Final Results
Lindsell Train Investment Trust PLC
26 May 2006
The Lindsell Train Investment Trust plc
Objective of the Company
To maximise long-term total returns subject to the avoidance of loss of absolute value and with a minimum
objective to maintain the real purchasing power of sterling capital, as measured by the annual average
yield on the 2.5% Consolidated Loan Stock.
Financial highlights
Performance comparisons in the current performance period (1 April 2005 - 31 March 2006)
Middle market share price per Ordinary Share +23.0%
Net Asset Value per Ordinary Share ^ +17.2%
Benchmark* +4.3%
MSCI World Index (sterling)# +25.9%
UK RPI Inflation (all items) +2.4%
^ The Net Asset Value per Ordinary Share for the year to 31 March 2006 is based on the published Net
Asset Value per Ordinary Share as at 31 March 2005. The NAV has been adjusted to include the dividend of
£1.55 per Ordinary Share paid on 14 July 2005.
* The index of the annual average yield on the 2.5% Consolidated Loan Stock between the relevant dates.
# Calculated on a total return basis
Chairman's Statement
It has been another satisfactory year for the Company in that its net asset value ('NAV') total return of 17.2%*
exceeded that of the benchmark return of 4.3%. However, unlike the last two years the Company's returns were unable to
keep pace with the performance of world equity markets (MSCI World index in Sterling) that rose in value by 25.9%. We
have noted in the past how the Company can perform very differently from stock markets in the short-term. It is
important to note that the compound annual increase in the NAV achieved since inception is now 7.3%*, in excess of both
the benchmark, excluding adjustments for the payment of performance fees, (5.8%) and UK inflation (RPI index, 2.6%),
satisfying the core objective of the Fund to maintain or grow shareholders value in real terms and well ahead of the
annualised 1.7% fall in the value of global stock markets (MSCI World index in Sterling).
Last year the performance of the shares (up 23%*) proved better than the NAV as the discount to the NAV narrowed from
6% to 3% by the end of March 2006.
The shift in the Company's assets to a greater equity orientation continued. The combination of the sale of part of the
US Treasury bond, market movements and an increase in the gearing from 6% to 14% to fund three new purchases raised the
proportion of the Fund invested in equities (excluding funds and preference shares) by 46% to 59%.
The best equity performances were delivered by the long-standing holdings in Nintendo (up 54%*) and Diageo (up 26%*).
The former continues to produce innovative new games titles designed for a new generation of game hardware and to
disperse more of its abundant cash flows to shareholders through higher dividends (its dividend increased 37%) and the
latter's business transition to a pure drinks company is now complete, yielding better returns on capital. Other large
equity positions such as AG Barr, Wolverhampton and Dudley and Cadbury continued to rise in value but not at the pace
of prior years. We are encouraged by the Manager's comments that there remains much long-term potential for price
appreciation in these businesses, as if this occurs it could have a significant impact on the Company's NAV
The value of the Company's fixed interest holdings advanced steadily during the year before peaking in early 2006 and
falling since, including into the new financial year. The Manager maintains its long held view that UK and US inflation
will remain low, discussed overleaf (see Manager's report), and expect government bonds to deliver returns in excess
of the benchmark.
Your Company retains valuable stakes in both Lindsell Train Managed Funds and Lindsell Train Limited itself and these
may be influential in maintaining or adding value for the investment portfolio. Last year, for instance, the holding of
the Finsbury Growth and Income Trust performed exceptionally well rising 32%*.
The Lindsell Train Media Fund also performed well rising 14% last year as its strategy of investing in media content
owners and shorting media distribution businesses was vindicated. Conversely the Lindsell Train Japan Fund performed
poorly falling in value by 31%. This result was attributable to its net short position in a rising Japanese equity
market and a bias in its short positions to cyclical, capital intensive businesses, which led the market up last year.
The performance of the Japan Fund was a significant concern to your board. We and the other shareholders of the Fund
consulted with the Manager about restricting the net short exposure of the Fund to mitigate any further loss of value.
Measures were introduced in December and January that have contributed to a stabilisation of value. The Manager and
your board believe the Fund retains the potential to regain lost value and generate additional gains should investor
preferences in Japan change, which seems possible given the disparity of valuations and long term prospects of the
companies on either side of the strategy.
