Annual Financial Report
16 November 2012
ANNUAL REPORT AND ACCOUNTS
Schroder Oriental Income Fund Limited (the "Company") hereby submits its annual financial report for the year ended 31 August 2012 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 31 August 2012 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.schroderorientalincomefund.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:
Jonathan McGuire
Schroder Investment Management Limited Tel: 020 7658 3496
Chairman's Statement
Performance
The Company's net asset value for the year ended 31 August 2012 produced a total return of 12.3% (2011: 16.1%) with a share price total return of 12.5% (2011: 15.9%) building on the returns of the last 2 years. These compare favourably with the reference index, the MSCI AC Pacific ex Japan Index, which produced a return of 1.9% for the period under review (2011: 7.9%).
The Investment Manager's Review provides a more detailed description of the performance of the portfolio during the year under review.
Dividends
Revenue earnings per share for the year increased by 3.0% to 7.44p per share compared with 7.22p for the previous year.
The Board has declared a second interim dividend of 4.10p per share for the year ended 31 August 2012. This takes total dividends per share for the year to 6.80p, an increase of 7.1% on total dividends of 6.35p per share paid last year. The second interim dividend will be paid on 7 December 2012 to shareholders on the register on 23 November 2012.
Issue of Shares
Demand for the Company's shares has continued during the year under review as the asset class remained attractive for investors. We have continued to issue shares at a slight premium to asset value in order to provide liquidity to investors. A total of 9,485,000 Ordinary shares were issued during the year (2011: 5,845,000) with a further 2,850,000 shares having been issued since the end of the year. It is also the intention to issue shares in the Company at a premium to net asset value where there is demand in the market.
Discount Management
The Board is seeking to renew the existing authority to buy-back shares in the Company and an appropriate resolution is included in the Notice of the Annual General Meeting. During the year ended 31 August 2012, the Directors did not use the authority given to them and no purchases for cancellation were undertaken. The Board believes that this authority is a valuable tool in the continuing management of the share price volatility relative to net asset value per share. It remains the intention of the Board to cancel any shares bought back.
The objective will be the managing of any share price premium to net asset value whilst meeting demand in the market for shares.
Gearing
During the year under review, the Company renewed the revolving £25 million multi-currency credit facility with Scotiabank Europe PLC. Gearing stood at 2.4% at the beginning of the year and had increased slightly to 2.7% at 31 August 2012. The level of gearing continues to be monitored closely by the Board and managed as necessary.
Outlook
Last year was the fourth in the Company's six full years that returns have been in double-digits. While reassuring in terms of the Company's initial objective, and reflected in investor demand that has necessitated another year of share issuance to control the premium to net asset value, we are conscious that financial markets remain volatile. Looking to Asia for income is now a more accepted investment style, but that and the Company's gains are in themselves reminders of the need to keep the portfolio refreshed with new ideas.
Whatever the immediate risks, however, the Board continues to take comfort from the Manager's longer-term optimism, and the fact that your Company still has reserves equivalent to over 11 months of the increased dividend.
Annual General Meeting and Presentation to Shareholders
The Annual General Meeting will be held in Guernsey at 12.00 noon on Monday 10 December 2012 and shareholders are invited to attend. There will also be a presentation to shareholders in London at the offices of the Manager at 31 Gresham Street, London EC2V 7QA on Wednesday 12 December 2012 at 11.00 a.m. providing UK-based shareholders with further opportunity to meet members of the Board and the fund manager.
Robert Sinclair
Chairman
15 November 2012
Investment Manager's Review
The net asset value of the Company recorded a return of 12.3% over the twelve month period to end August 2012. A second interim dividend of 4.10p has been declared giving a total dividend of 6.80p for the year, representing a 7.1% increase over last year.
Regional markets struggled to make positive progress over the year under review. Global developments were of major influence, particularly the continued bouts of uncertainty over the future of the euro, with the focus shifting from the smaller economies of Greece and Portugal to the systemically more critical cases of Spain, Italy and, in some commentators' eyes, France. The impact of a potential break-up and attendant economic dislocation in Europe would come through many channels. Most obviously the European economic bloc is a major trading partner of, and competitor to, Asia while European domiciled banking groups play important roles in the region, particularly in the corporate and trade finance sectors. The experience of 2008 has left Asian investors with a healthy respect for the indiscriminate effects of a global credit crunch.
While Europe has tended to grab the headlines, sluggish growth in the United States also contributed to the subdued sentiment. Washington brinkmanship over the debt ceiling, the downgrading of its sovereign rating, and a perception of policy drift has added to the mood even though America's economic performance has been respectable compared to other developed economies due to stabilisation of private consumption and improvement in the net trade position.
