Report for the quarter ended 31 Dec 2017
Updated : 13:24
Caledonia Investments plc
Report for the quarter ended 31 December 2017
Caledonia is a self-managed investment trust company with net assets of £1.9bn. It aims to deliver growth in shareholder capital measured over the long term and in annual dividends. It invests in businesses and funds, both listed and private, in a range of sectors and regions.
Caledonia presents a report of its activities for the quarter ended 31 December 2017 and up to the date of publication.
Material events
o | Over the quarter, NAV increased by 1.6% to £1,878m from £1,848m. The NAV per share total return for the quarter was 2.2%. Unquoted investments are revalued in March and September. Consequently, the NAV at 31 December 2017 did not include any valuation adjustments to unquoted investments in the past three months. |
o | Investments during the period totalled £74.2m, including £22.7m in fund commitment drawdowns. |
o | Realisations during the period totalled £140.3m, including £80.2m from the sale of The Sloane Club, the London private members club, of which £3.5m was accounted for as a pre-sale distribution of trading profit. |
o | An interim dividend of 15.5p per share was declared on 23 November 2017, an increase in interim dividend of 4.0% over the previous year. The dividend, totalling £8.5m, will be paid on 11 January 2018 to holders of ordinary shares on the register on 1 December 2017. The ex-dividend date was 30 November 2017. |
o | Guy Davison, a founding partner of Cinven, the leading international private equity firm, joined the board as an additional independent non-executive director with effect from 1 January 2018. |
Financial position and performance summary
At 31 Dec 2017 | At 30 Sep 2017 | ||
Net assets | £1,878m | £1,848m | |
NAV per share | 3356p | 3298p | |
Discount | 16.0% | 17.8% | |
1. | NAVs per share are calculated on a diluted, cum-income basis. | ||
2. | 31 December 2017 was the latest date on which an NAV per share was prepared. | ||
3. | Caledonia reviews the valuation of its unquoted investments in March and September. | ||
At 31 December 2017, the company had cash of £209.9m, compared with £142.7m of cash at 30 September 2017.
Investment portfolio
Ten largest holdings as at 31 December 2017
31 Dec 2017 | 30 Sep 2017 | ||
Name | Business | £m | £m |
Gala Bingo | Bingo operator | 98.3 | 92.3 |
Seven Investment Management | Investment management | 96.4 | 96.4 |
Liberation Group | Pubs and restaurants | 88.0 | 77.3 |
Cobehold | Investment company | 87.4 | 86.7 |
Aberdeen US PE funds | Funds of PE funds | 53.9 | 50.1 |
Choice Care Group | Care homes provider | 51.6 | 51.6 |
NTAsset funds | Quoted market funds | 47.4 | 43.5 |
British American Tobacco | Tobacco | 44.8 | 41.8 |
Arlington AVM Ranger fund | Quoted market fund | 42.7 | 38.8 |
Microsoft | Infrastructure technology | 42.6 | 37.3 |
|
| 653.1 | 615.8 |
Other pool investments |
| 976.3 | 1,047.3 |
Cash and other items |
| 248.6 | 184.8 |
Net assets |
| 1,878.0 | 1,847.9 |
Pool distribution
31 Dec 2017 | 30 Sep 2017 | |
Quoted pool | 23% | 24% |
Income pool | 12% | 12% |
Unquoted pool | 27% | 30% |
Funds pool | 25% | 24% |
Cash and other | 13% | 10% |
Enquiries
Caledonia Investments plc
Will Wyatt (Chief Executive)
Stephen King (Finance Director)
Tel: +44 20 7802 8080
Tulchan Communications
Peter Hewer
Jessica Reid
Tel: +44 20 7353 4200
5 January 2018
END
Caledonia publishes monthly fact sheets, which give further details of the investment and other activities during each month. These fact sheets and other information are available on the Company's website at www.caledonia.com. 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.
Caledonia publishes a quarterly report as a supplement to its monthly fact sheets. The quarterly report presents the financial position of the company at the quarter end, together with highlights of material transactions or other events that occurred during the quarter. Caledonia believes that publication of a quarterly report is a valuable communication to investors.
This information is provided by RNS