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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Scottish American Investment Co. Plc | LSE:SCAM | London | Ordinary Share | GB0007873697 | ORD 25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 417.50 | 416.00 | 419.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:1855O
Scottish American Investment Co PLC
31 July 2003
THE SCOTTISH AMERICAN INVESTMENT COMPANY PLC
Preliminary Results (Unaudited) for the six months to 30th June 2003
The Scottish American Investment Company PLC (SAINTS) is a general investment
trust within the Global Growth sector. The Company's investment objective is to
offer private investors a well diversified portfolio that achieves a balance
between growth of capital and income. The Company has a focus on quoted
equities, with substantial overseas exposure, but it also holds direct
investments in UK property, fixed interest, cash and unquoted shares. SAINTS,
which has total assets of #317 million, is managed by First State Investment
Management (UK) Limited, part of the Commonwealth Bank of Australia Group.
The Scottish American Investment Company PLC today announces its preliminary
results
for the six months to 30th June 2003.
Summary
Performance - SAINTS' net asset value total return rose +6.02 per cent which is
in line with a peer group of similar trusts. This compares with an increase in
the total return for our benchmark (65 per cent FTSE All-Share Index : 35 per
cent FTSE World ex-UK Index) of +7.28 per cent.
Second quarterly dividend of 1.41p per share (2002:1.40p) payable on 1st October
2003.
Yield - The yield on the Company's shares during this period has been higher
than that of its competitors within the AITC global growth peer group and
significantly higher than the yield on the FTSE All-Share Index. The yield is
currently 4.2%.
Commenting on the results, the Chairman, Brian Ivory said:
The Company's net asset value per share at 30th June 2003 was 167.7p compared to
161.9p at 31st December 2002. We are continuing to make progress and the trend
is now clear. Under the direction of the Board, First State has taken
significant steps to address the Company's poor historic performance record and
I am encouraged by the progress that has been made following these changes.
Summary of Results: 30th June 2003 31st December 2002
Shareholders' Funds (#'000) 227,260 222,867
Net Asset Value per Share 167.7p 161.9p
Dividend per Share 2.82p * 5.61p
Share Price 135.25p 132.75p
* For half year
Total Return Performance: Six months to Year to
30th June 2003 31st December 2002 %
%
SAINTS NAV +6.0 -26.1
SAINTS Composite Benchmark Index * +7.3 -24.3
* 65% UK FTSE All-Share Index:
35% FTSE World (ex UK) Index
Investment Background
It has been an exceptionally volatile period for investors. There have been many
uncertainties the greatest of which has been the situation in Iraq. Markets
were weak in the period prior to the war but recovered sharply as hostilities
began and have held on to these gains subsequently.
Outlook
Whilst two of the major uncertainties for world economies appear to have been
resolved, with the conclusion of hostilities in Iraq and a fall in the price of
oil, many of the underlying problems remain.
The Eurozone and Japan, the second and third largest world economies, are not
operating policies which are conducive to growth. Too many countries are
relying on increasing exports to the US. Moreover, the US is already running a
large current account deficit and the weakening of the dollar is making exports
to the US less competitive.
While the US is clearly adopting expansionary fiscal and monetary policies to
boost its economy, it is not clear that it will succeed in the near term as
consumers and companies are highly indebted. The downturn there has been
relatively shallow and we continue to believe that recovery will be somewhat
fragile. The UK economy is performing better than most with the increase in
government spending coming at a fortunate moment.
Dividend
The Company will pay a second interim dividend of 1.41p per share on 1st October
2003 to shareholders registered on 5th September 2003 making a total for the
year to date of 2.82p compared to 2.80p for last year.
The current yield of 4.2% is higher than that of the Company's competitors
within the AITC global growth peer group and is significantly higher than the
yield on the FTSE All-Share Index. The Company's focus remains on generating
total return to shareholders and the ability to generate this level of yield is
an important contributor to total return.
It is now just over a year since First State completed a series of fundamental
changes to the management, which were initiated following the acquisition of the
Company's former manager Stewart Ivory, in 2000. The trend of improving
performance is now evident both in terms of performance relative to a peer group
of similar trusts and relative to the benchmark.
