Interim Results

Martin Currie Capital Return Trust Plc Interim results for the six months to 31 January 2003 Activity has been at a low level with limited realisations during the period under review. There have however been increasingly attractive opportunities for private equity funds to make new investments. The funds in our portfolio have found it increasingly difficult to make sales of companies in recent months. This reflects the lack of confidence in the business environment and slowing economies globally. Disposals have amounted to £6.7 million. New commitments to the continuation (B) pool amounted to £4.2 million. This pool is continuing to make new investments to replace its maturing portfolio. Undrawn commitments for this pool now total £29.7 million. The challenging economic background has affected valuations as these are ultimately linked to profits and to values placed on businesses by third parties. The net asset value declined over the six month period by 3.9% for the A shares and 4.9% for the B shares, which are modestly geared. By comparison the FTSE All-Share index is down by 16.0% over the same period. The Board has declared an interim dividend of 0.31pence per A share and 0.13 pence per B share. The realisation (A) pool is once again in a net cash position of £2.2 million. A further special distribution is likely to be made in the third quarter of the calendar year. However, the exact timing of the distribution is dependent on the flow of realisations. The net debt of £0.8 million in the B pool represents gearing of only 2%. There is considerable scope to increase this and the Board intends to make further commitments to high quality funds and to selected direct investments as opportunities arise. We expect the existing portfolio to yield good returns in the short term and the new commitments to build a base for longer-term appreciation. For more information, please call: Hamish Mair or Mike Woodward 0131 229 5252 hmair@martincurrie.com/mwoodward@martincurrie.com MARTIN CURRIE CAPITAL RETURN TRUST plc Statement of total return (incorporating the revenue account)* for the six months to 31 January 2003 (Unaudited) Revenue Capital Total £000 £000 £000 Gains/(losses) on - realised - 1,619 1,619 investments - unrealised - (5,930) (5,930) Currency losses - (8) (8) Income - franked 55 - 55 - unfranked 597 - 597 Investment (140) (420) (560) management fee Other expenses (132) (4) (136) Net return on ordinary activities 380 (4,743) (4,363) before finance costs and taxation Interest payable and similar (12) (36) (48) charges Net return on ordinary activities 368 (4,779) (4,411) before taxation Taxation on ordinary activities (105) 105 - Net return on ordinary activities 263 (4,674) (4,411) after taxation Dividends in respect of equity (259) - (259) shares (0.31p per A share, 0.13p per B share) Transfer to/(from) reserves 4 (4,674) (4,670) Returns per A share 0.32p (3.78p) (3.46p) Returns per B share 0.13p (5.45p) (5.32p) * The revenue column of this statement is the profit and loss account of the company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period. Accounts are prepared on the basis of management and finance costs being allocated 75% to capital and 25% to revenue. The directors have declared an interim dividend on both the A and B shares of the company for the year ending 31 July 2003 of 0.31p per share for A shareholders and 0.13p per share for B shareholders to be paid on 23 May 2003 to shareholders on the register on 25 April 2003. The interim results will be circulated to shareholders in the form of an interim report, copies of which will be available at the company's registered office, Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2ES. MARTIN CURRIE CAPITAL RETURN TRUST plc Statement of total return (incorporating the revenue account)* for the six months to 31 January 2002 (Unaudited) Revenue Capital Total £000 £000 £000 Gains/(losses) on - realised - 6,792 6,792 investments - unrealised - (15,947) (15,947) Currency gains - 44 44 Income - franked 37 - 37 - unfranked 820 - 820 Investment (131) (392) (523) management fee Other expenses (98) (581) (679) Net return on ordinary activities 628 (10,084) (9,456) before finance costs and taxation Interest payable and similar (84) (253) (337) charges Net return on ordinary activities 