Interim Results
Value & Income Trust plc
31 October 2005
VALUE AND INCOME TRUST PLC
PRELIMINARY ANNOUNCEMENT OF THE RESULTS
FOR THE HALF YEAR ENDED 30 SEPTEMBER 2005
(UNAUDITED)
SUMMARY
30 September 2005 30 September 2004 31 March 2005
Net Asset Value per Share 197.1p 160.9p 189.0p
(valuing debt at market)
Net Asset Value per Share 229.8p 180.9p 213.9p
(valuing debt at par)
Share Price 199.0p 159.5p 181.0p
Dividend per Share 3.1p 3.0p 6.2p
(interim) (interim) (total)
Value and Income Trust invests in higher yielding, less fashionable areas of the
UK commercial property and equity markets, particularly in medium and smaller
sized companies. It aims for long term real growth in dividends and capital
values without undue risk. Figures for net asset values and net current assets
shown on this page are calculated after deducting dividends declared but not yet
paid, as in previous years. The Trust is required to use the IFRS method of
presenting its accounts which follow.
Equity markets have performed strongly over the past six months, due to the fall
in bond yields and robust profits growth. Over the half year VIT's share price
is up by 9.9% and the net asset value by 4.3%, while the FTSE All-Share Index
has risen by 11.7%. Property capital values have continued to rise strongly;
VIT's property portfolio is revalued annually in March.
An interim dividend of 3.1p has been declared (+3.3%).
The formal results which follow at the end of this Announcement are presented in
the format recommended in the AITC's Statement of Recommended Practice for
Accounts of Investment Trust companies as utilised in preparing the Annual
Report for the year ended 31 March 2005.
The Interim Report will be posted to shareholders in mid-November 2005. Copies
can be obtained from OLIM Limited, Pollen House, 10-12 Cork Street, London W1S
3NP or Edinburgh Fund Managers plc, Donaldson House, 97 Haymarket Terrace,
Edinburgh, EH12 5HD.
Enquiries: Matthew Oakeshott or Angela Lascelles
OLIM Limited
Tel: 0207 439 4400 / Fax: 0207 734 1445
GROUP INCOME STATEMENT (UNAUDITED)
FOR THE HALF YEAR ENDED 30 SEPTEMBER 2005
Six months ended Six months ended
30 September 2005 30 September 2004
(restated)
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Investment Income
Dividend income 2,123 - 2,123 1,766 - 1,766
Interest income 70 - 70 49 - 49
Other Operating Income 1,648 - 1,648 1,555 - 1,555
______ ______ ______ ______ ______ ______
Total Income 3,841 - 3,841 3,370 - 3,370
Gains and Losses on Investments
Realised gains on held-at-fair-value investments - 3,106 3,106 - 1,347 1,347
Unrealised gains on investments - 4,277 4,277 - 3,219 3,219
______ ______ ______ ______ ______ ______
Total Revenue 3,841 7,383 11,224 3,370 4,566 7,936
______ ______ ______ ______ ______ ______
Expenses
Investment management fees (170) (396) (566) (131) (306) (437)
Other operating expenses (279) - (279) (226) - (226)
Finance Costs (1,751) - (1,751) (1,751) - (1,751)
______ ______ ______ ______ ______ ______
Total Expenses (2,200) (396) (2,596) (2,108) (306) (2,414)
______ ______ ______ ______ ______ ______
Profit before Tax 1,641 6,987 8,628 1,262 4,260 5,522
Taxation - - - - - -
______ ______ ______ ______ ______ ______
Profit for the Period 1,641 6,987 8,628 1,262 4,260 5,522
______ ______ ______ ______ ______ ______
Earnings Per Ordinary Share from Continuing
Operations 18.94p 12.12p
______ ______
The total column of this statement represents the Group's Income Statement
prepared in accordance with IFRS. The supplementary revenue return and capital
return columns are both prepared under guidance issued by the Association of
Investment Trust Companies. All items in the above statement derive from
continuing operations. All income is attributable to the equity holders of the
parent company. There are no minority interests.
GROUP INCOME STATEMENT (UNAUDITED)
FOR THE HALF YEAR ENDED 30 SEPTEMBER 2005
Year ended
31 March 2005
(restated)
Revenue Capital Total
£'000 £'000 £'000
Investment Income
Dividend income 3,388 - 3,388
Interest income 421 - 421
Other Operating Income 3,250 - 3,250
______ ______ ______
Total Income 7,059 - 7,059
Realised gains on held-at-fair-value investments - 1,741 1,741
Unrealised gains on investments - 18,859 18,859
______ ______ ______
Total Revenue 7,059 20,600 27,659
______ ______ ______
Expenses
Investment management fees (268) (1,084) (1,352)
Other operating expenses (364) - (364)
Finance Costs (3,501) - (3,501)
______ ______ ______
Total Expenses (4,133) (1,084) (5,217)
______ ______ ______
Profit before Tax 2,926 19,516 22,442
Taxation - - -
______ ______ ______
Profit for the Period 2,926 19,516 22,442
______ ______ ______
Earnings Per Ordinary Share from Continuing Operations 49.27p
______
The total column of this statement represents the Group's Income Statement
prepared in accordance with IFRS. The supplementary revenue return and capital
return columns are both prepared under guidance issued by the Association of
Investment Trust Companies. All items in the above statement derive from
continuing operations. All income is attributable to the equity holders of the
parent company. There are no minority interests.
