REG - Utilico Emerging Mkt - Half-year Report
22/11/2022 09:30
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RNS Number : 2034H Utilico Emerging Markets Trust PLC 22 November 2022
Date: 22 November 2022
Contact: Charles Jillings
Utilico Emerging
Markets Trust plc
01372 271
486
Gay Collins/Pippa Bailey
Montfort Communications
0203 770 7913
Utilico@montfort.london
UTILICO EMERGING MARKETS TRUST PLC
UNAUDITED HALF-YEARLY FINANCIAL REPORT
FOR THE SIX MONTHS TO 30 SEPTEMBER 2022
Utilico Emerging Markets Trust plc ("UEM" or the "Company") today announced
its unaudited financial results for the six months to 30 September 2022.
Highlights of results for the six months to 30 September 2022:
· Net asset value ("NAV") total return per share of -2.8%*
· NAV per share of 243.29p, down 4.3%*
· Gross assets of £521.8m, down from £569.6m
· Annual compound NAV total return since inception of 9.3%*
· Dividends per share of 4.15p, up 3.8%. Dividends were fully
covered by earnings
· Revenue earnings per share ("EPS") increased 13.1% to 6.83p
· Revenue income increased to £16.9m, an 6.3% increase
*See Alternate Performance Measures on pages 43 to 45 of the Half-Yearly
Financial Report for the six months to 30 September 2022
The Half-Yearly Financial Report for the six months to 30 September 2022 will
be posted to shareholders in early December 2022. A copy will shortly be
available to view and download from the Company's website at
www.uemtrust.co.uk (http://www.uemtrust.co.uk) and the National Storage
Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) . Please click on
the following link to view the
document: http://www.rns-pdf.londonstockexchange.com/rns/2034H_1-2022-11-22.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2034H_1-2022-11-22.pdf)
John Rennocks, Chairman of UEM said: "UEM has delivered a credible performance
against what has been a challenging environment, with its NAV total return of
negative 2.8% over the six months being significantly better than the MSCI
Emerging Markets total return index ("MSCI") which was down 7.6%. Since
inception, UEM has continued to outperform and as at 30 September 2022, UEM's
NAV total return was 358.7%, ahead of the MSCI, standing at 251.0%. It is also
pleasing to see UEM's revenue earnings per share rise by 13.1% over the
comparable six months to 30 September 2021 which has enabled the Board to
recommend an increase in the quarterly dividend going forward of 7.5% to 2.15p
a quarter. While short term challenges are numerous and volatility remains
elevated, we remain optimistic that the opportunities to invest for the long
term are good. Our investee companies remain well managed and well positioned
to respond to the challenges and emerge stronger from them."
Charles Jillings, Investment Manager of UEM added: "Despite the half year
having been one of the most challenging for investors since the inception of
UEM, with a number of escalating concerns and market contagion in certain
jurisdictions, UEM's NAV total return for the half year was a strong
performance against weak markets. It is also pleasing to see the underlying
investee companies deliver rising earnings, reflected in UEM's EPS increase of
13.1% from 6.04p to 6.83p. Within the portfolio UEM's gross assets (less
liabilities excluding loans) decreased to £521.8m from £569.6m. There have
also been six new entries into UEM's top thirty holdings and the portfolio's
percentage in the electricity sector has increased from 15.5% to 19.6%, mainly
as a result of further investment in Eletrobras. There was little change to
the overall portfolio country exposures apart from Brazil which rose to 22.4%
from 20.9% and India which rose from 11.3% to 13.8% both mainly on market
performance. The world continues to be faced with a number of unresolved
deep-seated challenges; however, UEM's portfolio is invested in relatively
liquid, cash-generative companies which have long-duration assets that we
believe are structurally undervalued and offer excellent total returns."
PERFORMANCE SUMMARY
% Change
Half-year Half-year Annual Mar -
30 Sep 2022 30 Sep 2021 31 Mar 2022 Sep 2022
NAV total return per share (1) (%) (2.8) 11.0 14.9 n/a
Share price total return per share (1) (%) (4.0) 12.9 17.6 n/a
Annual compound NAV total return (1) (since
inception) (%) 9.3 9.8 9.7 n/a
NAV per share (1) (pence) 243.29 249.63 254.22 (4.3)
Share price (pence) 211.00 219.00 224.00 (5.8)
Discount (1) (%) (13.3) (12.3) (11.9) n/a
Earnings per share
- Capital (pence) (14.99) 18.83 24.49 (179.6)(4)
- Revenue (pence) 6.83 6.04 8.17 13.1(4)
Total (pence) (8.16) 24.87 32.66 (132.8)(4)
Dividends per share (pence) 4.15(2) 4.00 8.00 3.8(4)
Gross assets (3) (£m) 521.8 568.7 569.6 (8.4)
Equity holders' funds (£m) 501.6 547.3 545.9 (8.1)
Shares bought back (£m) 18.7 4.5 13.9 315.6(4)
Net (overdraft)/cash (£m) (3.5) 1.9 0.5 (800.0)
Bank loans (£m) (20.2) (21.5) (23.7) (14.8)
Net debt (£m) (23.7) (19.6) (23.2) 2.2
Gearing (1) (%) (4.7) (3.6) (4.3) n/a
Management and administration fees and 3.7 3.6 2.8(4)
other expenses (£m) 7.3
Ongoing charges figure (1) (%) 1.4(5) 1.3(5) 1.4 n/a
(1) See Alternative Performance Measures on pages 43 to 45 of the
Half-Yearly Financial Report for the six months to 30 September 2022
(2) The second quarterly dividend declared has not been included as
a liability in the accounts
(3) Gross assets less liabilities excluding loans
(4) Percentage change based on comparable six month period to 30
September 2021
(5) For comparative purposes the figures have been annualised
CHAIRMAN'S STATEMENT
The half year to 30 September 2022 has again continued to be difficult for
everybody, including investors. Against this challenging environment UEM
delivered a credible performance with its NAV total return of negative 2.8%
over the six months being significantly better than the MSCI Emerging Markets
total return Index ("MSCI") which was down 7.6%.
UEM measures its performance on a total return basis and the long-term annual
compound NAV total return since inception was 9.3%. The Investment Managers
are seeking long-term performance to be above 10.0% including a rising
dividend.
