TIDMAMN
RNS Number : 5953S
Asset Management Investment Co.PLC
21 May 2009
For immediate release Thursday, 21 May 2009
ASSET MANAGEMENT INVESTMENT COMPANY PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS TO 31 MARCH 2009
Asset Management Investment Company PLC ('AMIC'), the specialist investor in the
global asset management industry, announces its results for the six months to 31
March 2009.
Highlights
* Return of cash to shareholders of 27p per Ordinary Share
* Pre-tax revenue profit GBP1,066,000 (31 March 2008 GBP734,000)
* Interim dividend 2.5p net per share (2008 2.0p per share)
* 542,500 ordinary shares (2.8% of issued share capital) bought back since start
of financial year
* Net assets GBP13.3 million (31 March 2008 GBP28.5 million)
* NAV per share 72.46p (ex return of cash) (31 March 2008 146.51p)
Chairman's statement
Background
The first half of your Company's financial year witnessed a continuation of the
turmoil in financial markets and depressed stock markets worldwide.
Against this background your Company's principal investments have experienced
difficult operating conditions, which have been reflected in their valuations,
the net asset value per share of 72.46p (or 99.46p adjusted for the capital
distribution of 27p per share in February 2009) at 31 March 2009 comparing with
125.46p as at 30 September 2008. However, a higher income from the investment
portfolio has been achieved and the companies are well positioned to continue
their growth when market conditions permit.
Investment portfolio
Your company holds two listed investments, City of London Investment Group plc
and Integrated Asset Management plc. City of London experienced volatility in
the level of funds under management as a consequence of markets, but the company
has expressed its optimism for prospects for the emerging markets as global
economic recovery comes closer. The company is seeing an encouraging flow of new
mandates, and the office opened in Dubai to exploit the opportunities it sees in
the Middle East is developing successfully. Integrated Asset Management recently
announced the sale of its funds of funds business together with the cancellation
of 27% of its issued share capital, and has a strong balance sheet. The share
prices of both companies have made significant recoveries from the lowest levels
reached.
IFDC Group S.A., a manager of funds invested in the Japanese stock market, has
continued to be a major contributor to our revenue, although the weakness in the
Japanese stock market has adversely affected the level of assets under
management and obliged your Board to reduce the valuation of the investment.
International Foreign Exchange Concepts Holdings, Inc ('FX Concepts') whose
business has been less affected by equity markets, had another excellent year in
2008, with revenues which are again well ahead of the level which ensures that
AMIC will receive the maximum revenue of $1,425,000 from its note. Lombardia
Capital Partners, who are managers of large cap, mid cap and small cap equity
portfolios invested in the United States stock markets, have maintained
excellent performance in each investment area and are seeing an encouraging flow
of new mandates.
Corporate developments
As reported in my statement with the Annual Report for 2008, on 31 October 2008
FX Concepts exercised the call option which it held in respect of the 20,014
ordinary shares in FX Concepts held by AMIC. Following consultation with major
shareholders and its advisers your Board decided that the majority of the net
proceeds from the disposal should be returned to shareholders and a capital
distribution of 27p per share was completed on 10 February 2009.
Financial results
Revenue profit after tax for the period was GBP849,000 compared with GBP549,000
at the previous half year. The investment income was GBP1.09 million compared
with GBP0.93 million at the previous half year, the strengthened dollar reducing
the impact of a slight decrease in the income received. A substantial part of
the revenue received by the Company is received in the second half of the
financial year.
The Company will pay an interim dividend of 2.5p net per share (2008: 2.0p) on
14 August 2009 to shareholders on the register at 24 July 2009. This increase
in the interim dividend should not be taken as an indication that the total
dividend for the year will be increased.
Gearing
At the end of the interim period the gearing (being the proportion of interest
bearing debt to total assets) stood at 17% (31 March 2008 19%). The gearing
arises from the outstanding loan of $4 million from Investec Bank which will be
finally repaid on 2 July 2009 from the remaining amount to be received from FX
Concepts under the terms of the disposal agreement between the Company and FX
Concepts dated 7 February 2006.
