Annual Financial Report
FIDELITY ASIAN VALUES PLC
ANNUAL FINANCIAL STATEMENT FOR THE YEAR TO 31 JULY 2009
Further to the voluntary disclosure of the Company's annual results for the
year ended 31 July 2009 by way of a preliminary announcement dated 29 September
2009, in accordance with the Disclosure and Transparency Rules ("the Rules")
4.1.3 and 6.3.5(2) this announcement contains the text of the preliminary
announcement dated 29 September 2009 together with the additional text in
compliance with the Rules.
The Company's annual report and financial statements for the year ended 31 July
2009 together with the accompanying proxy form have been filed with the UK
Listing Authority Document Disclosure team and will shortly be available for
inspection at the UK Listing Authority's Document Viewing Facility which is
situated at:
Financial Services Authority
25 The North Colonnade
CanaryWharf
London
E14 5HS
Tel: 020 7676 1000
(Documents will usually be available for inspection within six normal business
hours of this notice being given).
The annual report and financial statements will shortly be available on the
Company's website at www.fidelity.co.uk/its
Rebecca Burtonwood, FIL Investments International, Company Secretary - 01737
836869
15 October 2009
Chairman's Statement
Performance
Over the 12 months to 31 July 2009, the net asset value per share of Fidelity
Asian Values PLCincreased by 15.7% compared with an increase in the benchmark
MSCI All Countries (Combined) Far Eastex Japan Index of 11.0%. The share price
increased by 20.6% over the period. (All figures in sterling terms and on a
total return basis.) Over the three and five years to 31 July 2009the
Company's net asset value rose by 43.9% and 136.5% respectively against rises
of 40.1% and 115.9% by the benchmark. The discount at which ordinary shares
traded to the net asset value of the Company widened slightly to 5.91% at the
end of the period from 5.42% six months ago.
Markets
Equities in the Far Eastex Japanregion registered double-digit gains in
sterling terms over the 12 month review period. The collapse of Lehman Brothers
precipitated the ongoing global financial turmoil leading to a steep decline in
world markets in October. Dismal economic data and subdued earnings results
drove share prices lower. Subsequently, governments across the region took
several policy measures aimed at increasing liquidity and promoting growth.
These provided some support to equities. In particular, Chinaannounced a RMB 4
trillion stimulus package and supplemented the move by lowering its cash
reserve ratio and interest rates. Mid-March onwards, investors started to
respond positively to growing evidence of an economic rebound in China, an
improvement in global credit markets and expansionary fiscal and monetary
policies. Foreign investors returned to the region encouraged by optimism about
an overall recovery underpinned by tentative signs of firmer industrial
activity in some areas. Earnings expectations, which had been cut sharply at
the end of 2008, were revised upwards, boosting share prices. Consequently, Far
Eastex Japanequities outperformed their developed as well as emerging markets
peers over the review period. In this environment, information technology
stocks benefited the most as confidence among US consumers improved. Consumer
discretionary companies, particularly automobile manufacturers, advanced.
Non-bank financials including insurance, property and diversified financials
were other beneficiaries of an improvement in investor sentiment. Healthcare
and industrials were the only two sectors that retreated. In particular,
shipping companies suffered due to a drop in cargo rates. The export-oriented
markets of Koreaand Singaporefell behind the regional benchmark. On the
economic front, interest rates were reduced in countries across the region to
spur domestic demand. However, towards the end of the period, most central
banks opted to keep rates unchanged in light of deflationary pressures. Real
GDPgrowth in China, Korea, Taiwan, Indonesiaand Singaporein the second quarter
of 2009 exceeded expectations. In July, the Purchasing Managers' Index in
China, an indicator of the health of the manufacturing sector remained above
the expansionary threshold of 50 for a fifth consecutive month. Property and
automobile sales growth were better than expected and industrial production
expanded on a month-on-month basis in many economies in the region. Although
regional exports failed to recover, they appeared to stabilise in Korea,
Taiwanand Singapore.
Outlook
In recent months, signs of stabilisation have emerged in many Asian countries,
suggesting that the economic downturn may be past its worst and the recession
is starting to ease. However, overseas demand for the region's products remains
subdued and in particular continues to weigh on export-driven economies such as
Korea, Malaysia, Singaporeand Taiwan. A lower than expected rise in
unemployment, coupled with sustained industrial activity indicates that
domestic demand is helping to compensate for a decline in exports and there is
growing evidence of an economic recovery. Asian equity markets have
outperformed the global indices since the beginning of 2009; analysts have been
raising their corporate earnings forecasts for many companies in the region
resulting in a recovery in stock valuations. Although it may still be early to
talk of green shoots, investor confidence is improving and the increasing
evidence of a recovery in the Far Eastregion, ex Japan, should continue to
drive stockmarkets.
