Interim Results

Finsbury Worldwide Pharm Tst PLC 19 November 2004 For immediate release 19 November 2004 FINSBURY WORLDWIDE PHARMACEUTICAL TRUST PLC Preliminary Results for the six months ended 30 September 2004 Finsbury Worldwide Pharmaceutical Trust PLC today announces its interim results for the six months ended 30 September 2004. Financial Highlights 30 September 31 March % Change 2004 2004 Shareholders' Funds Â£185.1m Â£188.6m -1.8 Net Asset Value per share 471.2p 480.0p -1.8 Share price 464.5p 466.0p -0.3 Discount 1.4% 2.9% - Datastream World Pharmaceutical Index (total return, sterling adjusted) 6,192.8 6,154.4 +0.6 FTSE All-Share (total return) 2,460.2 2,340.2 +5.1 Gearing 21% 19% - Net Asset Value per share As at 17 November 2004 (unaudited) 449.3p Chairman, Ian Ivory, commented: â€¢ The Directors have today announced proposals for a Placing and Offer for Subscription of new Ordinary shares with warrants to raise up to Â£100 million, before expenses. â€¢ The number of profitable biotechnology discovery companies is increasing and the prospects for these companies in the market place are looking increasingly bright. â€¢ Taken as a whole, we believe that the outlook for worldwide biotechnology and pharmaceutical investing is promising and your Board continue to believe that the long term investor in this sector will be well rewarded. Attached: * Chairman's Statement * Statement of Total Return * Balance Sheet * Cash Flow Statement * Notes to the interim accounts For further information please contact: Ian Ivory, Finsbury Worldwide Pharmaceutical Trust PLC 01828 640 383 Alastair Smith, Close Finsbury Asset Management Limited 020 7426 6240 Tracey Lago, Close Finsbury Asset Management Limited 020 7426 6219 Jo Stonier/Eleanor Clarke, Quill Communications 020 7763 6976 Chairman's Statement Performance The six months to 30 September 2004 was a more difficult period relative to the buoyant conditions of 2003 and in terms of investment performance the net asset value per share declined by 1.8% from 480.0p per share to 471.2p per share (six months ended 30 September 2003, increase of 28.5%). This compared to a small increase in the Datastream World Pharmaceutical Index of 0.6% (six months ended 30 September 2003, increase of 5.8%). The Company's share price fell slightly during the period by 0.3% from 466.0p per share to 464.5p per share (six months ended 30 September 2003, increase of 32.1%). The Company's rating in the market held up well over the period despite the more difficult conditions and as at 30 September 2004 the share price discount to net asset value per share stood at 1.4%. Revenue and Dividends The primary aim of the Company is capital growth and in line with expectations the revenue generated by the Company's investment portfolio continues to be modest. The Board's intention remains only to declare final dividends and then only to the extent required to maintain investment trust status. Accordingly, no interim dividend is proposed. Proposed Secondary Issue of Shares Your Board announced on 11 October 2004 that the Directors were considering proposals for an issue of additional shares in the Company. The Directors have today announced proposals for a Placing and Offer for Subscription of new Ordinary shares with warrants to raise up to Â£100 million, before expenses. The Directors are also proposing an issue of warrants without cost to qualifying shareholders and changes to the Articles of Association in relation to the continuation of the Company. A separate circular is being despatched to shareholders providing full details of these proposals. In order to proceed with the proposals, it will be necessary for shareholders to pass certain resolutions to be proposed at an Extraordinary General Meeting of the Company to be held on 13 December 2004. A notice convening that EGM is enclosed within the shareholder circular. Outlook The number of profitable biotechnology discovery companies is increasing and the prospects for these companies in the market place are looking increasingly bright. To these companies can be added other promising opportunities based on new skills such as genomics, which are now entering human trials. Taken as a whole, we believe that the outlook for worldwide biotechnology and pharmaceutical investing is promising and your Board continue to believe that the long term investor in this sector will be well rewarded. Ian Ivory Chairman 19 November 2004 Statement of Total Return Incorporating the revenue account for the six months ended 30 September 2004 (unaudited) (Unaudited) (Unaudited) (Audited) Six months Six months Year ended ended ended 30 September 30 September 31 March 2004 ------------ 2004 2003 ------- ------- ------- ------- ------- ------- ------- ------- ------- Revenue Capital Total Revenue Capital Total Revenue Capital Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 ------------ ------- ------- ------- ------- ------- ------- ------- ------- ------- (Losses)/ gains - (2,809) (2,809) - 42,327 42,327 - 47,110 47,110 on investments Exchange (losses)/ gains on currency balances - (592) (592) - 1,413 1,413 - 4,337 4,337 Income (note 2) 809 - 809 1,017 - 1,017 1,854 - 1,854 Investment management and performance - (55) (55) - (2,627) (2,627) - (5,586) (5,586) fees (note 4) Other (323) 30 (293) (297) (455) (752) (727) (503) (1,230) expenses ------- ------- ------- ------- ------- ------- ------- ------- ------- ------------ Net return/ (loss) before finance 486 (3,426) (2,940) 720 40,658 41,378 1,127 45,358 46,485 costs and taxation Interest payable and similar charges - (417) (417) - (345) (345) - (704) (704) ------------ ------- ------- ------- ------- ------- ------- ------- ------- ------- Return/ (loss) on ordinary activities before 486 (3,843) (3,357) 720 40,313 41,033 1,127 44,654 45,781 taxation Taxation on ordinary activities (158) 50 (108) (214) 100 (114) (344) 131 (213) ------------ ------- ------- ------- ------- ------- ------- ------- ------- ------- Return/ (loss) on ordinary activities 328 (3,793) (3,465) 506 40,413 40,919 783 44,785 45,568 after taxation Dividends on Ordinary shares - - - - - - (511) - (511) ------------ ------- ------- ------- ------- ------- ------- ------- ------- ------- Transfer to/(from) reserves 328 (3,793) (3,465) 506 40,413 40,919 272 44,785 45,057 ------------ ------- ------- ------- ------- ------- ------- ------- ------- ------- Return/ (loss) per Ordinary 0.8p (9.7)p (7.9)p 1.3p 102.9p 104.2p 2.0p 114.0p 116.0p share (note ------- ------- ------- ------- ------- ------- ------- ------- ------- 1) ------------ The revenue columns of this statement represent the revenue accounts of the Company. Balance Sheet As at 30 September 2004 -------------------------- ----------- ---------- ---------- (Unaudited) (Unaudited) (Audited) 30 September 30 September 31 March 2004 2003 Â£'000 Â£'000 2004 Â£'000 -------------------------- ----------- ---------- ---------- Fixed asset investments 223,135 219,005 234,432 -------------------------- ----------- ---------- ---------- Current assets Debtors 429 404 443 Cash at bank 6,529 9,168 188 -------------------------- ----------- ---------- ---------- 6,958 9,572 631 Creditors Amounts falling due within one year (44,975) (44,132) (46,480) -------------------------- ----------- ---------- ---------- Net current liabilities (38,017) (34,560) (45,849) -------------------------- ----------- ---------- ---------- Net Assets 185,118 184,445 188,583 -------------------------- ----------- ---------- ---------- Capital and reserves Called up share capital 9,823 9,823 9,823 Share premium 46,763 46,763 46,763 Capital reserves - realised 99,343 98,624 92,826 Capital reserves - unrealised 27,658 27,798 37,968 Capital redemption reserve 375 375 375 Revenue reserve 1,156 1,062 828 -------------------------- ----------- ---------- ---------- Total shareholders' funds 185,118 184,445 188,583 -------------------------- ----------- ---------- ---------- Net asset value per Ordinary share (note 3) 471.2p 469.5p 480.0p -------------------------- ----------- ---------- ---------- Cash Flow Statement For the six months ended 30 September 2004 ------------------------- ---------- ----------- ----------- (Unaudited) (Unaudited) (Audited) Six months Six months Year ended ended ended 30 September 30 September 31 March 2004 2003 2004 Â£'000 Â£'000 Â£'000 ------------------------- ---------- ----------- ----------- Net outflow from operating activities (822) (432) (1,246) Servicing of finance Interest paid (408) (361) (721) ------------------------- ---------- ----------- ----------- (1,230) (793) (1,967) ------------------------- ---------- ----------- ----------- Taxation 26 92 94 Taxation recovered ------------------------- ---------- ----------- ----------- Financial Investments Purchases of investments (22,824) (46,707) (81,920) Sales of investments 29,238 45,835 72,478 ------------------------- ---------- ----------- ----------- Net cash inflow/(outflow) from financial investments 6,414 (872) (9,442) Equity dividends paid (511) (393) (393) ------------------------- ---------- ----------- ----------- Net cash inflow/(outflow) before financing 4,699 (1,966) (11,708) Financing Increase in short term loans 1,511 12,150 9,065 ------------------------- ---------- ----------- ----------- Net cash inflow from financing 1,511 12,150 9,065 ------------------------- ---------- ----------- ----------- Increase/(decrease) in cash for the period 6,210 10,184 (2,643) ------------------------- ---------- ----------- ----------- Notes to the Interim Accounts 1. Return/(loss) per Ordinary share Revenue return per Ordinary share is calculated by dividing the net revenue available for Ordinary shareholders of Â£328,000 (six months ended 30 September 2003: Â£506,000; year ended 31 March 2004: Â£783,000) by 39,290,000 (30 September 2003: 39,290,000; 31 March 2004: 39,290,000) being the number of Ordinary shares in issue during the period. Capital return or loss per Ordinary share is calculated by dividing the net capital loss attributable to Ordinary shareholders of Â£3,793,000 (six months ended 30 September 2003: Â£40,413,000 profit; year ended 31 March 2004: Â£44,785,000 profit) by 39,290,000 (30 September 2003: 39,290,000; 31 March 2004: 39,290,000) being the number of Ordinary shares in issue during the period. 2. Income (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30 September 30 September 31 March 2004 2003 2004 Â£'000 Â£'000 Â£'000 Investment income 804 1,016 1,663 Bank interest 3 1 191 Other income 2 - - Total 809 1,017 1,854 3. Net Asset Value per Ordinary share (Unaudited) (Unaudited) (Audited) 30 September 30 September 31 March 2004 2003 2004 Net asset value per Ordinary share 471.2p 469.5p 480.0p The net asset value per Ordinary share is based on the assets attributable to ordinary shareholders of Â£185,118,000 (30 September 2003: Â£184,445,000; 31 March 2004: Â£188,583,000) and on 39,290,000 Ordinary shares (30 September 2003: 39,290,000; 31 March 2004: 39,290,000) being the number of Ordinary shares in issue at the end of the period. 4. Investment Management and Performance Fees (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30 September 30 September 31 March 2004 2003 2004 Â£'000 Â£'000 Â£'000 Investment management fee 1,138 1,073 2,219 Performance fee accrual (1,083) 1,554 3,367 Total 55 2,627 5,586 5. Comparative information The figures and the financial information for the year ended 31 March 2004 are an extract from the latest published accounts and do not constitute statutory accounts for that year as defined by Section 240 of the Companies Act 1985. Those accounts have been delivered to the Registrar of Companies and included the report of the auditors which was unqualified and did not contain a statement under either Section 237 (2) and 237 (3) of the Companies Act 1985. - END - This information is provided by RNS The company news service from the London Stock Exchange

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