Utilico Emerging Markets NAV 157.33P At March 31

9th Jun 2010 14:10

LONDON (Dow Jones)--Utilico Emerging Markets Limited (UEM.LN) said Wednesday that at March 31, being its fiscal year end, the net asset value per share was 157.33 pence compared with 107.76 pence at March 31, 2009. MAIN FACTS: -Diluted net asset value increased to 148.37 pence, up 39.3% -Gains on the investment portfolio of GBP112.5 million -Dividends per ordinary share maintained at 4.80 pence (final 1.05 pence) -Final dividend represents a yield of 3.6% -Bank debt reduced to GBP24.7 million -Group revenue account earnings per ordinary share of 4.67 pence -The fully diluted net asset value continued the recovery started last year and ended the year at 148.37 pence, up 39.3% and well above the low point of 93.00 pence on Oct. 28, 2008. -In order to pay dividends, which exceed the revenue earned during the year, the company will draw GBP135,000 from retained earnings brought forward (based on the number of shares in issue at the date of the report). -Remains optimistic about the long-term performance of the emerging markets. -UEM's portfolio has increased to GBP342.5 million at March 31, up GBP97.0 million from GBP245.5 million at March 31, 2009. -UEM started the year with bank debt of GBP41.8 million and reduced this to nil by Sep. 30, 2009. -In the second half utilized remaining facility of GBP25.0 million to both invest in the portfolio and to buy back shares. -The facility was drawn GBP20.0 million in Sterling and GBP5.0 million in U.S. Dollars at March 31. -The interest rate on the facility is LIBOR plus 1.5% and it matures in March 2012. -Cash at the start of the year was GBP24.1 million which reduced to GBP18.9 million on Sep. 30, 2009 and has reduced further to GBP2.0 million at March 31. -Investments report strongly improved performances during 2009, also continued into the first quarter of 2010. -Underpins belief that well managed corporates will benefit from rising economic activity in China, India and Brazil, reinforced by an improving U.S. economy. -Shares at 1308 GMT unchanged at 132.0 pence. -By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected] Order free Annual Report for Utilico Emerging Markets Ltd Visit http://djnweurope.ar.wilink.com/?ticker=BMG931151069 or call +44 (0)208 391 6028 (END) Dow Jones Newswires June 09, 2010 09:10 ET (13:10 GMT)