Half Yearly Report

RNS Number : 3745R

Aberdeen All Asia Inv Tst PLC

19 November 2012

 



ABERDEEN ALL ASIA INVESTMENT TRUST PLC

HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2012

Chairman's Statement

Investment Performance

Investor sentiment has been weak during the period amid concerns about the risks to political and economic stability in Europe and uncertainty about the strength of the US recovery. In Asia, disappointing economic data from China and India weighed on markets in the region. Nevertheless, markets recovered in the third quarter on the hope that central banks were prepared to take policy action to boost flagging growth but ended down during the period. 

During the six months to 30 September 2012 your Company's share price gained 0.2% to end the period at 318.5p.  The net asset value of the Company on a total return basis (with dividends reinvested) rose marginally by 0.4%. This performance is ahead of the benchmark, the MSCI All Countries Asia Pacific (including Japan) Index, which fell 2.4%. Despite the weak market backdrop, the Company's performance held up thanks largely to the relatively good performance of the stocks in the portfolio.  A detailed performance analysis is covered in the Manager's Review.

On 27 July 2012, a final dividend of 4.75p per Ordinary share was paid in respect of the year ended 31 March 2012.

Outlook

The coming months are not expected to see a major change in the current political and economic uncertainties. In Europe, leading indicators continue to disappoint, suggesting more weakness heading into 2013. Across the Atlantic, the elections, as well as the looming fiscal cliff, have driven companies to trim capital expenditure and hiring, a major reason that growth could remain slow in the months ahead.

In Asia, uncertainties over the leadership transition in China and territorial disputes between Beijing and Tokyo over a group of islands in the East China Sea are weighing on sentiment. Politics is also centre-stage in India. The government is under pressure to deliver, implementation risks are high as coalition politics makes for arduous decision-making, and reforms may be derailed yet again.

Since the financial crisis in the West, some Asian economies have grown more reliant on China to absorb their exports. But with Beijing trying to rebalance growth, there could be adverse ramifications for countries, such as Australia, Hong Kong and Singapore, which have deepened their trade linkages significantly. Conversely, Indonesia, Malaysia and Thailand seem to have decoupled their domestic economies, to some extent, on the back of robust local consumption.

Against this uncertain overall backdrop, while some economies may be experiencing near-term stresses, we are confident your Manager's long term stock-picking approach has identified businesses that are resilient in tough times. Your holdings are consequently still in relatively good shape, with solid market positions, sturdy balance sheets and experienced management. Your Company is well placed to meet the challenges ahead.

Principal Risks and Uncertainties

The Board regularly reviews major strategic risks and sets out delegated controls designed to manage those risks. Aside from the risks associated with investment in Asia, the major risks associated with the Company are resource risk, investment and market risk, gearing risk and regulatory risk. Resource risk relates to the Company's reliance on services provided by third parties since, like most other investment trusts, the Company has no employees. In particular, the Company has delegated responsibility for the management of the Company's portfolio to Aberdeen Asset Management Asia Limited (the "Manager") under an Investment Management Agreement (the "IMA"). The Board reviews the performance of the Manager at each Board meeting, and their compliance with the IMA formally on an annual basis. With regard to investment risk, the Board continually monitor the investment strategy of the Company, and the underlying market risks comprising security price risk, foreign currency risk, interest rate risk, liquidity risk and credit risk are monitored at each Board meeting. The Company currently utilises gearing in the form of bank borrowings (see Note 7 to the Financial Statements). Gearing magnifies the effect of market movements on the net asset value of the Company. Regulatory risk includes the potential loss of investment trust status or a breach of applicable legal and regulatory requirements, which could have adverse financial consequences and cause reputational damage. The Audit Committee monitors compliance with regulations and other operational risks by reviewing internal controls reports from the Manager.

The particular risks of investment in Asia include:

·        greater risk of social, political and economic instability; the small size of the markets for securities of emerging markets issuers and associated low volumes of trading may give rise to price volatility and a lack of liquidity;

·        certain national policies which may restrict the investment opportunities available in respect of a fund, including restrictions on investing in issuers or industries deemed sensitive to national interests; changes in taxation laws and/or rates which may affect the value of the Company's investments;

·        Companies in the Asia-Pacific region are not, in all cases, subject to the equivalent accounting, auditing and financial standards of those in the United Kingdom.

