19 May 2010 07:00
VALUE AND INCOME TRUST PLC
PRELIMINARY statement of annual RESULTS
FOR THE YEAR ENDED 31 MARCH 2010
SUMMARY
|
| 31 March 2010 | 31 March 2009 |
|
|
|
|
| Net asset value per share valuing debt at par (including income) | 231.8p | 165.6p |
| Net asset value per share valuing debt at market value (including income) | 218.3p | 129.6p |
| Ordinary share price | 169.0p | 88.5p |
| Discount of ordinary share price to net asset value per share valuing debt at market value (including revenue) | 22.5% | 31.7% |
| Total interim dividend and proposed final dividend per share | 7.6p | 7.5p |
| Total assets less current liabilities | £141.8m | £111.5m |
THE YEAR
·; Net Asset Value total return (with debt at market value) of +76.3% over one year and -9.8% over three years.
·; Share price total return of +99.9% over one year and -22.5% over three years.
·; FTSE All-Share Index total return of +52.3% over one year and -0.7% over three years.
·; Dividends for the year up 1.3% - increased for 23rd consecutive year
DIVIDEND
The Directors recommend that a final dividend of 3.8 pence per share (2009 - 3.7 pence) is paid on 16 July 2010 to shareholders on the register on 18 June 2010. The ex-dividend date is 16 June 2010. An interim dividend of 3.8 pence per share (2009 - 3.8 pence) was paid on 8 January 2010.
CONTACT
For further information, please contact:-
Matthew Oakeshott or Angela Lascelles of OLIM Limited, Investment Manager
www.olim.co.uk
Tel: 020 7439 4400
VALUE AND INCOME TRUST PLC
GROUP STATEMENT OF COMPREHENSIVE INCOME
|
| Year ended | Year ended | ||||
|
| 31 March 2010 | 31 March 2009 | ||||
|
| Revenue | Capital | Total | Revenue | Capital | Total |
|
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income | 3,867 | - | 3,867 | 4,350 | - | 4,350 |
|
| ________ | ________ | ________ | ________ | ________ | ________ |
| Rental income | 3,634 | - | 3,634 | 3,314 | - | 3,314 |
| Interest income on short-term deposits | 313 | - | 313 | 215 | - | 215 |
| Underwriting commission | 24 | - | 24 | - | - | - |
|
| ________ | ________ | ________ | ________ | ________ | ________ |
| Other operating income | 3,971 | - | 3,971 | 3,529 | - | 3,529 |
|
|
|
|
|
|
|
|
| Other comprehensive income |
|
|
|
|
|
|
| Unrealised gains/(losses) on investment properties | - | 3,009 | 3,009 | - | (9,304) | (9,304) |
|
| ________ | ________ | ________ | ________ | ________ | ________ |
|
| 7,838 | 3,009 | 10,847 | 7,879 | (9,304) | (1,425) |
| Gains and losses on investments |
|
|
|
|
|
|
| Realised gains/(losses) on held-at-fair-value investments | - | 1,014 | 1,014 | - | (7,673) | (7,673) |
| Unrealised gains/(losses) on held-at-fair-value investments | - | 26,053 | 26,053 | - | (23,076) | (23,076) |
|
| ________ | ________ | ________ | ________ | ________ | ________ |
| Total income | 7,838 | 30,076 | 37,914 | 7,879 | (40,053) | (32,174) |
|
| ________ | ________ | ________ | ________ | ________ | ________ |
| Expenses |
|
|
|
|
|
|
| Investment management fees | (250) | (582) | (832) | (253) | (591) | (844) |
| Other operating expenses | (852) | - | (852) | (402) | - | (402) |
| VAT recoverable on investment management fees | 562 | 432 | 994 | - | - | - |
|
|
|
|
|
|
|
|
| Finance costs | (3,501) | - | (3,501) | (3,501) | - | (3,501) |
|
| ________ | ________ | ________ | ________ | ________ | ________ |
| Total expenses | (4,041) | (150) | (4,191) | (4,156) | (591) | (4,747) |
|
