Interim Management Statement for the quarter ended 31 December 2013
Caledonia Investments plc ("Caledonia" or the "Company") is a self-managed investment trust with net assets of £1.3bn. It aims to be a core investment for those seeking capital growth coupled to an increasing income stream over the long term.
Caledonia presents its interim management statement for the quarter ended 31 December 2013 and up to the date of publication.
Material events
o
Investments during the period totalled £115.6m, including £88.1m to acquire 100% of the equity in Park Holidays UK as part of a transaction valuing the business at £172m, with the balance financed by bank debt. Park Holidays owns and operates 23 caravan parks in the south of England. The Company also invested £8.4m for additional part-paid shares in Cobehold, the Belgium-based investment company, of which half was called in October.
o
Realisations during the period totalled £38.2m, including £6.6m for our 10.7% stake in Kingdom Holdings, the China?based linen yarn manufacturer, and £13.7m of fund distributions and redemptions.
o
An interim dividend of 13.4p per share was declared on 26 November 2013, an increase of 3.9% over last year. The dividend, totalling £7.4m, will be paid on 9 January 2014 to holders of ordinary shares on the register on 13 December 2013. The ex-dividend date was 11 December 2013.
o
In November 2013, the Company increased its bank facilities. It now has committed facilities of £125.0m in place through two bilateral agreements for £62.5m revolving credit facilities with ING and The Royal Bank of Scotland, expiring in April 2018. £25.0m of these facilities were drawn at 31 December 2013.
Financial position and performance summary
At 31 Dec 2013
At 30 Sep 2013
Net asset value
£1,336m
£1,288m
NAV per share
2397p
2311p
Discount
20.7%
22.6%
1.
NAVs per share are calculated on a diluted, cum-income basis.
2.
31 December 2013 was the latest date on which an NAV per share was prepared.
3.
Caledonia reviews the valuation of its unquoted investments biannually, in March and September.
At 31 December 2013, the Company had £17.3m of net debt (including £25.0m drawn against its facilities), compared with £56.6m of net cash at 30 September 2013.
Investment portfolio
Ten largest holdings as at 31 Dec 2013
Name
Business
£m
%
Cobehold
Investment company
98.9
7.4
Park Holidays
Caravan parks operator
88.1
6.6
Close Brothers
Financial services
78.6
5.9
Bristow Group
Helicopter services
74.4
5.6
AG Barr
Soft drinks
53.4
4.0
Choice Care
Care homes provider
50.2
3.8
Oval
Insurance broking
42.7
3.2
Polar Capital
Fund management
39.3
2.9
Sterling Industries
Engineering
39.0
2.9
Quintain Estates
Property services
38.3
2.9
602.9
45.2
Other investments
752.8
56.3
Cash and other items
(19.6)
(1.5)
Net assets
1,336.1
100.0
Pool distribution
At 31 Dec 2013
At 30 Sep 2013
Quoted pool
35%
34%
Unquoted pool
38%
33%
Funds pool
13%
14%
Income & Growth pool
14%
14%
Cash and other
-
5%
Enquiries
Caledonia Investments plc
Will Wyatt (Chief Executive)
Stephen King (Finance Director)
Tel: +44 20 7802 8080
Tulchan Communications
Peter Hewer
Tel: +44 20 7353 4200
8 January 2014
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.
This information is provided by RNS
The company news service from the London Stock Exchange
Caledonia Investments plc is a United Kingdom-based self-managed investment trust company. The Company holds investments in both listed and private markets, covering a range of sectors and particularly through its fund investments. It invests in managed businesses that combine long-term growth characteristics with, in many cases, an ability to deliver increasing levels of income. It manages assets of circa £2.9 billion across an international, multi-asset portfolio, with a focus on companies that have the potential to generate long-term shareholder value. The Companyâs fund types include private equity funds, funds of private equity (PE) funds, and quoted market funds. It invests in a range of sectors, such as information technology, industrials, consumer staples, materials, healthcare, financials, communication services, utilities, real estate and consumer discretionary. It invests in various regions, such as the United Kingdom, Asia, Europe, and North America.