Half-year Report
20/02/2023 07:00
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RNS Number : 3618Q Investment Company PLC 20 February 2023
The Investment Company plc
Half Year Report for the six months ended 31 December 2022
The Investment Company plc (the "Company") is pleased to announce its
unaudited results for the six months ended 31 December 2022
Summary of Results
At 31 December 2022 At 30 June
(unaudited) 2022
(unaudited) Change %
Equity Shareholders' funds (£) 16,932,578 16,048,191 5.51
Number of ordinary shares in issue 4,772,049 4,772,049 -
Net asset value ("NAV") per ordinary share 354.83p 336.30p 5.51
Ordinary share price (mid) 276.00p 294.00p (6.12)
Discount to NAV 22.22% 12.58% (9.64)
6 months to 6 months to
31 December 2022 31 December
(unaudited) 2021
(unaudited)
Total return per ordinary share * 18.53p 8.07p
Dividends paid per ordinary share nil nil
* The total return per ordinary share is based on total income after taxation
as detailed in the Condensed consolidated income statement and in note 3.
Chairman's Statement
Dear fellow shareholders,
During the six-months ended 31 December 2022, the Company's net assets
increased from 336.3 pence per share to 354.8 pence per share, an increase of
18.5 pence per share or 5.5%. In the same period our share price fell by 18
pence, a decline of 6.1%, to end the year at a mid-price of 276 pence per
share and a 22.2% discount to net asset value. Although we had a total return
of £884,000 in the half year, this arises from capital gains rather than
income and the Directors do not propose to pay an interim dividend.
On 4 November 2020 Shareholders approved a new investment objective to protect
the purchasing power of our capital in real terms. Since then, the UK CPIH has
increased by 14.8% and our net asset value per share, inclusive of dividends
paid, increased by 16.0%. Even though the CPIH and related metrics provide an
inaccurate and one-dimensional view of how inflation threatens our savings, we
must measure our results somehow and consider our results with this broad view
in mind. Two years is too short a time to evaluate the results of our
approach, but it is ample time to consider whether the means we have employed
are suitable for our objective.
Avoiding unwanted risks ensures neither prosperity or success, but there is no
better way to protect ourselves from the unforeseen and the unknowable. In
times of transition and upheaval, the risks we don't take will matter just as
much as those we choose to embrace. With this in mind, we said goodbye in 2020
to our portfolio of preference shares, fixed-income securities and other
income-oriented investments and sought to place our capital alongside business
owners whose companies have a real and enduring demand for their products.
These are businesses who earn an honest profit, keep clean accounts, prudent
balance sheets, and a demonstrate a commitment - shown through years of good
behaviour - to avoiding the kinds of risks that might put them out of
business. What we didn't deploy was kept in the form of gold bullion. Being
distrustful of financial products, and wary of cash in a world of negative
rates and reckless money printing, we stuck to businesses we understand and
the only kind of reserve asset that protects us from financial risks. Our gold
holdings remain unconventional, but we think gold's 8.7% return in Sterling
over the two-year period to 31 December 2022 has been adequate in light of the
proliferation of risks.
Our objective and approach do not preclude more opportunistic investments, and
there have been a few, but the way we protect the value of our savings is by
participating in the long-term success and occasional setbacks of businesses
which themselves are built to survive. Anything more than this - by trading
around market sentiment, buying whatever 'grows' the fastest, or speculating
on the next rate hike - may earn you a good return, but is fundamentally
different from protecting your capital. So we did not participate in the
speculative boom of 2021, but neither did we suffer it's deflation in 2022. We
did not forecast today's decades-high inflation, and we make no forecasts for
2023 either. If we were prepared for rising prices and higher interest rates,
that was because our approach drives us to the kinds of businesses and assets
who are not easily threatened by poor financial conditions.
Investments
On 31 December 2022 we had 64.3% of net assets invested in 16 businesses
operating in 13 different industries across Europe, North America, and beyond.
A further 27.4% was invested in gold bullion held through three ETFs - the
equivalent of about 96 one-kilo bars - and we held 8.3% in cash and other net
current assets. During the half year we sold in aggregate shares worth £1.8
million realising a loss of £30,000 (-2%), and we purchased shares worth
£0.9 million. There were no changes to our gold holdings during the half
year.
