Interim Results
North Atlantic Smlr Co Inv Tst PLC
27 October 2005
NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC
UNAUDITED PRELIMINARY RESULTS FOR THE SIX MONTHS ENDED 31 JULY 2005
FINANCIAL HIGHLIGHTS
31 July 31 January
2005 2005
(Unaudited) (Restated) + % Change
Net asset value per 5p Ordinary Share (debt at par):*
Basic (pence) 1,506 1,307 15.2
Fully Diluted (pence) 994 843 17.9
Middle market quotation per 5p Ordinary Share (pence) 913.5 794.5 15.0
Discount to fully diluted net asset value (debt at 8.1% 5.8%
par)
Standard & Poor's Composite Index - Sterling adjusted 701.0 626.3 11.9
Russell 2000 - Sterling adjusted 386.1 330.8 16.7
Sterling/US Dollar exchange rate 1.7606 1.8861 6.7
* Including retained revenue for the period. As the Company's loans are
repayable within one year, the net asset value with debt at market value is not
significantly different.
+ Net asset value figures and discount have been restated for IAS 39 adjustments
as at 31 January 2005 (see notes).
NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC
CHIEF EXECUTIVE'S REVIEW
FOR THE SIX MONTHS ENDED 31 JULY 2005
During the six month period to 31 July 2005 under review the fully diluted net
asset value of a share in the Trust rose by 17.9% as compared to a rise in the
Sterling adjusted Standard and Poor's Composite Index of 11.9%. Net income for
the period amounted to £248,000 (2004: £273,000 loss). Consistent with policy no
dividend will be paid.
Listed equities
The quoted portfolio performed particularly well in the United States with W-H
Energy Services and Sterling Construction both rising by in excess of 35%. In
the UK the portfolio benefited from corporate activity in East Surrey Holdings,
Wembley and Lonrho Africa. Highway Insurance Holdings and Dowding & Mills also
performed well as did a recently acquired position in Parkdean Holidays which
rose nearly 14% after purchase. Performance was however adversely impacted by
relatively high levels of cash. Finally, Oryx International Growth Fund
maintained its strong performance rising nearly 15% over the period.
Unlisted equities
The unquoted portfolio benefited from the takeovers of Hi-Tech Holdings and
Ramen Holdings, both at substantial premiums to book cost and recent valuations.
Historically, NASCIT has always valued unlisted equities at original cost unless
in the opinion of the Directors a change has been warranted. However, under
International Financial Reporting Standards investment trusts must carry their
portfolio at fair value. Accordingly, NASCIT has written Worldport
Communications, Nationwide Accident Repair Services and Primesco up to their
fair value and has written United Industries and AllianceOne down.
Outlook
It remains my opinion that equities in general are not cheap, whilst the type of
special situations in which we invest are increasingly hard to find.
Notwithstanding this I am hopeful that the Trust will maintain the favourable
momentum of the first six months.
C H B Mills
Chief Executive
27 October 2005
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
for the six months ended 31 July
Six months ended Six months ended
31 July 2005 31 July 2004
(restated)*
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Investments
Gains on investments - 31,964 31,964 - 10,147 10,147
Exchange differences - (203) (203) - 237 237
Net investment result - 31,761 31,761 - 10,384 10,384
Income 1,705 - 1,705 1,581 - 1,581
Expenses
Investment management fee (962) (552) (1,514) (897) (412) (1,309)
Cost of investment - (156) (156) - - -
transactions
Bank interest payable (126) - (126) (497) - (497)
Share based remuneration (184) - (184) (111) - (111)
Other expenses (184) - (184) (329) - (329)
Total expenses (1,456) (708) (2,164) (1,834) (412) (2,246)
Profit before taxation 249 31,053 31,302 (253) 9,972 9,719
Taxation (1) - (1) (20) - (20)
Transfer to reserves 248 31,053 31,301 (273) 9,972 9,699
Return per Ordinary share: pence pence
Basic 240.66 79.15
Diluted 156.14 48.76
* Details of the restatement are shown in note 8.
The total column of this statement is the Group's income statement, prepared in
accordance with IFRS. The supplementary revenue return and capital return
columns are both prepared under guidance published by the Association of
Investment Trust Companies.
The accounts have been prepared in accordance with the accounting policies shown
in note 1.