Further details in respect of the risks associated with investment in the Company are detailed in the Directors' Report and in note 18 to the financial statements in the Annual Report and Accounts for the year ended 31 March 2012 (at pages 19 to 20 and 44 to 47 respectively), a copy of which is available on the Company's website.

Related Party Transactions

Aberdeen Asset Management Asia Ltd acts as Manager to the Company and, through its parent company, Aberdeen Asset Management PLC, provides company secretarial, accounting and administrative services. Details of the service and fee arrangements can be found in the Annual Report and Accounts for the year ended 31 March 2012.

Directors' Responsibility Statement

The Directors are responsible for preparing the Half-Yearly Financial Report in accordance with applicable law and regulations.  The Directors confirm that to the best of their knowledge -

·        the condensed set of Financial Statements have been prepared in accordance with the UK Accounting Standards Board's statement "Half-Yearly Financial Reports"; and

·        the Interim Management Report includes a fair review of the information required by rules 4.2.7R of the UK Listing Authority Disclosure and Transparency Rules (being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year) and 4.2.8R (being related party transactions that have taken place during the first six months of the financial year and that have materially affected the financial position of the Company during that period; and any changes in the related party transactions described in the last Annual Report that could so do).

The Half-Yearly Financial Report for the six months ended 30 September 2012 comprises an Interim Management Report in the form of the Chairman's Statement, the Directors' Responsibility Statement and a condensed set of Financial Statements, and has not been audited or reviewed by the auditors pursuant to the APB guidance on Review of Interim Financial Information.

Neil Gaskell

Chairman

16 November 2012

Manager's Report

Overview

Asian equities did little during the review period, caught in the cross-currents of a worsening global backdrop, compounded by Europe's debt crisis and China's slowing growth, and significant policy easing in the West. Risk aversion was high initially as markets hit their trough in May. Subsequently, investors found some respite from positive developments in Europe and China's first rate cut since 2008. Then, in September, major central banks announced long-awaited measures to buttress the global economy, including a third round of US quantitative easing (QE), which prompted a rise in markets. 

Economic growth softened across Asia. Western demand for exports cooled significantly and took a heavier toll on the more open economies of Hong Kong, Korea, Singapore and Taiwan. Countries with a large domestic base, such as Indonesia, Malaysia and the Philippines, proved more resilient, supported by firm consumption and fiscal expansion. China's economy appears to be headed for a soft landing, with the government prepared to intervene further to maintain growth at 7.5%. India meanwhile belatedly unveiled bold market-friendly reforms which were lauded as a step in the right direction, notwithstanding high implementation risks. But nagging concerns over the country's fiscal and current account deficits persisted. Against a largely benign inflation backdrop, central banks in India, Korea and the Philippines cut interest rates, along with China.

Japan faced the all-too-familiar landscape of factious politics, tepid growth and persistent deflation, while the flaring up of a longstanding territorial dispute with China was an unwelcome distraction for the government. Prime minister Noda pushed through a bill to raise the consumption tax but at a price: veteran powerbroker Ichiro Ozawa, along with his followers, quit in protest and quickly formed a new opposition party. PM Noda also found it tough to resuscitate the economy, given the yen's strength and weak external demand. The central bank did its part to help fight deflation and bolster growth by expanding its asset purchases aggressively to ¥80 trillion.

Portfolio

Over the period, the portfolio's net asset value per share rose 0.4% in sterling terms, compared with a decline in the benchmark, the MSCI AC Asia Pacific Index, of 2.4%. Outperformance was driven by our positioning in Japan, Singapore, India and Hong Kong. On a broader level, we benefited from our preference for solid established companies, such as Jardine and the Singapore banks, which showed their mettle in the tougher market conditions. Our heavy exposure to the consumer staples and real estate sectors, which are proxies for consumption, and to Asean countries also served us well, given resilient domestic demand.

Our underweight to Japan, along with our holdings there, contributed the most to performance. In Japan, we have found few domestic companies which run their businesses as well as export-oriented companies that operate internationally and are on a par with global peers in quality and professionalism. Our underweight stance proved beneficial as Japan was the worst regional performer owing to the economic and political backdrop. At the stock level, our consumer-related holdings fared well. Diaper maker Unicharm's operating performance continued to be decent, aided by overseas growth. Stable demand underpinned the cash-generative business of convenience store operator Seven & I. In contrast, exporters Canon and Honda Motor detracted from performance. Canon downgraded its full-year profit outlook in view of the sluggish operating environment. Honda was hurt by adverse currency effects and the political backlash in China. But we remain comfortable with their long-term prospects, given their healthy fundamentals and quality management.

