DOCSLIB.ORG

Annual Report 2011 (PDF)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2011 (PDF) Johnson Matthey > TheJOHNSON group focuses MATTHEY on its IScore A skillsSPECIALITY in catalysis, CHEMICALS precious 2011 metals,COMPANY fine chemicalsAND A WORLD and process LEADER technology, IN ADVANCED developing ANNUAL REPORT & ACCOUNTS productsMATERIALS that enhanceTECHNOLOGY. the quality of life for millions of people around the world. The group has operations in over 5th Floor 25 Farringdon Street 30 countries and employs around 9,700 people. Johnson London EC4A 4AB Matthey’s operations are organised into three global United Kingdom Tel: +44 (0)20 7269 8400 divisions: Environmental Technologies, Precious Metal Fax: +44 (0)20 7269 8433 Products and Fine Chemicals. WHERE WE OPERATE Scandinavia UK USA / Canada Europe Asia Central America Africa Australia South America Johnson Matthey’s > TODAY, long term commitment to investment in research and development, as well Annual Report & 2011 Accounts as in new manufacturing technologies and production facilities enables the company to exploit the potential for growth in many of its key > www.matthey.com product areas. To view our online annual report CAUTIONARY STATEMENT GO ONLINE The Business Review and certain other sections of this annual report contain forward looking statements that are subject to risk factors associated with, amongst other things, the economic and business circumstances occurring from time to time in the countries and sectors in which the group operates. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a wide range of variables which could cause actual results to differ materially from those currently anticipated. Johnson Matthey > TheJOHNSON group focuses MATTHEY on its IScore A skillsSPECIALITY in catalysis, CHEMICALS precious 2011 metals,COMPANY fine chemicalsAND A WORLD and process LEADER technology, IN ADVANCED developing ANNUAL REPORT & ACCOUNTS productsMATERIALS that enhanceTECHNOLOGY. the quality of life for millions of people around the world. The group has operations in over 5th Floor 25 Farringdon Street 30 countries and employs around 9,700 people. Johnson London EC4A 4AB Matthey’s operations are organised into three global United Kingdom Tel: +44 (0)20 7269 8400 divisions: Environmental Technologies, Precious Metal Fax: +44 (0)20 7269 8433 Products and Fine Chemicals. WHERE WE OPERATE Scandinavia UK USA / Canada Europe Asia Central America Africa Australia South America Johnson Matthey’s > TODAY, long term commitment to investment in research and development, as well Annual Report & 2011 Accounts as in new manufacturing technologies and production facilities enables the company to exploit the potential for growth in many of its key > www.matthey.com product areas. To view our online annual report CAUTIONARY STATEMENT GO ONLINE The Business Review and certain other sections of this annual report contain forward looking statements that are subject to risk factors associated with, amongst other things, the economic and business circumstances occurring from time to time in the countries and sectors in which the group operates. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a wide range of variables which could cause actual results to differ materially from those currently anticipated. with good growth in its major markets. All of the group’s businesses performed well, marking a return to strong growth for the group. JOHNSON MATTHEY PERFORMED STRONGLY IN 2010/11 Our Divisional Structure The Group at a Glance Johnson Matthey Environmental Technologies Precious Metal Products Fine Chemicals Year to 31st March % 2010 change FinancialRevenue Highlights 2011 £7,839m +27 – Platinum Marketing and Distribution – Macfarlan Smith 2011 Sales excluding precious metals £1,886m +21 – Refining – Pharmaceutical Materials Profit before tax £228.5m +14 Emission Control Services APIand Manufacturing Services £9,985m Technologies Total earnings per share 77.6p +10 – Noble Metals £2,280m Process Technologies £260.6m – Colour Technologies Underlying*: – CatalystsManufacturing and Chemicals 85.6p Fuel Cells Research Chemicals Profit before tax £254.1m +36 Earnings per share 86.4p +38 £345.5m Dividend per share 39.0p +18 119.0p * Before amortisation of acquired intangibles, major impairment and restructuring charges, profit or loss on disposal of businesses and, where relevant, related tax effects. 