Interim Results

Securities Trust of Scotland PLC 9 November 2000 SECURITIES TRUST OF SCOTLAND plc Interim results for the six months to 30 September 2000 * Interim dividend increased by 2.5% to 1.23p per share * Net asset value outperformed FTSE All-Share benchmark * Portfolio is well placed to withstand the volatile conditions The net asset value per ordinary share in Securities Trust of Scotland plc, the £581 million investment trust managed by Edinburgh-based Martin Currie, increased by 3.5% to 156.65p over the six months to 30 September 2000. This compares with a fall of 2.6% in the trust's benchmark, the FTSE All-Share index, over the same period. The board has declared an interim dividend of 1.23p (1.20p) per share, payable on 22 December 2000. This represents an increase of 2.5 % over the same period last year and meets the board's objective of growing dividends at least in line with UK inflation. Chairman David Whitaker commented: 'With an uncertain global economic outlook and increasing evidence that the UK economy is losing momentum, predictability of earnings is becoming more important. The directors believe that Securities Trust of Scotland has a balanced portfolio, with exposure to old and new economy stocks, and so is well placed to withstand the volatile conditions in both the economy and the stockmarket.' For further information: Tom Maxwell/Mike Woodward Martin Currie Investment Management Ltd 0131 229 5252 tmaxwell@martincurrie.com/mwoodward@martincurrie.com Fiona Harris Quill Communication 020 7 618 8905 fiona.h@quillcommunicate.com SECURITIES TRUST OF SCOTLAND plc Statement of total return (incorporating the revenue account) for the six months ended 30 September 2000 Unaudited 2000 Revenue Capital Total £'000 £'000 £'000 Gains/(losses) on investments - realised - 5,846 5,846 - unrealised - 10,498 10,498 Currency losses - (51) (51) Income -franked 8,096 - 8,096 -unfranked 667 - 667 -FID - - - Investment management fee (360) (840) (1,200) Other expenses (456) (25) (481) Net return before finance costs and taxation 7,947 15,428 23,375 Interest payable and similar charges (1,145) (2,672) (3,817) Return on ordinary activities before taxation 6,802 12,756 19,558 Taxation on ordinary activities (76) 76 - Return on ordinary activities after taxation 6,726 12,832 19,558 Dividends and other appropriations in respect of non - - - equity shares Return attributable to equity shareholders 6,726 12,832 19,558 Dividends in respect of equity shares: 1.23p per share (3,763) - (3,763) Transfer to reserves 2,963 12,832 15,795 Returns per ordinary share 2.15p 4.11p 6.26p The revenue columns of this statement are the profit and loss accounts of the company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year. The directors have declared an interim dividend on the ordinary shares of the company for the year ending 31 March 2001 of 1.23p per share (2000: 1.20p), with an ex dividend date of 20 November 2000 to be paid on 22 December 2000 to shareholders on the register on 24 November 2000. The interim results will be circulated to shareholders in the form of an interim report, copies of which will be available at the company's registered office, Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES. SECURITIES TRUST OF SCOTLAND plc Statement of total return (incorporating the revenue account) for the six months ended 30 September 1999 Unaudited (re-stated)* 1999 Revenue Capital Total £'000 £'000 £'000 Gains/(losses) on - realised - 10,779 10,779 investments - unrealised - (10,296) (10,296) Currency losses - (5,013) (5,013) Income -franked 6,559 - 6,559 -unfranked 3,451 - 3,451 -FID 107 - 107 Investment management (312) (728) (1,040) fee Other expenses (400) (28) (428) Net return before finance costs and 9,405 (5,286) 4,119 taxation Interest payable and similar charges (835) (1,949) (2,784) Return on ordinary activities before 8,570 (7,235) 1,335 taxation Taxation on ordinary (671) 576 (95) activities Return on ordinary activities after 7,899 (6,659) 1,240 taxation Dividends and other appropriations (64) - (64) in respect of non equity shares Return attributable to equity 7,835 (6,659) 1,176 shareholders Dividends in respect of equity (3,844) - (3,844) shares: 1.20p per share Transfer to reserves 3,991 (6,659) (2,668) Returns per ordinary share 2.45p (2.08p) 0.37p The revenue columns of this statement are the profit and loss accounts of the company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year. *Re-stated