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City of London IT (CTY)

  Print      Mail a friend       Annual reports

Thursday 09 February, 2012

City of London IT

Half Yearly Report

RNS Number : 1249X
City of London Investment Trust PLC
09 February 2012
 



 

9 February 2012

 

THE CITY OF LONDON INVESTMENT TRUST PLC

 

Unaudited Results for the Half Year Ended 31 December 2011

 

This announcement contains regulated information

 

 

Total Returns

Six Months to

31 December 2011

Net asset value per ordinary share ("NAV")*

-3.6%

Average UK Growth & Income Investment Trust NAV * †

-3.9%

Relative NAV performance

0.3%

Ordinary share price *

-3.2%

FTSE All-Share Index #

-6.2%

 

 

Dividend Yields

Six Months to

31 December 2011

City of London*

4.7%

Average UK Growth & Income Investment Trust* †

4.6%

FTSE All-Share Index#

3.5%

FTSE 350 Investment Companies Index#

2.1%

 

 

 

As at

31 December 2011

As at

30 June 2011

Ordinary share price

284.90p

301.30p

NAV per ordinary share

282.94p

299.95p

Premium

0.7%

0.5%

NAV per ordinary share (with debt at market value)

276.87p

294.06p

Premium (with debt at market value)

2.9%

2.5%

Gearing

7.0%

7.9%

     

      Sources:     * Morningstar for the AIC     # Datastream     † Size weighted average

                         

INTERIM MANAGEMENT REPORT

 

Chairman's Statement

 

Net Asset Value Total Return

Forecasts of global economic growth fell sharply in the second half of 2011 after the unexpected drop in US economic activity.  Another blow to sentiment was the Eurozone sovereign debt crisis.  As a result the UK and other major stock markets fell over the period.

 

City of London's performance was relatively resilient with a negative net asset value total return of 3.6% which was 0.3% better than the size weighted average for the UK Growth & Income investment trust sector.  The UK equity market, as measured by the FTSE All-Share Index, produced a negative total return of 6.2%, which was 2.6 percentage points worse than City of London's return.  We benefited from our below average exposure to low yielding mining and bank sectors which were poor performers.

 

Within City of London's portfolio, consumer products companies, such as British American Tobacco, Diageo and Unilever, were notable outperformers.  They all benefited from exposure to growing markets outside Europe.  In addition, Royal Dutch Shell had a good six months helped by the oil price staying over $100 a barrel.

 

- MORE -

 

Page 2 of 11

THE CITY OF LONDON INVESTMENT TRUST PLC

 

Unaudited Results for the Half Year Ended 31 December 2011

 

Interim Management Report (continued)

 

Chairman's Statement (continued)

 

Earnings and Dividends

Earnings per share for the period increased by 10.6% over the same period last year.  The average increase in the dividend rate of companies in City of London's portfolio, excluding special dividends, was 9.4%.  So far this financial year as forecast, City of London has declared two interim dividends of 3.35p each.  The quarterly rate will be reviewed by the Board before the third interim dividend is declared at the end of March 2012.

 

Expenses

The Total Expense Ratio ("TER"), which represents 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 indicates a full year rate of 0.43% of net assets.

 

Gearing

The Trust's gearing started the period at 7.9%.  By early November it had risen to 10.1%, at which point it was decided, given the macro economic risks, to make a reduction of 2% in the gearing.  This was done through the sale of a FTSE 100 future.  The gearing ended the period at 7.0%.    Borrowing from the HSBC facility increased from £9.0 million to £11.7 million. 

 

Material Events and Transactions During the Period

A total of 5,450,000 new shares were issued at a premium to net asset value, benefiting the income and capital objectives of the Trust.  A further 1,775,000 shares have been issued since the period end.  Investment in some high quality cyclicals which were considered undervalued on a long-term basis was increased.  New holdings were purchased in Balfour Beatty, Daimler and Emerson Electric.  Additions were also made to the Life Assurance sector, with exposure increased to Prudential and Legal & General and a new holding purchased in Phoenix.   Profits were taken in some defensive stocks which had performed well but the portfolio still has a strongly defensive bias.

 

The Board

Martin Morgan, who is Chief Executive of Daily Mail & General Trust, will join the Board on 1 March 2012.

