Final Results

MID WYND INTERNATIONAL INVESTMENT TRUST PLC 2 August 1999 RESULTS FOR THE YEAR TO 30 JUNE 1999 PRESS ENQURIES TO MICHAEL MACPHEE: TEL 0131 222 4000 UNTIL 5.00PM * NET ASSET VALUE The net asset value per ordinary share rose by 9.4% to 655.8p. This fell short of the gain of 21.2% in the FT/S&P Actuaries World Index (in sterling terms) but was ahead of the 7.4% rise in the FTSE Actuaries All Share Index. The shortfall against the World Index all occurred in the first half, principally because of our heavy exposure to smaller companies, which under-performed large companies in almost all markets. Following the portfolio reorganisation (see below) results in the second half were better, with net asset value per share rising by 15.9% against the rise of 14.7% in the World Index (in sterling terms) and 10.2% in the All Share Index. Results in Japan have been particularly good, and the yen borrowing has proved successful. * EARNINGS AND DIVIDENDS Earnings per share fell by 13.8% to 7.60p, mainly because, unlike the previous year, no special dividends were received. The Board is recommending a final dividend of 5.00p (a rise of 4.2%). This would give a total dividend for the year of 8.30p (a rise of 3.8%). * INVESTMENT POLICY A major review of policy and the portfolio was carried out late in 1998, following which the proportion of the portfolio in large companies was further increased, and a switch of around 10% of the fund was made from continental Europe to the United States. The proportion in Japan has also increased significantly, thanks to good stock selection and relative market movements. * OUTLOOK With interest rates, particularly at the long end, now tending to rise the outlook for markets is not very inspiring, but we expect to continue to find good opportunities for Mid Wynd. The Directors of Mid Wynd International Investment Trust PLC are recommending to the Annual General Meeting of the Company to be held on 18 October 1999 the payment of a final dividend of 5.00p net (4.80p net last year) per ordinary share, making a total of 8.30p net (8.00p net last year) for the year ended 30 June 1999. STATEMENT OF TOTAL RETURN (INCORPORATING THE REVENUE ACCOUNT*) FOR THE YEAR ENDED 30 JUNE 1999 Revenue Capital Total £'000 £'000 £'000 Gains/(losses) on investments - 3,148 3,148 Currency (losses)/gains (note 1) - (264) (264) Income (note 2) 761 - 761 Investment management fee (159) - (159) Other administrative expenses (98) - (98) ----------------------------------------- NET RETURN BEFORE FINANCE COSTS AND TAXATION 504 2,884 3,388 Finance costs of borrowings (24) - (24) ----------------------------------------- RETURN ON ORDINARY ACTIVITIES BEFORE TAXATION 480 2,884 3,364 Tax on ordinary activities (98) - (98) ----------------------------------------- RETURN ON ORDINARY ACTIVITIES AFTER TAXATION 382 2,884 3,266 Dividends in respect of equity shares (note 3) (417) - (417) ----------------------------------------- TRANSFER (FROM)/TO RESERVES (35) 2,884 2,849 ========================================= RETURN PER ORDINARY SHARE (NOTE 4) 7.60p 57.36p 64.96p ========================================= DIVIDEND PER ORDINARY SHARE 8.30p ============ STATEMENT OF TOTAL RETURN (INCORPORATING THE REVENUE ACCOUNT*) FOR THE YEAR ENDED 30 JUNE 1998 Revenue Capital Total £'000 £'000 £'000 Gains/(losses) on investments - 2,660 2,660 Currency (losses)/gains (note 1) - 150 150 Income (note 2) 854 - 854 Investment management fee (159) - (159) Other administrative expenses (104) - (104) ----------------------------------------- NET RETURN BEFORE FINANCE COSTS AND TAXATION 591 2,810 3,401 Finance costs of borrowings (13) - (13) ----------------------------------------- RETURN ON ORDINARY ACTIVITIES BEFORE TAXATION 578 2,810 3,388 Tax on ordinary activities (135) - (135) ----------------------------------------- RETURN ON ORDINARY ACTIVITIES AFTER TAXATION 443 2,810 3,253 Dividends in respect of equity shares (note 3) (402) - (402) ----------------------------------------- TRANSFER (FROM)/TO RESERVES 41 2,810 2,851 ========================================= RETURN PER ORDINARY SHARE (NOTE 4) 8.82p 55.88p 64.70p ========================================= DIVIDEND PER ORDINARY SHARE 8.00p ============ *The revenue column of this statement is the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations. SUMMARY OF NET ASSETS ============================================================================== 30 JUNE 1999 30 JUNE 1998 £'000 £'000 ============================================================================== Investments at market value 33,058 27,771 Net liquid assets 1,488 4,332 --------------- -------------- Total assets 34,546 32,103 Bank loans (note 5) (1,572) (1,978) --------------- -------------- EQUITY SHAREHOLDERS' FUNDS 32,974 30,125 =============== ============== NET ASSET VALUE PER ORDINARY SHARE 655.8p 599.2p DISTRIBUTION OF ASSETS ============================================================================== 30 JUNE 1999 30 JUNE 1998 % % ============================================================================== Equities: United Kingdom 23.3 19.5 Continental Europe 20.4 32.3 North America 26.7 17.6 Latin America 1.6 5.6 Japan 15.9 8.6 Asia Pacific 2.4 2.1 ---------- ----------- Total equities at market value 90.3 85.7 Sterling bonds 4.5 - Argentine bond 0.9 - Korean bond - 0.8 Net liquid assets 4.3 13.5 ---------- ----------- Total assets (before deduction of bank loans) 100.0 100.0 ========== =========== NOTES ============================================================================== 30 JUNE 1999 30 JUNE 1998 £'000 £'000 ============================================================================== 1. CURRENCY (LOSSES)/GAINS Realised exchange differences 331 (179) Movement in unrealised exchange differences on bank loans (595) (329) --------------- --------------- (264) 150 =============== =============== 2. INCOME Income from investments and 761 854 interest receivable Other income Nil Nil 3. The total cost of the dividend for the year is £417,000 (1998 - £402,000). If approved, the final dividend will be paid on 20 October 1999 to all shareholders on the register at the close of business on 1 October 1999. 4. RETURN PER ORDINARY SHARE Revenue return 382 443 Capital return 2,884 2,810 Return per ordinary share is based on the above totals for revenue and capital and on 5,027,766 ordinary shares, being the number of ordinary shares in issue throughout each year. 5. A three year yen loan has been arranged with The Royal Bank of Scotland plc. At 30 June 1999 there were outstanding drawings of Yen300 million (30 June 1998 - Yen300 million, plus Yen158 million drawn down under a one year facility also with The Royal Bank of Scotland plc which was repaid on 20 October 1998). 6. The financial information set out above does not constitute the Company's statutory accounts for the year ended 30 June 1999. The financial information for 1998 is derived from the statutory accounts for 1998 which have been delivered to the Registrar of Companies. The auditors have reported on the 1998 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 1999 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. Managers, Secretaries and Registered Office Baillie Gifford & Co 1 Rutland Court Edinburgh EH3 8EY

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