Also benefiting the portfolio was our overweight to Singapore and India. Both markets outperformed the region as Singapore proved attractive as a safe haven, while India was lifted by the liberalisation wave. In Singapore, our bank holdings were strong. OCBC Bank and United Overseas Bank's earnings were driven by robust loan growth. OCBC also unlocked value from the sale of its non-core investments in Fraser & Neave and Asia Pacific Breweries. Outside of the financial sector, Jardine Strategic was bolstered by the steady performance of its underlying businesses, such as Dairy Farm. ST Engineering recorded double-digit profit growth amid a steady stream of new orders. In India, lender HDFC posted healthy loan growth and stable net interest margins, while maintaining its asset quality and robust capital base. Grasim's shares rallied on improved profits at its cement subsidiary Ultratech, which offset weakness in its viscose staple fibre unit.

Our exposure to Hong Kong also boosted relative return owing to the positive contribution from our overweight position, although it was an exceptionally tough period for some of our holdings. Earnings disappointments came from ASM Pacific Technology, which posted weak interim results owing to a decline in mainland demand for semiconductor assembly equipment, and Li & Fung, given the impact of US restructuring costs, increased investments in Asia and the general retail slowdown. Negative newsflow weighed on Standard Chartered (Stanchart) and HSBC, the subjects of regulatory probes, and property developer Sun Hung Kai (SHK), which was investigated for alleged corruption. We continue to be confident of the banks' prospects and management, but since the period end, we took the opportunity to dispose of our position in SHK following a recovery in its share price.

Elsewhere, our holdings in Indonesia, Taiwan and the Philippines did well. Unilever Indonesia, a unit of the Anglo-Dutch consumer goods giant, benefited from the rise in consumers' purchasing power, anchored by a strong product pipeline. Taiwan Mobile posted steady results, underpinned by good capital management, while Taiwan Semiconductor's earnings were supported by healthy demand. The buoyant Philippine economy boosted property developer Ayala Land, which enjoyed robust growth amid improving profit margins, and the Bank of the Philippine Islands, which delivered healthy interim earnings. 

In contrast, our underweight to Australia detracted from performance as the market outperformed the region. Although there are many good-quality companies there, we prefer others in Asia that offer a broader exposure to the region and have better growth opportunities. Our holdings were disappointing. Miner Rio Tinto's share price was dampened by weak iron ore prices amid concerns over commodity demand from China. QBE Insurance cautioned that the recent US drought would hurt profitability. However, both companies are fundamentally sound, given their experienced management, robust core operations and quality assets.

During the period, we introduced only one new holding in Japan Tobacco, the third-largest global cigarette maker and leader in the domestic market. The group has been astute in its overseas acquisitions and will benefit from its exposure to emerging markets, supported by steady cash flows.

We also capitalised on opportunities arising from the volatile market. We took profits in holdings that did well, namely OCBC, Unicharm and Seven & I, and added to ASM Pacific Technology, Canon, Infosys, PetroChina and Stanchart on the back of relative weakness. Separately, we continued to build up our position in Singapore oil-rig maker Keppel Corp, which we had introduced in the prior year. In view of the improved risk appetite, we took some cash out of the portfolio and reduced gearing slightly.

Outlook

Continued volatility in Asian markets underscores the uncertainty caused by prevailing headwinds. These include Eurozone troubles, the outcome of the US presidential election and the looming fiscal cliff, as well as the more recent geopolitical developments. Policy risks are also a big concern. Regional policymakers are bracing their economies against imported inflation as a result of quantitative easing in the West. As capital flows into this region in search of higher yields, central banks will face increasing pressure to stem their appreciating currencies that could erode export competitiveness.

Given these uncertainties, coupled with weak external demand, we expect earnings growth to be in the single digits this year and next. Valuations remain reasonable, although consumer-related names are starting to look expensive, which reflects their recent re-rating based on their greater earnings resilience. We are confident of our holdings and believe that their focus, balance sheet strength and management experience leave them well-positioned to outlast the vagaries of the current business and economic cycle, and future ones.

