REG - UIL Limited UIL Finance Ltd Utilico Limited 2014 UIL Finance - UTLG Utilico Finance (D) - Half-year Report
Date: 19 February 2019
Contact: Charles Jillings
ICM Investment Management Limited
01372 271 486
UIL LIMITED
UNAUDITED STATEMENT OF RESULTS
FOR THE HALF-YEAR TO 31 DECEMBER 2018
FINANCIAL HIGHLIGHTS
· Revenue return per ordinary share 4.21p (3.22p)
· Capital return per ordinary share 3.59p (13.76p)
· Total return per ordinary share 7.80p (16.98p)
· Dividends per ordinary share 3.75p (3.75p)
Figures in brackets are 31 December 2017
UNAUDITED GROUP PERFORMANCE SUMMARY
Half-year
31 Dec
2018
Half-year
31 Dec
2017
Annual
30 Jun
2018
% change
Jun-Dec
2018
NAV total return(1) (%)
2.7
6.7
18.7
n/a
Share price total return(1) (%)
1.8
2.0
11.3
n/a
Annual compound NAV total return
(since inception)(2) (%)
12.1
12.0
12.4
n/a
NAV per ordinary share (pence)
295.85
266.08
291.79
1.4
Ordinary share price (pence)
174.00
163.50
174.50
(0.3)
Discount(1) (%)
41.2
38.6
40.2
n/a
FTSE All-Share Total Return Index
6,577
7,266
7,389
(11.0)
Equity holders' funds (£m)
Gross assets(3)
468.1
459.7
488.3
(4.1)
Bank loans
49.6
37.1
27.8
78.4
ZDP shares
153.7
182.6
199.4
(22.9)
Equity holders' funds
264.8
240.0
261.1
1.4
Revenue account (£m)
Income
6.0
5.2
10.6
15.4(4)
Costs (management and other expenses)
1.5
1.4
2.8
7.1(4)
Finance costs
0.7
0.8
1.6
(12.5) (4)
Financial ratios of the Group (%)
Ongoing charges figure excluding performance fees(1)
2.3(5)
2.1(5)
2.2
n/a
Ongoing charges figure including performance fees(1)
2.3(5)
2.5(5)
4.4
n/a
Bank loans, overdraft and ZDP shares gearing on net assets(1)
78.5
92.1
87.3
n/a
Returns and dividends (pence)
Revenue return per ordinary share
4.21
3.22
6.67
30.7 (4)
Capital return per ordinary share
3.59
13.76
38.96
(73.9) (4)
Total return per ordinary share
7.80
16.98
45.63
(54.1) (4)
Dividends per ordinary share
3.75
3.75
7.50
0.0 (4)
(1) See full details of the explanation and calculation of Alternative Performance Measures in the Report and Accounts as at 30 June 2018
(2) Since inception includes data relating to Utilico Investment Trust plc, UIL's predecessor, which started trading in August 2003
(3) Gross assets less current liabilities excluding loans and ZDP shares
(4) Percentage change based on comparative half-year period to 31 December 2017
(5) For comparative purposes the figures have been annualised
CHAIRMAN'S STATEMENT
I am pleased to report that, despite strong market headwinds, UIL achieved a positive net asset value ("NAV") total return of 2.7% for the six months to 31 December 2018. Conversely, the FTSE All Share Total Return Index ("FTSE") fell by 11.0% over the same period. Since inception in August 2003, UIL has delivered a 483.8% NAV growth versus the FTSE's 205.6%, resulting in a compound annual growth rate for UIL of 12.1%. UIL has now achieved growth in NAV over each of the last five and a half years and has paid dividends in each of those years.
The share price total return for the six months was 1.8%. Despite the positive NAV gain, the reduction in absolute debt, gearing levels and attractive dividend payments, the ordinary share price discount has widened to 41.2% as at 31 December 2018 from a discount of 40.2% as at 30 June 2018.
As set out in the Chairman's statement for the 2014 annual report, the Board and Investment Managers determined during that year to reduce the absolute debt for UIL, which stood at £235.9m as at 30 June 2013 and improve gearing. I am pleased to note that debt and gearing have reduced every year since this statement was made. Gearing reduced from 160.4% as at 30 June 2013 to stand at a record low for UIL of 78.5% as at 31 December 2018 and absolute debt now stands at £207.8m. In addition, in 2014 the Board resolved to pay a quarterly dividend. Pleasingly over the last five and a half years dividends paid have been at 7.50p each year (1.875p a quarter) and as at 31 December 2018, based on a share price of 174.00p, the dividend yield was 4.3%. The sustainability of these dividends should provide shareholders with added confidence in UIL.
