Interim Results
20 Janeiro 2004 - 5:30AM
UK Regulatory
News Release
20 January 2004
EDINBURGH VALUE ZEROS PLC
INTERIM RESULTS FOR THE SIX MONTHS TO 30 NOVEMBER 2003
Edinburgh Value Zeros and its holding company, Edinburgh Income and
Value Trust, managed by Edinburgh Fund Managers, is akin to a split
capital investment trust but with no fixed life for the ordinary shares.
The Group has investment objectives of providing ordinary shareholders
with a high level of income, together with the opportunity for capital
and income growth and its zero dividend preference shareholders with a
pre-determined capital entitlement in May 2005 with a competitive yield
and capital cover.
For further information, please contact:
David Binnie, Investment Manager, Edinburgh Fund Managers plc
0131 313 1000
Chris Hegarty, Investment Manager, Edinburgh Fund Managers plc
0131 313 1000
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 VALUE ZEROS
CHAIRMAN'S STATEMENT
Edinburgh Value Zeros and its holding company Edinburgh Income and Value
Trust were incorporated on 10 March 1999. The group's objectives are to
provide the ordinary shareholders of Edinburgh Income and Value Trust
('EIVT') with a high level of income together with the opportunity for
capital and income growth and holders of the zero dividend preference
('ZDP') shares of Edinburgh Value Zeros with a pre-determined capital
entitlement in 2005.
The final capital entitlement of the ZDP shares of 159.63p on 31 May
2005 represents a redemption yield of 7.9% per annum over the life of
the ZDP shares, based on the placing price of 100p.
As at 30 November 2003, the company had a few small holdings in gilts
and a loan note from EIVT for �15.5m. In addition EIVT has entered into
a Subscription Agreement with the company, whereby EIVT will subscribe
for such number of ordinary shares in the company to enable it to
satisfy the final capital entitlement of the ZDP shares on 31 May 2005.
The performance of the investment portfolio held by EIVT is outlined in
its chairman's statement.
As a result of market movements during the period under review the cover
for the ZDP shares is shown below:
30 November 2003 31 May 2003 % change
Net asset value per ZDP share 141.36p 125.17p +4.2
ZDP share price 147.75p 141.25p +4.6
Group's net assets �47.53m �44.36m +7.1
Final capital entitlement of ZDP shares �24.77m �24.77m -
Cover 1.92 1.79 -
David Ritchie
Chairman
EDINBURGH VALUE ZEROS PLC
PROFIT AND LOSS ACCOUNT (unaudited)
Six months Six months to 30 Year to
to 30 November 2002 31 May 2003
November �000 �000
2003
�000
Investment income 1 1 1
Administrative expenses (4) (10) (27)
_______ _______ _______
Loss on ordinary activities (3) (9) (26)
before taxation
Taxation - - -
_______ _______ _______
Loss on ordinary activities (3) (9) (26)
after taxation
Non equity appropriations (827) (766) (1,558)
_______ _______ _______
Retained loss for the period (830) (775) (1,584)
_______ _______ _______
Earnings per ordinary share (465.47p) (434.97p) (889.40p)
_______ _______ _______
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (unaudited)
Six months to 30 Six months to 30 Year to
November 2003 November 2002 31 May 2003
�000 �000 �000
Unrealised loss on investments (1) - 1
Loss for the year (830) (775) (1,584)
______ ______ ______
Total recognised losses (831) (775) (1,583)
______ ______ ______
BALANCE SHEET (unaudited)
As at As at As at
30 November 31 May 30 November
2003 2003 2002
�000 �000 �000
Fixed assets
Investments 18 19 19
Current assets
Debtors - amounts due within one year 22,103 21,512 20,675
Cash and short term deposits 1 1 1
______ ______ ______
22,104 21,513 20,676
Creditors: Amounts falling due 93 93 73
within one year
______ ______ ______
Net current assets 22,011 21,420 20,603
______ ______ ______
22,029 21,439 20,622
______ ______ ______
Capital and reserves
Called up share capital 178 178 178
Share premium account 22,102 21,353 20,483
Non-distributable reserve (251) (92) (39)
______ ______ ______
22,029 21,439 20,622
______ ______ ______
Shareholders' funds:
- Equity (73) 164 139
- Non-equity 22,102 21,275 20,483
______ ______ ______
22,029 21,439 20,622
______ ______ ______
Net asset value per non-equity share 141.36p 135.73p 130.36p
______ ______ ______
Cashflow Statement (unaudited)
Six months to 30 Six months to 30 Year to
November 2003 November 2002 31 May 2003
�000 �000 �000
Loss on ordinary activities before
interest and taxation (3) (9) (26)
Decrease in accrued income - - -
Decrease in other debtors 3 2 (1)
Increase in creditors - 8 28
______ ______ ______
Net Cash Inflow from
Operating Activities - 1 1
Capital Expenditure and
Financial Investment - - -
______ ______ ______
Increase in Cash - 1 1
______ ______ ______
Notes :
1. There will be no interim dividend for the period ended 31 May 2003.
2. The profit and loss account, the statement of total recognised gains
and losses and balance sheet set out above do not represent full accounts
in accordance with Section 240 of the Companies Act 1985.
3. The accounts have been prepared under the same accounting policies
used for the year to 31 May 2003.
4. The interim report will be posted to shareholders on 28 January 2003
and copies will be available at the registered office of the company -
Donaldson House, 97 Haymarket Terrace, Edinburgh EH12 5HD.
For Edinburgh Value Zeros plc
Edinburgh Fund Managers plc, SECRETARY