EDINBURGH WORLDWIDE INVESTMENT TRUST plc
Results for the year to 31 October 2009
Over the year the Company's share price rose by 56.6% and net asset value per share increased 49.3%. For comparison the MSCI All Countries World Index (in sterling terms) rose by 17.3%.
|
Over the six years that Baillie Gifford & Co has been managing the Company's assets, net asset value per share has increased by 57.7%, the share price by 69.2% and the MSCI All Countries World Index by 24.7%. |
|
The same growth stocks which fell in the panic of last September and October dragging down net asset value have been responsible for the recovery seen in the last 12 months. Portfolio turnover has been low, under 17%, and the number of equity holdings has increased by 4 to 41 as at the year end. |
|
The net revenue return for the year was 3.71p (2008: 3.48p) up 6.6%, mainly due to reduced borrowing costs. An unchanged final dividend of 1.50p is being recommended. In addition, a special dividend of 1.00p is being proposed bringing the total for the year to 3.00p (2008: 2.70p). |
|
Over the past year many companies have disappeared either through bankruptcy or been taken over whilst others have lost significant market share. Being able to identify companies that emerge as long term winners from the radical changes taking place in the global economy, such as the shift in economic power from the 'Developed' to the so-called 'Emerging' economies of the world, remains the key focus of the Managers. |
Past performance is not a guide to future performance.
Edinburgh Worldwide aims to achieve long term capital growth by investing in listed companies throughout the world. The Trust has total assets of £149.3 million (before deduction of loans of £23.5 million) as at 31 October 2009.
Edinburgh Worldwide is managed by Baillie Gifford & Co, the Edinburgh based fund management group with around £53 billion under management and advice as at 1 December 2009.
The value of an investment and any income from it is not guaranteed and may go down as well as up and investors may not get back the amount invested. This is because the share price is determined by the changing conditions in the relevant stockmarkets in which the Company invests and by the supply and demand for the Company's shares. Investment in investment trusts should be regarded as medium to long-term. You can find up to date performance information about Edinburgh Worldwide on the Edinburgh Worldwide page of the Managers' website at www.edinburghworldwide.co.uk
2 December 2009
- ends -
For further information please contact:
Mark Urquhart, Manager,
Edinburgh Worldwide Investment Trust plc 0131 275 2070
Anzelm Cydzik,
Baillie Gifford & Co 0131 275 3276
Roland Cross, Director,
Broadgate Marketing 020 7726 6111
EDINBURGH WORLDWIDE INVESTMENT TRUST plc
Chairman's Statement
Performance
It is pleasing to note that the conviction of the Managers, after a period of disappointing performance last year, has born fruit. In the financial year to 31 October 2009 net asset value per share increased by 49.3% and the share price by 56.6%. The MSCI All Countries World Index (in sterling terms) rose by 17.3% during this period. Equity gearing was maintained throughout the year and was 12.7% at the year end. More importantly, long term performance is satisfactory. Over the six years that Baillie Gifford & Co has been managing the Company's assets, net asset value per share has increased by 57.7%, the share price by 69.2% and the MSCI All Countries World Index by 24.7%.
The Board's strategy continues to be for the Managers to select shares globally, unconstrained by the requirement to match any benchmark, with a concentrated portfolio of approximately 40 equity holdings. The portfolio is comprised of holdings that are believed to have long term attractions, typically over at least 5 years. Combined with the effects of gearing, these factors mean that there will always be periods when the portfolio under or outperforms the index significantly in any one year. Performance is therefore better gauged over longer time periods. Performance statistics produced by The Association of Investment Companies (The AIC) show that the Company is ranked 8th out of 26 in the Global Growth Sector over five years in net asset value performance. It is disappointing therefore that the Company's discount is not narrower at present, albeit having come in from 18% as at the previous financial year end. The Managers are continuing their efforts to stimulate demand from investors.
Performance Fee
Although outperforming the MSCI All Countries World Index this year, no performance fee is due to the Managers as the relative high water mark has not been reached.
