Final Results

Acorn Income Fund Ld 29 March 2005 ACORN INCOME FUND LIMITED PRELIMINARY ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 31 DECEMBER 2004 CHAIRMAN'S STATEMENT I am pleased to present to Shareholders the sixth Annual Report of Acorn Income Fund Limited, ('the Company') for the year ended 31 December 2004. During the year under review the Company increased its net asset value per share by 14.39 pence, after distributing dividends totalling 9.0 pence per share, and achieved a total return per share of 23.39 pence. This represents a total annual return of 18.5% based upon the opening net asset value per share. Since 31 December 2004 the net asset value per share has continued to rise, reaching 157.07 pence per share at the end of February 2005. The Company has continued to benefit from gains in its Smaller Companies Portfolio. Whilst the High Income Portfolio did not enjoy any material capital growth in the year due to the adverse trend in Sterling interest rates it continued to generate satisfactory levels of income. The market price of the Company's shares has risen from 103.75 pence at the start of 2004 to 128.50 pence by the end of that year and at the close of business on 28 February 2005 was 143.00 pence. These market prices reflect discounts to net asset value per share of 17.74%, 8.55% and 8.96% respectively. The covenants on the Bank of Scotland loan are comfortably covered at present and its funding costs are now commensurate with rates of return anticipated as achievable across both the Smaller Company and High Income Portfolios. Our Investment Advisers urge caution as to anticipated returns in 2005 from the High Income Portfolio but are more positive about prospective returns on the Smaller Company Portfolio. D.M. Bralsford 29 March 2005 INVESTMENT ADVISER'S REPORT - SMALLER COMPANIES PORTFOLIO During the past 12 months the portfolio has met our performance objectives and we are confident that the improving trading outlook for companies serving the industrial and business services sectors of the economy will enable us to make further progress in 2005. It is now apparent that the outlook for the consumer sectors of the economy is less favourable than for many years. Interest rates have risen during the year and may have peaked but increases in the cost of living and the prospects of further increases in both direct and indirect taxation do not bode well for future discretionary spending. During the period a number of stocks performed strongly. BSS Group, the plumbing and heating distributor, moved ahead as the benefit of management changes continued to bear fruit. James Halstead deserves a particular mention as the company increased its underlying dividend by 17.5%, paid a special dividend of 60p per share and grew its share price by 35%. The performance of Wellington, the manufacturer and distributor of industrial seals, improved with the surge in the oil price and the expansion of rig count in the Gulf of Mexico. Other notable performers included VP Group, the tool and specialist plant hire company; Diploma, the industrial holding company; Renishaw, the international engineer and Rotork, a world leading manufacturer of actuators and valves for industrial applications. We realised some gains from our investment in Pendragon, the motor dealer, in anticipation of tougher trading in the year ahead. Corporate action continued towards the year end when ISIS reversed into F&C Asset Management. We believe that corporate activity will pick up during the coming months as larger companies seek to enhance their profitability through the acquisition of their smaller competitors. During the past 12 months we have purchased new shareholdings in a number of international engineering companies where we believe prospects are improving. Weir Group and Fenner both possess strong positions in their respective markets. We have also purchased shares in TDG, the European logistics company, and TT Group, which manufactures products for the automotive and telecoms sectors. Disposals included F&C Asset Management, where our shareholding came about because of the merger with ISIS, National Express, where we believed fair value had been reached and Zotefoams and Eliza Tinsley where trading conditions showed no signs of improvement. There were a number of stock market sectors that performed particularly well during the year. The oil & gas and property sectors performed well but the low yield on companies serving these sectors ruled them out of our reckoning. Our strategy to run with successful investments will continue as we look for new investment opportunities. There is no doubt that the Stock Market is heading for an interesting year but we remain confident in our ability to rise to the challenges and deliver another satisfactory performance for shareholders. P Webb Unicorn Asset Management Limited 