All items in the above statement derive from continuing operations.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
for the six months ended 31 July
Share Share
Share CULS options premium
capital reserve reserve account
£'000 £'000 £'000 £'000
Six months ended 31 July 2005
31 January 2005 (as previously reported) 647 - 396 629
Restatement of opening reserves for IAS - 52 - -
39 (note 1a)
647 52 396 629
Net increase in net assets from - - 184 -
operations
Arising on conversion of CULS 19 (3) - -
31 July 2005 666 49 580 629
Year ended 31 January 2005
31 January 2004 613 - 174 629
Net increase in net assets from - - 222 -
operations
Arising on conversion of CULS 34 - - -
31 January 2005 647 - 396 629
Six months ended 31 July 2004
31 January 2004 613 - 174 629
Net increase in net assets from - - 111 -
operations
31 July 2004 613 - 285 629
The accounts have been prepared in accordance with the accounting policies shown
in note 1.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
for the six months ended 31 July
Capital Capital
reserve reserve Revenue
- realised - unrealised reserve Total
£'000 £'000 £'000 £'000
Six months ended 31 July 2005
31 January 2005 (as previously reported) 141,956 34,550 (5,637) 172,541
Restatement of opening reserves for IAS (91) (3,464) (3) (3,506)
39 (note 1a)
141,865 31,086 (5,640) 169,035
Net increase in net assets from 18,627 12,426 248 31,485
operations
Arising on conversion of CULS - - - 16
31 July 2005 160,492 43,512 (5,392) 200,536
Year ended 31 January 2005
31 January 2004 118,383 30,089 (5,660) 144,228
Net increase in net assets from 23,573 4,461 23 28,279
operations
Arising on conversion of CULS - - - 34
31 January 2005 141,956 34,550 (5,637) 172,541
Six months ended 31 July 2004
31 January 2004 118,383 30,089 (5,660) 144,228
Net increase/(decrease) in net assets 11,471 (1,499) (273) 9,810
from operations
31 July 2004 129,854 28,590 (5,933) 154,038
The accounts have been prepared in accordance with the accounting policies shown
in note 1.
CONSOLIDATED BALANCE SHEET (UNAUDITED)
31 July 31 January 31 July
2005 2005 2004
(restated)* (restated)*
£'000 £'000 £'000
Non current assets
Investments at fair value through profit or loss 198,955 - -
Investments at valuation - 149,282 153,978
Current assets
Investments held for trading in subsidiary company 527 - -
Investments held in subsidiary company - 137 36
Trade and other receivables 2,469 858 1,262
Cash and cash equivalents 6,775 28,862 13,161
9,771 29,857 14,459
Total assets 208,726 179,139 168,437
Current liabilities
Bank loans and overdrafts (4,914) - (13,276)
Trade and other payables (2,994) (1,682) (739)
(7,908) (1,682) (14,015)
Total current assets less current liabilities 200,818 177,457 154,422
Non current liabilities
Bank loans - (4,566) -
CULS (282) (350) (384)
(282) (4,916) (384)
Total liabilities (8,190) (6,598) (14,399)
Net assets 200,536 172,541 154,038
Represented by:
Share capital 666 647 613
Equity component of CULS 49 - -
Share options reserve 580 396 285
Share premium account 629 629 629
Capital reserve - realised 160,492 141,956 129,854
Capital reserve - unrealised 43,512 34,550 28,590
Revenue reserve (5,392) (5,637) (5,933)
Issued capital and reserves 200,536 172,541 154,038
Net asset value per Ordinary share: pence pence pence
Basic 1,506 1,334 1,257
Diluted 994 860 771
* Details of the restatement are shown in note 9.
The accounts have been prepared in accordance with the accounting policies shown
in note 1.
CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)
for the six months ended 31 July
Six months to Six months to
31 July 31 July
2005 2004
(restated)*
£'000 £'000
Cash flows from operating activities
Investment income received 962 894
Bank deposit interest received 278 210
Other income - 20
Sale of investments by subsidiary undertaking 2 25
Investment Manager's fees paid (1,309) (1,380)
Transaction charges on sale and purchase of financial investments (156) -
Other cash payments (190) (526)
Cash expended from operations (413) (757)
Bank interest paid (98) (788)
Loan renewal expenses (9) -
Net cash outflow from operating activities (520) (1,545)
Cash flows from investing activities
Purchases of investments (88,806) (35,549)
Sales of investments 67,237 42,411
Net cash (outflow)/inflow from investing activities (21,569) 6,862
Cash flows from financing activities
Repayment of fixed term borrowings - (6,000)
Net cash outflow from financing activities - (6,000)
Decrease in cash and cash equivalents for the period (22,089) (683)
Cash and cash equivalents at start of period 28,862 13,776
Revaluation of foreign currency balances 2 68
Cash and cash equivalents at end of period 6,775 13,161
* These values have been adjusted for the adoption of IFRS from those presented
within the interim report for the six months ended 31 July 2004.
