TIDMENI
RNS Number : 1231G
Edinburgh New Income Trust plc
26 January 2010
AMENDMENT
This announcement replaces the announcement released on 21 January 2010 at
11.47hrs (RNS No: 9199F)
In note 2, the income of GBP167,000 relates to fixed interest stocks and not
from convertible bonds. Please see below the correct announcement.
News Release
21 January 2010
EDINBURGH NEW INCOME TRUST PLC
HALF YEARLY FINANCIAL REPORT FOR THE SIX MONTHS TO 30 NOVEMBER 2009
Edinburgh New Income Trust plc's investment objective is to provide ordinary
shareholders with an attractive level of income, together with the potential for
capital and income growth and its zero dividend preference shareholders with a
pre-determined capital entitlement on 31 May 2011.
- Second interim dividend of 1.3p per ordinary share payable on 19 February
2010.
For further information, please contact:
Charles Luke, Investment Manager, Aberdeen Asset Management PLC Tel: 0207 463
6000
Please note that past performance is not necessarily a guide to the future and
that the value of investments and the income from them may fall as well as rise.
Investors may not get back the amount they originally invested.
EDINBURGH NEW INCOME TRUST
INTERIM BOARD REPORT FOR THE SIX MONTHS TO 30 NOVEMBER 2009
Equity markets have been remarkably buoyant in recent months, and in the six
months to 30 November 2009 our net asset value per ordinary share rose by 28.6%
to 54.0p. Including dividends, the total return of the net asset value over the
period was 38.0%. On a total return basis the share price rose by 34.1% to
54.0p, while the FTSE All-Share Index increased by 19.7%.
The share price of the ZDPs rose to 133.8p compared with an underlying net asset
value of 130.0p.
Dividends
A first interim dividend of 1.3p (2008 - 1.8p) was declared in September 2009
and paid in October 2009. The Board has declared a second interim dividend of
1.3p which will be paid on 19 February 2010. In the absence of unforeseen
circumstances, the Board's aim is to maintain the total dividend at last year's
level of 6.0p. Although income received in the first six months was
significantly lower than in the corresponding period of 2008, the Company can
draw on its Revenue Reserves to meet the total dividend of 6.0p.
Portfolio Review
We remain in a period of quite exceptional monetary and fiscal accommodation
worldwide, which has led to much of the strength in world equity markets.
Otherwise, the recession has been generally deeper than expected and in most
countries, the UK apart, the subsequent recovery has been more robust. Here, our
greater exposure to financial services has been a factor in the delayed
recovery.
We have focused the equity portfolio on good quality companies with either
attractive overseas earnings where the recovery has been stronger, or a
value-focus for those companies operating primarily in the UK. This has resulted
in the equity part of the portfolio outperforming the All Share Index over the 6
month period. At the total assets level we keep gearing under control by
maintaining a cash buffer together with a corporate bond portfolio to generate
additional income.
Gearing
Gearing levels reached 190% in the early part of the period but fell as the
market rose strongly. At 30th November 2009 equity investments totalled GBP19.5m
and the ratio of total equity investments to ordinary shareholders funds was
176%.
The capital cover of the ZDPs, which compares gross assets (excluding revenue
reserves) to the final repayment entitlement of the ZDPs increased from 1.24
times at the end of May 2009 to 1.39 times at the end of November 2009.
Outlook
We are seeing signs of improvement in the domestic economy as conditions in the
financial and housing sectors stabilise, but many fundamental problems remain.
Relatively high levels of spare capacity, restricted bank finance, weak
government finances, and the uncertainty that a general election is likely to
bring, may all weigh on a stockmarket that has enjoyed a very strong recent
rally. The managers are emphasising good-quality companies, with strong business
models and robust balance sheets. These are seen as likely to be the stronger
performers as we look ahead.
Events During the Period
At the Company's AGM on 30 September 2009 all resolutions were passed.
Risks and Uncertainties
The Board has adopted a matrix of the key risks that affect its business. The
principal risks are as follows:
1. Stockmarket risk: The Company is exposed to the effect of variations in share
prices due to the nature of its business. A fall in the value of its portfolio
will have an adverse effect on shareholders' funds, which will be exacerbated by
the gearing effect of the zero dividend preference shares. It is not the aim of
the Board to eliminate entirely the risk of capital loss, rather it is its aim
to seek capital growth so that the gearing effect will multiply the gains for
ordinary shareholders. However, the Board has to have regard to the damage which
will result from a significant fall in share prices and closely monitors the
level of gearing. An aim is to ensure that the future capital entitlement of the
zero dividend preference shares can always be met.