29 March 2005 INVESTMENT ADVISER'S REPORT - HIGH INCOME PORTFOLIO During the period under review sterling fixed income markets had to contend with a steady and sustained rise in the oil price, the spectre of higher interest rates, and an escalation of global geopolitical tensions. These worries were enhanced by a modest rise in inflation, over and above the higher oil price, and a sharp rise in Government borrowing to plug holes in a gaping budget deficit as tax revenue fell short of the Treasury's forecast. Under such circumstances the general expectation was for bond prices to fall. Indeed, this proved to be the case in the first half of the year. Prices deteriorated, albeit only modestly. Investors took the bold view that these factors would eventually restrain economic growth and, thus, limit rises in interest rates, a view that was subsequently endorsed by the UK monetary policy committee. In turn, this encouraged the U.K. pension fund industry to increase the pace of equity sales into long dated gilt-edged securities and index-linked bonds. This led to a recovery in bond prices and the rally quickened and broadened in the last quarter of the year. In consequence the FTSE Actuaries Government Securities All Stocks Index-Total Return achieved a gain of 6.7% over the full year. However, the majority of this came from income, capital return was very slender. Looking forward, we believe that investors have been a little too sanguine and their confidence in low/ benign inflation may be misplaced. Also tax revenue continues to run below Treasury expectations, which means that the Chancellor of the Exchequer will likely be faced with the unpleasant prospect of raising taxes or further increasing the UK budget deficit. With this in mind we have adopted a defensive portfolio posture. At the time of writing, split capital investment trusts have been further reduced and now form less than 1% of the total portfolio value. J Goodey Collins Stewart Asset Management Limited 29 March 2005 This statement of results is not the Group's statutory accounts. The Auditors have reported on the statutory accounts and have issued an unqualified opinion. STATEMENT OF TOTAL RETURN for the year ended 31 December 2004 Revenue Capital Total Revenue Capital Total 2004 2004 2004 2003 2003 2003 Notes £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments 1, 3 - 6,364 6,364 - 13,267 13,267 Income 1, 4 2,945 - 2,945 3,345 - 3,345 Management fee 1, 5 (162) (487) (649) (137) (412) (549) Other expenses 1, 6 (161) - (161) (197) - (197) ---------- ---------- ---------- ---------- ---------- ---------- Net return on ordinary 2,622 5,877 8,499 3,011 12,855 15,866 activities before finance costs Interest payable and 8 (394) (1,181) (1,575) (359) (1,077) (1,436) similar charges ---------- ---------- ---------- ---------- ---------- ---------- Net return on ordinary 2,228 4,696 6,924 2,652 11,778 14,430 activities for the year Dividends in respect of 9 (2,664) - (2,664) (2,664) - (2,664) equity shares ---------- ---------- ---------- ---------- ---------- ---------- Transfer (from) / to (436) 4,696 4,260 (12) 11,778 11,766 reserves ---------- ---------- ---------- ---------- ---------- ---------- Total return per Ordinary 10 7.53p 15.86p 23.39p 8.96p 39.79p 48.75p Share Dividend per Ordinary 9 9.00p - 9.00p 9.00p - 9.00p Share (distributed) The revenue columns of this statement represent the revenue account of the Company. All revenue and capital items in the above statement derive from continuing operations. BALANCE SHEET as at 31 December 2004 2004 2003 Notes £'000 £'000 Fixed assets Listed investments 1, 11 62,216 58,795 Current assets Debtors 12 1,271 922 Cash at bank 4,242 3,596 ---------- ---------- 5,513 4,518 Creditors - amounts falling due within one year Creditors 13 (522) (366) ---------- ---------- Net current assets 4,991 4,152 ---------- ---------- Total assets less current liabilities 67,207 62,947 Creditors - amounts falling due after more than one year Long term bank loan 14 (25,616) (25,616) ---------- ---------- Net asset value 41,591 37,331 ---------- ---------- Share capital and reserves Called-up share capital 15 7,400 7,400 Share premium 16 17,079 17,079 Revenue reserve 16 885 1,321 Special reserve 16 10,000 10,000 Capital reserve 1, 16 6,227 1,531 ---------- ---------- Total shareholders' funds attributable to equity 17 41,591 37,331 interests ---------- ---------- Net asset value per Ordinary Share 18 140.51p 126.12p CASH FLOW STATEMENT for the year ended 31 December 2004 2004 2003 Notes £'000 £'000 Net cash inflow from operating activities 19 2,132 2,321 Servicing of finance Interest paid (1,431) (1,568) ---------- ---------- Net cash outflow from servicing of finance (1,431) (1,568) Investing activities Purchase of investments (17,457) (12,451) Sale of investments 20,066 16,906 ---------- ---------- Net cash