Annual Financial Report

British & American Investment Trust PLC Annual Financial Report for the year ended 31 December 2008 Registered number: 433137 Directors Registered office J Anthony V Townsend (Chairman) Wessex House Jonathan C Woolf (Managing Director) 1 Chesham Street Dominic G Dreyfus (Non-executive) London SW1X 8ND Ronald G Paterson (Non-executive) Telephone: 020 7201 3100 Registered in England No.433137 30 April 2009 This is the Annual Financial Report as required to be published under DTR 4 of the UKLA Listing Rules. Financial Highlights For the year ended 31 December 2008 2008 2007 Revenue Capital Total Revenue Capital Total return return return return Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Return before tax - 1,413 (208) 1,205 1,640 (422) 1,218 realised Return before tax - - (10,698) (10,698) - (7,278) (7,278) unrealised __________ __________ __________ __________ __________ __________ Return before tax - 1,413 (10,906) (9,493) 1,640 (7,700) (6,060) total __________ __________ __________ __________ __________ __________ Earnings per Â£1 ordinary share - 4.21p (43.63)p (39.42)p 4.98p (30.80)p (25.82)p basic __________ __________ __________ __________ __________ __________ Earnings per Â£1 ordinary share - 4.01p (31.16)p (27.15)p 4.56p (22.00)p (17.44)p diluted __________ _________ __________ __________ _________ __________ Net assets 28,190 39,643 __________ __________ Net assets per ordinary share - deducting preference 73p 119p shares at par __________ __________ - diluted 81p 113p __________ __________ 81p Diluted net asset value per ordinary share at 24 April 2009 __________ Dividends declared or proposed for the period per ordinary share - interim paid 2.7p 2.7p - final proposed 3.9p 3.7p per preference 3.5p 3.5p share Chairman's Statement I report our results for the year ended 31 December 2008. Revenue The return on the revenue account before tax amounted to Â£1.4 million (2007: Â£ 1.6 million). Gross income amounted to Â£1.7 million (2007: Â£1.9 million), of which Â£1.4 million (2007: Â£1.5 million) represented income from investments and Â£0.3 million (2007: Â£0.4 million) film, property and other income. The slightly lower level of income arose from the lower level of special dividends received and the first signs of decreases in dividend distributions generally in the market, as discussed in more detail below. The return before tax, which includes realised and unrealised capital appreciation, amounted to a loss of Â£9.5 million (2007: Â£6.1 million loss) reflecting the steep decline in investment valuations both in the USA and the UK, particularly in the second half of the year, as discussed below. The capital element of this total was represented almost entirely by unrealised losses. The revenue return per ordinary share was 4.2p (2007: 5.0p) on an undiluted basis and 4.0p (2007: 4.6p) on a diluted basis. Net Assets Group net assets at the year end were Â£28.2 million (2007: Â£39.6 million), a decrease of 28.9 percent. This compares to decreases in the FTSE 100 and All Share indices of 31.8 percent and 33.2 percent, respectively, over the period. This modest out-performance in a deeply negative year for investments generally is welcome and reflected relative out-performance by our principal US investment together with a strengthening in the US dollar. Nevertheless, the substantial overall decline in assets, albeit on an unrealised basis, is of course a great disappointment. The net asset value per ordinary share decreased to 81p (2007: 113p) on a diluted basis. Deducting prior charges at par, the net asset value per ordinary share decreased to 73p (2007: 119p). Dividends We are pleased to recommend an increased final dividend of 3.9p per ordinary share, which together with the interim dividend makes a total payment for the year of 6.6p (2007: 6.4p) per ordinary share. This represents an increase of 3.1 percent over the previous year's total dividend and an effective yield of 10.7 percent based on the year-end share price. The final dividend will be payable on 25 June 2009 to shareholders on the register at 29 May 2009. A dividend of 1.75p will be paid to preference shareholders resulting in a total payment for the year of 3.5p per share. It has been our policy to maintain a progressive and full dividend payment policy and this has been achieved over the last 20 years, including the payment of significant special dividends from time to time. As a result, shareholders have enjoyed significantly higher levels of dividend income than average market yields, in fact in many years at twice the level of the FTSE 100 yield. In the second half of 2008, however, normal levels of income generation from equity investments started to become severely disrupted as the unprecedented combination of adverse conditions in markets globally took hold. Faced with a stalling of bank credit, the start of severe recessionary conditions and the