2. Capital structure risk: The Company's capital structure and its accounting
policies mean that the capital accrual on the zero dividend preference shares
and 50% of the management fee are charged to the capital account rather than the
revenue account. A consequence is that the value of the portfolio must rise, or
these charges will result in a drop in net asset value for ordinary
shareholders.
3. Income/dividend risk: The investment objective of the Company, to provide
ordinary shareholders with an attractive level of income, means that the Manager
has to achieve an above average dividend yield on the investments in the
portfolio. A consequence is that the performance of the equity portfolio may not
always match that of the stockmarket as a whole, with a consequential impact on
shareholder returns. The Board's aim is to maximise returns consistent with
achieving its dividend requirements.
4. Regulatory risk: The Company operates in a complex regulatory environment and
faces a number of regulatory risks. A breach of section 842 of the Income and
Corporation Taxes Act 1988 could result in the Company being subject to capital
gains tax on portfolio investments. Breaches of other regulations such as the
UKLA listing rules, could lead to a number of detrimental outcomes and
reputational damage. Breaches of controls by service providers such as the
Manager could also lead to reputational damage or loss.
The Directors have adopted a robust framework of control which is designed to
monitor all key risks facing the Company, and to provide a monitoring system to
enable the Directors to mitigate these risks as far as possible.
Directors' Responsibility Statement
The Directors are responsible for preparing the half yearly financial report, in
accordance with applicable law and regulations. The Directors confirm that to
the best of their knowledge:
1. the condensed set of financial statements within the half yearly financial
report has been prepared in accordance with Accounting Standards Board's
Statement "Half Yearly Financial Reports"; and
2. the Interim Board Report includes a fair view of the information required by
4.2.7R and 4.2.8R of the FSA's Disclosure and Transparency Rules.
For Edinburgh New Income Trust plc
David Ritchie
Chairman
20 January 2010
INCOME STATEMENT
+---------------------------------+----------+---------+---------+----------+----------+----------+
| | Six months ended | Six months ended |
| | 30 November 2009 | 30 November 2008 |
+---------------------------------+------------------------------+--------------------------------+
| | (unaudited) | (unaudited) |
+---------------------------------+------------------------------+--------------------------------+
| | Revenue | Capital | Total | Revenue | Capital | Total |
+---------------------------------+----------+---------+---------+----------+----------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+----------+---------+---------+----------+----------+----------+
| Gains/(losses) on investments | - | 3,334 | 3,334 | - | (11,131) | (11,131) |
| held at fair value | | | | | | |
+---------------------------------+----------+---------+---------+----------+----------+----------+
| Income | 583 | - | 583 | 936 | - | 936 |
+---------------------------------+----------+---------+---------+----------+----------+----------+
| Investment management fee | (49) | (49) | (98) | (53) | (53) | (106) |
+---------------------------------+----------+---------+---------+----------+----------+----------+
| VAT recoverable on investment | - | - | - | 55 | 54 | 109 |
| management fees | | | | | | |
+---------------------------------+----------+---------+---------+----------+----------+----------+
| Administration expenses | (86) | - | (86) | (100) | - | (100) |
+---------------------------------+----------+---------+---------+----------+----------+----------+
| | _______ | ______ | ______ | _______ | ______ | ______ |
+---------------------------------+----------+---------+---------+----------+----------+----------+
| Net return before finance costs | 448 | 3,285 | 3,733 | 838 | (11,130) | (10,292) |
| and taxation | | | | | | |
+---------------------------------+----------+---------+---------+----------+----------+----------+
| | | | | | | |
+---------------------------------+----------+---------+---------+----------+----------+----------+
| Finance costs of ZDP | - | (568) | (568) | - | (535) | (535) |
| Shareholders | | | | | | |
+---------------------------------+----------+---------+---------+----------+----------+----------+
| | _______ | ______ | ______ | _______ | ______ | ______ |
+---------------------------------+----------+---------+---------+----------+----------+----------+
| Net return on ordinary | 448 | 2,717 | 3,165 | 838 | (11,665) | (10,827) |
| activities before and after | | | | | | |
| taxation | | | | | | |
+---------------------------------+----------+---------+---------+----------+----------+----------+
| | _______ | ______ | ______ | _______ | ______ | ______ |
+---------------------------------+----------+---------+---------+----------+----------+----------+
| | | | | | | |
+---------------------------------+----------+---------+---------+----------+----------+----------+
| Return per Ordinary share | 2.18 | 13.24 | 15.42 | 4.08 | (56.85) | (52.77) |
| (pence) | | | | | | |
+---------------------------------+----------+---------+---------+----------+----------+----------+
| | _______ | ______ | ______ | _______ | ______ | ______ |
+---------------------------------+----------+---------+---------+----------+----------+----------+
| | | | | | | |
+---------------------------------+----------+---------+---------+----------+----------+----------+
The total column of this statement represents the profit and loss account of the
Company.
