Interim Results
Hansa Trust PLC
24 November 2005
HANSA TRUST PLC
Announcement of Interim Results for
six months ended 30 September 2005
Hansa Trust PLC today announces its interim results for six months ended 30
September 2005.
Restated
30 September 31 March % change
2005 2005
Shareholders' Funds £165.68m £140.05m 18.3
Dividends - Interim 3.50p 3.50p
Final - 5.75p
Return per 'A' non-voting Ordinary and Ordinary Share 112.6p 160.8p
Net Asset Value per 'A' non-voting Ordinary share and Ordinary 690.3p 583.5p 18.3
share
Performance Benchmark 3.3% 6.7%
Share Price
'A' non-voting Ordinary shares 654.0p 546.5p 19.7
Ordinary shares 662.0p 566.0p 17.0
FTSE All-Share Index 2,746 2,458 11.7
Discount
'A' non-voting Ordinary shares 5.3% 6.3%
Ordinary shares 4.1% 3.0%
Note: 31 March 2005 comparatives have been restated in accordance with
IFRS - see Notes to the Financial Statements.
Return per 'A' non-voting Ordinary and Ordinary Share for the six months ended
30 September 2005 after restatement of Shareholders' Funds in accordance with
IFRS is 106.8p which has been reduced by the prior years final dividend of 5.75p
which is now recognised at the time of payment.
• Chairman's Statement
• Consolidated Income Statement
• Consolidated Balance Sheet
• Statement in Changes in Equity
• Consolidated Cash Flow Statement
• Notes to the interim accounts
For further information please contact:
Peter Gardner Hansa Capital Partners LLP 020 7647 5750
CHAIRMAN'S STATEMENT
Half Year Results: NAV: 690.3p per share (+18.3%)
I am - once again - pleased to be able to report further progress made by your
Company in the first six months of our current year. The Performance Statistics
on the previous page show that the net asset value of both classes of shares
rose by 112.6p - or 18.3% - to 690.3p (after the restatement of dividends). Our
benchmark (the average three year rolling rate of return of 5 year government
bonds plus 2%) rose by 3.3%, so in respect of its return it can be regarded as a
more than satisfactory result. In respect to the performance of the stock
market generally - the FTSE All-share Index rose by 11.7% - it can also be
considered satisfactory. The prices of the 'A' Ordinary and Ordinary shares
rose 19.7% and 17% respectively.
These numbers have been computed on a new basis -the new International Financial
Reporting Standards. I will comment on them a little further down. However,
although they affect the detail of the underlying numbers in comparison to that
which we have reported before, they don't change materially the improvement in
underlying value of shareholders' investment. The Investment Manager's Report,
which follows this statement, gives the details underlying the increase in the
net asset value and the changes in the composition of the portfolio.
The Investment Manager's Report draws to our attention a number of the events
that have affected your Company, including hurricanes, higher oil prices and
weakening consumer demand in the UK. In fact the performance of the stock
market has been dominated by share price increases of companies in the natural
resource sectors. Our own holdings in this area accounted for nearly half of
the increase in our net asset value 51.0p of the 112.6p rise. The other major
contributions were from the insurance sectors (both life and casualty) which
added 33.1p and our strategic holding in Ocean Wilsons which contributed 15.8 p.
The largest five individual contributors were:
Resolution Life PLC (Life Insurance) +20.1p
Cairn Energy (Natural Resources) +16.6p
Ocean Wilsons (Port facilities in Brazil) +15.8p
Hunting (Natural Resources) + 8.5p
Tullow Oil (Natural Resources) + 8.2p
Ocean Wilsons, in which we have £31 million invested, made an announcement
concerning its future strategy. It concluded that it would continue to develop
its existing businesses, a conclusion with which your Board is very happy.
Amongst the different portfolio changes that took place in the period, the
Investment Manager draws to our attention the considerable reduction made to our
exposure in the shares of Lloyds underwriting companies, down from 19.3% to
8.7%. We believe that the two hurricanes, Katrina and Rita, were, as Investment
Manager puts it, 'market changing events', the true significance of which we
believe is still underestimated by both the stock market and by those involved
in the sector.
Interim Dividend: 3.50p per share (unchanged)
The Board of Directors has declared an interim dividend of 3.50p per 'A'
Ordinary and Ordinary share to be paid to shareholders on 19 December 2005.