prospect of a deflationary environment, even leading companies and banks have begun to reduce or even pass their dividends on an unprecedented scale. Yields on other good quality investment instruments have also suffered as returns have been affected by declines in capital values and the reduction in interest rates to historically low levels. As a result, investment funds seeking to maintain levels of income for their investors are likely to experience considerable difficulty at the current time and until normal market conditions are resumed. In our case, however, while we expect significantly lower levels of income from our portfolio for a period of time, the group nature of our business permits us to supplement dividends efficiently where gains arise elsewhere within the group. Consequently, until markets resume normality, we will follow an approach to seek gains in subsidiaries to support our dividend policy. Outlook The downturn in global financial markets and economies accelerated again in the first quarter of 2009 and governments employed all means available on a coordinated basis to reduce the impact and reverse the decline, including cutting interest rates to historic lows, nationalising or guaranteeing banks and strategic industries, buying banking or corporate assets and providing unprecedented levels of liquidity through quantitive easing. Currently all the economic indicators remain negative and lagging effects such as unemployment and ballooning government deficits, particularly in the UK, will only serve to prolong the period until a turnaround can be observed and market conditions improve on a sustained basis. At this stage, however, it is impossible to determine when these measures will begin to take effect, but given the unprecedented scale and coordinated nature of the intervention a recovery or at least stabilisation at some time is inevitable. The risk, however, is that if the unprecedented monetary and fiscal easing injected into world economies is not rebalanced swiftly at the appropriate time, inflationary forces and currency depreciations could easily be provoked which would be difficult to control. Even if the appropriate credit tightening responses are applied in a timely fashion, it is likely that the consequent interest rate and tax rises and de-leveraging together with the legacy of destroyed asset value seen in the current downturn will prevent previous levels of growth and value being re-visited for the foreseeable future. Against this background, we maintain our primary equity-focused investment strategy based on long-term and income generating strategies in the UK and USA. While new opportunities to lock in good long-term investment returns may appear in current markets, until some degree of clarity emerges that capital values have stabilised, we will follow a strategy to invest resources in anticipation of possible adverse consequences arising in the medium-term out of the unprecedented quantities of monetary and fiscal stimulus being injected by governments into the major economies. This may include increasing our exposure to US dollar denominated investments and other potential inflation hedges. As at 24 April 2009, group net assets had increased to Â£28.3 million, an increase of 0.5 percent since the beginning of the calendar year. This is equivalent to 73 pence per share (prior charges deducted at par) and 81 pence per share on a diluted basis. Over the same period the FTSE 100 decreased 6.3 percent and the All Share Index decreased 3.7 percent. Anthony Townsend 30 April 2009 Managing Director's report Performance The declines in global financial markets and economies in 2008 and into 2009 were unprecedented in speed, scope and scale. Not since the Great Depression in the 1930s has the world seen such a synchronised downturn, with substantial declines being registered in practically all investment assets, including equities, corporate/government bonds, real estate and, in the second half of the year, commodities following their boom in 2007/8. Only US treasuries posted positive returns as investors felt obliged to flee to the last bastion of investment safety, ignoring the inevitable price bubble which was being thereby created. After the healthy levels of economic growth seen in world economies in the years up to 2007, particularly in the emerging markets of China, India and Brazil on the back of freely available credit and the global demand for energy, materials and low cost goods, the reversal which occurred to economic growth in 2008 as a result of the banking crisis was sudden and dramatic. The declines of over 30 percent in the equity markets in the UK and USA in 2008 were characterised by the speed at which these declines occurred. By contrast, the declines of over 40 percent seen in the last major equity market downturn in the year 2000 took over three years to occur. The cause of this swift reaction was the