The big domestic talking point in the region was China. Expectations on growth have been consistently revised downwards. A modest recovery in the residential property market was a lone beacon of hope despite distinct ambivalence on the part of the authorities. Although there were some indications of monetary and fiscal loosening, the quantum was very limited, resulting in cautious sentiment among local investors, and a widespread feeling that the leadership transition was hampering any material Government-led initiatives.
Unsurprisingly, China was the poorest performer over the year, but it is noteworthy that, despite the lacklustre global backdrop and the travails of the region's biggest economy, a number of markets offered respectable returns. This was particularly true in ASEAN where domestic factors dominated, and discipline in capital spending enhanced corporate returns. The exception was Indonesia given its exposure to weak commodity prices and a negative swing in the trade balance.
Weak commodity prices also impacted Australian returns, though the higher yielding defensive sectors performed well, and the Australian dollar has been notably resilient despite implied deterioration to the terms of trade and a slowing economy.
Hong Kong was not able to shrug off the cold winds from its giant neighbour, while sentiment has been impacted by a series of government measures aimed at cooling the local property market. The trade dependent markets of Taiwan and Korea struggled to progress as exports have slowed and policy responses to lower inflationary pressures have been muted.
Fund Positioning and Performance
An uncertain global and regional investment environment and scarcity of income opportunities has doubtless put the Company's portfolio in good stead, evidenced by the total return of 12.3% compared to a return of 1.6% on the reference index, the MSCI All Countries Pacific ex Japan Index. The main contribution has come from stock selection, with notable impact from the Company's holdings in Singapore, Taiwan, Thailand and Indonesia. Country positioning was a small positive due to the underweighting in China and overweight in Singapore.
Hong Kong, Singapore, Taiwan and Australia remain the main areas of exposure in the portfolio, and in aggregate have increased at the expense of near complete sales of Malaysia and complete sales of Philippines and reductions in China and New Zealand. In sector terms, we added to real estate, information technology and materials at the expense of industrials, telecoms and banks.
Investment Outlook
We remain very wary of basing any substantive portion of portfolio policy on grand thinking on whether the United States economy will be stronger than people expect (though on balance we think it will not) and that Europe will be even weaker than expectations. It seems similarly futile to second guess the next stages of QE in its various forms apart from a suspicion that, for highly indebted Western democracies, the tendency must be towards inflation and debasement of the currency as opposed to internal price adjustments. Consequently the creditors (savers including Asia) will end up sharing some of the pain of adjustment.
Amid all this uncertainty, indeed partly because of these uncertainties, we believe there are pockets of value in Asia. Generally, value is not to be found in the obvious defensive sectors such as consumer staples, health care and utilities, where consequently we are underweight. High valuations by historic standards reflect the fact that these stocks are over-owned and consensus. Even telecoms are not that cheap but their yield characteristics remain attractive. In contrast, a number of more cyclical areas such as industrials and information technology are offering much better value even at a time when economic data has started to surprise positively and inventories remain low.
The key domestic worry in Asia remains China, which also has potential ramifications for those parts of the region (commodity producers most obviously) which are derivatives of that country's investment led growth. The recent earnings season was notably grisly for Chinese companies due to rising costs, slowing revenues, still strong capital spending and government measures which, generally consciously, are tending to squeeze SOE profitability. We remain underweight.
We believe Asia remains an attractive source of equity yield. Balance sheets are generally in good shape and cash flows supportive. Despite the region being a moderate proportion of global market capitalisation, it remains home to around one third of the companies with a dividend yield over 4%.
Schroder Investment Management Limited
15 November 2012
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 and to provide a monitoring system to enable the Directors to mitigate these risks as far as possible and which assist 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 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 predominantly in underlying assets which are denominated in currencies other than Sterling and therefore has an exposure to changes in the exchange rates between Sterling and these currencies which have 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 current or prior year.
The Company utilises a credit facility, currently in the amount of £25 million, which increases the funds available for investment through borrowing ("gearing"). 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 and will not exceed 25%.
A full analysis of the financial risks facing the Company is set out in note 19 on pages 34 to 38 of the Annual Report.
Strategic Risk
Over time, investment vehicles and asset classes can fall from favour with investors, and/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 they continually monitor the success of the Company in meeting its stated objectives. Further details may be found under the sections on "Investment Performance" and "Premium/Discount Management" above.
Accounting, Legal and Regulatory Risk
Breaches of the UK Listing Rules, Companies (Guernsey) Law 2008 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 financial statements in accordance with applicable Guernsey law and generally accepted accounting principles.
