Final Results

Fleming Overseas Inv Trust PLC 6 September 2000 THE FLEMING OVERSEAS INVESTMENT TRUST PLC The Fleming Overseas Investment Trust plc today announced its results for the year ended 30 June 2000. The net asset value per ordinary share rose by 27% over the year compared with the 17.3% recorded by the FT/S&P Actuaries World (ex UK) Index (capital only) in sterling terms, the Company's performance benchmark. Change in Accounting Policy and Dividend. The Board has decided to change the Company's accounting policy by charging 50% of management expenses and interest to capital instead of revenue. On this new basis, earnings per share were 4.5p against a restated 4.8p for the previous year but 2.13p actually declared. The Directors have proposed, subject to shareholder approval at the Annual General Meeting, a final dividend of 3.60p per ordinary share, (last year 2.45p) such dividend to be paid on 27 November 2000 to shareholders on the register of members at close of business on 27 October 2000. The Annual Report and Accounts for the year to 30 June 2000 will be sent to shareholders on 25 September 2000 at the latest and copies will be available to the public at the registered office, 10 Aldermanbury, London, EC2R 7RF after that date. The Annual General Meeting will be held on Wednesday 25 October 2000 at 12.00 noon at 10 Aldermanbury, London, EC2R 7RF. For further information, please contact: Linda Field Peter Harrison Fleming Overseas Investment Trust plc 020 7638 5858 THE FLEMING OVERSEAS INVESTMENT TRUST PLC UNAUDITED FIGURES FOR THE YEAR ENDED 30 JUNE 2000 2000 1999 (Restated) £'000 £'000 REVENUE Income Franked dividends 795 591 UK Unfranked dividends 1,259 2,707 Overseas dividends 8,099 8,616 Overseas interest - 62 Scrip dividends - 38 Deposit interest 719 1,765 Stock lending fees (net) 72 65 Other income 1,899 - _____ _____ Gross Revenue 12,843 13,844 Less Management fee (50% charged to capital) 1,615 1,513 Other administrative expenses 887 436 Interest payable (50% charged to capital) 3,216 3,222 ______ _____ Return before taxation 7,125 8,673 Less Taxation 2,342 2,405 _____ _____ Return after taxation 4,783 6,268 Less Dividends on preferred shares - 13 _____ _____ Return available to ordinary shareholders 4,783 6,255 ==== ==== Dividend per ordinary share 3.60p 2.45p 2000 1999 £'000 £'000 CAPITAL Movements on investments 150,257 115,414 Less: Expenses charged to Capital 7,591 4,733 _____ _____ Return before taxation 142,666 110,681 Taxation 1,503 1,251 _____ _____ Return attributable to ordinary shareholders 144,169 111,932 ======= ====== Revenue return per ordinary share (Restated) 4.50 p 4.81 p Capital return per ordinary share 135.73 p 86.02 p Total return per ordinary share 140.23 p 90.83 p At 30 June 2000 Total net assets (£'000) 690,268 645,371 Net Asset Value per Ordinary Share 725.8p 571.4p THE FLEMING OVERSEAS INVESTMENT TRUST PLC UNAUDITED FIGURES FOR THE YEAR ENDED 30 JUNE 2000 CASH FLOW STATEMENT 2000 1999 £'000 £'000 Net cash inflow from operating activities 7,318 8,419 Net cash outflow from returns on investments and servicing of finance (6,384) (6,408) Total tax recovered 1,587 580 Net cash inflow from capital expenditure and financial investment 75,094 107,975 Total equity dividends paid on ordinary shares (2,742) (3,985) Net cash outflow from financing (100,719) (93,741) _____ _____ (Decrease)/Increase in cash for the year (25,846) 12,840 ====== ====== The above financial information does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The comparative financial information is based on the statutory accounts for the year ended 30th June 1999. These accounts, upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies. FLEMING INVESTMENT TRUST MANAGEMENT LIMITED
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