Notes:
1. Accounting policies
North Atlantic Smaller Companies Investment Trust plc ('NASCIT') is a company
domiciled in the United Kingdom. The consolidated preliminary announcement for
the Company for the period ended 31 July 2005 comprises the results of the
Company and its subsidiary (together referred to as the 'Group').
(a) Basis of preparation/statement of compliance
The consolidated preliminary announcement of the Group has been prepared in
conformity with International Financial Reporting Standards ('IFRS'), which
comprise standards and interpretations approved by the International Accounting
Standards Board and International Financial Reporting Interpretations Committee
interpretations approved by the International Accounting Standards Committee
that remain in effect, and to the extent that they have been adopted by the
European Union. They have also been prepared in accordance with applicable
requirements of United Kingdom company law, and reflect the following policies
which have been adopted and applied consistently. These are the Group's first
unaudited results prepared in conformity with IFRS and IFRS 1: First Time
Adoption has been applied. All accounting policies are consistent with the
policies used in the previous UK Generally Accepted Accounting Principles ('GAAP
') financial statements, with the exception of those referred to in the
transition statements (notes 8 and 9).
Explanations of how the transition to IFRS has affected the reported financial
position and financial performance of the Group are provided in notes 8 and 9.
The Group has taken advantage of the exemption under IFRS 1 to only adopt IAS
39: 'Financial Instruments: Recognition and Measurement' ('IAS 39') and IAS 32:
'Financial Instruments: Disclosure and Presentation' ('IAS 32') from 1 February
2005, rather than the date of transition of 1 February 2004. Therefore, the
comparative financial statements have not been restated for these standards.
Instead, the opening reserves at 1 February 2005 have been restated to take
account of IAS 39 and IAS 32.
The net effect is to reduce net assets at that date by £3,506,000. This is
comprised as follows;
£'000
Transaction costs on purchases now treated as a realised loss (91)
Use of bid prices for quoted* holdings rather than previous methods
- in parent company (3,464)
- in subsidiary (3)
Creation of CULS reserve to recognise the equity component of the Convertible 52
Unsecured Loan Stock
Reduction in net assets on implementation of IAS 39 (3,506)
*The valuations of unquoted investments have not been restated to fair value
prior to the current reporting period therefore no adjustment has been made to
the opening reserves as at 1 February 2005 in this respect.
Applying this reduction to the net assets at 31 January 2005 as currently shown
in the balance sheet results in revised figures as follows:
Net assets £169,035,000
Net asset value per ordinary share:
Basic 1,307p
Diluted 843p
(b) Convention
The financial statements are presented in Sterling rounded to the nearest
thousand. The financial statements have been prepared on a going concern basis
under the historical cost convention, except for the measurement at fair value
of investments classified as fair value through profit and loss and derivative
financial instruments.
(c) Basis of consolidation
The Group financial statements consolidate the financial statements of NASCIT
and its wholly owned subsidiary undertaking, Consolidated Venture Finance
Limited, drawn up to 31 July 2005.
(d) Segmental reporting
The Directors are of the opinion that the Group is engaged in a single segment
of business, being investment business. The Group invests in smaller companies
principally based in countries bordering the North Atlantic Ocean.
(e) Investments
From 1 February 2004 to 31 January 2005
Investments are included in the balance sheet on the following basis:
(i) listed at market value on a recognised stock exchange
With the exception of the investments in American Opportunity Trust ('AOT') and
Oryx International Growth Fund ('Oryx')(see below), securities quoted on
recognised stock exchanges are valued at the mid-market prices and exchange
rates ruling at the balance sheet date. Where securities are hedged by
unexpired traded call options written by the Company, the market value is
reduced by the prevailing market value of such options at the period-end date.
Unexpired traded put options are held in other creditors and accruals.