in accordance with Financial Reporting Standard 16. SECURITIES TRUST OF SCOTLAND plc Statement of total return (incorporating the revenue account) for the year ended 31 March 2000 Unaudited 2000 (as re-stated)* Revenue Capital Total £'000 £'000 £'000 Gains/(losses) on investments - realised - 66,419 66,419 - unrealised - (27,840)(27,840) Currency losses - (7,029) (7,029) Income -franked 13,672 - 13,672 -unfranked 5,140 - 5,140 -FID 107 - 107 Investment management fee (659) (1,537) (2,196) Other expenses (909) (73) (982) Net return before finance costs and taxation 17,351 29,940 47,291 Interest payable and similar charges (1,888) (6,681) (8,569) Return on ordinary activities before taxation 15,463 23,259 38,722 Taxation on ordinary activities (996) 854 (142) Return on ordinary activities after taxation 14,467 24,113 38,580 Dividends and other appropriations in respect of non (74) - (74) equity shares Return attributable to equity shareholders 14,393 24,113 38,506 Dividends in respect of equity shares: 4.25p per share (13,445) - (13,445) Transfer to reserves 948 24,113 25,061 Returns per ordinary share 4.50p 7.66p 12.16p The revenue columns of this statement are the profit and loss accounts of the company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year. * As a result of the share re-purchase programme, the final dividend paid for the year to 31 March 2000 was less than the amount accrued for in the published financial statements. To reflect this, the transfer to revenue reserves has been adjusted accordingly. SECURITIES TRUST OF SCOTLAND plc BALANCE SHEET As at 30 September 2000 30 September 30 September 31 March 2000 2000 1999 £000 £000 £000 £000 £000 £000 Investments at market 577,062 519,714 558,316 value Current assets Debtors 5,389 6,493 7,966 Cash at bank 6,327 39,249 11,501 ______ _______ ______ 11,716 45,742 19,467 Creditors Amounts falling due (25,003) (25,368) (26,482) within one year ______ _______ ______ Net current (13,287) 20,374 (7,015) (liabilities)/assets _______ _______ _______ Total assets less 563,775 540,088 551,301 current liabilities Creditors Amounts falling due (75,000) (82,032) (75,000) after one year _______ _______ _______ Total assets 488,775 458,056 476,301 attributable to share capital _____ _ _______ _______ Capital and reserves Called up preference - 2,843 - capital Called up ordinary 78,006 80,080 78,700 capital Capital redemption 2,074 - 1,380 reserve Capital reserve 398,349 364,707 388,838 Revenue reserve 10,346 10,426 7,383 488,775 455,213 476,376 Total shareholders' 488,775 458,056 476,301 funds Net asset value per 156.7p 142.1p 151.3p ordinary share of 25p SECURITIES TRUST OF SCOTLAND plc STATEMENT OF CASH FLOW Year ended 30 September 2000 30 30 September 31 March September 1999 2000 2000 £000 £000 £000 £000 £000 £000 Operating activities Net dividends and interest received from 9,960 9,538 18,023 investments Interest received from deposits 55 1,431 1,354 Investment management fee paid (1,200) (1,207) (2,363) Cash paid to and on behalf of directors (20) (20) (58) Bank charges paid (14) (29) (66) Other cash payments (442) (389) (989) _______ ______ _______ Net cash inflow from operating activities 8,339 9,324 15,901 Servicing of finance Interest paid (3,802) (2,797) (6,427) Loan breakage costs - - (2,274) Preference dividend paid - (64) (74) _______ ______ _______ Net cash outflow from servicing of (3,802) (2,861) (8,775) finance Taxation Net taxation recovered 546 245 363 _______ ______ _______ Net cash inflow from taxation 546 245 363 Capital expenditure and financial investment Payments to acquire investments (47,866) (102,848) (336,325) Receipts from disposal of investments 40,507 115,617 352,554 Exchange losses (51) (287) (7,029) ________ _______ ________ Net cash inflow from capital expenditure (7,410) 12,482 9,200 and financial investment Equity dividends paid Dividends paid (9,526) (9,513) (13,357) _______ _______ _______ Cash outflow from equity dividends (9,526) (9,513) (13,357) Net cash (outflow)/inflow before use of (11,853) 9,677 3,332 liquid resources and financing Financing Repurchase of ordinary share capital (3,321) - (6,254) Repayment of preference share capital - - (2,843) Movement in short-term borrowings 10,000 - (10,000) Movement in long-term borrowings - - (2,306) _______ _______ ________ Net cash inflow/(outflow) from financing 6,679 - (21,403) (Decrease)/increase in cash (5,174) 9,677 (18,071)

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