Interim Results

CHAIRMAN'S STATEMENT Most asset classes performed well in the first half of 2005 and equities were no exception. The FTSE All Share Index was one of the strongest equity markets worldwide during the half year to 30 June 2005, producing total returns of 8.2%. Temple Bar's total assets, after management and other expenses, including accrued income but before deducting interest payments, rose by 8.6%. Post-tax earnings for the period were £10.01m compared with £8.95m in the equivalent period last year, a rise of 11.8%. The board has declared an interim dividend of 8.90p, an increase of 3.0% over the prior year, payable on 30 September 2005 to shareholders on the register at 16 September 2005. This is the first occasion that we have reported our results under International Financial Reporting Standards. The Financial Statements include a new additional primary statement entitled the `Statement of Changes in Equity' which provides a reconciliation of the line items presented on the face of the bottom half of the balance sheet. The Company's investment portfolio is now valued at bid prices rather than the mid prices which were used previously. The other significant change resulting from IFRS is that dividends payable are now recorded when the obligation arises, bringing the treatment into line with our policy on dividends receivable. In the previously reported periods to 30 June 2004 and 31 December 2004 the effect of this change more than offset the marking of the portfolio to bid prices from the previously used mid prices resulting in a small enhancement to net asset values on both those dates. The principal impact is on presentation and disclosures in the accounts, as will be evident from the greater size of this document compared with previous years. The accounts also incorporate various reconciliations of the closing position for the Interim 2004 and for the year ends 2003 and 2004 under the former UK GAAP accounting regime to the new IFRS requirements. In order to ensure consistency with the audited year end results we asked the auditors to carry out a review of the Interim Accounts; their report is included with this document. Notwithstanding the transition to IFRS, the Company will, in conformity with AITC guidelines, continue to make its periodic NAV announcements on the basis of mid prices for the time being in order to ensure consistency with other investment trusts that have not yet adopted IFRS. NEW DIRECTOR During the period we were delighted to have appointed Ms June de Moller to the board. She brings with her very broad business experience which will be of great value to the board. INVESTMENT BACKGROUND The usual plethora of economic information continued to provide plenty of succour for both bulls and bears of the world's major economies. The bears remain convinced that the growth in personal debt, particularly in the US and UK, which has been encouraged by the low level of interest rates, has left the consumer single-handedly supporting global economic growth. However, this has increased the sensitivity of these economies to higher interest rates, such that when interest rates return to more `normal' levels, the risks of a consumer downturn are high. The bulls retort that the high levels of debt are easy to service by virtue of the low level of interest rates and, with inflation remaining subdued, there is little reason for rates to move much higher. This conundrum has resulted in differing interest rate policies by the world's central banks. In the US, the Federal Reserve having aggressively cut interest rates between 2001 and 2003, raised rates from 2% to 3.25% in the first six months of the year. This appears to have had little effect on the strength of the economy and markets have already factored in further rises. The position in the UK has been more delicately balanced with some inflationary pressures offset by a worrying downturn in consumer spending. The balance of probabilities is clearly now towards further interest rate reductions in the UK although the lagged effect of these actions suggests that the weakness in consumer spending is unlikely to reverse quickly. Profit margins in the US and UK are quite high relative to their history and could come under pressure as a number of input costs