Final Results

Mid Wynd Inter Inv Trust PLC 12 August 2003 MID WYND INTERNATIONAL INVESTMENT TRUST PLC Results for the year to 30 June 2003 12 August 2003 Mid Wynd's final results showed a 6.7% fall in net asset value. This represents 4.4 percentage points of outperformance in the period when compared to the FTSE World Index in sterling terms, which fell by 11.1%. • The strong relative performance was largely due to asset allocation, in particular exposure to bonds. Fixed income holdings are now being reduced due to the shift in the relative attraction of bonds and equities. • The UK portfolio, which has a relatively defensive skew, performed well in relative terms as did the Japanese and Latin American content. • In the second half net asset value rose by 8.6% while FTSE World Index rose by 7.3% in sterling terms. • Final dividend of 5.50p giving 9.20p for the year, an increase of 3.4%. The Board has recommended only a modest increase in the final dividend as earnings are expected to fall as the Company increases its exposure to equities. • The outlook for markets remains unclear and the range of possibilities is wider than usual. The portfolio reflects this by containing a wider range of stocks than in the past including strong high margin growth shares, candidates for restructuring and deleverage and beneficiaries of mild cyclical recovery and persistent low interest rates. The objective of Mid Wynd International Investment Trust PLC is to achieve capital and income growth by investing on a worldwide basis. The trust has total assets of £31m. Mid Wynd is managed by Baillie Gifford & Co., the leading Edinburgh based fund management group with around £23 billion under management and advice - ends - For further information please contact: Michael MacPhee, Manager Mid Wynd International Investment Trust PLC 0131 222 4000 Mike Lord, Director Broadgate 020 7726 6111 Baillie Gifford & Co. is authorised and regulated by the Financial Services Authority. MID WYND INTERNATIONAL INVESTMENT TRUST PLC The following is the unaudited preliminary statement for the year to 30 June 2003 which was approved by the Board on 11 August 2003. The Directors of Mid Wynd International Investment Trust PLC are recommending to the Annual General Meeting of the Company to be held on 6 October 2003 the payment of a final dividend of 5.50p net (5.30p net last year) per ordinary share, making a total of 9.20p net (8.90p net last year) per ordinary share for the year ended 30 June 2003. STATEMENT OF TOTAL RETURN (unaudited and incorporating the revenue account*) For the year ended For the year ended 30 June 2003 30 June 2002 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Losses on investments - (2,240) (2,240) - (5,799) (5,799) Currency gains - 104 104 - 88 88 Income (note 2) 887 - 887 858 - 858 Investment management fee (75) (75) (150) (88) (88) (176) Other administrative expenses (137) - (137) (122) - (122) Net return before finance costs and taxation 675 (2,211) (1,536) 648 (5,799) (5,151) Finance costs of borrowings (6) (6) (12) (7) (7) (14) Return on ordinary activities before taxation 669 (2,217) (1,548) 641 (5,806) (5,165) Tax on ordinary activities (136) 25 (111) (129) 29 (100) Return on ordinary activities after taxation 533 (2,192) (1,659) 512 (5,777) (5,265) Dividends in respect of equity (463) - (463) (448) - (448) shares Transfer to/(from) reserves 70 (2,192) (2,122) 64 (5,777) (5,713) Return per ordinary share 10.60p (43.60p) (33.00p) 10.18p (114.91p) (104.73p) (note 3) Dividend per ordinary share (note 4) 9.20p 8.90p * The revenue column of this statement is the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations. MID WYND INTERNATIONAL INVESTMENT TRUST PLC SUMMARISED BALANCE SHEET at 30 June 2003 (unaudited) 30 June 2003 30 June 2002 £'000 £'000 Net assets Fixed asset investments 31,123 33,167 Net liquid assets 302 504 Total assets (before deduction of bank loan) 31,425 33,671 Bank loan (note 5) (1,737) (1,861) 29,688 31,810 Capital and reserves Called-up share capital 1,257 1,257 Capital reserves 27,752 29,944 Revenue reserve 679 609 Equity shareholders' funds 29,688 31,810 Net asset value per ordinary share 590.5p 632.7p Ordinary shares in issue 5,027,766 5,027,766 DISTRIBUTION OF ASSETS at 30 June 2003 (unaudited) 30 June 2003 30 June 2002 % % Equities: United Kingdom 16.6 16.4 Continental Europe 18.3 19.2 North America 28.0 28.0 Japan 8.8 9.4 Asia Pacific 4.7 3.1 Other Emerging Markets 2.3 2.3 78.7 78.4 Bonds: United Kingdom 6.4 5.7 Continental Europe 13.9 8.9 North America - 5.5 Net liquid assets 1.0 1.5 Total assets (before deduction of bank loans) 100.0 100.0 MID WYND INTERNATIONAL INVESTMENT TRUST PLC SUMMARISED CASH FLOW STATEMENT (unaudited) For the year ended For the year ended 30 June 2003 30 June 2002 £'000 £'000 £'000 £'000 NET CASH INFLOW FROM OPERATING ACTIVITIES 586 381 NET CASH OUTFLOW FROM SERVICING OF FINANCE (10) (12) TOTAL TAX PAID (59) (1) FINANCIAL INVESTMENT Acquisitions of investments (12,637) (14,716) Disposals of investments 12,287 14,204 Realised currency (loss)/profit (30) 10 NET CASH OUTFLOW FROM FINANCIAL INVESTMENT (380) (502) EQUITY DIVIDENDS PAID (453) (437) NET CASH OUTFLOW BEFORE FINANCING (316) (571) FINANCING Bank loan drawn down 917 - Bank loan repaid (999) - Realised currency profit on bank loan 92 - NET CASH INFLOW FROM FINANCING 10 - DECREASE IN CASH (306) (571) RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT Decrease in cash in the year (306) (571) Cash used to repay bank loan (10) - Exchange movement 134 78 MOVEMENT IN NET DEBT IN THE YEAR (182) (493) NET DEBT AT 1 JULY (1,154) (661) NET DEBT AT 30 JUNE (1,336) (1,154) MID WYND INTERNATIONAL INVESTMENT TRUST PLC NOTES 1. The financial statements for the year to 30 June 2003 have been prepared on the basis of the accounting policies set out in the Company's financial statements at 30 June 2002. 30 June 2003 30 June 2002 £'000 £'000 2. Income Income from investments and interest receivable 883 857 Other income 4 1 3. Return per ordinary share Revenue return 533 512 Capital return (2,192) (5,777) Return per ordinary share is based on the above totals for revenue and capital and on 5,027,766 ordinary shares, being the number of ordinary shares in issue throughout each year. 4. The total cost of the dividend for the year is £463,000 (2002 - £448,000). If approved the final dividend will be paid on 8 October 2003 to all shareholders on the register at the close of business on 26 September 2003. 5. Loans include Y170 million and US$1.45 million drawn down under a multi-currency loan facility which is repayable on 5 September 2003 (2002 - Y340 million). 6. The financial information set out above does not constitute the Company's statutory accounts for the year ended 30 June 2003. The financial information for 2002 is derived from the statutory accounts for 2002, which have been delivered to the Registrar of Companies. The Auditors have reported on the 2002 accounts, their report was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The statutory accounts for 2003 will be finalised on the basis of the financial information presented in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. This information is provided by RNS The company news service from the London Stock Exchange OKRWAAR

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