CU Environmental Tst - Final Results
29 3월 1999 - 10:38PM
UK Regulatory
RNS No 8826x
CU ENVIRONMENTAL TRUST PLC
29th March 1999
CU ENVIRONMENTAL TRUST PLC
CHAIRMAN'S STATEMENT
AND UNAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER
1998
During the year your Company continued to invest
internationally in those companies which we believe were
best placed to benefit from increased environmental
protection expenditure. We prioritised earnings growth
potential, purity of exposure, strong management and
shareholder value.
I am pleased to report good relative performance during
the year despite considerable volatility in markets.
Strong market rises in the first half gave way to sharp
falls in the second, although these were generally
recovered by the year end. During the year small
companies in general continued to underperform main
markets. Your Company's portfolio reflected this trend,
although it was able to maintain the relative
outperformance registered in the first half, with net
assets rising over the year by 1 per cent compared to a
fall in the CRI Global Smaller Companies Index of 3.5
per cent. At 31 December 1998 fully diluted net assets
per share were 135.2p.
For the full year the total return was 0.96p. Net
revenues amounted to #136,000, with good underlying
dividend growth generated from the investment portfolio.
The Directors declare a maintained interim dividend of
0.5p (net) per ordinary share for the year ended 31
December 1998.
Unaudited Results for the twelve months ended 31
December 1998
1997 1998
Dividend per Share 0.5p 0.5p
Net Asset Value per Share 141.8p 142.3p
Fully diluted Net Asset Value per 134.9p 135.2p
Share
Net Revenue before Tax #142,000 #87,000
Net Revenue after Tax #6,000 #36,000
Return per Share 14.43p 0.96p
Registered in England as an Investment Company No. 2691478
Registered office; ST Helen's, 1 Undershaft, London EC3P 3DQ
CU Environmental Trust PLC
St. Helen's 1 Undershaft, London, EC3P 3DQ
Tel: 0171 662 6000 Fax: 0171 621 0195
UNAUDITED RESULTS
TWELEVE MONTHS ENDED 31 DECEMBER 1998
1998 1997
- Dividend Per Share 0.5p 0.5p
- Net Asset Value Per 142.3p 141.8p
Share
- Net Revenue Before Tax #187,000 #142,000
- Net Revenue After Tax #136,000 #96,0000
- Return Per Share 0.96p 14.43p
For further information:
David Keen: 0171 632 5005
Roger Bade: 0171 632 2513
CU ENVIRONMENTAL TRUST PLC
Statement of total return (incorporating the revenue account)
For the year to 31 December 1998.
1998 1997
Revenue Capital Total Revenue Capital Total
#000 #000 #000 #000 #000 #000
Gains on Investments - 32 32 - 2,430 2,430
Income from Investments
Franked investment income 154 - 154 187 - 187
UK Unfranked investment 95 - 95 69 - 69
income
Overseas dividends 198 - 198 162 - 162
447 32 479 418 2,430 2,848
Other Income
Deposit Interest 55 - 55 32 - 32
Total Income 502 32 534 450 2,430 2,880
Administrative Expenses (315) - (315) (308) - (308)
Net return before 187 32 219 142 2,430 2,572
taxation
Taxation (51) - (51) (46) - (46)
Net return after 136 32 168 96 2,430 2,526
taxation
Dividend
Proposed dividend of 0.5p (88) - (88) (88) - (88)
(1997:0.5p) per
Ordinary share
Transfer to reserves 48 32 80 8 2,430 2,438
Return per share 0.78p 0.18p 0.96p 0.55p 13.88p 14.43p
Fully diluted return 0.76p 0.18p 0.94p 0.54p 13.51p 14.05p
per share
Notes:
The interim dividend of 0.5p, in lieu of a final
dividend, will be paid on 30 April 1999 to shareholders on the
register at the close of business on 12 April 1999.
Return per ordinary share is calculated on earnings of
#136,000 and capital gains of #32,000 and the weighted average
of 17,505,000 shares in issue during the year ended 31
December 1998. (1997 earnings of #96,000, gains of #2,430,000
and 17,505,000 shares).
Balance Sheet at 31 December 1998
1998 1997
#000 #000 #000 #000
Fixed assets
Investments:
Listed on the London Stock 8,501 7,945
Exchange
Listed overseas 16,038 14,914
24,539 22,859
Current assets
Debtors 114 267
Cash at bank and in hand 439 1,877
553 2,144
Creditors:
amounts falling due within
one year
Accruals and deferred income (97) (88)
Proposed dividend on (88) (88)
ordinary shares
(185) (176)
Net current assets 368 1,968
Net assets 24,907 24,827
Capital and reserves
Called up share capital 4,376 4,376
Share premium account 12,546 12,546
Unrealised appreciation of 4,011 5,812
investments
General capital reserve 3,824 1,991
20,381 20,349
Revenue reserve 150 102
24,907 24,827
Net asset value per share 142.3p 141.8p
Fully diluted net asset 135.2p 134.9p
value per share
Notes on Information
The financial information contained in this document does
not constitute the Company's statutory accounts for the years
ended 31 December 1997 or 1998. Statutory accounts for 1997
have been delivered to Registrar of Companies, and those for
1998 will be delivered following the Company's Annual General
Meeting. The auditors have reported on the 1997 accounts;
their report was unqualified and did not contain statements
under Section 237(2) or (3) of the Companies Act 1985.
The Company intends to despatch copies of its Report and
Accounts for the year ended 31 December 1998 during the week
commencing 10 May 1999. Members of the public may obtain
copes from Commercial Union Investment Management Limited, St
Helen's, 1 Undershaft, London, EC3P 3DQ.
END
FR SEUFEUUUUFID
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