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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Old Mutual S.A. | LSE:OMT | London | Ordinary Share | GB0006599418 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 187.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7990J Old Mutual South Africa Trust PLC 09 April 2003 OLD MUTUAL SOUTH AFRICA TRUST PLC Unaudited interim results for the period ended 28 February 2003 Investment Manager's Report Review of performance For the six months to 28 February 2003, the Trust outperformed its benchmark by 3.9%, returning 15.0% compared to 11.1% for the Index, in capital sterling terms. The sterling total return outperformance was 2%. Performance was supported by a higher weighting in small and mid-cap industrial stocks which benefited from strong domestic growth. General stock selection across the sectors, the largest overall contributor in terms of attribution, also helped lift performance. Absolute returns were boosted by the rand appreciation against sterling over the period. The South African equity market South Africa was one of the best performing markets in 2002 and the rand was the best performing currency. During the six months since August 2002, the FTSE/JSE All Share Index (the "Index"), the benchmark for the Trust, climbed 11.1% in capital sterling terms. In capital rand terms, the Index fell 13.2%, with all major sectors recording losses against the backdrop of weak global sentiment and the impact on local earnings of the strong rand, which appreciated over 28%. The Financial Index declined 8.7% in rand terms, but was still the best performing sector, reflecting its continued relative appeal. Industrials fell 15.2%, in line with worldwide scepticism about the outlook for IT stocks. Resources declined 14% as a result of the net effect of rising commodity prices and a strengthening rand. The South African economy The South African economy remained relatively buoyant during 2002, despite weak global demand and four interest rate hikes. GDP grew at a rate of 3.0%, twice the global average, for the tenth successive year of positive growth. While recent indicators point to a moderate slowdown in economic activity early in 2003, a significant downturn is unlikely. Strong growth in government consumption and infrastructure spending, significant individual tax cuts in the February budget and sustained momentum in private capital spending should prevent a strong downturn in local economic activity. Consumer spending, in particular, has remained firm, supported by strong wage growth and the tax cuts. Consequently, growth is forecast to average about 2.5% in 2003, only moderately slower than in 2002. A key supporting force to domestic demand is fiscal policy. Government released yet another market-friendly budget in February, which balanced fiscal prudence with greater social and capital spending and significant individual tax cuts. It also announced further steps in the process of gradual exchange control relaxation. The budget deficit is projected to rise to 2.4% (1.4% in the previous fiscal year), which is low by historical and international standards. While the expansionary nature of the budget is welcome, it has implications for monetary policy. Last year's surge in inflation was the motivating factor behind the rise in interest rates. Inflation is expected to decline sharply in 2003. CPIX inflation peaked at 12.7% in November 2002 and has already eased to 11.3% in February 2003. CPIX is expected to fall to just within the South African Reserve Bank's ("SARB") 3%-6% target range by year-end. It is unlikely that the SARB will start to reduce interest rates until it is convinced that there is a strong downtrend in inflation. Consequently, it is expected that the SARB will maintain its current stance for a while longer, with the first rate cut forecast for June. Outlook While the South African economy is expected to slow moderately further in the first half of 2003, with the impact of high interest rates, a strong rand and weak foreign demand, growth is forecast to pick up during the second half of the year. The expansionary fiscal stance, expected lower interest rates and, hopefully, improved global conditions (including lower energy prices) should lend new support to the economy as the year progresses. South African equities look cheap in their own right, on a price-earnings basis, as well as relative to bonds. Based on an excellent dividend yield, they also look particularly attractive. The risk for the South African market remains the pressure from global equity markets. As long as the war with Iraq continues, world economic recovery is in question and volatility in international markets is likely to persist. Old Mutual Asset Managers (Bermuda) Ltd 8 April 2003 Unaudited Statement of Total Return (incorporating the revenue account*) for the six months to 28 February 2003 Unaudited Unaudited Six months to 28 February 2003 Six months to 28 February 2002 Revenue* Capital Total Revenue* Capital Total #'000 #'000 #'000 #'000 #'000 #'000 Gains/(losses) on - 5,247 5,247 - (12,082) (12,082) investments