unprecedented collapse of global bank credit which culminated in the demise of Lehman Brothers in September. The interconnected nature of the global financial and investment systems catalysed the economic downturn which had started in 2008 following weakness in US property prices and a price spiral in energy/commodities into a severe and coordinated slump. The systemic over-borrowing by the retail, corporate and banking markets became all too evident and damaged confidence further. Corporate and retail borrowers and banks themselves became unable to finance their operations and therefore had to reduce their activity significantly and sell assets. This affected all markets and valuations of even top-rated investments collapsed as bank balance sheets were cast into doubt, forcing governments to take emergency measures to support credibility in their banking systems. The declines in equity markets in the UK and USA of around 14 percent already reported for the first half of 2008 continued and accelerated into the second half of 2008. Severe price drops occurred in the third quarter as leading US, UK and European banks were forced to seek re-capitalisation from their governments or merged with other banks from positions of weakness to strengthen their balance sheets. At the same time, a massive investment fraud was discovered in the USA which had implications for investors and funds world-wide. Equity prices consolidated into the year-end and finally recorded declines for the year of 31 percent and 29 percent in the UK and USA, respectively. Although the financial and property sectors recorded by far the largest declines for obvious reasons in some cases by up to 90 percent, declines were seen generally throughout all sectors including energy and commodities following the significant out-performance these sectors had enjoyed in the previous year. As reported above, as a long-only fund, our portfolio was not immune to these large-scale falls in equity and other investment prices in 2008. However, due to firmness in our major US holding, Geron Corporation, and a significant recovery in the value of the US dollar against sterling, and despite significant exposures to the financial and property sectors, the portfolio outperformed the FTSE All Share index by approximately 4 percent. The improved performance from Geron followed the election of the Obama administration in the USA in November 2008 which is greatly more supportive of the innovative embryonic stem cell technology which forms half of Geron's business. Furthermore, with the change in political climate, Geron was granted clearance in January 2009 by the US Federal Drug Administration to commence its ground-breaking and world-exclusive trials of its embryonic stem cell technology to cure spinal injuries in humans. This extremely significant event was celebrated in a full front page article in the Times newspaper and in other leading publications worldwide. The world recession and credit crisis has adversely affected investment activity not only in relation to asset values but also in relation to income. As noted above, equity and bond investors can expect significantly reduced levels of income over the coming period as interest rates have been reduced to historic lows and even leading corporates conserve resources to cope with the recession or credit/liquidity problems. In 2008, FTSE 100 companies reduced their dividends by over 40 percent which represents an unprecedented decline. Investment funds will therefore struggle to maintain levels of income. We are fortunate, however, to benefit from a group structure which will allow us to realise gains in our subsidiaries which we can distribute as dividends and we have been able to pay an increased dividend this year at almost twice the end-year yield on the FTSE 100. Outlook As noted above, declines in the global financial markets continued into the first quarter of 2009 with no respite being seen in the pace of deterioration. Negative sentiment in the market was reinforced by the end 2008 corporate reporting cycle which revealed the extent of difficulty being experienced by companies. Some measure of relief became evident, however, at the end of the first quarter into April in anticipation of the G20 Meeting in London. The unity displayed by the governments representing the vast majority of the world economy and the reconfirmation that all necessary measures would be taken to halt the global downturn had the effect of stabilising markets. In fact, equity prices in the USA rose at their fastest monthly pace ever, recording a rise of 18 percent in two weeks. In the UK, the FTSE 100 index rose by 14 percent over a four week period; however these markets still stand below their opening 2009 levels. Whether this reversal indicates a bottom for equities markets in the current recession remains unclear. The peak to trough decline of over 50 percent since the start