Risk Management
The major risks associated with the business of the Group are market risk,
currency risk, liquidity risk and credit risk. The Group has established a
comprehensive framework for managing these risks, which evolves as the business
activities of the Group change in response to market, credit and other
developments. The policies of the Group for managing each of these risks and its
exposure thereto are detailed in note 26 of the financial statements for the
year ended 30 September 2008. Other risks include market share price risk and
regulatory risk as mentioned under the Business Review of the Directors' Report
in the financial statements for the year ended 30 September 2008.
Outlook
Despite the view in some quarters that the worst may be over, the considerable
uncertainties in the financial markets may take a significant time to resolve.
Operating conditions for asset management companies in general continue to be
challenging, but your Board continue to be confident that the principal
investments in the portfolio should produce a satisfactory performance.
Charles Wilkinson
Chairman
21 May 2009
+----------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| CONDENSED INCOME STATEMENT (UNAUDITED) |
+------------------------------------------------------------------------------------------------------------------------------+
| | | Six months ended | Six months ended | Year ended |
+ + + + + +
| | | | | | |
+----------------+----------+--------------------------------+--------------------------------+--------------------------------+----------+
| | | 31 March 2009 | 31 March 2008 | 30 September 2008 |
+----------------+----------+--------------------------------+--------------------------------+--------------------------------+
| | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| | | Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total |
+----------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| | Notes | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Gains/(losses) | | - | (4,573) | (4,573) | - | 3,145 | 3,145 | - | (1,212) | (1,212) |
| on financial | | | | | | | | | | |
| assets at fair | | | | | | | | | | |
| value through | | | | | | | | | | |
| profit or loss | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Investment | | 1,088 | - | 1,088 | 934 | - | 934 | 2,109 | - | 2,109 |
| income | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Administration | | (106) | (319) | (425) | (145) | (436) | (581) | (287) | (860) | (1,147) |
| expenses | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Profit/(loss) | | 982 | (4,892) | (3,910) | 789 | 2,709 | 3,498 | 1,822 | (2,072) | (250) |
| before | | | | | | | | | | |
| finance | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| costs | | | | | | | | | | |
| and | | | | | | | | | | |
| taxation | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Interest | | (15) | (44) | (59) | (60) | (179) | (239) | (75) | (226) | (301) |
| payable | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Movement | | 69 | 206 | 275 | (18) | (53) | (71) | (11) | (34) | (45) |
| on loan | | | | | | | | | | |
| redemption | | | | | | | | | | |
| derivative | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Interest | | 30 | - | 30 | 23 | - | 23 | 54 | - | 54 |
| receivable | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Profit/(loss) | | 1,066 | (4,730) | (3,664) | 734 | 2,477 | 3,211 | 1,790 | (2,332) | (542) |
| on ordinary | | | | | | | | | | |
| activities | | | | | | | | | | |
| before | | | | | | | | | | |
| taxation | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Taxation | | (217) | 45 | (172) | (185) | - | (185) | (417) | 229 | (188) |
| | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Profit/(loss) | | 849 | (4,685) | (3,836) | 549 | 2,477 | 3,026 | 1,373 | (2,103) | (730) |
| for the | | | | | | | | | | |
| period from | | | | | | | | | | |
| continuing | | | | | | | | | | |
| operations | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Earnings | | | | | | | | | | |
| per | | | | | | | | | | |
| share | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Return | 2 | 4.48p | (24.73p) | (20.25p) | 2.71p | 12.23p | 14.94p | 6.96p | (10.66p) | (3.7p) |
| per | | | | | | | | | | |
| ordinary | | | | | | | | | | |
| share | | | | | | | | | | |
| (basic) | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Return | 2 | 4.48p | (24.73p) | (20.25p) | 2.71p | 12.23p | 14.94p | 6.96p | (10.66p) | (3.7p) |
| per | | | | | | | | | | |
| ordinary | | | | | | | | | | |
| share | | | | | | | | | | |
| (diluted) | | | | | | | | | | |
+----------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
+--------------------------------------------------------+--------+-----+----------+----------------+--+---------+--+--------------+
| |
+----------------------------------------------------------------------------------------------------------------------------------+
| | | | | | | | | |
+--------------------------------------------------------+--------+-----+----------+----------------+--+---------+--+--------------+