such as energy and wages are increasing at a greater rate than price inflation. The reasonably benign economic environment together with the strength of the bond market and a continuation of good corporate earnings announcements provided an excellent backdrop for UK equities. Many of the best performing sectors were those which are least sensitive to the economic cycle: the utility, tobacco, food manufacturing, pharmaceutical and beverage sectors. Whether this performance was due to their close correlation to bonds or simply a sign of the reluctance of equity investors fully to commit to a bull market was unclear. However, the spread of performance between the strong and weak sectors was very narrow. Of the 34 broad sectors comprising the FTSE All-Share Index all but nine rose or fell by less than 7% in the six month period. Furthermore, of the nine underperforming sectors, five were the smallest in the index. The Temple Bar portfolio benefited from its exposure to defensives such as Scottish Power, Scottish & Southern Energy and BAT in this period. Other positives were Shell (admittedly countered by BP), Cable and Wireless and our underweight positions in Vodafone and HSBC. OUTLOOK While it is usually the case that the profitability of defensive companies is less volatile than other more economically sensitive sectors this is not always true. Specific companies in all sectors are continually vulnerable to operational, accounting or balance sheet issues which can affect their results. We feel, therefore, that it is often possible to overemphasize the consistency and quality of these companies' earnings streams. We believe we have reached a point where the majority of the defensive stocks are now fully valued and have sold many of them in the first half of the year: Diageo, Gallaher, National Grid, Pennon and Kelda are no longer in the portfolio and we have reduced our holdings in Scottish & Southern Energy, Severn Trent and United Utilities. In their place, we have moved Vodafone from a significant underweight position to an overweight and we have also taken a large position in Centrica. Although Vodafone has many of the defensive qualities of the stocks we have sold - indeed the strength of its brand and its geographical diversification suggest it could be more defensive - it has underperformed them significantly in the last 18 months and now appears relatively much cheaper as a result. Centrica, on the other hand, is a good illustration of the volatility of some defensive stocks, as it has suffered from the rising wholesale gas price which it has been unable fully to pass on to consumers. We believe the effects of this have been over-discounted by the market and consider the company's valuation is protected by its strong balance sheet and well diversified earnings stream. Elsewhere on the portfolio, the Manager has continued to seek interesting contrarian opportunities. The purchases of Boots, Cattles, JJB Sports, Amvescap and Jardine Lloyd Thompson illustrate the breadth of choice. We are hopeful that any increase in market volatility will present additional such opportunities. 17 August 2005 John Reeve Twenty Largest Holdings as at 30 June 2005 Company Valuation % of £'000 portfolio GlaxoSmithKline 32,302 6.73 Vodafone 29,240 6.09 Shell Transport & Trading 25,277 5.26 Royal Bank of Scotland 24,953 5.20 BP 22,829 4.76 British American Tobacco 20,567 4.28 BT 15,030 3.13 Prudential 14,699 3.06 HSBC 14,625 3.05 Centrica 13,905 2.90 AstraZeneca 12,700 2.65 Investec UK Smaller Companies 10,710 2.23 Fund Legal & General 10,350 2.16 HBOS 9,890 2.06 Rentokil Initial 9,889 2.06 Unilever 9,390 1.96 Lloyds TSB 8,474 1.77 Mitchells & Butlers 8,473 1.77 Amvescap 7,487 1.56 Royal & Sun Alliance 7,098 1.48 307,888 64.14 Consolidated Income Statement for the six months ended 30 June 2005 30 June 2005 30 June 2004 31 December IFRS IFRS 2004 Income Income IFRS Statement statement Income (Unaudited) (restated & Statement unaudited) (restated & audited) Income Capital Total Income Capital Total Income Capital Total Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Gains Gains on 7 - 31,027 31,027 - 19,491 19,491 - 61,752 61,752 investments Cost of - (835) (835) - (498) (498) - (1,024) (1,024) investment transactions Revenue Dividend 8 