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RNS Number : 3893A
Caledonia Investments PLC
29 May 2019
 

 

 

Caledonia Investments plc

Final results for the year ended 31 March 2019

 

Financial highlights

 

31 Mar 2019 

31 Mar 2018 

Change 

Net asset value total return

+10.9% 

+1.4% 

 

Net asset value

3582p 

3285p 

+9.0% 

Net assets

£2,002m 

£1,837m 

+9.0% 

Annual dividend per share

59.3p 

57.0p 

+4.0% 

 

Highlights

 

+10.9% NAV total return for the year (+8.1% excluding currency gains)

 

Strong returns from the Quoted, Unquoted and Funds pools and a small positive return from the Income pool; returns enhanced by the strengthening US dollar

 

 

Continued growth in dividends to shareholders

 

4% increase in annual dividend per share to 59.3p

 

52nd consecutive year of increasing dividends

 

 

Strong NAV growth over the year of +9.0%


 

£491m realised from the portfolio including £92m from sale of Choice Care Group

£560m investment in new and follow-on opportunities including £117m in Deep Sea Electronics equity and £50m in debt (subsequently repaid) and £93m in Cooke Optics


 

Significant capacity to capitalise on market opportunities

 

£112m of cash available

 

Unutilised facilities of £250m at year end

 

Will Wyatt, Chief Executive, commented:

 

"Caledonia's investment portfolio delivered positive performance across all four pools, underpinning the +10.9% increase in NAV total return for the year. The Quoted pool in particular performed strongly, demonstrating the strength of Caledonia's conservative, long term approach.

 

"We are proposing a 4% increase in the annual dividend, marking the 52nd year of successive increases, a record of which we continue to be proud.

 

"Whilst we foresee a continuation of geopolitical tensions affecting markets in the coming year, we remain confident that our portfolio construction and underlying investments leave us well positioned to deliver our long term return targets and dividend growth."

 

29 May 2019

 

Enquiries

Caledonia Investments plc

Tulchan Communications

Will Wyatt, Chief Executive

Lisa Jarrett-Kerr

Tim Livett, Chief Financial Officer

Martin Pengelley

+44 20 7802 8080

+44 20 7353 4200

 

 

Chairman's and Chief Executive's report

 

Aim

Caledonia's objective is to grow net assets and dividends over the long term, whilst managing risk to avoid permanent loss of capital.

 

Results

Our net asset value per share total return ('NAVTR'), which measures how the company has performed considering both capital returns and dividends paid to shareholders, was 10.9% over the year. This was in excess of the board's annual performance target of RPI+3% to RPI+6% and reflected the healthy growth in value of both our listed and unquoted portfolios. Investors have been aided by strong market and economic fundamentals, although the sharp falls witnessed in most asset classes in the last quarter of 2018 was a sharp reminder that confidence remains fragile at what could prove to be a late stage in a long bull market cycle.

 

Markets and volatility

Caledonia is somewhat unusual, as its investment portfolio combines listed holdings and direct unquoted investment, together with funds. It is designed to give shareholders a less volatile journey that protects their capital, but aims to grow it over the long term without taking undue risk. This strategy was put to the test during the steep market falls in the last quarter of 2018 and I am pleased to report that the portfolio did indeed suffer proportionately less than markets in general. This gives a degree of confidence that our portfolio construction and our underlying investee companies are giving shareholders the designed risk adjusted returns. We also retain an ungeared balance sheet, although individual companies within our portfolio do have borrowings secured on their own assets.

 

Investment performance

In the short term, Caledonia aims to deliver NAVTR ahead of inflation, as measured by RPI, by 3% to 6%. Over ten years, the board believes it is more appropriate to compare performance against the FTSE All-Share Total Return index, which the board regards as a reasonable indicator of what UK based shareholders might consider an acceptable long term return.

 

The table below shows that our investment performance is currently ahead of the various measures described above, outperforming both the FTSE All-Share Total Return by 4.5% and the top end of our target range by 2.5% in the year. Caledonia has also outperformed these measures over the longer term, with the exception of a minor under-performance against the FTSE All-Share Total Return over ten years.

 

 

1 year 

3 years 

5 years 

10 years 

 

NAV total return

10.9 

32.7 

55.6 

185.9 

Total shareholder return

14.8 

41.2 

78.2 

200.2 

RPI+3% to RPI+6% target

5.4-8.4 

6.0-9.0 

5.3-8.3 

6.0-9.0 

NAVTR annualised

10.9 

9.9 

9.2 

11.1 

Performance vs RPI+3%

Above 

Above 

Above 

Above 

FTSE All-Share Total Return

6.4 

31.3 

34.5 

186.8 

NAVTR vs FTSE All-Share TR

4.5 

1.4 

21.1 

(0.9)

Performance vs FTSE

Over 

Over 

Over 

Under 

 

Total return for the year was £229m, consisting of £177m of capital gains and £52m of income.

 

Income

Income from a portfolio is often perceived as less important than capital returns although, over the long term, it has a far more significant impact than is often assumed. Over the past ten years, for instance, the FTSE All-Share index increased by 100.5% on a capital basis, but on a total return basis, by 186.8%. Caledonia needs to pay its internal costs and a dividend annually and we aim to ensure that there is sufficient income flowing from our portfolio to achieve this on a covered basis. Income for the year amounted to £52m, an increase over the previous year of 13.3% and our dividend cover was 1.1x.