| The total column of this statement represents the Company's Income Statement, prepared in |
| accordance with International Financial Reporting Standards. The supplementary revenue and |
| capital columns are both prepared under guidance published by the Association of Investment |
| Companies. All items in the above statement derive from continuing operations. |
+---------------------------------------------------------------------------------------------------+
| | | | | | | | |
+--------------------------------------------------------+--------+-----+----------+----------------+--+---------+--+--------------+
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| CONDENSED BALANCE SHEET (UNAUDITED) |
+------------------------------------------------------------------------------------------------------------------+
| | | | | | | | |
+---------------+----------+----------+----------+----------+---------------------+----------+---------------------+
| | | 31 March 2009 | | 31 March 2008 | | 30 September 2008 |
+---------------+----------+---------------------+----------+---------------------+----------+---------------------+
| | Notes | GBP'000 | GBP'000 | | GBP'000 | GBP'000 | | GBP'000 | GBP'000 |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Non-current | | | 4 | | | 2 | | | 2 |
| assets | | | | | | | | | |
+---------------+ + + +----------+ + +----------+ + +
| Property, | | | | | | | | | |
| plant and | | | | | | | | | |
| equipment | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Investments | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Fair | | | | | | | | | |
| value | | | | | | | | | |
| through | | | | | | | | | |
| profit | | | | | | | | | |
| or loss | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| - Listed | | 2,305 | | | 7,340 | | | 3,765 | |
| investments | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| - | | 9,802 | | | 21,450 | | | 13,319 | |
| Unlisted | | | | | | | | | |
| investments | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| | | | 12,107 | | | 28,790 | | | 17,084 |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| | | | 12,111 | | | 28,792 | | | 17,086 |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Current | | | | | | | | | |
| assets | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Investment | | - | | | - | | | 5,614 | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Receivables | | 3,130 | | | 3,894 | | | 2,675 | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Cash and | | 1,153 | | | 3,201 | | | 1,233 | |
| cash | | | | | | | | | |
| equivalents | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| | | | 4,283 | | | 7,095 | | | 9,522 |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Total | | | 16,394 | | | 35,887 | | | 26,608 |
| assets | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Current | | | | | | | | | |
| liabilities | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Payables | | (204) | | | (375) | | | (400) | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Bank | | (2,791) | | | (2,012) | | | (2,244) | |
| loans | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Loan | | (19) | | | - | | | (295) | |
| Redemption | | | | | | | | | |
| Derivative | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| | | | (3,014) | | | (2,387) | | | (2,939) |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Total | | | 13,380 | | | 33,500 | | | 23,669 |
| assets | | | | | | | | | |
| less | | | | | | | | | |
| current | | | | | | | | | |
| liabilities | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Non-current | | | | | | | | | |
| liabilities | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Bank | | | - | | | (4,627) | | | - |
| loans | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Loan | | | - | | | (321) | | | - |
| Redemption | | | | | | | | | |
| Derivative | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Net | | | 13,380 | | | 28,552 | | | 23,669 |
| assets | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Equity | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Ordinary | | | 4,616 | | | 4,908 | | | 4,752 |
| share | | | | | | | | | |
| capital | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Special | | | 7,654 | | | 5,174 | | | 4,433 |
| Reserve | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Capital | | | - | | | 8,608 | | | 8,764 |
| Redemption | | | | | | | | | |
| Reserve | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Other | | | (1,318) | | | 7,947 | | | 3,367 |
| capital | | | | | | | | | |
| reserves | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Retained | | | 2,424 | | | 1,986 | | | 2,430 |
| earnings | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Own | | | 4 | | | (71) | | | (77) |
| share | | | | | | | | | |
| reserve | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Total | | | 13,380 | | | 28,552 | | | 23,669 |
| equity | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Allocation | | | | | | | | | |
| of | | | | | | | | | |
| shareholders' | | | | | | | | | |
| funds | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Net | | | | | | | | | |
| asset | | | | | | | | | |
