News 2004

In September, the EIC Energy Utility Fund gained 1.6% (in CHF), compared to the flat performance of the benchmark (MSCI World Utilities). Please refer to the document link below to download the full monthly report for the EIC Energy Utility Fund for the month ended September 30, 2004.

In August, U.S. utilities outperformed the broad market benefiting from a decline in long-term Treasury bond yields. Please refer to the document link below to download the full monthly report for the EIC Energy Utility Fund for the month ended August 31, 2004.

Please refer to the document link below to download the half-year report 2004 for EIC Electricity SA.

Besides sustained strenght in European power prices, dividend growth will be the second key value driver for European utilities. Payout ratios in the sector are still low relative to earnings and free cash flow profiles. Please refer to the PDF document link below to view the full July monthly repor...

In the second quarter, the EIC Electricity SA Net Asset Value per share (“NAV”) decreased by 18.1% from CHF 17.77 to CHF 14.55. The decrease reflects the terms under which SEFL was able to sell its district heating assets in Sweden. Please refer to the document link below to download the full Q2 200...

In the context of an overall settlement, Scandinavian Energy Finance Limited (“SEFL”) sold its 7 district heating systems to its main lender, Lantbrukskredit AB. EIC owns 67% of SEFL and expects net proceeds of approx. CHF 6 million as a result of the transaction. This compares to a book value of CH...

Centrica’s sale of its AA motoring services division for £1.75 billion was well received by the market. The company will pay a special dividend and engage in share buy backs. Total proceeds to shareholders will be £1.5 billion. Centrica also announced its intention to undertake substantial upstream ...