London Finance & Investment Group Plc - Half-year Report

PR Newswire

 

 

 

London Finance & Investment Group PLC

(“Lonfin” or the “Company’”)

 

Unaudited Condensed Interim Financial statements for the six months ended 31 December 2023

 and dividend declaration

 

 

 

The Company today announces its unaudited interim results and interim dividend declaration for the six months ended 31 December 2023 (the “Interim Statement”).

 

 

Introduction

 

As an investment company, Lonfin’s  target is to achieve growth in shareholder value in real terms over the medium to long term while maintaining a progressive dividend policy. In the short term, our results can be influenced by overall stock market performance, particularly the valuation of our Strategic Investments. Whilst we have not identified any suitable Strategic Investments for acquisition in recent years, we continue to believe that a combination of Strategic Investments and a General Portfolio is the most effective way of achieving our aims; whilst keeping this under review. Strategic Investments are significant investments in smaller UK quoted companies where we have expectations of above average growth over the medium to longer term and these are balanced by a General Portfolio which consists of investments in major U.S., U.K. and European equities. The Company acknowledges the increased focus on Environmental, Social and Governance (ESG) issues  and the benefits of socially responsible long-term investment.

 

As at 31 December 2023 we held only one Strategic Investment, Western Selection PLC.

 

Results

 

Lonfin’s net assets per share increased by 19.1% to 70.3p at 31 December 2023 from 59.2p at 30 June 2023. We have made some changes to our General Portfolio Investments, investing additional net cash of £723,000 and realising profit of £509,000. The fair value of our General Portfolio increased by 8% compared with increases of 3% in both the FTSE 100 index and the FTSEurofirst 300 Index respectively, over the half year. At the close of business on 23 February 2024, our net asset value was 70.6p per share.

 

The profit before tax for the Company and its subsidiaries (the “Group”) for the half year was £572,000 including revaluation of General Portfolio investments only (2022 - £1,313,000), resulting in earnings per share of 1.5p (2022: earnings per share 3.1p).

 

The Group’s total comprehensive profit after tax and minority interest, including revaluation of all investments, was £3,639,000 (2022: £943,000)

 

Strategic Investments

 

Western Selection PLC (“Western”)

As at 31 December 2023, the Company owned 7,860,515 Western shares, representing 43.8% of Western’s issued share capital.

 

On 28 December 2023, Western announced its intention to return cash to shareholders at 80.5 per share by means of a return of surplus capital (the “Return of Capital”). The Return of Capital was to be effected by means of a capital reduction. The Board of Western determined that the most effective way to achieve this was for Western’s admission to trading on the AQSE Growth Market to be cancelled and for Western to be re-registered as a private limited company.   

 

Western’s proposals were approved by shareholders at General Meetings held on 25 January and 16 February 2024. Under the Return of Capital, Lonfin elected to retain 45,786 ordinary shares in Western which will represent 43.8% of Western’s reduced issued share capital. Subsequent to the period end, Lonfin received £6,291,000 in cash in exchange for the ordinary shares it chose not to retain, and these shares have now been cancelled. Western will continue to operate as a private company and the Western Board will work on the realisation of its illiquid investments in Industrial & Commercial Holdings PLC (“ICH”) and City Group PLC (“City Group”) .

 

The market value of the Company’s investment in Western at 31 December 2023, based on the 80.5p per share return of capital, was £6,328,000 representing 28.5% of the net assets of the Group (30 June 2023: £3,144,000).

 

 Edward Beale and Warwick Marshall are non-executive directors of Western.

 

General Portfolio

 

Lonfin’s general portfolio is diverse with a spread of high-quality equities, as shown in the composition of our General Portfolio at the end of this announcement. . We believe that the portfolio of quality companies we hold has the potential to outperform the market in the medium to long term.

 

Board Changes

 

Mr. David Marshall, the current Chairman, has decided to step down from his role as Chairman and as a member of the Lonfin Board with effect from 29 February 2024.  David has been with the Company since 1971 and the Board wishes to express its profound gratitude to David for his contribution to and stewardship of the Company during this time.

 

The Board is pleased to announce that Mr Warwick Marshall has agreed to be appointed as the new Chairman of the Company with effect from 29 February 2024.

 

Warwick is a non-executive director of the Board, the Chief Executive Officer of Marshall Monteagle PLC and is also a director of various other group operating companies. Warwick has extensive investment experience in his private capacity and brings his extensive skills, knowledge and experience to his new role as Chairman of Lonfin.  The Board welcomes Warwick and thanks him for taking on the responsibility of Chairman.

