Annual Financial Report

RNS Number : 8026K
Aberdeen New Dawn Invest Trust PLC
30 June 2014
 



ABERDEEN NEW DAWN INVESTMENT TRUST PLC

 

ANNUAL FINANCIAL REPORT

for the year ended 30 April 2014

 

 

STRATEGIC REPORT - COMPANY SUMMARY AND FINANCIAL HIGHLIGHTS

 

The Company

The Company is an investment trust and its Ordinary shares are listed on the premium segment of the Official List of the UK Listing Authority and traded on the London Stock Exchange. An investment trust is a way to make a single investment that gives you a share in a much larger portfolio.

 

Investment Objective

The investment objective of the Company is to provide shareholders with a high level of capital growth through equity investment in the Asia Pacific countries ex Japan.

 

Company Benchmark

The Company compares its performance to the currency-adjusted MSCI All Countries Asia Pacific ex Japan Index

 

Manager

The Company is managed by Aberdeen Asset Management Asia Limited ("AAM Asia" or the "Manager").

 

Website

Up-to-date information can be found on the Company's website - www.newdawn-trust.co.uk

 

Financial Highlights

 

2014

2013

Share price total return

-14.0%

+26.1%

Net asset value total return

-8.9%

+18.8%

Benchmark total return

-6.8%

+18.3%

Earnings per share (revenue)*

3.79p

3.89p

Dividends per share*

3.60p

3.40p

* Figures for 2013 have been restated to reflect the 5:1 sub-division as disclosed in note 12.

 

 

STRATEGIC REPORT - OVERVIEW OF STRATEGY

 

Introduction

The purpose of this report is to provide shareholders with details of the Company's strategy and business model as well as the principal risks and challenges it faces.

 

The business of the Company is that of an investment trust and the Directors do not envisage any change in this activity in the foreseeable future. 

 

Objective

To provide shareholders with a high level of capital growth through equity investment in the Asia Pacific countries ex Japan.

 

Business Model

Investment Policy and Approach

The Company's assets are invested in a diversified portfolio of securities in quoted companies spread across a range of industries and economies in the Asia Pacific region excluding Japan. Investments may also be made through collective investment schemes and in companies traded on stock markets outside the Asia Pacific investment region provided that over 75% of their consolidated revenue is earned from trading in the investment region or they hold more than 75% of their consolidated net assets in the Asia Pacific investment region.

 

The Board is responsible for determining the gearing strategy for the Company. Gearing is used selectively to leverage the Company's portfolio in order to enhance returns where and to the extent this is considered appropriate to do so. At the year end there was net gearing of 7.8% which compares with a current maximum limit set by the Board of 25%. Borrowings are short-term and particular care is taken to ensure that any bank covenants permit maximum flexibility of investment policy.

 

In addition, it is the investment policy of the Company to invest no more than 15% of its gross assets in other listed investment companies (including listed investment trusts). As at 30 April 2014, 2.2% of the Company's portfolio was invested in investment companies.

 

Investment Process

The Directors are responsible for determining the investment policy and the investment objective of the Company. Day to day management of the Company's assets has been delegated to Aberdeen Asset Management Asia Limited ("AAM Asia" or the "Manager"). The Manager invests in a diversified range of companies throughout the Asia Pacific investment region in accordance with the investment policy. The Manager follows a bottom-up investment process based on a disciplined evaluation of companies through direct visits by its fund managers. Stock selection is the major source of added value. No stock is bought without the fund managers having first met management. The Manager estimates a company's worth in two stages, quality then price. Quality is defined by reference to management, business focus, the balance sheet and corporate governance. Price is calculated by reference to key financial ratios, the market, the peer group and business prospects. Top-down investment factors are secondary in the Manager's portfolio construction, with diversification rather than formal controls guiding stock and sector weights. Little attention is paid to market capitalisation. The Manager is authorised to invest up to 15% of the Company's gross assets in any single stock, calculated at the time an investment is made.

 

Principal Risks and Uncertainties

The Board regularly reviews major strategic risks and sets out delegated controls designed to manage those risks.  Investment in Asia-Pacific securities or those of companies that derive significant revenue or profit from the Asia-Pacific region involves a greater degree of risk than that usually associated with investment in the securities in major securities markets, including the risk of social, economic or political instability, which may have an adverse effect on economic returns or restrict investment opportunities. 

 

Aside from the risks associated with investment in Asia, the key risks related to investment strategy, including inappropriate asset allocation or gearing, are managed through a defined investment policy, specific guidelines and restrictions and by the process of oversight at each Board meeting.  Operational disruption, accounting and legal risks are also covered at least annually and regulatory compliance is reviewed at each Board meeting.

 

In detail, the major risks associated with the Company are:

-      Resource risk: like most other investment trusts, the Company has no employees. The Company therefore relies on services provided by third parties, including, in particular, the Manager, to which responsibility for the management of the Company's portfolio has been delegated under an Investment Management Agreement ("IMA").  The terms of the IMA cover the necessary duties and conditions expected of the Manager. The Board reviews the performance of the Manager on a regular basis, and their compliance with the IMA formally on an annual basis.

-      Investment and market risk: the Board continually monitors the investment policy of the Company, taking account of stockmarket factors, and reviews the Company's performance compared to its benchmark index. Further details on other risks relating to the Company's investment activities, including market price, interest rate, liquidity and foreign currency risks, are disclosed in note 18 to the Financial Statements.

-      Gearing risk: in the long-term, to help income generation and capital growth, the Company has borrowed to invest in the assets. This is undertaken in the belief that the assets will produce a greater total return than the cost of the borrowing over time. However, if asset values decline, that decline is exacerbated by gearing. During the year under review, the Company's borrowing was exclusively bank borrowing, in the form of a revolving credit facility of which approximately £19,412,000, under the £30,000,000 loan facility, was drawn down at 30 April 2014. Further details are provided in note 11 to the financial statements. The bank borrowings have certain associated covenants which are monitored by the Manager and Board.  The gearing risk of the Company is actively managed and monitored with the Manager able to increase or decrease the short-term borrowings in line with their view of the stock market.

-      Regulatory risk: the Company operates in a complex regulatory environment and faces a number of regulatory risks. Serious breaches of applicable regulations could lead to a number of detrimental outcomes and reputational damage. The Audit and Risk Committee monitors compliance with regulations by reviewing internal control reports from the Manager.

-      Discount volatility: the Company's share price can trade at a discount to its underlying net asset value.  The Board regularly reviews the Company's premium/discount.

-      Income risk: the level of income, and hence the level of dividend paid to shareholders, is dependent primarily on the dividends paid by investee companies. At times, those dividends may fall with a consequential effect on the ability of the Company to maintain dividends to shareholders. However, the Company may draw upon dividend reserves if required.

 

In detail, 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 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;

-      the absence in some markets of developed legal structures governing private or foreign investment and private property leading to supervision and regulation; and changes in government which may have an adverse effect on economic reform. 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; and

-      currency fluctuations which may affect the value of the Company's investments and the income derived therefrom.

 

Future Trends

The majority of the region's economies have high rates of growth, strong trade and fiscal surpluses and rapidly developing capital markets. Nevertheless the past has demonstrated regional risks and the Chairman sets out in his Statement the Board's considered view of the future.

 

Performance and Outlook

The strategic direction and development of the Company is regularly discussed as part of Board meeting agendas.  At each Board meeting, the Directors consider a number of performance measures to assess the Company's success in achieving its objectives.  The Board also considers the future direction of the Company at an annual strategy meeting where a wide discussion takes place on development and strategic direction. The Company's broker, Cantor Fitzgerald, presents to the Board regularly during the course of the year and covers the topics of sector development, perception of the Company and relevant strategic issues.  The Board also considers the efficacy of marketing and promotion of the Company, including communications with shareholders.

 

A review of the Company's activities and performance during the year ended 30 April 2014 and future developments is detailed in the Chairman's Statement and the Manager's Review. This covers market background, investment activity, portfolio strategy, dividend and gearing policy and investment outlook.

 

Key Performance Indicators (KPIs)

The main KPIs against which the Board assesses the Company's performance include:

 

-      Net Asset Value

-      Revenue Return per Ordinary Share

-      Share Price

-      Dividend per Share

-      Discount

-      Performance relative to the Benchmark

-      Ongoing Charges

 

Board Diversity

The Board recognises the importance of having a range of skilled, experienced individuals with relevant knowledge in order to allow it to fulfill its obligations.  At 30 April 2014, there was one female and four male Directors. The Company has no employees.

 

Employee and Socially Responsible Policies

As the Company has delegated the management of the portfolio, it has no employees and therefore has no requirement for disclosures in this area. The Company's socially responsible investment policy is set out in the Statement of Corporate Governance.

 

Global Greenhouse Gas Emissions

The Company has no greenhouse gas emissions to report from its operations, nor does it have responsibility for any other emissions producing sources under the Companies Act 2006 (Strategic Report and Directors' Reports) Regulations 2013.

 

The Manager's corporate socially responsible investment policy including environmental policy can be found on http://www.aberdeen-asset.com/aam.nsf/groupCsr/home.

