Interim Results
17 December 2003 - 9:53PM
UK Regulatory
RNS Number:3584T
Welsh Industrial Inv Trust PLC
17 December 2003
WELSH INDUSTRIAL INVESTMENT TRUST plc
36 Elder Street, London E1 6BT
Telephone: 020 7588 7352, Facsimile: 020 7377 2946
CHAIRMAN'S INTERIM STATEMENT
The revenue pre-tax profit for the six months to 5th October, 2003 was #62,000
against #54,000 for the corresponding period in the previous year.
The net asset value increased by 23.6% during the period against an increase of
15.7% in the Financial Times All Share Index and at 5th October, 2003 stood at
416.2p per share against 336.7p at 5th April, 2003.
In accordance with the new listing rules I can confirm that not more than 15% of
gross assets will be invested in other listed investment companies.
As usual the Board is not proposing an interim dividend.
A P Stirling
Chairman 17th December, 2003.
WELSH INDUSTRIAL INVESTMENT TRUST plc
INTERIM RESULTS 2003
UNAUDITED CONSOLIDATED STATEMENT OF TOTAL RETURN
for the half year ended 5th October, 2003
Six months to Six months to Year ended
5th October, 2003 5th October, 2002 5th April, 2003
(Unaudited) (Unaudited) (Audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
#' 000 #' 000 #'000 #' 000 #' 000 #' 000 #' 000 #' 000 #' 000
Gain/(loss) - 1,012 1,012 - (1,005) (1,005) - (1,441) (1,441)
on
investments
Income :
Dividend
Income 88 - 88 88 - 88 145 - 145
Other
investment
income 12 - 12 15 15 30 30
Bank interest
receivable 3 - 3 3 3 3 3
Other
operating
income:
Share dealing
loss - - - (13) - (13) (17) - (17)
------- ------ ----- --- ------- ------ ------ ------- ------ ------
103 1,012 1,115 93 (1,005) (912) 161 (1,441) (1,280)
Other expenses (41) - (41) (39) - (39) (76) - (76)
------- ------ ----- --- ------- ------ ------ ------- ------ ------
Return on
ordinary
activities
before
taxation 62 1,012 1,074 54 (1,005) (951) 85 (1,441) (1,356)
Taxation - - - - - - -
Return on
ordinary
activities 62 1,012 1,074 54 (1,005) (951) 85 (1,441) (1,356)
after
taxation
Dividend -
Non-equity
shares - - - - - - (4) - (4)
------- ------ ----- --- ------- ------ ------ ------- ------ ------
Return on
ordinary
activities
after
taxation
attributable
to equity
shareholders 62 1,012 1,074 54 (1,005) (951) 81 (1,441) (1,360)
Dividend -
Equity shares - - - - - - (85) - (85)
------- ------ ----- --- ------- ------ ------ ------- ------ ------
Transfer
to/(from)
reserves 62 1,012 1,074 54 (1,005) (951) (4) (1,441) (1,445)
======= ====== ===== === ======= ====== ====== ======= ====== ======
Basic return
per ordinary
share 4.6p 75.0p 79.6p 4.0p (74.4)p (70.4)p 6.0p (106.7)p (100.7)p
======= ====== ===== ==== ======= ====== ====== ======= ====== ======
Notes
(i) The revenue column of this statement is the consolidated
profit and loss account of the group.
(ii) All revenue and capital items in the above statement derive
from continuing operations.