 

Outlook

 

 

£6,291,000 has just been received from Western Selection and, over time, these funds will be utilised to increase the General Portfolio.  This substantial increase in the General Portfolio will increase dividend income. The economic outlook globally remains uncertain so the General Portfolio will remain invested in major blue chip international stocks.

 

The Board has declared an interim dividend of 0.60p per share (2022: 0.55p).

 

 

 

1 March 2024

 

Interim Dividend

 

The Board recommends an interim gross dividend of 0.60p per share (14.39034 SA cents) (2022: 0.55p) which will be paid on Thursday 4 April 2024 to those members registered at the close of business on Friday 22 March 2024 (SA and UK). Shareholders on the South African register will receive their dividend in SA Rand converted from Sterling at the closing rate of exchange on 22 February 2024, being GBP 1 = SA Rand  23.98390.

 

JSE Disclosure Requirements

 

In respect of the normal gross cash dividend, and in terms of the South African Tax Act, the dividend tax ruling set out below only applies to those shareholders who are registered on the South African register on Friday 22  March 2024. All other shareholders are exempt.

 

  • The number of shares in issue now and as at the interim dividend declaration date is 31,207,479;
  • The interim gross dividend is 14.39034 SA cents;
  • The interim net dividend is 11.51227 SA cents;
  • The dividend has been declared from income reserves, which funds are sourced from the Company’s main bank account in Switzerland and is regarded as a foreign dividend by South African shareholders; and
  • The Company’s UK Income Tax reference number is 948/L32120.

 

Dividend dates:

Last day to trade (SA)

Monday 18 March 2024

Shares trade ex-dividend (SA)

Tuesday 19 March 2024

Shares trade ex-dividend (UK)

Thursday 21 March 2024

Record date (SA and UK)

Friday 22 March 2024

Dividend Payment date

Thursday 4 April  2024

 

Share certificates may not be de-materialised or re-materialised between Tuesday 19 March 2024 and Friday 22 March 2024, both dates inclusive. Shares may not be transferred between the registers in London and South Africa during this period either.

 

The JSE Listing Requirements require disclosure of the following additional information in relation to any dividend payments.

 

Dividend tax ruling

 

Shareholders registered on the South African register are advised that the dividend withholding tax will be withheld from the gross final dividend amount of 14.39034 SA cents per share at a rate of 20% unless a shareholder qualifies for an exemption; shareholders registered on the South African register who do not qualify for an exemption will therefore receive a net dividend of 11.51227 SA cents per share. The dividend withholding tax and the information contained in this paragraph is only of direct application to shareholders registered on the South African register, who should direct any questions about the application of the dividend withholding tax to Computershare Investor Services (Pty) Limited in South Africa. Tel: +27 11 370 5000.

 

 

 

Statement of Directors’ responsibility

The Directors confirm that, to the best of their knowledge:

 

-          the unaudited interim results for the six months ended 31 December 2023, have been prepared in accordance with IAS 34, ‘Interim financial reporting’, as adopted by the UK; and

 

-          the Interim Statement includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R of the Disclosure and Transparency Rules.

 

Neither this Interim Statement nor any future interim statements of the Company will be posted to shareholders. 

The Interim Statement is available as follows:

 

This announcement contains information that was previously classified as inside information for the

purposes of the UK Market Abuse Regulation. Upon the publication of this announcement, this information

is considered to be in the public domain.

 

The directors of the Company accept responsibility for the contents of this announcement.

 

 

 

 

For further information, please contact:

 

London Finance & Investment Group PLC

 

JSE Sponsor to the Company:

 

Questco Corporate Advisory Proprietary Limited

+44(0) 20 3709 8740

 

 


Condensed Consolidated Statement of Total Comprehensive Income

 

 

 

Notes

          Half year ended

 

Year Ended

 

 

            31 December

 

30 June

 

 

2023

 

2022

 

2023

 

 

 

 

 

 

 

 

 

£000

 

£000

 

£000

Operating Income

 

 

 

 

 

 

Dividends receivable

 

241

 

243

 

586

Management service fees

 

192

 

179

 

352

Rental and other income

 

25

 

64

 

97

Profit on disposal of General portfolio investments

7

52

 

-

 

633

 

 

510

 

486

 

1,668

Administrative expenses

 

 

 

 

 

 

Investment operations

 

(187)

 

(225)

 

(495)

Management services

 

(205)

 

(203)

 

