Interim Results
Schroder Split Investment Fund PLC
20 June 2003
20 June 2003
PRESS RELEASE
Interim results
The Directors of Schroder Split Investment Fund plc announce the unaudited
interim results of the Group for the six months ended 30 April 2003.
Highlights 30 April 2003 31 October 2002
% change
Pence Pence
Net asset value per
- Zero Dividend Preference Share 109.75p 105.76p 3.77
- Ordinary Share 61.97p 65.50p (5.39)
Share price per
- Zero Dividend Preference Share 117.00p 105.25p 11.16
- Ordinary Share 56.00p 49.00p 14.29
Total return to shareholders Results for the
6 months to
30 April 2003
£'000
Zero Dividend Preference Shares 1,096
Ordinary Shares (302)
Chairman's Statement
Performance
Although in absolute terms performance has been disappointing, on a comparative
basis, performance has been strong for the six month period to 30 April 2003. To
illustrate this, the Group's net asset value has significantly outperformed both
the FTSE All-Share Index and the FTSE 350 Higher Yield Index. Group assets have
fallen by 0.6% whilst the Indices have fallen 3.4% and 6.4% respectively. We are
pleased to report that the Company's level of discount to net asset values has
narrowed during the period.
Dividend
The Board has announced two interim dividends for the accounting year ending 31
October 2003 of 1.40 pence each per share.
The Directors currently expect that they will be able to declare dividends
totalling 6.00 pence per share in the current year. This compares with the total
of 4.50 pence per share paid in respect of the nine-month period from the
commencement of operations to the end of the first accounting period on
31 October 2002. These amounts are therefore directly comparable and in line
with the dividend expectations set out in the Prospectus.
Portfolio and Gearing
The Group has not, since inception, held any interests in other split capital
investment trusts and I re-iterate that we have no intention of holding such
investments in the future.
Approximately 28.2% of our total assets are invested in fixed interest
securities whilst our Bank loan of £12.1m represented 17.9% of total assets at
30 April 2003.
Outlook
The high quality of the Group's equity portfolio coupled with the Group's
exposure to investment grade bonds has continued to impact positively on
performance. Furthermore, between 30 April 2003 and 12 June 2003, net assets
rose by 7.6% compared to an increase in the FTSE All Share Index of 7.3%.
John Padovan
Chairman
20 June 2003
Unaudited Group Statement of Total Return
Results for the six months Results for the period ended
30 April 2003 31 October 2002
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Realised losses on investments - (2,216) (2,216) - (293) (293)
Unrealised losses on investments - 1,789 1,789 - (8,925) (8,925)
Income 1,913 - 1,913 2,756 - 2,756
Investment management fee (60) (90) (150) (117) (175) (292)
Other administrative expenses (179) - (179) (253) - (253)
Return / (deficit) on ordinary 1,674 (517) 1,157 2,386 (9,393) (7,007)
activities before finance costs and
taxation
Interest payable (145) (218) (363) (219) (329) (548)
Provision for the redemption of Zero - (1,096) (1,096) - (1,583) (1,583)
dividend preference shares in the
subsidiary
Return / (deficit) on ordinary 1,529 (1,831) (302) 2,167 (11,305) (9,138)
activities before taxation
Taxation on ordinary activities (87) 87 - (127) 127 -
Return/(deficit) after taxation
attributable to ordinary shareholders
1,442 (1,744) (302) 2,040 (11,178) (9,138)
Dividends : ordinary shares
- first interim dividend (577) - (577) (577) - (577)
- second interim dividend (577) - (577) (577) - (577)
- third interim dividend - - - (700) - (700)
Transfer to reserves 288 (1,744) (1,456) 186 (11,178) (10,992)
Return per ordinary share 3.50p (4.23)p (0.73)p 4.95p (27.13)p (22.18)p
Dividends per share 2.80p - 2.80p 4.50p - 4.50p
Zero dividend preference shares - 3.99p 3.99p - 5.76p 5.76p
Unaudited Abridged Group Cash Flow Statement Results for the Results for the
six months period ended
30 April 2003 31 October 2002
£'000 £'000
Net cash inflow from operating activities 1,205 2,025
Bank loan interest paid (363) (548)
Dividends paid (1,277) (1,154)
UK tax paid (24) (136)
Net cash inflow/(outflow) from investing activities 57 (19,631)
Net cash (outflow)/inflow from financing (9) 20,437
Net cash (outflow)/inflow (411) 993
Summary Unaudited Summary Unaudited Summary Balance Summary Balance
Balance Sheets at 30 Balance Sheets at 30 Sheets at 31 Sheets at 31
April 2003 April 2003 October 2002 October 2002
Group Company Group Company
£'000 £'000 £'000 £'000
Fixed Asset Investments
Equities listed in the United Kingdom 48,340 48,340 48,839 48,839
Fixed interest investments 19,126 19,126 18,715 18,715
Investment in subsidiary - 50 - 50
67,466 67,516 67,554 67,604
Net current assets 309 259 581 531
Creditors : Amounts falling due after
more than one year
Loan facility (12,100) (12,100) (12,100) (12,100)
Amount owed to group undertaking - (30,146) - (29,050)
Zero dividend preference shares in (30,146) - (29,050) -
the subsidiary
Net Assets 25,529 25,529 26,985 26,985
Funds attributable* to
Ordinary shares 25,529 26,985
Zero dividend preference shares in
the subsidiary 30,146 29,050
55,675 56,035
Net asset value per zero dividend 109.75p 105.76p
preference share
Net asset value per ordinary share 61.97p 65.50p
*Funds Attributable may be defined as the net assets employed before deducting
amounts owed in respect of zero dividend preference shares .
Notes
1.The above financial information is unaudited and does not amount to statutory
accounts under Section 240 of the Companies Act 1985 (as amended). The statutory
accounts for the period from 6 December 2001 to 31 October 2002 have been
delivered to the Registrar of Companies.
2.The Group accounts consolidate the accounts of the Company and its wholly
owned subsidiary Schroder Split ZDP plc.
3.As permitted by Section 230 of the Companies Act 1985, the Company has not
presented its own revenue account. The net revenue after taxation for the period
to 30 April 2003 of the Company dealt with in the accounts of the Group was
£1,442,000 (31 October 2002 : £2,040,000.)
This statement was approved by the Board of Directors on 20 June 2003.
The Interim Report for the period ended 30 April 2003 will be mailed to
shareholders at their registered addresses in July 2003 and from the date of
release copies of the Interim Report will be available to the public at the
Company's registered office: 31 Gresham Street, London, EC2V 7QA.
Enquiries: Schroder Investment Management Limited
Neil Olofsson (020 7658 3496)
20 June 2003
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