There are two opposing forces at work in global markets at the moment: populist leadership and Central Bank activity. Populist leaders have been elected to challenge the existing "political establishment" while Central Banks have been seeking to move policies back to a more "normal" setting. In the US, President Trump is pursuing a range of populist policies including tax cuts for corporates and a USA first policy. The US Federal Reserve on the other hand is pursuing a policy aimed at tightening financial conditions including Quantitative Tightening ("QT") and raising interest rates. The populists are looking to deliver policy changes with little regard for more traditional economic forces while the Central Banks are looking to contain the likely inflationary impact of the policies that are being implemented.
The US economy has been buoyed by President Trump's policies (including tax cuts) and has been tempered by the Federal Reserve (interest rate increases and QT). The currency and economic markets are caught somewhere in the middle; with good gross domestic product ("GDP") numbers but with rising financing costs. In addition, the US Dollar has strengthened, underpinned by QT and rising rates. For the rest of the world the impact of US policies means that the cost of US debt is rising. In addition, the limited supply of US Dollars is being exacerbated by the tax driven repatriation of offshore profits by US Corporates.
Given that the US Dollar is still the world's reserve currency, fewer US Dollars in circulation leads to broad economic contraction. This has put pressure on other global economies as has the challenge posed by the emergence of disruptive technology businesses, which dominate local and global markets. Much of the equity market growth has been driven by higher earnings, but higher debt levels across the world's economies have contributed as well. These three factors add to market volatility.
In my statement for the year to 30 June 2018, I noted that there had been a sharp increase in volatility and we expect this to continue, driven by the issues outlined above. While market volatility was anticipated, the extent of the market weakness that we have seen over recent months was not. In the six months to 31 December 2018 the China A Share market was down 12.4%, the FTSE down 11.0% and the US S&P down 7.8%.
In the UK, Brexit has crowded out most topics as exit concerns have risen. Unsurprisingly, over the six months to 31 December 2018, Sterling weakened 3.5% against the US Dollar and 1.5% against the Euro. The Australian economy has also weakened and the Australian Dollar declined 2.8% against Sterling. In the face of weakening demand and over-supply, the oil price has seen a dramatic decrease from USD 79.44 to USD 53.80 per barrel, a decline of 32.3%. Gold rose by 2.3% over the six months to 31 December 2018 ending the half year at USD 1,282/oz. It is worth noting that, in AUD terms, gold ended at near all-time highs of AUD 1,819/oz, up 7.5%.
UIL's portfolio has continued to benefit from its technology investments and in particular, its investments in Afterpay Touch Group Limited ("Afterpay"), an Australian fintech retailing platform and Optal Limited ("Optal"), a UK fintech business payment platform, both of which delivered very strong operational performances over the period.
Last year UIL rolled 17.1m of its existing 2018 zero dividend preference ("ZDP") shares into a new issue of 2024 ZDP shares. In October 2018 UIL redeemed the outstanding 2018 ZDP shares in full at a redemption cost of £51.2m. UIL realised £61.8m from investments in the six months enabling the redemption. In addition, UIL cancelled £20.0m 2024 ZDP shares it was holding on its balance sheet as standby for the 2018 ZDP redemption.
UIL has issued 25.0m 2026 ZDP shares with a view to extending the ZDP redemption profile and lowering its cost of debt. As at 31 December 2018 11.6m of the 2026 ZDP shares are held by third party investors and 13.4m are held by UIL with a view to being placed out. The 2024 ZDP shares and 2026 ZDP shares have a compounding capital growth rate of 4.75% and 5.00% respectively.
The combination of the above has seen UIL's gearing reduce to 78.5% as at 31 December 2018 from 87.3% as at 30 June 2018, the debt profile extended to 2026 and the Company's average funding costs as at 31 December 2018 reduce further to 5.6% from 5.9% as at 30 June 2018.
The profit on the revenue account in the half-year was up by 29.7% at £3.8m (31 December 2017: £2.9m). The Board has maintained the quarterly dividends of 1.875p per ordinary share, with the third quarterly dividend to be paid on 29 March 2019 to shareholders on the register as at 8 March 2019.
