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| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 10.00 | 0.28% | 3,535.00 | 3,530.00 | 3,565.00 | 3,550.00 | 3,520.00 | 3,520.00 | 43,154 | 16:35:12 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | 183M | 142.9M | 2.6117 | 13.59 | 1.94B |
From Apr 2019 to Apr 2024
TIDMCLDN
RNS Number : 0021O
Caledonia Investments PLC
27 May 2020
Caledonia Investments plc
Final results for the year ended 31 March 2020
Financial highlights
Hot Features
Premium
31 Mar 2020 31 Mar 2019 Change
Net asset value total return -8.1% +10.9%
Net asset value 3236p 3582p -9.7%
Net assets GBP1,787m GBP2,002m -10.7%
Annual dividend per share 61.1p 59.3p +3.0%
Hi ghlights
-- --8.1% NAV total return for the year.
-- Revenue profit after tax of GBP34.6m, unchanged from previous year. Capital losses of GBP207.5m, compared with profit of GBP163.6m last year.
-- Strong balance sheet with GBP365m of available resources (GBP115m cash and GBP250m undrawn facilities).
-- Valuation approach for private companies and funds included an assessment of the potential impact of the developing Covid--19 pandemic.
-- 3.0% increase in the dividend to 61.1p per share, 53 consecutive years of increase, to be paid in August.
Quoted Equity
-- Resilient performance from Quoted Equity portfolios, --0.3% return over the year (FTSE All-Share was --18.5%), supported by our cautious approach to risk management and rebalancing of the Income portfolio.
Private Capital
-- Good progress and robust trading from portfolio companies for the first 11 months of the year, but overall return of --18.0% for the 12 months.
-- Majority of companies continue to trade normally with low degree of disruption from Covid-19. Buzz Bingo and Liberation Group leisure venues currently closed but good progress online from www.buzzbingo.com.
-- Acquisition of minority holding in Stonehage Fleming, a market leading provider of family office services, completed at a cost of GBP90m.
Funds
-- Strong underlying performance from private equity fund investments, but full year return of -2.8% (after GBP86m Covid-19 valuation adjustment).
Will Wyatt, Chief Executive, commented:
"Our diversified portfolio and our preference for investing in high quality businesses has so far provided some resilience to the impact of Covid--19 on the company. The Quoted Equity portfolios were particularly effective at protecting shareholders' capital in volatile markets. Despite a decrease in net assets for the year, the majority of our investments are in a good position to withstand this challenging economic period though those in the consumer leisure sector face an uncertain future.
"It is likely that income for the current year will be lower than in 2020. However, our strong balance sheet and, in particular, our reserves of retained earnings, should give shareholders comfort that Caledonia is well placed to achieve its aims of growing net assets and dividends over the long term."
26 May 2020
Enquiries
Caledonia Investments plc Tulchan Communications Will Wyatt, Chief Executive Lisa Jarrett-Kerr Tim Livett, Chief Financial Officer Tom Murray +44 20 7802 8080 +44 20 7353 4200
Chairman's statement
Results
The NAVTR of --8.1% for the year was a resilient performance despite the appearance of the Covid--19 virus in the last quarter. There was significant variance within the three pools through which Caledonia is managed. The Quoted Equity and Funds pools held up well on an absolute basis and relative to stock markets, proving effective at protecting shareholders' capital. Resulting from the Covid--19 pandemic, the exposure to the consumer leisure sector in Private Capital's portfolio resulted in a significant mark down in valuations, reflecting the disruption in two particularly affected businesses. The remainder of the Private Capital portfolio traded well during the year. Management, at Caledonia and in the portfolio businesses, have responded to the extreme events caused by Covid--19 to place our companies in the best possible position to recover when restrictions are lifted. Our strong balance sheet, with net cash of GBP115m and GBP250m of available facilities, gives us a secure platform to support our companies and take opportunities when they appear.
Covid-19
The pandemic has caused a number of unexpected outcomes. On the positive side Caledonia's IT team has managed the move to home working very effectively with minimal disruption to normal business. We are now planning in line with official guidance how we might safely return to office life, and intend to consult staff on these plans.
There is likely to be more volatility in markets as the full economic impact of the pandemic becomes apparent. It is also to be expected that some of our investee companies will have to adapt to the longer-term implications of customer concerns, social distancing and changing consumer demand. A degree of uncertainty is to be expected after a shock of this magnitude ripples through the global economy.
Income and dividend
Caledonia has a long and proud record of paying an increased dividend. In the year to 31 March, income totalled GBP53.4m which is a slight increase over the previous year. The portfolio is constructed to deliver sufficient income to cover both running costs and the annual dividend. This was achieved during the financial year. The board is proposing a final dividend of 44.5p per share, providing a full year dividend of 61.1p per share, an increase of 3.0% over last year.
As we look forward, it is likely that Caledonia will face a reduction in income from our investee companies suffering disruption from the Covid--19 pandemic. If this occurs, any shortfall would require utilisation of Caledonia's GBP256m of retained earnings. This leaves the company well placed to meet a temporary shortage of income and pay dividends in the future should the board deem this appropriate.
Caledonia Fund
In response to the current crisis and the impact these events are having within some of our majority owned investee companies, a fund has been established to assist their employees suffering financial hardship. This is being funded by Caledonia, a contribution by our largest shareholder, The Cayzer Trust Company, and Caledonia's executive and non-executive directors.
