Final Results
Dunedin Enterprise Inv Trust PLC
25 June 2004
For release 07.00am 25 June 2004
Dunedin Enterprise Investment Trust PLC
Preliminary Results for the year ended 30 April 2004
Dunedin Enterprise Investment Trust PLC, the private equity investment trust
which specialises in investing in management buyouts, management buyins and
growing businesses throughout the UK, announces its preliminary results for the
year ended 30 April 2004.
Financial Highlights
•Total return per ordinary share increased to 42.8p (2003: -5.6p)
•Share price total return 23.7% including dividends paid in year
•Net asset total return 15.5% including dividends paid in the year
•NAV per share up by 11.2% to 344.0p (2003: 309.3p)
•Growth in asset value driven by increased profits of portfolio companies
& profitable exits
•£14.9 million invested; £11.5 million in three new portfolio companies
and £3.4 million in follow-on investments
•£27.7 million of realisations; £22.4 million of disposals and £5.3
million from redemptions
•Over the past 10 years, Dunedin Enterprise has significantly
out-performed its benchmark index:
- NAV per share increased by 91.2% (FTSE Small Cap Index: 37.6%)
- Share price up by 76.7% (FTSE Small Cap Index 37.6%)
- Share price total return of 159.1% (FTSE Small Cap total return
85.5%)
•Final dividend of 6.67p; a full year dividend of 8.57p, a yield of 3.3%.
Edward Dawnay, Chairman of Dunedin Enterprise Investment Trust PLC, commented:
'Over the past three years, a great deal of work has gone into restructuring the
Dunedin Enterprise portfolio. A number of older, smaller portfolio companies
have been sold and new investments have been made in larger buyout businesses
with good growth prospects. A number of these companies have shown strong
earnings growth over the past year and this is expected to continue in the
current year.
There has been a continued focus on realising mature investments. This has
generated cash for future investment and your Company is well positioned to take
advantage of attractive opportunities. Dealflow has increased over the past 12
months and the improving M&A climate should lead to increased investment and
realisation activity in the coming year.
Economic conditions in the UK are stable, inflation and interest rates are at
historically low levels and I believe the outlook for Dunedin Enterprise is very
positive.'
For further information please contact
Ross Marshall Diane Stewart / Jacqui Graves
Managing Director Binns & Co PR Ltd
Dunedin Capital Partners 0207 153 1483 / 0207 153 1486
0131 225 6699 / 07768 794 180
Notes to Editors
Dunedin Enterprise Investment Trust PLC is managed by Dunedin Capital Partners
Limited. Dunedin Capital Partners Limited is an independent private equity
company owned by its directors. The company specialises in providing equity
finance for management buyouts, management buyins and growing businesses with a
transaction size of £10 - 50 million. It operates throughout the United Kingdom
from its offices in Edinburgh and London.
Dunedin Capital Partners is itself the result of a management buyout which took
place in 1996.
Chairman's Statement
Overview
I am pleased to report that the Company's net asset value per share has
increased by 11.2% over the year from 309.3p at 30 April 2003 to 344.0p at 30
April 2004. The net asset total return per share, which includes dividends paid
in the period, was 15.5%.
The share price of the Company rose by 18.1% over the year from 218.5p to 258p.
The total return to shareholders, comprising the rise in the share price and
dividends paid, was 23.7%.
The Board is recommending a final dividend of 6.67p making a total dividend for
the year of 8.57p (2003: 12.85p), a yield of 3.3%, based upon a share price of
258p at 30 April 2004. The final dividend is to be paid on 27 August 2004 to
shareholders on the register on 9 July 2004. It was predicted in the annual
report last year that this year's dividend was unlikely to be greater than two
thirds of the level in 2003.
The Company invested £14.9 million during the year; £11.5 million in three new
portfolio companies and £3.4 million in follow-on investments. A total of £27.7
million was realised from investments sold with some healthy uplifts over
valuation. £22.4 million was received from the sale of portfolio companies and
£5.3 million from redemptions of loan stock and preference shares.