| value | | | | | | | | | |
| per | | | | | | | | | |
| ordinary | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| 25p | 3 | | 72.46p | | | 146.51p | | | 125.46p |
| share | | | | | | | | | |
| (basic) | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Net | | | | | | | | | |
| asset | | | | | | | | | |
| value | | | | | | | | | |
| per | | | | | | | | | |
| ordinary | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| 25p | 3 | | 72.46p | | | 146.51p | | | 125.46p |
| share | | | | | | | | | |
| (diluted) | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
+--------------+-----+-----+----------+------------+----------+----------+----------+----------+----------+----------+
| CONDENSED STATEMENT OF CHANGE IN EQUITY (UNAUDITED) | |
+-----------------------------------------------------------------------------------+----------+
| | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| | Share | Special | Capital | Own | Other | Retained | Total |
| | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| | Capital | Reserve | Redemption | Share | capital | earnings | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| | | | Reserve | Reserve | reserve | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| For six | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
| months | | | | | | | |
| ended 31 | | | | | | | |
| March | | | | | | | |
| 2009 | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| Net | 4,752 | 4,433 | 8,764 | (77) | 3,367 | 2,430 | 23,669 |
| assets | | | | | | | |
| at 30 | | | | | | | |
| September | | | | | | | |
| 2008 | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| Profit | - | - | - | - | (4,685) | 849 | (3,836) |
| for the | | | | | | | |
| year | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| Total recognised income | | | | | |
+-------------------------------------+------------+----------+----------+----------+----------+
| and | 4,752 | 4,433 | 8,764 | (77) | (1,318) | 3,279 | 19,833 |
| expenses | | | | | | | |
| for the | | | | | | | |
| period | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| Cancellation | - | 8,764 | (8,764) | - | - | - | - |
| of capital | | | | | | | |
| redemption | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| Cancellation | (136) | (5,543) | - | - | - | - | (5,679) |
| of ordinary | | | | | | | |
| shares | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| Ordinary | - | - | - | - | - | (855) | (855) |
| dividends | | | | | | | |
| paid | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| Movement | - | - | - | 81 | - | - | 81 |
| in own | | | | | | | |
| shares | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| | 4,616 | 7,654 | - | 4 | (1,318) | 2,424 | 13,380 |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| | Share | Special | Capital | Own | Other | Retained | Total |
| | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| | Capital | Reserve | Redemption | Share | capital | earnings | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| | | | Reserve | Reserve | reserve | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| For six | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
| months | | | | | | | |
| ended 31 | | | | | | | |
| March | | | | | | | |
| 2008 | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| Net | 5,186 | 6,438 | 8,330 | (68) | 5,470 | 2,267 | 27,623 |
| assets | | | | | | | |
| at 30 | | | | | | | |
| September | | | | | | | |
| 2007 | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| Profit | - | - | - | - | 2,477 | 549 | 3,026 |
| for the | | | | | | | |
| year | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| Total recognised income | | | | | |
+-------------------------------------+------------+----------+----------+----------+----------+
| and | 5,186 | 6,438 | 8,330 | (68) | 7,947 | 2,816 | 30,649 |
| expenses | | | | | | | |
| for the | | | | | | | |
| period | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| Cancellation | (278) | (1,264) | 278 | - | - | - | (1,264) |
| of ordinary | | | | | | | |
| shares | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| Ordinary | - | - | - | - | - | (830) | (830) |
| dividends | | | | | | | |
| paid | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| Movement | - | - | - | (3) | - | - | (3) |
| in own | | | | | | | |
| shares | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| | 4,908 | 5,174 | 8,608 | (71) | 7,947 | 1,986 | 28,552 |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| | Share | Special | Capital | Own | Other | Retained | Total |
| | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| | Capital | Reserve | Redemption | Share | capital | earnings | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| | | | Reserve | Reserve | reserve | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| For the | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
| year | | | | | | | |
| ended 30 | | | | | | | |
| September | | | | | | | |
| 2008 | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| Net | 5,186 | 6,438 | 8,330 | (68) | 5,470 | 2,267 | 27,623 |
| assets | | | | | | | |
| at 30 | | | | | | | |