Guernsey Company law requires the Directors to prepare financial statements for each financial year which 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 should:
• select suitable accounting policies and then apply them consistently; and
• make judgments and estimates that are reasonable and prudent.
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 the financial statements comply with the Companies (Guernsey) Law, 2008 (as amended). 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 listed within the Directors and Advisors section on the inside front cover of the Annual Report, confirms that, to the best of their knowledge:
• the financial statements, which have been prepared in accordance with International Financial Reporting Standards as adopted in the EU and with the Companies (Guernsey) Law, 2008, give a true and fair view of the assets, liabilities, financial position and the net return of the Company; and
• 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.
The Directors are responsible for the maintenance and integrity of the Company's website. Visitors to the website need to be aware that legislation in Guernsey governing the preparation and dissemination of the Annual Report and Accounts may differ from legislation in their jurisdiction.
Going Concern
The Directors believe that, having considered the Company's investment objective (see inside front cover of the Annual Report), risk management policies (see note 19 to the accounts on pages 34 to 38 of the Annual Report), capital management policies and procedures (see note 20 to the accounts on page 39 of the Annual Report), the nature of the portfolio and expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue the 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 final statements.
Statement of Comprehensive Income
for the year ended 31 August 2012
2012 2011
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Gains on investments at fair value through
profit or loss - 23,242 23,242 - 26,157 26,157
Net foreign currency (losses)/gains - (308) (308) - 1,270 1,270
Income from investments 15,044 200 15,244 14,280 - 14,280
Other income 41 - 41 43 - 43
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Total income 15,085 23,134 38,219 14,323 27,427 41,750
Management fee (599) (1,397) (1,996) (562) (1,312) (1,874)
Performance fee - (1,583) (1,583) - (2,236) (2,236)
Other administrative expenses (476) (7) (483) (485) (7) (492)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Profit before finance costs and taxation 14,010 20,147 34,157 13,276 23,872 37,148
Finance costs (224) (522) (746) (102) (233) (335)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Profit before taxation 13,786 19,625 33,411 13,174 23,639 36,813
Taxation (1,052) - (1,052) (1,248) - (1,248)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net profit and total comprehensive income 12,734 19,625 32,359 11,926 23,639 35,565
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Earnings per share 7.44p 11.47p 18.91p 7.22p 14.31p 21.53p
The "Total" column of this statement represents the Company's Statement of Comprehensive Income, prepared in accordance with IFRS. The "Revenue" and "Capital" columns represent supplementary information prepared under guidance issued by the Association of Investment Companies.
All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year.
Statement of Changes in Equity
for the year ended 31 August 2012
Capital
Share redemption Special Capital Revenue
capital reserve reserve reserve reserve1 Total
£'000 £'000 £'000 £'000 £'000 £'000
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
At 31 August 2010 10,918 39 150,374 44,377 13,491 219,199
Issue of shares 9,000 - - - - 9,000
Net profit - - - 23,639 11,926 35,565
Dividends paid in the year - - - - (9,694) (9,694)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
At 31 August 2011 19,918 39 150,374 68,016 15,723 254,070
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Issue of shares 14,791 - - - - 14,791
Net profit - - - 19,625 12,734 32,359
Dividends paid in the year - - - - (10,896) (10,896)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