10,784 - 10,784 9,729 - 9,729 17,365 - 17,365 income Interest 8 733 - 733 633 - 633 1,389 - 1,389 income Other - - - - - - 6 - 6 revenue Total income 11,517 30,192 41,709 10,362 18,993 29,355 18,760 60,728 79,488 Operating costs Management (384) (576) (960) (328) (491) (819) (684) (1,026) (1,710) fee Other (219) - (219) (175) - (175) (401) - (401) operating expenses Finance (909) (1,362) (2,271) (912) (1,368) (2,280) (1,824) (2,736) (4,560) costs Total (1,512) (1,938) (3,450) (1,415) (1,859) (3,274) (2,909) (3,762) (6,671) expenses Profit 10,005 28,254 38,259 8,947 17,134 26,081 15,851 56,966 72,817 before tax Taxation - - - - - - - - - Profit attributable 2-4 10,005 28,254 38,259 8,947 17,134 26,081 15,851 56,966 72,817 to equity shareholders Return per share 17.27p 48.75p 66.02p 15.45p 29.58p 45.03p 27.37p 98.37p 125.74p (basic and diluted) An interim dividend of 8.90 pence per share (£5,190,000), in respect of the six months ended 30 June 2005 was declared on 17 August 2005 and is payable on 30 September 2005. The interim dividend of 8.64 pence per share (£5,004,000) in respect of the six months ended 30 June 2004 was declared on 20 July 2004 and paid on 30 September 2004. The final dividend of 18.38 pence per share (£10,644,000) in respect of the year ended 31 December 2004 was declared on 15 February 2005 and paid on 31 March 2005. The total column of this statement represents the Group's Income Statement, prepared in accordance with IFRS. The supplementary revenue return and capital return columns are both prepared under guidance published by the Association of Investment Trust Companies. All terms in the above statement derive from continuing operations. All income is attributable to the equity shareholders of the parent company. There are no minority interests. Consolidated cash flow statement for the six months ended 30 June 2005 30 June 2005 30 June 2004 31 December £'000 £'000 2004 (unaudited) (restated & £'000 unaudited) (restated & audited) OPERATING ACTIVITIES Operating profit 38,259 26,081 72,817 Scrip dividends - (194) (194) Gains on investments after transaction costs (30,192) (18,993) (60,728) Financing costs 2,271 2,280 4,560 Effective yield on interest adjustments 86 89 175 Increase in accrued income and prepayments (180) (42) (225) Decrease in receivables 41 51 29 (Decrease)/increase in payables (67) (40) 90 NET CASHFLOW FROM OPERATING ACTIVITIES 10,218 9,232 16,524 INVESTING ACTIVITIES Purchases of investments (99,288) (69,923) (125,049) Sales of investments 90,161 81,840 152,779 NET CASH (OUTFLOW)/ INFLOW FROM INVESTING ACTIVITIES (9,127) 11,917 27,730 NET CASHFLOW BEFORE FINANCING 1,091 21,149 44,254 FINANCING ACTIVITIES Proceeds from issue of shares 2,764 - - Interest paid on borrowings (2,279) (2,280) (4,559) Bank interest paid (1) - (1) Equity dividends paid (10,644) (10,308) (15,312) NET CASH OUTFLOW FROM FINANCING ACTIVITIES (10,160) (12,588) (19,872) NET (DECREASE)/INCREASE (9,069) 8,561 24,382 IN CASH Net foreign exchange movements 3 - (179) CHANGE IN CASH AND CASH EQUIVALENTS (9,066) 8,561 24,203 Cash and cash equivalents at the start of the period 25,481 1,278 1,278 Cash and cash equivalents at the end of the period 16,415 9,839 25,481 Consolidated balance sheet as at 30 June 2005 30 June 2005 30 June 2004 31 December £'000 £'000 2004 (unaudited) (restated & £'000 Notes unaudited) (restated & audited) Non-current assets Investments held at fair value through profit or loss 480,051 413,227 434,128 Current assets Trade and other receivables 8,754 2,595 3,489 Cash and cash equivalents 16,415 9,839 25,481 25,169 12,434 28,970 Current liabilities Trade and other payables (12,961) (5,513) (1,218) Net current assets 12,208 6,921 27,752 Total assets less current liabilities 492,259 420,148 461,880 Non-current liabilities Interest bearing borrowings (63,000) (63,000) (63,000) NET ASSETS 429,259 357,148 398,880 Capital and reserves Share capital 3&4 14,578 14,478 14,478 Share premium 3&4 4,857 2,193 2,193 Capital reserves - realised 3&4 304,815 274,498 283,133 Capital reserves - unrealised 3&4 82,061 44,292 75,489 Revenue reserve 3&4 22,948 21,687 23,587 TOTAL EQUITY SHAREHOLDERS' FUNDS 429,259 357,148 398,880 NET ASSET VALUE PER SHARE 736.15p 616.71p 688.78p Consolidated statement of changes in equity for