 

Asset allocation

 

 

Pool allocations

Return 

 

Strategic 

2019 

2018 

2017 

2016 

target 

Pool

Quoted

25-40 

23 

25 

25 

27 

10.0 

Income

15-20 

11 

11 

11 

12 

7.0 

Unquoted

35-45 

33 

25 

30 

39 

14.0 

Funds

15-20 

24 

25 

21 

19 

12.5 

Cash etc

(10)-10 

14 

13 

 

 

The allocation ranges expressed in the table above are a guide to ensure that our overall investment portfolio remains proportionately balanced. There will be times when the pools move outside their strategic ranges, often for extended periods, due for example to market movements, underlying performance, liquidity issues, unavailability of suitable target investments or the age profile of our existing investments.

 

Our portfolio is currently some 60% invested in unquoted businesses and funds and 40% in companies listed on stock exchanges. We have gradually reduced exposure to listed equities, taking profits as markets have risen over the past three years. Following a couple of years of exercising financial discipline, when no suitable new investments were found, the Unquoted pool invested in three new businesses this year and agreed a fourth, which is currently awaiting regulatory approval. Once this completes, the pool will return to within its expected allocation range. The Funds pool allocation remains above its target range, driven by its continued strong run of performance and the maturing of its private equity funds portfolio.

 

 

At Mar 

Invest- 

Realis- 

Gains/ 

At Mar 

 

 

 

2018 

ments 

ations 

losses 

2019 

Income 

Return 

 

£m 

£m 

£m 

£m 

£m 

£m 

Pool

 

 

 

 

 

 

 

Quoted

452 

29 

(96)

79 

464 

10 

21.0 

Income

195 

107 

(71)

(7)

224 

13 

2.9 

Unquoted

464 

315 

(159)

36 

660 

28 

11.4 

Funds

470 

109 

(165)

69 

483 

15.0 

Total pools

1,581 

560 

(491)

177 

1,831 

52 

13.6 

Non-pool

29 

(2)

29 

(0.4)

Investments

1,610 

558 

(489)

177 

1,860 

52 

13.4 

Cash

208 

 

 

 

112 

 

 

Other items

19 

 

 

 

30 

 

 

Net assets

1,837 

 

 

 

2,002 

 

10.9 

1.

Non-pool investments comprised legacy investments and cash and receivables in subsidiary investment entities.

2.

Returns for investments are calculated using the modified Dietz methodology and the overall return is the company's NAVTR.

3.

Unquoted pool realisations included the transfer of a non-core investment valued at £1m to Non-pool investments and the valuations at 31 March 2019 included accrued income of £4m.

 

Pool performance

The performance of the portfolio was strong across all pools with the exception of the Income pool, with its majority exposure to UK assets which remain out of favour with investors, in large part due to Brexit.

 

The table below shows the annualised three and five year pool performance and aggregate net cash generated including income.

 

 

Returns annualised

Cash generated over

 

3 years 

5 years 

3 years 

5 years 

 

£m 

£m 

Quoted

14.8 

7.8 

171 

208 

Income

2.9 

3.8 

(13)

(2)

Unquoted

12.2 

14.2 

177 

247 

Funds

15.2 

18.6 

16 

Portfolio

12.3 

11.5 

339 

469 

 

Quoted pool

The Quoted pool is substantially invested in high quality compounding businesses in the US (55% of the portfolio) and its return of 21.0% for the year was nothing short of exceptional, returning double its target, considering the turmoil in markets only three months before the year under review ended. The portfolio has been constructed with market volatility in mind such that the full effect of downturns is mitigated. The performance during the fourth quarter downturn demonstrated this resilience, ending the calendar year 2018 up 5.0%, compared with falls in the FTSE All-Share of 9.5% and the S&P 500 of 4.4%. Risk has been well managed with £96m of divestments made during the year when individual holdings either became too large or too highly valued. Our main concern is one of extended valuations, especially of high quality, reliable companies that produce consistently good returns. There are few opportunities to put capital to work, although we expect that this could change if interest rate expectations start to anticipate increases in base rates or other macro-economic factors unsettle markets.

 

Income pool

Income for the year, the generation of which is the primary purpose of this pool, was £13m, equating to a yield of 5.7%. Capital performance was somewhat disappointing, although this was a year in which it proved difficult to avoid the vacillations of the market. High yielding UK equities, in which 74% of the pool's assets were invested, remained at the lower end of historic valuation ranges. Our longer-term outlook allows us to weather such storms and the income generated enables greater flexibility in investment in the remainder of Caledonia's portfolio.

 

Unquoted pool

The Unquoted pool's total return for the year was a healthy 11.4%. The past twelve months have been exceptionally busy, with the team involved in purchasing three businesses, including a co-investment with Cobepa, and selling one. In October 2018, our investment in the residential care homes operator, Choice Care Group, was sold to a fund managed by iCON for £99m (including £7m of pre-sale dividend), which represented a return of 1.9x on our capital and an IRR of 14.3%.

 

In July 2018, we purchased an 89% stake in Cooke Optics, a Leicester based manufacturer of cinematography lenses, for £63m and advanced £30m of debt to this long-established business. The underlying growth in the market for lenses is being driven by the demand for new content by companies such as Netflix, Apple and Amazon, as well as the fast-developing Chinese film industry.