46.0p Underlying Earnings per Share Dividend per Share 119.0p 46.0p 39.0p 36.6p 37.1p Environmental Technologies Division Johnson Matthey has a longstanding Fine Chemicals Division is a global supplier 89.5p 89.6p 86.4p 33.6p is a global supplier of catalysts and related international reputation as a leader in the of active pharmaceutical ingredients, fine 82.2p technologies for applications which benefit application of precious metals. Precious Metal chemicals and other speciality chemical the environment such as pollution control, Products Division is at the heart of these products and services to a wide range of cleaner fuel, more efficient use of activities focused on the marketing, distribution, chemical and pharmaceutical industry hydrocarbons and the hydrogen economy. fabrication and refining of precious metals customers and research institutes. and their products and the manufacture of catalysts and precious metal chemicals. Return on sales excluding 10.5% Return on sales excluding 31.9% Return on sales excluding 22.9% precious metals precious metals precious metals KeyReturn Statistics on invested capital (ROIC) 11.5% ReturnKey Statistics on invested capital (ROIC) 55.9% KeyReturn Statistics on invested capital (ROIC) 13.7% 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 Capital expenditure £90.1m Capital expenditure £26.1m Capital expenditure £16.0m Capex / depreciation 1.1 Capex / depreciation 1.1 Capex / depreciation 0.9 The paper in this report contains material sourced from responsibly managed forests, Average invested capital £1,435m Average invested capital £309m Average invested capital £409m certified in accordance with the FSC (Forest Stewardship Council) and is totally recyclable Employees 5,569 Employees 2,711 Employees 1,089 and acid-free. Fulmar Colour is FSC certified, PEFC certified and ISO 14001 certified showing that it is committed to all round excellence and improving environmental performance is an important part of this strategy. Fulmar Colour aims to reduce at source the effect its operations £ million 1,566 £ million £ million 245 Sales Excluding Precious Metals Sales Excluding Precious541 Metals Sales Excluding Precious Metals 215 221 have on the environment and is committed to continual improvement, prevention of 1,252 Underlying1,135 Operating Profit Underlying447 Operating454 Profit Underlying Operating Profit pollution and compliance with any legislation or industry standards. Fulmar Colour is a Carbon Neutral Printing Company. 172.9 143.0 116.7 49.5 55.8 56.2 124.3 120.9 164.7 Designed and produced by www.magee.co.uk 2009* 2010 2011 2009* 2010 2011 2009* 2010 2011 Printed by Fulmar Colour MAGEE * Excluding inter-segment sales. with good growth in its major markets. All of the group’s businesses performed well, marking a return to strong growth for the group. JOHNSON MATTHEY PERFORMED STRONGLY IN 2010/11 Our Divisional Structure The Group at a Glance Johnson Matthey Environmental Technologies Precious Metal Products Fine Chemicals Year to 31st March % 2010 change FinancialRevenue Highlights 2011 £7,839m +27 – Platinum Marketing and Distribution – Macfarlan Smith 2011 Sales excluding precious metals £1,886m +21 – Refining – Pharmaceutical Materials Profit before tax £228.5m +14 Emission Control Services APIand Manufacturing Services £9,985m Technologies Total earnings per share 77.6p +10 – Noble Metals £2,280m Process Technologies £260.6m – Colour Technologies Underlying*: – CatalystsManufacturing and Chemicals 85.6p Fuel Cells Research Chemicals Profit before tax £254.1m +36 Earnings per share 86.4p +38 £345.5m Dividend per share 39.0p +18 119.0p * Before amortisation of acquired intangibles, major impairment and restructuring charges, profit or loss on disposal of businesses and, where relevant, related tax effects. 46.0p Underlying Earnings per Share Dividend per Share 119.0p 46.0p 39.0p 36.6p 37.1p Environmental Technologies Division Johnson Matthey has a longstanding Fine Chemicals Division is a global supplier 89.5p 89.6p 86.4p 33.6p is a global supplier of catalysts and related international reputation as a leader in the of active pharmaceutical ingredients, fine 82.2p technologies for applications which benefit application of precious metals. Precious Metal chemicals and other speciality chemical the environment such as pollution control, Products Division is at the heart of these products and services to a wide range of cleaner fuel, more efficient use of activities focused on the marketing, distribution, chemical and pharmaceutical industry hydrocarbons and the hydrogen economy. fabrication and refining of precious metals customers and research institutes. and their products and the manufacture of catalysts and precious metal chemicals. Return on sales excluding 10.5% Return on sales excluding 31.9% Return on sales excluding 22.9% precious metals precious metals precious metals KeyReturn Statistics on invested capital (ROIC) 11.5% ReturnKey Statistics on invested capital (ROIC) 55.9% KeyReturn Statistics on invested capital (ROIC) 13.7% 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 Capital expenditure
Load more

Recommended publications
  • Batteries for Electric Cars