the six months ended 30 June 2005 Share Capital Capital Share premium reserve reserve Revenue Total capital reserve realised unrealised reserve equity £'000 £'000 £'000 £'000 £'000 £'000 EQUITY SHAREHOLDERS' FUNDS AT 31 14,478 2,193 283,133 75,489 23,587 398,880 DECEMBER 2004 - (restated) Profit for the period - - - - 38,259 38,259 Transfer of capital - - 21,682 6,572 (28,254) - profits 14,478 2,193 304,815 82,061 33,592 437,139 Dividends paid to equity - - - - (10,644) (10,644) shareholders Issue of share 100 2,664 - - - 2,764 capital EQUITY SHAREHOLDERS' 14,578 4,857 304,815 82,061 22,948 429,259 FUNDS AT 30 JUNE 2005 Consolidated statement of changes in equity for the six months ended 30 June 2004 Share Capital Capital Share premium reserve reserve Revenue Total capital reserve realised unrealised reserve equity £'000 £'000 £'000 £'000 £'000 £'000 EQUITY SHAREHOLDERS' FUNDS AT 31 14,478 2,193 264,951 36,705 23,048 341,375 DECEMBER 2003 - (restated) Profit for the period - - - - 26,081 26,081 Transfer of capital - - 9,547 7,587 (17,134) - profits 14,478 2,193 247,498 44,292 31,995 367,456 Dividends paid to equity - - - - (10,308) (10,308) shareholders EQUITY SHAREHOLDERS' 14,478 2,193 274,498 44,292 21,687 357,148 FUNDS AT 30 JUNE 2004 Notes to the interim results 1 Accounting policies Basis of preparation and statement of compliance The interim accounts of Temple Bar Investment Trust PLC, and its subsidiaries (the Group) for the six months ended 30 June 2005 have been prepared on the basis of all International Financial Reporting Standards (IFRSs) and Standing Interpretations Committee (SIC) and International Financial Reporting Interpretations Committee (IFRIC) interpretations issued by the International Accounting Standards Board (IASB) effective for the Group's reporting for the year ending 31 December 2005, on the assumption that they will all be endorsed by the European Commission (EC). The failure of the EC to endorse some of these standards and interpretations in time for 2005 financial reporting could result in the need to change the basis of accounting or presentation of certain financial information from that presented in this document. It is possible therefore that further changes will be required to financial information for the year ended 31 December 2004 before it is published as comparative financial information in the 2005 Annual Report and Accounts. The accounts have been prepared on a historical cost basis, modified to include the revaluation of non-current asset investments. The general principle that should be applied on the first-time adoption of IFRS is that standards in force at the first reporting date (that is, for Temple Bar Investment Trust PLC 31 December 2005) should be applied retrospectively. The restatement information for the years ended 31 December 2004 and 2003 is based on IFRS. Principal activity The principal activity of Temple Bar Investment Trust PLC (the Company) remains that of an investment trust within the meaning of S842 of the Income and Corporation Taxes Act 1988. The principal activity of its trading subsidiary is investment dealing. Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and entities controlled by the Company (its subsidiaries) as at 31 December each year. The financial statements of subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies. All intercompany balances and transactions, including unrealised profits arising from intragroup transactions, have been eliminated in full. Unrealised losses are eliminated unless costs cannot be recovered. Investments Investments held at fair value through profit or loss are initially recognised at fair value, being the consideration given and excluding transaction or other dealing costs associated with the investment. After initial recognition, investments, which are classified as at fair value through profit or loss, are measured at fair value. Gains or losses on investments classified as at fair value through profit or loss are recognised in income. For investments that are actively traded in organised financial markets, fair value is determined by reference to Stock Exchange quoted market bid prices at the close of business on the balance sheet date. For investments where there is no quoted market price, fair value is