

-

(103,187)

(103,187)

-

(30,338)

(30,338)

-

(149,375)

(149,375)











Income from investments held at fair value through profit or loss

13,674

-

13,674

12,412

-

12,412

30,162

-

30,162











Other interest receivable and similar income (note 7)

424

-

424

142

-

142

265

-

265


--------

--------

--------

--------

--------

--------

--------

--------

--------

Gross revenue and capital loss

14,098

(103,187)

(89,089)

12,554

(30,338)

(17,784)

30,427 

(149,375) 

(118,948)


--------

----------

----------

--------

--------

--------

--------

----------

----------

Management fees

(233)

(544)

(777)

(306)  

(715)

(1,021)

(577)

(1,346)

(1,923)











Performance fee 

(25)

(202)

(227)

-

-

-

-

-

-











Write back of VAT (note 7)

53

181

234

428

1,213

1,641

428

1,213

1,641











Other administrative expenses

(251)

-

(251)

(275)

-

(275)

(484)

-

(484)


--------

--------

--------

--------

--------

--------

--------

--------

--------

Net return/(loss) on ordinary activities before finance costs and taxation

13,642

(103,752)

(90,110)

12,401

(29,840)

(17,439)

29,794

(149,508)

(119,714)











Finance costs 

(789)

(1,656)

(2,445)

(745)

(1,529)

(2,274)

(1,547)

(3,217)

(4,764)


--------

--------

--------

--------

--------

--------

--------

--------

--------

Net return/(loss) on ordinary activities before taxation

12,853

(105,408)

(92,555)

11,656

(31,369)

(19,713)

28,247

(152,725)

(124,478)











Taxation on net return on ordinary activities

(5)

-

(5)

(47)

-

(47)

(179)

-

(179)


--------

--------

--------

--------

--------

--------

--------

--------

--------

Net return/(loss) on ordinary activities after taxation

12,848

(105,408)

(92,560)

11,609

(31,369)

(19,760)

28,068

(152,725)

(124,657)


=====

=====

=====

=====

=====

=====

=====

======

======











Return/(loss) per ordinary share - basic (note 2)

6.20p

(50.87p)

(44.67p)

5.59p

(15.11p)

(9.52p)

13.53p

(73.63p)

(60.10p)


=====

=====

=====

=====

=====

=====

=====

======

======

The total columns of this statement represent the Income Statement of the Company. All revenue and capital items derive from continuing operations. No operations were acquired or discontinued during the year. The Company has no recognised gains or losses other than those recognised in the Income Statement and the Reconciliation of Movements in Shareholders' Funds.


- MORE - 

          

Page 4 of 10


THE CITY OF LONDON INVESTMENT TRUST PLC


Unaudited Results for the Half Year ended 31 December 2008


Reconciliation of Movements in Shareholders' Funds

for the half years ended 31 December 2008 and 2007 and year ended 30 June 2008





Half year ended 31 December 2008 (unaudited)

 

Called-up share capital

£'000 

Share premium 

account

£'000 

Other

capital reserves

£'000 


Revenue reserve £'000



Total 

£'000







At 30 June 2008

51,894

35,309

455,638

25,879

568,720

Net (loss)/return on ordinary activities after taxation

-

-

(105,408)

12,848

(92,560)

Buy-back of 50,000 ordinary shares

-

-

(110)

-

(110)

Fourth interim dividend (2.96p per share) for year ended 30 June 2008 paid 29 August 2008

-

-

-

(6,134)

(6,134)

First interim dividend (3.08p per share) for year ended 30 June 2009 paid 28 November 2008

-

-

-

(6,382)

(6,382)


--------

--------

--------

--------

--------

At 31 December 2008

51,894

35,309

350,120

26,211

463,534


=====

=====

=====

=====

=====











 

 



Called-up 

share

capital

Share

premium

account

Other

capital

reserves

 

Revenue

reserve

 

 

Total

Half year ended 31 December 2007 (unaudited)

£'000

£'000

£'000

£'000

£'000







At 30 June 2007

51,983

35,309

610,191

21,174

718,657

Net (loss)/return on ordinary activities after taxation

-

-

(31,369)

11,609

(19,760)

Buy-back of 579,369 ordinary shares

(89)

-

(1,591)

-

(1,680)

Fourth interim dividend (2.62p per share) for year ended 30 June 2007 paid 31 August 2007

-

-

-

(5,446)

(5,446)

First interim dividend (2.84p per share) for year ended 30 June 2008 paid 30 November 2007

-

-

-

(5,895)

(5,895)


--------

--------

---------

--------

--------

At 31 December 2007 

51,894

35,309

577,231

21,442

685,876


=====

=====

======

=====

=====








 

 




 



