Final Results
2003年11月12日 - 2:49AM
ＲＮＳを含む英国規制内ニュース （英語）
RNS Number:9576R
Schroder AsiaPacific Fund PLC
11 November 2003
11 November 2003
SCHRODER ASIAPACIFIC FUND PLC
Unaudited Preliminary Results
The Directors of Schroder AsiaPacific Fund plc announce the unaudited
preliminary results for the year ended 30 September 2003.
Unaudited Statement of Total Return for the year ended 30 September 2003
For the year ended For the year ended
30 September 2003 30 September 2002
Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000
Gains on investments - 24,889 24,889 - 7,388 7,388
Exchange gains - 694 694 - 1,202 1,202
Income 3,124 - 3,124 2,444 - 2,444
Administrative expenses (402) - (402) (260) - (260)
Investment management (944) - (944) (1,047) - (1,047)
fee
Return before finance 1,778 25,583 27,361 1,137 8,590 9,727
costs and taxation
Interest payable and (197) - (197) (300) - (300)
similar charges
Return on ordinary 1,581 25,583 27,164 837 8,590 9,427
activities before
taxation
Tax on ordinary (487) - (487) (229) - (229)
activities
Return attributable to 1,094 25,583 26,677 608 8,590 9,198
equity shareholders
Final dividend (1,044) - (1,044) (557) - (557)
Transfer to reserves 50 25,583 25,633 51 8,590 8,641
Return per ordinary 0.79p 18.38p 19.17p 0.44p 6.17p 6.61p
share
Dividend per ordinary 0.75p - 0.75p 0.40p - 0.40p
share
At At
Summary Balance Sheet 30 September 2003 30 September 2002
Assets #'000 #'000
Listed investments at market value 127,991 94,441
Net current liabilities (16,363) (8,427)
Creditors: amounts due after more than one year (42) (61)
Net Assets 111,586 85,953
Net asset value per ordinary share (undiluted) 80.16p 61.75p
Abridged Cash Flow Statement Year ended Year ended
30 September 2003 30 September 2002
#'000 #'000
Net cash inflow from operating activities 1,831 1,194
Net cash outflow from returns on investments and servicing of finance (238) (334)
Tax (paid)/recovered (237) 90
Net cash outflow from financial investment (7,102) (10,123)
Equity dividends paid (557) -
Net cash inflow from financing 3,091 5,798
Net cash outflow (3,212) (3,375)
Reconciliation of net cash inflow to movement in net debt
Year ended Year ended
30 September 2003 30 September 2002
#'000 #'000
Net cash outflow during the year (3,212) (3,375)
Increase in bank loan to finance investments (3,091) (5,799)
Exchange gains on revaluation of currency 694 1,202
Change in net debt (5,609) (7,972)
Net debt brought forward (7,777) 195
Net debt carried forward (13,386) (7,777)
The financial information set out in the announcement does not constitute the
Company's statutory accounts for the year ended 30 September 2003. The financial
information for the year ended 30 September 2002 is derived from the statutory
accounts for the year which have been delivered to the Registrar of Companies.
The auditors reported on those accounts; their report was unqualified and did
not contain a statement under section 237(2) or (3) of the Companies Act 1985.
The statutory accounts for the year ended 30 September 2003 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.
This statement was approved by the Board of Directors on 11 November 2003.
Statement by the Chairman, The Hon Rupert Carington:
Investment Performance
During the year ended 30 September 2003 the Company's undiluted net asset value
per share produced a total return of 30.9%. This compares favourably with a
total return of 25.8% in sterling terms produced by the Company's benchmark
Index, the Morgan Stanley All Countries Far East (Free) excluding Japan Index
over the same period.
The year under review continued to be extremely volatile for regional markets.
The gains reported for the year mask a significant volatility in net asset
values: a significant decrease in net asset value during the first half of the
year was more than offset by a significant rally during the second half after
the end of formal hostilities in Iraq, a successful containment of the SARS
outbreak and subsiding concerns over North Korea.
