Interim Results
June 25 2004 - 10:34AM
UK Regulatory
INTERIM ACCOUNTS ANNOUNCEMENT
Performance during the period
The net asset value (NAV) per Package Unit has increased by 3.4% over the six
months to 30 April 2004, compared with a gain of 5.3% from the FTSE All-Share
Index over the same period.
The Company's gearing at the period end was 12.9% of total assets less current
liabilities, and, in line with the policy stated in the prospectus, there was
no investment in other split capital investment companies.
The Package Unit market price discount to NAV narrowed over the review period
from 9.6% to 9.3%, the market price at the period end being 82.50p and the NAV
90.97p.
After taking into account the higher yield on the Company's investment
portfolio, the Package Unit total return of 7.4% was slightly ahead of the 7.1%
total return on the FTSE All-Share Index. During the review period, equities
produced appreciably better returns than fixed interest investments, although
both made positive contributions. This is illustrated by reference to the
performance of the different benchmark indices applicable to portions of the
Company's portfolio. The FTSE All-Share Index produced a total return of 7.1%
over the period (almost identical to that produced by the FTSE 350 Higher Yield
Index). However, the Merrill Lynch Sterling Non-Gilts All Stocks Index and the
M&G High Yield Corporate Bond Fund produced total returns of 2.7% and 5.2%
respectively over the period. It is pleasing to report that the equity portion
of the Company's portfolio compensated for the less buoyant return from the
fixed interest portion (32% of the total).
In respect of the review period the Company declared six dividends of 0.14p per
Ordinary Share (0.28p per Package Unit). Total dividends were 0.84p per
Ordinary Share compared with 0.80p for the equivalent period last year, making
an increase of 5%. As at the period end, the yield on the Company's Package
Units was 6.2%, well above the 3.1% yield on the FTSE All-Share Index. The
Company's earnings per Package Unit was 2.56p.
Statement of total return
(unaudited)
(incorporating the revenue
account)
for the period ended 2004 2003
30 April
Revenue Capital Total Revenue Capital Total
�000 �000 �000 �000 �000 �000
Gains on investments - 7,544 7,544 - 159 159
Income 4,698 - 4,698 4,751 - 4,751
Investment management (497) (332) (829) (443) (296) (739)
fee
Other (131) - (131) (136) - (136)
expenses
Net return before finance 4,070 7,212 11,282 4,172 (137) 4,035
cost and tax
Interest payable and similar (437) (291) (728) (437) (291) (728)
charges
Return on ordinary 3,633 6,921 10,554 3,735 (428) 3,307
activities before tax
Tax on ordinary - - - - - -
activities
Return on ordinary 3,633 6,921 10,554 3,735 (428) 3,307
activities after tax
Appropriations for premium - (3,551) (3,551) - (3,285) (3,285)
payable on redemption
Return attributable to 3,633 3,370 7,003 3,735 (3,713) 22
equity shareholders
Dividends (2,382) - (2,382) (2,266) - (2,266)
Transfer to / (from) 1,251 3,370 4,621 1,469 (3,713) (2,244)
reserves
Return per Zero Dividend 1.47p 1.47p 1.36p 1.36p
Share
Earnings / return per 1.28p 1.19p 2.47p 1.32p (1.31)p 0.01p
Ordinary Share
Earnings / return per 2.56p 3.85p 6.41p 2.64p (1.26)p 1.38p
Package Unit
The revenue column of this statement is the profit and loss
account of the Company.
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or
discontinued during the
period.
Balance sheet
(unaudited)
As at 30 2004 2003
April
�000 �000
Employment of capital
Fixed assets
Investments 189,936 169,901
Current
assets
Debtors 2,312 2,121
Cash at bank 2,271 2,397
4,583 4,518
Creditors: Amounts falling (949) (588)
due within one year
Net current 3,634 3,930
assets
Total assets less current 193,570 173,831
liabilities
Creditors: amounts falling due after (24,945) (24,933)
more than one year
Net Assets 168,625 148,898
Capital and reserves
Called up share 5,242 5,242
capital
Capital redemption 248 248
reserve
Zero Dividend Share 16,789 9,779
appropriation reserve
Special 168,149 168,149
reserve
Other Reserve 432 -
Capital - (17,279) (12,105)
reserves realised
- unrealised (6,850) (24,427)
Revenue 1,894 2,012
reserve
Shareholders' 168,625 148,898
funds
Shareholders' funds are
attributable to:
Equity 71,151 58,433
shareholders
Non-equity 97,474 90,465
shareholders
168,625 148,898
Asset value per Zero 40.47p 37.56p
Dividend Share
Asset value per 25.25p 20.76p
Ordinary Share
Asset value per 90.97p 79.08p
Package Unit
Cash flow statement
(unaudited)
for the period ended 30 2004 2003
April
�000 �000 �000 �000
Net cash inflow from 3,010 3,421
operating activities
Servicing of
finance
Interest paid on Bank (726) (728)
Loan
Equity dividends paid (4,421) (5,020)
Investment
activities
Purchase of (15,073) (13,673)
investments
Sale of 16,265 15,635
investments
Net cash inflow / (outflow) 1,192 1,962
from investing activities
Financing
Repurchase of Zero Dividend - (176)
Shares
Decrease in (945) (541)
cash
Kleinwort Benson (Guernsey)
Fund Services Limited
Company
Secretary
END
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