TIDMPEW TIDMPEZ 
 
PREMIER ENERGY AND 
 
WATER TRUST PLC 
 
2017 
 
Half Year Report 
 
for the six months 
 
to 30 June 2017 
 
Investment Objectives 
 
The Company's investment objectives are to achieve a high income and to realise 
long term growth in the capital value of its portfolio. The Company will seek 
to achieve these objectives by investing principally in the equity and 
equity-related securities of companies operating primarily in the energy and 
water sectors, as well as other infrastructure investments. 
 
Contents 
 
Investment Objectives                       1 
 
Company Highlights                          2-3 
 
Chairman's Statement                        4-5 
 
Investment Managers' Report                 6-8 
 
Investment Portfolio                        9 
 
Group Income Statement                      10-11 
 
Consolidated and Company 
 
Balance Sheets                              12 
 
Consolidated and Company 
 
Statement of Changes in Equity              13 
 
Consolidated and Company 
 
Cashflow Statements                         14 
 
Notes to the Half Year Report               15-17 
 
Interim Management Report                   18-19 
 
Directors and Advisers                      20 
 
 
Company Highlights 
 
for the six months to 30 June 2017 
 
                                             Six months to                   Year ended 
 
                                                   30 June                  31 December 
 
                                                      2017                         2016 
 
Total Return Performance 
 
Total Assets Total Return 1                           2.1%                        17.9% 
 
FTSE All-World Utilities                              5.5%                        28.7% 
Index Total Return (GBP) 2 
 
FTSE All-World Index Total                            6.0%                        29.6% 
Return (GBP) 2 
 
FTSE All-Share Index Total                            5.5%                        16.8% 
Return (GBP) 2 
 
Ongoing charges 3                                     1.8%                         1.9% 
 
 
 
                              Six months to            Year ended 
 
                                    30 June           31 December 
 
                                       2017                  2016              % change 
 
Ordinary Share 
Returns 
 
Net Asset Value per                 173.59p               175.86p                (1.3)% 
Ordinary share (cum 
income) 4 
 
Mid-market price per                159.75p               162.00p                (1.4)% 
Ordinary share 
 
Discount to Net Asset                (8.0)%                (7.9)% 
Value 
 
Net Asset Value Total                  1.9%                 28.7% 
Return 5 
 
Share Price Total                      2.1%                 33.9% 
Return 2 
 
 
 
                              Six months to         Six months to 
 
                                    30 June               30 June 
 
                                       2017                  2016              % change 
 
Returns and Dividends 
 
Revenue Return per                    6.64p                 7.35p                (9.7)% 
Ordinary share 
 
Net Dividends                         3.80p                 3.80p                     - 
declared per Ordinary 
share 
 
 
Historic Full Year Dividends 
 
Dividends paid in respect of                   31 December                  31 December 
the year to: 
 
                                                      2016                         2015 
 
Dividend                                             9.70p                        9.70p 
 
Additional dividend                                      -                        3.00p 
 
Total dividends                                      9.70p                       12.70p 
 
Pursuant to an announcement made in August 2013 that the Premier Energy and 
Water Trust PLC would pay additional dividends of 0.75p per quarter in order to 
run down the Company's revenue reserves, additional dividends of 3.00p were 
paid in the year to 31 December 2015. Having achieved this objective, no 
further additional dividends were declared in 2016. 
 
                              Six months to            Year ended 
 
                                    30 June           31 December 
 
                                       2017                  2016              % change 
 
Zero Dividend 
Preference Share 
Returns 
 
Net Asset Value per                 107.20p               104.75p                  2.3% 
Zero Dividend 
Preference share 4 
 
Mid-market price per                113.50p               113.00p                  0.4% 
Zero Dividend 
Preference share 
 
Premium to Net Asset                   5.9%                  7.9% 
Value 
 
 
 
 
                                                                                  As at 
 
                                                                                30 June 
 
                                                                                   2017 
 
Hurdle Rates 
 
Ordinary shares 
 
Hurdle rate to return the 30 June 2017 
share price of 159.75p 
 
at 30 November 2020  6                                                             2.5% 
 
Zero Dividend Preference shares 
 
Hurdle rate to return the redemption 
entitlement 
 
for the 2020 ZDPs of 125.6519p at 30                                            (15.1)% 
November 2020  7 
 
 
 
 
                              Six months to            Year ended 
 
                                    30 June           31 December 
 
                                       2017                  2016              % change 
 
Balance Sheet 
 
Gross Assets less 
Current Liabilities 
 
(excluding Zero                      GBP57.2m                GBP57.0m                  3.5% 
Dividend Preference 
shares) 
 
Zero Dividend                      (GBP25.8m)              (GBP25.2m)                (2.3)% 
Preference shares 
 
Equity shareholders'                 GBP31.4m                GBP31.8m                (1.3)% 
funds 
 
Gearing on Ordinary                   1.82x                1.79 x 
shares8 
 
Zero Dividend                         1.76x                1.74 x 
Preference share 
cover 
(non-cumulative) 9 
 
1 Based on opening and closing total assets plus dividends marked "ex-dividend" 
within the period. Source: Premier Fund Managers Limited ("PFM Ltd"). 
 
2 Source: Bloomberg. 
 
3 Ongoing charges have been based on the Company's management fees and other 
operating expenses as a percentage of average gross assets less current 
liabilities over the period (excluding the ZDPs accrued capital entitlement). 
 
4 Articles of Association basis. 
 
5 Based on opening and closing NAVs with dividends marked 
 
"ex-dividend" within the period reinvested. Source: PFM Ltd. 
 
6 The Hurdle Rate is the compound rate of growth of the total assets required 
each year to meet the Ordinary share price at 30 June 2017. Source: JP Morgan 
Cazenove. 
 
7 The Hurdle Rate is the compound rate that the total assets could decline each 
year until the predetermined redemption date, for shareholders still to receive 
the predetermined redemption price. Source: JP Morgan Cazenove. 
 
