Temple Bar Investment Trust Plc - Half-year Report
This Announcement is not the Company’s Half-Year Report & Accounts. It is an abridged version of the Company’s full Half-Year Report & Accounts for the six months ended
The Company's Half Year Report & Accounts for the six months ended
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Summary of Results
Six months Year to Six months
to 30 June 31 December to 30 June
2024 2023 2023
£000 £000 £000
NAV total return, with debt at fair value1,2 13.1% 12.3% 3.4%
Share price total return1,2 11.0% 12.5% 2.5%
FTSE All-Share Index3 7.4% 7.9% 2.6%
Net asset value per share with debt at book 275.4p 248.0p 231.2p
value
Net asset value per share with debt at fair 280.1p 252.2p 236.8p
value1
Share price 259.0p 238.0p 221.5p
Discount of share price to NAV per share with (7.5%) (5.6%) (6.5%)
debt at fair value1
Dividends per share 5.00p 9.60p 4.60p
Dividend yield1 3.8% 4.0% 4.1%
Net gearing with debt at book value 8.4% 9.8% 10.2%
Ongoing charges1 0.62% 0.56% 0.53%
1 Alternative Performance Measure. See glossary for definition and more information.
2 Source: Morningstar.
3 Source: Redwheel.
The Trust offers a competitive income yield and the Board and Portfolio Manager, Redwheel, support a progressive dividend policy.
Recent returns have been strong as the undervaluation of many
Despite the strong returns that the Trust has enjoyed over the last eighteen months, Redwheel believes that the portfolio of stocks continues to look very undervalued, and this bodes well for future returns.
Think value investing, think
Chairman’s Statement
Performance
The total return of the FTSE All-Share Index was +7.4% in the half-year. I am pleased to report that the Trust’s Net Asset Value (“NAV”) per share total return was +13.1%, and that the share price total return was +11.0%, both outperforming the Index by a significant margin reflecting strong stock selection by your Portfolio Manager in market conditions that have been supportive of their value investing approach. Performance over one and three years has also been strong, both on a relative and absolute basis, with a NAV per share total return over the periods of +22.9% and +33.9% and a share price total return of +21.8% and +36.7% compared to a total return from the FTSE All-Share Index of +13.0% and +23.9%. Further details regarding the Trust’s performance can be found in the Portfolio Manager’s Report.
Discount
Since the period end due, in part, to the Trust’s strong performance, no shares have been repurchased and the Trust’s discount stood at 4.7% as at
As at the half-year end the discount of the Trust’s share price to the NAV per share stood at 7.5% compared to 5.6% at the beginning of the period. We were active buyers of our own shares, purchasing 4,096,723 shares into
Dividend
The Trust’s revenue performance in the period was strong, with an increase in revenue earnings per share of c.35% compared to the previous half year. This has enabled your Board to declare an increased second interim dividend of
Outlook
The
With the election of a new government in a landslide result, the
Your Board believes that notwithstanding the shorter
-
term uncertainties surrounding the extent and pace of interest rate cuts,
Chairman
Ten Largest Investments
As at
Primary
place of Valuation % of
Company Industry Listing £’000 portfolio
Royal Dutch Shell Energy UK 58,799 6.9%
NatWest Group Financials UK 55,153 6.5%
BP Energy UK 49,284 5.8%
ITV Communications UK 43,669 5.1%
Barclays Financials UK 43,091 5.0%
TotalEnergies Energy France 42,639 5.0%
Aviva Financials UK 38,474 4.5%
Anglo American Materials UK 38,107 4.5%
NN Group Financials Netherlands 35,533 4.2%
Marks & Spencer Group Consumer Staples UK 35,489 4.1%
440,238 51.6%
Portfolio Manager’s Report
How do you describe your approach to investing?
We are value investors. This means that we invest the Trust’s assets in companies whose stock market value is at a significant discount to the fair or intrinsic value of the business. Investing in undervalued companies provides two benefits. First, it provides investors with a margin of safety if events don’t unfold in a way that investors would have hoped and second, they can expect to receive an excess investment return as and when this undervaluation is corrected by the stock market.
How would you describe the investment backdrop in the first half of the year?
In a word: constructive. Interest rates in the US, the
Turning to the financial year, how has the portfolio performed and what were the major winners and losers?
