BEE.L Regulatory News (BEE)

5 May 2005 09:49

Baring Emerging Europe PLC5 May 2005 BARING EMERGING EUROPE PLC Unaudited Interim Report for the six months ended 31st March, 2005 STATEMENT OF TOTAL RETURN Six months ended 31st March, 2005 Revenue Capital Total £000 £000 £000 Gains on investments - 30,613 30,613 Gains on foreign exchange - 23 23 Income 229 - 229 Investment management fee (718) (455) (1,173) Other expenses (394) - (394) Net return before interest (883) 30,181 29,298 payable and taxation Interest payable (15) - (15) Net return before taxation (898) 30,181 (29,283) Taxation (18) - (18) Return attributable to ordinary (916) 30,181 29,265 shareholders Dividend* 22 - 22 Transfers (from)/to reserves (894) 30,181 29,287 Revenue Capital Total Return per ordinary share (2.10)p 69.33p 67.23p Dividend per ordinary share* - p -p -p * See note 1. STATEMENT OF TOTAL RETURN Six months ended 31st March, 2004 Revenue Capital Total £000 £000 £000 Gains on investments - 32,107 32,107 Losses on foreign exchange - (362) (362) Income 714 - 714 Investment management fee (554) (623) (1,177) Other expenses (339) - (339) Net return before interest (179) 31,122 30,943 payable and taxation Interest payable (14) - (14) Net return before taxation (193) 31,122 30,929 Taxation (68) - (68) Return attributable to ordinary (261) 31,122 30,861 shareholders Dividend* - - - Transfers (from)/to reserves (261) 31,122 30,861 Revenue Capital Total Return per ordinary share (0.59)p 70.16p 69.57p Dividend per ordinary share* - p -p - p * See note 1. STATEMENT OF TOTAL RETURN Year ended 30th September, 2004 Revenue Capital Total £000 £000 £000 Gains on investments - 30,116 30,116 Losses on foreign exchange - (333) (333) Income 3,434 - 3,434 Investment management fee (1,171) (116) (1,287) Other expenses (693) - (693) Net return before interest 1,570 29,667 31,237 payable and taxation Interest payable (18) - (18) Net return before taxation 1,552 29,667 31,219 Taxation (467) - (467) Return attributable to ordinary 1,085 29,667 30,752 shareholders Dividend (887) - (887) Transfers to reserves 198 29,667 29,865 Revenue Capital Total Return per ordinary share 2.45p 66.88p 69.33p Dividend per ordinary share 2.00p -p 2.00p BALANCE SHEET 30th 31st March, 31st March, September, 2005 2004 2004 £000 £000 £000 Fixed assets Investments 171,179 142,605 146,674 Current assets Debtors 1,824 4,293 1,745 Cash at bank and in hand - 6,847 285 1,824 11,140 2,030 Creditors: Amounts falling (945) (6,440) (2,395) due within one year Net current assets/ 879 4,700 (365) (liabilities) Net assets 172,058 147,305 146,309 Capital and reserves Called-up share capital 4,326 4,436 4,436 Share premium account 1,411 1,411 1,411 Special Reserve 76,379 79,917 79,917 Redemption reserve 462 352 352 Capital reserve-realised 31,421 22,746 29,904 Capital reserve-unrealised 58,489 38,438 29,825 Revenue reserve (430) 5 464 Total equity shareholders' 172,058 147,305 146,309 funds Net asset value per share 397.73p 332.07p 329.82p CASHFLOW STATEMENT Six months Six months Year to to ended 31st March, 31st March, September, 2005 2004 2004 £000 £000 £000 Operating activities Investment income received 703 1,546 3,917 Deposit interest received - 10 22 Investment management fees (700) (432) (1,050) paid Other cash payments (378) (831) (1,195) Net cash inflow from (375) 293 1,694 operating activities Servicing of finance Interest paid (15) (14) (18) Taxation Overseas tax paid (18) (68) (467) Financial investment Purchases of investments (36,331) (81,734) (133,816) Sales of investments 40,732 90,934 135,427 Net cash inflow from 4,401 9,200 1,611 financial investments Equity dividends paid (865) (488) (488) Net cash inflow before 3,128 8,923 2,332 financing Financing Buyback of ordinary shares (3,538) - - Net cash outflow from (3,538) - - financing Increase/(decrease) in cash (410) 8,923 2,332 NOTES 1. Dividend No dividend is payable in respect of the six months ended 31st March, 2005. Thecredit of £22,000 for the six months to 31st March, 2005 represents the prioryear dividend due to the repurchase of shares. Consideration will be given to an annual dividend in respect of the year ended30th September, 2005 at a Board meeting to be held in November 2005. Anannouncement will be made shortly after that meeting. 2. Comparative information The figures and financial information for the period ended 30th September, 2004are an extract from the latest published accounts and do not constitutestatutory accounts. Full accounts for that year have been delivered to theRegistrar of Companies and included the report of the auditors which wasunqualified and did not contain a statement under section 237 of the CompaniesAct 1985. The accounts for the six months ended 31st March, 2005, and for the period ended31st March, 2004 have been neither audited nor reviewed by the auditors. 3. Posting of Interim Report The Interim Report will be posted to shareholders on 19th May, 2005. It will notbe advertised in newspapers, but copies will be available from that date at theCompany's Registered Office at 155 Bishopsgate, London EC2M 3XY. CHAIRMAN'S STATEMENT The Company's net asset value increased by 20.6% during the six months ended31st March, 2005, compared with a rise in it's benchmark of 18.0% and the shareprice by 19.5%. Since the Company's launch on 17 December 2002 the net assetvalue increased by 105.2% compared with an increase in the benchmark during thesame period of 96.1%. This is an encouraging performance. The Board continues to monitor closely the market rating of the Company'sshares. At 31st March, 2005 the discount to net asset value was 9.98% andaveraged 9.75% over the six months. During the period the Board repurchased1,100,000 (2.48%) of the Company's shares and will continue to be active whennecessary. The Board shares the Investment Manager's view that investment opportunities inthe region remain attractive. Iain SaundersChairman4th May, 2005 155 Bishopsgate, London, EC2M 3XY020 7628 6000 This information is provided by RNS The company news service from the London Stock Exchange