Results
Attached is a copy of the preliminary results. These are presented in a format
which summarises the information which will be given in the forthcoming Interim
Report.
For further information, please contact:
Lucy Allan
Head of Investment Trusts
First State Investments, Edinburgh Tel: 0131 473 2200
31st July 2003
STATEMENT OF TOTAL RETURN (UNAUDITED)
for the six months to 30th June 2003
Six months 30th June to 2003 Six months 30th June to 2002
Income* Capital Total Income* Capital Total
#'000 #'000 #'000 #'000 #'000 #'000
Losses on - (9,020) (9,020) - (28,050) (28,050)
investments
Unrealised gains / - 16,960 16,960 - (11,923) (11,923)
(losses) on --------- -------- ------ --------- -------- -------
investments
Gains / (Losses) on - 7,940 7,940 - (39,973) (39,973)
investments
Income from 4,431 - 4,431 5,329 - 5,329
investments
Rental income 1,204 - 1,204 1,125 - 1,125
Other income 566 - 566 273 - 273
Investment management 42 127 169 23 67 90
fee
Currency losses - (8) (8) - (76) (76)
Other expenses (458) - (458) (669) - (669)
--------- -------- ------ --------- -------- -------
Net return before
finance costs and
taxation 5,785 8,059 13,844 6,081 (39,982) (33,901)
Finance costs of (736) (2,210) (2,946) (737) (2,210) (2,947)
borrowing --------- -------- ------ --------- -------- -------
Return on ordinary
activities before
taxation 5,049 5,849 10,898 5,344 (42,192) (36,848)
Tax on ordinary (678) 604 (74) (720) 618 (102)
activities --------- -------- ------ --------- -------- -------
Return attributable to 4,371 6,453 10,824 4,624 (41,574) (36,950)
equity
shareholders
--------- -------- ------ --------- -------- -------
Ordinary dividends on (3,815) - (3,815) (3,882) - (3,882)
equity shares:
2.82p per share
(2002-2.8p) --------- -------- ------ --------- -------- -------
Transfer to/(from) 556 6,453 7,009 742 (41,574) (40,832)
reserves --------- -------- ------ --------- -------- -------
Return per ordinary 3.20p 4.73p 7.93p 3.27p (29.43p) (26.16p)
share --------- -------- ------ --------- -------- -------
* The income column of this statement is the Profit and Loss Account of the
Company.
All income and capital items derive from continuing operations.
STATEMENT OF TOTAL RETURN (UNAUDITED)
Year ended 31st December 2002
Income* Capital Total
#'000 #'000 #'000
Losses on investments - (60,445) (60,445)
Unrealised losses on investments - (29,311) (29,311)
-------- ---------- -------
Losses on investments - (89,756) (89,756)
Income from investments 8,890 - 8,890
Rental income 2,267 - 2,267
Other income 918 - 918
Investment management fee 103 310 413
Currency gains - (67) (67)
Other expenses (1,041) - (1,041)
-------- ---------- -------
Net return before finance costs
and
taxation 11,137 (89,513) (78,376)
Finance costs of borrowing (1,473) (4,420) (5,893)
-------- ---------- -------
Return on ordinary activities
before
taxation 9,664 (93,933) (84,269)
Tax on ordinary activities (1,732) 1,605 (127)
-------- ---------- -------
Return attributable to equity 7,932 (92,328) (84,396)
shareholders
-------- ---------- -------
Ordinary dividends on equity (7,742) - (7,742)
shares:
5.57p per share
-------- ---------- -------
Transfer to/(from) reserves 190 (92,328) (92,138)
-------- ---------- -------
Return per ordinary share 5.64p (65.63p) (59.99p)
-------- ---------- -------
* The income column of this statement is the Profit and Loss Account of the
Company.
All income and capital items derive from continuing operations.