8 Based on Gross Assets less Current Liabilities divided by Equity 
Shareholders' Funds at the end of each year. 
 
9 Non-cumulative cover = Gross assets at period end less estimated wind up 
costs less management charges to capital divided by final repayment value of 
the ZDP shares. Source: JP Morgan Cazenove. 
 
Chairman's Statement 
 
for the six months to 30 June 2017 
 
Performance 
 
The Premier Energy & Water Trust PLC ("PEWT"/the "Company") had a fairly stable 
six months, although the portfolio under-performed equity markets. PEWT's total 
assets total return, which measures the total return of the Company's 
portfolio, including income received and taking into account fees and costs, 
was 2.1%. This was below the FTSE All-World Utilities Index which delivered a 
total return in sterling of 5.5%. The wider market, represented by the FTSE 
ALL-World Index returned 6.0% in Sterling. 
 
PEWT's Net Asset Value per Ordinary share ("NAV") fell 1.3%. However, dividends 
paid in the period resulted in a positive total return to an Ordinary 
shareholder of 2.1% despite the fall in the NAV. 
 
The discount at which PEWT's Ordinary shares trade compared to their NAV was 
8.0% at the end of June 2017, a similar level to which it started the year. 
 
Overview of the period 
 
The major macro event was perhaps the surprise UK general election, which was 
supposed to provide additional clarity on the Brexit process, but which appears 
to have muddied the waters still further. Sterling seems to have largely taken 
the resulting hung parliament in its stride, focusing instead on the 
possibility of a softer Brexit as a result of the Government's weakened 
position. 
 
Staying in the UK, there has been a noticeable stepping up in the anti-utility 
rhetoric engaged in by politicians and the press. The portfolio is invested in 
those companies with economically regulated assets, which are in theory 
therefore less politically exposed. However, we are concerned that the 
worsening environment could colour the regulators' thinking over the long term. 
 
President Trump's campaign promises of infrastructure spending and tax cuts 
look increasingly unlikely, given the realities of the US fiscal situation. 
Undaunted, the US stock market continues to set new records. US utilities also 
performed well, despite the Federal Reserve implementing two interest rate 
rises in the period. 
 
European utilities have performed well, with key elections in France and the 
Netherlands favouring the status quo, with anti-Euro parties gaining support, 
but ultimately failing to take power. Greece remains a perennial thorn in the 
side of the EU establishment, seemingly now a problem to be managed rather than 
solved. 
 
We have seen further turbulence in South America, notably in Brazil, where 
President Temer is fighting to remain in office against corruption allegations.

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He has been a key driver of fiscal prudence, and the markets would not take 
kindly to a return to a more populist approach to policy. 
 
In terms of China and India, both important markets for PEWT, the first half of 
2017 has continued the theme which we saw in 2016, that of strong performances 
by investee companies not necessarily being reflected in their share prices. 
While this is frustrating over the short term, over the long term we believe 
that earnings growth will be reflected in portfolio gains. 
 
Dividends 
 
On 25 April 2016 the Company announced its first quarterly dividend of 1.90p 
per ordinary share in respect of 2017, unchanged on the dividend paid on the 
equivalent period in 2016, which was paid on 30 June. 
 
On 27 July 2017 the Company declared a second interim dividend for the 2017 
financial year of 1.90p, again unchanged on the dividend paid for the 
equivalent period of 2016. 
 
PEWT's revenue and income return has been a little behind the first half of 
2016. The main reason for this is the sale of most of the high yield bonds 
which were purchased in 2016. These provided a high income in that year, and 
have now been sold given their re-rating back to a fair level. They have been 
excellent investments, particularly on a risk adjusted basis; further detail 
can be found in the Investment Managers' report. 
 
Board Development 
 
Towards the end of 2017 Ms Kasia Robinski will take over the role of audit 
committee chair from Ian Graham, as part of the ongoing process of board 
succession and development. 
 
Auditor 
 
The Company's auditor, Ernst & Young, has has been in post since 2003. In 
accordance with best practice the Directors put the audit contract out to 
tender during the period. Due to the longevity of the existing appointment, 
Ernst & Young chose not to re-tender and the Directors selected KPMG, who are 
due to take over as the Company's auditor in the second half of the year 
following the resignation of Ernst & Young. In accordance with Section 519 of 
the Companies Act 2006 ("the Act") Ernst & Young has provided a statement of 
circumstances as required by law, a copy of which is enclosed with the half 
year report as required by Section 520 of the Act. 
 
Outlook 
 
We are pleased to see many of PEWT's holdings performing well operationally. 
The portfolio remains invested in businesses with solid growth prospects, 
owning high quality assets. Furthermore, these companies are trading at 
attractive valuations, particularly when compared to wider markets. 
 
While we cannot predict the future, some equity markets look to be increasingly 
reliant on accommodative monetary policy. We are concerned how this might play 
out in coming years, particularly for emerging markets and their currencies, as 
the stance of central banks changes. In the meantime, we believe the focus on 
value is correct, even if that means being underweight markets such as the US. 
 
Geoffrey Burns 
 
Chairman 
 
3 August 2017 
 
Investment Managers' Report 
 
for the six months to 30 June 2017 
 
Market review 
 
2017 has been an eventful year so far. There have been major elections in 
Europe, including an unplanned one in the UK. These have been generally market 
positive, with the status quo being largely preserved. 
 
The US Dollar has shown some weakness over summer, with political unrest and 
several changes in senior White House administration staff. 
 
The Brexit process has now begun, and has the potential to cause volatility as 
each side tries to pressure the other, inevitably through the media. Longer 
term we are hopeful that the importance of establishing a sensible working 
relationship between the UK and Europe wins through, however this is by no 
means a certainty. 
 
Geopolitical concerns remain, notably in Korea and the Middle East. Brazil 
seems to be on the right track long term, finally tackling corruption in areas 
that were previously untouchable. However, this is bound to cause negative 
headlines and political uncertainty while it happens. 
 
