Annual Financial Report

RNS Number : 6099V

Schroder AsiaPacific Fund PLC

16 December 2013

 



16 December 2013

ANNUAL REPORT AND ACCOUNTS

Schroder AsiaPacific Fund plc (the "Company") hereby submits its annual financial report for the year ended 30 September 2013 as required by the UK Listing Authority's Disclosure and Transparency Rule 4.1. 

The Company's Annual Report and Accounts for the year ended 30 September 2013 are also being published in hard copy format and an electronic copy will shortly be available to download from the Company's website http://www.schroderasiapacificfund.com.  Please click on the following link to view the document:

The Company has submitted its Annual Report and Accounts to the National Storage Mechanism and it will shortly be available for inspection at www.hemscott.com/nsm.do.

Enquiries:

John Spedding

Schroder Investment Management Limited               

Tel: [phone]

Chairman's Statement

Investment Performance

The year to 30 September 2013 was challenging for Asian markets and the Company's net asset value produced a total return of 1.9%. Following several years of out-performance, the Company also under-performed its benchmark Index as the MSCI All Countries Asia ex. Japan Index produced a total return of 5.3% over the year. The Company's share price produced a total return of 3.0%.

A more detailed comment on performance and investment policy may be found in the Investment Manager's Review.

Final Dividend

The Directors recommend the payment of a final dividend of 3.35 pence per share for the year ended 30 September 2013, unchanged from the 3.35 pence per share paid in respect of the previous financial year. Net revenue after taxation for the year remained static when compared to the previous year (2013: £5,000,000-2012: £4,916,000). If the resolution proposed at the Annual General Meeting to pay a final dividend is passed, the dividend will be paid on 4 February 2014 to shareholders on the Register on 3 January 2014.

Board Composition

Mr Robert Boyle decided to step down from the Board in June 2013. The Board would like to thank him for his valuable contribution to the Company during his tenure.

As part of the Board's succession planning, a search for a new Director has been instigated and it is the intention that an appointment will be made during the current financial year. Subject to this appointment, one of the longer-serving Directors will retire at the 2014 Annual General Meeting.

Gearing

At the beginning of the year, the Company's gearing stood at 5.7% and, whilst the Company continued to utilise borrowings, these were offset by cash balances at the end of the year with the effect that the Company had a net cash position at that time of 3.3%. The borrowings were obtained via a revolving credit facility in order to provide flexibility, and the facility was renewed on an unsecured basis in April 2013. The Board continues to review the gearing position on a regular basis and believes that the ability to gear will add value over the long term.

Final Subscription Share Exercise

As mentioned in my interim statement, the final date on which subscription shares could be exercised was 31 December 2012. A total of 28,443,527 Ordinary shares were issued following the final exercise date and the Company's issued share capital now consists of 169,700,716 ordinary shares of 10p each, with each share carrying the right to one vote.

Purchase of Shares for Cancellation

At the Company's last Annual General Meeting on 29 January 2013, the Company was given the authority to purchase up to 14.99% of its issued share capital for cancellation. During the year under review, a total of 4,700,000 Ordinary shares were purchased for cancellation in accordance with the Company's discount control policy. The Board continues to monitor the discount to which the Company's Ordinary shares trade on the market and to consider whether purchases of the Ordinary shares should be made on a regular basis. It therefore proposes that this authority be renewed at the forthcoming Annual General Meeting.

Over the last year, the longer term target maximum discount level was again set at approximately 10%. The Board monitored the discount at which the shares trade to the capital only net asset value which averaged 9.6% over the year ended 30 September 2013.

The Board continues to believe that it is not necessarily in the best interests of shareholders as a whole to adopt a rigid discount control mechanism that seeks to target a defined maximum discount level regardless of market conditions. Instead the Board continues to follow a more flexible strategy that takes into account the level of discount at which the Company's peer group trades as well as the absolute level of its own discount and prevailing market conditions.

However, the Board has made a revision to its discount control policy which will, in future, be monitored using the income-inclusive NAV as a base. This revision has been made following consultation with the Board's advisors. The Board will continue to target 10% as a maximum level but will review it quarterly and will amend the target in line with market conditions as necessary.

