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Murray Intnl.Tst. (MYI)

  Print      Mail a friend       Annual reports

Friday 07 February, 2003

Murray Intnl.Tst.

Final Results

Murray International Trust PLC
07 February 2003


Results for the Year to 31 December 2002

The Directors announce the results, subject to final audit, of Murray
International Trust PLC for the year ended 31 December 2002.

Key Facts

  • NAV total return of -21.6% compared with benchmark return of -25.3%.

  • Maintained final dividend of 5.95p per share for the year ended 31
    December 2002.

  • Maintain the three interim dividends, each of 3.45 pence per share, for
    the year ended 31 December 2003.

  • Substantial revenue reserves - over two times current annual dividend


At the start of the year under review it was widely expected that, following
aggressive monetary easing by the US Federal Reserve throughout 2001, global
economic growth would recover and thereby help to underpin rather unsettled
equity markets. Our own view was that some recovery was assured but that there
were structural impediments relating mainly to high levels of indebtedness and a
very large current account deficit in the United States, that would act to
constrain the eventual pace of recovery. Nonetheless, we had expected that
economic recovery would generate some profits growth which might act to
stabilise equity markets. However, in the event, global equity markets saw falls
ranging from 18% for Japan and Asia to almost 30% for the United States, even
though the eventual outcome in terms of economic growth rates was in line with,
or even ahead of, general expectations. With hindsight, we can see that part of
the problem must have lain with still high valuations at the outset,
particularly in the USA, but there have also been issues relating to the true
level of reported profits and, of course, the prospect of a Middle East war,
with a concomitant rise in the oil price, has been a depressing factor. As if
any reminder were needed, the year 2002 also served to illustrate that, in a
below trend economic growth environment, corporate profits will come under
pressure and this is likely to remain a relevant factor for the year ahead.


The Net Asset Value showed a total return for the year to 31 December 2002 of -
21.6% compared with a return on the benchmark index of -25.3%. The main
positives from an asset allocation standpoint were the significantly underweight
position in the United States and the overweight positions in Emerging Markets
and in Japan. Stock selection overall was also positive with strong relative
performance in particular from the European and Japanese portfolios as well as
the Pacific (ex Japan). Another good year for bond markets also saw a positive
return from the fixed interest portfolio, which largely comprises bonds issued
by investment grade corporate issuers and is financed by borrowings in yen.

In general terms the subdued economic background described above meant that the
more defensive areas of the market place, such as non-cyclical consumer goods,
resources and utilities, fared better than the wider market and this was a
helpful factor to stock selection in the overall portfolio.

Share buybacks

The Company continued to buy back its shares in the market during the year.

At the last Annual General Meeting on 13 May 2002, shareholders renewed the
authorisation of the Company to buy back up to 14.99% of its own shares in the
market. During the year ended 31 December 2002, share repurchases totalling
2,062,000 Ordinary shares (2.3% of the issued Ordinary share capital at 31
December 2001) took place at an average price of 369.1p and this benefited the
net asset value by 0.36%.

In addition, during the year ended 31 December 2002, 79,947 B Ordinary shares
(6.7% of the issued B Ordinary share capital at 31 December 2001 were bought
back at an average price of 445p.

At the Annual General Meeting on 12 May 2003, shareholders will be asked to
renew the power to permit the Company to buyback its shares for the following
twelve months.


The Directors are proposing, as forecast, a maintained final dividend of 5.95p
per share for the year ended 31 December 2002, payable on 23 May 2003 to
shareholders on the register on 25 April 2003. With three interims each of 3.45p
already paid, this makes a total for the year of 16.3p equal to that paid for
the previous year. The equity earnings of the Company do not wholly cover this
payment but the revenue reserve built up from earlier undistributed earnings is
substantial, being 2 times the current annual dividend cost.

Your Board now proposes that three interim dividends of 3.45p per share be paid
for the year to 31 December 2003, payable on 15 August 2003, 17 November 2003
and 16 February 2004.

B Ordinary shareholders will receive a capitalisation in B Ordinary shares on 23
May 2003 amounting to 4.62299 B Ordinary shares for every hundred held at the
close of business on 25 April 2003, which is equivalent in Net Asset Value to
the recommended final dividend and three interim dividends for the current year.

The Board

It was with great sadness that we learned of the death, on 26 January 2003, of
your former Chairman, the Rt Hon Viscount Younger of Leckie. Due to his ill
health, he had resigned from the Board on 6 November 2002. Viscount Younger was
appointed to the Board in November 1989 and became Chairman in April 1993. He
served the Company well during his time in office and his leadership and
involvement in the Company's affairs were greatly valued by the Board.
Shareholders will be aware that he was held in the highest regard by his
colleagues on the Board, the City and all who had dealings with him in his many
and varied interests.

Following Viscount Younger's resignation, John Trott who became a Director on 23
October 2000, was appointed as Chairman.