    Batteries for Electric Cars A case study in industrial strategy Sir Geoffrey Owen Batteries for Electric Cars A case study in industrial strategy Sir Geoffrey Owen Policy Exchange is the UK’s leading think tank. We are an independent, non-partisan educational charity whose mission is to develop and promote new policy ideas that will deliver better public services, a stronger society and a more dynamic economy. Policy Exchange is committed to an evidence-based approach to policy development and retains copyright and full editorial control over all its written research. We work in partnership with academics and other experts and commission major studies involving thor- ough empirical research of alternative policy outcomes. We believe that the policy experience of other countries offers important lessons for government in the UK. We also believe that government has much to learn from business and the voluntary sector. Registered charity no: 1096300. Trustees Diana Berry, Andrew Feldman, Candida Gertler, Greta Jones, Edward Lee, Charlotte Metcalf, Roger Orf, Krishna Rao, Andrew Roberts, George Robinson, Robert Rosenkranz, Peter Wall. About the Author About the Author Sir Geoffrey Owen is Head of Industrial Policy at Policy Exchange. The larger part of his career has been spent at the Financial Times, where he was Deputy Editor from 1973 to 1980 and Editor from 1981 to 1990. He was knighted in 1989. Among his other achievements, he is a Visiting Professor of Practice at the LSE, and he is the author of three books - The rise and fall of great companies: Courtaulds and the reshaping of the man-made fibres industry, Industry in the USA and From Empire to Europe: the decline and revival of British industry since the second world war.
    [Show full text]
  • Platinum Metals Review
    PLATINUM METALS REVIEW A quarterly survey of research on the platinum metals and of developments in their application in industry VOL. 10 APRIL 1966 NO. 2 Contents Recent Advances in Industrial Platinum Resistance Thermometry 42 Petrochemicals by Platinum Reforming 47 Prevention of Corrosion in Paper Making Machines 48 Expansion in Platinum Production 52 Platinum-wound Furnaces in the Manufacture of Semiconductors 53 The Wetting of Platinum and its Alloys by Glass 54 Electrodeposition of Iridium 59 The Reaction between Hydrogen and Oxygen on Platinum 60 Catalysis of Olefin-to-Olefin Addition 65 Abstracts 66 New Patents 73 Communications should be addressed to The Editor, Platinum Metals Review Johnson, Matthey & Co Limited, Hatton Garden, London ECI Recent Advances in Industrial Platinum Resistance Thermometry By J. S. Johnston, B.s~.,A.R.C.S. Rosemount Engineering Company Limited, Bognor Regis The modern platinum resistance thermometer provides the most accurate and versatile method of industrial temperature measurement and control. This article gives details of a new design of platinum resistance thermo- meter element of small dimensions and good stability. It also describes a range of complete thermometers based on these elements together with a resistance-bridge system used for signal conditioning when the thermo- meters are used in data-logging or computer controlled systems. Two principal factors have contributed to a thermometer confers the advantages of better recent large increase in the use of platinum reproducibility and larger output signal resistance thermometers in industry. On the coupled with the ability to scale the output one hand new techniques of manufxture to fit the requirements of the instrumentation.
    [Show full text]
  • Engineering That Moves the World Highlights of the Year Delivering on Expectations
    Annual Report and Accounts 2016 Engineering that moves the world Highlights of the year Delivering on expectations ◆ Another year of growth delivering earnings ◆ Sharpening the focus through the disposal of Stromag momentum. and a Group-wide fixed cost reduction programme. ◆ Strong performance from Fokker Technologies ◆ Continued investment in technology primarily focused (‘Fokker’) in first full year of ownership. on electrified drivetrains and additive manufacturing. STATUTORY BASIS MANAGEMENT BASIS1 Sales Sales £8,822m 2015: £7,231m £9,414m 201 5: £ 7,6 89m Earnings per share Earnings per share 14.1p 2015: 11.8p 31.0p 201 5: 27.8p Profit before tax Profit before tax £292m 2015: £245m £678m 2015: £603m Management sales Management trading profit £9,414m £773m2 Other Businesses £39m GKN Land Systems £18m GKN Land Systems GKN Powder Metallurgy £118m £704m GKN Aerospace £3,423m GKN Powder GKN Aerospace Metallurgy £339m £1,032m GKN Driveline £323m GKN Driveline £4,216m 1 See page 39 for details on measurement and reporting of performance on a management basis. 2 Including corporate costs and Other Businesses. Contents Strategic report Governance Financial statements 1 Overview 60 Board of Directors 111 Independent auditor’s report 12 Chairman’s statement 62 Chairman’s introduction to governance 118 Group financial statements 14 Our strategic framework 63 Corporate governance 167 Company financial statements 15 Our business model 72 Nominations Committee report 176 Group financial record 16 Key performance indicators 74 Audit & Risk Committee report 19 Chief Executive’s review 81 Directors’ remuneration report Other information 22 Financial review 107 Additional information 178 Shareholder information 24 Divisional reviews 110 Statement of Directors’ responsibilities 24 – GKN Aerospace review Pages 60 to 110 comprise the Directors’ report.