International Financial Reporting Standards
In an effort to achieve comparable accounting standards for companies throughout
the world, the International Accounting Standards Board have produced a complete
redraft of accounting standards which all quoted companies which produce
consolidated accounts must adhere : the International Financial Reporting
Standards (popularly referred to as 'IFRS'). Setting aside the doubtful wisdom
behind a one-size-fits-all set of rules and regulations, the two issues that
have an immediate effect on these results, the reporting of which have to follow
IFRS, are the timing of the reporting of the interim dividend and the basis of
valuation of the portfolio. As of now the cost of any final dividend that is
paid to shareholders is accounted for at the time of approval by the
shareholders (as opposed to when proposed); the basis of valuing the portfolio
is now the bid (rather than the middle) price quoted in the market. The effect
of these changes is summarised in the table below.
The Net Asset Value per share The New Accounting Standards The Old Accounting Standards
30 September 2005 690.3p 687.2p
31 March 2005 583.5p 578.4p
CHAIRMAN'S STATEMENT
(continued)
Whereas in previous half year reports there was about a quarter of a page of
notes, this report contains six pages of notes to the figures which themselves
are materially differently from those of previous years. The notes include
reconciliation between the old and new standards. Finally shareholders should
observe that we will continue to report our net asset value to both the London
Stock Exchange and the Association of Investment Trust Companies on the old
basis until the 1 January 2006.
Prospects:
The Investment Manager outlines its views on the prospects for share prices and,
as is always the case in any such assessment, there is a mixture of pluses and
minuses which set the scene for investment in equities. It seems almost
inevitable that there will be some slowdown in economic growth in the world; it
is already happening in the UK. Equities have been performing very well in the
last two and a half years, the FTSE All-Share Index having risen by 58% since 31
March 2003. That is quite a rise and, in our view, unlikely to be repeated in
the next two and a half years. While we aim to make money for shareholders over
the longer-term, we will not be able to do it each and every year. It will be
our ability to choose the right sectors and good companies to invest in which
will really determine our prospects and in that respect my colleagues and I
remain optimistic.
Alex Hammond-Chambers
Chairman
24 November 2005
CONSOLIDATED INCOME STATEMENT
for the six months ended 30 September 2005
(Unaudited & restated) (Audited & restated)
(Unaudited) see note 6 see note 5
Six months ended Six months ended Year ended
30 September 2005 30 September 2004 31 March 2005
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£000 £000 £000 £000 £000 £000 £000 £000 £000
Income
Dividend income 2,415 - 2,415 2,429 - 2,429 3,436 - 3,436
Other income 300 - 300 114 - 114 175 - 175
Gains on investments held at
fair value through profit and
loss - 25,100 25,100 - 9,811 9,811 - 36,286 36,286
2,715 25,100 27,815 2,543 9,811 12,354 3,611 36,286 39,897
Expenses
Management fees (478) - (478) (350) - (350) (770) - (770)
Other operating expenses (246) - (246) (208) - (208) (465) - (465)
Finance costs (39) - (39) (4) - (4) (71) - (71)
(763) - (763) (562) - (562) (1,306) - (1,306)
Profit before tax 1,952 25,100 27,052 1,981 9,811 11,792 2,305 36,286 38,591
Taxation (36) - (36) - - - - - -
Profit for the period 1,916 25,100 27,016 1,981 9,811 11,792 2,305 36,286 38,591
Return per Ordinary and 'A'
Ordinary share (see note 2)
112.6p 49.1p 160.8p
The Total column of this statement represents the Group's Income statement,
prepared in accordance with IFRS. The revenue return and capital return columns
are supplementary to this and are prepared under guidance published by the
Association of Investment Trust Companies. All items in the above statement
derive from continuing operations.