(411)

Total administrative expenses

 

(392)

 

(428)

 

(906)

Operating profit

 

118

 

58

 

762

 

 

 

 

 

 

 

Unrealised changes in the carrying value of General Portfolio investments

 

7

453

 

1,259

 

956

Net interest income/( expense)

 

1

 

(4)

 

(7)

Profit before taxation

 

572

 

1,313

 

1,711

Tax expense

 

(110)

 

(315)

 

(312)

Profit after taxation

 

462

 

998

 

1,399

Non-controlling interest

 

(6)

 

(18)

 

(16)

Profit attributable to shareholders

 

456

 

980

 

1,383

 

 

 

 

 

 

 

Other comprehensive income –

 

 

 

 

 

 

Profit on sales of Strategic Investments

 

-

 

119

 

118

Unrealised changes in the carrying value of Strategic Investments

 

3,183

 

(79)

 

393

Corporation tax expense on these items

 

-

 

(77)

 

(146)

Total other comprehensive (expense)/income

 

3,183

 

(37)

 

365

 

 

 

 

 

 

 

Total comprehensive income attributable to shareholders

 

3,639

 

943

 

1,748

 

 

 

 

 

 

 

Basic, Diluted and Headline earnings per share

 

1.5p

 

3.1p

 

4.4p

 

 

 

 

 

 

 

Interim dividend

 

0.60p

 

0.55p

 

0.55p

Final dividend

 

-

 

-

 

0.60p

Total in respect of the period

 

0.60p

 

0.55p

 

1.15p


Condensed Consolidated Statement of Changes in Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

Ordinary Share Capital

Share Premium Account

Unrealised Profits and Losses on Investments

Share of Retained profits and losses of Subsidiaries

Retained Realised Profits &   Losses

Total

Non-Controlling Interests

Total Equity

 

£000

£000

£000

£000

£000

£000

£000

£000

Period ended 31 Dec 2023

 

 

 

 

 

 

 

 

Balances at 1 July 2023

1,560

2,320

225

4,906

9,472

18,483

157

18,640

Profit for the Period

-

-

1

1

454

456

6

462

Other Comprehensive Income

-

-

3,183

-

-

3,183

-

3,183

Total comprehensive income

-

-

3,184

1

454

3,639

6

3,645

Dividends paid to shareholders

-

-

-

-

(187)

(187)

-

(187)

Balances at 31 Dec 2023

1,560

2,320

3,409

4,907

9,739

21,935

163

22,098

 

 

 

 

 

 

 

 

 

 

 

 

Ordinary Share Capital

Share Premium Account

Unrealised Profits and Losses on Investments

Share of Retained profits and losses of Subsidiaries

Retained Realised Profits &   Losses

Total

Non-Controlling Interests

Total Equity

 

£000

£000

£000

£000

£000

£000

£000

£000

Period ended 31 Dec 2022

 

 

 

 

 

 

 

 

Balances at 1 July 2022

1,560

2,320

11

5,331

7,872

17,094

141

17,235

Profit for the Period

-

-

916

17

47

980

18

998

Other Comprehensive Income

-

-

(79)

42

-

(37)

-

(37)

Transfer of gain on disposal of investments at fair value through other comprehensive income to retained earnings

-

-

(689)

689

-

-

-

-

Total comprehensive income

-

-

148

748

47

943

 

961

Dividends paid and total transactions with shareholders

-

-

-

-

(187)

(187)

-

(187)

Balances at 31 Dec 2022

1,560

2,320

159

6,079

7,732

17,850

159

18,009

 

 

Condensed Consolidated Statement of Financial Position

 

 

 

          31 December

 

30 June

 

Notes

2023

 

2022

 

2023

 

 

 

 

 

 

 

 

 

£000

 

£000

 

£000

Non-current assets

 

 

 

 

 

 

Property, plant and equipment

 

3

 

7

 

3

Right of use of leased offices

 

-

 

49

 

17

Investments at fair value through other comprehensive income

6

6,328

 

2,673

 

3,144

 

 

6,331

 

2,729

 

3,164

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Listed investments at fair value through profit or loss

6,7

16,736

 

16,113

 

15,496

Trade and other receivables

 

198

 

127

 

100

Cash and cash equivalents

 

211

 

624

 

1,264

 

 

17,145

 

16,864

 

16,860

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Trade and other payables falling due within one year

 

(97)

 

(109)

 

(151)

Lease liability

 

-

 

(70)

 

(33)

Corporation tax liability

 

(263)