Dividend
Subject to shareholders' approval at the 2009 Annual General Meeting the
Directors recommend that a final dividend in respect of the year to 31 July
2009of 1.00p pence per share (2008:0.81p) be paid to shareholders on the
register at close of business on 16 October 2009(ex dividend date 14 October
2009) on 16 December 2009. As the Company's objective is long term capital
growth any revenue surplus is a function of a particular year's business and it
should not be assumed that dividends will continue to be paid in future.
Tender Offer and Reduction in Capital
During the year under review, a tender offer was made for up to 40% of the
Company's issued share capital. The Board took this action to avoid the
potentially destabilising effect on the share price of certain shareholders
wishing to realise their holdings. Following shareholders' approval at an
Extraordinary General Meeting of the Company held on 5 September 2008and
completion of the Tender offer a total of 41,262,764 ordinary shares were
cancelled from the Register of Members. This equated to 40% of the issued
share capital immediately prior to the offer being made. Exiting shareholders
bore the costs involved and the remaining shareholders received the benefit of
an uplift in the net asset value of some 2% on the day the Tender offer was
completed.
Gearing
The Lloyds TSB Bank PLCloan of US$11 million was repaid on 25 September 2009.
The current net gearing parameters set by the Board are between 0% and 10%.
Directorate
This year three Directors will retire, two of whom, will offer themselves for
re-election. As detailed in the biographies in the Annual Report the Directors
have a wide range of appropriate skills and experience to make up a balanced
Board for your Company.
I am subject to annual re-election due to my tenure on the Board exceeding nine
years and Miss Matthews is subject to annual re-election under the Listing
Rules due to her recent employment relationship with the Manager. Miss
Matthews will retire from employment with the Manager in October 2009.
Sir Robin McLaren will retire from the Board after the Annual General Meeting.
He has served as a Director since 1997 and I would like to thank Sir Robin for
his contribution to the Company and personally for the quality and independence
of advice that he has given me over the years. His experience in Asiaand his
work as Senior Independent Director have been extremely valuable. A successor
for the role of Senior Independent Director will be appointed in due course.
A selection process for a new member of the Board is currently underway.
Annual General Meeting
The 2009 Annual General Meeting will be held on Monday 7 December 2009at
Fidelity's Cannon Streetoffice commencing at 11.00 am. All shareholders and
Fidelity Savings Plan and ISA Scheme investors are invited to attend. The
Portfolio Manager will be making a presentation on the year under review and
immediate prospects for the Company.
Sir Victor Garland
Chairman
28 September 2009
Manager's Review
Markets
Over the last 12 months, equities in the Asia Pacific region rose outperforming
the global and other emerging and developed markets. However, in October,
stocks were dragged down by global financial woes and the continuing stream of
weak economic data. Concerns about the reduced availability of funds and a
moderating domestic economy weighed upon property stocks, particularly in Hong
Kong. Shares in resource firms corrected sharply when it became apparent that
developed countries were on the verge of a recession and when demand from
emerging economies softened. Over this period health care and utilities
sectors, which are seen to provide more stable returns, were favoured over
those considered cyclical. This trend reversed in the first quarter of 2009 as
equities rebounded, as risk aversion among investors declined due to hopes of a
tentative revival in growth. Optimism that government stimulus packages and
interest rate cuts will pull the global economy out of recession lent support.
Investors responded positively to growing evidence of an economic rebound in
China, an improvement in global credit markets and inflationary fiscal and
monetary policies. A restocking induced boost in demand, strong foreign
investor buying and progressive reforms drove share prices higher. Favourable
political developments, such as closer ties between Taiwan and China and a
second term for pro-reform government in India boosted investor sentiment. For
most Asian economies, activity continued to contract in the first quarter, with
a number of countries registering a steep fall. While weak data for first
quarter GDP indicated that the region was feeling the strain of the global
downturn, recent evidence of improving growth in the second quarter and an
upturn in industrial production in many economies in the region were positive
signs of a recovery.