Exchange - (388) (388) - 21 21 (losses)/gains on capital items Income 670 - 670 522 - 522 Investment (43) (128) (171) (45) (136) (181) management fee Other (143) - (143) (160) - (160) administrative --------------- ---------- ---------- ------------- ------------ ------------ expenses Net return/(loss) 484 4,731 5,215 317 (12,197) (11,880) on ordinary activities before finance costs and taxation Interest payable (29) (88) 117) (16) (49) (65) and similar charges --------------- ---------- ---------- ------------- ------------ ------------ Net return/(loss) 455 4,643 5,098 301 (12,246) (11,945) on ordinary activities before taxation Taxation on (142) 142 - (55) 55 - ordinary activities --------------- ---------- ---------- ------------- ------------ ------------ Net return/(loss) 313 4,785 5,098 246 (12,191) (11,945) on ordinary --------------- ---------- ---------- ------------- ------------ ------------ activities after taxation Realised gain on - - - - 3,329 3,329 lapse of warrants Final dividend - - - - - - 2002: 1.29p --------------- ---------- ---------- ------------- ------------ ------------ Transfer to/(from) 313 4,785 5,098 246 (8,862) (8,616) reserves ======== ====== ====== ======= ======= ======= Return/(loss) per 0.60p 9.14p 9.74p 0.47p (23.30p) (22.83p) ordinary share** ======== ====== ====== ======= ======= ======= Audited Year to 31 August 2002 Revenue* Capital Total #'000 #'000 #'000 Gains/(losses) on investments - (14,199) (14,199) Exchange (losses)/gains on capital items - 175 175 Income 1,165 - 1,165 Investment management fee (91) (271) (362) Other administrative expenses (289) - (289) ------------ ------------ --------- Net return/(loss) on ordinary activities before finance 785 (14,295) (13,510) costs and taxation Interest payable and similar charges (48) (144) (192) --------------- ------------ ------------ Net return/(loss) on ordinary activities before taxation 737 (14,439) (13,702) Taxation on ordinary activities (164) 164 - --------------- ------------ ------------ Net return/(loss) on ordinary activities after taxation 573 (14,275) (13,702) --------------- ------------ ------------ Realised gain on lapse of warrants - 3,329 3,329 Final dividend 2002: 1.29p (675) - (675) ------------ ------------ ---------- Transfer to/(from) reserves (102) (10,946) (11 ,048) ======= ======= ======= Return/(loss) per ordinary share** 1.10p (27.29p) (26.19p) ======= ======= ======= The revenue columns of this statement represent the revenue accounts of the Company. ** See note 1. Balance Sheet as at 28 February 2003 Unaudited Unaudited Audited at 28 February 2003 at 28 February 2002 at 31 August 2002 #'000 #'000 #'000 Fixed assets Investments 39,396 34,301 34,652 --------------- --------------- --------------- Current assets Debtors 51 439 140 Cash at bank 180 268 33 --------------- --------------- --------------- 231 707 173 --------------- --------------- --------------- Creditors - amounts falling due within one year (2,820) (867) (3,116) --------------- --------------- --------------- Net current liabilities (2,589) (160) (2,943) ---------------- ---------------- ---------------- Net assets 36,807 34,141 31,709 ========= ========= ======== Capital and reserves Called-up share capital 5,232 5,232 5,232 Share premium account 19,001 19,001 19,001 Warrant reserve - exercised 26 26 26 Special reserve 22,000 22,000 22,000 Capital reserve - realised (12,420) (11,940) (11,596) - unrealised 1,681 (1,500) (3,928) Revenue reserve 1,287 1,322 974 --------------- --------------- --------------- Equity shareholders' funds 36,807 34,141 31,709 ======== ======== ======== Net asset value per ordinary share* 69.7p 64.8p 60.6p ======== ======== ======== * See note 2. Cash Flow Statement for the six months to 28 February 2003 Unaudited Unaudited Audited Six months to Six months to Year to 28 February 2003 28 February 2002 31 August 2002 #'000 #'000 #'000 Net cash inflow from operating activities 389 154 321 Interest paid (117) (88) (214) Total tax recovered - - 196 Net cash inflow from purchases and sales of 547 5,397 2,957 investments Equity dividends paid (675) (675) (675) ------------------ ------------------ ------------------ Net cash inflow before financing 144 4,788 2,585 Net cash outflow from financing (18) (4,610) (2,096) ------------------ ------------------ ------------------ Increase in cash 126 178 489 ========== ========== ========== Reconciliation of operating revenue before finance costs and taxation to net cash flow from operating activities Net revenue before interest payable and taxation 484 317 785 Scrip received on share capitalisation awards (6) (22) (136) Decrease/(increase) in accrued income 47 50 (29) Decrease/(increase) in other debtors 4 (20) (12) Decrease in creditors (12) (35) (16) Investment management fee charged to capital (128) (136) (271) ---------------- ---------------- ---------------- Net cash inflow from operating activities 389 154 321 ========= ========= ========== Reconciliation of net cash inflow to movement in net debt Increase in cash as above 126 178 489 Cash outflow from financing 18 4,610 