| ________ | ________ | ________ | ________ | ________ | ________ |
| Profit/(loss) before tax | 3,797 | 29,926 | 33,723 | 3,723 | (40,644) | (36,921) |
|
|
|
|
|
|
|
|
| Taxation | - | (149) | (149) | - | 1,400 | 1,400 |
|
| ________ | ________ | ________ | ________ | ________ | ________ |
| Profit/(loss) for the period | 3,797 | 29,777 | 33,574 | 3,723 | (39,244) | (35,521) |
|
| ________ | ________ | ________ | ________ | ________ | ________ |
| Earnings per ordinary share (pence) | 8.34 | 65.37 | 73.71 | 8.17 | (86.15) | (77.98) |
|
| ________ | ________ | ________ | ________ | ________ | ________ |
| The Board is proposing a final dividend of 3.8p per share, making a total dividend of 7.6p per share for the year ended 31 March 2010 (2009: 7.5p per share) which, if approved, will be payable on 16 July 2010. |
| The total column of this statement represents the Group Statement of Comprehensive Income, prepared in accordance with IFRS. |
| The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. All items in the above statement derive from continuing operations. |
| All income is attributable to the equity holders of Value and Income Trust PLC, the parent company. There are no minority interests. |
VALUE AND INCOME TRUST PLC
COMPANY STATEMENT OF COMPREHENSIVE INCOME
|
| Year ended | Year ended | ||||
|
| 31 March 2010 | 31 March 2009 | ||||
|
| Revenue | Capital | Total | Revenue | Capital | Total |
|
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income | 3,867 | - | 3,867 | 4,350 | - | 4,350 |
|
| ________ | ________ | ________ | ________ | ________ | ________ |
| Rental income | 1,245 | - | 1,245 | 1,195 | - | 1,195 |
| Interest income on short-term deposits | 310 | - | 310 | 188 | - | 188 |
| Underwriting commission | 24 | - | 24 | - | - | - |
|
| ________ | ________ | ________ | ________ | ________ | ________ |
| Other operating income | 1,579 | - | 1,579 | 1,383 | - | 1,383 |
|
| ________ | ________ | ________ | ________ | ________ | ________ |
| Other comprehensive income |
|
|
|
|
|
|
| Unrealised gains/(losses) on investment properties | - | 1,337 | 1,337 | - | (2,963) | (2,963) |
|
| ________ | ________ | ________ | ________ | ________ | ________ |
|
| 5,446 | 1,337 | 6,783 | 5,733 | (2,963) | 2,770 |
| Gains and losses on investments |
|
|
|
|
|
|
| Realised gains/(losses) on held-at-fair-value investments | - | 806 | 806 | - | (7,795) | (7,795) |
| Unrealised gains/(losses) on held-at-fair-value investments | - | 27,760 | 27,760 | - | (27,831) | (27,831) |
|
| ________ | ________ | ________ | ________ | ________ | ________ |
| Total income | 5,446 | 29,903 | 35,349 | 5,733 | (38,589) | (32,856) |
|
| ________ | ________ | ________ | ________ | ________ | ________ |
| Expenses |
|
|
|
|
|
|
| Investment management fees | (167) | (388) | (555) | (169) | (394) | (563) |
| Other operating expenses | (363) | - | (363) | (268) | - | (268) |
| VAT recoverable on investment management fees | 562 | 432 | 994 | - | - | - |
|
|
|
|
|
|
|
|
| Finance costs | (1,851) | - | (1,851) | (1,851) | - | (1,851) |
|
| ________ | ________ | ________ | ________ | ________ | ________ |
| Total expenses | (1,819) | 44 | (1,775) | (2,288) | (394) | (2,682) |
|
| ________ | ________ | ________ | ________ | ________ | ________ |
| Profit/(loss) before tax | 3,627 | 29,947 | 33,574 | 3,445 | (38,983) | (35,538) |
|
|
|
|
|
|
|
|
| Taxation | - | - | - | 17 | - | 17 |
|
| ________ | ________ | ________ | ________ | ________ | ________ |