No Statement of Total Recognised Gains and Losses has been prepared as all
gains and losses have been reflected in the Income Statement.
All revenue and capital items in the above statement derive from continuing
operations.
No operations were acquired or discontinued in the period.
INCOME STATEMENT
+-------------------------------------+-----------+-----------+-----------+
| | Year ended 31 May 2009 |
+-------------------------------------+-----------------------------------+
| | (audited) |
+-------------------------------------+-----------------------------------+
| | Revenue | Capital | Total |
+-------------------------------------+-----------+-----------+-----------+
| | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------+-----------+-----------+-----------+
| Losses on investments held at fair | - | (11,431) | (11,431) |
| value | | | |
+-------------------------------------+-----------+-----------+-----------+
| Income | 1,539 | - | 1,539 |
+-------------------------------------+-----------+-----------+-----------+
| Investment management fee | (96) | (96) | (192) |
+-------------------------------------+-----------+-----------+-----------+
| Administration expenses | 54 | 54 | 108 |
+-------------------------------------+-----------+-----------+-----------+
| | (170) | - | (170) |
+-------------------------------------+-----------+-----------+-----------+
| Net return before finance costs and | _______ | _______ | _______ |
| taxation | | | |
+-------------------------------------+-----------+-----------+-----------+
| | 1,327 | (11,473) | (10,146) |
+-------------------------------------+-----------+-----------+-----------+
| Finance costs of ZDP Shareholders | | | |
+-------------------------------------+-----------+-----------+-----------+
| | - | (1,084) | (1,084) |
+-------------------------------------+-----------+-----------+-----------+
| Net return on ordinary activities | _______ | _______ | _______ |
| before and after taxation | | | |
+-------------------------------------+-----------+-----------+-----------+
| | 1,327 | (12,557) | (11,230) |
+-------------------------------------+-----------+-----------+-----------+
| | _______ | _______ | _______ |
+-------------------------------------+-----------+-----------+-----------+
| Return per Ordinary share (pence) | 6.47 | (61.20) | (54.73) |
+-------------------------------------+-----------+-----------+-----------+
| | _______ | _______ | _______ |
+-------------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------------+-----------+-----------+-----------+
The total column of this statement represents the profit and loss account of the
Company.
No Statement of Total Recognised Gains and Losses has been prepared as all gains
and losses have been reflected in the Income Statement.
All revenue and capital items in the above statement derive from continuing
operations.
No operations were acquired or discontinued in the period.
BALANCE SHEET
+--------------------------------------------+-------------+-------------+-------------+
| | As at | As at | As at |
+--------------------------------------------+-------------+-------------+-------------+
| | 30 November | 30 November | 31 May |
+--------------------------------------------+-------------+-------------+-------------+
| | 2009 | 2008 | 2008 |
+--------------------------------------------+-------------+-------------+-------------+
| | (unaudited) | (unaudited) | (audited) |
+--------------------------------------------+-------------+-------------+-------------+
| | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------------+-------------+-------------+-------------+
| Non-current assets | | | |
+--------------------------------------------+-------------+-------------+-------------+
| Investments at fair value through profit | 27,951 | 17,506 | 19,314 |
| or loss | | | |
+--------------------------------------------+-------------+-------------+-------------+
| | _________ | _________ | _________ |
+--------------------------------------------+-------------+-------------+-------------+
| Current assets | | | |
+--------------------------------------------+-------------+-------------+-------------+
| Debtors and prepayments | 457 | 231 | 379 |
+--------------------------------------------+-------------+-------------+-------------+
| AAA Money Market funds | 800 | 12 | 1,250 |
+--------------------------------------------+-------------+-------------+-------------+
| Cash and short term deposits | 1,671 | 10,611 | 6,909 |
+--------------------------------------------+-------------+-------------+-------------+
| | _________ | _________ | _________ |
+--------------------------------------------+-------------+-------------+-------------+
| | 2,928 | 10,854 | 8,538 |
+--------------------------------------------+-------------+-------------+-------------+
| | _________ | _________ | _________ |
+--------------------------------------------+-------------+-------------+-------------+
| Creditors: amounts falling due within one | (85) | (212) | (93) |
| year | | | |
+--------------------------------------------+-------------+-------------+-------------+
| | _________ | _________ | _________ |
+--------------------------------------------+-------------+-------------+-------------+
| Net current assets | 2,843 | 10,642 | 8,445 |
+--------------------------------------------+-------------+-------------+-------------+
| | _________ | _________ | _________ |
+--------------------------------------------+-------------+-------------+-------------+
