MRCH MERCHANTS TRUST PLC ORD 25P

MERCHANTS TST Currency GBX Premium Equity Closed Ended Investment Funds

Income Statement (£ m)	31-Jan-13	31-Jan-12	31-Jan-11	31-Jan-10	31-Jan-09
Continuing Operations
Revenue	n/a	n/a	n/a	n/a	n/a
Operating Profit/(Loss)	n/a	n/a	n/a	n/a	n/a
Net Interest	n/a	n/a	n/a	n/a	n/a
Profit Before Tax	n/a	n/a	n/a	n/a	n/a
Profit After Tax	23.63	22.71	21.90	19.50	28.02
Discontinued Operations
Profit After Tax	n/a	n/a	n/a	n/a	n/a
PROFIT FOR THE PERIOD	23.63	22.71	21.90	19.50	28.02
Attributable to:
Minority Interests	n/a	n/a	n/a	n/a	n/a
Equity Holders of Parent Company	23.63	22.71	21.90	19.50	28.02

Continuing EPS
Earnings per Share - Basic	22.90p	22.00p	21.22p	18.91p	27.25p
Earnings per Share - Diluted	22.90p	22.00p	21.22p	18.91p	27.25p
Earnings per Share - Adjusted	22.90p	22.00p	21.22p	18.91p	27.25p
Continuing and Discontinued EPS
Earnings per Share - Basic	n/a	n/a	n/a	n/a	n/a
Earnings per Share - Diluted	n/a	n/a	n/a	n/a	n/a
Earnings per Share - Adjusted	n/a	n/a	n/a	n/a	n/a

Dividend per Share	23.20p	22.80p	22.70p	22.40p	21.90p

Balance Sheet (£ m)	31-Jan-13	31-Jan-12	31-Jan-11	31-Jan-10	31-Jan-09
Assets
Non-Current Assets
Property, Plant & Equipment	n/a	n/a	n/a	n/a	n/a
Intangible Assets	n/a	n/a	n/a	n/a	n/a
Investment Properties	n/a	n/a	n/a	n/a	n/a
Investments	587.91	512.07	543.24	488.31	411.80
Other Financial Assets	n/a	n/a	n/a	n/a	n/a
Other Non-Current Assets	0.00	0.00	0.00	0.00	0.00
	587.91	512.07	543.24	488.31	411.80
Current Assets
Inventories	n/a	n/a	n/a	n/a	n/a
Trade & Other Receivables	1.95	3.05	2.03	3.77	3.88
Cash at Bank & in Hand	8.66	13.40	9.26	8.91	14.51
Current Asset Investments	0.00	0.00	0.00	0.00	0.00
Other Current Assets	n/a	n/a	n/a	n/a	n/a
	10.61	16.45	11.29	12.68	18.39

Total Assets	598.53	528.52	554.53	500.99	430.18

Liabilities
Current Liabilities
Borrowings	n/a	n/a	n/a	n/a	n/a
Other Current Liabilities	n/a	n/a	n/a	n/a	n/a
	6.206	2.470	2.499	2.785	1.907

Net Current Assets	4.41	13.98	8.79	9.89	16.48

Non-Current Liabilities
Borrowings	n/a	n/a	n/a	n/a	n/a
Provisions	n/a	n/a	n/a	n/a	n/a
Other Non-Current Liabilities	n/a	n/a	n/a	n/a	n/a
	110.86	111.02	111.19	113.46	113.47

Other Liabilities	n/a	n/a	n/a	n/a	n/a
Total Liabilities	117.06	113.49	113.68	116.24	115.38

Net Assets	481.46	415.03	440.85	384.75	314.80

Capital & Reserves
Share Capital	481.46	415.03	440.85	384.75	314.80
Share Premium Account	n/a	n/a	n/a	n/a	n/a
Other Reserves	n/a	n/a	n/a	n/a	n/a
Retained Earnings	n/a	n/a	n/a	n/a	n/a
Shareholders Funds	481.46	415.03	440.85	384.75	314.80

Minority Interests/Other Equity	n/a	n/a	n/a	n/a	n/a
Total Equity	481.46	415.03	440.85	384.75	314.80

Ratios - based on IFRS	31-Jan-13	31-Jan-12	31-Jan-11	31-Jan-10	31-Jan-09
Continuing Operations
PE Ratio - Adjusted	18.02	16.50	19.18	17.40	10.35
PEG - Adjusted	4.41	4.48	1.57	-0.57	0.54
Earnings per Share Growth - Adjusted	4.09%	3.68%	12.22%	-30.61%	19.20%
Dividend Cover	0.99	0.96	0.93	0.84	1.24
Revenue Per Share	n/a	n/a	n/a	n/a	n/a
Pre-Tax Profit per Share	n/a	n/a	n/a	n/a	n/a
Operating Margin	n/a	n/a	n/a	n/a	n/a
Return on Capital Employed	n/a	n/a	n/a	n/a	n/a

Continuing & Discontinued Operations
Dividend Yield	5.62%	6.28%	5.58%	6.81%	7.77%
Dividend per Share Growth	1.75%	0.44%	1.34%	2.28%	4.29%
Net Asset Value per Share (exc. Intangibles)	466.48p	402.11p	427.12p	372.77p	306.19p
Net Gearing	n/a	n/a	n/a	n/a	n/a

Data is provided by Morningstar

MERCHANTS TST - Fundamentals