Since inception, UEM has continued to outperform and as at 30 September 2022,
UEM's NAV total return was 358.7%, ahead of the MSCI, standing at 251.0%.
It is also pleasing to see UEM's revenue earnings per share ("EPS") rise by
13.1% over the comparable six months to 30 September 2021. This has enabled
the Board to recommend an increase in the quarterly dividend going forward of
7.5% to 2.15p a quarter.
GLOBAL ECONOMY
As previously noted there are numerous headwinds currently faced by the
markets, including rising inflation; increasing interest rates; the Ukraine
war; shift to green energy; US and China trade friction; zero-Covid policy in
China; cyber security; shortage of commodities; and leveraged economies. A
number of these headwinds remain largely unresolved and highly intertwined,
making it difficult to resolve in the near term.
Further, we are witnessing a rise in nationalism and wealth inequality which
in turn is seeing countries focusing increasingly inwards for a solution to
the challenges they face.
EMERGING MARKETS
There are four trends to highlight in the EM. Inflation is absolutely a key
focus in the western economies, but for Asia this is not yet a challenge. By
way of example, Vietnamese inflation is running at 3.2% and GDP growth for the
full year to 31 December 2022 is expected to be some 7.7%. Latin America has
seen strong inflationary pressures, but central banks have been ahead of the
curve. Brazil's interest rates are at 13.75% and inflation, having peaked at
12.0%, is down at 8.7%, with the expectations of falling to 5.0% in the next
twelve months. Eastern Europe on the other hand faces some of the highest
inflationary rates, unsurprising due to their proximity to Russia and Ukraine
and the ensuing supply disruption. Poland's core inflation is running at
around 11.0%. This has meant different approaches by each of the monetary
authorities in the EM regions.
China has elected Xi Jinping as its President for the foreseeable future.
China's zero-Covid policy remains a concern, and it is a clear headwind for
economic activity and particularly the consumer in China. Much of China's
growth is driven by the housing market which relies on a confident consumer.
Russia's invasion of Ukraine driven by Putin has been devastating to watch and
it has turned into a shockingly destructive war. Today, as the Russian
military is found wanting, the response from Putin has been to take the war to
the people of Ukraine, destroying infrastructure and even whole cities. Putin
is prepared to weaponise every element he can. Sadly, going forward, we expect
more of this policy as increasingly the Russian army finds it difficult to
repel a highly motivated Ukraine army. This war has put strain on already
tight global energy markets.
Brazil's elections should be seen as a positive and they were closely fought,
but the transition to Lula has been peaceful. That is a big endorsement for
Brazil's institutions.
We would note the following; interest rates are likely to fall in EM
benefiting UEM's portfolio as the cost of capital reduces; China's policies
are likely to see a rising of "near shoring" to the benefit of countries such
as Vietnam and India; the war in Ukraine is likely to see Latin America
benefit from heightened commodity pricing and the increased focus on "supply
chain security".
One key event to come is the reversal of the Chinese zero-Covid policy. This
is expected to happen at some point. China is rapidly eroding much of the
economic and social gains it has made over recent years due to the zero-Covid
policy which is socially unsustainable. When it reverses, we expect a very
significant surge in demand, and a sharp rise in commodities and trade. UEM's
portfolio should benefit from this.
LEVEL 3 INVESTMENTS
The level 3 investments as at 30 September 2022 stand at £49.5m representing
9.4% of the total portfolio, largely unchanged from the £48.1m as at 31 March
2022 which represented 8.4% of the total portfolio. Further details are set
out in the Investment Managers' report.
BOARD
We announced plans for board refreshment last year, which included the
appointments of Mark Bridgeman and Isabel Liu and after the 2022 Annual
General Meeting ("AGM") Anthony Muh stepped down from the Board. Continuing
with these initiatives, Susan Hansen has indicated her intention to retire
from the Board following the conclusion of UEM's next AGM in September 2023.
Susan has brought significant insight, experience and challenge to the Board
since she joined in 2013. The Directors have reviewed the composition of the
Board and the current intention is to continue as a Board of four Directors.
This will be kept under review as part of the annual Board evaluation process.
SHARE BUYBACKS
It is disappointing to see UEM's share price discount widen over the half year
from 11.9% as at 31 March 2022 to 13.3% as at 30 September 2022. This remains
above levels that the Board would wish to see over the medium term. The
Company has continued buying back shares for cancellation with 8.6m shares
bought back in the six months to 30 September 2022, at an average price of
216.91p, and total cost of £18.7m.
UEM has now invested over £130.0m in ordinary share buybacks since inception.
While the Board is keen to see the discount narrow, any share buyback remains
an investment decision. Traditionally the Company has bought back shares if
the discount widens in normal market conditions to over 10.0%.
REVENUE EARNINGS AND DIVIDEND
It is pleasing to report UEM's revenue EPS increased by 13.1% compared to the
half year to 30 September 2021, given the ongoing challenges faced by investee
businesses.
The Board is pleased to announce an increase in the second quarterly dividend
in respect of the year to 31 March 2023 from 2.00p to 2.15p, an increase of
7.5%. UEM has now declared two quarterly dividends totalling 4.15p per share,
a 3.8% improvement over the previous half-year. Dividends remain fully covered
by income. In the absence of unforeseen circumstances, the Board remains
confident the increased quarterly rate will be maintained for the next two
quarters. The retained revenue reserves increased by £6.0m to £13.2m in the
six months to 30 September 2022.
The Board would like to re-emphasise that UEM's portfolio is predominantly
invested in relatively liquid, cash-generative companies. The Company's
Investment Managers believe these long-duration assets are structurally
undervalued and offer excellent total returns.
OUTLOOK
While short term challenges are numerous, and volatility remains elevated we
remain optimistic that the opportunities to invest for the long-term are good.
Our investee companies remain well managed and well positioned to respond to
the challenges and have the potential to emerge stronger from them.
John Rennocks
Chairman
22 November 2022
INVESTMENT MANAGERS' REPORT
The half year has been one of the most challenging for investors since the
inception of UEM, with a number of escalating concerns and market contagion in
certain jurisdictions. Despite this, UEM's NAV total return for the half year
of negative 2.8% was a strong performance against weak markets. It was
pleasing to see the underlying investee companies deliver rising earnings,
reflected in UEM's EPS increase of 13.1% from 6.04p to 6.83p as at 30
September 2022.