CONSOLIDATED BALANCE SHEET
as at 30 September 2005
(Unaudited & (Audited &
restated) restated)
(Unaudited) See note 6 See note 5
30 September 30 September 31 March
2005 2004 2005
£000 £000 £000
Non current assets
Investments held at fair value through profit and loss 159,773 112,211 142,483
Current Assets
Sales for future settlement - 3,290 -
Prepayments and accrued income 234 536 492
Investments held for trading at fair value through profit - 92 208
and loss
Cash at bank 6,722 32 84
6,956 3,950 784
Total Assets 166,729 116,161 143,267
Current Liabilities
Purchases for future settlement 717 747 -
Bank loans and overdrafts - 1,160 3,035
Accruals 329 166 185
1,046 2,073 3,220
Net assets 165,683 114,088 140,047
Equity
Called up share capital 1,200 1,200 1,200
Capital redemption reserve 300 300 300
Capital reserves 160,347 108,772 135,247
Retained earnings 3,836 3,816 3,300
Total Equity 165,683 114,088 140,047
Net asset value per Ordinary and 'A' Ordinary share (See 690.3p 475.4p 583.5p
note 4)
STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 September 2005
(Unaudited )
Called up Ordinary Capital Redemption Capital Retained Total
Share Capital Reserve Reserves Earnings
£ 000 £ 000 £ 000 £ 000 £ 000
Balance at 31 March 2005 1,200 300 135,247 3,300 140,047
Net income for the period - - - 27,016 27,016
Ordinary dividend paid - - - (1,380) (1,380)
Transfer as per Articles of - - 25,100 (25,100) -
Association
Balance at 30 September 2005 1,200 300 160,347 3,836 165,683
STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 September 2004
(Unaudited and restated)
Called up Ordinary Capital Redemption Capital Retained Total
Share Capital Reserve Reserves Earnings
£ 000 £ 000 £ 000 £ 000 £ 000
Balance at 31 March 2004 1,200 300 98,961 2,843 103,304
Net income for the period - - - 11,792 11,792
Ordinary dividend paid - - - (1,008) (1,008)
Transfer as per Articles of - - 9,811 (9,811) -
Association
Balance at 30 September 2004 1,200 300 108,772 3,816 114,088
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2005
(Audited and restated)
Called up Ordinary Capital Redemption Capital Retained Total
Share Capital Reserve Reserves Earnings
£ 000 £ 000 £ 000 £ 000 £ 000
Balance at 31 March 2004 1,200 300 98,961 2,843 103,304
Net income for the year - - 38,591 38,591
Ordinary dividend paid - - - (1,848) (1,848)
Transfer as per Articles of - - 36,286 (36,286) -
Association
Balance at 31 March 2005 1,200 300 135,247 3,300 140,047
CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 30 September 2005
(Unaudited & (Audited &
restated - note 6) restated - note
(Unaudited) 5)
Six months ended Six months ended Year ended
30 September 30 September 31 March
2005 2004 2005
£000 £000 £000
Net cash inflow from operating activities 2,526 1,628 1,899
Net cash inflow / (outflow) from investing 8,536 (170) (1,427)
activities
Net cash inflow before use of financing 11,062 1,458 472
Net cash outflow from financing activities (1,380) (1,008) (1,848)
Increase / (decrease) in cash and cash equivalents 9,682 450 (1,376)
Cash and cash equivalents at start of the period (2,951) (1,578) (1,578)
Realised (loss) / gain on foreign currency (9) - 3
Cash and cash equivalents at the period end 6,722 (1,128) (2,951)
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
The financial statements of the Group have been prepared in accordance with
International Financial Reporting Standards ('IFRS'). These comprise standards
and interpretations approved by the International Accounting Standards Board ('
IASB'), together with interpretations of the International Accounting Standards
and Standing Interpretations Committee approved by the International Accounting
Standards Committee ('IASC') that remain in effect, to the extent that IFRS have
been adopted by the European Union.
The disclosures required by IFRS 1 concerning the transition from UK GAAP to
IFRS are given in notes 5, 6 and 7. These financial statements are presented in
pounds sterling because that is the currency of the primary economic environment
in which the Group operates. The financial statements of the Group for the year
ending 31 March 2006 will also be prepared in accordance with IFRS.
(a) Accounting Convention
The financial statements have been prepared under the historical cost
convention, except where stated in (b) and (c) below, in accordance with
applicable accounting standards and with the Statement of Recommended Practice
'Financial Statements of Investment Trust Companies' issued in January 2003.
(b) Basis of Consolidation
The consolidated financial statements comprise the accounts of the Company and
its subsidiary undertaking made to 30 September 2005.
(c) Investments held as fair value through profit and loss
All investments are designated upon initial recognition as held at fair value
through profit and loss, and are measured at subsequent reporting dates at fair
value, which is either the bid price or last traded price depending on the
convention of the exchange on which the investment is quoted. Unquoted
investments are stated at fair value as determined by the Directors using
appropriate valuation techniques.