Earnings and Dividend
The net revenue return for the year was 3.71p (2008: 3.48p) up 6.6%, mainly due to reduced borrowing costs. Your Company's objective is that of generating capital growth and any income received from the underlying holdings is a by-product of this. An unchanged final dividend of 1.50p is being recommended. In addition, a special dividend of 1.00p is being proposed as the high level of current income may not recur, making the total for the year 3.00p (2008: 2.70p).
The Company's registrars operate a Dividend Reinvestment Plan which can be used to buy additional shares.
Investment Background and Outlook
We are now more than one year on since the failure of Western banking systems due to lax regulation and grossly excessive leverage which led to the collapse of Lehman and the knock-on effects that this had firstly on credit markets, followed by international trade then on domestic economies across the globe. It is possible that this single event will be viewed by historians as the inflection point which marked the shift of economic power from the traditional Western Anglo-Saxon economies of the developed world to those of the so-called Emerging economies, such as China, Brazil and India.
The economic and financial hubris that has prevailed amongst the political and business elites of the old established order is being swept away seemingly by the realism that the global economic power base has shifted, perhaps irrevocably. While many Western nations continue to struggle out of recession, China, for example, has managed to grow GDP by 8% and Brazil has come full circle and is now lending money to the IMF! Economies that have historically relied on trade with North America and Europe are becoming dependant on trade with so-called Emerging market nations and their rapacious desire for raw materials, consumer goods and services.
The gyrations of markets, and individual companies, over the past year have been marked. Many companies have disappeared either through bankruptcy or been taken over, others have lost significant market share. However, many of those companies that have survived are emerging stronger and more profitable with a more dominant position in their respective market. Being able to identify the winners is the key focus of the Managers.
Annual General Meeting
The Annual General Meeting of the Company will be held at Baillie Gifford's offices in Edinburgh at 12 noon on Thursday 4 February. The Company will once again be seeking to renew its share buyback and treasury share powers. Approval is also being sought to amend the Company's Articles of Association.
Mark Urquhart, the Partner at Baillie Gifford who manages your portfolio, will make a presentation and answer any questions. Your Board will also be available to respond to any questions that you may wish to put to it. I hope that you will be able to attend.
David A Coltman
Chairman
EDINBURGH WORLDWIDE INVESTMENT TRUST plc
The following is the unaudited preliminary statement for the year to 31 October 2009 which was approved by the Board on 1 December 2009. The Board of Edinburgh Worldwide Investment Trust plc is recommending to the Annual General Meeting of the Company to be held on 4 February 2010 the payment of a final dividend of 1.50p and a special dividend of 1.00p, making a total of 3.00p per ordinary share (2.70p last year) for the year ended 31 October 2009.
INCOME STATEMENT
|
For the year ended 31 October 2009 (unaudited) |
|
For the year ended 31 October 2008 (audited) |
||||
|
Revenue £'000 |
Capital £'000 |
Total £'000 |
|
Revenue £'000 |
Capital £'000 |
Total £'000 |
Gains /(losses) on investments |
- |
43,445 |
43,445 |
|
- |
(58,483) |
(58,483) |
Currency losses |
- |
(1,825) |
(1,825) |
|
- |
(6,389) |
(6,389) |
Income (note 2) |
3,088 |
- |
3,088 |
|
3,280 |
- |
3,280 |
Investment management fee |
(179) |
(538) |
(717) |
|
(215) |
(645) |
(860) |
VAT recovered (note 3) |
- |
- |
- |
|
75 |
182 |
257 |
Other administrative expenses |
(422) |
- |
(422) |
|
(429) |
- |
(429) |
Net return before finance costs and taxation |
2,487 |
41,082 |
43,569 |
|
2,711 |
(65,335) |
(62,624) |
Finance costs of borrowings |
(96) |
(286) |
(382) |
|
(316) |
(954) |
(1,270) |
Net return on ordinary activities before taxation |
2,391 |
40,796 |
43,187 |
|
2,395 |
(66,289) |
(63,894) |
Tax on ordinary activities |
(575) |
266 |
(309) |
|
(690) |
513 |
(177) |
Net return on ordinary activities after taxation |
1,816 |
41,062 |
42,878 |
|
1,705 |
(65,776) |
(64,071) |
Net return per ordinary share (note 5) |
3.71p |
83.78p |
87.49p |
|
3.48p |
(134.22p) |
(130.74p) |
|
|
|
|
|
The total column of this statement is the profit and loss account of the Company.