Another important source of possible value creation for your Company comes from its 25% holding in Lindsell Train
Limited itself. Last year it increased its funds under management by 98% to £339m. New revenues on a stable cost base,
controlled in the main by the salary and bonus cap (Lindsell Train restricts salary and bonus payments to 25% of
revenues, except for those from the Lindsell Train Investment Trust), have a high level of marginal profitability. As a
result the company's operating margin rose from 39% in 2005 to 46% in 2006. This greater profitability is reflected in
higher dividends that increased a further 54% in 2006. The expansion of funds under management was due to positive
market effects, the addition of new mandates and the expansion of existing ones such as the Finsbury Growth and Income
trust that raised £25m of new capital as a direct result of the excellent long term track record in UK equities. Both
the UK and Japan equity strategies have potential to add new clients and new funds under management over the course of
this year. In an important development, Lindsell Train Limited hopes to establish a UK equity open ended OEIC under its
own name during 2006, which if successful should help build significant further value for the company. As always the
board remains live to ways in which the Company can help support the expansion of arguably its most important
investment.
The board propose to raise this year's dividend to £1.75 per share, a 12.9% increase from last year. Consistent with
the board's policy established in 2002, they deem it in the best interests of shareholders to retain the maximum
permitted earnings according to Investment Trust regulations.
I am pleased to announce the appointment of Dominic Caldecott as an independent director of the Company. Aside from
owning, since its inception, 4.1% of the Company's equity, Dominic has 25 years of experience in the investment
management industry, latterly as managing director of Morgan Stanley Investment Management Limited and will bring these
skills to the board.
* Adjusted to include dividends
R M Swire
Chairman
Chairman
26 May 2006
Investment Manager's Report
Grant us the merit of consistency. Our investment objective is to earn an annual return above that of our benchmark, a
benchmark that can, by definition, never deliver a negative return and is, moreover, likely to set a hurdle for us well
in excess of UK inflation year-in and year-out. So, our challenge is to identify assets that can appreciate by at
least the rate of UK inflation, while offering limited downside risk. We have been abundantly clear about the
investment strategy we believe is appropriate to beat this benchmark over the past five years, certainly in our own
minds and, we hope, in our communication with shareholders and we have stuck to that strategy determinedly.
The strategy, in brief, is as follows. We started out five years ago with a meaningful commitment to government bonds,
getting on for 40% of NAV, because we believed they were cheap compared to equities in general and because we expected
inflation to remain surprisingly low in the UK and US, which meant, we thought, that government bonds were cheap in
their own right, too. This was a good call, which has contributed to our outperformance of the benchmark. We still
expect Sterling and US Dollar government bonds to earn returns in excess of UK inflation. However, in recent years we
have pursued a policy of selling bonds and gilts, but only when we are presented with compelling opportunities in the
equity market, which must meet a number of criteria. The most important of these being -
i. The equity in question appears to us significantly better value than the bond we sell against it.
ii. The equity is engaged in a business activity that we understand and have confidence will trade
profitably over our investment time horizons, which are long.
iii. The equity offers access to investment themes which we believe are undiscounted.
Last year saw us stick to the implementation of this strategy. Our holdings in government bonds fell, now to 20%, the
lowest since inception, while we not only added to existing equity holdings, we also initiated positions in three new
names. That last may not read as being overly dynamic, but the addition of three holdings represented an increase in
individual stocks of getting on for 40%, from 8 to 11. The three were Clarins, Heineken and Pearson and we provide
some explanation below as to what attracts us to them.
Clarins, manufacturer of French beauty and perfume products, we purchased on an earnings yield getting on for 6.0%,
well in excess of any return we can earn on a bond today. The business is easy to understand - selling, if not
actually the elixir of eternal youth, then certainly a deferment of the aging process, promoted with Gallic elan to
both ladies and, increasingly, gentlemen worldwide. The actual trigger for us to buy was an interview in the Financial
Times with Alan Lafley, CEO of Procter & Gamble (P&G), where he spoke about the value of truly global brands and
particularly about the demographic and regional opportunities presented to P&G by the 'beauty' industry. We have no
doubt Lafley is correct and no doubt that Clarins is blessed with truly global brands in a bona fide growth industry,
with much still to come - even though this a business that has already been able to demonstrate its profitable growth
by lifting its dividend 17.0% per annum, on average, over the last 20 years. Our only disappointment has been the
almost immediate 20.0% gain in Clarins' price, since we invested, which has discouraged us from further purchases. We
hope for another dull period, when we will build the holding.