Comparison with Benchmark
Quoted markets have staged a strong recovery since 30 April 2003 with the
Company's benchmark index, the FTSE Small Cap Index, increasing by 44.0% and the
FTSE All Share Index increasing by 18.1%.
The company invests equity capital in private companies, 'private equity', which
is a long-term asset class. It is therefore appropriate to compare the Company's
performance with quoted markets over a ten year period. The Company's net asset
value per share has risen by 91.2% and the share price by 76.7% since 30 April
1994 compared with a rise of 37.6% in the benchmark FTSE Small Cap Index.
Portfolio Valuation & Corporate Governance
In August 2003, the British Venture Capital Association issued revised
guidelines on the valuation of unquoted investments. Your Company has adopted
these guidelines in preparing its financial statements. This has not resulted in
a material difference in the valuation of the portfolio.
A number of corporate governance initiatives have taken place during the year.
These are set out primarily in the revised Combined Code, the AITC Code of
Corporate Governance and the Financial Services Authority's revision of the
Listing Rules. The Board is committed to the highest standards of corporate
governance and compliance with current best practice.
Share Buy-backs
Your Board continues to seek to narrow the discount between the Company's net
asset value per ordinary share and the share price. To this end, the Company
bought in for cancellation 150,000 ordinary shares during the year at an average
cost of 252p per share. At the forthcoming Annual General Meeting the Board will
again be seeking a renewal of the power to purchase shares on the market for
cancellation.
From 1 December 2003, investment trusts have been able to buy shares, hold them
in treasury and subsequently re-issue them. The Board does not feel it would be
appropriate to propose to seek the authorities required for treasury shares at
the forthcoming Annual General Meeting but will keep the matter under review.
Board of Directors
Bruce Patrick joined your Company's Board on 1 October 2003. Mr Patrick has over
thirty years experience in advising on corporate transactions gained during his
career with leading Scottish law firm, Maclay Murray & Spens, where he was
Managing Partner from 1991 to 1994 and Senior Partner from 2000 to 2003.
Stefan Kay has indicated that he intends to retire from the Board at the Annual
General Meeting of the Company to be held on 25 August 2004. Mr Kay was
appointed to the Board in 1995 and I thank him for his valuable contribution to
the affairs of the Company during his term in office.
Outlook
Over the past three years, a great deal of work has gone into restructuring the
Dunedin Enterprise portfolio. A number of older, smaller portfolio companies
have been sold and new investments have been made in larger buyout businesses
with good growth prospects. A number of these companies have shown strong
earnings growth over the past year and this is expected to continue in the
current year.
There has been a continued focus on realising mature investments. This has
generated cash for future investment and your Company is well positioned to take
advantage of attractive opportunities. Dealflow has increased over the past
twelve months and the improving M&A climate should lead to increased investment
and realisation activity in the coming year.
Economic conditions in the UK are stable, inflation and interest rates are at
historically low levels and I believe the outlook for Dunedin Enterprise is very
positive.
Edward Dawnay, Chairman
24 June 2004
Manager's Review
Overview
The year to 30 April 2004 showed good progress. Net asset value per share
increased by 1.7% in the first six months and by 9.3% in the second six months
giving a total increase of 11.2% for the year to 30 April 2004 (2003: -5.3%).
Net asset value total return per share, including dividends received, totalled
15.5%. The growth in asset value was driven by increased profits at a number of
portfolio companies together with a number of profitable exits.
Private equity is a long term asset class with investments being held for
periods up to ten years. The total return to shareholders, incorporating share
price growth and dividends received, over the past ten years was 159.1% which
compares to an 85.5% increase in the FTSE Small Cap Index over the same period.
In other words, £1,000 invested in Dunedin Enterprise shares on 30 April 1994
would have been worth £1,767 at 30 April 2004 and would have generated dividends
over that period of 100.42 pence per share. This would have resulted in a total
return, including dividends re-invested, of £2,591 on the original £1,000
invested.
Investment Strategy
Dunedin Capital Partners Limited ('Dunedin') is the investment manager of
Dunedin Enterprise. Dunedin invests in private companies throughout the UK.
