Welsh Indl.Inv.Tst - Interim Results
01 Février 2000 - 8:36AM
UK Regulatory
RNS Number:7204E
Welsh Industrial Investment Trust PLC
31 January 2000
CHAIRMAN'S INTERIM STATEMENT
Although the Revenue pre-tax profit for the six months to 5th October, 1999 was
lower than for the corresponding period of the previous year, the net asset
value per share grew from 226.2p at the commencement of the period to 238.3p, an
increase of 5.3%. This compares with a fall in the Financial Times All Share
Index of 2%.
In the period between 5th October, 1999 and 25th January, 2000 the Financial
Times All Share Index has risen by a further 4.8% whilst our own net asset
value has continued to outperform.
As usual, no interim dividend is proposed.
A.P. Stirling
Chairman
31 January, 2000
Welsh Industrial Investment Trust pie
UNAUDITED CONSOLIDATED STATEMENT OF TOTAL RETURN
for the Half Year ended 5th October 1999
6 months to 6 months to 12 months to
5th Oct 1999 5th Oct, 1998 5th April, 1999
Unaudited Unaudited Audited
Rev Capital Total Rev Capital Total Rev Capital Total
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
Gains/(Losses)
on Investments - 119 119 - (303) (303) - (309) (309)
Income from
investments:
Franked investment
income 45 - 45 59 - 59 95 - 95
UK unfranked
investment income 15 - 15 14 - 14 32 - 32
Bank interest
receivable 7 - 7 16 - 16 29 - 29
Other operating
income:
Share dealing
profit 11 - 11 20 - 20 56 - 56
Other Expenses (28) - (28) (30) - (30) (57) - (57)
Net return/(loss)
before taxation 50 119 169 79 (303) (224) 155 (309) (154)
Taxation (5) - (5) (12) - (12) (31) - (31)
Return/(loss)
on ordinary
activities after
taxation 45 119 164 67 (303) (236) 124 (309) (154)
Dividend -
Non-equity shares - - - - - - (4) - (4)
Return/(loss) on
ordinary
activities after
taxation
attributable to
equity
shareholders 45 119 164 67 (303) (236) 120 (309) (189)
Final dividend
- Equity shares - - - - - - (61) - (61)
Transfer to/
(from) reserves 45 119 164 67 (303) (236) (59) (309) (250)
Basic return/
(loss)
per ordinary
share 3.3p 8.8p 12.1p 5.0p (22.4p) (17.4p) 8.8p (22.8p)(14.0p)
Welsh Industrial Investment Trust pie
UNAUDITED CONSOLIDATED BALANCE SHEET
as at 5th October 1999
5th October, 1999 5th October, 1998 5th April, 1999
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Investments
Securities 2,940 2,560 2,858
2,940 2,560 2,858
Current assets 510 640 353
Creditors - amounts
falling due
within one year (188) (88) (113)
Net current assets 322 552 240
Total assets less current
liabilities 3,262 3,112 3,098
Capital and reserves
Called un share capital 112 112 112
Other reserves
Capital reserve-realised 3,063 2,998 2,875
Capital reserve-unrealised (139) (188) (70)
Revenue reserves 226 190 181
Total shareholders' funds 3,262 3,112 3,098
Total shareholders' funds are
attributable to,
Equity shareholders 3,217 3,067 3,053
Non-equity shareholders 45 45 45
3,262 3,112 3,098
Net asset value per
ordinary share 238.3p 227.2p 226.2p
Welsh Industrial Investment Trust pie
UNAUDITED GROUP CASH FLOW STATEMENT
for the Half Year to 5th October 1999
5th October, 1999 5th October,1998 5th April, 1999
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Cashflow from
operating activities
investment income received 47 59 102
Deposit interest received 7 16 28
Share dealing profit received 11 13 45
Other cash receipts (18) 82 16
Net cash Inflow from
operating activities 47 170 191
(Note 2)
Returns on investment and
servicing of finance
Preference dividends paid 4 4 4
Net cash outflow from
servicing of finance (4) (4) (4)
Taxation
UK corporation tax paid/
(received) - 1 -
- (1) -
Equity dividends paid - - (54)
Capital expenditure and
financial investment
Purchases of investments (387) (400) (953)
Sales of investments 423 557 809
Cash inflow/)outflow) from
investing activities 36 157 (144)
Increase in cash 79 322 (11)
(Note 3)
RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
6 months to 6 months to 12 months to
5th October,1999 5th October,1998 5th April, 1999
#'000 #'000 #'000
Attributable to
Equity shareholders
Profit for the financial
period 45 67 124
Dividends - - (65)
Retained profit for the period 45 67 59
Net movement on capital
reserves 119 (303) (309)
164 (236) (250)
Opening funds 3,053 3,303 3,303
Closing funds 3,217 3,067 3,053
Attributable to Non-equity
shareholders
Opening and closing funds 45 45 45
Total Shareholders' funds at
end of period 3,262 3,112 3,098
Welsh Industrial Investment Trust plc
NOTES TO THE UNAUDITED INTERIM STATEMENT
1 Basis of Preparation
The interim statement has been prepared in accordance with the accounting
policies set out in the Group's 1999 Annual Report and Accounts. The
figures for the year to 5th April, 1999 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.
2 Reconciliation of Operating Profit to net cash flow from operating
activities
6 months to 6 months to 12 months to
5th October,1999 5th October,1998 5th April, 1999
#'000 #'000 #'000
Profit on ordinary
activities before taxation 50 79 155
Provision against dealing
stocks(2) (2) 7 (12)
Taxation on franked investment
income (12) (15) (25)
Decrease in listed
securities held for dealing (17) 125 112
(Increase)/decrease in debtors 34 (13) (34)
(Decrease)/increase in creditors (6) (13) (5)
Net cash flow from operating
activities 47 170 191
3 Reconciliation of net cash flow to movement in net funds
Balance at beginning of period 283 294 294
Net cash inflow 79 322 (11)
Balance at end of period 362 616 283
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