Correction : Half-yearly Report
The Issuer wishes to notify that the the record date stated for the next
dividend payment in the below announcement was incorrect. The record date for
the next dividend payment is 3 June 2011, not 27 May 2011 as previously stated.
Keystone Investment Trust plc
Half-Yearly Financial Report for the Six Months to 31 March 2011
Key Facts
Keystone Investment Trust plc is an investment trust company listed on the
London Stock Exchange. The Company is managed by Invesco Asset Management
Limited.
Objective of the Company
The objective of Keystone Investment Trust plc is to provide shareholders with
long-term growth of capital, mainly from UK investments.
Full details of the Company's investment policy, risk and limits can be found
in the annual financial report for the year ended 30 September 2010.
Performance Statistics
AT AT
31 MARCH 30 SEPTEMBER %
2011 2010 CHANGE
Assets
Net assets attributable to ordinary
shareholders (£'000) 169,290 162,154 +4.4
Net asset value per ordinary share 1266.3p 1212.9p +4.4
-with income reinvested +7.6
Share price (mid-market) of ordinary
shares 1155.0p 1170.0p -1.3
-with income reinvested +1.1
FTSE All-Share Index +7.0
-with income reinvested +8.5
Discount of share price to net asset
value per ordinary share (%):
-debt at par 8.8 3.5
-debt at fair value 7.1 1.7
Total borrowings as % of net assets
attributable to ordinary
shareholders 18.8 24.6
Effective gearing - equity
exposure as % of net assets
attributable to ordinary shareholders 109 108
SIX MONTHS SIX MONTHS
ENDED ENDED
31 MARCH 31 MARCH %
2011 2010 CHANGE
Revenue
Net revenue return per ordinary share 19.5p 17.6p +10.8
Interim dividend per ordinary share 17.5p 17.5p -
INTERIM MANAGEMENT REPORT INCORPORATING THE CHAIRMAN'S STATEMENT
Chairman's Statement
Performance
Over the six months from 30 September 2010 to 31 March 2011, the Company's
shares gave a total return of 1.1% to shareholders. During the same period, the
total return of the net asset value per ordinary share was 7.6%, while the
total return of the Company's benchmark for performance measuring purposes, the
FTSE All-Share Index, was 8.5%. (All these figures are with income reinvested.)
On 31 March 2011, the discount of the share price relative to net asset value
(debt at par) was 8.8%.
Borrowings
Equity exposure increased from 108% of net assets at 30 September 2010 to 109%
at 31 March 2011. During the period the gearing limits set by the Board were
changed such that the Manager must make no net purchases if equity exposure was
more than 110% of net assets, and must make sales if (as a result of market
movements) equity exposure rose to more than 115% of net assets.
Dividend
The interim dividend of l7.5p per ordinary share will be paid on 24 June 2011
to shareholders on the register on 3 June 2011.
Board Appointment
On 8 March 2011, the Board appointed John Wood as a new Director of the
Company. He has broad experience of fund management and we look forward to
working with him.
Beatrice Hollond
Chairman
23 May 2011
Manager's Report
The UK stock market enjoyed a buoyant six months, with the FTSE All-Share Index
rising by 8.5% despite growing concerns over both the financial health of the
UK consumer and the impact of global events. Indeed, UK equities registered
their strongest December performance since 1993, a year in which the UK was
also emerging from recession, but more surprising this time given the growing
uncertainty about UK economic conditions. Events at the beginning of 2011 shook
positive market sentiment as concerns increased due to political turmoil in the
Middle East and its impact on oil prices, the latest round of the eurozone debt
crisis and the impact of the earthquake in Japan. March was Budget month in the
UK, but the performance of the stock market was very much driven by events on
the international stage rather than by the Chancellor's speech.
Monetary stimuli on both sides of the Atlantic undoubtedly played a large part
in the rise of equity markets. UK interest rates remained at 0.5%, although
inflation remained high over the period and well above the Bank of England's 2%
target. Concerns grew that interest rates would be rising sooner rather than
later; these were assuaged by minutes from the Bank of England's March meeting
showing no new support for an increase, despite the Bank warning that inflation
was likely to remain above its target for the remainder of the year.
Corporate news flow over the six months reflected the worsening state of the UK
consumer economy. Sainsbury's announced its lowest sales growth figures for six
years in March, while news from the non food retailers was significantly worse,
with poor trading statements from a number of high street retailers.
