Final Results

Mid Wynd Inter Inv Trust PLC 09 August 2005 MID WYND INTERNATIONAL INVESTMENT TRUST PLC Results for the year to 30 June 2005 For the sixth consecutive year, the Company outperformed its comparative index (FTSE World Index in sterling terms). Net asset value per share rose by 14.6%, while the comparative index rose by 10.8%. Over the last six months the Company's net asset value and comparative index rose by 7.6% and 5.8% respectively. • The strong relative and absolute performance was predominantly due to stock selection in North America, supported by stock-picking and asset allocation in Emerging Markets. • An increased final dividend of 5.70p is being proposed giving 9.40p for the year, an increase of 2.2%. Despite the loss of revenue as a consequence of reducing the Company's bond portfolio, earnings per share have risen 16.9% this year, owing primarily to strong dividend growth. • Cautious asset allocation impeded performance. The increased cash weighting (7.6% as at the year end compared to 4.2% the year before) cost performance 1.1%. This increase, along with an increase in Continental European equities, was largely funded by sales of other overseas equities. • Although the Company's cash weighting is 7.6%, potential gearing of 104% is in place in the form of dollar borrowings expiring in March 2007. • Equities seem reasonably valued against other assets though company profits are high. By concentrating on well financed, solid businesses, the Board and Managers are optimistic that the good relative and absolute performance can be maintained. Past performance is no guarantee of future performance. The value of an investment and any income from it is not guaranteed and may go down as well as up and investors may not get back the amount invested. This is because the share price is determined by the changing conditions in the relevant stock markets in which the Company invests and by the supply and demand for the Company's shares. Investment in investment trusts should be regarded as medium to long-term. You can find up to date performance information about Mid Wynd on the Baillie Gifford website at www.bailliegifford.com. The objective of Mid Wynd International Investment Trust PLC is to achieve capital and income growth by investing on a worldwide basis. The Trust has total assets of £40.0m (before deduction of bank loan of £1.7m). Mid Wynd is managed by Baillie Gifford & Co., the Edinburgh based fund management group with around £36 billion under management and advice. 8 August 2005 - ends For further information please contact: Michael MacPhee, Manager Mid Wynd International Investment Trust PLC 0131 275 2000 Mike Lord, Director Broadgate 020 7726 6111 MID WYND INTERNATIONAL INVESTMENT TRUST PLC The following is the unaudited preliminary statement for the year to 30 June 2005 which was approved by the Board on 8 August 2005. The Directors of Mid Wynd International Investment Trust PLC are recommending to the Annual General Meeting of the Company to be held on 3 October 2005 the payment of a final dividend of 5.70p net (5.50p net last year) per ordinary share, making a total of 9.40p net (9.20p net last year) per ordinary share for the year ended 30 June 2005. STATEMENT OF TOTAL RETURN (unaudited and incorporating the revenue account*) For the year ended For the year ended 30 June 2005 30 June 2004 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments - 5,117 5,117 - 3,752 3,752 Currency (losses)/gains - (147) (147) - 90 90 Income (note 2) 833 - 833 721 - 721 Investment management fee (97) (97) (194) (88) (88) (176) Other administrative expenses (131) - (131) (133) - (133) Net return before finance costs and taxation 605 4,873 5,478 500 3,754 4,254 Finance costs of borrowings (25) (25) (50) (17) (17) (34) Return on ordinary activities before taxation 580 4,848 5,428 483 3,737 4,220 Tax on ordinary activities (105) 37 (68) (77) 31 (46) Return on ordinary activities after taxation 475 4,885 5,360 406 3,768 4,174 Dividends in respect of equity (473) - (473) (463) - (463) shares Transfer to/(from)reserves 2 4,885 4,887 (57) 3,768 3,711 Return per ordinary share 9.43p 97.18p 106.61p 8.07p 74.93p 83.00p (note 3) Dividend per ordinary share (note 