Heineken, like Clarins, is a business with a terrific pedigree and globally recognised brands. It had, in addition,
been a dull stock market performer, falling 30.0% from its peaks around 2000 and, until recently, showing few signs of
recovery. With Heineken we have bought a participation in the growth of beer consumption in the developing economies,
bolstered by its entrenched positions in Europe and North America. For this we paid a P/E of little more than 13.0x,
for an earnings yield of over 7.0%. An attractive entry point, we think.
Pearson offers access to three attractive investment themes. Education - as the First and Developing Worlds race to
build intellectual capital and the burgeoning of global capital markets. In addition, Pearson is another company in
our portfolio which is doing interesting things with the Internet - in both education and particularly with the
development of FT.com. It has taken some 'old' media companies time to work out how to enhance their businesses via
the Internet. We believe that the rewards for those that do successfully exploit the new medium will be measured in
improving profitability, more rapid growth and, in due course, better stock market valuations than are currently
accorded. This thinking informs our investments in other owners of great media brands, Dow Jones, Nintendo, Reed
Elsevier and Reuters and drives the strategy of the Lindsell Train Global Media Fund. One very successful 'old' media
company is McGraw Hill, which we own in the Media Fund, and hence, indirectly, for your Company. Its shares have more
than doubled since we bought it in 2001 and it is valued at nearly 2.5x more, per unit of annual revenues, than Pearson
is today. We think there is an opportunity in Pearson for the next five years and, by extension, for our other Media
holdings, including the Fund, of similar magnitude to that enjoyed by McGraw Hill's shareholders over the last five.
Finally, reverting to the implementation of our investment strategy outlined above, we were able to purchase Pearson on
a net dividend yield higher than the then annual interest on a UK government bond - absolutely consistent with the
strategy.
In conclusion, we look forward in your Company's next financial year to the investment portfolio prospering across
several fronts. We expect government bond prices to rise again, possibly taking yields down to new lows since 2000, in
response to continuing very low inflation and the deflationary effects of higher energy costs and US interest rates.
We look for major share price gains for those of our equity investments exposed to the growth in private consumption in
Emerging Markets, a likely follow on from the current industrial boom in those parts. In particular, in addition to
Clarins and Heineken, we see multi year opportunities for Cadbury and Diageo to benefit from this theme, each with at
least 30.0% of their revenues deriving from the developing economies. Meanwhile, the recent 10.0% dividend increases
from both A.G. Barr and Wolverhampton & Dudley reaffirm the attractive returns that can be earned from investing in
such well-entrenched regional franchises. Taking the 2005/6 dividends from these two companies and calculating a
dividend yield for each against the book costs of the holdings results in yields of 7.0% and 9.0% net respectively.
This is the kind of investment arithmetic that excites us.
Nick Train
Investment Manager
Lindsell Train Limited
26 May 2006
Income Statement
Year ended Year ended
31 March 2006 31 March 2005
Restated (see note 3)
Revenue Capital Total Revenue Capital Total
Notes £'000 £'000 £'000 £'000 £'000 £'000
Gains on investments 11 - 3,512 3,512 - 3,435 3,435
Exchange differences - 61 61 - (37) (37)
Gains on forward currency - 43 43 - 72 72
contracts
Income 2 961 - 961 864 - 864
Investment management fees 3 (141) - (141) (106) - (106)
Other expenses 4 (132) (3) (135) (116) (1) (117)
Net return before finance costs 688 3,613 4,301 642 3,469 4,111
and tax
Interest payable and similar 7 (197) - (197) (208) - (208)
charges
Return on ordinary activities 491 3,613 4,104 434 3,469 3,903
before tax
Tax on ordinary activities 8 (4) - (4) (3) - (3)
Return on ordinary activities
after tax for the financial year 487 3,613 4,100 431 3,469 3,900
Return per Ordinary Share 10 £2.43 £18.07 £20.50 £2.16 £17.34 £19.50
All revenue and capital items in the above statement derive from continuing
operations.