 

Principal Risks and Uncertainties

The principal risks and uncertainties associated with the Company's business can be divided into the following main areas:

 

• Investment activity and performance risk

• Financial risk

• Regulatory risk

• Operational risk

 

Information on these risks and how they are managed is given in the Annual Report. In the view of the Board these principal risks and uncertainties are as applicable to the remaining six months of the financial year as they were to the six months under review.

 

 

- MORE -

 

 

Page 3 of 11

 

THE CITY OF LONDON INVESTMENT TRUST PLC

 

Unaudited Results for the Half Year Ended 31 December 2011

 

Interim Management Report (continued)

 

Chairman's Statement (continued)

 

Outlook for the Six Months to 30 June 2012

City of London's portfolio is invested mainly in UK listed companies with operations across the global economy.  There are signs of improving economic conditions in the United States, with unemployment falling.  Some important emerging markets continue to grow strongly.  The European sovereign debt problems have not been resolved but the European Central Bank has been helping bank funding with a three year facility.  In the UK, growth remains anaemic but inflation is falling. 

 

Based on consensus forecasts for profits and dividends, equities appear to offer good value and dividend yields are particularly attractive relative to gilts or cash.  However, the portfolio is expected to retain its defensive bias given the continuing macro economic uncertainties.

 

 

Philip Remnant

Chairman

 

 

 

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)  the interim management 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)  the interim management 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).

 

 

For and on behalf of the Board

Philip Remnant

Chairman

9 February 2012

 

 

- MORE -

 

 

 

Page 4 of 11

 

THE CITY OF LONDON INVESTMENT TRUST PLC

 

Unaudited Results for the Half Year Ended 31 December 2011

 

 Income Statement

 for the half year ended 31 December 2011

 


(Unaudited)

Half year ended

31 December 2011

(Unaudited)

Half year ended

31 December 2010

(Audited)

Year ended

30 June 2011


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)/gains on investments held at fair value through profit or loss

-

(32,426)

(32,426)

-

95,017

95,017

-

122,350

122,350











Income from investments held at fair value through profit or loss

13,775

-

13,775

11,047

-

11,047

30,179

-

30,179











Other interest receivable and similar income

212

-

212

980

-

980

1,383

-

1,383


--------

--------

--------

--------

--------

--------

--------

--------

--------

Gross revenue and

capital (losses)/gains

13,987

(32,426)

(18,439)

12,027

95,017

107,044

31,562

122,350

153,912











Management fees

(329)

(768)

(1,097)

(316)

(737)

(1,053)

(658)

(1,537)

(2,195)

Other administrative expenses

(315)

-

(315)

(312)

-

(312)

(591)

-

(591)


--------

--------

--------

--------

--------

--------

--------

--------

--------

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

13,343

(33,194)

(19,851)

11,399

94,280

105,679

30,313

120,813

151,126











Finance charges

(756)

(1,579)

(2,335)

(750)

(1,564)

(2,314)

(1,521)

(3,181)

(4,702)


--------

--------

--------

--------

--------

--------

--------

--------

--------

Net return/(loss) on ordinary activities before taxation

12,587

(34,773)

(22,186)

10,649

92,716

103,365

28,792

117,632

146,424











Taxation on net return on ordinary activities

(27)

-

(27)

(18)

-

(18)

(204)

-

(204)


--------

--------

--------

--------

--------

--------

--------

--------

--------

Net return/(loss) on ordinary activities after taxation

12,560

(34,773)

(22,213)

10,631

92,716

103,347

28,588

117,632

146,220


=====

=====

=====

=====

=====

=====

=====

======

======











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

5.51p

(15.25p)

(9.74p)

4.98p

43.46p

48.44p

13.17p

54.21p

67.38p


=====

=====

=====

=====

=====

=====

=====

======

======

 

 

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 5 of 11

 

THE CITY OF LONDON INVESTMENT TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2011

 

Reconciliation of Movements in Shareholders' Funds

for the half years ended 31 December 2011 and 2010 and year ended 30 June 2011

 

 

Half  year ended 31 December 2011 (unaudited)

Called-up share capital

£'000

Share premium account

£'000

Capital redemption reserve

£'000

Other

capital reserves

£'000

 

Revenue reserve £'000

 

 

Total

£'000








At 30 June 2011

56,215

78,590

2,707

510,038

26,927

674,477

Net (loss)/return on ordinary activities after taxation

-

-

-

(34,773)

12,560

(22,213)

Issue of  5,450,000 new ordinary shares

1,362

13,294

-

-

-

14,656

Issue expenses paid

-

(55)