    [Show full text]
  • Completed Acquisition of Two Vauxhall Dealerships from Riders' Garages Limited by Eden
    Completed acquisition of two Vauxhall dealerships from Riders’ Garages Limited by Eden (GM) Limited ME/6474-14 The CMA’s decision on reference under section 22(1) on 24 October 2014. Full text of the decision published on 17 November 2014. Please note that [] indicates figures or text which have been deleted or replaced in ranges at the request of the parties for reasons of commercial confidentiality. Summary 1. Eden (GM) Limited (Eden) operates Vauxhall franchised car dealerships. Its two Devon dealerships, Exeter and Honiton, supply new and used Vauxhall cars to private customers as well as repair and maintenance services to Vauxhall cars. 2. Eden acquired two Vauxhall dealerships in Newton Abbot and Torbay (the Riders dealerships) from Riders Garages Limited (Riders) (the Merger). The Riders dealerships supply new and used Vauxhall cars to private customers and repair and maintenance services to Vauxhall cars. Eden and the Riders dealerships together are referred to in this decision as the Parties. 3. The Competition and Markets Authority (CMA) considers that the Parties are enterprises that as a result of the Merger have ceased to be distinct and that the share of supply test is met. The CMA therefore believes that it is or may be the case that a relevant merger situation has been created. 4. Eden and the Riders dealerships overlap in the supply of new and used Vauxhall cars and the supply of repair and maintenance services for Vauxhall cars in the Exeter, Newton Abbot and Torbay areas. 5. In relation to the supply of new and used Vauxhall cars, the CMA does not consider there to be competition concerns based on the constraints faced by the Parties locally from dealerships of other car marques including other sellers of used cars (both Vauxhall and others).
    [Show full text]
  • September 2020
    TB Saracen UK Alpha Fund September 2020 Fund Overview FOR PROFESSIONAL INVESTORS ONLY • Objective: to achieve a higher rate of return than the MSCI UK All Cap Index by investing in a portfolio of primarily UK equity securities with the potential for long Retail investors should consult their term growth. financial advisers • The portfolio has a bias towards small and medium sized companies and a high active share compared to the benchmark. FUND DETAILS th (as at 30 September 2020) • The fund has significant capacity and liquidity at a competitive annual charge. • The Fund has, since launch in March 1999, outperformed its benchmark in 17 out Fund size: £10.3m of 21 years and in 8 out of the last 10 calendar years. Launch date: 05/03/99 • A concentrated portfolio of 25-35 holdings, with a focus on capital growth, backed by the Saracen research process. No. of holdings: 33 Active share: 93% Source: Bloomberg Performance Chart* TB Saracen UK Alpha Fund B Acc Denomination: GBP 5 Year Performance (%) MSCI UK All Cap Index (TR) Valuation point: 12 noon 170 160 Fund prices: A Accumulation: 395.73p 150 B Accumulation: 651.65p 140 Policy is not to charge a dilution levy except in exceptional circumstances. 130 120 ACD: 110 T. Bailey Fund Services Limited 100 90 80 Scott McKenzie David Clark Fund Manager Fund Manager 09/15 03/16 09/16 03/17 09/17 03/18 09/18 03/19 09/19 03/20 09/20 *Source: Bloomberg, as at 30th September 2020 Total Return, Bid to Bid, GBP terms.