In compliance with the Key Information Document ("KID") requirements which came into effect in January 2018, a KID has been published for UIL's ordinary shares and each of UIL Finance Limited's ZDP shares at a financial cost to the shareholders. The Board would suggest some caution to shareholders using the KID. In particular, while the performance scenarios have been calculated using the methodology prescribed by EU rules, these should not be taken as a guide to the future and actual performance may turn out to be materially different.
OUTLOOK
The world's economies are slowing as reported by the International Monetary Fund. In addition, trade friction is rising as America First, China 2025 and Brexit drive changes in global relationships. All this leaves the Board cautious about the outlook for the markets.
As we have noted before, stock selection remains our focus and ICM's proven bottom-up long-term approach should benefit UIL in changing times.
Peter Burrows
Chairman
19 February 2019
INVESTMENT MANAGERS' REPORT
UIL's NAV total return was 2.7% for the six months to 31 December 2018 and builds on the significant gains made by UIL in recent years. Since inception, UIL's NAV total return has been 483.8% and the share price total return was 365.4%.
As noted in the Chairman's statement, in the six months to 31 December 2018 volatility returned to equity, currency, debt and commodity markets. Much of this volatility has been driven by the emergence of populist leaders challenging the existing political establishment while Central Banks have been seeking to move policies back to a more "normal" setting. In the US, President Trump is pursuing a range of populist policies including tax cuts for corporates and a USA first policy. The US Federal Reserve, on the other hand, is pursuing a policy aimed at tightening financial conditions including QT and raising interest rates. The "populists" are looking to deliver policy changes with little regard for more traditional economic forces while the Central Bank is looking to contain the impact of the inflationary policies that are being implemented.
We are conscious that this volatility is impacting all asset classes, with global GDP growth softening and debt continuing to rise across the world's economies. However, regardless of the broader market environment, we remain bottom up investors looking for compelling value from our investee portfolio companies. This focus on the individual businesses should over the longer term deliver above average returns. However, markets will dictate carrying values in the shorter term.
While the issues outlined above have been a headwind for the broader markets, UIL has seen its investment position improve. Driven by positive developments in its investee companies, such as the automation investment at Resolute Mining Limited ("Resolute") through to Afterpay's entrance into the US market with the addition of 7,500 new customers per day. UIL's NAV is up, debt is down, gearing is down and dividends are being maintained at current levels.
PORTFOLIO
The technology investments in UIL have been strong contributors to performance with Afterpay rising 32.6% and Optal rising 49.2%. Offsetting this, Zeta Resources Limited ("Zeta") and Resolute have both been relatively weak performers on the back of softer commodity prices. These are all reviewed in the ten largest holdings section on page 16. Overall, the investment portfolio gained £11.7m in value.
PORTFOLIO ACTIVITY
During the six months to 31 December 2018, UIL invested £24.8m, including £4.2m in Coldharbour Technology Limited ("Coldharbour"), £3.0m in Allectus Capital Limited ("Allectus"), £2.9m in lending to Vix Tech Pte Limited ("VixTech"), £1.4m in lending to Somers Limited ("Somers"), £1.2m in lending to Zeta and £0.6m additional investment in Afterpay. UIL realised £61.8m, including £33.0m from Afterpay, £11.2m from Infratil Limited, £8.3m from the sale of Vix Verify Global Pty Ltd, £3.1m from Utilico Emerging Markets Trust plc ("UEM") and loan repayments from both Bermuda First Investment Company Limited ("BFIC") and Somers of £1.4m and £1.3m respectively.
On 5 February 2019, Somers announced the conditional sale of its investment in Bermuda Commercial Bank Limited.
The geographical split of the portfolio, on a look-through basis, shows Australia reducing to 26.1% of total investments (30 June 2018: 32.4%) and UK increasing from 16.7% as at 30 June 2018 to 21.9% as at the end of December 2018. In the sector split, financial services increased to 24.0% of the portfolio (30 June 2018: 22.7%) in the six-month period.
LEVEL 3 INVESTMENTS
UIL's investments in level 3 companies increased by 4.5% of the total portfolio in the six months under review. Platform loans increased to £37.3m, 7.7% of the total portfolio.
GEARING
It is pleasing to note UIL's initial goal set five years ago of reducing gearing to 100.0% or below has been delivered. Gearing (including the ZDP shares) has steadily reduced from 160.4% as at 30 June 2013 to 78.5% as at 31 December 2018.
More pleasing is the continuing reduction of financing costs with the average costs reducing from 6.3% in June 2013 to 5.6% as at 31 December 2018.
