3rd Quarter Results

Edinburgh New Income Trust plc 19 April 2007 EDINBURGH NEW INCOME TRUST PLC 19 April 2007 At a board meeting held today, the directors of Edinburgh New Income Trust plc resolved that a third interim dividend of 1.2p (2006 - 1.0p) per ordinary share (£246,228) be declared in respect of the year to 31 May 2007, payable on 18 May 2007 to shareholders on the register on 27 April 2007. The ex-dividend date is 25 April 2007. In the absence of unforeseen circumstances, the Board intends to pay a fourth interim dividend of 3.0p making a total net dividend of 6.6p for the year to 31 May 2007. For further information please contact: Ian Massie, Edinburgh Fund Managers plc Tel: 0131-313-1000 Stewart Methven, Investment Manager, Edinburgh Fund Managers plc Tel: 0131-313-1000 INCOME STATEMENT For the nine months ended 28 February 2007 Nine months ended 28 February 2007 (unaudited) Revenue Capital Total £'000 £'000 £'000 Realised gains on investments - 2,003 2,003 Unealised gains on investments - 3,007 3,007 Income 1,063 - 1,063 Investment management fee (125) (125) (250) Administrative expenses (108) - (108) _________ _________ _________ Net return before finance costs and taxation 830 4,885 5,715 Finance costs of ZDP Shareholders - (716) (716) Interest payable and similar charges (2) - (2) _________ _________ _________ Return on ordinary activities before taxation 828 4,169 4,997 Taxation on ordinary activities - - - _________ _________ _________ Return on ordinary activities after taxation 828 4,169 4,997 _________ _________ _________ Return per ordinary share 4.04p 20.32p 24.36p _________ _________ _________ _________________________________________________________________________________ Nine months ending 28 February 2006 (unaudited) Revenue Capital Total £'000 £'000 £'000 Realised gains on investments - 356 356 Unealised gains on investments - 5,409 5,409 Income 1,008 - 1,008 Investment management fee (110) (110) (220) Administrative expenses (163) - (163) _________ _________ _________ Net return before finance costs and taxation 735 5,655 6,390 Finance costs of ZDP Shareholders (673) (673) Interest payable and similar charges - - - _________ _________ _________ Return on ordinary activities before taxation 735 4,982 5,717 Taxation on ordinary activities - - - _________ _________ _________ Return on ordinary activities after taxation 735 4,982 5,717 _________ _________ _________ Return per ordinary share 3.58p 24.28p 27.86p _________ _________ _________ Period ending 31 May 2006 (audited) Revenue Capital Total £'000 £'000 £'000 Realised gains on investments - 1,722 1,722 Unealised gains on investments - 3,208 3,208 Income 1,778 - 1,778 Investment management fee (149) (149) (298) Administrative expenses (182) (18) (200) _________ _________ _________ Net return before finance costs and taxation 1,447 4,763 6,210 Finance costs of ZDP Shareholders (907) (907) Interest payable and similar charges - - - _________ _________ _________ Return on ordinary activities before taxation 1,447 3,856 5,303 Taxation on ordinary activities - - - _________ _________ _________ Return on ordinary activities after taxation 1,447 3,856 5,303 _________ _________ _________ Return per ordinary share 7.05p 18.79p 25.84p _________ _________ _________ The total column of this statement represents 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 period. A Statement of Total Recognised Gains and Losses has not been prepared as all gains and losses are recognised in the Income Statement. The accompanying notes are an integral part of the financial statements. BALANCE SHEET As at As at As at 28 February 28 February 31 May 2007 2006 2006 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Fixed assets Investments at fair value through profit or loss 41,699 40,193 38,489 Current assets Debtors 52 63 185 AAA rated money market funds 3,850 - - Cash and short term deposits 128 1,299 2,532 _________ _________ _________ 4,030 1,362 2,717 Current liabilities Creditors: amounts falling due within one year 119 (168) 204 _________ _________ _________ Net current assets 3,911 1,194 2,513 _________ _________ _________ Total assets less current liabilities 45,610 41,387 41,002 Creditors: amounts falling due after more than one year 16,790 (15,840) 16,074 _________ _________ _________ Net assets 28,820 25,547 24,928 _________ _________ _________ Capital and reserves Called up share capital 205 205 205 Capital reserve - unrealised 6,215 5,409 3,208 Capital reserve - realised 1,813 (427) 648 Special reserve 20,035 - 20,035 Capital redemption reserve - - - Share premium - 20,035 - Warrant reserve - - - Revenue reserve 552 325 832 _________ _________ _________ Equity shareholders' funds 28,820 25,547 24,928 _________ _________ _________ Adjusted net asset value per share 140.46p 124.50p 121.50p _________ _________ _________ Notes For the period 1 June 2006 to 28 February 2007 1. Accounting policies (a) Basis of preparation and going concern - The financial statements have been prepared on a going concern basis and in accordance with applicable UK Accounting Standards and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies' (December 2005). They have also been prepared on the assumption that approval as an investment trust will continue to be granted. The new Financial Reporting Standards, issued as part of the programme to converge UK GAAP with International Financial Reporting Standards (IFRS), were applicable for the accounting period ended 28 February 2007. (b) Income - Income from investments, including taxes deducted at source, is included in revenue (other than special dividends) by reference to the date on which the investment is quoted ex dividend. Special dividends are