HCFT HIGHCROFT INVESTMENTS PLC ORD 25P

HIGHCROFT INV. Currency GBX Premium Equity Closed Ended Investment Funds

Income Statement (£ m)	31-Dec-12	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08
Continuing Operations
Revenue	2.35	2.13	2.05	1.94	2.12
Operating Profit/(Loss)	3.66	2.03	1.81	1.70	-10.42
Net Interest	0.00	0.00	0.00	0.02	0.09
Profit Before Tax	3.67	2.05	1.82	1.68	-10.48
Profit After Tax	3.72	2.07	1.97	1.67	-9.27
Discontinued Operations
Profit After Tax	0.00	0.00	0.00	0.00	0.00
PROFIT FOR THE PERIOD	3.72	2.07	1.97	1.67	-9.27
Attributable to:
Minority Interests	0.00	0.00	0.00	0.00	0.00
Equity Holders of Parent Company	3.72	2.07	1.97	1.67	-9.27

Continuing EPS
Earnings per Share - Basic	72.00p	40.10p	38.00p	32.30p	-179.30p
Earnings per Share - Diluted	72.00p	40.10p	38.00p	32.30p	-179.30p
Earnings per Share - Adjusted	72.00p	40.10p	38.00p	32.30p	37.30p
Continuing and Discontinued EPS
Earnings per Share - Basic	72.00p	40.10p	38.00p	32.30p	-179.30p
Earnings per Share - Diluted	72.00p	40.10p	38.00p	32.30p	-179.30p
Earnings per Share - Adjusted	72.00p	40.10p	38.00p	32.30p	37.30p

Dividend per Share	26.80p	29.10p	27.00p	21.40p	16.25p

Balance Sheet (£ m)	31-Dec-12	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08
Assets
Non-Current Assets
Property, Plant & Equipment	-31.61	-30.79	-30.71	-27.83	-26.34
Intangible Assets	0.00	0.00	0.00	0.00	0.00
Investment Properties	31.61	30.79	30.71	27.83	26.34
Investments	5.71	5.60	5.61	7.40	7.28
Other Financial Assets	0.00	0.00	0.00	0.00	0.00
Other Non-Current Assets	0.00	0.00	0.00	0.00	0.00
	37.32	36.39	36.31	35.22	33.63
Current Assets
Inventories	0.00	0.00	0.00	0.00	0.00
Trade & Other Receivables	0.25	0.22	0.09	0.10	0.22
Cash at Bank & in Hand	3.27	1.93	2.47	0.95	0.96
Current Asset Investments	0.00	0.00	0.00	0.00	0.00
Other Current Assets	0.00	0.00	0.00	0.00	0.00
	3.53	2.14	2.57	1.05	1.19

Total Assets	40.85	38.53	38.88	36.27	34.81

Liabilities
Current Liabilities
Borrowings	0.00	0.00	0.00	0.00	-0.01
Other Current Liabilities	-1.00	-0.68	-1.11	-0.87	-1.27
	-1.00	-0.68	-1.11	-0.87	-1.28

Net Current Assets	2.53	1.46	1.45	0.18	-0.09

Non-Current Liabilities
Borrowings	0.00	0.00	0.00	0.00	-1.24
Provisions	-0.61	-0.62	-0.76	-0.97	-0.69
Other Non-Current Liabilities	0.00	0.00	0.00	0.00	0.00
	-0.61	-0.62	-0.76	-0.97	-1.93

Other Liabilities	n/a	n/a	n/a	n/a	n/a
Total Liabilities	-1.61	-1.31	-1.88	-1.84	-3.21

Net Assets	39.24	37.22	37.00	34.44	31.60

Capital & Reserves
Share Capital	1.29	1.29	1.29	1.29	1.29
Share Premium Account	0.00	0.00	0.00	0.00	0.00
Other Reserves	31.26	28.02	28.33	26.68	24.09
Retained Earnings	6.69	7.91	7.39	6.47	6.23
Shareholders Funds	39.24	37.22	37.00	34.44	31.60

Minority Interests/Other Equity	0.00	0.00	0.00	0.00	0.00
Total Equity	39.24	37.22	37.00	34.44	31.60

Ratios - based on IFRS	31-Dec-12	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08
Continuing Operations
PE Ratio - Adjusted	8.19	11.60	13.03	13.78	8.18
PEG - Adjusted	0.10	2.10	0.74	-1.03	0.35
Earnings per Share Growth - Adjusted	79.55%	5.53%	17.65%	-13.40%	23.51%
Dividend Cover	2.69	1.38	1.41	1.51	2.30
Revenue Per Share	45.50p	41.20p	39.73p	37.60p	41.11p
Pre-Tax Profit per Share	70.97p	39.58p	35.24p	32.53p	-202.86p
Operating Margin	144.96%	83.09%	83.39%	87.44%	-490.63%
Return on Capital Employed	9.20%	5.40%	4.82%	4.80%	-30.98%

Continuing & Discontinued Operations
Dividend Yield	4.54%	6.26%	5.45%	4.81%	5.33%
Dividend per Share Growth	-7.90%	7.78%	26.17%	31.69%	16.07%
Net Asset Value per Share (exc. Intangibles)	759.45p	720.40p	716.12p	666.44p	611.65p
Net Gearing	-8.34%	-5.17%	-6.68%	-2.75%	0.92%

Data is provided by Morningstar

HIGHCROFT INV. - Fundamentals