Highlights
- Adjusted, fully diluted NAV per share of 70 cents (2014: 106 cents);
- Underlying earnings before tax of $64.9 million (2014: $75.1 million);
- Unrealised losses on revaluation of $256.5 million (2014: loss of $145.4 million);
- IFRS loss after tax $192.4 million (2014: loss of $88.2 million);
- Year end cash balance of $202.3 million (2014: $171.4 million);
- Investment portfolio 82% let at 31 December 2015 (2014: 94%);
- Final distribution of 1p per share by way of a tender offer buy-back (2014: 3.5p).
CEO Glyn Hirsch said "Our general strategy is to batten down the hatches, preserve cash and make sure we are able to participate in the upside when things improve. Any reduction in sanctions or strengthening of the oil price will benefit us."
