WELSH INDUSTRIAL INVESTMENT TRUST PLC
PRELIMINARY FINANCIAL STATEMENT
YEAR ENDED 5 APRIL 2007
CHAIRMAN'S STATEMENT
The revenue profit before taxation for the year ended 5th April 2007 was �74,594
against �137,209 for the previous year. Whilst dividend and interest income
amounted to �162,921 against �185,168, share dealing losses of �2,344 replaced
profits of �40,622 in the previous year. Expenses for the year were �82,045
against �84,643. There was again a nil charge for tax and, after the preference
dividend payment, the revenue earnings per ordinary share was 5.5p against 10.2p
The NAV per share as at 5th April, 2007 was 572.8p which represents an increase
Of 12.0% against the reported figures for last year. During the same period the
FT All Shares Index rose by 8.0%.
The best performing shares were British American Tobacco plc, SpaceandPeople plc
and Transense Technologies plc.
We continue to seek further growth opportunities for investment. Meanwhile the
Board propose to maintain the ordinary dividend at 6.3p per share.
A P Stirling
Chairman
11th July, 2007
WELSH INDUSTRIAL INVESTMENT TRUST PLC
PRELIMINARY FINANCIAL STATEMENT
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 5 APRIL 2007
2007 2006
Revenue Capital Total Revenue Capital Total
� � � � � �
Income:
Dividend and Interest income 162,921 - 162,921 185,168 - 185,168
Other operating income (2,344) - (2,344) 40,622 - 40,622
------- ------- ------- ------- ------- ---------
Total Income 160,577 - 160,577 225,790 - 225,790
Gains on investments held at
fair value - 837,401 837,401 - 821,042 821,042
Total income and gains on ------- ------- ------- ------- ------- ---------
investments 160,577 837,401 997,978 225,790 821,042 1,046,832
------- ------- ------- ------- ------- ---------
Expenses
Operating expenses (82,045) - (82,045) (84,643) - (84,643)
Finance costs (3,938) - (3,938) (3,938) - (3,938)
------- ------- ------- ------- ------- ---------
(85,983) - (85,983) (88,581) - (88,581)
------- ------- ------- ------- ------- ---------
Profit before taxation 74,594 837,401 911,995 137,209 821,042 958,251
Taxation - - - - - -
------- ------- ------- ------- ------- ---------
Profit for the period 74,594 837,401 911,995 137,209 821,042 958,251
======= ======= ======= ======= ======= =========
Basic and diluted earnings
per ordinary share 67.6p 71.0p
======= =========
Notes
(i) Dividends - Ordinary shares:
proposed final dividend of 6.3p per share (2006: 6.3p) payable
on 17 August 2007 to shareholders on the register at 20 July 2007
85,050 85,050
======= =========
(ii)The summary of results for the year ended 5 April 2007 does not constitute
statutory accounts within the meaning of s240 of the Companies Act 1985. The
consolidated income statement, consolidated balance sheet, consolidated
statement of changes in equity and consolidated cash flow statement have been
extracted from the Group's 2007 statutory financial statements which will be
available to shareholders by 20 July 2007. The statutory accounts for the year
ended 5 April 2007 and the year ended 5 April 2006 received audit reports which
were unqualified and did not contain statements under Section 237(2) or Section
237(3) of the Companies Act 1985. The statutory accounts for the year ended 5
April 2006 have been delivered to the Registrar of Companies, but the 5 April
2007 accounts have not yet been filed.
(iii)Basic and diluted earnings per ordinary share are based on the return
attributable to equity shareholders of �911,995 (2006: �958,251), and on
1,350,000 (2006:1,350,000) ordinary shares being the weighted average number of
those in issue during the year.