The focus of the fund is on supporting employees at those companies where the business can no longer operate as normal and management have needed to utilise the Government backed furlough scheme. It should be noted this is primarily at Buzz Bingo and Liberation, where action has been taken to minimise costs wherever possible to preserve liquidity and reduce cash outflow. Measures include the use of the furlough scheme, reductions in senior management pay and the suspension of any cash payments to Caledonia.
Since the implementation of the Government's furlough scheme, no cash has been received by Caledonia from any of its majority owned investee companies that are accessing this scheme. In this regard, the proposed final dividend is not financed by any contribution made by these companies since the start of the Covid--19 pandemic.
Outlook
Caledonia is well positioned to take a long-term view of its investments. As noted before, we expect the pandemic and its associated economic impact to provide both challenges and opportunities in the year ahead. At the time of writing the response by central banks has been extraordinary and the result of that action is being seen in a partial recovery in a number of markets. The issue is how sustainable this action is with government borrowing at record levels and the potential distortion to asset pricing. As the market goes through a process of normalisation it would not be surprising if we see more volatility in the months ahead.
Caledonia thinks long term and in this challenging environment is well positioned. It has available cash and banking facilities to ensure we have liquidity in place to take advantage of opportunities as they arise. As a board we are committed to the dividend and where income shortfalls do occur, we have retained earnings to maintain those payments in the future.
David Stewart, Chairman
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 for the year
Caledonia's portfolio is comprised of cash, listed equities, private equity funds and direct holdings in private businesses. This diversified portfolio offers shareholders some protection from over-exposure to particular sectors and geographies but, with an international pandemic of the scale of Covid--19, has inevitably suffered from some loss of value. The NAVTR for the year was --8.1%. The revenue account of the income statement shows minimal impact from the pandemic, with profits for the year of GBP34.6m in line with the previous year. However, in keeping with the conservative culture of Caledonia, we have assessed the potential impact of Covid--19 on our investments and have adjusted our valuations accordingly, resulting in a loss on the capital account of GBP207.5m, compared with a profit of GBP163.6m last year.
Our strong balance sheet, including GBP115m of cash and access to GBP250m in facilities, provides substantial liquidity with which to face an uncertain future. Our RBSI facilities of GBP137.5m were renewed in May for a further five-year term.
Impact of Covid-19 pandemic
The impact of the pandemic was first felt in the final quarter of our financial year. At a practical level, the restrictions on movement have led to the head office staff working from home. Whilst no replacement for normalised operations, we have been able to carry out our functions and controls to ensure the smooth running of the business. The board has been kept informed throughout this period of uncertainty and board meetings have continued via conferencing technology.
The performance of the portfolio was strong for eleven months of the year, with the pandemic only starting to have a notable effect in March, despite some exposure to Asia within the Funds pool. However, the precipitous stock market falls in March eroded the hitherto strong positive performance of our Quoted Equity holdings. On a relative basis, our listed portfolios produced results well ahead of comparative markets, thereby protecting shareholder's capital with a negative return of only 0.3% over the year.
The principal effect of the pandemic has been in our Private Capital valuations, where we have taken account of the potential Covid--19 impact in our internally generated company valuations and in the valuation of our fund interests, typically based on managers' reports dated 31 December 2019. A company by company breakdown of the Private Capital pool can be seen in the pool performance section of this report.
Much of the portfolio has performed in a resilient fashion despite the immense disruption caused by Covid--19. Until we have clarity on the lifting of restrictions and economies begin to normalise, it would be unwise to predict how quickly trading will recover in those companies most adversely affected.
Investment performance
Caledonia aims to achieve a NAVTR of 3-6% ahead of inflation over the short term, leading to results over the long term that exceed the FTSE All-Share Index. However, it is worth noting that our management and investment teams are incentivised on an absolute, not relative, basis. The table below shows our investment performance over one, three, five and ten years, with the adverse performance in the current year having a negative impact on short term metrics:
1 year 3 years 5 years 10 years
% % % %
---------------------------- ------ ------- ------- --------
NAV total return -8.1 3.3 25.1 94.8
Annualised
NAV total return -8.1 1.1 4.6 6.9
Retail Prices Index 2.6 2.8 2.6 2.9
NAVTR vs RPI -10.7 -1.7 2.0 4.0
FTSE All-Share Total Return -18.5 -4.2 0.6 4.4
NAVTR vs FTSE All-Share TR 10.4 5.3 4.0 2.5
---------------------------- ------ ------- ------- --------
Long-term performance remains satisfactory though one and three-year numbers are weak compared with inflation. The element of protection afforded to shareholders' capital, compared on a relative basis to markets, is noteworthy.
Strategy and allocation
As indicated in the half-year results to 30 September 2019, we undertook a review of the Income pool, its aims and targets due to poor performance. As a result, the portfolio is now managed by the Quoted Equity team, in place of a separate Income team, with a yield target of 3.5% (previously a yield target of 4.5%). The annual performance total return target remains at 7%. The Quoted Equity team has been managing separate strategies for the Capital and Income portfolios since the end of September.
The investment portfolio consists of three pools of capital as shown in the tables below:
Strategic
2020 2019 allocation
% % %
---------------- ----- ----- ----------
Quoted Equity 32.1 34.4 35-50
Private Capital 34.2 32.9 35-45
Funds 25.2 24.2 20-25
Cash and other 8.5 8.5 +/-10
---------------- ----- ----- ----------
Net assets 100.0 100.0
---------------- ----- ----- ----------
The allocation ranges expressed in the table above are a guide to ensure that the portfolio remains proportionately balanced.