Called-up 

share

capital

Share

premium

account

Other

capital

reserves

 

Revenue

reserve

 

 

Total

Year ended 30 June 2008 (audited)

£'000

£'000

£'000

£'000

£'000







At 30 June 2007

51,983

35,309

610,191

21,174

718,657

Net (loss)/return on ordinary activities after taxation

-

-

(152,725)

28,068

(124,657)

Buy-back of 663,262 ordinary shares

(89)

-

(1,828)

-

(1,917)

Fourth interim dividend (2.62p per share) for year ended 30 June 2007 paid 31 August 2007

-

-

-

(5,446)

(5,446)

First and second interim dividends (2.84p each per share) for year ended 30 June 2008 paid 30 November 2007 and 28 February 2008

-

-

-

(11,782)

(11,782)

Third interim dividend (2.96p per share) for year ended 30 June 2008 paid 30 May 2008

-

-

-

(6,135)

(6,135)


--------

--------

--------

--------

----------

At 30 June 2008

51,894

35,309

455,638

25,879

568,720


=====

======

======

======

======



- MORE -  

        Page 5 of 10


THE CITY OF LONDON INVESTMENT TRUST PLC


Unaudited Results for the Half Year ended 31 December 2008


Balance Sheet

at 31 December 2008



(Unaudited)

31 December

2008

£'000

(Unaudited)

31 December

2007

£'000

(Audited)

30 June

2008

£'000





Investments held at fair value through profit or loss




Listed at market value in the United Kingdom

485,528

708,457

593,791

Listed at market value overseas

26,468

26,631

32,553

Shares in subsidiary undertakings

378

378

378


----------

----------

----------


512,374

735,466

626,722


----------

----------

----------

Current assets




Debtors

5,490

4,479

5,828

Bank balances and short term deposits

2,602

3,853

350


--------

--------

----------


8,092

8,332

6,178


--------

--------

----------

Creditors: amounts falling due within one year

(9,533)

(10,034)

(16,781)


----------

----------

----------

Net current liabilities

(1,441)

(1,702)

(10,603)


----------

----------

----------

Total assets less current liabilities

510,933

733,764

616,119





Creditors: amounts falling due after more than one year

(47,399)

(47,888)

(47,399)


----------

----------

----------

Total net assets

463,534

685,876

568,720


======

======

======

Capital and reserves




Called-up share capital (note 3)

51,894

51,894

51,894

Share premium account

35,309

35,309

35,309

Other capital reserves

350,120

577,231

455,638

Revenue reserve

26,211

21,442

25,879


----------

----------

----------

Shareholders' funds 

463,534

685,876

568,720


======

======

======





Net asset value per ordinary share (note 4)

223.70p

330.78p

274.39p


======

======

======







- MORE -

          

Page 6 of 10


THE CITY OF LONDON INVESTMENT TRUST PLC


Unaudited Results for the Half Year ended 31 December 2008


Cash Flow Statement

for the half year ended 31 December 2008



(Unaudited)

Half year ended

31 December 2008

£'000

(Unaudited)

Half year ended

31 December 2007

£'000

(Audited)

Year ended

30 June 2008

£'000





Net cash inflow from operating activities

13,312

11,810

27,017

Net cash outflow from servicing of finance

(2,451)

(2,255)

(4,760)

Total tax recovered

-

8

16

Net cash inflow/(outflow) from financial investment

11,025

(8,453)

(18,394)

Equity dividends paid

(12,516)

(11,341)

(23,363)

Cash withdrawn from deposit

-

8,201

8,201

Net cash (outflow)/inflow from financing

(7,053)

5,817

11,581


---------

---------

----------

Increase in cash

2,317

3,787

298


=====

=====

======

Reconciliation of operating revenue to net cash inflow from operating activities







Total loss before finance costs and taxation

(90,110)

(17,439)

(119,714)

Add: capital loss before finance costs and taxation 

103,752

29,840

149,508


-----------

-----------

-----------

Net revenue return before finance costs and taxation

13,642

12,401

29,794

Decrease/(increase) in accrued income

664

771

(477)

Increase in other debtors

(233)

(1,641)

(1,641)

Increase/(decrease) in other creditors

152

(97)

(163)

Expenses (charged)/credited to other capital reserves

(565)

498

(133)

Overseas withholding tax

(93)

(122)

(363)

Stock dividends included in investment income

(255)

-

-


--------

--------

----------

Net cash inflow from operating activities

13,312

11,810

27,017


 =====

=====

======

Reconciliation of net cash inflow to movement in net debt




Increase in cash as above

2,317

3,787

298

Cash outflow/(inflow) from movement in loans

6,943

(7,500)

(13,501)