-

-

-

(55)

Fourth interim dividend (3.35p per share) for year ended 30 June 2011 paid 31 August 2011

-

-

-

-

(7,533)

(7,533)

First interim dividend (3.35p per share) for year ended 30 June 2012 paid 30 November 2011

-

-

-

-

(7,690)

(7,690)


--------

---------

---------

----------

--------

----------

At 31 December 2011

57,577

91,829

2,707

475,265

24,264

651,642


=====

======

======

======

=====

======








 

Half  year ended 31 December 2010 (unaudited)

Called-up share capital

£'000

Share premium account

£'000

Capital redemption reserve

£'000

Other

capital reserves

£'000

 

Revenue reserve £'000

 

 

Total

£'000








At 30 June 2010

52,155

37,079

2,707

392,406

26,679

511,026

Net return on ordinary activities after taxation

-

-

-

92,716

10,631

103,347

Issue of 8,965,000 ordinary shares

2,241

22,080

-

-

-

24,321

Fourth interim dividend (3.25p per share) for year ended 30 June 2010 paid 31 August 2010

-

-

-

-

(6,831)

(6,831)

First interim dividend (3.25p per share) for year ended 30 June 2011 paid 30 November 2010

-

-

-

-

(6,974)

(6,974)


--------

--------

---------

--------

--------

----------

At 31 December 2010

54,396

59,159

2,707

485,122

23,505

624,889


=====

=====

======

======

=====

======








 

 

Year ended 30 June 2011 (Audited)

Called-up share capital

£'000

Share premium account

£'000

Capital redemption reserve

£'000

Other

capital reserves

£'000

 

Revenue reserve £'000

 

 

Total

£'000








At 30 June 2010

52,155

37,079

2,707

392,406

26,679

511,026

Net return on ordinary activities after taxation

-

-

-

117,632

28,588

146,220

Issue of 16,240,000 new ordinary shares

4,060

41,511

-

-

-

45,571

Fourth interim dividend (3.25p per share) for year ended 30 June 2010 paid 31 August 2010

-

-

-

-

(6,831)

(6,831)

First interim dividend (3.25p each per share) for year ended 30 June 2011 paid 30 November 2010

-

-

-

-

(6,974)

(6,974)

Second interim dividend (3.25p per share) for year ended 30 June 2011 paid 28 February 2011

-

-

-

-

(7,090)

(7,090)

Third interim dividend (3.35p per share) for year ended 30 June 2011 paid 31 May 2011

-

-

-

-

(7,445)

(7,445)


--------

--------

---------

--------

--------

----------

At 30 June 2011

56,215

78,590

2,707

510,038

26,927

674,477


=====

======

======

======

======

======

 

- MORE -

                                                                                                                                                         Page 6 of 11

 

THE CITY OF LONDON INVESTMENT TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2011

 

 

Balance Sheet

at 31 December 2011

 


(Unaudited)

31 December

2011

£'000

(Unaudited)

31 December

2010

£'000

(Audited)

30 June

2011

£'000





Investments held at fair value through

profit or loss




Listed at market value in the United Kingdom

667,213

649,993

681,202

Listed at market value overseas

42,604

38,969

46,709

Investment in subsidiary undertakings

347

347

347


----------

----------

----------


710,164

689,309

728,258


----------

----------

----------

Current assets




Debtors

3,890

3,095

6,276

Bank balances and short term deposits

1,350

843

480


--------

--------

----------


5,240

3,938

6,756


--------

--------

----------

Creditors: amounts falling due within one year

(16,363)

(20,959)

(13,138)


---------

----------

----------

Net current liabilities

(11,123)

(17,021)

(6,382)


---------

----------

----------

Total assets less current liabilities

699,041

672,288

721,876





Creditors: amounts falling due after more

than one year

(47,399)

(47,399)

(47,399)


----------

----------

----------

Total net assets

651,642

624,889

674,477


======

======

======

Capital and reserves




Called-up share capital (note 3)

57,577

54,396

56,215

Share premium account

91,829

59,159

78,590

Capital redemption reserve

2,707

2,707

2,707

Other capital reserves

475,265

485,122

510,038

Revenue reserve

24,264

23,505

26,927


----------

----------

----------

Shareholders' funds

651,642

624,889

674,477


======

======

======





Net asset value per ordinary share (note 4)

282.94p

287.19p

299.95p


======

======

======

 