All revenue and capital items in this statement derive from continuing operations. No operations were acquired or discontinued during the year.
A Statement of Total Recognised Gains and Losses is not required as all gains and losses of the Company have been reflected in the above statement.
EDINBURGH WORLDWIDE INVESTMENT TRUST plc
BALANCE SHEET
|
|
At 31 October 2009 (unaudited) |
|
At 31 October 2008 (audited) |
|
|
£'000 |
|
£'000 |
FIXED ASSETS Investments held at fair value through profit or loss |
|
143,655 |
|
104,302 |
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
Debtors |
|
2,988 |
|
371 |
Cash and short term deposits |
|
5,042 |
|
1,449 |
|
|
8,030 |
|
1,820 |
CREDITORS |
|
|
|
|
Amounts falling due within one year (note 6) |
|
(25,874) |
|
(21,866) |
|
|
|
|
|
NET CURRENT LIABILITIES |
|
(17,844) |
|
(20,046) |
TOTAL NET ASSETS |
|
125,811 |
|
84,256 |
|
|
|
|
|
CAPITAL AND RESERVES |
|
|
|
|
Called-up share capital |
|
2,450 |
|
2,450 |
Share premium |
|
82,180 |
|
82,180 |
Special reserve |
|
35,220 |
|
35,220 |
Capital reserve |
|
3,122 |
|
(37,940) |
Revenue reserve |
|
2,839 |
|
2,346 |
|
|
|
|
|
SHAREHOLDERS' FUNDS |
|
125,811 |
|
84,256 |
|
|
|
|
|
NET ASSET VALUE PER ORDINARY SHARE |
|
256.73p |
|
171.94p |
ORDINARY SHARES IN ISSUE |
|
49,004,319 |
|
49,004,319 |
DISTRIBUTION OF ASSETS
(unaudited)
|
|
At 31 October 2009 % |
|
At 31 October 2008 % |
|||||
Equities: |
Continental Europe |
30.5 |
|
|
35.3 |
|
|||
|
North America |
27.9 |
|
|
27.7 |
|
|||
|
Japan |
3.6 |
|
|
8.1 |
|
|||
|
Asia Pacific |
11.1 |
|
|
4.2 |
|
|||
|
Emerging Markets |
21.9 |
|
|
21.4 |
|
|||
Total equities |
95.0 |
|
|
96.7 |
|
||||
US$ denominated bonds |
1.2 |
|
|
1.8 |
|
||||
Net current assets |
3.8 |
|
|
1.5 |
|
||||
Total assets (before deduction of loan) |
100.0 |
|
|
100.0 |
|
EDINBURGH WORLDWIDE INVESTMENT TRUST plc
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
For the year ended 31 October 2009 (unaudited)
|
Called-up share capital £'000 |
Share premium £'000 |
Special reserve £'000 |
Capital reserve £'000 |
Revenue reserve £'000 |
Total shareholders' funds £'000 |
Shareholders' funds at 1 November 2008 |
2,450 |
82,180 |
35,220 |
(37,940) |
2,346 |
84,256 |
Net return on ordinary activities after taxation |
- |
- |
- |
41,062 |
1,816 |
42,878 |
Dividends paid during the year (note 4) |
- |
- |
- |
- |
(1,323) |
(1,323) |
Shareholders' funds at 31 October 2009 |
2,450 |
82,180 |
35,220 |
3,122 |
2,839 |
125,811 |
For the year ended 31 October 2008 (audited)
|
Called-up share capital £'000 |
Share premium £'000 |
Special reserve £'000 |
Capital reserve £'000 |
Revenue reserve £'000 |
Total shareholders' funds £'000 |
Shareholders' funds at 1 November 2007 |
2,450 |
82,180 |
35,220 |
27,836 |
1,621 |
149,307 |
Net return on ordinary activities after taxation |
- |
- |
- |
(65,776) |
1,705 |
(64,071) |
Dividends paid during the year (note 4) |
- |
- |
- |
- |
(980) |
(980) |