Portfolio Review
The Company outperformed its benchmark over the review period, with the net
asset value rising by 15.7% against the index return of 11.0%. Positive stock
selection within the information technology and consumer staples sectors were
the largest contributors to performance. Of note, an overweight stance in
software & services companies enhanced returns. A position in Tencent
Holdings, operator of China's leading internet networking service, contributed
as it reported better than expected profits for the first quarter. Similarly,
an overweight allocation to semiconductor and semiconductor equipment companies
proved rewarding. Notably, a holding in MediaTek enhanced returns, after
benefiting from continuous market share expansion and potential benefits from
the roll-out of the China 3G platform. Within the consumer staples sector,
overweight exposure to Olam International, a supply chain management company
involved in agricultural commodities and food ingredients, contributed to
returns. The company is one of the world's leading supply chain managers within
agriculture; its share price over the period was boosted by favourable
sentiment towards potential acquisitions, its strong balance sheet and the
introduction of new
product segments into its product mix. Although holdings in a number of
shipbuilders weighed on absolute returns as the weaker economic environment
negatively impacted orders and revenue levels, our underweight positions in
these stocks meant that our industrial sector exposure added value relative to
the benchmark. Concerns regarding potential order cancellations and rising
steel prices were further negatives. Similarly, an underweight allocation to
utilities, due to high valuations and limited growth potential proved
favourable. These stocks were out of favour, as investors chased sectors that
were previously oversold. Select exposure to the consumer discretionary sector
added value. Amongst the leading contributors over the review period was a
holding in China Dongxiang Group. The stock performed well given its access to
high quality sports marketing resources and product positioning. Furthermore
the Company continues to see strong new store and sales growth. A holding in Li
& Fung, also contributed as consumer spending increased, supported by a drop in
crude oil prices. The stock price was further buoyed as a Singapore based
investment company increased its stake in the business. Overall, exposure to
the sector was raised over the period, particularly in retail companies with
strong market positions, which should prove beneficial as market conditions
improve. The financials sector was the worst performing sector. In
particular, shares in Hang Seng Bank came under pressure due to a weak loan
growth outlook and falling fee income. Meanwhile, increasing credit costs
weighed on the earnings of Shinhan Financial Group. In addition, underweight
holdings in the telecommunications sector detracted from returns. The Portfolio
Manager trimmed exposure to the telecommunications sector given unattractive
valuations and better opportunities elsewhere. Materials as a sector detracted
from absolute returns due to concerns that the spreading financial crisis might
lower demand. An underweight exposure in this sector enhanced relative returns.
However, an overweight position in China-based, Huabao International Holdings,
China's largest tobacco flavour supplier did add value. At a country level,
the weighting in China was increased. The country continues to lead the
region's economic rebound, while the developed world has gone into recession.
In addition exposure to Taiwan was raised amid improved market sentiment and
optimistic expectations that the island is going to benefit from the improved
cross strait relationship with China.
Outlook for the Region
Increasing evidence of a recovery in the Asia region should continue to drive
its stockmarkets higher however over the short term they are likely to remain
volatile. A lower than expected rise in unemployment and sustained industrial
activity indicates final demand should help compensate for a decline in
exports. Favourable policy measures and low borrowing costs together with the
region's high savings rate and low debt levels bode well. Firms with strong
balance sheets and solid management should grow their market share and emerge
stronger. The improvements in economic data in the Asia Pacific ex Japan region
in the past few months have increased investors' conviction that the recovery
is sustainable. Essentially, evidence on stabilisation in industrial activity
remains strong but the sustainability of the pick-up depends on final demand.
Concurrently, fiscal policy seems to be gaining traction and households are
expected to continue to benefit from government support. The upturn in consumer
confidence in the region bodes well for an anticipated upturn, partially
offsetting the weakness in exports. A better investment climate and thawing
global markets should buoy growth, while regional governments continue to
provide short term fiscal support. However, a rapid global recovery seems
unlikely and uncertainty remains as world trade decelerates. Here, government
influenced investment should prove helpful during 2009. The region is likely to
outperform global equities over the longer term given its structural growth,
favourable demographics and high savings rate.
FIL Investments International
28 September 2009
Principal Risks and Uncertainties
Due to the current economic climate, shareholders will have concerns about the
current reduction in the value of some of their investments. The Board confirms
that there is an ongoing process for identifying, evaluating and managing the
principal risks which fall under the general headings of strategic, operational
and management. This process is regularly reviewed by the Board in accordance
with the Financial Reporting Council's document Internal Control: Revised
Guidance for Directors on the Combined Code. An internal controls report,
which includes a risk matrix and the assessment of risks applicable to the
Company, is prepared by the Manager and considered by the Audit Committee.