Articles of Association

The Company is seeking shareholder approval at the Annual General Meeting to update the Company's Articles of Association to remove references to the subscription shares, which are no longer in existence, and to reflect recent changes to the company law and tax regime in the UK applying to investment trust companies. Following a recent change in legislation, the Company is no longer required to include a prohibition on distributing capital profits in its Articles and the proposed Articles remove this prohibition. A summary of the other proposed amendments to the Articles of Association is set out in the Report of the Directors.

Outlook

For the first time in four years Asian markets have gone out of favour. There are good short-term reasons for this, as discussed in the Manager's Review, but the scale of underperformance compared to most developed markets is sufficient to query whether there are more fundamental problems in the region.

Nonetheless, your Board remains positive towards investment in Asia. The region faces two potentially painful long-term transitions: the eventual end of Western quantitative easing, and China's move towards a lower growth path. Both are well-known, however, and we believe that most Asian governments and companies face these challenges with stronger finances and better growth momentum than many other developing markets. The Manager's Review notes that the markets' underperformance has left share ratings below their historic averages. The Board continues to expect long-term out-performance by the region.

Annual General Meeting

The Annual General Meeting will be held on Thursday 30 January 2014 at 11.30 a.m. and shareholders are encouraged to attend. As in previous years, Matthew Dobbs, on behalf of the Investment Manager, will give a presentation on the prospects for Asia and the Company's investment strategy.

The Hon Rupert Carington

Chairman

13 December 2013

Investment Manager's Review

The net asset value per share of the Company recorded a total return of 1.9% over the twelve months to end September 2013. This was below the performance of the benchmark, the MSCI All Country Asia ex Japan Index, which rose 5.3% over the same period.

Following a positive trend in the first half of the Company's financial year, the second half witnessed disappointing returns. For the period as a whole, regional markets offered a return of 5.3% in sterling terms over the full twelve months, having been over 10% up in the first six months. The correction through the summer reflected a number of factors including the anticipation of "tapering" of asset purchases by the US Federal Reserve, a stronger dollar and sizeable investor redemptions from emerging market equities and bonds. These factors inevitably impacted the Asian regional stock markets given the importance of global investor flows, and the monetary linkages between the regional currencies and the US dollar which tends to be a safe haven during periods of uncertainty in the region.

Worries about tighter liquidity conditions in Asia coincided with downward revisions in regional growth forecasts and deteriorating leading indicators. This happened despite the stabilization in the developed economies, and reflected slowing domestic confidence and continued caution in the corporate sector. The exception has been China where a relaxation in credit and selective infrastructure spending has stabilized growth, but at the expense of further increases in debt.

The shift in investor sentiment after Bernanke's May tapering statement was most dramatic in emerging ASEAN markets. These had seen some of the greatest declines in borrowing costs since the global financial crisis of 2008, and had been favourite destinations for foreign bond investors chasing returns in a low rate environment. Consequently, the unwinding of these exposures has hit these markets, and all except the Philippines registered poor returns over the year, with Indonesia down almost 20% in sterling terms due to the weakness in the local currency, the rupiah.

India was the other notable laggard in the region, with weakness in the rupee again the key factor. Current account and fiscal deficits left the country very vulnerable to a drying up in global liquidity. This along with stubbornly high inflation hampered attempts by the Reserve Bank of India to cut interest rates which would provide respite to bad debt and interest margin pressures in the banking sector and help arrest the slowdown in investment spending. A lack of clear policy leadership from central government dampened sentiment further.

Performance and Portfolio Activity

The Company generated a total return of 1.9% over the fiscal year, which lagged the benchmark index return of 5.3%. The main headwinds to performance were stock selection in Hong Kong, India (where the portfolio was more heavily weighted toward domestically oriented stocks) and, to a lesser extent, the Philippines. These adverse factors were partly offset by strong stock selection in Thailand and Indonesia. Country allocation was a small negative overall, with the underweight to China and Australian exposure more than offsetting the benefit of overweighting in Hong Kong and underweighting of Indonesia. Approximately 2% of the shortfall was due to dilution to the net asset value from the final subscription share exercise which took place during the year.