Private equity investment involves originating investment opportunities,
assessing the growth prospects for these companies, negotiating an appropriate
investment structure, managing and adding value to those companies and
identifying the most appropriate time and route to exit through a sale or
flotation.
Private equity as an asset class has shown investment return out-performance
against other asset classes over the long term. This is due to active portfolio
management of companies with strong management teams whose interests are closely
aligned to their institutional shareholders through management having a
meaningful equity stake in the companies they run. In addition, the use of
appropriate levels of debt within portfolio companies increases equity returns.
The private equity market in the UK has grown significantly over the past ten
years. There are now 165 full members of the British Venture Capital Association
('BVCA') managing over £83 billion of private equity funds for investment in the
UK, Continental Europe and the rest of the world.
The private equity market has become much more segmented with different funds
investing in early stage venture capital, expansion capital, mid-market buyouts
and very large buyouts. Dunedin Enterprise invests primarily in UK mid-market
buyouts with a company value in the £10 million to £50 million range.
Dunedin Enterprise has additionally made commitments to funds managed by other
private equity managers who focus purely upon making investments in early stage
and fast growing technology companies or larger mid-market buyouts. This has
resulted in a degree of diversification across other segments of the private
equity market.
Dunedin is active in its approach to supporting and guiding the businesses in
which Dunedin Enterprise is a shareholder. It helps define the strategic goals
of these companies, whilst empowering the management teams that run them and
providing additional capital for growth if it is required. Board representation
is generally taken within these businesses where Dunedin Enterprise often has a
significant equity stake.
Growth in the value of investments can be achieved in a number of ways. A buy
and build strategy involves investing in a company and growing it through the
acquisition of other complementary businesses. Sometimes it is more appropriate
to pursue a strategy of rolling out additional business outlets. Some companies
are able to create value through exploiting new market opportunities.
Occasionally it is possible to create value simply through buying a cash
generative, stable business for a favourable price and then use cash flow to
reduce debt and increase equity value.
Finding attractive opportunities that might fit one of these value growth models
is time consuming and requires patience and hard work. During the year more than
260 investment proposals were considered. These were sourced throughout the UK
and across a wide range of industry sectors.
Ultimately, Dunedin seeks to provide a broad based portfolio of attractive and
well managed investments that spreads sector risk whilst providing real
opportunities for substantial growth in value.
Net Asset Value Movement
The total movements in net assets was as follows:
£'m
Net Assets at 30 April 2003 95.5
Unrealised value increases 15.4
Unrealised value decreases (8.8)
Realised profit over opening valuation 6.3
Share buy-ins (0.4)
Profit attributable to shareholders less expenses
charged to capital and foreign currency movements 0.3
Dividends paid to shareholders (2.6)
Net Assets at 30 April 2004 105.7
Your company again achieved a number of significant realisations in the year;
principally of Thomson Brothers, Accantia and Financiere MGE. There were a total
of twelve fully realised and ten partially realised investments. Earls Court &
Olympia was fully realised just after the Company's year end, in May 2004.
Three new investments were made in the year, all of which were management
buyouts. A total of £11.5 million was invested in these companies; £4.5 million
in C6 Solutions, £3.8 million in Caledonian Building Systems and £3.2 million in
ABI. A further £3.4 million of follow-on investments in existing portfolio
companies was made in the year.
Realisations
Unquoted realisations and redemptions created the movements in value during the
year to 30 April 2004 as detailed in the table below.
Cost Valuation Proceeds Uplift Profit/
at 30 April received over (loss)
2003 value over cost
£'m £'m £'m £'m £'m
At a profit over cost 11.1 15.7 21.4 5.7 10.3
At a loss against cost 5.5 0.4 1.0 0.6 (4.5)
16.6 16.1 22.4 6.3 5.8
Loan stock redemptions 5.3 5.3 5.3 - -
21.9 21.4 27.7 6.3 5.8
==== ==== ==== === ===
Your Company received £22.4 million from the sale of twelve portfolio companies
during the year. This generated a profit of £6.3 million over the valuation of
these investments at the start of the year, an uplift of 39% over that
valuation. The major disposals are described in more detail below.
In June 2003, the sale of Thomson Brothers to Wolseley plc was completed.