In the report and accounts for the year to 31 March 2022 we highlighted a
number of concerns for investors. We have updated these below although sadly
they still remain significant issues.
INFLATION AND INTEREST RATES
An ongoing surprise to us has been the tight labour market conditions across
the world which has led to wage inflation as buying power shifts to the wider
labour markets. This has led to unemployment rates in many markets being
stubbornly low. It would appear to us that the workforce has reduced, partly
owing to retirement, partly higher death rates and partly due to long Covid.
This is in turn driving wage inflation and therefore core inflationary
pressures. Furthermore, there appears to be high churn in the labour force
which in certain sectors has reduced productivity as training is required.
These factors may well cause further inflationary pressures and may become
embedded in economies.
We see commodities markets as potentially being at an imbalance as demand
exceeds supply in certain products. This is likely to continue as decades of
underinvestment cannot be redressed overnight.
Further, the response to the Ukraine war will see increased drive for energy
security, food security, supply chain security and military security. These
four challenges are likely to be pursued at significant pace. The result will
be heightened demand for commodities.
Structurally we therefore see commodity demand rising and pricing to remain to
the upside.
To address the rising inflationary outlook, central banks have begun and will
continue to raise interest rates. As such we expect to see interest rates rise
further over the coming months, but we do expect that, after significant
interest rate increases, the rate of rises over the next six months will
likely moderate.
We would note two points on inflation. First, Asia has been largely immune and
this may be due to the younger workforce having lower impacts from Covid-19.
Second, Latin America has seen strong inflationary pressures but the central
banks have been aggressive in their response and as a result inflation in some
of the regions' economies is now falling.
UKRAINE
The war in Ukraine has disrupted a number of commodity supplies which have
accelerated inflationary pressures to levels not seen in decades. We expect
this to persist for at least the next six months. However, the imbalance will
in time be addressed and supply led inflationary pressures will reduce.
It is disappointing to note that after six months the war looks set to go deep
into the winter. This means the wider inflationary legacy will persist.
Neither side looks capable of winning the war in the coming months. The threat
to energy supply and supply chain security will drive significant investment
to address these two concerns and the inflationary pressures will continue to
be to the upside.
Of course, the big unknown is the reaction of Putin. Does he choose to
escalate the conflict in an uncontrollable way in his frustration at the lack
of meaningful progress?
CHINA
China's zero-Covid policy is an ongoing matter. China continues to have two
fundamental choices; either drive the economy or contain Covid-19. It is
difficult to see how it can maintain both. As the world's biggest importer of
commodities this is a real concern.
However, we expect that if China shifts away from its zero-Covid policy then
there will be a surge in demand. This in itself could drive commodities
significantly higher.
The appointment of Xi for a further presidential term is a concern for the
medium and longer term. We fear that China may become less flexible in its
approach, more focused on political goals and that the economy will, as a
result, underperform.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE ("ESG")
It is worrying to note that Covid-19 clearly setback social gains. It is a
rising concern that the need for energy security will see environmental
setbacks as well.
How does UEM position itself? Given the wide range of assets, geographies and
governments involved in UEM's portfolio, discussions are varied. A number of
our investee companies do have a key role to play in reducing carbon
emissions, from wind farms to rail and from hydro to enabling businesses to
work remotely. ICM's approach is therefore driven by the need to see
improvements over time by each investee company.
CLIMATE CHANGE
The war in Ukraine has been a true setback for the global energy ambitions of
reducing carbon emissions. Many countries have reversed their approach to
energy with the overriding need to be energy secure. Even if that means
tearing down a windfarm and mining the land for coal.
However, the best way to address the energy shortfall over time is likely to
be to invest in green technologies, thereby achieving two ambitions at once,
energy security and green energy supply. This will take time but may offer
opportunities for investors if governments continue to support the essential
green investments.
PORTFOLIO
UEM's gross assets (less liabilities excluding loans) decreased to £521.8m as
at 30 September 2022 from £569.6m as at 31 March 2022.
There have been six new entries into UEM's top thirty holdings over the half
year to 30 September 2022: Centrais Eletricas Brasileiras S.A. ("Eletrobras"),
China Gas Holdings Limited, Conversant Solutions Pte Ltd, Adani Ports and
Special Economic Zone Limited, Engie Brasil Energia S.A., and InPost S.A. The
most significant entry into the top thirty was Eletrobras. UEM invested
further into Eletrobras as it made its way through the privatisation process
in Brazil, this together with its strong share price gains saw it rise to
fifth position in the portfolio.
During the half year to 30 September 2022, Corporacion Financiera Colombiana
S.A. fell out of the top thirty due to poor share price performance. China
Everbright Greentech Limited was reduced as China's lockdowns continued to
impair operations. Societe Nationale des Telecommunications du Senegal and KT
Corporation were sold down following a rally in their share prices. Naver
Corporation Limited fell out of the top thirty due to poor share price
performance and PT Link Net Tbk. was exited following an offer for the
minority shareholders at a premium to the market price.
Purchases in the portfolio were £52.6m in the half year ended 30 September
2022 and realisations were £67.3m. UEM ended the year fully invested with its
bank loans partly drawn.
During the half year to 30 September 2022, the electricity sector increased
from 15.5% to 19.6% mainly as a result of the investment in Eletrobras. The
ports and logistics sector was down mainly on sector weakness from 19.3% as at
31 March 2022 to 17.9% as at 30 September 2022. Most of the other sectors saw
small shifts.
There was little change to the overall portfolio country exposures apart from
Brazil which rose to 22.4% from 20.9% as at 31 March 2022 and India, which
rose from 11.3% to 13.8%, both mainly on market performance.
LEVEL 3 INVESTMENTS
UEM's level 3 investments as at 30 September 2022 were £49.5m (31 March 2022:
£48.1m), representing 9.4% of total investments.