    [Show full text]
  • Presentation to Analysts / Investors Johnson Matthey in China
    Presentation to Analysts / Investors Johnson Matthey in China London Stock Exchange 27th / 28th January 2010 Cautionary Statement This presentation contains forward looking statements that are subject to risk factors associated with, amongst other things, the economic and business circumstances occurring from time to time in the countries and sectors in which Johnson Matthey operates. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a wide range of variables which could cause actual results to differ materially from those currently anticipated. Overview and Trading Update Neil Carson Chief Executive JM Executive Board • Neil Carson - Chief Executive • Robert MacLeod - Group Finance Director • Larry Pentz - Executive Director, Environmental Technologies • Bill Sandford - Executive Director, Precious Metal Products 4 Other Senior Management • John Walker Division Director, Emission Control Technologies • Neil Whitley Division Director, Process Technologies • Nick Garner Division Director, Fine Chemicals • Geoff Otterman Division Director, Catalysts, Chemicals and Refining • Linky Lai General Manager, Emission Control Technologies, China • Henry Liu Commercial Director, Emission Control Technologies, China • Peng Zhang Sales Director, Power Plant Industries, China • Wolfgang Schuettenhelm Director, Worldwide Power Plant Industries • Andrew Wright Managing Director, Syngas and Gas to Products • David Tomlinson President, Davy Process Technology • Vikram Singh Country Head (AMOG)
    [Show full text]
  • Introduction to Batteries at Johnson Matthey
    http://dx.doi.org/10.1595/205651315X686723 Johnson Matthey Technol. Rev., 2015, 59, (1), 2–3 JOHNSON MATTHEY TECHNOLOGY REVIEW www.technology.matthey.com Guest Editorial Introduction to Batteries at Johnson Matthey It may surprise some readers to see an edition of this generation batteries and operates at two points in the journal dedicated largely to lithium-ion batteries, but value chain for lithium-ion batteries (Figure 1). this is a technology that Johnson Matthey considers Through a combination of in-house R&D and a major new business area for the company. acquisition the company is establishing itself as a Johnson Matthey has been involved in research and signifi cant player in the sector. From an initial position development (R&D) in the battery materials space for in lithium iron phosphate materials, further investments several years and launched its commercial business in the coming years will expand the product range, operations in the sector in 2012. Since then, the working with cell developers to commercialise improved company has made a series of acquisitions to establish and next generation materials. itself both as a global supplier of cathode materials and There are big challenges to deliver the performance of advanced battery systems. Complemented by its required for advanced lithium-ion cells, not just initial lithium-ion battery research group at the Technology performance but durability and long term safety, as well Centres in Sonning Common, UK, and in Singapore, as cost. Good cell design and effi cient manufacture are the Battery Technology business of Johnson Matthey critical elements but the functional materials used are sits within its New Business Division.
    [Show full text]
  • Studentthesis-Michele Blagg 2013
    This electronic thesis or dissertation has been downloaded from the King’s Research Portal at https://kclpure.kcl.ac.uk/portal/ The Royal Mint Refinery, a Business Adapting to Change, 1919-1968 Blagg, Michele Awarding institution: King's College London The copyright of this thesis rests with the author and no quotation from it or information derived from it may be published without proper acknowledgement. END USER LICENCE AGREEMENT Unless another licence is stated on the immediately following page this work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International licence. https://creativecommons.org/licenses/by-nc-nd/4.0/ You are free to copy, distribute and transmit the work Under the following conditions: Attribution: You must attribute the work in the manner specified by the author (but not in any way that suggests that they endorse you or your use of the work). Non Commercial: You may not use this work for commercial purposes. No Derivative Works - You may not alter, transform, or build upon this work. Any of these conditions can be waived if you receive permission from the author. Your fair dealings and other rights are in no way affected by the above. Take down policy If you believe that this document breaches copyright please contact [email protected] providing details, and we will remove access to the work immediately and investigate your claim. Download date: 07. Oct. 2021 This electronic theses or dissertation has been downloaded from the King’s Research Portal at https://kclpure.kcl.ac.uk/portal/ The Royal Mint Refinery, a Business Adapting to Change, 1919-1968 Title: Author: Michele Blagg The copyright of this thesis rests with the author and no quotation from it or information derived from it may be published without proper acknowledgement.