The Manager maintains a cautious stance on the outlook for the UK economy,
believing that a number of headwinds persist; the full extent of public
spending cuts have yet to be felt, the squeeze on household incomes will
continue, and although the manufacturing side of the economy is benefiting from
the strength of overseas markets, it is doubtful this can fully compensate for
weaknesses in other areas of the economy.
Portfolio Strategy & Review
The Company's net asset value, including reinvested dividends, rose by 7.6%
during the 6 months to the end of March 2011, compared to a rise of 8.5% from
the FTSE All-Share Index (total returns).
Disappointingly, the Company's return was marginally behind the index over the
period. A negative impact on the Company's performance came from supermarket
group Tesco, where investors' concerns over the health of the UK consumer and
confirmation of tough trading conditions across the sector outweighed the
impetus the group should gain from its growing overseas exposure.
Another large company to disappoint over the 6 months was AstraZeneca, despite
some improving news on patent disputes. The Manager believes the market to be
focusing only on the challenges facing the pharmaceutical sector, which are
well known and well rehearsed, and not on the opportunities the sector offers.
These come in both the emerging world, where there is major under-provision of
drugs, and in the developed world, where ageing demographics are driving
increased demand for drugs.
Shares in Yell Group continued to suffer as a result of the underperformance of
its directory business, and on continued speculation concerning its long-term
future. The Manager remains cautiously optimistic as a result of the new
strategy to migrate more of Yell's business online. Elsewhere in the Company's
portfolio, Rentokil Initial's share price struggled as investors focused on
problems in its parcel division, City Link.
The most significant positive contribution over the period came from the
holding in BG Group; good full year results were accompanied by news of further
Brazilian oil discoveries while the company is a likely beneficiary of an
increasingly positive outlook for gas demand.
The performance of the Company benefited from its holdings in the
telecommunications sector. BT Group confirmed both its ability to produce
double digit growth in earnings and an improving free cash flow outlook, while
Vodafone saw its shares rise on the news that AT&T was to buy T-Mobile from
Deutsche Telekom; the price agreed highlighted the value within the mobile
telecoms sector.
The Company's investment in Balfour Beatty provided further positive input to
performance. Last December the company announced that it planned to sell off
over £200 million of assets and also that it would move to a more progressive
dividend policy; the company's share price rose by over 30%.
In terms of portfolio activity, a number of new holdings were introduced to the
portfolio. These comprised both larger companies, including Roche and Daily
Mail & General Trust, along with some less well known businesses, including N.
Brown, Amlin and HaloSource.
The holdings in speciality pharmaceuticals businesses BTG and Biocompatibles
were merged following the announcement that the former was acquiring the
latter.
The Company further reduced its exposure to the utilities sector over the six
months, disposing of the holding in Northumbrian Water. The Manager is
concerned that a more onerous UK regulatory outlook will hamper the companies'
ability to generate adequate returns on equity while also seeing more
attractive investment opportunities elsewhere.
Outlook
The Manager expects that the performance of the UK stock market will be more
volatile over the next few months as the second round of Quantitative Easing,
by the US monetary authorities, is wound up. This stimulus has undoubtedly been
a contributing factor behind the strong rise in the stock market since last
summer. Notwithstanding this recent good performance, the market still offers
some areas of good opportunity to the long term investor.
The companies that populate the top half of the list of investments in the
portfolio are extremely attractively valued, many of them have dividend yields
substantially above their corporate bond yields. These companies are among the
cheapest stocks in the market but ironically are also among the least risky.
This confluence of low risk and low valuation is very unusual and has
encouraged a shift to a more concentrated portfolio. The Company is
increasingly exposed to a collection of high quality, large cap, geographically
diversified and extremely well capitalised businesses.
The direction of the market over the near term may also become less certain as
the outlook for corporate earnings is impacted by the persistently high oil
price, the aftermath of the Japanese earthquake on the global supply chain and
the economic effects of the sovereign debt problems in the eurozone. The
Manager is reassured by the knowledge of the fundamental qualities of the
portfolio's holdings being strong, reliable businesses, managed in the
interests of their shareholders. It is worth remembering that the most
under-rated virtue of stock market investing is patience, and that the market
rarely recognises under-valuation in the timeframe originally envisaged.
