Interim Results - 6 Months to 31 March 2000

Securities Trust of Scotland PLC 25 May 2000 SECURITIES TRUST OF SCOTLAND plc Annual results for the 12 months to 31 March 2000 * Total dividend per share increased by 2.7% * Earnings per share rise by 5.1% to 4.50p * Net asset value per share of 151.30p (142.95p) Earnings per share of Securities Trust of Scotland plc, the £578 million investment trust managed by Edinburgh based Martin Currie, increased by 5.1%, to 4.50p per share, over the year to 31 March 2000. This was helped in part by a non-recurring special dividend from Unilever. Underlying earnings, excluding special dividends, increased by 2.1%. During the year, the company's net asset value total return per ordinary share increased by 8.7%, to 151.30p. This compares with a rise of 9.9% in the trust's benchmark, the FTSE All-Share index. The shortfall is partly due to the costs associated with the unwinding of the company's yen loan at the time of the portfolio's switch to a UK only remit. The directors have recommended a final dividend of 3.05p per share (2.97p), payable on 12 July 2000. This makes a total dividend of 4.25p (4.14p), an increase of 2.7% and meets the board's objective of growing dividends. 'Following the decision in November to reposition the portfolio to concentrate solely on the UK, it is encouraging that stock selection in the UK has since turned positive,' commented chairman David Whitaker. 'Although with steady economic growth and continuing low inflation the outlook for financial markets remains promising, the increased volatility in world stockmarkets suggests some concern over levels of valuation. That said, the board is confident that the portfolio's repositioning will allow us to achieve our primary objective of delivering dividend increases to shareholders that are at least in line with RPI. 'We are delighted to welcome a new director, Andrew Irvine, to the board. Andrew is managing director for Scotland of Jones Lang LaSalle and has wide institutional investor experience in his specialist field. He is also a director of two other UK investment trusts.' For further information, please contact: Tom Maxwell Martin Currie Investment Management Ltd tmaxwell@martincurrie.com Mobile : 07946 544441 Allan MacLeod Martin Currie Investment Management Ltd amacleod@martincurrie.com 0131 229 5252 Fiona Harris Quill Communications 020 7 618 8905 fiona.h@quillcommunicate.com SECURITIES TRUST OF SCOTLAND plc Statement of total return (incorporating the revenue account*) for the year ended 31 March 2000 Unaudited 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 17,351 29,940 47,291 taxation Interest payable and similar charges (1,888) (6,681) (8,569) ------- ------- ------- Return on ordinary activities before 15,463 23,259 38,722 taxation Taxation on ordinary activities (996) 854 (142) ------- ------- ------- Return on ordinary activities after 14,467 24,113 38,580 taxation Dividends and other appropriations in (74) - (74) respect of non equity shares ------- ------- ------- Return attributable to 14,393 24,113 38,506 equity shareholders Dividends in respect of equity (13,445) - (13,445) shares: 4.25p per share ------- ------- ------- 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. Accounts are prepared on the basis of management and finance costs being allocated on a ratio of 70:30 capital to revenue. The financial information has been prepared on the basis of the accounting policies applied at 31 March 1999. The only exception is the adoption of FRS 16 resulting in income from equities being shown net of taxation credits of £1,502,000. Taxation on ordinary activities has been similarly adjusted. The directors have declared a final dividend on the ordinary shares of the company for the year ending 31 March 2000 of 3.05p per share (1999: 2.97p) to be paid on 12 July 2000 to shareholders on the register on 16 June 2000. 