 

(275)

 

(188)

 

 

(360)

 

(454)

 

(372)

 

 

 

 

 

 

 

Net Current Assets

 

16,785

 

16,410

 

16,488

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

Deferred taxation

 

(1,018)

 

(1,130)

 

(1,012)

 

 

 

 

 

 

 

Total Assets less Total Liabilities

 

22,098

 

18,009

 

18,640

 

 

 

 

 

 

 

Capital and Reserves

 

 

 

 

 

 

Called up share capital

 

1,560

 

1,560

 

1,560

Share premium account

 

2,320

 

2,320

 

2,320

Unrealised profits and losses on investments

 

3,409

 

159

 

225

Share of retained profits and losses of subsidiaries

 

4,907

 

6,079

 

4,906

Company’s retained realised profits and losses

 

9,739

 

7,732

 

9,472

Total Capital and Reserves attributable to owners

 

21,935

 

17,850

 

18,483

 

 

 

 

 

 

 

Non-controlling equity interest

 

163

 

159

 

157

 

 

22,098

 

18,009

 

18,640

 

 

 

 

 

 

 

Net assets per share

 

70.3p

 

57.2p

 

59.2p

 

 

 

 

 

 

 

Number of shares in issue

 

31,207,479

 

31,207,479

 

31,207,479

 

 


Condensed Consolidated Statement of Cash Flows

 

 

       Half year ended

 

Year ended

 

          31 December

 

30 June

 

2023

 

2022

 

2023

 

 

 

 

 

 

 

£000

 

£000

 

£000

Cash flows from operating activities

 

 

 

 

 

Profit before tax

572

 

1,313

 

1,711

Adjustments for non-cash items-

 

 

 

 

 

Net finance (income)/expense

(1)

 

4

 

7

Depreciation charges

4

 

5

 

9

Depreciation on right of use of asset

11

 

32

 

64

Profit on early lease termination

(15)

 

-

 

-

Unrealised changes in the fair value of General Portfolio investments

(7)

 

(1,202)

 

(679)

Profit on sales of General Portfolio investments

(509)

 

(57)

 

(911)

Foreign exchange

-

 

10

 

-

(Increase)/Decrease in trade and other receivables

(98)

 

(19)

 

8

Decrease in trade and other payables

(54)

 

(63)

 

(20)

Taxes paid

(28)

 

(28)

 

(300)

Net cash outflow from operating activities

(125)

 

(5)

 

(111)

 

 

 

 

 

 

Cash flows from investment activity

 

 

 

 

 

Acquisition of IT equipment

(4)

 

-

 

-

Acquisition of current investments

(2,979)

 

(1,785)

 

(4,258)

Proceeds from disposal of current investments

2,256

 

988

 

4,407

Proceeds from disposal of strategic investments

-

 

1,325

 

1,325

Net cash (outflow)/inflow from investment activity

(727)

 

528

 

1,474

 

 

 

 

 

 

Cash flows from financing

 

 

 

 

 

Net Interest received/(paid)

1

 

(2)

 

(1)

Interest paid on lease liabilities

-

 

(3)

 

(5)

Repayment of lease liabilities

(15)

 

(37)

 

(75)

Equity dividends paid

(187)

 

(187)

 

(359)

Net cash outflow from financing

(201)

 

(229)

 

(440)

 

 

 

 

 

 

(Decrease)/Increase in cash and cash equivalents

(1,053)

 

293

 

923

Cash and cash equivalents at the beginning of the period/year

1,264

 

341

 

341

Effects of exchange rate changes on cash and cash equivalents

-

 

(10)

 

-

Cash and cash equivalents at end of the period

211

 

624

 

1,264

 

 

 

 

 

 

 


Notes to the condensed financial statements

 

1.       Basis of preparation

This condensed interim financial report has been prepared in accordance with the accounting policies contained in the Company’s 2023 Annual Report and Accounts except for our Strategic holding valuation as explained in “Estimates and judgments” below. This condensed interim financial report complies with the UK-adopted IAS 34 ‘Interim financial reporting’. The financial information contained in this report has not been audited or reviewed by the Company’s  auditors.

 

The information contained in this interim financial report does not constitute statutory accounts within the meaning of the Companies Act 2006. The statutory accounts of the Company and its subsidiaries (the “Group”) for the year ended 30 June 2023 have been reported on by the  Company’s auditors and have been delivered to the Registrar of Companies. The report of the auditors was unqualified.

