Final Results
19 July 2003 - 12:03AM
UK Regulatory
RNS Number:7259N
Welsh Industrial Inv Trust PLC
18 July 2003
WELSH INDUSTRIAL INVESTMENT TRUST plc
36 Elder Street, London E1 6BT
Chairman's Statement
The revenue profit before taxation for the year ended 5th April, 2003 was
#85,099 against #37,089 in the previous year. Dividend and interest income rose
to #178,685 (2002: #149,802) and the share dealing loss reduced to #17,156
(2002: #36,697). Expenses were held at the previous year's level, despite an
increase of #3,500 to nearly #11,000 in listing and regulatory fees. After a nil
tax charge (2002: 6.8%) and the preference dividend payment, the profit
attributable to ordinary shareholders was #81,161 or 6.01p per share (2002:
#30,631 or 2.27p).
The net asset value fell during the year by 24.1% to 336.68p per share against a
fall of 28.2% in the FT All Shares Index. The principal underlying factor was a
sharp fall in Transense Technologies, offset to some extent by the introduction
of Image Scan to the AIM market; referred to in my statement of last year.
I would remind shareholders that the Company has a very good growth record. Over
the ten years ended 5th April, 2003 the net assets per share have increased by
115.8%, whilst over the same span the FT All Shares Index has risen by 31.1%.
Whilst we continue our search for growth opportunities and against an uncertain
market background, we have consciously sought an increased proportion of stocks
with good dividend characteristics.
The increase in the company's attributable income this year enables the Board to
propose payment of an increased dividend, namely 6.3p against 5.0p for the
previous year.
A P Stirling
18th July, 2003
Registered at the above address. Registered in England No. 805968
WELSH INDUSTRIAL INVESTMENT TRUST PLC
PRELIMINARY FINAL STATEMENT
CONSOLIDATED STATEMENT OF TOTAL RETURN
for the year ended 5th April, 2003
2003 2002
Revenue Capital Total Revenue Capital Total
#' 000 #' 000 #' 000 #' 000 #' 000 #' 000
Losses on - (1,441) (1,441) - (262) (262)
investments
Income 161 - 161 115 - 115
Other (76) - (76) (78) - (78)
Expenses
------ ------ ------ ------ ------ ------
Return on ordinary
activities
before 85 (1,441) (1,356) 37 (262) (225)
taxation
Taxation - - - (2) - (2)
------ ------ ------ ------ ------ ------
Return on ordinary
activities
after 85 (1,441) (1,356) 35 (262) (227)
taxation
Dividends in respect of (4) - (4) (4) - (4)
non-equity shares
------ ------ ------ ------ ------ ------
Return on ordinary
activities
attributable to equity 81 (1,441) (1,360) 31 (262) (231)
shareholders
Dividends in respect of (85) - (85) (68) - (68)
equity shares
------ ------ ------ ------ ------ ------
Transfer from (4) (1,441) (1,445) (37) (262) (299)
reserves ====== ====== ====== ====== ====== ======
Basic return per 6.01p (106.71)p (100.70)p 2.27p (19.41)p (17.14)p
ordinary share ====== ====== ====== ====== ====== ======
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 6.3p per share (2002: 5.00p) #85,050 #67,500
(iii) The summary of results for the year ended 5th April, 2003
does not constitute statutory accounts within the meaning of section 240 of the
Companies Act 1985. The full statutory accounts, which will be available to
shareholders by 23rd July, 2003, have been reported on by the Company's auditors
and received an unqualified audit report and will be delivered to the Registrar
of Companies. Full accounts in respect of the year ended 5th April, 2002 have
been delivered to the Registrar of Companies and the Auditors' Report on those
accounts was also unqualified.
(iv) Basic revenue and capital returns per ordinary share are
based on the return on ordinary activities attributable to equity shareholders
of #81,000 (2002: #31,000) and on the capital loss of #1,441,000 (2002:
#262,000) respectively and on 1,350,000 (2002: 1,350,000) ordinary shares in
issue during the year.