During the half we sold most of our shares in British American Tobacco. We
held the shares because we liked the pricing power inherent to the business,
we thought they were mispriced, and the shares offered a material source of
income in a time when there was little to be found. Rising interest rates -
and the company's commitment to straining the balance sheet by pursuing share
buybacks - have amplified these balance sheet risks beyond what we are willing
to bear. Rising rates also create other opportunities to generate income
without needing to take these kinds of risks.
The volatility and weakness of gold mining shares has been a disappointment to
some, but a continued source of opportunism for us. During the half we sold
all of our shares in Franco Nevada and used the proceeds to start a new
position in Agnico-Eagle Mines, a Canadian gold miner whose portfolio includes
many of Canada's largest and most profitable gold mines.
We also sold all our remaining shares in Strix and Kri Kri, and we added to
Bakkafrost, Robertet and two of our Greek holdings. You can find a full list
of holdings as at 31 December 2022 below.
We continue to hold our Lukoil shares at nil value as our ability to realise
any value has become increasingly remote.
Income and expenses
Total income (which excludes realised and unrealised capital gains) for the
first six months came to £104,000, while expenses and related taxes totalled
£214,000. There were no extraordinary expenses in the period, and we believe
current expenses are indicative of ongoing expenses for the Group. The
increase in interest rates on cash and short-term securities over the past
twelve months has made the prospect of interest income appreciable. Even at
our small size, we expect investment income to largely - but not completely -
offset expenses for the full year.
Outlook
The threats to our capital are more visible now than they were in 2020, as are
the challenges of trying to excel as a small investment trust. We are also
conscious of the illiquid nature of the Company's shares and the resulting
challenges our Shareholders face in realising the true value of their holdings
in the market. The Board is therefore actively considering credible
opportunities to grow and increase the liquidity of the Company while also
providing an immediate complete liquidity option for all Shareholders who wish
to realise their shareholding.
Whilst such growth opportunities are currently being explored there can be no
certainty that a proposal will be forthcoming that the Directors can recommend
to Shareholders. Therefore, if the Board is not able to recommend an
alternative proposal to Shareholders at or before the 2023 Annual General
Meeting, expected to be held in October 2023, it is the Directors' current
intention to propose that the Company be wound up and its capital returned to
Shareholders.
I.R. Dighé
Chairman
17 February 2023
Enquiries
The Investment Company plc +44 (0) 20 3934 6630
Ian Dighé, Chairman info@theinvestmentcompanyplc.co.uk (mailto:info@theinvestmentcompanyplc.co.uk)
Singer Capital Markets - Corporate Broker +44 (0)20 7496 3000
James Moat / Alex Emslie
ISCA Administration Services Limited +44 (0) 1392 487056
Company Secretary
Investment Objective
At the Annual General Meeting on 4 November 2020, Shareholders voted to amend
the Company's Investment Objective and Policy to that shown below.
The Company's investment objective is to protect the purchasing power of its
capital in real terms, and to participate in enduring economic activities
which lend themselves to genuine capital accumulation and wealth creation.
Investment Policy
The Company will seek to acquire and hold, with no predetermined investment
time horizon, a collection of assets which, in the Directors' judgement, are
well-suited to the avoidance of a permanent loss of capital. These assets will
be comprised of minority participations in the equity, debt or convertible
securities of quoted businesses which the Directors believe are led by
responsible and like-minded managers and suitable for the long-term
compounding of earnings. In addition, to protect its capital as well as to
maintain liquidity for future investments, the Company will keep reserves in
(a) liquid debt instruments such as cash in banks or securities issued by
governments and/or (b) liquid, non-debt, tangible assets such as gold bullion,
whether held indirectly or in physical form.
The Company has no predetermined maximum or minimum levels of exposure to
asset classes, currencies or geographies, and has the ability to invest
globally. These exposures will be monitored by the Board in order to ensure an
adequate spreading of risks. No holding in an individual company or debt
instrument will represent more than 15 per cent. by value of the Company's
total assets at the time of acquisition (such restriction does not, however,
apply to gold bullion or cash balances). The Company's holdings of gold
bullion may be as high as 35 per cent. of total assets at the time of
investment.