Economic problems remain with us and debt continues to increase. Despite this 
the global economy is still on an overall growth trajectory, and while it is, 
investors remain happy to buy equities. 
 
Against this background, markets have had a modestly positive start to the 
year. The US managed a small but positive return, taking the market to new 
highs. Market momentum does however appear to have slowed after the very strong 
2016. Likewise the FTSE All-Share also produced a creditable mid-single digit 
return. Emerging markets tended to outperform developed, although unfortunately 
Emerging Utilities did not. 
 
PEWT's performance was slightly disappointing in the context of the very strong 
results reported by underlying companies. However, as ever, we are prepared to 
tolerate weak share prices in the short term provided the investments are 
performing well on a fundamental basis. 
 
PEWT's portfolio performed well in Western Europe, with a favourable political 
backdrop. In Eastern Europe, the Company's Romanian investments were also 
strong. The Global allocation, this being made up of investments with 
operations around the world, also made a very positive contribution. North 
America continued to do well. 
 
Less favourable areas included China and India, where again very strong 
earnings growth was met with falling share prices for our investments. The UK 
and South America were both weak, largely we feel due to political reasons. 
 
Portfolio Activity 
 
The first half of 2017 was fairly busy from an investment point of view, the 
fund making investment purchases and sales of approximately GBP11 million. 
 
Save for one remaining holding, the bond holdings acquired in late 2015/early 
2016 have now been sold. GBP3.1 million was realised from the sale of the 
Terraform Global 9.75% 2022 bonds, which had delivered a total return to PEWT 
of 84.7% since first acquisition in October 2015. Similarly, GBP2.3 million was 
realised from the sale of Pattern Energy 4% 2020 convertible bonds, which have 
returned a total of 43.4% since they were first acquired in February 2016. 
Further down the portfolio, GBP0.6 million was realised from the sale of Kinder 
Morgan 7.5% 2040 bonds, which have returned 68.8% since acquisition in 
February 2016. 
 
Two other major sales were made in the half. Firstly the sale of the Hafslund 
shares realised GBP1.8 million, being a total return including dividends of 
115.9% and 111.8% for Hafslund B and A shares respectively, since first 
purchased in November 2014. Secondly, we substantially sold down the position 
in China Power International, realising GBP 1.4 million. This has been a 
successful long term investment, and the Company has for the time being 
retained a more modest holding while our investment direction in China is 
targeted more at environmental utilities. 
 
We have increased the investments in Chinese environmental companies such as 
Huaneng Renewables and China Everbright International, as a result of their 
strong growth being under-appreciated and under-valued. 
 
Weightings to European utilities such as Iberdrola, Enel, Gas Natural, and 
Saeta Yield, have been increased on valuation grounds, which proved to be 
correct as these companies subsequently performed well in the half. 
 
We added to the holding in Enbridge, its shares having over-reacted to the 
lower oil price seen in the half. (Pipeline companies such as Enbridge act as 
transporters rather than producers of oil and gas.) 
 
The position in Indian renewable energy developer Mytrah Energy has been 
increased, as it appears that the market has not valued the company's strong 
growth sufficiently. 
 
GEOGRAPHIC ALLOCATION 2017 
 
30 June 2017 
 
                                                  June 2017                 December 2016 
 
North America                                        23.35%                        24.58% 
 
China                                                18.40%                        17.82% 
 
Europe (excluding UK)                                12.39%                         7.65% 
 
Latin America                                        10.73%                        10.33% 
 
United Kingdom                                       10.40%                        10.03% 
 
India                                                 8.25%                         8.39% 
 
Eastern Europe                                        5.11%                         4.63% 
 
Asia (excluding China)                                4.78%                         4.83% 
 
Global                                                4.07%                         8.54% 
 
Middle East                                           2.52%                         3.19% 
 
SECTOR ALLOCATION 2017 
 
30 June 2017 
 
                                                  June 2017                 December 2016 
 
Electricity                                          32.41%                        37.64% 
 
Multi Utilities                                      24.43%                        24.60% 
 
Water & Waste                                        15.91%                        12.77% 
 
Renewable Energy                                     14.32%                        16.14% 
 
Gas                                                  12.15%                         8.85% 
 
Toll roads                                            0.77%                            0% 
 
Results highlights 
 
As we make reference to above, many of the Fund's larger positions continue to 
report excellent results, without necessarily receiving any credit in their 
share prices. PEWT's largest investment, Indian power generator OPG Power 
Ventures, saw its shares fall by 24.0% in the half, despite reporting very 
strong 9 month trading figures to December 2016. The company had already 
reported September 2016 interim earnings growth of 40.8%, and management has 
indicated that full year March 2017 results will be in line with market 
expectation. 
 
Similarly in China, China Everbright International grew its 2016 earnings by

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33.6%, and processed 9.0 million tonnes of waste, up 30.0% on 2015's figure of 
6.9 million tonnes. The company's 2015 earnings had also been strong, up 22.4%, 
and it has recently announced a positive profit alert, in that it anticipates 
first half 2017 earnings will be increased by approximately 40% on the first 
half of 2016. Unfortunately, its shares have failed to respond to the excellent 
operational performance, and between December 2014 and June 2017 have in fact 
fallen by 15.6%. 
 
As we note above, some of PEWT's better returns in the half have come from 
Europe. In terms of actual contribution to return, the strongest performer was 
Romanian gas transmission company Transgaz, whose shares gained 21.7%. Aside 
from being attractively valued, the Romanian Government requested that the 
company move its dividend pay-out ratio from 75% to 90%. Spanish renewable 
energy company, Saeta Yield, also deserves mention, its shares gaining 21.8% in 
the half. It has made its first investment outside of Spain, buying wind assets 
in Uruguay. 
 
Currency 
 
As we discussed in the December 2016 report, throughout the period a proportion 
of the portfolio's currency risk was hedged out. At the end of the half, 
forward currency contracts with a book value of GBP24.3 million were in place, 
covering some 44% of the portfolio. These contracts covered US Dollars, Hong 
Kong Dollars, Euros, and Norwegian Krone. 
 