 

Duration

The Company does not have a fixed life. However, under the Articles of Association, if in the 90 days preceding the Company's financial year end (30 April) the Ordinary shares have been trading, on average, at a discount in excess of 15% to the underlying net asset value over the same period, notice will be given of an ordinary resolution to be proposed at the following Annual General Meeting ("AGM") to approve the continuation of the Company.  If the resolution for the continuation of the Company is not passed at that AGM or any adjournment thereof, the Directors shall convene a general meeting to be held not more than three months after the AGM at which a special resolution for the winding-up of the Company shall be proposed.  In the 90 days to 30 April 2014 the average discount to underlying net asset value of the Ordinary shares was 10.5%, therefore no ordinary resolution will be put to the Company's shareholders.

 

 

David Shearer

Chairman

27 June 2014

 

 

STRATEGIC REPORT - CHAIRMAN'S STATEMENT

 

Background

The year ended 30 April 2014 was a challenging one for Asian equities, and saw the market, as measured by the benchmark currency adjusted MSCI All Countries Asia Pacific (ex Japan) Index, fall 6.8% over the period. Your Company was also affected by the volatile trading conditions, with its net asset value ("NAV") declining by 8.9% in sterling terms on a total return basis. Your Company's share price fell 15.6% to 168.0p at the year end while the discount to net asset value rose to 10.9% from 5.5% at the start of the period. In spite of this, your Company's long-term track record remains excellent. Over the last five years, its cumulative NAV total return was 109.5% versus the benchmark return of 71.9%, reflecting your Manager's ability to add value across Asian markets through investing in companies with strong financials and commitment to shareholder value.

 

The Board is pleased to announce a dividend of 2.6p,which combined with the interim dividend of 1.0p will make a total dividend of 3.6p, an increase of 5.5% on last year's level and represents an annual yield at the current market price of 176.0p of 2%. If approved by shareholders at the Annual General Meeting ("AGM"), the final dividend will be paid on 5 September 2014 to Ordinary shareholders on the register on 8 August 2014. Shareholders should be aware that, as in previous years, the level of future dividends will depend on future receipts from the investment portfolio.

 

Overview

It was a volatile twelve months for Asian equities, which fell in sterling terms. Markets were buoyant in the early part of the year supported by continuing loose monetary policy across developed nations. In particular, the US Federal Reserve's (the Fed) generous asset purchase scheme drove record inflows into the region from yield-seeking foreign investors. In the second half of the year, indications from the Fed of a tightening of monetary policy had an impact on certain Asian stock markets and currencies as offshore funds retreated in favour of perceived safe havens in the West.

 

The performance of the region's markets under these circumstances was mixed. Those countries with fragile finances in the form of large current account and fiscal deficits, such as India and Indonesia, came under pressure once risk appetites were reassessed. The central banks were forced to shore up their weakening currencies, by raising interest rates. However, a concerted effort to balance the books together with widespread optimism that national elections would bring about much-desired political change, saw sentiment improve later in the reporting period. Notably, in India optimism over Narendra Modi's recent decisive victory at the polls has lifted the domestic stock market to record highs.

 

Investors were also sensitive to signs of weakness in China's economy. Deteriorating economic data from the mainland, fears over wealth management product and bond defaults, as well as concerns over the property sector had a negative impact on sentiment which reached beyond China's borders into regional markets. The Chinese government unveiled a series of practical proposals to support growth, including relaxing restrictions on investment, liberalising the financial sector and ending regular intervention in currency markets.

 

Meanwhile Thailand's protracted political crisis came to a head as the army staged the nation's twelfth coup. The country's equity markets have remained surprisingly resilient through its latest bout of political turmoil.

 

Regulatory Changes

Following recent regulatory changes, this Chairman's Statement now forms part of the new Strategic Report.  Shareholders will also note other changes to the format of the Annual Report which have been implemented as a result of these new regulatory requirements.

 

Alternative Investment Fund Managers Directive

Shareholders may be aware of the Alternative Investment Fund Managers Directive (the "AIFMD"), which creates a European-wide framework for regulating managers of alternative investment funds ("AIF"s). Listed investment companies such as Aberdeen New Dawn Investment Trust PLC are caught within the definition of an AIF. The AIFMD is intended to reduce systemic risk created by the financial sector and aims to improve regulation, enhance transparency and investor protection, develop a single EU market for AIFs and implement effective mechanisms for micro- and macro-prudential oversight.  The AIFMD came into force in July 2013 but a transitional period means that investment companies have until July 2014 to comply with the relevant regulations. We have agreed to appoint a subsidiary of Aberdeen Asset Management PLC to act as our AIFM and are currently in the process of finalising the appointment of a Depositary as well as revising our investment management agreement to be consistent with the new regulatory regime.  An announcement will be made once these new arrangements are in place.

 

 

Board

Heather Manners will be retiring from the Board on 30 June 2014.  Heather is standing down from the Board due to the potential for future conflicts of interest from developments in her other main business. On behalf of the Board I would like to thank her for her input to the Board.  We have benefited greatly from her experience and we wish her well in her future endeavors.

 

Following a comprehensive process undertaken by a search firm on the Board's behalf, I am delighted to say that Ms Susie Rippingall has been appointed to the Board effective 1 July 2014.   Susie has significant investment management expertise and an excellent working knowledge of the Far East, and she will be standing for election at the forthcoming AGM

 

Annual General Meeting

The AGM of the Company will be held on Tuesday 2 September 2014 at 12.00 noon in London, and your Board looks forward to meeting as many shareholders as possible at both the AGM and the subsequent lunch.

 

As special business at the AGM we are proposing to renew the authority to allot up to 10% of the Company's issued share capital without pre-emption rights applying, and the authority to buy in shares, and either hold them in treasury for future resale (at a premium to net asset value) or cancel them. We have not bought back any shares or issued any new shares during the year under review, however, your Board believes that it is appropriate to retain maximum flexibility in this regard. Accordingly the Board encourages shareholders to vote in favour of these resolutions.

 

Outlook 

While there may be periods of further volatility, in the last few months, markets have started to recover across the region. Many corporates appear to have navigated the cyclical slowdown with their fundamentals intact and valuations look reasonable when compared to developed markets. The prospect of higher interest rates, if economic growth recovers significantly, could impact earnings however, a return to 'normal' monetary policy would ensure that markets recognise quality companies with sound fundamentals. Your company's portfolio is well positioned in these circumstances.

 

 

David Shearer

Chairman

27 June 2014

 

 

STRATEGIC REPORT - MANAGER'S REVIEW

 

Asian equity markets were relatively weak in the year to end April as sentiment was dampened by the direction of US monetary policy and concerns over a hard landing in China. While awash with liquidity at first, markets sold off when the Federal Reserve indicated it might reduce its asset purchases. The lack of a timeline unsettled investors who had grown accustomed to central bank largesse. Emerging economies that relied heavily on short-term foreign-currency loans witnessed significant depreciations in their local currencies, which in turn accentuated stockmarket declines. Uncertainty prevailed until the Fed said it would start tapering from January.

 

The slowdown in China and meek recovery in the West, which hurt demand for the region's exports, also weighed on risk appetite. In the mainland, concerns over a property bubble, bank runs, as well as bond and wealth management product defaults dogged sentiment. The newly installed government's blueprint to reform the economy was widely scrutinised. While we support proposals to boost the private sector's role and internationalise the yuan, we recognise that their implementation will be long drawn out. In Thailand, nearly seven months of political turmoil culminated with a military coup. Domestic growth and corporate earnings there have suffered.

 

Towards the period-end, however, most markets enjoyed a rebound as sentiment improved. In India and Indonesia, investors were hopeful that pro-business candidates would be elected, while more recent policy decisions appeared to have tempered inflation and started to address current account deficits. At the time of writing, India continued to rise, following the opposition Bharatiya Janata party's (BJP's) election triumph. Overall, valuations remain reasonable despite the late flourish in markets.

 

Portfolio Review

Amid volatile trading conditions over the year, the portfolio's net asset value fell by 8.9% in sterling terms on a total return basis, compared with the benchmark MSCI AC Asia Pacific ex Japan Index's (currency adjusted) decline of 6.8%.

 

Among key stock detractors, exposure to emerging economies and the downturn in the property sector were some of the reasons for their underperformance. Standard Chartered's full-year profits fell for the first time in over a decade as growth slowed in developing economies and bad loans rose. Talk that it needed to raise funds via a rights issue and the unexpected departure of a number of senior personnel also depressed its stock price. While short-term headwinds persist, we believe the lender is well positioned to grow in Asia, supported by a solid franchise and bold cost management. We will continue to monitor its restructuring. Hong Kong conglomerate Jardine Strategic was hurt by weaker demand and currency depreciation in Indonesia, but given its robust finances and well-established networks, we are confident of its wherewithal to tide over the downturn. Meanwhile, ongoing property curbs and the prospect of higher interest rates weighed on developers Hang Lung, Swire Pacific and City Developments. We believe the long-term structural growth story in developing economies remains intact. Although GDP levels have fallen, expansion is still more robust than that seen in advanced economies. Debt levels are relatively low at the government, corporate and consumer levels, while reserves are generally healthy. In the property sector specifically, our view is that prices should be supported by rising housing needs and firm demand over the long term, augmented by the widely held view in Asia of real estate as a traditional store of value.