Unexpired traded put and call options written by the Company are revalued to the
prevailing market value at the period-end date.
(ii) Listed at Directors' valuation
The Directors value the Group's investments in AOT and Oryx, both being
investment funds, based on its share of the fully diluted net assets of each at
the period-end. This valuation method is not in accordance with the
requirements of the 2003 Statement of Recommended Practice: Financial Statements
of Investment Trust Companies ('SORP') but has been adopted as the Company is a
significant shareholder in AOT and Oryx. In the Directors' opinion, such
investments are more properly valued at fully diluted net asset value as to
apply significant discounts is misleading.
(iii) Unlisted at market value
US Treasury Bills are valued at market value havingbeen adjusted for movements
in exchange rates between the dates of purchase and the period-end. Accrued
income arising from them is included in debtors.
(iv) Unlisted at Directors' valuation
Unlisted investments included at Directors' valuation are valued at original
cost in local currency translated into Sterling at the exchange rate ruling on
the balance sheet date unless, in the opinion of the Directors, a change is
warranted. Revaluations above cost are normally only made when independently
validated. This will be as a result of a material third party transaction in
the securities of the company under consideration although, in certain
circumstances, a valuation produced by an independent source may be adopted.
Revaluations downwards will be made in circumstances where a material third
party transaction in the securities of the company under consideration has taken
place at a lower price or where underlying trading or market conditions are such
that a significant diminution in value is judged to have occurred.
(v) Current asset investments
Investments held as current assets are valued individually at the lower of cost
and market value at the balance sheet date.
From 1 February 2005 to 31 July 2005
All investments held by the Company are designated as 'fair value through profit
or loss'. Investments are initially recognised at cost, being the fair value of
the consideration given, excluding transaction costs associated with the
investment that are charged to the income statement and allocated to capital.
After initial recognition, investments are measured at fair value, with
unrealised gains and losses on investments and impairment of investments
recognised in the income statement and allocated to capital. Realised gains and
losses on investments sold are calculated as the difference between sales
proceeds and cost.
Investments are included in the balance sheet on the following basis:
(vi) Listed at market value on a recognised stock exchange.
Securities listed on recognised stock exchanges are valued at the market bid
price and exchange rates ruling at the balance sheet date.
(vii) Unlisted at market value
Treasury Bills are valued at market value having been adjusted for movements in
exchange rates between the dates of purchase and the period-end. Accrued income
arising from them is included in debtors.
(viii) Unlisted at directors' valuation
Unlisted investments included at Directors' valuation are valued at what the
Directors consider to be their fair value and follow the EVCA guidelines. This
value incorporates all factors that market participants would consider in
setting a price. Valuations in local currency are translated into Sterling at
the exchange rate ruling on the balance sheet date.
(ix) Current asset investments
Investments held by the subsidiary undertaking are classified as 'held for
trading' and are valued at fair value in accordance with the policies set out in
1.e(vi) and 1.e(viii) above for listed and unlisted holdings respectively.
Profits or losses on investments 'held for trading' are taken to revenue.
(f) Options
Where option transactions are entered into, either for hedging or investment
purposes, the premiums received are taken to the capital reserve - realised, and
the gains or losses arising on their revaluations are recognised in the capital
reserve - unrealised.
(g) Foreign currency
Transactions denominated in foreign currencies are converted to Sterling at the
actual exchange rate as at the date of the transaction. Monetary assets and
liabilities denominated in foreign currencies at the balance sheet date are
reported at the rate of exchange ruling at that date. Any gain or loss arising
from a change in exchange rate subsequent to the date of the transaction is
included as an exchange gain or loss in the income statement and depending on
the nature of the gain or loss is allocated to either revenue or capital.
(h) Trade date accounting
All 'regular way' purchases and sales of financial assets are recognised on the
'trade date' i.e. the day that the entity commits to purchase or sell the asset.
Regular way purchases, or sales, are purchases or sales of financial assets that
require delivery of the asset within a time frame generally established by
regulation or convention in the market place.
(i) Income
Dividends receivable on quoted equity shares are taken into account on the
ex-dividend date. Where no ex-dividend date is quoted, they are brought into
account when the Company's right to receive payment is established. Other
investment income and interest receivable are included in the financial
statements on an accruals basis. Dividends received from UK registered companies
are accounted for net of imputed tax credits.
