Final Results

Aberdeen Growth Opps VCT PLC 05 February 2004 Aberdeen Growth Opportunities VCT PLC The Directors announce the preliminary results, subject to final audit, for the year ended 30 November 2003. Net Asset Value The Net Asset Value (NAV) per share at 30 November 2003, before payment of a dividend in respect of the year then ended, was 94.2p compared with 93.2p at 30 November 2002. This increase in NAV of 1.1% compares with the increase in stock market indices generally and, in particular, the FTSE SmallCap Index, which rose by 31.1% over the period, and the FTSE AIM Index, which rose by 36.5%. The indices have risen even more markedly in the second half of the year (FTSE SmallCap Index has risen 22.1% since May 2003) in expectation of substantial earnings growth. The performance of the fund is governed to some extent by investment in instruments designed to protect the capital, while providing a measure of income, where typically the share price of such instruments does not follow general stock market indices. The valuation of unlisted holdings is held at cost for the first year irrespective of the underlying performance of the investment. The effect of paying the proposed final dividend for the year ended 30 November 2003 will be to reduce the NAV to 92.2p. Investment activity During the year to 30 November 2003, ten new private equity investments were made at a total cost of £1,260,969. Since the period end, one further new investment totalling £56,250 has been made. Thirteen unquoted investments totalling £1.58 million had been completed as at 30 November 2003, representing a qualifying investment level of 13.4%. Since the period end, the number of investments has increased to fourteen and the total cost to £1.64 million, which represents a qualifying investment level of 14.0%. A 70% qualifying investment level is required before 30 November 2004 to achieve VCT qualifying status. The Directors are confident that VCT status will be maintained. The following new investments have been made since the publication of the Interim Report: Inovas Limited (July 2003) - £23,000. Based in Falkirk, Inovas was formed in 2002 to acquire software intellectual property rights for fixed asset management applications, linking moving data such as video to positional references such as GPS. The total fundraising was £150,000 and Aberdeen Growth VCT I PLC and Nova Technology Fund were co-investors. Axeon Limited (August 2003) - £150,000. Based in Aberdeen, Axeon is a developer of semiconductor intellectual property. The total fundraising was £500,000 and Aberdeen Growth VCT I PLC was a co-investor. Enterprise Food Group Limited (October 2003) - £150,000. Based in East Kilbride, Enterprise is a provider of supply chain and management services to the bakery sector. The total fundraising was £2.0 million and Murray VCT 3 PLC, Murray VCT 4 PLC, Aberdeen Development Capital and Aberdeen City Council Superannuation Fund were co-investors. Room 2 plc - (November 2003) - £104,000. Based in East Kilbride, Room 2 plc which trades as Texstyle World Home, is a retailer of household textiles, furniture, lighting and home accessories. The total fundraising was £1.5 million and Murray VCT 4 PLC and Aberdeen City Council Superannuation Fund were co-investors. Asfare plc (*) - (December 2003) - £56,250. Based in Southampton, Asfare is a manufacturer and distributor of safety equipment. (*) Quoted on AIM Portfolio developments Aberdeen Growth Opportunities VCT is still building its portfolio as it proceeds towards qualifying as a VCT. In this situation, exits are not being actively sought from the existing portfolio of investments; however, on an opportunistic basis, sales will be considered where the sale offers particularly attractive terms. Encouragingly, several portfolio companies are trading ahead of plan, which if sustained, offers the prospect of meaningful medium term capital gains. Furthermore, across the entire portfolio none of the investments is showing cause for concern, being broadly in line with trading expectations at the time the investment was made. Dividends It was stated in the Company's Prospectus that in the early years dividends, if any, would be small until such time as capital realisations occurred. The