The Edinburgh Investment Trust plc
Interim Management Statement
for the Three Months ended 31 December 2012
Material Events
On 31 December 2012 William Samuel retired as a Director of the Company.
Dividends
During the period, a first interim dividend of 5 pence per Ordinary share in
respect of the year ending 31 March 2013 was paid on 30 November 2012 to
Ordinary shareholders on the Company's register on 16 November 2012. On 15
January 2013 the Board declared a second interim dividend of 5 pence per
Ordinary share, payable on 22 February 2013 to shareholders on the Company's
register on 8 February 2013.
Performance - Total Return
3 Months 1 Year 3 Years 5 Years
Share Price -0.2% 12.9% 59.6% 44.5%
Net Asset Value (at par) -0.8% 6.5% 38.8% 16.1%
FTSE All-Share Index 3.8% 12.3% 24.2% 13.2%
Source: Thomson Reuters Datastream
Share Price and Discount
For the Three Months Ended 31 Dec 2012
As at 31 Dec 2012 High Low Average
Share price (pence) 511.00 525.00 486.50 507.92
Premium 3.0%
(debt at par)
Premium 8.5%
(debt at fair value)
Source: Thomson Reuters Datastream
Assets and Gearing
31 Dec 2012
Total Gross Assets (£m) 1,165.8
of which cash funds and cash (£m) 0.3
Borrowings at par (£m) 197.6
Cum income Net Asset Value - debt at par 496.2
(pence)
Gross Gearing 20.7%
Net Gearing 20.6%
Gross Gearing reflects the amount of gross borrowings in use by a company and
takes no account of any cash balances. It is based on gross borrowings as a
percentage of shareholders' funds.
Net Gearing reflects the amount of net borrowings invested i.e. borrowings less
cash and investments in money market funds. It is based on net borrowings as a
percentage of shareholders' funds.
The Company's debt remains unchanged and is provided by long term debentures
totalling £200 million:
£100,000,000 11.5% debenture stock 2014
£100,000,000 7.75% debenture stock 2022
Sector Breakdown of Portfolio(excluding cash)
31 Dec 2012
Healthcare 32.4%
Consumer Goods 24.7%
Industrials 18.0%
Utilities 7.9%
Financials 6.8%
Telecommunications 6.3%
Oil & Gas 2.2%
Consumer Services 1.6%
Basic Materials 0.1%
Top Ten Holdings
Investments %
of Portfolio
1 AstraZeneca 9.3%
2 GlaxoSmithKline 9.0%
3 British American Tobacco 7.1%
4 BT 6.3%
5 Roche - Swiss common stock 5.8%
6 Imperial Tobacco 5.1%
7 Reckitt Benckiser 4.7%
8 BAE Systems 4.7%
9 Reynolds American - US common stock 4.5%
10 Capita 3.7%
All ordinary shares unless otherwise stated
Changes to Share Capital
Ordinary shares of 25p each
Issued Treasury
As at 30 Sep 2012 195,116,734 0
Shares bought back 0 0
Shares issued 0 0
As at 31 Dec 2012 195,116,734 0
The Company has authority to buy back shares within specified limits. The
Company expects to renew this authority each year.
Price and Performance
The Company's ordinary shares are listed on the London Stock Exchange and the
price is published in the Financial Times and the Times under `Investment
Companies', in the Daily Telegraph under `Investment Trusts' and in The
Scotsman.
The Company's net asset value is calculated on a daily basis and can be viewed
on the London Stock Exchange website at www.londonstockexchange.com.
Further information can be obtained from Invesco Perpetual as follows:
Free Investor Helpline: 0800 085 8677
Internet address: www.invescoperpetual.co.uk/investmenttrusts
The information provided in this statement should not be considered as a
financial promotion.
Interim management statements are expected to be published in January and July
each year.
For and on behalf of
Invesco Asset Management Limited
15 January 2013
Registered Office: Administrative Office:
Quartermile One 30 Finsbury Square
15 Lauriston Place London EC2A 1AG
Edinburgh EH3 9EP Telephone: 020 7065 4000
Registered in Scotland No 1836 Facsimile: 020 7065 3166
An Investment Company under Section 833 of the
Companies Act 2006
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