| Total assets less current liabilities | 30,794 | 28,148 | 27,759 |
+--------------------------------------------+-------------+-------------+-------------+
| | | | |
+--------------------------------------------+-------------+-------------+-------------+
| Creditors: amounts falling due after more | | | |
| than one year | | | |
+--------------------------------------------+-------------+-------------+-------------+
| Zero Dividend Preference shares | (19,715) | (18,599) | (19,147) |
+--------------------------------------------+-------------+-------------+-------------+
| | _________ | _________ | _________ |
+--------------------------------------------+-------------+-------------+-------------+
| Net assets | 11,079 | 9,549 | 8,612 |
+--------------------------------------------+-------------+-------------+-------------+
| | _________ | _________ | _________ |
+--------------------------------------------+-------------+-------------+-------------+
| Capital and reserves | | | |
+--------------------------------------------+-------------+-------------+-------------+
| Called-up share capital | 205 | 205 | 205 |
+--------------------------------------------+-------------+-------------+-------------+
| Special reserve | 20,035 | 20,035 | 20,035 |
+--------------------------------------------+-------------+-------------+-------------+
| Capital reserve | (10,078) | (11,903) | (12,795) |
+--------------------------------------------+-------------+-------------+-------------+
| Revenue reserve | 917 | 1,212 | 1,167 |
+--------------------------------------------+-------------+-------------+-------------+
| | _________ | _________ | _________ |
+--------------------------------------------+-------------+-------------+-------------+
| Equity Shareholders' funds | 11,079 | 9,549 | 8,612 |
+--------------------------------------------+-------------+-------------+-------------+
| | _________ | _________ | _________ |
+--------------------------------------------+-------------+-------------+-------------+
| | | | |
+--------------------------------------------+-------------+-------------+-------------+
| Net asset value per Ordinary share (pence) | 53.99 | 46.54 | 41.97 |
+--------------------------------------------+-------------+-------------+-------------+
| | _________ | _________ | _________ |
+--------------------------------------------+-------------+-------------+-------------+
| | | | |
+--------------------------------------------+-------------+-------------+-------------+
| | | | |
+--------------------------------------------+-------------+-------------+-------------+
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
Six months ended 30 November 2009 (unaudited)
+--------------------------------+---------+---------+----------+----------+---------+
| | | | | | |
+--------------------------------+---------+---------+----------+----------+---------+
| | Share | Special | Capital | Revenue | |
+--------------------------------+---------+---------+----------+----------+---------+
| | capital | reserve | reserve | reserve | Total |
+--------------------------------+---------+---------+----------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+---------+---------+----------+----------+---------+
| Balance at 31 May 2009 | 205 | 20,035 | (12,795) | 1,167 | 8,612 |
+--------------------------------+---------+---------+----------+----------+---------+
| Return on ordinary activities | - | - | 2,717 | 448 | 3,165 |
| after taxation | | | | | |
+--------------------------------+---------+---------+----------+----------+---------+
| Dividends paid | - | - | - | (698) | (698) |
+--------------------------------+---------+---------+----------+----------+---------+
| | ______ | _______ | ______ | _______ | _______ |
+--------------------------------+---------+---------+----------+----------+---------+
| Balance at 30 November 2009 | 205 | 20,035 | (10,078) | 917 | 11,079 |
+--------------------------------+---------+---------+----------+----------+---------+
| | ______ | _______ | ______ | _______ | _______ |
+--------------------------------+---------+---------+----------+----------+---------+
Six months ended 30 November 2008 (unaudited)
+--------------------------------+----------+-----------+----------+-----------+----------+
| | | | | | |
+--------------------------------+----------+-----------+----------+-----------+----------+
| | | | | | |
+--------------------------------+----------+-----------+----------+-----------+----------+
| | Share | Special | Capital | Revenue | |
+--------------------------------+----------+-----------+----------+-----------+----------+
| | capital | reserve | reserve | reserve | Total |
+--------------------------------+----------+-----------+----------+-----------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+----------+-----------+----------+-----------+----------+
| Balance at 31 May 2008 | 205 | 20,035 | (238) | 1,318 | 21,320 |
+--------------------------------+----------+-----------+----------+-----------+----------+
| Return on ordinary activities | - | - | (11,665) | 838 | (10,827) |
| after taxation | | | | | |
+--------------------------------+----------+-----------+----------+-----------+----------+
| Dividends paid | - | - | - | (944) | (944) |
+--------------------------------+----------+-----------+----------+-----------+----------+
| | ______ | _______ | ______ | _______ | _______ |
+--------------------------------+----------+-----------+----------+-----------+----------+