 

- MORE -



                                                                                                                                                                           

Page 7 of 11

 

THE CITY OF LONDON INVESTMENT TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2011

 

 

Cash Flow Statement

for the half year ended 31 December 2011

 


(Unaudited)

Half year ended

31 December 2011

£'000

(Unaudited)

Half year ended

31 December 2010

£'000

(Audited)

Year ended

30 June 2011

£'000





Net cash inflow from operating activities

13,887

12,145

28,281

Net cash outflow from servicing of finance

(2,333)

(2,314)

(4,684)

Total tax recovered

33

20

138

Net cash outflow from financial investment

(15,302)

(36,155)

(46,624)

Equity dividends paid

(15,223)

(13,805)

(28,340)

Net cash inflow from financing

  15,780

24,321

44,392


---------

---------

----------

Decrease in cash

(3,158)

(15,788)

(6,837)


=====

=====

======

Reconciliation of operating revenue to net cash inflow from operating activities

 

 

 

 

 

 

Total (loss)/return before finance costs and taxation

(19,851)

105,679

151,126

Add/(Less): capital loss/(return) before finance costs and taxation

33,194

(94,280)

(120,813)


-----------

-----------

-----------

Net revenue return before finance costs and taxation

13,343

11,399

30,313

Decrease/(increase) in accrued income

1,175

1,488

(587)

Increase in other creditors

165

34

415

Expenses charged to other capital reserves

(768)

(737)

(1,537)

Overseas withholding tax

(28)

(39)

(323)


--------

--------

----------

Net cash inflow from operating activities

13,887

12,145

28,281


 =====

 =====

======

Reconciliation of net cash inflow to movement in

net debt




Decrease in cash as above

(3,158)

(15,788)

(6,837)

Exchange movements

(57)

17

(25)

Net debt at beginning of the period

(55,910)

(49,048)

(49,048)


----------

----------

----------

Net debt at end of the period

(59,125)

(64,819)

(55,910)


======

======

======

Represented by:




Cash at bank and short term deposits less bank overdrafts

(11,726)

(17,420)

(8,511)

Debt falling due after more than one year

(47,399)

(47,399)

(47,399)


----------

----------

----------


(59,125)

(64,819)

(55,910)


======

======

======





 

 

- MORE -



                                                                                                                                                                           

Page 8 of 11

 

THE CITY OF LONDON INVESTMENT TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2011

 

Notes

 

1.


Accounting policy - Basis of preparation



The condensed set of financial statements has been prepared using the same accounting policies as are set out in the Company's Annual Report and Financial Statements for the year ended 30 June 2011.

 

The condensed set of financial statements has not been audited or reviewed by the Company's auditors.







2.


(Loss)/return per ordinary share









(Unaudited)

Half year ended

31 December 2011

£'000


(Unaudited)

Half year ended

31 December

2010

£'000


(Audited)

Year ended

30 June 2011 £'000



The return per ordinary share is based on the following figures:








Revenue return

12,560


10,631


28,588



Capital (loss)/return

(34,773)


92,716


117,632




----------


----------


----------



Total

(22,213)


103,347


146,220




======


======


======



Weighted average number of ordinary shares in issue for each period

228,002,938


213,359,596


217,008,223











Revenue return per ordinary share

5.51p


4.98p


13.17p



Capital (loss)/return per ordinary share

(15.25p)


43.46p


54.21p




----------


----------


----------



Total

(9.74p)


48.44p


67.38p




======


======


======



The Company does not have any dilutive securities.













3.


Called-up share capital



During the half year ended 31 December 2011, 5,450,000 ordinary shares were issued for total proceeds of £14,656,000 (half year ended 31 December 2010: 8,965,000 ordinary shares issued for total proceeds of £24,321,000; year ended 30 June 2011: 16,240,000 ordinary shares issued for total proceeds of £45,571,000).  The number of ordinary shares in issue at 31 December 2011 was 230,309,868.




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 £651,642,000 (31 December 2010: £624,889,000; 30 June 2011: £674,477,000) and on 230,309,868 ordinary shares (31 December 2010: 217,584,868; 30 June 2011: 224,859,868) being the number of ordinary shares in issue at the end of the period.

