VALUE AND INCOME TRUST PLC
PRELIMINARY RESULTS
FOR THE YEAR TO 31 MARCH 2003
SUMMARY
31 March 2003 31 March 2002
Net asset value per share 138.8p 185.3p
Share price 114.0p 152.5p
Total dividends per share 5.8p 5.6p
Portfolio total �98.8 million �120.0 million
THE YEAR
* Net asset value total return, including net dividends, was -22.9%
and share price total return was -22.2% compared with the All Share
Index total return of - 29.8%
* VIT's UK equities returned -24% and property +12%
* Total dividends for the year of 5.8p, up 3.6% - the sixteenth
consecutive increase above inflation
Value and Income Trust invests in higher yielding, less fashionable
areas of the UK commercial property and equity markets, particularly in
medium and smaller sized companies. It aims for long-term real growth
in dividends and capital values without undue risk.
Outlook
The prospects for UK equities are more encouraging than for most other
equity markets. At the year end our equity and property portfolios were
yielding 5.7% net and 7.6% respectively. VIT is nearly fully invested
at present.
Dividend
The Directors are recommending a final dividend of 2.9p net per Ordinary
Share to be paid on 8 July 2003 to shareholders registered on 20 June
2003. In the current year they expect to pay a total dividend of 6.0p
per share (a 3.4% increase).
The Annual Report will be posted to shareholders on 23 May 2003. Copies
can be obtained from Edinburgh Fund Managers plc, Donaldson House, 97
Haymarket Terrace, Edinburgh, EH12 5HD or OLIM Limited, Pollen House, 10-
12 Cork Street, London, W1S 3NP
For further information, please contact:-
Matthew Oakeshott or Angela Lascelles of OLIM Limited
Tel: 0207-439-4400
VALUE AND INCOME TRUST PLC
CONSOLIDATED STATEMENT OF TOTAL RETURN
(incorporating the revenue account*) for the year ended 31 March 2003
2003 2002
Revenue Capital Total Revenue Capital Total
�000 �000 �000 �000 �000 �000
Income
Securities
Dividends from 3,269 - 3,269 3,212 - 3,212
UK Companies
Interest from UK 189 - 189 185 - 185
Companies
Properties
Rental Income 3,155 - 3,155 3,357 - 3,357
Interest on 224 - 224 174 - 174
deposits
Underwriting 16 - 16 4 - 4
commission
Other income 10 - 10 17 - 17
_______ _______ _____ _______ _______ ______
_
6,863 - 6,863 6,949 - 6,949
Expenses
Investment (401) (401) (802) (417) (1,273) (1,690)
management fee
Administration (344) - (344) (339) - (339)
expenses
_______ _______ ______ _______ _______ ______
_
6,118 (401) (5,717 6,193 (1,273) 4,920
Capital
(losses)/profits
Net realised - (1,250) (1,250) - 23 23
(losses)/gains
on investments
Movement in - (19,478) (19,478) - 4,683 4,683
unrealised
appreciation
_______ _______ _______ _______ _______ ______
_
Net return 6,118 (21,129) (15,011) 6,193 3,433 9,626
before finance
costs and
taxation
Interest payable (3,501) - (3,501) (3,501) - (3,501)
and similar
charges
_______ _______ _______ ______ _______ ______
_
Return on 2,617 (21,129) (18,512) 2,692 3,433 6,125
ordinary
activities
before taxation
Taxation - - - (103) 103 -
_______ _______ _______ ______ _______ ______
_
Return 2,617 (21,129) (18,512) 2,589 3,536 6,125
attributable to
equity
shareholders
Dividends in (2,642) - (2,642) (2,551) - (2,551)
respect of
ordinary shares
_______ _______ _______ ______ _______ ______
_
Transfer (25) (21,129) (21,154) 38 3,536 3,574
(from)/to
reserves
_______ _______ _______ ______ _______ ______
_
Return per 5.74p (46.39p) (40.65p) 5.68p 7.76p 13.44p
ordinary share
Dividend per 5.80p 5.60p
ordinary share
*The revenue column of this statement is the Revenue Account of the
Group.
VALUE AND INCOME TRUST PLC CONSOLIDATED BALANCE SHEET
at 31 March 2003
2003 2002
�000 �000 �000 �000
Investments
Listed in UK 55,207 73,339
Investment properties 41,165 38,800
_______ _______
96,372 112,139
Current Assets
Debtors 554 451
Cash and short term deposits 4,534 11,095
_______ _______
5,088 11,546
_______ _______
Current Liabilities (due
within one year)
Creditors 1,339 2,432
Dividend payable 1,321 1,275
_______ _______
2,660 3,707
_______ _______
Net Current Assets 2,428 7,839
_______ _______
Total Assets less Current 98,800 119,978
Liabilities
Creditors (due after one 35,563 35,587
year)
_______ _______
TOTAL NET ASSETS 63,237 84,391
_______ _______
Capital and Reserves Share
Capital
Ordinary 4,555 4,555
Reserves
Share Premium 18,446 18,446
Capital Reserve - realised 31,700 33,351
Capital Reserve - unrealised (5,824) 15,198
Revaluation Reserve 13,097 11,553
Revenue Reserve 1,263 1,288
_______ _______
58,682 79,836
_______ _______
Equity Shareholders' Funds 63,237 84,391
_______ _______
Net Asset Value per ordinary 138.82p 185.27p
share
VALUE AND INCOME TRUST PLC
CONSOLIDATED CASHFLOW STATEMENT
for the year ended 31 March 2003
2003 2002
�000 �000 �000 �000
Operating activities:
Income received from 3,341 3,442
investments
Rental received 3,223 3,366
Interest received 224 173
Other income 26 21
Investment management fees (803) (1,755)
paid
Administration fees paid (161) (88)
Directors' fees paid (32) (24)
Other cash payments (120) (202)
_______ _______
Net cash inflow from 5,698 4,933
operating activities
Servicing of finance:
Interest paid (3,525) (3,525)
Taxation:
UK tax repaid/(paid) 13 (133)
Capital expenditure and
financial investment:
Purchases of investments (27,654) (23,358
)
Sales of investments 21,503 33,136
_______ _______
Net cash (outflow)/inflow
from capital expenditure (6,151) 9,778
and financial investment
Ordinary dividends paid (2,596) (2,505)
_______ _______
Net cash (outflow)/inflow (6,561) 8,548
before financing
_______ _______
(Decrease)/Increase in cash (6,561) 8,548
_______ _______
NOTES :
1.The accounts are prepared under the same accounting policies used
for the year to 31 March 2002.
2.The final dividend, subject to shareholder approval, will be paid
on 8 July 2003 to shareholders on the register at the close of business
on 20 June 2003. The ex-dividend date is 18 June 2003.
3.The financial information contained within this preliminary
announcement does not constitute the company's statutory accounts as
defined in section 240 of the Companies Act 1985 for the years ended 31
March 2003 or 2002, but is derived from those accounts. Statutory
accounts for 2002 have been delivered to the Registrar of Companies and
those for 2003 will be delivered following the company's annual general
meeting which will be held at Donaldson House, 97 Haymarket Terrace,
Edinburgh on 4 July 2003 at 12.30 pm. The auditors have reported on
those accounts; their reports were unqualified and did not contain
statements under s237(2) or (3) Companies Act 1985. The accounts and
preliminary announcement were approved by the board of directors on 9
May 2003.
4.The Annual Report and Accounts will be posted to shareholders on 23
May 2003 and copies will be available from the company secretary.
For Value and Income Trust plc
Edinburgh Fund Managers plc, Secretary