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6 Jan 2017 14:05
Caledonia Investments plc
Interim Management Statement for the quarter ended 31 December 2016
Caledonia is a self-managed investment trust company with net assets of £1.8bn. It aims to deliver growth in shareholder capital measured over the long term and in annual dividends. It invests in businesses and funds, both listed and private, in a range of sectors and regions.
Caledonia presents its interim management statement for the quarter ended 31 December 2016 and up to the date of publication.
Material events
o | Over the quarter, NAV increased to £1,811m from £1,726m. The NAV per share total return for the quarter was 5.4%, bringing the year to date return for the nine months to 12.5%. Unquoted investments are revalued in March and September. Consequently, the NAV at 31 December 2016 did not include any valuation adjustments to unquoted investments in the past three months, except for Park Holidays as noted below. |
o | Investments during the period totalled £51.8m, including £22.8m in fund commitment drawdowns. |
o | Realisations during the period totalled £45.3m, including £23.9m from fund redemptions and distributions. |
o | On 19 December 2016, Caledonia announced that it had agreed terms for the sale of Park Holidays, the UK's third largest holiday park operator, at an enterprise value of £362m. Caledonia will receive £197m for the sale of its equity stake. Completion of the transaction is conditional on the approval of the Financial Conduct Authority, which could take up to three months. The NAV reflects the increase in valuation of Park Holidays to the agreed sale price. |
o | An interim dividend of 14.9p per share was declared on 24 November 2016, an increase in interim dividend of 4.2% over the previous year. The dividend, totalling £8.2m, was paid on 5 January 2017 to holders of ordinary shares on the register on 2 December 2016. The ex-dividend date was 1 December 2016. |
Financial position and performance summary
At 31 Dec 2016 | At 30 Sep 2016 | ||
Net asset value | £1,811m | £1,726m | |
NAV per share | 3235p | 3083p | |
Discount | 19.9% | 20.7% | |
1. | NAVs per share are calculated on a diluted, cum-income basis. | ||
2. | 31 December 2016 was the latest date on which an NAV per share was prepared. | ||
3. | Caledonia reviews the valuation of its unquoted investments in March and September. | ||
At 31 December 2016, the company had cash of £16.8m, compared with £29.4m of cash at 30 September 2016.
Investment portfolio
Ten largest holdings as at 31 December 2016
31 Dec 2016 | 30 Sep 2016 | ||
Name | Business | £m | £m |
Park Holidays | Caravan parks operator | 197.0 | 134.2 |
Cobehold | Investment company | 121.3 | 122.9 |
Gala Bingo | Bingo operator | 92.3 | 92.3 |
Seven Investment Management | Investment management | 76.7 | 76.7 |
The Liberation Group | Pubs and restaurant | 73.1 | 71.0 |
The Sloane Club | Residential club | 58.5 | 58.5 |
Choice Care Group | Care homes provider | 54.6 | 54.6 |
Bristow Group | Helicopter services | 48.2 | 31.9 |
AG Barr | Soft drinks | 41.3 | 41.8 |
British American Tobacco | Tobacco | 40.6 | 44.1 |
803.6 | 728.0 | ||
Other investments | 974.1 | 951.6 | |
Cash and other items | 33.0 | 46.3 | |
Net assets | 1,810.7 | 1,725.9 |
Pool distribution
31 Dec 2016 | 30 Sep 2016 | |
Quoted pool | 24% | 25% |
Income & Growth pool | 12% | 12% |
Unquoted pool | 41% | 39% |
Funds pool | 21% | 21% |
Cash and other | 2% | 3% |
Enquiries
Caledonia Investments plc
Will Wyatt (Chief Executive)
Stephen King (Finance Director)
Tel: +44 20 7802 8080
Tulchan Communications
Peter Hewer
Jessica Reid
Tel: +44 20 7353 4200
6 January 2017
END
Caledonia publishes monthly fact sheets, which give further details of the investment and other activities during each month. These fact sheets and other information are available on the Company's website at www.caledonia.com. Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.
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