The Trust’s portfolio performed well in the first six months of the year, building on the solid gains enjoyed in 2023. The Trust enjoyed particularly strong returns from NatWest Group, Barclays, ITV, Anglo American and the Dutch insurer, NN Group. Each of these five companies added a per cent or more to the Trust’s total return in the six months. Performance was negatively impacted by a further fall in the share price of Capita.
The banks, NatWest and Barclays, continue to benefit from the recent pick up in net interest margins (itself a function of rising interest rates) and a benign loan loss cycle and both reported a strong set of results in February. This coupled with low starting valuations propelled share prices upward. In both cases, the companies started the year with a market valuation of less than 5x last year’s earnings, an earnings yield of more than 20%. The share prices of both companies rose by around 40% in the first half of the year.
ITV rose by around 30% in the six months. Although the advertising cycle continues to be weak, it appears to have stabilised, and this at a time when the shares look to be significantly undervalued. This was illustrated by the announcement that the company had agreed to sell its share of the
Anglo American rose on the back of a £31bn all-share bid from BHP and although the bid came to nothing, it served to highlight the undervaluation of the group’s copper assets. Anglo American has been beset by operational problems and this had caused its share price to fall quite dramatically in the final months of 2023. To repel the bid from BHP, the management of Anglo American announced a simplification strategy that should create value for shareholders. If this strategy is unsuccessful then there is a reasonable likelihood that the company will once again become the subject of bid interest.
NN Group reported a strong set of results in which it increased its target for capital generation, upped its dividend by 15% and announced further share buybacks. The company has strong capital ratios and even today offers a 7% historic dividend yield and is valued at less than 7x the level of capital generated in 2023.
At a capital markets day in June, Capita announced that the expected date at which the company would start to generate free cash flow for shareholders would be further delayed. The company has been a very poor investment for the Trust and continues to face significant challenges. However, should the company be capable of hitting its revised financial targets then the shares would offer exceptional value. Some might question why it is that the Trust continues to hold onto shares in a company that has serially disappointed. Our answer is that we believe that companies should always be appraised through the lens of today and that we should remove the emotional baggage and evaluate businesses as if we were looking at them for the first time. If the shares appear to be undervalued based on the information that is available today, then in our view, they warrant a continued position in the Trust’s portfolio.
How has the Trust’s portfolio changed in the first half of the 2024?
The Trust established a position in the Dutch bank ABN Amro in the six months under review. This company has come a long way since the depths of the financial crisis when it had to be nationalised by the government. Today the company is a strongly capitalised, conservatively run, retail bank with more than half of its loans in the Dutch mortgage market. The company is managed in the best interests of its shareholders and has returned around one third of its market value in dividends and share buybacks in the last three years. It is valued at around 0.6x its tangible equity value, less than 6x historic earnings and offers a well-covered 2024 expected dividend yield of over 7%. The purchase was funded by the sale of the Trust’s holding in Citigroup. Citigroup had performed well for the Trust but is now significantly more highly valued than ABN Amro. In addition, a large portion of its profits also come from its investment bank and unsecured lending in the US. Its mix of lending is therefore higher risk.
The Trust also established a position in Direct Line Insurance, one of the UK’s leading insurance companies, spanning Motor, Home,
The
We have for some time talked of the significant undervaluation of many listed
Could you provide your views on the increased level of takeover and bid activity in the
So far in 2024, we have indeed seen quite a dramatic pick up in the number of takeover bids for
Following the recent elections in the
Share prices (and therefore stock markets) are ultimately driven by the outlook for corporate profits and accordingly favour stable governments who espouse business friendly policies. In the
How is the portfolio currently positioned and what is your outlook for the year ahead?
Despite the strong returns that the Trust has enjoyed over the last eighteen months, we believe that its portfolio of stocks continues to look very undervalued. We are fond of saying that stock market history has shown, quite conclusively, that the best predictor of future investment returns is starting valuation. Stocks that are lowly valued are priced to deliver attractive returns, while those that are richly priced are priced to deliver disappointing returns. In our opinion, today’s most attractive valuations continue to be found in sectors such as banks, insurance, energy, media and consumer cyclicals. Whilst the profitability of these companies is closely tied to the economy and can be volatile, we believe that investors in these companies are being handsomely rewarded for taking on this additional volatility. The Trust’s portfolio in aggregate is valued at around just 8x this year’s expected earnings and whilst many are taking a dim view of
Interim Management Report
The important events that have occurred during the period under review, the key factors influencing the financial statements and the principal risks and uncertainties for the remaining six months of the financial year are set out in the Chairman’s Statement and the Portfolio Manager’s Report.