However, the majority of the portfolio is still being valued by the market at a
significant discount to its intrinsic value. The quality of the companies is
demonstrable, it requires a degree of patience for the value to be realised.
Mark Barnett
Fund Manager
23 May 2011
Related Parties
Invesco Asset Management Limited (`IAML'), a wholly owned subsidiary of Invesco
Limited, acts as Manager and Company Secretary to the Company. Details of
IAML's services and fee arrangements are given in the latest annual financial
report, which is available on the Manager's website.
Principal Risks and Uncertainties
There is no guarantee that the investment policy adopted by the Company will
provide the returns sought by the Company. There can therefore be no guarantee
that the Company will achieve its investment objective. The principal risks and
uncertainties that could affect the Company's business can be divided into
various areas:
- Investment Objective;
- Investment Process;
- Market Movement and Portfolio Performance;
- The Ordinary Shares;
- Bond Holdings;
- Gearing;
- Regulatory and Tax-related; and
- Reliance on Third Party Service Providers.
A detailed explanation of these principal risks and uncertainties can be found
on pages 18 to 20 of the annual financial report for the year ended 30
September 2010, which is available on the Manager's website.
In the view of the Board, these principal risks and uncertainties are equally
applicable to the remaining six months of the financial year as they were to
the six months under review.
Going Concern
This half-yearly financial report has been prepared on a going concern basis.
The Directors consider this is the appropriate basis as they have a reasonable
expectation that the Company has adequate resources to continue in operational
existence for the foreseeable future. In considering this, the Directors took
into account the diversified portfolio of readily realisable securities which
can be used to meet short-term funding commitments, and the ability of the
Company to meet all of its liabilities, including the debentures, and ongoing
expenses. The Directors also considered the revenue forecasts for the year and
future dividend payments in concluding on the going concern basis.
DIRECTORS' RESPONSIBILITY STATEMENT
in respect of the preparation of the half-yearly financial report.
The Directors are responsible for preparing the half-yearly financial report
using accounting policies consistent with applicable law and UK Accounting
Standards.
The Directors confirm that to the best of their knowledge:
- the condensed set of financial statements contained within the half-yearly
financial report have been prepared in accordance with the Accounting Standards
Board's Statement `Half-Yearly Financial Report';
- the interim management report includes a fair review of the information
required by DTR 4.2.7R and DTR 4.2.8R of the FSA's Disclosure and Transparency
Rules; and
- the interim management report includes a fair review of the information
required on related party transactions.
The half-yearly financial report has not been audited or reviewed by the
Company's auditors.
Signed on behalf of the Board of Directors.
Beatrice Hollond
Chairman
23 May 2011
Investments by sector at 31 march 2011
UK listed ordinary shares unless otherwise stated
MARKET VALUE % OF
SECTOR/COMPANY £'000 PORTFOLIO
Basic Materials
UK Coal 637 0.3
HaloSource 572 0.3
1,209 0.6
Consumer Goods
Reynolds American - US Common Stock 10,101 5.0
British American Tobacco 9,167 4.5
Imperial Tobacco 7,758 3.9
Reckitt Benckiser 4,775 2.4
Tate & Lyle 2,375 1.2
Landkom International 579 0.3
Altria - US Common Stock 544 0.3
Nexeon Series B UQ 300 0.2
35,599 17.8
Consumer Services
Tesco 4,867 2.4
Compass 3,784 1.9
Morrison (W) Supermarket 2,530 1.3
Daily Mail &General Trust `A' Shares 2,478 1.2