Outlook 
 
While economic and political issues remain a challenge, the underlying 
investments in the portfolio continue to perform well. We are therefore 
optimistic that PEWT will perform well over the medium to long term. 
 
James Smith 
 
Claire Long 
 
Premier Fund Managers Limited 
 
3 August 2017 
 
Investment Portfolio 
 
at 30 June 2017 
 
                                                                        Ranking      Ranking 
 
                                                Value      % total         June     December 
 
Company        Activity     Country              GBP000  investments         2017         2016 
 
OPG Power      Electricity  India               3,440          6.2            1            1 
Ventures 
 
SSE            Electricity  United              3,247          5.8            2            2 
                            Kingdom 
 
Beijing        Gas          China               2,933          5.2            3            5 
Enterprises 
Holdings 
 
Cia de         Water &      Latin               2,867          5.1            4            7 
Saneamento do  Waste        America 
Paranáe; 
 
First Trust    Multi        North               2,742          4.9            5            4 
MLP and Energy Utilities    America 
Income Fund 
 
China          Water &      China               2,681          4.8            6            9 
Everbright     Waste 
Intl. 
 
Huaneng        Renewable    China               2,614          4.7            7           13 
Renewables     Energy 
 
Avangrid       Multi        North               2,277          4.1            8           10 
               Utilities    America 
 
Pennon Group   Water &      United              2,244          4.0            9           11 
               Waste        Kingdom 
 
Saeta Yield    Renewable    Europe              1,582          2.8           10           32 
               Energy       (excluding 
                            UK) 
 
Transelectrica Electricity  Eastern             1,555          2.8           11           14 
                            Europe 
 
Qatar          Multi        Middle East         1,408          2.5           12           12 
Electricity &  Utilities 
Water Co. 
 
Keppel         Multi        Asia                1,406          2.5           13           20 
Infrastructure Utilities    (excluding 
Trust                       China) 
 
Edison         Electricity  North               1,400          2.5           14           19 
International               America 
 
Iberdrola      Electricity  Europe              1,358          2.4           15           35 
                            (excluding 
                            UK) 
 
Transgaz       Gas          Eastern             1,301          2.3           16           22 
                            Europe 
 
Nextera Energy Electricity  North               1,295          2.3           17           17 
                            America 
 
Engie          Multi        Global              1,288          2.3           18           18 
               Utilities 
 
Cia Paranaense Electricity  Latin               1,253          2.2           19           15 
Energia                     America 
 
NRG Yield*     Renewable    North               1,251          2.2           20           21 
               Energy       America 
 
Mytrah Energy  Renewable    India               1,174          2.1           21           44 
               Energy 
 
Enbridge       Gas          North               1,117          2.0           22           34 
                            America 
 
China Power    Electricity  China               1,093          2.0           23            6 
Intl. Develop 
 
Sempra Energy  Multi        North                 955          1.7           24           23 
               Utilities    America 
 
Enel Americas  Electricity  Latin                 870          1.6           25           26 
                            America 
 
ACEA           Multi        Europe                816          1.5           26           31 
               Utilities    (excluding 
                            UK) 
 
CMS Energy     Multi        North                 783          1.4           27           25 
               Utilities    America 
 
Metro Pacific  Multi        Asia                  777          1.4           28           24 
Investments    Utilities    (excluding 
                            China) 
 
Gas Natural    Gas          Europe                756          1.4           29            - 
                            (excluding 
                            UK) 
 
Alliant Energy Electricity  North                 742          1.3           30           29 
                            America 
 
Macquarie 1st 
Trust Global 
Infrastructure 
 
Utility        Multi        Global                702          1.3           31           33 
Dividend &     Utilities 
Income 
 
Enagas         Gas          Europe                690          1.2           32           28 
                            (excluding 
                            UK) 
 
Enel           Electricity  Europe                577          1.0           33            - 
                            (excluding 
                            UK) 
 
Atlantia       Toll roads   Europe                433          0.8           34            - 
                            (excluding 
                            UK) 
 
EDP - Energias Electricity  Latin                 394          0.7           35           36 
do Brasil                   America 
 
Enel Chile     Electricity  Latin                 380          0.7           36           39 
                            America 
 
ERG            Renewable    Europe                378          0.7           37           48 
               Energy       (excluding 
                            UK) 
 
Beijing        Water &      China                 358          0.6           38           40 
Enterprises    Waste 
Water 
 
Hera           Multi        Europe                341          0.6           39           41 
               Utilities    (excluding 
                            UK) 
 
Pattern Energy Renewable    North                 330          0.6           40            - 
Group          Energy       America 
 
Severn Trent   Water &      United                327          0.6           41            - 
               Waste        Kingdom 
 
Atlantica      Renewable    Global                287          0.5           42           47 
Yield          Energy 
 
Banpu Power    Electricity  Asia                  286          0.5           43           42 
                            (excluding 
                            China) 
 
AES Tiete      Electricity  Latin                 238          0.4           44           43 
Energia                     America 
 
TPI Polene     Renewable    Asia                  203          0.4           45            - 
Power          Energy       (excluding 
                            China) 
 
China          Renewable    China                 189          0.3           46            - 
Everbright     Energy 
Greentech 
 
Centre Coast   Multi        North                 168          0.3           47            - 
MLP &          Utilities    America 
Infrastructure 
Fund 
 
Kangda         Water &      China                 153          0.3           48           45 
International  Waste 
 
China Water    Water &      China                 138          0.2           49           46 
Affairs Group  Waste 
 
Beijing        Water &      China                 129          0.2           50            - 
Enterprise     Waste 
Environment 
 
                                               55,926        99.9% 
 
Unquoteds 
 
PEWT           ZDP          United                 50          0.1 
Securities     subsidiary   Kingdom 
2020 PLC 
 
Freepower      In           United                  -            - 
               liquidation  Kingdom 
 