 

Elsewhere, OCBC's share price lagged amid early concerns that it could overpay for its acquisition of Wing Hang Bank, another of our holdings. Subsequently, a deal was reached in which the Singapore lender purchased Wing Hang at approximately 1.8 times its book value, a fair price in our view. We are optimistic about the deal. Both banks are well run. Wing Hang should find it easier to meet stricter regulatory requirements by adopting OCBC's more advanced business practices, while the latter, with a meaningful presence in Southeast Asia, would benefit from access to the greater China retail banking sector and offshore yuan market. In Australia, QBE Insurance's need to take additional provisions, restructuring charges and a goodwill write-down in North America proved a significant dampener. Nevertheless, its underlying business remains robust. We have met management on several occasions and feel confident that the company is taking the right steps to fix its US problems. The potential sale of its mid-market business there should allow it to focus on its core operations. We believe the worst is now behind the company.

 

On a positive note, Samsung Electronics, TSMC and ASM Pacific Technology all contributed to relative return, having benefited from a rally in the global technology sector. Individually, these companies posted encouraging results. Samsung's operating profits remained at record levels. The consumer electronics giant also reiterated its commitment to shareholder return, backed by its cash-generative businesses, which has also allowed it to reinvest to move up the value chain. The portfolio holds Samsung's preferred shares, which outperformed the ordinary shares. Hong Kong company ASM Pacific's earnings improved, while TSMC's results exceeded expectations on the back of firm demand for its semiconductor chips. The Taiwanese company's leading-edge technology helped it stay ahead of the competition, while its ability to work closely with big-name customers has erected high barriers to entry.

 

Several companies also benefited from prudent cost management. In Australia, global miners BHP Billiton and Rio Tinto made good progress in reducing costs. This allowed Rio to return to full-year profitability, while BHP emerged leaner and more focused. Another positive contributor was our exposure to India, mainly via the Aberdeen Global - Indian Equity Fund. Sentiment towards the local market improved on hopes the BJP would speed up desperately needed reforms to jumpstart the economy. Infrastructure-related stocks led the rebound. Elsewhere, Singapore's UOB was underpinned by good loan growth. It is one of the best-run banks regionally, with a solid capital base and impressive cost-to-income ratio.

 

In portfolio activity, we introduced Singapore's DBS Group after the lender showed encouraging efforts to boost consumer lending in Southeast Asia. It has also grown its presence in greater China, while maintaining good asset quality. Conversely, we sold Singapore Airlines. Unpredictable energy prices and more intense competition had hurt its profits. While we think the company is well run and financially sound, we see better value elsewhere. We also added to several stocks following price weakness, including Standard Chartered and City Developments. Against this, we pared Samsung Electronics and TSMC, while also taking profits from the India fund after the market rebounded from initial weakness.

 

Outlook

Global growth prospects remain patchy. The US seems to be gaining some momentum, but European recovery appears more tenuous, with deflation an imminent threat. Hence, monetary policy could diverge. China should moderate further as it transitions from an export-led to a consumption-fuelled economy. Countries relying on the mainland to buy their goods may be adversely affected, given the Chinese government's newfound tolerance for slower albeit more inclusive and sustainable growth.

 

Political tensions could also hurt demand, but the recent coup in Thailand has brought temporary stability after a period of uncertainty. The military has begun the process of approving stalled investment and infrastructure projects, which should help reignite growth. In India, voters are expecting big changes, having ushered in a new government with a clear majority. The local market has already outperformed the region so far in calendar 2014, with the more cyclical and capital-intensive stocks doing particularly well on expectations of future infrastructure spending.

 

Overall, we believe Asia continues to offer many attractions. The region has been through similarly trying periods in the past and the current cycle is no different. Once this phase turns, consumption is expected to recover, buttressed by favourable demographics and rising middle-class aspirations. The region also offers world-class businesses. Over the short-term, earnings-per-share growth at 7-8% might not be stellar. But given our longer-term investment horizon, we are optimistic. Despite the recent run-up, valuations remain reasonable at around 12-13 times earnings. Identifying the right companies now will allow us to ride Asia's growth over the long run.  

 

Aberdeen Asset Management Asia Limited

27 June 2014

 

 

STRATEGIC REPORT - RESULTS

 

 

Financial Highlights

 

30 April 2014

30 April 2013

% change

Total assets

£254,174,000

£283,098,000

-10.2

Total equity shareholders' funds (net assets)

£234,762,000

£262,263,000

-10.5

Market capitalisation

£209,239,000

£247,849,000


Share price (mid market) A

168.00p

199.00p

-15.6

Net asset value per share A

188.49p

210.57p

-10.5

Discount to net asset value

10.9%

5.5%


MSCI AC Asia Pacific ex Japan Index (currency adjusted, capital gains basis)

525.60

582.09

-9.7

Net gearing B

7.83%

7.47%


Dividend and earnings




Revenue return per share A C

3.79p

3.89p

-2.6

Dividends per share A D

3.60p

3.40p

+5.9

Dividend cover

1.05

1.14


Revenue reserves E

£11,400,000

£10,917,000


Operating costs




Ongoing charges ratio F

1.09%

1.06%



A      Figures for 2013 have been restated to reflect the 5:1 sub-division as disclosed in note 12.

B      Calculated in accordance with AIC guidance "Gearing Disclosures post RDR".

C      Measures the total earnings for the year divided by the weighted average number of Ordinary shares in issue (see Income Statement).

D      The figures for dividends still reflect the years in which they were earned (see note 7) and assume approval of the final dividend.

E      Prior to payment of proposed final dividend.

F       Ongoing charges ratio has been calculated in accordance with recent guidance issued by the AIC as the total of the investment management fee and administrative expenses divided by the average cum income net asset value throughout the year.

 

 

Performance (total return)

 

1 year return

3 year return

5 year return


%

%

%

Share price

-14.0

+1.5

+107.7

Net asset value

-8.9

+6.6

+109.5

MSCI AC Asia Pacific ex Japan Index (currency adjusted)

-6.8

+1.9

+71.9

 

 

Dividends

 

Rate

xd date

Record date

Payment date

Interim 2014 A

1.00p

8 January 2014

10 January 2014

31 January 2014

Proposed final 2014

2.60p

6 August 2014

8 August 2014

5 September 2014

Total 2014

3.60p









Interim 2013 A

1.00p

2 January 2013

4 January 2013

25 January 2013

Final 2013 A

2.40p

31 July 2013

2 August 2013

23 August 2013

Total 2013

3.40p




A Figures have been restated to reflect the 5:1 sub-division as disclosed in note 12.

 

 

Ten Year Financial Record

 

Year to 30 April

2005

2007

2008

2009

2010

2011

2012

2013

2014

Total revenue (£'000)

3,188

4,027

4,301

4,734

4,372

5,752

6,799

6,562

6,819

Per share (p) A










Net revenue return

1.37

1.53

1.63

2.10

2.37

3.17

3.97

3.89

3.79

Total return

6.07

10.01

20.30

(30.64)

66.34

26.44

(2.72)

33.49

(18.68)

Net dividends paid/proposed B

1.00

1.11

1.20

1.60

2.00

2.50

3.30

3.40

3.60

Net asset value per share

66.08

109.77

129.26

97.42

162.16

186.60

181.38

210.57

188.49

Equity shareholders' funds (£'000)

77,341

139,342

160,993

121,339

201,969

232,406

225,908

262,263

234,762


A      Figures for 2005-2013 have been restated to reflect the 5:1 sub-division as disclosed in note 12.

B      The figures for dividends have not been restated and still reflect the dividend for the years in which it was earned. The 2005 figure includes a 1.0p Special.

 

Investment Portfolio - Ten Largest Investments

As at 30 April 2014

 



Valuation

Total

Valuation




2014

assets A

2013

Company

Industry

Country

£'000

%

£'000

Aberdeen Global - Indian Equity Fund



29,383

11.6

30,356

A tax-efficient pooled India fund with a long-term investment approach managed by the same team managing the Company. There is no double-charging of management fees.

Collective Investment Scheme

India




Samsung Electronics Pref



12,238

4.8

13,786

A leading semiconductor company which is also a major player in mobile phones and TFT-LCDs. We own the preferred shares, which trade at a discount to the ordinary shares.

Semiconductors & Semiconductor Equipment

South Korea




Jardine Strategic Holdings



10,848

4.3

12,857

A Hong Kong conglomerate with regional interests in retail, property, hotels and auto distribution. It provides the fund with a diversified exposure to the Asian consumer, backed by good distribution networks, established franchises and a decent valuation.

Industrial Conglomerates

Hong Kong




Oversea-Chinese Banking Corporation



10,273

4.0

12,749

A Singapore lender that is evolving into a regional financial services firm, with a meaningful presence in Southeast Asia. Its acquisition of Wing Hang Bank, subject to regulatory approval, will also give it access to greater China and the offshore yuan market, augmented by its stake in Bank of Ningbo.

Banks

Singapore




Rio Tinto (London listing)



9,653

3.8

7,863

Australian mining company with a focused management team looking to maximise shareholder value. We hold the UK-listed stock, which trades at a discount to the Australian stock.

Metals & Mining

Australia




Taiwan Semiconductor Manufacturing Company



8,782

3.5

11,462

The world's largest dedicated semiconductor foundry, it provides wafer manufacturing, wafer probing, assembly and testing, mask production and design services.

