Share Name Share Symbol Market Type Share ISIN Share Description
Caledonia Investments Plc LSE:CLDN London Ordinary Share GB0001639920 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +5.00p +0.16% 3,065.00p 3,070.00p 3,075.00p 3,075.00p 3,065.00p 3,065.00p 27,756 16:35:19
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonequity Investment Instruments 52.2 33.2 63.0 48.7 -

Caledonia Investments PLC Final Results

29/05/2019 7:00am

UK Regulatory (RNS & others)


Caledonia Investments (LSE:CLDN)
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2 Months : From May 2019 to Jul 2019

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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                       GBP2,002m    GBP1,837m   +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% 
 
--  GBP491m realised from the portfolio including GBP92m from sale 
     of Choice Care Group 
--  GBP560m investment in new and follow-on opportunities including 
     GBP117m in Deep Sea Electronics equity and GBP50m in debt (subsequently 
     repaid) and GBP93m in Cooke Optics 
 
--  Significant capacity to capitalise on market opportunities 
      GBP112m of cash available 
      Unutilised facilities of GBP250m 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 GBP229m, consisting of GBP177m of capital gains and GBP52m 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 GBP52m, 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     9    14    13     3 
---------  ---------  ----  ----  ----  ----  ------ 
 

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 
                         GBPm      GBPm      GBPm     GBPm     GBPm    GBPm       % 
--------------------  -------  --------  --------  -------  -------  ------  ------ 
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       1    15.0 
--------------------  -------  --------  --------  -------  -------  ------  ------ 
Total pools             1,581       560     (491)      177    1,831      52    13.6 
Non-pool                   29       (2)         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 GBP1m to Non-pool investments and the 
      valuations at 31 March 2019 included accrued income of GBP4m. 
 
 

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 
                    %          %        GBPm       GBPm 
----------  ---------  ---------  ----------  --------- 
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           4         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 GBP96m 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 GBP13m, 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 GBP99m (including GBP7m 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 GBP63m and advanced GBP30m 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 GBP117m. 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 GBP23m 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 GBP92m, with deferred consideration of up to an additional GBP21m 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 GBP36m, the Unquoted pool produced GBP28m 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 GBP32.5m. 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 GBP23bn 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  Will Wyatt 
 Chairman       Chief Executive 
 

Investments summary

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

 
                                                                                                 Net 
                                                                                       Value  assets 
Name                          Pool         Geography     Business                       GBPm       % 
----------------------------  -----------  ------------  --------------------------  -------  ------ 
Deep Sea Electronics          Unquoted     UK            Control systems               117.2     5.9 
Seven Investment Management   Unquoted     Jersey        Investment management         107.7     5.4 
Cobehold                      Unquoted     Belgium       Investment company            104.9     5.2 
Cooke Optics                  Unquoted     UK            Cine lens manufacturer         92.5     4.6 
Buzz Bingo                    Unquoted     UK            Bingo operator                 89.9     4.5 
Aberdeen US PE funds          Funds        US            Funds of funds                 86.5     4.3 
Liberation Group              Unquoted     Jersey        Pubs and restaurants           83.2     4.2 
Microsoft                     Quoted       US            Infrastructure technology      43.2     2.2 
AG Barr                       Quoted       UK            Soft drinks                    40.4     2.0 
Spirax Sarco                  Quoted       UK            Steam engineering              40.3     2.0 
JF Lehman funds               Funds        US            Private equity funds           38.2     1.9 
Axiom Asia funds              Funds        Asia          Funds of funds                 34.4     1.7 
Asia Alternatives funds       Funds        Asia          Funds of funds                 33.2     1.7 
Oracle                        Quoted       US            Infrastructure technology      31.5     1.6 
Thermo Fisher Scientific      Quoted       US            Biotechnology development      31.3     1.6 
Becton Dickinson              Quoted       US            Medical technology             30.2     1.5 
Arlington AVM Ranger fund     Funds        US            Quoted market fund             29.7     1.5 
Polar Capital                 Quoted       UK            Fund manager                   29.1     1.5 
British American Tobacco      Quoted/Inc   UK            Tobacco                        27.8     1.4 
Charter Communications        Quoted       US            Cable telecommunications       27.4     1.4 
Hill & Smith                  Quoted       UK            Infrastructure products        27.1     1.4 
Nestlé                   Quoted       Switzerland   Packaged foods                 24.7     1.2 
Overlook Partners fund        Funds        Asia          Quoted market fund             24.7     1.2 
Waters                        Quoted       US            Chemical testing services      24.5     1.2 
                                                         Bioanalytical testing 
BioAgilytix                   Unquoted     US             services                      23.0     1.1 
Sports Information Services   Unquoted     UK            Broadcasting services          20.7     1.0 
Pacific Alliance fund         Funds        Asia          Private equity fund            20.6     1.0 
Other investments                                                                      547.2    27.3 
-----------------------------------------------------------------------------------  -------  ------ 
Investment portfolio                                                                 1,831.1    91.5 
Non-pool investments                                                                    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% 
                                                 Private equity 
Unquoted         33%  North America         27%   funds                 20% 
                                                 Quoted market 
Funds            24%  Asia                  10%   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 company's business          Caledonia reviews its 
 the appropriateness           model and strategy              investment strategy 
 of the business model         are reviewed periodically,      annually, taking into 
 to deliver long term          against market conditions       consideration the current 
 growth in capital and         and target returns.             and potential future 
 income.                       The performance of              investing environment 
 Strategic risks include       the company and its             and discussions with 
 the allocation of capital     key risks are monitored         executives. The investment 
 in relation to geography,     regularly by management         strategy is reviewed 
 sector, currency, yield       and the board.                  and approved by the 
 and liquidity.                                                board. 
 