determined by reference to the current market value of another investment that is substantially the same or is calculated based on expected cashflows of the underlying net asset base of the investment. All purchases and sales of investments are recognised on the trade date i.e. the date that the Group commits to purchase or sell an asset. Segmental reporting The directors are of the opinion that the Group is engaged in a single business being investment business and therefore has no segments. Cash and cash equivalents Cash and short-term deposits in the balance sheet comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less. Income and expenses All income and expenses are accounted for on the accruals basis and dividend income is included in revenue when there is a right to receive payment. UK dividends are stated net of related tax credits. All dividends receivable are recorded in the Income statement, and the allocation of special dividends between income and capital is considered on a case by case basis. The fixed returns on debt securities are recognised on a time apportionment basis so as to reflect their effective yield. Management charge In accordance with the expected long term division of returns, 40% (2004: 40%) of the investment management fee for the year is charged to the revenue account and the other 60% (2004: 60%) is charged to capital reserves, net of incremental corporation tax relief and inclusive of any related irrecoverable value added tax. Investments in funds managed by the Investec Group are wholly excluded from this charge. Dividends payable Dividends are recognised when the shareholders' right to receive payment is established. Finance costs Interest payable on debentures in issue is accrued at the effective interest rate. In accordance with the expected long term division of returns, 40% (2004: 40%) of the interest for the year is charged to revenue, and the other 60% (2004: 60%) is charged to capital, net of any incremental corporation tax relief. Interest bearing borrowings Interest bearing borrowings, being the debenture stocks issued by the Company, are initially recognised at cost, being the fair value of the consideration received net of issue cost associated with the borrowings. After initial recognition, interest bearing borrowings are subsequently measured at amortised cost using effective interest method. Foreign currency translation Transactions involving foreign currencies are converted at the exchange rate ruling at the date of the transaction. Foreign currency monetary assets and liabilities are translated into Sterling at the exchange rate ruling on the balance sheet date. Foreign exchange differences arising on translation are recognised in the income statement. 2 Differences between UK GAAP and IFRS Presentation * Under UK GAAP the profit and loss account of the Group was the revenue column of the Statement of Total Return. However, under IFRS the profit and loss account is now the total column of the Income Statement. As a result, all of the items in the capital column of the income statement form part of the profit and loss of the Group. * Under UK GAAP the dividends declared by the Company were recognised in the period to which they related. Under IFRS dividends declared by the Company are only recognised when the shareholders right to receive the dividend has been established. * Under UK GAAP investments were valued on the basis of quoted mid prices. Under IFRS investments held at fair value through profit or loss are valued on the basis of quoted bid prices. 3a) Restatement of balances at 30 June 2004 In accordance with IFRS 1, first time adoption of International Financial Reporting Standards, the following is a reconciliation of the figures at 30 June 2004 previously reported under the applicable UK Accounting Standards and with the Statement of Recommended Practice. Previously reported Restated 30 June 2004 Adjustments 30 June 2004 Notes £'000 £'000 £'000 Investments held at fair value through profit or loss 1 414,133 (906) 413,227 Current assets 12,434 - 12,434 Current liabilities (10,517) 5,004 (5,513) Total assets less current liabilities 416,050 4,098 420,148 Interest bearing borrowings (63,000) - (63,000) Net assets 353,050 4,098 357,148 Capital and reserves Share capital 14,478 - 14,478 Share premium 2,193 - 2,193 Capital reserves - realised 1 275,952 (1,454) 274,498 Capital reserves - unrealised 1 43,744 548 44,292 Revenue reserve 2 16,683 5,004 21,687 Total equity shareholders' funds 353,050 4,098 357,148 Net asset value per ordinary share 609.64p 7.07p 616.71p Notes to the reconciliation 1. Investments are all classified as 'Held at fair value, through profit or loss' under IFRS and are carried at bid prices which equated to their fair value of £413,227,000. They were previously carried at mid prices. The difference of £906,000 is included in capital reserves. 