Semiconductors & Semiconductor Equipment

Taiwan




BHP Billiton (London listing)



8,770

3.4

8,185

One of the world's top quality mining stocks with a strong balance sheet.

Metals & Mining

Australia




HSBC Holdings



8,161

3.2

9,249

A global bank with a solid Asian franchise. It has embarked on an organisational restructuring and is shedding its less profitable businesses. It also has a robust capital position and a generous dividend policy.

Banks

Hong Kong




Ayala Land



7,984

3.1

10,037

Leading property developer in the Philippines with an attractive land bank, well-respected brand and expertise across residential, commercial & retail sectors.

Real Estate Management & Development

Philippines




United Overseas Bank



7,855

3.1

8,514

A well-run Singapore lender that enjoys quality loan growth and decent risk management. The bank also looks good in regional terms with a strong capital base and impressive cost-to-income ratio.

Banks

Singapore




Top ten investments



113,947

44.8


 

 

Investment Portfolio - Other Investments

As at 30 April 2014

 



Valuation

Total

Valuation




2014

assets A

2013

Company

Industry

Country

£'000

%

£'000

City Developments

Real Estate Management & Development

Singapore

7,800

3.1

6,520

Standard Chartered (London listing)

Banks

UK

7,319

2.9

8,103

China Mobile

Wireless Telecommunication Services

China

7,206

2.8

7,306

QBE Insurance Group

Insurance

Australia

7,164

2.8

10,186

PetroChina

Oil, Gas & Consumable Fuels

China

6,776

2.7

7,265

Swire Pacific B

Real Estate Management & Development

Hong Kong

6,722

2.7

7,952

AIA Group

Insurance

Hong Kong

6,671

2.6

6,615

Singapore Telecommunication

Diversified Telecommunication Services

Singapore

6,398

2.5

7,260

Singapore Technologies Engineering

Aerospace & Defence

Singapore

5,808

2.3

9,181

Keppel Corporation

Industrial Conglomerates

Singapore

5,653

2.2

4,119

Top twenty investments



181,464

71.4


Siam Cement (Foreign)

Construction Materials

Thailand

5,452

2.2

7,092

PTT Exploration & Production (Foreign)

Oil, Gas & Consumable Fuels

Thailand

4,828

1.9

5,558

Woolworths

Food & Staples Retailing

Australia

4,645

1.8

5,494

Taiwan Mobile

Wireless Telecommunication Services

Taiwan

3,810

1.5

5,249

ASM Pacific Technology

Semiconductors & Semiconductor Equipment

Hong Kong

3,670

1.5

3,691

Dairy Farm International

Food & Staples Retailing

Hong Kong

3,416

1.3

4,360

Swire Properties

Real Estate Management & Development

Hong Kong

3,297

1.3

3,548

CIMB Group Holdings

Banks

Malaysia

3,223

1.3

3,652

Public Bank Berhad

Banks

Malaysia

3,150

1.2

2,987

Wing Hang Bank

Banks

Hong Kong

3,076

1.2

2,771

Top thirty investments



220,031

86.6


John Keells Holdings C

Industrial Conglomerates

Sri Lanka

2,948

1.2

2,943

Li & Fung

Textiles, Apparel & Luxury Goods

Hong Kong

2,947

1.1

2,640

New India Inv. Trust

Investment/Unit Trusts

India

2,922

1.1

3,121

Aberdeen Asian Smaller Companies Inv. Trust D

Investment/Unit Trusts

Other Asia

2,822

1.1

4,504

Hang Lung Group

Real Estate Management & Development

Hong Kong

2,806

1.1

3,329

Venture Corp

Electronic Equipment, Instruments & Components

Singapore

2,533

1.0

3,035

DBS Group Holdings

Banks

Singapore

2,485

1.0

61

M.P. Evans Group

Food Products

Indonesia

2,484

1.0

2,831

E-Mart

Food & Staples Retailing

South Korea

2,258

0.9

1,489

Unilever Indonesia

Household Products

Indonesia

2,194

0.9

2,540

Top forty investments



246,430

97.0


Aitken Spence & Co.

Industrial Conglomerates

Sri Lanka

2,005

0.8

2,785

Hang Lung Properties

Real Estate Management & Development

Hong Kong

1,490

0.6

2,113

DFCC Bank

Banks

Sri Lanka

1,290

0.5

1,291

National Development Bank

Banks

Sri Lanka

776

0.3

765

Keppel REIT

Real Estate Investment Trusts

Singapore

118

-

116

Total investments



252,109

99.2


Net current assets E



2,065

0.8


Total assets F



254,174

100.0



A      Total assets less current liabilities (before deducting prior charges as defined above).

B      Holding merges two equity holdings, with values split as follows: A shares £437,000 (2013 - £521,000) and B shares £6,285,000 (2013 - £7,431,000).

C      Holding comprises equity and two warrants £2,873,000 (2013 - £2,943,000), £39,000 (2013 - £nil) and £36,000 (2013 - £nil).

D      Holding comprises equity and convertible unsecured loan stock split £2,322,000 (2013 - £3,925,000) and £500,000 (2013 - £579,000).

E      Excluding bank loans of £19,412,000.

Note: Unless otherwise stated, foreign stock is held and all investments are equity holdings.

 

 

Changes in Asset Distributions

 

Value at


Sales

Appreciation/

Value at


30 April 2013

Purchases

proceeds

(depreciation)

30 April 2014

Country

£'000

£'000

£'000

£'000

£'000

Australia

31,777

2,043

2,009

(1,579)

30,232

China

14,571

1,962

-

(2,551)

13,982

Hong Kong

59,125

1,033

970

(6,084)

53,104

India

33,477

500

-

(1,672)

32,305

Indonesia

5,371

13

-

(706)

4,678

Malaysia

6,639

192

-

(458)

6,373

Other Asia

4,504

-

948

(734)

2,822

Philippines

10,037

-

-

(2,053)

7,984

Singapore

53,987

6,957

3,673

(8,348)

48,923

South Korea

15,275

582

3,734

2,373

14,496

Sri Lanka

7,784

297

-

(1,062)

7,019

Taiwan

16,711

-

3,011

(1,108)

12,592

Thailand

12,650

141

-

(2,511)

10,280

United Kingdom

8,103

916

-

(1,700)

7,319

Total investments

280,011

14,636

14,345

(28,193)

252,109

Net current assets A

3,087

-

-

(1,022)

2,065


__________

__________

__________

__________

__________

Total assets less current liabilities

283,098

14,636

14,345

(29,215)

254,174


__________

__________

__________

__________

__________







A Excluding bank loans of £19,412,000.





 

 

DIRECTORS' REPORT

 

Introduction

The Board of Directors, David Shearer (Chairman), Nicholas George, John Lorimer, Heather Manners and Hugh Young held office throughout the whole year under review.  Susie Rippingall has been appointed to the Board effective 1 July 2014 and Ms Manners will retire from the Board on 30 June 2014.  The Directors present their report and audited financial statements for the year ended 30 April 2014.

 

The Company and its Objective

The Company is an investment trust and its Ordinary shares are listed on the premium segment of the Official List of the UK Listing Authority and traded on the London Stock Exchange.  The Company's objective is to provide shareholders with a high level of capital growth through equity investment in the Asia Pacific countries ex Japan. A review of the Company's activities is given in the Strategic Report. This includes the overall strategy of the business of the Company and its principal activities, main risks faced by the Company, likely future developments of the business and the recommended dividend.

 

Status

The Company is an investment company, within the terms of Section 833 of the Companies Act 2006 and carries on business as an investment trust.  The Company is registered as a public limited company in England & Wales.  The Company's registration number is 02377879. The Company has no employees and the Company makes no political donations.

 

The Company has been accepted by HM Revenue & Customs as an investment trust subject to the Company continuing to meet the relevant eligibility conditions of Section 1158 of the Corporation Tax Act 2010 and the ongoing requirements of Part 2 Chapter 3 Statutory Instrument 2011/2999 for all financial years commencing on or after 1 May 2012.  The Directors are of the opinion that the Company has conducted its affairs for the year ended 30 April 2014 so as to enable it to comply with the ongoing requirements for investment trust status.

 

The affairs of the Company were conducted in such a way as to satisfy the requirements as a qualifying security for Individual Savings Accounts. The Directors intend that the Company will continue to conduct its affairs in this manner in the future.

 

Results and Dividends

The interim dividend for the year ended 30 April 2014 of 1.0p per Ordinary share each was paid on 31 January 2014. 

 

The Directors now recommend a final dividend of 2.6p per Ordinary share payable on 5 September 2014 to holders of Ordinary shares on the register on 8 August 2014. The relevant ex-dividend date is 6 August 2014. A resolution in respect of the final dividend will be proposed at the forthcoming Annual General Meeting ("AGM").

 

Investment Management Agreement

The Company has an Investment Management Agreement ("IMA") with Aberdeen Asset Management Asia Limited ("AAM Asia") for the provision of management services, which is terminable by either party on 12 months' notice to the other.

 

Under the IMA, the management fee is calculated monthly in arrears at 1% on an annual basis of the net asset value of the Company valued monthly, excluding funds managed by the Aberdeen Group of companies. See note 3 to the Financial Statements for further details.

 

The Directors review the terms of the IMA on an annual basis and have confirmed that, due to the investment skills, experience of the Manager and its long-term relative performance, in their opinion the continuing appointment of AAM Asia, on the terms agreed, is in the interests of shareholders as a whole.