At 31 August 2012 34,709 39 150,374 87,641 17,561 290,324
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
1 The revenue reserve represents the amount distributable by way of dividend.
Balance Sheet
at 31 August 2012
2012 2011
£'000 £'000
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Non current assets
Investments at fair value through profit or loss 299,377 261,317
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Current assets
Receivables 1,160 1,589
Cash and cash equivalents 15,893 13,970
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
17,053 15,559
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Total assets 316,430 276,876
Current liabilities
Payables (26,106) (22,806)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net assets 290,324 254,070
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Equity attributable to equity holders
Share capital 34,709 19,918
Capital redemption reserve 39 39
Special reserve 150,374 150,374
Capital reserves 87,641 68,016
Revenue reserve 17,561 15,723
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Total equity shareholders' funds 290,324 254,070
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net asset value per share 165.18p 152.80p
Cash Flow Statement
for the year ended 31 August 2012
2012 2011
£'000 £'000
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Operating activities
Profit before taxation 33,411 36,813
Add back interest 746 335
Add back exchange losses/(gains) on foreign currency bank loan 444 (1,186)
Add back gains on investments at fair value through profit or loss (23,242) (26,157)
Net (purchases)/sales of investments at fair value though profit or loss (14,818) 2,083
Add back amortisation of discount on fixed interest securities - 1
Decrease/(increase) in receivables 610 (98)
(Decrease)/increase in payables (578) 146
Overseas taxation suffered (1,233) (1,210)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net cash (outflow)/inflow from operating activities before interest (4,660) 10,727
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Interest paid (562) (288)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net cash (outflow)/inflow from operating activities (5,222) 10,439
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Financing activities
Net bank loans drawn down 3,250 -
Issue of shares 14,791 9,000
Dividends paid (10,896) (9,694)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net cash inflow/(outflow) from financing activities 7,145 (694)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Increase in cash and cash equivalents 1,923 9,745
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Cash and cash equivalents at the start of the year 13,970 4,225
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Cash and cash equivalents at the end of the year 15,893 13,970
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Notes to the Accounts
for the year ended 31 August 2012
1. Accounting Policies
The accounts have been prepared in accordance with the Companies (Guernsey) Law 2008 and International Financial Reporting Standards (IFRS), which comprise standards and interpretations approved by the International Accounting Standards Board ("IASB"), together with interpretations of the International Accounting Standards and Standing Interpretations Committee approved by the International Accounting Standards Committee ("IASC"), that remain in effect and to the extent that they have been adopted by the European Union.
Where consistent with the requirements of IFRS, the Directors have sought to prepare the financial statements on a basis compliant with presentational guidance set out in the statement of recommended practice for investment trust companies ("the SORP") issued by the Association of Investment Companies in January 2009.
The policies applied in these accounts are consistent with those applied in the preceding year.
The Company's share capital is denominated in Sterling and this is the currency in which its shareholders operate and expenses are generally paid. The Directors have therefore determined that Sterling is the functional currency and the currency in which the accounts are presented.
The accounts have been prepared on the going concern basis. The disclosures on going concern in the Report of the Directors on page 17 of the Annual Report form part of these financial statements. The principal accounting policies adopted are set out below.
2. Income
2012 2011
£'000 £'000
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
£'000 £'000
Income from investments:
Overseas dividends 15,044 14,173
Unfranked income - 107
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
15,044 14,280
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Other income:
Deposit interest 41 43
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Total income 15,085 14,323
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
3. Management and performance fee
2012 2011
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Management fee 599 1,397 1,996 562 1,312 1,874
Performance fee - 1,583 1,583 - 2,236 2,236
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
599 2,980 3,579 562 3,548 4,110
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
4. Earnings per share
2012 2011
£'000 £'000
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net revenue profit 12,734 11,926
Net capital profit 19,625 23,639
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net total profit 32,359 35,565
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Weighted average number of Ordinary shares in issue during the year 171,163,885 165,180,664
Revenue earnings per share 7.44p 7.22p
Capital earnings per share 11.47p 14.31p
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Total earnings per share 18.91p 21.53p
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
5. Net asset value per share
2012 2011
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net assets attributable to shareholders (£'000) 290,324 254,070
Shares in issue at the year end 175,764,500 166,279,500
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net asset value per share 165.18p 152.80p
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
6. Related Party Transactions
The Company has appointed Schroder Investment Management Limited (the "Manager"), a wholly owned subsidiary of Schroders plc, to provide investment management, accounting, Company secretarial and administration services. Details of the management and performance fee agreement are given in the Report of the Directors on page 16 of the Annual Report. The management fee payable in respect of the year amounted to £1,996,000 (2011: £1,874,000), of which £532,000 (2011: £470,000) was outstanding at the year end. The Company secretarial fee payable to the Manager amounted to £75,000 (2011: £75,000) of which £19,000 (2011: £19,000) was outstanding at the year end. A performance fee amounting to £1,583,000 (2011: £2,236,000) was payable in respect of the year and the whole of this amount (2011: same) was outstanding at the year end.
If the Company invests in funds managed or advised by the Manager or any of its associated companies, any fees earned by the Manager from those funds is deducted from the management fee payable by the Company. There have been no such investments during the current or comparative year.
Details of Mr Sherwell's connections with the Manager are given on page 15 of the Annual Report.
The Directors of the Company received fees for their services and details are given in the Remuneration Report on page 19 of the Annual Report.
Details of Directors' shareholdings are given on page 15 of the Annual Report.
7. Status of announcement
2011 Financial Information
The figures and financial information for 2011 are extracted from the published Annual Report and Accounts for the year ended 31 August 2011 and do not constitute the statutory accounts for that year. The 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.
2012 Financial Information
The figures and financial information for 2012 are extracted from the Annual Report and Accounts for the year ended 31 August 2012 and do not constitute the statutory accounts for the year. The 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 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.
This information is provided by RNS
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