2. Dividends amounting to £5,004,000 relating to the six months ended 30 June 2004 are not recognised in the period to which they relate, as was the case under UK GAAP, but rather when the shareholders right to receive them has been established. As a result the interim dividend for 2004 has not been recognised under IFRS and is included in revenue reserves. 3b) Reconciliation of the Statement of Total Return to the Income Statement for the six months ended 30 June 2004 2004 £'000 Reported revenue gain under UK GAAP 8,947 Reported capital gain under UK GAAP 16,766 Total return under UK GAAP 25,713 Movement in mid to bid 31 December 2003 1,274 Movement in mid to bid 30 June 2004 (906) Reported income under IFRS 26,081 3c) Reconciliation of the Cashflow Statement for the six months ended 30 June 2004 Previously reported Restated 30 June 2004 Adjustments 30 June 2004 Notes £'000 £'000 £'000 Net cashflow from operating activities 9,232 - 9,232 Returns on investing activities 11,917 - 11,917 Equity dividends paid 1 (10,308) 10,308 - Net cashflow before financing 10,841 10,308 21,149 Financing (2,280) (10,308) (12,588) Net change in cash & cash equivalents 8,561 - 8,561 Notes to the reconciliation 1. The dividends under IFRS are treated as a finance cost and these have been reclassified to reflect this. 4a) Restatement of balances at 31 December 2004 In accordance with IFRS 1, first time adoption of International Financial Reporting Standards, the following is a reconciliation of the figures at 31 December 2004 previously reported under the applicable UK Accounting Standards and with the Statement of Recommended Practice. Previously reported Restated 31 December 31 December 2004 Adjustments 2004 Notes £'000 £'000 £'000 Investments held at fair value through profit or loss 1 435,090 (962) 434,128 Current assets 28,970 - 28,970 Current liabilities (11,862) 10,644 (1,218) Total assets less current liabilities 452,198 9,682 461,880 Interest bearing borrowings (63,000) - (63,000) Net assets 389,198 9,682 398,880 Capital and reserves Share capital 14,478 - 14,478 Share premium 2,193 - 2,193 Capital reserves - realised 1 284,976 (1,843) 283,133 Capital reserves - unrealised 1 74,608 881 75,489 Revenue reserve 2 12,943 10,644 23,587 Total equity shareholders' funds 389,198 9,682 398,880 Net asset value per share 672.06p 16.72p 688.78p Notes to the reconciliation 1. Investments are all classified as 'Held at fair value, through profit or loss' under IFRS and are carried at bid prices which equated to their fair value of £434,128,000. They were previously carried at mid prices. The difference of £962,000 is included in capital reserves. 2. Dividends amounting to £10,644,000 relating to the six months ended 31 December 2004 are not recognised in the period to which they relate, as was the case under UK GAAP, but rather when the shareholders right to receive them has been established. As a result the final dividend for 2004 has not been recognised under IFRS and is included in revenue reserves. 4b) Reconciliation of the Statement of Total Return to the Income Statement for the year ended 31 December 2004 2004 £'000 Reported revenue gain under UK GAAP 15,851 Reported capital gain under UK GAAP 56,654 Total return under UK GAAP 72,505 Movement in mid to bid 31 December 2003 1,274 Movement in mid to bid 31 December 2004 (962) Reported income under IFRS 72,817 4c) Reconciliation of the Cashflow Statement for the year ended 31 December 2004 Previously reported Restated 31 December 31 December 2004 Adjustments 2004 Notes £'000 £'000 £'000 Net cashflow from operating activities 1 16,523 1 16,524 Returns on investing activities 27,730 - 27,730 Equity dividends