Investment 
Risks in respect of           Investment opportunities        Pool managers have 
 specific investment           are subject to rigorous         continued to develop 
 and realisation decisions.    appraisal and a multi-stage     their own risk management 
 Investment risks include      approval process. Pool          processes during the 
 the appropriate research      managers have well-developed    year. The board regularly 
 and due diligence of          networks through which          reviews investment 
 new investments and           they attract proprietary        risk at both pool and 
 the timely execution          deal flow. Target entry         company portfolio level. 
 of both investments           and exit events and 
 and realisations for          prices are monitored 
 optimising shareholder        and updated regularly, 
 value.                        in relation to market 
                               conditions and strategic 
                               aims. 
 
Market 
Risk of losses in value       Market risks and sensitivities  Caledonia has continued 
 of investments arising        are reviewed weekly             to operate a diversified 
 from sudden and significant   and actions taken,              geographical portfolio 
 movements in market           where appropriate,              that provides a longer 
 prices, particularly          to balance appropriately        term hedge to geographical 
 in highly volatile            risk and return.                market risk and foreign 
 markets.                      A regular review of             exchange. 
 Caledonia's principal         market and portfolio            Caledonia has a well-developed 
 market risks are therefore    volatility is conducted         and wide ranging contact 
 equity price volatility,      by the board. Reviews           base, which, together 
 foreign exchange rate         also consider investment        with formal advisers, 
 movements and interest        concentration, currency         ensures that it understands 
 rate volatility.              exposure and portfolio          the landscape arising 
                               liquidity.                      from the impending 
                                                               market changes and 
                                                               how this might impact 
                                                               its business. 
 
Liquidity 
Risk that liabilities         Detailed cash forecasting       We have continued to 
 cannot be met or new          for six months ahead            manage our investment 
 investments made due          is updated and reviewed         process to ensure that 
 to a lack of liquidity.       weekly, including the           access to our available 
 Such risk can arise           expected drawdown of            facilities is on a 
 from not being able           capital commitments.            short term basis only. 
 to sell an investment         Loan facilities are             At 31 March 2019, we 
 due to lack of a market       maintained to provide           had net cash of GBP112m, 
 or from not holding           appropriate liquidity           together with undrawn, 
 cash or being able            headroom. The liquidity         committed borrowing 
 to raise debt.                of the portfolio is             facilities of GBP250m. 
                               reviewed regularly. 
 