| Balance at 30 November 2008 | 205 | 20,035 | (11,903) | 1,212 | 9,549 |
+--------------------------------+----------+-----------+----------+-----------+----------+
| | ______ | _______ | ______ | _______ | _______ |
+--------------------------------+----------+-----------+----------+-----------+----------+
| | | | | | |
+--------------------------------+----------+-----------+----------+-----------+----------+
| | | | | | |
+--------------------------------+----------+-----------+----------+-----------+----------+
| Year ended 31 May 2009 | | | | | |
| (audited) | | | | | |
+--------------------------------+----------+-----------+----------+-----------+----------+
| | Share | Special | Capital | Revenue | |
+--------------------------------+----------+-----------+----------+-----------+----------+
| | capital | reserve | reserve | reserve | Total |
+--------------------------------+----------+-----------+----------+-----------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+----------+-----------+----------+-----------+----------+
| Balance at 31 May 2008 | 205 | 20,035 | (238) | 1,318 | 21,320 |
+--------------------------------+----------+-----------+----------+-----------+----------+
| Return on ordinary activities | - | - | (12,557) | 1,327 | (11,230) |
| after taxation | | | | | |
+--------------------------------+----------+-----------+----------+-----------+----------+
| Dividends paid | - | - | - | (1,478) | (1,478) |
+--------------------------------+----------+-----------+----------+-----------+----------+
| | ________ | _________ | ________ | _________ | ________ |
+--------------------------------+----------+-----------+----------+-----------+----------+
| Balance at 31 May 2009 | 205 | 20,035 | (12,795) | 1,167 | 8,612 |
+--------------------------------+----------+-----------+----------+-----------+----------+
| | ________ | ________ | ________ | _________ | ________ |
+--------------------------------+----------+-----------+----------+-----------+----------+
CASHFLOW STATEMENT
+---------------------------------------------+-------------+-------------+------------+
| | Six months | Six months | Year |
| | ended | ended | ended |
+---------------------------------------------+-------------+-------------+------------+
| | 30 November | 30 November | 31 May |
| | 2009 | 2008 | 2009 |
+---------------------------------------------+-------------+-------------+------------+
| | (unaudited) | (unaudited) | (audited) |
+---------------------------------------------+-------------+-------------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------------------+-------------+-------------+------------+
| Net total return before finance costs and | 3,733 | (10,292) | (10,146) |
| taxation | | | |
+---------------------------------------------+-------------+-------------+------------+
| Adjustment for: | | | |
+---------------------------------------------+-------------+-------------+------------+
| (Gains)/losses on investments at fair value | (3,334) | 11,131 | 11,431 |
| through profit or loss | | | |
+---------------------------------------------+-------------+-------------+------------+
| Effective yield adjustment | 39 | - | - |
+---------------------------------------------+-------------+-------------+------------+
| (Increase)/decrease in accrued income | (62) | 83 | (70) |
+---------------------------------------------+-------------+-------------+------------+
| Increase in other debtors | (2) | (113) | (109) |
+---------------------------------------------+-------------+-------------+------------+
| Decrease in other creditors | (8) | (25) | (18) |
+---------------------------------------------+-------------+-------------+------------+
| | _________ | _________ | _________ |
+---------------------------------------------+-------------+-------------+------------+
| Net cash inflow from operating activities | 366 | 784 | 1,088 |
+---------------------------------------------+-------------+-------------+------------+
| Net cash (outflow)/inflow from financial | (5,342) | 6,502 | 4,273 |
| investment | | | |
+---------------------------------------------+-------------+-------------+------------+
| Equity dividends paid | (698) | (944) | (1,478) |
+---------------------------------------------+-------------+-------------+------------+
| Overseas tax paid | (14) | - | (1) |
+---------------------------------------------+-------------+-------------+------------+
| | _________ | _________ | _________ |
+---------------------------------------------+-------------+-------------+------------+
| Net cash (outflow)/inflow before financing | (5,688) | 6,342 | 3,882 |
+---------------------------------------------+-------------+-------------+------------+
| Net cash inflow from management of liquid | 1,700 | 3,203 | 1,965 |
| resources | | | |
+---------------------------------------------+-------------+-------------+------------+
| | _________ | _________ | _________ |
+---------------------------------------------+-------------+-------------+------------+
| (Decrease)/increase in cash | (3,988) | 9,545 | 5,847 |
+---------------------------------------------+-------------+-------------+------------+
| | _________ | _________ | _________ |
+---------------------------------------------+-------------+-------------+------------+
| Reconciliation of net cash flow to movement | | | |
| in net funds | | | |
+---------------------------------------------+-------------+-------------+------------+
| (Decrease)/increase in cash as above | (3,988) | 9,545 | 5,847 |