Thomson Brothers is a distributor of architectural ironmongery, workwear,
abrasives and welding products. The total consideration received was £5.4
million, a gain of £0.5 million over the valuation at 30 April 2003, a profit of
10% over its last valuation. This was a successful outcome for your Company
which invested £3.5 million in Thomson Brothers in 1999. Your Company received
over £6.5 million in capital proceeds and income resulting in a money multiple
of 1.9 times original investment and a return of 17.4% per annum over four
years.
Accantia is a manufacturer of feminine hygiene and health and beauty products
including Simple soap and Lillets sanitary products. The company was sold in
January 2004 to a secondary buyout led by Duke Street Capital. Your Company's
shares were sold for £4.6 million. This represents an uplift of £1.7 million
from the valuation of £2.9 million at 30 April 2003, a profit of 59% over
valuation. This investment was acquired as part of the Group Trust portfolio in
2001. Your Company has received capital and income of £5.2 million from Accantia
in return for £2.0 million invested. This represents a multiple of 2.6 times
money invested and an annual return of 44.5%.
Financiere MGE is a French company manufacturing and selling uninterruptible
power supply systems and a wide range of power-protection systems for sensitive
applications such as computers, telecommunications systems and internet
infrastructures and systems. The company has production sites in France, the USA
and China. Financiere MGE was sold in March 2004 to Schneider Electric and your
Company received £7.4 million for its shareholding. This represents an uplift of
£1.8 million from the valuation at 30 April 2003 of £5.6 million, a profit of
32% over last valuation. This investment was acquired as part of the Group Trust
portfolio and your Company has received capital and income of £7.8 million in
return for £4.2 million invested. This represents a multiple of 1.8 times money
invested and an annual return of 25.8%.
In addition, the sale of Accantia and Financiere MGE, together with the sale of
Bourne Leisure, resulted in a further £2.2 million being realised from Dunedin
Enterprise's investment in the LGV 1 Buyout fund.
Five companies were sold at a loss against cost and one company failed during
the year. The principal losses were attributed to Motherwell Bridge, Speciality
Chemicals and Tally. As each of these investments had been fully provided for at
30 April 2003, the proceeds of £0.6 million received from the disposals
represent an uplift to net asset value in the current year. A further three
companies were sold at a small profit over cost.
New Investments
In the year to 30 April 2004, your Company invested £14.9 million (2003: £10.4
million) in three new portfolio companies and six existing portfolio companies.
In August 2003, Dunedin Enterprise supported the management buyout of C6
Solutions (formerly Hickson & Welch) in a £21 million transaction. Dunedin
Enterprise invested £4.5 million in this company in return for a 30% equity
stake. The Dunedin Buyout Fund, in which your Company is an investor, has a
matching stake. C6 specialises in the production of organic chemical
intermediates for the agro-chemical, pharmaceutical and pigment markets. The
company operates from a 175 acre site in Castleford, Yorkshire where it carries
out multi-stage synthesis of molecules. In the year to 31 December 2003, the
company had sales of £38 million to a blue chip customer base of leading
pharmaceutical and agro-chemical companies.
In November 2003, your Company invested £3.8 million in the £37 million
management buyout of Caledonian Building Systems in return for a 32% equity
stake. The Dunedin Buyout Fund, in which your Company is an investor, has a
matching stake. Caledonian Building Systems is based in Newark, Nottinghamshire
where it designs, manufactures and constructs permanent buildings using
pre-engineered, steel framed modules. This type of construction approach reduces
construction time and allows the final cost of the building to be calculated
with more certainty. Consequently, the market for this type of building is
expected to increase significantly. The company is a market leader in this
sector and supplies both the public and private sectors. In the year to 31 March
2004, the company had sales of £62 million.
In February 2004, Dunedin Enterprise supported the £20 million management buyout
of ABI investing £3.2 million in return for an 18.5% equity stake. The Dunedin
Buyout Fund, in which your Company is an investor, has a matching stake. ABI
produces a wide range of leisure homes, from its premises in Beverley near Hull,
which are sold to caravan operators and to dealers throughout the UK. Recently a
new production line has been commissioned to expand capacity to meet the demand
for its range of leisure homes. In the year to 31 August 2003, ABI had turnover
of £32.3 million.