The total columns of this statement represent the profit and loss accounts of
the Company.
A Statement of Total recognised Gains and Losses is not required as all gains
and losses of the Company have been reflected in the
above statement.
No operations were acquired or discontinued in the year.
Reconciliation of Movements in Shareholders'
Funds
Capital Capital
Share Special reserve reserve Revenue
capital reserve realised unrealised reserve Total
£'000 £'000 £'000 £'000 £'000 £'000
For the year ended 31 March 2006
Net assets at 31 March 2005 (as restated - note 150 19,850 1,124 1,985 704 23,813
3)
Net profit from operating activities - - 102 3,511 487 4,100
Dividends paid - - - - (310) (310)
Net assets at 31 March 2006 150 19,850 1,226 5,496 881 27,603
For the year ended 31 March 2005
Net assets at 31 March 2004 (as restated - note 150 19,850 (33) (327) 563 20,203
2)
Net profit from operating activities - - 1,157 2,312 431 3,900
Dividends paid - - - - (290) (290)
Net assets at 31 March 2005 150 19,850 1,124 1,985 704 23,813
Balance Sheet
Notes As at 31 March 2006 As at 31 March 2005
Restated (note 3)
£'000 £'000 £'000 £'000
Fixed assets
Investments held at fair value through 11 31,442 25,189
profit and loss
Current assets
Debtors 12 1,032 1,021
Cash at bank 1,467 796
2,499 1,817
Creditors: amounts falling due within one 13 (6,338) (3,193)
year
Net current liabilities (3,839) (1,376)
Total assets less current liabilities 27,603 23,813
Capital and reserves
Called up share capital 14 150 150
Special reserve 19,850 19,850
20,000 20,000
Capital reserve - realised 15 1,226 1,124
Capital reserve - unrealised 15 5,496 1,985
Revenue reserve 16 881 704
Equity shareholders' funds 17 27,603 23,813
Net asset value per Ordinary Share 18 £138.01 £119.06
Cash Flow Statement
Year ended 31 March 2006 Year ended 31 March 2005
Notes £'000 £'000
Net cash inflow from operating activities 18a 706 695
Returns on investments and servicing of finance (185) (214)
Financial investment (2,716) 2,327
(2,195) 2,808
Equity dividends paid (310) (290)
(Decrease)/increase in cash (2,505) 2,518
Reconciliation of net cash flow to movement in
net debt
(Decrease)/increase in cash in the year (2,505) 2,518
Exchange movements 61 (37)
Opening net debt (1,593) (4,074)
Closing net debt 18b (4,037) (1,593)
Notes
1. Accounting policies
A summary of the principal accounting policies, all of which have been applied consistently
throughout the year is set out below:
(a) Basis of accounting
The accounts are prepared on the historical cost basis of accounting, modified to include
the revaluation of investments. The accounts have been prepared in accordance with United
Kingdom applicable accounting standards and with the Statement of Recommended Practice '
Financial Statements of Investment Trust Companies' dated January 2003 revised December
2005. All of the Company's operations are of a continuing nature.
(b) Changes in presentation
UK GAAP is converging with International Financial Reporting Standards ('IFRS'). The Company
has adopted the provisions of the revised SORP and revised UK accounting standards which has
resulted in some changes to the presentation of the Company's accounts. The Statement of
Total Return is now called the Income Statement and the Reconciliation of Movement in
Shareholders' Funds now becomes a primary statement.
Prior year results have accordingly been restated and this is shown in notes 2 and 3
(c) Reporting currency
The accounts are presented in Sterling which is the functional currency and presentational
currency of the Company. Sterling is the functional currency because it is the currency of
the primary economic environment in which the Company operates.
(d) Dividends
Financial Reporting Standard 21: 'Events after the Balance Sheet Date' states that dividends
declared and approved by the Company after the balance sheet date should not be recognised
as a liability of the Company at the balance sheet date.
(e) Fixed asset investments
Financial Reporting Standard 26: 'Financial Instruments: Measurement' requires that quoted
investments are valued at fair value (previously investments were stated at mid market
price). This is either the bid price or the last traded price, depending on the convention
of the exchange on which the investment is quoted. The Company's investments have
accordingly been revalued to bid price. Unquoted investments are valued by the directors at
fair value using market valuation techniques.