WELSH INDUSTRIAL INVESTMENT TRUST PLC
PRELIMINARY FINANCIAL STATEMENT
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 5 APRIL 2007
Year ended 5 April 2007
Ordinary
share Capital Retained
capital reserve earnings Total
� � � �
Balance as at 5 April 2006 67,500 6,546,177 291,976 6,905,653
Profit for the period - 837,401 74,594 911,995
Ordinary dividend paid - - (85,050) (85,050)
--------- --------- --------- ---------
Balance at 5 April 2007 67,500 7,383,578 281,520 7,732,598
========= ========= ========= =========
Year ended 5 April 2006
Ordinary
share Capital Retained
capital reserve earnings Total
� � � �
Balance as at 5 April 2005 67,500 5,725,135 239,817 6,032,452
Profit for the period - 821,042 137,209 958,251
Ordinary dividend paid - - (85,050) (85,050)
--------- --------- --------- ---------
Balance at 5 April 2006 67,500 6,546,177 291,976 6,905,653
========= ========= ========= =========
WELSH INDUSTRIAL INVESTMENT TRUST PLC
PRELIMINARY FINANCIAL STATEMENT
CONSOLIDATED BALANCE SHEET
AS AT 5 APRIL 2007
2007 2006
Assets � �
Non current assets
Investments held at fair value 6,654,999 6,596,280
--------- ---------
Total non current assets 6,654,999 6,596,280
========= =========
Current assets
Accrued income and prepaid expenses 12,050 19,144
Other current assets 95,361 72,824
Cash and cash equivalents 1,055,792 301,421
--------- ---------
Total current assets 1,163,203 393,389
--------- ---------
Total assets 7,818,202 6,989,669
--------- ---------
Current liabilities
Trade and other payables (40,604) (39,016)
Current tax payable - -
--------- ---------
Total current liabilities (40,604) (39,016)
--------- ---------
Total assets less current liabilities 7,777,598 6,950,653
Non current liabilities
8.75% cumulative preference shares (45,000) (45,000)
--------- ---------
(45,000) (45,000)
--------- ---------
Net assets 7,732,598 6,905,653
========= =========
Capital and reserves
Ordinary share capital 67,500 67,500
Capital reserve 7,383,578 6,546,177
Retained earnings 281,520 291,976
--------- ---------
Total equity attributable to equity
shareholders of the parent 7,732,598 6,905,653
========= =========
Basic net asset value per ordinary share 572.8p 511.5p
========= =========
Notes
Basic net asset value per ordinary share is based on total equity
attributable to equity shareholders of the parent at the year end and on
1,350,000 (2006:1,350,000) ordinary shares being the number of ordinary shares
in issue at the year end.
WELSH INDUSTRIAL INVESTMENT TRUST PLC
PRELIMINARY FINANCIAL STATEMENT
CASH FLOW STATEMENT
FOR THE YEAR ENDED 5 APRIL 2007
2007 2007 2006 2006
� � � �
Cashflow from operating activities
Investment income received 138,241 176,948
Deposit interest received 24,680 8,220
Cashflow on margin trading (8,241) (465)
Other income - 1,955
Other cash payments (67,881) (93,743)
------- -------
Net cash flows from operating activities 86,799 92,915
Cash flows from investing activities
Purchase of investments (1,093,274) (923,259)
Sale of investments 1,849,419 852,049
------- -------
756,145 (71,210)
Cash flows from financing activities
Preference dividends paid (3,938) (3,938)
Equity dividends paid (84,635) (84,560)
------- -------
(88,573) (88,498)
Increase/(decrease) in cash and cash --------- -------
equivalents 754,371 (66,793)
Cash and cash equivalents at start
of period 301,421 368,214
Cash and cash equivalents at end --------- -------
of period 1,055,792 301,421
========= =======
NOTES TO THE CONSOLIDATED CASHFLOW STATEMENT
RECONCILIATION OF OPERATING PROFIT TO OPERATING CASH FLOWS
2007 2006
� �
Revenue return before taxation 74,594 137,209
Interest payable 3,938 3,938
Profit on sales of securities held for dealing - (12,388)
Decrease/ (increase) in debtors 7,094 (41,525)
Increase/(decrease)in creditors 1,173 5,681
------- -------
86,799 92,915
======= =======
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