Final Results - Replacement
August 29 2001 - 11:04AM
UK Regulatory
RNS Number:1607J
Australian Opp Inv Tst PLC
29 August 2001
The issuer advises that the following amendment has been made to the 'Final
Results' announcement released on 16 August 2001 at 13:43 under RNS Number
6107i.
The dividend payment date as detailed in the final paragraph should read 17
October 2001 and not 10 October 2001 as previously shown. All other details
remain unchanged.
The full corrected version is shown below.
Chairman's Statement
During the year to 31 May 2001 the fully diluted net asset value (NAV) rose by
1.5% to 68.7 pence, compared with a rise of 2.0% in the sterling adjusted
Australian All Ordinaries Index which is the Company's benchmark. Over the
same period the Australian dollar weakened by 7.0% from A$2.6200 to A$2.8026
and the New Zealand dollar weakened by 6.2% from NZ$3.2729 to NZ$3.4763.
In the year to 31 May 2001 dividend and other income declined by 37.9% from #
1,213,000 to #753,000. This substantial reduction in income was attributable
to just three holdings. Permanent Trustee did not pay any special dividends
this financial year; Resolute did not pay dividends on the convertible
preference shares and these will now be effectively paid in a combination of
cash and shares when the capital reorganisation has been approved; and lastly
reduced dividends were received on Restaurant Brands, following the sale of
the holding. Total expenses increased by 10.4% to #307,000 (2000: #278,000)
because of legal fees and fees in connection with a new loan facility. As a
result of the substantial fall in income, the return per share declined from
3.3 pence to 0.5 pence. The Directors therefore propose a net dividend of 0.40
pence.
Growth in the Australian economy slackened to 2.1% in the year to March 2001,
compared to 4.3% in the previous year. The decline in the rate of growth was
largely attributable to a more moderate increase in domestic consumption as a
result of weakening labour markets, coupled with the introduction of the Goods
and Services Tax. Also weaker global demand meant that export growth was
lower. Inflation rose to 6.0% in the year to March 2001, a large portion of
the increase being due to the introduction of the Goods and Services Tax,
compared with 2.8% the previous year. Short term interest rates reached a peak
of 6.25% in August 2000, since when the Reserve Bank has, along with most
central banks in the developed world, progressively reduced interest rates to
counter recessionary tendencies, with rates reaching 5% in April 2001.
Following this, economic growth is expected to recover to over 3% in 2002. The
New Zealand economy has been slightly more robust with growth of 2.5% in the
year to March 2001, with agricultural exports being strong, offset by weaker
domestic consumption.
Over the year under review the Australian All Ordinaries Index rose by 9.1%
from a low of 3040 at end May 2000 to 3317 at end May 2001, with a high of
3370 just before the close of the period. In contrast the Small Capitalisation
Index opened and closed the period at 1710 and 1700 respectively, but during
the year it was much more volatile with a high and low of 1984 and 1611
respectively. Although the Company's benchmark is the All Ordinaries Index,
and the investment management incentive fee is based on it, the Company's
portfolio is virtually entirely invested in smaller companies, and so the out
performance of the Small Capitalisation Index, particularly after taking
account of the decline in the Australian and New Zealand dollars against
sterling is a welcome improvement.
It is proposed to change the Company's benchmark and the basis of the
incentive fee to the Small Capitalisation Index.
The Manager considers the Company's portfolio is well positioned for the
coming year.
A F Bushell
Chairman
16 August 2001
Financial Highlights
31 May 2001 31 May 2000 % Change
Fully-diluted consolidated net
asset value per ordinary share (A$) 1.9282 1.7737 8.71
Sterling/Australian $ - Exchange Rate 2.8026 2.6200 (6.97)
Fully-diluted consolidated net
asset value per ordinary share (pence) 68.7 67.7 1.48
Share price per ordinary share (pence) 49.50 40.50 22.22
Consolidated Statement of Total Return incorporating the revenue account
for the year ended 31 May 2001
2001 2000
Revenue * Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000
Gains / (losses) on investments - 295 295 - (6,495) (6,495)
Exchange differences - 164 164 - 117 117
Trading loss of subsidiary (273) - (273) (95) - (95)
Income 753 - 753 1,213 - 1,213
Investment management fee (63) - (63) (81) - (81)
Other expenses (244) (6) (250) (197) (14) (211)
Net return / (deficit) before
finance costs and taxation 173 453 626 840 (6,392) (5,552)
Interest payable and similar
charges (362) - (362) (477) - (477)
(Deficit) / return on ordinary
activities before tax (189) 453 264 363 (6,392) (6,029)
Tax on ordinary activities (20) - (20) 8 - 8
(Deficit) / return on ordinary
activities after tax for the
financial year (209) 453 244 371 (6,392) (6,021)
Dividends in respect of equity
shares (56) - (56) (315) - (315)
Transfer to / (from) reserves (265) 453 188 56 (6,392) (6,336)
Return / (loss) per
ordinary share:
Basic (1.5p) 3.3p 1.8p 2.7p (45.6p) (42.9p)
Diluted (0.3p) 2.3p 2.0p 2.6p (31.6p) (29.0p)
All revenue and capital items in the above statement derive from continuing
operations.