| Profit/(loss) for the period | 3,627 | 29,947 | 33,574 | 3,462 | (38,983) | (35,521) |
|
| ________ | ________ | ________ | ________ | ________ | ________ |
| Earnings per ordinary share (pence) | 7.96 | 65.75 | 73.71 | 7.60 | (85.58) | (77.98) |
|
| ________ | ________ | ________ | ________ | ________ | ________ |
| The total column of this statement represents the Statement of Comprehensive Income of the Company prepared in accordance with IFRS. |
| The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. All items in the above statement derive from continuing operations. |
| All income is attributable to the equity holders of Value and Income Trust PLC, the parent company. There are no minority interests. |
VALUE AND INCOME TRUST PLC
STATEMENT OF FINANCIAL POSITION
|
| Group | Company | ||||||
|
| As at | As at | As at | As at | ||||
|
| 31 March 2010 | 31 March 2009 | 31 March 2010 | 31 March 2009 | ||||
|
|
|
|
|
|
|
|
|
|
|
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
| ASSETS |
|
|
|
|
|
|
|
|
| Non current assets |
|
|
|
|
|
|
|
|
| Investments held at fair value through profit or loss |
| 88,638 |
| 62,301 |
| 104,471 |
| 76,427 |
| Investment properties held at fair value through profit or loss |
| 48,750 |
| 44,850 |
| 16,675 |
| 15,175 |
|
|
| _______ |
| _______ |
| _______ |
| _______ |
|
|
| 137,388 |
| 107,151 |
| 121,146 |
| 91,602 |
|
|
|
|
|
|
|
|
|
|
| Current assets |
|
|
|
|
|
|
|
|
| Cash and cash equivalents | 5,670 |
| 4,903 |
| 5,551 |
| 4,830 |
|
| Other receivables | 325 |
| 1,605 |
| 316 |
| 1,339 |
|
|
| _______ |
| _______ |
| _______ |
| _______ |
|
|
|
| 5,995 |
| 6,508 |
| 5,867 |
| 6,169 |
|
|
|
|
|
|
|
|
|
|
|
|
| _______ |
| _______ |
| _______ |
| _______ |
| TOTAL ASSETS |
| 143,383 |
| 113,659 |
| 127,013 |
| 97,771 |
|
|
|
|
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
|
|
| Other payables |
| (1,629) |
| (2,189) |
| (1,052) |
| (1,945) |
|
|
| _______ |
| _______ |
| _______ |
| _______ |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| 141,754 |
| 111,470 |
| 125,961 |
| 95,826 |
|
|
|
|
|
|
|
|
|
|
| Non-current liabilities |
|
|
|
|
|
|
|
|
| Debenture stock | (35,396) |
| (35,420) |
| (20,396) |
| (20,420) |
|
| Deferred tax | (793) |
| (644) |
| - |
| - |
|
|
| _______ |
| _______ |
| _______ |
| _______ |
|
|
|
| (36,189) |
| (36,064) |
| (20,396) |
| (20,420) |
|
|
| _______ |
| _______ |
| _______ |
| _______ |
| NET ASSETS |
| 105,565 |
| 75,406 |
| 105,565 |
| 75,406 |
|
|
| _______ |
| _______ |
| _______ |
| _______ |
| EQUITY ATTRIBUTABLE TO EQUITY SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Called up share capital |
| 4,555 |
| 4,555 |
| 4,555 |
| 4,555 |
| Share premium |
| 18,446 |
| 18,446 |
| 18,446 |
| 18,446 |
| Retained earnings |
| 82,564 |
| 52,405 |
| 82,564 |
| 52,405 |
|
|
| _______ |
| _______ |
| _______ |
| _______ |
| TOTAL EQUITY |
| 105,565 |
| 75,406 |
| 105,565 |
| 75,406 |
|
|
| _______ |
| _______ |
| _______ |
| _______ |
|
|
|
|
|
|
|
|
|
|
| Net Asset Value per ordinary share (pence) |
| 231.76 |
| 165.55 |
| 231.76 |
| 165.55 |
|
|
| _______ |
| _______ |
| _______ |
| _______ |
VALUE AND INCOME TRUST PLC
GROUP STATEMENT OF CHANGES IN EQUITY
| Group | Year ended 31 March 2010 | Year ended 31 March 2009 | ||||||
|
| Share | Share | Retained | Total | Share | Share | Retained | Total |
|
| capital | premium | earnings |
| capital | premium | earnings |
|
|