WELSH INDUSTRIAL INVESTMENT TRUST PLC
PRELIMINARY FINAL STATEMENT
CONSOLIDATED BALANCE SHEET
As at 5th April, 2003
2003 2002
#'000 #'000
Fixed asset investments
Securities 4,614 6,010
======== ========
Current assets 113 133
Creditors - amounts falling due
Within one year 137 108
-------- --------
Net current assets/(liabilities) (24) 25
-------- --------
Total assets less current 4,590 6,035
liabilities ======== ========
Capital and reserves
Called up share capital 112 112
Other reserves
Capital reserve - 4,743 4,951
realised
Capital reserve - (418) 815
unrealised
Revenue reserves 153 157
-------- --------
Total shareholders' funds 4,590 6,035
======== ========
Total shareholders' funds are
attributable to:
Equity shareholders 4,545 5,990
Non-equity shareholders 45 45
-------- --------
4,590 ,035
======== ========
Basic Net asset value per ordinary
share
336.68p 443.69p
============ ========
Notes:
The basic net asset value per ordinary share is calculated by reference to the
group net assets as at 5th April, 2003 of #4,545,000 (2002: #5,990,000) and
1,350,000 (2002: 1,350,000) ordinary shares being the number of ordinary shares
in issue at the year end.
WELSH INDUSTRIAL INVESTMENT TRUST PLC
PRELIMINARY FINAL STATEMENT
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 5th April, 2003
2003 2002
Notes #'000 #'000
Cashflow from operating
activities
Investment income received 175 130
Deposit interest received 3 20
Share dealing (loss) /profit (8) 6
Other income - 2
Other cash payments (126) (102)
----- -----
Net cash inflow from operating 1 44 56
activities ===== =====
Returns on investment and servicing
of finance
Preference dividends paid (4) (4)
===== =====
Taxation
UK income tax - 6
received ===== =====
Capital expenditure and financial
investment
Purchase of (706) (1,387)
investments
Sales of investments 661 486
----- -----
(45) (901)
===== =====
Equity dividends paid (67) (112)
===== =====
Cash outflow before management of liquid resources (72) (955)
and financing
Management of liquid resources
Purchase of listed securities held for (88) (184)
dealing
Sale of listed securities held for 126 120
dealing
----- -----
Cash inflow/(outflow) from management of 38 (64)
liquid resources ===== =====
Decrease in cash 2 (34) (1,019)
===== =====
STATEMENT OF MOVEMENT IN SHAREHOLDERS'
FUNDS
-----------------------
2003 2002
#'000 #'000
Attributable to Equity
shareholders
Profit for the financial 85 35
year
Dividends (89) (72)
----- -----
Retained loss for the financial (4) (37)
year
Net movement on capital reserves (1,441) (262)
----- -----
(1,445) (299)
Opening 5,990 6,289
funds ----- -----
Closing 4,545 5,990
funds ===== =====
Attributable to Non-equity
shareholders
Opening and closing funds 45 45
===== =====
Total shareholders' funds at 5th 4,590 6,035
April ===== =====
WELSH INDUSTRIAL INVESTMENT TRUST PLC
PRELIMINARY FINAL STATEMENT
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 5th April, 2003
1. Reconciliation of operating profit to operating cash flows.
2003 2002
#'000 #'000
Profit on ordinary activities 85 37
before taxation
Net share dealing loss in 9 43
year
(Increase)/decrease in (61) 4
debtors
Increase/(decrease) in 11 (28)
creditors
----- -----
Net cash flow from operating 44 56
activities ===== =====
2. Reconciliation of cash flows to movement in net funds
2003 2002
#'000 #'000
Decrease in cash during (34) (1,019)
the year
Cash (outflow)/inflow from decrease in (38) 64
liquid resources
------ -----
Change in net funds resulting from (72) (955)
cash flows
Net share dealing loss (9) (43)
in year
------ -----
Movement in net funds during the (81) (998)
year
Net funds at start of 132 1,130
year
------ -----
Net funds at end of 51 132
year ====== =====
This information is provided by RNS
The company news service from the London Stock Exchange
END
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