RNS Number:0679C
Aberdeen Preferred Income Trust PLC
12 April 2001
ABERDEEN PREFERRED INCOME TRUST PLC
PRELIMINARY ANNOUNCEMENT OF UNAUDITED GROUP RESULTS
for the year ended 28 February 2001
Chairman's Statement
The year to 28 February 2001 has been marked by turbulent markets worldwide,
particularly during the Company's second half year but I am pleased to confirm
that Preferred has continued to meet its revenue targets. On 20 March 2001
the Board declared a fourth interim dividend in respect of the year 2000/2001
of 4.8p (net) per Ordinary share (1999/2000 - 4.4p). This made a total
distribution of 18p (1999/2000 - 17.2p) per Ordinary share for the year, a
rise of 4.7%. This dividend had a record date of 30 March 2001 and will be
paid on 18 April 2001 to Ordinary shareholders on the register at the record
date. As indicated at the time of the Company's Placing and Open Offer in
October 2000, the Board intends to move to the monthly payment of dividends,
with effect from May 2001. The schedule of anticipated dates is shown below.
Announcement date Ex-dividend date Record date Payment date Amount per share
19th April 25th April 27th April 24th May 1.6p
17th May 23rd May 25th May 28th June 1.6p
19th June 27th June 29th June 26th July 1.6p
19th July 25th July 27th July 23rd August 1.6p
16th August 22nd August 24th August 27th September 1.6p
20th September 26th September 28th September 25th October 1.6p
18th October 24th October 26th October 22nd November 1.6p
15th November 21st November 23rd November 28th December 1.6p
13th December 27th December 31st December 19th January 1.6p
10th January 16th January 18th January 21st February 1.6p
14th February 20th February 22nd February 21st March 1.6p
14th March 20th March 22nd March 25th April 1.6p
Over the year the net asset value of the Ordinary Shares has fallen in
conjunction with world markets, from 114.52p to 91.38p at 28 February 2001, a
fall of 20%.
In October I wrote to you with details of the Company's Placing and Open
Offer, as a result of which we issued 40,000,000 new Ordinary Shares, at 136p
per share, and 10,000,050 Zero Dividend Preference ('ZDP') shares 2008 in
Aberdeen Preferred Securities, repayable in 2008, at 100p. As we
subsequently announced, we raised #54.4m before expenses and a further #50
million in additional bank borrowings. At the same time we extended the
maturity date on part of our existing bank borrowings. This issue improved
the cover on the existing 2003 ZDP shares, enhanced the revenue account and
provided an initial uplift to net asset value.
The equity market in the UK continued to struggle to make headway during the
year, falling over 5%, a disappointing performance that disguised the
dramatically different performance from its various sectors. The traditional
"value" sectors led the way against a very sharp decline from the Technology,
Media and Telecom sectors. This weak performance had a knock-on effect on
the price of income shares. Whilst falling interest rates usually have a
beneficial impact on the income share sector, in the short term at least,
these have been more than offset by over-supply and concerns at the weakness
of world-wide equity markets.
I would like to extend an invitation to all shareholders, old and new, to meet
the Board and the Manager at the Annual General Meeting when you will be able
to discuss the future prospects of the Company.