    [Show full text]
  • Description Holding Book Cost Market Price Market Value £000'S £000'S
    DORSET COUNTY PENSION FUND VALUATION OF PORTFOLIO AT CLOSE OF BUSINESS 31 March 2017 Book Market Description Holding Market Value Cost Price £000's £000's UK EQUITIES MINING ACACIA MINING 33,000 147.93 4.502 148.57 ANGLO AMERICAN ORD USD0.54 270,390 2,804.18 12.27 3,317.69 ANTOFAGASTA ORD GBP0.05 74,500 151.50 8.355 622.45 BHP BILLITON ORD USD0.50 436,926 2,401.54 12.395 5,415.70 CENTAMIN EGYPT LTD 226,000 349.07 1.732 391.43 FRESNILLO 35,500 88.20 15.52 550.96 GLENCORE XSTRATA 2,412,543 5,662.91 3.141 7,577.80 HOCHSCHILD MINING ORD GBP0.25 49,000 108.90 2.765 135.49 KAZ MINERALS 53,600 89.80 4.551 243.93 PETRA DIAMONDS 106,900 169.67 1.329 142.07 POLYMETAL INT'L 53,800 514.30 9.945 535.04 RANDGOLD RESOURCES ORD USD0.05 19,250 485.32 69.7 1,341.73 RIO TINTO ORD GBP0.10 (REG) 250,150 2,876.49 32.185 8,051.08 VEDANTA RESOURCES ORD USD0.10 18,500 75.07 8.11 150.04 Total MINING 15,924.89 28,524.69 OIL & GAS PRODUCERS AFREN PLC 218,000 215.93 0 0.00 BP ORD USD0.25 3,948,100 13,177.95 4.5885 18,115.86 CAIRN ENERGY ORD GBP0.06153846153 119,207 236.32 2.048 244.14 NOSTRUM OIL & GAS 17,700 84.36 4.796 84.89 ROYAL DUTCH 'B' ORD EUR0.07 1,642,961 20,190.09 21.945 36,054.78 TULLOW OIL ORD GBP 0.10 188,500 789.92 1.99026 375.16 Total OIL & GAS PRODUCERS 34,694.58 54,658.45 CHEMICALS CRODA INTL ORD GBP0.10 26,995 211.15 35.77 965.61 ELEMENTIS 99,000 130.23 2.899 287.00 JOHNSON MATTHEY ORD GBP1.00 40,357 446.31 30.82 1,243.80 SYNTHOMER 57,665 118.87 4.751 273.97 VICTREX ORD GBP0.01 17,000 111.61 19.02 323.34 Total CHEMICALS 1,018.16 3,087.91 CONSTRUCTION
    [Show full text]
  • Fidelity Special Values Plc 31 August 2021
    ret.en.xx.20210831.GB00BWXC7Y93.pdf FIDELITY INVESTMENT TRUSTS MONTHLY FACTSHEET FIDELITY SPECIAL VALUES PLC 31 AUGUST 2021 Investment Objective Portfolio Manager Commentary To achieve long term capital growth primarily through investment in UK equities recorded a seventh straight monthly gain in August. equities (and their related securities) of UK companies which the Sentiment remained buoyant, propelled by M&A activity, alongside Investment Manager believes to be undervalued or where the expectations for continued earnings strength. potential has not been recognised by the market It is encouraging to see the underlying stock picking coming through despite the recent underperformance of value stocks. This is partly down to the Trust benefiting from a number of M&A bids, Investment Trust Facts the latest being Meggitt, but is also a reflection of improving corporate fundamentals. Launch date: 17.11.94 Portfolio manager: Alex Wright, Jonathan Winton UK equities remain significantly undervalued compared to global 01.09.12, 03.02.20 markets, and reasonably valued in absolute terms on 13x 2022 Appointed to trust: estimates. While the UK market has looked cheap over the past Years at Fidelity: 20, 16 five years, the key differentiator in 2021 is that fundamentals on the Total Net Assets (TNA): £ 954m ground look very good. UK stocks are well positioned not only to Ordinary shares in Issue: 313,028,920 benefit from a recovery from the COVID pandemic, but also from Share price: 308.50p the lifting of the Brexit uncertainty. 304.79p NAV: We remain comfortable with how the portfolio looks from a Premium 1.22% valuations, returns on capital and risk perspective, and continue to Gross Market Gearing: 14.6% see meaningful upside potential for our holdings.