credited to capital or revenue, according to the circumstances. Short term deposit interest is dealt with on an accruals basis. (c) Expenses - All expenses are accounted for on an accruals basis. Expenses are charged through the Revenue Account except as follows: - transaction costs incurred on the purchase and disposal of investments are charged to capital. - the Company charges 50% of investment management fees to capital, in accordance with the Board's expected long term return in the form of capital gains and income respectively from the investment portfolio of the Company. (d) Investments - Investments have been designated upon initial recognition as fair value through the profit or loss. Investments are recognised and derecognised at trade date where a purchase or sale is under a contract whose terms require delivery within the time frame established by the market concerned, and are initially measured as fair value. Subsequent to initial recognition, investments are valued at fair value. For listed investments, this is deemed to be bid market prices or closing prices for SETS (London Stock Exchange's electronic trading service) stocks sourced from The London Stock Exchange. Gains and losses arising from changes in fair value are included in net profit or loss for the period and are recognised in the unrealised reserve. (e) Dividends payable - Interim and final dividends are recognised in the period in which they are paid. (f) Capital reserves Realised -Gains or losses on investments realised in the year are transferred to the realised capital reserve. In addition, any prior unrealised gains or losses on such investments are transferred from the unrealised capital reserve to realised capital reserve on disposal of the investment. Unrealised -Increases and decreases in the fair value of investments are transferred to the unrealised capital reserve. (g) Deferred taxation - Deferred taxation is recognised in respect of all temporary differences that have originated but not reversed at the Balance Sheet date where transactions or events that result in an obligation to pay more or a right to pay less tax in future have occurred at the Balance Sheet date measured on an undiscounted basis and based on enacted tax rates. This is subject to deferred tax assets only being recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the underlying temporary differences can be deducted. Temporary differences are differences arising between the Company's taxable profits and its results as stated in the accounts which are capable of reversal in one or more subsequent periods. Due to the Company's status as an investment trust company, and the intention to continue meeting the conditions required to obtain approval in the foreseeable future, the Company has not provided deferred tax on any capital gains and losses arising on the revaluation or disposal of investments. 2. Tax on ordinary activities £'000 (a) Charge for the period Current tax: UK corporation tax on profits of the period - (b) Factors effecting the tax charge for the year Profit on ordinary activities before tax 824 Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 30% 248 Effects of: Effect of franked investment income (290) Excess management expenses 42 Current taxation charge for the period (note 2 (a)) - 3. Investments £'000 Fair value through profit or loss Opening fair value 38,489 Opening unrealised appreciation (3,208) Opening book cost 35,281 Acquisitions at cost 6,044 Sales proceeds (7,844) Realised gain on sales 2,003 Closing book cost 35,484 Closing unrealised appreciation 6,215 Closing fair value 41,699 4. Debtors £'000 Accrued income receivable 41 Other debtors 11 52 5. Creditors: amounts falling due within one year £'000 Other accruals 119 6. Creditors: amounts falling due in more than one year £'000 Zero Dividend Preference shares 15,167 Accrued finance costs 1,623 16,790 15,166,618 Zero Dividend Preferences shares (ZDP) were issued under a placing and reconstruction scheme. The ZDP shares have an initial capital entitlement of 100p per Share, growing to approximately 141.85p on 31 May 2011. The assets of the Company over which the ZDP shares have a prior ranking entitlement do not include the Company's accumulated revenue reserves, which will be attributable to the Ordinary shares. At 28 February 2007 the capital entitlement was £16,790,012 therefore the NAV per ZDP was 110.70p. 7. Called up share capital shares £'000 Authorised Ordinary shares of 1p each 50,000,000 500 Allotted, called up and fully paid Ordinary shares of 1p each 20,519,056 205 8. Dividends on the Ordinary shares £'000 Equity share dividends: 4th Interim dividend 2006 on Ordinary shares paid - 3.00p 616 1st Interim dividend 2007 on Ordinary shares paid - 1.20p 246 2nd Interim dividend 2007 on Ordinary shares paid - 1.20p 246 1,108 9. Revenue post 3rd interim dividend £'000 B/f revenue reserve at 1 June 2006 832 Less: 4th Interim dividend 2006 on Ordinary shares paid - 3.00p (616) Adjusted revenue reserves at 1 June 2006 (Companies Act basis) 216 Revenue on ordinary activities after taxation (see Revenue 828 Account) Less: 1st interim dividend 2007 on Ordinary shares paid - 1.20p (246) Less: 2nd interim dividend 2007 on Ordinary shares paid - 1.20p (246) Less: 3rd interim dividend 2007 on Ordinary shares payable - (246) 1.20p Revenue reserves after dividends paid and proposed 90 Adjusted revenue reserves at 1 June 2006 216 Revenue reserves after dividends paid and proposed to 28 February 90 2007 Current revenue reserves 306 This information is provided by RNS The company news service from the London Stock Exchange

Companies

Edinburgh New Income Trust (ENI)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today