Given the Company's investment objective, asset mix and time horizon, the
portfolio will not seek to track any benchmark or index. The Company will not
invest more than 10 per cent. of its total assets in other listed closed-ended
investment funds. The Company will not use derivative instruments for
speculative purposes, nor will it use currency hedges to manage returns in any
currency.
The Company's gearing will not exceed 20 per cent. of net assets at the time
of drawdown.
No material change will be made to the investment policy without the approval
of Shareholders by ordinary resolution.
Portfolio Summary
Asset Exposure by Trading Currency
At 31 December 2022
Currency % of net assets
GBP 6%
EUR 41%
CAD 8%
CHF 5%
NOK 5%
USD 8%
Precious Metals 27%
Total 100%
Equity Participations - Regional Economic Exposure*
At 31 December 2022
% of equity participations
Region
Europe 48%
North America 35%
South America 5%
Asia, Africa, Other 12%
Total 100%
Equity Participations - By Sector
At 31 December 2022
% of equity participations
Sector
Industrials 46%
Consumer Goods 30%
Basic Materials 17%
Oil & Gas 7%
Total 100%
*Director estimates. Regional Economic Exposure represents where in the world
the underlying business activity of the equity participations takes place.
Portfolio and Assets
At 31 December 2022
Fair Value % of net assets
Security Country Holding £
Hal Trust Netherlands 12,769 1,358,766 8.0%
Tonnellerie François Frères Group France 29,176 1,052,995 6.2%
Imperial Oil Canada 20,000 810,047 4.8%
Bakkafrost Faroe Islands 15,000 780,037 4.6%
Barrick Gold Canada 50,000 713,513 4.2%
Robertet France 957 710,303 4.2%
Cembre Italy 26,000 707,812 4.2%
Crete Plastics Greece 49,496 706,646 4.2%
Lucas Bols Netherlands 75,000 685,023 4.1%
Agnico Eagle Mines Canada 13,000 561,400 3.3%
Alamos Gold Canada 65,000 546,490 3.2%
Karelia Tobacco Greece 2,043 525,377 3.1%
Emmi Switzerland 700 493,428 2.9%
Nedap Netherlands 9,000 438,947 2.6%
Bucher Industries Switzerland 1,200 417,862 2.5%
British American Tobacco UK 10,000 328,151 1.9%
Legacy holdings Various 56,475 0.3%
Total equity participations 10,893,272 64.3%
Invesco Physical Gold ETC UK 15,000 2,190,755 13.0%
WisdomTree Physical Swiss Gold ETC Switzerland 9,000 1,307,575 7.7%
WisdomTree Physical Gold ETC UK 8,000 1,137,237 6.7%
Total gold 4,635,567 27.4%
Euro cash 740,897 4.4%
Sterling cash 652,608 3.8%
Other assets net of other liabilities 10,234 0.1%
Total cash plus other net current assets 1,403,739 8.3%
Total net assets 16,932,578 100.0%
Interim management report and Directors' responsibility statement
Interim management report
The important events that have occurred during the period under review and
their impact on the financial statements are set out in the Chairman's
Statement above.
In the view of the Board, the principal risks facing the Group are
substantially unchanged since the date of the Report and Accounts for the year
ended 30 June 2022 and continue to be as set out in that report. Risks faced
by the Group include, but are not limited to, market risk (which comprises
market price risk, interest rate risk and liquidity risk). Details of the
Group's management of these risks and exposure to them is set out in the
Group's Report and Accounts for the year ended 30 June 2022.
There have been no significant changes in the related party disclosures set
out in the Annual Report.
Directors' responsibility statement
The Directors confirm that to the best of their knowledge:
· the condensed set of financial statements has been prepared in
accordance with International Accounting Standard 34, Interim Financial
Reporting, and gives a true and fair view of the assets, liabilities,
financial position and profit or loss of the Group; and
· this Half-Yearly Financial Report includes a fair review of the
information required by:
a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being
an indication of important events that have occurred during the first six
months of the financial year and their impact on the condensed set of
financial statements; and a description of the principal risks and
uncertainties for the remaining six months of the year; and
b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being
related party transactions that have taken place in the first six months of
the current financial year and that have materially affected the financial
position or performance of the Group during that period; and any changes in
the related party transactions that could do so.