Net cash inflow from movement in liquid resources

-

(8,201)

(8,201)

Non cash movement

-

-

34

Exchange movements

(65)

(1)

(15)

Net debt at beginning of the period

(61,005)

(39,620)

(39,620)


----------

----------

----------

Net debt at end of the period

(51,810)

(51,535)

(61,005)


======

======

======

Represented by:




Cash at bank and short term deposits less bank overdrafts

2,602

3,853

350

Debt falling due within one year

(7,013)

(7,500)

(13,956)

Debt falling due after more than one year 

(47,399)

(47,888)

(47,399)


----------

----------

----------


(51,810)

(51,535)

(61,005)


======

======

======







- MORE -

           

Page 7 of 10


THE CITY OF LONDON INVESTMENT TRUST PLC


Unaudited Results for the Half Year ended 31 December 2008

Notes

1.


Accounting policies



The accounts have been prepared under the historical cost convention, modified to include the revaluation of investments and in accordance with applicable Accounting Standards, pronouncements on interim reporting issued by the Accounting Standards Board and the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies' ("SORP" dated January 2003, revised December 2005). All of the Company's operations are of a continuing nature. 






The same accounting policies used for the year ended 30 June 2008 have been applied. 




2.


Return per ordinary share









(Unaudited)

Half year ended 

31 December 2008

£'000


(Unaudited)

Half year ended 

31 December

2007

£'000


(Audited)

Year ended

30 June 2008 £'000



The return/(loss) per ordinary share is based on the following figures:








Revenue return

12,848


11,609


28,068



Capital loss

(105,408)


(31,369)


(152,725)




----------


----------


----------



Total

(92,560)


(19,760)


(124,657)




======


======


======



Weighted average number of ordinary shares in issue for each period

207,220,603


207,586,314


207,428,815











Revenue return per ordinary share

6.20p


5.59p


13.53p



Capital loss per ordinary share

(50.87p)


(15.11p)


(73.63p)




----------


----------


----------



Total

(44.67p)


(9.52p)


(60.10p)




======


======


======



The Company does not have any dilutive securities.













3.


Called up share capital



During the half year ended 31 December 2008 50,000 ordinary shares were bought back for a total consideration of £110,000 and are being held in treasury (half year ended 31 December 2007: 579,369 ordinary shares were bought back for a total consideration of £1,680,000; year ended 30 June 2008: 663,262 ordinary shares were bought back for a total consideration of £1,917,000). The number of ordinary shares in issue at 31 December 2008 was 207,574,868, of which 358,090 shares were held in treasury.




4.


Net asset value per ordinary share



The net asset value per ordinary share is based on the net assets attributable to the ordinary shares of  £463,534,000 (31 December 2007: £685,876,000; 30 June 2008: £568,720,000) and on 207,216,778 ordinary shares (31 December 2007: 207,350,671; 30 June 2008: 207,266,778) being the number of ordinary shares in issue at the end of each period. Treasury shares are excluded for the purposes of calculating the net asset value per ordinary share.




5.


Transaction costs



Purchase transaction costs for the half year ended 31 December 2008 were £115,000 (half year ended 31 December 2007: £281,000; year ended 30 June 2008: £449,000). These comprise mainly stamp duty and commissions. Sale transaction costs for the half year ended 31 December 2008 were £61,000 (half year ended 31 December 2007: £65,000; year ended 30 June 2008: £103,000).

- MORE -

  

    Page 8 of 10

THE CITY OF LONDON INVESTMENT TRUST PLC


Unaudited Results for the Half Year ended 31 December 2008


6.


Interim dividends



A first interim dividend of 3.08p was paid on 28 November 2008. The second interim dividend of 3.08p (declared on 4 December 2008) will be paid on 27 February 2009 to shareholders on the register on 23 January 2009.




7.


VAT on management fees



In 2004 the Association of Investment Companies (the "AIC"), together with JPMorgan Claverhouse Investment Trust plc, launched a case against HM Revenue & Customs ("HMRC") to challenge whether the Value Added Tax ("VAT") should have been charged on fees paid for management services provided to investment trust companies. On 28 June 2007 the European Court of Justice delivered its judgement on the case in favour of the AIC. Since then HMRC has accepted that the provision of investment management services to investment trust companies is VAT exempt and has acknowledged its liability to pay claims in respect of VAT borne by investment companies. VAT has not been applied to investment management fees invoiced in respect of periods since June 2007. 


Since the end of the half year, the Manager has reached agreement with HMRC in respect of VAT charged to the Company in respect of investment management services from 1 October 2000 to 30 June 2007. This has resulted in the Company receiving an amount of £1,875,000 in respect of the above period, of which £1,641,000 was written back in the accounts for the year ended 30 June 2008. Accordingly, an additional £234,000 has been recognised as recoverable in the Income Statement for the six months to 31 December 2008. The £1,875,000 represents all the VAT borne by the Company in the period from 1 October 2000 to 30 June 2007.