The principal risks facing the Company are unchanged, and are not expected to change materially in the remaining six months of the financial year, since the date of the Annual Report and Financial Statements for the year ended
Risks faced by the Company include, but are not limited to: investment strategy risk, loss of investment team or portfolio manager, income risk – dividend, share price risk, reliance on the Portfolio Manager and other service providers, compliance with laws and regulations, cyber security, and global risks (e.g. climate risk, a pandemic), market price risk, interest rate risk, liquidity risk, credit risk and currency risk.
The Board has in place a robust process to identify, assess and monitor the principal risks and uncertainties and also to identify and evaluate newly emerging risks. The Board, through the
Related Party Transactions
During the first six months of the current financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company.
Going Concern
The Directors believe, having considered the Company’s investment objective, risk management policies, capital management policies and procedures, and the nature of the portfolio and the expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future.
The Directors confirm to the best of their knowledge that:
·
the condensed set of financial statements contained within this Half-Year Report has been prepared in accordance with Accounting Standard IAS 34, ‘Interim Financial Reporting’, as adopted in the
·
the Half-Year Report includes a fair review of the information required by 4.2.7R and 4.2.8R of the
In order to provide these confirmations, and in preparing these financial statements, the Directors are required to:
· select suitable accounting policies and then apply them consistently;
· make judgements and accounting estimates that are reasonable and prudent;
· state whether applicable IFRS have been followed, subject to any material departures disclosed and explained in the financial statements; and
· prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and the Directors confirm that they have done so.
The Half-Year Report was approved by the Board on
Chairman
Statement of Comprehensive Income
For the six months ended
30 June 2024 30 June 2023 Year ended 31 December
(unaudited) (unaudited) 2023 (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Notes £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Total 6 23,886 – 23,886 18,743 – 18,743 32,422 – 32,422
Income
Profit on 5 – 73,724 73,724 – 9,039 9,039 – 62,826 62,826
investments
Currency
exchange – (120) (120) – (103) (103) – (143) (143)
losses
Total 23,886 73,604 97,490 18,780 8,936 27,716 32,422 62,683 95,105
income
Expenses
Portfolio
Management (548) (822) (1,370) (580) (870) (1,450) (1,103) (1,654) (2,757)
fees
Other (708) (365) (1,073) (473) (89) (562) (1,068) (721) (1,789)
expenses
Profit
before
finance 22,630 72,417 95,047 17,727 7,977 25,704 30,251 60,308 90,559
costs and
tax
Finance (562) (843) (1,405) (561) (842) (1,403) (1,123) (1,685) (2,808)
costs
Profit 22,068 71,574 93,642 17,166 7,135 24,301 29,128 58,623 87,751
before tax
Tax (1,061) – (1,061) (572) – (572) (926) – (926)
Profit for 21,007 71,574 92,581 16,594 7,135 23,729 28,202 58,623 86,825
the period
Earnings 7.3p 24.9p 32.2p 5.4p 2.3p 7.7p 9.3p 19.4p 28.7p
per share
The total column of this statement represents the Statement of Comprehensive Income, prepared in accordance with IFRS. The supplementary revenue and capital columns are both prepared under guidance published by the AIC.
All items in the above statement derive from continuing operations.