 

We also purchased in October 99% of the equity of Deep Sea Electronics ('DSE'), a world leading, Yorkshire based manufacturer of controllers for electricity generators and battery chargers, for £117m. DSE has a high share of the global market for its products and is expanding into the market for controllers for off-highway and utility vehicles.

 

In February, we invested £23m in BioAgilytix alongside Cobepa, owned by Cobehold. BioAgilytix is a US headquartered bioanalytical testing solutions provider.

 

A fourth acquisition, when completed, will be a minority shareholding in Stonehage Fleming & Partners, which provides family office services to high net worth families. Caledonia will purchase 36.7% of the equity of the business for approximately £92m, with deferred consideration of up to an additional £21m if certain financial targets are achieved. Stonehage Fleming is one of the leaders in the fast-growing ultra-high net worth market. The acquisition of this holding is dependent on receiving approval from regulators in the various jurisdictions in which the company operates.

 

The companies in the Unquoted pool's existing portfolio have performed in line with expectations. Seven Investment Management completed the acquisition of Tcam Asset Management, though overall profits fell in a year strongly influenced by volatile markets. Buzz Bingo completed a rebranding exercise from its previous name of Gala Bingo, which involved significant investment into its retail estate, as well as launching its online bingo platform. Liberation went through a year of consolidation of the previous year's pub acquisitions, strengthened its management team led by new CEO, Jonathan Lawson, and opened a new bottling and distribution centre in Polden, Somerset. Cobehold, the Belgian investment company, had a strong year, driven by the profitable sale of one of its portfolio companies, Exclusive Group. We exited some smaller, legacy businesses and several properties were sold profitably by Brookshire Capital, a joint venture property investment and trading group managed capably by Alex Wildman and Neil Taylor. In addition to net capital gains of £36m, the Unquoted pool produced £28m of income during the year.

 

Funds pool

The Funds pool returned 15.0% for the year which, compared with previous years, was driven by a wider base of funds as the pool matures. The US and Asian private equity portfolios are driving growth in valuations, although we are still some way from seeing substantial net receipts of cash. Particularly strong growth came from JF Lehman, our fund of funds investments and also from Boyne Capital, a Florida-based private equity firm focused on investments in lower middle market companies. We reduced our holdings in quoted market funds to provide cash flow for the private equity portfolio and it is likely this pattern will continue in subsequent years.

 

It is worth noting that the extraordinarily successful Capital Today China fund, which has been the backbone of our Asian portfolio, has made a return of over 10x the commitment of $20m made in 2006.

 

Discount and dividend

Our share price rose by some 12.5% over the year and our discount reduced by 2.5% to 16.8%. The month end discounts have ranged between 22.1% and 13.9%, the latter being reached during the stock market falls in late 2018.

 

The board is recommending a final dividend of 43.2p per share to shareholders at the AGM in July. Together with the interim dividend of 16.1p per share this will give a total for the year of 59.3p at a cost of £32.5m. This would represent an increase of 4.0% over 2018 and would be our 52nd year of consecutive growth of the dividend, a considerable achievement. Although Caledonia's dividend yield, which averaged about 2% for the year, is not particularly high, our history of sharing with shareholders via occasional special dividends periodic gains from investing brings the overall pay-out levels to above 3% taken over a ten year period.

 

Board

After almost ten years as our Finance Director, Stephen King stepped down from the board at the end of November last year to pursue a non-executive career. We would like to extend our thanks to Stephen for his contribution to Caledonia over that time and to wish him well in his future roles.

 

In March, we welcomed Tim Livett to the board as Chief Financial Officer. Tim joined us from a similar position at the Wellcome Trust, where his knowledge and insight gained from overseeing the risk and performance of its asset management division, responsible for the Trust's £23bn mixed asset portfolio, should greatly assist our own investment team.

 

Outlook

There is an unavoidable sense of 'fin de siècle' with this bull market in equities, now in its tenth year. The strongest influence on investor confidence seems to be the direction of interest rates, particularly in the US. There is, of course, a direct effect on earnings of companies should the cost of capital increase. The Federal Reserve, having been gradually raising interest rates to their current 2.5%, signalled that it would not raise rates further in the near future. This provided the impetus for the market recovery in January. It will be worth following closely the signals coming from both the US and UK central banks, as they have a direct effect on listed markets. With US tax cuts now in the past and trade talks with China showing no signs of resolution, there is much of which the investor should be wary.

 

We have been active over the past year in UK unquoted markets and have been fortunate to find companies that value our differentiated proposition over the simple measure of price. We have a relatively immature unquoted portfolio that will take a combination of time and further capital to develop and grow. In the meantime, our portfolio of fund assets and high-quality listed companies offers prospects for further growth. Whilst we anticipate continued periods of turbulence, especially in quoted markets, over the medium term we are confident that our portfolio and measured, long term approach will continue to achieve the aims set by the board.