(j) Expenses
All expenses are accounted for on an accruals basis and are allocated wholly to
revenue with the exception of performance fees which are allocated wholly to
capital as the fee is payable by reference to the capital performance of the
Company, and transaction costs which are charged to capital.
(k) Share based payments
In accordance with IFRS 2 (share based payments) an expense is now recognised in
the financial statements relating to the value of share options awarded under
the 2002 Share Option Scheme to the Chief Executive and employees of North
Atlantic Value LLP. The accounting charge is based on the fair value of each
grant, measured at the grant date, and is spread over the vesting period. The
deemed expense is transferred to the share options reserve.
(l) Cash and cash equivalents
Cash in hand and in banks and short-term deposits which are held to maturity are
carried at cost. Cash and cash equivalents are defined as cash in hand, demand
deposits and short-term, highly liquid investments readily convertible to known
amounts of cash and subject to insignificant risk of changes in value. Bank
overdrafts that are repayable on demand, which form an integral part of the
Group's cash management, are included as a component of cash and cash
equivalents for the purpose of the statement of cash flows.
(m) Bank loans and borrowings
All bank loans and borrowings are initially recognised at cost, being the fair
value of the consideration received, less issue costs where applicable. After
initial recognition, all interest bearing loans and borrowings are subsequently
measured at amortised cost. Any difference between cost and redemption value has
been recognised in the income statement over the period of the borrowings on an
effective interest basis.
(n) Taxation
Income tax on the profit or loss for the period comprises current and deferred
tax. Income tax is recognised in the income statement except to the extent that
it relates to items recognised directly in equity, in which case it is
recognised in equity.
Current tax is the expected tax payable on the taxable income for the period,
using tax rates enacted or substantively enacted at the balance sheet date, and
any adjustment to tax payable in respect of previous years. The tax effect of
different items of expenditure is allocated between revenue and capital on the
same basis as the particular item to which it relates, using the Company's
effective rate of tax, as applied to those items allocated to revenue, for the
accounting period.
Deferred income tax is provided, using the liability method, on all temporary
differences at the balance sheet date between the tax basis of assets and
liabilities and their carrying amount for financial reporting purposes. Deferred
income tax liabilities are measured at the tax rates that are expected to apply
to the period when the liability is settled, based on tax rates (and tax laws)
that have been enacted or substantively enacted at the balance sheet date.
2. Return per share
Revenue Capital
*Net Per *Net Per
return Ordinary share return Ordinary share Total
£'000 shares (pence) £'000 shares (pence) (pence)
Six months to 31 July 2005
Basic return per 248 13,006,299 1.91 31,053 13,006,299 238.75 240.66
Share
Option conversion** - 136,783 - 136,783
Loan Stock 2013 *** 35 6,925,754 - 6,925,754
283 20,068,836 1.41 31,053 20,068,836 154.73 156.14
Six months to 31 July 2004
(restated)
Basic return per (273) 12,254,313 (2.23) 9,972 12,254,313 81.38 79.15
Share
Option conversion** - 292 - 292
Loan Stock 2013 *** 19 7,677,739 - 7,677,739
(254) 19,932,344 (1.27) 9,972 19,932,344 50.03 48.76
Basic return per share has been calculated using the weighted average number of
Ordinary Shares in issue during the period.
* Net return on ordinary activities attributable to Ordinary Shareholders.
** Excess of the total number of potential shares on option conversion over the
number that could be issued at fair value as calculated in accordance with IAS
33: Earnings per Share.
*** Loan Stock assumed converted as the share price during the period was
greater than the conversion price.
3. Distribution of non-current investments
31 July 31 January 31 July
2005 2005 2004
£'000 £'000 £'000
Listed at fair value:
United Kingdom 82,700 - -
Overseas 27,240 - -
Listed at market value:
United Kingdom - 58,457 60,396
Overseas - 15,352 14,521
Listed at Directors' valuation - 16,618 15,077
Total listed investments 109,940 90,427 89,994
Unlisted at fair value 89,015 - -
Unlisted at market value - 4,754 10,707
Unlisted at Directors' valuation - 54,101 53,277
Total fixed asset investments 198,955 149,282 153,978
4. Performance fees
A performance fee is only payable if the investment portfolio has outperformed
the Sterling adjusted Standard & Poor's Composite Index at the end of each
financial year, and is limited to a maximum payment of 0.5% of Shareholders'
Funds.