Through the year, the Company has moved from a modestly geared to net cash position, with the most significant reductions made in Singapore and Australia. We have added in China, but remain significantly underweight, and Hong Kong.

Outlook and Policy

There are some big questions facing Asia. There are doubts surrounding growth and some of the regional currencies, but the most significant is the pace and extent of a US led tightening in credit conditions. A stronger US dollar and perception of tighter money are never good for Asian asset values, and it is difficult to paint a positive near-term picture. The concern over tapering may have got ahead of itself in the short-term, but the regional markets will remain very much hostage to perceptions of global liquidity conditions and interest rate trends. We are in an uneasy market phase where the best of liquidity is behind us, but earnings growth support is unclear. However, one should not lose sight of the fact that if higher US treasury yields are harbinger of economic spring for the global economy, then plenty of Asian companies and markets stand to benefit.

A number of commentators have drawn parallels between now and the Asian crisis of 1997/98. We believe this ignores the very different fundamentals of the region. Most economies are in much healthier financial condition in terms of positive current accounts and trade balances, high foreign exchange reserves, lower external debt and strong government and corporate balance sheets. Those that do have some financial weaknesses such as India and Indonesia have already been punished fairly harshly by investors. Meanwhile, Asia's equity markets do not look expensive in terms of historical valuations. As the markets have corrected, we are seeing an increasing number of stocks at attractive discounts to analysts' fair value, while still conscious of the potential overhang from "hotter" money still sitting in the region.

Amid all the recent volatility, China has perhaps benefited from winning in the "least ugly" contest over the summer. A controlled capital account undoubtedly helps (at least in the short-term) during a time of dwindling global liquidity. Meanwhile, those looking for some kind of economic restructuring have drawn some modest comfort from recent pronouncements from the Chinese leadership on the need to promote consumption and services as key growth drivers. Those looking for growth have also responded to recent moves to institute some limited stimulus and a recovery in leading indicators. We remain concerned over the composition of growth, and still struggle to find stocks from a bottom-up point of view. We remain underweight in China and, while looking to add to strongly financed companies with attractive prospects for growth, we find more opportunities elsewhere in the region.

In terms of other opportunities in the region, we believe a number of financials in the region offer attractive fundamental value, particularly in Hong Kong and are reflecting fully the risks from potential tapering in the Untied States. We continue to look for opportunities in the domestic demand sensitive markets of Emerging ASEAN and India, while also finding good value in the region's exporters among industrials and information technology particularly in North Asia, where there is scope for better revenue momentum and an expansion in what are currently relatively depressed margins. However, the implications of the decline in the Japanese Yen will require close monitoring.

While we believe the Asian markets offer sound long term value, and stand at valuations generally associated with a much greater level of financial stress than we envisage over the coming year, there is plenty of scope for volatility given the still fragile state of the global economy and high debt levels in the developed world. Furthermore, some areas of credit excess need to be worked through within the region. Consequently, the Company is not geared at the current time so as to provide flexibility should general market weakness provide attractive opportunities to deploy liquidity.

Schroder Investment Management Limited

13 December 2013

Principal Risks and Uncertainties

The Board has adopted a matrix of key risks which affect its business and a robust framework of internal control which is designed to monitor those risks to enable the Directors to mitigate them as far as possible and which assists in determining the nature and extent of the significant risks the Board is willing to take in achieving its strategic objectives. A full analysis of the Directors' system of internal control and its monitoring system is set out in the Corporate Governance Statement. The principal risks are considered to be as follows:

Financial Risk

The Company is exposed to the effect of market fluctuations due to the nature of its business. A significant fall in regional equity markets would have an adverse impact on the market value of the Company's underlying investments. The Board considers the portfolio's risk profile at each Board meeting and discusses with the Manager appropriate strategies to mitigate any negative impact of substantial changes in markets.

The Company invests in underlying assets which are denominated in a range of currencies and therefore has an exposure to changes in the exchange rate between Sterling and other currencies, which has the potential to have a significant effect on returns. While the Directors consider the Company's hedging policy on a regular basis, the Company did not engage in currency hedging to reduce the risk of currency fluctuations and the volatility of returns which might result from such currency exposure during the year ended 30 September 2013.