 

 

David Stewart

Chairman

Will Wyatt

Chief Executive

 

 

Investments summary

 

Holdings over 1% of net assets at 31 March 2019 were as follows:

 

 

 

 

 

 

Net 

 

 

 

Value 

assets 

Name

Pool

Geography

Business

£m 

Deep Sea Electronics

Unquoted

UK

Control systems

117.2 

5.9 

Unquoted

Jersey

Investment management

107.7 

5.4 

Unquoted

Belgium

Investment company

104.9 

5.2 

Unquoted

UK

Cine lens manufacturer

92.5 

4.6 

Unquoted

UK

Bingo operator

89.9 

4.5 

Funds

US

Funds of funds

86.5 

4.3 

Unquoted

Jersey

Pubs and restaurants

83.2 

4.2 

Quoted

US

Infrastructure technology

43.2 

2.2 

Quoted

UK

Soft drinks

40.4 

2.0 

Quoted

UK

Steam engineering

40.3 

2.0 

Funds

US

Private equity funds

38.2 

1.9 

Funds

Asia

Funds of funds

34.4 

1.7 

Funds

Asia

Funds of funds

33.2 

1.7 

Quoted

US

Infrastructure technology

31.5 

1.6 

Quoted

US

Biotechnology development

31.3 

1.6 

Quoted

US

Medical technology

30.2 

1.5 

Funds

US

Quoted market fund

29.7 

1.5 

Quoted

UK

Fund manager

29.1 

1.5 

Quoted/Inc

UK

Tobacco

27.8 

1.4 

Quoted

US

Cable telecommunications

27.4 

1.4 

Quoted

UK

Infrastructure products

27.1 

1.4 

Quoted

Switzerland

Packaged foods

24.7 

1.2 

Funds

Asia

Quoted market fund

24.7 

1.2 

Quoted

US

Chemical testing services

24.5 

1.2 

Unquoted

US

Bioanalytical testing services

23.0 

1.1 

Unquoted

UK

Broadcasting services

20.7 

1.0 

Funds

Asia

Private equity fund

20.6 

1.0 

Other investments

 

 

 

547.2 

27.3 

Investment portfolio

 

 

 

1,831.1 

91.5 

 

 

 

28.9 

1.4 

Cash and other

 

 

 

142.0 

7.1 

Net assets

 

 

 

2,002.0 

100.0 

 

1.

Geography is based on the country of listing, country of domicile for unlisted investments and underlying regional analysis for funds.

 

 

Pool distribution

 

Geographic distribution

 

Asset class distribution

Quoted

23% 

 

United Kingdom

35% 

 

Listed equities

34% 

Income

11% 

 

Europe

19% 

 

Private companies

33% 

Unquoted

33% 

 

North America

27% 

 

Private equity funds

20% 

Funds

24% 

 

Asia

10% 

 

Quoted market funds

4% 

Cash and other

9% 

 

Cash and other

9% 

 

Cash and other

9% 

 

1.

Cash and other in the distributions above included non-pool investments.

 

 

Risk management

 

Effective risk management is a key component of the company's business model and assists in ensuring that the different parts of the group operate within strategic risk parameters. The board has overall responsibility for setting and monitoring the company's risk appetite.

 

Principal risks

Mitigation

Key developments

Strategic

 

 

Risks in relation to the appropriateness of the business model to deliver long term growth in capital and income.

 

Strategic risks include the allocation of capital in relation to geography, sector, currency, yield and liquidity.

The company's business model and strategy are reviewed periodically, against market conditions and target returns.

 

The performance of the company and its key risks are monitored regularly by management and the board.

Caledonia reviews its investment strategy annually, taking into consideration the current and potential future investing environment and discussions with executives. The investment strategy is reviewed and approved by the board.

 

 

 

Investment

 

 

Risks in respect of specific investment and realisation decisions.

 

Investment risks include the appropriate research and due diligence of new investments and the timely execution of both investments and realisations for optimising shareholder value.

Investment opportunities are subject to rigorous appraisal and a multi-stage approval process. Pool managers have well-developed networks through which they attract proprietary deal flow. Target entry and exit events and prices are monitored and updated regularly, in relation to market conditions and strategic aims.

Pool managers have continued to develop their own risk management processes during the year. The board regularly reviews investment risk at both pool and company portfolio level.

 

 

 

Market

 

 

Risk of losses in value of investments arising from sudden and significant movements in market prices, particularly in highly volatile markets.

 

Caledonia's principal market risks are therefore equity price volatility, foreign exchange rate movements and interest rate volatility.

Market risks and sensitivities are reviewed weekly and actions taken, where appropriate, to balance appropriately risk and return.

 

A regular review of market and portfolio volatility is conducted by the board. Reviews also consider investment concentration, currency exposure and portfolio liquidity.

Caledonia has continued to operate a diversified geographical portfolio that provides a longer term hedge to geographical market risk and foreign exchange.

 

Caledonia has a well-developed and wide ranging contact base, which, together with formal advisers, ensures that it understands the landscape arising from the impending market changes and how this might impact its business.

 

 

 

Liquidity

 

 

Risk that liabilities cannot be met or new investments made due to a lack of liquidity. Such risk can arise from not being able to sell an investment due to lack of a market or from not holding cash or being able to raise debt.

Detailed cash forecasting for six months ahead is updated and reviewed weekly, including the expected drawdown of capital commitments.

 

Loan facilities are maintained to provide appropriate liquidity headroom. The liquidity of the portfolio is reviewed regularly.

We have continued to manage our investment process to ensure that access to our available facilities is on a short term basis only. At 31 March 2019, we had net cash of £112m, together with undrawn, committed borrowing facilities of £250m.