Aberdeen Asset Management Asia Limited

Manager

16 November 2012

INCOME STATEMENT

	Six months ended
	30 September 2012
	(unaudited)
	Revenue	Capital	Total
	£'000	£'000	£'000
(Losses)/gains on investments	-	(427)	(427)
Income (note 2)	1,124	-	1,124
Investment management fee	(213)	-	(213)
Performance fee	-	(13)	(13)
Administrative expenses	(154)	(6)	(160)
Exchange losses	-	(32)	(32)
	_________	_________	_________
Net return before finance costs and taxation	757	(478)	279
Finance costs	(49)	-	(49)
	_________	_________	_________
Net return on ordinary activities before taxation	708	(478)	230
Taxation on ordinary activities (note 3)	(52)	-	(52)
	_________	_________	_________
Net return on ordinary activities after taxation	656	(478)	178
	_________	_________	_________
Return per Ordinary share (pence)(note 5)	4.50	(3.28)	1.22
	_________	_________	_________

The total column of this statement represents the profit and loss account of the Company.

A Statement of Total Recognised Gains and Losses has not been prepared as all gains and losses have been reflected in the Income Statement.

All revenue and capital items in the above statement derive from continuing operations.

The accompanying notes are an integral part of the financial statements.

INCOME STATEMENT

	Six months ended
	30 September 2011
	(unaudited)
	Revenue	Capital	Total
	£'000	£'000	£'000
(Losses)/gains on investments	-	(6,016)	(6,016)
Income (note 2)	1,249	-	1,249
Investment management fee	(220)	-	(220)
Performance fee	-	-	-
Administrative expenses	(124)	(10)	(134)
Exchange losses	-	(281)	(281)
	_________	_________	_________
Net return before finance costs and taxation	905	(6,307)	(5,402)
Finance costs	(42)	-	(42)
	_________	_________	_________
Net return on ordinary activities before taxation	863	(6,307)	(5,444)
Taxation on ordinary activities (note 3)	(52)	-	(52)
	_________	_________	_________
Net return on ordinary activities after taxation	811	(6,307)	(5,496)
	_________	_________	_________
Return per Ordinary share (pence)(note 5)	5.23	(40.71)	(35.48)
	_________	_________	_________

INCOME STATEMENT

	Year ended
	31 March 2012
	(audited)
	Revenue	Capital	Total
	£'000	£'000	£'000
(Losses)/gains on investments	-	1,425	1,425
Income (note 2)	1,788	-	1,788
Investment management fee	(435)	-	(435)
Performance fee	-	(426)	(426)
Administrative expenses	(253)	(32)	(285)
Exchange losses	-	(37)	(37)
	_________	_________	_________
Net return before finance costs and taxation	1,100	930	2,030
Finance costs	(102)	-	(102)
	_________	_________	_________
Net return on ordinary activities before taxation	998	930	1,928
Taxation on ordinary activities (note 3)	(72)	(6)	(78)
	_________	_________	_________
Net return on ordinary activities after taxation	926	924	1,850
	_________	_________	_________
Return per Ordinary share (pence)(note 5)	6.03	6.02	12.05
	_________	_________	_________

BALANCE SHEET

		As at	As at	As at
		30 September 2012	30 September 2011	31 March 2012
		(unaudited)	(unaudited)	(audited)
	Note	£'000	£'000	£'000
Fixed assets
Investments at fair value through profit or loss		57,139	53,739	58,048
		_________	_________	_________
Current assets
Debtors		229	354	330
Cash at bank and in hand		650	964	913
		_________	_________	_________
		879	1,318	1,243
		_________	_________	_________
Creditors: amounts falling due within one year
Foreign currency bank loans	7	(5,965)	(7,042)	(6,256)
Other creditors		(129)	(210)	(596)
		_________	_________	_________
		(6,094)	(7,252)	(6,852)
		_________	_________	_________
Net current liabilities		(5,215)	(5,934)	(5,609)
		_________	_________	_________
Net assets		51,924	47,805	52,439
		_________	_________	_________
Share capital and reserves
Called-up share capital		1,459	1,549	1,529
Special reserve		-	398	-
Capital redemption reserve		2,273	2,183	2,203
Capital reserve	8	46,795	42,356	47,273
Revenue reserve		1,397	1,319	1,434
		_________	_________	_________
Equity shareholders' funds		51,924	47,805	52,439
		_________	_________	_________
Net asset value per Ordinary share (pence)	9	355.85	308.57	359.38
		_________	_________	_________

RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS

Six months ended 30 September 2012 (unaudited)
			Capital
		Share	redemption	Capital	Revenue
		capital	reserve	reserve	reserve	Total
		£'000	£'000	£'000	£'000	£'000
Balance at 31 March 2012		1,529	2,203	47,273	1,434	52,439
Return on ordinary activities after taxation		-	-	(478)	656	178
Treasury shares cancelled		(70)	70	-	-	-
Dividend paid (note 4)		-	-	-	(693)	(693)
		________	________	________	________	_______
Balance at 30 September 2012		1,459	2,273	46,795	1,397	51,924
		________	________	________	________	_______
Six months ended 30 September 2011 (unaudited)
			Capital
	Share	Special	redemption	Capital	Revenue
	capital	reserve	reserve	reserve	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 31 March 2011	1,549	398	2,183	48,663	1,012	53,805
Return on ordinary activities after taxation	-	-	-	(6,307)	811	(5,496)
Dividend paid (note 4)	-	-	-	-	(504)	(504)
	________	________	________	________	________	_______
Balance at 30 September 2011	1,549	398	2,183	42,356	1,319	47,805
	________	________	________	________	________	_______
Year ended 31 March 2012 (audited)
			Capital
	Share	Special	redemption	Capital	Revenue
	capital	reserve	reserve	reserve	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 31 March 2011	1,549	398	2,183	48,663	1,012	53,805
Purchase of own shares for cancellation	(6)	(102)	6	(79)	-	(181)
Purchase of own shares to be held in treasury	-	(296)	-	(2,235)	-	(2,531)
Treasury shares cancelled	(14)	-	14	-	-	-
Return on ordinary activities after taxation	-	-	-	924	926	1,850
Dividend paid (note 4)	-	-	-	-	(504)	(504)
	________	________	________	________	________	_______
Balance at 31 March 2012	1,529	-	2,203	47,273	1,434	52,439
	________	________	________	________	________	_______

CASHFLOW STATEMENT

	Six months ended	Six months ended	Year ended
	30 September 2012	30 September 2011	31 March 2012
	(unaudited)	(unaudited)	(audited)
	£'000	£'000	£'000
Return on ordinary activities before finance costs and taxation	279	(5,402)	2,030
Adjustments for:
Losses/(gains) on investments	427	6,016	(1,425)
Expenses taken to capital reserve	6	10	32
Foreign exchange movements	32	281	37
Decrease/(increase) in accrued income	75	27	(27)
Decrease/(increase) in other debtors	10	2	(2)
Increase/(decrease) in other creditors	24	(48)	(35)
(Decrease)/increase in performance fee creditor	(411)	(422)	4
Overseas withholding tax suffered	(53)	(53)	(72)
Stock dividends included in investment income	-	(141)	(189)
	___________	___________	___________
Net cash inflow from operating activities	389	270	353
Net cash outflow from servicing of finance	(50)	(54)	(114)
Net cash outflow from taxation	-	-	(6)
Net cash inflow/(outflow) from financial investment	414	(554)	2,632
Equity dividends paid	(693)	(504)	(504)
	___________	___________	___________
Net cash inflow/(outflow) before financing	60	(842)	2,361
Financing
Purchase of Ordinary share capital	-	-	(2,712)
Loan (repaid)/drawn down	(302)	978	477
	___________	___________	___________
Net cash (outflow)/inflow from financing	(302)	978	(2,235)
	___________	___________	___________
(Decrease)/increase in cash	(242)	136	126
	___________	___________	___________
Reconciliation of net cash flow to movements in net debt
(Decrease)/increase in cash as above	(242)	136	126
Decrease/(increase) in borrowings	302	(978)	(477)
	___________	___________	___________
Change in net debt resulting from cash flows	60	(842)	(351)
Foreign exchange movements	(32)	(281)	(37)
	___________	___________	___________
Movement in net debt in the period	28	(1,123)	(388)
Opening net debt	(5,343)	(4,955)	(4,955)
	___________	___________	___________
Closing net debt	(5,315)	(6,078)	(5,343)
	___________	___________	___________
Represented by:
Cash at bank and in hand	650	964	913
Debt falling due within one year	(5,965)	(7,042)	(6,256)
	___________	___________	___________
Closing net debt	(5,315)	(6,078)	(5,343)
	___________	___________	___________

NOTES TO THE ACCOUNTS

1.	Accounting policies
	Basis of accounting
	The accounts have been prepared in accordance with applicable UK Accounting Standards, with pronouncements on Half-Yearly Reporting issued by the Accounting Standards Board and with the Statement of Recommended Practice for 'Financial Statements of Investment Trust Companies and Venture Capital Trusts'. They have also been prepared on the assumption that approval as an investment trust will continue to be granted.
	The financial statements and the net asset value per share figures have been prepared in accordance with UK Generally Accepted Accounting Practice (UK GAAP).
	The half-yearly financial statements have been prepared using the same accounting policies as the preceding annual accounts.