Dividend
The Company's investment objective is one of capital growth. However, to ensure
that the Company continues to meet the requirements to qualify as an investment
trust, the Directors recommend the payment of a final dividend of 0.75 pence per
share for the year ended 30 September 2003. If the resolution proposed at the
Annual General Meeting to pay a final dividend is passed, the dividend will be
mailed to shareholders on 12 February 2004. Dividends will continue to fluctuate
year by year depending on income received and the circumstances of the Company.
Gearing Policy
During the year the Board has continued to utilise the flexibility allowed by
the structure of its gearing facility to respond to changing market conditions.
Actual drawdown of the facility fluctuated between US$15 million and US$25
million, being the amount drawn at the end of the financial year. In October
2003, the facility was increased to US$35 million, the additional US$10 million
immediately being drawn, and it has remained fully drawn since that time.
Purchase of Shares for Cancellation
At the Company's last Annual General Meeting on 13 February 2003, the Company
was given the authority to purchase up to 14.99% of the Company's issued share
capital for cancellation. The share buy-back facility is one of a number of
tools that may be used to enhance shareholder value and to reduce the discount
volatility. During the year ended 30 September 2003, the Directors have not
utilised the authority given to them and no purchases were made for
cancellation.
The Board continues to consider whether purchases should be made on a regular
basis, and therefore proposes that the authority be renewed at the forthcoming
Annual General Meeting.
Corporate Governance
Since I last reported to shareholders, two new significant governance codes have
been published. The first, published by the Financial Reporting Council, will
form the new Combined Code and will apply to all UK listed companies, for
accounting periods beginning on or after 1 November 2003. The second is the
Association of Investment Trust Companies' ("AITC") Code of Corporate
Governance, which applies to AITC member companies. In addition, new listing
rules for investment companies were published in October 2003.
These codes and regulations will together create a new governance environment
for investment trusts, and the Board has commenced a review of all aspects of
corporate governance. This will include an examination of the role of the board,
its remit, composition, experience and performance, the work and terms of
reference of the committees of the Board, and the management of its
relationships with major suppliers and with its shareholders.
Warrantholders' Circular
On 2 February 2004, warrantholders will have a further opportunity to exercise
their subscription rights. A Circular reminding them of this opportunity and
setting out the steps they must take if they wish to exercise their subscription
rights will be distributed with the Report and Accounts. Warrantholders should
be aware that they will have further opportunities to exercise their
subscription rights in 2005 and 2006.
Outlook
Last year, I reported in my statement that the Board was cautiously optimistic
on prospects for regional stock markets in the medium term. This appears to have
been justified by events in that regional markets largely produced strong
performance during the year.
This optimism is due to the current strength of the US economy, the continued
improvement in corporate balance sheets, signs of a turn in domestic economic
cycles, and the emergence of investment opportunities giving access to fast
growing consumer markets in China and India. We are also encouraged by moderate
valuation levels in regional companies. As always there are risks, with the
markets remaining sensitive to developments in the US economy and stock market,
for example, but we believe that the region is well-positioned to benefit from
any further international economic recovery, as well as growth in domestic
markets. Our confidence is reflected in the Company's use of all of its gearing
facility, as mentioned above.
Annual General Meeting
The Annual General Meeting will be held on Wednesday 11 February 2004 and
shareholders are encouraged to attend. As in previous years, Mr Matthew Dobbs
will give a presentation on the prospects for Asia and the Company's investment
strategy, before the formal business of the meeting.
The Hon Rupert Carington
Chairman
Dividend for the year
The Directors of the Company have declared the payment of a final dividend, of
0.75p net per share, for the year ended 30 September 2003. The dividend will be
payable on 13 February 2004 to shareholders on the register on 16 January 2004.
Ex-Dividend Date: 14 January 2004
Transfers must be lodged by: 16 January 2004
Dividend Warrants: Despatched on 12 February 2004
Payment Date: 13 February 2004
Dividend per share: 0.75p
The Annual Report and Accounts will be mailed to shareholders at their
registered addresses in December 2003 and from the date of release copies of the
Annual Report and Accounts will be available to the public at the Company's
registered office: 31 Gresham Street, London, EC2V 7QA.
Enquiries: Schroder Investment Management Limited
John Spedding
(0207 658 3206)
11 November 2003
This information is provided by RNS
The company news service from the London Stock Exchange
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