+---------------------------------------------+-------------+-------------+------------+
| Net change in liquid resources | (1,700) | (3,203) | (1,965) |
+---------------------------------------------+-------------+-------------+------------+
| Net changes in debt due in more than one | (568) | (527) | (1,079) |
| year | | | |
+---------------------------------------------+-------------+-------------+------------+
| | _________ | _________ | _________ |
+---------------------------------------------+-------------+-------------+------------+
| Movement in net debt | (6,256) | 5,815 | 2,803 |
+---------------------------------------------+-------------+-------------+------------+
| Opening net debt | (10,988) | (13,791) | (13,791) |
+---------------------------------------------+-------------+-------------+------------+
| | _________ | _________ | _________ |
+---------------------------------------------+-------------+-------------+------------+
| Closing net debt | (17,244) | (7,976) | (10,988) |
+---------------------------------------------+-------------+-------------+------------+
| | _________ | _________ | _________ |
+---------------------------------------------+-------------+-------------+------------+
| Represented by: | | | |
+---------------------------------------------+-------------+-------------+------------+
| Cash at bank | 1,671 | 7,703 | 6,909 |
+---------------------------------------------+-------------+-------------+------------+
| Certificates of Deposit | - | 2,908 | - |
+---------------------------------------------+-------------+-------------+------------+
| AAA Money Market funds | 800 | 12 | 1,250 |
+---------------------------------------------+-------------+-------------+------------+
| Debt due after more than one year | (19,715) | (18,599) | (19,147) |
+---------------------------------------------+-------------+-------------+------------+
| | _________ | _________ | _________ |
+---------------------------------------------+-------------+-------------+------------+
| Net debt | (17,244) | (7,976) | (10,988) |
+---------------------------------------------+-------------+-------------+------------+
| | _________ | _________ | _________ |
+---------------------------------------------+-------------+-------------+------------+
Notes:
+----+-----+----------------------------------------------------------------------+
| 1. | Accounting policies |
+----+----------------------------------------------------------------------------+
| | (a) | Basis of accounting |
+----+-----+----------------------------------------------------------------------+
| | | The accounts have been prepared in accordance with applicable UK |
| | | Accounting Standards, with pronouncements on half yearly reporting |
| | | issued by the Accounting Standards Board and with the Statement of |
| | | Recommended Practice 'Financial Statements of Investment Trust |
| | | Companies and Venture Capital Trusts' issued in January 2009. The |
| | | adoption of the January 2009 SORP has no effect on the financial |
| | | statements of the Company, other than the requirement separately to |
| | | disclose capital reserves that relate to the revaluation of |
| | | investments held at the reporting date. These are disclosed in note |
| | | 7. This new requirement replaces the previous requirement to |
| | | disclose the value of the capital reserve that was unrealised. They |
| | | have also been prepared on the assumption that approval as an |
| | | investment trust will continue to be granted. The financial |
| | | statements have been prepared on a going concern basis. |
+----+-----+----------------------------------------------------------------------+
| | | |
+----+-----+----------------------------------------------------------------------+
| | | The financial statements and the net asset value per share figures |
| | | have been prepared in accordance with UK Generally Accepted |
| | | Accounting Practice ('UK GAAP'). |
+----+-----+----------------------------------------------------------------------+
| | | |
+----+-----+----------------------------------------------------------------------+
| | | The half yearly financial statements have been prepared using the |
| | | same accounting policies as the preceding annual accounts. |
+----+-----+----------------------------------------------------------------------+
| | | |
+----+-----+----------------------------------------------------------------------+
| | (b) | Dividends payable |
+----+-----+----------------------------------------------------------------------+
| | | Interim and final dividends are recognised in the period in which |
| | | they are paid. |
+----+-----+----------------------------------------------------------------------+
+----+----------------------------------+--------------+--------------+-------------+
| | | Six months | Six months | Year |
| | | ended | ended | ended |
+----+----------------------------------+--------------+--------------+-------------+
| | | 30 November | 30 November | 31 May |
| | | 2009 | 2008 | 2009 |
+----+----------------------------------+--------------+--------------+-------------+
| 2. | Income | GBP'000 | GBP'000 | GBP'000 |
+----+----------------------------------+--------------+--------------+-------------+
| | Income from investments | | | |
+----+----------------------------------+--------------+--------------+-------------+
| | UK dividend income | 366 | 735 | 1,148 |
+----+----------------------------------+--------------+--------------+-------------+
| | Overseas dividends | 9 | 16 | 20 |