(Non-voting)
Ladbrokes 1,986 1.0
Brown (N.) 700 0.3
Yell 250 0.1
Mirada 6 -
16,601 8.2
Financials
Provident Financial 4,112 2.1
Hiscox 3,867 1.9
A J Bell UQ 2,400 1.2
Amlin 2,308 1.2
Beazley 2,307 1.2
Impax Asian Environmental - Ordinary and 1,807 0.9
Subscription Shares
Altus Resources 1,437 0.7
Imperial Innovations - Ordinary 656 } 0.6
- Convertible `B' Shares UQ 575
Impax Environmental Markets 1,119 0.6
Damille Investments 1,089 0.5
Trading Emissions 907 0.5
Ecofin Water & Power - Ordinary and 550 0.3
Subscription Shares
Macau Property Opportunities Fund 523 0.3
Fusion IP 366 0.2
Helphire 125 0.1
Walton & Co UQ 113 0.1
24,261 12.4
Market value % of
Sector/Company £'000 portfolio
Healthcare
GlaxoSmithKline 8,095 4.1
AstraZeneca 6,943 3.5
BTG 4,146 2.1
Roche - Swiss Common Stock 3,446 1.7
Napo Pharmaceuticals UQ 2,754 1.4
Lombard Medical Technologies 1,702 0.9
Vectura 642 0.3
Puricore 399 0.2
Xcounter AB 269 0.1
Renovo 115 0.1
XTL Biopharmaceutical - US ADR (10 Ord 60 -
Shares)
Biocompatibles UQ 44 -
28,615 14.4
Industrials
Capita 5,436 2.7
BAE Systems 5,212 2.6
Babcock International 3,987 2.0
Balfour Beatty 3,861 1.9
Homeserve 2,849 1.4
Chemring 2,771 1.4
Serco 2,173 1.1
Rentokil Initial 2,172 1.1
Bunzl 2,167 1.1
30,628 15.3
Oil & Gas
BG 8,977 4.5
8,977 4.5
Telecommunications
Vodafone 8,450 4.2
BT 8,435 4.2
Kcom 2,689 1.3
19,574 9.7
Utilities
Centrica 4,844 2.4
Scottish & Southern Energy 4,068 2.0
International Power 3,889 1.9
Pennon 3,323 1.7
Drax 2,738 1.4
Barclays Bank - Nuclear Power Notes 28 519 0.3
February 2019
19,381 9.7
Total Equity Investments 184,845 92.6
Puricore UQ 6% Dec 2011 500 0.3
Ecofin Water & Power 6% Jul 2016 150 0.1
650 0.4
Total Fixed Asset Investments 185,495 93.0
Barclays Bank 1% 28 April 2011 8,001 4.0
Lloyds Bank 1.035% 20 April 2011 6,001 3.0
Total Certificates of Deposit 14,002 7.0
Total Investments 199,497 100.0
UQ: Unquoted
condensed Income Statement
YEAR ENDED
SIX MONTHS TO SIX MONTHS TO 30
SEPTEMBER
31 MARCH 2011 31 MARCH 2010 2010
Revenue Capital Total Revenue Capital Total Total
Note £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains on - 9,460 9,460 - 10,885 10,885 17,312
investments
Losses/(gains) on - - - - (7) (7) 1
certificates of
deposit
Foreign exchange 2 - 92 92 - (465) (465) (149)
gains/(losses)
Income:
UK dividends 2,677 - 2,677 2,516 - 2,516 5,901
Overseas dividends 477 - 477 296 - 296 601
UK unfranked 97 - 97 220 - 220 310
investment -
interest
Scrip dividends 25 - 25 13 - 13 38
Deposit interest 2 - 2 6 - 6 8
Underwriting - - - 6 - 6 6
commission
Investment 3 (154) (461) (615) (133) (399) (532) (1,120)
management fee
Other expenses (166) - (166) (145) - (145) (294)
Net return before 2,958 9,091 12,049 2,779 10,014 12,793 22,614
finance costs
and taxation
Finance costs
Interest payable (274) (820) (1,094) (378) (1,138) (1,516) (3,043)
Distributions in (6) - (6) (6) - (6) (12)
respect of
non-equity shares
Return on ordinary 2,678 8,271 10,949 2,395 8,876 11,271 19,559
activities
before taxation
Tax on ordinary 4 (70) - (70) (44) - (44) (90)
activities
Return on ordinary 2,608 8,271 10,879 2,351 8,876 11,227 19,469
activities
after taxation
Return per
ordinary share
Basic 6 19.5p 61.9p 81.4p 17.6p 66.4p 84.0p 145.6p
The total column of this statement represents the Company's profit and loss
account prepared in accordance with UK Accounting Standards. The supplementary
revenue and capital columns are presented for information purposes in
accordance with the Statement of Recommended Practice issued by the Association
of Investment Companies. All items in the above statement derive from
continuing operations and the Company has no other gains or losses and
therefore no statement of total recognised gains or losses is presented. No
operations were acquired or discontinued in the period.
