Presentation of Half-Year Results

Six months ended 30 September 2020

www.caledonia.com

Highlights

Six months ended 30 September 2020

NAV total return

+10.4%

(6 months to Sep 2019: +4.9%)

NAV per share

3527 pence +9.0%

(Mar 2020 3236p)

Net assets

£1,960m +9.7%

(Mar 2020: £1,787m)

Interim dividend per share

17.0 pence +2.4%

(Prior year: 16.6p)

  • +10.4% NAV per share total return for six months
  • +2.7% share price total return
  • Quoted Equity pool benefitted from rebound in global equity markets and careful stock selection
  • Private Capital and Funds pool valuations reassessed for the changing Covid-19 environment
  • Portfolio investments of £125m
  • FX headwind, as USD weakened 3.5% vs. GBP
  • Discount range during period 19% - 30%
  • +2.4% increase in interim dividend (17.0p), ahead of inflation

Half-year results 2020

1

Performance Track Record

Consistent long term outperformance

  • Aim to grow capital value and income over the long term (10 years) measured in real terms ✓Achieved
  • Target return of RPI +3% to +6% over medium / long term ✓Achieved
  • Aim to outperform FTSE All-Share Total Return over 10 years ✓Achieved

10.0%

5.0%

0.0%

-5.0%

-10.0%

-15.0%

-20.0%

Annualised Performance

+4.0%

+2.5%

Target RPI +3-6% range

+4.0%

-1.1%

+7.2%

+7.5%

+5.3% +3.5%

+7.6% +7.0%

+5.1%

-3.2%

-3.2%

+13.4%

-16.3%-16.6%

Over 1 year

Over 3 years

Over 5 years

Over 10 years

Caledonia NAVTR

Caledonia Share Price TR

FTSE All-Share TR

Half-year results 2020

2

Summary of Comprehensive Income

30 Sep 2020

30 Sep 2019

Change

£m

£m

£m

Investment and other income

15.8

24.0

(8.2)

Gains on investments and property

194.3

92.8

101.5

Total income

210.1

116.8

93.3

Expenses - ongoing management

(9.3)

(9.5)

0.2

- performance awards (allocated to capital expenses)

(3.4)

(3.2)

(0.2)

- transaction costs and other non-recurring expenses

-

(2.8)

2.8

Provisions/pensions

0.4

-

0.4

Treasury/taxation

(2.2)

0.1

(2.3)

Total comprehensive income

195.6

101.4

94.2

Dividends paid

(24.4)

(23.7)

(0.7)

Retained profit for the period

171.2

77.7

(93.5)

  • Management expenses of £9.3m (2019 - £9.5m) charged to revenue
  • Long term share award costs charged to capital, in line with industry best practice

Half-year results 2020

3

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Disclaimer

Caledonia Investment plc published this content on 24 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 November 2020 09:04:02 UTC