There was further investment of £0.7 million in a number of portfolio companies.
Buyout and technology fund drawdowns in the year totalled £2.7 million.
Unrealised Value Movements
The table below summarises the main components of the unrealised value movement.
£'m £'m
Value Increases
•imminent realisations 8.3
•trading performance 6.5
•debt reduction 2.3
•price earnings movements (2.2)
•other 0.5
---
15.4
Value Decreases
•trading performance (7.9)
•debt increase (0.1)
•price earnings movements (0.2)
•other (0.6)
-----
(8.8)
-----
Net Unrealised Value Movement
6.6
---
Letts Filofax, the diary and personal organiser company, contributed
significantly to the valuation uplift due to a combination of improved trading
and debt reduction. Davenham, which provides short-term finance to SMEs, also
contributed significantly to the valuation uplift through earnings growth. The
recapitalisation of C.G.I International and the sale of Earls Court & Olympia
contributed to the uplift from imminent realisations.
Poor trading in five portfolio companies accounts for £7.5 million of the £8.1
million unrealised valuation decreases attributable to trading under
performance. Two of these companies have been fully provided against at 30 April
2004. In each of the five companies your Manager is taking active steps to
return value to the investments in due course.
Valuation Basis
Your Company's portfolio is valued in accordance with the revised guidelines
issued by the British Venture Capital Association. Investments are stated at
amounts considered to be their fair value, subject to the overriding
requirements of prudence.
All investments are valued according to one of the following basis:
•Price of recent investment,
•Earnings multiple,
•Imminent sale price,
•Net asset value.
Investments are valued at cost for a period of time after the date of
acquisition and then they are valued on one of the other bases described above.
In most cases, the earnings multiple basis of valuation will be used unless this
is inappropriate, as in the case of certain asset based businesses.
The weighted average price earnings multiple used to value your Company's
portfolio at 30 April 2004 was 8.4, a discount of 53% to the FTSE All Share
price earnings multiple of 17.9 on that date (2003: 8.6; 51% discount to FTSE
All Share multiple of 17.5).
Your Company's portfolio was valued on the following basis:
At 30 April
2004 2003
£'m % £'m %
Unquoted companies
• price of recent investment 27.9 33 31.6 38
• earnings multiple 35.2 42 43.1 52
• Imminent sale price 12.7 15 5.4 6
• net asset value 7.9 10 3.5 4
--- -- --- -
83.7 100 83.6 100
==== === ==== ===
Ten Largest Investments
The ten largest investments account for 73.6% of the total unquoted portfolio of
Dunedin Enterprise as listed below:
Company Fully diluted Cost of Directors' Percentage of
equity investment valuation total unquoted
portfolio at
valuation
percentage
% £'m £'m %
Letts Filofax Group 41.1 1.9 13.2 15.7
Limited
Davenham Group Holdings 34.4 5.0 10.6 12.7
PLC
CGI International 46.5 0.3 10.5 12.5
Limited
Goals Soccer Centres 39.7 4.8 4.6 5.5
Limited
C6 Solutions Limited 30.1 4.5 4.5 5.3
Portman Holdings 16.8 2.5 4.0 4.8
Limited
Caledonian Building 32.4 3.8 3.8 4.6
Systems Limited
Gardner Group Limited 15.0 3.6 3.6 4.3
Dunedin Buyout Fund LP 13.0 2.9 3.6 4.3
ABI (UK) Limited 18.5 3.2 3.2 3.9
--- --- ---
32.5 61.6 73.6
==== ===== =====
'Fully diluted equity percentage' relates to the ordinary share capital of the
relevant company and assumes full exercise of outstanding options, warrants and
conversion rights.
Portfolio Analysis
The table below demonstrates that over the past year work on reducing the number
of portfolio companies has continued. Three new companies were added to the
portfolio in the year, twelve companies have been sold during the year and a
further two companies have been sold following the year end. This continued
rationalisation of the portfolio enables your Manager to give more focused
attention to individual portfolio companies.