The Company may invest in put options on indices and equities in the region, to protect part of the capital value of the assets against market falls.

The Company utilises a credit facility, currently in the amount of US$75 million, which increases the funds available for investment through borrowing. Therefore, in falling markets, any reduction in the net asset value and, by implication, the consequent share price movement is amplified by the gearing. The Directors keep the Company's gearing under constant review and impose strict restrictions on borrowings to mitigate this risk. The Company's gearing continues to operate within pre-agreed limits so that gearing does not exceed 20% of shareholders' funds.

A full analysis of the financial risks facing the Company is set out in note 20 on pages 40 to 44 of the 2013 Annual Report.

Strategic Risk

Over time investment vehicles and asset classes can become out of favour with investors or may fail to meet their investment objectives. This may be reflected in a wide discount of the share price to underlying asset value. Directors periodically review whether the Company's investment remit remains appropriate and continually monitor the success of the Company in meeting its stated objectives.

Accounting, Legal and Regulatory Risk

In order to continue to qualify as an investment trust, the Company must comply with the requirements of Section 1158 of the UK Corporation Tax Act 2010. Should the Company not comply with these requirements, it might lose investment trust status and capital gains within the Company's portfolio could, as a result, be subject to Capital Gains Tax.

Breaches of the UK Listing Rules, the Companies Acts or other regulations with which the Company is required to comply, could lead to a number of detrimental outcomes and damage the Company's reputation. Breaches of controls by service providers, including the Manager, could also lead to reputational damage or loss.

The Board's system of internal control seeks to mitigate the potential impact of these risks and it also relies on its advisers to assist it in ensuring continued compliance.

Statement of Directors' Responsibilities

The Directors are responsible for preparing the Annual Report, the Report of the Directors, the Corporate Governance Statement, the Remuneration Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law they have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they 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 judgements and accounting estimates that are reasonable and prudent; and

·      state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements respectively.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements and the Remuneration Report comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the Directors, whose names and functions are set out in the inside front cover of this Report, confirms that, to the best of their knowledge:

·      the financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), give a true and fair view of the assets, liabilities, financial position and net return of the Company;

·      the Report of the Directors includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces; and

·      Considers that the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's performance, business model and strategy.

Going Concern

The Directors believe that, having considered the Company's investment objective (see inside front cover), risk management policies (see note 20 to the accounts on pages 40 to 44 of the 2013 Annual Report), capital management policies and procedures (see note 21 to the accounts on page 44 of the 2013 Annual Report), expenditure projections and the fact that the Company's investments comprise readily realiseable securities which can be sold to meet funding requirements if necessary, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future. For these reasons, they consider that there is reasonable evidence to continue to adopt the going concern basis in preparing the financial statements.

Income Statement

for the year ended 30 September 2013

		2013			2012
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Gains on investments held at fair value through profit or loss	-	1,130	1,130	-	86,326	86,326
Net foreign currency (losses)/gains	-	(351)	(351)	-	809	809
Income from investments	10,879	-	10,879	9,897	-	9,897
Other interest receivable and similar income	139	-	139	229	-	229
Gross return	11,018	779	11,797	10,126	87,135	97,261
Investment management fee	(4,319)	-	(4,319)	(3,617)	-	(3,617)
Administrative expenses	(796)	-	(796)	(699)	-	(699)
Net return before finance costs and taxation	5,903	779	6,682	5,810	87,135	92,945
Finance costs	(621)	-	(621)	(456)	-	(456)
Net return on ordinary activities before taxation	5,282	779	6,061	5,354	87,135	92,489
Taxation on ordinary activities	(282)	-	(282)	(438)	(52)	(490)
Net return on ordinary activities after taxation	5,000	779	5,779	4,916	87,083	91,999
Return per Ordinary share	3.08p	0.48p	3.56p	3.37p	59.67p	63.04p

The "Total" column of this statement is the profit and loss account of the Company. The "Revenue" and "Capital" columns represent supplementary information prepared under guidance issued by The Association of Investment Companies. The Total column includes all the information that is required to be disclosed in a Statement of Total Recognised Gains and Losses ("STRGL"). For this reason a STRGL has not been presented.

