Final Results

British Portfolio Trust PLC 12 December 2003 For Immediate Release 12th December 2003 BRITISH PORTFOLIO TRUST plc ANNOUNCEMENT OF UNAUDITED PRELIMINARY RESULTS For the year to 31st October 2003 CHAIRMAN'S STATEMENT The Board announces the results for the year to 31st October 2003. The net asset value per Ordinary Share at 31st October 2003 was 121.0p compared with 110.2p at 31st October 2002, an increase of 9.8%. Over the same period the benchmark index, the FTSE All-Share Index, increased by 9.6%. Following an Extraordinary General Meeting held on 31st January 2003 the Company issued 7,573,707 new Ordinary Shares relating to the reconstruction of Jos Holdings plc. In addition, following an Extraordinary General Meeting held on 31st October 2003 the Company issued 3,178,764 new Ordinary Shares relating to the reconstruction of Dresdner RCM Endowment Policy Trust 2003 plc. A final dividend has been declared of 1.85p per Ordinary Share, except on those shares issued relating to the reconstruction of Dresdner RCM Endowment Policy Trust 2003 plc, which will be payable on 3rd March 2004 to shareholders on the register at the close of business on 6th February 2004, making a total distribution for the year ended 31st October 2003 of 3.35p per Ordinary Share. Included in this is a special dividend of 0.28p for the period from 1st November 2002 to 17th January 2003 in relation to the Jos Holdings plc reconstruction, which was paid on 11th February 2003. During the year under review the Company bought back 2,341,787 shares of 1p each for cancellation and a further 42,000 ranking shares since the year end. The Board intends to seek renewed authority from shareholders to buy back up to 15% of the issued share capital of the Company. INVESTMENT MANAGERS' REVIEW The period under review saw a strong performance from the UK equity market with the FTSE All-Share Index up 9.6%. This masks two distinct periods. First, up to early March 2003, equity markets globally were unsettled by events in the Middle East and the potential consequences of a prolonged conflict, which led to the UK market tracking downwards. However, around the start of the Gulf war there was a complete reversal, as pessimism turned to optimism for the future. Much debate currently centres around whether the exceptionally strong economic growth seen at the end of 2003 will be sustainable, or whether US consumption will fall back as the impact of one-off tax cuts recedes. If the US can maintain its economy without a major setback, this augurs well for UK companies, many of which have significant investments in regions linked to the US currency and economy. Although threats to domestic consumption exist, in particular the risk of a disorderly slowdown in the housing market, on balance we believe that the outlook for the UK next year is likely to be one of a steadily improving economy which should provide a platform for further progress in UK equities. STATUS The Company operates as an approved investment trust within the meaning of Section 842 of the Income and Corporation Taxes Act 1988. Approval was granted for the period ending 31st October 2002, and is expected to be granted for the accounting period under review. The Company is not a close company. ANNUAL GENERAL MEETING The Annual General Meeting of the Company will be held at 12.30pm on 12th February 2004. 155 Bishopsgate By Order of the Board London EC2M 3AD P W I Ingram 12th December 2003 Company Secretary UNAUDITED STATEMENT OF TOTAL RETURN for the year to 31st October 2003 2003 £'000s £'000s £'000s Revenue Capital Total (Note 2) Net gains on investments - 6,822 6,822 Income from investments 1,984 - 1,984 Other income 105 - 105 Investment management fee (233) (522) (755) Administration expenses (154) (2) (156) Net return before finance costs and taxation 1,702 6,298 8,000 Finance costs of borrowings (92) (274) (366) Return on ordinary activities before taxation 1,610 6,024 7,634 Taxation Overseas taxation (2) - (2) Return on ordinary activities after taxation 1,608 6,024 7,632 Dividends on Ordinary Shares: Interim 1.22p (581) - (581) Final 1.85 p (872) - (872) Special 0.28p (117) (117) 3.35p (1,570) - (1,570) Transfer to reserves 38 6,024 6,062 Return per Ordinary Share (Note 1) 3.46p 12.96p 16.42p UNAUDITED BALANCE SHEET as at 31st October 2003 2003 £'000s Valuation of Investments 65,302 Net current assets 1,566 Total assets less current liabilities 66,868 Amounts falling due after more than one year (6,000) Net Assets 60,868 Ordinary Share Capital 503 Share Premium Account 12,378 Special Reserve 57,236 Capital Reserves : Realised (6,840) : Unrealised (2,499) Capital Redemption Reserve 41 Revenue Reserve 49 Shareholders' Funds 