inflow from investing activities 2,609 4,455 Equity dividends paid (2,664) (2,664) ---------- ---------- Cash inflow before financing 646 2,544 Net cash flow from financing - - ---------- ---------- Increase in cash in the year 20 646 2,544 ---------- ---------- NOTES TO THE PRELIMINARY ANNOUNCEMENT OF RESULTS for the year ended 31 December 2004 1. Accounting policies The accounting policies, all of which have been applied consistently throughout the year, in the preparation of the Company's results, are set out below: a) Accounting convention The results have been prepared under the historical cost convention, as modified by the revaluation of investments, and in accordance with applicable United Kingdom accounting standards and with the revised Statement of Recommended Practice ('SORP'), for Financial Statements of Investment Trust Companies ('ITC'), issued in January 2003. b) Investments held as fixed assets Quoted investments are valued at the mid-market price on the relevant Stock Exchange at the balance sheet date. Realised gains or losses on the disposal of investments, permanent impairments in the value of investments and unrealised gains and losses on the revaluation of investments are taken to the Statement of Total Return as capital. c) Income Dividends receivable on equity shares are taken into account on the ex-dividend date. Income on debt and fixed interest securities is recognised on an accruals basis. Dividends received from United Kingdom registered companies are accounted for net of imputed tax credits. Bank interest is accounted for on an accruals basis. d) Expenses All expenses are accounted for on an accruals basis. Expenses are charged through the revenue account except as follows: (i) expenses which are incidental to the acquisition or disposal of an investment are treated as part of the cost or proceeds of the investment; (ii) 75% of the Company's management fee and financing costs are charged to the capital reserve in line with the Board's expected long term split of returns between income and capital gains from the investment portfolio; and (iii) 100% of any performance fee is charged to the capital account. e) Capital reserve The following are accounted for in the capital reserve: (i) realised gains and losses on the realisation of investments; (ii) unrealised gains and losses on investments; and (iii) expenses charged to the capital reserve in accordance with the above accounting policies. 2. Taxation The Company has been granted exemption from Guernsey taxation under the Income Tax (Exempt Bodies) (Guernsey) Ordinance 1989 and is charged an annual exemption fee of £600 (2003: £600). 3. Gains/(losses) on investments 2004 2003 £'000 £'000 Realised losses on sales (5,699) (4,519) Movement in unrealised appreciation/depreciation 12,063 17,786 ---------- ---------- 6,364 13,267 ---------- ---------- 4. Income 2004 2003 £'000 £'000 Dividend income 2,093 2,889 Bond interest 666 285 Bank interest 186 171 ---------- ---------- 2,945 3,345 ---------- ---------- 5. Management fees The Manager of the Company is entitled under the Management Agreement with the Company to receive a management fee from the Company at the annual rate of 1.0% of the total assets of the Company, payable quarterly in arrears. Where any investments comprised in the assets of the Company are in funds managed by or advised by the Manager or Investment Adviser or an affiliate of either of them, the value of such investments is deducted from total assets for the purposes of calculating the management fee. In addition, the Manager is entitled to receive a performance fee, payable at the end of each financial period of the Company, at the rate of 15% of any excess of the net asset value per share over the benchmark net asset value per share as at the last calculation day in the relevant financial period, multiplied by the time weighted number of shares in issue within such period. The benchmark net asset value per share is the higher of 104.8p, compounded at 10% per annum since 31 December 1999, and the highest net asset value per share as of the last calculation day in any preceding financial period. When calculating the performance fee, the net asset value per share is reduced by the amount that the dividend per share paid during that year is less than 8.5p. As at 31 December 2004 the benchmark net asset value per share was 168.78p (2003: 153.43p). No performance fee has been paid in respect of the year ended 31 December 2004 (2003: nil). The Manager has delegated the obligations for the performance of the investment management services to Unicorn Asset Management Limited ('the Smaller Companies Investment Adviser') and Collins Stewart Asset Management Limited ('the High Income Investment Adviser'). The agreements are between the Investment Advisers and the Manager, not the Company. All Investment Advisory