 

 

 

Operational

 

 

Risks arising from inadequate or failed processes, people and systems or from external factors.

 

Operational risks arise from the recruitment, development and retention of staff, systems and procedures and business disruption.

Systems and control procedures are developed and reviewed regularly. They are tested to ensure effective operation.

 

Appropriate remuneration and other policies are in place to encourage the retention of key staff. Business continuity plans are maintained and updated as the business evolves.

Caledonia has implemented a policy addressing GDPR requirements in the year. It has also updated the staff handbook ensuring compliance with the 'speak up about company concerns' provisions of the 2018 UK Corporate Governance Code.

 

 

 

Regulatory and legal

 

 

Risk arising from exposure to litigation or fraud or failure to adhere to the tax and regulatory environment. Caledonia operates across a number of jurisdictions and in an industry that has been subject to increasing regulatory oversight.

Caledonia has internal resources to consider regulatory and tax matters as they arise. Use is made of advisers where necessary to supplement internal knowledge in specialised areas. Caledonia is a member of the Association of Investment Companies and is represented on its self-managed investment trust committee. Regular training is undertaken.

Caledonia produced the required Key Information Document, in compliance with the EU PRIIPs Regulation. This is available on the company's website.

 

 

 

Potential Brexit scenarios

 

 

Risk arising from changing consumer spending trends and impact of trade regulation and tariffs.

 

Potential volatility to quoted markets due to uncertainty as to any Brexit outcome and impacts.

Continued monitoring of directly held unquoted investment performance and business model exposure to potential Brexit impacts.

 

Continued monitoring of quoted market responses to Brexit impacts.

Our review of the continuing business models of our directly held unquoted investments have not revealed significant exposures to European regulatory or trading environments that might be impacted by Brexit scenarios.

 

We continue to monitor potential impacts to quoted markets as the potential Brexit position develops.

 

 

 

 

 

Group statement of comprehensive income
for the year ended 31 March 2019

 

 

2019

2018

 

Revenue 

Capital 

Total 

Revenue 

Capital 

Total 

 

£m 

£m 

£m 

£m 

£m 

£m 

Revenue

 

 

 

 

 

 

Investment income

52.1 

52.1 

46.0 

46.0 

Other income

0.1 

0.9 

1.0 

0.2 

0.2 

Net gains and losses on fair value investments

176.7 

176.7 

6.8 

6.8 

Net gains and losses on fair value property

(5.3)

(5.3)

(5.9)

(5.9)

Total revenue

52.2 

172.3 

224.5 

46.2 

0.9 

47.1 

Management expenses

(17.9)

(8.6)

(26.5)

(16.9)

(5.9)

(22.8)

Profit before finance costs

34.3 

163.7 

198.0 

29.3 

(5.0)

24.3 

Treasury interest receivable

0.5 

0.5 

0.6 

0.6 

Finance costs

(2.1)

(2.1)

(2.1)

(2.1)

Exchange movements

0.5 

0.5 

(0.6)

(0.6)

Profit before tax

33.2 

163.7 

196.9 

27.2 

(5.0)

22.2 

Taxation

1.4 

(0.1)

1.3 

4.3 

4.3 

Profit for the year

34.6 

163.6 

198.2 

31.5 

(5.0)

26.5 

Other comprehensive income items never to be reclassified to profit or loss

 

 

 

 

 

 

Gain on acquisition of pension scheme

1.4 

1.4 

Re-measurements of defined benefit pension schemes

(0.1)

(0.1)

(0.8)

(0.8)

Tax on other comprehensive income

0.2 

0.2 

(0.3)

(0.3)

Total comprehensive income

36.0 

163.7 

199.7 

31.5 

(6.1)

25.4 

 

 

 

 

 

 

 

Basic earnings per share

63.0p 

297.9p 

360.9p 

57.4p 

-9.1p 

48.3p 

Diluted earnings per share

61.9p 

292.8p 

354.7p 

56.3p 

-9.1p 

47.4p 

 

The total column of the above statement represents the group's statement of comprehensive income, prepared in accordance with IFRSs as adopted by the European Union.

 

The revenue and capital columns are supplementary to the group's statement of comprehensive income and are prepared under guidance published by the Association of Investment Companies.

 

The profit for the year and total comprehensive income for the year is attributable to equity holders of the parent.

 

 

Statement of financial position
at 31 March 2019

 

 

Group

Company

 

2019 

2018 

2019 

2018 

 

£m 

£m 

£m 

£m 

Non-current assets

 

 

 

 

Investments held at fair value through profit or loss

1,860.0 

1,609.9 

1,864.2 

1,613.6 

Investments in subsidiaries held at cost

0.9 

0.8 

Investment property

6.7 

10.4 

Property, plant and equipment

28.4 

29.2 

Deferred tax assets

3.6 

3.2 

Employee benefits

2.6 

2.3 

Non-current assets

1,901.3 

1,655.0 

1,865.1 

1,614.4 

Current assets

 

 

 

 

Trade and other receivables

21.3 

3.9 

50.8 

38.0 

Current tax assets

5.3 

5.4 

5.2 

4.7 

Cash and cash equivalents

112.3 

207.8 

111.3 

207.4 

Current assets

138.9 

217.1 

167.3 

250.1 

Total assets

2,040.2 

1,872.1 

2,032.4 

1,864.5 

Current liabilities

 

 

 

 