+----+----------------------------------+--------------+--------------+-------------+
| | Stock dividend | 7 | 26 | 26 |
+----+----------------------------------+--------------+--------------+-------------+
| | PID dividend | 7 | - | 13 |
+----+----------------------------------+--------------+--------------+-------------+
| | Fixed interest | 167 | - | 62 |
+----+----------------------------------+--------------+--------------+-------------+
| | | 556 | 777 | 1,269 |
+----+----------------------------------+--------------+--------------+-------------+
| | Other income | | | |
+----+----------------------------------+--------------+--------------+-------------+
| | AAA Money Market funds | 2 | 53 | 57 |
+----+----------------------------------+--------------+--------------+-------------+
| | Deposit interest | 6 | 102 | 68 |
+----+----------------------------------+--------------+--------------+-------------+
| | CD interest | 9 | - | 117 |
+----+----------------------------------+--------------+--------------+-------------+
| | Treasury Bill interest | 2 | - | 14 |
+----+----------------------------------+--------------+--------------+-------------+
| | Underwriting Commission | 8 | 4 | 14 |
+----+----------------------------------+--------------+--------------+-------------+
| | | 27 | 159 | 270 |
+----+----------------------------------+--------------+--------------+-------------+
| | Total income | 583 | 936 | 1,539 |
+----+----------------------------------+--------------+--------------+-------------+
+----+-----------------------------------+-------------+--------------+-------------+
| | | Six months | Six months | Year |
| | | ended | ended | ended |
+----+-----------------------------------+-------------+--------------+-------------+
| | | 30 November | 30 November | 31 May |
| | | 2009 | 2008 | 2009 |
+----+-----------------------------------+-------------+--------------+-------------+
| 3. | Return per Ordinary share | p | p | p |
+----+-----------------------------------+-------------+--------------+-------------+
| | Revenue return | 2.18 | 4.08 | 6.47 |
+----+-----------------------------------+-------------+--------------+-------------+
| | Capital return | 13.24 | (56.85) | (61.20) |
+----+-----------------------------------+-------------+--------------+-------------+
| | Total return | 15.42 | (52.77) | (54.73) |
+----+-----------------------------------+-------------+--------------+-------------+
| | | | | |
+----+-----------------------------------+-------------+--------------+-------------+
| | | | |
+----+-------------------------------------------------+--------------+-------------+
| | These figures are based on the following | | |
| | attributable assets: | | |
+----+-------------------------------------------------+--------------+-------------+
| | | | | |
+----+-----------------------------------+-------------+--------------+-------------+
| | | Six months | Six months | Year |
| | | ended | ended | ended |
+----+-----------------------------------+-------------+--------------+-------------+
| | | 30 November | 30 November | 31 May |
| | | 2009 | 2008 | 2009 |
+----+-----------------------------------+-------------+--------------+-------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+----+-----------------------------------+-------------+--------------+-------------+
| | Revenue return | 448 | 838 | 1,327 |
+----+-----------------------------------+-------------+--------------+-------------+
| | Capital return | 2,717 | (11,665) | (12,557) |
+----+-----------------------------------+-------------+--------------+-------------+
| | Total return | 3,165 | (10,827) | (11,230) |
+----+-----------------------------------+-------------+--------------+-------------+
| | | | | |
+----+-----------------------------------+-------------+--------------+-------------+
| | Weighted average number of | 20,519,056 | 20,519,056 | 20,519,056 |
| | Ordinary shares in issue | | | |
+----+-----------------------------------+-------------+--------------+-------------+
+----+-----------------------------------+-------------+--------------+-------------+
| | | As at | As at | As at |
+----+-----------------------------------+-------------+--------------+-------------+
| 4. | Net asset value per share | 30 November | 30 November | 31 May |
| | | 2009 | 2008 | 2009 |
+----+-----------------------------------+-------------+--------------+-------------+
| | Ordinary | | | |
+----+-----------------------------------+-------------+--------------+-------------+
| | Attributable net assets (GBP'000) | 11,079 | 9,549 | 8,612 |
+----+-----------------------------------+-------------+--------------+-------------+
| | Number of Ordinary shares in | 20,519,056 | 20,519,056 | 20,519,056 |
| | issue | | | |
+----+-----------------------------------+-------------+--------------+-------------+
| | Net asset value per share (p) | 53.99 | 46.54 | 41.97 |
+----+-----------------------------------+-------------+--------------+-------------+
| | | | | |
+----+-----------------------------------+-------------+--------------+-------------+
| | Zero Dividend Preference | | | |
+----+-----------------------------------+-------------+--------------+-------------+
| | Attributable net assets (GBP'000) | 19,715 | 18,599 | 19,147 |
+----+-----------------------------------+-------------+--------------+-------------+
| | Number of ZDP shares in issue | 15,166,618 | 15,166,618 | 15,166,618 |
+----+-----------------------------------+-------------+--------------+-------------+