paid 2 (15,312) 15,312 - Net cashflow before financing 28,941 15,313 44,254 Financing (4,559) (15,313) (19,872) Foreign exchange movements (179) - (179) Net change in cash & cash equivalents 24,203 - 24,203 Notes to the reconciliation 1. Bank interest paid is also treated as a finance cost and has been reclassified to reflect this. 2. Dividends under IFRS are treated as a finance cost and these have been reclassified to reflect this. 5) Restatement of balances at 31 December 2003 At 1 January 2004 the Company adopted International Financial Reporting Standards. In accordance with IFRS 1, first time adoption of International Financial Reporting Standards, the following is a reconciliation of the figures at 31 December 2003 previously reported under the applicable UK Accounting Standards and with the Statement of Recommended Practice. Previously reported Restated 31 December 31 December 2003 Adjustments 2003 Notes £'000 £'000 £'000 Investments held at fair value through profit or loss 1 402,895 (1,274) 401,621 Current assets 4,152 - 4,152 Current liabilities 2 (11,706) 10,308 (1,398) Total assets less current liabilities 395,341 9,034 404,375 Interest bearing borrowings (63,000) - (63,000) Net assets 332,341 9,034 341,375 Capital and reserves Share capital 14,478 - 14,478 Share premium 2,193 - 2,193 Capital reserves - realised 1 266,019 (1,068) 264,951 Capital reserves - unrealised 1 36,911 (206) 36,705 Revenue reserve 2 12,740 10,308 23,048 Total equity shareholders' funds 332,341 9,034 341,375 Net asset value per ordinary share 573.88p 15.60p 589.48p Notes to the reconciliation 1. Investments are all classified as 'Held at fair value, through profit or loss' under IFRS and are carried at bid prices which equated to their fair value of £401,621,000. They were previously carried at mid prices. The difference of £1,274,000 is included in capital reserves. 2. Dividends amounting to £10,308,000 relating to the six months ended 31 December 2003 are not recognised in the period to which they relate, as was the case under UK GAAP, but rather when the shareholders right to receive them has been established. As a result, the final dividend for 2003 has not been recognised under IFRS and is included in revenue reserves. 6 Dividends The final dividend relating to the year ended 31 December 2004 of 18.38 pence per Ordinary share was paid during the six months ended 30 June 2005, and amounted to £10,644,000. The proposed interim dividend of 8.90 pence per Ordinary share (amounting to £ 5,190,000) will be paid on 30 September 2005 to shareholders registered on 16 September 2005. In accordance with IFRS, this dividend has not been recognised in these financial statements. 7 Gains on investments 30 June 2005 30 June 2004 31 December 2004 (unaudited) (restated & (restated & unaudited) audited) £'000 £'000 £'000 Net gains realised on sale of investments 24,455 11,904 22,967 Movement in unrealised gains 6,572 7,587 38,785 Gains on investments 31,027 19,491 61,752 8 Income 30 June 2005 30 June 2004 31 December 2004 (unaudited) (restated & (restated & unaudited) audited) £'000 £'000 £'000 Dividend Income UK dividends (net of tax credits) 10,784 9,535 17,118 Other dividends - - 53 Scrip dividends - 194 194 10,784 9,729 17,365 Interest income Income from UK fixed interest securities 456 471 929 Bank Interest 35 29 61 Deposit Interest 242 133 399 733 633 1,389 Other revenue Underwriting commission - - 6 9 Comparative figures The financial information contained in this interim report does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The financial information for the six months ended 30 June 2005 and 2004 has not been audited. The information for the year ended 31 December 2004 does not constitute statutory accounts, but has been extracted from the latest published audited accounts, which have been filed with the Registrar of Companies and restated where required as a result of the adoption of IFRS. The report of the auditors on those accounts contained no qualification or statement under section 237 (2) or (3) of the Companies Act 1985. 10 Publication This interim report is being sent to shareholders and copies will be made available to the public at the registered office of the Company.

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