RNS Number:3553S
Personal Assets Trust PLC
21 November 2003
To: Company Announcements
From: Personal Assets Trust plc
Date: 21 November 2003
Interim Results (unaudited) for the six months to 31 October 2003
The Directors of Personal Assets Trust ("PAT") are pleased to announce the
Group's interim results (unaudited) for the six months to 31 October 2003.
The key points are as follows:
* PAT is an independently managed investment trust run for private
investors.
* Over the six months to 31 October 2003 PAT's net asset value per share
("NAV") rose by 8.6% to #202.34 compared to a rise of 12.4% in our
benchmark, the FTSE All-Share Index. PAT's share price rose by #14.25 to
#208 over the same period, representing a premium of 2.8% to the Company's
net asset value at that date.
* The Board measures PAT's performance over rolling three-year periods. Over
the three years to 31 October 2003 the NAV fell by 3.2% compared to the FTSE
All-Share Index's fall of 31.0%, equivalent to an outperformance of 11.9%
per annum.
* During the period PAT continued to use FTSE 100 Futures to manage its
exposure to the UK equity market. While the unaudited Group Balance Sheet
shows that PAT's holdings of cash and bonds amounted to 70% of shareholders'
funds at 31 October 2003, the FTSE 100 Futures we held at that date reduced
our effective liquidity to the Board's desired level of 30% (30 April 2003:
25%). The Board believes that equity markets are still overvalued. Our
current level of liquidity reflects the Board's stated aim of protecting the
value of shareholders' funds pending a future investment in equities.
* Over the six months PAT's shares traded close to NAV. We issued 45,159 new
ordinary shares (raising just over #9 million of new capital) at a small
premium to satisfy continuing demand for the Company's shares, principally
through its zero-charge Investment Plans. At 31 October 2003, 44.6% of the
Company's share capital was held in these Plans.
* Earnings for the period were #1.99 per share (2002: #1.69). Earnings for
the first six months should not be taken as a guide for the full year.
* The first interim dividend of #1.50 per ordinary share, announced on 16
October 2003, is 7.1% higher than the previous year (2002: #1.40) and will
be paid to shareholders on 21 November 2003.
The Group's unaudited statement of total return, balance sheet and summarised
statement of cash flows follow.
For further information contact:
Ian Rushbrook
Investment Director
Tel: 0131-465 1000
GROUP STATEMENT OF TOTAL RETURN
FOR THE SIX MONTHS TO 31 OCTOBER 2003 (unaudited)
Six months to 31 October 2003
Revenue Capital Total
Notes #'000 #'000 #'000
Gains on investments - 2,061 2,061
Gains on derivative arrangements - 4,111 4,111
Exchange differences - 2,810 2,810
Income 1,685 - 1,685
Investment management fee (173) (322) (495)
Other expenses (155) - (155)
Return on ordinary activities before tax 1,357 8,660 10,017
Tax on ordinary activities (204) 96 (108)
Return attributable to equity 1,153 8,756 9,909
shareholders
Dividends in respect of equity shares 2 (908) - (908)
Transfer to reserves 245 8,756 9,001
Return per ordinary #12.50 share 3 #1.99 #15.15 #17.14
1. The revenue column of this statement is the profit and loss account of the
Group.
2. A first interim dividend of #1.50 per ordinary share was paid on 21 November
2003 to shareholders on the register on 7 November 2003.
3. The return per ordinary share is based on 578,159 shares, being the weighted
average number of shares in issue (31 October 2002: 474,234, 30 April 2003:
501,825).
4. Earnings for the six months should not be taken as a guide for the full year.
GROUP STATEMENT OF TOTAL RETURN
FOR THE SIX MONTHS TO 31 OCTOBER 2003 (unaudited)
Six months to 31 October 2002
Revenue Capital Total
Notes #'000 #'000 #'000
Losses on investments - (15,606) (15,606)
Gains on derivative arrangements - 1,680 1,680
Exchange differences - 3,262 3,262
Income 1,220 6 1,226
Investment management fee (144) (268) (412)
Other expenses (189) - (189)
Return on ordinary activities before 887 (10,926) (10,039)
tax
Tax on ordinary activities (86) 86 -
Return attributable to equity 801 (10,840) (10,039)
shareholders
Dividends in respect of equity shares (701) - (701)
Transfer to/(from) reserves 100 (10,840) (10,740)
Return per ordinary #12.50 share 3 #1.69 (#22.86) (#21.17)
GROUP STATEMENT OF TOTAL RETURN
FOR THE SIX MONTHS TO 31 OCTOBER 2003 (unaudited)
Year to 30 April 2003
Revenue Capital Total
Notes #'000 #'000 #'000
Losses on investments - (16,776) (16,776)
Gains on derivative arrangements - 4,214 4,214
Exchange differences - 4,663 4,663
Income 2,588 6 2,594
Investment management fee (291) (541) (832)
Other expenses (381) - (381)
Return on ordinary activities before tax 1,916 (8,434) (6,518)
Tax on ordinary activities (210) 163 (47)
Return attributable to equity shareholders 1,706 (8,271) (6,565)
Dividends in respect of equity shares (1,541) - (1,541)
Transfer to/(from) reserves 165 (8,271) (8,106)
Return per ordinary #12.50 share 3 #3.40 (16.48) (#13.08)
Group Balance Sheet as at 31 October 2003 31 October 2002 30 April
(unaudited) #' 000 #' 000 2003
#' 000
Investments
Equities Investments 36,287 33,909 33,779
Fixed Interest 38,351 39,181 38,926
Other Investments 15,825 3,815 13,967
90,463 76,905 86,672
Net Current assets 31,972 13,809 17,652
Total Assets 122,435 90,714 104,324
Ordinary Shareholders' Funds 122,435 90,714 104,324
Net Asset Value per Ordinary #12.50 Share #202.34 #181.17 #186.32
Shares in Issue at 31 October 2003 were 605,084 (31 October 2002 - 500,718, 30
April 2003 - 559,925)
1. These are not statutory accounts in terms of Section 240 of the Companies Act
1985 and are unaudited. Full accounts for the year to 30 April 2003, which
received an unqualified audit report, have been lodged with the Registrar of
Companies. No accounts in respect of any period after 30 April 2003 have
been reported on by the Company's auditors or delivered to the Registrar of
Companies.
2. During the period the Directors allotted 45,159 ordinary shares.
3. The Interim Report will be posted to Shareholders and copies will be
available from the Company's registered office at 80 George Street,
Edinburgh EH2 3BU.
SUMMARISED GROUP STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS TO 31 OCTOBER 2003 (unaudited)
Six months to 31 Six months to 31 Year to
October 2003 October 2002
30 April
2003
#'000 #'000 #'000
Net cash inflow from operating activities 1,243 608 1,321
Taxation - - (113)
Capital expenditure and financial investment 8,567 (1,039) (15,395)
Equity dividends paid (840) (637) (1,338)
Financing 9,110 8,972 20,000
Increase in cash 18,080 7,904 4,475
Reconciliation of net cash flow to movement in net
funds
Increase in cash 18,080 7,904 4,475
Effect of foreign exchange rates (20) 3,656 6,442
Change in net funds 18,060 11,560 10,917
Net funds at the beginning of the period 12,240 1,323 1,323
Net funds at the end of the period 30,300 12,883 12,240
Reconciliation of net revenue before tax to net cash
inflow from operation activities
Net revenue before taxation 1,357 887 1,916
Management fee charge to capital (322) (268) (541)
Changes in working capital 208 (11) (54)
Net cash inflow from operating activities 1,243 608 1,321
This information is provided by RNS
The company news service from the London Stock Exchange
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