of the decline is more than commensurate with the size of previous bear market events; however, as noted above, the speed of the decline has been much faster. This could indicate further downward pressure as the lagging effects of recession such as unemployment, fiscal deficits and deflationary forces continue to be felt throughout the economy or alternatively it could herald an extended period of flat growth giving a U-shaped bottom to the market. In the meantime, all financial parameters - interest rates, fiscal deficits, liquidity injections and, in the UK, currency levels - are set to stimulate renewed economic growth. Whether the UK economy responds accordingly, even in the face of such extraordinary reflationary pressures, will in the short term depend on a return of general confidence. In the medium term, it seems difficult to imagine that such extraordinary measures will not have the desired effect. The risk at that time will be the possible adverse consequences of over-stimulation if a swift and proportionate programme of monetary and fiscal tightening is not introduced leading to inflationary forces and currency depreciations which would be difficult to control. For the longer term, the unprecedented upheavals experienced in the global banking markets and real economies over the last 18 months are likely to affect investment markets for a considerable period of time to come. While coordinated action by governments will hopefully now serve to stabilise the declines and improve sentiment generally, it will not be until the distortions in the valuations of banking assets and the fundamental and dangerous imbalances in economic activity around the world are addressed and eliminated that we will be likely to see a return to normalcy in investment markets. Jonathan Woolf 30 April 2009 Group income statement For the year ended 31 December 2008 2008 2007 Revenue Capital Total Revenue Capital Total return return return return Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Investment income (note 2) 1,743 - 1,743 1,939 - 1,939 Losses on fair value through profit or loss - (10,698) (10,698) - (7,278) (7,278) assets - unrealised Losses on fair value through profit or loss - (35) (35) - (264) (264) assets - realised Expenses (330) (173) (503) (299) (158) (457) ________ ________ ________ ________ ________ ________ (Loss)/profit before tax 1,413 (10,906) (9,493) 1,640 (7,700) (6,060) Tax (10) - (10) (44) - (44) ________ ________ ________ ________ ________ ________ (Loss)/profit for the 1,403 (10,906) (9,503) 1,596 (7,700) (6,104) period ________ ________ ________ ________ ________ ________ Earnings per share Basic - ordinary shares 4.21p (43.63)p (39.42)p 4.98p (30.80)p (25.82)p ________ ________ ________ ________ ________ ________ Diluted - ordinary shares 4.01p (31.16)p (27.15)p 4.56p (22.00)p (17.44)p ________ ________ ________ ________ ________ ________ The total column of this statement represents the Group's Income Statement, prepared in accordance with IFRS. The supplementary revenue return and capital return columns are both prepared under guidance published by the Association of Investment Companies. All items in the above statement derive from continuing operations. All income is attributable to the equity holders of the parent company. There are no minority interests. Group statement of changes in equity For the year ended 31 December 2008 Share Capital Capital Retained Total capital reserve reserve earnings realised unrealised Â£000 Â£000 Â£000 Â£000 Â£000 Balance at 31 December 2006 35,000 17,154 (6,583) 2,076 47,647 Changes in equity for 2007 (Loss)/profit for the period - 1,126 (8,826) 1,596 (6,104) Ordinary dividend paid (note - - - (1,550) (1,550) 4) Preference dividend paid - - - (350) (350) (note 4) ________ ________ ________ ________ ________ Balance at 31 December 2007 35,000 18,280 (15,409) 1,772 39,643 Changes in equity for 2008 (Loss)/profit for the period - (658) (10,248) 1,403 (9,503) Ordinary dividend paid (note - - - (1,600) (1,600) 4) Preference dividend paid - - - (350) (350) (note 4) ________ ________ ________ ________ ________ Balance at 31 December 2008 35,000 17,622 (25,657) 1,225 28,190 ________ ________ ________ ________ ________ Group Balance Sheet For the year ended 31 December 2008 Group 2008 2007 Â£000 Â£000 Non-current assets Investments designated as fair value through 26,673 37,901 profit or loss Current assets Receivables 307 531 Derivatives held at fair value through profit 1,895 542 or loss Cash and cash equivalents 864 1,846 __________ __________ 3,066 2,919 __________ __________ Total assets 29,739 40,820 __________ __________ Current liabilities Trade and other payables 386 586 Current tax 6 42 Other current liabilities 105 74 Derivatives held at fair value through profit 1,052 475 or loss __________ __________ (1,549) (1,177) __________ __________ Total assets less current liabilities 28,190 39,643 __________ __________ Net assets 28,190 39,643 __________ __________ Equity attributable to equity holders Ordinary share capital 25,000 25,000 Convertible preference share capital 10,000 10,000 Capital reserve - realised 17,622 18,280 Capital reserve - unrealised (25,657) (15,409) Retained earnings 1,225 1,772 __________ __________ Total equity 28,190 39,643 __________ __________ Approved: 30 April 2009 Group cash flow statement For the year ended 31 December 2008 Year ended Year ended 2008 2007 Â£000 Â£000 CASH FLOWS FROM OPERATING ACTIVITIES Loss before tax (9,493) (6,060) Adjustments for: Loss on investments 10,733 7,542 Scrip dividends and interest (23) (6) Film income tax deducted at source (4) (3) Proceeds on disposal of investments 14,935 13,864 at fair value through profit and loss Purchases of investments at fair (14,653) (12,867) value through profit and loss __________ __________ Operating cash flows before movements 1,495 2,470 in working capital Increase in receivables (1,553) (115) Increase/(decrease) in payables 1,070 (148) __________ __________ Net cash from operating activities 1,012 2,207 before income taxes Income taxes paid (44) (15) __________ __________ NET CASH FLOWS FROM OPERATING 968 2,192 ACTIVITIES __________ __________ CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid on ordinary shares (1,600) (1,550) Dividends paid on preference shares (350) (350) __________ __________ NET CASH USED IN FINANCING ACTIVITIES (1,950) (1,900) __________ __________ NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (982) 292 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 1,846 1,554 __________ __________ CASH AND CASH EQUIVALENTS AT END OF YEAR 864 1,846 __________ __________ Purchases and sales of investments are considered to be operating activities of the company, given its purpose, rather than investing activities. 1 Basis of preparation The financial information set out above contains the financial information of the company and its subsidiaries (together referred to as the "Group") for the year ended 31 December 2008. The financial statements have been prepared on the historical cost basis except for the measurements at fair value of investments and derivative financial instruments and the inclusion of a subsidiary at cost. The same accounting policies as those published in the statutory accounts for 31 December 2007 have been applied. The information for the year ended 31 December 2007 is an extract from the statutory accounts to that date. Statutory accounts for 2007, which were prepared under IFRS as adopted by the EU, have been delivered to the registrar of companies and those for 2008, prepared under IFRS as adopted by the EU, will be delivered in due course. The auditors have reported on the 31 December 2008 year end accounts and their reports were unqualified and did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their reports and did not contain statements under section 237(2) or (3) of the Companies Act 1985. 2 Income 2008 2007 Â£000 Â£000 Income from investments UK dividends (cash and specie) 1,197 1,296 Overseas dividends 13 11 Scrip dividends 5 4 Interest on fixed income 148 153 securities Rental income (PID) 54 59 Property unit trust income 22 101 Film revenues 215 238 __________ __________ 1,654 1,862 __________ __________ Other income Deposit interest 38 95 Other 51 (18) __________ __________ 89 77 __________ __________ Total income 1,743 1,939 __________ __________ Total income comprises: Dividends 1,269 1,370 Interest 186 248 Film revenues 215 238 Property unit trust income 22 101 Gain/(loss) on foreign exchange 51 (18) __________ __________ 1,743 1,939 __________ __________ Income from investments Listed investments 1,371 1,469 Unlisted investments 283 393 __________ __________ 1,654 1,862 __________ __________ Of the Â£1,215,000 (2007 - Â£1,311,000) dividends received in the group accounts, Â£362,000 (2007 - Â£468,000) related to special and other dividends received from investee companies that were bought after the dividend announcement. There was a corresponding capital loss of Â£357,000 (2007 - Â£445,000), on these investments. 3 Earnings per ordinary share The calculation of the basic and diluted earnings per share is based on the following data: 2008 2007 Revenue Capital Total Revenue Capital Total return return return return Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Earnings: Basic 1,053 (10,906) (9,853) 1,246 (7,700) (6,454) Preference dividend 350 - 350 350 - 350 __________ __________ __________ __________ __________ __________ Diluted 1,403 (10,906) (9,503) 1,596 (7,700) (6,104) __________ __________ __________ __________ __________ __________ Basic revenue, capital and total return per ordinary share is based on the net revenue, capital and total return for the period and after deduction of dividends in respect of preference shares and on 25 million (2007: 25 million) ordinary shares in issue. The diluted revenue, capital and total return is based on the net revenue, capital and total return for the period and on 35 million (2007: 35 million) ordinary and preference shares in issue. 