Investments are held as part of the investment portfolio even those over which the Company
has significant influence or control because their value to the Company is through their
marketable value as part of a basket of investments rather than as a media through which the
Company carries out its business.
The investment in Lindsell Train Limited (representing 25% of the Manager) is held as part
of the investment portfolio. Accordingly, the shares are accounted for and disclosed in the
same way as other investments in the portfolio. The valuation of the investment is
calculated at the end of each quarter on the basis of fair value as determined by the
directors of the Company. The valuation process is formula based and takes into account
inter alia, the net assets of Lindsell Train Limited, the value of the funds under its
management and the moving average of its monthly earnings. The investment in Lindsell Train
Global Media (Distributor) Inc represents seed capital. The investment has not been
consolidated in the Company's financial statements because the shareholding does not
constitute a dominant influence.
(f) Income
Dividends are credited to the revenue account on an ex-dividend basis or as soon as
entitlement has been established, if later. The fixed return on a debt security is
recognised on a time apportionment basis so as to reflect the effective interest rate on the
debt security.
Bank and deposit interest is accounted for on an accruals basis.
(g) Expenses
All investment management fees are charged to the revenue account. Where performance fees
earned by the Manager in respect of the Company's investment in a Lindsell Train Fund
product are reinvested in shares of the relevant fund, those additional shares are recorded
at nil cost in the Company's records and then restated on the basis as disclosed above.
All expenses are accounted for on an accruals basis. Expenses are charged through the
revenue account except as follows:
- expenses which are incidental to the purchase or sale of an investment are expensed
to capital reserves.
- any other expenses incurred in connection with the acquisition or disposal of an
investment are charged to capital reserve -- realised.
- finance costs are accounted for on an accruals basis. All finance costs are charged
to revenue.
(h) Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs
from profit before tax as reported in the income statement because it excludes items of
income or expenses that are taxable or deductible in other years and it further excludes
items that are never taxable or deductible. The Company's liability for current tax is
calculated using tax rates that have been enacted or substantially enacted by the balance
sheet date.
Deferred taxation is provided on all differences which have originated but not reversed by
the balance sheet date, calculated at the rate at which it is anticipated the timing
differences will reverse. Deferred tax assets are recognised only when, on the basis of
available evidence, it is more likely than not that there will be taxable profits in the
future against which the deferred tax asset can be offset. Deferred tax assets and
liabilities are not discounted to reflect the time value of money.
(i) Foreign currency
Transactions denominated in foreign currencies are recorded in Sterling at actual exchange
rates at the date of the transaction. Monetary assets and liabilities denominated in foreign
currencies at the year end are recorded in Sterling at the rates of exchange prevailing at
the year end. Any gain or loss arising from a change in exchange rates subsequent to the
date of the transaction is included as an exchange gain or loss in the income statement. The
value of investments in foreign currencies is expressed in Sterling at the rates of exchange
prevailing at the year end. Surpluses and deficits arising from conversion at this rate of
exchange are taken to capital reserves or the income statement according to their nature.
2. Restatement of opening balances at 31 March 2004
Previously Restated
reported
31 March 2004 Adjustments 31 March 2004
Notes £'000 £'000 £'000
Fixed assets
Investments 1 24,182 (101) 24,081
Current assets 914 - 914
Creditors: amounts falling due within one year 2 (5,082) 290 (4,792)
Net assets 20,014 189 20,203
Capital and reserves
Called up share capital 150 150
Special Reserve 19,850 19,850
Capital reserve - realised (33) (33)
Capital reserve - unrealised 1 (226) (101) (327)
Revenue reserve 2 273 290 563
Equity Shareholders' Funds 20,014 189 20,203
Net asset value per Ordinary Share £100.07 £0.94 £101.01
Notes to the above reconciliation
1 Investments are designated as held at fair value in accordance with FRS26 and are carried at bid prices
which total their fair value of £24,081,000 (previously they were carried at mid prices). The aggregate
differences, being a revaluation downwards of £101,000, also decreased capital reserve - unrealised.
No provision has been made for the final dividend on Ordinary Shares for the year ended 31 March 2004 of
£290,000. Under FRS21 a dividend is not recognised until paid.