fees are paid out of the management fees and performance fees received by the Manager from the Company. Both Investment Advisers are entitled to receive an annual fee at the rate of 0.5% of the total assets attributable to the investments in relation to which the Investment Adviser acts. The Smaller Companies Investment Adviser is entitled to 5/8ths of the Manager's performance fee, while the Manager may, at its discretion, pay the High Income Investment Adviser a proportion of the remaining performance fee. In addition, the Smaller Companies Investment Adviser is entitled to receive, from the Manager, a fixed annual fee of £7,500 in relation to marketing services provided to investors. The Investment Advisory Agreements may be terminated by the Manager or the Investment Advisers, giving not less than 12 months' notice in writing, or otherwise in circumstances where one of the parties has a receiver appointed over its assets or if an order is made or an effective resolution passed for the winding up of one of the parties. On termination the Investment Adviser shall be entitled to receive all fees accrued up to the date of the termination (or thereafter if the Investment Adviser necessarily incurs expenses arising out of the termination of the agreement) but shall not be entitled to compensation, except in the case of a wrongful termination by the Manager. 6. Other expenses Revenue Capital Total Revenue Capital Total 2004 2004 2004 2003 2003 2003 £'000 £'000 £'000 £'000 £'000 £'000 Custody and settlement fees 38 - 38 33 - 33 Auditors' 9 - 9 8 - 8 remuneration Directors' 40 - 40 33 - 33 remuneration Other expenses 74 - 74 123 - 123 ---------- ---------- ---------- ---------- ---------- ---------- 161 - 161 197 - 197 ---------- ---------- ---------- ---------- ---------- ---------- 7. Directors' remuneration 2004 2003 £'000 £'000 David Martin Bralsford 16 13 John Michael McKean 12 10 John Boothman 12 2 John Claude Tibbo - 8 ---------- ---------- 40 33 ---------- ---------- No bonus or pension contributions were paid or payable on behalf of the Directors. Shane Le Prevost waived his rights to his Director's fee for the year (2003: nil). 8. Interest payable and similar charges The interest payable relates to interest due on the bank loan, details of which are disclosed in note 14. 9. Dividends in respect of equity shares 2004 2003 £'000 £'000 Dividends on Ordinary Shares: First interim paid of 2.00p (2003: 1.50p) 592 444 Second interim paid of 2.00p (2003: 1.50p) 592 444 Third interim paid of 2.00p (2003: 2.00p) 592 592 Special dividend paid of 1.00p (2003: 2.00p) 296 592 Fourth interim paid of 2.00p (2003: 2.00p) 592 592 ---------- ---------- 2,664 2,664 ---------- ---------- 10. Return per Ordinary Share The revenue return per Ordinary Share is based on net revenue of £2,227,687 (2003: £2,651,754) and on a weighted average number of 29,600,002 (2003: 29,600,002) Ordinary Shares in issue throughout the year. The capital gain per Ordinary Share is based on the net capital gain of £4,696,084 (2003: gain of £11,778,236) and on a weighted average number of 29,600,002 (2003: 29,600,002) Ordinary Shares in issue throughout the year. 11. Listed investments Smaller High Income Smaller High Income Companies Portfolio Companies Portfolio Portfolio Portfolio Total Total 2004 2004 2004 2003 2003 2003 £'000 £'000 £'000 £'000 £'000 £'000 Opening valuation 49,924 8,871 58,795 41,091 9,084 50,175 Purchases at cost 12,247 5,210 17,457 5,937 6,514 12,451 Sales - proceeds (15,201) (5,199) (20,400) (10,623) (6,475) (17,098) - realised (145) (5,554) (5,699) (2,136) (2,383) (4,519) losses Movement in unrealised 6,374 5,689 12,063 15,655 2,131 17,786 appreciation / depreciation ---------- ---------- ---------- ---------- ---------- ---------- Closing valuation 53,199 9,017 62,216 49,924 8,871 58,795 ---------- ---------- ---------- ---------- ---------- ---------- Closing book cost 34,116 10,232 44,348 37,215 15,775 52,990 Closing unrealised 19,083 (1,215) 17,868 12,709 (6,904) 5,805 appreciation/ (depreciation) ---------- ---------- ---------- ---------- ---------- ---------- Closing valuation 53,199 9,017 62,216 49,924 8,871 58,795 ---------- ---------- ---------- ---------- ---------- ---------- Previously recognised as unrealised appreciation/depreciation Smaller High Income Smaller High Income Companies Portfolio Companies Portfolio Portfolio Portfolio Total Total 2004 2004 2004 2003 2003 2003 £'000 £'000 £'000 £'000 £'000 £'000 Realised gains/(losses) 953 414 1,367 (362) (102) (464) attributable to current year Amounts previously (1,098) (5,968) (7,066) (1,774) (2,281) (4,055) recognised as unrealised (appreciation)/ depreciation on these sales ---------- ---------- ---------- ---------- ---------- ---------- Losses realised on (145) (5,554) (5,699) (2,136) (2,383) (4,519) investments sold ---------- ---------- ---------- ---------- ---------- ---------- 12. Debtors 2004 2003 £'000 £'000 Accrued income 665 648 Amounts due from brokers 588 254 Other debtors 18 20 ---------- ---------- 1,271 922 ---------- ---------- 13. Creditors - amounts falling due within one year 2004 2003 £'000 £'000 Management fee 167 155 Bank interest 313 169 Other creditors 42 42 ---------- ---------- 522 366 ---------- ---------- 14. Long term bank loan 2004 2003 £'000 £'000 Bank of Scotland International facility 25,616 25,616 ---------- ---------- Under loan agreements dated 28 September 1999 and 21 December 2000 between the Company and Bank of Scotland International, a term loan of £25,616,000 has been made available. The interest rates payable on the loan are based on LIBOR plus a margin of 1% plus Mandatory Liquid Asset ('MLA') costs and are fixed as follows: 2004 2003 £'000 £'000 Fixed until 28/02/05 at 6.195% (2003: 28/05/04 at 5.327%) 5,000 5,000 Fixed until 27/04/05 at 5.963% (2003: 27/10/04 at 8.285%) 5,000 5,000 Fixed until 27/04/05 at 5.963% (2003: 27/10/04 at 5.636%) 5,000 5,000 Fixed until 30/09/05 at 5.445% (2003: 30/09/05 at 5.445%) 5,616 5,616 Fixed until 09/12/05 at 5.885% (2003: 09/12/05 at 5.885%) 5,000 5,000 ---------- ---------- 25,616 25,616 ---------- ---------- The average cost of borrowings at the year end was 5.88% (2003: 5.60%). 15. Share capital 2004 2003 £'000 £'000 Authorised: 40,000,000 Ordinary Shares of 25p 10,000 10,000 ---------- ---------- Allotted, called up and fully paid: 29,600,002 Ordinary Shares of 25p 7,400 7,400 ---------- ---------- 16. Reserves Share premium Revenue Special Capital reserve account reserve reserve Total £'000 £'000 £'000 £'000 £'000 At 1 January 2004 17,079 1,321 10,000 1,531 29,931 Movement for the year - (436) - 4,696 4,260 ---------- ---------- ---------- ---------- ---------- At 31 December 2004 17,079 885 10,000 6,227 34,191 ---------- ---------- ---------- ---------- ---------- The special reserve was created when the Company cancelled part of its share premium account, transferring it to a distributable reserve to allow the buy-back and cancellation of up to 14.99% of the Ordinary Shares. 17. Reconciliation of movements in Shareholders' funds 2004 2003 £'000 £'000 Balance as at 1 January 37,331 25,565 Capital surplus for the year 4,696 11,778 Revenue return for the year 2,228 2,652 Dividends paid (2,664) (2,664) ---------- ---------- Balance as at 31 December 41,591 37,331 ---------- ---------- 18. Net asset value per Ordinary Share 2004 2003 pence pence Opening net asset value per Ordinary Share 126.12 86.37 Total return per Ordinary Share 23.39 48.75 Dividend per Ordinary Share (9.00) (9.00) ---------- ---------- Closing net asset value per Ordinary Share 140.51 126.12 ---------- ---------- The net asset value per Ordinary Share is based on the net assets attributable to equity Shareholders of £41,591,000 (2003: £37,331,000) and on 29,600,002 (2003: 29,600,002) Ordinary Shares in issue at the end of the year. 19. Reconciliation of net revenue return before finance costs and taxation to net cash inflow from operating activities 2004 2003 £'000 £'000 Net revenue return before finance costs and taxation 2,622 3,011 Management fee charged to the capital reserve (487) (412) Increase in accrued income (17) (306) Decrease/(increase) in other debtors 2 (5) Increase in other creditors and accruals 12 33 ---------- ---------- Net cash inflow from operating activities 2,132 2,321 ---------- ---------- 20. Reconciliation of net cash flow to net debt At 1 January 2004 Cash flows At 31 December 2004 £'000 £'000 £'000 Cash at bank and in hand 3,596 646 4,242 Debt due after more than one year (25,616) - (25,616) ---------- ---------- ---------- Total (22,020) 646 21,374 ---------- ---------- ---------- 21. Capital commitments All contracted capital commitments have been provided for. 22. Related parties Details of the relationship between the Company, Collins Stewart Fund Management Limited, Collins Stewart Asset Management Limited and Collins Stewart (CI) Limited are disclosed in the Report of the Directors. The Directors are not aware of any ultimate controlling party. 