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 1999 Audited 1999 Revenue Capital Total £'000 £'000 £'000 Gains/(losses) on investments - realised - 15,408 15,408 - unrealised - (10,401) (10,401) Currency losses - (7,212) (7,212) Income -franked 10,581 - 10,581 -unfranked 6,699 - 6,699 -FID 2,120 - 2,120 Investment management fee (967) (966) (1,933) Other expenses (607) - (607) ------- ------- ------- Net return before finance costs and 17,826 (3,171) 14,655 taxation Interest payable and similar charges (2,857) (2,858) (5,715) ------- ------- ------- Return on ordinary activities before 14,969 (6,029) 8,940 taxation Taxation on ordinary activities (1,178) 820 (358) ------- ------- ------- Return on ordinary activities after 13,791 (5,209) 8,582 taxation Dividends and other appropriations in (90) - (90) respect of non equity shares ------- ------- ------- Return attributable to equity 13,701 (5,209) 8,492 shareholders Dividends in respect of equity (13,261) - (13,261) shares: 4.14p per share ------- ------- ------- Transfer to/(from) reserves 440 (5,209) (4,769) ------- ------- ------- Returns per ordinary share 4.28p (1.63p) 2.65p * 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. Accounts are prepared on the basis of management and finance costs being allocated on a ratio of 50:50 capital to revenue. In accordance with FRS 16, income from equities has been restated and shown net of taxation credits of £2,150,000. Taxation on ordinary activities has been similarly adjusted. SECURITIES TRUST OF SCOTLAND plc BALANCE SHEET As at 31 March 2000 (unaudited) 31 March 2000 31 March 1999 £000 £000 £000 £000 Investments at market value 558,316 533,365 Current assets Debtors 7,966 15,430 Cash at bank 11,501 29,572 _______ _______ 19,467 45,002 Creditors Amounts falling due (26,482) (40,337) within one year _______ _______ Net current (7,015) 4,665 assets/(liabilities _______ _______ Total assets less current 551,301 538,030 liabilities Creditors Amounts falling due after (75,000) (77,306) one year _______ _______ Total assets attributable 476,301 460,724 to share capital _______ _______ Capital and reserves Called up preference - 2,843 capital Called up ordinary 78,700 80,080 capital Capital redemption 1,380 - reserve Capital reserve - realised 269,948 224,636 - unrealised 118,890 146,730 Revenue reserve 7,383 6,435 _______ _______ 476,301 457,881 _______ _______ Total shareholders' funds 476,301 460,724 _______ _______ Net asset value per 151.3p 142.9p ordinary share of 25p SECURITIES TRUST OF SCOTLAND plc STATEMENT OF CASH FLOW Year ended 31 March 2000 (unaudited) 31 March 2000 31 March 1999 £000 £000 £000 £000 Operating activities Net dividends and interest 19,377 17,445 received from investments Investment management fee (2,363) (1,933) paid Cash paid to and on behalf (58) (47) of directors Bank charges paid (66) (46) Other cash payments (989) (537) _______ _______ Net cash inflow from 15,901 14,882 operating activities Servicing of finance Interest paid (6,427) (5,927) Loan breakage costs (2,274) - Preference dividend paid (74) (90) _______ _______ Net cash outflow from (8,775) (6,017) servicing of finance Taxation Net taxation recovered 363 479 _______ _______ Net cash inflow from 363 479 taxation Capital expenditure and financial investment Payments to acquire (336,325) (232,791) investments Receipts from disposal of 352,554 249,769 investments Exchange (losses)/gains (7,029) 313 ________ ________ Net cash inflow from capital 9,200 17,291 expenditure and financial investment Equity dividends paid Dividends paid (13,357) (12,620) _______ _______ Cash outflow from equity (13,357) (12,620) dividends _______ ______ Net cash inflow before use 3,332 14,015 of liquid resources and financing Management of liquid - 8,000 resources Financing Repurchase of ordinary share (6,254) - capital Repayment of preference (2,843) - share capital Movement in short-term (10,000) - borrowings Movement in long-term (2,306) - borrowings _______ _______ Net cash outflow from (21,403) - financing _______ _______ (Decrease)/increase in cash (18,071) 22,015 for the year _______ _______ EN FR AAMPTMMTTMAM

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