The Company will also receive from the Manager any interest paid by HMRC on the amounts recovered.  Accordingly an amount of £275,000 has been included in the Income Statement.


The Company expects to be able to reclaim VAT paid in respect of the period from 1 January 1990 to 4 December 1996, following the judgement of the House of Lords in a case concerning the time limits applicable to VAT claims. However, the Board considers that it is premature to incorporate an estimate of repayment at this stage. There is also possibility of recovering VAT paid in the period from December 1996 to September 2000, but it is too early to predict the outcome of claims for this period.




8.


Related party transactions 

Details of related parties are contained in the annual report. There have been no material transactions with our related parties affecting the financial position or performance of the Company during the six months.




9.


Financial information



The financial information contained in this half year report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The financial information for the half years ended 31 December 2008 and 31 December 2007 has not been audited or reviewed by the Company's auditors.




The figures and financial information for the year ended 30 June 2008 have been extracted from the latest published audited accounts of the Company. 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 section 237(2) or 237(3) of the Companies Act 1985.




10.


Half year report



A copy of the Company's report for the half year ended 31 December 2008 will be posted to shareholders in February 2009 and will be available on our website (www.cityinvestmenttrust.com) from 23 February 2009. Copies can also be requested thereafter from the Secretary at the Registered Office, 201 Bishopsgate, London EC2M 3AE.


- MORE -

                  

Page 9 of 10


THE CITY OF LONDON INVESTMENT TRUST PLC


Unaudited Results for the Half Year ended 31 December 2008


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

31 December 2008

£'000


Market value

31 December 2008

£'000




British American Tobacco 

31,500


United Utilities 

4,115

BP

31,034


Severn Trent

3,953

GlaxoSmithKline

28,901


Croda

3,896

Vodafone

27,800


Hiscox

3,835

Royal Dutch Shell

27,616


Morrison (W) Supermarkets 

3,783

Diageo

25,467


Pennon

3,733

HSBC

23,832


Shire

3,289

National Grid

17,100


Rio Tinto

3,204

Scottish & Southern Energy

15,213


StatoilHydro

3,111

Tesco

14,400


Provident Financial 

2,838

ENI

11,906


Arriva

2,707

Unilever

11,053


Smiths 

2,655

BT

10,478


IMI

2,582

Land Securities 

9,578


G4S

2,563

BHP Billiton

9,058


Kingfisher 

2,498

Barclays (including convertible)

8,733


Spirax-Sarco Engineering

2,497

Aviva

8,190


British Sky Broadcasting 

2,400

Cadbury

7,750


Smiths News

2,395

AstraZeneca 

7,579


Greene King

2,370

BAE Systems

7,535


Rolls-Royce 

2,349

Anglo American

6,571


Admiral

2,275

Reed Elsevier 

6,564


Thomson-Reuters

2,265

Britvic

5,549


RWE 

2,138

Pearson

5,449


Tate & Lyle

2,004

Reckitt Benckiser

5,156


Rotork

1,979

Rexam

4,388


De La Rue

1,951

Amlin

4,290


Halfords

1,946

Legal & General

4,224


Halma

1,924

Deutsche Telekom

4,149


Standard Life

1,919

Novartis 

4,133


Johnson Matthey

1,916


These investments total £466,286,000 or 91.1% of the portfolio.









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    Page 10 of 10

THE CITY OF LONDON INVESTMENT TRUST PLC


Unaudited Results for the Half Year ended 31 December 2008


Sector Analysis of Portfolio as at 31 December 2008


%

Oil & Gas

14.6

Basic Materials

5.3

Industrials

9.4

Consumer Goods

18.0

Health Care

8.6

Consumer Services

11.0

Telecommunications

8.3

Utilities

9.0

Financials

15.5

Technology

0.3


--------

Total

100.0


=====


Directors' Responsibility Statement


The Directors confirm that, to the best of their knowledge:


a)         the condensed set of financial statements has been prepared in accordance with the Accounting Standards Board’s statement “Half-Yearly Financial Reports”;
 
b)         this report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
 
c)         this report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein).


S M de Zoete, Chairman

 



For further information please contact :


Job Curtis

Portfolio Manager, The City of London Investment Trust plc

Telephone: 020 7818 4367


James de Sausmarez

Head of Investment Trusts, Henderson Global Investors

Telephone: 020 7818 3349


Sarah Gibbons-Cook

Investor Relations and PR Manager, Henderson Global Investors

Telephone: 020 7818 3198



- ENDS -


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