Final Results

Securities Trust of Scotland PLC 17 May 2001 To: Stock Exchange For immediate release City editors 17 May 2001 SECURITIES TRUST OF SCOTLAND plc Annual results for the 12 months to 31 March 2001 * Net asset value (NAV) outperformed benchmark by 5.3%. * Total dividend for the year increased by 2.4% to 4.35p per share. * Discount narrowed from 18.5% to 12.5%. The NAV per ordinary share of Securities Trust of Scotland plc, the £542 million investment trust managed by Edinburgh based Martin Currie, fell by 7.5% to 139.98p. This compares with a fall of 12.8% in the trust's benchmark, the FTSE All-Share index. The directors have recommended a final dividend of 3.12p per share, payable on 13 July 2001. The total dividend for the year is 4.35p, an increase of 2.4%. ' This meets with the board's objective to achieve rising income and gives the managers the flexibility to make further changes to the portfolio,' commented chairman David Whitaker. Continuing, he said: 'Your trust has outperformed its benchmark in its first full year of concentrating on UK investments. This has been rewarded with a significant narrowing of the trust's discount. 'We expect a 'soft' rather than a 'hard landing' for the UK economy. With inflation remaining subdued and interest rates coming down, we think that the medium term outlook for the UK market is attractive. Overall, we remain confident that the portfolio is well positioned to meet its objectives - achieving rising income and capital growth over the long term.' - ends - For further information, please contact: Tom Maxwell Mike Woodward 0131 229 5252 Martin Currie Investment Management Ltd tmaxwell@martincurrie.com/mwoodward@martincurrie.com Fiona Harris Quill Communications 0207 618 8905 fiona.h@quillcommunicate.com SECURITIES TRUST OF SCOTLAND plc Statement of total return (incorporating the revenue account*) for the year ended 31 March 2001 Unaudited 2001 Revenue Capital Total £'000 £'000 £'000 Gains/(losses) on investments - realised - 7,004 7,004 - unrealised - (37,080)(37,080) Currency gains - 16 16 Income -franked 16,818 - 16,818 -unfranked 1,643 - 1,643 -FID - - - Investment management fee (728) (1,699) (2,427) Other expenses (895) (25) (920) Net return before finance costs and taxation 16,838 (31,784)(14,946) Interest payable and similar charges (2,332) (5,441) (7,773) Return on ordinary activities before taxation 14,506 (37,225)(22,719) Taxation on ordinary activities (195) 195 - Return on ordinary activities after taxation 14,311 (37,030)(22,719) Dividends and other appropriations in respect of non - - - equity shares Return attributable to equity shareholders 14,311 (37,030)(22,719) Dividends in respect of equity shares: 4.35p per share (13,498) - (13,498) Transfer to/(from) reserves 813 (37,030)(36,217) Returns per ordinary share 4.58p (11.85)p (7.29)p * The revenue columns of this statement are the profit and loss accounts of the company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year. The directors have recommended a final dividend on the ordinary shares of the company for the year ending 31 March 2001 of 3.12p per share (2000: 3.05p) to be paid on 13 July 2001 to shareholders on the register on 15 June 2001. The annual results will be circulated to shareholders in the form of an annual report, copies of which will be available at the company's registered office, Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES. SECURITIES TRUST OF SCOTLAND plc Statement of total return (incorporating the revenue account*) for the year ended 31 March 2000 Audited 2000 Revenue Capital Total £'000 £'000 £'000 Gains/(losses) on investments - realised - 66,419 66,419 - unrealised - (27,840)(27,840) Currency losses - (7,029) (7,029) Income -franked 13,672 - 13,672 -unfranked 5,140 - 5,140 -FID 107 - 107 Investment management fee (659) (1,537) (2,196) Other expenses (909) (73) (982) Net return before finance costs and taxation 17,351 29,940 47,291 Interest payable and similar charges (1,888) (6,681) (8,569) Return on ordinary activities before taxation 15,463 23,259 38,722 Taxation on ordinary activities (996) 854 (142) Return on ordinary activities after taxation 14,467 24,113 38,580 Dividends and other appropriations in respect of non (74) - (74) equity shares Return attributable to equity shareholders 14,393 24,113 38,506 Dividends in respect of equity shares: 4.25p per share (13,445) - (13,445) Transfer to reserves 948 24,113 25,061 Returns per ordinary share 4.50p 7.66p 12.16p * The revenue columns of this statement are the profit and loss accounts of the company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year. SECURITIES TRUST OF SCOTLAND plc BALANCE SHEET As at 31 March 2001 (unaudited) 31 March 2001 31 March 2000 £000 £000 £000 £000 Investments at market value 530,789 558,316 Current assets Debtors 5,350 7,966 Cash at bank 5,924 11,501 _______ _______ 11,274 19,467 Creditors Amounts falling due within one year (30,300) (26,482) _______ _______ Net current liabilities (19,026) (7,015) _______ _______ Total assets less current liabilities 511,763 551,301 Creditors Amounts falling due after one year (75,000) (75,000) _______ _______ Total assets attributable to share 436,763 476,301 capital _______ _______ Capital and reserves Called up ordinary capital 78,006 78,700 Capital redemption reserve 2,074 1,380 Capital reserve - realised 266,677 269,948 - unrealised 81,810 118,890 Revenue reserve 8,196 7,383 _______ _______ 436,763 476,301 _______ _______ Total shareholders' funds 436,763 476,301 _______ _______ Net asset value per ordinary share of 140.0p 151.3p 25p SECURITIES TRUST OF SCOTLAND plc STATEMENT OF CASH FLOW Year ended 31 March 2001 (unaudited) 31 March 2001 31 March 2000 £000 £000 £000 £000 Operating activities Net dividends and interest received from 17,909 19,377 investments Investment management fee paid (2,427) (2,363) Cash paid to and on behalf of directors (80) (58) Bank charges paid (25) (66) Other cash payments (762) (989) _______ _______ Net cash inflow from operating activities 14,615 15,901 Servicing of finance Interest paid (7,814) (6,427) Loan breakage costs - (2,274) Preference dividend paid - (74) _______ _______ Net cash outflow from servicing of finance (7,814) (8,775) Taxation Net taxation recovered 350 363 _______ _______ Net cash inflow from taxation 350 363 Capital expenditure and financial investment Payments to acquire investments (75,903) (336,325) Receipts from disposal of investments 69,844 352,554 Exchange gains/ (losses) 16 (7,029) ________ ________ Net cash (outflow)/inflow from capital expenditure (6,043) 9,200 and financial investment Equity dividends paid Dividends paid (13,364) (13,357) _______ _______ Cash outflow from equity dividends (13,364) (13,357) ______ ______ Net cash (outflow)/inflow before use of liquid (12,256) 3,332 resources and financing Financing Repurchase of ordinary share capital (3,321) (6,254) Repayment of preference share capital - (2,843) Movement in short-term borrowings 10,000 (10,000) Movement in long-term borrowings - (2,306) _______ ______ Net cash inflow/(outflow) from financing 6,679 (21,403) _______ _______ Decrease in cash for the year (5,577) (18,071) _______ _______

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