At the time of writing we are witnessing a major build up of military personnel
and weaponry in preparation for a possible war with Iraq. The markets have been
weak reflecting the uncertainty. Short term this uncertainty will remain an
important factor but in the absence of some catastrophe exacerbating the squeeze
on the oil price and/or extending the range of the conflict, this is not the key
issue confronting equity markets at present. The key determinants remain, as
ever, the rate of economic growth, the level of corporate profits which result
and the level of valuation that is placed upon those profits. Current leading
indicators present a very mixed picture for the global economy with some
worrying signs that the all important consumer in the US, who has sustained his
levels of expenditure through mortgage refinancings and various credit
mechanisms, may now be drawing in his horns. In this event it is unlikely that
consensus forecasts for economic growth will be met and a relatively cautious
approach may remain appropriate.

However, with the exception of the United States, markets have now reached
acceptable valuations and it may not be long before a base is reached. The Board
and the Managers will be looking to take advantage of any opportunities that
might arise.

Statement of Total Return
(incorporating the Revenue Account of the Company*)
For the year ended 31 December 2002

                                               Year ended                             Year ended
                                            31 December 2002                      31 December 2001
                                      Revenue     Capital         Total       Revenue      Capital        Total
                                        £'000       £'000         £'000         £'000        £'000        £'000
Losses on investments                      -      (92,403)      (92,403)           -      (103,398)    (103,398)
Income from investments                17,310           -        17,310        18,027            -       18,027
Other income                              208           -           208           274            -          274
Investment management fees             (1,033)     (2,410)       (3,443)       (1,376)      (3,211)      (4,587)
Currency (losses) gains                     -      (4,847)       (4,847)            -        6,426        6,426
Other expenses                         (1,226)          -        (1,226)       (1,344)           -       (1,344)

Net return before finance
costs and taxation                     15,259     (99,660)      (84,401)        15,581    (100,183)     (84,602)

Finance costs of borrowing             (1,067)     (2,490)       (3,557)        (1,404)     (3,276)      (4,680)

Return on ordinary activities          14,192    (102,150)      (87,958)        14,177    (103,459)     (89,282)
before taxation

Tax on ordinary activities             (2,141)      1,444          (697)       (1,914)       1,372         (542)
Return attributable to equity          12,051    (100,706)      (88,655)       12,263     (102,087)     (89,824)
Ordinary dividends on equity          (14,052)          -       (14,052)      (14,839)           -      (14,839)
Transfer from reserves                 (2,001)   (100,706)     (102,707)       (2,576)    (102,087)    (104,663)
Return per ordinary share                13.8      (115.5)       (101.7)         13.6       (113.6)      (100.0)

Return per ordinary share                13.6      (114.0)       (100.4)         13.5       (112.1)       (98.6)
assuming full conversion of the
B ordinary shares

* The revenue column of this statement is the profit and loss account of the Company.

Balance Sheet
As at 31 December 2002
                                                           As at                      As at
                                                      31 December 2002          31 December 2001
                                                     £'000        £'000        £'000        £'000
Fixed assets
Investments                                                     406,040                   533,708

Current assets
Debtors                                              4,374                     4,823
Cash and short term deposits                         4,298                     1,374
                                                     8,672                     6,197
Amounts falling due within one year                 18,239                    14,565

Net current liabilities                                         (9,567)                   (8,368)
Total assets less current liabilities                           396,473                   525,340

Amounts falling due after more than one year                     87,725
                                                                308,748                   419,479
Capital and reserves
Equity shareholders' interest:
Called up share capital                                          21,876                    22,402
Share premium account                                                23                        23
Capital redemption reserve                                        8,230                     7,694
Capital reserve - realised                                      300,788                   378,404
Capital reserve - unrealised                                   (51,265)                  (20,141)
Revenue reserve                                                  29,096                    31,097
                                                                308,748                   419,479
Net asset value per ordinary and B ordinary
share (pence)                                                     352.8                     468.1

Murray International Trust PLC
Cash Flow Statement
For the year ended 31 December 2002

                                                          Year ended                Year ended
                                                          31 December               31 December
                                                              2002                      2001
                                                        £'000       £'000         £'000      £'000
Operating activities
Investment income received                             17,594                    18,438
Deposit interest received                                 193                       227
Underwriting commission received                           17                         -
Investment management fees paid                       (3,699)                   (4,365)
Secretarial fees paid                                   (106)                      (92)
Cash paid to and on behalf of directors                  (55)                      (62)
Other cash movements                                  (1,013)                     (885)
Net cash inflow from operating activities                          12,931                   13,261
Returns on investments and
servicing of finance
Interest paid                                                     (3,582)                   (4,713)
Financial investment
Purchase of investments                             (101,289)                 (331,680)
Sale of investments                                   146,178                   415,371
Net cash inflow from financial investment                                                    83,691
Equity dividends paid                                            (14,243)                  (14,750)
Net cash inflow before financing                                   39,995                    77,489
Loans repaid                                         (78,000)                 (146,110)
Loans drawn down                                       60,000                   144,110
Repurchase of ordinary shares                         (8,021)                  (77,021)
Net cash outflow from financing                                  (26,021)                  (79,021)
Increase (decrease) in cash                                        13,974                   (1,532)

The results stated above for the year ended 31 December 2001 are abridged from
the full accounts for that year, which received an unqualified report from the
auditors and have been filed with the Registrar of Companies.