Change in the fair value of all investments held at fair value through profit
and loss are recognised in the Income Statement.
On disposal, realised gains and losses are also recognised in the Income
Statement
(d) Presentation of income statement
In order to better reflect the activities of an investment trust company, and in
accordance with guidance issued by the AITC,
supplementary information which analyses the Income Statement between items of a
revenue and capital nature has been presented alongside the Income Statement. In
accordance with the Company's status as a UK investment company under section
266 of the Companies Act 1985, net capital returns may not be distributed by way
of dividend. Additionally, the net revenue is the measure the Directors believe
appropriate in assessing the Group's compliance with certain requirements set
out in section 842 of the Income and Corporation Taxes Act 1988.
(e) Investment Income
Where no ex-dividend is quoted, dividends are recognised when the Company's
right to receive payment is established.
Dividends receivable on equity shares are recognised on the ex-dividend date.
Dividends and interest on investments in unlisted shares and securities are
recognised when they become receivable.
Franked dividends are stated net of related tax credits.
Underwriting commission is recognised as income insofar as it relates to shares
not required to be taken up. Where a proportion of the shares underwritten is
required to be taken up the same proportion of commission received is treated as
a deduction from the cost of the shares taken up, the balance taken to the
revenue account.
(f) Expenses
All expenses are accounted for on an accruals basis and are charged through the
Income Statement. The opening balance sheet as at 31 March 2004 has not been
restated to account for the charging of expenses incidental to the acquisition
of investments to the income statement because it is impracticable to determine
the cumulative effect to that date as the detailed information is not readily
available. The restatement would not affect the net assets of the Company or the
Group, only the allocation of the balance on capital reserve as between the
portion that is realised and the portion that is unrealised.
NOTES TO THE FINANCIAL STATEMENTS
(continued)
1. Accounting policies (continued)
(g) Taxation
The payment of taxation is deferred or accelerated because of timing differences
between the treatment of certain items for accounting and taxation purposes.
Full provision for deferred taxation is made under the liability method, without
discounting, on all timing differences that have arisen, but not reversed by the
Balance sheet date, unless such is not permitted by International Financial
Reporting Standard.
(h) Foreign Currencies
For the purposes of the consolidated financial statements, the results and
financial position of each entity is expressed in pounds sterling which is the
functional currency of the Company, and the presentational currency of the
Group.
Transactions denominated in foreign currencies are recorded in the local
currency at the actual exchange rates as at the date of transaction. Monetary
assets and liabilities denominated in foreign currencies at the year end are
reported at the rate of exchange prevailing at the year end. Any gain or loss
arising from a change in exchange rates subsequent to the date of the
transaction is included as an exchange gain or loss in capital reserve or in the
revenue account depending on whether the gain or loss is of a capital or revenue
nature respectively.
(i) Reserves
The Company's Articles of Association preclude it from making any distribution
of capital profits. Realised profits and losses on disposals of investments
included in the Income Statement are transferred to the Capital Reserve.
Unrealised profits and losses arising on the revaluation of investments included
in the Income Statement are transferred to the Capital Reserve.
The transfers from or to the Income Statement are shown in the Statement of
Changes in Equity.
2. Return per share
The return per share is based on the net gain for the six months of £27,016,000
(six months ended 30 September 2004: £11,792,000; year ended 31 March 2005:
£38,591,000 and on 24,000,000 shares, being the average number of shares in
issue during the period.
The return per share detailed above can be further analysed between income
revenue and capital. The revenue return per share is 8.0p (six months ended
September 2004: 8.3p; year ended 31 March 2005: 9.6p) based on the net revenue
for the year £1,916,000 (six months ended 30 September 2004: £1,981,000; year
ended 31 March 2005: £2,305,000) and on 24,000,000 shares, being the weighted
average number of shares in issue during the period.
The capital return per share is 104.6p (six months ended September 2004: 40.9p;
year ended 31 March 2005: 151.2p) based on the capital gain for the six months
of £25,100,000 (six months ended 30 September 2004: £9,811,000; year ended 31
March 2005: £36,286,000) and on 24,000,000 shares, being the weighted average
number of shares in issue during the period.