 

Going Concern

The Company's assets consist substantially of equity shares in companies listed on recognised stock exchanges and in most circumstances are realisable within a short timescale.  The Board has set limits for borrowing and regularly reviews cash flow projections and compliance with banking covenants. The Company's Directors believe, after making enquiries, that the Company has adequate resources to continue its operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the accounts.

 

Accountability and Audit

Each Director confirms that, so far as he or she (hereinafter referred to as "he") is aware, there is no relevant audit information of which the Company's auditor is unaware, and he has taken all the steps that he would reasonably be expected to have taken as a Director in order to make himself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.  Additionally, there are no important events since the year end.

 

 

 

 

By order of the Board

Aberdeen Asset Management PLC

Secretary

Bow Bells House, 1 Bread Street

London, EC4M 9HH

27 June 2014

 

 

STATEMENT OF DIRECTORS' RESPONSIBILITIES

 

The Directors are responsible for preparing the Annual Report and Accounts 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 the Directors have elected to prepare the financial statements in accordance with UK Accounting Standards. 

 

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 of the Company for that period. 

 

In preparing these financial statements, the Directors are required to: 

 

-      select suitable accounting policies and then apply them consistently; 

-      make judgments 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 keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that its financial statements comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities. 

Under applicable law and regulations, the Directors are also responsible for preparing a Strategic Report, Directors' Report, Directors' Remuneration Report and Statement of Corporate Governance 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. 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 accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and

-      that in the opinion of the Directors, the Annual Report and Accounts taken as a whole, is fair, balanced and understandable and it provides the information necessary to assess the Company's performance, business model and strategy; and

-      the Strategic Report and Directors' Report include 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 that the Company faces.

 

For Aberdeen New Dawn Investment Trust PLC

 

 

 

 

David Shearer

Chairman

27 June 2014

 

 

INCOME STATEMENT

 


Year ended 30 April 2014

Year ended 30 April 2013



Revenue

Capital

Total

Revenue

Capital

Total


Notes

£'000

£'000

£'000

£'000

£'000

£'000

(Losses)/gains on investments held at fair value through profit or loss

9

-

(28,193)

(28,193)

-

38,566

38,566

Income

2

6,819

-

6,819

6,562

-

6,562

Investment management fee

3

(916)

(916)

(1,832)

(903)

(903)

(1,806)

Administrative expenses

4

(798)

-

(798)

(715)

-

(715)

Exchange gains/(losses)


-

1,310

1,310

-

(607)

(607)



_______

_______

______

_______

______

_______

Net return on ordinary activities before finance costs and taxation


5,105

(27,799)

(22,694)

4,944

37,056

42,000









Interest payable and similar charges

5

(185)

(185)

(370)

(191)

(191)

(382)



_______

_______

______

_______

______

_______

Return on ordinary activities before taxation


4,920

(27,984)

(23,064)

4,753

36,865

41,618









Taxation

6

(202)

-

(202)

93

-

93



_______

_______

______

_______

______

_______

Return on ordinary activities after taxation


4,718

(27,984)

(23,266)

4,846

36,865

41,711



_______

_______

______

_______

______

_______









Return per Ordinary share (pence) A

8

3.79

(22.47)

(18.68)

3.89

29.60

33.49



_______

_______

______

_______

______

_______









A Figures for 2013 have been restated to reflect the 5:1 sub-division as disclosed in note 12.


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 are recognised in the Income Statement.

All revenue and capital items are derived from continuing operations.

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

 

 

BALANCE SHEET

 


As at

As at



30 April 2014

30 April 2013


Notes

£'000

£'000

Non-current assets




Investments at fair value through profit or loss

9

252,109

280,011



_________

_________

Current assets




Loans and receivables

10

1,596

2,238

Cash at bank and in hand

16

1,037

1,245



_________

_________



2,633

3,483



_________

_________

Creditors: amounts falling due within one year

11



Loans


(19,412)

(20,835)

Other creditors


(568)

(396)



_________

_________



(19,980)

(21,231)



_________

_________

Net current liabilities


(17,347)

(17,748)



_________

_________

Net assets


234,762

262,263



_________

_________





Share capital and reserves




Called-up share capital

12

6,347

6,347

Share premium account


17,955

17,955

Special reserve


11,617

11,617

Capital redemption reserve


10,207

10,207

Capital reserve

13

177,236

205,220

Revenue reserve


11,400

10,917



_________

_________

Equity shareholders' funds


234,762

262,263



_________

_________





Net asset value per Ordinary share (pence) A

14

188.49p

210.57p



_________

_________





A Figure for 2013 has been restated to reflect the 5:1 sub-division as disclosed in note 12.


 

 

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

 

For the year ended 30 April 2014










Share


Capital





Share

premium

Special

redemption

Capital

Revenue



capital

account

reserve

reserve

reserve

reserve

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000

Balance at 30 April 2013

6,347

17,955

11,617

10,207

205,220

10,917

262,263

Return on ordinary activities after taxation

-

-

-

-

(27,984)

4,718

(23,266)

Dividends paid (see note 7)

-

-

-

-

-

(4,235)

(4,235)


______

______

______

______

______

______

______

Balance at 30 April 2014

6,347

17,955

11,617

10,207

177,236

11,400

234,762


______

______

______

______

______

______

______









For the year ended 30 April 2013










Share


Capital





Share

premium

Special

redemption

Capital

Revenue



capital

account

reserve

reserve

reserve

reserve

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000

Balance at 30 April 2012

6,347

17,955

11,617

10,207

168,355

11,427

225,908

Return on ordinary activities after taxation

-

-

-

-

36,865

4,846

41,711

Dividends paid (see note 7)

-

-

-

-

-

(5,356)

(5,356)


______

______

______

______

______

______

______

Balance at 30 April 2013

6,347

17,955

11,617

10,207

205,220

10,917

262,263


______

______

______

______

______

______

______









The revenue reserve represents the amount of the Company's reserves distributable by way of dividend.

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

 

 

CASH FLOW STATEMENT

 


Year ended

Year ended



30 April 2014

30 April 2013


Notes

£'000

£'000

£'000

£'000

Net cash inflow from operating activities

15


4,695


3,582







Servicing of finance






Bank and loan interest paid



(365)


(387)







Taxation






Net tax paid



(202)


(188)







Financial investment






Purchases of investments


(14,638)


(16,037)


Sales of investments


14,650


15,711




_______


_______


Net cash inflow/(outflow) from financial investment



12


(326)







Equity dividends paid



(4,235)


(5,356)




_______


_______

Net cash outflow before financing



(95)


(2,675)







Financing






Loans drawdown



-


3,061




_______


_______

Net cash inflow from financing



-


3,061




_______


_______

(Decrease)/increase in cash

16


(95)


386




_______


_______

Reconciliation of net cash flow to movements in net debt






(Decrease)/increase in cash as above



(95)


386

Drawdown of loan



-


(3,061)

Exchange movements



1,310


(607)




_______


_______

Movement in net debt in the year



1,215


(3,282)

Opening net debt



(19,590)


(16,308)




_______


_______

Closing net debt

16


(18,375)


(19,590)




_______


_______

 

 

NOTES TO THE FINANCIAL STATEMENTS:

 

1.

Accounting policies


(a)

Basis of accounting



The financial statements have been prepared under the historical cost convention, as modified to include the revaluation of investments and in accordance with the applicable UK Accounting Standards and with the Statement of Recommended Practice '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 Directors have, at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. Further detail is included in the Directors' Report (unaudited).






The financial statements, and the net asset value per share figures, have been prepared in accordance with UK Generally Accepted Accounting Practice ('UK GAAP').





(b)

Valuation of investments



Listed investments have been designated upon initial recognition as fair value through profit or loss. Investments are recognised and de-recognised on the trade date at cost. Subsequent to initial recognition, investments are valued at fair value which for listed investments is deemed to be bid market prices. Gains and losses arising from changes in fair value are included as a capital item in the Income Statement and are ultimately recognised in the capital reserve.





(c)

Income  



Dividends (other than special dividends), including taxes deducted at source, are included in revenue by reference to the date on which the investment is quoted ex-dividend. Special dividends are reviewed on a case-by-case basis and may be credited to capital, if circumstances dictate. Dividends receivable on equity shares where no ex-dividend date is quoted are brought into account when the Company's right to receive payment is established. Fixed returns on non-equity shares are recognised on a time apportioned basis so as to reflect the effective yield on shares. Other returns on non-equity shares are recognised when the right to return is established. Where the Company has elected to receive its dividends in the form of additional shares rather than cash, the amount of the cash dividend is recognised as income. Any excess in the value of the shares received over the amount of the cash dividend is recognised in capital reserves. Interest receivable on bank balances is dealt with on an accruals basis.





(d)

Expenses



All expenses are accounted for on an accruals basis. Expenses are charged through the revenue column of the Income Statement except as follows:



expenses directly relating to the acquisition or disposal of an investment, in which case, they are added to the cost of the investment or deducted from the sale proceeds. Such transaction costs are disclosed in accordance with the SORP. These expenses are charged to the capital column of the Income Statement and are separately identified and disclosed in note 9; and



the Company charges 50% of investment management fees and finance costs to the capital column of the Income Statement, in accordance with the Board's expected long term return in the form of capital gains and income respectively from the investment portfolio of the Company.