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year.

Reconciliation of Movements in Shareholders' Funds

for the year ended 30 September 2013

	Called-up		Capital	Share	Warrant
	share	Share	redemption	purchase	exercise	Capital	Revenue
	capital	premium	reserve	reserve	reserve	reserves	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
At 30 September 2011	14,877	33,744	2,704	48,479	8,704	194,278	4,494	307,280
Issue of Ordinary shares on exercise of Subscription shares	3	72	-	-	-	-	-	75
Net return on ordinary activities	-	-	-	-	-	87,083	4,916	91,999
Ordinary dividend paid in the year	-	-	-	-	-	-	(4,014)	(4,014)
At 30 September 2012	14,880	33,816	2,704	48,479	8,704	281,361	5,396	395,340
Issue of Ordinary shares on exercise of Subscription shares	2,560	67,140	-	-	-	-	-	69,700
Repurchase and cancellation of the Company's own Ordinary shares	(470)	-	470	(11,063)	-	-	-	(11,063)
Net return on ordinary activities	-	-	-	-	-	779	5,000	5,779
Ordinary dividend paid in the year	-	-	-	-	-	-	(4,732)	(4,732)
At 30 September 2013	16,970	100,956	3,174	37,416	8,704	282,140	5,664	455,024

Balance Sheet

at 30 September 2013

	2013	2012
	£'000	£'000
Fixed assets
Investments held at fair value through profit or loss	442,669	417,326
Current assets
Debtors	830	1,775
Cash and short term deposits	35,303	11,493
	36,133	13,268
Current liabilities
Creditors: amounts falling due within one year	(23,778)	(35,254)
Net current assets/(liabilities)	12,355	(21,986)
Net assets	455,024	395,340
Capital and reserves
Called-up share capital	16,970	14,880
Share premium	100,956	33,816
Capital redemption reserve	3,174	2,704
Share purchase reserve	37,416	48,479
Warrant exercise reserve	8,704	8,704
Capital reserves	282,140	281,361
Revenue reserve	5,664	5,396
Total equity shareholders' funds	455,024	395,340
Net asset value per Ordinary share
Undiluted	268.13p	270.86p
Diluted	N/A	266.64p

Cash Flow Statement

for the year ended 30 September 2013

	2013	2012
	£'000	£'000
Net cash inflow from operating activities	8,337	5,769
Servicing of finance
Interest paid	(612)	(488)
Net cash outflow from servicing of finance	(612)	(488)
Taxation
Overseas taxation paid	(300)	(442)
Investment activities
Purchases of investments	(268,756)	(251,005)
Sales of investments	245,414	240,132
Net cash outflow from investment activities	(23,342)	(10,873)
Dividend paid	(4,732)	(4,014)
Net cash outflow before financing	(20,649)	(10,048)
Financing
Issue of Ordinary shares on exercise of Subscription shares	69,700	75
Repurchase and cancellation of the Company's own Ordinary shares	(11,063)	-
Bank loan (repaid)/drawn down	(12,997)	9,482
Net cash inflow from financing	45,640	9,557
Net cash inflow/(outflow) in the year	24,991	(491)

Notes to the Accounts

1. Accounting policies

Basis of accounting

The accounts are prepared in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice ("UK GAAP") and with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" (the "SORP") issued by the Association of Investment Companies in January 2009. All of the Company's operations are of a continuing nature.

The accounts have been prepared on a going concern basis under the historical cost convention, as modified by the revaluation of investments at fair value.

The policies applied in these accounts are consistent with those applied in the preceding year.

2. Income

	2013	2012
	£'000	£'000
Income from investments:
Overseas dividends	10,388	9,772
UK dividends	426	125
Scrip dividends	65	-
	10,879	9,897
Other interest receivable and similar income:
Stock lending fees	86	181
Deposit interest	53	48
	139	229
	11,018	10,126

3. Investment management fee

	2013	2012
	£'000	£'000
Management fee	4,319	3,617

The basis for calculating the investment management fee is set out in the Report of the Directors on page 15 of the 2013 Annual Report.