ITI Energy     In           United                  -            - 
               liquidation  Kingdom 
 
Total                                          55,976       100.0% 
investments 
 
* Holding in convertible bonds and ordinary shares 
 
Group Income Statement 
 
for the six months to 30 June 2017 
 
                       (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited) (Audited) 
 
                        Six months  Six months  Six months  Six months  Six months  Six months      Year      Year      Year 
                        to 30 June  to 30 June  to 30 June  to 30 June  to 30 June  to 30 June  ended 31  ended 31  ended 31

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2017        2017        2017        2016        2016        2016  December  December  December 
                                                                                                    2016      2016      2016 
 
                           Revenue     Capital       Total     Revenue     Capital       Total   Revenue   Capital     Total 
 
               Notes          GBP000        GBP000        GBP000        GBP000        GBP000        GBP000      GBP000      GBP000      GBP000 
 
Gains/(losses) 
on investments 
held at fair 
value 
 
through profit                   -         222         222           -       3,660       3,660         -     6,905     6,905 
or loss 
 
Income                       1,638           -       1,638       1,804           -       1,804     2,901         -     2,901 
 
Investment                   (118)       (177)       (295)        (98)       (147)       (245)     (215)     (322)     (537) 
management fee 
 
Other expenses               (249)           -       (249)       (347)        (79)       (426)     (605)      (81)     (686) 
 
Reconstruction                   -           -           -           -           -           -         -      (11)      (11) 
costs 
 
Profit before                1,271          45       1,316       1,359       3,434       4,793     2,081     6,491     8,572 
finance costs 
and taxation 
 
Finance costs                    -       (590)       (590)           -       (564)       (564)         -   (1,143)   (1,143) 
 
Profit/(loss)                1,271       (545)         726       1,359       2,870       4,229     2,801     5,348     7,429 
before 
taxation 
 
Taxation       5              (70)           -        (70)        (30)           -        (30)     (108)         -     (108) 
 
Profit/(loss)                1,201       (545)         656       1,329       2,870       4,199     1,973     5,348     7,321 
for the period 
 
Return per 
Ordinary share 
(pence) 
 
- basic        3              6.64      (3.02)        3.62        7.35       15.87       23.22     10.91     29.56     40.47 
 
 
The total columns of this statement represents the Group's profit or loss, 
prepared in accordance with IFRS. 
 
As the parent of the Group, the Company has taken advantage of the exemption 
not to publish its own separate Income Statement as permitted by Section 408 of 
the Companies Act 2006. The Company's total comprehensive income for the half 
year ended 30 June 2017 was GBP656,000. 
 
The supplementary revenue and capital columns are prepared under guidance 
published by the Association of Investment Companies ("AIC"). 
 
All items derive from continuing operations; the Group does not have any other 
recognised gains or losses. 
 
All income is attributable to the equity holders of the Company. There are no 
minority interests. 
 
Consolidated and Company Balance Sheets 
 
as at 30 June 2017 
 
                         (Unaudited) (Unaudited) (Unaudited) (Unaudited)  (Audited)  (Audited) 
 
                               Group     Company       Group     Company      Group    Company 
 
                             30 June     30 June     30 June     30 June         31         31 
                                                                           December   December 
 
                                2017        2017        2016        2016       2016       2016 
 
              Notes             GBP000        GBP000        GBP000        GBP000       GBP000       GBP000 
 
Non current 
assets 
 
Investments                   55,926      55,976      52,565      52,665     55,946     55,996 
at fair value 
through 
profit or 
loss 
 
Current 
assets 
 
Debtors                          497         497         813         813        362        362 
 
Derivative                       463         463           -           -         67         67 
financial 
instruments 
 
Cash at bank                     642         642       1,691       1,691        935        935 
 
                               1,602       1,602       2,504       2,504      1,364      1,364 
 
Total assets                  57,528      57,578      55,069      55,169     57,310     57,360 
 
Current 
liabilities 
 
Creditors:                     (177)       (227)     (1,059)     (1,159)      (185)      (235) 
amounts 
falling due 
within one 
year 
 
Other                              -           -           -           -          -          - 
financial 
liabilities 
 
Derivative                     (145)       (145)           -           -       (98)       (98) 
financial 
instruments 
 
                               (322)       (372)     (1,059)     (1,159)      (283)      (333) 
 
Total assets                  57,206      57,206      54,010      54,010     57,027     57,027 
less current 
liabilities 
 
Non-current 
liabilities 
 
Zero Dividend               (25,807)           -    (24,637)           -   (25,217)          - 
Preference 
shares 
 
Intercompany                       -    (25,807)           -    (24,637)          -   (25,217) 
payable 
 
Net assets                    31,399      31,399      29,373      29,373     31,810     31,810 
 
Equity 
attributable 
to Ordinary 
Shareholders 
 
Share capital                    181         181         181         181        181        181 
 
Share premium                  8,701       8,701       8,699       8,699      8,701      8,701 
 
Redemption                        88          88          88          88         88         88 
reserve 
 
Capital                       13,576      13,576      11,644      11,644     14,122     14,122 
reserve 
 
Special                        7,472       7,472       7,472       7,472      7,472      7,472 
reserve 
 
Revenue                        1,381       1,381       1,289       1,289      1,246      1,246 
reserve 
 
Total equity                  31,399      31,399      29,373      29,373     31,810     31,810 
attributable 
to Ordinary 
Shareholders 
 
Net asset     4               173.59      173.59      162.39      162.39     175.86     175.86 
value per 
Ordinary 
share (pence) 
 
Consolidated and Company Statement of Changes in Equity 
 
For the six months to 30 June 2017 (unaudited) 
 
              Ordinary     Share 
 
                 share   premium     Redemption   Capital   Special   Revenue 
 
               capital   reserve        reserve   reserve   reserve   reserve     Total 
 
                  GBP000      GBP000           GBP000      GBP000      GBP000      GBP000      GBP000 
 
Balance at         181     8,701             88    14,122     7,472     1,246    31,810 
31 December 
2016 
 