544 (10,337) (9,793) before taxation Taxation on ordinary activities (164) 164 - Net return on ordinary activities 380 (10,173) (9,793) after taxation Dividends in respect of equity (319) - (319) shares (0.30p per A and B share) Transfer to/(from) reserves 61 (10,173) (10,112) Returns per A share 0.38p (9.17p) (8.79p) Returns per B share 0.31p (10.26p) (9.95p) * The revenue column of this statement is the profit and loss account of the company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period. MARTIN CURRIE CAPITAL RETURN TRUST plc Statement of total return (incorporating the revenue account)* for the year to 31 July 2002 (Audited) Revenue Capital Total £000 £000 £000 Gains/(losses) on - realised - 16,671 16,671 investments - unrealised - (33,670) (33,670) Currency gains - 34 34 Income - franked 118 - 118 - unfranked 2,264 - 2,264 Investment (279) (838) (1,117) management fee Other expenses (231) (633) (864) Net return on ordinary activities 1,872 (18,436) (16,564) before finance costs and taxation Interest payable and similar (135) (404) (539) charges Net return on ordinary activities 1,737 (18,840) (17,103) before taxation Taxation on ordinary activities (489) 372 (117) Net return on ordinary activities 1,248 (18,468) (17,220) after taxation Dividends in respect of equity (1,242) (12,746) (13,988) shares Transfer to/(from) reserves 6 (31,214) (31,208) Returns per A share 1.26p (15.61p) (14.35p) Returns per B share 1.03p (20.41p) (19.38p) * The revenue column of this statement is the profit and loss account of the company. The financial information for the period to 31 July 2002 has been extracted from the full accounts which have been filed with the Registrar of Companies and which contains an unqualified auditor's report. MARTIN CURRIE CAPITAL RETURN TRUST plc Balance Sheet Unaudited Unaudited Audited As at As at As at 31 January 31 January 2002 31 July 2002 2003 £000 £000 £000 £000 £000 £000 Investments at 102,9 140,095 113,788 market value 17 Current assets Debtors 275 122 95 Cash at bank and in 3,075 2,184 12,428 hand 3,350 2,306 12,523 Creditors Amounts falling due (2,406) (1,574) (17,780) within one year Net current 944 732 (5,257) assets/(liabilities) Total assets less 103,861 140,827 108,531 current liabilities Creditors Amounts falling due - (11,200 - after one year ) Total net assets 103,861 129,627 108,531 Capital reserves Called up share 1,063 1,063 1,063 capital Share premium - 65,205 - Special 40,00 40,000 40,000 distributable 0 capital reserve Special 52,459 - 52,459 distributable revenue reserve Capital reserve 10,262 23,231 14,936 Revenue reserve 77 128 73 Total shareholders' 103,861 129,627 108,531 funds Net asset value per: A share 93.12p 122.41p 96.90p B share 105.64p 121.25p 111.09p MARTIN CURRIE CAPITAL RETURN TRUST plc Statement of cash flow (Unaudited) (Unaudited) (Audited) Six months to Six months to Year to 31 January 31 January 2002 31 July 2002 2003 £000 £000 £000 £000 £000 £000 Operating activities Net dividends and 386 999 2,414 interest received from investments Interest received from 81 22 82 deposits Cash paid to and on (35) (19) (51) behalf of directors Bank charges (3) - (1) Management fees (556) (512) (1,121) Other cash payments (175) (698) (716) _ __ Net cash inflow / (302) (208) 607 (outflow) from operating activities Servicing of finance Interest paid (85) (284) (558) _ __ Net cash outflow from (85) (284) (558) servicing of finance Taxation Corporation taxation - - (11) paid _ __ Net cash outflow from - - (11) taxation Capital expenditure and financial investments Payments to acquire (4,246) (2,480 (10,344) investments ) Receipts from disposal 10,729 11,714 37,311 of investments Net cash inflow from 6,483 capital expenditure 9,234 26,967 and financial investment Equity dividends paid (13,669) (956) (1,275) Net cash (outflow)/inflow (7,573) 7,786 25,730 before financing Financing Movement in long-term - (3,800) (15,000) borrowings Movement in short-term (1,780) - 3,500 borrowings Net cash outflow from (1,780) (3,800) (11,500) financing (Decrease) / Increase (9,353) 3,986 14,230 in cash for period ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/03/24/20030324BIT00910/wkr0001.doc http://www.waymaker.net/bitonline/2003/03/24/20030324BIT00910/wkr0002.pdf

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