The table below summarises the pool targets and strategic allocation:
Strategic
Pool name Description Return targets allocation
------------------------ ----------------------------- ------------------- ----------
10% total return
Caledonia Quoted Equity Capital strategy no yield target 35-50%
Income strategy 7% total return
3.5% yield
Investments in UK mid-market
in companies with equity
Caledonia Private values of between GBP25m 14% total return
Capital and GBP125m 5% yield 35-45%
US and Asian private
equity funds and funds
Caledonia Funds of funds 12.5% total return 20-25%
------------------------ ----------------------------- ------------------- ----------
Pool performance
1 year 3 years 5 years
Pool name % % %
---------------- ------ ------- -------
Quoted Equity -0.3 13.5 28.8
Capital 1.3 27.0 42.4
Income -3.8 -10.5 4.3
Private Capital -18.0 -4.2 33.4
Funds -2.8 20.7 57.4
---------------- ------ ------- -------
Portfolio -7.9 8.2 35.9
---------------- ------ ------- -------
Ten-year figures are not available, as measurement by pool commenced in 2011.
Caledonia Quoted Equity
Our two listed equity portfolios invest in well-managed businesses with good margins which are often leaders in their sectors, on a global basis. The performance of the Capital portfolio in exceptionally volatile markets was impressive, returning 1.3% for the year. The portfolio, which consists of high quality compounding businesses, proved resilient and largely avoided sectors hard hit by Covid--19. The Income portfolio produced a return of --3.8%, including the impact of exiting historic legacy positions. Our cautious approach to risk management resulted in high cash balances and the rebalancing of the Income portfolio helped to protect capital and performance as markets fell in February and March 2020.
Caledonia Private Capital
Our diverse portfolio includes significant positions in six UK based businesses and one private European investment company, Cobepa, with which we also have a co-investment. These eight investments represent over 90% of the value of the Private Capital portfolio. Performance over the year, with a total return of --18.0%, was dominated by the impact of Covid--19 on Buzz Bingo, Liberation Group and, to a lesser extent, Seven Investment Management ('7IM'). However, trading across most portfolio companies was robust prior to the appearance of the pandemic. Deep Sea Electronics ('DSE'), our largest investment, has made good progress in growing its business year on year and formulating strategic plans for the future. One new investment was completed in the year, a minority shareholding in Stonehage Fleming, the international family office services provider, for GBP89.5m.
DSE, the industry leading manufacturer of genset and ATS control modules, battery chargers and power supplies, has traded strongly over the past year delivering double digit returns. The changes being seen elsewhere from the Covid--19 virus had only a marginal impact on DSE's operations, with its manufacturing site in the UK and representative offices in China and the US trading normally. We expect some reduction in demand in the current year. The valuation at 31 March 2020 was GBP122.6m, up 4.6% from March 2019.
Cobepa, the Belgian based investment company, owns a diverse portfolio of private global investments. We have used the net asset value at its year end of 31 December 2019 as the basis of valuation, applying a Covid--19 adjustment to each business, having assessed, in conjunction with the management of Cobepa, the likely impact of the virus. Cobepa had significant reserves of liquidity as at 31 December 2019. The valuation of Cobehold, the holding company of Cobepa, at 31 March 2020 was GBP97.4m, down 7.1% from March 2019.
Stonehage Fleming, the international family office, continues to trade normally and reported record profits in the first year of our investment. The provision of management and advisory services to family offices, its main revenue stream, have been largely unaffected by Covid--19 to date. A smaller proportion of the Stonehage Fleming's revenues are derived from assets under management ('AUM') related fees which will be impacted by the declines in public equity markets. The business remains profitable and has a strong balance sheet with plentiful liquidity. Caledonia owns a preferred position in the equity of Stonehage Fleming. The valuation at 31 March 2020 of GBP89.5m was in line with the cost of our 36.7% equity stake acquired in July 2019.
7IM, the retail investment manager, remains fully operational. Its revenue is directly linked to the value of its AUM, which have been negatively impacted by the declines in public equity markets. It is pleasing to note, however, that 7IM's defensively orientated funds have performed well on a relative basis. The business remains profitable and well-funded with significant amounts of available liquidity. The valuation at 31 March 2020 was GBP84.8m, down 21.3% from March 2019.
Liberation Group, a pub, restaurant and drinks business, with operations in the Channel Islands and South West England, has temporarily closed both its managed and tenanted pub estates in response to the coronavirus pandemic. The Jersey based brewery has also been closed. However, Butcombe brewery in the UK continues to brew on a much-reduced basis to fulfil increased online and trade demand. The wholesale distribution businesses in the Channel Islands continue to trade albeit at reduced levels. Costs have been reduced, including the furloughing of staff, to preserve liquidity and reduce the cash burn. Liberation owns a predominantly freehold estate with a net asset value of GBP124m. The business has net debt of GBP38.3m and cash on its balance sheet of GBP12.2m as at 31 March 2020. The valuation at 31 March 2020 was GBP50.6m, down 38.8% from March 2019.