Profit for           -         -              -     (546)         -     1,202       656 
the period 
 
Ordinary             -         -              -         -         -   (1,067)   (1,067) 
dividends 
paid 
 
Balance at         181     8,701             88    13,576     7,472     1,381    31,399 
30 June 
2017 
 
For the six months to 30 June 2016 (unaudited) 
 
             Ordinary      Share 
 
                share    premium Redemption    Capital    Special    Revenue 
 
              capital    reserve    reserve    reserve    reserve    reserve      Total 
 
                 GBP000       GBP000       GBP000       GBP000       GBP000       GBP000       GBP000 
 
Balance at        181      8,699         88      8,774      7,472      1,163     26,377 
31 
December 
2015 
 
Profit for          -          -          -      2,870          -      1,329      4,199 
the period 
 
Ordinary            -          -          -          -          -    (1,203)    (1,203) 
dividends 
paid 
 
Balance at        181      8,699         88     11,644      7,472      1,289     29,373 
30 June 
2016 
 
For the financial year ended 31 December 2016 (audited) 
 
             Ordinary      Share 
 
                share    premium Redemption    Capital    Special    Revenue 
 
              capital    reserve    reserve    reserve    reserve    reserve      Total 
 
                 GBP000       GBP000       GBP000       GBP000       GBP000       GBP000       GBP000 
 
Balance at        181      8,699         88      8,774      7,472      1,163     26,377 
31 
December 
2015 
 
Profit for          -          -          -      5,348          -      1,973      7,321 
the year 
 
Write back          -          2          -          -          -          -          2 
of tap 
issue 
costs 
 
Ordinary            -          -          -          -          -    (1,890)    (1,890) 
dividends 
paid 
 
Balance at        181      8,701         88     14,122      7,472      1,246     31,810 
31 
December 
2016 
 
Consolidated and Company Cashflow Statements 
 
for the six months ended 30 June 2017 
 
              (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)    (Audited)    (Audited) 
 
                    Group      Company        Group      Company        Group      Company 
 
               Six months   Six months   Six months   Six months         Year         Year 
 
                    ended        ended        ended        ended        ended        ended 
 
                  30 June      30 June      30 June      30 June  31 December  31 December 
 
                     2017         2017         2016         2016         2016         2016 
 
                     GBP000         GBP000         GBP000         GBP000         GBP000         GBP000 
 
Profit              1,316        1,316        4,793        4,793        8,572        8,572 
before 
finance 
costs and 
taxation* 
 
Adjustments 
for 
 
Gains on            (222)        (222)      (3,434)      (3,434)      (6,905)      (6,905) 
investments 
held at fair 
value 
through 
profit or 
loss 
 
Increase/             134          134        (286)        (286)        (319)        (319) 
(decrease) 
in trade and 
other 
receivables 
 
Decrease in           (8)          (8)      (1,090)      (1,090)        (537)        (537) 
trade and 
other 
payables 
 
Overseas             (72)         (72)         (47)         (47)        (126)        (126) 
taxation 
paid

(MORE TO FOLLOW) Dow Jones Newswires

August 03, 2017 05:23 ET (09:23 GMT)


Net cash            1,148        1,148         (64)         (64)          685          685 
flows from 
operating 
activities 
 
Investing 
activities 
 
Purchases of     (11,687)     (11,687)     (10,118)     (10,118)     (19,189)     (19,189) 
investments 
 
Proceeds           11,313       11,313       11,023       11,023       19,276       19,276 
from sales 
of 
investments 
 
Net cash            (374)        (374)          905          905           87           87 
flows from 
investing 
activities 
 
Financing 
activities 
 
Payment to              -            -     (25,708)     (25,708)     (25,708)     (25,708) 
ZDP 
shareholders 
with "B" 
rights 
 
Dividends         (1,067)      (1,067)      (1,203)      (1,203)      (1,890)      (1,890) 
paid 
 
Net cash          (1,067)      (1,067)     (26,911)     (26,911)     (27,598)     (27,598) 
used in 
financing 
activities 
 
Decrease in         (293)        (293)     (26,070)     (26,070)     (26,826)     (26,826) 
cash and 
cash 
equivalents 
 
Cash and              935          935       27,761       27,761       27,761       27,761 
cash 
equivalents, 
beginning of 
period 
 
Cash and              642          642        1,691        1,691          935          935 
cash 
equivalents 
at end of 
period 
 
*This includes GBP2,345,000 (2016: GBP2,735,000) of cash inflow from dividends from 
securities, GBP331,000 (2016: GBP89,000) of interest from securities, and GBP8,000 
(2016: GBP13,000) of cash inflow from bank interest. 
 
Notes to the Half Year Report 
 
ACCOUNTING POLICIES 
 
1.1  Basis of preparation 
 
The Half-year Financial Statements have been prepared in accordance with 
International Accounting Standard ("IAS") 34 "Interim Financial Reporting" and 
in accordance with the Statement of Recommended Practice ("SORP") "Financial 
Statements of Investment Trust Companies and Venture Capital Trusts" issued by 
the Association of Investment Companies ("AIC") in November 2014 (and updated 
in January 2017), where the SORP is not inconsistent with IFRS. 
 
The financial information contained in this Half-year Report does not 
constitute statutory accounts as defined in Section 434 of the Companies Act 
2006. The financial information for the periods ended 30 June, 2017 and 30 
June, 2016 have not been audited. The financial information for the year ended 
31 December, 2016 has been extracted from the latest published audited 
accounts. Those accounts have been filed with the Registrar of Companies and 
included the Independent Auditor's Report which, in respect of both sets of 
accounts, was unqualified, did not contain an emphasis of matter reference, and 
did not contain a statement under Section 498(2) or (3) of the Companies Act 
2006. Those statutory accounts were prepared in accordance with IFRS, as 
adopted by the European Union. 
 