3. Comparative Information
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 September 2005 and 2004 has
not been audited.
The information for the year ended 31 March 2005 has been extracted from the
latest published audited financial statements and restated to comply with IFRS
(see note 5). The audited financial statements for the year ended 2005 have been
filed with the Registrar of Companies. The report of the auditors on those
accounts contained no qualification or statement under section 237 (2) or (3) of
the Companies Act 1985.
NOTES TO THE FINANCIAL STATEMENTS
(continued)
4. Net Asset Value per share
The Net Asset Value per Ordinary share is based on the net assets attributable
to equity shareholders of £165,683,000 (six months ended 30 September 2004:
£114,088,000 as restated; year ended 31 March 2005: £140,047,000 as restated)
and on 24,000,000 shares, being the number of shares in issue at the period end.
5. Restatement of opening balances
At 1 April 2005 the Company adopted International Financial Reporting Standards.
In accordance with IFRS 1 First Time Adoption of Financial Reporting Standards
the following is a reconciliation of the figures at 31 March 2005 previously
reported under the applicable UK Accounting Standards and with the Statement of
Recommended Practice.
a) Reconciliation of the Balance Sheet at 31 March 2005
(Audited)
Previously Effect of
Note Reported Transition Restated
31 March 2005 to IFRS 31 March 2005
£ 000 £ 000 £ 000
Non current - investments 1 142,631 (148) 142,483
Current Assets 784 - 784
Creditors - amounts falling due within one year 2 (4,600) 1,380 (3,220)
Net assets 138,815 1,232 140,047
Capital and reserves
Called up share capital 1,200 - 1,200
Capital redemption reserve 300 - 300
Capital reserve 135,395 (148) 135,247
Retained earnings 2 1,920 1,380 3,300
138,815 1,232 140,047
Notes to the reconciliation
1) Investments are classified as, held at fair value through the profit
and loss under IFRS and are carried at bid prices, which equates to their fair
value of £142,483,000. They were carried at mid prices previously.
2) No provision has been made for the final dividend on Ordinary shares for
the year ended 31 March 2005 of £1,380,000. Under IFRS this is not recognised
until approved by the shareholders. This is therefore added to Retained
Earnings.
(b) Reconciliation of the Statement of Total Return to the Income Statement for
the period ended 31 March 2005
Under IFRS the Income Statement is the equivalent of the Statement of Total
Return as reported previously.
Note 2005 EPS Impact
£ 000 Pence per share
Total transfer to reserve per Statement of Total Return 36,375 -
Add back dividends paid and proposed 1 2,220 -
Change from mid to bid basis at 31 March 2004 2 144 0.60
Change from mid to bid basis at 31 March 2005 2 (148) (0.62)
Net profit per Income Statement 38,591 (0.02)
NOTES TO THE FINANCIAL STATEMENTS
(continued)
Notes to the reconciliation
1) All dividends authorised and paid during the period are dealt with through
the Statement of Changes in Equity.
2) The portfolio valuation at 31 March 2004 and 31 March 2005 are required to
be valued at fair value under IFRS. These values differ from the previous
valuations by £144,000 and (£148,000) respectively.
c) Reconciliation of the Cash flow Statement for the year ended 31 March 2005
(Audited)
Previously Effect of
Note Reported transition Adjusted
Cash flows to Cash flows
2005 IFRS
£ 000 £ 000 £ 000
Net cash inflow from operating activities 1 1,970 (71) 1,899
Returns on investments and servicing of finance 1 (71) 71 -
Taxation - - -
Net cash outflow from financial investment (1,427) - (1,427)
Equity dividends paid 2 (1,848) 1,848 -
Cash placed on / withdrawn from deposit - - -
Net cash inflow before financing (1,376) 1,848 472
Financing 2 1,400 (3,248) (1,848)
Increase in cash 24 (1,400) (1,376)
1) Servicing of finance and taxation have now been analysed within Operating
Activities.
2) Dividends paid are now analysed within Financing.
6. Restatement of balances as at 30 September 2004
At 1 April 2005 the Company adopted International Financial Reporting Standards.