23. Risk profile of financial assets and liabilities Financial Summary The principal investment objectives of the Company are to provide Shareholders with a high income and also the opportunity for income and capital growth by investing primarily in smaller capitalised United Kingdom companies admitted to the Official List of the United Kingdom Listing Authority and traded on the London Stock Exchange or traded on AIM. The Company's portfolio is invested in equities and high income and fixed interest and other income-bearing securities in order to achieve its investment objectives. It is the aim of the Company to provide both income and capital growth predominantly through investment of approximately 75% of the portfolio in smaller capitalised United Kingdom companies. The Company also aims to further enhance income for Shareholders by investing approximately 25% of its assets in a Sterling denominated investment grade fixed interest bond portfolio. Due to the recent performance of the Smaller Companies Portfolio and the testing conditions faced by the Sterling bond market the split has been relaxed to be closer to 80% invested in smaller capitalised United Kingdom companies, whilst the remainder is invested in Sterling denominated investment grade fixed interest bonds and cash. It is no longer the policy of the Company to invest in ordinary shares and income shares of split capital investment trusts nor lower grade fixed interest Sterling denominated debt and convertibles, (following a change in investment policy as detailed in a circular to shareholders dated 8 September 2003). At 31 December 2004 80.04%, (2003: 80.02%) of the portfolio (including cash) related to the smaller companies portfolio. In addition, the Company holds cash and liquid resources as well as having debtors and creditors that arise directly from its operations. The main risks arising from the Company's financial instruments are market price risk, interest rate risk and liquidity risk. As all the assets and liabilities of the Company are denominated in Sterling, there is no currency risk. Market price risk The Company's exposure to market price risk consists mainly of movements in the value of the Company's investments. The Company's investment portfolio complies with the investment parameters as disclosed in its prospectus. The magnitude of any change in the net asset value of the portfolio arising from market price movements is increased by the Company's policy of employing gearing. A 10% increase / decrease in the market prices of investments would have resulted in a 14.95% (2003: 15.75%) increase / decrease in the net asset value per Ordinary Share as at the balance sheet date. Interest rate risk The Company finances its operations through a mixture of shareholders' capital, bank borrowings and retained profits. Bank of Scotland International has made available a term loan of up to £25,616,000. The interest payable under the facility is fixed at regular intervals based on the aggregate rate of LIBOR plus certain additional regulatory costs charged by the bank and a margin of 1.0% per annum (see note 14). Liquidity risk The Company entered into a loan agreement with Bank of Scotland International, under which Bank of Scotland made available a loan of £25,616,000 (see note 14). The terms of the Company's bank borrowings entitle the lender to require early repayment should the Company breach any of the covenants placed upon it by Bank of Scotland. The Company's liquidity is monitored regularly to ensure that the covenants are not breached. Certain of the Company's investments are or may be illiquid, and the marketability of investments that are normally liquid may be affected by unsettled market conditions. Interest rate risk - profile The Company's financial fixed assets comprise a fixed interest portfolio of £8,247,958 (2003: £6,273,565) with a weighted average coupon rate of 9.03% (2003: 8.97%) fixed for a weighted average period of 4.21 years (2003: 6.44 years). The balance of the investment portfolio consists of non-interest bearing investments of £53,967,813 (2003: £52,521,295). The Company's other exposure to interest rate risk arises through its long term loan, details of which are given in note 14. Non-interest Fixed rate Floating Total Non-interest Fixed rate Floating Total bearing rate bearing rate 2004 2004 2004 2004 2003 2003 2003 2003 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Equity 53,968 - - 53,968 52,521 - - 52,521 shares Debt - 8,248 - 8,248 - 6,274 - 6,274 investments Cash at - - 4,242 4,242 - - 3,596 3,596 bank ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- 53,968 8,248 4,242 66,458 52,521 6,274 3,596 62,391 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- The above analysis excludes short-term debtors as all the material amounts are non-interest bearing. Fixed rate financial assets Weighted average Weighted average Weighted average Weighted average rate period rate period 2004 2004 2003 2003 % Years % Years Debt investments 9.03 4.21 8.97 6.44 Financial liabilities Fixed rate financial liabilities Fixed rate financial liabilities 2004 2003 £'000 £'000 Long term bank loan 25,616 25,616 ---------- ---------- The above analysis excludes short-term creditors as all the material amounts are non-interest bearing. If you have any queries please contact: Andrew Duquemin 2nd Floor No 1 Le Truchot St Peter Port Guernsey GY1 4AE Tel: 01481 731 987 Fax: 01481 720 018 This information is provided by RNS The company news service from the London Stock Exchange

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