The functional currency of the Group is UK pounds Sterling as this is the 
currency of the primary economic environment in which the Company operates. 
Accordingly, the Financial Statements are presented in UK pounds Sterling 
rounded to the nearest thousand pounds. 
 
The same accounting policies, presentation and methods of computation have been 
followed in these Financial Statements as were applied in the preparation of 
the Group's Financial Statements for the previous accounting periods. 
 
IFRS 10 Consolidated Financial Statements 
 
The Financial Statements in these accounts reflect the adoption of IFRS 10 
(including the Investment Entities amendment) which requires investment 
companies to value subsidiaries (except for those providing investment related 
services) at fair value through profit and loss rather than consolidate them. 
The Directors, having assessed the criteria, believe that the Group meets the 
criteria to be an investment entity under IFRS 10 and that this accounting 
treatment better reflects the Company's activities as an investment trust. 
 
PEWT Securities 2020 PLC, which is controlled by the Company, holds the ZDP 
shares and has lent the proceeds to the Company. It is considered to provide 
investment related services to the Group and is therefore required to be 
consolidated under the IFRS 10 Investment Entities amendment. PEWT Securities 
2020 PLC has been consolidated in these Financial Statements using consistent 
accounting policies to those applied by the Company. 
 
1.2  Presentation of Statement of Comprehensive Income 
 
In order to better reflect the activities of the Company as an investment trust 
company, and in accordance with guidance issued by the AIC, supplementary 
information which analyses the Consolidated Income Statement between items of a 
revenue and capital nature has been presented alongside the Consolidated Income 
Statement. 
 
1.3  Use of estimates 
 
The preparation of Financial Statements requires the Company to make estimates 
and assumptions that affect the items reported in the Balance Sheet and Income 
Statement and the disclosure of contingent assets and liabilities at the date 
of the Financial Statements. Although these estimates are based on management's 
best knowledge of current facts, circumstances and, to some extent, future 
events and actions, the Company's actual results may ultimately differ from 
those estimates, possibly by a significant amount. The investments in the 
equity of unquoted companies that the Company holds are not traded and as such 
the prices are more uncertain than those of more widely traded securities. The 
unquoted investments are valued by reference to valuation techniques approved 
by the Directors and in accordance with the International Private Equity and 
Venture Capital Valuation ("IPEV") Guidelines and IFRS 13. 
 
1.4  Segmental reporting 
 
The chief operating decision maker has been identified as the Board of the 
Company. The Board reviews the Company's internal management accounts in order 
to analyse performance. The Directors are of the opinion that the Company is 
engaged in one segment of business, being the investment business. Geographical 
segmental analysis has not been disclosed because the Directors are of the 
opinion that as an investment company the geographical sources of revenues 
received by the Company are incidental to its investment activity. The 
geographical allocation of the investments from which income is received and to 
which non-current assets relate is given on page 7. 
 
2.   Dividend 
 
On 27 July 2017 the Directors declared a second interim dividend of 1.90p per 
Ordinary share for the year ending 31 December 2017 to holders of Ordinary 
shares on the register on 1 September 2017. The Ordinary shares will be marked 
ex-dividend on 31 August 2017 and the dividend will be paid on 29 September 
2017. 
 
3.   Total return per Ordinary share 
 
The total return per Ordinary share is based on the profit for the half year 
after taxation of GBP656,000 
 
(six months ended 30 June 2016: GBP4,199,000; year ended 31 December 2016: GBP 
7,321,000) and on 18,088,480 Ordinary shares in issue during the six months 
ended 30 June 2017 (six months ended 30 June 2016: 18,088,480 Ordinary shares; 
year ended 31 December 2016: 18,088,480 Ordinary shares). 
 
4.   Net Asset Value 
 
The net asset value per share and the net assets available to each class of 
share calculated in accordance with International Financial Reporting 
Standards, are as follows: 
 
                    Net asset value        Net assets   Net asset value        Net assets 
 
                          per share         available         per share         available 
 
                            30 June           30 June       31 December       31 December 
 
                               2017              2017              2016              2016 
 
                              Pence              GBP000             Pence              GBP000 
 
18,088,480                  173.59p            31,399           175.86p            31,810 
Ordinary shares 
of GBP0.01 each in 
issue (2016: 
18,088,480) 
 
24,073,337 PEWT             107.20p            25,807           104.75p            25,217 
Securities 2020 
PLC Zero Dividend 
Preference shares 
of GBP0.01 each in 
issue* (2016: 
24,073,337) 
 
*Classified as a liability. 
 
5.   Taxation charge 
 
The taxation charge of GBP70,000 (30 June 2016: GBP30,000 and 31 December 2016: GBP 
108,000) relates to irrecoverable overseas taxation. 
 
6.   Investment management fee charged by Premier Fund Managers Limited 
 
                                (Unaudited)           (Unaudited)             (Audited) 
 
                              Six months to         Six months to            Year ended 
 
                                    30 June               30 June           31 December 
 
                                       2017                  2016                  2016 
 
                                       GBP000                  GBP000                  GBP000 
 
Basic fee: 
 
40% charged to                          118                    98                   215 
revenue 
 
60% charged to                          177                   147                   322 
capital 
 
                                        295                   245                   537 
 
7.   Section 1158 of the Income and Corporation Tax Act 2010 
 
It is the intention of the Directors to conduct the affairs of the Company so 
that they satisfy the conditions for approval as an investment trust company 
set out in section 1158 of the Corporation Tax Act 2010. 
 
Interim Management Report 
 
Premier Energy and Water Trust PLC is required to make the following 
disclosures in its half year report: 
 
PRINCIPAL RISKS AND UNCERTAINTIES 
 
The Board believes that the principal risks and uncertainties faced by the 
Company continue to fall into the following categories: 
 
* Structure of the Company and gearing      * Discount volatility 
 
* Dividend levels                           * Operational 
 
* Currency risk                             * Accounting, legal and regulatory 
 
* Liquidity risk                            * Political and regulatory 
 
* Market price risk

(MORE TO FOLLOW) Dow Jones Newswires

August 03, 2017 05:23 ET (09:23 GMT)


Information on each of these is given in the Strategic Report in the Annual 
Report for the year ended 31 December 2016. 
 