A summary of the investment changes during the year and the twenty largest
investments at 31 December 2002 are attached.

The issued share capital at 31 December 2002 was 86,370,984 ordinary shares of
25p each and 1,136,666 B ordinary shares of 25p each.

Returns per share have been based on the following weighted average number of
ordinary shares in issue during each year.

Weighted average number of Ordinary shares            87,213,501

Weighted average number of Ordinary shares
assuming full conversion of the B Ordinary shares     88,370,679

Net asset value per ordinary and B ordinary share have been calculated after
deducting prior charges at nominal values. The number of B ordinary shares at 31
December 2001 has been restated to include the capitalisation issue of 41,568 B
ordinary shares on 24 May 2002.

The next date for conversion of the B ordinary shares to ordinary shares is 30
June 2003. The last date for receipt of certificates with the conversion notice
signed on the reverse is 23 June 2003.

If approved: (1) the proposed final dividend of 5.95p per share will be paid on
23 May 2003 to holders of ordinary shares on the register at the close of
business on 25 April 2003; (2) in respect of the year ending 31 December 2003,
three interim dividends of 3.45p per share on the ordinary shares of the company
in issue on 27 June 2003 will be paid on 15 August 2003, 17 November 2003, and
16 February 2004 to the persons who, at the close of business on 25 July 2003,
17 October 2003, and 16 January 2004 respectively, are the holders of such
shares; and (3) definitive certificates in respect of the B ordinary
capitalisation issue will be posted on 23 May 2003 to B ordinary shareholders on
the register at the close of business on 25 April 2003.

The Annual General Meeting will be held on 12 May 2003.

Copies of this announcement will be available to the public at the registered
office of the Company, 123 St Vincent Street, Glasgow G2 5EA.



7 February 2003

                                         Valuation              Transactions      Appreciation           Valuation
                                     31 December 2001                            (depreciation)      31 December 2002
                                           £'000         %             £'000             £'000      £'000            %
United Kingdom                           171,728      32.7           (5,710)          (39,930)    126,088         31.8
Americas                                 103,640      19.7           (6,975)          (32,604)     64,061         16.2
Europe & Africa                           74,413      14.2             (741)          (16,629)     57,043         14.4
Japan                                     46,432       8.8          (10,670)           (3,989)     31,773          8.0
Middle East, Far East &
Australasia                               25,966       4.9             (189)           (1,863)     23,914          6.0
                                         422,179      80.3          (24,285)          (95,015)    302,879         76.4
Fixed income
United Kingdom                            68,091      13.0           (2,318)           (1,631)     64,142         16.2
Europe & Africa                           43,438       8.3           (8,662)             4,243     39,019          9.8
                                         111,529      21.3          (10,980)             2,612    103,161         26.0
Net current liabilities                  (8,368)     (1.6)            14,853          (16,052)    (9,567)        (2.4)
Total Assets                             525,340     100.0          (20,412)         (108,455)    396,473        100.0

Summary of Net Assets                                                                             31 December 2002
                                                                                                     £000            %

Equities                                                                                          302,879         98.1
Fixed income                                                                                      103,161         33.4
Net current liabilities                                                                           (9,567)        (3.1)
Borrowings and prior capital                                                                     (87,725)       (28.4)
Equity shareholders' interest                                                                     308,748        100.0

as at 31 December 2002
                                                           Investment          Valuation            % of
Investment                                                 Area                    £'000    Total Assets
John Menzies 8.58% Cum Red Pref                            UK                     20,359             5.1
BP Amoco                                                   UK                     14,275             3.6
Atrium Underwriting                                        UK                     11,701             3.0
GlaxoSmithKline                                            UK                     10,668             2.7
Vodafone Group                                             UK                      9,332             2.4
March 2003 S & P Future                                    USA                     9,137             2.3
*Royal Bank of Scotland Group                              UK                      6,772             1.7
Shell Transport & Trading                                  UK                      6,573             1.7
*Abbey National                                            UK                      5,845             1.5
AstraZeneca                                                UK                      5,550             1.4
*Barclays                                                  UK                      4,932             1.2
Lloyds TSB                                                 UK                      4,861             1.2
Government of Hungary 8.50% 12/10/2004                     Hungary                 4,372             1.1
Sunamerica Inst Funding 5.375% 07/12/2009                  UK                      3,583             0.9
*Daily Mail & General                                      UK                      3,502             0.9
Petrobras ADR                                              Brazil                  3,328             0.8
HSBC Holdings                                              UK                      3,268             0.8
British American Tobacco                                   UK                      3,103             0.8
Diageo                                                     UK                      3,043             0.8
Pepsico                                                    USA                     3,016             0.7
                                                                                 137,220            34.6
* Holding comprises equity and fixed income securities.

                      This information is provided by RNS
            The company news service from the London Stock Exchange