2
3. (a) Restatement of balances as at and for the year ended 31 March 2005
Previously
reported Restated
31 March 2005 Adjustments 31 March 2005
Notes £'000 £'000 £'000
Fixed assets
Investments 1 25,272 (83) 25,189
Current assets 1,817 - 1,817
Creditors: amounts falling due within one 2 (3,503) 310 (3,193)
year
Net assets 23,586 227 23,813
Capital and reserves
Called up share capital 150 - 150
Special Reserve 19,850 - 19,850
Capital reserve - realised 1,124 - 1,124
Capital reserve - unrealised 1 2,068 (83) 1,985
Revenue reserve 2 394 310 704
Equity Shareholders' Funds 23,586 227 23,813
Net asset value per ordinary share £117.93 £1.13 £119.06
Notes to the above reconciliation
1 Investments are designated as held at fair value in accordance with FRS26 and are carried at bid prices
which total their fair value of £25,189,000 (previously they were carried at mid prices). The aggregate
differences, being a revaluation downwards of £83,000, also decreased capital reserve - unrealised.
No provision has been made for dividends on ordinary shares for the year ended 31 March 2005 of £310,000.
Under FRS21 a dividend is not recognised until paid.
2
3 (b) Reconciliation of the Statement of Total Return (restated) for the year ended 31 March 2005
Earnings
31 March Per Share
2005 Impact
Notes £'000 £
Total transfer to reserves per the Statement of Total Return (previously 3,572 -
reported)
Add back dividends paid and proposed 1 310 -
Investments held at fair value changed from mid to bid basis at 31 March 2 101 0.51
2004
Investments held at fair value changed from mid to bid basis at 31 March 2 (83) (0.42)
2005
Net return per the Statement of Total Return (restated) 3,900 -
Note to the above reconciliation
1 Ordinary dividends declared and paid during the period are dealt with through the Statement of Changes in
Equity.
2
The portfolio valuations at 31 March 2004 and 31 March 2005 are required to be valued at fair value under
FRS26. These differ from the previous valuations by £101,000 and £83,000 respectively.
Additional notes
This preliminary statement is not the Company's statutory accounts. The statutory accounts for the year ended 31 March
2005 have been filed with the Registrar of Companies and received an audit report which was unqualified and did not
contain statements under s237(2) and 237(3) of the Companies Act 1985. The statutory accounts for the year ended 31
March 2006 have not yet been approved, audited or filed.
The statutory accounts for the year ended 31 March 2006 will be finalised on the basis of the financial information
presented by the Directors in this preliminary announcement and will be delivered to the Registrar of Companies
following the Company's Annual General Meeting. Copies will be sent to shareholders shortly and will also then be
available from the Company's Registered Office at Springfield Lodge, Colchester Road, Chelmsford, Essex CM2 5PW.
The net asset value per Ordinary Share is based on net assets of £27,603,000 (2005 restated: £23,813,000) and on
200,000 Ordinary Shares (2005: 200,000), being the number of Ordinary Shares in issue at the year end.
Return per Ordinary Share:
Total return:
The calculation of the total return per Ordinary Share is based on total return on ordinary activities after taxation
of £4,100,000 (2005 restated: £3,900,000) divided by 200,000 Ordinary Shares (2005: 200,000) being the weighted average
number of Ordinary Shares in issue during the year.
Revenue return:
The calculation of revenue return per Ordinary Share is based on net revenue on ordinary activities after taxation of
£487,000 (2005 restated: £431,000) divided by 200,000 Ordinary Shares (2005: 200,000) being the weighted average number
of Ordinary Shares in issue during the year.
Capital return:
The calculation of the capital return per Ordinary Share is based on net capital profit for the financial year of
£3,613,000 (2005 restated: £3,469,000) divided by 200,000 Ordinary Shares (2005: 200,000) being the weighted average
number of Ordinary Shares in issue during the year.
It is the intention of the Directors to conduct the affairs of the Company so that it satisfies the conditions for
approval as an investment trust company set out in section 842 of the Income and Corporation Taxes Act 1988.
The Directors have proposed the payment of a final dividend of 175p (2005: 155p) per Ordinary Share payable on 26 July
2006 to shareholders registered on 7 July 2006, (ex-dividend 5 July 2006).
Phoenix Administration Services Limited
Company Secretary
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