(e)

Deferred taxation



Deferred taxation is provided on all timing differences, that have originated but not reversed at the Balance Sheet date, where transactions or events that result in an obligation to pay more or a right to pay less tax in future have occurred at the Balance Sheet date, measured on an undiscounted basis and based on enacted tax rates. This is subject to deferred tax assets only being recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the underlying timing differences can be deducted. Timing differences are differences arising between the Company's taxable profits and its results as stated in the accounts which are capable of reversal in one or more subsequent periods. Due to the Company's status as an investment trust company, and the intention to continue to meet the conditions required to obtain approval for the foreseeable future, the Company has not provided deferred tax on any capital gains and losses arising on the revaluation or disposal of investments.





(f)

Capital reserves



Gains and losses on realisation of investments and changes in fair values of investments which are readily convertible to cash, without accepting adverse terms, are transferred to the capital reserve.





(g)

Foreign currencies



Assets and liabilities in foreign currencies are translated at the rates of exchange ruling on the Balance Sheet date. Transactions involving foreign currencies are converted at the rate ruling on the date of the transaction. Gains and losses on the realisation of foreign currencies are recognised in the Income Statement and are then transferred to the capital reserve.





(h)

Dividends payable



Interim and final dividends are dealt with in the period in which they are paid.

 


2014

2013

2.

Income

£'000

£'000


Income from investments




UK dividend income

1,186

1,333


UK unfranked investment income

9

15


Overseas dividends

5,126

5,212


Scrip dividends

495

-



6,816

6,560






Other income




Deposit interest

3

2



_______

_______


Total income

6,819

6,562



_______

_______

 


2014

2013



Revenue

Capital

Total

Revenue

Capital

Total

3.

Investment management fee

£'000

£'000

£'000

£'000

£'000

£'000


Investment management fee

916

916

1,832

903

903

1,806



_______

_______

_______

_______

_______

_______




The Company has an agreement with Aberdeen Asset Management Asia Limited ('AAM Asia') for the provision of management services.

 

During the year the management fee was payable monthly in arrears and was based on an annual amount of 1% of the net asset value of the Company valued monthly, with the following provisions for commonly managed funds:

-the Company's investments in Aberdeen Global - Indian Equity Fund, Aberdeen Asian Smaller Companies Investment Trust and New India Investment Trust are excluded from the calculation of the investment management fee. The total value of such commonly managed funds, on a mid basis (basis on which management fee is calculated), at the year end was £35,137,000 (2013 - £37,988,000).

-the Company receives a rebate from the Manager for the amount of fees in excess of 1% of net assets charged by the Manager for any commonly managed fund.

 

The balance due to AAM Asia at the year end, net of any rebates was £292,000 (2013 - £168,000).

 

The agreement is terminable by either party on one year's notice to the other.

 


2014

2013

4.

Administrative expenses

£'000

£'000


Share Plan marketing contribution

216

164


Directors' fees

136

157


Safe custody fees

100

102


Auditor's remuneration:




fees payable to the Company's auditor for the audit of the Company's annual accounts

14

14


fees payable to the Company's auditor for the review of the Company's half yearly accounts

4

4


Other administration expenses

328

274



_______

_______



798

715



_______

_______






The Company has an agreement with Aberdeen Asset Managers Limited ('AAM') for the provision of marketing services in relation to the Company's participation in the Aberdeen Investment Trust Share Plan and ISA. The total fees paid and payable under the agreement were £216,000 (2013 - £164,000) and the sum due to AAM at the year end was £75,000 (2013 - £54,000).




No pension contributions were made in respect of any of the Directors.




The Company does not have any employees.

 


2014

2013



Revenue

Capital

Total

Revenue

Capital

Total

5.

Interest payable and similar charges

£'000

£'000

£'000

£'000

£'000

£'000


On bank loans and overdrafts

185

185

370

191

191

382



_______

_______

_______

_______

_______

_______

 



2014

2013

 




Revenue

Capital

Total

Revenue

Capital

Total

 

6.

Taxation

£'000

£'000

£'000

£'000

£'000

£'000

 


(a)

Analysis of charge for the year







 



Overseas tax

258

-

258

186

-

186

 



Overseas tax reclaimable

(56)

-

(56)

(279)

-

(279)

 




_______

______

______

_______

______

______

 



Current tax charge for the year

202

-

202

(93)

-

(93)

 




_______

______

______

_______

______

______

 










 


(b)

Factors affecting the tax charge for the year

 



The tax assessed for the year is lower than the standard rate of corporation tax in the UK.

 




 




2014

2013

 




Revenue

Capital

Total

Revenue

Capital

Total

 




£'000

£'000

£'000

£'000

£'000

£'000

 



Net profit/(loss) on ordinary activities before taxation

4,920

(27,984)

(23,064)

4,753

36,865

41,618

 




_______

______

______

_______

______

______

 










 




2014

2013

 




Revenue

Capital

Total

Revenue

Capital

Total

 




£'000

£'000

£'000

£'000

£'000

£'000

 



Corporation tax at effective rate of 22.83% (2013 - 23.92%)

1,123

(6,389)

(5,266)

1,137

8,818

9,955

 



Effects of:







 



Non-taxable UK dividend income

(328)

-

(328)

(319)

-

(319)

 



Non-taxable overseas dividends

(1,212)

-

(1,212)

(953)

-

(953)

 



Accrued income not taxable

(1)

-

(1)

(294)

-

(294)

 



Overseas tax suffered

202

-

202

(93)

-

(93)

 



Surplus management expenses and loan relationship deficits not relieved

418

252

670

429

262

691

 



Non-taxable exchange (gains)/losses

-

(299)

(299)

-

145

145

 



Non-taxable losses/(gains) on investments

-

6,436

6,436

-

(9,225)

(9,225)

 




_______

______

______

_______

______

______

 



Current tax charge

202

-

202

(93)

-

(93)

 




_______

______

______

_______

______

______

 










 


(c)

Provision for deferred taxation

 



No provision for deferred taxation has been made in the current year or in the prior year.

 






The Company has not provided for deferred tax on capital gains or losses arising on the revaluation or disposal of investments as it is exempt from tax on these items because of its status as an investment trust company.

 




 


(d)

Factors that may affect future tax charges

 



At the year end, the Company has an unrecognised deferred tax asset of £2,288,000 (2013 - £1,958,000) arising as a result of excess management expenses and non-trade loan relationship deficits. These expenses will only be utilised if the Company has profits chargeable to corporation tax in the future.

 

 


2014

2013

7.

Dividends

£'000

£'000


Amounts recognised as distributions to equity holders in the period:




Final dividend for 2013 - 2.40p (2012 - 3.30p)

2,989

4,110


Interim dividend for 2014 - 1.0p (2013 - 1.0p)

1,246

1,246



_______

_______



4,235

5,356



_______

_______






The proposed final dividend for 2014 is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements.




The table below sets out the proposed final dividend, together with the interim dividend paid, in respect of the financial year, which is the basis on which the requirements of Section 1158 of the Corporation Tax Act 2010 are considered. The revenue available for distribution by way of dividend for the year is £4,718,000 (2013 - £4,846,000).







2014

2013



£'000

£'000


Interim dividend for 2014 - 1.0p (2013 - 1.0p)

1,246

1,246


Proposed final dividend for 2014 - 2.60p (2013 - 2.40p)

3,238

2,989



_______

_______



4,484

4,235



_______

_______






The rates disclosed for prior years have been restated to reflect the 5:1 sub-division as disclosed in note 12.

 


2014

2013

8.

Return per Ordinary share

£'000

p

£'000

p


Revenue return

4,718

3.79

4,846

3.89


Capital return

(27,984)

(22.47)

36,865

29.60



_______

_______

_______

_______


Total return

(23,266)

(18.68)

41,711

33.49



_______

_______

_______

_______


Weighted average number of Ordinary shares in issue A


124,547,010


124,547,010




__________


___________




A Calculated excluding shares held in treasury.




The returns per share figures for 2013 have been restated to reflect the 5:1 sub-division as disclosed in note 12.

 


Listed

Listed




overseas

in UK

Total

9.

Investments

£'000

£'000

£'000


Fair value through profit or loss:





Opening book cost

99,104

24,127

123,231


Opening fair value gains on investments held

146,300

10,480

156,780



_______

_______

_______


Opening valuation

245,404

34,607

280,011


Movements in the year:





Purchases at cost

12,887

1,749

14,636


Sales - proceeds

(13,397)

(948)

(14,345)


Sales - realised gains

8,126

903

9,029


Current year fair value losses on investments held

(34,881)

(2,341)

(37,222)



_______

_______

_______


Closing valuation

218,139

33,970

252,109



_______

_______

_______







Closing book cost

106,720

25,831

132,551


Closing fair value gains on investments held

111,419

8,139

119,558



_______

_______

_______



218,139

33,970

252,109



_______

_______

_______








2014

2013



£'000

£'000


Investments listed on an overseas investment exchange

218,139

245,404


Investments listed on the UK investment exchange

33,970

34,607



_______

_______



252,109

280,011



_______

_______







2014

2013


(Losses)/gains on investments held at fair value through profit or loss

£'000

£'000


Realised gains on sales

9,029

9,044


(Decrease)/increase in fair value gains on investments held

(37,222)

29,522



_______

_______



(28,193)

38,566



_______

_______






Transaction costs




During the year expenses were incurred in acquiring or disposing of investments classified as fair value through profit or loss. These have been expensed through capital and are included within (losses)/gains on investments held at fair value through profit or loss in the Income Statement. The total costs were as follows:







2014

2013



£'000

£'000


Purchases

22

52


Sales

43

42



_______

_______



65

94



_______

_______

 


2014

2013

10.

