Final Results

Aberdeen New Dawn Invest Trust PLC 08 July 2003 ABERDEEN NEW DAWN INVESTMENT TRUST PLC PRELIMINARY ANNOUNCEMENT OF ANNUAL UNAUDITED RESULTS for the year ended 30 April 2003 The year to 30 April 2003 has seen our asset value decline by 20.4% outperforming our benchmark index, the MSCI AC Asia Pacific Index (ex. Japan), which fell 22.4%. We are, however, proposing to increase the final dividend to 3.8p, a rise of 26.6%. This is the result of larger payouts from the underlying portfolio and, I believe, is a better reflection of the economic progress the region has achieved in the past year. This last financial year has presented global investors with many challenges and, as I stated in the Interim Report, the US accounting scandals and the concerns of a US/Iraq war had a negative effect on investor confidence. Since then doubts have arisen over the strength of the US economic recovery and Asia has been impacted by the SARS virus, directly affecting China, Hong Kong, Singapore and Taiwan and the aviation, retail and tourism industries across the region. In stock exchange terms Pakistan, Sri Lanka and Thailand were the only markets showing positive returns, rising 42.3%, 37.5% and 5.8% respectively. The largest declines occurred in Taiwan, Hong Kong and Korea, with negative returns of 33.4%, 29.6% and 27.4% respectively. However, since our year end and with the rally following the swift military conflict in Iraq, all our markets have risen with Sri Lanka, Thailand and China showing positive returns of 49.6%, 23.3% and 19.6%. Pakistan and Sri Lanka's exceptional performances are due to the relief rally post the Afghanistan conflict and the Tamil peace talks in Sri Lanka. Thailand and Indonesia led the rebound in South East Asia. Consumer spending and export growth have been the twin pillars supporting Thailand's recovery, while in Indonesia, a stronger rupiah, relative political stability and lower interest rates helped demand. Against a lacklustre global backdrop, relatively strong economic growth continued in Asia with China again the region's top performer recording 8% economic growth in 2002 as a result of substantial foreign investment and healthy personal consumption. Looking ahead we expect China again to show good growth, albeit at a slightly more moderate rate, and for elsewhere in the region to register growth in the order of 3-4% as domestic demand revives. A sustainable rebound is still contingent on a pick-up in the US economy, although China is developing as an engine of regional growth. There is some danger in a weaker dollar, since it makes exports from the rest of the world more expensive to the US consumer. Equally, US interest rate cuts allow for similar easing in Asia. Indeed, Asian companies continue to represent very good value and our managers in Singapore have used borrowings to increase exposure and have been taking advantage of the recent weakness in markets, partly caused by the SARS scare, to effect this. We are encouraged that companies have resisted any urge to jettison the hard-learnt disciplines of the 1997 crisis. Cash is being invested more sensibly - or indeed returned to shareholders. Governments have been similarly restrained, although overheating may catch up with one or two countries. I remain confident about the prospects for the region and believe that our investment strategy of selecting stocks with undemanding valuations will be able to maximise total return to Shareholders over the long term. Ronnie Scott Brown, our founder Chairman and Director, has regretfully chosen to reduce his business commitments and is not seeking re-election as a Director at the forthcoming Annual General Meeting. We as a Board, and I personally, wish to thank Ronnie for the dedication and integrity that he has shown over the past 14 years. Richard Clough Chairman 8 July 2003 Statement of Total Return --------------------------- ---------------- ---------------- Year ended Year ended 30 April 2003 30 April 2002 (unaudited) (audited) ------- ------ ------ ------- ------ ------ Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 --------------------------- ------- ------ ------ ------- ------ ------ (Losses)/gains on - (12,613) (12,613) - 11,138 11,138 investments Income 2,447 - 2,447 2,035 - 2,035 Investment management fee (219) (219) (438) (220) (220) (440) Other expenses (367) - (367) (342) - (342) Exchange (losses)/gains (47) 473 426 4 (23) (19) --------------------------- ------- ------ ------ ------- ------ ------ Net return/(loss) before 1,814 (12,359) (10,545) 1,477 10,895 12,372 finance costs and taxation Interest payable and (91) (91) (182) (93) (93) (186) similar charges --------------------------- ------- ------ ------ ------- ------ ------ Return/(loss) on ordinary 1,723 (12,450) (10,727) 1,384 10,802 12,186 activities before taxation Taxation on ordinary (537) 93 (444) (509) 94 (415) activities --------------------------- ------- ------ ------ ------- ------ ------ Return/(loss) on ordinary 1,186 (12,357) (11,171) 875 10,896 11,771 activities after taxation Dividends in respect of (884) - (884) (698) - (698) equity shares --------------------------- ------- ------ ------ ------- ------ ------ Transfer to/(from) 302 (12,357) (12,055) 177 10,896 11,073 reserves =========================== ======= ====== ====== ======= ====== ====== Return per Ordinary share 5.10 (53.11) (48.01) 3.76 46.83 50.59 (pence): =========================== ======= ====== ====== ======= ====== ====== The revenue column of this statement represents the revenue account of the Company. All revenue and capital items in the above statement derive from continuing operations. Balance Sheet ----------------------------------------- --------- --------- As at As at 30 April 2003 30 April 2002 (unaudited) (audited) --------- --------- £'000 £'000 ----------------------------------------- --------- --------- Fixed assets Investments 51,318 61,787 ----------------------------------------- --------- --------- Current assets Debtors 471 323 Cash at bank and in hand 1,308 835 ----------------------------------------- --------- --------- 1,779 1,158 Creditors: amounts falling due