Welsh Indl.Inv.Tst - Final Results
16 Settembre 1999 - 8:01PM
UK Regulatory
RNS No 5848d
WELSH INDUSTRIAL INVESTMENT TRUST PLC
16 September 1999
LETTER TO COMPANY ANNOUNCEMENTS
This it to advise you that the Board of Directors of this Company have today
approved the below Preliminary Final Statement and Dividend for the year ended
5th April, 1999 for announcement to the London Stock Exchange.
The Record date for the final dividend will be 8th October, 1999 and the
dividend will be payable on 16th November, 1999 with Warrants posted by first
class mail on 15th November, 1999.
LETTER FROM WELSH INDUSTRIAL INVESTMENT TRUST PLC
STATEMENT BY THE CHAIRMAN
The result for the year ended 5th April, 1999 shows a Revenue profit of #154,559
before taxation compared with #108,301 in respect of the previous year. This
represents an increase of nearly 43% and was aided by a healthy boost in dealing
profits.
Although the Net Asset Value fell by 7.5% to 226.18p during the year against an
increase in the FTSE All Share Index of 2.6%, this relative disappointment has
been largely recouped through out-performance of the portfolio against the index
since the year end.
The Board's policy remains the achievement of long-term capital growth, although
at present our level of liquidity is being maintained in the light of the
prevailing uncertainties.
Shareholders will note that this year there are considerable changes in the
Directors' Report and the report on Corporate Governance which reflect
additional information now required by the Accounting Standards Board. These new
requirements have been largely responsible for the delay in issuing these
accounts.
The Board proposes a 12.5% increase in the final dividend to 4.5p in view of the
increase in Revenue profit and the comfortable level of distributable Reserves.
A.P. STIRLING
Chairman
16th September, 1999
PRELIMINARY FINAL STATEMENT
CONSOLIDATED STATEMENT OF TOTAL RETURN
for the Year ended 5th April, 1999
1999 1998
Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000
Losses on investments - (309) (309) - (79) (79)
Income 211 - 211 170 - 170
Other Expenses (56) - (56) (62) - (62)
Return/(loss) on
ordinary activities
before taxation 155 (309) (154) 108 (79) 29
Taxation (31) - (31) (21) - (21)
Return/(loss) on
ordinary activities
after taxation 124 (309) (185) 87 (79) 8
Dividends in respect of
non-equity shares (4) - (4) (4) - (4)
Return/(loss) on
ordinary activities
attributable to
equity shareholders 120 (309) (189) 83 (79) 4
Dividends in repect
of equity shares (61) - (61) (54) - (54)
Transfer to/(from)
reserves 59 (309) (250) 29 (79) (50)
Basic return/(loss)
per Ordinary Share 8.84p (22.87p) (14.03p) 6.15p (5.82p) 0.33p
61 54
Notes
(i) The revenue column of this statement is the consolidated profit and loss
account of the group.
(ii) Dividends - Ordinary shares:
- proposed final dividend of 4.5p per share (1998: 4.0p) payable on
16th November, 1999 to shareholders on the register at 8th October, 1999.
(iii)The summary of results for the year ended 5th April, 1999 does not
constitute statutory accounts within the meaning of s240 of the Companies
Act 1985. The full statutory accounts which will be available to
shareholders by 24th September, 1999 have not been reported on by the
Company's auditors and have not been delivered to the Registrar of
Companies . Full accounts in respect of the year ended 5th April, 1998 have
been delivered to the Registrar of Companies and the Auditor's Report on
those accounts was unqualified.
iv) Basic revenue and capital returns per ordinary share are based on the net
revenue return on ordinary activities before deduction of dividends of
#120,000 (1998: #83,000) and on the capital loss of #309,000 (1998:
#79,000) respectively, and on 1,350,000 (1996: 1,350,000) ordinary shares
in issue during the year.
PRELIMINARY FINAL STATEMENT
CONSOLIDATED BALANCE SHEET
as at 5th April, 1999
1999 1998
#'000 #'000
Investments
Securities 2,858 3,022
Current assets 353 427
Creditors - amounts falling due
within one year 113 101
Net current liabilities 240 326
Total assets less current liabilities 3,098 3,348
Capital and reserves
Called up share capital 112 112
Other reserves
Capital reserve - realised 2,875 2,874
Capital reserve - unrealised (70) 240
Revenue reserves 181 122
Total shareholders'funds 3,098 3,348
Basic Net Asset Value per ordinary share 226.18p 244.71p
Total shareholders' funds are attributable to:
Equity shareholders 3,053 3,303
Non-equity shareholders 45 45
3,098 3,348
Notes
The basic Net Asset Value per ordinary share is calculated by
reference to the group net assets as at 5th April, 1999 of #3,098,000
(1998: #3,348,000) and 1,350,000 ordinary shares being the number of
ordinary shares in issue at the year end.
PRELIMINARY FINAL STATEMENT
CONSOLIDATED CASH FLOW STATEMENT
for the Year ended 5th April, 1999
1999 1998
Notes #'000 #'000
Cashflow from operating activities
Investment income received 102 92
Deposit interest received 29 21
Share dealing profit received 45 36
Other cash receipts 16 41
Net cash inflow from operating
activities 1 192 190
Returns on Investment and servicing of finance
Preference dividends paid (4) (4)
Taxation
UK Corporation tax (paid)/received (1) 15
Equity dividends paid (54) (54)
Capital expenditure and financial investment
Purchase of investments (953) (843)
Sales of investments 809 753
Net cash inflow/(outflow) from capital
expenditure and financial investment (l44) (90)
Cash/(outflow) inflow before use of liquid resources
and financing (11) 57
(Decrease)/increase in cash 2 (11) 57
RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
1999 1998
#'000 #'000
Attributable to equity shareholders
Profit for the financial year 124 87
Dividends (65) (58)
Retained profit for the financial year 59 29
Net movement on capital reserves (309) (79)
(250) (50)
Opening funds 3,303 3,353
Closing funds 3,053 3,303
Attributable to non-equity shareholders
Opening and closing funds 45 45
Total shareholders' funds at 5th april... 3,098 3,348
PRELIMINARY FINAL STATEMENT
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the Year ended 5th April, 1999
1 Reconciliation of operating profit to operating cash flows.
1999 1998
#'000 #'000
Return on ordinary activities
before taxation 155 108
Provision against dealing stocks (11) 1
Taxation on investment income (25) (23)
Decrease in listed securities held for
dealing 112 71
(Increase)/decrease in debtors (34) 13
(Decrease)/increase in creditors (5) 20
Net cash flow from operating
activities 192 190
2 Reconciliation of cash flow to movement in net funds
(Decrease) /increase in cash during
the year (11) 57
Change in net funds (11) 57
Net funds as at 6th April --- 294 237
Net funds as at 5th April ... 283 294
END
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