Final Results - Year Ended 31 December 1999

Mercury World Mining Trust PLC 17 February 2000 MERCURY WORLD MINING TRUST plc Preliminary announcement of results in respect of the year ended 31st December 1999 The total return for the Company's portfolio during the year ended 31st December 1999 was +96.5%, while the shares increased by 86.2%, in each case with net dividends reinvested. The HSBC Global Mining Index, capital only, increased by 69.6% in sterling terms. The NAV at the close of business on 14th February 2000 was 115.18p per share. Revenue for the year, after tax, was 1.00p per share, compared with 1.43p per share in 1998. The Board has declared a final dividend for the year of 1.20p per share (1998, 1.20p per share, plus a special dividend of 1.15p reflecting the one-off effect of the share tender offer). The Chairman, Peter Wilmot-Sitwell, comments: '1999 has been an excellent year in terms of performance for shareholders, albeit from a low base. The recovery in the mining sector reflects forecast global growth and the improvement in sentiment towards base metals.' Commenting on the outlook for the Company, Dr Graham Birch noted: 'In the past, the Company has made little use of its flexibility to invest directly in metals, other than gold. From time to time opportunities arise which are worth considering, such as the recent Bank of England gold auctions. We may exploit such opportunities in all metals during 2000, although such exposure will be restricted to 10% of the assets at the time of investment. 'Mining shares have now recovered a good deal from their low point in 1998 and are certainly not as cheap as they were a year ago. However, with further upward metal price momentum a real possibility in 2000, we believe that there is scope for continued out-performance against world equities as well as, hopefully, further good performance in absolute terms.' For further information please contact: Ian Barby - 020 7220 5224 Graham Birch - 020 7280 2690 Jonathan Ruck Keene - 020 7280 2178 Mercury Asset Management Ltd CONSOLIDATED REVENUE STATEMENT for the year ended 31st December 1999 1999 1998 £'000 £'000 (audited) (audited) Income (Note 2) 6,542 11,442 Expenses: Investment management fees (2,147) (2,578) Operating expenses (560) (615) Interest payable and similar charges (1,027) (1,787) ----- ----- Revenue on ordinary activities before taxation 2,808 6,462 Taxation (570) (843) ----- ----- Revenue on ordinary activities after taxation 2,238 5,619 Dividend (Note 3) (2,218) (5,010) ----- ----- Retained surplus for the year 20 609 ===== ===== Earnings per ordinary share 1.00p 1.43p ===== ===== Dividend per ordinary share (Note 3) 1.20p 2.35p ===== ===== TOTAL RETURN PER ORDINARY SHARE for the year ended 31st December 1999 1999 1998 (audited) (audited) Earnings 1.00p 1.43p Capital return 51.02p (14.53p) ----- ----- Total return per ordinary share 52.02p (13.10p) ===== ===== SUMMARISED CONSOLIDATED BALANCE SHEET AS AT 31st DECEMBER 1999 31st 31st December December 1999 1998 £'000 £'000 (audited) (audited) Fixed assets - Investments at valuation 249,412 223,446 ------- ------- Current assets 2,239 13,652 Creditors - amounts falling due within one year (28,225) (6,665) ------- ------- Net current (liabilities)/assets (25,986) 6,987 ------- ------- Total assets less current liabilities 223,426 230,433 Provision for liabilities and charges 29 149 ------- ------- Net assets 223,397 230,284 ======= ======= Capital and reserves: Share capital 9,548 94,497 Share premium - 157,633 Capital redemption reserve 21,371 12,019 Other capital reserves (40,319) (155,094) ------- ------- (9,400) 109,055 Special reserve 229,974 118,426 Revenue reserve 2,823 2,803 ------- ------- Total equity shareholders' funds 223,397 230,284 ======= ======= Net asset value per ordinary share 116.99p 60.92p ====== ====== CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31st DECEMBER 1999 31st 31st December December 1999 1998 £'000 £'000 (audited) (audited) Net cash inflow from operating activities 1,672 6,329 ------- ------- Returns on investment and servicing of finance: Interest paid on bank loan and overdraft facilities (1,027) (1,787) ------- ------- Taxation refunded 938 2,413 ------- ------- Capital expenditure and financial investment: Purchase of fixed asset investments (66,815) (107,309) Proceeds from the sale of fixed asset investments 155,996 153,522 Exchange loss on foreign currency transactions (295) (120) ------- ------- Net cash inflow for capital expenditure and financial investment 88,886 46,093 ------- ------- Equity dividends paid (5,010) (3,622) ------- ------- Net cash inflow before financing 85,459 49,426 ------- ------- Financing: Purchase of ordinary shares (121,682) (30,797) Continuation and share tender costs (690) (80) ------- ------- Net cash outflow from financing (122,372) (30,877) ------- ------- (Decrease)/increase in cash in the period (36,913) 18,549 ======= ======= GEARING RATIO - % OF NAV 31st 31st December December 1999 1998 Total borrowings 11.2% 0% NOTES 1. Basis of preparation The preliminary financial statements have been prepared on the basis of the accounting policies set out in the Company's financial statements at 31st December 1999. Income and operating expenses have been recognised in accordance with the same principles used in the preparation of the previous year's annual financial statements. 2. Income 1999 1998 £'000 £'000 Income from investments Dividends - UK listed 447 533 - Overseas listed 5,732 10,435 ----- ------ 6,179 10,968 ----- ------ Interest receivable and other income Deposit interest 69 202 Underwriting commission - 47 Stock lending income - 103 Profit on investment dealing by subsidiary undertakings 292 - Other interest 2 122 ----- ----- 363 474 ----- ------ Total income 6,542 11,442 ===== ====== 3. Dividend The directors have declared a final dividend of 1.20p per share (1998: an interim dividend of 1.20p per share and a special dividend of 1.15p per share, reflecting the one-off effect of the share tender offer). The dividend will be paid on 3rd May 2000 to shareholders on the register of members at the close of business on 3rd March 2000. The shares will be quoted ex-dividend on 28th February 2000. 4. The number of ordinary shares in issue at 31st December were: 1999 1998 Actual 190,949,852 377,986,066 Weighted average for the year 224,955,622 394,013,337 5. The figures set out above have been reported upon by the auditors. The comparative figures are extracts from the audited financial statements of Mercury World Mining Trust plc for the year ended 31st December 1998, which have been filed with the Registrar of Companies. The report of the auditors for the years ended 31st December 1998 and 1999 contain no qualification or statement under section 237(2) or (3) of the Companies Act 1985. 6. The financial information contained in this announcement does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The 1999 annual report will be filed with the Registrar of Companies after the Annual General Meeting. 7. Copies of the annual report will be sent to members shortly and will be available from the registered office, c/o The Company Secretary, Mercury World Mining Trust plc, 33 King William Street, London EC4R 9AS. 8. The Annual General Meeting of the Company will be held at Stationers' Hall, Ave Maria Lane, London EC4 on Wednesday 22nd March 2000 at 2.30 p.m. 16th February 2000 33 King William Street London EC4R 9AS

Companies

BlackRock World Mining Trust (BRWM)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today