Risks are identified, introduced and graded and this process, together with the
policies and procedures for the mitigation of risks, is updated and the report
is reviewed at least once a year. The Board reviews and agrees policies, which
have remained unchanged since the beginning of the accounting period, for
managing risks and summaries of these are set out below.
Market risks
The Company's assets consist mainly of listed securities and the principal
risks are therefore market related such as market recessions, interest rate
movements, deflation/inflation, terrorism and protectionism. Risks to which
the Company is exposed and which form part of the market risks category are
included in Note 18 to the financial statements together with summaries of the
policies for managing these risks. These comprise: equity price risk; market
price risk; foreign currency risk; interest rate risk; liquidity risk and
credit risk. The Company had a fixed term, fixed rate loan facility in place
which was repaid on 25 September 2009. The extent to which any loan facilities
are retained or renewed is always kept under the most careful scrutiny. In
addition a day to day overdraft facility can be used if required. The impact
of limited finance from counterparties including suppliers has not affected the
Company to date, however there are alternative suppliers available in the
market place should the need arise. The Company relies on a number of main
counterparties, namely the Manager, Registrar, Custodian and Auditor. The
Manager is a member of a privately owned group of companies on which a regular
report is provided to the Board. The Manager, Registrar and Custodian are
subject to regular audits by Fidelity's internal controls team and the
counterparties' own internal controls reports are received by the Board and any
concerns investigated.
Performance risks
The achievement of the Company's performance objective relative to the market
involves risk. Strategy, asset allocation and stock selection might lead to
underperformance of the benchmark Index and target.
Management of these risks is carried out by the Board which, at each Board
meeting, considers the asset allocation of the portfolio and the risks
associated with particular countries and industry sectors within the parameters
of the investment objective. The Portfolio Manager is responsible for actively
monitoring the portfolio selected in accordance with the asset allocation
parameters and seeks to ensure that individual stocks meet an acceptable
risk-reward profile. The NAV of the Company is published each working day.
Income - dividends risks
The Company's objective of long term capital growth relies less on income to
support dividends than investment trust companies with a more income oriented
target. Nevertheless, generating income to meet expenses and provide adequate
reserves is subject to the risk that income generation from its investments
fails to meet the level required. The Board monitors this risk through the
receipt of detailed income reports and forecasts which are considered at each
meeting.
Share price risks
The price of the Company's shares relative to the benchmark Index and in
absolute terms, as well as its discount to NAV, are not factors the Company is
able to control. Some short term influence over the discount may be exercised
by the use of share repurchases at acceptable prices. The Company's share
price, NAV and discount volatility are monitored daily by the Manager and
considered by the Board at each of its meetings.
Gearing risks
The Company has the option to invest up to the total of any loan facilities
held in equities. In a rising market the Company would benefit but in a falling
market the impact would be detrimental. In order to manage the level of
gearing the Board regularly considers this item and sets gearing limits
accordingly. The Portfolio Manager follows these and may invest part of the
loan facility in Fidelity Institutional Cash Fund plc and short term cash
deposits to control the level of net gearing.
Control systems risks
The Company is dependent on the Manager's control systems and those of its
Custodian and
Registrars, both of which are monitored and managed by the Manager in the
context of the Company's assets and interests on behalf of the Board. The
security of the Company's assets, dealing procedures and the maintenance of
investment trust status under s842 of ICTA, among other things, rely on the
effective operation of such systems. These are regularly tested
and a programme of internal audits is carried out by the Manager to maintain
standards.
Other risks
Other risks monitored on a regular basis include loan covenants, which are
subject to daily monitoring when loans are in place, together with the
Company's cash position, and the continuation vote (at a time of poor
performance).
Related Party Transactions
No Director is under a contract of service with the Company and no contracts
existed during or at the end of the financial period in which any Director was
materially interested and which was significant in relation to the Company's
business. There have been no other related party transactions requiring
disclosure under Financial Reporting Standard ("FRS") 8.
Directors' responsibility Statement
The Directors are responsible for preparing the annual report and the financial
statements in accordance with applicable law and regulations. Company law
requires the Directors to prepare financial statements for each financial year.