Cooke Optics, a leading manufacturer of cinematography lenses, temporarily closed its facilities near Leicester, UK while it made arrangements for its workforce to operate safely within Covid--19 social distancing restrictions. It reopened in April, gradually increasing output towards full production. Unsurprisingly, Cooke is witnessing a reduction in demand for new lenses whilst studios are closed, though demand from Asia has begun to return. The business has a strong order book and a good liquidity position with the GBP30m of senior debt on its balance sheet provided by Caledonia. The valuation at 31 March 2020 was GBP75.8m, down 18.1% from March 2019.
Buzz Bingo, the UK's biggest omni-channel bingo business, has temporarily closed all 118 retail venues in response to Government imposed social distancing measures. Buzz continues to operate and invest in its online business (www.buzzbingo.com) which is showing strong growth. The company employs over 3,500 people, rents the majority of its properties and had net debt of GBP104m, with cash on its balance sheet of GBP41m as at 31 March 2020. Costs have been minimised wherever possible to preserve liquidity and reduce the cash burn of the retail business including use of the Government's furlough scheme. Buzz has good relationships with its debt providers, which remain supportive of the business. The valuation at 31 March 2020 was GBP41.0m, down 54.5% from March 2019.
BioAgilytix, a US based bioanalytical testing solutions provider, had a strong year of growth, including completing the expansion of its facilities to provide further capacity. Caledonia is a co-investor in the business and follows the valuation methodology utilised by Cobepa, the lead investor. Valuation at 31 March 2020 was GBP22.6m, similar to that at 31 March 2019, despite a small reduction in underlying value which was broadly offset by favourable exchange rate movements.
The three remaining businesses in the portfolio have a combined carrying value of GBP27.6m. They have been affected to varying degrees by Covid-19, but are well-positioned for the future and to take advantage of potential opportunities as they arise.
Caledonia Funds
The Funds portfolio valuations were based on the managers' latest published capital account statements, which, due to timing, did not take account of the potential impact of Covid--19. Therefore, managers' NAVs were adjusted by 16% overall, resulting in the Funds return reducing from 13.2% to -2.8%. The underlying performance of the portfolio was creditable, with some notable gains and distributions during the first nine months of the year. The investments are principally in private equity funds operating in the US and in Asia. We substantially exited our holdings in quoted market funds in 2019, a decision which avoided much of the volatility seen in US and Asian markets. The historic performance from this predominantly US dollar denominated portfolio has been strong, showing growth of 15.3% in the US and 11.0% in the more youthful Asian portfolio (prior to the application of the Covid--19 adjustments) aided by the weakness of Sterling against the US dollar.
Geographic and foreign exchange exposure
Caledonia's diverse portfolio includes substantial exposure to non-Sterling assets, as set out in the table below. In September 2019, we instigated a currency overlay to reduce exposure of the portfolio to the US dollar and the euro, following a period of particular Sterling weakness leading up to and post the UK General Election. On 31 March, the currency and exposure positions were as follows:
Investment Hedged
exposure exposure
Currency % %
---------- ---------- --------
Sterling 48 69
US dollar 45 26
Euro 6 4
Other 1 1
---------- ---------- --------
Subsequent to the year end, and in light of events surrounding the Covid--19 pandemic, the overlay position (which generated the hedged exposure position shown in the table) was phased out and our currency exposure reverted to that provided by our investments.
Outlook
The outlook for our financial year 20/21 very much depends on the successful return to normal for societies and economies around the world. It is developing into an annus horribilis but we hope that it will provide the platform from which we are able to return to growth.
The majority of our investments are in a good position to withstand this challenging economic period though those in the consumer leisure sector face an uncertain future. It is likely that income for the year will be lower than in 2020. However, our strong balance sheet and, in particular, our reserves of retained earnings, should give shareholders comfort that Caledonia is well placed to achieve its aims of growing net assets and dividends over the long term.
Will Wyatt, Chief Executive
Investments summary
Holdings over 1% of net assets at 31 March 2020 were as follows:
Net
Value assets
Name Pool Geography Business GBPm %
------------------------- ---------------- ---------- --------------------------- ------- ------
Deep Sea Electronics Private Capital UK Control systems 122.6 6.9
Cobehold Private Capital Belgium Investment company 97.4 5.4
Stonehage Fleming Private Capital Guernsey Family office services 89.5 5.0
Seven Investment
Management Private Capital Jersey Investment management 84.8 4.7
Cooke Optics Private Capital UK Cine lens manufacturer 75.8 4.2
Aberdeen US PE funds Funds US Funds of funds 70.0 3.9
Liberation Group Private Capital Jersey Pubs and restaurants 50.6 2.8
Axiom Asia funds Funds Asia Funds of funds 49.0 2.7
Buzz Bingo Private Capital UK Bingo operator 41.0 2.3
Microsoft Quoted Equity US Software 39.8 2.2
Oracle Quoted Equity US Infrastructure technology 37.1 2.1
Watsco Quoted Equity US Ventilation products 34.3 1.9
British American
Tobacco Quoted Equity UK Tobacco 32.6 1.8
Charter Communications Quoted Equity US Cable telecommunications 32.0 1.8
Texas Instruments Quoted Equity US Semiconductor manufacturer 31.8 1.8
JF Lehman funds Funds US Private equity funds 31.6 1.8
Asia Alternatives
funds Funds Asia Funds of funds 30.1 1.7
Unilever Quoted Equity UK Consumer goods 28.3 1.6
Becton Dickinson Quoted Equity US Medical technology 27.0 1.5
Stonepeak funds Funds UK Infrastructure funds 26.1 1.5
Spirax-Sarco Quoted Equity UK Steam engineering 26.0 1.5
Thermo Fisher Scientific Quoted Equity US Biotechnology development 24.8 1.4
Fastenal Quoted Equity US Fasteners 22.6 1.3
Bioanalytical testing
BioAgilytix Private Capital US services 22.0 1.2
Decheng funds Funds Asia Private equity funds 22.0 1.2
Polar Capital Quoted Equity UK Fund manager 21.9 1.2
AG Barr Quoted Equity UK Soft drinks 20.9 1.2
Hill & Smith Quoted Equity UK Infrastructure products 20.5 1.1
PAG Asia funds Funds Asia Private equity fund 20.5 1.1
North Haven fund Funds Asia Private equity fund 18.8 1.1
Other investments 384.0 21.6
Investment portfolio 1,635.4 91.5
Non-pool investments 21.3 1.2
Cash and other 130.6 7.3
------------------------------------------------------------------------------------ ------- ------
Net assets 1,787.3 100.0
------------------------------------------------------------------------------------ ------- ------
1. Geography is based on the country of listing, country of domicile
for unlisted investments and underlying regional analysis for
funds.