within one (6,079) (3,906) year ----------------------------------------- --------- --------- Net current liabilities (4,300) (2,748) ----------------------------------------- --------- --------- Total assets less current liabilities 47,018 59,039 Provision for liabilities and charges (98) (64) ----------------------------------------- --------- --------- Net assets 46,920 58,975 ========================================= ========= ========= Share capital and reserves Called-up share capital 5,817 5,817 Share premium account 9,317 9,317 Special reserve 14,138 14,138 Other reserves: Redemption reserve 10,207 10,207 Capital reserve - realised 4,688 5,711 Capital reserve - unrealised 285 11,619 Revenue reserve 2,468 2,166 ----------------------------------------- --------- --------- Equity Shareholders' funds 46,920 58,975 ========================================= ========= ========= Net asset value per Ordinary share 201.66 253.47 (pence): ========================================= ========= ========= Cash Flow Statement -------------------------------------- ------ ------ Year ended Year ended 30 April 2003 30 April 2002 (unaudited) (audited) ------ ------ £'000 £'000 £'000 £'000 -------------------------------------- ------ ------ ------ ------ Net cash inflow from operating 1,037 1,056 activities Servicing of finance Bank and loan interest paid (178) (197) -------------------------------------- ------ ------ ------ ------ Net cash outflow from servicing of (178) (197) finance Taxation Net UK tax (paid)/recovered (64) 40 Withholding tax paid (4) - -------------------------------------- ------ ------ ------ ------ Net tax (paid)/recovered (68) 40 Financial investment Purchases of investments (9,041) (11,357) Sales of investments 7,389 13,081 -------------------------------------- ------ ------ ------ ------ Net cash (outflow)/inflow from (1,652) 1,724 financial investment Equity dividend paid (698) (617) -------------------------------------- ------ ------ ------ ------ Net cash (outflow)/inflow before (1,559) 2,006 financing Financing Repurchase of Ordinary shares - (43) Drawdown/(repayment) of loan 1,559 (2,000) -------------------------------------- ------ ------ ------ ------ Net cash inflow/(outflow) from 1,559 (2,043) financing -------------------------------------- ------ ------ ------ ------ Increase/(decrease) in cash - (37) ====================================== ====== ====== ====== ====== Reconciliation of net cash flow to movements in net debt Increase/(decrease) in cash as above - (37) Cash (inflow)/outflow from (drawdown)/ (1,559) 2,000 repayment of loan Exchange movements 473 (23) -------------------------------------- ------ ------ ------ ------ Movement in net debt in the year (1,086) 1,940 Opening net debt (2,165) (4,105) -------------------------------------- ------ ------ ------ ------ Closing net debt (3,251) (2,165) ====================================== ====== ====== ====== ====== Notes: 1. Dividend The Directors have today declared a first and final dividend of 3.80p per Ordinary share for the year ended 30 April 2003 (2002 - 3.00p) which, if approved by Shareholders at the Annual General Meeting, will be payable on 26 August 2003 to Shareholders on the register on 25 July 2003 (Provisional Ex-Dividend 23 July 2003). 2. Income 2003 2002 £'000 £'000 Income from investments UK dividend income 66 61 Overseas dividends 2,214 1,946 Scrip dividends 143 - ------ ------ 2,423 2,007 ------ ------ Other income Deposit interest 24 28 ------ ------ Total income 2,447 2,035 ====== ====== 3. Return per share 2003 2002 Revenue Capital Total Revenue Capital Total p p p p p p Ordinary 5.10 (53.11) (48.01) 3.76 46.83 50.59 ======= ======= ======= ======= ======= ======= The revenue return per Ordinary share is based on net revenue after taxation of £1,186,000 (2002 - £875,000) and on 23,267,133 (2002 - 23,269,188) Ordinary shares, being the weighted average number of Ordinary shares in issue during the year. The capital loss per Ordinary share is based on a net capital loss for the year of £12,357,000 (2002 - gain of £10,896,000) and on 23,267,133 (2002 - 23,269,188) Ordinary shares, being the weighted average number of Ordinary shares in issue during the year. 4. Net asset value per share The net asset value per share and the net asset values attributable to Ordinary Shareholders at the year end calculated in accordance with the Articles of Association were as follows: Net asset value Net asset values per share attributable attributable 2003 2002 2003 2002 p p £'000 £'000 Ordinary shares 201.66 253.47 46,920 58,975 ======= ======== ======== ======= The movements during the year of the assets attributable to the Ordinary shares were as follows:- 2003 2002 £'000 £'000 Net assets attributable at 1 May 58,975 47,945 Total recognised (losses)/gains for the year (11,171) 11,771 Repurchase of Ordinary shares - (43) Dividends appropriated in the year (884) (698) ------- ------- Net assets attributable at 30 April 46,920 58,975 ======= ======= The net asset value per Ordinary share is based on net assets, and on 23,267,133 (2002 - 23,267,133) Ordinary shares, being the number of Ordinary shares in issue at the year end. 5. The financial information for the year ended 30 April 2003 comprises non-statutory accounts within the meaning of section 240 of the Companies Act 1985. The financial information for the year ended 30 April 2002 has been abridged from the published accounts that have been delivered to the Register of Companies and on which the report of the auditors is unqualified and does not contain a statement under section 237 (2) or (3) of the Companies Act 1985. The statutory accounts for 2003 will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Register of Companies in due course. 6. Copies of the Annual Report will be posted to all shareholders in due course and further copies may be obtained from the Registered Office, One Bow Churchyard, Cheapside, London EC4M 9HH. Aberdeen Asset Management PLC Secretaries 8 July 2003 This information is provided by RNS The company news service from the London Stock Exchange

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