In accordance with IFRS 1 First Time Adoption of Financial Reporting Standards
the following is a reconciliation of the figures at 30 September 2004 previously
reported under the applicable UK Accounting Standards and with the Statement of
Recommended Practice.
a) Reconciliation of the Balance Sheet at 30 September 2004
(Unaudited)
Previously
Note Reported Effect of Restated
30 September transition 30 September
2004 to 2004
IFRS
£ 000 £ 000 £ 000
Non current assets - investments 1 112,347 (136) 112,211
Current Assets 3,950 - 3,950
Creditors - amounts falling due within one year 2 (2,913) 840 (2,073)
Net assets 113,384 704 114,088
Capital and reserves
Called up share capital 1,200 - 1,200
Capital redemption reserve 300 - 300
Capital reserve 1 108,908 (136) 108,772
Retained earnings 2 2,976 840 3,816
113,384 704 114,088
NOTES TO THE FINANCIAL STATEMENTS
(continued)
Notes to the reconciliation
1) Investments are all classified as held at fair value through profit and
loss under IFRS and are carried at bid prices which equates to their fair value
of £112,211,000. They were carried at mid prices previously.
2) No provision has been made for the interim dividend on Ordinary shares for
the period ended 30 September 2004 of £840,000 as this was not declared until
after the balance sheet date. Under IFRS the dividend is not recognised until
declared. This is therefore added to Retained Earnings.
(b) Reconciliation of the Statement of Total Return to the Income Statement for
the period ended 30 September 2004
Under IFRS the Income Statement is the equivalent of the Statement of Total
Return as reported previously.
Note 2004 EPS Impact
£ 000 Pence per share
Total transfer to reserve per Statement of Total Return 10,944 -
Add back dividends paid and proposed 1 840 -
Change from mid to bid basis at 31 March 2004 2 144 0.60
Change from mid to bid basis at 30 September 2004 2 (136) (0.60)
Net profit per Income Statement 11,792 0.00
Notes to the reconciliation
1) All dividends authorised and paid during the period are dealt with through
the Statement of Changes in Equity.
2) The portfolio valuation at 31 March 2004 and 30 September 2004 require to be
valued at fair value under IFRS. These values differ from the previous
valuations by £144,000 and (£136,000) respectively.
c) Reconciliation of the Cash flow Statement for the year ended 30 September
2004
(Unaudited)
Previously
Note Reported Effect of
Cash flows transition Adjusted
to
2004 IFRS Cash flows
£ 000 £ 000 £ 000
Net cash outflow from operating activities 1 1,632 (4) 1,628
Returns on investments and servicing of finance 1 (4) 4 -
Taxation - - -
Net cash outflow from financial investment (170) - (170)
Equity dividends paid 2 (1,008) 1,008 -
Cash placed on / withdrawn from deposit - - -
Net cash inflow before financing 450 1,008 1,458
Financing 2 (475) (533) (1,008)
Increase in cash and cash equivalents (25) 475 450
Notes to the reconciliation
1) Servicing of finance and taxation have now been analysed within operating
activities.
2) Dividends paid are now analysed within Financing.
NOTES TO THE FINANCIAL STATEMENTS
(continued)
7. Restatement of opening balances
At 1 April 2005 the company adopted International Financial Reporting Standards.
In accordance with IFRS 1 First Time Adoption of Financial Reporting Standards
the following is a reconciliation of the figures at 31 March 2004 previously
reported under the applicable UK Accounting Standards and with the Statement of
Recommended Practice.
(Audited)
Previously
Note Reported Effect of Restated
31 March transition 31 March
to
2004 IFRS 2004
£ 000's £ 000's £ 000's
Non current assets - investments 1 105,551 (144) 105,407
Current Assets 392 - 392
Creditors - amounts falling due within one year 2 (3,503) 1,008 (2,495)
Net assets 102,440 864 103,304
Capital and reserves
Called up share capital 1,200 - 1,200
Capital redemption reserve 300 - 300
Capital reserve 1 99,105 (144) 98,961
Retained earnings 2 1,835 1,008 2,843
102,440 864 103,304
Notes to the reconciliation
1) Investments are all classified as held-at-fair-value under IFRS and are
carried at bid prices which equates to their fair value of £105,407,000. They
were carried at mid prices previously. The resultant difference of £144,000 is
included in Capital Reserve.
2) No provision has been made for the final dividend for the year ended 31 March
2004 of £1,008,000. Under IFRS this is not recognised until approved by the
shareholders. This is therefore added to Retained Earnings.
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