Trade and other payables

(28.1)

(26.5)

(34.3)

(34.0)

Employee benefits

(2.8)

(2.2)

Current liabilities

(30.9)

(28.7)

(34.3)

(34.0)

Non-current liabilities

 

 

 

 

Employee benefits

(7.3)

(6.6)

Deferred tax liabilities

(0.2)

Non-current liabilities

(7.3)

(6.8)

Total liabilities

(38.2)

(35.5)

(34.3)

(34.0)

Net assets

2,002.0 

1,836.6 

1,998.1 

1,830.5 

 

 

 

 

 

Equity

 

 

 

 

Share capital

3.2 

3.2 

3.2 

3.2 

Share premium

1.3 

1.3 

1.3 

1.3 

Capital redemption reserve

1.3 

1.3 

1.3 

1.3 

Capital reserve

1,748.4 

1,584.9 

1,754.2 

1,585.6 

Retained earnings

292.4 

284.1 

282.7 

277.3 

Own shares

(44.6)

(38.2)

(44.6)

(38.2)

Total equity

2,002.0 

1,836.6 

1,998.1 

1,830.5 

 

 

 

 

 

Undiluted net asset value

3645p 

3344p 

 

 

Diluted net asset value

3582p 

3285p 

 

 

 

The financial statements were approved by the board and authorised for issue on 28 May 2019 and were signed on its behalf by:

 

Will Wyatt

Chief Executive

Tim Livett

Chief Financial Officer

 

 

Statement of changes in equity
for the year ended 31 March 2019

 




Capital 








redemp- 






Share 

Share 

tion 

Capital 

Retained 

Own 

Total 


capital 

premium 

reserve 

reserve 

earnings 

shares 

equity 

 

£m 

£m 

£m 

£m 

£m 

£m 

£m 

Group

 

 

 

 

 

 

 

Balance at 31 March 2017

3.2 

1.3 

1.3 

1,591.0 

332.9 

(30.9)

1,898.8 

Total comprehensive income

 

 

 

 

 

 

 

Profit for the year

(5.0)

31.5 

26.5 

Other comprehensive income

(1.1)

(1.1)

Total comprehensive income

(6.1)

31.5 

25.4 

Transactions with owners of the company

 

 

 

 

 

 

 

Contributions by and distributions to owners

 

 

 

 

 

 

 

Exercise of share options

0.2 

0.2 

Share-based payments

5.0 

5.0 

Own shares purchased

(7.5)

(7.5)

Dividends paid

(85.3)

(85.3)

Total transactions with owners

(80.3)

(7.3)

(87.6)

Balance at 31 March 2018

3.2 

1.3 

1.3 

1,584.9 

284.1 

(38.2)

1,836.6 

Total comprehensive income

 

 

 

 

 

 

 

Profit for the year

163.6 

34.6 

198.2 

Other comprehensive income

0.1 

1.4 

1.5 

Total comprehensive income

163.7 

36.0 

199.7 

Transactions with owners of the company

 

 

 

 

 

 

 

Contributions by and distributions to owners

 

 

 

 

 

 

 

Share-based payments

3.9 

3.9 

Own shares cancelled

(0.2)

(0.2)

Own shares purchased

(6.4)

(6.4)

Dividends paid

(31.6)

(31.6)

Total transactions with owners

(0.2)

(27.7)

(6.4)

(34.3)

Balance at 31 March 2019

3.2 

1.3 

1.3 

1,748.4 

292.4 

(44.6)

2,002.0 

 

 

 

 

 

 

 

 

Company

 

 

 

 

 

 

 

Balance at 31 March 2017

3.2 

1.3 

1.3 

1,594.2 

326.1 

(30.9)

1,895.2 

Profit and total comprehensive income

(8.6)

31.5 

22.9 

Transactions with owners of the company

 

 

 

 

 

 

 

Contributions by and distributions to owners

 

 

 

 

 

 

 

Exercise of share options

0.2 

0.2 

Share-based payments

5.0 

5.0 

Own shares purchased

(7.5)

(7.5)

Dividends paid

(85.3)

(85.3)

Total transactions with owners

(80.3)

(7.3)

(87.6)

Balance at 31 March 2018

3.2 

1.3 

1.3 

1,585.6 

277.3 

(38.2)

1,830.5 

Profit and total comprehensive income

168.8 

33.1 

201.9 

Transactions with owners of the company

 

 

 

 

 

 

 

Contributions by and distributions to owners

 

 

 

 

 

 

 

Share-based payments

3.9 

3.9 

Own shares cancelled

(0.2)

(0.2)

Own shares purchased

(6.4)

(6.4)

Dividends paid

(31.6)

(31.6)

Total transactions with owners

(0.2)

(27.7)

(6.4)

(34.3)

Balance at 31 March 2019

3.2 

1.3 

1.3 

1,754.2 

282.7 

(44.6)

1,998.1 

 

 

Statement of cash flows
for the year ended 31 March 2019

 

 

Group

Company

 

2019 

2018 

2019 

2018 

 

£m 

£m 

£m 

£m 

Operating activities

 

 

 

 

Dividends received

45.9 

46.6 

45.9 

46.6 

Interest received

1.6 

0.9 

1.6 

0.5 

Cash received from customers

0.1 

0.2 

Cash paid to suppliers and employees

(19.2)

(17.2)

(25.9)