UEM has over the years invested in unlisted businesses at a modest level. One
investment, Petalite Limited ("Petalite") has performed exceptionally well and
now accounts for 3.5% of UEM's portfolio. Petalite is an early-stage company
based in the UK which has developed an innovative electric vehicle charging
technology which offers greater reliability and efficiency than is currently
available in the market. In June Petalite welcomed new investors A&M
Impact Partners ("AMIP"), a venture established by Ashley Unwin, TPG Senior
Advisor, and Michael Macdougall, former private equity partner of TPG. The
equity raise, which was also supported by UEM, seeks to accelerate
commercialisation with the strategic involvement of AMIP with Ashley Unwin
being appointed as Non-Executive Chairman of Petalite.
UEM expects the balance of the unlisted investments to reduce. In particular
CGN Capital Partners Infra Fund 3 ("CGN"), the Chinese wind farm investment,
has sold its assets and is in the process of returning capital to its
shareholders, including UEM. CGN accounts for 2.3% of the total portfolio.
SHARE BUYBACKS
UEM has been actively buying back its shares. In the year to 31 March 2022 UEM
bought back 6.5m shares at a cost of £13.9m and in the six months to 30
September 2022 UEM bought back 8.6m shares at £18.7m. This clearly reduces
our asset base and therefore in reviewing the metrics below is a drag on
year-on-year comparison, except EPS. The average price paid over the 18 months
to 30 September 2022 was 214.74p per share. This was enhancing to NAV per
share which was 243.29p as at 30 September 2022.
Since inception UEM has bought back 71.1m shares at a cost of £130.1m and an
average price of 183.03p.
BANK DEBT
UEM's net debt, being bank loans and overdrafts less cash, increased
marginally from £23.2m as at 31 March 2022 to £23.7m as at 30 September
2022. UEM's £50.0m committed multicurrency loan facility matures in March
2024.
REVENUE RETURN
Revenue income increased 6.3% to £16.9m for the six months to 30 September
2022, from £15.9m in the six months to 30 September 2021.
Management fees and other expenses decreased by 5.4% to £1.5m compared to the
prior half-year. Finance costs remained modest at £0.1m given the low
interest rate environment in the period. Taxation remained in line with the
prior half year at £0.9m for the period to 30 September 2022.
Arising from the above, profit for the half-year increased by 8.0% to £14.4m
from £13.3m at the prior half-year. EPS was higher, a rise of 13.1% to 6.83p
compared to the prior half-year of 6.04p due to the increase in profit and
reduced average number of shares in issue following buybacks. Dividends per
share of 4.15p were fully covered by earnings.
Retained revenue reserves rose to £13.2m as at 30 September 2022, equating to
6.42p per share.
CAPITAL RETURN
The portfolio lost £28.6m during the half year to 30 September 2022 (30
September 2021: gains of £44.1m). There were losses on foreign exchange of
£0.6m (30 September 2021: gains of £0.7m). The resultant total income loss
on the capital return was £29.3m against prior half-year gains of £44.8m.
Management and administration fees were marginally higher at £2.2m (30
September 2021: £2.0m). Finance costs were reduced at £0.2m versus £0.3m at
the prior half-year. Taxation was a positive at £0.1m (30 September 2021:
-£1.0m) which arose mainly from Indian deferred capital gains tax reductions
on reduced gains. The net effect of the above was a loss on capital return of
£31.6m (30 September 2021: a gain of £41.5m).
INVESTOR COMMUNICATION
We have been increasing the marketing of UEM to the wider investment
community, including retail investors, through a number of initiatives.
These include more frequent publications of research notes from UEM's broker,
Shore Capital and Corporate Limited, and Edison Investment Research Limited;
utilising the Investor Meet Company platform which provides an excellent
recorded video platform for communicating to individual investors; and
increasing the content on UEM's website via our 'insights' page. We also draw
investors' attention to other areas of UEM's website including the
comprehensive Investor Relations and News sections. We intend to continue to
increase our focus on this important area.
Charles Jillings
ICM Investment Management Limited and ICM Limited
22 November 2022
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 UEM's principal risks and uncertainties are market related and are
similar to those of other investment companies investing mainly in listed
equities in emerging markets.
The principal risks and uncertainties were described in more detail under the
heading "Principal Risks and Risk Mitigation" within the Strategic Report
section of the Annual Report and Accounts for the year ended 31 March 2022 and
have not changed materially since the date of that document.
The principal risks faced by UEM include not achieving long-term total returns
for its shareholders, adverse market conditions leading to a fall in NAV, loss
of key management, its shares trading at a discount to NAV, losses due to
inadequate controls of third party service providers, gearing risk and
regulatory risk. In addition, the emergence and monitoring of geopolitical
risk and climate risk, and the continued ongoing risk of the Covid-19
pandemic.
The Annual Report and Accounts is available on the Company's website,
www.uemtrust.co.uk
RELATED PARTY TRANSACTIONS
Details of related party transactions in the six months to 30 September 2022
are set out in note 9 to the accounts and details of the fees paid to the
Investment Managers are set out in note 2 to the accounts. Directors' fees
were increased by approximately 5.0% with effect from 1 April 2022 to:
Chairman £50,000 per annum; Chair of Audit & Risk Committee £46,725 per
annum; and other Directors £37,000 per annum.
The net fee entitlement of each Director is satisfied in shares of the
Company, purchased in the market by each Director at around each quarter end.
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 report
for the six months to 30 September 2022 has been prepared in accordance with
International Accounting Standard 34 "Interim Financial Reporting" on a going
concern basis and gives a true and fair view of the assets, liabilities,
financial position and return of the Company;
• the half-yearly 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
John Rennocks
Chairman
22 November 2022
CONDENSED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
Six months to Six months to
30 September 2022 30 September 2021
Notes Revenue Capital Total Revenue Capital Total
return return return return return return
£'000s £'000s £'000s £'000s £'000s £'000s
(Losses)/gains on investments - (28,628) (28,628) - 44,124 44,124
Foreign exchange (losses)/gains - (623) (623) - 675 675
Investment and other income 16,887 - 16,887 15,879 - 15,879
Total income/(loss) 16,887 (29,251) (12,364) 15,879 44,799 60,678
2 Management and administration fees (712) (2,216) (2,928) (742) (2,015) (2,757)
Other expenses (789) - (789) (844) - (844)
Profit/(loss) before finance costs and taxation 15,386 (31,467) (16,081) 14,293 42,784 57,077
Finance costs (50) (199) (249) (70) (280) (350)
Profit/(loss) before taxation 15,336 (31,666) (16,330) 14,223 42,504 56,727
3 Taxation (954) 85 (869) (909) (995) (1,904)
Profit/(loss) for the period 14,382 (31,581) (17,199) 13,314 41,509 54,823
4 Earnings per share (basic) - pence 6.83 (14.99) (8.16) 6.04 18.83 24.87
All items in the above statement derive from continuing operations.