Statement of Changes in Equity
For the six months ended
Ordinary share Share premium Capital Retained Total
capital account reserves earnings equity
Notes £’000 £’000 £’000 £’000 £’000
Balance at 1 16,719 96,040 595,294 12,651 720,704
January 2024
Profit for the – – 71,574 21,007 92,581
period
Cost of shares
bought back for – – (9,707) – (9,707)
treasury
Dividends paid to
equity 7 – – – (14,375) (14,375)
shareholders
Balance at 30 June 16,719 96,040 657,161 19,283 789,203
2024
Balance at 1 16,719 96,040 600,206 13,381 726,346
January 2023
Profit for the – – 7,135 16,594 23,729
period
Cost of shares
bought back for – – (36,131) – (36,131)
treasury
Dividends paid to
equity 7 – – – (14,797) (14,797)
shareholders
Balance at 30 June 16,719 96,040 571,210 15,178 699,147
2023
Statement of Financial Position
As at
30 June 2024 31 December 30 June 2023
(unaudited) 2023 (audited) (unaudited)
Notes £’000 £’000 £’000
Non-current assets
Investments 5 848,880 776,875 767,285
Current assets
Investments 5 4,202 13,713 –
Cash and cash equivalents 8,508 4,275 3,823
Receivables 5,989 2,979 5,340
Total assets 867,579 797,842 776,448
Current liabilities
Payables (3,614) (2,394) (2,575)
Total assets less current 863,965 795,448 773,873
liabilities
Non-current liabilities
Interest bearing borrowings 8 (74,762) (74,744) (74,726)
Net assets 789,203 720,704 699,147
Equity attributable to equity
holders
Ordinary share capital 9 16,719 16,719 16,719
Share premium 96,040 96,040 96,040
Capital reserves 657,161 595,294 571,210
Revenue reserves 19,283 12,651 15,178
Total equity attributable to 789,203 720,704 699,147
equity holders
NAV per share 10 275.4 248.0p 231.2p
NAV per share with debt at fair 10 280.1 252.2p 236.8p
value1
1 Alternative Performance Measures – See glossary of terms for definition and more information.
Statement of Cash Flows
For the six months ended
Year ended
31 December
30 June 2024 30 June 2023 2023
(unaudited) (unaudited) (audited)
£’000 £’000 £’000
Cash flows from operating activities
Profit before tax 93,642 24,301 87,751
Adjustments for:
Gains on investments (73,724) (9,039) (62,826)
Finance costs 1,405 1,403 2,808
Dividend income (23,663) (18,716) (32,278)
Interest income (223) (64) (144)
Dividends received 22,005 15,814 32,037
Interest received 387 37 (97)
Decrease/(increase) in receivables 293 (181) 38
(Decrease)/increase in payables (658) (101) 584
Overseas withholding tax suffered (1,061) (572) (1,229)
Net cash flows from operating activities 18,403 12,882 26,644
Cash flows from investing activities
Purchases of investments (47,238) (24,791) (137,215)
Sales of investments 58,567 54,206 197,110
Net cash flows from investing activities 11,329 29,415 59,895
Cash flows from financing activities
Equity dividends paid (14,375) (14,797) (28,932)
Interest paid on borrowings (1,386) (1,386) (2,773)
Shares bought back for treasury (9,738) (35,531) (63,799)
Net cash flows used in financing (25,499) (51,714) (95,504)
activities
Net increase/(decrease) in cash and cash 4,233 (9,417) (8,965)
equivalents
Cash and cash equivalents at the start of 4,275 13,240 13,240
the period
Cash and cash equivalents at the end of 8,508 3,823 4,275
the period
Notes to the Financial Statements
1. Significant Accounting Policies
1.a General information
These condensed interim financial statements were approved for issue on
These financial statements have not been audited.
1.b Basis of Preparation
This condensed consolidated interim financial report for the half-year reporting period ended
The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period.
2. Going Concern
The Directors have made an assessment of the Company’s ability to continue as a going concern and are satisfied that the Company has adequate resources to continue in operational existence for 12 months from the date when these financial statements were approved.
In making this assessment, the Directors have considered a wide variety of emerging and current risks to the Company, as well as mitigation strategies that are in place. The Directors are not aware of any material uncertainties that may cast significant doubt on the Company’s ability to continue as a going concern, having taken into account the liquidity of the Company’s investment portfolio and the Company’s financial position in respect of its cash flows and borrowing facilities. Therefore, the financial statements have been prepared on a going concern basis.
3. Significant Accounting Judgements, Estimates and Assumptions
The preparation of the Company’s financial statements requires the Directors to make judgements, estimates and assumptions that affect the reported amounts recognised in the financial statements and disclosure of contingent liabilities. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in future periods. The area requiring the most significant judgment is recognition and classification of unusual or special dividends received as either revenue or capital in nature. The estimates and underlying assumptions are reviewed on an ongoing basis.