Operational 
Risks arising from            Systems and control             Caledonia has implemented 
 inadequate or failed          procedures are developed        a policy addressing 
 processes, people and         and reviewed regularly.         GDPR requirements in 
 systems or from external      They are tested to              the year. It has also 
 factors.                      ensure effective operation.     updated the staff handbook 
 Operational risks arise       Appropriate remuneration        ensuring compliance 
 from the recruitment,         and other policies              with the 'speak up 
 development and retention     are in place to encourage       about company concerns' 
 of staff, systems and         the retention of key            provisions of the 2018 
 procedures and business       staff. Business continuity      UK Corporate Governance 
 disruption.                   plans are maintained            Code. 
                               and updated as the 
                               business evolves. 
 
Regulatory and legal 
Risk arising from exposure    Caledonia has internal          Caledonia produced 
 to litigation or fraud        resources to consider           the required Key Information 
 or failure to adhere          regulatory and tax              Document, in compliance 
 to the tax and regulatory     matters as they arise.          with the EU PRIIPs 
 environment. Caledonia        Use is made of advisers         Regulation. This is 
 operates across a number      where necessary to              available on the company's 
 of jurisdictions and          supplement internal             website. 
 in an industry that           knowledge in specialised 
 has been subject to           areas. Caledonia is 
 increasing regulatory         a member of the Association 
 oversight.                    of Investment Companies 
                               and is represented 
                               on its self-managed 
                               investment trust committee. 
                               Regular training is 
                               undertaken. 
 
Potential Brexit scenarios 
Risk arising from changing    Continued monitoring            Our review of the continuing 
 consumer spending trends      of directly held unquoted       business models of 
 and impact of trade           investment performance          our directly held unquoted 
 regulation and tariffs.       and business model              investments have not 
 Potential volatility          exposure to potential           revealed significant 
 to quoted markets due         Brexit impacts.                 exposures to European 
 to uncertainty as to          Continued monitoring            regulatory or trading 
 any Brexit outcome            of quoted market responses      environments that might 
 and impacts.                  to Brexit impacts.              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 
                                     GBPm     GBPm    GBPm     GBPm     GBPm    GBPm 
--------------------------------  -------  -------  ------  -------  -------  ------ 
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 
                                            GBPm     GBPm     GBPm     GBPm 
---------------------------------------  -------  -------  -------  ------- 
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        Tim Livett 
 Chief Executive   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 
                                     GBPm     GBPm     GBPm     GBPm      GBPm    GBPm     GBPm 
--------------------------------  -------  -------  -------  -------  --------  ------  ------- 
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 
                                                GBPm     GBPm     GBPm     GBPm 
-------------------------------------------  -------  -------  -------  ------- 
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  GBPm  p/share  GBPm 
-------------------------------------  -------  ----  -------  ---- 
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 GBP32.5m (2018 - GBP31.3m).

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 
           GBPm   GBPm 
--------  -----  ----- 
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     Total assets 
                                  tax 
                               2019    2018     2019     2018 
                               GBPm    GBPm     GBPm     GBPm 
--------------------------  -------  ------  -------  ------- 
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 GBP6.6m (2018 - GBP5.0m).

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 
                   GBPm      000's  p/share     GBPm      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 
                                    p     p 
------------------------------  -----  ---- 
Diluted NAV at year start        3285  3395 
------------------------------  -----  ---- 
Diluted NAV at year end          3582  3285 
Dividends payable in the year      58   155 
Reinvestment adjustment             3     2 
------------------------------  -----  ---- 
                                 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 
                             GBPm   GBPm   GBPm   GBPm 
--------------------------  -----  -----  -----  ----- 
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 GBP142.6m 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        Tim Livett 
 Chief Executive   Chief Financial Officer 
 28 May 2019       28 May 2019 
 

FTSE International Limited ('FTSE') (c) FTSE 2019. 'FTSE(R)' 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 rns@lseg.com or visit www.rns.com.

END

FR APMRTMBATBFL

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