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
| Net assets at 31 March 2009 | 4,555 | 18,446 | 52,405 | 75,406 | 4,555 | 18,446 | 91,339 | 114,340 |
| Net profit/(loss) for the year | - | - | 33,574 | 33,574 | - | - | (35,521) | (35,521) |
| Dividends paid | - | - | (3,415) | (3,415) | - | - | (3,413) | (3,413) |
|
| ________ | ________ | ________ | ________ | ________ | ________ | ________ | ________ |
| Net assets at 31 March 2010 | 4,555 | 18,446 | 82,564 | 105,565 | 4,555 | 18,446 | 52,405 | 75,406 |
|
| ________ | ________ | ________ | ________ | ________ | ________ | ________ | ________ |
| Company |
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|
| Year ended 31 March 2010 | Year ended 31 March 2009 | ||||||
|
| Share | Share | Retained | Total | Share | Share | Retained | Total |
|
| capital | premium | earnings |
| capital | premium | earnings |
|
|
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
| Net assets at 31 March 2009 | 4,555 | 18,446 | 52,405 | 75,406 | 4,555 | 18,446 | 91,339 | 114,340 |
| Net profit/(loss) for the year | - | - | 33,574 | 33,574 | - | - | (35,521) | (35,521) |
| Dividends paid | - | - | (3,415) | (3,415) | - | - | (3,413) | (3,413) |
|
| ________ | ________ | ________ | ________ | ________ | ________ | ________ | ________ |
| Net assets at 31 March 2010 | 4,555 | 18,446 | 82,564 | 105,565 | 4,555 | 18,446 | 52,405 | 75,406 |
|
| ________ | ________ | ________ | ________ | ________ | ________ | ________ | ________ |
VALUE AND INCOME TRUST PLC
GROUP STATEMENT OF CASH FLOWS
|
| Year ended 31 March 2010 | Year Ended 31 March 2009 | ||
|
| £'000 | £'000 | £'000 | £'000 |
| Cash flows from operating activities |
|
|
|
|
| Dividend income received |
| 3,873 |
| 4,705 |
| Rental received |
| 3,892 |
| 3,147 |
| Interest received |
| 177 |
| 215 |
| Other income |
| 24 |
| - |
| VAT on management fees refunded |
| 994 |
| - |
| Operating expenses paid |
| (1,234) |
| (1,552) |
|
|
| _________ |
| _________ |
| NET CASH FROM OPERATING ACTIVITIES |
| 7,726 |
| 6,515 |
|
|
|
|
|
|
| Cash flows from investing activities |
|
|
|
|
| Purchase of investments | (18,426) |
| (18,214) |
|
| Sale of investments | 18,407 |
| 13,931 |
|
|
| _________ |
| _________ |
|
| NET CASH OUTFLOW FROM |
|
|
|
|
| INVESTING ACTIVITIES |
| (19) |
| (4,283) |
|
|
|
|
|
|
| Cash flow from financing activities |
|
|
|
|
| Interest paid | (3,525) |
| (3,525) |
|
| Dividends paid | (3,415) |
| (3,413) |
|
|
| _________ |
| _________ |
|
| NET CASH OUTFLOW FROM FINANCING ACTIVITIES |
| (6,940) |
| (6,938) |
|
|
| _________ |
| _________ |
| NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS |
| 767 |
| (4,706) |
| Cash and cash equivalents at 1 April 2009 |
| 4,903 |
| 9,609 |
|
|
| _________ |
| _________ |
| Cash and cash equivalents at 31 March 2010 |
| 5,670 |
| 4,903 |
|
|
| _________ |
| _________ |
VALUE AND INCOME TRUST PLC
NOTES TO PRELIMINARY STATEMENT OF ANNUAL RESULTS:
| 1 | Accounting policies |
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| The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) which comprise standards and interpretations approved by the International Accounting Standards Board (IASB) together with interpretations of the International Accounting Standards and Standing Interpretations Committee approved by the International Accounting Standards Committee (IASC) that remain in effect, and to the extent that they have been adopted by the European Union.