GROUP STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
for the six months ended 30 September 2005
Six months ended 30 September 2005
Share Share Retained Total
capital premium earnings
£000 £000 £000 £000
Net assets at 31 March 2005 4,555 18,446 75,893 98,894
Net profit for the period - - 8,628 8,628
Dividends paid - - (1,457) (1,457)
_______ _______ _______ _______
Net assets at 30 September 2005 4,555 18,446 83,064 106,065
_______ _______ _______ _______
Year ended 31 March 2005
(restated)
Share Share Retained Total
capital premium earnings
£000 £000 £000 £000
Net assets at 31 March 2004 4,555 18,446 56,184 79,185
Net profit for the period - - 22,442 22,442
Dividends paid - - (2,733) (2,733)
_______ _______ _______ _______
Net assets at 31 March 2005 4,555 18,446 75,893 98,894
_______ _______ _______ _______
Six months ended 30 September 2004
(restated)
Share Share Retained Total
capital premium earnings
£000 £000 £000 £000
Net assets at 31 March 2004 4,555 18,446 56,184 79,185
Net profit for the period - - 5,522 5,522
Dividends paid - - (1,366) (1,366)
_______ _______ _______ _______
Net assets at 30 September 2004 4,555 18,446 60,340 83,341
_______ _______ _______ _______
SUMMARISED GROUP BALANCE SHEET AS AT 30 SEPTEMBER 2005
(UNAUDITED)
30 September 31 March 30 September
2005 2005 2004
(restated) (restated)
£'000 £'000 £'000
Total Investments 137,647 131,633 116,315
Net Current Assets 3,922 2,776 2,553
______ ______ ______
Total Assets less Current 141,569 134,409 118,868
Liabilities
Creditors due after one year (35,504) (35,515) (35,527)
Total Net Assets 106,065 98,894 83,341
______ ______ ______
GROUP CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2005 (UNAUDITED)
Six months Six months ended Year
ended 30 September ended
30 September 2004 31 March
2005 2005
(restated) (restated)
£'000 £'000 £'000
Cash flows from
operating activities
Net cash 3,246 2,437 5,078
inflow from operating
activities
Cash flows from
investing activities
Purchase of (7,296) (5,751) (20,907)
investments
Sale of 7,200 5,962 21,307
investments
Net cash (96) 211 400
(outflow)/inflow from
investing activities
Cash flow from
financing activities
Interest (1,763) (1,763) (3,525)
paid
Dividends (1,457) (1,366) (2,733)
paid
Net cash (3,220) (3,129) (6,258)
outflow from financing
activities
Net decrease (70) (481) (780)
in cash and cash
equivalents
Cash and 3,133 3,913 3,913
cash equivalents
at the start of the
period
Cash and 3,063 3,432 3,133
cash equivalents
at the end of the
period
Notes:
(1) The financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) which comprise standards and
interpretations approved by the International Accounting Standards Board (IASB)
and International Accounting Standards and Standing Interpretations Committee
interpretations approved by the International Accounting Standards Committee
(IASC) that remain in effect, and to the extent that they have been adopted by
the European Union.
The financial statements have been prepared on the historical cost basis, except
for the revaluation of certain financial assets. The principal accounting
policies adopted are set out below. Where presentational guidance set out in the
Statement of Recommended Practice (SORP) for investment trusts issued by the
Association of Investment Trust Companies (AITC) in January 2003 is consistent
with the requirements of IFRS, the directors have sought to prepare the
financial statements on the basis compliant with the recommendations of the
SORP.
The financial statements have been prepared on the basis of IFRSs currently in
issue and the Group's current understanding of how these standards should be
applied. The standards in issue are subject to ongoing discussion, review and
interpretation by the European Union, the investment trust industry, and the
accountancy profession. Their application continues to be subject to review by
the International Financial Reporting Interpretations Committee (IFRIC).
Further adjustments to the restated figures may therefore be required prior to
their inclusion in the final accounts for the year to 31 March 2006 as a result
of subsequent revisions to IFRS or guidance and generally-accepted best practice
on the application and interpretation of IFRS.
(2) The financial information for the year ended 31 March 2005 has been
extracted from the Annual Report and Accounts of the Company which have been
filed with the Registrar of Companies, and restated where required as a result
of the implementation of the new Financial Reporting standards. The auditors'
report on those accounts was unqualified.
(3) The interim dividend of 3.1p per share will be paid on 6 January 2006 to
shareholders on the register at close of business on 9 December 2005. The
ex-dividend date is 7 December 2005.
(4) The Interim Report will be issued mid November 2005. Copies may be
obtained from OLIM Limited, Pollen House, 10/12 Cork Street, London W1S 3NP or
Edinburgh Fund Managers plc, Donaldson House, 97 Haymarket Terrace, Edinburgh,
EH12 5HD.
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