(23.3)

Taxes received

0.2 

0.2 

Taxes paid

(0.1)

(0.1)

(0.1)

(0.1)

Group tax relief received

2.5 

1.6 

2.5 

2.0 

Group tax relief paid

(1.5)

-  

(1.5)

-  

Net cash flow from operating activities

29.3 

32.2 

22.5 

25.9 

Investing activities

 

 

 

 

Purchases of investments

(558.2)

(218.4)

(558.2)

(215.9)

Proceeds from disposal of investments

473.7 

305.3 

476.9 

288.3 

Purchases of property, plant and equipment

(2.0)

(10.9)

Net cash flow from/(used in) investing activities

(86.5)

76.0 

(81.3)

72.4 

Financing activities

 

 

 

 

Interest paid

(1.8)

(2.7)

(1.8)

(2.3)

Dividends paid to owners of the company

(31.6)

(85.3)

(31.6)

(85.3)

Loan receipts from subsidiaries

1.7 

7.0 

24.7 

Loan payments to subsidiaries

(12.4)

(4.3)

(26.3)

Exercise of share options

0.2 

0.2 

Purchase of own shares

(6.6)

(7.5)

(6.6)

(7.5)

Net cash flow used in financing activities

(38.3)

(107.7)

(37.3)

(96.5)

Net increase/(decrease) in cash and cash equivalents

(95.5)

0.5 

(96.1)

1.8 

Cash and cash equivalents at year start

207.8 

207.3 

207.4 

205.6 

Cash and cash equivalents at year end

112.3 

207.8 

111.3 

207.4 

 

 

Notes to the final results announcement

 

1. General information

Caledonia Investments plc is an investment trust company domiciled in the United Kingdom and incorporated in England in 1928, under the Companies Acts 1908 to 1917. The address of its registered office is Cayzer House, 30 Buckingham Gate, London SW1E 6NN. The ordinary shares of the company are premium listed on the London Stock Exchange.

 

The financial information included in this announcement has been prepared using accounting policies consistent with International Financial Reporting Standards ('IFRSs') as adopted by the European Union.

 

In the current year, the group has adopted IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers. Neither adopted IFRS impacted the financial position of the group.

 

2. Dividends

Amounts recognised as distributions to owners of the company in the year were as follows:

 

 

2019

2018

 

p/share 

£m 

p/share 

£m 

Final dividend for the year ended 31 March 2018 (2017)

41.5 

22.8 

39.9 

21.9 

Special dividend for the year ended 31 March 2017

100.0 

54.9 

Interim dividend for the year ended 31 March 2019 (2018)

16.1 

8.8 

15.5 

8.5 

 

57.6 

31.6 

155.4 

85.3 

 

Amounts proposed after the year end and not recognised in the financial statements were as follows:

 

Proposed final dividend for the year ended 31 March 2019

43.2 

23.7 

 

 

 

The proposed final dividend for the year ended 31 March 2019 was not included as a liability in these financial statements. This dividend, if approved by shareholders at the annual general meeting to be held on 24 July 2019, will be payable on 8 August 2019 to holders of shares on the register on 28 June 2019. The ex-dividend date will be 27 June 2019.

 

The deadline for elections under the dividend reinvestment plan offered by Link Asset Services will be the close of business on 18 July 2019.

 

For the purposes of section 1158 of the Corporation Tax Act 2010 and associated regulations, the dividends payable for the year ended 31 March 2019 are the interim and final dividends for that year, amounting to £32.5m (2018 - £31.3m).

 

3. Earnings per share

Basic and diluted earnings per share

The calculation of basic earnings per share of the group was based on the profit attributable to shareholders and the weighted average number of shares outstanding during the year. The calculation of diluted earnings per share included an adjustment for the effects of dilutive potential shares.

 

The profit attributable to shareholders (basic and diluted) was as follows:

 

 

2019 

2018 

 

£m 

£m 

Revenue

34.6 

31.5 

Capital

163.6 

(5.0)

Total

198.2 

26.5 

 

The weighted average number of shares was as follows:

 

 

2019 

2018 

 

000's 

000's 

Issued shares at the year start

55,381 

55,381 

Effect of shares cancelled

(6)

Effect of shares held by the employee share trust

(451)

(464)

Basic weighted average number of shares in the year

54,924 

54,917 

Effect of performance shares, share options and deferred bonus awards

960 

984 

Diluted weighted average number of shares in the year

55,884 

55,901 

 

4. Operating segments

The following is an analysis of the profit before tax for the year and assets analysed by primary operating segments:

 

 

Profit before tax

Total assets

 

2019 

2018 

2019 

2018 

 

£m 

£m 

£m 

£m 

Quoted pool

88.9 

16.3 

464.4 

452.3 

Income pool

6.7 

(21.2)

224.5 

194.6 

Unquoted pool

63.4 

24.5 

659.5 

463.5 

Funds pool

69.9 

34.1 

482.7 

470.5 

Investment portfolio

228.9 

53.7 

1,831.1 

1,580.9 

Other investments

(4.4)

(6.6)

28.9 

29.0 

Total revenue/investments

224.5 

47.1 

1,860.0 

1,609.9 

Cash and cash equivalents

0.5 

0.6 

112.3 

207.8 

Other items

(28.1)

(25.5)

67.9 

54.4 

Reportable total

196.9 

22.2 

2,040.2 

1,872.1 

 

5. Share-based payments

In the year to 31 March 2019, participating employees in the performance share scheme were awarded options over 261,816 shares at nil-cost (2018 - 222,068 shares).