ZDP SHARES
In October 2018, UIL redeemed the outstanding £51.2m of 2018 ZDP shares in full, realising £61.8m from investments in the six months to facilitate the redemption. In addition, UIL cancelled £20.0m of 2024 ZDP shares it was holding on its Company balance sheet as standby for the 2018 ZDP redemption.
The ZDP shares are reviewed separately in the interim report.
UIL holds 13.4m 2026 ZDP shares which it carries at market value. On consolidation the holding is eliminated. UIL currently intends to place these shares out in firmer markets.
DEBT
Bank loans decreased from £27.8m as at 30 June 2018 to £nil in September 2018, reflecting portfolio realisations ahead of the 2018 ZDP repayment of £51.2m. The bank facility of £50.0m was then fully drawn to fund the ZDP repayments. The facility is drawn in AUD 69.0m and CAD 20.0m.
The £50.0m secured multicurrency revolving bank facility with Scotiabank was extended through to March 2020.
DERIVATIVES
During the six months to 31 December 2018 there continued to be significant currency hedges in place in the portfolio. As at 31 December 2018, these hedges were higher than average as we aimed to increase the portfolio's exposure to Sterling following the Brexit induced weakness. These hedges included AUD 225.1m, USD 60.0m, EUR 12.0m and NZD 7.4m. These hedges generated a loss on the capital account of £3.0m (31 December 2017: gain of £4.1m).
REVENUE RETURN
Revenue total income was up by 15.4% from £5.2m to £6.0m reflecting increased interest on loans. Management and administration fees and other expenses increased by 7.1% to £1.5m (31 December 2017: £1.4m) reflecting, in the main, higher custody fees on investment values. Financing costs reduced by 12.5% to £0.7m (31 December 2017: £0.8m) on lower debt levels.
Revenue profit was up 29.7% to £3.8m (31 December 2017: £2.9m) and earnings per ordinary share ("EPS") increased 30.7% to 4.21p (3.22p as at 31 December 2017).
CAPITAL RETURN
Capital total income was £9.7m (31 December 2017: £19.3m). This represented gains on investments and foreign exchange which were reduced by a loss on derivative positions.
Management fees of £0.8m in the prior year represented accrued performance fees due to ICM Limited and ICM Investment Management Limited under the investment management agreement.
Finance costs were 6.8% higher at £6.5m (31 December 2017: £6.0m) reflecting costs associated with the ZDP shares in issue.
The resultant profit for the six months to 31 December 2018 on the capital return was £3.2m (31 December 2017: £12.4m) and EPS was 3.59p (31 December 2017: 13.76p).
EXPENSE RATIO
The ongoing charges figure, excluding performance fees, increased from 2.1% as at 31 December 2017 to 2.3% as at 31 December 2018. Including performance fees (accrued by UIL and by underlying investee funds) the ongoing charges figure decreased from 2.5% to 2.3%.
Note all expenses are borne by the ordinary shareholders.
Charles Jillings
ICM Investment Management Limited
and ICM Limited
19 February 2019
HALF-YEARLY FINANCIAL REPORT AND RESPONSIBILITY STATEMENT
The Chairman's Statement and the Investment Managers' Report give details of the important events which have occurred during the period and their impact on the financial statements.
PRINCIPAL RISKS AND UNCERTAINTIES
Most of UIL's principal risks and uncertainties are market related and are similar to those of other investment companies investing mainly in listed equities in developed countries.
The principal risks and uncertainties were described in more detail under the heading "Principal Risks and Risk Mitigation" within the Business Review section of the Annual Report and Accounts for the year ended 30 June 2018 and have not changed materially since the date of that report.
The principal risks faced by UIL include not achieving long-term total returns for its shareholders, the adverse impact gearing could have, the sudden withdrawal of its bank facility, loss of key management, adverse currency movements and losses due to inadequate controls of third party service providers.
The Annual Report and Accounts is available on the Company's website, www.uil.limited
RELATED PARTY TRANSACTIONS
Details of related party transactions in the six months to 31 December 2018 are set out in note 11 to the Half-Yearly Report and details of the fees paid to the Investment Managers are set out in note 2 to the Half-Yearly Report.