Derek Morgan
Chairman 12 April 2001
The unaudited results were:
Group Statement of Total Return (incorporating the revenue account of the
Group*) for the year to 28 February 2001
Year ended 28 February 2001
(unaudited)
Revenue Capital Total
#'000 #'000 #'000
Losses on investments - (33,262) (33,262)
Income 36,428 - 36,428
Investment management fee (1,932) (1,284) (3,216)
Other expenses (790) - (790)
Exchange gains - 946 946
________ ________ ________
Net return/(loss) before
finance costs and taxation 33,706 (33,600) 106
Interest (5,855) (3,893) (9,748)
Indexation of Debenture - (668) (668)
Zero Dividend Preference
shares of subsidiary - (8,791) (8,791)
________ ________ ________
Return/(loss) on ordinary
activities before tax 27,851 (46,952) (19,101)
Tax on ordinary activities (2,594) 1,502 (1,092)
________ ________ ________
Return/(loss) on ordinary
activities after tax 25,257 (45,450) (20,193)
Dividends in respect
of equity shares (25,111) - (25,111)
________ ________ ________
Transfer to/(from) reserves 146 (45,450) (45,304)
======== ======== ========
Return/(loss) per share (pence):
Ordinary 17.89 (32.19) (14.30)
======== ======== ========
The audited results were:
Group Statement of Total Return (incorporating the revenue account of the
Group*) for the year to 28 February 2000
Year ended 28 February 2000
(Audited)
Revenue Capital Total
#'000 #'000 #'000
Losses on investments - (25,517) (25,517)
Income 31,900 - 31,900
Investment management fee (1,962) (1,305) (3,267)
Other expenses (785) - (785)
________ ________ ________
Net return/(loss) before
finance costs and taxation 29,153 (26,822) 2,331
Interest (4,873) (3,226) (8,099)
Indexation of Debenture - (267) (267)
Zero Dividend Preference
shares of subsidiary - (7,661) (7,661)
________ ________ ________
Return/(loss) on ordinary
activities before tax 24,280 (37,976) (13,696)
Tax on ordinary activities (2,169) 1,443 (726)
________ ________ ________
Return/(loss) on ordinary
activities after tax 22,111 (36,533) (14,422)
Dividends in respect
of equity shares (21,717) - (21,717)
________ ________ ________
Transfers to/(from) reserves 394 (36,533) (36,139)
======== ======== ========
Return/(loss) per share (pence):
Ordinary 17.56 (29.01) (11.45)
======== ======== ========
* The revenue column of this statement is the revenue column of the Group.
The Statements of total return presented above are in accordance with the
Statement of Recommended Practice for Financial Statements of Investment Trust
Companies.
All revenue and capital items are derived from continuing operations.
Balance Sheets
As at As at
28 February 2001 28 February 2000
Group Company Group Company
#'000 #'000 #'000 #'000
Fixed assets
Investments 448,952 448,952 351,769 350,836
Subsidiary undertaking - - - -
_________ _________ _________ _________
448,952 448,952 351,769 350,836
_________ _________ _________ _________
Current assets
Debtors 25,594 27,436 45,599 46,249
Cash at bank and in hand 589 - - -
_________ _________ _________ _________
26,183 27,436 45,599 46,249
Creditors:amounts falling
due within one year (29,151) (139,465) (30,254) (127,897)
_________ _________ _________ _________
Net current
(liabilities)/assets (2,968) (112,029) 15,345 (81,648)
_________ _________ _________ _________
Total assets less
current liabilities 445,984 336,923 367,114 269,188
Creditors: amounts falling
due after one year excluding
Zero Dividend Preference
shares
RPI-linked Debenture
Stock 2007 (20,662) (20,662) (19,976) (19,976)
Bank loans (133,825) (133,825) (81,000) (81,000)
Subordinated Unsecured
Loan Stock 2023 (18,821) (18,821) (18,800) (18,800)
Amounts due under
subscription agreement - (9,327) - (1,872)
_________ _________ _________ _________
(173,308) (182,635) (119,776) (121,648)
_________ _________ _________ _________
Zero Dividend
Preference shares (118,388) - (99,798) -
_________ _________ _________ _________
Net assets 154,288 154,288 147,540 147,540
========= ========= ========= =========
Share capital and reserves
Called-up share capital 16,883 16,883 12,883 12,883
Share premium account 15,076 15,076 149,907 149,907
Special reserve 182,844 182,844 - -
Merger reserve 15,958 12,687 15,958 12,687
Capital reserves:
Realised (including
accrued finance costs) (32,728) (26,999) (13,146) (5,460)
Unrealised (44,249) (46,731) (18,420) (22,775)
Revenue reserve 504 528 358 298
_________ _________ _________ _________
Total equity
shareholders' funds 154,288 154,288 147,540 147,540
========= ========= ========= =========
Net asset value
per share (pence):