The 'Total' column of this statement is the profit and loss account of the
Company and the 'Revenue' and 'Capital' columns represent supplementary
information prepared under guidance issued by the Association of Investment
Companies.
The net return on ordinary activities after taxation represents the profit for
the period and also the total comprehensive Income.
CONDENSED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
for the six months to 30 September 2022
Ordinary Capital Retained earnings
Notes share Merger redemption Special Capital Revenue
capital reserve reserve reserve reserves reserve Total
£'000s £'000s £'000s £'000s £'000s £'000s £'000s
Balance as at 31 March 2022 2,148 76,706 197 459,736 (139) 7,268 545,916
Shares purchased by the (86) - 86 (18,674) - - (18,674)
Company and cancelled
(Loss)/profit for the period - - - - (31,581) 14,382 (17,199)
5 Dividends paid in the period - - - - - (8,414) (8,414)
Balance as at 30 September 2022 2,062 76,706 283 441,062 (31,720) 13,236 501,629
for the six months to 30 September 2021
Ordinary Capital Retained earnings
Notes share Merger redemption Special Capital Revenue
capital reserve reserve reserve reserves reserve Total
£'000s £'000s £'000s £'000s £'000s £'000s £'000s
Balance as at 31 March 2021 2,213 76,706 132 473,634 (53,868) 6,879 505,696
Shares purchased by the (20) - 20 (4,459) - - (4,459)
Company and cancelled
Profit for the period - - - - 41,509 13,314 54,823
5 Dividends paid in the period - - - - - (8,808) (8,808)
Balance as at 30 September 2021 2,193 76,706 152 469,175 (12,359) 11,385 547,252
for the year ended 31 March 2022
Ordinary Capital Retained earnings
Notes share Merger redemption Special Capital Revenue
capital reserve reserve reserve reserves reserve Total
£'000s £'000s £'000s £'000s £'000s £'000s £'000s
Balance as at 31 March 2021 2,213 76,706 132 473,634 (53,868) 6,879 505,696
Shares purchased by the (65) - 65 (13,898) - - (13,898)
Company and cancelled
Profit for the year - - - - 53,729 17,933 71,662
5 Dividends paid in the year - - - - - (17,544) (17,544)
Balance as at 31 March 2022 2,148 76,706 197 459,736 (139) 7,268 545,916
CONDENSED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
Notes as at 30 Sep 2022 30 Sep 2021 31 Mar 2022
£'000s £'000s £'000s
Non-current assets
11 Investments 528,400 571,446 571,686
Current assets
Other receivables 2,351 4,095 1,477
Cash and cash equivalents 907 1,916 1,104
3,258 6,011 2,581
Current liabilities
Other payables (8,002) (6,857) (2,799)
Net current liabilities (4,744) (846) (218)
Total assets less current liabilities 523,656 570,600 571,468
Non-current liabilities
6 Bank loans (20,185) (21,488) (23,662)
Deferred tax (1,842) (1,860) (1,890)
Net assets 501,629 547,252 545,916
Equity attributable to equity holders
7 Ordinary share capital 2,062 2,193 2,148
Merger reserve 76,706 76,706 76,706
Capital redemption reserve 283 152 197
Special reserve 441,062 469,175 459,736
Capital reserves (31,720) (12,359) (139)
Revenue reserve 13,236 11,385 7,268
Total attributable to equity holders 501,629 547,252 545,916
8 Net asset value per share
Basic - pence 243.29 249.63 254.22
CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED)
Six months to Six months to Year to
30 Sep 2022 30 Sep 2021 31 Mar 2022
£'000s £'000s £'000s
Operating activities
(Loss)/profit before taxation (16,330) 56,727 74,350
Deduct investment income - dividends (16,184) (15,460) (21,604)
Deduct investment income - interest (702) (419) (988)
Deduct bank interest received (1) - (1)
Add back interest charged 249 350 588
Add back losses/(gains) on investments 28,628 (44,124) (58,293)
Add back foreign currency losses/(gains) 623 (675) (1,333)
(Increase)/decrease in other receivables (33) 1 (16)
Decrease in other payables (50) (4,696) (4,701)
Net cash outflow from operating activities (3,800) (8,296) (11,998)
before dividends and interest
Interest paid (241) (377) (600)
Dividends received 15,069 12,945 21,556
Investment income - interest received 236 82 1
Bank interest received 1 - 190
Taxation paid (912) (1,524) (2,465)
Net cash inflow from operating activities 10,353 2,830 6,684
Investing activities
Purchases of investments (50,888) (69,469) (122,600)
Sales of investments 67,208 113,089 176,372
Net cash inflow from investing activities 16,320 43,620 53,772
Financing activities
Repurchase of shares for cancellation (18,144) (4,354) (13,898)
Dividends paid (8,414) (8,808) (17,544)
Drawdown of bank loans 4,280 32,755 52,101
Repayment of bank loans (8,536) (60,872) (77,576)
Net cash outflow from financing activities (30,814) (41,279) (56,917)
(Decrease)/increase in cash and cash equivalents (4,141) 5,171 3,539
Cash and cash equivalents at the start of the period 452 (3,184) (3,184)
Effect of movement in foreign exchange 157 (93) 97
Cash and cash equivalents at the end of the period (3,532) 1,894 452
Comprised of:
Cash 907 1,916 1,104
Bank overdraft (4,439) (22) (652)
Total (3,532) (1,894) 452
NOTES TO THE ACCOUNTS (UNAUDITED)
1. ACCOUNTING POLICIES
The Company is an investment company incorporated in the United Kingdom with a
premium listing on the London Stock Exchange.