Board did not declare an interim dividend but is proposing a final dividend of 2.0 pence per share, to be paid on 30 April 2004 to Shareholders on the register on 2 April 2004. Income flow and the timing of realisations resulting in distributions of capital gains will be unpredictable and the dividend stream is likely to vary from year to year. Outlook The bear market, which was a feature of the fund's first year, continued into the second year but since March stock markets have seen a recovery, quite rapid initially but recently more subdued. Whether that recovery can be sustained in the face of the interest rate increase which has already been imposed, and with further increases widely forecast, remains to be seen. The fall in stock markets coincided with reduced prices for private equity opportunities. The Board and Manager believe that, in the current corporate environment, conditions remain favourable for investment. Aberdeen Growth Opportunities VCT will continue to invest in new unquoted investments as it progresses towards the 70% qualifying limit which is required to qualify as a VCT. Despite the challenging economic conditions, the regional network of Aberdeen Murray Johnstone Private Equity offices continues to see a steady flow of investment opportunities. The Manager will continue to work with the portfolio of investee companies in order to maximise proceeds from eventual exits. ABERDEEN GROWTH OPPORTUNITIES VCT PLC STATEMENT OF TOTAL RETURN (INCORPORATING THE REVENUE ACCOUNT*) (unaudited) For the year ended 30 November 2003 Year ended 64 weeks ended 30 November 2003 30 November 2002 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Profit/(losses) on - 51 51 - (131) (131) investments Income from investments 453 - 453 282 - 282 Other income 18 - 18 14 - 14 Investment management (43) (171) (214) (24) (94) (118) fees Other expenses (192) - (192) (234) - (234) ------- ------ ------- ------- ------- ------ Net return/(loss) on 236 (120) 116 38 (225) (187) ordinary activities before taxation Tax on ordinary (42) 33 (9) (9) 9 - activities ------- ------ ------- ------- ------- ------ Return attributable to 194 (87) 107 29 (216) (187) equity shareholders Ordinary dividend on (207) - (207) - - - equity shares ------- ------ ------- ------- ------- ------ Transfer (from)/to (13) (87) (100) 29 (216) (187) reserves ------- ------ ------- ------- ------- ------ Return per Ordinary share (pence) 1.88 (0.84) 1.04 0.40 (2.97) (2.57) ------- ------ ------- ------- ------- ------ * The revenue column of this statement is the profit and loss account of the company. ABERDEEN GROWTH OPPORTUNITIES VCT PLC BALANCE SHEET (unaudited) As at 30 November 2003 As at As at 30 November 30 November 2003 2002 £'000 £'000 Fixed assets Investments 9,184 9,301 Current assets Debtors 247 204 Cash and short-term deposits 432 259 ------ ------ 679 463 Creditors: amounts falling due within one (338) (139) year ------ ------ Net current assets 341 324 ------ ------ Total net assets 9,525 9,625 ------ ------- Capital and reserves Called up share capital 1,033 1,033 Share premium 4,570 4,570 Distributable reserve 4,209 4,209 Capital reserve - realised (171) (73) Capital reserve - unrealised (132) (143) Revenue reserve 16 29 ------ ------ Equity shareholders' interests 9,525 9,625 ------ ------ Net asset value per ordinary share 92.2 93.2 (pence) ------ ------ ABERDEEN GROWTH OPPORTUNITIES VCT PLC CASH FLOW STATEMENT (unaudited) For the year ended 30 November 2003 Year ended 64 weeks ended 30 November 30 November 2003 2002 £'000 £'000 £'000 £'000 Operating activities Investment income received 524 277 Deposit interest received 17 13 Investment management fees paid (199) (80) Secretarial fees paid (60) (45) Cash paid to and on behalf of (75) (46) Directors Other cash payments (95) (54) --------- -------- -------- ------- Net cash inflow from operating 112 65 activities Financial investment Purchase of investments (2,720) (10,216) Sale of investments 2,781 595 --------- -------- -------- ------- Net cash inflow/(outflow) from 61 (9,621) financial investment --------- -------- -------- ------- Net cash inflow/(outflow) before 173 (9,556) financing Financing Issue of ordinary shares - 10,328 Expenses of share issue - (513) --------- -------- -------- ------- Net cash inflow from financing - 9,815 --------- -------- -------- ------- Increase in cash 173 259 --------- -------- -------- ------- ABERDEEN GROWTH OPPORTUNITIES VCT PLC SUMMARY OF INVESTMENT CHANGES DURING THE PERIOD Valuation 30 Appreciation Valuation Nov 2002 Transactions (depreciation) 30 Nov 2003 £'000 % £'000 £'000 £'000 % Quoted Investments Unit Trusts 2,379 24.7 (473) 94 2,000 21.0 Fixed 6,603 68.6 (956) (61) 5,586 58.6 income Unlisted Investments UK Equities 51 0.5 398 17 466 4.9 Fixed 268 2.8 863 1 1,132 11.9 Income ------ ------ --------- ---------- ------- ------ Total 9,301 96.6 (168) 51 9,184 96.4 investments ------ ------ --------- ---------- ------- ------ Other net 324 3.4 17 - 341 3.6 assets ------ ------ --------- ---------- ------- ------ Total net 9,625 100.0 (151) 51 9,525 100.0 assets ------ ------ --------- ---------- ------- ------ Notes: This preliminary announcement has been prepared on the same basis as that set out in the statutory financial statements for the prior period. Returns per Ordinary share have been calculated using the weighted average number of shares in issue during the year of 10,328,141. Net Asset Value per Ordinary share has been calculated using the number of shares in issue at 30 November 2003 and 30 November 2002 of 10,328,141. A summary of investment changes for the period under review and an investment portfolio summary as at 30 November 2003 are attached. A full copy of the annual report and financial statements will be printed and issued to shareholders. The financial information contained within this Preliminary Announcement does not constitute the company's statutory financial statements as defined in Section 240 of the Companies Act 1985. The statutory financial statements for the period ended 30 November 2002 have been delivered to the Registrar of Companies and contained an audit report which was unqualified and did not constitute statements under Sections 237(2) or (3) of the Companies Act 1985. The Annual General Meeting will be held on 28 April 2004 commencing at 11.00a.m. Copies of this announcement will be available to the public at the office of Aberdeen Asset Managers Limited, 123 St Vincent Street, Glasgow and at the registered office of the Company, One Bow Churchyard, Cheapside, London. By Order of the Board ABERDEEN ASSET MANAGEMENT PLC SECRETARIES 5 February 2004 INVESTMENT PORTFOLIO SUMMARY As at year ended 30 November 2003 % of Valuation Total Unlisted Investments Nature of business £'000 Assets PSCA International Government sector 157 1.6 publishing Elam-T Developer of flat screen 150 1.6 technologies Palgrave Brown (Hldgs) Manufacturer of timber 150 1.6 products Essential Viewing Video streaming 150 1.6 Systems Enterprise Food Group Provider of supply chain 150 1.6 and management services to the bakery industry Axeon Exploitation of 150 1.6 semiconductor intellectual property rights Transrent Holdings Provider of trailer and 138 1.4 transport solution services ScotNursing Provider of temporary and 135 1.4 agency nursing and care staff Room 2 Plc Retailer of household 104 1.1 textiles, furniture, lighting & home accessories Inovas Software developer 99 1.0 Llanllyr Water Extraction and bottling 90 0.9 of mineral spring water AMGas Ltd Manufacturer of Gas 75 0.8 sensors for application in Oil and Gas Exploration PLM Dollar Group Operator of commercial 50 0.5 helicopter fleet ------- ------- 1,598 16.7 Authorised Unit Trusts Aberdeen UK Growth Inc 328 3.4 Aberdeen UK Opportunities 'A' Inc 312 3.3 New Star Fixed Interest Inc 885 9.3 New Star Sterling Bond Trust Inc 475 5.0 ------- ------- 2,000 21.0 Listed Fixed Income Investments Treasury 6.5% 7/12/2003 930 9.8 Treasury 6.75% 26/11/2004 819 8.6 Treasury 7.75% 8/9/2006 809 8.5 Treasury 8.5% 7/12/2005 753 7.9 Treasury 7.5% 7/12/2006 700 7.3 Treasury 5% 07/06/2004 663 7.0 Bank Voor Nederlandsche Gemeenten 6.375% 30/03/05 306 3.2 European Investment Bank 6% 26/11/2004 304 3.2 KFW Intl Finance 5.5% 18/06/04 302 3.2 ------- ------- 5,586 58.7 ------- ------- Total investments 9,184 96.4 ------- ------- This information is provided by RNS The company news service from the London Stock Exchange

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