| | Net asset value per share (p) | 129.99 | 122.63 | 126.24 |
+----+-----------------------------------+-------------+--------------+-------------+
+----+-------------------------------------+-------------+-------------+------------+
| 5. | Dividends |
+----+------------------------------------------------------------------------------+
| | Ordinary dividends on equity shares deducted from reserves are analysed |
| | below: |
+----+------------------------------------------------------------------------------+
| | |
+----+------------------------------------------------------------------------------+
| | | Six months | Six months | Year |
| | | ended | ended | ended |
+----+-------------------------------------+-------------+-------------+------------+
| | | 30 November | 30 November | 31 May |
| | | 2009 | 2008 | 2009 |
+----+-------------------------------------+-------------+-------------+------------+
| | Fourth interim dividend 2009 - 2.1p | 431 | 677 | 677 |
| | (2008 - 3.3p) | | | |
+----+-------------------------------------+-------------+-------------+------------+
| | First interim dividend 2010 - 1.3p | 267 | 267 | 267 |
| | (2009 - 1.3p) | | | |
+----+-------------------------------------+-------------+-------------+------------+
| | Second interim dividend 2009 - 1.3p | - | - | 267 |
+----+-------------------------------------+-------------+-------------+------------+
| | Third interim dividend 2009 - 1.3p | - | - | 267 |
+----+-------------------------------------+-------------+-------------+------------+
| | | 698 | 944 | 1,478 |
+----+-------------------------------------+-------------+-------------+------------+
| | |
+----+------------------------------------------------------------------------------+
| | The Company has declared a second interim dividend in respect of the year |
| | ending 31 May 2010 of 1.3p net (2009 - 1.3p) per Ordinary share which will |
| | be paid on 19 February 2010 to Ordinary Shareholders on the register on 29 |
| | January 2010. This dividend has not been included as a liability in these |
| | financial statements. The ex-dividend date is 27 January 2010. |
+----+-------------------------------------+-------------+-------------+------------+
6. Capital reserve
The capital reserve reflected in the Balance Sheet at 30 November 2009
includes gains of GBP962,000 (30 November 2008 - losses of GBP7,937,000; 31 May
2009 - losses of GBP2,824,000) which relate to the revaluation of investments
held at the reporting date.
+----+--------------------------------------+-------------+-------------+-----------+
| 7. | Transaction costs |
+----+------------------------------------------------------------------------------+
| | During the six months ended 30 November 2009 expenses were incurred in |
| | acquiring or disposing of investments classified as fair value through |
| | profit or loss. These have been expensed through capital and are included |
| | within gains on investments in the Income Statement. The total costs were as |
| | follows: |
+----+------------------------------------------------------------------------------+
| | | | | |
+----+--------------------------------------+-------------+-------------+-----------+
| | | Six months | Six months | Year |
| | | ended | ended | ended |
+----+--------------------------------------+-------------+-------------+-----------+
| | | 30 November | 30 November | 31 May |
| | | 2009 | 2008 | 2009 |
+----+--------------------------------------+-------------+-------------+-----------+
| | | GBP'000 | GBP'000 | GBP'000 |
+----+--------------------------------------+-------------+-------------+-----------+
| | Purchases | 21 | 9 | 11 |
+----+--------------------------------------+-------------+-------------+-----------+
| | Sales | 1 | 6 | 8 |
+----+--------------------------------------+-------------+-------------+-----------+
| | | 22 | 15 | 19 |
+----+--------------------------------------+-------------+-------------+-----------+
+----+---------------------------------------------------------------------------+
| 8. | The financial information in this report does not comprise statutory |
| | accounts within the meaning of Section 434 - 436 of the Companies Act |
| | 2006. The financial information for the year ended 31 May 2009 has been |
| | extracted from published accounts that have been delivered to the |
| | Registrar of Companies and on which the report of the auditors was |
| | unqualified under Section 237 (2) or (3) of the Companies Act 1985. These |
| | accounts contain no statement under Section 498 of the Companies Act |
| | 2006. The interim accounts have been prepared using the same accounting |
| | policies as the preceding annual accounts. |
+----+---------------------------------------------------------------------------+
| | |
+----+---------------------------------------------------------------------------+
+----+--------------------------------------------------------------------------+
| 9. | This Half-Yearly Report was approved by the Board on 20 January 2010. |
+----+--------------------------------------------------------------------------+
10. The half yearly financial report is available on the Company's website,
www.edinburghnewincome.co.uk and the interim report will be posted to
shareholders in February 2010 and copies will be available from the Manager.
For Edinburgh New Income Trust plc
Aberdeen Asset Management Limited, SECRETARY
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BFMLTMBITMJM
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