 

Also in the year to 31 March 2019, participating employees received deferred awards over 493 shares (2018 - 52,664 shares).

 

The IFRS 2 expense included in profit or loss for the year was £6.6m (2018 - £5.0m).

 

7. Net asset value

The group's undiluted net asset value is based on the net assets of the group at the year end and on the number of ordinary shares in issue at the year end less ordinary shares held by the Caledonia Investments plc Employee Share Trust. The group's diluted net asset value assumes the calling of performance share and deferred bonus awards.

 

 

2019

2018

 

Net 

Number 

 

Net 

Number 

 

 

assets 

of shares 

NAV 

assets 

of shares 

NAV 

 

£m 

000's 

p/share 

£m 

000's 

p/share 

Undiluted

2,002.0 

54,929 

3645 

1,836.6 

54,927 

3344 

Share options

960 

(63)

984 

(59)

Diluted

2,002.0 

55,889 

3582 

1,836.6 

55,911 

3285 

 

Net asset value total return is calculated in accordance with AIC guidance, as the change in NAV from the start of the period, assuming that dividends paid to shareholders are reinvested at NAV at the time the shares are quoted ex-dividend.

 

 

2019 

2018 

 

Diluted NAV at year start

3285 

3395 

Diluted NAV at year end

3582 

3285 

Dividends payable in the year

58 

155 

Reinvestment adjustment

 

3643 

3442 

NAVTR over the year

10.9% 

1.4% 

 

1.

The reinvestment adjustment is the gain or loss resulting from reinvesting the dividends in NAV at the ex-dividend date.

 

8. Capital commitments

At the reporting date, the group and company had entered into unconditional commitments to limited partnerships, committed loan facility agreements and a conditional loan and purchase agreement, as follows:

 

 

Group

Company

 

2019 

2018 

2019 

2018 

 

£m 

£m 

£m 

£m 

Investments

 

 

 

 

Contracted but not called

330.6 

320.1 

339.0 

324.8 

Conditionally contracted

167.6 

24.3 

167.6 

24.3 

 

498.2 

344.4 

506.6 

349.1 

 

Conditionally contracted commitments at 31 March 2019 included £142.6m in respect of the acquisition of a minority holding in Stonehage Fleming, subject to regulatory approval.

 

9. Performance measures

Caledonia uses a number of performance measures to aid the understanding of its results. The performance measures are standard within the investment trust industry and Caledonia's use of such measures enhances comparability. Principal performance measures are as follows:

 

Net assets

Net assets provides a measure of the value of the company to shareholders and is taken from the IFRS group net assets.

 

Net asset value ('NAV')

NAV is a measure of the value of the company, being its assets - principally investments made in other companies and cash held - minus any liabilities expressed as pence per share. NAV is calculated by dividing net assets by the number of shares in issue, adjusted for shares held by the Employee Share Trust and for dilution by the exercise of outstanding share awards. NAV takes account of dividends payable on the ex-dividend date.

 

NAV total return ('NAVTR')

NAVTR is a measure of how the net asset value per share has performed over a period, considering both capital returns and dividends paid to shareholders. NAVTR is calculated as the increase in NAV between the beginning and end of the period, plus the accretion from assumed dividend reinvestment during the period. NAVTR assumes that dividends are reinvested at the NAV on the ex-dividend date.

 

Annual dividends

Annual dividends are dividends declared as part of the company's recurring dividend cycle and are typically paid out of earnings in a financial year. Annual dividend growth is the compound annual dividend growth rate over the period.

 

Total shareholder return ('TSR')

TSR measures the return to shareholders through the movement in the share price and dividends paid during the measurement period.

 

10. Financial information

The financial information set out above does not constitute the company's statutory accounts for the years ended 31 March 2019 or 2018 but is derived from those accounts. Statutory accounts for 31 March 2018 have been delivered to the Registrar of Companies, and those for 31 March 2019 will be delivered in due course. The auditor has reported on those accounts; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

 

The statutory accounts for the year ended 31 March 2019 will be delivered to shareholders on 18 June 2019 and made available for download from the company's website on that date. Also, a copy will be delivered to the Registrar of Companies in accordance with section 441 of the Act, following approval by shareholders.

 

The statutory accounts for the year ended 31 March 2019 include a 'Directors' statement of responsibility' as follows:

 

We confirm that, to the best of our knowledge:

 

-

the group financial statements, which have been prepared in accordance with IFRSs as adopted by the EU, give a true and fair view of the assets, liabilities, financial position and profit of the group

 

 

-

the strategic report includes a fair review of the development and performance of the business and the position of the group, together with a description of the principal risks and uncertainties that it faces.

 

 

Signed on behalf of the board by:

 

Will Wyatt

Chief Executive

28 May 2019

Tim Livett

Chief Financial Officer

28 May 2019

 

 

FTSE International Limited ('FTSE') © FTSE 2019. 'FTSE®' is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE's express written consent.

 

 

END

 

Copies of this statement are available at the company's registered office, Cayzer House, 30 Buckingham Gate, London SW1E 6NN, United Kingdom, or from its website at www.caledonia.com.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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