    [Show full text]
  • Annex 1: Parker Review Survey Results As at 2 November 2020
    Annex 1: Parker Review survey results as at 2 November 2020 The data included in this table is a representation of the survey results as at 2 November 2020, which were self-declared by the FTSE 100 companies. As at March 2021, a further seven FTSE 100 companies have appointed directors from a minority ethnic group, effective in the early months of this year. These companies have been identified through an * in the table below. 3 3 4 4 2 2 Company Company 1 1 (source: BoardEx) Met Not Met Did Not Submit Data Respond Not Did Met Not Met Did Not Submit Data Respond Not Did 1 Admiral Group PLC a 27 Hargreaves Lansdown PLC a 2 Anglo American PLC a 28 Hikma Pharmaceuticals PLC a 3 Antofagasta PLC a 29 HSBC Holdings PLC a InterContinental Hotels 30 a 4 AstraZeneca PLC a Group PLC 5 Avast PLC a 31 Intermediate Capital Group PLC a 6 Aveva PLC a 32 Intertek Group PLC a 7 B&M European Value Retail S.A. a 33 J Sainsbury PLC a 8 Barclays PLC a 34 Johnson Matthey PLC a 9 Barratt Developments PLC a 35 Kingfisher PLC a 10 Berkeley Group Holdings PLC a 36 Legal & General Group PLC a 11 BHP Group PLC a 37 Lloyds Banking Group PLC a 12 BP PLC a 38 Melrose Industries PLC a 13 British American Tobacco PLC a 39 Mondi PLC a 14 British Land Company PLC a 40 National Grid PLC a 15 BT Group PLC a 41 NatWest Group PLC a 16 Bunzl PLC a 42 Ocado Group PLC a 17 Burberry Group PLC a 43 Pearson PLC a 18 Coca-Cola HBC AG a 44 Pennon Group PLC a 19 Compass Group PLC a 45 Phoenix Group Holdings PLC a 20 Diageo PLC a 46 Polymetal International PLC a 21 Experian PLC a 47
    [Show full text]
  • CBIS Global Funds Plc an Umbrella Fund with Segregated Liability Between Sub-Funds
    CBIS Global Funds plc an umbrella fund with segregated liability between sub-funds Interim Report and Unaudited Condensed Financial Statements For the financial period ended 30 June 2018 CBIS Global Funds plc CONTENTS PAGE DIRECTORS AND OTHER INFORMATION………………………………………………………... 2 BACKGROUND TO THE COMPANY………………………………………………………………. 4 INVESTMENT MANAGER’S REPORT……………………………………………………………... 6 HALF YEARLY MANAGEMENT REPORT……………………………….……….……………….. 11 STATEMENT OF FINANCIAL POSITION………………………………………………………….. 12 STATEMENT OF COMPREHENSIVE INCOME…………………………………………………… 14 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES………………………………………………………... 16 NOTES TO THE FINANCIAL STATEMENTS……………………………………………………… 18 PORTFOLIO OF INVESTMENTS……………………………………………………………………. 28 SUPPLEMENTARY INFORMATION ON THE PORTFOLIO OF INVESTMENTS …….….….…. 49 STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO …………...…………………. 51 1 CBIS Global Funds plc DIRECTORS AND OTHER INFORMATION Board of Directors Investment Manager and Distributor Neal Berkowitz (American) ** Christian Brothers Investment Services, Inc. Eimear Cowhey (Irish)* 777 Third Avenue, 29th Floor Denise Kinsella (Irish)* New York, NY 10017-1401 Jeffrey McCroy (American)† USA David L. Skelding (American) Global Distributor Registered Office of the Company AllFunds Bank S.A. One Dockland Central, Guild Street Estafeta 6, La Moraleja IFSC Complejo Plaza de la Fuente Dublin 1 Alcobendas, Madrid Ireland Spain Registered Number: 456305 AllFunds Bank International S.A. Le Dome, Espace Petrusse Administrator, Registrar and Transfer Agent Building C2 BNY Mellon Fund Services (Ireland) Designated Activity Avenue Charles de Gaulle Company L-1653, Luxembourg One Dockland Central, Guild Street IFSC Italian Sub-Distributor and Paying Agent Dublin 1 Banca Popolare di Sondrio Ireland Piazza Garibaldi, 16 23100 Sondrio Depositary Italy BNY Mellon Trust Company (Ireland) Limited One Dockland Central, Guild Street Belgian Sub-Distributor and Paying Agent IFSC Bank Degroof S.A./N.V.
    [Show full text]