4 Dividends 2008 2007 Â£000 Â£000 Amounts recognised as distributions to equity holders in the period: Dividends on ordinary shares: Final dividend for the year ended 31 December 2007 of 3.7p (2006:3.5p) per share 925 875 Interim dividend for the year ended 31 December 2008 of 2.7p 675 675 (2007:2.7p) per share __________ __________ 1,600 1,688 __________ __________ Proposed final dividend for the year ended 31 December 2008 of 3.9p (2007:3.7p) per share 975 925 __________ __________ Dividends on 3.5% cumulative convertible preference shares: Preference dividend for the 6 months ended 31 December 2007 of 1.75p (2006:1.75p) per share 175 175 Preference dividend for the 6 months ended 30 June 2008 of 1.75p (2007:1.75p) per share 175 175 __________ __________ 350 350 __________ __________ Proposed preference dividend for the 6 months ended 31 December 2008 of 1.75p (2007:1.75p) per share 175 175 __________ __________ The proposed final dividend is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements in accordance with IFRS. We also set out below the total dividend payable in respect of the financial year, which is the basis on which the retention requirements of Section 842 Income and Corporation Taxes Act 1988 are considered. 2008 2007 Â£000 Â£000 Dividends on ordinary shares: Interim dividend for the year ended 31 December 2008 of 2.7p (2007:2.7p) per share 675 675 Proposed final dividend for the year ended 31 December 2008 of 3.9p (2007:3.7p) per share 975 925 __________ __________ 1,650 1,600 __________ __________ Dividends on 3.5% cumulative convertible preference shares: Preference dividend for the 6 months ended 30 June 2008 of 1.75p (2007:1.75p) per share 175 175 Proposed preference dividend for the 6 months ended 31 December 2008 of 1.75p (2007:1.75p) per share 175 175 __________ __________ 350 350 __________ __________ 5 Net asset values Net asset Net assets value per attributable share 2008 2007 2008 2007 Â£ Â£ Â£000 Â£000 Ordinary shares Undiluted 0.73 1.19 18,190 29,643 Diluted 0.81 1.13 28,190 39,643 The undiluted and diluted net asset values per Â£1 ordinary share are based on net assets at the year end and 25 million (undiluted) ordinary and 35 million (diluted) ordinary and preference shares in issue. Principal risks and uncertainties The principal risks facing the company relate to its investment activities and include market risk (other price risk, interest rate risk and currency risk), liquidity risk and credit risk. The other principal risk to the company is loss of investment trust status. These will be explained in more detail in the notes to the 2008 Annual Report and Accounts, but remain unchanged from those published in the 2007 Annual Report and Accounts. Related party transactions The company rents its offices from Romulus Films Limited, and is also charged for its office overheads. The salaries and pensions of the company's employees, except for the three non-executive directors, are paid by Remus Films Limited and Romulus Films Limited and are recharged to the company. There have been no other related party transactions during the period, which have materially affected the financial position or performance of the group. During the period transactions between the company and its subsidiaries have been eliminated on consolidation. Capital Structure The company's capital comprises Â£35,000,000 (2007 - Â£35,000,000) being 25,000,000 ordinary shares of Â£1 (2007 - 25,000,000) and 10,000,000 non-voting convertible preference shares of Â£1 each (2007 - 10,000,000). The rights attaching to the shares will be explained in more detail in the notes to the 2008 Annual Report and Accounts, but remain unchanged from those published in the 2007 Annual Report and Accounts. Directors' responsibility statement The directors are responsible for preparing the financial statements in accordance with applicable law and regulations. The directors confirm that to the best of their knowledge the financial statements prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and the loss of the company and the undertakings included in the consolidation taken as a whole and that the Chairman's Statement, Managing Director's Report and the Directors' report include a fair review of the information required by rules 4.1.8R to 4.2.11R of the FSA's Disclosure and Transparency Rules, together with a description of the principal risks and uncertainties that the company faces. Annual General Meeting This year's Annual General Meeting has been convened for Thursday 18 June 2009 at 12.15pm at Wessex House, 1 Chesham Street, London SW1X 8ND. Copies of this Annual Financial Report are available on www.baitgroup.co.uk.

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