Dividend Declaration Annual results for the yea...
To: Stock Exchange For immediate
release:
12 May 2005
Securities Trust of Scotland plc
Annual results for the year ended 31 March 2005
Interim dividends for the year ended 31 March 2005 and the year commencing 1
April 2005
The directors have announced today that the company will pay a second interim
dividend for the year ended 31 March 2005 of 2.70p per share. Together with the
first interim dividend of 2.00p per share paid on 17 December 2004, this makes a
total of 4.70p per share for the year, an increase of 3.3% on the 4.55p per
share paid in respect of the year to 31 March 2004.
The directors have also declared a first interim dividend of 2.00p per share in
respect of the year that commenced on 1 April 2005.
These dividends will be paid on 17 June 2005 to shareholders on the register on
20 May 2005.
Following the hostile takeover approach from Perpetual Income and Growth
Investment Trust plc, which has now lapsed, the board announced proposals to
reconstruct and wind up the company. Accordingly, the board does not consider
the going concern basis to be appropriate for the preparation of the results for
the year ended 31 March 2005. The annual results have therefore been prepared
on a break-up basis. Provision has been made for the estimated costs of
terminating operations and adjustments have been made to reduce the value of
assets to their realisable value.
- ends -
For further information, please contact:
Tom Maxwell or Michael Woodward
Martin Currie Investment Management 0131 229 5252
Ltd
tmaxwell@martincurrie.com /
mwoodward@martincurrie.com
SECURITIES TRUST OF SCOTLAND plc
Statement of total return (incorporating the revenue account*) for the
year ended 31 March 2005
Unaudited
Revenue Capital Total
£'000 £'000 £'000
Gains on - realised - 21,333 21,333
investments
- unrealised - 27,678 27,678
Currency losses - - -
Income - franked 17,416 - 17,416
- unfranked 682 - 682
Investment management fee (554) (1,292) (1,846)
Termination fee (278) (649) (927)
Administrative expenses (736) (82) (818)
Reconstruction costs (2,389) - (2,389)
_______ _______ _______
Net return before finance costs and 14,141 46,988 61,129
taxation
Interest payable and similar charges (2,326) (5,428) (7,754)
Charge on repurchase of debentures - (26,230) (26,230)
_______ _______ _______
Return on ordinary activities before 11,815 15,330 27,145
taxation
Taxation on ordinary activities - - -
_______ _______ _______
Return attributable to equity shares 11,815 15,330 27,145
Dividends in respect of equity shares (14,318) - (14,318)
(4.70p per share)
_______ _______ _______
Transfer (from)/to reserves (2,503) 15,330 12,827
_______ _______ _______
Return per ordinary share 3.86p 5.01p 8.87p
* 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. No operations were acquired or discontinued in the year.
The financial information contained within this preliminary announcement does
not constitute the company's statutory financial statements as defined in
section 240 of the Companies Act 1985 for the years ended 31 March 2004 or 2005,
but is derived from those financial statements. Statutory financial statements
for 2005 have not yet been delivered to the Registrar of Companies, nor have the
auditors yet reported on them. Those for 2004 have been delivered to the
Registrar of Companies and include the auditors' report which was unqualified
and did not contain a statement under either s237 (2) or (3) of the Companies
Act 1985.
The terms of the preliminary announcement were approved by the board on 12 May
2005.
SECURITIES TRUST OF SCOTLAND plc
Statement of total return (incorporating the revenue account*) for the
year ended 31 March 2004
Audited
Revenue Capital Total
£'000 £'000 £'000
Gains on - realised - 12,214 12,214
investments
- unrealised - 54,492 54,492
Currency losses (113) (113)
Income - franked 17,886 - 17,886
- unfranked 1,427 - 1,427
Investment management fee (593) (1,383) (1,976)
Termination fee - - -
Administrative expenses (636) (28) (664)
Reconstruction costs - - -
_______ _______ _______
Net return before finance costs and 18,084 65,182 83,266
taxation
Interest payable and similar charges (2,940) (6,861) (9,801)
Charge on repurchase of debentures - - -
_______ _______ _______
Return on ordinary activities before 15,144 58,321 73,465
taxation
Taxation on ordinary activities (74) - (74)
_______ _______ _______
Return attributable to equity shares 15,070 58,321 73,391
Dividends in respect of equity shares (14,177) - (14,177)
(4.55p per share)
_______ _______ _______
Transfer from reserves 893 58,321 59,214
_______ _______ _______
Return per ordinary share 4.83p 18.70p 23.53p
* 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. No operations were acquired or discontinued in the year.
