Full Report - Alliance Trust

47
5 Called up share capital and dividends £000
The authorised share capital of the Company, which has all been
allotted and fully paid, is divided into four classes of preference
stock and one class of ordinary stock. The capital is shown below,
together with the respective dividends
Total Total
Capital Capital Dividends Dividends
2004 2003 2004 2003
Non-equity stock
Preference stocks
4 1 / 4 % cumulative preference stock 700 700 30 30
4% cumulative preference stock 650 650 26 26
5% cumulative preference stock 750 750 37 37
4% ‘A’ cumulative preference stock 100 100 4 4
2,200 2,200 97 97
Equity stock units
Ordinary stock
50,400,000 units of 25p each 12,600 12,600
Interim dividend paid of 35.0p (29.0p) per stock unit 17,640 14,616
Proposed final dividend of 35.5p (40.5p) per stock unit 17,892 20,412
Total dividend 70.5p (69.5p) per stock unit 35,532 35,028
14,800 14,800
Provision has been made in these financial statements for the payment of the final dividend on the ordinary stock and the dividends on the
Company’s preference stocks.
6 Return and net asset value per ordinary
stock unit £000
Group Group Company Company
2004 2003 2004 2003
Earnings 38,141 35,694 37,999 36,101
Capital 267,753 (468,724) 267,895 (469,131)
Total return 305,894 (433,030) 305,894 (433,030)
Equity stockholders’ funds 1,472,423 1,202,061 1,472,423 1,202,061
The return per ordinary stock unit is arrived at by dividing the total return by 50,400,000 (the total number of stock units in issue).
The net asset value per ordinary stock unit is arrived at by dividing the equity stockholders’ funds by the same figure.
7 Fixed assets £000
Group Group Company Company
2004 2003 2004 2003
Office Premises Freehold/Heritable Property
Opening valuation 650 650 650 650
Surplus on revaluation 50 – 50 –
700 650 700 650
J & E Shepherd, Chartered Surveyors, valued the office premises at 31 January 2004, at £700,000 on the basis of existing use value and at
£450,000 on the basis of market value. Both valuations were in accordance with RICS Appraisal and Valuation Standards. The historic cost of the
office premises is £292,000. Existing use value assumes that demand existed for the premises for continuation of office use. However, at the date
of valuation, J & E Shepherd were of the opinion that such demand did not exist. As such, the market value was materially different.
Investments
Investments listed on a recognised investment exchange 1,463,070 1,153,104 1,443,700 1,131,256
Unlisted investments 3,073 2,308 3,073 2,308
Subsidiary companies (note 8) – – 28,645 28,725
1,466,143 1,155,412 1,475,418 1,162,289