Directors' fees were increased by approximately 2.3% with effect from 1 July 2018 to:
Chairman £45,000 per annum
Chairman of the Audit Committee £43,000 per annum
Directors £33,250 per annum
DIRECTORS' RESPONSIBILITY STATEMENT
In accordance with Chapter 4 of the Disclosure Guidance and Transparency Rules, the Directors confirm that to the best of their knowledge:
• The condensed set of financial statements contained within the half-year report for the six months to 31 December 2018 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 return of the Group;
• The half-yearly financial report, together with the Chairman's Statement and Investment Managers' Report, includes a fair review of the important events that have occurred during the first six months of the financial year and their impact on the financial statements as required by DTR 4.2.7R;
• The Directors' statement of principal risks and uncertainties above is a fair review of the principal risks and uncertainties for the remainder of the year as required by DTR 4.2.7R; and
• The half-yearly report includes a fair review of the related party transactions that have taken place in the first six months of the financial year as required by DTR 4.2.8R.
On behalf of the Board
Peter Burrows
Chairman
19 February 2019
UNAUDITED CONDENSED GROUP INCOME STATEMENT
for the six months to 31 December
2018
2017
Revenue
Capital
Total
Revenue
Capital
Total
return
return
return
return
return
return
£'000s
£'000s
£'000s
£'000s
£'000s
£'000s
Gains on investments
-
11,668
11,668
-
14,250
14,250
(Losses)/gains on derivative financial instruments
-
(3,021)
(3,021)
-
4,102
4,102
Foreign exchange (losses)/gains
(32)
1,023
991
(20)
908
888
Investment and other income
5,996
-
5,996
5,257
-
5,257
Total income
5,964
9,670
15,634
5,237
19,260
24,497
Management and administration fees
(839)
-
(839)
(740)
(804)
(1,544)
Other expenses
(625)
-
(625)
(644)
-
(644)
Profit before finance costs and taxation
4,500
9,670
14,170
3,853
18,456
22,309
Finance costs
(720)
(6,456)
(7,176)
(846)
(6,049)
(6,895)
Profit before taxation
3,780
3,214
6,994
3,007
12,407
15,414
Taxation
(9)
-
(9)
(100)
-
(100)
Profit for the period
3,771
3,214
6,985
2,907
12,407
15,314
Earnings per ordinary share - pence
4.21
3.59
7.80
3.22
13.76
16.98
The Group does not have any income or expense that is not included in the profit for the period, and therefore the profit for the period is also the total comprehensive income for the period, as defined in International Accounting Standard 1 (revised).
All items in the above statement derive from continuing operations.
All income is attributable to the equity holders of the Company. There are no minority interests.
UNAUDITED CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY
for the six months to 31 December 2018
Ordinary
Share
Non-
share
premium
Special
distributable
Capital
Revenue
capital
account
reserve
reserve
reserves
reserve
Total
£'000s
£'000s
£'000s
£'000s
£'000s
£'000s
£'000s
Balance at 30 June 2018
8,949
18,167
233,866
32,069
(40,886)
8,969
261,134
Profit for the period
-
-
-
-
3,214
3,771
6,985
Ordinary dividends paid
-
-
-
-
-
(3,356)
(3,356)
Balance at 31 December 2018
8,949
18,167
233,866
32,069
(37,672)
9,384
264,763
for the six months to 31 December 2017
Ordinary
Share
Non-
share
premium
Special
distributable
Capital
Revenue
capital
account
reserve
reserve
reserves
reserve
Total
£'000s
£'000s
£'000s
£'000s
£'000s
£'000s
£'000s
Balance at 30 June 2017
9,020
19,313
233,866
32,069
(75,667)
9,468
228,069
Profit for the period
-
-
-
-
12,407
2,907
15,314
Ordinary dividends paid
-
-
-
-
-
(3,382)
(3,382)
Balance at 31 December 2017
9,020
19,313
233,866
32,069
(63,260)
8,993
240,001
for the year to 30 June 2018
Ordinary
Share
Non-
share
premium
Special
distributable
Capital
Revenue
capital
account
reserve
reserve
reserves
reserve
Total
£'000s
£'000s
£'000s
£'000s
£'000s
£'000s
£'000s
Balance at 30 June 2017
9,020
19,313
233,866
32,069
(75,667)
9,468
228,069
Profit for the year
-
-
-
-
35,024