SECURITIES TRUST OF SCOTLAND plc
BALANCE SHEET
As at 31 March 2005 As at 31 March 2004
(unaudited) (audited)
£000 £000 £000 £000
Investments at market
value
Listed on Stock Exchanges 417,342 439,247
in the UK
Unlisted at Directors' - -
valuation
_______ _______
417,342 439,247
Current assets
Debtors 4,685 9,450
Cash at bank 7,876 1,909
_______ _______
12,561 11,359
Creditors
Amounts falling due within (100,713) (55,422)
one year
_______ _______
Net current liabilities (88,152) (44,063)
_______ _______
Total assets less current 329,190 395,184
liabilities
Creditors
Amounts falling due after
one year
Debentures and loans - (73,922)
_______ _______
Total assets attributable 329,190 321,262
to share capital
_______ _______
Capital and reserves
Called up ordinary share 76,161 77,581
capital
Capital redemption reserve 3,919 2,499
Realised capital reserve 184,426 201,673
Unrealised capital reserve 58,329 30,651
Revenue reserve 6,355 8,858
_______ _______
Equity shareholders' funds 329,190 321,262
_______ _______
Net asset value per 108.06p 103.53p
ordinary share
SECURITIES TRUST OF SCOTLAND plc
STATEMENT OF CASH FLOW
Year to Year to
31 March 2005 31 March 2004
(unaudited) (audited)
£000 £000 £000 £000
Operating activities
Net dividends and interest 19,230 18,628
received from investments
Investment management fee (1,846) (1,976)
Cash paid to and on behalf of (65) (78)
Directors
Bank charges (22) (19)
Other cash payments (1,354) (543)
_______ _______
Net cash inflow from operating 15,943 16,012
activities
Servicing of finance
Interest paid (8,036) (9,801)
Charge on repurchase of (11,842) -
debenture stock
_______ _______
Net cash outflow from (19,878) (9,801)
servicing of finance
Taxation
Foreign taxation recovered - 24
_______ _______
Net cash inflow from taxation - 24
Capital expenditure and
financial investment
Payments to acquire (79,247) (104,479
investments )
Receipts from disposal of 150,141 97,640
investments
_______ _______
Net cash inflow/ (outflow) 70,894 (6,839)
from investing activities
Equity dividends paid (6,093) (24,317)
_______ _______
Net cash inflow/ (outflow) 60,866 (24,921)
before use of liquid resources
and financing
Financing
Repurchase of ordinary share (4,899) (1,528)
capital
Repayment of bank borrowings (50,000) -
and debentures
_______ _______
Net cash outflow from (54,899) (1,528)
financing
_______ _______
Increase/ (decrease) in cash 5,967 (26,449)
for the year
_______ _______
SECURITIES TRUST OF SCOTLAND plc
NOTES TO THE STATEMENT OF CASH FLOW
Reconciliation of net return before finance costs and taxation to net cash
inflow from operating activities
Year to Year to
31 March 2005 31 March 2004
(unaudited) (audited)
£000 £000
Net revenue before interest 14,141 18,084
payable and taxation
Decrease/(increase) in 1,109 (637)
accrued income and other
debtors
Increase/ (decrease) in 2,637 (20)
creditors
Capitalised management (1,941) (1,383)
expenses
Capitalised expenses (54) -
Amortised debenture issue 12 12
expenses and discount
Net taxation withheld 8 (74)
Effective yield adjustment 31 30
_______ _______
Net cash inflow from 15,943 16,012
operating activities
_______ _______
Reconciliation of net cash flow to movement in net debt
Year to Year to
31 March 2005 31 March 2004
(unaudited) (audited)
£000 £000
Increase/(decrease) in cash 5,967 (26,449)
in the period
Repayment of bank borrowings 50,000 -
and debenture
_______ _______
Change in net debt resulting 55,967 (26,449)
from cashflows
Expenses amortised in period (40) (40)
Revaluation of 6.25% (14,388) -
debenture
_______ _______
Movement in net debt in the 41,539 (26,489)
period
Net debt as at 1 April (122,013) (95,524)
_______ _______
Net debt as at 31 March (80,474) (122,013)
_______ _______
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