2,096 ------------------ ------------------ ---------------- Change in net debt resulting from cash flows 144 4,788 2,585 Exchange movements (388) 21 175 ------------------ ------------------ ----------------- Movement in net debt during the year (244) 4,809 2,760 Net debt at beginning of the period (2,280) (5,040) (5,040) ------------------- ------------------- ----------------- Net debt at the end of the period (2,524) (231) (2,280) =========== =========== ========= Represented by: Cash at bank and short term deposits 180 268 33 Debt falling due within one year (2,704) (499) (2,313) ------------------ ------------------ ----------------- (2,524) (231) (2,280) ========== ========== ========== NOTES 1. Return/(loss) per ordinary share Revenue return per ordinary share is based on the net revenue on ordinary activities after taxation of #313,000 (six months to 28 February 2002: #246,000; year to 31 August 2002: #573,000) and on 52,326,063 ordinary shares (six months to 28 February 2002: 52,326,063; year to 31 August 2002: 52,326,063) being the weighted average number of ordinary shares in issue during the period. Capital gain per ordinary share is based on net capital gains of #4,785,000 (six months to 28 February 2002: loss of #12,191,000; year to 31 August 2002: loss of #14,275,000) and on 52,326,063 ordinary shares (six months to 28 February 2002: 52,326,063; year to 31 August 2002: 52,326,063) being the weighted average number of ordinary shares in issue during the period. 2. Net asset value per share The net asset value per ordinary share at 28 February 2003 and 28 February 2002 excludes current period retained revenue of #313,000 and #246,000 respectively. 3. Issued share capital At 28 February 2003 there were 52,326,063 ordinary shares in issue (28 February 2002 and 31 August 2002: 52,326,063). 4. 2002 Accounts The figures and financial information for the year to 31 August 2002 are extracted from the latest published accounts of the Company and do not constitute statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and included the report of the Auditors which was unqualified and did not contain a statement under either section 237(2) or 237(3) of the Companies Act 1985. The interim report will be issued to shareholders in late April 2003 and further copies will be available from the Company's registered office. For further information, contact: Helen Horton Cogent Secretarial Services Limited Tel: 020 7410 3132 Investment Portfolio Ten largest holdings as at 28 February 2003 Sector Market value of % of total net holdings (#'000) assets Anglo American plc Mining resources 5,306 14.4 BHP Billiton Mining resources 2,859 7.8 Gold Fields Mining resources (gold) 2,494 6.8 Sasol Non-mining resources 2,324 6.3 Gencor Mining resources (platinum) 1,872 5.1 Remgro Diversified industrial 1,754 4.8 Standard Bank Group Banks 1,648 4.5 United Service Technologies Transport 1,451 3.9 Murray & Roberts Holdings Construction and building materials 1,390 3.8 Nedcor Banks 1,319 3.6 Total 22,417 61.0 The net assets had a total value of #36,807,000 (R467,574,000). The rate of exchange on 28 February 2003 was R12.7034 to #1. Structure of the Trust as at 28 February 2003 #m % of total net assets Industrial shares 14.4 39.1 Financial shares 7.9 21.5 Mining resources 13.8 37.5 Non-mining resources 3.3 9.0 Total direct investment* 39.4 107.1 Net current liabilities (2.6) (7.1) -------- -------- Total net assets 36.8 100.0 ===== ===== Structure of the Trust by market capitalisation as at 28 February 2003 % of direct investment* % of FTSE/JSE All Share Index Large-market capitalisation (top 40) 79.3 86.7 Mid-market capitalisation (next 60) 16.4 10.9 Small-market capitalisation (remaining 4.3 2.4 companies) -------- -------- Total 100.0 100.0 ===== ===== *Total direct investment is taken to include ordinary shares, preference shares and loan stocks issued by South African companies. NAV and share price in sterling terms as at 28 February 2003 2003 2002 Net asset value ('NAV') (pence) 69.7 64.8 Ordinary share price (pence) 59.0 54.5 Performance comparison percentage change in sterling terms to 28 February 2003 (capital returns) Share price JSE Fin & Ind FTSE/JSE All NAV Share 6 months since 31 August 2002 26.2 11.1 15.0 12 months since 28 February 2002 8.3 10.8 7.6 14 months since 31 December 2001 21.0 10.6 19.2 1 year to 31 December 2001# (34.1)* (40.1) (37.6) 2 years to 31 December 2001# (52.0)* (51.4) (54.3) 5 years to 31 December 2001# (43.5)* (52.1) (45.2) # This data shown to 31 December 2001 and compared to the JSE Actuaries Financial and Industrial Index which was the benchmark from inception. The benchmark was changed to the JSE Actuaries All Share Index from 1 January 2002 (subsequently renamed FTSE/JSE All Share Index) * For these periods this figure was a share price package incorporating the price of the warrants. The warrants have now lapsed following the final exercise on 31 December 2001. This information is provided by RNS The company news service from the London Stock Exchange END IR DVLFBXZBFBBE
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