RNS Number:0743J
Anglo & Overseas Trust PLC
25 February 2005
ANGLO & OVERSEAS TRUST PLC AND SUBSIDIARY
PRELIMINARY ANNOUNCEMENT OF RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2004
In my first year as Chairman I am pleased to report that we have built on last
year's solid returns and have again outperformed our benchmark. Our net asset
value per share rose by 7.0% (taking our debentures at par) and by 6.1% (taking
debentures at their market value). Our benchmark, which comprises 60% MSCI World
Ex UK Index/40% MSCI UK Index measured in sterling capital terms, rose by 6.1%.
Our share price put on a strong performance during the year as the discount of
share price to net asset value narrowed to 13.6% at the year end. The price of
our shares traded on the London Stock Exchange rose by 19.3% and the price of
those listed in New Zealand rose by 20.9%.
Our earnings per share fell from 3.27p to 3.13p due to a fall in franked
investment income in the portfolio. We are proposing a final dividend of 3.50p
per share, making a total dividend for the year of 4.20p per share, 2.4% higher
than last year. As in previous years, our dividend is not covered by our
earnings and we are again prepared to draw on our substantial revenue reserves
as we believe they are in excess of what we prudently need.
We remain positive that equities will perform well over the next year. We expect
to increase our weightings in overseas markets as our expectation of returns
from Europe and Asia continue to look positive.
Robert Alcock
Chairman
The final dividend of 3.50p per share will be paid on 6 May 2005 to shareholders
on the register at the close of business on 29 March 2005.
The financial information set out overleaf does not constitute the Group's
statutory accounts for the years ended 31 December 2004 or 2003. The financial
information for 2003 is derived from the statutory accounts for 2003 which have
been delivered to the Registrar of Companies. The Auditors have reported on the
2003 accounts; their report was unqualified and did not contain a statement
under section 237(2) or (3) of the Companies Act 1985. The statutory accounts
for 2004, which have not yet been reported on by the Auditors, 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.
The annual report will be sent to shareholders and will also be made available
to the public at the Company's registered office.
By order of the Board
M Pope
Secretary
Registered Office:
1 Appold Street
London EC2A 2UU
25 February 2005
For further information please contact John Murray at Deutsche Asset Management
Tel: 020 7545 6000
CONSOLIDATED STATEMENT OF TOTAL RETURN
(incorporating the revenue account*)
Revenue Capital Total Revenue Capital Total
2004 2004 2004 2003 2003 2003
#'000 #'000 #'000 #'000 #'000 #'000
Gains on investments - 19,473 19,473 - 40,392 40,392
Income 7,691 - 7,691 7,761 - 7,761
Investment management fee (493) (493) (986) (547) (547) (1,094)
Other expenses (556) (48) (604) (426) (68) (494)
- Company 6,628 18,932 25,560 6,800 39,777 46,577
- Associate 14 - 14 (12) - (12)
Net return before finance costs and taxation 6,642 18,932 25,574 6,788 39,777 46,565
Profit on disposal of associated undertaking - 1,726 1,726 - - -
Interest payable (3,151) (3,151) (6,302) (3,151) (3,151) (6,302)
Return on ordinary activities before tax 3,491 17,507 20,998 3,637 36,626 40,263
Tax on ordinary activities (216) - (216) (215) - (215)
Return on ordinary activities after tax for the
financial year attributable to equity shareholders 3,275 17,507 20,782 3,422 36,626 40,048
Dividends in respect of equity shares (4,387) - (4,387) (4,296) - (4,296)
Transfer to reserves after aggregate
dividend of 4.20p (2003 - 4.10p) (1,112) 17,507 16,395 (874) 36,626 35,752
Return per ordinary share 3.13p 16.73p 19.86p 3.27p 34.95p 38.22p
*The revenue column of this statement is the profit and loss account of the
group.
All revenue and capital items in the above statement derive from continuing
operations.
No operations were acquired or discontinued in the period.
Earnings per ordinary share have been calculated using the weighted average
number of shares in issue in the year to 31st December 2004 104,630,202 and
during 2003 (104,772,147).
The figures are the consolidated results for the group. The figures in respect
of the year to 31 December 2003 are taken from the full accounts which have been
delivered to the Registrar of Companies and which contain an unqualified audit
report.
BALANCE SHEETS
Group Company Group Company
2004 2004 2003 2003
#'000 #'000 #'000 #'000
Fixed assets
Investments 314,804 314,804 291,250 291,250
Interest in associated undertaking - - 1,007 256
314,804 314,804 292,257 291,506
Current assets
Debtors 712 712 1,665 1,665
Cash at bank and in hand 12,456 12,456 17,516 17,516
13,168 13,168 19,181 19,181
Creditors:
Amounts falling due within one year (6,686) (6,686) (6,410) (6,410)
Net current assets 6,482 6,482 12,771 12,771
Total assets less current liabilities 321,286 321,286 305,028 304,277
Creditors:
Amounts falling due after more than one year (68,394) (68,394) (68,217) (68,217)
Net assets 252,892 252,892 236,811 236,060
Capital and reserves
Called-up share capital 10,459 10,459 10,477 10,477
Capital redemption reserve 18,094 18,094 18,076 18,076
Other reserves
Capital reserve - realised 185,707 185,707 181,102 180,856
Capital reserve - unrealised 26,175 26,175 13,042 13,042
Revenue reserve 12,457 12,457 14,114 13,609
Total equity shareholders' funds 252,892 252,892 236,811 236,060
Net asset value per ordinary share 241.8p 241.8p 226.0p 225.3p
CONSOLIDATED CASH FLOW STATEMENT
Year ended Year ended
31 December 2004 31 December 2003
#'000 #'000
Reconciliation of operating profit to net cash
inflow from operating activities
Cash received from investments 6,970 7,124
Interest received 569 483
Other income received 42 29
Investment management fees paid (1,003) (1,149)
Cash paid to and on behalf of directors (90) (113)
Other cash payments (503) (377)
Net cash inflow from operating activities 5,985 5,997
Servicing of finance
Interest paid (6,122) (6,125)
Net cash outflow from servicing of finance (6,122) (6,125)
Taxation
Overseas tax paid (359) (109)
Consortium relief claimed 88 -
Total tax paid (271) (109)
Financial investment
Purchase of investments (206,362) (194,596)
Sale of investments 204,033 196,739
Net cash (outflow)/inflow from investing activities (2,329) 2,143
Acquisitions and disposals
Sale of associated undertaking 2,773 -
Net cash inflow from acquisitions and disposals 2,773 -
Equity dividends paid (4,289) (4,086)
Financing
Payments on share redemption (314) -
Net cash outflow from financing (314) -
Decrease in cash (4,567) (2,180)
This information is provided by RNS
The company news service from the London Stock Exchange
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