2. Funds pool investment valuations are based principally on managers'
NAV statements at 31 December 2019, adjusted to reflect the potential
impact of the Covid-19 pandemic.
Pool distribution Geographic distribution Asset class distribution
--------------------- ------------------------- --------------------------
Quoted Equity 32% United Kingdom 30% Listed equities 32%
Private Capital 35% Channel Islands 13% Private companies 34%
Private equity
Funds 25% Europe 7% funds 25%
Quoted market
Cash and other 8% North America 30% funds 1%
Asia 12% Cash and other 8%
Cash and other 8%
---------------- --- -------------------- --- --------------------- ---
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.
Covid-19 pandemic risk management
In March 2020, the Audit Committee conducted a review of the emerging risks arising from the Covid-19 pandemic and the mitigating actions taken by the business. The Committee considered actions to address financial risks arising from market volatility, liquidity and highly exposed Private Capital businesses. In addition, the operational risks associated with safety of staff, operational integrity and IT systems were all reviewed to ensure robust mitigation plans were in place.
Principal risks Mitigation Key developments
---------------------------- ------------------------------ ------------------------------
Strategic
Risks in relation to The company's business Quoted Equity approach
the appropriateness model and strategy adopted for Income
of the business model are reviewed periodically, portfolio.
to deliver long-term against market conditions Funds investment reduced
growth in capital and and target returns. by disposal of quoted
income. The performance of market funds.
Strategic risks include the company and its Approach to broad ESG
the allocation of capital key risks are monitored issues under development.
between public and regularly by management
private equity, and and the board.
in relation to geography,
sector, currency, yield
and liquidity.
Investment
Risks in respect of Investment opportunities Continued development
specific investment are subject to rigorous of risk management
and realisation decisions. appraisal and a multi-stage processes at portfolio
Investment risks include approval process. Investment and company levels.
the appropriate research managers have well-developed Active management of
and due diligence of networks through which Private Capital businesses
new investments and they attract proprietary to improve performance.
the timely execution deal flow. Target entry Level of new Fund commitments
of both investments and exit events and paired back and more
and realisations for prices are monitored focused.
optimising value. and updated regularly,
in relation to market
conditions and strategic
aims.
Market (risk level
increased to reflect
potential Covid-19
impact)
Risk of losses in value Market risks and sensitivities Performance issues
of investments arising are reviewed weekly with Income portfolio
from sudden and significant and actions taken, recognised and corrective
movements in market where appropriate, action taken.
prices, particularly to balance appropriately A foreign currency
in highly volatile risk and return. overlay strategy was
markets. A regular review of implemented to address
Caledonia's principal market and portfolio asymmetric currency
market risks are therefore volatility is conducted risk arising from Brexit
equity price volatility, by the board. Reviews process.
foreign exchange rate also consider investment Response to Covid-19
movements and interest concentration, currency pandemic for Private
rate volatility. exposure and portfolio Capital businesses
liquidity. has focussed on cost
and liquidity management
to protect key business
assets.
Liquidity (risk level
increased to reflect
potential Covid-19
impact)
Risk that liabilities Detailed cash forecasting Use of banking facilities
cannot be met or new for six months ahead limited to short term
investments made due is updated and reviewed only. Undrawn committed
to a lack of liquidity. weekly, including the banking facilities
Such risk can arise expected drawdown of of GBP250m in place.
from not being able capital commitments. Cash at year end of
to sell an investment Loan facilities are GBP115m, following
due to lack of a market maintained to provide sale of Quoted Equity
or from not holding appropriate liquidity assets in March to
cash or being able headroom. The liquidity provide additional
to raise debt. of the portfolio is liquidity to manage
reviewed regularly. Covid-19 related risks.
Planning processes
enhanced in response
to Covid-19 risks.
Operational (risk level
increased to reflect
potential Covid-19
impact)
Risks arising from Systems and control Continued investment
inadequate or failed procedures are developed in IT security and
processes, people and and reviewed regularly. business continuity.
systems or from external They are tested to Technology development
factors. ensure effective operation. completed to allow
Operational risks arise Appropriate remuneration the business to operate
from the recruitment, and other policies remotely ahead of Covid-19
development and retention are in place to encourage impact in the UK.
of staff, systems and the retention of key Risk raised to reflect
procedures and business staff. Business continuity concerns around staff
disruption. plans are maintained health, remote operation
and updated as the and broader business
business evolves. continuity issues.