		Six months ended	Six months ended	Year ended
		30 September 2012	30 September 2011	31 March 2012
2.	Income	£'000	£'000	£'000
	Income from investments
	UK dividend income	98	56	184
	Overseas dividends	1,026	1,052	1,415
	Stock dividends	-	141	189
		___________	___________	___________
	Total income	1,124	1,249	1,788
		___________	___________	___________

3.	Taxation
	The taxation charge for the period represents withholding tax suffered on overseas dividend income.

		Six months ended	Six months ended	Year ended
		30 September 2012	30 September 2011	31 March 2012
4.	Dividends	£'000	£'000	£'000
	2011 final dividend - 3.25p	-	504	504
	2012 final dividend - 4.75p	693	-	-
		___________	___________	___________
		693	504	504
		___________	___________	___________

		Six months ended	Six months ended	Year ended
		30 September 2012	30 September 2011	31 March 2012
5.	Return per Ordinary share	£'000	£'000	£'000
	Based on the following figures:
	Revenue return	656	811	926
	Capital return	(478)	(6,307)	924
		___________	___________	___________
	Total return	178	(5,496)	1,850
		___________	___________	___________
	Weighted average number of Ordinary shares in issue	14,591,572	15,492,367	15,349,072
		___________	___________	___________

6.	Transaction costs
	During the period expenses were incurred in acquiring or disposing of investments classified as fair value through profit or loss. Expenses incurred in acquiring investments have been expensed through capital and are included within administration expenses in the Income Statement, whilst expenses incurred in disposing of investments have been expensed through capital and are included within (losses)/gains on investments in the Income Statement. The total costs were as follows:
		Six months ended	Six months ended	Year ended
		30 September 2012	30 September 2011	31 March 2012
		£'000	£'000	£'000
	Purchases	4	7	26
	Sales	7	3	25
		___________	___________	___________
		11	10	51
		___________	___________	___________

			As at	As at	As at
			30 September 2012	30 September 2011	31 March 2012
7.	Foreign currency bank loans		£'000	£'000	£'000
	Foreign currency bank loans		5,965	7,042	6,256
			___________	___________	___________
	US Dollar	Amount £'000	4,607	5,247	4,895
		USD'000	7,440	8,174	7,820
		Interest rate (%)	1.42	1.74	1.67
			___________	___________	___________
	Japanese Yen	Amount £'000	1,358	1,795	1,361
		JPY'000	170,622	215,500	179,000
		Interest rate (%)	1.29	1.48	1.35
			___________	___________	___________
	The bank loans are drawn down from the £10,000,000 multi-currency facility with Standard Chartered Bank.

8.	Capital reserve
	The capital reserve figure reflected in the Balance Sheet includes investment holdings gains of £15,201,000 (30 September 2011 - £9,849,000; 31 March 2012 - £16,534,000).

		As at	As at	As at
9.	Net asset value per Ordinary share	30 September 2012	30 September 2011	31 March 2012
	Attributable net assets (£'000)	51,924	47,805	52,439
	Number of Ordinary shares in issue	14,591,572	15,492,367	14,591,572
	Net asset value per Ordinary share (p)	355.85	308.57	359.38

10.	Related party disclosures
	There were no related party transactions during the period.

11.	The financial information contained in this Half-Yearly Financial Report does not constitute statutory accounts as defined in Sections 434 - 436 of the Companies Act 2006. The financial information for the six months ended 30 September 2012 and 30 September 2011 have not been audited.
	The information for the year ended 31 March 2012 has been extracted from the latest published audited financial statements which have been filed with the Registrar of Companies. The report of the auditors on those accounts contained no qualification or statement under Section 498 (2), (3) or (4) of the Companies Act 2006.
	This report has not been reviewed or audited by the Company's auditors.

12.	This Half-Yearly Report was approved by the Board on 16 November 2012.

13.	The Half-yearly Report will shortly be available from the Company's website (www.all-asia.co.uk) and will be posted to shareholders at the end of November 2012.

For Aberdeen All Asia Investment Trust plc

Aberdeen Asset Management PLC, Secretary

 

END

 

 

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