At 30 April 2004 2003
No. £'m No. £'m
Unquoted companies 39 75.1 47 75.2
Buyout funds 7 6.0 7 6.7
Technology Funds 4 2.6 4 1.7
- --- - ---
50 83.7 58 83.6
== ==== == ====
Investment Category
As the table below demonstrates, your Company has invested 86% of its portfolio
directly in management buyouts and buyins. A further 7% is invested in
management buyouts via limited partnership funds. Thus a total of 93% of the
portfolio is invested either directly or indirectly in management buyouts or
buyins.
2004 2003
£'m % £'m %
Management buyouts/buyins 71.9 86 69.7 83
Buyout funds 6.0 7 6.7 8
Technology funds 2.6 3 1.7 2
Other 3.2 4 5.5 7
--- --- --- -
83.7 100 83.6 100
==== === ==== ===
Portfolio analysed by Industry Sector
The portfolio is analysed by industry sector in the table below. The largest
weightings by value in the portfolio are in construction & building materials
(18%), household goods & textiles (18%), support services (15%) and speciality &
other finance (14%). Your Company remains committed to ensuring a diversified
portfolio of investments is held.
2004 2003
% %
Aerospace & Defence 5 5
Automobiles & Parts - 1
Chemicals 6 -
Construction & Building Materials 18 16
Electronic & Electrical Equipment - 8
General Retailers 4 4
Household Goods &Textiles 18 16
Insurance 3 4
Leisure & Hotels 11 10
Personal Care & Household Products - 4
Software & Computer Services 6 5
Speciality & Other Finance 14 13
Support Services 15 14
-- --
100 100
=== ===
Portfolio analysed by age
An analysis of the portfolio based upon the age of investment by value is
detailed below:
2004 2003
% %
Less than 1 year 14 8
1-3 years 17 52
3-5 years 48 26
More than 5 years 21 14
-- --
100 100
=== ===
The movement in the portfolio age analysis reflects the high investment activity
which was undertaken in the year ended 30 April 2001. All these investments are
now greater than three years old.
Market Outlook
Economic conditions in the UK continue to strengthen with inflation and interest
rates remaining at historically low levels. M&A activity is showing signs of
recovery and dealflow throughout the UK is strong. Your manager continues to
review a large number of potential investment opportunities and will continue to
make investments in companies with good growth prospects.
Further Analysis
Investors are able to review further information and data relating to Dunedin
Enterprise at our web site www.dunedin.com.
Dunedin Capital Partners Limited
24 June 2004
DUNEDIN ENTERPRISE INVESTMENT TRUST PLC
PRELIMINARY RESULTS FOR YEAR ENDED 30 APRIL 2004
GROUP BALANCE SHEET
At 30 April 2004 2003
£'000 £'000 £'000 £'000
Fixed asset investments 103,733 112,468
Current assets
Debtors 429 1,092
Cash at bank 5,050 5,587
-------- --------
5,479 6,679
Current liabilities
Creditors: amounts falling due (2,144) (3,278)
within one year --------- ---------
---------- ----------
Net current assets 3,335 3,401
----------- -----------
Total assets less current 107,068 115,869
liabilities
Creditors: amounts falling due (1,381) (20,377)
after more than one year ------------ ----------
105,687 95,492
---------- -----------
Capital and reserves
Called up share capital 7,680 7,718
Share premium account 47,600 47,600
Capital reserves:
Capital redemption reserve 246 208
Capital reserve - realised 42,123 39,281
Capital reserve - unrealised 5,772 (1,380)
Revenue reserve 2,266 2,065
----------- -----------
Total equity shareholders' funds 105,687 95,492
---------- ---------
Net asset value per share 344.0p 309.3p
DUNEDIN ENTERPRISE INVESTMENT TRUST PLC
PRELIMINARY RESULTS FOR YEAR ENDED 30 APRIL 2004
CONSOLIDATED STATEMENT OF TOTAL RETURN
For the year 2004 2003
ended 30
April
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Gains/(losses) - 13,191 13,191 - (2,694) (2,694)
on
investments
Income 4,624 - 4,624 5,287 - 5,287
Investment (671) (2,014) (2,685) (651) (1,952) (2,603)
management
fee