Regulatory and legal
Risk arising from exposure Caledonia has internal US private equity fund
to litigation or fraud resources to consider interests moved into
or failure to adhere regulatory and tax a UK holding company
to the tax and regulatory matters as they arise: from existing Irish
environment. Caledonia use is made of advisers based ICAV structure,
operates across a number where necessary to following UK departure
of jurisdictions and supplement internal from the EU.
in an industry that knowledge in specialised New carbon disclosure
has been subject to areas. Caledonia is regulations incorporated
increasing regulatory a member of the Association into reporting regime.
oversight. of Investment Companies
and is represented
on its self-managed
investment trust committee.
Regular training is
undertaken.
EU/UK trade
Risk arising from a Continued monitoring Review of the continuing
failure to agree a of directly held unquoted business models of
trade agreement with investment performance our Private Capital
the EU will add cost and business model businesses have not
to UK trade and impact exposure to potential revealed significant
economic growth. EU/UK trade arrangements. exposures to trading
Potential volatility Continued monitoring arrangements which
to public equity and of public equity and may be impacted by
foreign exchange markets foreign exchange market the outcome of EU/UK
due to uncertainty responses to EU/UK trade negotiations.
as to any trade agreement trade negotiations. We continue to monitor
and its impact. potential impacts to
our public equities
as the EU/UK trade
negotiation position
develops.
Group statement of comprehensive income
for the year ended 31 March 2020
2020 2019
Revenue Capital Total Revenue Capital Total
GBPm GBPm GBPm GBPm GBPm GBPm
-------------------------------- ------- ------- ------- ------- ------- ------
Revenue
Investment income 53.4 - 53.4 52.1 - 52.1
Other income - - - 0.1 0.9 1.0
Net gains and losses on fair
value investments - (206.3) (206.3) - 176.7 176.7
Net gains and losses on fair
value property - - - - (5.3) (5.3)
-------------------------------- ------- ------- ------- ------- ------- ------
Total revenue 53.4 (206.3) (152.9) 52.2 172.3 224.5
Management expenses (17.2) 0.6 (16.6) (17.9) (8.6) (26.5)
Profit/(loss) before finance
costs 36.2 (205.7) (169.5) 34.3 163.7 198.0
Treasury interest receivable 0.6 - 0.6 0.5 - 0.5
Finance costs (2.1) - (2.1) (2.1) - (2.1)
Exchange movements (0.9) - (0.9) 0.5 - 0.5
-------------------------------- ------- ------- ------- ------- ------- ------
Profit/(loss) before tax 33.8 (205.7) (171.9) 33.2 163.7 196.9
Taxation 0.8 (1.8) (1.0) 1.4 (0.1) 1.3
-------------------------------- ------- ------- ------- ------- ------- ------
Profit/(loss) for the year 34.6 (207.5) (172.9) 34.6 163.6 198.2
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 - 1.1 1.1 - (0.1) (0.1)
Tax on other comprehensive
income - (0.7) (0.7) - 0.2 0.2
-------------------------------- ------- ------- ------- ------- ------- ------
Total comprehensive income 34.6 (207.1) (172.5) 36.0 163.7 199.7
-------------------------------- ------- ------- ------- ------- ------- ------
Basic earnings per share 63.1p -378.1p -315.0p 63.0p 297.9p 360.9p
Diluted earnings per share 62.6p -378.1p -315.0p 61.9p 292.8p 354.7p
-------------------------------- ------- ------- ------- ------- ------- ------
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 loss 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 2020
Group Company
2020 2019 2020 2019
GBPm GBPm GBPm GBPm
--------------------------------------- ------- ------- ------- -------
Non-current assets
Investments held at fair value through
profit or loss 1,656.7 1,860.0 1,658.1 1,864.2
Investments in subsidiaries held at
cost - - 0.9 0.9
Investment property 8.7 6.7 - -
Property, plant and equipment 28.0 28.4 - -
Deferred tax assets 1.0 3.6 - -
Employee benefits 5.1 2.6 - -
Non-current assets 1,699.5 1,901.3 1,659.0 1,865.1
--------------------------------------- ------- ------- ------- -------
Current assets
Trade and other receivables 6.6 21.3 36.4 50.8
Current tax assets 2.6 5.3 2.6 5.2
Cash and cash equivalents 114.7 112.3 112.6 111.3
--------------------------------------- ------- ------- ------- -------
Current assets 123.9 138.9 151.6 167.3
--------------------------------------- ------- ------- ------- -------
Total assets 1,823.4 2,040.2 1,810.6 2,032.4
--------------------------------------- ------- ------- ------- -------
Current liabilities
Trade and other payables (30.0) (28.1) (30.0) (34.3)
Employee benefits (0.9) (2.8) - -
--------------------------------------- ------- ------- ------- -------
Current liabilities (30.9) (30.9) (30.0) (34.3)
--------------------------------------- ------- ------- ------- -------
Non-current liabilities
Employee benefits (5.2) (7.3) - -
Non-current liabilities (5.2) (7.3) - -
--------------------------------------- ------- ------- ------- -------
Total liabilities (36.1) (38.2) (30.0) (34.3)
--------------------------------------- ------- ------- ------- -------
Net assets 1,787.3 2,002.0 1,780.6 1,998.1
--------------------------------------- ------- ------- ------- -------
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 1,541.3 1,748.4 1,543.2 1,754.2
Retained earnings 255.5 292.4 246.9 282.7
Own shares (15.3) (44.6) (15.3) (44.6)
--------------------------------------- ------- ------- ------- -------
Total equity 1,787.3 2,002.0 1,780.6 1,998.1