The functional and reporting currency of the Group is pounds sterling because that is the currency of the primary economic environment in which the Group operates. |
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| (a) Basis of preparation |
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| The financial statements have been prepared on a going concern basis and on the historical cost basis, except for the revaluation of certain financial assets. The principal accounting policies adopted are set out below. Where presentational guidance set out in the Statement of Recommended Practice Financial Statements of Investment Trust Companies and Venture Capital Trusts (the SORP) issued by the Association of Investment Companies (AIC) in January 2009 is consistent with the requirements of IFRSs, the directors have sought to prepare the financial statements on a basis compliant with the recommendations of the SORP. |
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| The directors are of the opinion that the Group is engaged in a single segment of business, being investment business. |
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| (b) Basis of consolidation |
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| The consolidated financial statements incorporate the financial statements of the Company and the entity controlled by the Company (its subsidiary). Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. All intra-group transactions, balances, income and expenses are eliminated on consolidation. The investment in the subsidiary is recognised at fair value in the financial statements of the Company. This is considered to be the net asset value of the shareholders' funds, as shown in its statement of financial position. |
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| Audax Properties plc, a wholly owned subsidiary of the Company, charges expenses wholly to income. |
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| On consolidation, however, an adjustment is made to charge 70% of the investment management fee paid by Audax Properties plc to capital. The allocation has no effect on the total return of the Company or the Group. |
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| (c) Presentation of Statement of Comprehensive Income |
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| In order to reflect better the activities of an investment trust company and in accordance with guidance issued by the AIC, supplementary information which analyses the Statement of Comprehensive Income between items of a revenue and capital nature has been presented alongside the Statement of Comprehensive Income. In accordance with the Company's status as a UK investment company under section 833 of the Companies Act 2006, net capital returns may not be distributed by way of dividend. Additionally the net revenue is the measure that the directors believe to be appropriate in assessing the Company's compliance with certain requirements set out in section 842 of the Income and Corporation Taxes Act 1988. |
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| (d) Income |
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| Dividend income from investments is recognised as revenue for the period on an ex-dividend basis. Where no ex-dividend date is available, dividends receivable on or before the period end are treated as revenue for the period. |
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| Where the Group has elected to receive dividend income in the form of additional shares rather than cash, the amount of cash dividend foregone is recognised as income. Any excess in the value of shares received over the amount of cash dividend foregone is recognised as a gain in the income statement. |
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| Interest receivable from cash and short term deposits and interest payable is accrued to the end of the period. |
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| Rental and other income are recognised as earned. |
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| (e) Expenses and Finance Costs |
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| All expenses and finance costs are accounted for on an accruals basis. Expenses are presented as capital where a connection with the maintenance or enhancement of the value of investments can be demonstrated. In this respect, the investment management fees are allocated 30% to revenue and 70% to capital to reflect the Board's expectations of long term investment returns. Any performance fees payable are allocated to capital, reflecting the fact that, although they are calculated on a total return basis, they are expected to be attributable largely to capital performance.