4. Return per Ordinary share

	2013	2012
	£'000	£'000
Revenue return	5,000	4,916
Capital return	779	87,083
Total return	5,779	91,999
Weighted average number of Ordinary shares in issue during the year	162,538,879	145,950,002
Revenue return per share	3.08p	3.37p
Capital return per share	0.48p	59.67p
Total return per share	3.56p	63.04p

There was no dilution to the return per Ordinary share for the current and comparative year.

5. Net asset value per Ordinary share

	2013	2012
Undiluted:
Net assets attributable to the Ordinary shareholders (£'000)	455,024	395,340
Ordinary shares in issue at the year end	169,700,716	145,956,071
Undiluted net asset value per Ordinary share	268.13p	270.86p
Diluted:
Net assets attributable to the Ordinary shareholders assuming exercise of Subscription shares (£'000)	N/a	465,029
Ordinary shares in issue at the year end assuming exercise of Subscription shares	N/a	174,400,716
Diluted net asset value per Ordinary share	N/a	266.64p

The diluted net asset value per Ordinary share at 30 September 2012 assumes that all outstanding Subscription shares, were converted into Ordinary shares at 245.0 pence per share which was the price available at that date.

6. Dividends

(a)        Dividends paid and declared

	2013	2012
	£'000	£'000
2012 final dividend paid of 3.35p (2011:2.75p)	4,732	4,014
	2013	2012
	£'000	£'000
2013 final dividend proposed of 3.35p (2012:3.35p)	5,865	4,890

The 2012 final dividend proposed amounted to £4,890,000. However, the actual amount paid was £4,732,000 due to shares repurchased and cancelled after the balance sheet date but prior to the dividend record date.

(b)        Dividends for the purposes of Section 1158 of the Corporation Taxes Act 2010 ("Section 1158")

The requirements of Section 1158 are considered on the basis of dividends declared in respect of the financial year as shown below. The revenue available for distribution by way of dividend for the year is £5,000,000 (2012:£4,916,000).

	2013	2012
	£'000	£'000
2013 final dividend paid of 3.35p (2012:3.35p)	5,685	4,890

7. Transactions with the Manager

The Company has appointed Schroder Investment Management Limited, a wholly owned subsidiary of Schroders plc, to provide investment management, accounting, company secretarial and administration services. If the Company invests in funds managed or advised by the Manager or any of its associated companies, those funds are excluded from the assets used for the purposes of the management fee calculation and therefore attract no fee. Under the terms of the Investment Management Agreement, the Manager is also entitled to receive a company secretarial fee.

Details of the Investment Management Agreement are given in the Report of the Directors on page 15 of the 2013 Annual Report.

The management fee payable in respect of the year ended 30 September 2013 amounted to £4,319,000 (2012: £3,617,000), of which £3,330,000 (2012: £993,000) was outstanding at the year end. The company secretarial fee payable to Schroders in respect of the year ended 30 September 2013 amounted to £91,000 (2012: £89,000), of which £68,000 (2012: £51,000) was outstanding at the year end.

Current account facilities were provided during the year by Schroder & Co Limited. At 30 September 2013, the balance held at Schroder & Co Limited was £500,000 (2012: £499,000).

No Director of the Company served as a director of Schroder Investment Management Limited, or any member of the Schroder Group, at any time during the year.

8. Status of announcement

2012 Financial Information

The figures and financial information for 2012 are extracted from the published Annual Report and Accounts for the year ended 30 September 2012 and do not constitute the statutory accounts for that year. The 2012 Annual Report and Accounts have been delivered to the Registrar of Companies and included the Report of the Independent Auditors which was unqualified and did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006.

2013 Financial Information

The figures and financial information for 2013 are extracted from the Annual Report and Accounts for the year ended 30 September 2013 and do not constitute the statutory accounts for the year. The 2013 Annual Report and Accounts include the Report of the Independent Auditors which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The 2013 Annual Report and Accounts will be delivered to the Registrar of Companies in due course.

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

END

 

 

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