--------------------------------------- ------- ------- ------- -------
Undiluted net asset value 3259p 3645p
Diluted net asset value 3236p 3582p
--------------------------------------- ------- ------- ------- -------
The financial statements were approved by the board and authorised for issue on 26 May 2020 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 2020
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 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
-------------------------------- ------- ------- ------- ------- -------- ------ ------- Total comprehensive income Loss for the year - - - (207.5) 34.6 - (172.9) Other comprehensive income - - - 0.4 - - 0.4 -------------------------------- ------- ------- ------- ------- -------- ------ ------- Total comprehensive income - - - (207.1) 34.6 - (172.5) -------------------------------- ------- ------- ------- ------- -------- ------ ------- Transactions with owners of the company Contributions by and distributions to owners Share-based payments - - - - (1.5) - (1.5) Transfer of shares to employees - - - - (37.2) 37.2 - Own shares purchased - - - - - (7.9) (7.9) Dividends paid - - - - (32.8) - (32.8) -------------------------------- ------- ------- ------- ------- -------- ------ ------- Total transactions with owners - - - - (71.5) 29.3 (42.2) Balance at 31 March 2020 3.2 1.3 1.3 1,541.3 255.5 (15.3) 1,787.3 -------------------------------- ------- ------- ------- ------- -------- ------ ------- Company 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 Loss and total comprehensive income - - - (211.0) 35.7 - (175.3) -------------------------------- ------- ------- ------- ------- -------- ------ ------- Transactions with owners of the company Contributions by and distributions to owners Share-based payments - - - - (1.5) - (1.5) Transfer of shares to employees - - - - (37.2) 37.2 - Own shares purchased - - - - - (7.9) (7.9) Dividends paid - - - - (32.8) - (32.8) -------------------------------- ------- ------- ------- ------- -------- ------ ------- Total transactions with owners - - - - (71.5) 29.3 (42.2) Balance at 31 March 2020 3.2 1.3 1.3 1,543.2 246.9 (15.3) 1,780.6 -------------------------------- ------- ------- ------- ------- -------- ------ -------
Statement of cash flows
for the year ended 31 March 2020
Group Company
2020 2019 2020 2019
GBPm GBPm GBPm GBPm
------------------------------------------- ------- ------- ------- -------
Operating activities
Dividends received 48.8 45.9 48.8 45.9
Interest received 1.7 1.6 1.7 1.6
Cash received from customers - 0.1 - -
Cash paid to suppliers and employees (23.3) (19.2) (28.7) (25.9)
Taxes received 0.2 - 0.2 -
Taxes paid (0.1) (0.1) (0.1) (0.1)
Group tax relief received 3.7 2.5 3.7 2.5
Group tax relief paid (0.1) (1.5) - (1.5)
------------------------------------------- ------- ------- ------- -------
Net cash flow from operating activities 30.9 29.3 25.6 22.5
------------------------------------------- ------- ------- ------- -------
Investing activities
Purchases of investments (383.1) (558.2) (383.1) (558.2)
Proceeds from disposal of investments 397.2 473.7 399.6 476.9
Purchases of property, plant and equipment (2.7) (2.0) - -
------------------------------------------- ------- ------- ------- -------
Net cash flow from/(used in) investing
activities 11.4 (86.5) 16.5 (81.3)
------------------------------------------- ------- ------- ------- -------
Financing activities
Interest paid (1.7) (1.8) (1.6) (1.8)
Dividends paid to owners of the company (32.8) (31.6) (32.8) (31.6)
Proceeds from bank borrowings 10.0 - 10.0 -
Repayment of bank borrowings (10.0) - (10.0) -
Loan receipts from subsidiaries 2.5 1.7 2.5 7.0
Loan payments to subsidiaries - - (1.0) (4.3)
Purchases of own shares (7.9) (6.6) (7.9) (6.6)
------------------------------------------- ------- ------- ------- -------
Net cash flow used in financing activities (39.9) (38.3) (40.8) (37.3)
------------------------------------------- ------- ------- ------- -------
Net increase/(decrease) in cash and cash
equivalents 2.4 (95.5) 1.3 (96.1)
Cash and cash equivalents at year start 112.3 207.8 111.3 207.4
------------------------------------------- ------- ------- ------- -------
Cash and cash equivalents at year end 114.7 112.3 112.6 111.3
------------------------------------------- ------- ------- ------- -------
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 number 235481. 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.
Under the UK Corporate Governance Code and applicable regulations, the directors are required to satisfy themselves that it is reasonable to presume that the company is a going concern. After reviewing the company's performance projections for a period of at least 12 months, the directors are satisfied that, in taking account of reasonably possible downsides including the potential impact of Covid--19, the company has adequate access to resources to enable it to meet its obligations and to continue in operational existence for the foreseeable future. The directors have considered the impact of the emergence and spread of Covid--19 and potential implications on the future of the company. Whilst there are significant wider market uncertainties which may impact portfolio company investments (Private Capital) and the fund investments (Funds pool), the company does not believe this will significantly impact the liquidity of the company over the next 12 months. Accordingly, the directors have adopted the going concern basis in preparing these financial statements.