WELSH INDUSTRIAL INVESTMENT TRUST plc
INTERIM RESULTS 2003
UNAUDITED CONSOLIDATED BALANCE SHEET
as at 5th October, 2003
5th October, 5th October, 5th April, 2003
2003 2002
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Investments
Securities 5,514 4,980 4,614
----- ------ ------
5,514 4,980 4,614
------ ------
-----
Current assets 178 187 113
Creditors - amounts falling
due
within one
year (28) (83) (137)
----- ------ ------
Net current
assets/(liabil
ities) 150 104 (24)
----- ------ ------
Total assets
less current
liabilities 5,664 5,084 4,590
===== ===== =====
Capital and
reserves
Called up
share capital 112 112 112
Other reserves
Capital reserve - 4,511 5,005 4,743
realised
Capital reserve - 826 (244) (418)
unrealised
Revenue
reserves 215 211 153
----- ------ ------
Total
shareholders'
funds 5,664 5,084 4,590
==== ===== =====
Total
shareholders'
funds are
attributable to:
Equity
shareholders 5,619 5,039 4,545
Non-equity
shareholders 45 45 45
----- ------ ------
Total
shareholders'
funds 5,664 5,084 4,590
===== ====== =====
Net asset
value per
ordinary share 416.2p 373.3p 336.7p
===== ===== =====
WELSH INDUSTRIAL INVESTMENT TRUST plc
INTERIM RESULTS 2003
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
for the half year ended 5th October, 2003
Six months to Six months to 12 months to
5th October, 5th October, 5th April, 2003
2003 2002
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Cashflow from operating activities
Investment
income
received 100 103 175
Deposit
Interest
received 3 3 3
Share dealing
loss - (42) (8)
Other cash
payments (64) (56) (126)
------- ----- -----
Net cash
inflow from
operating
activities
Note 3 39 8 44
======= ===== =====
Returns on investment and servicing of
finance
Preference
dividends paid 4 4 4
Net cash outflow from investments
------- ----- -----
and servicing
of finance (4) (4) (4)
======= ===== =====
Taxation
UK corporation tax (paid)/received - - -
------- ----- -----
- - -
======= ===== =====
Capital expenditure and financial
investment
Purchase of
investments (147) (352) (706)
Sale of
investments 260 376 661
Net cash inflow/(outflow) from
------- ----- -----
capital
expenditure
and financial
investment 113 24 (45)
======= ===== =====
Equity
dividends paid (81) (61) (66)
======= ===== =====
Cash inflow/(outflow) before management of
liquid
resources and
financing 67 (33) (71)
======= ===== =====
Management of liquid resources
Sale of
securities
held for
dealing 8 53 126
Purchase of
securities
held for
dealing - (42) (89)
Loss on
dealing in
securities - 42 -
------- ----- -----
8 53 37
======= ===== =====
Increase/(decr
ease) in cash Note 4 75 20 (34)
======= ===== =====
WELSH INDUSRTIAL INVESTMENT TRUST plc
INTERIM RESULTS 2003
RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
Six months to Six months to 12 months to
5th October, 5th October, 5th April, 2003
2003 2002
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Attributable to equity shareholders
Profit for the
financial period 62 54 85
Dividends - - (89)
----- ----- ------
Retained profit/
(loss) 62 54 (4)
for the period
Net movement on
capital reserves 1,012 (1,005) (1,441)
----- ----- ------
1,074 (951) (1,445)
Opening funds 4,545 5,990 5,990
----- ----- ------
Closing funds 5,619 5,039 4,545
===== ===== ======
Attributable to non-equity
shareholders
Opening and closing
funds 45 45 45
===== ====== ======
Total shareholders'
funds at end of period 5,664 5,084 4,590
===== ====== ======
WELSH INDUSRTRIAL INVESTMENT TRUST plc
INTERIM RESULTS 2003
NOTES TO THE INTERIM STATEMENT
for the half year ended 5th October, 2003
1. Basis of preparation
(a) The interim statement has been prepared in accordance with the accounting
policies as set out in the Group's Report and Accounts for the year ended 5th
April, 2003.
(b) The interim statement is neither audited nor reviewed. The figures for
the year ended 5th April, 2003 do not comprise statutory accounts for the
purpose of section 240 of the Companies Act 1985, and have been extracted from
the Group's full accounts for that year which received an unqualified Auditors'
Report and did not contain a statement under section 237(2) or (3) of the
Companies Act 1985. The accounts have been filed with the Registrar of
Companies.
(c) Net asset value per ordinary share is based on the net assets
attributable to the ordinary shares of #5,619,000 (2002: #5,039,000) and on
1,350,000 (2002: 1,350,000) ordinary shares in issue at the period end.
2. The portfolio is not managed against a Benchmark. The reference to the
Financial Times All Share Index in the Chairman's Statement is provided only as
a guide to shareholders. The portfolio is managed on a high risk strategy basis.
Six months to Six months to 12 months to
5th October, 5th October, 5th April, 2003
2003 2002
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
3 Reconciliation of operating profit to net cash flow from operating
activities.
Return on ordinary activities
before 62 54 85
taxation
Net share dealing - (29) 9
loss in period
Decrease/(increase) in 2 (57) (61)
debtors
(Decrease)/increase in (25) 40 11
creditors
------ ------ ------
Net cash flow from operating
activities 39 8 44
====== ====== ======
4 Reconciliation of net cash flow to movement in cash.
Balance at beginning of period 43 77 77
Net cash inflow/(outflow) 75 20 (34)
------ ------ ------
Balance at end of period 118 97 43
====== ====== ======
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IR FFAFSWSDSELE