The unaudited condensed accounts have been prepared in accordance with UK
adopted International Accounting Standards, which comprise standards and
interpretations approved by the IASB and International Accounting Standards
and Standing Interpretations Committee interpretations approved by the IASC
that remain in effect and to the extent that they are in conformity with the
requirement of the Companies Act 2006 ("IFRS"), IAS 34 "Interim Financial
Reporting" and the accounting policies set out in the audited statutory
accounts for the year ended 31 March 2022.
The preparation of interim financial statements requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities, income
and expense. Actual results may differ from these estimates. The significant
judgements made by the Directors in applying the accounting policies and key
sources of uncertainty were the same as those applied to the financial
statements as at and for the year ended 31 March 2022.
The condensed Accounts do not include all of the information required for full
annual accounts and should be read in conjunction with the accounts of the
Company for the year ended 31 March 2022, which were prepared under full IFRS
requirements..
2. MANAGEMENT AND ADMINISTRATION FEES
The Company has appointed ICMIM as its Alternative Investment Fund Manager and
joint portfolio manager with ICM, for which they are entitled to a management
fee. The aggregate fees payable by the Company are apportioned between the
Investment Managers as agreed by them.
The relationship between ICMIM and ICM is compliant with the requirements of
the UK version of the EU Alternative Investment Fund Managers Directive as it
forms part of UK domestic law by virtue of the European Union (Withdrawal) Act
2018, as amended, and also such other requirements applicable to ICMIM by
virtue of its regulation by the Financial Conduct Authority.
The annual management fee is a tiered structure as follows: 1.0% of NAV up to
and including £500m; 0.9% of NAV exceeding £500m up to and including £750m;
0.85% of NAV exceeding £750m up to and including £1,000m; and 0.75% of NAV
exceeding £1,000m, payable quarterly in arrears. The management fee is
allocated 80% to capital return and 20% to revenue return. The investment
management agreement may be terminated upon six months' notice.
ICMIM also provides company secretarial services to the Company, with the
Company paying £35,000 (30 September 2021: £35,000 and 31 March 2022
£70,000) equivalent to 45% of the costs associated with this office and
recharges research fees to the Company based on a budget of £0.3m per annum,
paid quarterly in arrears. These charges are allocated 80% to capital return
and 20% to revenue return.
JPMorgan Chase Bank N.A. - London Branch has been appointed Administrator and
ICMIM has appointed Waverton to provide certain support services (including
middle office, market dealing and information technology support services).
3. TAXATION
The revenue return taxation charge of £954,000 (30 September 2021: £909,000
and 31 March 2022: £1,500,000) relates to irrecoverable overseas taxation
suffered on dividend and interest income.
The capital return taxation income of £85,000 (30 September 2021: expense of
£995,000 and 31 March 2022: expense of £1,188,000) relates to capital gains
on realised gains on sale of overseas investments and deferred tax in respect
of capital gains tax on overseas unrealised investment gains that may be
subject to taxation in future years.
4. EARNINGS PER SHARE
Earnings per share is the profit attributable to shareholders and based on the
following data:
Six months to Six months to Year to
30 Sep 2022 30 Sep 2021 31 Mar 2022
£'000s £'000s £'000s
Revenue return 14,382 13,314 17,933
Capital return (31,581) 41,509 53,729
Total return (17,199) 54,823 71,662
Number Number Number
Weighted average number of ordinary shares in issue 210,727,891 220,452,548 219,416,396
during the period for basic earnings per share calculations
Pence Pence Pence
Revenue return per share 6.83 6.04 8.17
Capital return per share (14.99) 18.83 24.49
Total return per share (8.16) 24.87 32.66
5. DIVIDENDS PAID
Record date Payment date 30 Sep 30 Sep 2021 £'000s 31 Mar 2022 £'000s
2022
£'000s
2021 Fourth quarterly dividend of 2.000p per share 04-Jun-21 23-Jun-21 - 4,415 4,415
2022 First quarterly dividend of 2.000p per share 03-Sep-21 24-Sep-21 - 4,393 4,393
2022 Second quarterly dividend of 2.000p per share 03-Dec-21 17-Dec-21 - - 4,385
2022 Third quarterly dividend of 2.000p per share 04-Mar-22 25-Mar-22 - - 4,351
2022 Fourth quarterly dividend of 2.000p per share 06-Jun-22 24-Jun-22 4,250 - -
2023 First quarterly dividend of 2.000p per share 02-Sep-22 23-Sep-22 4,164 - -
8,414 8,808 17,544
The Directors have declared a second quarterly dividend in respect of the year
ending 31 March 2023 of 2.15p per share payable on 16 December 2022 to
shareholders on the register at close of business on 2 December 2022. The
total cost of the dividend, which has not been accrued in the results for the
six months to 30 September 2022, is £4,385,000 based on 203,962,343 shares in
issue as at 21 November 2022.
6. BANK LOANS
The Company has an unsecured committed senior multicurrency revolving facility
of £50,000,000 with the Bank of Nova Scotia, London Branch expiring on 15
March 2024. Commitment fees are charged on any undrawn amounts at commercial
rates. The terms of the loan facility, including those related to accelerated
repayment and costs of repayment, are typical of those normally found in
facilities of this nature. The existing loan rolls over on a periodic basis
subject to usual conditions including a covenant with which the Company is
comfortable it can ensure compliance
As at 30 September 2022 £20,185,000 (30 September 2021: £21,488,000 and 31
March 2022: £23,662,000) was drawn down.
7. ORDINARY SHARE CAPITAL
Issued, called up and fully paid
Ordinary shares of 1p each Number £'000s
Balance as at 31 March 2022 214,744,067 2,148
Purchased for cancellation by the Company (8,560,692) (86)
Balance as at 30 September 2022 206,183,375 2,062
A further 2,221,032 ordinary shares have been purchased for cancellation at a
total cost of £4,706,000 since the period end.
