Mid Wynd Final Results
Mid Wynd Inter Inv Trust PLC
10 August 2004
MID WYND INTERNATIONAL INVESTMENT TRUST PLC
Results for the year to 30 June 2004
The Company outperformed its comparative index (FTSE World Index in sterling
terms) over the year to 30 June 2004 by 1.3 percentage points. This is the fifth
consecutive year of outperformance. Net asset value per share rose by 12.5%,
while the comparative index rose by 11.2%. The figures mask the fact that in the
last six months markets have been rather flat, with the Company's NAV and
comparative index only rising 2.0% and 1.3% respectively.
• Outperformance was due predominantly to asset allocation rather than stock
selection, in particular, being underweight the United States and
overweight Japan and Continental Europe.
• The proceeds from large reductions in the fixed interest portfolio funded
the increase in North American, Continental European and Asian equities.
The bond weighting now stands at 4.9% having been 20.3% a year ago.
• An unchanged final dividend of 5.50p is being paid, giving an unchanged
9.20p for the year. Although earnings per share have fallen by nearly 24%
this year, and are expected to fall a little further, this dividend figure
is expected to be maintained for June 2005.
• The Company's gearing remains at the same level as last year but
borrowings are now wholly in dollars at a three year fixed rate.
• Although the economic outlook is uncertain, the Board and Managers are of
the opinion that high quality competitive companies should continue to
produce good relative returns.
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 £35.1m (before deduction of bank loan of £1.7m).
Mid Wynd is managed by Baillie Gifford & Co., the Edinburgh based fund
management group with around £28 billion under management and advice.
10 August 2004
- ends -
For further information please contact:
Michael MacPhee, Manager
Mid Wynd International Investment Trust PLC 0131 275 2000
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
2004 which was approved by the Board on 9 August 2004. The Directors of Mid
Wynd International Investment Trust PLC are recommending to the Annual General
Meeting of the Company to be held on 4 October 2004 the payment of a final
dividend of 5.50p net (5.50p net last year) per ordinary share, making a total
of 9.20p net (9.20p net last year) per ordinary share for the year ended 30 June
2004.
STATEMENT OF TOTAL RETURN
(unaudited and incorporating the revenue account*)
For the year ended For the year ended
30 June 2004 30 June 2003
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Gains/(losses) on investments - 3,752 3,752 - (2,240) (2,240)
Currency gains - 90 90 - 104 104
Income (note 2) 721 - 721 887 - 887
Investment management fee (88) (88) (176) (75) (75) (150)
Other administrative expenses (133) - (133) (137) - (137)
Net return before finance costs
and taxation 500 3,754 4,254 675 (2,211) (1,536)
Finance costs of borrowings (17) (17) (34) (6) (6) (12)
Return on ordinary activities
before taxation 483 3,737 4,220 669 (2,217) (1,548)
Tax on ordinary activities (77) 31 (46) (136) 25 (111)
Return on ordinary activities
after taxation 406 3,768 4,174 533 (2,192) (1,659)
Dividends in respect of equity (463) - (463) (463) - (463)
shares
Transfer (from)/to reserves (57) 3,768 3,711 70 (2,192) (2,122)
Return per ordinary share 8.07p 74.93p 83.00p 10.60p (43.60p) (33.00p)
(note 3)
Dividend per ordinary share
(note 4) 9.20p 9.20p
* 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 2004
(unaudited)
30 June 2004 30 June 2003
£'000 £'000
Net assets
Fixed asset investments 33,560 31,123
Net liquid assets 1,493 302
Total assets (before deduction of bank loan) 35,053 31,425
Bank loan (note 5) (1,654) (1,737)
33,399 29,688
Capital and reserves
Called-up share capital 1,257 1,257
Capital reserves 31,520 27,752
Revenue reserve 622 679
Equity shareholders' funds 33,399 29,688
Net asset value per ordinary share 664.3p 590.5p
Ordinary shares in issue 5,027,766 5,027,766
DISTRIBUTION OF ASSETS
at 30 June 2004
(unaudited)
30 June 2004 30 June 2003
% %
Equities: United Kingdom 16.1 16.6
Continental Europe 21.5 18.3
North America 29.7 28.0
Japan 13.1 8.8
Asia Pacific 7.1 4.7
Other Emerging Markets 3.4 2.3
90.9 78.7
Bonds: United Kingdom - 6.4
Continental Europe 4.9 13.9
Net liquid assets 4.2 1.0
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 2004 30 June 2003
£'000 £'000 £'000 £'000
NET CASH INFLOW FROM OPERATING ACTIVITIES 547 586
NET CASH OUTFLOW FROM SERVICING OF FINANCE (23) (10)
TOTAL TAX PAID (72) (59)
FINANCIAL INVESTMENT
Acquisitions of investments (14,282) (12,637)
Disposals of investments 15,631 12,287
Realised currency profit/(loss) 16 (30)
NET CASH INFLOW/(OUTFLOW) FROM FINANCIAL INVESTMENT 1,365 (380)
EQUITY DIVIDENDS PAID (463) (453)
NET CASH INFLOW/(OUTFLOW) BEFORE FINANCING 1,354 (316)
FINANCING
Bank loans drawn down 2,554 917
Bank loans repaid (2,845) (999)
Realised currency profit on bank loans 282 92
NET CASH (OUTFLOW)/INFLOW FROM FINANCING (9) 10
INCREASE/(DECREASE) IN CASH 1,345 (306)
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
Increase/(decrease) in cash in the year 1,345 (306)
Cash used to repay bank loans 9 (10)
Exchange movement 74 134
MOVEMENT IN NET DEBT IN THE YEAR 1,428 (182)
NET DEBT AT 1 JULY (1,336) (1,154)
NET FUNDS/(DEBT) AT 30 JUNE 92 (1,336)
MID WYND INTERNATIONAL INVESTMENT TRUST PLC
NOTES
1. The financial statements for the year to 30 June 2004 have been prepared
on the basis of the accounting policies set out in the Company's financial
statements at 30 June 2003.
30 June 2004 30 June 2003
£'000 £'000
2. Income
Income from investments and interest receivable 719 883
Other income 2 4
3. Return per ordinary share
Revenue return 406 533
Capital return 3,768 (2,192)
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 (2003 -
£463,000). If approved the final dividend will be paid on 6 October 2004 to all
shareholders on the register at the close of business on 24 September 2004.
5. Loans include US$3 million which is repayable on 5 March 2007 (2003 -
Y170 million and US$1.45 million).
6. The financial information set out above does not constitute the Company's
statutory accounts for the year ended 30 June 2004. The financial information
for 2003 is derived from the statutory accounts for 2003, which have been
delivered to the Registrar of Companies. The Auditors have reported on the 2003
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
2004 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.
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