In accordance with the SORP, an amount is included in these accounts for the
performance fee that would be payable based on investment performance to 31 July
2005.
As at 31 July 2005, a performance fee of £552,000, including irrecoverable VAT,
has been accrued for in the accounts (31 July 2004: £412,000 including
irrecoverable VAT).
5. Consolidated net asset value per ordinary share (debt at par)
The basic net asset value per Ordinary Share is based on net assets of
£200,536,000 (31 January 2005: £172,541,000; 31 July 2004: £154,038,000) and on
13,313,427 Ordinary Shares (31 January 2005: 12,932,672; 31 July 2004:
12,245,313) being the number of Ordinary Shares in issue at the period end.
The fully diluted net asset value per Ordinary Share is calculated on the
assumption that all of the outstanding 2013 Loan Stock is fully converted at par
and that all 1,030,000 (31 January 2005: 692,500; 31 July 2004: 692,500) Share
Options were exercised at the prevailing exercise prices, giving a total of
20,962,052 issued Ordinary Shares (31 January 2005: 20,624,552 Shares; 31 July
2004: 20,624,552).
6. Post balance sheet event
Subsequent to 31 July 2005, the Company acquired a further 1,686,000 shares in
AOT, taking its total holding to 60.49%.
7. Financial information
The financial information contained in this preliminary announcement does not
constitute full statutory accounts as defined in Section 240 of the Companies
Act 1985. The financial information for the six months ended 31 July 2005 and
31 July 2004 has not been audited.
The information for the year ended 31 January 2005, other than that which has
been restated as described above, has been extracted from the latest published
audited financial statements, which have been filed with the Registrar of
Companies. The report of the auditors on those financial statements contained
no qualification or statement under sections 237(2) or (3) of the Companies Act
1985. Those statutory accounts were prepared under UK GAAP and in accordance
with the SORP.
8. Reconciliation of consolidated income (unaudited)
for the six months ended 31 July 2004
Effect of
Previous transition to
GAAP IFRS IFRS
£'000 £'000 £'000
Investments
Gains on investments 10,147 - 10,147
Exchange differences 237 - 237
Net investment result 10,384 - 10,384
Income 1,581 - 1,581
Expenses
Investment management fee (1,309) - (1,309)
Bank interest payable (497) - (497)
Share based remuneration (note 1) - (111) (111)
Other expenses (329) - (329)
Total expenses (2,135) (111) (2,246)
Net return before taxation 9,830 (111) 9,719
Taxation (20) - (20)
Net return after taxation 9,810 (111) 9,699
Return per Ordinary share: pence pence pence
Basic 80.06 (0.91) 79.15
Diluted 49.31 (0.55) 48.76
Note to the reconciliation of income at 31 July 2004:
1. In accordance with IFRS 2, the fair value of share options awarded under the
Company's 2002 Share Option Scheme is spread over the vesting period of the
options. Accordingly, a share options reserve has been created to recognise
this.
Reconciliation of consolidated income (unaudited)
for the year ended 31 January 2005 (the last period presented under previous
GAAP)
Effect of
Previous transition to
GAAP IFRS IFRS
£'000 £'000 £'000
Investments
Gains on investments 28,303 - 28,303
Exchange differences 661 - 661
Net investment result 28,964 - 28,964
Income 3,671 - 3,671
Expenses
Investment management fee (2,707) - (2,707)
Bank interest payable (979) - (979)
Share based remuneration (note 1) - (222) (222)
Other expenses (650) - (650)
Total expenses (4,336) (222) (4,558)
Net return before taxation 28,299 (222) 28,077
Taxation (20) - (20)
Net return after taxation 28,279 (222) 28,057
Return per Ordinary share: pence pence pence
Basic 226.12 (1.78) 224.34
Diluted 141.79 (1.11) 140.68
Note to the reconciliation of income at 31 January 2005:
1. In accordance with IFRS 2, the fair value of share options awarded under the
Company's 2002 Share Option Scheme is spread over the vesting period of the
options. Accordingly, a share options reserve has been created to recognise
this.