condensed Balance Sheet
Registered number 538179
AT AT AT
31 MARCH 31 MARCH 30 SEPTEMBER
2011 2010 2010
Note £'000 £'000 £'000
Fixed assets
Investments held at fair value 185,495 165,422 174,833
through profit
or loss
Current assets
Certificates of deposit 14,002 24,992 28,000
Amounts due from brokers 696 - -
Tax recoverable 32 - -
Unrealised profit on forward 2 - 28 12
currency
contracts
Prepayments and accrued income 1,025 852 719
Cash and cash funds 1,257 3,487 -
17,012 29,359 28,731
Creditors: amounts falling due
within one
year
Bank overdraft - - (481)
Other creditors 5 - - (8,000)
Amounts due to brokers (282) - -
Unrealised loss on forward 2 (12) - -
currency contracts
Accruals (1,062) (1,028) (1,078)
(1,356) (1,028) (9,559)
Net current assets 15,656 28,331 19,172
Total assets less current 201,151 193,753 194,005
liabilities
Creditors: amounts falling due
after more
than one year
Debenture stock 5 (31,611) (39,591) (31,601)
Cumulative preference shares (250) (250) (250)
Net assets 169,290 153,912 162,154
Capital and reserves
Share capital 6,685 6,685 6,685
Share premium 1,258 1,258 1,258
Capital redemption reserve 466 466 466
Capital reserve 153,851 140,415 145,580
Revenue reserve 7,030 5,088 8,165
Shareholders' funds 169,290 153,912 162,154
Net asset value per share
Basic 7 1266.3p 1151.3p 1212.9p
condensed Cash Flow Statement
SIX SIX
MONTHS TO MONTHS TO YEAR TO
31 MARCH 31 MARCH 30 SEPTEMBER
2011 2010 2010
£'000 £'000 £'000
Total return before finance costs and 12,049 12,793 22,614
taxation
Adjustment for gains on investments (9,460) (10,878) (17,313)
and certificates
of deposit
Adjustment for exchange (gains)/ (92) 465 149
losses
Scrip dividends (25) (13) (38)
(Increase)/decrease in debtors (338) 471 604
(Decrease)/increase in creditors and (16) (24) 20
provisions
Tax on overseas dividends (70) (44) (90)
Cash inflow from operating activities 2,048 2,770 5,946
Servicing of finance (1,090) (1,518) (3,036)
Capital expenditure and financial
investment
Purchases of investments and (59,334) (73,655) (136,105)
certificates of deposit
Proceeds from sale of investments and 71,741 80,424 136,916
certificates
of deposit
Equity dividend paid (3,743) (7,567) (7,567)
Increase/(decrease) in cash in the 9,622 454 (3,846)
period
Exchange movements 116 (728) (397)
Debenture stock non-cash movement (10) (10) (19)
Movement in net debt in the period 9,728 (284) (4,262)
Net debt at beginning of period (40,332) (36,070) (36,070)
Net debt at period end (30,604) (36,354) (40,332)
Analysis of changes in net debt
Brought forward:
(Overdraft)/cash and cash funds (481) 3,762 3,762
Cumulative preference shares (250) (250) (250)
Debenture stock (39,601) (39,582) (39,582)
Net debt brought forward (40,332) (36,070) (36,070)
Movements in the period:
Cash inflow/(outflow) from cash funds 1,622 454 (3,846)
and
short term deposits
Debenture repayment 8,000 - -
Exchange movements 116 (728) (397)
Debenture stock non-cash movement (10) (10) (19)
Net debt at period end (30,604) (36,354) (40,332)
Condensed Reconciliation of movements in Shareholders' Funds
CAPITAL
SHARE SHARE REDEMPTION CAPITAL REVENUE
CAPITAL PREMIUM RESERVE RESERVE RESERVE TOTAL
£'000 £'000 £'000 £'000 £'000 £'000
For the six months
ended
31 March 2011
At 1 October 2010 6,685 1,258 466 145,580 8,165 162,154
Net return on - - - 8,271 2,608 10,879
ordinary activities
Dividends paid - - - - - (3,743) (3,743)
note 8
At 31 March 2011 6,685 1,258 466 153,851 7,030 169,290
For the six months
ended
31 March 2010
At 1 October 2009 6,685 1,258 466 131,539 10,304 150,252
Net return on - - - 8,876 2,351 11,227
ordinary activities
Dividends paid - - - - - (7,567) (7,567)
note 8
At 31 March 2010 6,685 1,258 466 140,415 5,088 153,912
For the year ended
30 September 2010
At 1 October 2009 6,685 1,258 466 131,539 10,304 150,252
Net return on - - - 14,041 5,428 19,469
ordinary activities
Dividends paid - - - - - (7,567) (7,567)
note 8
At 30 September 2010 6,685 1,258 466 145,580 8,165 162,154
Notes to the Condensed Financial Statements
1. Accounting Policies
The condensed financial statements have been using the same accounting policies
as those adopted in the annual financial report for the year ended 30 September
2010.