 

The Group had only one operating lease and the right of use of asset and lease liability were estimated based on a 5% discount factor and the cash flow predicted over 5-year lease life. The Income statement has also been affected with additional depreciation and interest charges which replace the rent costs. The lease was terminated on 31 August 2023. At 31 December 2023 the Group has no operating leases.

 

New standards and interpretations

A number of new standards and amendments to standards and interpretations are effective for financial periods beginning after 1 January 2023 and have not been applied in preparing these condensed interim consolidated financial statements. None of these are expected to have a significant effect on the financial statements of the Group.

 

Estimates and judgements

When preparing the condensed interim consolidated financial statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results. The judgements, estimates and assumptions applied in the condensed interim consolidated financial statements, including the key sources of estimation uncertainty, were the same as those applied in the Group’s last annual financial statements for the year ended 30 June 2023.

At 31 December 2023 the valuation of our strategic investment, Western Selection PLC, was based on 80.5p per share and not on a quoted market price as per our Accounting policy. This is as a result of the Return of Capital proposals, set out in Western’s circular, published on 28 December 2023, which advised that there would be a return of surplus capital of 80.5p per share available to all Western shareholders in respect of some or all of  their shareholdings in Western.  This is the basis on which the Company’s  investment in Western has  been valued at 80.5 per share.

 

2.       Earnings per share

Earnings per share are based on the profit on ordinary activities after taxation and non-controlling interests of £456,000 (2022: £980,000) and on 31,207,479 shares (2022: 31,207,479 shares) being the weighted average of number of shares in issue during the period. There are options outstanding over 80,000 shares.

 

Reconciliation of headline earnings

Headline earnings are required to be disclosed by the JSE. Headline earnings per share are based on the profit attributable to the shareholders after tax and non-controlling interests of £456,000 (2022: £980,000) and on 31,207,479 shares (2022: 31,207,479 shares) being the weighted average of number of shares in issue during the period.

 

3.       Going Concern

After making enquiries, the Board is satisfied that the Group will be able to operate within the level of its facilities for the foreseeable future. For this reason, the Board considers it appropriate for the Group to adopt the going concern basis in preparing its financial statements.

 

 

4.       Principal risks and uncertainties

 

The principal risks and uncertainties which could impact the Group’s long-term performance and its performance over the remaining six months of the financial year are disclosed on pages 7and 8 of the Company’s 2023 Annual Report and Accounts. The key risks and mitigating activities include the following:

  • Stock market volatility, and economic uncertainty;
  • Dividend income; and
  • Ability to make strategic investments;

 

 

5.       Reconciliation of net cash flow to movement in net debt

 

 

At start

 

Cash

 

Non-cash

 

At end of

 

of Period

 

Flow

 

Movement

 

Period

Half year ended

£000

 

£000

 

£000

 

£000

31 December 2023

 

 

 

 

 

 

 

Cash at bank

1,264

 

(1,053)

 

-

 

211

Lease liability

(33)

 

33

 

-

 

-

Net cash and cash equivalents

1,231

 

(1,020)

 

-

 

211

 

 

 

 

 

 

 

 

31 December 2022

 

 

 

 

 

 

 

Cash at bank

407

 

227

 

(10)

 

624

Overdraft

(66)

 

66

 

-

 

-

Lease liability

(108)

 

40

 

(2)

 

(70)

Net cash and cash equivalents

233

 

333

 

(12)

 

554

 

 

 

 

 

 

 

 

30 June 2023

 

 

 

 

 

 

 

Cash at bank

407

 

857

 

-

 

1,264

Overdraft

(66)

 

66

 

-

 

-

Lease liability

(108)

 

(80)

 

(5)

 

(33)

Net cash and cash equivalents

407

 

1,003

 

(5)

 

1,231

 

 

6.       Financial Instruments

 

Financial assets and liabilities are classified in their entirety into one of the three levels determined on the basis of the lowest input that is significant to the fair value measurement.

 

Listed prices (unadjusted) in active markets for identical assets or liabilities – Level 1.

 

Values other than listed prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) – Level 2.

 

Values for the asset or liability that are not based on observable market data (that is unobservable inputs) –Level 3.