This Half-Yearly Financial Report was approved by the Board of Directors on 17
February 2023 and the above responsibility statement was signed on its behalf
by I. R. Dighé, Chairman.
Condensed consolidated income statement
For the six months ended 31 December 2022 (unaudited)
6 months to 31 December 2022 6 months to 31 December 2021 Year ended 30 June 2022
Notes Revenue Capital Total Revenue Capital Total Revenue Capital Total
£ £ £ £ £ £ £ £ £
Gains/(losses) on investments at fair value through profit or loss - 971,706 971,706 - 414,942 414,942 - (227,992) (227,992)
Exchange gain/(loss) on capital items - 22,642 22,642 - (3,515) (3,515) - 2,583 2,583
Investment income 2 104,010 - 104,010 161,894 - 161,894 371,956 - 371,956
Expenses (201,786) - (201,786) (175,482) - (175,482) (355,618) - (355,618)
(Loss)/return before taxation (97,776) 994,348 896,572 (13,588) 411,427 397,839 16,338 (225,409) (209,071)
Taxation (12,185) - (12,185) (12,935) - (12,935) (39,554) - (39,554)
Total (loss)/ income after taxation (109,961) 994,348 884,387 (26,523) 411,427 384,904 (23,216) (225,409) (248,625)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
pence pence pence pence pence pence pence pence pence
Return on total income after taxation per 50p ordinary share - basic & 3 (2.30) 20.83 18.53 (0.55) 8.62 8.07 (0.49) (4.72) (5.21)
diluted
The total column of this statement is the Income Statement of the Group
prepared in accordance with International Accounting Standards in conformity
with the Companies Act 2006. The supplementary revenue and capital columns are
prepared in accordance with the Statement of Recommended Practice ("AIC SORP")
issued in July 2022 by the Association of Investment Companies.
The Group did not have any income or expenses that was not included in total
income for the period. Accordingly, total income is also total comprehensive
income for the period, as defined by IAS 1 (revised) and no separate Statement
of Comprehensive Income has been presented.
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued during the period.
The notes form part of these condensed financial statements.
Condensed consolidated statement of changes in equity
For the six months ended 31 December 2022 (unaudited)
Share Share Capital redemption reserve Capital Revenue Total
capital premium £ reserve reserve £
£ £ £ £
Balance at 1 July 2022 2,386,025 4,453,903 2,408,820 8,185,191 (1,385,748) 16,048,191
Total comprehensive income
Net return for the period - - - 994,348 (109,961) 884,387
Transactions with Shareholders recorded directly to equity
Ordinary dividends - (note 4) - - - - - -
Balance at 31 December 2022 2,386,025 4,453,903 2,408,820 9,179,539 (1,495,709) 16,932,578
Balance at 1 July 2021 2,386,025 4,453,903 2,408,820 8,410,600 (1,377,544) 16,281,804
Total comprehensive income
Net return for the period - - - 411,427 (26,523) 384,904
Transactions with Shareholders recorded directly to equity
Ordinary dividends - (note 4) - - - - - -
Balance at 31 December 2021 2,386,025 4,453,903 2,408,820 8,822,027 (1,404,067) 16,666,708
Balance at 1 July 2021 2,386,025 4,453,903 2,408,820 8,410,600 (1,377,544) 16,281,804
Total comprehensive income
Net loss for the year - - - (225,409) (23,216) (248,625)
Transactions with Shareholders recorded directly to equity
Ordinary dividends - (note 4) - - - - 15,012 15,012
Balance at 30 June 2022 2,386,025 4,453,903 2,408,820 8,185,191 (1,385,748) 16,048,191
The notes form part of these condensed financial statements.