4. Segmental Reporting
The Directors are of the opinion that the Company is engaged in a single segment of business being investment business.
5. Investments Held at Fair Value Through Profit or Loss
(a) Investment portfolio summary
Six months ended 30 June
2024
Quoted Debt
equities securities Total
£’000 £’000 £’000
Opening cost at the beginning of the period 733,313 13,652 746,965
Opening unrealised appreciation at the beginning of 43,562 61 43,623
the period
Opening fair value at the beginning of the period 776,875 13,713 790,588
Purchases at cost 41,109 8,024 49,133
Sales – proceeds (42,916) (17,447) (60,363)
Realised gain/(loss) on sale of investments 16,769 (19) 16,750
Change in unrealised appreciation/(depreciation) 57,043 (69) 56,974
Closing fair value at the end of the period 848,880 4,202 853,082
Closing cost at end of the period 748,275 4,210 752,485
Closing unrealised appreciation/(depreciation) at 100,605 (8) 100,597
the end of the period
Closing fair value at the end of the period 848,880 4,202 853,082
(b) Fair value of financial instruments
IFRS 13 requires 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 has the following classifications:
Level 1 – valued using quoted prices in active markets for identical investments.
Level 2 – valued using other significant observable inputs (including quoted prices for similar investments, interest rates, prepayments, credit risk, etc). There are no level 2 financial assets.
Level 3 – valued using significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments). There are no level 3 financial assets.
All of the Company’s investments are in quoted securities actively traded on recognised stock exchanges, with their fair value being determined by reference to their quoted bid prices at the reporting date and have therefore been determined as Level 1.
There were no transfers between levels in the period and as such no reconciliation between levels has been presented.
30 June 31 December 30 June
2024 2023 2023
Level 1 Level 1 Level 1
As at £’000 £’000 £’000
Financial assets
Quoted equities 848,880 776,875 767,285
Debt securities 4,202 13,713 –
Total investments 853,082 790,588 767,285
6. Income
Six months ended Six months ended Year ended
30 June 2024 30 June 2023 31 December 2023
(unaudited) (unaudited) (unaudited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Income from
investments
UK 14,051 – 14,051 12,989 – 12,989 23,085 – 23,085
dividends
Overseas 9,612 – 9,612 5,727 – 5,727 9,193 – 9,193
dividends
Interest on
fixed 133 – 133 27 – 27 84 – 84
income
securities
23,796 – 23,796 18,743 – 18,743 32,362 – 32,362
Other
Income
Deposit 90 – 90 37 – 37 60 – 60
interest
23,886 – 23,886 18,780 – 18,780 32,422 – 32,422
7. Dividends
The fourth interim dividend relating to the year ended
A first interim dividend relating to the year ending
A second interim dividend of
8. Interest-bearing borrowings
The Company’s financial instruments, are included in the Statement of Financial Position at fair value or amortised cost, which is an approximation of fair value, with the exception of interest-bearing borrowings which are shown at book value.
The interest-bearing borrowings do not have prices quoted on an active market but their fair values, as shown in the below table, are based on observable inputs. As such they have been classified as Level 2 instruments in line with prior periods.
30 June 2024 31 December 30 June 2023
2023
Carrying Fair Carrying Fair Carrying Fair
value value value value value value
£’000 £’000 £’000 £’000 £’000 £’000
Interest-bearing borrowings:
4.05%
03/09/2028
Private Placement Loan 49,865 46,800 49,849 47,291 49,833 44,025
2.99%
24/10/2047
Private Placement Loan 24,897 14,722 24,895 15,163 24,893 13,990
74,762 61,522 74,744 62,454 74,726 58,015
9. Share Capital
30 June 31 December 30 June
2024 2023 2023
Number Number Number
As at 1 January 290,612,881 317,822,386 317,822,386
Purchase of shares into treasury (4,096,723) (27,209,505) (15,364,821)
As at period end:
– In circulation 286,516,158 290,612,881 302,457,565
– In Treasury 47,847,667 43,750,944 31,906,260
– Listed 334,363,825 334,363,825 334,363,825
Nominal Value of 5p ordinary shares 16,719 16,719 16,719
During the period, the Company bought back ordinary shares at a cost of £9,707,000 (Year ended
10. Net asset value (“NAV”) per share
The NAV per share is based on the net assets attributable to the equity shareholders of £789,203,000 (
The NAV per share with debt at fair value is based on the net assets attributable to the equity shareholders, adjusted for the difference between the debt at carrying value and fair value as shown in note 8, and the number of shares in issue at the period end. Adjusting for debt at fair value resulted in an increase in net assets of £13,240,000 or 4.6p per share (
Glossary of Terms
AIC
Benchmark
A comparative performance index.