9. Reconciliation of consolidated equity (unaudited)
as at 1 February 2004 (date of transition)
Effect of IFRS at
Previous transition to 1 February
GAAP IFRS 2004
£'000 £'000 £'000
Non current assets
Investments at valuation 151,189 - 151,189
Current assets
Investments held in subsidiary company 48 - 48
Trade and other receivables 549 - 549
Cash and cash equivalents 13,776 - 13,776
14,373 - 14,373
Total assets 165,562 - 165,562
Current liabilities
Bank loans and overdrafts (19,248) - (19,248)
Trade and other payables (1,702) - (1,702)
(20,950) - (20,950)
Total current assets less current liabilities 144,612 - 144,612
Non current liabilities
CULS (384) - (384)
(384) - (384)
Total liabilities (21,334) - (21,334)
Net assets 144,228 - 144,228
Represented by:
Share capital 613 - 613
Share options reserve (note 1) - 174 174
Share premium account 629 - 629
Capital reserve - realised 118,383 - 118,383
Capital reserve - unrealised 30,089 - 30,089
Revenue reserve (note 1) (5,486) (174) (5,660)
Issued capital and reserves 144,228 - 144,228
Net asset value per Ordinary share pence pence pence
Basic 1,177 - 1,177
Diluted 723 - 723
Note to the reconciliation of equity at 1 February 2004:
1. In accordance with IFRS 2, the fair value of share options awarded under the
Company's 2002 Share Option Scheme is spread over the vesting period of the
options. Accordingly, a share options reserve has been created to recognise
this.
Reconciliation of consolidated equity (unaudited)
as at 31 July 2004
Effect of IFRS at
Previous transition to 31 July
GAAP IFRS 2004
£'000 £'000 £'000
Non current assets
Investments at valuation 153,978 - 153,978
Current assets
Investments held in subsidiary company 36 - 36
Trade and other receivables 1,262 - 1,262
Cash and cash equivalents 13,161 - 13,161
14,459 - 14,459
Total assets 168,437 - 168,437
Current liabilities
Bank loans and overdrafts (13,276) - (13,276)
Trade and other payables (739) - (739)
(14,015) - (14,015)
Total current assets less current liabilities 154,422 - 154,422
Non current liabilities
CULS (384) - (384)
(384) - (384)
Total liabilities (14,399) - (14,399)
Net assets 154,038 - 154,038
Represented by:
Share capital 613 - 613
Share options reserve (note 1) - 285 285
Share premium account 629 - 629
Capital reserve - realised 129,854 - 129,854
Capital reserve - unrealised 28,590 - 28,590
Revenue reserve (note 1) (5,648) (285) (5,933)
Issued capital and reserves 154,038 - 154,038
Net asset value per Ordinary share pence pence pence
Basic 1,257 - 1,257
Diluted 771 - 771
Note to the reconciliation of equity at 31 July 2004:
1. In accordance with IFRS 2, the fair value of share options awarded under the
Company's 2002 Share Option Scheme is spread over the vesting period of the
options. Accordingly, a share options reserve has been created to recognise
this.
Reconciliation of consolidated equity (unaudited)
as at 31 January 2005 (end of last period presented under previous GAAP)
Effect of IFRS at
Previous transition to 31 January
GAAP IFRS 2005
£'000 £'000 £'000
Non current assets
Investments at valuation 149,282 - 149,282
Current assets
Investments held in subsidiary company 137 - 137
Trade and other receivables 858 - 858
Cash and cash equivalents 28,862 - 28,862
29,857 - 29,857
Total assets 179,139 - 179,139
Current liabilities
Trade and other payables (1,682) - (1,682)
(1,682) - (1,682)
Total current assets less current liabilities 177,457 - 177,457
Non current liabilities
Bank loans (4,566) - (4,566)
CULS (350) - (350)
(4,916) - (4,916)
Total liabilities (6,598) - (6,598)
Net assets 172,541 - 172,541
Represented by:
Share capital 647 - 647
Share options reserve (note 1) - 396 396
Share premium account 629 - 629
Capital reserve - realised 141,956 - 141,956
Capital reserve - unrealised 34,550 - 34,550
Revenue reserve (note 1) (5,241) (396) (5,637)
Issued capital and reserves 172,541 - 172,541
Net asset value per Ordinary share pence pence pence
Basic 1,334 - 1,334
Diluted 860 - 860
Note to the reconciliation of equity at 31 January 2005:
1. In accordance with IFRS 2, the fair value of share options awarded under the
Company's 2002 Share Option Scheme is spread over the vesting period of the
options. Accordingly, a share options reserve has been created to recognise
this.
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