| September | | | | | | | |
| 2007 | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| Profit | - | - | - | - | (2,103) | 1,373 | (730) |
| for the | | | | | | | |
| year | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| Total recognised income | | | | | |
+-------------------------------------+------------+----------+----------+----------+----------+
| and | 5,186 | 6,438 | 8,330 | (68) | 3,367 | 3,640 | 26,893 |
| expenses | | | | | | | |
| for the | | | | | | | |
| period | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| Cancellation | (434) | (2,005) | 434 | - | - | - | (2,005) |
| of ordinary | | | | | | | |
| shares | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| Ordinary | - | - | - | - | - | (1,210) | (1,210) |
| dividends | | | | | | | |
| paid | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| Movement | - | - | - | (9) | - | - | (9) |
| in own | | | | | | | |
| shares | | | | | | | |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| | 4,752 | 4,433 | 8,764 | (77) | 3,367 | 2,430 | 23,669 |
+--------------+-----------+----------+------------+----------+----------+----------+----------+
| | | | | | | | |
+--------------+-----+-----+----------+------------+----------+----------+----------+----------+----------+----------+
+----------+----------+----------+----------+-------+-+----------+-------+-+-------+-+-+-+-------+-+----------+-+----------+----------+----------+
| CONDENSED CASH FLOW STATEMENT (UNAUDITED) |
+-------------------------------------------------------------------------------------------------------------+
| | | | | | | | | | | |
+----------+----------+----------+----------+---------+----------+---------+---------+---+---------+----------+
| | | | Six months | | Six | | Year ended |
| | | | ended | | months | | |
| | | | | | ended | | |
+----------+----------+----------+--------------------+----------+-------------------+---+--------------------+
| | | | 31 March | | 31 | | 30 September |
| | | | 2009 | | March | | 2008 |
| | | | | | 2008 | | |
+----------+----------+----------+--------------------+----------+-------------------+---+--------------------+
| | | | | | | | | | | |
+----------+----------+----------+----------+---------+----------+---------+---------+---+---------+----------+
| | | | GBP'000 | GBP'000 | | GBP'000 | GBP'000 | | GBP'000 | GBP'000 |
+----------+----------+----------+----------+---------+----------+---------+---------+---+---------+----------+
| | | | | | | | | | | |
+----------+----------+----------+----------+---------+----------+---------+---------+---+---------+----------+
| Net income from operations | (3,664) | | | 3,211 | | | (542) | |
| before tax | | | | | | | | |
+--------------------------------+----------+---------+----------+---------+---------+---+---------+----------+
| | | | | | | | | | | |
+----------+----------+----------+----------+---------+----------+---------+---------+---+---------+----------+
| Depreciation | | 1 | | | 1 | | | 1 | |
+---------------------+----------+----------+---------+----------+---------+---------+---+---------+----------+
| (Increase)/decrease in | (455) | | | (214) | | | 994 | |
| receivables | | | | | | | | |
+--------------------------------+----------+---------+----------+---------+---------+---+---------+----------+
| Increase/(decrease) in | 349 | | | 103 | | | 346 | |
| payables | | | | | | | | |
+--------------------------------+----------+---------+----------+---------+---------+---+---------+----------+
| (Gains)/losses on investments | 4,573 | | | (3,145) | | | 1,212 | |
| held at fair value through | | | | | | | | |
| profit and loss | | | | | | | | |
+--------------------------------+----------+---------+----------+---------+---------+---+---------+----------+
| (Gains)/losses on derivative | (276) | | | 70 | | | 44 | |
+--------------------------------+----------+---------+----------+---------+---------+---+---------+----------+
| Net receipt/(payment) to EBT | 81 | | | (3) | | | (9) | |
+--------------------------------+----------+---------+----------+---------+---------+---+---------+----------+
| Cash generated by operations | 609 | | | 23 | | | 2,046 |
+-------------------------------------------+---------+----------+---------+---------+---+---------+----------+
| | | | | | | | | | | |
+----------+----------+----------+----------+---------+----------+---------+---------+---+---------+----------+
| Taxes | | | | (171) | | | - | | | (103) |
+----------+----------+----------+----------+---------+----------+---------+---------+---+---------+----------+
| Net cashflow from operating activities | 438 | | | 23 | | | 1,943 |
+-------------------------------------------+---------+----------+---------+---------+---+---------+----------+
| Investing activities | | | | | | | | |
+--------------------------------+----------+---------+----------+---------+---------+---+---------+----------+
| | | | | | | | | | | |
+----------+----------+----------+----------+---------+----------+---------+---------+---+---------+----------+
| Purchase of investments | - | | | - | | | - | |