Ordinary 91.38 91.38 114.52 114.52
========= ========= ========= =========
Group Cash Flow Statements
Year ended Year ended
28 February 2001 28 February 2000
#'000 #'000 #'000 #'000
Net cash inflow from
operating activities 29,668 24,591
Servicing of finance
Debenture interest paid (1,082) (1,064)
Bank and loan interest paid (7,418) (6,973)
_________ _________
Net cash outflow from
servicing of finance (8,500) (8,037)
Taxation
UK tax (including ACT) paid - (3)
Withholding and income
tax recovered 1,492 531
_________ _________
Net tax recovered 1,492 528
Financial investment
Purchase of investments (394,367) (242,053)
Sale of investments 294,836 185,308
_________ _________
Net cash outflow from
financial investment (99,531) (56,745)
Equity dividends paid (22,675) (20,759)
_________ _________
Net cash outflow
Before financing (99,546) (60,422)
Financing
Proceeds from issue
of Ordinary shares 54,400 13,395
Expenses paid in respect
of ordinary issue (2,218) (538)
Proceeds from issue of
Zero Dividend
Preference shares 10,000 6,604
Expenses paid in respect
of Zero Dividend
Preference share issue (202) (356)
Drawdown of loans 49,514 14,000
_________ _________
Net cash inflow
from financing 111,494 33,105
_________ _________
Increase/(decrease) in cash 11,948 (27,317)
========= =========
Reconciliation of net cash
flow to movements in net debt
Increase/(decrease)
in cash as above 11,948 (27,317)
Cash inflow from
increase in debt (59,312) (20,248)
_________ _________
Change in net debt
resulting from cash flows (47,364) (47,565)
Exchange movements (2,365) -
Increase in valuation of debt (9,499) (10,185)
_________ _________
Movement in net debt in the year (59,228) (57,750)
Net debt at 28 February 2000 (240,090) (182,340)
_________ _________
Net debt at 28 February 2001 (299,318) (240,090)
========= =========
1 The financial information set out above does not constitute the Company's
statutory accounts for the year ended 28 February 2001 or the year ended 28
February 2000. The financial information for 2000 is derived from the
statutory accounts for 2000, which have been delivered to the Registrar of
Companies. The Auditors have reported on the 2000 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 2001 will be finalised on the
basis of the financial information presented by the Directors in this
preliminary announcement and will be delivered to the Registrar of Companies
in due course.
2 The Group accounts consolidate the accounts, on a merger accounting basis,
of the Company and its subsidiary Aberdeen Preferred Securities PLC. The
comparative figures in the financial statements cover the year to 28 February
2000.
3 The revenue return per Ordinary share is based on the net revenue on
ordinary activities after taxation of #25,257,000 (2000: #22,111,000) and on
141,184,256 (2000: 125,943,828) Ordinary shares, being the weighted average
number of Ordinary shares in issue during the year. The capital return per
Ordinary share is based on the net capital loss of #45,450,000 (2000:
#36,533,000) for the year, after deductions in respect of the Zero dividend
preference shares, of #8,791,000 (2000: #7,661,000) and on 141,184,256 (2000:
125,943,828) Ordinary shares, being the weighted average number of Ordinary
shares in issue during the year.
4 The breakdown of income for the year is as follows:
2001 2000
#'000 #'000
Income from investments
Franked investment income (net) 17,881 15,844
UK unfranked investment income 10,117 12,663
Foreign income dividends - 46
Overseas dividends 8,132 3,080
________ ________
36,130 31,633
________ ________
Other income
Deposit interest 263 228
Underwriting commission 35 39
________ ________
Total income 36,428 31,900
________ ________
Total income comprises:
Dividends 36,130 31,633
Interest 263 228
Other income 35 39
________ ________
36,428 31,900
________ ________
Income from investments:
Listed 36,130 31,349
Unlisted - 284
________ ________
36,130 31,633
======== ========
5 In accordance with FRS 16 "Current Tax." franked investment income is shown
net of notional tax credits.
6 Net asset value per Ordinary share is based on the total equity
shareholders' funds and on 168,834,529 (2000: 128,834,529) Ordinary shares,
being the number of Ordinary shares in issue at the year end.
7 Copies of the Annual Report will be posted in due course and further copies
may be obtained from the registered office, One Bow Churchyard, Cheapside,
London EC4M 9HH
12 April 2001 Aberdeen Asset Management PLC
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