Condensed consolidated balance sheet
At 31 December 2022 (unaudited)
31 December 2022 31 December 2021 30 June
£ £ 2022
Notes £
Non-current assets
Investments held at fair value through profit or loss 7 15,528,839 16,349,261 15,445,243
Current assets
Trade and other receivables 93,101 51,961 30,358
Cash and cash equivalents 1,393,505 363,908 678,592
1,486,606 415,869 708,950
Current liabilities
Trade and other payables (82,867) (98,422) (106,002)
(82,867) (98,422) (106,002)
Net current assets 1,403,739 317,447 602,948
Net assets 16,932,578 16,666,708 16,048,191
Capital and reserves
Ordinary share capital 5 2,386,025 2,386,025 2,386,025
Share premium 4,453,903 4,453,903 4,453,903
Capital redemption reserve 2,408,820 2,408,820 2,408,820
Capital reserve 9,179,539 8,822,027 8,185,191
Revenue reserve (1,495,709) (1,404,067) (1,385,748)
Shareholders' funds 16,932,578 16,666,708 16,048,191
NAV per ordinary share of 50p 6 354.83p 349.26p 336.30p
The notes form part of these condensed financial statements.
Condensed consolidated cash flow statement
For the six months ended 31 December 2022 (unaudited)
31 December 2022 31 December 2021 30 June
£ £ 2022
£
Cash flows used in operating activities
Income received from investments 105,195 131,236 342,923
Interest received - 38 38
Overseas taxation paid (13,843) (747) (29,350)
Investment management fees paid - (1,678) (1,678)
Other cash payments (229,231) (200,847) (347,995)
Net cash used in operating activities (137,879) (71,998) (36,062)
Cash flows generated from /(used in) investing activities
Purchase of investments (921,273) (2,775,667) (3,580,745)
Sale of investments 1,752,246 2,674,274 3,748,933
Net cash generated from/(used in) investing activities 830,973 (101,393) 168,188
Net increase/(decrease) in cash and cash equivalents 693,094 (173,391) 132,126
Reconciliation of net cash flow to movement in net cash
Increase/(decrease) in cash 693,094 (173,391) 132,126
Exchange rate movements 21,819 (3,501) 5,666
Increase/(decrease) in net cash 714,913 (176,892) 137,792
Net cash at start of period 678,592 540,800 540,800
Net cash at end of period 1,393,505 363,908 678,592
Analysis of net cash
Cash and cash equivalents 1,393,505 363,908 678,592
1,393,505 363,908 678,592
Condensed notes to the consolidated financial statements
At 31 December 2022 (unaudited)
1. Significant accounting policies
Basis of Preparation
The condensed consolidated financial statements, which comprise the unaudited
results of the Company and its wholly owned subsidiaries, Abport Limited and
New Centurion Trust Limited, together referred to as the "Group", have been
prepared in accordance with United Kingdom adopted International Accounting
Standards and in accordance with the requirements of the Companies Act 2006.
The financial statements have been prepared in accordance with the AIC SORP,
except to any extent where it is not consistent with the requirements of
International Accounting Standards. The accounting policies are as set out in
the Report and Accounts for the year ended 30 June 2022.
The half-year financial statements have been prepared in accordance with IAS
34 "Interim Financial Reporting".
The financial information contained in this half year financial report does
not constitute statutory accounts as defined by the Companies Act 2006. The
financial information for the periods ended 31 December 2022 and 31 December
2021 have not been audited or reviewed by the Company's Auditor. The figures
and financial information for the year ended 30 June 2022 are an extract from
the latest published audited statements, and do not constitute the statutory
accounts for that year. Those accounts have been delivered to the Registrar of
Companies and include a report of the Auditor, which was unqualified and did
not contain a statement under either Section 498(2) or 498(3) of the Companies
Act 2006.
Going Concern
The Directors have made an assessment of the Group's ability to continue as a
going concern. This has included consideration of portfolio liquidity, the
Group's financial position in respect of its cash flows and investment
commitments (of which there are none of significance), the working
arrangements of the key service providers, the continued eligibility to be
approved as an investment trust company, the impact of the conflict in
Ukraine, and the current economic environment. In addition, the Directors are
not aware of any material uncertainties that may cast significant doubt upon
the Group's ability to continue as a going concern.
The Directors are satisfied that the Group has the resources to continue in
business for the foreseeable future being a period of at least 12 months from
the date that these financial statements were approved. Therefore, the
financial statements have been prepared on the going concern basis.