Shareholders' funds at 31 October 2008 |
2,450 |
82,180 |
35,220 |
(37,940) |
2,346 |
84,256 |
EDINBURGH WORLDWIDE INVESTMENT TRUST plc
CASH FLOW STATEMENT |
||||||
|
For the year ended 31 October 2009 (unaudited) |
For the year ended 31 October 2008 (audited) |
||||
|
£'000 |
£'000 |
|
£'000 |
£'000 |
|
NET CASH INFLOW FROM OPERATING ACTIVITIES (note 9) |
|
1,957 |
|
|
1,359 |
|
|
|
|
|
|
|
|
SERVICING OF FINANCE |
|
|
|
|
|
|
Interest paid |
(364) |
|
|
(1,669) |
|
|
|
|
|
|
|
|
|
NET CASH OUTFLOW FROM SERVICING OF FINANCE |
|
(364) |
|
|
(1,669) |
|
|
|
|
|
|
|
|
TAXATION |
|
|
|
|
|
|
Overseas tax incurred |
(288) |
|
|
(169) |
|
|
|
|
|
|
|
|
|
TOTAL TAX PAID |
|
(288) |
|
|
(169) |
|
|
|
|
|
|
|
|
FINANCIAL INVESTMENT |
|
|
|
|
|
|
Acquisitions of investments |
(14,517) |
|
|
(47,992) |
|
|
Disposals of investments |
18,052 |
|
|
55,369 |
|
|
Realised currency gain |
197 |
|
|
1,514 |
|
|
NET CASH INFLOW FROM FINANCIAL INVESTMENT |
|
3,732 |
|
|
8,891 |
|
EQUITY DIVIDENDS PAID (note 4) |
|
(1,323) |
|
|
(980) |
|
|
|
|
|
|
|
|
FINANCING |
|
|
|
|
|
|
Bank loans repaid |
(285,455) |
|
|
(132,700) |
|
|
Bank loans drawn down |
285,334 |
|
|
122,071 |
|
|
NET CASH OUTFLOW FROM FINANCING |
|
(121) |
|
|
(10,629) |
|
INCREASE/(DECREASE) IN CASH |
|
3,593 |
|
|
(3,197) |
|
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT |
|
|
|
|
|
|
Increase/(decrease) in cash in the period |
|
3,593 |
|
|
(3,197) |
|
Net cash outflow from bank loans |
|
121 |
|
|
10,629 |
|
Exchange movement on bank loans |
|
(2,022) |
|
|
(7,903) |
|
|
|
|
|
|
|
|
MOVEMENT IN NET DEBT IN THE YEAR |
|
1,692 |
|
|
(471) |
|
NET DEBT AT 1 NOVEMBER |
|
(20,151) |
|
|
(19,680) |
|
NET DEBT AT 31 OCTOBER |
|
(18,459) |
|
|
(20,151) |
|
|
|
|
|
|
|
EDINBURGH WORLDWIDE INVESTMENT TRUST plc
PORTFOLIO AND EQUITY PERFORMANCE at 31 October 2009 (unaudited) |
||||||
Name |
Business |
Fair value £'000 |
% of total assets |
Performance† |
Fair value 2008 £'000 |
|
Absolute % |
Relative % |
|||||
Equities |
|
|
|
|
|
|
Petrobras |
Oil exploration and production |
10,149 |
6.8 |
76.2 |
45.6 |
6,453 |
Atlas Copco |
Industrial compressors and mining equipment |
8,696 |
5.8 |
72.8 |
42.9 |
5,174 |
Amazon.com |
Online retailer |
8,503 |
5.7 |
103.5 |
68.2 |
4,179 |
Vale (or CVRD) |
Mining |
6,395 |
4.3 |
98.7 |
64.2 |
3,938 |
Banco Santander |
Retail and commercial bank |
5,072 |
3.4 |
77.7 |
46.9 |
2,680 |
|
Web-based search engine |
5,060 |
3.4 |
46.2 |
20.9 |
3,461 |
Sandvik |
Tools and mining equipment |
4,826 |
3.2 |
85.3 |
53.1 |
2,735 |
Gazprom |
Gas exploration and production |
4,823 |
3.2 |
19.2 |
(1.4) |
4,037 |
BYD |
Battery technology and cars |
4,658 |
3.1 |
321.1* |
232.1* |
- |
Apple |
Computing and media equipment |
4,414 |
3.0 |
71.7 |
42.0 |
2,576 |
L'Oreal |
Personal care |
3,622 |
2.4 |
38.3 |
14.3 |
3,491 |
First Solar |
Designs and manufactures solar modules |
3,545 |
2.4 |
(18.0) |
(32.2) |
2,139 |
Porsche |
Luxury automobiles |
3,526 |