2. Forward Currency Contracts
The equity portfolio includes £14,151,000 (30 September 2010: £9,924,000; 31
March 2010: £9,205,000) of equities denominated in currencies other than pounds
sterling. In order to manage the currency risk, the Manager has hedged part of
their currency exposure into sterling through the use of forward foreign
exchange contracts. These foreign exchange contracts are designated as fair
value hedges through profit or loss.
3. Investment Management and Performance Fees
The investment management fee is charged 75% to capital and 25% to revenue; the
performance fee is allocated wholly to capital.
No performance fee is provided for the six months ended 31 March 2011 and there
was no performance fee provision as at 30 September 2010. No performance fee
was paid for the calendar year ended 31 December 2010.
4. Tax
The tax effect of expenditure is allocated between capital and revenue on the
same basis as the particular item to which it relates, using the Company's
effective rate of tax for the accounting period.
5. Debenture Stock
The £5 million 10.25% and £3 million 11.375% Debenture Stocks were repaid in
full on 1 October 2010, and cancelled.
Following the redemption of those two Debenture Stocks, the Company's
structured debt is provided by 250,000 5% cumulative preference shares of £1
each, £7 million 7.75% Debenture Stock 2020 and £25 million 6.5% Debenture
Stock 2023.
6. Basis of Returns
SIX MONTHS TO SIX MONTHS TO YEAR TO
31 MAR 2011 31 MAR 2010 30 SEPT 2010
£'000 £'000 £'000
Returns after tax:
Revenue 2,608 2,351 5,428
Capital 8,271 8,876 14,041
Total 10,879 11,227 19,469
The number of ordinary shares in issue for each period has remained unchanged
at 13,368,799.
7. Basis of Net Asset Value per Ordinary Share
AT AT AT
31 MAR 2011 31 MAR 2010 30 SEPT 2010
Shareholders' funds £169,290,000 £153,912,000 £162,154,000
Ordinary shares in issue at 13,368,799 13,368,799 13,368,799
period end
8. Dividends Paid
SIX MONTHS TO SIX MONTHS TO YEAR TO
31 MAR 2011 31 MAR 2010 30 SEPT 2010
£'000 £'000 £'000
Final 28p 3,743 3,743 3,743
Special 11.1p, in respect of VAT - 1,484 1,484
refunds
Interim 17.5p - 2,340 2,340
Total paid 3,743 7,567 7,567
The interim dividend of 17.5p will be paid on 24 June 2011 to shareholders on
the register on 3 June 2011. Last year the interim dividend of 17.5p was paid
on 30 March 2010 to shareholders on the register on 12 March 2010.
9. Investment Trust Status
It is the intention of the Directors to conduct the affairs of the Company so
that it satisfies the conditions for approval as an investment trust company
set out in sections 1158-1165 of the Corporation Tax Act 2010.
10. Status of Half-Yearly Financial Report
The financial information contained in this half-yearly financial report, which
has not been reviewed or audited by the independent auditors, does not
constitute statutory accounts within the meaning of section 434 of the
Companies Act 2006. The financial information for the half-years ended 31 March
2010 and 31 March 2011 has not been audited. The figures and financial
information for the year ended 30 September 2010 are extracted and abridged
from the latest published accounts and do not constitute the statutory accounts
for that year. Those accounts have been delivered to the Registrar of Companies
and include the Report of the Independent Auditors, which was unqualified and
did not include a statement under section 498 of the Companies Act 2006.
By order of the Board
Invesco Asset Management Limited
Company Secretary
23 May 2011
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