SUMMARISED BALANCE SHEET (UNAUDITED)
As at 30th June 2003
30th June 30th June 31st December
2003 2002 2002
#'000 #'000 #'000
Total Investments 292,179 327,917 282,367
Net Current Assets 24,594 38,970 30,267
-------- -------- ------------
Total Assets less Current 316,773 366,887 312,634
Liabilities
Creditors due after one year (89,513) (90,020) (89,767)
-------- -------- ------------
Equity Shareholders' Funds 227,260 276,867 222,867
======== ======== ============
Net asset value per share 167.7p 198.4p 161.9p
CASH FLOW STATEMENT (UNAUDITED)
For the six months to 30th June 2003
Six months to Six months to Year to 31st
30th June 2003 30th June 2002 December 2002
#'000 #'000 #'000
Cash and deposits at the start 34,528 26,970 26,970
of the year --------- --------- ---------
Income
Dividends received 3,506 3,652 6,393
Interest received 1,427 1,687 2,796
Underwriting commission and 1,331 1,140 2,274
other income
Investment management fee 42 35 35
Performance fee 58 - 82
Other administrative expenses (465) (736) (1,074)
paid --------- --------- ---------
Income less administrative 5,899 5,778 10,506
expenses --------- --------- ---------
Interest paid on borrowings (800) (800) (1,600)
Dividends paid to (3,862) (4,081) (7,994)
shareholders --------- --------- ---------
Cash paid in respect of (4,662) (4,881) (9,594)
interest and dividends --------- --------- ---------
Tax paid (82) (84) (128)
--------- --------- ---------
Cash received in respect of 1,155 813 784
income transactions --------- --------- ---------
Capital
Purchases of investments (133,630) (141,405) (297,799)
Sales of investments 130,960 174,243 326,646
--------- --------- ---------
(2,670) 32,838 28,847
Repurchase of Ordinary share (2,812) (15,066) (17,563)
capital
Performance fee 175 327 246
Investment management fee 127 103 111
Interest paid on borrowings (2,400) (2,400) (4,800)
Currency losses (8) (84) (67)
--------- --------- ---------
Cash (paid)/received in (7,588) 15,718 6,774
respect of capital --------- --------- ---------
transactions
Total cash (paid)/received (6,433) 16,531 7,558
--------- --------- ---------
Cash and deposits at end of 28,095 43,501 34,528
the period ========= ========= =========
(a) Reconciliation of total income as shown in the Statement of Total Return to
income less
administrative expenses in the Cash Flow Statement
Six months Six months Year to
to 30th to 30th 31st
June June December
2003 2002 2002
#'000 #'000 #'000
Total income per the Statement of Total 6,201 6,727 12,075
Return
Total expenses per the Statement of Total (416) (646) (938)
Return ---------- ---------- ----------
5,785 6,081 11,137
Increase in dividends accounted for but for
which the cash had not been received at the
year end
(104) (235) (612)
Decrease / (increase) in other debtors 13 (7) 65
Increase / (decrease) in creditors 205 (61) (84)
---------- ---------- ----------
Income less administrative expenses per 5,899 5,778 10,506
Cash Flow Statement ========== ========== ==========
(b) Analysis of changes in net debt
At the start Cash Other At the end
of the period Flows Charges of the period
#'000 #'000 #'000 #'000
Cash 34,528 (6,433) - 28,095
8% Debenture Stock (89,767) - 254 (89,513)
2022 ---------- --------- --------- ----------
(55,239) (6,433) 254 (61,418)
========== ========= ========= ==========
Notes:
(1) The financial information contained within this Preliminary Announcement
does not constitute statutory accounts as defined in Section 240 of the
Companies Act 1985. The results for the year to 31st December 2002 and the
position as at that date are an abridged version of the full accounts for that
year which received an unqualified audit report and did not contain a statement
under sections 237(2) or (3) of the Companies Act 1985 and which have been filed
with the Registrar of Companies.
(2) The accounting policies applied in preparing these accounts are consistent
with those applied in the latest published annual accounts.
(3) The terms of the interim report and the preliminary announcement were
approved by the Board on 31st July 2003.
31st July 2003.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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