 

 

 

- MORE -



 

                                                                                                                      Page 9 of 11

THE CITY OF LONDON INVESTMENT TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2011

 

Notes (continued)

 

5.    Transaction costs

Purchase transaction costs for the half year ended 31 December 2011 were £213,000 (half year ended 31 December 2010: £304,000; year ended 30 June 2011: £453,000). These comprise mainly stamp duty and commissions. Sale transaction costs for the half year ended 31 December 2011 were £40,000 (half year ended 31 December 2010: £33,000; year ended 30 June 2011: £59,000).

 

6.    Interim dividends

A first interim dividend of 3.35p was paid on 30 November 2011. The second interim dividend of 3.35p (declared on 8 December 2011) will be paid on 28 February 2012 to shareholders on the register on 27 January 2012.

 

7.    Related party transaction

The only related party arrangement currently in place is with Henderson Global Investors Limited for the provision of investment management, accounting, company secretarial and administration services.  Other than fees payable in the ordinary course of business, there have been no material transactions with the related party affecting the financial position or performance of the Company during the six months.

 

8.    Going concern

The directors believe that it is appropriate to adopt the going concern basis in preparing the financial statements.  The assets of the Company consist mainly of securities that are readily realisable and, accordingly, the Company has adequate financial resources to continue in operational existence for the foreseeable future.

 

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 figures and financial information for the year ended 30 June 2011 have been extracted from the latest published audited financial statements of the Company. Those financial statements 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 498(2) or 498(3) of the Companies Act 2006.

 

10.  Half year report

An Update extracted from the Company's report for the half year ended 31 December 2011 will be posted to shareholders in February 2012.  Copies of the half year announcement and the half year Update will be available on our website (www.cityinvestmenttrust.com) from 20 February 2012.  Copies can also be requested thereafter from the Secretary at the Registered Office, 201 Bishopsgate, London EC2M 3AE.

 

 

 

 

 

 

 

 

 

 

 

 

- MORE -



                                                                                                                                                                           

Page 10 of 11

 

THE CITY OF LONDON INVESTMENT TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2011

 

 

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 2011

£'000


Market value

31 December 2011

£'000

Royal Dutch Shell

51,534


Amlin

5,964

British American Tobacco

50,110


Britvic

5,791

GlaxoSmithKline

38,995


Greene King

5,359

Vodafone

37,569


Hiscox

5,229

Diageo

36,569


Spirax-Sarco Engineering

5,151

Unilever

23,360


France Telecom

4,559

AstraZeneca

22,610


Sainsbury (J)

4,544

HSBC

22,097


Statoil

4,471

National Grid

17,813


Provident Financial

4,470

BP

17,384


Standard Life

4,435

Scottish & Southern Energy

17,106


Novartis

4,434

Tesco

16,138


Deutsche Telekom

4,431

BHP Billiton

15,800


Zurich Financial Services

4,214

Pearson

13,008


RSA Insurance

4,208

Rio Tinto

12,718


Next

4,106

Croda

12,177


Smiths News

4,100

Centrica

11,572


Morrison (WM) Supermarkets

4,078

Land Securities

9,850


Tate & Lyle

4,051

Imperial Tobacco

9,740


ENI

3,972

Reed Elsevier

8,304


John Laing Infrastructure Fund

3,798

Weir

8,128


Compass

3,666

BAE Systems

7,555


Swisscom

3,665

Aviva

7,520


British Sky Broadcasting

3,663

Reckitt Benckiser

7,314


Standard Chartered

3,567

IMI

7,220


Barclays

3,521

Prudential

7,024


Whitbread

3,519

Legal & General

6,682


Meggitt

3,175

Pennon

6,069


BBA

3,115

United Utilities

6,060


Cineworld

3,079

Severn Trent

5,984


Schroder

2,951

 

These investments total £639,296,000 or 90.1% of the portfolio.

 

 

 

 

 

 

 

 

- MORE -



 

                                                                                                                      Page 11 of 11

THE CITY OF LONDON INVESTMENT TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2011

 

 

Sector Analysis of Portfolio as at 31 December 2011

 

 

%

Oil & Gas

11.3

Basic Materials

6.2

Industrials

9.7

Consumer Goods

19.7

Health Care

9.3

Consumer Services

11.9

Telecommunications

7.1

Utilities

9.1

Financials

15.0

Technology

0.7

 

--------

Total

100.0

 

=====

 

 

 

For further information please contact:

 

Job Curtis

Portfolio Manager, The City of London Investment Trust plc

Telephone: 020 7818 4367

 

James de Sausmarez

Director and 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 -

 

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 


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