2.4 |
(9.8) |
(25.4) |
4,192 |
ABB |
Power systems and automation |
3,513 |
2.4 |
47.5 |
21.9 |
2,445 |
Nintendo |
Gaming consoles and software |
3,324 |
2.2 |
(15.9) |
(30.5) |
4,121 |
Straumann |
Dental implants |
3,304 |
2.2 |
44.3 |
19.3 |
2,329 |
Novozymes |
Enzyme manufacturer |
3,230 |
2.2 |
30.6 |
7.9 |
1,947 |
Deere |
Farm and construction machinery |
3,219 |
2.2 |
18.7 |
(1.9) |
2,780 |
Vestas Windsystems |
Wind turbines |
2,967 |
2.0 |
71.5 |
41.8 |
1,731 |
Whole Foods Market |
Organic food stores |
2,924 |
2.0 |
193.9 |
142.9 |
1,645 |
China Mobile |
Cellular telecommunications and related services |
2,889 |
1.9 |
10.6 |
(8.6) |
2,700 |
Tencent |
Internet service portal |
2,885 |
1.9 |
51.4* |
34.5* |
- |
Walgreen |
Pharmacy chain |
2,850 |
1.9 |
47.9 |
22.3 |
2,376 |
Housing Development Finance Corporation |
Indian mortgage provider |
2,836 |
1.9 |
57.4 |
30.1 |
1,832 |
Teva Pharmaceuticals |
Generic drugs manufacturer |
2,761 |
1.8 |
16.5 |
(3.7) |
2,851 |
PPR |
Luxury brand conglomerate |
2,689 |
1.8 |
79.0 |
48.0 |
1,571 |
VCA Antech |
Animal hospitals and veterinary diagnostics |
2,605 |
1.7 |
29.0 |
6.6 |
2,021 |
Iron Mountain |
Document management services |
2,477 |
1.7 |
(1.4) |
(18.5) |
2,507 |
SAP |
Business software |
2,468 |
1.6 |
29.4 |
7.0 |
3,019 |
Itau Unibanco |
Brazilian retail and commercial bank |
2,257 |
1.5 |
92.6 |
59.2 |
1,417 |
eBay |
Internet auction |
2,192 |
1.5 |
41.9 |
17.3 |
2,080 |
Canon |
Printers, copiers and cameras |
2,126 |
1.4 |
17.1 |
(3.2) |
4,448 |
Monsanto |
Agricultural biotechnology |
2,035 |
1.4 |
(25.2) |
(38.2) |
2,046 |
New Oriental Education and Technology |
English-language schools |
2,004 |
1.3 |
36.8* |
4.4* |
- |
Lukoil |
Oil exploration and production |
1,933 |
1.3 |
52.6 |
26.1 |
2,251 |
All America Latina Logistica |
Brazilian railways |
1,658 |
1.1 |
26.8* |
17.2* |
- |
Baidu |
Chinese online search engine |
1,605 |
1.1 |
(2.4)* |
0.9* |
- |
Hermes |
Luxury goods |
1,595 |
1.1 |
7.3 |
(11.3) |
1,544 |
Berkshire Hathaway |
Insurance |
1,502 |
1.0 |
(1.3)* |
(25.9)* |
- |
Inspur International |
Software and computer services |
1,456 |
1.0 |
(9.4)* |
(22.0)* |
- |
Li Ning |
Chinese sportswear |
1,225 |
0.8 |
-* |
1.3* |
- |
Total Equities |
|
141,818 |
95.0 |
|
|
|
EDINBURGH WORLDWIDE INVESTMENT TRUST plc
PORTFOLIO AND EQUITY PERFORMANCE
at 31 October 2009
(unaudited) (Ctd)
Name |
Business |
Fair value £'000 |
% of total assets |
Performance† |
Fair value 2008 £'000 |
||
|
|
|
|
Absolute % |
Relative % |
|
|
Fixed Interest |
|
|
|
|
|
||
US$ denominated bond |
|
|
|
|
|
||
Bay Haven C FRN 2009/10 |
Catastrophe bond |
1,837 |
1.2 |
|
|
1,857 |
|
Total Investments |
143,655 |
96.2 |
|
|
|
||
Net Liquid Assets |
5,657 |
3.8 |
|
|
|
||
Total Assets at Fair Value (before deduction of loan) |
149,312 |
100.0 |
|
|
|
† Absolute and relative performance has been calculated on a total return basis over the period 1 November
2008 to 31 October 2009.