8. NET ASSET VALUE PER SHARE
The NAV per share is based on the net assets attributable to the equity
shareholders of £501,629,000 (30 September 2021: £547,252,000 and 31 March
2022: £545,916,000) and on 206,183,375 ordinary shares, being the number of
ordinary shares in issue at the period end (30 September 2021: 219,227,927 and
31 March 2022: 214,744,067).
9. RELATED PARTY TRANSACTIONS
The following are considered related parties of the Company: the subsidiary
undertakings (UEM (HK) Limited and UEM Mauritius Holdings Limited), the
associates of the Company (East Balkan Properties plc, Petalite Limited
("Petalite") and Pitch Hero Holdings Limited), the Board of UEM, ICM and ICMIM
(the Company's joint portfolio managers), Mr Saville, Mr Jillings (a key
management person of ICMIM) and UIL Limited.
As at 31 March 2022 the fair value of the loan held with UEM (HK) Limited was
£12,543,000 and loan interest accrued was £52,000. In the period, UEM(HK)
repaid £2,120,000 and £456,000 loan interest was capitalised and added to
the balance of the loan. As at 30 September 2022 the fair value of the loan
held with UEM (HK) Limited was £11,871,000 and loan interest accrued was
£77,000. During the period the Company did not receive or make payments to
UEM Mauritius Holdings Limited.
During the period the Company received £531,000 from East Balkan Properties
plc by way of a capital return.
During the period the Company participated in an equity raise in Petalite, in
which it invested £1.25m. At that time, the Company also converted its
£1,000,000 investment of 10% convertible loan note into equity. At the period
end the Company held 10,725 equity shares and continued to hold 29.4% of the
diluted shareholding of Petalite (31 March 2022: 29.4% - the convertible loan
note was in the money and treated as converted).
Pursuant to a loan agreement dated 1 March 2021 under which UEM has agreed to
loan monies to Pitch Hero and as at 31 March 2022 the balance of the loan and
interest outstanding was £158,000. As at 30 September 2022, the balance of
the loan and interest outstanding was £162,000. The loan bears interest at an
annual rate of 5.0% and is repayable on 1 March 2024.
The Board received aggregate remuneration of £121,000 (30 September 2021:
£99,000 and 31 March 2022: £210,000 included within "Other expenses" for
services as Directors). As at the period end, £nil (30 September 2021;
£1,000 and 31 March 2022: nil) remained outstanding to the Directors. In
addition to their fees, the Directors received dividends totalling £26,000
(30 September 2021: £56,000) during the period under review in respect of
their shareholdings in the Company. There were no further transactions with
the Board during the period.
There were no transactions with ICM, ICMIM, ICM Investment Research Limited or
ICM Corporate Services (Pty) Ltd, subsidiaries of ICM, other than investment
management costs, company secretarial costs and research fees as set out in
note 2 of £2,770,000 (30 September 2021: £2,838,000 and 31 March 2022:
£5,620,000) and reimbursed expenses included within Other Expenses of £2,000
(30 September 2021: £10,000 and 31 March 2022: £60,000). As at the period
end £1,382,000 (30 September 2021: £1,449,000 and 31 March 2022:
£1,393,000) remained outstanding in respect of investment management, company
secretarial and research fees.
Mr Jillings received dividends totalling £18,000 (30 September 2021: £14,000
and 31 March 2022: £27,000) and UIL Limited received dividends totalling
£1,178,000 (30 September 2021: £1,422,000 and 31 March 2022: £2,831,000).
10. GOING CONCERN
Notwithstanding that the Company has reported net current liabilities of
£4,744,000 as at 30 September 2022 (30 September 2021: £846,000 and 31 March
2022: £218,000), the financial statements have been prepared on a going
concern basis which the Directors consider to be appropriate for the following
reasons. The Board's going concern assessment has focussed on the forecast
liquidity of the Company for at least twelve months from the date of approval
of the financial statements. This analysis assumes that the Company would, if
necessary, be able to meet some of its short term obligations through the sale
of listed securities, which represented 90.6% of the Company's total portfolio
as at 30 September 2022. As part of this assessment the Board has considered a
severe but plausible downside that reflects the impact of the Company's key
risks and an assessment of the Company's ability to meet its liabilities as
they fall due assuming a significant reduction in asset values and
accompanying currency volatility.
The Board also considered reverse stress testing to identify the reduction in
the valuation of liquid investments that would cause the Company to be unable
to meet its net liabilities, being primarily the bank loan. The Board is
confident that the reduction in asset values implied by the reverse stress
test is not plausible even in the current volatile environment. Consequently,
the Directors believe that the Company will have sufficient funds to continue
to meet its liabilities as they fall due for at least twelve months from the
date of approval of the financial statements.
Accordingly, the Board considers it appropriate to continue to adopt the going
concern basis in preparing the accounts.
11. FAIR VALUE HIERARCHY
IFRS 13 'Financial Instruments: Disclosures' require an entity to classify
fair value measurements using a fair value hierarchy that reflects the
significance of the inputs used in making the measurements. The fair value
hierarchy shall have the following levels:
Level 1 reflects financial instruments quoted in an active market.
Level 2 reflects financial instruments whose fair value is evidenced by
comparison with other observable current market transactions in the same
instrument or based on a valuation technique whose variables include only data
from observable markets.
Level 3 reflects financial instruments whose fair value is determined in whole
or in part using a valuation technique based on assumptions that are not
supported by prices from observable market transactions in the same instrument
and not based on available observable market data.
The financial assets and liabilities measured at fair value in the statement
of financial position are grouped into the fair value hierarchy as follows:
Level 1 Level 2 Level 3 30 Sep 2022
£'000s £'000s £'000s Total
£'000s
Investments 469,777 9,125 49,498 528,400
Level 1 £'000s Level 2 £'000s Level 3 £'000s 30 Sep 2021
Total
£'000s
Investments 539,805 - 31,641 571,446
Level 1 £'000s Level 2 £'000s Level 3 £'000s 31 Mar 2022
Total
£'000s
Investments 519,853 3,723 48,110 571,686
During the period one stock with a value of £5.5m was transferred from level
1 to level 2 due to the change in the trading liquidity of the investee
company. The book cost and fair value was transferred using the 31 March 2022
balances, and all subsequent trades are therefore disclosed in the level 2
column.