+--------------------------------+----------+---------+----------+---------+---------+---+---------+----------+
| Sale of investments | | 5,704 | | | 2,715 | | | 4,157 | |
+---------------------+----------+----------+---------+----------+---------+---------+---+---------+----------+
| Purchase of tangible fixed | (2) | | | - | | | - | |
| assets | | | | | | | | |
+--------------------------------+----------+---------+----------+---------+---------+---+---------+----------+
| Net cash inflow from investment | 5,702 | | | 2,715 | | | 4,157 |
| activities | | | | | | | |
+-------------------------------------------+---------+----------+---------+---------+---+---------+----------+
| | | | | | | | | | | |
+----------+----------+----------+----------+---------+----------+---------+---------+---+---------+----------+
| Net cash inflow before financing | 6,140 | | | 2,738 | | | 6,100 |
+-------------------------------------------+---------+----------+---------+---------+---+---------+----------+
| | | | | | | | | | | |
+----------+----------+----------+----------+---------+----------+---------+---------+---+---------+----------+
| Financing activities | | | | | | | | |
+--------------------------------+----------+---------+----------+---------+---------+---+---------+----------+
| Repurchase of ordinary shares | (5,679) | | | (1,264) | | | (2,005) | |
+--------------------------------+----------+---------+----------+---------+---------+---+---------+----------+
| Repayment of loan | | - | | | - | | | (4,286) | |
+---------------------+----------+----------+---------+----------+---------+---------+---+---------+----------+
| Drawdown of loan | | - | | | 1,000 | | | 1,000 | |
+---------------------+----------+----------+---------+----------+---------+---------+---+---------+----------+
| Equity dividend paid | (855) | | | (830) | | | (1,210) | |
+--------------------------------+----------+---------+----------+---------+---------+---+---------+----------+
| | | | | | | | | | | |
+----------+----------+----------+----------+---------+----------+---------+---------+---+---------+----------+
| Net cash outflow from financing | (6,534) | | | (1,094) | | | (6,501) |
+-------------------------------------------+---------+----------+---------+---------+---+---------+----------+
| Increase/(decrease) in cash | | (394) | | | 1,644 | | | (401) |
+--------------------------------+----------+---------+----------+---------+---------+---+---------+----------+
| Effect of foreign exchange rate changes | 314 | | | 133 | | | 235 |
+-------------------------------------------+---------+----------+---------+---------+---+---------+----------+
| | | | | | | | | | | |
+----------+----------+----------+----------+---------+----------+---------+---------+---+---------+----------+
| Changes in cash and cash equivalents | (80) | | | 1,777 | | | (166) |
+-------------------------------------------+---------+----------+---------+---------+---+---------+----------+
| | | | | | | | | | | |
+----------+----------+----------+----------+---------+----------+---------+---------+---+---------+----------+
| Cash and cash equivalents at beginning of | 1,233 | | | 1,424 | | | 1,399 |
| period | | | | | | | |
+-------------------------------------------+---------+----------+---------+---------+---+---------+----------+
| | | | | | | | | | | |
+----------+----------+----------+----------+---------+----------+---------+---------+---+---------+----------+
| Cash and cash equivalents at end of | 1,153 | | | 3,201 | | | 1,233 |
| period | | | | | | | |
+-------------------------------------------+---------+----------+---------+---------+---+---------+----------+
| |
+------------------------------------------------------------------------------------------------------------------------------------------------+
| | | | | | | | | |
+----------+----------+----------+----------+-------+-+----------+-------+-+-------+-+-+-+-------+-+----------+-+----------+----------+----------+
Asset Management Investment Company PLC
Notes to the Financial Statements:
1. Accounting policies
The interim condensed set of financial statements has been prepared using the
same accounting policies as are set in the Group's financial statements for the
year ended 30 September 2008 and in accordance with IAS 34 "Interim Financial
Reporting".
The same accounting policies, presentational methods of computation are followed
in the condensed set of financial statements as applied in the latest annual
audited financial statements, except as mentioned in Note 1(p) of the Group
financial statement for the year ended 30 September 2008, AMIC Canada Limited,
the remaining subsidiary, was dissolved on 6 June 2008. Therefore only the
condensed Company financial statements for the six months have been prepared for
this interim report and only the Company comparatives have been included in this
period's condensed financial statements.
2. Earnings per share
The earnings per ordinary share are based on the profit (loss) after taxation of
GBP849,000 (2008 - GBP549,000) and on 18,942,173 (2008 - 20,266,610) being the
weighted number of ordinary shares in issue during the period.