Segmental Reporting
The Directors are of the opinion that the Group is engaged in a single segment
of business, being investment business.
2. Income
6 months to 6 months to Year ended
31 December 2022 31 December 2021 30 June
£ £ 2022
£
Income from investments:
UK dividends 37,048 103,326 122,508
Unfranked dividend income 66,962 67,344 258,224
UK fixed interest - (8,814) (8,814)
104,010 161,856 371,918
Other income
Bank deposit and other interest - 38 38
Total income 104,010 161,894 371,956
3. Return per Ordinary Share
Returns per share are based on the weighted average number of shares in issue
during the period. Normal and diluted returns per share are the same as there
are no dilutive elements on share capital.
6 months to 6 months to Year ended
31 December 2022 31 December 2021 30 June 2022
Net return Pence per share Net return Pence per share Net return Pence per share
£ £ £
Return after taxation attributable to ordinary Shareholders
Revenue (109,961) (2.30) (26,523) (0.55) (23,216) (0.49)
Capital 994,348 20.83 411,427 8.62 (225,409) (4.72)
Total comprehensive income 884,387 18.53 384,904 8.07 (248,625) (5.21)
Weighted average number of ordinary shares 4,772,049 4,772,049 4,772,049
4. Dividends per Ordinary Share
Amounts recognised as distributions to equity holders in the period.
6 months to 31 December 2022 6 months to 31 December 2021 Year ended 30 June
£ £ 2021
£
Ordinary shares
Unclaimed dividends in respect of prior periods clawed back after 12 years - - (15,012)
Total - - (15,012)
5. Ordinary Share Capital
31 December 2022 31 December 2021 30 June 2022
Number £ Number £ Number £
Ordinary shares of 50p each 4,772,049 2,386,025 4,772,049 2,386,025 4,772,049 2,386,025
The Company does not hold any shares in treasury as at 31 December 2022 (31
December 2021: Nil and 30 June 2022: Nil).
6. Net Asset Value per Ordinary Share
The NAV per ordinary share is calculated as follows:
31 December 2022 31 December 2021 30 June 2022
£ £ £
Net assets 16,932,578 16,666,708 16,048,191
Ordinary shares in issue 4,772,049 4,772,049 4,772,049
NAV per ordinary share 354.83p 349.26p 336.30p
7. Fair Value Hierarchy
The fair value is the amount at which an asset could be sold in an ordinary
transaction between market participants at the measurement date, other than a
forced or liquidation sale. The Group measures fair values using the following
hierarchy that reflects the significance of the inputs used in making the
measurements.
Categorisation within the hierarchy has been determined on the basis of the
lowest level input that is significant to the fair value measurement of the
relevant asset as follows:
Level 1 - valued using quoted prices, unadjusted in active markets for
identical assets and liabilities.
Level 2 - valued by reference to valuation techniques using observable inputs
for the asset or liability other than quoted prices included in Level 1.
Level 3 - valued by reference to valuation techniques using inputs that are
not based on observable market data for the asset or liability.
The table below sets out fair value measurement of financial instruments as at
31 December 2022, by the level in the fair value hierarchy into which the fair
value measurement is categorised.
Level 1 Level 2 Level 3 Total
£ £ £ £
At 31 December 2022
Investments held at fair value through profit or loss 15,472,364 - 56,475 15,528,839
At 31 December 2021
Investments held at fair value through profit or loss 16,282,652 - 66,609 16,349,261
At 30 June 2022
Investments held at fair value through profit or loss 15,384,091 - 61,152 15,445,243
Reconciliation of Level 3 investments
The following table summarises Level 3 investments that were accounted for at
fair value.
31 December 2022 31 December 2021 30 June
£ £ 2022
£
Opening balance 61,152 594,320 594,320
Sales proceeds* - (573,939) (573,939)
Gains on investments (4,677) 46,228 40,771
Closing balance 56,475 66,609 61,152
* No Level 3 investments were sold in the period.
8. Related party transactions
During the first six months of the financial year, no transactions with
related parties have taken place which have materially affected the financial
position or performance of the Group.
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