It is normal practice for investment trust companies to allocate finance costs to capital on the same basis as the investment management fee allocation. However as the Company has a significant exposure to property, and property companies do not charge finance costs to capital, the directors consider it inappropriate to allocate finance costs to capital. |
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| (f) Taxation |
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| Deferred tax is recognised in respect of all temporary differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more tax in the future or the right to pay less tax in the future have occurred at the balance sheet date. This is subject to deferred tax assets only being recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the temporary differences can be deducted. Due to the Company's status as an investment trust company, and the intention to continue to meet the conditions required to obtain approval for the foreseeable future, the Company has not provided deferred tax on any capital gains and losses arising on the revaluation or disposal of investments. |
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| This is not the case for the subsidiary company and hence the Group where such provision is made, calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. |
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| (g) Dividends payable |
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| Interim dividends are recognised as a liability in the period in which they are paid as no further approval is required in respect of such dividends. Final dividends are recognised as a liability only after they have been approved by shareholders in general meeting. |
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| (h) Investments |
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| All investments have been designated upon initial recognition as fair value through profit or loss.
Investments are recognised and derecognised on the trade date where a purchase or sale is under a contract whose terms require delivery within the timeframe established by the market concerned, and are initially measured at fair value.
Subsequent to initial recognition, investments are recognised at fair value through profit or loss. For listed investments, this is deemed to be bid market prices or closing prices for SETS stocks sourced from the London Stock Exchange.
SETS is the London Stock Exchange electronic trading service covering most of the market including all FTSE 100 constituents and most liquid FTSE 250 constituents along with some other securities. Gains and losses arising from changes in fair value are included in net profit or loss for the period as a capital item in the income statement and are ultimately recognised in the retained earnings. |
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| In respect of investment properties, fair value is established by half-yearly professional valuation on an open market basis by King Sturge and Co, Chartered Surveyors and Valuers and in accordance with the RICS Valuation Standards. |
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| (i) Cash and cash equivalents |
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| Cash and cash equivalents comprises deposits held with banks. |
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| (j) Non - current liabilities |
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| All loans and borrowings are initially recognised at cost, being the fair value of the consideration received, less issue costs where applicable. After initial recognition, all interest-bearing loans and borrowings are subsequently measured at amortised cost. Amortised cost is calculated by taking into account any discount or premium on settlement. The costs of arranging any interest-bearing loans are capitalised and amortised over the life of the loan. |
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| (k) Adoption of new and revised Accounting Standards |
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| At the date of authorisation of these financial statements, various Standards, amendments to Standards and Interpretations which have not been applied to these financial statements, were in issue but were not yet effective (and in some cases, had not yet been adopted by the EU). These have not been applied to these financial statements. |
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| The directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact on the financial statements of the Group. |
2 Approval and Publication of Statutory Financial Statements and Annual General Meeting
The financial information contained within this preliminary results announcement does not constitute the Company's statutory financial statements for the years ended 31 March 2010 or 31 March 2009 but is derived from those financial statements.
Statutory financial statements for the year ended 31 March 2009 have been delivered to the Registrar of Companies. The independent auditor's report in respect of the year ended 31 March 2009 was unqualified and did not contain statements under Section 498 of the Companies Act 2006.
The preliminary results announcement for the year ended 31 March 2010 was approved by the Board of Directors on 18 May 2010.
The independent auditor has not yet reported on the financial statements for the year ended 31 March 2010.
The Annual Report and Statutory Financial Statements for the year ended 31 March 2010 will be posted to shareholders in June 2010 and copies will be available from the Manager, OLIM Limited, Pollen House, 10/12 Cork Street, London, W1S 3NP (www.olim.co.uk), or from the Secretaries, Aberdeen Asset Management PLC, 7th Floor, 40 Princes Street, Edinburgh, EH2 2BY.
The statutory financial statements for the year ended 31 March 2010 will be delivered to the Registrar of Companies following the Company's Annual General Meeting which is to be held at 7th Floor, 40 Princes Street, Edinburgh, EH2 2BY on Friday 9 July 2010 at 12.30 pm.
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 and may be affected by exchange rate movements. Investors may not get back the amount they originally invested.
For Value and Income Trust plc
Aberdeen Asset Management PLC
Secretaries
18 May 2010