Absolute performance is in sterling terms; relative performance is against MSCI All Countries World Index in
sterling terms.
* Figures relate to part-period returns.
Source: Baillie Gifford & Co, StatPro
Past performance is not a guide to future performance.
EDINBURGH WORLDWIDE INVESTMENT TRUST plc
NOTES
(unaudited)
1. |
The financial statements for the year to 31 October 2009 have been prepared on the basis of the accounting policies set out in the Company's Annual Financial Statements at 31 October 2008. The Directors consider the Company's functional currency to be sterling as the Company's shareholders are predominantly based in the UK and the Company is subject to the UK's regulatory environment. |
||||||||||||
|
|
2009 |
|
2008 |
|||||||||
|
|
£'000 |
|
£'000 |
|||||||||
2. |
Income |
|
|
|
|||||||||
|
Income from investments and interest receivable |
3,088 |
|
3,260 |
|||||||||
|
Other income |
- |
|
20 |
|||||||||
|
|
3,088 |
|
3,280 |
|||||||||
|
|
||||||||||||
3. |
VAT Recovered |
||||||||||||
|
In 2007 the European Court of Justice ruled that investment trust management fees should be exempt from VAT. HMRC accepted the Managers' repayment claims for the periods from 2003 to 2007. £257,000 of VAT together with £22,000 of interest was received by the Managers on behalf of the Company in respect of these periods and was recognised in the year to 31 October 2008. Discussions are ongoing with Aberdeen Asset Management regarding the recovery of VAT suffered over the period to 2003. The amount and timing of any recovery remains uncertain and accordingly no amount has been provided for in the financial statements. |
||||||||||||
|
|
|
|
|
|||||||||
|
2009 |
|
2008 |
|
2009 £'000 |
|
2008 £'000 |
||||||
4. |
Ordinary dividends |
|
|
|
|
|
|
|
|||||
|
Amounts recognised as distributions in the period: |
|
|
|
|
|
|
|
|||||
|
Previous year's final (paid 2 February 2009) |
1.50p |
|
1.50p |
|
735 |
|
735 |
|||||
|
Previous year's special (paid 2 February 2009) |
0.70p |
|
- |
|
343 |
|
- |
|||||
|
Interim (paid 23 July 2009) |
0.50p |
|
0.50p |
|
245 |
|
245 |
|||||
|
|
2.70p |
|
2.00p |
|
1,323 |
|
980 |
|||||
|
|
|
|
|
|
|
|
|
|||||
|
We also set out below the total dividends paid and proposed in respect of the financial year, which is the basis on which the requirements of section 842 of the Income and Corporation Taxes Act 1988 are considered. The revenue available for distribution by way of dividend for the year is £1,816,000 (2008 - £1,705,000). |
EDINBURGH WORLDWIDE INVESTMENT TRUST plc
NOTES
(unaudited) (Ctd)
|
|
|
|
|
|
|
|
||
|
2009
|
|
2008
|
|
2009
£'000
|
|
2008
£'000
|
||
4.