Loans and receivables

£'000

£'000


Amounts due from brokers

-

305


Prepayments and accrued income

1,411

1,642


Other loans and receivables

185

291



_______

_______



1,596

2,238



_______

_______

 


2014

2013

11.

Creditors: amounts falling due within one year

£'000

£'000


(a)

Loans





Foreign currency loans

16,912

18,335



Sterling loans

2,500

2,500




_______

_______




19,412

20,835




_______

_______








At the year end HK$154,100,000 (2013 - HK$154,100,000), equivalent to £11,771,000 (2013 - £12,758,000), US$8,680,000 (2013 - US$8,680,000), equivalent to £5,141,000 (2013 - £5,577,000) and £2,500,000 (2013 - £2,500,000), was drawn down from the £30,000,000 facility with The Royal Bank of Scotland at interest rates of 1.64%, 1.50% and 1.84% (2013 - 1.50%, 1.55% and 1.85%) respectively, with a maturity date of 22 May 2014 (2013 - 15 May 2013).






At the date of signing of this report the HK$154,100,000, US$8,680,000 and £2,500,000 loans had been drawn down to 23 July 2014 at interest rates of 1.56%, 1.50% and 1.84% respectively.






The terms of the bank loan with The Royal Bank of Scotland state that:



the consolidated net tangible assets of the Company must be not less than £125 million at all times;



the ratio of gross borrowings to adjusted assets must be less than 25% at all times (adjusted assets are total gross assets less (i) the value in excess of 10% of total gross assets invested in the largest single security or asset; and (ii) the value in excess of 60% of total gross assets invested in the top twenty largest investments; and (iii) the value of all unlisted investments); and



the facility, under which the loans are made, will expire on 7 October 2014.






The Company has met all covenants throughout the period and up to the date of this Report.









2014

2013


(b)

Other

£'000

£'000



Amounts due to brokers

59

61



Other creditors

509

335




_______

_______




568

396




_______

_______

 


2014

2013

12.

Called-up share capital

£'000

£'000


Allotted, called up and fully paid:




124,547,010 (2013 - 24,909,402 of 25p each) Ordinary shares of 5p each

6,227

6,227






Held in treasury:




2,388,655 (2013 - 477,731 of 25p each) Ordinary shares of 5p each

120

120



_______

_______



6,347

6,347



_______

_______






On 3 September 2013 there was a sub-division of each existing Ordinary 25p share into five Ordinary shares of 5p each.




Shares held in treasury represent 1.92% of the Company's total issued share capital at 30 April 2014.




The investment objective of the Company is to provide shareholders with a high level of capital growth through equity investment in the Asia Pacific countries ex Japan.




The Company manages its capital to ensure that it will be able to continue as a going concern while maximising the return to shareholders through the optimisation of the debt and equity balance.




The Board monitors and reviews the broad structure of the Company's capital on an ongoing basis. This review includes:   


the planned level of gearing which takes account of the Manager's views on the market;


the level of equity shares in issue; and


the extent to which revenue in excess of that which is required to be distributed should be retained.




The Company's objectives, policies and processes for managing capital are unchanged from the preceding accounting period.




The Company does not have any externally imposed capital requirements.

 


2014

2013

13.

Capital reserve

£'000

£'000


At 1 May 2013

205,220

168,355


Movement in fair value (losses)/gains

(28,193)

38,566


Foreign exchange movement

1,310

(607)


Expenses taken to capital

(1,101)

(1,094)



_______

_______


At 30 April 2014

177,236

205,220



_______

_______






The capital reserve includes investment holding gains amounting to £119,558,000 (2013 - £156,780,000), as disclosed in note 9.

 

14.

Net asset value per share


The net asset value per share and the net asset values attributable to Ordinary shareholders at the year end calculated in accordance with the Articles of Association were as follows:







2014

2013


Net assets attributable (£'000)

234,762

262,263


Number of Ordinary shares in issue (excluding shares held in treasury) A

124,547,010

124,547,010


Net asset value per share (p) A

188.49

210.57


A Figures for 2013 have been restated to reflect the 5:1 sub-division as disclosed in note 12.

 

15.

Reconciliation of net return on ordinary activities before finance

2014

2013


costs and taxation to net cash inflow from operating activities

£'000

£'000


Net return on ordinary activities before finance costs and taxation

(22,694)

42,000


Adjustment for:




Losses/(gains) on investments held at fair value through profit or loss

28,193

(38,566)


Exchange (gains)/losses charged to capital

(1,310)

607


Decrease/(increase) in accrued income

226

(424)


Decrease in other debtors

111

16


Increase/(decrease) in other creditors

169

(51)



_______

_______


Net cash inflow from operating activities

4,695

3,582



_______

_______

 


1 May

Cash

Exchange

30 April



2013

flow

movements

2014

16.

Analysis of changes in net debt

£'000

£'000

£'000

£'000


Cash at bank

1,245

(95)

(113)

1,037


Debts falling due within one year

(20,835)

-

1,423

(19,412)



_______

_______

_______

_______


Net debt

(19,590)

(95)

1,310

(18,375)



_______

_______

_______

_______

 

17.

Related party disclosures


Mr H Young is a director of AAM Asia and Aberdeen Asset Management PLC ("AAM"). AAM Asia has an agreement to provide management services and AAM has an agreement to provide marketing services to the Company, the terms of which are outlined in notes 3 and 4 respectively.




During the course of the year, the Company has held investments in other funds managed by the same Manager. These holdings are disclosed in note 3.

 

18.

Financial instruments


Risk management


The Company's financial instruments comprise securities and other investments, cash balances, loans and debtors and creditors that arise directly from its operations; for example, in respect of sales and purchases awaiting settlement, and debtors for accrued income.




The Manager has a dedicated investment management process, which ensures that the investment policy is followed. Stock selection procedures are in place based on the active portfolio management and identification of stocks. The portfolio is reviewed on a periodic basis by a Senior Investment Manager and also by the Manager's Investment Committee.




The Company's Manager has an independent investment risk department for reviewing the investment risk parameters of the Company's portfolio on a regular basis. The department reports to the Manager's performance review committee which is chaired by the Manager's chief investment officer. The department's responsibility is to review and monitor ex-ante (predicted) portfolio risk and style characteristics using best practice, industry standard multi-factor models.




Additionally, the Manager's Compliance department continually monitors the Company's investment and borrowing powers and reports to the Manager's risk management committee.




The main financial risks that the Company faces from its financial instruments are market risk (comprising interest rate risk, currency risk and other price risk), liquidity risk and credit risk.




The Board regularly reviews and agrees policies for managing each of these risks. The Manager's policies for managing these risks are summarised below and have been applied throughout the year. The numerical disclosures exclude short-term debtors and creditors.




Market risk


The fair value of, or future cash flows from a financial instrument held by the Company may fluctuate because of changes in market prices. This market risk comprises three elements - interest rate risk, foreign currency risk and other price risk. 




Interest rate risk


Interest rate movements may affect:


the level of income receivable on cash deposits; and,


interest payable on the Company's variable rate borrowings.




The possible effects on fair value and cash flows that could arise as a result of changes in interest rates are taken into account when making investment and borrowing decisions.




Interest risk profile


The interest rate risk profile of the portfolio of the Company's financial assets and liabilities, excluding equity holdings which are all non-interest bearing, at the Balance Sheet date was as follows:





Weighted average

Weighted





period for which

average

Fixed

Floating



rate is fixed

interest rate

rate

rate


At 30 April 2014

Years

%

£'000

£'000


Assets






Sterling

-

0.10

-

1,031


Taiwan Dollar

-

-

-

6



_______

_______

_______

_______





-

1,037



_______

_______

_______

_______








Liabilities






Bank loan - Sterling

0.08

1.84

2,500

-


Bank loan - HK Dollar

0.08

1.64

11,771

-


Bank loan - US Dollar

0.08

1.50

5,141

-



_______

_______

_______

_______





19,412

-



_______

_______

_______

_______









Weighted average

 Weighted





period for which

average

Fixed

Floating



rate is fixed

interest rate

rate

rate


At 30 April 2013

Years

%

£'000

£'000


Assets






Sterling

-

0.36

-

1,237


Taiwan Dollar

-

-

-

8



_______

_______

_______

_______





-

1,245



_______

_______

_______

_______








Liabilities






Bank loan - Sterling

0.08

1.85

2,500

-


Bank loan - HK Dollar

0.08

1.50

12,758

-


Bank loan - US Dollar

0.08

1.55

5,577

-



_______

_______

_______

_______





20,835

-



_______

_______

_______

_______








The weighted average interest rate is based on the current yield of each asset, weighted by its market value. The weighted average interest rate on bank loans is based on the interest rate payable, weighted by the total value of the loans. The maturity date of the Company's loans are shown in note 11.