60,868 Net asset value per Ordinary Share 121.0p The net asset value is based on 50,316,205 Ordinary Shares in issue. UNAUDITED STATEMENT OF TOTAL RETURN for the period from 13th December 2001 to 31st October 2002 2002 £'000s £'000s £'000s Revenue Capital Total (Note 2) Net losses on investments - (13,889) (13,889) Income from investments 1,607 - 1,607 Other income 156 - 156 Investment management fee (211) (476) (687) Administration expenses (172) - (172) Net return before finance costs and taxation 1,380 (14,365) (12,985) Finance costs of borrowings (81) (242) (323) Return on ordinary activities before taxation 1,299 (14,607) (13,308) Taxation UK taxation - - - Return on ordinary activities after taxation 1,299 (14,607) (13,308) Dividends on Ordinary Shares: Interim 1.1p (476) - (476) Second Interim 1.9p (797) - (797) 3.0p (1,273) - (1,273) Transfer to (from) reserves 26 (14,607) (14,581) Return per Ordinary Share (Note 1) 3.02p (33.99)p (30.97)p UNAUDITED BALANCE SHEET as at 31st October 2002 2002 £'000s Valuation of Investments 48,926 Net current assets 3,246 Total assets less current liabilities 52,172 Amounts falling due after more than one year (6,000) Net Assets 46,172 Ordinary Share Capital 419 Share Premium Account 1,445 Special Reserve 59,643 Capital Reserves : Realised (3,446) : Unrealised (11,917) Capital Redemption Reserve 17 Revenue Reserve 11 Shareholders' Funds 46,172 Net asset value per Ordinary Share 110.2p The net asset value is based on 41,905,521 Ordinary Shares in issue. UNAUDITED CASH FLOW STATEMENT For the year to 31st October 2003 and comparative period from 13th December 2001 to 31st October 2002. 2003 2002 £'000s £'000s Net cash inflow from operating activities 1,165 987 Servicing of Finance Interest paid (366) (274) Investing Activities Purchase of fixed asset investments (25,600) (83,910) Sale of fixed asset investments 26,755 20,160 Net cash inflow (outflow) from investing activities 1,155 (63,750) Equity dividends paid (1,494) (476) Net cash inflow (outflow) before financing 460 (63,513) Financing Issue of Ordinary Shares - 1,455 Payment of issue costs (1,913) Cash transferred from Jos Holdings plc 121 - Cash transferred from Dresdner RCM Endowment Policy Trust 2003 plc 303 - Purchase of Ordinary Shares for cancellation (2,407) (1,940) Net cash outflow from financing (1,983) (2,398) Decrease in cash (1,523) (65,911) BRITISH PORTFOLIO TRUST TOP 20 EQUITY HOLDINGS AS AT 31st October 2003 Valuation % of 31.10.03 Total £'000s Assets* Principal Activities Vodafone Group 5,048 7.55 Telecommunications Services BP 4,535 6.78 Oil and Gas HSBC 4,040 6.04 Banks GlaxoSmithKline 3,826 5.72 Pharmaceuticals Royal Bank of Scotland 2,673 4.00 Banks AstraZeneca 2,102 3.14 Pharmaceuticals Barclays 1,974 2.95 Banks Shell Transport & Trading 1,943 2.91 Oil and Gas Lloyds TSB 1,228 1.84 Banks HBOS 1,097 1.64 Banks ICAP 968 1.45 Speciality and Other Finance AVIVA 921 1.38 Life Assurance Boots Group 862 1.29 General Retailers Anglo American 849 1.27 Mining Reuters 826 1.24 Media and Photography Smith (DS) Holdings 789 1.18 Forestry and Paper Xstrata 787 1.18 Mining BG Group 770 1.15 Oil and Gas Misys 749 1.12 Software and Computer Services Trinity Mirror 745 1.11 Media and Photography 36,732 54.94 * Total assets include current liabilities. Note 1 The Returns per Ordinary Share have been calculated using a weighted average number of shares in issue during the period of 46,487,475 shares (2002: 42,981,078 shares). Note 2 The revenue column of this statement is the profit and loss for the Company. All revenue and capital items derive from continuing operations. No operations were acquired or discontinued in the period. Note 3 The financial information set out in this announcement does not constitute the Company's statutory accounts for the periods ended 31st October 2003 or 31st October 2002. The financial information for the period ended 31st October 2002 is derived from the statutory accounts for that period which have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The statutory accounts for the year ended 31st October 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 Registrar of Companies following the Company's Annual General Meeting. Note 4 The annual report will be sent to shareholders in late January 2004 and will be available to members of the public from the Company's registered office at 155 Bishopsgate, London EC2M 3AD. For further information, please contact: Allianz Dresdner Asset Management (UK) Limited Simon White, Head of Investment Trusts Tel: 020 7065 1539 This information is provided by RNS The company news service from the London Stock Exchange EE

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