Discount or Premium of share price to NAV per share*
A description of the difference between the share price and the net asset value per share. The size of the discount or premium is calculated by subtracting the share price from the net asset value per share and is usually expressed as a percentage (%) of the net asset value per share. If the share price is higher than the net asset value per share the result is a premium. If the share price is lower than the net asset value per share, the shares are trading at a discount.
Fixed Interest
Fixed-interest securities, also known as bonds, are loans usually taken out by a government or company which normally pay a fixed rate of interest over a given time period, at the end of which the loan is repaid.
FTSE All-Share Index
A comparative index that tracks the market price of the UK’s leading companies listed on the
A comparative index that tracks the market price of the UK’s 350 largest companies, by market value, listed on the
Liquidity
The ease with which an asset can be purchased or sold at a reasonable price for cash.
Market Capitalisation
The total value of a company’s equity, calculated by the number of shares multiplied by their market price.
NAV (‘Net Asset Value’) per share
The value of total assets less liabilities, with debenture and loan stocks at book value. Book value is the amount borrowed less the current loan arrangement fee debtor. The net asset value per share is calculated by dividing this amount by the number of ordinary shares outstanding.
NAV per share with debt at fair value
The value of total assets less liabilities, with debentures and loan stocks at fair value. The net asset value per share is calculated by dividing this amount by the number of ordinary shares outstanding.
Ongoing charges*
Ongoing charges are calculated on an annualised basis. This figure excludes any portfolio transaction costs and financing costs. It may vary from period to period. The calculation below is in line with AIC guidelines.
Six months to
30 June 2024
£000
Investment management fee 1,370
Administrative expenses 949
Total 2,319
Average total net asset value throughout the period 751,299
Ongoing charges 0.62%
* Alternative Performance Measure.
Net asset value (NAV) per share total return with debt at fair value*
The theoretical total return on shareholders’ funds per share, reflecting the change in NAV with debt at fair value assuming that dividends paid to shareholders were reinvested at NAV with debt at fair value at the time the shares were quoted ex-dividend. A way of measuring investment management performance of investment trusts which is not affected by movements in discounts/ premiums.
Six months to
30 June 2024
(p)
Opening NAV with debt at fair value 252.2
Increase in NAV 32.4
Less dividends paid (4.8)
Adjustment for movement in fair value of debt 0.3
Closing NAV with debt at fair value 280.1
% increase in NAV with debt at fair value 12.9%
% Impact of reinvesting dividends 0.2%
NAV per share % total return with debt at fair value 13.1%
Share price total return*
Return to the investor on mid-market prices assuming that all dividends paid were reinvested at the share price at the time the shares were quoted ex-dividend.
Six months to
30 June 2024
(p)
Opening share price 238.0
Increase in share price 25.8
Less: dividends paid (4.8)
Closing share price 259.0
% increase in share price 10.8%
% Impact of reinvesting dividends 0.2%
Share price total return 11.0%
Value Investing
An investment strategy that aims to identify under-valued yet good quality companies with strong cash flows and robust balance sheets, putting an emphasis on financial strength.
Dividend Yield*
A measure of the income return earned on an investment. In the case of a share the yield expresses the annual dividend payment as the percentage of the market price of the share. In the case of a bond the running yield (or flat or current yield) is the annual interest payable as a percentage of the current market price. The redemption yield (or yield to maturity) allows for any gain or loss of capital which will be realised at the maturity date.
* Alternative Performance Measure.
For and on behalf of
- ENDS -
Neither the contents of the Company’s website nor the contents of any website accessible from hyperlinks on this announcement (or any other website) is incorporated into, or forms part of, this announcement.