RELATED PARTY TRANSACTIONS 
 
The Directors are recognised as a related party under the Listing Rules and 
during the six months to 30 June 2017 fees paid to Directors of the Company 
totalled GBP44,000 (six months ended 30 June 2016: GBP43,000 and year to 31 
December 2016: GBP84,400). 
 
GOING CONCERN 
 
The Directors believe, having considered the Company's investment objectives, 
risk management policies, capital management policies and procedures, nature of 
the portfolio and income and 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. For these reasons, they consider there is reasonable evidence to 
continue to adopt the going concern basis in preparing the accounts. 
 
DIRECTORS' RESPONSIBILITY STATEMENT 
 
The Directors are responsible for preparing the half year report, in accordance 
with applicable law and regulations. The Directors confirm that, to the best of 
their knowledge: 
 
* The condensed set of Financial Statements within the Half-year Report has 
been prepared in accordance with IAS 34, "Interim Financial Reporting", as 
adopted by the European Union; and 
 
* The Interim Management Report includes a fair review of the information 
required by 4.2.7R (indication of important events during the first six months 
of the year) and 4.2.8R (disclosure of related party transactions and changes 
therein) of the FCA's Disclosure and Transparency Rules. 
 
For and on behalf of the Board. 
 
Geoffrey Burns 
 
Chairman 
 
3 August 2017 
 
Directors and Advisers 
 
DIRECTORS 
 
Geoffrey Burns (Chairman) 
 
Ian Graham (Chairman of the Audit Committee) 
 
Charles Wilkinson (retired on 25 April 2017) 
 
Gillian Nott OBE 
 
Kasia Robinski (appointed on 28 February 2017) 
 
ALTERNATIVE INVESTMENT FUND MANAGER ("AIFM") 
 
Premier Portfolio Managers Limited 
 
Eastgate Court High Street   Guildford Surrey GU1 3DE 
 
Telephone: 01483 306 090 
 
www.premierfunds.co.uk 
 
Authorised and regulated by the 
 
Financial Conduct Authority 
 
INVESTMENT MANAGER 
 
Premier Fund Managers Limited 
 
Eastgate Court High Street   Guildford Surrey GU1 3DE 
 
Telephone: 01483 306 090 
 
www.premierfunds.co.uk 
 
Authorised and regulated by the 
 
Financial Conduct Authority 
 
SECRETARY AND REGISTERED OFFICE 
 
Premier Portfolio Managers Limited 
 
Eastgate Court 
 
High Street 
 
Guildford 
 
Surrey GU1 3DE 
 
Telephone: Martin Salmon 0207 982 2725 
 
COMPANY NUMBER 
 
4897881 
 
WEBSITE 
 
www.premierfunds.co.uk 
 
REGISTRAR 
 
Capita Asset Services 
 
The Registry 
 
34 Beckenham Road 
 
Beckenham 
 
Kent BR3 4TU 
 
Telephone: 0871 664 0300 
 
Overseas: +44 208 639 3399 
 
E-mail: ssd@capitaregistrars.com 
 
CUSTODIAN AND DEPOSITARY 
 
Northern Trust Global Services Limited 
 
50 Bank Street 
 
Canary Wharf 
 
London E14 5NT 
 
Authorised by the Prudential Regulation Authority ("PRA") and regulated by the 
FCA and PRA 
 
AUDITOR 
 
Ernst & Young LLP 
 
25 Churchill Place 
 
Canary Wharf 
 
London E14 5EY 
 
STOCKBROKER 
 
N+1 Singer Advisory LLP 
 
One Bartholomew Lane 
 
London EC2N 2AX 
 
Telephone: 0207 496 3000 
 
ORDINARY SHARES 
 
SEDOL: 3353790GB   LSE: PEW 
 
ZERO DIVIDEND PREFERENCE SHARES 
 
SEDOL: BYP98L6 LSE: PEZ 
 
GLOBAL INTERMEDIARY IDENTIFICATION NUMBER 
 
GIIN: W6S9MG.00000.LE.826 
 
Shareholder Information 
 
SHARE PRICE AND PERFORMANCE INFORMATION 
 
The Ordinary shares and Zero Dividend Preference shares are listed on the 
London Stock Exchange. Information about the Company and that of the other 
investment company managed by Premier, the Acorn Income Fund Limited, including 
current share prices can be obtained directly from: 
 
www.premierfunds.co.uk 
 
Contact Premier on 01483 400 400, or by e-mail to premier@premierfunds.co.uk. 
 
SHARE DEALING 
 
Shares can be purchased through a stockbroker. 
 
SHARE REGISTER ENQUIRIES 
 
The register for the Ordinary shares and Zero Dividend Preference shares is 
maintained by Capita Registrars. In the event of queries regarding your 
holding, please contact the Registrar on 0871 664 0300 (calls cost 10p per 
minute plus network extras, lines are open Monday to Friday 9.00 a.m. to 5.30 
p.m.); overseas +44 208 639 3399; or e-mail ssd@capitaregistrars.com. Changes 
of name and/or address must be notified in writing to the Registrar. 
 
STATEMENT REGARDING NON-MAINSTREAM INVESTMENT PRODUCTS 
 
The Company currently conducts its affairs so that both the Ordinary shares 
issued by the Company and the Zero Dividend Preference shares issued by the 
Company's wholly-owned subsidiary PEWT Securities 2020 PLC can be recommended 
by IFAs to retail investors in accordance with the FCA's rules in relation to 
non-mainstream investment products and intends to continue to do so for the 
foreseeable future. 
 
The Ordinary shares and the Zero Dividend Preference shares fall outside the 
restrictions which apply to non-mainstream investment products because they are 
excluded securities. 
 
A member of the Association of Investment Companies. 
 
 
 
END

(END) Dow Jones Newswires

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