Under that law they have elected to prepare the financial statements in
accordance with UK Generally Accepted Accounting Practice. The financial
statements are required by law to give a true and fair view of the state of
affairs of the Company and of the profit or loss for the period. In preparing
these financial statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state whether applicable UK Accounting Standards have been followed, subject
to any material departures disclosed and explained in the financial statements;
and
• prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the Company will continue in business.
The Directors are responsible for ensuring that proper accounting records are
kept which disclose with reasonable accuracy at any time the financial position
of the Company and to enable them to ensure that its financial statements
comply with the Companies Act 2006. They are also responsible for safeguarding
the assets of the Company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
Under applicable law and regulations the Directors are also responsible for
preparing a Directors' Report, including a Business Review, a Directors'
Remuneration Report and a Corporate Governance Statement that comply with that
law and those regulations.
The Directors are responsible for the maintenance and integrity of the
corporate and financial information included on the Company's website
www.fidelity.co.uk/its. Visitors to the website need to be aware that
legislation in the UK governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
We confirm that to the best of our 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 profit or
loss of the Company; and the Directors' Report includes a fair review of the
development and performance of the business and the position of the Company
together with a description of the principal risks and uncertainties it faces.
Approved by the Board on 28 September 2009 and signed on its behalf.
Sir Victor Garland
Chairman
28 September 2009
Enquiries:
Chris Davies - Head of Investment Trusts, FIL Investments International - 01737
837 723
Anne Read - Corporate Communications, FIL Investments International - 0207 961
4409
Rebecca Burtonwood, Company Secretary, FIL Investments International - 01737
836 869
Rebecca Tyerman - Company Secretariat, FIL Investments International - 01737
837 758
FIDELITY ASIAN VALUES PLC
Income Statement
- for the year ended 31 July 2009
2009 2008
revenue capital total revenue capital total
£'000 £'000 £'000 £'000 £'000 £'000
Gains/(losses) on investments - 9,210 9,210 - (26,390) (26,390)
Income
- overseas dividends 2,626 - 2,626 4,188 - 4,188
- overseas scrip dividends 84 - 84 241 - 241
- deposit interest 55 - 55 150 - 150
- interest on VAT recovered on 2 - 2 - - -
investment management fees*
Investment management fee (861) - (861) (1,688) - (1,688)
Other expenses (402) - (402) (474) - (474)
Exchange gains/(losses) on 153 1,972 2,125 (14) (26) (40)
other net assets
Exchange losses on loans - (1,409) (1,409) - (247) (247)
Net return/(loss) before 1,657 9,773 11,430 2,403 (26,663) (24,260)
finance costs and taxation
Interest payable (444) - (444) (516) - (516)
Net return/(loss) on ordinary 1,213 9,773 10,986 1,887 (26,663) (24.776)
activities before taxation
Taxation on return on ordinary (233) - (233) (398) - (398)
activities**
Net return/(loss) on ordinary 980 9,773 10,753 1,489 (26,663) (25,174)
activities after taxation for
the year
Return/(loss) per ordinary 1.49p 14.85p 16.34p 1.43p (25.57p) (24.14p)
share
A Statement of Total Recognised Gains and Losses has not been prepared as there
are no gains and losses other than those reported in this Income Statement. The
total column of the Income Statement is the profit and loss account of the
Company. All revenue and capital items in the above statement derive from
continuing operations. No operations were acquired or discontinued in the year.
* This is interest received on VAT on investment management fees reclaimed
following the decision of the European Court of Justice in the JPMorgan
Claverhouse Investment Trust/AIC case (C-363/05)
