RNS Number:0897I
Anglo & Overseas Trust PLC
27 February 2003
ANGLO & OVERSEAS TRUST PLC AND SUBSIDIARY
PRELIMINARY ANNOUNCEMENT OF RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2002
Our results for the year can only be described as extremely
disappointing. World stock markets declined for the third year in
succession, and our portfolio fell by 24.6%. This was better than
the fall in our benchmark, comprising 60% MSCI World Index ex-UK and
40% MSCI UK Index, of 27.6% but our net asset value per share fell
by 31.5%, as our borrowings depressed the overall result in a
falling market. Our share price fell by 41.2% on the London Stock
Exchange and by 47.9% on the New Zealand Stock Exchange while the
FTSE Investment Companies Index fell 28.3%.
Our earnings per share have fallen slightly, by 1.2%. A higher tax
charge, because of lower consortium relief, was offset by lower
management expenses. We are proposing an unchanged final dividend of
3.20p per share, making a total dividend for the year of 3.90p per
share, the same as last year. The dividend will be paid on 29 April
2003 to those shareholders on the register at the close of business
on 28 March 2003. Our dividend is not at present covered by our
earnings but we are prepared for the time being to draw on our
revenue reserves which we believe are in excess of what we prudently
need.
Alistair Mitchell-Innes
Chairman
The final dividend of 3.20p per share will be paid on 29 April 2003
to shareholders on the register at the close of business on 28 March
2003.
The financial information set out overleaf does not constitute the
Group's statutory accounts for the years ended 31 December 2002 or
2001. The financial information for 2001 is derived from the
statutory accounts for 2001 which have been delivered to the
Registrar of Companies. The Auditors have reported on the 2001
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 2002, 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
27 February 2003
For further information please contact James Fox at Deutsche Asset
Management
Tel: 020 7545 6000
CONSOLIDATED STATEMENT OF TOTAL
RETURN
(incorporating the revenue account*)
Year to 31 December 2002 Year to 31 December 2001
Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000
Losses on investments - (87,830) (87,830) - (73,865) (73,865)
Income 7,936 - 7,936 7,871 - 7,871
Investment management fee (653) (653) (1,306) (893) (893) (1,786)
Other expenses (405) (62) (467) (584) (82) (666)
---------------------------------- -------------------------------------
Net return before finance costs and 6,878 (88,545) (81,667) 6,394 (74,840) (68,446)
taxation
Interest payable (3,151) (3,151) (6,302) (3,151) (3,151) (6,302)
---------------------------------- -------------------------------------
Return on ordinary activities before 3,727 (91,696) (87,969) 3,243 (77,991) (74,748)
tax
Tax on ordinary activities (237) - (237) 290 3 293
---------------------------------- -------------------------------------
Return on ordinary activities after
tax for the financial year
attributable
to equity shareholders 3,490 (91,696) (88,206) 3,533 (77,988) (74,455)
Dividends in respect of equity shares (4,086) - (4,086) (4,086) - (4,086)
Transfer from reserves after ---------------------------------- -------------------------------------
aggregate dividend of 3.90p
(2001 - 3.90p) (596) (91,696) (92,292) (553) (77,988) (78,541)
==================== =====================
Return per ordinary share 3.33 p (87.52) p (84.19) p 3.37 p (74.44) p (71.07) p
*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.
The figures are the consolidated results for the group. The figures in respect of the year to 31 December 2001 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
as at 31st as at 31st as at 31st as at 31st
December December December 2001 December
2002 2002 2001
------------------------ -------------------------
#'000 #'000 #'000 #'000
Fixed assets
Investments 253,674 253,674 361,523 361,523
Interest in associated undertaking 1,042 256 988 256
------------------------ -------------------------
254,716 253,930 362,511 361,779
Current assets
Debtors 758 758 1,676 1,676
Cash at bank and in hand 20,002 20,002 2,857 2,857
20,760 20,760 4,533 4,533
Creditors:
Amounts falling due within one year (6,377) (6,377) (5,831) (5,831)
------------------------ -------------------------
Net current assets / (liabilities) 14,383 14,383 (1,298) (1,298)
------------------------ -------------------------
Total assets less current liabilities 269,099 268,313 361,213 360,481
------------------------ -------------------------
Creditors:
Amounts falling due after more than one year (68,040) (68,040) (67,862) (67,862)
------------------------ -------------------------
Net assets 201,059 200,273 293,351 292,619
------------------------ -------------------------
Capital and reserves
Called-up share capital 10,477 10,477 10,477 10,477
Capital redemption reserve 18,076 18,076 18,076 18,076
Other reserves
Capital reserve - realised 195,786 195,540 240,422 240,176
Capital reserve - unrealised (38,268) (38,268) 8,792 8,792
Revenue reserve 14,988 14,448 15,584 15,098
------------------------ -------------------------
Total equity shareholders' funds 201,059 200,273 293,351 292,619
------------------------ -------------------------
Net asset value per ordinary share 191.9 p 191.2 p 280.0 p 279.3 p
------------------------ -------------------------
CONSOLIDATED CASH FLOW STATEMENT
Year ended Year ended
31 December 2002 31 December
2001
#'000 #'000
Reconciliation of operating profit to net cash inflow from operating
activities
Cash received from investments 7,268 7,086
Interest received 255 279
Other income received 45 61
Investment management fees paid (1,363) (1,953)
Cash paid to and on behalf of directors (98) (98)
Other cash payments (362) (419)
----------- -----------
Net cash inflow from operating activities 5,745 4,956
----------- -----------
Servicing of finance
Interest paid (6,125) (6,125)
----------- -----------
Net cash outflow from servicing of finance (6,125) (6,125)
----------- -----------
Taxation
Overseas tax paid (313) (317)
Income tax paid - (589)
Consortium relief claimed 104 457
----------- -----------
Taxation paid (209) (449)
----------- -----------
Financial investment
Purchase of investments (239,908) (164,854)
Sale of investments 261,988 163,423
----------- -----------
Net cash inflow/(outflow) from financial investment 22,080 (1,431)
----------- -----------
Equity dividends paid (4,086) (3,981)
----------- -----------
Increase/(decrease) in cash 17,405 (7,030)
----------- -----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SEDFIWSDSEIE