4) 9.40p 9.20p * The revenue column of this statement is the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations. MID WYND INTERNATIONAL INVESTMENT TRUST PLC SUMMARISED BALANCE SHEET at 30 June 2005 (unaudited) 30 June 2005 30 June 2004 £'000 £'000 £'000 £'000 Fixed asset investments 36,924 33,560 Current Assets Debtors 231 122 Time deposits 950 - Cash and short term deposits 2,237 1,746 3,418 1,868 Creditors: Amounts falling due within one year (380) (373) Net Current Assets 3,038 1,495 Creditors: Amounts falling due after more than one year Bank Loans (note 5) (1,674) (1,654) Provisions for liabilities and charges Deferred taxation (2) (2) 38,286 33,399 Capital and reserves Called-up share capital 1,257 1,257 Capital reserves 36,405 31,520 Revenue reserve 624 622 Equity shareholders' funds 38,286 33,399 Net asset value per ordinary share 761.5p 664.3p Ordinary shares in issue 5,027,766 5,027,766 DISTRIBUTION OF ASSETS at 30 June 2005 (unaudited) 30 June 2005 30 June 2004 % % Equities: United Kingdom 16.0 15.6 Continental Europe 23.9 21.5 North America 29.1 29.7 Japan 9.1 13.1 Asia Pacific 7.2 7.6 Other Emerging Markets 3.4 3.4 Total Equities 88.7 90.9 Euro bonds 3.7 4.9 Net liquid assets 7.6 4.2 Total assets (before deduction of bank loan) 100.0 100.0 MID WYND INTERNATIONAL INVESTMENT TRUST PLC SUMMARISED CASH FLOW STATEMENT (unaudited) For the For the year ended year ended 30 June 2005 30 June 2004 £'000 £'000 Net cash inflow from operating activities 379 547 Net cash outflow from servicing of finance (51) (23) Total tax paid (5) (72) Net cash inflow from financial investment 1,581 1,365 Equity dividends paid (463) (463) NET CASH INFLOW BEFORE USE OF LIQUID RESOURCES AND FINANCING 1,441 1,354 Net cash outflow from use of liquid resources (950) - Net cash outflow from bank loans - (9) INCREASE IN CASH 491 1,345 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT Increase in cash in the period 491 1,345 Net outflow from bank loans - 9 Exchange movement on bank loans (20) 74 Increase in short term deposits 950 - MOVEMENT IN NET FUNDS IN THE YEAR 1,421 1,428 NET FUNDS/(DEBT) AT 1 JULY 92 (1,336) NET FUNDS AT 30 JUNE 1,513 92 RECONCILIATION OF NET REVENUE BEFORE FINANCE COSTS AND TAXATION TO NET CASH INFLOW FROM OPERATING ACTIVITIES Net revenue on ordinary activities before finance costs and taxation 605 500 Investment management fees charged to capital (97) (88) Changes in debtors and creditors (73) 179 Overseas tax suffered (48) (41) Income tax suffered (8) (3) NET CASH INFLOW FROM OPERATING ACTIVITIES 379 547 MID WYND INTERNATIONAL INVESTMENT TRUST PLC NOTES 1. The financial statements for the year to 30 June 2005 have been prepared on the basis of the accounting policies set out in the Company's financial statements at 30 June 2004. None of the views expressed in this document should be construed as advice to buy or sell a particular investment. 30 June 2005 30 June 2004 £'000 £'000 2. Income Income from investments and interest receivable 831 719 Other income 2 2 3. Return per ordinary share Revenue return 475 406 Capital return 4,885 3,768 Return per ordinary share is based on the above totals for revenue and capital and on 5,027,766 ordinary shares, being the number of ordinary shares in issue throughout each year. 4. The total cost of the dividend for the year is £473,000 (2004 - £463,000). If approved the final dividend will be paid on 6 October 2005 to all shareholders on the register at the close of business on 23 September 2005. 5. Loans include US$3 million which is repayable on 5 March 2007 (2004 - US$3 million). 6. The financial information set out above does not constitute the Company's statutory accounts for the year ended 30 June 2005. The financial information for 2004 is derived from the statutory accounts for 2004, which have been delivered to the Registrar of Companies. The Auditors have reported on the 2004 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 2005 will be finalised on the basis of the financial information presented in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. This information is provided by RNS The company news service from the London Stock Exchange
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