** This relates to overseas taxation only.
FIDELITY ASIAN VALUES PLC
Reconciliation of Movements in Shareholders' Funds - for the year ended 31 July
2009
called share capital other other capital revenue total
up share premium redemption non-distributable reserve reserve reserve equity
capital account reserve reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Opening 27,336 15,359 3,487 7,367 53,749 64,413 (990) 170,721
shareholders'
funds: 1
August 2007
Net - - - - - (26,663) - (26,663)
recognised
capital
losses for
the year
Repurchase of (1,547) - 1,547 - (9,606) - - (9,606)
ordinary
shares
Revenue after - - - - - - 1,489 1,489
taxation for
the year
Closing 25,789 15,359 5,034 7,367 44,143 37,750 499 135,941
shareholders'
funds: 31
July 2008
Net - - - - - 9,773 - 9,773
recognised
capital gains
for the year
Share premium - (15,359) - - 15,359 - - -
account
cancelled
Capital - - (13,803) - 13,803 - - -
redemption
reserve
cancelled
Repurchase of (238) - 238 - (988) - - (988)
ordinary
shares
Ordinary (10,316) - 10,316 - (52,153 - - (52,153)
shares
cancelled on
completion of
the Tender
offer
Costs - - - - (842) - - (842)
associated
with the
Tender offer
Loan - - - - (83) - - (83)
redemption
costs
Net revenue - - - - - - 980 980
after
taxation for
the year
Dividend paid - - - - - - (494) (494)
to
shareholders
Closing 15,235 - 1,785 7,367 19,239 47,523 985 92,134
shareholders'
funds: 31
July 2009
FIDELITY ASIAN VALUES PLC
Balance Sheet
- as at 31 July 2009
2009 2008
£'000 £'000
Fixed assets
Investments at fair value through profit or loss 98,131 136,356
Current assets
Debtors 1,161 634
Cash at bank 425 8,954
1,586 9,588
Creditors - amounts falling due within one year
Fixed rate unsecured loan (6,584) -
Other creditors (999) (916)
(7,583) (916)
Net current (liabilities)/assets (5,997) 8,672
Total assets less current liabilities 92,134 145,028
Creditors - amounts falling due after more than one year
Fixed rate unsecured loan - (9,087)
Total net assets 92,134 135,941
Capital and reserves
Called up share capital 15,235 25,789
Share premium account - 15,359
Capital redemption reserve 1,785 5,034
Other non-distributable reserve 7,367 7,367
Other reserve 19,239 44,143
Capital reserve 47,523 37,750
Revenue reserve 985 499
Total equity shareholders' funds 92,134 135,941
Net asset value per ordinary share 151.18p 131.78p
FIDELITY ASIAN VALUES PLC
Cash Flow Statement
- for the year ended 31 July 2009
2009 2008
£ £'000
'000
Operating activities
Investment income received 2,655 3,546
Deposit interest received 68 154
Investment management fee paid (1,268) (1,272)
Directors' fees paid (93) (60)
Other cash payments (337) (566)
Net cash inflow from operating activities 1,025 1,802
Returns on investments and servicing of finance
Interest paid (495) (511)
Net cash outflow from returns on investments and servicing (495) (511)
of finance
Financial investment
Purchase of investments (47,992) (84,344)
Disposal of investments 97,560 96,901
Net cash inflow from financial investment 49,568 12,557
Dividend paid to shareholders (494) -
Net cash inflow before financing 49,604 13,848
Financing
Repurchase of ordinary shares (988) (9,606)
Ordinary shares cancelled on completion of the Tender (52,995) -
offer
Loan redemption costs on completion of the Tender offer (83) -
5.60% fixed rate unsecured loan part repaid (3,912) -
Net cash outflow from financing (57,978) (9,606)
(Decrease)/increase in cash (8,374) 4,242
Returns/ (losses) per ordinary share are based on the net revenue return on
ordinary activities after taxation of £980,000 (2008: £1,489,000), the capital
return in the year of £9,773,000 (2008: capital loss £26,663,000) and the total
return in the year of £10,753,000 (2008: loss £25,174,000) and on 65,827,251
ordinary shares (2008: 104,262,596) being the weighted average number of
ordinary shares in issue during the year.
The above statements have been prepared on the basis of the accounting policies
as set out in annual financial statements to 31 July 2009. This preliminary
statement, which has been agreed with the auditor, was approved by the Board on
28 September 2009. It is not the Company's statutory financial statements. The
statutory financial statements for the financial year ended 31 July 2008have
been delivered to the Registrar of Companies. The statutory financial
statements for the financial year ended 31 July 2009have been approved and
audited but have not yet been filed. The statutory financial statements for
the financial years ended 31 July 2008 and 31 July 2009 received unqualified
audit reports, did not include a reference to any matters to which the auditors
drew attention by way of emphasis without qualifying the report and did not
contain statements under section 498 (2) and (3) of the Companies Act 2006.
The annual report and financial statements will be posted to shareholders as
soon as is practicable and in any event no later than 9 November 2009.
Latest directors dealings
- 21 minutes ago C&C Group (CDI)
- 31 minutes ago Speedy Hire
- 48 minutes ago Foresight Solar Fund Limited
- 50 minutes ago Genuit Group
- 51 minutes ago Old Mutual Limited NPV (DI)