5,996
41,020
Transfer for change in treatment
of subsidiary
-
-
-
-
(243)
243
-
Ordinary dividends paid
-
-
-
-
-
(6,738)
(6,738)
Shares purchased by the
Company
(71)
(1,146)
-
-
-
-
(1,217)
Balance at 30 June 2018
8,949
18,167
233,866
32,069
(40,886)
8,969
261,134
UNAUDITED CONDENSED GROUP STATEMENT OF FINANCIAL POSITION
31 Dec 2018
31 Dec 2017
30 Jun 2018
£'000s
£'000s
£'000s
Non-current assets
Investments
468,674
461,451
493,375
Current assets
Other receivables
929
1,273
1,699
Derivative financial instruments
4,284
1,287
503
Cash and cash equivalents
225
620
647
5,438
3,180
2,849
Current liabilities
Loans
-
(37,128)
-
Other payables
(5,512)
(3,022)
(6,852)
Derivative financial instruments
(484)
(1,911)
(1,089)
Zero dividend preference shares
-
(49,482)
(50,858)
(5,996)
(91,543)
(58,799)
Net current liabilities
(558)
(88,363)
(55,950)
Total assets less current liabilities
468,116
373,088
437,425
Non-current liabilities
Loans
(49,638)
-
(27,795)
Zero dividend preference shares
(153,715)
(133,087)
(148,496)
Net assets
264,763
240,001
261,134
Equity attributable to equity holders
Ordinary share capital
8,949
9,020
8,949
Share premium account
18,167
19,313
18,167
Special reserve
233,866
233,866
233,866
Non-distributable reserve
32,069
32,069
32,069
Capital reserves
(37,672)
(63,260)
(40,886)
Revenue reserve
9,384
8,993
8,969
Total attributable to equity holders
264,763
240,001
261,134
Net asset value per ordinary share
Basic - pence
295.85
266.08
291.79
UNAUDITED CONDENSED GROUP STATEMENT OF CASH FLOWS
Six months to
Six months to
Year to
31 Dec 2018
31 Dec 2017
30 Jun 2018
£'000s
£'000s
£'000s
Cash flows from operating activities
(4,043)
580
2,116
Investing activities:
Purchases of investments
(22,724)
(18,452)
(64,046)
Sales of investments
60,788
21,193
70,115
Sales of derivatives
(7,406)
3,012
2,170
Cash flows from investing activities
30,658
5,753
8,239
Cash flows before financing activities
26,615
6,333
10,355
Financing activities:
Equity dividends paid
(3,356)
(3,382)
(6,738)
Movement on loans
21,956
(9,595)
(18,962)
Cash flows from issue of ZDP shares
898
2,840
13,921
Cash flows from redemption of ZDP shares
(51,196)
-
(417)
Cost of shares purchased for cancellation
-
(164)
(1,381)
Cash flows from financing activities
(31,698)
(10,301)
(13,577)
Net decrease in cash and cash equivalents
(5,083)
(3,968)
(3,222)
Cash and cash equivalents at the beginning
of the period
(53)
3,573
3,573
Effect of movement in foreign exchange
879
(237)
(404)
Cash and cash equivalents at the end of the period
(4,257)
(632)
(53)
Comprised of:
Cash
225
620
647
Bank overdraft
(4,482)
(1,252)
(700)
Total
(4,257)
(632)
(53)
NOTES
The Directors have declared a second quarterly dividend in respect of the year ending 30 June 2019 of 1.875p per ordinary share payable on 29 March 2019 to shareholders on the register at close of business on 8 March 2019. The total cost of this dividend, which has not been accrued in the results for the six months to 31 December 2018, is £1,678,000 based on 89,493,389 ordinary shares in issue at the date of this report.
The half-yearly report is available on the website www.uil.limited and will be posted to shareholders at the beginning of March 2019. It will also be submitted to the National Storage Mechanism and will shortly be available for inspection at http://www.morningstar.co.uk/uk/NSM.
Legal Entity Identifier: 213800CTZ7TEIE7YM468
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AnnouncementREG - UIL Limited UIL Finance Ltd Utilico Limited 2014 UIL Finance - UTLG Utilico Finance (D) - Net Asset Value(s)
AnnouncementREG - UIL Limited UIL Finance Ltd Utilico Limited 2014 UIL Finance - UTLG Utilico Finance (D) - Net Asset Value(s)
AnnouncementREG - UIL Limited UIL Finance Ltd Utilico Limited 2014 UIL Finance - UTLG Utilico Finance (D) - Net Asset Value(s)
AnnouncementREG - UIL Limited UIL Finance Ltd Utilico Limited 2014 UIL Finance - UTLG Utilico Finance (D) - Net Asset Value(s)
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