Other (459) - (459) (432) (36) (468)
expenses -------- ------------ ---------- -------- ----------- ----------
Net return 3,494 11,177 14,671 4,204 (4,682) (478)
before finance
costs and
tax
Interest (251) (1,201) (1,452) (314) (941) (1,255)
payable and ----------- --------- --------- ----------- --------- ---------
similar
charges
Return on 3,243 9,976 13,219 3,890 (5,623) (1,733)
ordinary
activities
before tax
Tax on (397) 397 - (415) 415 -
ordinary ---------- -------- ------------ --------- --------- ------------
activities
Return 2,846 10,373 13,219 3,475 (5,208) (1,733)
attributable
to equity
shareholders
Dividends in (2,645) - (2,645) (3,975) - (3,975)
respect of --------- ------------ --------- --------- ------------ ---------
equity
shares
Transfer to 201 10,373 10,574 (500) (5,208) (5,708)
reserves --------- -------- -------- --------- --------- ---------
Basic return 9.2p 33.6p 42.8p 11.1p (16.7p) (5.6p)
per ordinary
share
DUNEDIN ENTERPRISE INVESTMENT TRUST PLC
PRELIMINARY RESULTS FOR YEAR ENDED 30 APRIL 2004
GROUP CASH FLOW STATEMENT
For the year ended 30 2004 2003
April
£'000 £'000 £'000 £'000
Net cash inflow from 1,590 2,541
operating activities
Servicing of finance
Interest paid (1,003) (1,255)
Taxation
Tax paid - (203)
Tax recovered
55
Net cash outflow from --
taxation - (148)
Financial Investment
Purchase of investments (14,869) (10,078)
Purchase of 'AAA' rated (22,888) (28,899)
money market funds
Sale of investments 27,746 28,483
---------
Sale of 'AAA' rated money 31,750
market funds --------
Net cash inflow/(outflow) 21,739 (10,494)
from financial
investment
Acquisitions
Costs incurred on
purchase of Group Trust
plc - (31)
Equity dividends paid (3,674) (4,007)
--------- -----------
Net cash inflow/(outflow) 18,652 (13,394)
before financing
Financing
Purchase of ordinary (379) (640)
shares
Currency loan reduction (3,810) (3,283)
Term Loan reduction (15,000) -
---------- -------------
(19,189) (3,923)
---------- -----------
Decrease in cash for the (537) (17,317)
period ----------- ----------
Reconciliation of net
cash flow to movement in
net funds
Decrease in cash as (537) (17,317)
above
Cash at bank and in hand 5,587 22,904
at 1 May -------- ---------
Cash at bank and in hand 5,050 5,587
at 30 April --------- ----------
Notes
1. The directors recommend a final dividend of 6.67p per
share for the year to 30 April 2004. If approved, the dividend will be paid on
27 August 2004 to shareholders on the register at close of business on 9 July
2004. The ex-dividend date is 7 July 2004. An interim dividend of 1.9p per share
was paid on 30 January 2004.
2. The financial information for the year ended 30 April 2003
has been extracted from the annual report and accounts of the company which has
been filed with the Registrar of Companies and on which the auditors' report was
unqualified. The accounts have been prepared under the same accounting policies
used for the year to 30 April 2003.
3. The statutory accounts for 2004 contain an unqualified
audit report and will be delivered to the Registrar of Companies following the
company's Annual General Meeting which will take place at 12 noon on Wednesday
25 August 2004 at The Merchants' Hall, 22 Hanover Street, Edinburgh EH2 2EP.
4. The statement of total return (incorporating the revenue
account) and balance sheet set out above do not represent full accounts in
accordance with Section 240 of the Companies Act 1985. The accounts have been
prepared in accordance with the Statement of Recommended Practice 'Financial
Statements of Investment Trust Companies'.
5. The annual report will be posted to shareholders in July
2004 and copies will be available to members of the public at the Company's
Registered Office, 10 George Street, Edinburgh, EH2 2DW.
This information is provided by RNS
The company news service from the London Stock Exchange
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