The floating rate assets consist of cash deposits on call earning interest at prevailing market rates.


The Company's equity portfolio and short-term debtors and creditors (excluding bank loans) have been excluded from the above tables.




Interest rate sensitivity


Movements in interest rates would not significantly affect net assets attributable to the Company's shareholders and total profit.




Foreign currency risk


All of the Company's investment portfolio is invested in overseas securities and the Balance Sheet, therefore, can be significantly affected by movements in foreign exchange rates. It is not the Company's policy to hedge this risk on a continuing basis but the Company may, from time to time, match specific overseas investment with foreign currency borrowings. The Company's borrowings, as detailed in note 11, are also in foreign currency.




The revenue account is subject to currency fluctuation arising on dividends paid in foreign currencies. The Company does not hedge this currency risk.




Foreign currency exposure by currency of denomination:





 30 April 2014

 30 April 2013




Net

Total


Net

Total



Overseas

monetary

currency

Overseas

monetary

currency



investments

assets

exposure

investments

assets

exposure



£'000

£'000

£'000

£'000

£'000

£'000


Australian Dollar

11,809

-

11,809

15,730

-

15,730


Hong Kong Dollar

52,821

(11,771)

41,050

56,479

(12,758)

43,721


Indonesian Rupiah

2,194

-

2,194

2,540

-

2,540


Korean Won

14,496

-

14,496

15,275

-

15,275


Malaysian Ringgit

6,373

-

6,373

6,639

-

6,639


Philippine Peso

7,984

-

7,984

10,037

-

10,037


Singapore Dollar

48,923

-

48,923

53,987

-

53,987


Sri Lankan Rupee

7,019

-

7,019

7,784

-

7,784


Sterling

63,354

(1,469)

61,885

64,962

(1,263)

63,699


Taiwanese Dollar

12,592

6

12,598

16,711

8

16,719


Thailand Baht

10,280

-

10,280

12,650

-

12,650


US Dollar

14,264

(5,141)

9,123

17,217

(5,577)

11,640



_______

_______

_______

_______

_______

_______


Total

252,109

(18,375)

233,734

280,011

(19,590)

260,421



_______

_______

_______

_______

_______

_______










Foreign currency sensitivity


The following table details the Company's sensitivity to a 10% increase and decrease in sterling against the foreign currencies in which the Company has exposure. The sensitivity analysis includes foreign currency denominated monetary items and adjusts their translation at the period end for a 10% change in foreign currency rates.





2014

2013



£'000

£'000


Australian Dollar

1,181

1,573


Hong Kong Dollar

4,105

4,372


Indonesian Rupiah

219

254


Korean Won

1,450

1,527


Malaysian Ringgit

637

664


Philippine Peso

798

1,004


Singapore Dollar

4,892

5,399


Sri Lankan Rupee

702

778


Taiwanese Dollar

1,260

1,672


Thailand Baht

1,028

1,265


US Dollar

912

1,164



_______

_______



17,184

19,672



_______

_______






Other price risk


Other price risks (ie changes in market prices other than those arising from interest rate or currency risk) may affect the value of the quoted investments.




It is the Board's policy to hold an appropriate spread of investments in the portfolio in order to reduce the risk arising from factors specific to a particular country or sector. Both the allocation of assets and the stock selection process act to reduce market risk. The Manager actively monitors market prices throughout the year and reports to the Board, which meets regularly in order to review investment strategy. The investments held by the Company are listed on various stock exchanges worldwide.




Other price risk sensitivity


If market prices at the Balance Sheet date had been 10% higher or lower while all other variables remained constant, the return attributable to Ordinary shareholders for the year ended 30 April 2014 would have increased/(decreased) by £25,211,000 (2013 - increased/(decreased) by £28,001,000) and equity reserves would have increased/(decreased) by the same amount.




Liquidity risk


This is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities.




The Board imposes borrowing limits to ensure gearing levels are appropriate to market conditions and reviews these on a regular basis. Borrowings comprise a revolving multi-currency credit facility, which expires on 7 October 2014. The Board has imposed a maximum gearing level, measured on the most stringent basis of calculation after netting off cash equivalents, of 25%. Details of borrowings at 30 April 2014 are shown in note 11.




Liquidity risk is not considered to be significant as the Company's assets comprise mainly readily realisable securities, which can be sold to meet funding commitments if necessary. Short-term flexibility is achieved through the use of the loan facility, details of which can be found in note 11. Under the terms of the loan facility, the Manager provides the lender with loan covenant reports on a monthly basis, to provide the lender with assurance that the terms of the facility are not being breached. The Manager will also review the credit rating of a lender on a regular basis. Details of the Board's policy on gearing are shown in the interest rate risk section of this note.




Liquidity risk exposure


At 30 April 2014 and 30 April 2013 the Company's bank loans, amounting to £19,412,000 and £20,835,000 respectively, were due for repayment or roll-over within two months of the year end.




Credit risk


This is the risk of failure of the counterparty to a transaction to discharge its obligations under that transaction that could result in the Company suffering a loss.




The risk is not considered to be significant, and is actively managed as follows:


investment transactions are carried out with a large number of brokers, whose credit-standing is reviewed periodically by the Manager, and limits are set on the amount that may be due from any one broker;


cash is held only with reputable banks with high quality external credit enhancements.




Credit risk exposure


In summary, compared to the amounts in the Balance Sheet, the maximum exposure to credit risk at 30 April was as follows:





2014

2013



Balance

Maximum

Balance

Maximum



Sheet

exposure

Sheet

exposure



£'000

£'000

£'000

£'000


Non-current assets






Investments at fair value through profit or loss

252,109

252,109

280,011

280,011








Current assets






Loans and receivables

1,596

1,596

2,238

2,238


Cash at bank and in hand

1,037

1,037

1,245

1,245



_______

_______

_______

_______



254,742

254,742

283,494

283,494



_______

_______

_______

_______








None of the Company's financial assets is past due or impaired.




Fair values of financial assets and financial liabilities


For the HK$ loan, the fair value of borrowings has been calculated at £11,782,000 as at 30 April 2014 (2013 - £12,765,000) compared to an accounts value in the financial statements of £11,771,000 (2013 - £12,758,000) (note 11). For the US$ loan, the fair value of borrowings has been calculated at £5,145,000 as at 30 April 2014 (2013 - £5,580,000) compared to an accounts value in the financial statements of £5,141,000 (2013 - £5,577,000) (note 11). For the GBP loan, the fair value of borrowings has been calculated at £2,503,000 as at 30 April 2014 (2013 - £2,502,000) compared to an accounts value in the financial statements of £2,500,000 (2013 - £2,500,000) (note 11). The fair value of each loan is determined by aggregating the expected future cash flows for that loan discounted at a rate comprising the borrower's margin plus an average of market rates applicable to loans of a similar period of time and currency. All other assets and liabilities of the Company are included in the Balance Sheet at fair value.

 

19.

Fair value hierarchy


FRS 29 'Financial Instruments: Disclosures' requires an entity to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:





Level 1:

Quoted prices (unadjusted) in active markets for identical assets or liabilities;


Level 2:

Inputs other than quoted prices included within Level 1 that are observable for the assets or liability, either directly (ie as prices) or indirectly (ie derived from prices); and


Level 3:

Inputs for the asset or liability that are not based on observable market data (unobservable inputs).





All of the Company's investments are in quoted equities (2013 - same) actively traded on recognised stock exchanges, with their fair value being determined by reference to their quoted bid prices at the reporting date. The total value of the investments (2014 - £252,109,000; 2013 - £280,011,000) have therefore been deemed as Level 1.




The short term borrowings are held at amortised cost. The fair value is disclosed above and is categorised as Level 2.

 

 

Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise and may be affected by exchange rate movements.  Investors may not get back the amount they originally invested.

 

If approved, the proposed final dividend of 2.6p per share will be paid on 5 September 2014 to holders of Ordinary shares on the register at the close of business on 8 August 2014. The relevant ex-dividend date is 6 August 2014.

 

The Annual Financial Report Announcement is not the Company's statutory accounts. The above results for the year ended 30 April 2014 have been agreed with the auditors and are an abridged version of the Company's full accounts, which have been approved and audited with an unqualified report. The 2013 and 2014 statutory accounts received unqualified reports from the Company's auditors and did not include any reference to matters to which the auditors drew attention by way of emphasis without qualifying the reports, and did not contain a statement under s.498(2) or 498(3) of the Companies Act 2006.  The financial information for 2013 is derived from the statutory accounts for 2012 which have been delivered to the Registrar of Companies. The 2014 accounts will be filed with the Registrar of Companies in due course.

 

The Annual General Meeting of the Company will be held at 12.00 noon on 2 September 2014 at Bow Bells House, One Bread Street, London EC4M 9HH.

 

The audited Annual Report and Accounts will be posted to shareholders shortly. Copies may be obtained during normal business hours from the Secretary, Aberdeen Asset Management PLC, 40 Princes Street, Edinburgh EH2 2BY or from the Company's website, www.newdawn-trust.co.uk*.

 

 

 

By order of the Board

Aberdeen Asset Management PLC - Secretary

27 June 2014

 

 

* Neither the Company's website nor the content of any website accessible from hyperlinks on it (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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