 

 

 

 

 

 

 

 

 

 

 

 

  1. Financial Instruments (continued)

 

The categories of financial instruments used by the Group are:

 

 

Fair Value

Half year ended

Year ended

 

Hierarchy Level

31 December

30 June

 

 

2023

 

2022

 

2023

Financial assets

 

£000

 

£000

 

£000

At fair value through Other comprehensive income

 

 

 

 

 

 

Non-current investments (strategic investments)

1

6,328

 

2,673

 

3,144

At fair value through profit or loss

 

 

 

 

 

 

Current asset investments (listed investments)

1

16,736

 

16,113

 

15,496

Loans and receivables at amortised costs

 

 

 

 

 

 

Trade and other receivables (excluding non-financial assets)

n/a

180

 

104

 

73

Cash at bank

n/a

211

 

624

 

1,264

 

 

 

 

 

 

 

Financial liabilities

 

 

 

 

 

 

At amortised costs

 

 

 

 

 

 

Trade and other payables

n/a

(97)

 

(109)

 

(151)

Lease liabilities

n/a

-

 

(70)

 

(33)

 

 

7.       Listed investments at fair value through profit and loss (“General Portfolio”)

 

 

Half year ended

Year ended

 

31 December

30 June

 

2023

 

2022

 

2023

 

£000

 

£000

 

£000

 

 

 

 

 

 

Cost

11,154

 

10,392

 

10,392

Opening unrealised gains

4,342

 

3,663

 

3,663

Balance brought forward

15,496

 

14,055

 

14,055

Purchases

2,979

 

1,785

 

4,258

Sales proceeds

(2,256)

 

(988)

 

(4,407)

Realised gain on disposal

509

 

57

 

911

Net unrealised gains transferred to realised gain on disposal

(445)

 

(57)

 

(277)

Unrealised fair value gains in the period

453

 

1,259

 

956

Balance carried forward

16,736

 

16,113

 

15,496

 

8.       Events after the reporting period 

 

On 28 December 2023, Western announced its intention to return cash to shareholders at 80.5 per share by means of a return of surplus capital (the “Return of Capital”). The Return of Capital was to be effected by means of a capital reduction. The Board of Western determined that the most effective way to achieve this was for Western’s admission to trading on the AQSE Growth Market to be cancelled and for Western to be re-registered as a private limited company.   

 

Western’s proposals were approved by shareholders at General Meetings held on 25 January and 16 February 2024.  Under the Return of Capital, Lonfin elected to retain 45,786 ordinary shares in Western which will represent 43.8% of Western’s reduced issued share capital.  Lonfin received £6,291,000 in cash in exchange for the ordinary shares it chose not to retain, and these shares have now been cancelled. Western will continue to operate as a private company and the Western Board will work on the realisation of its illiquid investments in Industrial & Commercial Holdings PLC and City Group PLC.

Composition of General Portfolio

 

 

 

Value

 

 

 

 

£000

 

%

Rio Tinto

 

583

 

        3.5

Legal & General

 

564

 

        3.4

Unilever

 

488

 

        2.9

Linde AG

 

480

 

        2.9

Holcim

 

479

 

        2.9

Aviva

 

474

 

        2.8

TotalEnergies SE

 

470

 

        2.8

Shell

 

468

 

        2.8

BHP Group

 

459

 

        2.7

Nestle

 

455

 

        2.7

Reckitt Benckiser Group

 

449

 

        2.7

Imperial Brands

 

445

 

        2.7

Kraft Heinz

 

443

 

        2.6

Michelin

 

439

 

        2.6

Coca-Cola

 

437

 

        2.6

Heineken Holding

 

427

 

        2.6

Procter & Gamble Co

 

417

 

        2.5

Deere & Co

 

414

 

        2.5

L'Oreal

 

410

 

        2.5

Mercedes-Benz Group

 

407

 

        2.4

Schindler

 

400

 

        2.4

Pernod Ricard

 

399

 

        2.4

Bank of America

 

397

 

        2.4

British American Tobacco

 

397

 

2.4

Chevron Corp

 

397

 

        2.4

LVMH Moet Hennessey

 

390

 

        2.3

JPMorgan Chase

 

388

 

        2.3

Exxon Mobil Corp

 

386

 

        2.3

BAE Systems

 

382

 

        2.3

Nutrien Ltd

 

378

 

        2.3

Diageo

 

364

 

        2.2

Microsoft

 

357

 

        2.1

Barclays

 

354

 

        2.1

NatWest

 

346

 

        2.1

Glencore

 

344

 

        2.1

BASF

 

331

 

        2.0

Caterpillar

 

322

 

        1.9

Halliburton

 

322

 

        1.9

Deutsche Post

 

319

 

        1.9

Fedex

 

288

 

        1.7

Otis Worldwide Corp

 

267

 

        1.6

 

 

16,736

 

100