A reconciliation of fair value measurements in level 3 is set out in the
following table:
Six months to Six months to Year to
30 Sep 2022 30 Sep 2021 31 Mar 2022
£'000s £'000s £'000s
Investments brought forward
Cost 28,456 22,519 22,519
Gains/(losses) on sale of investments 19,654 (1,650) (1,650)
Valuation 48,110 20,869 20,869
Transfer to level 1 - (829) (828)
Purchases 2,731 5,962 7,205
Sales (3,782) - (255)
Gains/(losses) on sale of investments 991 - (1,764)
Gains on investments held at end of period 1,448 5,639 22,883
Valuation at 30 September 2022 49,498 31,641 48,110
Analysed as at 30 September 2022
Cost of investments 28,396 27,657 28,456
Gains on investments 21,102 3,984 19,654
Valuation 49,498 31,641 48,110
12. FINANCIAL RISK MANAGEMENT - LEVEL 3 FINANCIAL INSTRUMENTS
Valuation methodology
The objective of using valuation techniques is to arrive at a fair value
measurement that reflects the price that would be received to sell the asset
or paid to transfer the liability in an orderly transaction between market
participants at the measurement date. The Company uses proprietary valuation
models, which are compliant with IPEV guidelines and IFRS 13 and which are
usually developed from recognised valuation techniques.
The Directors have satisfied themselves as to the methodology used, the
discount rates and key assumptions applied, and the valuations. The
methodologies used to determine fair value are described in the 2022 Report
and Accounts. The level 3 assets comprise of a number of unlisted investments
at various stages of development and each has been assessed based on its
industry, location and business cycle. The valuation methodologies include net
assets, discounted cash flows, cost of recent investment or last funding
round, listed peer comparison or peer group multiple or milestone analysis, as
appropriate. Where applicable, the Directors have considered observable data
and events to underpin the valuations. A discount has been applied, where
appropriate, to reflect both the unlisted nature of the investments and
business risks.
Sensitivity of level 3 financial investments measured at fair value to changes
in key assumptions
Level 3 inputs are sensitive to assumptions made when ascertaining fair value.
While the Directors believe that the estimates of fair value are appropriate,
the use of different methodologies or assumptions could lead to different
measurements of fair value. The sensitivities shown in the table below give an
indication of the effect of applying reasonable and possible alternative
assumptions.
In assessing the level of reasonably possible outcomes consideration was also
given to the impact on valuations of the increased level of volatility in
equity markets since the beginning of 2022, principally reflecting concerns
about increasing rates of inflation, tightening energy supplies, rising
interest rates and the Ukraine war. The impact on the valuations has been
varied and largely linked to their relevant sectors and this has been
reflected in the level of sensitivities applied.
The following table shows the sensitivity of the fair value of level 3
financial investments to changes in key assumptions.
As at 30 September 2022
Investment Investment Valuation Risk Sensitivity Carrying Sensitivity
type methodology weighting +/- amount £'000s
£'000s
Petalite Equity Milestone High 40% 18,693 7,477
analysis*
UEM (HK) Limited - Loan NAV Low 10% 11,871 1,187
CGN Capital Partners
Infra Fund 3
Conversant Solutions Equity Last funding Medium 20% 8,085 1,617
Pte Ltd round
Other investments Equity Various Medium 20% 5,626 1,125
Other investments Equity Various Low 10% 4,723 472
Other investments Equity Last funding High 30% 350 105
round
Other investments Loans Discounted Medium 20% 150 30
cash flows
Total 49,498 12,013
As at 31 March 2022
Investment Investment Valuation Risk Sensitivity Carrying Sensitivity
type methodology weighting +/- amount £'000s
£'000s
Petalite Equity Milestone High 40% 17,621 7,048
analysis*
UEM (HK) Limited - Loan NAV Low 10% 12,543 1,254
CGN Capital Partners
Infra Fund 3
Conversant Solutions Equity Last funding Medium 20% 7,267 1,453
Pte Ltd round
Other investments Equity Various Medium 20% 6,547 1,309
Other investments Equity Various Low 10% 3,632 363
Other investments Equity Last funding High 30% 350 105
round
Other investments Loans Various High 30% 150 45
Total 48,110 11,577
Due to the low value and sensitivity of level 3 financial investments as at 30
September 2021, comparative figures have not been provided.
* Valuation of investment in Petalite
UEM has invested £2.8m in the prior three financial years in Petalite.
Petalite is an unlisted electric vehicle ("EV") charging infrastructure
company based in the UK that has been developing a new technology which
enables more reliable and cost effective EV chargers. In the period since
UEM's investment, Petalite has achieved significant milestones including
initial certification of the Power Core and delivery of test units to a
blue-chip customer. Petalite is also now in commercial discussions with
several large companies. Reflecting such progress, UEM valued Petalite's
ordinary shares at £1,743 per share as at 30 September 2022, a similar value
to its 31 March 2022 carrying value. This share price values UEM's investment
in Petalite at £18.7m, representing a material uplift on UEM's initial
investment.
While the Directors believe that the estimate of Petalite's fair value is
appropriate, the Directors consider that this valuation was more challenging
and required a higher degree of management judgement and estimation in the
determination of its fair value. Petalite remains pre-revenue, has yet to
achieve commercial rollout, and the valuation basis was made on assumptions
which may not prove to be accurate. It is therefore likely that uncertainty is
greater for this investment and, accordingly a higher sensitivity level of 40%
has been applied to this valuation.
In June 2022, Petalite received £1.3m of equity funding from a new investor
at a subscription price of £2,667 per share. This investment, equating to
1.3% of pre money share capital, valued Petalite at £97.5m. Had UEM valued
its holding in Petalite at this share price, the value of UEM's investment
would have been £28.6m, an increase of £9.9m on its 30 September 2022
carrying value.
13. RESULTS
The financial information contained in this Half-Yearly Financial Report does
not constitute statutory accounts as defined in Sections 434 - 436 of the
Companies Act 2006. The financial information for the six months ended 30
September 2022 and 30 September 2021 have neither been audited nor reviewed by
the Company's auditors.
The information for the year ended 31 March 2022 has been extracted from the
latest published audited financial statements which have been filed with the
Registrar of Companies. The report of the auditor on those accounts contained
no qualification or statement under Section 498(2) or (3) of the Companies Act
2006.
Legal Entity Identifier: 2138005TJMCWR2394O39
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