In the current year, the group has adopted IFRS 16 Leases. Adoption of this standard did not impact the financial position of the group.
2. Dividends
Amounts recognised as distributions to owners of the company in the year were as follows:
2020 2019
p/share GBPm p/share GBPm
------------------------------------- ------- ---- ------- ----
Final dividend for the year ended 31
March 2019 (2018) 43.2 23.7 41.5 22.8
Interim dividend for the year ended
31 March 2020 (2019) 16.6 9.1 16.1 8.8
59.8 32.8 57.6 31.6
------------------------------------- ------- ---- ------- ----
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 2020 44.5 24.4 ------------------------------------- ---- ----
The proposed final dividend for the year ended 31 March 2020 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 29 July 2020, will be payable on 6 August 2020 to holders of shares on the register on 26 June 2020. The ex-dividend date will be 25 June 2020.
The deadline for elections under the dividend reinvestment plan offered by Link Asset Services will be the close of business on 16 July 2020.
For the purposes of section 1158 of the Corporation Tax Act 2010 and associated regulations, the dividends payable for the year ended 31 March 2020 are the interim and final dividends for that year, amounting to GBP33.5m (2019 - GBP32.5m).
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/(loss) 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/(loss) attributable to shareholders (basic and diluted) was as follows:
2020 2019
GBPm GBPm
-------- ------- -----
Revenue 34.6 34.6
Capital (207.5) 163.6
-------- ------- -----
Total (172.9) 198.2
-------- ------- -----
The weighted average number of shares was as follows:
2020 2019
000's 000's
--------------------------------------------------------- ------ ------
Issued shares at the year start 55,374 55,381
Effect of shares cancelled - (6)
Effect of shares held by the employee share trust (490) (451)
--------------------------------------------------------- ------ ------
Basic weighted average number of shares in the year 54,884 54,924
Effect of performance shares, share options and deferred
bonus awards 388 960
--------------------------------------------------------- ------ ------
Diluted weighted average number of shares in the
year 55,272 55,884
--------------------------------------------------------- ------ ------
4. Operating segments
The following is an analysis of the profit/(loss) before tax for the year and assets analysed by primary operating segments:
Profit/(loss) Total assets
before tax
2020 2019 2020 2019
GBPm GBPm GBPm GBPm
-------------------------- ------- ------ ------- -------
Quoted Equity (1.7) 95.6 574.0 688.9
Private Capital (128.5) 63.4 611.3 659.5
Funds (13.6) 69.9 450.1 482.7
Investment portfolio (143.8) 228.9 1,635.4 1,831.1
Other investments (9.1) (4.4) 21.3 28.9
-------------------------- ------- ------ ------- -------
Total revenue/investments (152.9) 224.5 1,656.7 1,860.0
Cash and cash equivalents 0.6 0.5 114.7 112.3
Other items (19.6) (28.1) 52.0 67.9
-------------------------- ------- ------ ------- -------
Reportable total (171.9) 196.9 1,823.4 2,040.2
-------------------------- ------- ------ ------- -------
5. Share-based payments
In the year to 31 March 2020, participating employees in the performance share scheme were awarded options over 239,138 shares at nil-cost (2019 - 261,816 shares).
Also in the year to 31 March 2020, participating employees received deferred awards over 44,930 shares (2019 - 493 shares).
The IFRS 2 credit included in profit or loss for the year was GBP2.4m (2019 - GBP6.6m expense).
6. 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.
2020 2019
Net Number Net Number
assets of shares NAV assets of shares NAV
GBPm 000's p/share GBPm 000's p/share
-------------- ------- --------- ------- ------- --------- -------
Undiluted 1,787.3 54,839 3259 2,002.0 54,929 3645
Share options - 388 (23) - 960 (63)
-------------- ------- --------- ------- ------- --------- -------
Diluted 1,787.3 55,227 3236 2,002.0 55,889 3582
-------------- ------- --------- ------- ------- --------- -------
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.
2020 2019
p p
------------------------------ ----- -----
Diluted NAV at year start 3582 3285
------------------------------ ----- -----
Diluted NAV at year end 3236 3582
Dividends payable in the year 60 58
Reinvestment adjustment (6) 3
------------------------------ ----- -----
3290 3643
------------------------------ ----- -----
NAVTR over the year -8.1% 10.9%
------------------------------ ----- -----
1. The reinvestment adjustment is the gain or loss resulting from
reinvesting the dividends in NAV at the ex-dividend date.
7. 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
2020 2019 2020 2019
GBPm GBPm GBPm GBPm
-------------------------- ----- ----- ----- -----
Investments
Contracted but not called 305.2 330.6 313.5 339.0
Conditionally contracted 75.6 167.6 75.6 167.6
-------------------------- ----- ----- ----- -----
380.8 498.2 389.1 506.6
-------------------------- ----- ----- ----- -----
Conditionally contracted commitments at 31 March 2019 included GBP142.6m in respect of the acquisition of a minority holding in Stonehage Fleming, then subject to regulatory approval.
8. 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.
9. Financial information
The financial information set out above does not constitute the company's statutory accounts for the years ended 31 March 2020 or 2019 but is derived from those accounts. Statutory accounts for 31 March 2019 have been delivered to the Registrar of Companies, and those for 31 March 2020 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 2020 will be delivered to shareholders on 25 June 2020 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 2020 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
loss 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 26 May 2020 26 May 2020
FTSE International Limited ('FTSE') (c) FTSE 2020. '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
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