|
Ordinary dividends (Ctd)
|
|
|
|
|
|
|
|
|
|
Dividends paid and proposed in the period:
|
|
|
|
|
|
|
|
|
|
Interim dividend per ordinary share (paid 23 July 2009)
|
0.50p
|
|
0.50p
|
|
245
|
|
245
|
|
|
Proposed final dividend per ordinary share (payable 9 February 2010)
|
1.50p
|
|
1.50p
|
|
735
|
|
735
|
|
|
|
2.00p
|
|
2.00p
|
|
980
|
|
980
|
|
|
|
|
|
|
|
|
|
|
|
|
Special dividend per ordinary share# (payable 9 February 2010)
|
1.00p
|
|
0.70p
|
|
490
|
|
343
|
|
|
|
3.00p
|
|
2.70p
|
|
1470
|
|
1,323
|
|
|
|
|
|
|
|
|
|
|
|
|
# The special dividend of 1.00p is proposed as the high level of income received during the year may not recur.
If approved the final and special dividends will be paid on 9 February 2010 to all shareholders on the register at the close of business on 15 January 2010. The ex-dividend date is 13 January 2010. The registrars, Computershare Investor Services plc, offer a dividend reinvestment plan. The final date for the receipt of elections for the dividend reinvestment plan is 25 January 2010.
|
||||||||
|
|
2009
|
|
2008
|
|||||
|
|
£'000
|
|
£'000
|
|||||
5.
|
Net return per ordinary share
|
|
|
|
|||||
|
Revenue return
|
3.71p
|
|
3.48p
|
|||||
|
Capital return
|
83.78p
|
|
(134.22p)
|
|||||
|
Revenue return per ordinary share is based on the net return on ordinary activities after taxation of £1,816,000 (2008 - £1,705,000), and on 49,004,319 ordinary shares, being the weighted average number of ordinary shares in issue during each year.
Capital return per ordinary share is based on the net capital gain for the financial year of £41,062,000 (2008 - loss of £65,776,000), and on 49,004,319 ordinary shares, being the weighted average number of ordinary shares in issue during each year.
There are no dilutive or potentially dilutive shares in issue.
|
||||||||
6.
|
Creditors include US$ 9,100,000, €7,000,000, CHF10,500,000 and ¥820,000,000 drawn down under a
1 year multi-currency facility with Lloyds TSB Scotland plc (2008 - CHF18,200,000 and ¥1,900,000,000 drawn down under a 1 year multi-currency loan facility with The Royal Bank of Scotland plc). |
||||||||
7.
|
The Company incurred transaction costs on purchases of £23,000 (2008 - £36,000) and on sales of £23,000 (2008 - £79,000).
|
||||||||
8.
|
At the Annual General Meeting on 26 January 2009 the Company renewed its authority to purchase shares in the market, in respect of 7,345,747 ordinary shares (equivalent to 14.99% of its issued share capital at that date). No shares were bought back during the year to 31 October 2009 or 2008. At 31 October 2009 the Company had authority to buy back 7,345,747 ordinary shares.
|
EDINBURGH WORLDWIDE INVESTMENT TRUST plc
NOTES
(unaudited) (Ctd)
|
|
2009 |
|
2008 |
|
|
£'000 |
|
£'000 |
9. |
Reconciliation of net return before finance costs and taxation to net cash inflow from operating activities |
|
|
|
|
Net return on ordinary activities before finance costs and taxation |
43,569 |
|
(62,624) |
|
(Gains)/losses on investments |
(43,445) |
|
58,483 |
|
Currency losses |
1,825 |
|
6,389 |
|
Other non cash movements |
(44) |
|
(138) |
|
Decrease in accrued income |
6 |
|
49 |
|
(Increase)/decrease in debtors |
(21) |
|
35 |
|
Increase/(decrease) in creditors |
67 |
|
(835) |
|
Net cash inflow from operating activities |
1,957 |
|
1,359 |
|
|
|
|
|
10. |
The financial information set out above does not constitute the Company's statutory accounts for the year ended 31 October 2009. The financial information for 2008 is derived from the statutory accounts for 2008 which have been delivered to the Registrar of Companies. The Auditors have reported on the 2008 accounts, their report was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The statutory accounts for 2009 are unaudited and will be finalised on the basis of the financial information presented in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. |
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11. |
The Report and Accounts will be available on the Edinburgh Worldwide page of the Managers' website www.edinburghworldwide.co.uk on or around 23 December 2009. |
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12. |
None of the views expressed in this document should be construed as advice to buy or sell a particular investment. |