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| | | (Unaudited) | | (Unaudited) | (Audited) |
+---------------+----------+---------------------+----------+---------------------+--------------------------------+
| | Half year ended 31 March 2009 | Half year ended 31 March 2008 | Year ended 30 September 2008 |
+---------------+--------------------------------+--------------------------------+--------------------------------+
| | Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Profit/(loss) | 849 | (4,685) | (3,836) | 549 | 2,477 | 3,026 | 1,373 | (2,103) | (730) |
| for the | | | | | | | | | |
| period | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Earnings per share | | | | | | | |
+-------------------------------------+----------+----------+----------+----------+----------+----------+----------+
| Return | 4.48p | (24.73p) | (20.25p) | 2.71p | 12.23p | 14.94p | 6.96 | (10.66p) | (3.7p) |
| per | | | | | | | | | |
| ordinary | | | | | | | | | |
| share | | | | | | | | | |
| (basic) | | | | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
3. Net asset value
The net asset value per ordinary share for the Group at 31 March 2009 is based
on a net asset value of GBP13,380,000 (2008 - GBP28,541,000) and on 18,465,833
(31 March 2008 - 19,488,626) ordinary shares in issue at period end as noted
above.
4. Related party transactions
There have been no related party transactions or changes in related party
transactions described in the latest annual report that could have a material
effect on the financial position or performance of the Company in the first six
months of the financial year.
5. Dividends
The proposed interim dividend for the half-year ended 31 March 2009 of 2.5p
(2008 2.0p) has not been included as a liability as at 31 March 2009.
6. Basis of preparation
The financial information contained in this interim report does not constitute
statutory accounts as defined in section 240 of the Companies Act 1985. The
condensed set of financial statements has not been either audited or reviewed by
the Group's auditors.
The information for the year ended 30 September 2008 has been extracted from the
latest published audited accounts. The audited accounts for the year ended 30
September 2008 have been filed with the Registrar of Companies. The report of
the auditors on those accounts contained no qualification or statement under
either section 237(2) or (3) of the Companies Act 1985.
7. Responsibility Statement
We confirm to the best of our knowledge that:
+----------+---------------+
| (a) | the |
| | condensed |
| | set of |
| | financial |
| | statements |
| | for the |
| | six months |
| | to 31 |
| | March 2009 |
| | has been |
| | prepared |
| | in |
| | accordance |
| | with IAS |
| | 34; |
+----------+---------------+
| (b) | the |
| | interim |
| | management |
| | report |
| | includes a |
| | fair |
| | review of |
| | the |
| | information |
| | required by |
| | DTR 4.27R |
| | of the |
| | Disclosure |
| | and |
| | Transparency |
| | Rules, being |
| | an |
| | indication |
| | of important |
| | events that |
| | have |
| | occurred |
| | during first |
| | six months |
| | and |
| | description |
| | of principal |
| | risks and |
| | uncertainties |
| | for the |
| | remaining six |
| | months of the |
| | year; and |
+----------+---------------+
| (c) | the |
| | interim |
| | management |
| | report |
| | includes a |
| | fair view |
| | of the |
| | information |
| | required by |
| | DTR 4.2.8R |
| | being |
| | disclosure |
| | of related |
| | party |
| | transactions |
| | and changes |
| | therein. |
+----------+---------------+
By order of the Board
Bharat Bhagani
Company Secretary
21 May 2009
A copy of the Annual Report for the year ended 30 September 2008 is available on
the Company website www.amicplc.com and on request from the Company's registered
office. Copies of the Interim Report will be posted to Shareholders and further
copies will be available from the registered office of the Company at 32 Ludgate
Hill, London EC4M 7DR.
+------------------------------------------------------------------------------------------+
| For enquiries please contact: |
+------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------+
| George Robb |
+------------------------------------------------------------------------------------------+
| Managing Director |
+------------------------------------------------------------------------------------------+
| Tel: 020 7618 9041 |
+------------------------------------------------------------------------------------------+
| E-mail: grobb@amicplc.com |
+------------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------------+
| Bharat Bhagani |
+------------------------------------------------------------------------------------------+
| Company Secretary |
+------------------------------------------------------------------------------------------+
| Tel: 020 7618 9044 |
+------------------------------------------------------------------------------------------+
| E-mail: bbhagani@amicplc.com |
+------------------------------------------------------------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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