1st Quarter Results

EDINBURGH INCOME AND VALUE TRUST PLC 2 October 2002 At a board meeting held today, the directors of Edinburgh Income and Value Trust plc resolved that a first interim dividend of 2.4p per ordinary share be declared in respect of the year to 31 May 2003, payable on 31 October 2002 to shareholders on the register on 11 October 2002. The ex-dividend date is 9 October 2002. For further information please contact: Alex Gowans, Director, Edinburgh Fund Managers plc Tel: 0131-313-1000 David Binnie, Investment Manager, Edinburgh Fund Managers plc Tel: 0131-313-1000 The unaudited results for the period to 31 August 2002 are as follows: STATEMENT OF TOTAL RETURN For the period 1 June 2002 For the period 1 June to 31 August 2002 2001 to 31 August 2001 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £000 £000 £000 Total losses on (8,536) (8,536) - 592 592 investments Investment income 798 - 798 859 - 859 Interest receivable 24 - 24 21 - 21 Other income - - - - - - Investment management (64) (64) (128) (68) (68) (136) fee Other administrative (60) - (60) (46) - (46) expenses NET RETURN BEFORE FINANCE COSTS AND TAXATION 698 (8,600) (7,902) 766 524 1,290 Interest payable (83) (83) (166) (83) (83) (166) RETURN ON ORDINARY ACTIVITIES BEFORE TAXATION 615 (8,683) (8,068) 683 441 1,124 Taxation - - - - - - NET RETURN ON ORDINARY ACTIVITIES AFTER 615 (8,683) (8,068) 683 441 1,124 TAXATION Non-equity minority - (401) (401) - (369) (369) interests RETURN ATTRIBUTABLE TO EQUITY SHAREHOLDERS 615 (9,084) (8,469) 683 72 755 Dividends in respect (569) - (569) (569) - (569) of equity shares 46 (9,084) (9,038) 114 72 186 RETURN PER ORDINARY SHARE 2.59p (38.34p) (35.75p) 2.88p 1.86p 4.74p All revenue and capital items in the above statement derive from continuing operations STATEMENT OF TOTAL RETURN For the year ended 31 May 2002 Revenue Capital Total £000 £000 £000 Total gains on investments - 6,259 6,259 Investment income 3,298 - 3,298 Interest receivable 81 - 81 Other income 1 - 1 Investment management fee (272) (272) (544) Other administrative expenses (224) - (224) NET RETURN BEFORE FINANCE COSTS AND TAXATION 2,884 5,987 8,871 Interest payable (333) (333) (666)( RETURN ON ORDINARY ACTIVITIES 8,205 BEFORE TAXATION 2,551 5,654 Taxation - - - NET RETURN ON ORDINARY ACTIVITIES AFTER TAXATION 2,551 5,654 8,205 Non-equity minority interests (1,511) (1,511) RETURN ATTRIBUTABLE TO EQUITY SHAREHOLDERS 2,551 4,143 6,694 Dividends in respect of equity (2,275) - (2,275) shares 276 4,143 4,419 RETURN PER ORDINARY SHARE 10.77p 17.48p 28.25p BALANCE SHEET As at 31 As at 31 As at 31 August August May 2002 2001 2002 £000 £000 £000 FIXED ASSETS Investments 54,899 59,266 65,466 CURRENT ASSETS Debtors 677 423 1,541 Cash and short term deposits 3,547 3,071 911 4,224 3,494 2,452 CREDITORS Amounts falling due within one 21,097 835 20,854 year NET CURRENT ASSETS (16,873) 2,659 (18,402) TOTAL ASSETS LESS CURRENT 38,026 61,925 47,064 LIABILITIES CREDITORS Amounts falling due after more 11,180 29,907 11,180 than one year 26,846 32,018 35,884 CAPITAL AND RESERVES Ordinary share capital 237 237 237 Revenue reserves 1,092 884 1,046 Other Reserves 25,517 30,897 34,601 EQUITY SHAREHOLDERS' FUNDS 26,846 32,018 35,884 Adjusted net asset value per 113.30p 135.13p 151.45p equity share CASHFLOW STATEMENT For the period For the period 1 June 2002 to 1 June 2001 to 31 August 2002 31 August 2001 £'000 £'000 £000 £000 Net cash inflow from operating 320 649 activities Return on investment and servicing of finance Interest paid (166) (165) Taxation UK income tax recovered - - Capital expenditure and financial investment Purchase of investments (4,411) (1,875) Sale of investments 7,462 3,583 3,051 1,708 Equity dividends paid (569) (569) Financing Issue of ordinary share - - capital Expenses of share issue - - New loan repayable on 27 May - - 2005 New loan repayable on 31May - - 2005 - - Net cash inflow 2,636 1,623 Increase in cash 2,636 1,623 CASHFLOW STATEMENT For the year to 31 May 2002 £000 £000 Net cash inflow from operating 2,547 activities Return on investment and servicing of finance Interest paid (664) Taxation UK income tax recovered 26 Capital expenditure and financial investment Purchase of investments (18,459) Sale of investments 18,287 (172) Equity dividends paid (2,274) Financing Issue of ordinary share capital - Expenses of share issue - New loan repayable on 27 May 2005 - New loan repayable on 31May 2005 - - Net cash inflow (537) Increase in cash (537) Notes : 1. The statement of total return (incorporating the revenue account), balance sheet and cashflow statement set out above do not represent full accounts in accordance with Section 240 of the Companies Act 1985. The accounts have been prepared in accordance with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies'. 2. The accounts are prepared under the same accounting policies used for the period to 31 May 2002. 3. The financial information for the year to 31 May 2002 has been extracted from the Annual Report and Accounts of the company which have been filed with the Registrar of Companies and contained an unqualified auditors' report. The statutory accounts for 2002 contained an unqualified auditor's report and have been delivered to the Registrar of Companies For Edinburgh Income & Value Trust plc Edinburgh Fund Managers plc, SECRETARY END ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/10/02/20021002BIT00720/wkr0001.doc http://www.waymaker.net/bitonline/2002/10/02/20021002BIT00720/wkr0002.pdf