* The revenue account in this statement represents the profit and loss account
of the Group for the financial year.
Consolidated Balance Sheet as at 31 May 2001
2001 2000
#'000 #'000 #'000 #'000
Fixed assets
Investments 15,241 16,531
Current assets
Debtors 469 420
Investments 17 290
Cash at bank and short-term deposits 27 24
513 734
Creditors: amounts falling due within one year (1,866) (3,579)
Net current liabilities (1,353) (2,845)
Total assets less current liabilities 13,888 13,686
Creditors: amounts falling due after
more than one year
Convertible loan stock (6,114) (6,103)
7,774 7,583
Capital and reserves
Called up share capital 3,503 3,502
Share premium account 2,515 2,513
6,018 6,015
Capital reserve - realised 7,747 7,709
Capital reserve - unrealised (4,278) (4,693)
Revenue reserve (1,713) (1,448)
Equity shareholders' funds 7,774 7,583
Net asset value per share:
Ordinary
- Basic 55.5p 54.1p
- Fully-diluted 68.7p 67.7p
Consolidated Cash Flow Statement for the year ended 31 May 2001
2001 2000
#'000 #'000 #'000 #'000
Net cash inflow from operating
activities 344 868
Returns on investments and servicing
of finance (311) (431)
Taxation (22) (158)
Financial investment 1,581 549
1,592 828
Equity dividends paid (315) (252)
1,277 576
Financing (1,327) 94
(Decrease) / increase in cash (50) 670
Reconciliation of net cash flow to
movement in net debt
(Decrease) / increase in cash in the year (50) 670
Cash outflow / (inflow) from movement in debt 1,327 (94)
Change in net debt resulting from
cash flows 1,277 576
Exchange movements 164 117
Other non-cash flow movements (11) (13)
Opening net debt (9,106) (9,786)
Closing net debt (7,676) (9,106)
Notes
The statutory accounts for the year ended 31 May 2001 will be finalised on the
basis of the financial information presented by the Directors in this
preliminary announcement and will be delivered to the Registrar of Companies
following the Company's Annual General Meeting. Copies will be sent to
shareholders shortly and will also be available for collection from the
Company's Registered Office at 77A High Street, Brentwood, Essex CM14 4RR.
The above results at 31 May 2000 are an abridged version of the Company's full
accounts which received an audit report that was unqualified and did not
contain statements under S237(2) or (3) of the Companies Act 1985 and which
have been filed with the Registrar of Companies.
The calculation of the basic Revenue Return per ordinary share of 25 pence
each is based on net revenue deficit on ordinary activities after taxation of
(#209,000) (2000: profit #371,000) divided by 14,009,693 ordinary shares
(2000: 14,008,105) being the weighted average number of ordinary shares in
issue during the year.
The calculation of the basic Capital Return per ordinary share of 25 pence
each is based on the net capital profit for the financial year of #453,000
(2000: deficit #6,392,000) divided by 14,009,693 ordinary shares (2000:
14,008,105) being the weighted average number of ordinary shares in issue
during the year.
The Diluted Returns per ordinary share of 25 pence each have been calculated
on the assumption that the Convertible Subordinated Unsecured Loan Stock 2007
was fully converted on the first day of the financial year, giving a weighted
average of 20,229,506 ordinary shares (2000: 20,229,507) and based on net
revenue deficit on ordinary activities after taxation of (#58,000) (2000:
profit #523,000) and net capital profit of #453,000 (2000: deficit #
6,392,000). The anti-dilutive Revenue Return of (0.3p) (2000: diluted 2.6p)
includes the savings of finance costs on the loan stock.
The Directors have proposed the payment of a final dividend of 0.40p (2000:
2.25p) per ordinary share payable on 17 October 2001 to shareholders
registered on 7 September 2001.
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